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Loans and Allowance for Credit Losses on Loans
 12 Months Ended
Jun. 30, 2024
Loans and Allowance for Credit Losses on Loans [Abstract]  
Loans and Allowance for Credit Losses on Loans
Note 4.
Loans and Allowance for Credit Losses on Loans

The Company adopted ASU 2016-13 (CECL) effective July 1, 2023. The loan segmentation has been redefined under CECL and therefore prior year tables are presented separately.

Loan segments and classes at June 30, 2024 are summarized as follows:

 (In thousands)
  
June 30, 2024
  
Residential real estate
  
$
417,589
  
Commercial real estate
    
936,640
  
Home equity
    
29,166
  
Consumer
    
4,771
  
Commercial
    
111,307
  
Total gross loans(1)(2)
    
1,499,473
  
Allowance for credit losses on loans(3)
    
(19,244
)
Loans receivable, net
  
$
1,480,229
  

(1) 
Loan balances include net deferred fees/cost of $(42,000) at June 30, 2024.
(2) 
Loan balances exclude accrued interest receivable of $6.2 million at June 30, 2024, which is included in accrued interest receivable in the consolidated statement of financial condition.
(3) 
Effective July 1, 2023, the allowance calculation is based upon the CECL methodology.  Prior to July 1, 2023, the allowance calculation was based upon the incurred loss methodology.

At June 30, 2024 and 2023, loans to related parties including officers and directors were immaterial as a percentage of our loan portfolio.

Non-accrual Loans

Management places loans on non-accrual status once the loans have become 90 days or more delinquent.  A non-accrual loan is defined as a loan in which collectability is questionable and therefore interest on the loan will no longer be recognized on an accrual basis.  A loan is not placed back on accrual status until the borrower has demonstrated the ability and willingness to make timely payments on the loan.  A loan does not have to be 90 days delinquent in order to be classified as non-accrual. Loans on non-accrual status totaled $3.7 million at June 30, 2024 of which there were four residential real estate loans totaling $686,000 and three commercial real estate loans totaling $1.6 million in the process of foreclosure.  At June 30, 2024, there were three commercial real estate loans totaling $1.5 million and four residential real estate loans totaling $596,000 in the process of foreclosure. Included in non-accrual loans were $3.7 million of loans which were less than 90 days past due at June 30, 2024, but have a recent history of delinquency greater than 90 days past due. These loans will be returned to accrual status once they have demonstrated a history of timely payments.  Loans on non-accrual status totaled $5.5 million at June 30, 2023 of which $2.0 million were in the process of foreclosure. At June 30, 2023, there were three residential real estate loans totaling $625,000 and two commercial real estate loans totaling $1.4 million in the process of foreclosure. Included in non-accrual loans were $3.1 million of loans which were less than 90 days past due at June 30, 2023, but have a recent history of delinquency greater than 90 days past due. These loans will be returned to accrual status once they have demonstrated a history of timely payments.

The following table sets forth information regarding delinquent and/or non-accrual loans as of June 30, 2024:
                                           
(In thousands)
  
30-59 days
past due
    
60-89
days
past due
    
90 days
or more
past due
    
Total
past due
    
Current
    
Total loans
    
Loans on non-
accrual
  
Residential real estate
  
$
-
    
$
838
    
$
1,414
    
$
2,252
    
$
415,337
    
$
417,589
    
$
2,518
  
Commercial real estate
    
-
      
-
      
806
      
806
      
935,834
      
936,640
      
1,163
  
Home equity
    
14
      
-
      
47
      
61
      
29,105
      
29,166
      
47
  
Consumer
    
47
      
6
      
-
      
53
      
4,718
      
4,771
      
-
  
Commercial
    
-
      
-
      
-
      
-
      
111,307
      
111,307
      
-
  
Total gross loans
  
$
61
    
$
844
    
$
2,267
    
$
3,172
    
$
1,496,301
    
$
1,499,473
    
$
3,728
  

The Company had no accruing loans delinquent 90 days or more at June 30, 2024 and June 30, 2023.  The borrowers have made arrangements with the Bank to bring the loans current within a specified time period and have made a series of payments as agreed.

