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Loan Portfolio and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2024
Loan Portfolio and Allowance for Credit Losses [Abstract]  
Loan Portfolio and Allowance for Credit Losses
(5) Loan Portfolio and Allowance for Credit Losses

The following tables presents loans by portfolio segment:
 
  
March 31, 2024
  
(dollars in thousands)
    New York and              

 
other states*
    
Florida
    
Total
  
Commercial:
                  
Commercial real estate
  
$
214,158
     $
40,757
     $
254,915
  
Other
    
23,536
      
641
      
24,177
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
2,744,294
      
1,552,257
      
4,296,551
  
Home equity loans
    
44,207
      
13,611
      
57,818
  
Home equity lines of credit
    
213,754
      
142,125
      
355,879
  
Installment
    
11,581
      
4,585
      
16,166
  
Total loans, net
  
$
3,251,530
     $
1,753,976
      
5,005,506
  
Less: Allowance for credit losses
                    
49,220
  
Net loans
                  
$
4,956,286
  

* Includes New York, New Jersey, Vermont and Massachussetts.

   
December 31, 2023
  
(dollars in thousands)
  
New York and
              
   
other states*
    
Florida
    
Total
  
Commercial:
                  
Commercial real estate
  
$
212,754
    
$
39,501
    
$
252,255
  
Other
    
20,863
      
397
      
21,260
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
2,756,914
      
1,550,191
      
4,307,105
  
Home equity loans
    
44,152
      
13,806
      
57,958
  
Home equity lines of credit
    
212,298
      
135,117
      
347,415
  
Installment
    
12,057
      
4,829
      
16,886
  
Total loans, net
  
$
3,259,038
    
$
1,743,841
      
5,002,879
  
Less: Allowance for credit losses
                    
48,578
  
Net loans
                  
$
4,954,301
  

*Includes New York, New Jersey, Vermont and Massachussetts.
Included in commercial loans above are Paycheck Protection Program (“PPP”) loans totaling $556 thousand and $620 thousand as of March 31, 2024 and December 31, 2023, respectively.
As of March 31, 2024, the Company had approximately $25.8 million of real estate construction loans. Of the $25.8 million in real estate construction loans as of March 31, 2024, approximately $7.6 million are secured by first mortgages to residential borrowers while approximately $18.2 million were to commercial borrowers for residential construction projects. The majority of construction loans are in the Company’s New York market.

At December 31, 2023, the Company had approximately $29.1 million of real estate construction loans.  Of the $29.1 million in real estate construction loans at December 31, 2023, approximately $8.0 million are secured by first mortgages to residential borrowers while approximately $21.1 million were to commercial borrowers for residential construction projects. The majority of construction loans held in 2023 were in the Company’s New York market.
Allowance for credit losses on loans
The level of the ACLL is based on factors that influence management’s current estimate of expected credit losses including past events and current conditions. Consistent with previous periods, the Company has determined the stagflation forecast scenario to be appropriate for the March 31, 2024 ACLL calculation.  The Company selected the stagflation economic forecast for credit losses as management expects that markets will experience a slight decline in economic conditions and a slight increase in the unemployment rate over the next two years.


The Company recorded a provision for credit losses of $600 thousand for the three months ended March 31, 2024, which is the result a provision for credit losses on loans of $600 thousand, and there was no provision for credit losses on unfunded commitments.



The Company recorded a provision for credit losses of $300 thousand for the three months ended March 31, 2023, which includes a provision for credit losses on loans of $600 thousand, and a benefit for credit losses on unfunded commitments of $300 thousand.
Activity in the allowance for credit losses on loans by portfolio segment for the three months ended March 31, 2024 and 2023 is summarized as follows:

 
For the three months ended March 31, 2024
  
(dollars in thousands)
         Real Estate              
          Mortgage-              

 
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
2,735
     $
45,625
     $
218
     $
48,578
  
Loans charged off:
                                
New York and other states*
    
-
      
117
      
44
      
161
  
Florida
    
-
      
-
      
-
      
-
  
Total loan chargeoffs
    
-
      
117
      
44
      
161
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
-
      
195
      
8
      
203
  
Florida
    
-
      
-
      
-
      
-
  
Total recoveries
    
-
      
195
      
8
      
203
  
Net loans (recoveries) charged off
    
-
      
(78
)
    
36
      
(42
)
Provision for credit losses
    
7
      
592
      
1
      
600
  
Balance at end of period
  
$
2,742
     $
46,295
     $
183
     $
49,220
  

* Includes New York, New Jersey, Vermont and Massachusetts.
 
