QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | ||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
☒ | Smaller reporting company | |||||||||||||
Emerging Growth Company |
PAGE | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(Unaudited) | (Audited) | ||||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Securities available-for-sale, at fair value | |||||||||||
Securities held-to-maturity, net (fair value of $ | |||||||||||
FHLB stock and other investments | |||||||||||
Loans receivable, net of allowance for credit losses of $ | |||||||||||
Real estate owned, net | |||||||||||
Interest and dividends receivable | |||||||||||
Premises and equipment, net | |||||||||||
Right-of-use assets | |||||||||||
Bank owned life insurance | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Liabilities | |||||||||||
Deposits | $ | $ | |||||||||
Advances from the Federal Home Loan Bank | |||||||||||
Advances by borrowers for taxes and insurance | |||||||||||
Lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost: | ( | ( | |||||||||
Unallocated common shares held by Employee Stock Ownership Plan | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Interest and dividend income: | ||||||||||||||
Loans | $ | $ | ||||||||||||
Taxable investment income | ||||||||||||||
Non-taxable investment income | ||||||||||||||
Total interest income | ||||||||||||||
Interest expense: | ||||||||||||||
Deposits | ||||||||||||||
Borrowed funds | ||||||||||||||
Total interest expense | ||||||||||||||
Net interest income | ||||||||||||||
Release of provision for credit losses | ( | ( | ||||||||||||
Net interest income after release of credit losses | ||||||||||||||
Non-interest income: | ||||||||||||||
Fees and service charges | ||||||||||||||
Gain on sale of loans | ||||||||||||||
Other income | ||||||||||||||
Total non-interest income | ||||||||||||||
Non-interest expense: | ||||||||||||||
Compensation and benefits | ||||||||||||||
Occupancy and equipment | ||||||||||||||
Data processing | ||||||||||||||
Advertising | ||||||||||||||
Professional services | ||||||||||||||
Federal deposit insurance premiums | ||||||||||||||
Other expense | ||||||||||||||
Total non-interest expenses | ||||||||||||||
Loss before income tax expense | ( | ( | ||||||||||||
Income tax expense | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Basic loss per share | $ | ( | $ | ( | ||||||||||
Diluted loss per share | $ | ( | $ | ( | ||||||||||
Weighted average shares outstanding - basic | ||||||||||||||
Weighted average shares outstanding - diluted (1) |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Other comprehensive income (loss), net of tax (1): | ||||||||||||||
Unrealized (loss) gain on securities available-for-sale: | ||||||||||||||
Unrealized (loss) gain arising during the period | ( | |||||||||||||
( | ||||||||||||||
Unrealized gain (loss) on cash flow hedge: | ||||||||||||||
Unrealized gain (loss) arising during the period | ( | |||||||||||||
Reclassification adjustment for loss (gain) included in net loss | ( | |||||||||||||
( | ||||||||||||||
Post-Retirement plans: | ||||||||||||||
Reclassification adjustment for amortization of: | ||||||||||||||
Net actuarial loss (gain) | ( | |||||||||||||
( | ||||||||||||||
Total other comprehensive income, net of tax (1) | ||||||||||||||
Comprehensive (loss) income | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Unallocated Common Stock Held by ESOP | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Cumulative effect of adopting ASU No. 2016-13 | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of adopting ASU No. 2022-02 | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of Treasury stock | ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of Treasury stock | ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan, net of forfeitures | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released ( | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Cash flows from operating activities | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||
Depreciation and amortization of premises and equipment | ||||||||||||||
Amortization (accretion) of: | ||||||||||||||
Right-of-use asset | ||||||||||||||
Deferred loan fees, costs, and discounts, net | ( | |||||||||||||
Premiums and discounts on securities | ||||||||||||||
Release of provision for credit losses | ( | ( | ||||||||||||
Proceeds from sales of loans held for sale | ||||||||||||||
Gains on sale of loans, net | ( | ( | ||||||||||||
Origination of loans held for sale | ( | ( | ||||||||||||
Increase in bank owned life insurance cash surrender value | ( | ( | ||||||||||||
ESOP and stock-based compensation expense | ||||||||||||||
Increase in interest and dividends receivable | ( | ( | ||||||||||||
(Increase) decrease in other assets | ( | |||||||||||||
Decrease in other liabilities | ( | ( | ||||||||||||
Change in lease liability | ( | ( | ||||||||||||
Net cash used in operating activities | ( | ( | ||||||||||||
Cash flows from investing activities | ||||||||||||||
Net change in loans receivable | ( | |||||||||||||
Purchases of residential mortgage loans | ( | |||||||||||||
Principal payments and maturities on securities available-for-sale | ||||||||||||||
Purchase of Federal Home Loan Bank stock | ( | ( | ||||||||||||
Redemption of Federal Home Loan Bank stock | ||||||||||||||
Proceeds from bank owned life insurance | ||||||||||||||
Purchases of premises and equipment | ( | ( | ||||||||||||
Net cash provided by (used in) investing activities | ( | |||||||||||||
Cash flows from financing activities | ||||||||||||||
Net increase (decrease) in deposits | ( | |||||||||||||
Proceeds from advances from Federal Home Loan Bank | ||||||||||||||
Repayments of advances from Federal Home Loan Bank | ( | ( | ||||||||||||
Net increase in advances by borrowers for taxes and insurance | ||||||||||||||
Purchase of treasury stock | ( | ( | ||||||||||||
Net cash (used in) provided by financing activities | ( | |||||||||||||
Net increase in cash and cash equivalents | ||||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Supplemental disclosures of cash flow information | ||||||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ | $ | ||||||||||||
Income taxes | ||||||||||||||
Supplemental noncash disclosures | ||||||||||||||
Lease liabilities arising from obtaining right-of-use assets |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | ( | $ | |||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
U.S. Government agency obligations | ( | |||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ( | |||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential | ( | |||||||||||||||||||||||||
Multifamily | ( | |||||||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
December 31, 2023 | ||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | ( | $ | |||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
U.S. Government agency obligations | ( | |||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ( | |||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential | ( | |||||||||||||||||||||||||
Multifamily | ( | |||||||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||
Corporate bonds | $ | $ | $ | ( | $ | |||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||||||||||||||
Allowance for credit loss | ( | |||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Corporate bonds | $ | $ | $ | ( | $ | |||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||||||||||||||
Allowance for credit loss | ( | |||||||||||||||||||||||||
$ |
Amortized Cost (1) | Estimated Fair Value | ||||||||||
(In thousands) | |||||||||||
Available-for-sale | |||||||||||
Due in one year or less | $ | $ | |||||||||
Due from one year to five years | |||||||||||
Due from five to ten years | |||||||||||
Due after ten years | |||||||||||
Mortgage-backed and asset-backed securities | |||||||||||
Total | $ | $ | |||||||||
Held-to-maturity | |||||||||||
Due from one year to five years | $ | $ | |||||||||
Due from five to ten years | |||||||||||
Mortgage-backed and asset-backed securities | |||||||||||
Total | $ | $ |
March 31, 2024 | AAA | A1 | BBB+ | BBB | BBB- | Total | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | $ | $ | $ |
December 31, 2023 | AAA | A1 | BBB+ | BBB | BBB- | Total | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | $ | $ | $ |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||||
Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Number of Securities | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
U.S. Government agency obligations | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Multifamily | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
U.S. Government agency obligations | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Multifamily | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | $ | ( | $ |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||||
Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Number of Securities | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | ( | $ |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||||
Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Number of Securities | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | ( | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Residential | $ | $ | ||||||||||||
Multifamily | ||||||||||||||
Commercial real estate | ||||||||||||||
Construction | ||||||||||||||
Junior liens | ||||||||||||||
Commercial and industrial | ||||||||||||||
Consumer and other | ||||||||||||||
Total loans | ||||||||||||||
Less: Allowance for credit losses (1) | ||||||||||||||
Loans receivable, net | $ | $ |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | Pre-2020 | Revolving Loans | Total | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross loans | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Pre-2019 | Revolving Loans | Total | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross loans | $ | $ | $ | $ | $ | $ | $ | $ |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Past Due | Current | Total Loans Receivable | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
March 31, 2024 | Non-accrual | Interest Income Recognized on Non-accrual Loans | Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | Amortized Cost Basis of Non-accrual Loans Without Related Allowance | ||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
December 31, 2023 | ||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||
Payment Delays | Term Extensions | Total Principal | % of Total Class of Loans | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Residential | $ | $ | $ | % | ||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Total | $ | $ | $ | % | ||||||||||||||||||||||
Types of Modifications | ||||||||
Residential | Term extensions of | |||||||
Commercial and industrial | Deferral of | |||||||
Three Months Ended March 31, 2024 | ||||||||||||||||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Non-Accrual | Total | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
For the Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Balance at beginning of period | $ | $ | ||||||||||||
Impact of adopting ASU 2016-13 and ASU 2022-02 | ||||||||||||||
Charge-offs | ( | ( | ||||||||||||
Recoveries | ||||||||||||||
Net charge-offs | ( | ( | ||||||||||||
(Recovery of) provision for credit loss on loans | ( | |||||||||||||
Balance at end of period | $ | $ |
Balance at December 31, 2023 | Charge-offs | Recoveries | (Recovery of) Provision for Credit Loss - Loans | Balance at March 31, 2024 | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Multifamily | ( | |||||||||||||||||||||||||||||||
Commercial real estate | ( | |||||||||||||||||||||||||||||||
Construction | ( | |||||||||||||||||||||||||||||||
Junior liens | $ | |||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Consumer and other | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ |
Balance at December 31, 2022 | Impact of adopting ASU 2016-13 | Charge-offs | Recoveries | (Recovery of) Provision for Loan Loss | Balance at March 31, 2023 | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Residential | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Multifamily | ( | |||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Construction | ( | |||||||||||||||||||||||||||||||||||||
Junior liens | ( | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | ( | |||||||||||||||||||||||||||||||||||||
Consumer and other | ( | |||||||||||||||||||||||||||||||||||||
Unallocated | ( | |||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | $ |
Loans | Allowance for Credit Losses on Loans | |||||||||||||||||||||||||||||||||||||
March 31, 2024 | Individually Evaluated | Collectively Evaluated | Total | Individually Evaluated | Collectively Evaluated | Total | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | ||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Loans | Allowance for Credit Losses on Loans | |||||||||||||||||||||||||||||||||||||
December 31, 2023 | Individually Evaluated | Collectively Evaluated | Total | Individually Evaluated | Collectively Evaluated | Total | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Residential | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | ||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||
Unallocated | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Right-of-use assets | $ | $ | ||||||||||||
Lease liabilities | ||||||||||||||
Weighted average remaining lease term for operating leases | ||||||||||||||
Weighted average discount rate used in the measurement of lease liabilities | % | % |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Operating lease cost | $ | $ | ||||||||||||
Finance lease cost | ||||||||||||||
Variable lease cost | ||||||||||||||
Total lease cost included as a component of occupancy and equipment | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities: | ||||||||||||||
Operating cash flows from operating leases | $ | $ | ||||||||||||
Operating lease liabilities arising from obtaining right-of-use assets (non-cash): | ||||||||||||||
Operating leases | $ | $ |
Through March 31, | (In thousands) | |||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total undiscounted lease payments | ||||||||
Less: imputed interest | ||||||||
Total | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Non-interest bearing deposits | $ | $ | ||||||||||||
NOW and demand accounts | ||||||||||||||
Savings | ||||||||||||||
Time deposits | ||||||||||||||
Total | $ | $ |
(In thousands) | ||||||||
Remainder of 2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
2029 | ||||||||
$ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Stock option expense | $ | $ | ||||||||||||
Restricted stock expense | ||||||||||||||
Total share-based compensation expense | $ | $ |
Number of Stock Options | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | ||||||||||||||||||||
Outstanding - December 31, 2023 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Forfeited | ( | — | |||||||||||||||||||||
Outstanding - March 31, 2024 | $ | $ | |||||||||||||||||||||
Exercisable - March 31, 2024 |
Number of Shares Awarded | Weighted Average Grant Date Fair Value | |||||||||||||
Outstanding - December 31, 2023 | $ | |||||||||||||
Granted | ||||||||||||||
Forfeited | ( | |||||||||||||
Vested | ( | |||||||||||||
Outstanding - March 31, 2024 | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
(Dollars in thousands) | |||||||||||
Notional amounts | $ | $ | |||||||||
Weighted average pay rates | % | % | |||||||||
Weighted average receive rates | % | % | |||||||||
Weighted average maturity | |||||||||||
Gross unrealized gain included in other assets | $ | $ | |||||||||
Gross unrealized loss included in other liabilities | |||||||||||
Unrealized gains, net | $ | $ |