Allowance for Credit Losses on Loans

The Company’s July 1, 2023 adoption of CECL resulted in a significant change to our methodology for estimating the allowance for credit losses.  The allowance for credit losses for the loan portfolio is established through a provision for credit losses based on the results of life of loan quantitative models, reserves associated with collateral-dependent loans evaluated individually and adjustments for the impact of current economic conditions not accounted for in the quantitative models. The discounted cash flow methodology is used to calculate the CECL reserve for the residential real estate, commercial real estate, home equity and commercial loan segments. The Company uses a four-quarter reasonable and supportable forecast period based on the one year percent change in national GDP and the national unemployment rate, as economic variables. The forecast will revert to long-term economic conditions over a four-quarter reversion period on a straight-line basis. The remaining life method will be utilized to determine the CECL reserve for the consumer loan segment. A qualitative factor framework has been developed to adjust the quantitative loss rates for asset-specific risk characteristics or current conditions at the reporting date. The Company elected to use the practical expedient to evaluate loans individually, if they are collateral dependent loans that are on nonaccrual status with a balance of $250,000 or greater, which is consistent with regulatory requirements. The fair value of the collateral dependent loan less selling expenses will be compared to the loan balance to determine if a CECL reserve is required.  While management uses available information to recognize losses on loans, additions or reductions to the allowance may fluctuate from one reporting period to another. These fluctuations are reflective of changes in the reasonable and supportable forecast, analysis of loans evaluated individually, and/or changes in management’s assessment of the qualitative factors.

In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for credit losses.  Such agencies may require the Company to recognize additions to the allowance based on their judgment about information available to them at the time of their examination. The Company charges loans off against the allowance for credit losses when it becomes evident that a loan cannot be collected within a reasonable amount of time, or that it will cost the Company more than it will receive and all possible avenues of repayment have been analyzed, including the potential of future cash flow, the value of the underlying collateral, and strength of any guarantors or co-borrowers.  Generally, consumer loans and smaller business loans (not secured by real estate) in excess of 90 days are charged-off against the allowance for credit losses, unless equitable arrangements are made. Included within consumer loan charge-offs and recoveries are deposit accounts that have been overdrawn in excess of 60 days. For loans secured by real estate, a charge-off is recorded when it is determined that the collection of all or a portion of a loan may not be collected and the amount of that loss can be reasonably estimated. The allowance for credit losses is increased by a provision for credit losses (which results in a charge to expense) and recoveries of loans previously charged off, and is reduced by charge-offs.

The following tables set forth the activity and allocation of the allowance for credit losses on loans by segment:

   
Activity for the years ended June 30, 2024
  
(In thousands)
  
Residential
real estate
    
Commercial
real estate
    
Home equity
    
Consumer
    
Commercial
    
Total
  
Balance at June 30, 2023
  
$
2,794
    
$
14,839
    
$
46
    
$
332
    
$
3,201
    
$
21,212
  
Adoption of ASU No. 2016-13
    
1,182
      
(2,889
)
    
117
      
137
      
121
      
(1,332
)
Charge-offs
    
-
      
-
      
-
      
(481
)
    
(1,152
)
    
(1,633
)
Recoveries
    
-
      
3
      
-
      
142
      
66
      
211
  
Provision
    
261
      
265
      
49
      
370
      
(159
)
    
786
  
Balance at June 30, 2024
  
$
4,237
    
$
12,218
    
$
212
    
$
500
    
$
2,077
    
$
19,244
  

The allowance for credit losses on unfunded commitments as of June 30, 2024 was $1.3 million.

Credit monitoring process

Management closely monitors the quality of the loan portfolio and has established a loan review process designed to help monitor any change in borrower risk during the life cycle of their loan.  The Company utilizes a credit quality grading system that is used at loan inception and updated as appropriate based on an annual review process. The credit quality grade helps management make a consistent assessment of each loan relationship’s credit risk and identify any portfolio trends that could impact profitability. Consistent with regulatory guidelines, the Company provides for classification of loans, such as “Pass,” Special Mention,” “Substandard,” “Doubtful” and “Loss” classifications.

Commercial grading system

Loss

Loss ratings are loans that are considered uncollectible and of such little value that their continuance as active assets of the Company is not warranted.  Loss rating does not necessarily mean that the loan has no recovery or salvage value, however, it is not practical or desirable to defer charging off the loan.

Doubtful

Doubtful ratings are loans that have all the weakness inherent in loans classified as substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, highly questionable and improbable.  Doubtful ratings generally are non-performing and considered to have a high risk of default.

Substandard

Substandard ratings are loans that possess well defined weaknesses that jeopardize the orderly liquidation of debt, and are characterized by the distinct possibility that the Company will sustain some loss, if the deficiencies are not corrected. Substandard ratings are inadequately protected by the current sound worth and paying capacity of the borrower or the collateral pledged, if any.