   
For the three months ended March 31, 2023
  
(dollars in thousands)
        
Real Estate
              
         
Mortgage-
              
   
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
2,596
      
43,271
       165      
46,032
  
Loans charged off:
                                
New York and other states*
    
-
      
-
       17      
17
  
Florida
    
-
      
-
       31      
31
  
Total loan chargeoffs
    
-
      
-
       48      
48
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
-
      
53
       23      
76
  
Florida
    
-
      
25
       -      
25
  
Total recoveries
    
-
      
78
       23      
101
  
Net loan (recoveries) charged off
    
-
      
(78
)
     25      
(53
)
Provision for credit losses
    
112
      
417
    71      
600
Balance at end of period
  
$
2,708
      
43,766
       211      
46,685
  

* Includes New York, New Jersey, Vermont and Massachusetts.
The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued expenses and other liabilities) with adjustments to the reserve recognized in  provision for credit losses in the consolidated income statement. The Company’s activity in the allowance for credit losses on unfunded commitments for the three months ended  March 31, 2024 and 2023 is as follows:

    For the three
 
    months ended
 
(In thousands)
  
March 31, 2024
 
       
Balance at January 31, 2024
   $ 1,662  
Provision  for credit losses
     -
Balance at March 31, 2024
  
$
1,662
  

    For the three
 
(In thousands)
  months ended
 

 
March 31, 2023
 
Balance at January 1, 2023
  
$
2,912
  
(Credit) provision for credit losses
    
(300
)
Balance at March 31, 2023
  
$
2,612
  

Loan Credit Quality
The Company categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans, such as commercial loans and commercial real estate loans, individually by grading the loans based on credit risk. The loan grades assigned to all loan types are tested by the Company’s internal loan review department in accordance with the Company’s internal loan review policy.
The Company uses the following definitions for classified loans:
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 of the Company’s credit position at some future date.
Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as such have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the 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 loans classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “pass” rated loans.
For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for credit losses on loans. The payment status of these homogeneous pools as of March 31, 2024 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on nonaccrual status and loans over 90 days past due and accruing.

As of March 31, 2024 and December 31, 2023, based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs for each loan type by origination year was as follows:
(in thousands)
  
As of March 31, 2024
  

 
Term Loans Amortized Cost Basis by Origination Year
  
Commercial:
 
2024
    
2023
    
2022
    
2021
    
2020
    
Prior
    
Revolving
Loans
Amortized
Cost Basis
    
Revolving
Loan
Converted to Term
    
Total
  
Risk rating
                                                      
Pass
  
$
10,568
    
$
57,315
    
$
80,610
    
$
23,628
    
$
16,206
    
$
59,591
    
$
5,360
    
$
-
    
$
253,278
  
Special Mention
   $
-
     $
-
     $
247
     $
-
     $
37
     $
537
     $
-
     $
-
     $
821
  
Substandard
   $
-
     $
-
     $
-
     $
-
     $
-
     $
816
     $
-
     $
-
     $
816
  
Total Commercial Loans
  
$
10,568
    
$
57,315
    
$
80,857
    
$
23,628
    
$
16,243
    
$
60,944
    
$
5,360
    
$
-
    
$
254,915
  
Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Commercial Other:
                                                                        
Risk rating
                                                                        
Pass
  
$
1,542
    
$
9,170
    
$
2,079
    
$
1,798
    
$
1,329
    
$
3,132
    
$
4,614
    
$
-
    
$
23,664
  
Special mention
   $ 
-
     $ 
-
     $ 
-
     $ 
-
     $
-
     $ 
-
     $ 
38
     $ 
-
     $ 
38
  
Substandard
   $
-
     $
-
     $
-
     $
-
     $
-
     $
-
     $
285
     $
-
     $
285
  
Doubtful
  $
 -
     $
 -
     $
 -
     $
 190
     $
 -
     $
 -
     $
 -
     $
 -
     $
 190
  
Total Commercial Real Estate Loans
  
$
1,542
    
$
9,170
    
$
2,079
    
$
1,988
    
$
1,329
    
$
3,132
    
$
4,937
    
$
-
    
$
24,177
  
                                                                         
Other Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
     $
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Residential First Mortgage:
                                                                        
