LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2023

Loans and Leases Receivable Disclosure [Line Items]

Schedule of Net loans

Loans, net of deferred costs and fees, consist of the following (in thousands):

	At March 31,		December 31,
	2023		2022
Real estate
Commercial	$	3,279,321	$	3,254,508
Construction		123,292		143,693
Multi-family		444,052		468,540
One-to four-family		52,428		53,207
Total real estate loans		3,899,093		3,919,948
Commercial and industrial		935,541		908,616
Consumer		30,394		24,931
Total loans		4,865,028		4,853,495
Deferred fees, net of origination costs		(13,334)		(12,972)
Loans, net of deferred fees and costs		4,851,694		4,840,523
Allowance for credit losses		(47,752)		(44,876)
Net loans	$	4,803,942	$	4,795,647

Schedule of changes in the allowance for loan losses by portfolio segment

The following tables present the activity in the ACL for funded loans by segment. The portfolio segments represent the categories that the Company uses to determine its ACL (in thousands):

	Commercial		Commercial				Multi		One-to four-
Three months ended March 31, 2023	Real Estate		& Industrial		Construction		Family		Family		Consumer		Total
Allowance for credit losses:
Beginning balance	$	29,496	$	10,274	$	1,983	$	2,823	$	105	$	195	$	44,876
Cumulative effect of changes in accounting principle		48		471		424		705		181		421		2,250
Provision/(credit) for credit losses		2,292		12		(1,146)		(657)		121		104		726
Loans charged-off		—		—		—		—		—		(100)		(100)
Recoveries		—		—		—		—		—		—		—
Total ending allowance balance	$	31,836	$	10,757	$	1,261	$	2,871	$	407	$	620	$	47,752

	Commercial		Commercial				Multi		One-to four-
Three months ended March 31, 2022	Real Estate		& Industrial		Construction		Family		Family		Consumer		Total
Allowance for credit losses:
Beginning balance	$	22,216	$	7,708	$	2,105	$	2,156	$	140	$	404	$	34,729
Provision/(credit) for credit losses		2,504		780		224		100		(36)		(172)		3,400
Loans charged-off		—		—		—		—		—		—		—
Recoveries		—		—		—		—		—		5		5
Total ending allowance balance	$	24,720	$	8,488	$	2,329	$	2,256	$	104	$	237	$	38,134

Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment

The following tables present the balance in the ACL and the recorded investment in loans by portfolio segment based on allowance measurement methodology (in thousands):

	Commercial		Commercial						One-to four-
At March 31, 2023	Real Estate		& Industrial		Construction		Multi-family		Family		Consumer		Total
Allowance for credit losses:
Individually assessed	$	—	$	—	$	—	$	—	$	—	$	24	$	24
Collectively assessed		31,836		10,757		1,261		2,871		407		596		47,728
Total ending allowance balance	$	31,836	$	10,757	$	1,261	$	2,871	$	407	$	620	$	47,752
Loans:
Individually assessed	$	40,769	$	—	$	—	$	—	$	—	$	24	$	40,793
Collectively assessed		3,238,552		935,541		123,292		444,052		52,428		30,370		4,824,235
Total ending loan balance	$	3,279,321	$	935,541	$	123,292	$	444,052	$	52,428	$	30,394	$	4,865,028

	Commercial		Commercial						One-to four-
At December 31, 2022	Real Estate		& Industrial		Construction		Multi-family		Family		Consumer		Total
Allowance for credit losses:
Individually assessed	$	—	$	—	$	—	$	—	$	—	$	24	$	24
Collectively assessed		29,496		10,274		1,983		2,823		105		171		44,852
Total ending allowance balance	$	29,496	$	10,274	$	1,983	$	2,823	$	105	$	195	$	44,876
Loans:
Individually assessed	$	26,740	$	—	$	—	$	—	$	899	$	24	$	27,663
Collectively assessed		3,227,768		908,616		143,693		468,540		52,308		24,907		4,825,832
Total ending loan balance	$	3,254,508	$	908,616	$	143,693	$	468,540	$	53,207	$	24,931	$	4,853,495

Schedule of recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans

The following tables present the recorded investment in non-accrual loans and loans past due over 90 days and still accruing, by class of loans (in thousands):

			Nonaccrual		Loans Past Due
			Without an		Over 90 Days
At March 31, 2023	Nonaccrual		ACL		Still Accruing
Commercial real estate	$	24,000	$	24,000	$	—
Consumer		24		—		—
Total	$	24,024	$	24,000	$	—

			Nonaccrual		Loans Past Due
			Without an		Over 90 Days
At December 31, 2022		Nonaccrual	ACL		Still Accruing
Commercial real estate	$	—	$	—	$	—
Consumer		24		—		—
Total	$	24	$	—	$	—

Schedule of aging of the recorded investment in past due loans by class of loans

The following tables present the aging of the recorded investment in past due loans by class of loans (in thousands):

