LOANS (Tables)

12 Months Ended

Dec. 31, 2023

Loans and Leases Receivable Disclosure [Line Items]

Schedule of net loans

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

	At December 31,		At December 31,
	2023		2022
Real estate
Commercial	$	3,857,711	$	3,254,508
Construction		153,512		143,693
Multi-family		467,536		468,540
One-to four-family		94,704		53,207
Total real estate loans		4,573,463		3,919,948
Commercial and industrial		1,051,463		908,616
Consumer		17,086		24,931
Total loans		5,642,012		4,853,495
Deferred fees, net of origination costs		(17,215)		(12,972)
Loans, net of deferred fees and costs		5,624,797		4,840,523
Allowance for credit losses		(57,965)		(44,876)
Net loans	$	5,566,832	$	4,795,647

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

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

	Commercial		Commercial						One-to four-
Year ended December 31, 2023	Real Estate		& Industrial		Construction		Multi-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		6,091		1,408		(642)		4,687		377		137		12,058
Loans charged-off		—		(946)		—		—		—		(273)		(1,219)
Recoveries		—		—		—		—		—		—		—
Total ending allowance balance	$	35,635	$	11,207	$	1,765	$	8,215	$	663	$	480	$	57,965

	Commercial		Commercial						One-to four-
Year ended December 31, 2022	Real Estate		& Industrial		Construction		Multi-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		7,280		2,540		(122)		667		(35)		(214)		10,116
Loans charged-off		—		—		—		—		—		—		—
Recoveries		—		26		—		—		—		5		31
Total ending allowance balance	$	29,496	$	10,274	$	1,983	$	2,823	$	105	$	195	$	44,876

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 impairment method (in thousands):

	Commercial		Commercial						One-to four-
At December 31, 2023	Real Estate		& Industrial		Construction		Multi-family		Family		Consumer		Total
Allowance for credit losses:
Individually assessed	$	—	$	—	$	—	$	5,002	$	—	$	64	$	5,066
Collectively assessed		35,635		11,207		1,765		3,213		663		416		52,899
Total ending allowance balance	$	35,635	$	11,207	$	1,765	$	8,215	$	663	$	480	$	57,965
Loans:
Individually assessed	$	40,955	$	6,934	$	—	$	20,939	$	—	$	104	$	68,932
Collectively assessed		3,816,756		1,044,529		153,512		446,597		94,704		16,982		5,573,080
Total ending loan balance	$	3,857,711	$	1,051,463	$	153,512	$	467,536	$	94,704	$	17,086	$	5,642,012

	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, 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 December 31, 2023	Nonaccrual		ACL		Still Accruing
Commercial real estate	$	24,000	$	24,000	$	—
Commercial & industrial		6,934		6,934		—
Multi-family		20,939		—		—
Consumer		24		—		—
Total	$	51,897	$	30,934	$	—

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

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

The following table presents 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 December 31, 2023	Days		Days		greater		due		loans		Total
Commercial real estate	$	—	$	—	$	24,000	$	24,000	$	3,833,711	$	3,857,711
Commercial & industrial		20		18		6,934		6,973		1,044,490		1,051,463
Construction		—		—		—		—		153,512		153,512
Multi-family		—		—		20,939		20,939		446,597		467,536
One-to four-family		612		—		—		612		94,092		94,704
Consumer		—		—		24		24		17,062		17,086
Total	$	632	$	18	$	51,897	$	52,548	$	5,589,464	$	5,642,012

					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 December 31, 2023 (in thousands):

	2023		2022		2021		2020		2019		2018 & Prior		Revolving		Total
CRE
Pass	$	1,500,873	$	1,268,550	$	512,497	$	128,320	$	200,304	$	83,309	$	44,672	$	3,738,525
Special Mention		24,500		38,867		14,561		304		—		—		—		78,232
Substandard		—		40,954		—		—		—		—		—		40,954
Total	$	1,525,373	$	1,348,371	$	527,058	$	128,624	$	200,304	$	83,309	$	44,672	$	3,857,711
Construction
Pass	$	84,881	$	56,065	$	—	$	—	$	—	$	—	$	12,566	$	153,512
Total	$	84,881	$	56,065	$	—	$	—	$	—	$	—	$	12,566	$	153,512
Multi-family
Pass	$	115,761	$	114,652	$	51,768	$	23,655	$	34,533	$	69,510	$	6,415	$	416,294
Special Mention		—		30,303		—		—		—		—		—		30,303
Substandard		—		—		20,939		—		—		—		—		20,939
Total	$	115,761	$	144,955	$	72,707	$	23,655	$	34,533	$	69,510	$	6,415	$	467,536
One-to four-family
Current	$	45,000	$	4,081	$	—	$	9,784	$	12,157	$	23,682	$	—	$	94,704
Total	$	45,000	$	4,081	$	—	$	9,784	$	12,157	$	23,682	$	—	$	94,704
Commercial and industrial
Pass	$	178,814	$	252,359	$	98,753	$	23,943	$	14,390	$	5,904	$	402,247	$	976,410
Special Mention		3,840		33,918		—		2,080		—		—		28,281		68,119
Substandard		3,435		—		—		—		—		—		3,499		6,934
Total	$	186,089	$	286,277	$	98,753	$	26,023	$	14,390	$	5,904	$	434,027	$	1,051,463
Consumer
Current	$	—	$	—	$	—	$	—	$	—	$	17,062	$	—	$	17,062
Past due		—		—		—		—		—		24		—		24
Total	$	—	$	—	$	—	$	—	$	—	$	17,086	$	—	$	17,086
Charge-offs
Commercial and industrial	$	—	$	—	$	915	$	—	$	—	$	31	$	—	$	946
Consumer		—		—		—		—		—		273		—		273
	$	—	$	—	$	915	$	—	$	—	$	304	$	—	$	1,219

The following tables present loans individually evaluated for impairment pursuant to the disclosure requirements prior to the adoption of ASC 326 on January 1, 2023 (in thousands). 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
At December 31, 2022	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 (in thousands). The recorded investment in loans excludes accrued interest receivable and loan origination fees.

		At December 31, 2022					Year ended December 31, 2022
					Allowance
	Unpaid				for Loan		Average		Interest
	Principal		Recorded		Losses		Recorded		Income
	Balance		Investment		Allocated		Investment		Recognized
With an allowance recorded:
Consumer	$	24	$	24	$	24	$	79	$	—
Total	$	24	$	24	$	24	$	79	$	—
Without an allowance recorded:
One-to four-family	$	1,176	$	899	$	—	$	832	$	31
CRE		27,984		26,740		—		30,142		1,041
Total	$	29,160	$	27,639	$	—	$	30,974	$	1,072

		At December 31, 2021					Year ended December 31, 2021
					Allowance
	Unpaid				for Loan		Average		Interest
	Principal		Recorded		Losses		Recorded		Income
	Balance		Investment		Allocated		Investment		Recognized
With an allowance recorded:
One-to four-family	$	577	$	447	$	26	$	462	$	21
Consumer		302		302		170		1,766		84
C&I		—		—		—		2,726		—
Total	$	879	$	749	$	196	$	4,954	$	105
Without an allowance recorded:
One-to four-family	$	646	$	499	$	—	$	509	$	26
CRE		38,518		38,518		—		15,975		325
C&I		—		—		—		77		—
Total	$	39,164	$	39,017	$	—	$	16,561	$	351

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):

	Year ended December 31,
	2023		2022
Balance at the beginning of period	$	180	$	180
Cumulative effect of changes in accounting principle		777		—
Provision/(credit) for credit losses		225		—
Total ending allowance balance	$	1,182	$	180