Risk rating
                                                                        
Performing
  
$
49,915
    
$
420,073
    
$
560,709
    
$
865,629
    
$
721,417
    
$
1,664,927
    
$
-
    
$
-
    
$
4,282,670
  
Nonperforming
   $
-
     $
64
     $
209
     $
539
     $
78
     $
12,991
     $
-
     $
-
     $
13,881
  
Total First Mortgage:
  
$
49,915
    
$
420,137
    
$
560,918
    
$
866,168
    
$
721,495
    
$
1,677,918
    
$
-
    
$
-
    
$
4,296,551
  
                                                                         
Residential First Mortgage Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
18
    
$
-
    
$
-
     $
18
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
18
    
$
-
    
$
-
    
$
18
  
                                                                         
Home Equity Loans:
                                                                        
Risk rating
                                                                        
Performing
  
$
1,417
    
$
9,565
    
$
5,884
    
$
7,601
    
$
5,512
    
$
27,515
    
$
-
    
$
-
    
$
57,494
  
Nonperforming
   $
-
     $
-
     $
-
     $
-
     $
-
     $
324
     $
-
     $
-
     $
324
  
Total Home Equity Loans:
  
$
1,417
    
$
9,565
    
$
5,884
    
$
7,601
    
$
5,512
    
$
27,839
    
$
-
    
$
-
    
$
57,818
  
                                                                         
Home Equity Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
     $
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Home Equity Lines of  Credit:
                                                                        
Risk rating
                                                                        
Performing
  
$
812
    
$
1,348
    
$
712
    
$
543
    
$
169
    
$
15,686
    
$
333,534
    
$
-
    
$
352,804
  
Nonperforming
   $ 
-
     $
-
     $
-
     $
-
     $
56
     $
2,804
     $ 
215
     $
-
     $ 
3,075
  
Total Home Equity Credit Lines:
  
$
812
    
$
1,348
    
$
712
    
$
543
    
$
225
    
$
18,490
    
$
333,749
    
$
-
    
$
355,879
  
                                                                         
Home Equity Lines of Credit:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
99
    
$
-
    
$
-
     $
99
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
99
    
$
-
    
$
-
    
$
99
  
Installments:
                                                                        
Risk rating
                                                                        
Performing
  
$
984
    
$
7,823
    
$
4,148
    
$
1,273
    
$
289
    
$
544
    
$
956
    
$
-
    
$
16,017
  
Nonperforming
   $ 
-
     $ 
-
     $ 
46
     $ 
36
     $ 
-
     $
66
     $
1
     $
-
     $
149
  
Total Installments
  
$
984
    
$
7,823
    
$
4,194
    
$
1,309
    
$
289
    
$
610
    
$
957
    
$
-
    
$
16,166
  
                                                                         
Installments Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
18
    
$
19
    
$
-
    
$
-
    
$
7
    
$
-
    
$
-
     $
44
  
   
$
-
    
$
18
    
$
19
    
$
-
    
$
-
    
$
7
    
$
-
    
$
-
    
$
44
  

(in thousands)
  
As of December 31, 2023
  
   
 Term Loans Amortized Cost Basis by Origination Year
  
Commercial :
  
2023
    
2022
    
2021
    
2020
    
2019
    
Prior
    
Revolving Loans Amortized Cost Basis
    
Revolving Loan Converted to Term
    
Total
  
Risk rating
                                                      
Pass
  
$
61,148
    
$
82,339
    
$
23,940
    
$
16,653
    
$
19,835
    
$
41,153
    
$
5,664
    
$
-
    
$
250,732
  
Special Mention
    
-
      
-
      
-
      
42
      
-
      
225
      
-
      
-
      
267
  
Substandard
    
-
      
-
      
-
      
-
      
-
      
1,256
      
-
      
-
      
1,256
  
Total Commercial Loans
  
$
61,148
    
$
82,339
    
$
23,940
    
$
16,695
    
$
19,835
    
$
42,634
    
$
5,664
    
$
-
    
$
252,255
  

                                                                       
Commercial Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Commercial Other:
                                                                        