Special mention

Special mention ratings are loans that have potential weaknesses or emerging problems which require close attention.  These weaknesses, if left uncorrected, could lead to deterioration in the repayment prospects for the loan or the Company’s collateral position in the future.  Special mention loans are less risky than substandard assets as no loss of principal or interest is anticipated unless, the potential problems continue for a prolonged basis.

Pass

Pass ratings are loans that do not encompass loans graded as Loss, Doubtful, Substandard, or Special mention.  Pass loans range from Pass/Watch, Acceptable, Average, Satisfactory, Good and Excellent. Pass loans demonstrate sufficient cash flow to ensure full repayment of the loan with Pass ratings being determined by the quality of the collateral and equity position, stability of operations or management, and the guarantors.
Residential and consumer grading system

Residential real estate, home equity and consumer loans are graded as either non-performing or performing.

Non-performing

Nonperforming loans are loans in which the borrower has not made the scheduled payments of principal or interest, and are generally loans over 90 days past due and still accruing interest, and loans on nonaccrual status.

Performing

Performing loans are those loans in which the borrower is making timely payments of both principal and interest as upon the agreed loan terms.

The following tables illustrate the Company’s credit quality by loan class by vintage:

At June 30, 2024
  
(In thousands)
  
2024
    
2023
    
2022
    
2021
    
2020
    
Prior
    
Revolving
loans
amortized
cost basis
    
Revolving
loans
converted to
term
    
Total
  
Residential real estate
                                                      
By payment activity status:
                                                      
     Performing
  
$
55,070
    
$
62,643
    
$
92,995
    
$
79,815
    
$
32,588
    
$
91,936
    
$
-
    
$
24
    
$
415,071
  
     Non-performing
    
-
      
-
      
-
      
185
      
169
      
2,164
      
-
      
-
      
2,518
  
Total residential real estate
    
55,070
      
62,643
      
92,995
      
80,000
      
32,757
      
94,100
      
-
      
24
      
417,589
  
Current period gross charge-offs
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
                                                                         
Commercial real estate
                                                                        
By internally assigned grade:
                                                                        
     Pass
    
103,537
      
210,652
      
242,917
      
126,135
      
79,431
      
135,928
      
4,716
      
363
      
903,679
  
     Special mention
    
-
      
1,188
      
2,468
      
295
      
430
      
4,102
      
-
      
-
      
8,483
  
     Substandard
    
329
      
1,680
      
3,493
      
158
      
4,046
      
14,772
      
-
      
-
      
24,478
  
Total commercial real estate
    
103,866
      
213,520
      
248,878
      
126,588
      
83,907
      
154,802
      
4,716
      
363
      
936,640
  
Current period gross charge-offs
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
                                                                         
Home equity
                                                                        
By payment activity status:
                                                                        
     Performing
    
5,929
      
2,888
      
336
      
429
      
266
      
1,128
      
18,143
      
-
      
29,119
  
     Non-performing
    
-
      
-
      
-
      
-
      
-
      
-
      
47
      
-
      
47
  
Total home equity
    
5,929
      
2,888
      
336
      
429
      
266
      
1,128
      
18,190
      
-
      
29,166
  
Current period gross charge-offs
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
                                                                         
Consumer
                                                                        
By payment activity status:
                                                                        
     Performing
    
2,363
      
1,217
      
689
      
277
      
83
      
65
      
77
      
-
      
4,771
  
     Non-performing
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Total Consumer
    
2,363
      
1,217
      
689
      
277
      
83
      
65
      
77
      
-
      
4,771
  
Current period gross charge-offs
    
393
      
22
      
49
      
7
      
1
      
-
      
9
      
-
      
481
  
                                                                         
Commercial
                                                                        
By internally assigned grade:
                                                                        
