ALLOWANCE FOR CREDIT LOSSES (Tables)

3 Months Ended

Mar. 31, 2023

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