XML 33 R24.htm IDEA: XBRL DOCUMENT v3.22.2.2
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables)
9 Months Ended
Sep. 30, 2022
LOANS AND ALLOWANCE FOR LOAN LOSSES  
Schedule of Net loans

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

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

    

2022

​

2021

Real estate

​

​

​

​

​

​

Commercial

​

$

3,061,089

​

$

2,488,382

Construction

​

​

183,379

​

​

151,791

Multi-family

​

​

438,766

​

​

355,290

One-to-four family

​

​

50,272

​

​

57,163

Total real estate loans

​

​

3,733,506

​

​

3,052,626

Commercial and industrial

​

​

869,215

​

​

654,535

Consumer

​

​

26,106

​

​

32,366

Total loans

​

​

4,628,827

​

​

3,739,527

Deferred fees, net of origination costs

​

​

(11,523)

​

​

(7,598)

Loans, net of deferred fees and costs

​

​

4,617,304

​

​

3,731,929

Allowance for loan losses

​

​

(42,541)

​

​

(34,729)

Net loans

​

$

4,574,763

​

$

3,697,200

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

​

​

​

​

Multi

​

One-to-four

​

​

​

​

​

​

Three months ended September 30, 2022

    

Real Estate

    

& Industrial

    

Construction

    

Family

    

Family

    

Consumer

    

Total

Allowance for loan losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

25,945

​

$

9,144

​

$

2,587

​

$

2,539

​

$

102

​

$

217

​

$

40,534

Provision/(credit) for loan losses

​

​

1,019

​

​

954

​

​

(55)

​

​

103

​

​

(3)

​

​

(11)

​

​

2,007

Loans charged-off

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Recoveries

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Total ending allowance balance

​

$

26,964

​

$

10,098

​

$

2,532

​

$

2,642

​

$

99

​

$

206

​

$

42,541

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial

​

Commercial

​

​

​

​

Multi

​

One-to-four

​

​

​

​

​

​

Three months ended September 30, 2021

    

Real Estate

    

& Industrial

    

Construction

    

Family

    

Family

    

Consumer

    

Total

Allowance for loan losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

20,299

​

$

10,545

​

$

1,972

​

$

2,618

​

$

169

​

$

1,774

​

$

37,377

Provision/(credit) for loan losses

​

​

1,169

​

​

(440)

​

​

129

​

​

(331)

​

​

(13)

​

​

(24)

​

​

490

Loans charged-off

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(54)

​

​

(54)

Recoveries

​

​

—

​

​

308

​

​

—

​

​

—

​

​

—

​

​

—

​

​

308

Total ending allowance balance

​

$

21,468

​

$

10,413

​

$

2,101

​

$

2,287

​

$

156

​

$

1,696

​

$

38,121

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial

​

Commercial

​

​

​

​

​

​

​

One-to-four

​

​

​

​

​

​

Nine months ended September 30, 2022

    

Real Estate

    

& Industrial

    

Construction

    

Multi-family

    

Family

    

Consumer

    

Total

Allowance for loan losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Beginning balance

​

$

22,216

​

$

7,708

​

$

2,105

​

$

2,156

​

$

140

​

$

404

​

$

34,729

Provision (credit) for loan losses

​

​

4,748

​

​

2,390

​

​

427

​

​

486

​

​

(41)

​

​

(203)

​

​

7,807

Loans charged-off

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

Recoveries

​

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

5

​

​

5

Total ending allowance balance

​

$

26,964

​

$

10,098

​

$

2,532

​

$

2,642

​

$

99

​

$

206

​

$

42,541

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Commercial

​

Commercial

​

​

​

​

​

​

​

One-to-four

​

​

​

​

​

​

Nine months ended September 30, 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

​

​

4,225

​

​

(1,163)

​

​

508

​

​

(374)

​

​

(50)

​

​

169

​

​

3,315

Loans charged-off

​

​

—

​

​

(855)