     Pass
    
12,761
      
8,919
      
12,845
      
14,587
      
4,934
      
15,280
      
32,001
      
636
      
101,963
  
     Special mention
    
-
      
-
      
78
      
-
      
35
      
834
      
3,893
      
-
      
4,840
  
     Substandard
    
-
      
-
      
1,765
      
34
      
165
      
265
      
2,275
      
-
      
4,504
  
Total Commercial
  
$
12,761
    
$
8,919
    
$
14,688
    
$
14,621
    
$
5,134
    
$
16,379
    
$
38,169
    
$
636
    
$
111,307
  
Current period gross charge-offs
  
$
-
    
$
-
    
$
-
    
$
989
    
$
-
    
$
137
    
$
26
    
$
-
    
$
1,152
  

The Company had no loans classified doubtful or loss at June 30, 2024 or June 30, 2023.  During the year ended June 30, 2024, the Company downgraded 12 commercial and commercial real estate relationships from special mention to substandard, and downgraded 14 commercial and commercial real estate relationships from pass to special mention, due to the deterioration in the borrower cash flows and financial performance. This was offset by 14 commercial and commercial real estate relationships that were either upgraded, paid-off, or charged-off during the year ended June 30, 2024. During the year ended June 30, 2023, the Company further downgraded commercial real estate, commercial loans, and residential loans from pass and special mention to substandard due to deterioration in borrower cash flows, delinquent payments and further financial deterioration or not improving financial performance.  Management continues to monitor these loan relationships closely. In total, there were seven commercial real estate loan relationships, two commercial loan relationship and three residential loans that have been downgraded to substandard, and there were nine commercial real estate loan relationships, three commercial loan relationship and two residential loans that have been downgraded to special mention during the year ended June 30, 2023.  At June 30, 2023, these loans were all performing. The Company upgraded one commercial real estate relationship and one residential loan to pass, and one commercial real estate relationship to special mention during the year ended June 30, 2023. This was due to improvements in cash flows, timely payments and improving financial performance.

Individually Evaluated Loans

As of June 30, 2024, loans evaluated individually had an amortized cost basis of $1.4 million, with an allowance for credit losses on loans of $662,000. At June 30, 2024, the amortized cost basis of collateral dependent loans was $631,000 and $774,000 for commercial real estate and residential loans, respectively. The allowance for credit loss for collateral dependent loans is individually assesses based on the fair value of the collateral less costs to sell at the reporting date. At June 30, 2024, the collateral value associated with collateral dependent loans was $662,000.

Loan Modifications to Borrowers Experiencing Financial Difficulties


On July 1, 2023, the Company adopted ASU 2022-02, which eliminated the recognition and measurement of TDRs and enhanced the disclosure requirements for certain loan modifications for borrowers experiencing financial difficulty.



With the adoption of ASU 2022-02 loan modifications require enhanced reporting on the type of modifications granted and the financial magnitude of the concessions granted. When the Company modifies a loan for borrowers experiencing financial difficulty, such modifications generally include one or a combination of the following: an extension of the maturity date; a stated rate of interest not at the market rate for new debt with similar risk; a change in the scheduled payment amount; or principal forgiveness. The Company works with loan customers experiencing financial difficulty and may enter into loan modifications to achieve the best mutual outcome given the financial circumstances of the borrower.

The following tables present the amortized cost basis of the loans modified to borrowers experiencing financial difficulty by type of concession granted:

 
For the year ended June 30, 2024
  

Term extension
  
Term extension and
interest rate reduction
  
(Dollars in thousands)
Amortized cost
  
Percentage of
total class
  
Amortized cost
  
Percentage of total class
  
Commercial real estate
  
$
3,948
      
0.43
%
  
$
130
      
0.01
%
Consumer
    19
       0.39 %     -
       -
  
Total
  
$
3,967
            
$
130
          

The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty:

   
For the year ended June 30, 2024
  
           
Loan type
  
Term extension
  
Interest rate reduction
  
Commercial real estate
  
Added a weighted-average 9 months to the life of the loans
 
Interest rates were reduced by an average of 1.75%
  
Consumer
  Added a weighted-average 18 months to the life of the loan
     

The Company closely monitors the performance of loans that are modified in accordance with ASU 2022-02. Loans modified during the year ended June 30, 2024 are performing within their modified terms.

Loans serving as collateral

Loans designated as qualified collateral and pledged for borrowing and stand-by letters of credit to the Federal Home Loan Bank of New York (“FHLB”) amounted to approximately $601.6 million and $573.5 million of its residential and commercial mortgage portfolios at June 30, 2024 and June 30, 2023, respectively.

Foreclosed real estate (FRE)

Foreclosed real estate consists of properties acquired through mortgage loan foreclosure proceedings or in full or partial satisfaction of loans. The following table sets forth information regarding FRE as of June 30, 2024 and 2023:

(In thousands)
  
2024
    
2023
  
Commercial loans
   $
-     $
302  
Total foreclosed real estate
  
$
-
    
$
302
  

Prior to the adoption of ASU 2016-13 (CECL)

Prior to July 1, 2023, the Company calculated the allowance for loan losses using the incurred loss methodology. The following tables are disclosures related to the allowance for loan losses in prior periods.

