Loans Receivable and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Loans Receivable and Allowance for Credit Losses [Abstract]



	March 31, 2023		December 31, 2022
		(In Thousands)
Residential one-to-four family	$	246,683	$	250,123
Commercial and multi-family		2,466,932		2,345,229
Construction		162,553		144,931
Commercial business⁽¹⁾		327,598		282,007
Home equity⁽²⁾		58,822		56,888
Consumer		3,383		3,240
		3,265,971		3,082,418

Less:
Deferred loan fees, net		(5,225)		(4,714)
Allowance for credit losses⁽³⁾		(28,882)		(32,373)

Total Loans, net	$	3,231,864	$	3,045,331

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

(3) The company adopted ASU 2016-13 on January 1, 2023 with a modified retrospective approach. Accordingly, at March 31, 2023, the allowance for credit losses was determined in accordance with ASSC 326, “Financial Instruments-Credit Losses”.
‎

Allowance for Credit Losses

The following table sets forth the activity in the Company’s allowance for credit losses for the three 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⁾		Home Equity ⁽²⁾		Consumer		Unallocated		Total
Allowance for credit losses:
Ending Balance December 31, 2022	$	2,474	$	21,749	$	2,094	$	5,367	$	485	$	24	$	180	$	32373
Effect of adopting ASU No. 2016-13 ("CECL")		144		(7,123)		1,387		1,418		182		7		(180)		(4,165)
Beginning Balance, January 1, 2023		2,618		14,626		3,481		6,785		667		31		-		28,208

Charge-offs:		-		-		-		(1)		-		-		-		(1)
Recoveries:		12		-		-		25		16		-		-		53
Provision (credit):		(269)		340		369		182		(3)		3		-		622
Ending Balance, March 31, 2023		2,361		14,966		3,850		6,991		680		34		-		28,882

Ending Balance attributable to loans:
Individually evaluated		-		2		605		1,981		-		-		-		2,588
Collectively evaluated		2,361		14,964		3,245		5,010		680		34		-		26,294
Ending Balance, March 31, 2023		2,361		14,966		3,850		6,991		680		34		-		28,882

Loans Receivables:
Individually evaluated		358		10,114		3,217		3,684		212		358		-		17,943
Collectively evaluated		246,325		2,456,818		159,336		323,914		58,610		3,025		-		3,248,028
Total Gross Loans:	$	246,683	$	2,466,932	$	162,553	$	327,598	$	58,822	$	3,383	$	-	$	3,265,971
_____________________________
(1) Includes business lines of credit.
(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, 2022, and the related portion of the allowance for credit losses that is allocated to each class as of March 31, 2022 (in thousands):


	Residential			Commercial & Multi-family	Construction		Commercial Business ⁽¹⁾		Home Equity ⁽²⁾			Consumer		Unallocated		Total
Allowance for loan losses:
Beginning Balance, January 1, 2022	$	4,094	$	22,065	$	2,231	$	8,000	$	533	-	$	14	$	182	$	37,119

Charge-offs:		-		-		-		(766)		-			-		-		(766)
Recovery:		-		-		-		1		3			198		-		202
Provisions (credit):		(1,593)		(1,245)		(266)		901		(202)			(197)		27		(2,575)
Ending Balance March 31, 2022	$	2,501	$	20,820	$	1,965	$	8,136	$	334		$	15	$	209	$	33,980

Ending Balance attributable to loans:
Individually evaluated	$	221	$	618	$	295	$	6,000	$	10		$	-	$	-	$	7,144
Collectively evaluated		2,280		20,202		1,670		2,136		324			15		209		26,836
Ending Balance March 31, 2022	$	2,501	$	20,820	$	1,965	$	8,136	$	334		$	15	$	209	$	33,980

Loans Receivables:
Individually evaluated	$	4,836	$	24,901	$	2,954	$	7,517	$	747		$	-	$	-	$	40,955
Collectively evaluated		228,415		1,779,914		138,128		190,699		51,532			2,726		-		2,391,414
Total Gross Loans:	$	233,251	$	1,804,815	$	141,082	$	198,216	$	52,279		$	2,726	$	-	$	2,432,369

_____________________________

(1) Includes business lines of credit.

