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Loans Receivable and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2022
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable Loans receivable at June 30, 2022 and December 31, 2021 are summarized as follows:
June 30,December 31,
20222021
(In thousands)
Real estate loans:
One-to-four family$2,511,715 $2,092,317 
Multifamily1,077,459 1,041,108 
Commercial real estate2,306,683 2,170,236 
Construction276,710 295,047 
Commercial business loans474,145 452,232 
Consumer loans:
Home equity loans and advances281,590 276,563 
Other consumer loans2,131 1,428 
Total gross loans6,930,433 6,328,931 
Purchased credit-deteriorated ("PCD") loans21,353 6,791 
Net deferred loan costs, fees and purchased premiums and discounts31,010 24,879 
Loans receivable$6,982,796 $6,360,601 
Financing Receivable, Past Due The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCD loans at June 30, 2022 and December 31, 2021:
June 30, 2022
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrual CurrentTotal
(In thousands)
Real estate loans:
One-to-four family$4,237 $1,785 $666 $6,688 $2,267 $2,505,027 $2,511,715 
Multifamily — — — — — 1,077,459 1,077,459 
Commercial real estate3,563 1,607 1,774 6,944 1,774 2,299,739 2,306,683 
Construction— — — — — 276,710 276,710 
Commercial business loans455 — 250 705 318 473,440 474,145 
Consumer loans:
Home equity loans and advances417 50 136 603 166 280,987 281,590 
Other consumer loans— — 14 14 — 2,117 2,131 
Total loans$8,672 $3,442 $2,840 $14,954 $4,525 $6,915,479 $6,930,433 

December 31, 2021
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrualCurrentTotal
(In thousands)
Real estate loans:
One-to-four family$3,131 $1,976 $373 $5,480 $1,416 $2,086,837 $2,092,317 
Multifamily — — — — — 1,041,108 1,041,108 
Commercial real estate2,189 — 1,561 3,750 1,561 2,166,486 2,170,236 
Construction— — — — — 295,047 295,047 
Commercial business loans412 — 203 615 761 451,617 452,232 
Consumer loans:
Home equity loans and advances108 53 81 242 201 276,321 276,563 
Other consumer loans— 4 — 4 — 1,424 1,428 
Total loans$5,840 $2,033 $2,218 $10,091 $3,939 $6,318,840 $6,328,931 
Financing Receivable, Allowance for Credit Loss The following tables summarize loans receivable (including PCD loans) and allowance for credit losses by portfolio segment and impairment method at June 30, 2022 and December 31, 2021:
June 30, 2022
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Allowance for credit losses:
Individually evaluated for impairment$246 $4 $97 $— $10 $28 $— $385 
Collectively evaluated for impairment10,580 10,928 14,331 5,560 7,269 1,443 10 50,121 
Loans acquired with deteriorated credit quality10 — 52 10 5 — — 77 
Total $10,836 $10,932 $14,480 $5,570 $7,284 $1,471 $10 $50,583 
Total loans:
Individually evaluated for impairment$4,278 $720 $15,337 $— $1,300 $859 $— $22,494 
Collectively evaluated for impairment2,507,437 1,076,739 2,291,346 276,710 472,845 280,731 2,131 6,907,939 
Loans acquired with deteriorated credit quality3,344 — 16,074 1,040 699 196 — 21,353 
Total loans$2,515,059 $1,077,459 $2,322,757 $277,750 $474,844 $281,786 $2,131 $6,951,786 
9.    Loans Receivable and Allowance for Credit Losses (continued)