Risk rating
                                                                        
Pass
  
$
7,873
    
$
2,164
    
$
1,933
    
$
1,386
    
$
321
    
$
2,641
    
$
4,482
     $
-
    
$
20,800
  
Special mention
    
-
      
-
      
-
      
-
      
-
      
-
      
34
      
-
      
34
  
Substandard
    
-
      
-
      
328
      
-
      
-
      
98
      
-
      
-
      
426
  
Total Commercial Real Estate Loans
  
$
7,873
    
$
2,164
    
$
2,261
    
$
1,386
    
$
321
    
$
2,739
    
$
4,516
    
$
-
    
$
21,260
  
                                                                         
Other Commercial Loans:
                                                                       
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
      
-
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Residential First Mortgage:
                                                                        
Risk rating
                                                                        
Performing
  
$
418,891
    
$
566,617
    
$
878,015
    
$
732,851
    
$
342,559
    
$
1,354,867
    
$
-
    
$
-
    
$
4,293,800
  
Nonperforming
    
64
      
210
      
383
      
229
      
1,119
      
11,300
      
-
      
-
      
13,305
  
Total First Mortgage:
  
$
418,955
    
$
566,827
    
$
878,398
    
$
733,080
    
$
343,678
    
$
1,366,167
    
$
-
    
$
-
    
$
4,307,105
  

                                                                       
Residential First Mortgage Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
27
    
$
336
    
$
-
    
$
-
      
363
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
27
    
$
336
    
$
-
    
$
-
    
$
363
  
                                                                         
Home Equity Loans:
                                                                        
Risk rating
                                                                        
Performing
  
$
9,660
    
$
5,963
    
$
7,770
    
$
5,668
    
$
6,542
    
$
22,076
    
$
-
    
$
-
    
$
57,679
  
Nonperforming
    
-
      
-
      
-
      
-
      
-
      
279
      
-
      
-
      
279
  
Total Home Equity Loans:
  
$
9,660
    
$
5,963
    
$
7,770
    
$
5,668
    
$
6,542
    
$
22,355
    
$
-
    
$
-
    
$
57,958
  

                                                                       
Home Equity Lines Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
      
-
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Home Equity Credit Lines:
                                                                        
Risk rating
                                                                        
Performing
  
$
355
    
$
641
    
$
248
    
$
75
    
$
10
    
$
15,964
    
$
327,059
    
$
-
    
$
344,352
  
Nonperforming
    
-
      
-
      
8
      
56
      
-
      
2,813
      
186
      
-
      
3,063
  
Total Home Equity Credit Lines:
  
$
355
    
$
641
    
$
256
    
$
131
    
$
10
    
$
18,777
    
$
327,245
    
$
-
    
$
347,415
  

                                                                       
Home Equity Credit Lines Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
8
    
$
-
    
$
-
      
8
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
8
    
$
-
    
$
-
    
$
8
  
                                                                         
Installments:
                                                                        
Risk rating
                                                                        
Performing
  
$
8,473
    
$
4,592
    
$
1,484
    
$
360
    
$
198
    
$
605
    
$
1,008
    
$
-
    
$
16,720
  
Nonperforming
    
-
      
49
      
51
      
-
      
63
      
3
      
-
      
-
      
166
  
Total Installments
  
$
8,473
    
$
4,641
    
$
1,535
    
$
360
    
$
261
    
$
608
    
$
1,008
    
$
-
    
$
16,886
  

                                                                       
Installments Loans:                                                                        
Current-period Gross writeoffs
  
$
16
    
$
67
    
$
50
    
$
1
    
$
21
    
$
21
    
$
-
    
$
-
      
176
  

 
$
16
    
$
67
    
$
50
    
$
1
    
$
21
    
$
21
    
$
-
    
$
-
    
$
176
  

The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through foreclosure or through a deed in lieu).  Other real estate owned is included in other assets on the Balance Sheet.  Other real estate owned included $2.2 million and $-0- of commercial foreclosed properties, and $126 thousand and $1.9 million of residential foreclosed properties as of March 31, 2024 and 2023, respectively.  In addition, non-accrual residential mortgage loans that are in the process of foreclosure had an amortized cost of $6.7 million and $8.7 million, respectively, as of March 31, 2024 and 2023. 