Loan segments and classes at June 30, 2023 are summarized as follows:

(In thousands)
  
June 30, 2023
  
Residential real estate:
      
Residential real estate
  
$
372,443
  
Residential construction and land
    
19,072
  
Multi-family
    
66,496
  
Commercial real estate:
        
Commercial real estate
    
693,436
  
Commercial construction
    
121,958
  
Consumer loan:
        
Home equity
    
22,752
  
Consumer installment
    
4,612
  
Commercial loans
    
108,022
  
Total gross loans(1)
    
1,408,791
  
Allowance for loan losses
    
(21,212
)
Deferred fees and cost, net
    
75
  
Loans receivable, net
  
$
1,387,654
  

(1) 
Loan balances exclude accrued interest receivable of $5.5 million at June 30, 2023, which is included in accrued interest receivable in the consolidated statement of financial condition.

 Credit Quality Indicators
Loan balances by internal credit quality indicator at June 30, 2023:

(In thousands)
  
Performing
    
Special mention
    
Substandard
    
Total
  
Residential real estate
  
$
366,403
    
$
2,305
    
$
3,735
    
$
372,443
  
Residential construction and land
    
19,072
      
-
      
-
      
19,072
  
Multi-family
    
66,410
      
86
      
-
      
66,496
  
Commercial real estate
    
665,548
      
11,671
      
16,217
      
693,436
  
Commercial construction
    
121,958
      
-
      
-
      
121,958
  
Home equity
    
22,698
      
-
      
54
      
22,752
  
Consumer installment
    
4,530
      
-
      
82
      
4,612
  
Commercial loans
    
100,225
      
2,352
      
5,445
      
108,022
  
Total gross loans
  
$
1,366,844
    
$
16,414
    
$
25,533
    
$
1,408,791
  

Nonaccrual Loans

The following table sets forth information regarding delinquent and/or non-accrual loans as of June 30, 2023:
 
(In thousands)
  
30-59
days
past due
    
60-89
days
past due
    
90 days
or more
past due
    
Total
past due
      
Current
    
Total loans
    

Loans on non-
accrual
  
Residential real estate
  
$
-
    
$
504
    
$
1,604
    
$
2,108
    
$
370,335
    
$
372,443
    
$
2,747
  
Residential construction and land
    
-
      
-
      
-
      
-
      
19,072
      
19,072
      
-
  
Multi-family
    
-
      
-
      
-
      
-
      
66,496
      
66,496
      
-
  
Commercial real estate
    
-
      
235
      
652
      
887
      
692,549
      
693,436
      
1,318
  
Commercial construction
    
-
      
-
      
-
      
-
      
121,958
      
121,958
      
-
  
Home equity
    
48
      
-
      
13
      
61
      
22,691
      
22,752
      
54
  
Consumer installment
    
63
      
1
      
63
      
127
      
4,485
      
4,612
      
63
  
Commercial loans
    
-
      
-
      
19
      
19
      
108,003
      
108,022
      
1,276
  
Total gross loans
  
$
111
    
$
740
    
$
2,351
    
$
3,202
    
$
1,405,589
    
$
1,408,791
    
$
5,458
  

The Company had no accruing loans delinquent 90 days or more at June 30, 2023.  The borrowers have made arrangements with the Bank to bring the loans current within a specified time period and have made a series of payments as agreed.

Impaired Loan Analysis

The tables below detail additional information on impaired loans at the date or periods indicated:
 
   
As of June 30, 2023
    
For the year ended June 30, 2023
  
(In thousands)
  
Recorded
Investment
    
Unpaid Principal
    
Related Allowance
    
Average Recorded
Investment
    
Interest Income
Recognized
  
With no related allowance recorded:
                    
Residential real estate
  
$
1,020
    
$
1,020
    
$
-
    
$
876
    
$
5
  
Commercial real estate
    
1,518
      
1,518
      
-
      
678
      
48
  
Home equity
    
-
      
-
      
-
      
75
      
-
  
Consumer installment
     -       -       -       3       1  
Commercial loans
    
334
      
334
      
-
      
340
      
16
  
Impaired loans with no allowance
    
2,872
      
2,872
      
-
      
1,972
      
70
  
                                         
With an allowance recorded:
                                        