(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, 2022. 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⁾		Home Equity ⁽²⁾		Consumer		Unallocated		Total
Allowance for credit losses:
Ending Balance attributable to loans:
Individually evaluated	$	196	$	-	$	518	$	2,066	$	4	$	-	$	-	$	2,784
Collectively evaluated		2,278		21,749		1,576		3,301		481		24		180		29,589
Ending Balance, December 31, 2022	$	2,474	$	21,749	$	2,094	$	5,367	$	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		278,186		56,161		3,240		-		3,054,146
Total Gross Loans:	$	250,123	$	2,345,229	$	144,931	$	282,007	$	56,888	$	3,240	$	-	$	3,082,418

_____________________________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Allowance For Credit Losses On Off Balance Sheet Exposures


		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, 2022		1,266
Provision 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, 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	$	2,189	$	-	$	-	$	2,189	$	244,494	$	246,683	$	-
Commercial and multi-family		2,835		-		-		2,835		2,464,097		2,466,932		-
Construction		928		-		3,217		4,145		158,408		162,553		-
Commercial business⁽¹⁾		369		-		804		1,173		326,425		327,598		-
Home equity⁽²⁾		249		-		499		748		58,074		58,822		499
Consumer		-		-		-		-		3,383		3,383		-
Total	$	6,570	$	-	$	4,520	$	11,090	$	3,254,881	$	3,265,971	$	499

_________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table sets forth the delinquency status of total loans receivable at December 31, 2022:



													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	$	253	$	314	$	-	$	567	$	249,556	$	250,123	$	-
Commercial and multi-family		2,163		428		-		2,591		2,342,638		2,345,229		-
Construction		-		-		3,180		3,180		141,751		144,931		-
Commercial business⁽¹⁾		190		1,115		1,086		2,391		279,616		282,007		-
Home equity⁽²⁾		699		-		-		699		56,189		56,888		-
Consumer		-		-		-		-		3,240		3,240		-

Total	$	3,305	$	1,857	$	4,266	$	9,428	$	3,072,990	$	3,082,418	$	-

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Non-Accruing Loans



		As of March 31, 2023		As of December 31, 2022
		(In Thousands)		(In Thousands)
Non-Accruing Loans:

Residential one-to-four family	$	237	$	243
Commercial and multi-family		340		346
Construction		3,217		3,180
Commercial business⁽¹⁾		1,264		1,340
Home equity⁽²⁾		-		-

Total	$	5,058	$	5,109

_________

(1) Includes business lines of credit.

(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, 2023 and gross charge-offs for the three months ended March 31, 2023.


Loans by Year of Origination at March 31, 2023
		2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
Residential one-to-four family
Pass	$	2,602	$	54,989	$	40,097	$	32,801	$	12,427	$	103,409	$	-	$	-	$	246,325
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		178		-		-		180		-		-		358
Total one-to-four family	$	2,602	$	54,989	$	40,275	$	32,801	$	12,427	$	103,589	$	-	$	-	$	246,683

Commercial and multi-family
Pass	$	165,350	$	849,009	$	232,502	$	228,676	$	55,126	$	913,116	$	-	$	-	$	2,443,779
Special Mention		-		-		-		-		-		13,039		-		-		13,039
Substandard		-		597		-		-		-		9,517		-		-		10,114
Total Commercial and multi-family	$	165,350	$	849,606	$	232,502	$	228,676	$	55,126	$	935,672	$	-	$	-	$	2,466,932

Construction
Pass	$	4,244	$	65,049	$	58,553	$	19,388	$	-	$	5,880	$	6,222	$	-	$	159,336
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		3,217		-		-		3,217
Total Construction	$	4,244	$	65,049	$	58,553	$	19,388	$	-	$	9,097	$	6,222	$	-	$	162,553