The following tables present the aging of the amortized cost in past due loans by loan class and by region as of March 31, 2024 and December 31, 2023:

 
As of March 31, 2024
  

                                   
New York and other states*:    30-59      60-89      90 +      Total              
     Days      Days      Days      30+ days            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
     $ 
-
     $ 
520
     $ 
520
     $ 
213,638
     $
214,158
  
Other
    
11
      
-
      
-
      
11
      
23,525
      
23,536
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
4,576
      
1,279
      
5,873
      
11,728
      
2,732,566
      
2,744,294
  
Home equity loans
    
13
      
89
      
175
      
277
      
43,930
      
44,207
  
Home equity lines of credit
    
383
      
436
      
1,578
      
2,397
      
211,357
      
213,754
  
Installment
    
38
      
4
      
99
      
141
      
11,440
      
11,581
  
                                                 
Total
  
$
5,021
     $
1,808
     $
8,245
     $
15,074
     $
3,236,456
     $
3,251,530
  

Florida:
    30-59      60-89      90 +      Total          
 
     Days      Days      Days      30+ days
           Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
     $
-
     $
-
     $
-
     $
40,757
     $
40,757
  
Other
    
-
      
-
      
314
      
314
      
327
      
641
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
956
      
1,152
      
1,287
      
3,395
      
1,548,862
      
1,552,257
  
Home equity loans
    
-
      
91
      
6
      
97
      
13,514
      
13,611
  
Home equity lines of credit
    
146
      
-
      
143
      
289
      
141,836
      
142,125
  
Installment
    
6
      
8
      
-
      
14
      
4,571
      
4,585
  
                                                 
Total
  
$
1,108
     $
1,251
     $
1,750
     $
4,109
     $
1,749,867
     $
1,753,976
  

Total:
   30-59     60-89     90 +     Total            
  
     Days      Days      Days      30+ days            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
     $
-
     $
520
     $
520
     $
254,395
     $
254,915
  
Other
    
11
      
-
      
314
      
325
      
23,852
      
24,177
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
5,532
      
2,431
      
7,160
      
15,123
      
4,281,428
      
4,296,551
  
Home equity loans
    
13
      
180
      
181
      
374
      
57,444
      
57,818
  
Home equity lines of credit
    
529
      
436
      
1,721
      
2,686
      
353,193
      
355,879
  
Installment
    
44
      
12
      
99
      
155
      
16,011
      
16,166
  
                                                 
Total
  
$
6,129
     $
3,059
     $
9,995
     $
19,183
     $
4,986,323
     $
5,005,506
  

* Includes New York, New Jersey, Vermont and Massachusetts.
 
   
As of December 31, 2023
  

                                   
New York and other states*:
  
30-59
    
60-89
    
90 +
      Total              
    Days     Days     Days    
30+ days
            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
      
-
      
521
      
521
      
212,233
      
212,754
  
Other
    
-
      
26
      
-
      
26
      
20,837
      
20,863
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
4,330
      
811
      
6,008
      
11,149
      
2,745,765
      
2,756,914
  
Home equity loans
    
20
      
138
      
157
      
315
      
43,837
      
44,152
  
Home equity lines of credit
    
591
      
135
      
1,499
      
2,225
      
210,073
      
212,298
  
Installment
    
6
      
18
      
95
      
119
      
11,938
      
12,057
  
                                                 
Total
  
$
4,947
      
1,128
      
8,280
      
14,355
      
3,244,683
      
3,259,038
  

Florida:
  
30-59
    
60-89
    
90 +
      Total              
     Days      Days      Days    
30+ days
            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
      
-
      
-
      
-
      
39,501
      
39,501
  
Other
    
-
      
-
      
314
      
314
      
83
      
397
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
1,290
      
78
      
1,433
      
2,801
      
1,547,390
      
1,550,191
  
Home equity loans
    
73
      
6
      
-
      
79
      
13,727
      
13,806
  
Home equity lines of credit
    
184
      
-
      
56
      
240
      
134,877
      
135,117
  
Installment
    
16
      
-
      
60
      
76
      
4,753
      
4,829
  
                                                 
Total
  
$
1,563
      
84
      
1,863
      
3,510
      
1,740,331
      
1,743,841
  

Total:
  
30-59
    
60-89
    
90 +
      Total              
     Days      Days      Days    
30+ days
            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
      
-
      
521
      
521
      
251,734
      
252,255
  
Other
    
-
      
26
      
314
      
340
      
20,920
      
21,260
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
5,620
      
889
      
7,441
      
13,950
      
4,293,155
      
4,307,105
  
Home equity loans
    
93
      
144
      
157
      
394
      
57,564
      
57,958
  
Home equity lines of credit
    
775
      
135
      
1,555
      
2,465
      
344,950
      
347,415
  
Installment
    
22
      
18
      
155
      
195
      
16,691
      
16,886
  
                                                 
Total
  
$
6,510
      
1,212
      
10,143
      
17,865
      
4,985,014
      
5,002,879
  

* Includes New York, New Jersey, Vermont and Massachusetts.