Amount of Gain Recognized in OCI (Net of Tax) on Derivative (1) | Location of Gain (Loss) Reclassified from OCI into Income/(Expense) | Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Three months ended March 31, 2024 | ||||||||||||||||||||
Interest rate contracts | $ | Interest Expense | $ | |||||||||||||||||
Three months ended March 31, 2023 | ||||||||||||||||||||
Interest rate contracts | $ | ( | Interest Expense | $ | ||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||
2024 | 2023 | |||||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect | After Tax | Before Tax | Tax Effect | After Tax | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Components of Other Comprehensive Income: | ||||||||||||||||||||||||||||||||||||||
Unrealized (loss) gain on securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||
Unrealized (loss) gain arising during the period | $ | ( | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedge: | ||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) arising during the period | ( | ( | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for loss (gain) included in net loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Total gain (loss) | ( | ( | ||||||||||||||||||||||||||||||||||||
Post-Retirement plans: | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for amortization of: | ||||||||||||||||||||||||||||||||||||||
Net actuarial loss (gain) | ( | ( | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Unrealized Gains on Cash Flow Hedges | Unrealized Losses on Available-for-Sale Securities | Post-Retirement Plans | Total | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassification | ( | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ||||||||||||||||||||||||||
Net current period other comprehensive income (loss) | ( | |||||||||||||||||||||||||
Balance at March 31, 2024 | $ | $ | ( | $ | $ | ( |
Unrealized Gains and Losses on Cash Flow Hedges | Unrealized Gains and Losses on Available-for-Sale Securities | Post-Retirement Plans | Total | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive (loss) income before reclassification | ( | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive (loss) income | ( | ( | ( | |||||||||||||||||||||||
Net current period other comprehensive (loss) income | ( | ( | ||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | ( | $ | $ | ( |
Details about Accumulated Other Comprehensive Income Components | Three Months Ended March 31, | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||
2024 | 2023 | |||||||||||||||||||
(In thousands) | ||||||||||||||||||||
(Gains) losses on cash flow hedges: | ||||||||||||||||||||
Interest rate contracts | ( | Interest expense | ||||||||||||||||||
Amortization of post-retirement plan items: | ||||||||||||||||||||
Net actuarial (gains) loss | ( | Compensation and employee benefits | ||||||||||||||||||
Total tax effect | Income tax expense | |||||||||||||||||||
Total reclassification for the period, net of tax | $ | ( | $ |
Fair Value Measurements at March 31, 2024, Using | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | $ | ||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
U.S. Government agency obligations | ||||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Total securities available-for-sale | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Total financial assets measured on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | ||||||||||||||||||||||
Measured on a nonrecurring basis: | ||||||||||||||||||||||||||
Nonfinancial assets | ||||||||||||||||||||||||||
Real estate owned | $ | $ | $ | $ |
Fair Value Measurements at December 31, 2023, Using | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | $ | ||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
U.S. Government agency obligations | ||||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Total securities available-for-sale | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Total financial assets measured on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | ||||||||||||||||||||||
Measured on a nonrecurring basis: | ||||||||||||||||||||||||||
Nonfinancial assets | ||||||||||||||||||||||||||
Real estate owned |
Fair Value Measurements at March 31, 2024, Using | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Book Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Securities held-to-maturity: | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Securities held-to-maturity | $ | $ | $ | $ | ||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Time deposits | ||||||||||||||||||||||||||
FHLB advances | ||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2023, Using | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Book Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Securities held-to-maturity: | ||||||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Securities held-to-maturity | $ | $ | $ | $ | ||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Time deposits | ||||||||||||||||||||||||||
FHLB advances |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Service charges on deposits | $ | $ | ||||||||||||
Interchange income | ||||||||||||||
Total revenue from contracts with customers | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
(Income in thousands) | ||||||||||||||
Net loss applicable to common shares | $ | ( | $ | ( | ||||||||||
Shares | ||||||||||||||
Average number of common shares outstanding | ||||||||||||||
Less: Average unallocated ESOP shares | ||||||||||||||
Average number of common shares outstanding used to calculate basic earnings per common share | ||||||||||||||
Common stock equivalents | ||||||||||||||
Average number of common shares outstanding used to calculate diluted earnings per common share | ||||||||||||||
Loss per common share | ||||||||||||||
Basic | $ | ( | $ | ( | ||||||||||
Diluted | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Loans (1) | $ | 1,555,534 | $ | 17,192 | 4.45 | % | $ | 1,553,118 | $ | 15,569 | 4.07 | % | |||||||||||||||||||||||
Mortgage-backed securities | 160,349 | 876 | 2.20 | % | 179,604 | 982 | 2.22 | % | |||||||||||||||||||||||||||
Other investment securities | 183,717 | 1,652 | 3.62 | % | 199,069 | 1,512 | 3.08 | % | |||||||||||||||||||||||||||
FHLB stock | 20,123 | 492 | 9.83 | % | 20,141 | 308 | 6.20 | % | |||||||||||||||||||||||||||
Cash and cash equivalents | 51,561 | 630 | 4.92 | % | 46,530 | 461 | 4.02 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 1,971,284 | 20,842 | 4.25 | % | 1,998,462 | 18,832 | 3.82 | % | |||||||||||||||||||||||||||
Non-interest earning assets | 59,357 | 55,942 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,030,641 | $ | 2,054,404 | |||||||||||||||||||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||||||||||||||
NOW, savings, and money market deposits | $ | 616,169 | $ | 1,937 | 1.26 | % | $ | 805,392 | $ | 2,010 | 1.01 | % | |||||||||||||||||||||||
Time deposits | 619,220 | 6,476 | 4.21 | % | 416,238 | 2,144 | 2.09 | % | |||||||||||||||||||||||||||
Interest-bearing deposits | 1,235,389 | 8,413 | 2.74 | % | 1,221,630 | 4,154 | 1.38 | % | |||||||||||||||||||||||||||
FHLB advances | 373,874 | 3,012 | 3.24 | % | 359,511 | 2,737 | 3.09 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,609,263 | 11,425 | 2.86 | % | 1,581,141 | 6,891 | 1.77 | % | |||||||||||||||||||||||||||
Non-interest bearing deposits | 26,491 | 34,879 | |||||||||||||||||||||||||||||||||
Non-interest bearing other | 41,569 | 44,850 | |||||||||||||||||||||||||||||||||
Total liabilities | 1,677,323 | 1,660,870 | |||||||||||||||||||||||||||||||||
Total shareholders' equity | 353,318 | 393,534 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,030,641 | $ | 2,054,404 | |||||||||||||||||||||||||||||||
Net interest income | $ | 9,417 | $ | 11,941 | |||||||||||||||||||||||||||||||
Net interest rate spread (2) | 1.39 | % | 2.05 | % | |||||||||||||||||||||||||||||||
Net interest margin (3) | 1.92 | % | 2.42 | % |
March 31, 2024 | December 31, 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Residential | $ | 540,427 | $ | 550,929 | ||||||||||
Multifamily | 671,011 | 682,564 | ||||||||||||
Commercial real estate | 244,207 | 232,505 | ||||||||||||
Construction | 63,052 | 60,414 | ||||||||||||
Junior liens | 22,052 | 22,503 | ||||||||||||
Commercial and industrial | 13,372 | 11,768 | ||||||||||||
Consumer and other | 56 | 47 | ||||||||||||
Total loans | 1,554,177 | 1,560,730 | ||||||||||||
Less: Allowance for credit losses | 13,749 | 14,154 | ||||||||||||
Loans receivable, net | $ | 1,540,428 | $ | 1,546,576 | ||||||||||
March 31, 2024 | December 31, 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Residential | $ | 5,725 | $ | 5,884 | ||||||||||
Multifamily | 139 | 146 | ||||||||||||
Junior liens | 48 | 49 | ||||||||||||
Commercial and industrial | 779 | 39 | ||||||||||||
Total non-performing loans | 6,691 | 6,118 | ||||||||||||
Other real estate owned | 593 | 593 | ||||||||||||
Total non-performing assets | $ | 7,284 | $ | 6,711 |
March 31, 2024 | December 31, 2023 | |||||||||||||
(In thousands) | ||||||||||||||
Non-interest bearing deposits | $ | 25,342 | $ | 27,739 | ||||||||||
NOW and demand accounts (1) | 373,172 | 361,139 | ||||||||||||
Savings (1) | 250,298 | 259,402 | ||||||||||||
Core deposits | 648,812 | 648,280 | ||||||||||||
Time deposits | 642,372 | 596,624 | ||||||||||||
Total deposits | $ | 1,291,184 | $ | 1,244,904 |
Net Interest Income | |||||||||||||||||
Change in Interest Rates (basis points) | Amount | Change | Percent | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
+200 | $ | 41,775 | $ | (1,523) | (3.5) | % | |||||||||||
+100 | 42,529 | (769) | (1.8) | ||||||||||||||
0 | 43,298 | — | — | ||||||||||||||
-100 | 45,665 | 2,367 | 5.5 | ||||||||||||||
-200 | 47,743 | 4,445 | 10.3 |
EVE | NPV as a Percent of Portfolio Value of Assets | ||||||||||||||||||||||||||||
Change in Interest Rates (basis points) | Estimated EVE | Estimated Increase (Decrease) | |||||||||||||||||||||||||||
Amount | Percent | NPV Ratio | Change | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
+200 | $ | 86,379 | $ | (81,021) | (48.4) | % | 4.3 | % | (4.0) | ||||||||||||||||||||
+100 | 126,650 | (40,750) | (24.3) | 6.3 | (2.0) | ||||||||||||||||||||||||
0 | 167,400 | — | — | 8.3 | — | ||||||||||||||||||||||||
-100 | 208,705 | 41,305 | 24.7 | 10.3 | 2.0 | ||||||||||||||||||||||||
-200 | 249,172 | 81,772 | 48.9 | 12.3 | 4.0 |
Actual | Minimum Capital Adequacy | For Classification With Capital Buffer | For Classification as Well Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 | $ | 294,355 | 20.12 | % | $ | 65,830 | 4.50 | % | $ | 102,402 | 7.00 | % | $ | 95,087 | 6.50 | % | ||||||||||||||||||||||||||||||||||
Tier 1 capital | 294,355 | 20.12 | % | 87,773 | 6.00 | % | 124,345 | 8.50 | % | 117,030 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||
Total capital | 308,426 | 21.08 | % | 117,030 | 8.00 | % | 153,602 | 10.50 | % | 146,288 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 (leverage) capital | 294,355 | 14.46 | % | 81,425 | 4.00 | % | N/A | N/A | 101,782 | 5.00 | % | |||||||||||||||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 | $ | 296,238 | 20.13 | % | $ | 66,219 | 4.50 | % | $ | 103,008 | 7.00 | % | $ | 95,650 | 6.50 | % | ||||||||||||||||||||||||||||||||||
Tier 1 capital | 296,238 | 20.13 | % | 88,292 | 6.00 | % | 125,081 | 8.50 | % | 117,723 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||
Total capital | 310,853 | 21.12 | % | 117,723 | 8.00 | % | 154,512 | 10.50 | % | 147,154 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 (leverage) capital | 296,238 | 14.31 | % | 82,798 | 4.00 | % | N/A | N/A | 103,497 | 5.00 | % |
Period | Total Number of Shares Purchased (1) | Average Price paid Per Share | As part of Publicly Announced Plans or Programs | Yet to be Purchased Under the Plans or Programs (2) | ||||||||||||||||||||||
January | 225,600 | $9.96 | 225,600 | 213,447 | ||||||||||||||||||||||
February | 186,111 | 9.26 | 186,111 | 1,230,881 | ||||||||||||||||||||||
March (1) | 144,642 | 9.07 | 120,341 | 1,110,540 | ||||||||||||||||||||||
Total | 556,353 | $9.49 | 532,052 |
101 | The following materials from the Company’s Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Balance Sheets; (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Shareholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Dated: | May 14, 2024 | By: | /s/ James D. Nesci | |||||||||||
James D. Nesci | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Dated: | May 14, 2024 | By: | /s/ Kelly Pecoraro | |||||||||||
Kelly Pecoraro | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Name | Percent Ownership | State of Incorporation/Organization | ||||||||||||
Blue Foundry Bank | 100% | New Jersey | ||||||||||||
Blue Foundry Investment Company* | 100% | New Jersey | ||||||||||||
Rutherford Center Development Corp.* | 100% | New Jersey | ||||||||||||
TrackView LLC* | 100% | New Jersey |
Dated: | May 14, 2024 | /s/ James D. Nesci | ||||||||||||
James D. Nesci | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Dated: | May 14, 2024 | /s/ Kelly Pecoraro | ||||||||||||
Kelly Pecoraro | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Dated: | May 14, 2024 | /s/ James D. Nesci | ||||||||||||
James D. Nesci | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Dated: | May 14, 2024 | /s/ Kelly Pecoraro | ||||||||||||
Kelly Pecoraro | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Securities, held-to-maturity, fair value | $ 28,623 | $ 28,323 |
Allowance for credit loss | 140 | 158 |
Loans receivable, allowance | $ 13,749 | $ 14,154 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, issued (in shares) | 28,522,500 | 28,522,500 |
Common stock, outstanding (in shares) | 23,958,888 | 24,509,950 |
Treasury stock (in shares) | 4,563,612 | 4,012,550 |
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (2,839) | $ (1,209) | ||
Unrealized (loss) gain on securities available-for-sale: | ||||
Unrealized (loss) gain arising during the period | (1,109) | 4,039 | ||
Unrealized (loss) gain on securities available-for-sale: | (1,109) | 4,039 | ||
Unrealized gain (loss) on cash flow hedge: | ||||
Unrealized gain (loss) arising during the period | 1,164 | (1,440) | ||
Reclassification adjustment for loss (gain) included in net loss | 1,649 | (1,004) | ||
Unrealized gain (loss) on cash flow hedge: | 2,813 | (2,444) | ||
Post-Retirement plans: | ||||
Reclassification adjustment for amortization of: Net actuarial loss (gain) | 1 | (2) | ||
Unrealized loss (gain) on post-retirement plans | 1 | (2) | ||
Total other comprehensive income, net of tax | [1] | 1,705 | 1,593 | |
Comprehensive (loss) income | $ (1,134) | $ 384 | ||
|
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
Unallocated Common Stock Held by ESOP |
Common Stock |
Additional Paid-In Capital |
Retained Earnings |
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
|
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
|||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period (in shares) at Dec. 31, 2022 | 27,523,219 | |||||||||||
Balance at beginning of period at Dec. 31, 2022 | $ 393,718 | $ (20,993) | $ 285 | $ 279,454 | $ 171,763 | $ (12,072) | $ (24,719) | |||||
Balance at beginning of period (Accounting Standards Update 2016-13) at Dec. 31, 2022 | $ (18) | $ (18) | ||||||||||
Balance at beginning of period (Accounting Standards Update 2022-02) at Dec. 31, 2022 | $ (8) | $ (8) | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net loss | (1,209) | (1,209) | ||||||||||
Other comprehensive income | 1,593 | [1] | 1,593 | |||||||||
Purchase of Treasury stock (in shares) | (870,517) | |||||||||||
Purchase of Treasury stock | (9,322) | (9,322) | ||||||||||
Treasury stock allocated to restricted stock plan (in shares) | 732,780 | |||||||||||