Residential real estate
    
2,086
      
2,086
      
597
      
2,241
      
19
  
Commercial real estate
    
3,777
      
3,777
      
245
      
3,666
      
197
  
Home equity
    
-
      
-
      
-
      
80
      
4
  
Commercial Loans
    
1,572
      
1,572
      
1,171
      
2,252
      
37
  
Impaired loans with allowance
    
7,435
      
7,435
      
2,013
      
8,239
      
257
  
                                         
Total impaired:
                                        
Residential real estate
    
3,106
      
3,106
      
597
      
3,117
      
24
  
Commercial real estate
    
5,295
      
5,295
      
245
      
4,344
      
245
  
Home equity
    
-
      
-
      
-
      
155
      
4
  
Consumer installment
     -       -       -       3       1  
Commercial loans
    
1,906
      
1,906
      
1,171
      
2,592
      
53
  
Total impaired loans
  
$
10,307
    
$
10,307
    
$
2,013
    
$
10,211
    
$
327
  

Prior to the adoption of ASU 2022-02 on July 1, 2023, the Company accounted for loan modifications to borrowers experiencing financial difficulty when concessions were granted as TDRs. The following tables are disclosures related to TDRs in prior periods.

The table below details loans that have been modified as a troubled debt restructuring during the year ended June 30, 2023.

(Dollars in thousands)
  
Number of
contracts
    
Pre-Modification
outstanding recorded
investment
    
Post-Modification
outstanding
recorded investment
    
Current
outstanding recorded
investment
  
For the year ended June 30, 2023
                        
Residential real estate
    
2
    
$
778
    
$
778
    
$
778
  
Commercial real estate
    
3
     $
1,428
     $
1,480
     $
1,470
  
Commercial loans
    
1
     $
379
     $
379
     $
-
  

There was one commercial loan in the amount of $379,000 that had been modified as a troubled debt restructuring during the three months ended September 30, 2022 that subsequently defaulted during the quarter ended March 31, 2023. There were no other loans that had been modified as a troubled debt restructuring during the twelve months prior to June 30, 2022, which have subsequently defaulted during the twelve months ended June 30, 2023.

Allowance for Loan Losses

The following tables set forth the activity and allocation of the allowance for loan losses by loan class during and at the periods indicated.  The allowance is allocated to each loan class based on historical loss experience, current economic conditions, and other considerations.

   
Activity for the year ended June 30, 2023
  
(In thousands)
  
Balance June 30,
2022
    
Charge-offs
    
Recoveries
    
Provision
    
Balance June 30,
2023
  
Residential real estate
  
$
2,373
    
$
-
    
$
6
    
$
234
    
$
2,613
  
Residential construction and land
    
141
      
-
      
-
      
40
      
181
  
Multi-family
    
119
      
-
      
-
      
78
      
197
  
Commercial real estate
    
16,221
      
9
      
4
      
(3,196
)
    
13,020
  
Commercial construction
    
1,114
      
-
      
-
      
508
      
1,622
  
Home equity
    
89
      
-
      
-
      
(43
)
    
46
  
Consumer installment
    
349
      
535
      
141
      
377
      
332
  
Commercial loans
    
2,355
      
120
      
35
      
931
      
3,201
  
Total
  
$
22,761
    
$
664
    
$
186
    
$
(1,071
)
  
$
21,212
  

   
Allowance for loan losses
    
Loans receivable
  
   
Ending balance June 30, 2023
Impairment analysis
    
Ending balance June 30, 2023
Impairment analysis
  
(In thousands)
  
Individually
evaluated
    
 Collectively
evaluated
    
 Individually
evaluated
    
Collectively
evaluated
  
Residential real estate
  
$
597
    
$
2,016
    
$
3,106
    
$
369,337
  
Residential construction and land
    
-
      
181
      
-
      
19,072
  
Multi-family
    
-
      
197
      
-
      
66,496
  
Commercial real estate
    
245
      
12,775
      
5,295
      
688,141
  
Commercial construction
    
-
      
1,622
      
-
      
121,958
  
Home equity
    
-
      
46
      
-
      
22,752
  
Consumer installment
    
-
      
332
      
-
      
4,612
  
Commercial loans
    
1,171
      
2,030
      
1,906
      
106,116
  
Total
  
$
2,013
    
$
19,199
    
$
10,307
    
$
1,398,484