LOANS (Tables)

12 Months Ended

Dec. 31, 2021

LOANS

Schedule of Net loans

Loans, net of deferred fees and costs, consist of the following (in thousands):

	December 31, 2021		December 31, 2020
Real estate
Commercial	$	2,488,382	$	1,887,505
Construction		151,791		112,290
Multi-family		355,290		433,239
One-to-four family		57,163		71,354
Total real estate loans		3,052,626		2,504,388
Commercial and industrial		654,535		591,500
Consumer		32,366		46,431
Total loans		3,739,527		3,142,319
Deferred fees, net of origination costs		(7,598)		(5,266)
Loans, net of deferred fees and costs		3,731,929		3,137,053
Allowance for loan losses		(34,729)		(35,407)
Net loans	$	3,697,200	$	3,101,646

Schedule of changes in the allowance for loan losses by portfolio segment

The following tables present the activity in the ALLL by segment. The portfolio segments represent the categories that the Company uses to determine its ALLL (in thousands):

	Commercial		Commercial						One-to-four
Year ended December 31, 2021	Real Estate		& Industrial		Construction		Multi-family		Family		Consumer		Total
Allowance for loan losses:
Beginning balance	$	17,243	$	12,123	$	1,593	$	2,661	$	206	$	1,581	$	35,407
Provision (credit) for loan losses		4,973		24		512		(505)		(66)		(1,122)		3,816
Loans charged-off		—		(4,764)		—		—		—		(55)		(4,819)
Recoveries		—		325		—		—		—		—		325
Total ending allowance balance	$	22,216	$	7,708	$	2,105	$	2,156	$	140	$	404	$	34,729

	Commercial		Commercial						One-to-four
Year ended December 31, 2020	Real Estate		& Industrial		Construction		Multi-family		Family		Consumer		Total
Allowance for loan losses:
Beginning balance	$	15,317	$	7,070	$	411	$	2,453	$	267	$	754	$	26,272
Provision (credit) for loan losses		1,926		5,165		1,182		208		(61)		1,068		9,488
Loans charged-off		—		(254)		—		—		—		(251)		(505)
Recoveries		—		142		—		—		—		10		152
Total ending allowance balance	$	17,243	$	12,123	$	1,593	$	2,661	$	206	$	1,581	$	35,407

Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment

The following tables present the balance in the ALLL and the recorded investment in loans by portfolio segment based on impairment method (in thousands):

	Commercial		Commercial						One-to-four
At December 31, 2021	Real Estate		& Industrial		Construction		Multi-family		Family		Consumer		Total
Allowance for loan losses:
Individually evaluated for impairment	$	—	$	—	$	—	$	—	$	26	$	170	$	196
Collectively evaluated for impairment		22,216		7,708		2,105		2,156		114		234		34,533
Total ending allowance balance	$	22,216	$	7,708	$	2,105	$	2,156	$	140	$	404	$	34,729
Loans:
Individually evaluated for impairment	$	38,518	$	—	$	—	$	—	$	946	$	302	$	39,766
Collectively evaluated for impairment		2,449,864		654,535		151,791		355,290		56,217		32,064		3,699,761
Total ending loan balance	$	2,488,382	$	654,535	$	151,791	$	355,290	$	57,163	$	32,366	$	3,739,527

	Commercial		Commercial						One-to-four
At December 31, 2020	Real Estate		& Industrial		Construction		Multi-family		Family		Consumer		Total
Allowance for loan losses:
Individually evaluated for impairment	$	—	$	3,662	$	—	$	—	$	53	$	1,203	$	4,918
Collectively evaluated for impairment		17,243		8,461		1,593		2,661		153		378		30,489
Total ending allowance balance	$	17,243	$	12,123	$	1,593	$	2,661	$	206	$	1,581	$	35,407
Loans:
Individually evaluated for impairment	$	10,345	$	4,192	$	—	$	—	$	999	$	2,197	$	17,733
Collectively evaluated for impairment		1,877,160		587,308		112,290		433,239		70,355		44,234		3,124,586
Total ending loan balance	$	1,887,505	$	591,500	$	112,290	$	433,239	$	71,354	$	46,431	$	3,142,319

Schedule of loans determined to be impaired by class of loans

The following tables present loans individually evaluated for impairment (in thousands):