Treasury stock allocated to restricted stock plan, net of forfeitures | 0 | (8,657) | 0 | 8,657 | ||||||||
Compensation cost for stock options and restricted stock | 676 | 676 | ||||||||||
ESOP shares committed to be released | 263 | 229 | 34 | |||||||||
Balance at end of period (in shares) at Mar. 31, 2023 | 27,385,482 | |||||||||||
Balance at end of period at Mar. 31, 2023 | $ 385,693 | (20,764) | $ 285 | 271,507 | 170,528 | (12,737) | (23,126) | |||||
Balance at beginning of period (in shares) at Dec. 31, 2023 | 24,509,950 | 24,509,950 | ||||||||||
Balance at beginning of period at Dec. 31, 2023 | $ 355,640 | (20,080) | $ 285 | 273,991 | 164,340 | (40,016) | (22,880) | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net loss | (2,839) | (2,839) | ||||||||||
Other comprehensive income | 1,705 | [1] | 1,705 | |||||||||
Purchase of Treasury stock (in shares) | (556,353) | |||||||||||
Purchase of Treasury stock | (5,332) | (5,332) | ||||||||||
Treasury stock allocated to restricted stock plan (in shares) | 5,291 | |||||||||||
Treasury stock allocated to restricted stock plan, net of forfeitures | (13) | (431) | 418 | |||||||||
Compensation cost for stock options and restricted stock | 781 | 781 | ||||||||||
ESOP shares committed to be released | $ 214 | 228 | (14) | |||||||||
Balance at end of period (in shares) at Mar. 31, 2024 | 23,958,888 | 23,958,888 | ||||||||||
Balance at end of period at Mar. 31, 2024 | $ 350,156 | $ (19,852) | $ 285 | $ 274,327 | $ 161,501 | $ (44,930) | $ (21,175) | |||||
|
Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||
ESOP shares committed to be released (in shares) | 22,818 | 22,818 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||
Net loss | $ (2,839) | $ (1,209) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization of premises and equipment | 788 | 663 |
Amortization (accretion) of: | ||
Right-of-use asset | 718 | 693 |
Deferred loan fees, costs, and discounts, net | 40 | (138) |
Premiums and discounts on securities | 196 | 245 |
Release of provision for credit losses | (535) | (23) |
Proceeds from sales of loans held for sale | 486 | 2,267 |
Gains on sale of loans, net | (36) | (135) |
Origination of loans held for sale | (450) | (4,684) |
Increase in bank owned life insurance cash surrender value | (119) | (112) |
ESOP and stock-based compensation expense | 995 | 939 |
Increase in interest and dividends receivable | (406) | (482) |
(Increase) decrease in other assets | (1,731) | 1,058 |
Decrease in other liabilities | (1,266) | (2,872) |
Change in lease liability | (696) | (632) |
Net cash used in operating activities | (4,855) | (4,422) |
Cash flows from investing activities | ||
Net change in loans receivable | 6,504 | (33,995) |
Purchases of residential mortgage loans | 0 | (6,804) |
Principal payments and maturities on securities available-for-sale | 17,325 | 9,005 |
Purchase of Federal Home Loan Bank stock | (6,818) | (21,870) |
Redemption of Federal Home Loan Bank stock | 9,293 | 16,830 |
Proceeds from bank owned life insurance | 0 | 582 |
Purchases of premises and equipment | (9) | (1,677) |
Net cash provided by (used in) investing activities | 26,295 | (37,929) |
Cash flows from financing activities | ||
Net increase (decrease) in deposits | 46,280 | (44,281) |
Proceeds from advances from Federal Home Loan Bank | 354,000 | 700,000 |
Repayments of advances from Federal Home Loan Bank | (409,000) | (588,000) |
Net increase in advances by borrowers for taxes and insurance | 439 | 393 |
Purchase of treasury stock | (5,431) | (9,322) |
Net cash (used in) provided by financing activities | (13,712) | 58,790 |
Net increase in cash and cash equivalents | 7,728 | 16,439 |
Cash and cash equivalents at beginning of period | 46,025 | 41,182 |
Cash and cash equivalents at end of period | 53,753 | 57,621 |
Supplemental disclosures of cash flow information | ||
Cash paid during the period for interest | 11,694 | 7,196 |
Cash paid during the period for income taxes | 17 | 13 |
Supplemental noncash disclosures | ||
Lease liabilities arising from obtaining right-of-use assets | $ 0 | $ 1,107 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, TrackView LLC and Blue Foundry Investment Company (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank. Segment Reporting: The Company operates as a single operating segment for financial reporting purposes. Basis of Financial Statement Presentation: The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the consolidated balance sheets and the consolidated statements of income for the periods presented. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements may be reclassified to conform to the current presentation. The results of operations and other data presented for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed on March 27, 2024. The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2023 Annual Report on Form 10-K. Except for the below, there have been no changes to the Company’s significant accounting policies since December 31, 2023. Accounting Standards Not Yet Adopted: As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (“JOBS”) Act, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies.
|
SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | SECURITIES The amortized cost of securities available-for-sale and their estimated fair values at March 31, 2024 and December 31, 2023 are as follows:
The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at March 31, 2024 and December 31, 2023, are as follows:
At March 31, 2024 and December 31, 2023, the allowance for credit losses on securities held-to-maturity totaled $140 thousand and $158 thousand respectively, and related to the corporate bonds. The asset-backed securities are in a AAA tranche determined by a third party. No loss is expected on these securities. Securities pledged at March 31, 2024 and December 31, 2023 had a carrying amount of $13.2 million and $11.7 million, respectively, and were pledged to secure public deposits and our credit line with the Federal Reserve Bank. The amortized cost and fair value of debt securities are shown below by contractual maturity as of March 31, 2024. Expected maturities on mortgage and asset-backed securities generally exceed 20 years; however, they may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties.
(1) Excludes the allowance for credit losses on held-to-maturity securities at March 31, 2024 and December 31, 2023. Credit Quality Indicators Credit ratings are a key measure for estimating the probability of a bond’s default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company’s management. Investment grade reflects a credit quality of BBB- or above. None of the Company’s securities are on non-accrual status, nor are any past due. The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost for the periods shown.
At March 31, 2024 and December 31, 2023, there was one security with a value of $2.0 million included in the BBB rating that had a split rating. The following tables summarize available-for-sale securities with unrealized losses at March 31, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous loss position.
Of the available-for-sale securities in an unrealized loss position at March 31, 2024, 58 are comprised of U.S. Government agency obligations, Treasury notes, and mortgage-backed securities. These securities were all issued by U.S. Government-sponsored entities and agencies, which the government has affirmed its commitment to support. Corporate bonds, obligations issued by U.S. states and their political subdivisions and asset-backed securities in an unrealized loss position all experienced a decline in fair value, which is attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery or maturity. The following tables summarizes held-to-maturity securities with unrealized losses at March 31, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous loss position.
The held-to-maturity securities in an unrealized loss position at March 31, 2024, are corporate bonds and asset-backed securities, which experienced a decline in fair value attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery or maturity.
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE | LOANS RECEIVABLE A summary of loans receivable, net at March 31, 2024 and December 31, 2023, follows:
(1) For more information, see Footnote 4 - Allowance for Credit Losses. Loans are recorded at amortized cost, which includes principal balance, net deferred fees or costs, premiums and discounts. The Company elected to exclude accrued interest receivable from amortized cost. Accrued interest receivable is reported separately in the consolidated balance sheets and totaled $6.2 million and $6.1 million at March 31, 2024 and December 31, 2023, respectively. Loan origination fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income as an adjustment of yield. At both March 31, 2024 and December 31, 2023, net deferred loan fees totaled $2.0 million. The portfolio classes in the above table have unique risk characteristics with respect to credit quality: •Payment on multifamily and commercial real estate mortgages is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment and the value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general. •Properties underlying construction loans often do not generate sufficient cash flows to service debt and thus repayment is subject to the ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain. •Commercial and industrial (“C&I”) loans include C&I revolving lines of credit, term loans, SBA 7a loans and to a lesser extent, Paycheck Protection Program (“PPP”) loans. Payments on C&I loans are driven principally by the cash flows of the businesses and secondarily by the sale or refinance of any collateral securing the loans. Both the cash flow and value of the collateral in liquidation may be affected by adverse general economic conditions. •The ability of borrowers to service debt in the residential, junior liens and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the quality and realizable value of collateral, if any, and the ability of borrowers to service their debts such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans by credit risk. This analysis is performed whenever credit is extended, renewed, or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. The Company used the following definitions for risk ratings for loan classification: Pass – Loans classified as pass are loans performing under the original contractual terms, do not currently pose any identified risk and can range from the highest to pass/watch quality, depending on the degree of potential risk. Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Company’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor, or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment and liquidation of the debt. They are characterized by a distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. Loss – Assets classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the asset even though partial recovery may be effected in the future. The following table presents the risk category of loans by class of loan and vintage as of March 31, 2024:
The following table presents the risk category of loans by class of loan and vintage as of December 31, 2023:
Past Due and Non-accrual Loans The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2024 and December 31, 2023:
The following tables presents information on non-accrual loans at March 31, 2024 and December 31, 2023:
The Company had no loans held-for-sale at March 31, 2024 and December 31, 2023. Gains and losses on sales of loans are specifically identified and accounted for in accordance with U.S. GAAP. Modifications made to borrowers experiencing financial difficulty may include principal forgiveness, interest rate reductions, other than insignificant payment delays, terms extensions or a combination thereof intended to minimize economic loss and to avoid foreclosure or repossession of collateral. If the borrower has demonstrated performance under the previous terms and our underwriting process show the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. The following tables presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the first quarter of 2024, by type of modification.
There were no modifications during the first quarter of 2023. The following table presents loan modifications made during first quarter of 2024 by payment status as of March 31, 2024:
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ALLOWANCE FOR CREDIT LOSSES |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES Allowance for Credit Losses - Loans The allowance for credit losses on loans is summarized in the following table:
The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended March 31, 2024 and 2023:
Consumer and other charge-offs relate to overdrafts in the three months ended March 31, 2024, which originated in the fourth quarter of 2023 or the first quarter of 2024, as it is our policy to charge these off within 60 days of occurrence.
Consumer and other charge-offs relate to overdrafts in the three months ended March 31, 2023, which originated in the fourth quarter of 2022 or the first quarter of 2023, as it is our policy to charge these off within 60 days of occurrence. 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, 2024 and December 31, 2023:
(1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses.
(1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses. Allowance for Credit Losses - Securities At March 31, 2024 and December 31, 2023, the balance of the allowance of credit losses on securities was $140 thousand and $158 thousand, respectively. The Company recorded a decrease in provision for credit losses on held-to-maturity securities of $18 thousand for the three months ended March 31, 2024, and a provision for credit losses on held-to-maturity securities of $17 thousand for the three months ended March 31, 2023. In addition, the Company recorded an allowance of credit losses on securities of $170 thousand upon adoption of ASU 2016-13 on January 1, 2023. Accrued interest receivable on securities is reported as a component of accrued interest receivable on the consolidated balance sheets and totaled $1.8 million and $1.5 million at March 31, 2024 and December 31, 2023, respectively. The Company made the election to exclude accrued interest receivable from the estimate of credit losses on securities. Allowance for Credit Losses - Off-Balance-Sheet Exposures The allowance for credit losses on off-balance-sheet exposures is reported in other liabilities in the consolidated balance sheets. The liability represents an estimate of expected credit losses arising from off-balance-sheet exposures such as letters of credit, guarantees and unfunded loan commitments. The process for measuring lifetime expected credit losses on these exposures is consistent with that for loans as discussed above, but is subject to an additional estimate reflecting the likelihood that funding will occur. No liability is recognized for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. Adjustments to the liability are reported as a component of provision for credit losses. At March 31, 2024 and December 31, 2023, the balance of the allowance for credit losses for off-balance-sheet exposures was $182 thousand and $303 thousand, respectively. The Company recorded a recovery of provision for credit loss on off-balance-sheet exposures of $121 thousand and $130 thousand for the three months ended March 31, 2024 and 2023, respectively. The Company also recorded a decrease in the allowance for credit losses for off-balance-sheet exposures of $811 thousand upon adoption of ASU 2016-13 on January 1, 2023.