As of March 31, 2024, there were no loans that were 90 days past due and still accruing interest. As a result, non-accrual loans include all loans 90 days or more past due as well as certain loans less than 90 days past due that were placed on non-accrual status for reasons other than delinquent status. There are no commitments to extend further credit on non-accrual or restructured loans.

Loans individually evaluated for impairment are non-accrual loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans classified as loan modifications. As of March 31, 2024 and 2023, there was no allowance for credit losses based on the loans individually evaluated for impairment.
 
Residential and installment non-accrual loans which are not loan modifications are collectively evaluated to determine the allowance for credit loss.

The following tables present the amortized cost basis in non-accrual loans by portfolio segment:
 
   
As of March 31, 2024
  
(dollars in thousands)
   New York and
             

 
other states*
    
Florida
    
Total
  
Loans in non-accrual status:
                  
Commercial:
                  
Commercial real estate
  
$
532
     $
-
     $
532
  
Other
    
-
      
314
      
314
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
11,274
      
2,607
      
13,881
  
Home equity loans
    
281
      
43
      
324
  
Home equity lines of credit
    
2,803
      
272
      
3,075
  
Installment
    
149
      
-
      
149
  
Total non-accrual loans
    
15,039
      
3,236
      
18,275
  
Restructured real estate mortgages - 1 to 4 family
    
-
      
-
      
-
  
Total nonperforming loans
  
$
15,039
     $
3,236
     $
18,275
  

* Includes New York, New Jersey, Vermont and Massachusetts.

   
As of December 31, 2023
  
(dollars in thousands)
  
New York and
              

 
other states*
    
Florida
    
Total
  
Loans in non-accrual status:
                  
Commercial:
                  
Commercial real estate
  
$
536
     $
-
     $
536
  
Other
    
-
      
314
      
314
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
11,324
      
1,981
      
13,305
  
Home equity loans
    
235
      
44
      
279
  
Home equity lines of credit
    
2,816
      
247
      
3,063
  
Installment
    
151
      
15
      
166
  
Total non-accrual loans
    
15,062
      
2,601
      
17,663
  
Restructured real estate mortgages - 1 to 4 family
    
3
      
-
      
3
  
Total nonperforming loans
  
$
15,065
     $
2,601
     $
17,666
  

* Includes New York, New Jersey, Vermont and Massachusetts.

The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing as of March 31, 2024 and December 31, 2023:

   
As of March 31, 2024
 
(dollars in thousands)
  Non-accrual With     Non-accrual With
     Loans Past Due  
    No Allowance for     Allowance for
     Over 89 Days  

 
Credit Loss
    
Credit Loss
    
Still Accruing
  
Commercial:
                  
Commercial real estate
  
$
532
    
$
-
    

-
  
Other
    
314
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
12,785
      
1,096
      
-
  
Home equity loans
    
275
      
49
      
-
  
Home equity lines of credit
    
2,759
      
316
      
-
  
Installment
    
126
      
19
      
-
  
Total loans, net
  
$
16,791
    
$
1,480
    

-
  

 
  
As of December 31, 2023
  
(dollars in thousands)
  
Non-accrual With
    
Non-accrual With
    
Loans Past Due
  
 
  
No Allowance for
    
Allowance for
    
Over 89 Days
  
 
  
Credit Loss
    
Credit Loss
    
Still Accruing
  
Commercial:
                  
Commercial real estate
  
$
536
    
$
-
      
-
  
Other
    
314
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
12,584
      
721
      
-
  
Home equity loans
    
271
      
8
      
-
  
Home equity lines of credit
    
2,395
      
668
      
-
  
Installment
    
144
      
22
      
-
  
Total loans, net
  
$
16,244
    
$
1,419
      
-
  

The non-accrual balance of $1.5 million and $1.4 million was collectively evaluated and the associated allowance for credit losses on loans was determined not to be material as of March 31, 2024 and December 31, 2023, respectively.
The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of March 31, 2024 and December 31, 2023:

   
As of March 31, 2024
  
(dollars in thousands)
         1-to-4 Family              
    Commercial     Residential     Installment        

 
Loans
    
Real Estate
    
Loans
    
Total
  
Allowance for credit losses on loans:
                        
Ending allowance balance attributable to loans:
                        
Individually evaluated for impairment
  
$
-
     $
-
     $
-
     $
-
  
Collectively evaluated for impairment
    
2,742
      
46,295
      
183
      
49,220
  
                                 
Total ending allowance balance
  
$
2,742
     $
46,295
     $
183
     $
49,220
  
                                 
Loans:
                                
Individually evaluated for impairment
  
$
952
     $
23,769
     $
126
     $
24,847
  
Collectively evaluated for impairment
    
278,140
      
4,686,479
      
16,040
      
4,980,659
  
                                 
Total ending loans balance
  
$
279,092
     $
4,710,248
     $
16,166
     $
5,005,506
  

   
As of December 31, 2023
  
(dollars in thousands)
        1-to-4 Family              
    Commercial     Residential     Installment        

 
Loans
    
Real Estate
    
Loans
    
Total
  
Allowance for credit losses on loans:
                        
Ending allowance balance attributable to loans:
                        
Individually evaluated for impairment
  
$
-
      
-
      
-
      
-
  
Collectively evaluated for impairment
    
2,735
      
45,625
      
218
      
48,578
  
                                 
Total ending allowance balance
  
$
2,735
      
45,625
      
218
      
48,578
  
                                 
Loans:
                                
Individually evaluated for impairment
  
$
957
      
23,628
      
144
      
24,729
  
Collectively evaluated for impairment
    
272,558
      
4,688,850
      
16,742
      
4,978,150
  
                                 
Total ending loans balance
  
$
273,515
      
4,712,478
      
16,886
      
5,002,879
 

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected credit losses for the collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of March 31, 2024 and December 31, 2023:

    As of March 31, 2024  
   
Type of Collateral
  
(dollars in thousands)        

       

 
Real Estate
    
Investment
Securities/Cash
    
Other
  
Commercial:
                  
Commercial real estate
  
$
638
      
-
      
-
  
Other
    
314
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
      
        
        
  
First mortgages
    
19,774
      
-
      
-
  
Home equity loans
    
373
      
-
      
-
  
Home equity lines of credit
    
3,622
      
-
      
-
  
Installment
    
126
      
-
      
-
  
Total
  
$
24,847
      
-
      
-
  

 
  
As of December 31, 2023
  
 
  
Type of Collateral
  
(dollars in thousands)
                  
 
  
Real Estate
    
Investment Securities/Cash
    
Other
  
Commercial:
                  
Commercial real estate
  
$
643
      
-
      
-
  
Other
    
314
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
    

     

     

 
First mortgages
    
20,018
      
-
      
-
  
Home equity loans
    
371
      
-
      
-
  
Home equity lines of credit
    
3,239
      
-
      
-
  
Installment
    
144
      
-
      
-
  
Total
  
$
24,729
      
-
      
-
  

The Company has not committed to lend additional amounts to customers with outstanding loans that are modified. Interest income recognized on loans that are individually evaluated was not material during the three months ended March 31, 2024 and 2023.

As of March 31, 2024 and 2023 loans individually evaluated included approximately $8.1 million and $8.8 million, respectively, of loans in accruing status that were identified as loan modifications in accordance with regulatory guidance related to Chapter 7 and 13 bankruptcy loans.

Pursuant to the adoption of ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures (“ASU 2022-02”), a borrower that is experiencing financial difficulty and receives a modification in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed.

