Summary of changes in allowance for loan losses by class of loans |
The allowance for credit losses is summarized in the following table: | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended | | | | | | | March 31, 2023 | | March 31, 2022 | | | | | | | (In thousands) | Balance at beginning of period | | | | | | $ | 13,400 | | | $ | 14,425 | | Impact of adopting ASU 2016-13 and ASU 2022-02 | | | | | | 668 | | | — | | Charge-offs | | | | | | (5) | | | (10) | | Recoveries | | | | | | 1 | | | 2 | | Net charge-offs | | | | | | (4) | | | (8) | | Provision for (recovery of) credit loss on loans | | | | | | 89 | | | (952) | | Balance at end of period | | | | | | $ | 14,153 | | | $ | 13,465 | |
The following tables presents the activity in the Company’s allowance for credit losses by class of loans based on the most recent analysis performed for the three months ended March 31, 2023, and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2022 | | Impact of adopting ASU 2016-13 and ASU 2022-02 | | Charge-offs (1) | | Recoveries | | (Recovery of) Provision for Credit Loss - Loans | | Balance at March 31, 2023 | | | (In thousands) | Residential one-to-four family | | $ | 2,264 | | | $ | (183) | | | $ | — | | | $ | — | | | $ | (25) | | | $ | 2,056 | | Multifamily | | 5,491 | | | 2,057 | | | — | | | — | | | (357) | | | 7,191 | | Non-residential | | 3,357 | | | 146 | | | — | | | — | | | 67 | | | 3,570 | | Construction | | 1,697 | | | (832) | | | — | | | — | | | 325 | | | 1,190 | | Commercial and industrial (including PPP) | | 47 | | | (23) | | | — | | | — | | | 76 | | | 100 | | Junior liens | | 451 | | | (405) | | | — | | | — | | | — | | | 46 | | Consumer and other | | — | | | 1 | | | (5) | | | 1 | | | 3 | | | — | | Unallocated | | 93 | | | (93) | | | — | | | — | | | — | | | — | | Total | | $ | 13,400 | | | $ | 668 | | | $ | (5) | | | $ | 1 | | | $ | 89 | | | $ | 14,153 | |
(1) Charge-offs relate to overdrafts, which were originated in 2022 or 2023 as it is our policy to charge these off within 60 days of occurrence. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2021 | | | | Charge-offs | | Recoveries | | (Recovery of) Provision for Loan Loss | | Balance at March 31, 2022 | | | (In thousands) | Residential one-to-four family | | $ | 2,822 | | | | | $ | — | | | $ | — | | | $ | (212) | | | $ | 2,610 | | Multifamily | | 5,263 | | | | | — | | | — | | | (487) | | | 4,776 | | Non-residential | | 2,846 | | | | | — | | | — | | | 619 | | | 3,465 | | Construction | | 2,678 | | | | | — | | | — | | | (773) | | | 1,905 | | Commercial and industrial (including PPP) | | 51 | | | | | — | | | — | | | 20 | | | 71 | | Junior liens | | 636 | | | | | — | | | — | | | (87) | | | 549 | | Consumer and other | | 38 | | | | | (10) | | | 2 | | | (30) | | | — | | Unallocated | | 91 | | | | | — | | | — | | | (2) | | | 89 | | Total | | $ | 14,425 | | | | | $ | (10) | | | $ | 2 | | | $ | (952) | | | $ | 13,465 | |
The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at March 31, 2023 and December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans | | Allowance for Credit Losses on Loans | March 31, 2023 | | Individually Evaluated | | Collectively Evaluated | | Total | | Individually Evaluated | | Collectively Evaluated | | Total | | | (In thousands) | Residential one-to-four family | | $ | 6,672 | | | $ | 586,137 | | | $ | 592,809 | | | $ | — | | | $ | 2,275 | | | $ | 2,275 | | Multifamily | | 168 | | | 695,039 | | | 695,207 | | | — | | | 6,146 | | | 6,146 | | Non-residential | | — | | | 239,844 | | | 239,844 | | | — | | | 4,565 | | | 4,565 | | Construction | | — | | | 28,141 | | | 28,141 | | | — | | | 1,048 | | | 1,048 | | Commercial and industrial (including PPP) | | — | | | 10,357 | | | 10,357 | | | — | | | 32 | | | 32 | | Junior liens | | — | | | 19,644 | | | 19,644 | | | — | | | 87 | | | 87 | | Consumer and other | | — | | | 58 | | | 58 | | | — | | | — | | | — | | Unallocated | | — | | | — | | | — | | | — | | | — | | | — | | Total | | $ | 6,840 | | | $ | 1,579,220 | | | $ | 1,586,060 | | | $ | — | | | $ | 14,153 | | | $ | 14,153 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Loans | | Allowance for Loan Losses | December 31, 2022 | | Individually Evaluated | | Collectively Evaluated | | Total | | Individually Evaluated | | Collectively Evaluated | | Total | | | (In thousands) | Residential one-to-four family | | $ | 8,418 | | | $ | 588,836 | | | $ | 597,254 | | | $ | 27 | | | $ | 2,237 | | | $ | 2,264 | | Multifamily | | 516 | | | 690,174 | | | 690,690 | | | — | | | 5,491 | | | 5,491 | | Non-residential | | 2,671 | | | 213,390 | | | 216,061 | | | — | | | 3,357 | | | 3,357 | | Construction | | — | | | 17,799 | | | 17,799 | | | — | | | 1,697 | | | 1,697 | | Commercial and industrial (including PPP) | | — | | | 4,653 | | | 4,653 | | | — | | | 47 | | | 47 | | Junior liens | | 52 | | | 18,579 | | | 18,631 | | | — | | | 451 | | | 451 | | Consumer and other | | — | | | 39 | | | 39 | | | — | | | — | | | — | | Unallocated | | — | | | — | | | — | | | — | | | 93 | | | 93 | | Total | | $ | 11,657 | | | $ | 1,533,470 | | | $ | 1,545,127 | | | $ | 27 | | | $ | 13,373 | | | $ | 13,400 | |
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