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LEASES |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company leases certain office space, land and equipment under operating leases. These leases have original terms ranging from one year to 40 years. Operating lease liabilities and right-of-use assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The Company had the following related to operating leases:
The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2024 and 2023. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.
The following table presents supplemental cash flow information related to operating leases:
Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2024 are as follows:
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DEPOSITS |
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Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEPOSITS | DEPOSITS Deposits at March 31, 2024 and December 31, 2023 are summarized as follows:
Money market accounts are included within the NOW and demand accounts and savings captions. Included in time deposits are brokered deposits totaling $125.0 million at March 31, 2024 and December 31, 2023. Time deposits mature as follows for the years ending December 31:
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STOCK-BASED COMPENSATION |
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STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Employee Stock Ownership Plan The Company maintains an ESOP, a tax-qualified plan designed to invest primarily in the Company’s common stock. The ESOP provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. The ESOP borrowed funds from the Company to purchase 2,281,800 shares of stock at $10 per share. The loan is secured by the shares purchased, which are held until allocated to participants. Shares are released for allocation to participants as loan payments are made. Loan payments are principally funded by discretionary cash contributions by the Bank, as well as dividends, if any, paid to the ESOP on unallocated shares. When loan payments are made, ESOP shares are allocated to participants at the end of the plan year (December 31) based on relative compensation, subject to federal tax law limits. Participants receive the allocated vested shares at the end of employment. Dividends on allocated shares, if any, increase participants accounts. At March 31, 2024, the principal balance on the ESOP loan was $20.6 million. There were no contributions to the ESOP during the three months ended March 31, 2024, as loan payments are made annually during the fourth quarter of each year. ESOP shares are committed to be released from unallocated and compensation expense is recognized over the service period. At March 31, 2024 and December 31, 2023, there were 2,007,984 unallocated shares and 273,816 shares allocated to participants. The fair value of unallocated shares at March 31, 2024 and December 31, 2023 was $18.8 million and $19.4 million, respectively, computed using the closing trading price of the Company’s common stock on each date. For the three months ended March 31, 2024 and March 31, 2023, ESOP compensation expense for the shares committed to be released from unallocated was $214 thousand and $262 thousand respectively. Shares committed to be released from unallocated total 22,818 for the three months ended March 31, 2024 and March 31, 2023. Equity Incentive Plan At the annual meeting held on August 25, 2022, shareholders of the Company approved the Blue Foundry Bancorp 2022 Equity Incentive Plan (“Equity Plan”) which provides for the granting of up to 3,993,150 shares (1,140,900 restricted stock awards and 2,852,250 stock options) of the Company’s common stock. Restricted shares granted under the Equity Plan generally vest in equal installments, over a service period between and seven years beginning one year from the date of grant. Additionally, certain restricted shares awarded can be performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. The vesting of the awards accelerate upon death, disability or an involuntary termination at or following a change in control. The product of the number of shares granted and the grant date closing market price of the Company’s common stock determine the fair value of restricted shares under the Equity Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. Stock options granted under the Equity Plan generally vest in equal installments, over a service period between and seven years beginning one year from the date of grant. The vesting of the options accelerate upon death, disability or an involuntary termination at or following a change in control. Stock options were granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on the closing market price and have an expiration period of ten years. There were 48,133 stock options granted during the three months ended March 31, 2024. The fair value of stock options granted during the first quarter of 2024 were estimated utilizing the Black-Scholes option pricing model: an expected life of 6.50 years, risk-free rate of 3.94%, volatility of 32.26% and a dividend yield of 0.84%. There were no stock options granted during the three months ended March 31, 2023. Due to the limited historical information of the Company’s stock, management considered the weighted historical volatility of the Company and similar entities for an appropriate period in determining the volatility rate used in the estimation of fair value. The expected life of the stock option was estimated using the simplified method. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes compensation expense for the fair values of these awards, which have straight-line vesting, on a straight-line basis over the requisite service period of the awards. Upon exercise of vested options, management expects to draw on treasury stock as the source for shares. The following table presents the share-based compensation expense for the three months ended March 31, 2024 and 2023.
The following is a summary of the Company’s stock option activity and related information for the three months ended March 31, 2024:
Expected future expense relating to the non-vested options outstanding as of March 31, 2024 is $7.5 million over a weighted average period of 5.0 years. During the first quarter of 2024, the Company granted to directors and employees, under the 2022 Equity Incentive Plan, 184,625 restricted stock awards with a total grant-date fair value of $1.8 million. Of these grants, 2,900 vest one year from the date of grant, 19,255 and 162,470 vest in equal installments over and six years, respectively, beginning one year from the date of grant. The Company also issued 193,070 performance-based restricted stock awards to its officers with a total grant date fair value of $1.8 million. Vesting of the performance-based restricted stock units will be based on achievement of certain levels of loan growth, deposit growth and net interest margin and will convert to a four-year time vest after the three-year measurement period ending December 31, 2026. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 100% of target amounts. During the first quarter of 2024, 347,640 of performance-based restricted stock awards were forfeited when none of the performance target metrics were met. The following is a summary of the status of the Company’s restricted shares as of March 31, 2024 and changes therein during the three months ended:
Expected future expense relating to the non-vested restricted shares outstanding as of March 31, 2024 is $9.1 million over a weighted average period of 5.2 years.
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DERIVATIVES AND HEDGING ACTIVITIES |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. The Company had interest rate swaps with notional amounts totaling $254.0 million and $259.0 million at March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, they were designated as cash flow hedges of certain Federal Home Loan Bank (“FHLB”) advances and brokered deposits. They were determined to be highly effective during all periods presented. The Company expects the hedges to remain highly effective during the remaining terms of the swaps. Summary information about the interest rate swaps designated as cash flow hedges as of period-end is as follows:
At March 31, 2024, the Company held $10.8 million as cash collateral pledged from the counterparty for these interest-rate swaps and had no securities pledged to the counterparty. At December 31, 2023, the Company held $8.1 million as cash collateral pledged from the counterparty and had no securities pledged to the counterparty. Interest income or expense recorded on these swap transactions is reported as a component of interest expense on FHLB advances or brokered deposits. Interest income during the three months ended March 31, 2024 and 2023 totaled $1.6 million and $1.0 million, respectively. At March 31, 2024, the Company expected $4.5 million of the unrealized gain to be reclassified as a reduction to interest expense during the remainder of 2024. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2024 and 2023 is as follows:
(1) Net of tax, adjusted for deferred tax valuation allowance.
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ACCUMULATED OTHER COMPREHENSIVE INCOME |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s post-retirement plans, as of the balance sheet dates, net of the related tax effect. The following table presents the components of other comprehensive income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the 2024 and 2023 periods:
The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated:
The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of income for the periods indicated:
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FAIR VALUE OF ASSETS AND LIABILITIES |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | FAIR VALUE OF ASSETS AND LIABILITIES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Securities: For securities available-for-sale and equity securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input as defined by ASC 820, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. The Company also holds debt instruments issued by the U.S. government and U.S. government sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives: The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). The Company’s derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Impaired loans: The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Other real estate owned (OREO): Property acquired through foreclosure or deed in lieu of foreclosure is carried at fair value less estimated disposal costs of the acquired property. Fair value of OREO is based on the appraised value of the collateral using discount rates similar to those used in impaired loan valuation. The following table summarizes the fair value of assets and liabilities as of March 31, 2024:
The following table summarizes the fair value of assets and liabilities as of December 31, 2023:
Other Fair Value Disclosures Fair value estimates, methods and assumptions for the Company’s financial instruments that are not recorded at fair value on a recurring or non-recurring basis are set forth below. Securities held-to-maturity: The Company’s securities held-to-maturity portfolio is carried at amortized cost less allowance for credit losses. The fair values of debt securities held-to-maturity are provided by a third-party pricing service. The pricing service may use quoted market prices of comparable instruments or a variety of other forms of analysis, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. Loans, net: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as residential mortgage and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. Estimated fair value of loans is determined using a discounted cash flow model that employs an exit discount rate that reflects the current market pricing for loans with similar characteristics and remaining maturity, adjusted for estimated credit losses inherent in the portfolio at the balance sheet date. Time deposits: The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates for currently offered deposits of similar remaining maturities. Federal Home Loan Bank advances: The fair value of borrowings is based on securities dealers’ estimated fair values, when available, or estimated using discounted cash flow analysis. The discount rates used approximate the rates offered for similar borrowings of similar remaining terms. The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s consolidated balance sheets at March 31, 2024 and December 31, 2023. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, other investments, non-maturity deposits, overnight borrowings and accrued interest, which are excluded from the table below. The carrying amounts and fair value of financial instruments not carried at fair value, at March 31, 2024 and December 31, 2023, are as follows:
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REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME |
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME | REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income in the statements of income. The following table presents the Company’s sources of revenue from contracts with customers for the three months ended March 31, 2024 and 2023, respectively:
Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance. Transaction based fees, which include services such as ATM use fees, stop payment charges, statement rendering and wire transfer fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Interchange Income: The Company earns interchange fees from debit cardholder transactions conducted through a payment network. Interchange fees from debit cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. In addition, the Company earns interchange fees from credit cardholder transactions through its partnership with a third party.
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EARNINGS PER SHARE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as unexercised stock options and unvested restricted stock) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents. Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares,” are not deemed outstanding for earnings per share calculations.
Excluded from the earnings per share calculation are anti-dilutive equity awards for the three months ended March 31, 2024, totaling 1,417,627. For the three months ended March 31, 2023, anti-dilutive equity awards totaling 909,804 were excluded from the earnings per share calculation. Due to the Company’s net loss for the three months ended March 31, 2024 and 2023, the assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share.
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SUBSEQUENT EVENTS |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS As defined in FASB ASC 855, “Subsequent Events,” subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with U.S. GAAP. The Company performed an evaluation and determined that there are no subsequent events to report.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net loss | $ (2,839) | $ (1,209) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, TrackView LLC and Blue Foundry Investment Company (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank.
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Segment Reporting | Segment Reporting: The Company operates as a single operating segment for financial reporting purposes.
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Basis of Financial Statement Presentation | Basis of Financial Statement Presentation: The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the consolidated balance sheets and the consolidated statements of income for the periods presented. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements may be reclassified to conform to the current presentation. The results of operations and other data presented for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed on March 27, 2024. The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2023 Annual Report on Form 10-K. Except for the below, there have been no changes to the Company’s significant accounting policies since December 31, 2023.
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Accounting Standards Not Yet Adopted | Accounting Standards Not Yet Adopted: As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (“JOBS”) Act, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies.
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SECURITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of amortized cost of securities available-for-sale and their estimated fair value | The amortized cost of securities available-for-sale and their estimated fair values at March 31, 2024 and December 31, 2023 are as follows:
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Summary of amortized cost of securities held-to-maturity and their estimated fair value | The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at March 31, 2024 and December 31, 2023, are as follows:
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Summary of amortized cost and fair value of debt securities shown by contractual maturity | The amortized cost and fair value of debt securities are shown below by contractual maturity as of March 31, 2024. Expected maturities on mortgage and asset-backed securities generally exceed 20 years; however, they may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties.
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Summary of credit profile of debt securities held-to-maturity | The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost for the periods shown.
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Summary of available-for-sale securities with unrealized losses | The following tables summarize available-for-sale securities with unrealized losses at March 31, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous loss position.
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Summary of held-for-maturity with unrealized losses | The following tables summarizes held-to-maturity securities with unrealized losses at March 31, 2024 and December 31, 2023, aggregated by major security type and length of time in a continuous loss position.
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LOANS RECEIVABLE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of loans receivable | A summary of loans receivable, net at March 31, 2024 and December 31, 2023, follows:
(1) For more information, see Footnote 4 - Allowance for Credit Losses.
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Schedule of credit quality indicators | The following table presents the risk category of loans by class of loan and vintage as of March 31, 2024:
The following table presents the risk category of loans by class of loan and vintage as of December 31, 2023:
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Summary of past due and current loans | The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2024 and December 31, 2023:
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Summary of non-accrual loans and loans past due 90 days or more and still on accrual | The following tables presents information on non-accrual loans at March 31, 2024 and December 31, 2023:
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Schedule of loan modifications | The following tables presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the first quarter of 2024, by type of modification.