Commercial business
Pass	$	1,266	$	320		3,040		5,394	$	7,813	$	41,161	$	259,567	$	-	$	318,561
Special Mention		-		-		-		-		410		1,562		3,382		-		5,354
Substandard		-		-		-		-		-		3,313		370		-		3,683
Total Commercial business	$	1,266	$	320	$	3,040	$	5,394	$	8,223	$	46,036	$	263,319	$	-	$	327,598

Home equity
Pass	$	1,034	$	1,757	$	602	$	815	$	1,364	$	7,511	$	45,021	$	506	$	58,610
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		212		212
Total Home equity	$	1,034	$	1,757	$	602	$	815	$	1,364	$	7,511	$	45,021	$	718	$	58,822

Consumer
Pass	$	627	$	533	$	2,031	$	129	$	57	$	-	$	6	$	-	$	3,383
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-		-
Total Consumer	$	627	$	533	$	2,031	$	129	$	57	$	-	$	6	$	-	$	3,383

Total Loans	$	175,123	$	972,254	$	337,003	$	287,203	$	77,197	$	1,101,905	$	314,568	$	718	$	3,265,971

Gross charge-offs	$	-	$	-	$	-	$	-	$	-	$	1	$	-	$	-	$	1

‎

The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at December 31, 2022.


Loans by Year of Origination at December 31, 2022
		2022		2021		2020		2019		2018		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
Residential one-to-four family
Pass	$	56,893	$	40,465	$	33,019	$	12,959	$	23,918	$	82,144	$	-	$	-	$	249,398
Special Mention		-		-		-		-		-		303		-		-		303
Substandard		-		179		-		-		-		243		-		-		422
Total one-to-four family	$	56,893	$	40,644	$	33,019	$	12,959	$	23,918	$	82,690	$	-	$	-	$	250,123

Commercial and multi-family
Pass	$	854,299	$	234,441	$	235,830	$	55,752	$	312,353	$	628,191	$	-	$	-	$	2,320,866
Special Mention		-		-		-		-		-		14,183		-		-		14,183
Substandard		599		-		-		-		8,000		1,581		-		-		10,180
Total Commercial and multi-family	$	854,898	$	234,441	$	235,830	$	55,752	$	320,353	$	643,955	$	-	$	-	$	2,345,229

Construction
Pass	$	51,783	$	58,827	$	17,518	$	-	$	1,794	$	4,031	$	7,798	$	-	$	141,751
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		3,180		-		-		-		3,180
Total Construction	$	51,783	$	58,827	$	17,518	$	-	$	4,974	$	4,031	$	7,798	$	-	$	144,931

Commercial business
Pass	$	70	$	5,331	$	5,470	$	8,070	$	22,940	$	19,487	$	212,402	$	-	$	273,770
Special Mention		-		-		-		431		-		1,600		2,385		-		4,416
Substandard		-		-		-		-		2,686		758		377		-		3,821
Total Commercial business	$	70	$	5,331	$	5,470	$	8,501	$	25,626	$	21,845	$	215,164	$	-	$	282,007

Home equity
Pass	$	1,541	$	643	$	830	$	1,390	$	1,465	$	6,437	$	43,857	$	513	$	56,676
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		212		212
Total Home equity	$	1,541	$	643	$	830	$	1,390	$	1,465	$	6,437	$	43,857	$	725	$	56,888

Consumer
Pass	$	994	$	2,034	$	139	$	67	$	-	$	-	$	6	$	-	$	3,240
Special Mention		-		-		-		-		-		-		-		-		-
Substandard		-		-		-		-		-		-		-		-		-
Total Consumer	$	994	$	2,034	$	139	$	67	$	-	$	-	$	6	$	-	$	3,240

Total Loans	$	966,179	$	341,920	$	292,806	$	78,669	$	376,336	$	758,958	$	266,825	$	725	$	3,082,418