	Unpaid				Allowance		Average		Interest
	Principal		Recorded		for Loan		Recorded		Income
At December 31, 2021	Balance		Investment		Losses Allocated		Investment		Recognized
With an allowance recorded:
One-to-four family	$	577	$	447	$	26	$	462	$	21
Consumer		302		302		170		1,766		84
Commercial and industrial		—		—		—		2,726		—
Total	$	879	$	749	$	196	$	4,954	$	105
Without an allowance recorded:
One-to-four family	$	646	$	499	$	—	$	509	$	26
Commercial real estate		38,518		38,518		—		15,975		325
Commercial and industrial		—		—		—		77		—
Total	$	39,164	$	39,017	$	—	$	16,561	$	351

	Unpaid				Allowance		Average		Interest
	Principal		Recorded		for Loan		Recorded		Income
At December 31, 2020	Balance		Investment		Losses Allocated		Investment		Recognized
With an allowance recorded:
One-to-four family	$	610	$	480	$	53	$	491	$	19
Consumer		2,197		2,197		1,203		1,503		88
Commercial and industrial		4,192		4,192		3,662		3,456		—
Total	$	6,999	$	6,869	$	4,918	$	5,450	$	107
Without an allowance recorded:
One-to-four family	$	666	$	519	$	—	$	996	$	20
Commercial real estate		10,345		10,345		—		2,360		38
Commercial and industrial		—		—		—		951		—
Total	$	11,011	$	10,864	$	—	$	4,307	$	58

Schedule of recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans

The following tables present the recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans (in thousands):

At December 31, 2021	Nonaccrual		Loans Past Due Over 90 Days Still Accruing
Commercial real estate	$	9,984	$	—
Commercial & industrial		—		—
One-to-four family		—		—
Consumer		37		265
Total	$	10,021	$	265

At December 31, 2020		Nonaccrual		Loans Past Due Over 90 Days Still Accruing
Commercial & industrial	$	4,192	$	—
One-to-four family		—		—
Consumer		1,428		769
Total	$	5,620	$	769

Schedule of aging of the recorded investment in past due loans by class of loans

The following table presents the aging of the recorded investment in past due loans by class of loans (in thousands):

					90
	30-59		60-89		Days and		Total past		Current
At December 31, 2021	Days		Days		greater		due		loans		Total
Commercial real estate	$	—	$	—	$	9,984	$	9,984	$	2,478,398	$	2,488,382
Commercial & industrial		151		—		—		151		654,384		654,535
Construction		—		—		—		—		151,791		151,791
Multi-family		—		—		—		—		355,290		355,290
One-to-four family		—		—		—		—		57,163		57,163
Consumer		93		94		302		489		31,877		32,366
Total	$	244	$	94	$	10,286	$	10,624	$	3,728,903	$	3,739,527

					90
	30-59		60-89		Days and		Total past		Current
At December 31, 2020	Days		Days		greater		due		loans		Total
Commercial real estate	$	40	$	9,984	$	—	$	10,024	$	1,877,481	$	1,887,505
Commercial & industrial		4,429		6,400		4,192		15,021		576,479		591,500
Construction		—		—		—		—		112,290		112,290
Multi-family		—		—		—		—		433,239		433,239
One-to-four family		2,908		—		—		2,908		68,446		71,354
Consumer		112		32		2,197		2,341		44,090		46,431
Total	$	7,489	$	16,416	$	6,389	$	30,294	$	3,112,025	$	3,142,319

Schedule of recorded investment in TDRs by class of loans

The following tables present the recorded investment in TDRs by class of loans (in thousands):

	December 31, 2021		December 31, 2020
Commercial real estate	$	342	$	361
One-to-four family		946		999
Total	$	1,288	$	1,360

Schedule of risk category of loans by class of loans

Loans not meeting the criteria above are considered to be pass-rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands):

			Special
At December 31, 2021	Pass		Mention		Substandard		Doubtful			Total
Commercial real estate	$	2,449,864	$	342	$	38,176	$	—	$	2,488,382
Commercial & industrial		646,251		4,177		4,107		—		654,535
Construction		151,791		—		—		—		151,791
Multi-family		355,290		—		—		—		355,290
Total	$	3,603,196	$	4,519	$	42,283	$	—	$	3,649,998

			Special
At December 31, 2020	Pass		Mention		Substandard		Doubtful			Total
Commercial real estate	$	1,877,160	$	361	$	9,984	$	—	$	1,887,505
Commercial & industrial		583,809		3,499		—		4,192		591,500
Construction		112,290		—		—		—		112,290
Multi-family		433,239		—		—		—		433,239
Total	$	3,006,498	$	3,860	$	9,984	$	4,192	$	3,024,534