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Schedule of loan modifications by payment status | The following table presents loan modifications made during first quarter of 2024 by payment status as of March 31, 2024:
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ALLOWANCE FOR CREDIT LOSSES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes in allowance for loan losses by class of loans | The allowance for credit losses on loans is summarized in the following table:
The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended March 31, 2024 and 2023:
Consumer and other charge-offs relate to overdrafts in the three months ended March 31, 2024, which originated in the fourth quarter of 2023 or the first quarter of 2024, as it is our policy to charge these off within 60 days of occurrence.
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, 2024 and December 31, 2023:
(1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses.
(1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses.
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LEASES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of balance sheet information related to operating leases | The Company had the following related to operating leases:
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Summary of lease cost | The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2024 and 2023. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.
The following table presents supplemental cash flow information related to operating leases:
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Summary of future undiscounted operating lease payments | Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2024 are as follows:
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DEPOSITS (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of deposits | Deposits at March 31, 2024 and December 31, 2023 are summarized as follows:
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Schedule of timed deposit maturities | Time deposits mature as follows for the years ending December 31:
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STOCK-BASED COMPENSATION (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share-based compensation expense | The following table presents the share-based compensation expense for the three months ended March 31, 2024 and 2023.
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Schedule of stock option activity | The following is a summary of the Company’s stock option activity and related information for the three months ended March 31, 2024:
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Schedule of restricted shares activity | The following is a summary of the status of the Company’s restricted shares as of March 31, 2024 and changes therein during the three months ended:
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DERIVATIVES AND HEDGING ACTIVITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of interest-rate swaps designated as cash flow hedges | Summary information about the interest rate swaps designated as cash flow hedges as of period-end is as follows:
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Summary of effect of cash flow hedge accounting on AOCI | The effect of cash flow hedge accounting on accumulated other comprehensive income for the three months ended March 31, 2024 and 2023 is as follows:
(1) Net of tax, adjusted for deferred tax valuation allowance.
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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of comprehensive (loss) income gross and net of tax | The following table presents the components of other comprehensive income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the 2024 and 2023 periods:
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Schedule of changes in accumulated other comprehensive income by component, net of tax | The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated:
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Summary of reclassification out of each component of accumulated other comprehensive income (loss) | The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of income for the periods indicated:
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FAIR VALUE OF ASSETS AND LIABILITIES (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of fair value of assets and liabilities | The following table summarizes the fair value of assets and liabilities as of March 31, 2024:
The following table summarizes the fair value of assets and liabilities as of December 31, 2023:
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Summary of carrying amounts and fair value of financial instruments not carried at fair value | The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s consolidated balance sheets at March 31, 2024 and December 31, 2023. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, other investments, non-maturity deposits, overnight borrowings and accrued interest, which are excluded from the table below. The carrying amounts and fair value of financial instruments not carried at fair value, at March 31, 2024 and December 31, 2023, are as follows:
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REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of sources of revenue from contracts with customers | The following table presents the Company’s sources of revenue from contracts with customers for the three months ended March 31, 2024 and 2023, respectively:
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EARNINGS PER SHARE (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
segment
| |
Lessee, Lease, Description [Line Items] | |
Number of operating segments | 1 |
Blue Foundry Bancorp - NJ | |
Lessee, Lease, Description [Line Items] | |
Ownership interest percentage | 100.00% |
SECURITIES - Summary of amortized cost of securities available-for-sale and their estimated fair value (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 296,999 | $ 314,465 |
Gross Unrealized Gains | 145 | 56 |
Gross Unrealized Losses | (31,953) | (30,755) |
Estimated Fair Value | 265,191 | 283,766 |
U.S. Treasury note | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 26,934 | 36,935 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,765) | (1,875) |
Estimated Fair Value | 25,169 | 35,060 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 79,708 | 82,248 |
Gross Unrealized Gains | 145 | 56 |
Gross Unrealized Losses | (5,232) | (5,681) |
Estimated Fair Value | 74,621 | 76,623 |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 11,440 | 11,519 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (271) | (379) |
Estimated Fair Value | 11,169 | 11,140 |
Obligations issued by U.S. states and their political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,406 | 6,423 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (300) | (228) |
Estimated Fair Value | 6,106 | 6,195 |
Residential | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 146,518 | 149,808 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (23,129) | (21,266) |
Estimated Fair Value | 123,389 | 128,542 |
Multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 11,092 | 12,522 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (925) | (999) |
Estimated Fair Value | 10,167 | 11,523 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,901 | 15,010 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (331) | (327) |
Estimated Fair Value | $ 14,570 | $ 14,683 |
SECURITIES - Summary of amortized cost of securities held-to-maturity and their estimated fair value (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 33,357 | $ 33,412 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (4,734) | (5,089) |
Estimated Fair Value | 28,623 | 28,323 |
Allowance for credit loss | (140) | (158) |
Securities held-to-maturity | 33,217 | 33,254 |
Corporate bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 18,600 | 18,600 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3,283) | (3,593) |
Estimated Fair Value | 15,317 | 15,007 |
Asset-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 14,757 | 14,812 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,451) | (1,496) |
Estimated Fair Value | $ 13,306 | $ 13,316 |
SECURITIES - Narrative (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
security
|
Dec. 31, 2023
USD ($)
security
|
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Allowance for credit loss | $ 140 | $ 158 |
Value of securities with BBB Split rating | $ 33,357 | $ 33,412 |
Number of available-for-sale securities in unrealized loss positions | security | 91 | 99 |
BBB Split Rating | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of securities with a BBB split rating | security | 1 | 1 |
Value of securities with BBB Split rating | $ 2,000 | $ 2,000 |
Debt Securities | Asset Pledged as Collateral | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Carrying amount of securities pledged | $ 13,200 | $ 11,700 |
US Government agency obligations, Treasury notes and mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Number of available-for-sale securities in unrealized loss positions | security | 58 |
SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Term of mortgage and asset backed securities, maturity (exceeds) | 20 years | |
Amortized Cost | ||
Due in one year or less | $ 39,501 | |
Due from one year to five years | 33,945 | |
Due from five to ten years | 44,053 | |
Due after ten years | 6,989 | |
Mortgage-backed and asset-backed securities | 172,511 | |
Amortized Cost | 296,999 | $ 314,465 |
Estimated Fair Value | ||
Due in one year or less | 38,696 | |
Due from one year to five years | 33,145 | |
Due from five to ten years | 40,068 | |
Due after ten years | 5,156 | |
Mortgage-backed and asset-backed securities | 148,126 | |
Total | 265,191 | 283,766 |
Amortized Cost | ||
Due from one year to five years | 0 | |
Due from five to ten years | 18,600 | |
Mortgage-backed and asset-backed securities | 14,757 | |
Amortized Cost | 33,357 | 33,412 |
Estimated Fair Value | ||
Due from one year to five years | 0 | |
Due from five to ten years | 15,317 | |
Mortgage-backed and asset-backed securities | 13,306 | |
Estimated Fair Value | $ 28,623 | $ 28,323 |
SECURITIES - Summary of credit profile of debt securities held-to-maturity (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | $ 33,357 | $ 33,412 |
AAA | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 8,803 | 8,844 |
A1 | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 5,954 | 5,968 |
BBB+ | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 1,600 | 1,600 |
BBB | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 11,000 | 11,000 |
BBB- | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 6,000 | 6,000 |
Corporate Bonds | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 18,600 | 18,600 |
Corporate Bonds | AAA | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 0 | 0 |
Corporate Bonds | A1 | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 0 | 0 |
Corporate Bonds | BBB+ | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 1,600 | 1,600 |
Corporate Bonds | BBB | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 11,000 | 11,000 |
Corporate Bonds | BBB- | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 6,000 | 6,000 |
Asset-backed securities | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 14,757 | 14,812 |
Asset-backed securities | AAA | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 8,803 | 8,844 |
Asset-backed securities | A1 | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 5,954 | 5,968 |
Asset-backed securities | BBB+ | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 0 | 0 |
Asset-backed securities | BBB | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 0 | 0 |
Asset-backed securities | BBB- | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | $ 0 | $ 0 |
SECURITIES - Summary of available-for-sale securities with unrealized losses (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
security
|
Dec. 31, 2023
USD ($)
security
|
---|---|---|
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | $ (13) | $ (28) |
Estimated Fair Value | 5,002 | 13,253 |
Unrealized Losses | (31,940) | (30,727) |
Estimated Fair Value | $ 234,596 | $ 258,290 |
Number of Securities | security | 91 | 99 |
Unrealized Losses | $ (31,953) | $ (30,755) |
Estimated Fair Value | 239,598 | 271,543 |
U.S. Treasury note | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Unrealized Losses | (1,765) | (1,875) |
Estimated Fair Value | $ 25,169 | $ 35,060 |
Number of Securities | security | 3 | 4 |
Unrealized Losses | $ (1,765) | $ (1,875) |
Estimated Fair Value | 25,169 | 35,060 |
Corporate bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | (7) |
Estimated Fair Value | 0 | 8,260 |
Unrealized Losses | (5,232) | (5,674) |
Estimated Fair Value | $ 54,045 | $ 61,156 |
Number of Securities | security | 25 | 30 |
Unrealized Losses | $ (5,232) | $ (5,681) |
Estimated Fair Value | 54,045 | 69,416 |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Unrealized Losses | (271) | (380) |
Estimated Fair Value | $ 11,169 | $ 11,140 |
Number of Securities | security | 3 | 3 |
Unrealized Losses | $ (271) | $ (380) |
Estimated Fair Value | 11,169 | 11,140 |
Obligations issued by U.S. states and their political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Unrealized Losses | (300) | (228) |
Estimated Fair Value | $ 6,106 | $ 6,195 |
Number of Securities | security | 5 | 5 |
Unrealized Losses | $ (300) | $ (228) |
Estimated Fair Value | 6,106 | 6,195 |
Residential | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 2 | 2 |
Unrealized Losses | (23,129) | (21,266) |
Estimated Fair Value | $ 123,383 | $ 128,535 |
Number of Securities | security | 47 | 48 |
Unrealized Losses | $ (23,129) | $ (21,266) |
Estimated Fair Value | 123,385 | 128,537 |
Multifamily | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Unrealized Losses | (925) | (999) |
Estimated Fair Value | $ 10,167 | $ 11,524 |
Number of Securities | security | 5 | 6 |
Unrealized Losses | $ (925) | $ (999) |
Estimated Fair Value | 10,167 | 11,524 |
Asset-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (13) | (21) |
Estimated Fair Value | 5,000 | 4,991 |
Unrealized Losses | (318) | (305) |
Estimated Fair Value | $ 4,557 | $ 4,680 |
Number of Securities | security | 3 | 3 |
Unrealized Losses | $ (331) | $ (326) |
Estimated Fair Value | $ 9,557 | $ 9,671 |
SECURITIES - Summary of held-for-maturity securities with unrealized losses (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
security
|
Dec. 31, 2023
USD ($)
security
|
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses | $ 0 | $ 0 |
Estimated Fair Value | 0 | 0 |
Unrealized Losses | (4,734) | (5,089) |
Estimated Fair Value | $ 28,623 | $ 28,323 |
Number of Securities | security | 11 | 11 |
Unrealized Losses | $ (4,734) | $ (5,089) |
Estimated Fair Value | 28,623 | 28,323 |
Corporate bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Unrealized Losses | (3,283) | (3,593) |
Estimated Fair Value | $ 15,317 | $ 15,007 |
Number of Securities | security | 9 | 9 |
Unrealized Losses | $ (3,283) | $ (3,593) |
Estimated Fair Value | 15,317 | 15,007 |
Asset-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Unrealized Losses | (1,451) | (1,496) |
Estimated Fair Value | $ 13,306 | $ 13,316 |
Number of Securities | security | 2 | 2 |
Unrealized Losses | $ (1,451) | $ (1,496) |
Estimated Fair Value | $ 13,306 | $ 13,316 |
LOANS RECEIVABLE - Summary of loans receivable (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | $ 1,554,177 | $ 1,560,730 | ||
Less: Allowance for credit losses | 13,749 | 14,154 | $ 14,153 | $ 13,400 |
Loans receivable, net | 1,540,428 | 1,546,576 | ||
Residential Portfolio Segment | Residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 540,427 | 550,929 | ||
Less: Allowance for credit losses | 1,919 | 1,968 | 2,056 | 2,264 |
Residential Portfolio Segment | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 671,011 | 682,564 | ||