					90
	30-59		60-89		Days and		Total past		Current
At March 31, 2023	Days		Days		greater		due		loans		Total
Commercial real estate	$	—	$	—	$	24,000	$	24,000	$	3,255,321	$	3,279,321
Commercial & industrial		35		32		—		67		935,474		935,541
Construction		—		—		—		—		123,292		123,292
Multi-family		9,675		17,625		—		27,300		416,752		444,052
One-to four-family		—		—		—		—		52,428		52,428
Consumer		14		—		24		38		30,356		30,394
Total	$	9,724	$	17,657	$	24,024	$	51,405	$	4,813,623	$	4,865,028

					90
	30-59		60-89		Days and		Total past		Current
At December 31, 2022	Days		Days		greater		due		loans		Total
Commercial real estate	$	—	$	24,000	$	—	$	24,000	$	3,230,508	$	3,254,508
Commercial & industrial		37		—		—		37		908,579		908,616
Construction		—		—		—		—		143,693		143,693
Multi-family		8,000		—		—		8,000		460,540		468,540
One-to four-family		—		—		—		—		53,207		53,207
Consumer		21		—		24		45		24,886		24,931
Total	$	8,058	$	24,000	$	24	$	32,082	$	4,821,413	$	4,853,495

Schedule of risk category of loans by class of loans

The following table presents loan balances by credit quality indicator and year of origination at March 31, 2023 (in thousands):

	2023		2022		2021		2020		2019		2018 & Prior		Revolving		Total
CRE
Pass	$	445,656	$	1,528,343	$	596,881	$	185,291	$	226,188	$	154,132	$	42,936	$	3,179,427
Special Mention		8,548		35,556		14,701		320		—		—		—		59,125
Substandard		—		24,000		—		16,769		—		—		—		40,769
Total	$	454,204	$	1,587,899	$	611,582	$	202,380	$	226,188	$	154,132	$	42,936	$	3,279,321
Construction
Pass	$	18,720	$	70,550	$	34,022	$	—	$	—	$	—	$	—	$	123,292
Total	$	18,720	$	70,550	$	34,022	$	—	$	—	$	—	$	—	$	123,292
Multi-family
Pass	$	5,534	$	188,701	$	73,566	$	33,028	$	38,181	$	100,392	$	4,650	$	444,052
Total	$	5,534	$	188,701	$	73,566	$	33,028	$	38,181	$	100,392	$	4,650	$	444,052
One-to four-family
Current	$	—	$	4,249	$	—	$	10,432	$	12,484	$	25,262	$	—	$	52,428
Total	$	—	$	4,249	$	—	$	10,432	$	12,484	$	25,262	$	—	$	52,428
Commercial and industrial
Pass	$	61,040	$	358,209	$	126,347	$	32,843	$	17,929	$	12,998	$	293,176	$	902,542
Special Mention		—		14,000		—		—		—		—		18,999		32,999
Total	$	61,040	$	372,209	$	126,347	$	32,843	$	17,929	$	12,998	$	312,175	$	935,541

Consumer
Current	$	7,468	$	—	$	780	$	—	$	—	$	22,108	$	—	$	30,356
Past due		—		—		—		—		—		38		—		38
Total	$	7,468	$	—	$	780	$	—	$	—	$	22,146	$	—	$	30,394

For loans evaluated by credit risk ratings, the following table presents loan balances by credit quality indicator and by class of loans at December 31, 2022 (in thousands):

			Special
	Pass		Mention		Substandard		Doubtful			Total
Commercial real estate	$	3,192,212	$	35,881	$	26,415	$	—	$	3,254,508
Commercial & industrial		876,867		31,749		—		—		908,616
Construction		143,693		—		—		—		143,693
Multi-family		468,540		—		—		—		468,540
Total	$	4,681,312	$	67,630	$	26,415	$	—	$	4,775,357

Schedule of loans determined to be impaired by class of loans

The following tables present loans individually evaluated for impairment pursuant to the disclosure requirements prior to the adoption of ASU No. 2016-13 on January 1, 2023 (in thousands). The recorded investment in loans excludes accrued interest receivable and loan origination fees.

		At December 31, 2022
					Allowance
	Unpaid				for Loan
	Principal		Recorded		Losses
	Balance		Investment		Allocated
With an allowance recorded:
Consumer		24		24		24
Total	$	24	$	24	$	24
Without an allowance recorded:
One-to four-family	$	1,176	$	899	$	—
CRE		27,984		26,740		—
Total	$	29,160	$	27,639	$	—

	Average		Interest
	Recorded		Income
Three months ended March 31, 2022	Investment		Recognized
With an allowance recorded:
One-to four-family	$	224	$	3
Consumer		163		—
Total	$	387	$	3
Without an allowance recorded:
One-to four-family	$	716	$	6
Consumer		33,498		230
Total	$	34,214	$	236

Unfunded loan commitment

Loans and Leases Receivable Disclosure [Line Items]

Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment

The following tables present the activity in the ACL for unfunded loan commitments (in thousands):

	Three months ended March 31,
	2023		2022
Balance at the beginning of period	$	180	$	180
Cumulative effect of changes in accounting principle		777		—
Provision/(credit) for credit losses		(80)		—
Total ending allowance balance	$	877	$	180