The following table presents the amortized cost basis of loans at March 31, 2024 that were both experiencing financial difficulty and modified during the three months ended March 31, 2024, by class and by type of modification.  There were no loan modifications for the three months ended March 31, 2023.  The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

For the three months ended March 31, 2024  
New York and other states*:
            
 
  
Payment
    
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
  
 
            
Commercial:
            
Commercial real estate
  
$
-
       -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
    
-
       -  
First mortgages
    
-
      
-
  
Home equity loans
     -       -  
Home equity lines of credit
    
-
       -  
Installment
    
-
       -  
 
                
Total
  
$
-
       0.00 %

Florida:
        
 
Payment
  
% of Total Class
  
(dollars in thousands)
Delay
  
of Loans
  
 
        
Commercial:
        
Commercial real estate
  
$
-
       -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
             -
  
First mortgages
    
85
      
0.01
%
Home equity loans
    
-
       -  
Home equity lines of credit
    
-
       -  
Installment
    
-
       -  
 
                
Total
  
$
85
       0.00 %

Total
        

Payment
  
% of Total Class
  
(dollars in thousands)
Delay
  
of Loans
  
 
        
Commercial:
        
Commercial real estate
  
$
-
       -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
                
First mortgages
    
85
      
0.00
%
Home equity loans
    
-
       -  
Home equity lines of credit
    
-
      
-
  
Installment
    
-
       -  
 
                
Total
  
$
85
       0.00 %

* Includes New York, New Jersey, Vermont and Massachusetts.

The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified as of March 31, 2024:

   
As of March 31, 2024
  
                                     
New York and other states*:           30-59
      60-89
      90+        
            Days
      Days
      Days
       
(dollars in thousands)    Current       Past Due
      Past Due
      Past Due
     Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
-
      
-
      
-
      
-
      
-
  
Home equity loans     -       -       -       -       -  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  

Florida:           30-59
      60-89
      90+        
            Days
      Days
      Days
       
(dollars in thousands)    Current       Past Due
      Past Due
      Past Due
     Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other     -       -       -       -       -  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
85
      
-
      
-
      
-
      
85
  
Home equity loans
    
-
      
-
      
-
       -      
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
85
    
$
-
    
$
-
    
$
-
    
$
85
  

Total           30-59
      60-89
      90+        
            Days
      Days
      Days
       
(dollars in thousands)    Current       Past Due
      Past Due
      Past Due
     Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
85
      
-
      
-
      
-
      
85
  
Home equity loans
    
-
      
-
      
-
       -      
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
85
    
$
-
    
$
-
    
$
-
    
$
85
  

* Includes New York, New Jersey, Vermont and Massachusetts.

The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

For the three months ended March 31, 2024
  
   
Weighted
  
New York and other states*:
  
Average
  
   
Payment
  
(dollars in thousands)
  
Delay (Months)
  
       
Commercial:
      
Commercial real estate
  
$
-
  
Other
    
-
  
Real estate mortgage - 1 to 4 family:
    
 
First mortgages
    
-
  
Home equity loans
    
-
  
Home equity lines of credit
    
-
  
Installment
    
-
  
         
Total
  
$
-
  

    Weighted
  
Florida:
   Average
  
   
Payment
  
(dollars in thousands)
  
Delay (Months)
  
       
Commercial:
      
Commercial real estate
  
$
-
  
Other
    
-
  
Real estate mortgage - 1 to 4 family:
        
First mortgages
    
12
  
Home equity loans
    
-
  
Home equity lines of credit
    
-
  
Installment
    
-
  
         
Total
  
$
12
  

    Weighted
  
 
   Average
  
   
Payment
  
(dollars in thousands)
  
Delay (Months)
  
       
Commercial:
      
Commercial real estate
  
$
-
  
Other
    
-
  
Real estate mortgage - 1 to 4 family:
        
First mortgages
    
12
  
Home equity loans
    
-
  
Home equity lines of credit
    
-
  
Installment
    
-
  
         
Total
  
$
12
  
  
* Includes New York, New Jersey, Vermont and Massachusetts.

The addition of these loan modifications did not have a significant impact on the allowance for credit losses on loans. The nature of the modifications that resulted in them being classified as a loan modification was the borrower filing for bankruptcy protection. There were no loans that defaulted during the three months ended March 31, 2024 and 2023 which had been classified as a loan modification within the prior twelve months.

In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification.  This evaluation is performed under the Company’s underwriting policy.

Generally, the modification of the terms of loans was the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies even though there is no modification of terms, the borrowers’ debt to the Company was discharged and they did not reaffirm the debt.

A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In situations involving a borrower filing for Chapter 13 bankruptcy protection, however, a loan is considered to be in payment default once it is 30 days contractually past due, consistent with the treatment by the bankruptcy court.