Less: Allowance for credit losses | 7,003 | 7,046 | 7,191 | 5,491 |
Commercial Real Estate Portfolio Segment | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 232,505 | |||
Commercial Real Estate Portfolio Segment | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 244,207 | 232,505 | ||
Less: Allowance for credit losses | 3,743 | 3,748 | 3,570 | 3,357 |
Construction and Land Portfolio Segment | Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 63,052 | 60,414 | ||
Less: Allowance for credit losses | 884 | 1,222 | 1,190 | 1,697 |
Junior Lien Portfolio Segment | Junior liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 22,052 | 22,503 | ||
Less: Allowance for credit losses | 77 | 76 | 46 | 451 |
Commercial Portfolio Segment | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 13,372 | 11,768 | ||
Less: Allowance for credit losses | 123 | 94 | 100 | 47 |
Consumer and Other Portfolio Segment | Consumer and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total | 56 | 47 | ||
Less: Allowance for credit losses | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS RECEIVABLE - Narrative (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
USD ($)
loan
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
loan
|
|
Receivables [Abstract] | |||
Accrued interest receivable | $ 6,200 | $ 6,100 | |
Net deferred loan fees | 2,000 | 2,000 | |
Amount of loans modified | 853 | $ 0 | |
Mortgage loans in process of foreclosure | $ 4,000 | $ 4,000 | |
Number of loans in real estate owned | loan | 1 | 1 | |
Real estate owned, net | $ 593 | $ 593 |
LOANS RECEIVABLE - Credit quality indicators (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | $ 19,259 | $ 92,329 |
Loan origination, year two | 90,269 | 524,566 |
Loan origination, year three | 525,377 | 304,995 |
Loan origination, year four | 295,217 | 65,175 |
Loan origination, year five | 64,644 | 82,358 |
Loan origination, more than five years | 559,384 | 491,285 |
Revolving Loans | 27 | 22 |
Total | 1,554,177 | 1,560,730 |
Residential Portfolio Segment | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 1,235 | 13,338 |
Loan origination, year two | 13,238 | 98,007 |
Loan origination, year three | 96,819 | 109,193 |
Loan origination, year four | 107,128 | 14,315 |
Loan origination, year five | 14,200 | 18,460 |
Loan origination, more than five years | 307,807 | 297,616 |
Revolving Loans | 0 | 0 |
Total | 540,427 | 550,929 |
Residential Portfolio Segment | Residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 1,235 | 13,338 |
Loan origination, year two | 13,238 | 98,007 |
Loan origination, year three | 96,819 | 109,193 |
Loan origination, year four | 107,128 | 14,315 |
Loan origination, year five | 14,200 | 18,460 |
Loan origination, more than five years | 301,423 | 291,069 |
Revolving Loans | 0 | 0 |
Total | 534,043 | 544,382 |
Residential Portfolio Segment | Residential | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 0 | 0 |
Loan origination, year two | 0 | 0 |
Loan origination, year three | 0 | 0 |
Loan origination, year four | 0 | 0 |
Loan origination, year five | 0 | 0 |
Loan origination, more than five years | 659 | 663 |
Revolving Loans | 0 | 0 |
Total | 659 | 663 |
Residential Portfolio Segment | Residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 0 | 0 |
Loan origination, year two | 0 | 0 |
Loan origination, year three | 0 | 0 |
Loan origination, year four | 0 | 0 |
Loan origination, year five | 0 | 0 |
Loan origination, more than five years | 5,725 | 5,884 |
Revolving Loans | 0 | 0 |
Total | 5,725 | 5,884 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 0 | 17,144 |
Loan origination, year two | 17,092 | 281,906 |
Loan origination, year three | 280,854 | 158,705 |
Loan origination, year four | 152,383 | 35,407 |
Loan origination, year five | 35,190 | 56,739 |
Loan origination, more than five years | 185,492 | 132,663 |
Revolving Loans | 0 | 0 |
Total | 671,011 | 682,564 |
Residential Portfolio Segment | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 0 | 17,144 |
Loan origination, year two | 17,092 | 281,906 |
Loan origination, year three | 280,854 | 158,705 |
Loan origination, year four | 152,383 | 35,407 |
Loan origination, year five | 35,190 | 56,739 |
Loan origination, more than five years | 185,353 | 132,517 |
Revolving Loans | 0 | 0 |
Total | 670,872 | 682,418 |
Residential Portfolio Segment | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 0 | 0 |
Loan origination, year two | 0 | 0 |
Loan origination, year three | 0 | 0 |
Loan origination, year four | 0 | 0 |
Loan origination, year five | 0 | 0 |
Loan origination, more than five years | 139 | 146 |
Revolving Loans | 0 | 0 |
Total | 139 | 146 |
Commercial Real Estate Portfolio Segment | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 13,746 | 26,610 |
Loan origination, year two | 26,617 | 118,247 |
Loan origination, year three | 117,687 | 14,785 |
Loan origination, year four | 14,711 | 15,080 |
Loan origination, year five | 14,970 | 5,386 |
Loan origination, more than five years | 56,476 | 52,397 |
Revolving Loans | 0 | 0 |
Total | 244,207 | 232,505 |
Commercial Real Estate Portfolio Segment | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 13,746 | 26,610 |
Loan origination, year two | 26,617 | 118,247 |
Loan origination, year three | 117,687 | 14,785 |
Loan origination, year four | 14,711 | 15,080 |
Loan origination, year five | 14,970 | 5,386 |
Loan origination, more than five years | 55,591 | 51,493 |
Revolving Loans | 0 | 0 |
Total | 243,322 | 231,601 |
Commercial Real Estate Portfolio Segment | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 0 | 0 |
Loan origination, year two | 0 | 0 |
Loan origination, year three | 0 | 0 |
Loan origination, year four | 0 | 0 |
Loan origination, year five | 0 | 0 |
Loan origination, more than five years | 885 | 904 |
Revolving Loans | 0 | 0 |
Total | 885 | 904 |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 0 | 22,798 |
Loan origination, year two | 20,761 | 21,067 |
Loan origination, year three | 24,941 | 16,549 |
Loan origination, year four | 17,350 | 0 |
Loan origination, year five | 0 | 0 |
Loan origination, more than five years | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 63,052 | 60,414 |
Construction and Land Portfolio Segment | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 0 | 22,798 |
Loan origination, year two | 20,761 | 21,067 |
Loan origination, year three | 24,941 | 16,549 |
Loan origination, year four | 17,350 | 0 |
Loan origination, year five | 0 | 0 |
Loan origination, more than five years | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 63,052 | 60,414 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 641 | 5,359 |
Loan origination, year two | 5,439 | 5,234 |
Loan origination, year three | 4,974 | 1,232 |
Loan origination, year four | 1,136 | 296 |
Loan origination, year five | 253 | 1,773 |
Loan origination, more than five years | 9,609 | 8,609 |
Revolving Loans | 0 | 0 |
Total | 22,052 | 22,503 |
Junior Lien Portfolio Segment | Junior liens | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 641 | 5,359 |
Loan origination, year two | 5,439 | 5,234 |
Loan origination, year three | 4,974 | 1,232 |
Loan origination, year four | 1,136 | 296 |
Loan origination, year five | 253 | 1,773 |
Loan origination, more than five years | 9,561 | 8,560 |
Revolving Loans | 0 | 0 |
Total | 22,004 | 22,454 |
Junior Lien Portfolio Segment | Junior liens | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 0 | 0 |
Loan origination, year two | 0 | 0 |
Loan origination, year three | 0 | 0 |
Loan origination, year four | 0 | 0 |
Loan origination, year five | 0 | 0 |
Loan origination, more than five years | 48 | 49 |
Revolving Loans | 0 | 0 |
Total | 48 | 49 |
Commercial Portfolio Segment | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 3,608 | 7,055 |
Loan origination, year two | 7,122 | 105 |
Loan origination, year three | 102 | 4,531 |
Loan origination, year four | 2,509 | 77 |
Loan origination, year five | 31 | 0 |
Loan origination, more than five years | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 13,372 | 11,768 |
Commercial Portfolio Segment | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 3,608 | 7,055 |
Loan origination, year two | 6,366 | 105 |
Loan origination, year three | 102 | 4,492 |
Loan origination, year four | 2,486 | 77 |
Loan origination, year five | 31 | 0 |
Loan origination, more than five years | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 12,593 | 11,729 |
Commercial Portfolio Segment | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 0 | 0 |
Loan origination, year two | 756 | 0 |
Loan origination, year three | 0 | 39 |
Loan origination, year four | 23 | 0 |
Loan origination, year five | 0 | 0 |
Loan origination, more than five years | 0 | 0 |
Revolving Loans | 0 | 0 |
Total | 779 | 39 |
Consumer and Other Portfolio Segment | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 29 | 25 |
Loan origination, year two | 0 | 0 |
Loan origination, year three | 0 | 0 |
Loan origination, year four | 0 | 0 |
Loan origination, year five | 0 | 0 |
Loan origination, more than five years | 0 | 0 |
Revolving Loans | 27 | 22 |
Total | 56 | 47 |
Consumer and Other Portfolio Segment | Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loan origination, year one | 29 | 25 |
Loan origination, year two | 0 | 0 |
Loan origination, year three | 0 | 0 |
Loan origination, year four | 0 | 0 |
Loan origination, year five | 0 | 0 |
Loan origination, more than five years | 0 | 0 |
Revolving Loans | 27 | 22 |
Total | $ 56 | $ 47 |
LOANS RECEIVABLE - Aging analysis (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,554,177 | $ 1,560,730 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,644 | 5,653 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 770 | 887 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 969 | 752 |
90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,905 | 4,014 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,548,533 | 1,555,077 |
Residential Portfolio Segment | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 540,427 | 550,929 |
Residential Portfolio Segment | Residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,573 | 5,565 |
Residential Portfolio Segment | Residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 770 | 887 |
Residential Portfolio Segment | Residential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 969 | 752 |
Residential Portfolio Segment | Residential | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 3,834 | 3,926 |
Residential Portfolio Segment | Residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 534,854 | 545,364 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 671,011 | 682,564 |
Residential Portfolio Segment | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential Portfolio Segment | Multifamily | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential Portfolio Segment | Multifamily | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential Portfolio Segment | Multifamily | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential Portfolio Segment | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 671,011 | 682,564 |
Commercial Real Estate Portfolio Segment | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 244,207 | 232,505 |
Commercial Real Estate Portfolio Segment | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial real estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial real estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial real estate | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Real Estate Portfolio Segment | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 244,207 | 232,505 |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 63,052 | 60,414 |
Construction and Land Portfolio Segment | Construction | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Construction and Land Portfolio Segment | Construction | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Construction and Land Portfolio Segment | Construction | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Construction and Land Portfolio Segment | Construction | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Construction and Land Portfolio Segment | Construction | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 63,052 | 60,414 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 22,052 | 22,503 |
Junior Lien Portfolio Segment | Junior liens | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 48 | 49 |
Junior Lien Portfolio Segment | Junior liens | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 48 | 49 |
Junior Lien Portfolio Segment | Junior liens | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 22,004 | 22,454 |
Commercial Portfolio Segment | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,372 | 11,768 |
Commercial Portfolio Segment | Commercial and industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 23 | 39 |
Commercial Portfolio Segment | Commercial and industrial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 23 | 39 |
Commercial Portfolio Segment | Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 13,349 | 11,729 |
Consumer and Other Portfolio Segment | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 56 | 47 |
Consumer and Other Portfolio Segment | Consumer and other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 56 | $ 47 |
LOANS RECEIVABLE - Summary of past due loans in non-accrual and past 90 days still on accrual (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | $ 6,691 | $ 6,118 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans Without Related Allowance | 6,691 | 6,118 |
Residential Portfolio Segment | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 5,725 | 5,884 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans Without Related Allowance | 5,725 | 5,884 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 139 | 146 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans Without Related Allowance | 139 | 146 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 48 | 49 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans Without Related Allowance | 48 | 49 |
Commercial Portfolio Segment | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 779 | 39 |
Interest Income Recognized on Non-accrual Loans | 0 | 0 |
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans Without Related Allowance | $ 779 | $ 39 |
LOANS RECEIVABLE - Loan modifications (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | $ 853 | $ 0 |
% of Total Class of Loans | 0.05% | |
Payment Delays | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | $ 737 | |
Term Extensions | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 116 | |
Residential Portfolio Segment | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | $ 116 | |
% of Total Class of Loans | 0.02% | |
Residential Portfolio Segment | Residential | Payment Delays | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | $ 0 | |
Residential Portfolio Segment | Residential | Term Extensions | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 116 | |
Commercial Portfolio Segment | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | $ 737 | |
% of Total Class of Loans | 5.51% | |
Commercial Portfolio Segment | Commercial and industrial | Payment Delays | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | $ 737 | |
Commercial Portfolio Segment | Commercial and industrial | Term Extensions | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | $ 0 |
LOANS RECEIVABLE - Types of modifications by loan type (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
payment
| |
Residential Portfolio Segment | Residential | Minimum | |
Financing Receivable, Modified [Line Items] | |
Types of modifications, term extension (in months) | 3 months |
Residential Portfolio Segment | Residential | Maximum | |
Financing Receivable, Modified [Line Items] | |
Types of modifications, term extension (in months) | 12 months |
Commercial Portfolio Segment | Commercial and industrial | |
Financing Receivable, Modified [Line Items] | |