​

​

—

​

​

—

​

​

—

​

​

(54)

​

​

(909)

Recoveries

​

​

—

​

​

308

​

​

—

​

​

—

​

​

—

​

​

—

​

​

308

Total ending allowance balance

​

$

21,468

​

$

10,413

​

$

2,101

​

$

2,287

​

$

156

​

$

1,696

​

$

38,121

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 September 30, 2022

    

Real Estate

    

& Industrial

    

Construction

    

Multi-family

    

Family

    

Consumer

    

Total

Allowance for loan losses:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Individually evaluated for impairment

​

$

—

​

$

—

​

$

—

​

$

—

​

$

—

​

$

24

​

$

24

Collectively evaluated for impairment

​

​

26,964

​

​

10,098

​

​

2,532

​

​

2,642

​

​

99

​

​

182

​

​

42,517

Total ending allowance balance

​

$

26,964

​

$

10,098

​

$

2,532

​

$

2,642

​

$

99

​

$

206

​

$

42,541

Loans:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Individually evaluated for impairment

​

$

28,422

​

$

—

​

$

—

​

$

—

​

$

911

​

$

24

​

$

29,357

Collectively evaluated for impairment

​

​

3,032,667

​

​

869,215

​

​

183,379

​

​

438,766

​

​

49,361

​

​

26,082

​

​

4,599,470

Total ending loan balance

​

$

3,061,089

​

$

869,215

​

$

183,379

​

$

438,766

​

$

50,272

​

$

26,106

​

$

4,628,827

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Schedule of loans determined to be impaired by class of loans

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance 

​

​

​

Unpaid

​

​

​

for Loan

​

​

​

 Principal

​

Recorded

​

Losses

​

At September 30, 2022

    

Balance

    

 Investment

    

Allocated

​

With an allowance recorded:

​

​

​

​

​

​

​

​

​

​

Consumer

​

$

24

​

$

24

​

$

24

​

Total

​

$

24

​

$

24

​

$

24

​

​

​

​

​

​

​

​

​

​

​

​

Without an allowance recorded:

​

​

​

​

​

​

​

​

​

​

One-to-four family

​

$

1,187

​

$

911

​

$

—

​

CRE

​

​

28,422

​

​

28,422

​

​

—

​

Total

​

$

29,609

​

$

29,333

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Allowance 

​

​

​

Unpaid

​

​

​

for Loan

​

​

​

 Principal

​

Recorded

​

Losses

​

At December 31, 2021

    

Balance

    

 Investment

    

Allocated

​

With an allowance recorded:

​

​

​

​

​

​

​

​

​

​

One-to-four family

​

$

577

​

$

447

​

$

26

​

Consumer

​

​

302

​

​

302

​

​

170

​

Total

​

$

879

​

$

749

​

$

196

​

​

​

​

​

​

​

​

​

​

​

​

Without an allowance recorded:

​

​

​

​

​

​

​

​

​

​

One-to-four family

​

$

646

​

$

499

​

$

—

​

CRE

​

​

38,518

​

​

38,518

​

​

—

​

Total

​

$

39,164

​

$

39,017

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

Average

​

Interest

​

​

 Recorded

​

 Income

Three months ended September 30, 2022

​

Investment

​

Recognized

With an allowance recorded:

​

​

​

​

​

​

Consumer

​

$

24

​

$

—

Total

​

$

24

​

$

—

​

​

​

​

​

​

​

Without an allowance recorded:

​

​

​

​

​

​

One-to-four family

​

$

916

​

$

9

CRE

​

​

28,486

​

​

273

Total

​

$

29,402

​

$

282

​

​

​

​

​

​

​

Three months ended September 30, 2021

    

​

​

​

With an allowance recorded:

​

​

​

​

​

​

One-to-four family

​

$

458

​

$

4

Consumer

​

​

2,103

​

​

26

C&I

​

​

3,145

​

​

—

Total

​

$

5,706

​

$

30

​

​

​

​

​

​

​

Without an allowance recorded:

​

​

​

​

​

​

One-to-four family

​

$

506

​

$

7

CRE

​

​

10,335

​

​

2

C&I

​

​

96

​

​

—

Total

​

$

10,937

​

$

9

​

​

​

​

​

​

​

​

​

​

Average

​

Interest

​

​

 Recorded

​

 Income

Nine months ended September 30, 2022

​

Investment

​

Recognized

With an allowance recorded:

​

​

​

​

​

​

One-to-four family

​

$

—

​

$

—

Consumer

​

$

93

​

$

—

Total

​

$

93

​

$

—

​

​

​

​

​

​

​

Without an allowance recorded:

​

​

​

​

​

​

One-to-four family

​

$

816

​

$

26

CRE

​

​

30,992

​

​

769

Total

​

$

31,808

​

$

795

​

​

​

​

​

​

​

Nine months ended September 30, 2021

    

​

​

​

With an allowance recorded:

​

​

​

​

​

​

One-to-four family

​

$

466

​

$

16

Consumer

​

​

2,132

​

​

84

C&I

​

​

3,407

​

​

—

Total

​

$

6,005

​

$

100

​

​

​

​

​

​

​

Without an allowance recorded:

​

​

​

​

​

​

One-to-four family

​

$

511

​

$

20

CRE

​

​

10,339

​

​

207

C&I

​

​

96

​

​

—

Total

​

$

10,946

​

$

227

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 and loans past due over 90 days and still accruing, by class of loans (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

Loans Past Due

​

​

​

​

​

Over 90 Days

At September 30, 2022

    

Nonaccrual

​

Still Accruing

Consumer

​

$

24

​

$

—

Total

​

$

24

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

Loans Past Due

​

​

​

​

​

Over 90 Days

At December 31, 2021

​

​

Nonaccrual

​

Still Accruing

Commercial real estate

​

$

9,984

​

$

—

Consumer

​

​

37

​

​

265

Total

​

$

10,021

​

$

265

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

The following tables present 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 September 30, 2022

    

Days

    

Days

    

greater

    

due

    

loans

    

Total

Commercial real estate

​

$

—

​

$

—

​

$

—

​

$

—

​

$

3,061,089

​

$

3,061,089

Commercial & industrial

​

​

160

​

​

—

​

​

—

​

​

160

​

​

869,055

​

​

869,215

Construction

​

​

—

​

​

—

​

​

—

​

​

—

​

​

183,379

​

​

183,379

Multi-family

​

​

—

​

​

—

​

​

—

​

​

—

​

​

438,766

​

​

438,766

One-to-four family

​

​

—

​

​

—

​

​

—

​

​

—

​

​

50,272

​

​

50,272

Consumer

​

​

27

​

​

5

​

​

24

​

​

56

​

​

26,050

​

​

26,106

Total

​

$

187

​

$

5

​

$

24

​

$

216

​

$

4,628,611

​

$

4,628,827

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

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):

​

​

​

​

​

​

​

​

​

September 30, 

​

December 31, 

​

​

2022

​

2021

Commercial real estate

​

$

330

​

$

342

One-to-four family

​

​

911

​

​

946

Total

​

$

1,241

​

$

1,288

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 September 30, 2022

    

Pass

    

Mention

    

Substandard

    

Doubtful

​

​

Total

Commercial real estate

​

$

3,032,666

​

$

330

​

$

28,093

​

$

—

​

$

3,061,089

Commercial & industrial

​

​

861,216

​

​

7,999

​

​

—

​

​

—

​

​

869,215

Construction

​

​

183,379

​

​

—

​

​

—

​

​

—

​

​

183,379

Multi-family

​

​

438,766

​

​

—

​

​

—

​

​

—

​

​

438,766

Total

​

$

4,516,027

​

$

8,329

​

$

28,093

​

$

—

​

$

4,552,449

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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