Types of modifications, number of payments deferred | 3 |
LOANS RECEIVABLE - Loan modifications made by payment status (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | $ 853 | $ 0 |
Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 3 | |
30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 0 | |
60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 0 | |
90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 0 | |
Non-Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 850 | |
Residential Portfolio Segment | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 116 | |
Residential Portfolio Segment | Residential | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 3 | |
Residential Portfolio Segment | Residential | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 0 | |
Residential Portfolio Segment | Residential | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 0 | |
Residential Portfolio Segment | Residential | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 0 | |
Residential Portfolio Segment | Residential | Non-Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 113 | |
Commercial Portfolio Segment | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 737 | |
Commercial Portfolio Segment | Commercial and industrial | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 0 | |
Commercial Portfolio Segment | Commercial and industrial | 30-59 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 0 | |
Commercial Portfolio Segment | Commercial and industrial | 60-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 0 | |
Commercial Portfolio Segment | Commercial and industrial | 90 Days and Greater Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | 0 | |
Commercial Portfolio Segment | Commercial and industrial | Non-Accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount of loans modified | $ 737 |
ALLOWANCE FOR CREDIT LOSSES - Allowance for credit losses rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 14,154 | $ 13,400 |
Charge-offs | (13) | (5) |
Recoveries | 4 | 1 |
Net charge-offs | (9) | (4) |
(Recovery of) provision for credit loss on loans | (396) | 89 |
Balance at end of period | 13,749 | 14,153 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 0 | $ 668 |
ALLOWANCE FOR CREDIT LOSSES - Summary of allowance for credit lost by portfolio segment (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ 14,154 | $ 13,400 |
Charge-offs | (13) | (5) |
Recoveries | 4 | 1 |
(Recovery of) provision for credit loss on loans | (396) | 89 |
Balance at end of period | 13,749 | 14,153 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | 668 |
Residential Portfolio Segment | Residential | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 1,968 | 2,264 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Recovery of) provision for credit loss on loans | (49) | (25) |
Balance at end of period | 1,919 | 2,056 |
Residential Portfolio Segment | Residential | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | (183) | |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 7,046 | 5,491 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Recovery of) provision for credit loss on loans | (43) | (357) |
Balance at end of period | 7,003 | 7,191 |
Residential Portfolio Segment | Multifamily | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 2,057 | |
Commercial Real Estate Portfolio Segment | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 3,748 | 3,357 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Recovery of) provision for credit loss on loans | (5) | 67 |
Balance at end of period | 3,743 | 3,570 |
Commercial Real Estate Portfolio Segment | Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 146 | |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 1,222 | 1,697 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Recovery of) provision for credit loss on loans | (338) | 325 |
Balance at end of period | 884 | 1,190 |
Construction and Land Portfolio Segment | Construction | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | (832) | |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 76 | 451 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Recovery of) provision for credit loss on loans | 1 | 0 |
Balance at end of period | 77 | 46 |
Junior Lien Portfolio Segment | Junior liens | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | (405) | |
Commercial Portfolio Segment | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 94 | 47 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
(Recovery of) provision for credit loss on loans | 29 | 76 |
Balance at end of period | 123 | 100 |
Commercial Portfolio Segment | Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | (23) | |
Consumer and Other Portfolio Segment | Consumer and other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 0 | 0 |
Charge-offs | (13) | (5) |
Recoveries | 4 | 1 |
(Recovery of) provision for credit loss on loans | 9 | 3 |
Balance at end of period | $ 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 1 | |
Unallocated Financing Receivables | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | 93 | |
Charge-offs | 0 | |
Recoveries | 0 | |
(Recovery of) provision for credit loss on loans | 0 | |
Balance at end of period | 0 | |
Unallocated Financing Receivables | Cumulative Effect, Period of Adoption, Adjustment | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at beginning of period | $ (93) |
ALLOWANCE FOR CREDIT LOSSES - Summary of loans by portfolio segment evaluated for impairment (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Loans | ||
Individually Evaluated | $ 5,912 | $ 5,916 |
Collectively Evaluated | 1,548,265 | 1,554,814 |
Total | 1,554,177 | 1,560,730 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 13,749 | 14,154 |
Total | 13,749 | 14,154 |
Residential Portfolio Segment | Residential | ||
Loans | ||
Individually Evaluated | 5,725 | 5,721 |
Collectively Evaluated | 534,702 | 545,208 |
Total | 540,427 | 550,929 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 1,919 | 1,968 |
Total | 1,919 | 1,968 |
Residential Portfolio Segment | Multifamily | ||
Loans | ||
Individually Evaluated | 139 | 146 |
Collectively Evaluated | 670,872 | 682,418 |
Total | 671,011 | 682,564 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 7,003 | 7,046 |
Total | 7,003 | 7,046 |
Commercial Portfolio Segment | Commercial and industrial | ||
Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 13,372 | 11,768 |
Total | 13,372 | 11,768 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 123 | 94 |
Total | 123 | 94 |
Junior Lien Portfolio Segment | Junior liens | ||
Loans | ||
Individually Evaluated | 48 | 49 |
Collectively Evaluated | 22,004 | 22,454 |
Total | 22,052 | 22,503 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 77 | 76 |
Total | 77 | 76 |
Consumer Portfolio Segment [Member] | Consumer and other | ||
Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 56 | 47 |
Total | 56 | 47 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 0 | 0 |
Total | 0 | 0 |
Unallocated Financing Receivables | ||
Loans | ||
Individually Evaluated | 0 | |
Collectively Evaluated | 0 | |
Total | 0 | |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | |
Collectively Evaluated | 0 | |
Total | 0 | |
Construction and Land Portfolio Segment | Construction | ||
Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 63,052 | 60,414 |
Total | 63,052 | 60,414 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 884 | 1,222 |
Total | 884 | 1,222 |
Commercial real estate | Commercial real estate | ||
Loans | ||
Individually Evaluated | 0 | |
Collectively Evaluated | 232,505 | |
Total | 232,505 | |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | |
Collectively Evaluated | 3,748 | |
Total | $ 3,748 | |
Commercial Real Estate Portfolio Segment | Commercial real estate | ||
Loans | ||
Individually Evaluated | 0 | |
Collectively Evaluated | 244,207 | |
Total | 244,207 | |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | |
Collectively Evaluated | 3,743 | |
Total | $ 3,743 |
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss | $ 140 | $ 158 | ||
Provision for credit losses on held-to-maturity securities | (18) | $ 17 | ||
Accrued interest receivable | 1,800 | 1,500 | ||
Allowance for off-balance sheet exposures | 182 | $ 303 | ||
Recovery of provision of credit loss on off-balance sheet exposures | $ 121 | $ 130 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit loss | $ 170 | |||
Allowance for off-balance sheet exposures | $ (811) |
LEASES - Narrative (Details) |
Mar. 31, 2024 |
---|---|
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease original lease terms (in years) | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease original lease terms (in years) | 40 years |
LEASES - Lease liabilities and ROU assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
Right-of-use assets | $ 24,454 | $ 25,172 |
Lease liabilities | $ 26,081 | $ 26,777 |
Weighted average remaining lease terms for operating leases (in years) | 10 years 1 month 6 days | 10 years 3 months 18 days |
Weighted average discount rate used in the measurement of lease liabilities | 2.41% | 2.40% |
LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Operating lease cost | $ 874 | $ 840 |
Finance lease cost | 0 | 4 |
Variable lease cost | 67 | 57 |
Total lease cost included as a component of occupancy and equipment | $ 941 | $ 901 |
LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 918 | $ 819 |
Operating leases | $ 0 | $ 1,107 |
LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Leases [Abstract] | ||
2024 | $ 3,317 | |
2025 | 3,017 | |
2026 | 2,992 | |
2027 | 2,888 | |
2028 | 2,516 | |
Thereafter | 14,715 | |
Total undiscounted lease payments | 29,445 | |
Less: imputed interest | 3,364 | |
Total | $ 26,081 | $ 26,777 |
DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Deposits [Abstract] | ||
Non-interest bearing deposits | $ 25,342 | $ 27,739 |
NOW and demand accounts | 373,172 | 361,139 |
Savings | 250,298 | 259,402 |
Time deposits | 642,372 | 596,624 |
Total | 1,291,184 | 1,244,904 |
Brokers deposits included in time deposits | $ 125,000 | $ 125,000 |
DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Deposits [Abstract] | ||
Remainder of 2024 | $ 608,789 | |
2025 | 25,577 | |
2026 | 3,553 | |
2027 | 2,031 | |
2028 | 1,988 | |
2029 | 434 | |
Time deposits | $ 642,372 | $ 596,624 |
STOCK-BASED COMPENSATION - Employee stock ownership plan (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Share-Based Payment Arrangement [Abstract] | ||
Shares in ESOP (in shares) | 2,281,800 | |
Price per share, ESOP (in usd per share) | $ 10 | |
ESOP loan balance | $ 20,600,000 | |
Contributions to ESOP | $ 0 | |
Unallocated ESOP shares (in shares) | 2,007,984 | 2,007,984 |
Allocated ESOP shares (in shares) | 273,816 | 273,816 |
Fair value of unallocated ESOP shares | $ 18,800,000 | $ 19,400,000 |
STOCK-BASED COMPENSATION - ESOP compensation expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-Based Payment Arrangement [Abstract] | ||
ESOP and stock-based compensation expense | $ 214 | $ 262 |
ESOP shares committed to be released (in shares) | 22,818 | 22,818 |
STOCK-BASED COMPENSATION - Equity incentive plan (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Aug. 25, 2022 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Granted (in shares) | 48,133 | 0 | |
Expected future expense of non-vested options | $ 7.5 | ||
Shares granted (in shares) | 377,695 | ||
Performance based shares, forfeited | 372,404 | ||
Restricted Stock | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Expected period of recognition (in years) | 5 years 2 months 12 days | ||
Expected future expense of non-vested RSUs | $ 9.1 | ||
Option | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Expected period of recognition (in years) | 5 years | ||
Performance Shares | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Performance based shares, forfeited | 347,640 | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of shares authorized for grant (in shares) | 3,993,150 | ||
Expected life of stock options (in years) | 6 years 6 months | ||
Risk free interest rate | 3.94% | ||
Volatility rate | 32.26% | ||
Expected dividend yield | 0.84% | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of shares authorized for grant (in shares) | 1,140,900 | ||
Initial period before vesting begins (in years) | 1 year | ||
Shares granted (in shares) | 184,625 | ||
Aggregate grant date fair value | $ 1.8 | ||
Term after grant date vesting starts (in years) | 1 year | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Share-Based Payment Arrangement, Tranche One | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting service period (in years) | 1 year | ||
Shares granted (in shares) | 2,900 | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Share-Based Payment Arrangement, Tranche Two | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting service period (in years) | 5 years | ||
Shares granted (in shares) | 19,255 | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Share-Based Payment Arrangement, Tranche Three | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting service period (in years) | 6 years | ||
Shares granted (in shares) | 162,470 | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Minimum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting service period (in years) | 5 years | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting service period (in years) | 7 years | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Option | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Number of shares authorized for grant (in shares) | 2,852,250 | ||
Initial period before vesting begins (in years) | 1 year | ||
Expiration period of options (in years) | 10 years | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Option | Minimum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting service period (in years) | 5 years | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Option | Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting service period (in years) | 7 years | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Performance Shares | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Vesting service period (in years) | 4 years | ||
Shares granted (in shares) | 193,070 | ||
Aggregate grant date fair value | $ 1.8 | ||
Term of measurement period for PSUs (in years) | 3 years | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Performance Shares | Minimum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Percentage of target awarded | 0.00% | ||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Performance Shares | Maximum | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Percentage of target awarded | 100.00% |
STOCK-BASED COMPENSATION - Share-based compensation expense (Details) - Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 781 | $ 676 |
Stock option expense | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total share-based compensation expense | 379 | 399 |
Restricted stock expense | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Total share-based compensation expense | $ 402 | $ 277 |
STOCK-BASED COMPENSATION - Summary of option activity (Details) - $ / shares |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Number of Stock Options | |||
Outstanding (in shares) | 2,475,363 | ||
Granted (in shares) | 48,133 | 0 | |
Forfeited (in shares) | (103,713) | ||
Outstanding (in shares) | 2,419,783 | 2,475,363 | |
Exercisable, end of period (in shares) | 396,419 | ||
Weighted Average Grant Date Fair Value | |||
Outstanding (in dollars per share) | $ 4.12 | ||
Granted (in dollars per share) | 3.67 | ||
Forfeited (in dollars per share) | 4.25 | ||
Outstanding (in dollars per share) | 4.11 | $ 4.12 | |
Weighted Average Exercise Price | |||
Outstanding (in dollars per share) | 11.65 | ||
Granted (in dollars per share) | 9.95 | ||
Forfeited (in dollars per share) | 11.69 | ||
Outstanding (in dollars per share) | $ 11.61 | $ 11.65 | |
Weighted Average Remaining Contractual Life (years) | |||
Outstanding (in years) | 8 years 6 months | 8 years 9 months 18 days | |
Granted (in years) | 6 years 6 months |
STOCK-BASED COMPENSATION - Summary of RSU activity (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Number of Shares Awarded | ||
Outstanding, beginning balance (in shares) | 894,030 | 944,262 |
Granted (in shares) | 377,695 | |
Forfeited (in shares) | (372,404) | |
Vested (in shares) | (55,523) | |
Outstanding, ending balance (in shares) | 894,030 | |
Weighted Average Grant Date Fair Value | ||
Outstanding, beginning balance (in dollars per share) | $ 11.88 | |
Granted (in dollars per share) | 9.51 | |
Forfeited (in dollars per share) | 11.99 | |
Vested (in dollars per share) | 12.00 | |
Outstanding, ending balance (in dollars per share) | $ 10.83 |
DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Cash pledged as collateral | $ 10,800,000 | $ 8,100,000 | |
Interest income | 1,600,000 | $ 1,000,000 | |
Asset Pledged as Collateral with Right | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Securities available-for-sale: | 0 | 0 | |
Interest Rate Swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Unrealized gains (losses) expected to be reclassified | 4,500,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate swaps, notional amount | $ 254,000,000 | $ 259,000,000 |
DERIVATIVES AND HEDGING ACTIVITIES - Summary of interest-rate swaps designated as cash flow hedges (Details) - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amounts | $ 254,000,000 | $ 259,000,000 |
Weighted average pay rates | 2.95% | 2.91% |
Weighted average receive rates | 5.45% | 5.49% |
Weighted average maturity (in years) | 3 years | 3 years 2 months 12 days |
Unrealized gains, net | $ 10,396,000 | $ 7,582,000 |
Other Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized gains, net | 10,620,000 | 9,047,000 |
Other Liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized gains, net | $ 224,000 | $ 1,465,000 |
DERIVATIVES AND HEDGING ACTIVITIES - Summary of effect of cash flow hedge accounting on AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in OCI (Net of Tax) on Derivative | $ 2,813 | $ (2,444) |
Interest Rate Swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain Recognized in OCI (Net of Tax) on Derivative | 2,813 | (2,444) |
Interest Rate Swap | Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) | $ 1,649 | $ 1,004 |
ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of components of other comprehensive loss (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized (loss) gain arising during the period, after tax | $ 55 | $ 2,599 |
Total other comprehensive income, before tax | 1,705 | 1,593 |
Total other comprehensive income, tax effect | 0 | 0 |
Total other comprehensive income, after tax | 1,705 | 1,593 |
Unrealized (loss) gain arising during the period | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized (loss) gain arising during the period, before tax | (1,109) | 4,039 |
Unrealized (loss) gain arising during the period, tax effect | 0 | 0 |
Unrealized (loss) gain arising during the period, after tax | (1,109) | 4,039 |
Total other comprehensive income, after tax | (1,109) | 4,039 |
Unrealized gain on cash flow hedge: | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized (loss) gain arising during the period, before tax | 1,164 | (1,440) |
Unrealized (loss) gain arising during the period, tax effect | 0 | 0 |
Unrealized (loss) gain arising during the period, after tax | 1,164 | (1,440) |
Reclassification adjustment for loss (gain) included in net loss, before tax | 1,649 | (1,004) |
Reclassification adjustment for (loss) gain included in net loss, tax effect | 0 | 0 |
Reclassification adjustment for loss (gain) included in net loss, after tax | 1,649 | (1,004) |
Total other comprehensive income, before tax | 2,813 | (2,444) |
Total other comprehensive income, tax effect | 0 | 0 |
Total other comprehensive income, after tax | 2,813 | (2,444) |
Post-Retirement Plans | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Unrealized (loss) gain arising during the period, after tax | 0 | 0 |
Reclassification adjustment for loss (gain) included in net loss, before tax | 1 | (2) |
Reclassification adjustment for (loss) gain included in net loss, tax effect | 0 | 0 |
Reclassification adjustment for loss (gain) included in net loss, after tax | 1 | (2) |
Total other comprehensive income, after tax | $ 1 | $ (2) |
ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in accumulated other comprehensive income by component, net of tax (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | $ 355,640 | $ 393,718 |
Other comprehensive income (loss) before reclassification | 55 | 2,599 |
Amounts reclassified from accumulated other comprehensive income | 1,650 | (1,006) |
Total other comprehensive income, after tax | 1,705 | 1,593 |
Balance at end of period | 350,156 | 385,693 |
Total | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (22,880) | (24,719) |
Balance at end of period | (21,175) | (23,126) |
Unrealized gain on cash flow hedge: | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 7,582 | 11,091 |
Other comprehensive income (loss) before reclassification | 1,164 | (1,440) |
Amounts reclassified from accumulated other comprehensive income | 1,649 | (1,004) |
Total other comprehensive income, after tax | 2,813 | (2,444) |
Balance at end of period | 10,395 | 8,647 |
Unrealized Losses on Available-for-Sale Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | (30,699) | (36,183) |
Other comprehensive income (loss) before reclassification | (1,109) | 4,039 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 |
Total other comprehensive income, after tax | (1,109) | 4,039 |
Balance at end of period | (31,808) | (32,144) |
Post-Retirement Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance at beginning of period | 237 | 373 |
Other comprehensive income (loss) before reclassification | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 1 | (2) |
Total other comprehensive income, after tax | 1 | (2) |
Balance at end of period | $ 238 | $ 371 |
ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | $ 9,417 | $ 11,941 |
Compensation and employee benefits | (7,549) | (7,847) |
Income tax expense | 0 | 0 |
Total reclassification for the period, net of tax | 2,839 | 1,209 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 0 | 0 |
Total reclassification for the period, net of tax | (1,650) | 1,006 |
(Gains) losses on cash flow hedges: | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest expense | (1,649) | 1,004 |
Amortization of post-retirement plan items: | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Compensation and employee benefits | $ (1) | $ 2 |
FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Financial assets | ||
Securities available-for-sale: | $ 265,191 | $ 283,766 |
U.S. Treasury note | ||
Financial assets | ||
Securities available-for-sale: | 25,169 | 35,060 |
Corporate bonds | ||
Financial assets | ||
Securities available-for-sale: | 74,621 | 76,623 |
U.S. Government agency obligations | ||
Financial assets | ||
Securities available-for-sale: | 11,169 | 11,140 |
Obligations issued by U.S. states and their political subdivisions | ||
Financial assets | ||
Securities available-for-sale: | 6,106 | 6,195 |
Residential | ||
Financial assets | ||
Securities available-for-sale: | 123,389 | 128,542 |
Multifamily | ||
Financial assets | ||
Securities available-for-sale: | 10,167 | 11,523 |
Asset-backed securities | ||
Financial assets | ||
Securities available-for-sale: | 14,570 | 14,683 |
Measured on a recurring basis: | ||
Financial assets | ||
Securities available-for-sale: | 265,191 | 283,766 |
Derivatives | 10,620 | 9,047 |
Financial assets | 275,811 | 292,813 |
Financial liabilities | ||
Derivatives | 224 | 1,465 |
Measured on a nonrecurring basis: | ||
Derivatives | 10,620 | 9,047 |
Measured on a recurring basis: | U.S. Treasury note | ||
Financial assets | ||
Securities available-for-sale: | 25,169 | 35,060 |
Measured on a recurring basis: | Corporate bonds | ||
Financial assets | ||
Securities available-for-sale: | 74,621 | 76,623 |
Measured on a recurring basis: | U.S. Government agency obligations | ||
Financial assets | ||
Securities available-for-sale: | 11,169 | 11,140 |
Measured on a recurring basis: | Obligations issued by U.S. states and their political subdivisions | ||
Financial assets | ||
Securities available-for-sale: | 6,106 | 6,195 |
Measured on a recurring basis: | Residential | ||
Financial assets | ||
Securities available-for-sale: | 123,389 | 128,542 |
Measured on a recurring basis: | Multifamily | ||
Financial assets | ||
Securities available-for-sale: | 10,167 | 11,523 |
Measured on a recurring basis: | Asset-backed securities | ||
Financial assets | ||
Securities available-for-sale: | 14,570 | 14,683 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | ||
Financial assets | ||
Securities available-for-sale: | 36,338 | 46,200 |
Derivatives | 0 | 0 |
Financial assets | 36,338 | 46,200 |
Financial liabilities | ||
Derivatives | 0 | 0 |
Measured on a nonrecurring basis: | ||
Derivatives | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Treasury note | ||
Financial assets | ||
Securities available-for-sale: | 25,169 | 35,060 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Corporate bonds | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Government agency obligations | ||
Financial assets | ||
Securities available-for-sale: | 11,169 | 11,140 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Obligations issued by U.S. states and their political subdivisions | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Residential | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Multifamily | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Asset-backed securities | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Other Observable Inputs | ||
Financial assets | ||
Securities available-for-sale: | 228,853 | 237,566 |
Derivatives | 10,620 | 9,047 |
Financial assets | 239,473 | 246,613 |
Financial liabilities | ||
Derivatives | 224 | 1,465 |
Measured on a nonrecurring basis: | ||
Derivatives | 10,620 | 9,047 |
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Treasury note | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Other Observable Inputs | Corporate bonds | ||
Financial assets | ||
Securities available-for-sale: | 74,621 | 76,623 |
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Government agency obligations | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Other Observable Inputs | Obligations issued by U.S. states and their political subdivisions | ||
Financial assets | ||
Securities available-for-sale: | 6,106 | 6,195 |
Measured on a recurring basis: | Significant Other Observable Inputs | Residential | ||
Financial assets | ||
Securities available-for-sale: | 123,389 | 128,542 |
Measured on a recurring basis: | Significant Other Observable Inputs | Multifamily | ||
Financial assets | ||
Securities available-for-sale: | 10,167 | 11,523 |
Measured on a recurring basis: | Significant Other Observable Inputs | Asset-backed securities | ||
Financial assets | ||
Securities available-for-sale: | 14,570 | 14,683 |
Measured on a recurring basis: | Significant Unobservable Inputs | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Derivatives | 0 | 0 |
Financial assets | 0 | 0 |
Financial liabilities | ||
Derivatives | 0 | 0 |
Measured on a nonrecurring basis: | ||
Derivatives | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Treasury note | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Corporate bonds | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Government agency obligations | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Obligations issued by U.S. states and their political subdivisions | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Residential | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Multifamily | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Asset-backed securities | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a nonrecurring basis: | Real estate owned | ||
Financial assets | ||
Derivatives | 593 | 593 |
Measured on a nonrecurring basis: | ||
Derivatives | 593 | 593 |
Measured on a nonrecurring basis: | Quoted Prices in Active Markets for Identical Assets | Real estate owned | ||
Financial assets | ||
Derivatives | 0 | 0 |
Measured on a nonrecurring basis: | ||
Derivatives | 0 | 0 |
Measured on a nonrecurring basis: | Significant Other Observable Inputs | Real estate owned | ||
Financial assets | ||
Derivatives | 0 | 0 |
Measured on a nonrecurring basis: | ||
Derivatives | 0 | 0 |
Measured on a nonrecurring basis: | Significant Unobservable Inputs | Real estate owned | ||
Financial assets | ||
Derivatives | 593 | 593 |
Measured on a nonrecurring basis: | ||
Derivatives | $ 593 | $ 593 |
FAIR VALUE OF ASSETS AND LIABILITIES - Summary of fair value hierarchy (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Financial assets | ||
Securities held-to-maturity | $ 33,357 | $ 33,412 |
Loans, net | 1,540,428 | 1,546,576 |
Financial liabilities | ||
Time deposits | 642,372 | 596,624 |
FHLB advances | 342,500 | 397,500 |
Corporate bonds | ||
Financial assets | ||
Securities held-to-maturity | 18,600 | 18,600 |
Asset-backed securities | ||
Financial assets | ||
Securities held-to-maturity | 14,757 | 14,812 |
Quoted Prices in Active Markets for Identical Assets | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Loans, net | 0 | 0 |
Financial liabilities | ||
Time deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets | Corporate bonds | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets | Asset-backed securities | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Significant Other Observable Inputs | ||
Financial assets | ||
Securities held-to-maturity | 28,623 | 28,323 |
Loans, net | 0 | 0 |
Financial liabilities | ||
Time deposits | 638,932 | 592,676 |
FHLB advances | 349,484 | 405,015 |
Significant Other Observable Inputs | Corporate bonds | ||
Financial assets | ||
Securities held-to-maturity | 15,317 | 15,007 |
Significant Other Observable Inputs | Asset-backed securities | ||
Financial assets | ||
Securities held-to-maturity | 13,306 | 13,316 |
Significant Unobservable Inputs | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Loans, net | 1,410,308 | 1,332,138 |
Financial liabilities | ||
Time deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Significant Unobservable Inputs | Corporate bonds | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Significant Unobservable Inputs | Asset-backed securities | ||
Financial assets | ||
Securities held-to-maturity | $ 0 | $ 0 |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Details) - Noninterest income - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 216 | $ 217 |
Service charges on deposits | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | 202 | 205 |
Interchange income | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue from contracts with customers | $ 14 | $ 12 |
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|||
Earnings Per Share [Abstract] | ||||
Net loss applicable to common shares | $ (2,839) | $ (1,209) | ||
Shares | ||||
Average number of common shares outstanding (in shares) | 24,091,835 | 27,461,815 | ||
Less: Average unallocated ESOP shares (in shares) | 1,996,575 | 2,087,720 | ||
Average number of common shares outstanding used to calculate basic earnings per common share (in shares) | 22,095,260 | 25,374,095 | ||
Common stock equivalents (in shares) | 0 | 0 | ||
Average number of common shares outstanding used to calculate diluted earnings per common share (in shares) | [1] | 22,095,260 | 25,374,095 | |
Basic loss per share (in dollars per share) | $ (0.13) | $ (0.05) | ||
Diluted loss per share (in dollars per share) | $ (0.13) | $ (0.05) | ||
Anti-dilutive stock options excluded from earnings per share calculation (in shares) | 1,417,627 | 909,804 | ||
|
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