December 31, 2021
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Allowance for credit losses:
Individually evaluated for impairment$258 $— $97 $— $16 $7 $— $378 
Collectively evaluated for impairment8,540 7,741 16,017 8,943 20,198 866 6 62,311 
Loans acquired with deteriorated credit quality— — — — — — — — 
Total $8,798 $7,741 $16,114 $8,943 $20,214 $873 $6 $62,689 
Total loans:
Individually evaluated for impairment$5,184 $762 $15,830 $— $1,806 $705 $— $24,287 
Collectively evaluated for impairment2,087,133 1,040,346 2,154,406 295,047 450,426 275,858 1,428 6,304,644 
Loans acquired with deteriorated credit quality431 — 5,426 — 934 — — 6,791 
Total loans$2,092,748 $1,041,108 $2,175,662 $295,047 $453,166 $276,563 $1,428 $6,335,722 
The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2022 and 2021 are as follows:
 For the Three Months Ended June 30,
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotals
(In thousands)
2022
Balance at beginning of period$8,814 $11,203 $13,513 $4,974 $7,143 $1,507 $8 $47,162 
Initial allowance related to PCD loans131 — 474 3 19 6 — 633 
Provision for (reversal of) credit losses1,785 (271)493 593 127 (46)2 2,683 
Recoveries199 — — — 30 4 — 233 
Charge-offs(93)— — — (35)— — (128)
Balance at end of period$10,836 $10,932 $14,480 $5,570 $7,284 $1,471 $10 $50,583 
2021
Balance at beginning of period$19,850 $6,955 $16,894 $11,464 $14,804 $1,931 $6 $71,904 
Provision for (reversal of) credit losses(2,463)1,783 89 (2,304)1,600 (465)(1)(1,761)
Recoveries11 — 931 — 111 34 — 1,087 
Charge-offs(290)(296)(100)— (617)(29)— (1,332)
Balance at end of period$17,108 $8,442 $17,814 $9,160 $15,898 $1,471 $5 $69,898 
9.    Loans Receivable and Allowance for Credit Losses (continued)

For the Six Months Ended June 30,
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotals
(In thousands)
2022
Balance at beginning of period$8,798 $7,741 $16,114 $8,943 $20,214 $873 $6 $62,689 
Effect of adopting ASU No. 2016-13 ("CECL")(2,308)(2,030)(4,227)(2,346)(5,302)(229)(1)(16,443)
Initial allowance related to PCD loans131 — 474 3 19 6 — 633 
Provision for (reversal of) credit losses3,970 5,221 2,119 (1,030)(7,640)840 8 3,488 
Recoveries338 — — — 55 8 — 401 
Charge-offs(93)— — — (62)(27)(3)(185)
Balance at end of period$10,836 $10,932 $14,480 $5,570 $7,284 $1,471 $10 $50,583 
2021
Balance at beginning of period$13,586 $8,897 $21,784 $11,271 $17,384 $1,748 $6 $74,676 
Provision for (reversal of) credit losses4,014 (159)(4,641)(2,112)91 (235)1 (3,041)
Recoveries14 — 937 1 127 45 — 1,124 
Charge-offs(506)(296)(266)— (1,704)(87)(2)(2,861)
Balance at end of period$17,108 $8,442 $17,814 $9,160 $15,898 $1,471 $5 $69,898 
The following table presents the activity in the allowance for credit losses on off balance sheet exposures for the three and six months ended June 30, 2022:
Three Months Ended June 30, 2022
Six Months Ended
June 30, 2022
(In thousands)
Allowance for Credit Losses:
Beginning balance
$8,846 $524 
Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2022— 7,674 
(Reversal of) provision for credit losses(488)160 
Balance at June 30, 2022
$8,358 $8,358 
Financing Receivable, Troubled Debt Restructuring
The following tables present the number of loans modified as TDRs during the three and six months ended June 30, 2022 and 2021, along with their balances immediately prior to the modification date and post-modification. Post-modification recorded investment represents the net book balance immediately following modification.

 For the Three Months Ended June 30,
20222021
No. of LoansPre-modification Recorded InvestmentPost-modification Recorded InvestmentNo. of LoansPre-modification Recorded InvestmentPost-modification Recorded Investment
(Dollars in thousands)
Troubled Debt Restructurings
Real Estate loans:
One-to-four family— $— $— 1 $221 $322 
Commercial — — — 1 192 211 
Total restructured loans— $— $— 2 $413 $533 

For the Six Months Ended June 30,
20222021
No. of LoansPre-modification Recorded InvestmentPost-modification Recorded InvestmentNo. of LoansPre-modification Recorded InvestmentPost-modification Recorded Investment
(Dollars in thousands)
Troubled Debt Restructurings
Real Estate loans:
One-to-four family— $— $— 1 $221 $322 
Commercial — — — 1 192 211 
Consumer loans:
Home equity loans and advances1 $119 $119 — $— $— 
Total restructured loans1 $119 $119 2 $413 $533 
Impaired Financing Receivables
The following tables present loans individually evaluated for impairment by loan segment, excluding PCD loans, at June 30, 2022 and December 31, 2021:

At June 30, 2022
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$1,146 $1,494 $— 
Multifamily 64 67 — 
Commercial real estate13,406 14,095 — 
Commercial business loans168 168 — 
Consumer loans:
Home equity loans and advances249 355 — 
15,033 16,179 — 
With a specific allowance recorded:
Real estate loans:
One-to-four family3,132 3,151 246 
Multifamily656 656 4 
Commercial real estate1,931 1,934 97 
Commercial business loans1,132 1,132 10 
Consumer loans:
Home equity loans and advances610 610 28 
7,461 7,483 385 
Total:
Real estate loans:
One-to-four family4,278 4,645 246 
Multifamily 720 723 4 
Commercial real estate15,337 16,029 97 
Commercial business loans1,300 1,300 10 
Consumer loans:
Home equity loans and advances859 965 28 
Total loans$22,494 $23,662 $385 
9.    Loans Receivable and Allowance for Credit Losses (continued)

At December 31, 2021
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$1,882 $2,421 $— 
Multifamily 762 765 — 
Commercial real estate13,861 14,586 — 
Commercial business loans573 573 — 
Consumer loans:
Home equity loans and advances202 308 — 
17,280 18,653 — 
With a specific allowance recorded:
Real estate loans:
One-to-four family3,302 3,321 258 
Commercial real estate1,969 1,971 97 
Commercial business loans1,233 1,233 16 
Consumer loans:
Home equity loans and advances503 503 7 
7,007 7,028 378 
Total:
Real estate loans:
One-to-four family5,184 5,742 258 
Multifamily 762 765 — 
Commercial real estate15,830 16,557 97 
Commercial business loans1,806 1,806 16 
Consumer loans:
Home equity loans and advances705 811 7 
$24,287 $25,681 $378 
The following tables present interest income recognized for loans individually evaluated for impairment, by loan segment, excluding PCD loans for the three and six months ended June 30, 2022 and 2021:
 For the Three Months Ended June 30,
20222021
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$4,577 $46 $6,149 $102 
Multifamily 731 11 16,468 177 
Commercial real estate16,176 164 25,030 198 
Commercial business loans1,373 22 2,295 41 
Consumer loans:
Home equity loans and advances873 10 1,523 18 
Total loans$23,730 $253 $51,465 $536 

For the Six Months Ended June 30,
20222021
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$4,779 $101 $6,518 $170 
Multifamily 741 22 16,468 349 
Commercial real estate16,061 406 27,617 462 
Commercial business loans1,517 44 2,679 70 
Consumer loans:
Home equity loans and advances817 21 1,565 38 
Total loans$23,915 $594 $54,847 $1,089 
Financing Receivable Credit Quality Indicators
The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating, excluding PCD loans at June 30, 2022 and December 31, 2021:

Loans by Year of Origination at June 30, 2022
20222021202020192018PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$374,154 $852,583 $308,495 $185,900 $133,938 $653,327 $— $— $2,508,397 
Special mention— — — — — 195 — — 195 
Substandard— 488 — 688 325 1,622 — — 3,123 
Total One-to-Four Family374,154 853,071 308,495 186,588 134,263 655,144 — — 2,511,715 
Multifamily
Pass103,694 307,293 177,317 209,352 47,552 227,705 — — 1,072,913 
Special mention— — — — — 4,546 — — 4,546 
Substandard— — — — — — — — — 
Total Multifamily103,694 307,293 177,317 209,352 47,552 232,251 — — 1,077,459 
Commercial Real Estate
Pass189,253 393,998 178,019 264,387 241,040 964,935 — — 2,231,632 
Special mention— — — 1,071 15,853 29,644 — — 46,568 
Substandard— — 1,286 — — 27,197 — — 28,483 
Total Commercial Real Estate189,253 393,998 179,305 265,458 256,893 1,021,776 — — 2,306,683 
Construction
Pass64,943 117,908 40,766 18,216 9,826 25,051 — — 276,710 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Construction$64,943 $117,908 $40,766 $18,216 $9,826 $25,051 $— $— $276,710 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at June 30, 2022
20222021202020192018PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business
Pass$28,615 $45,700 $34,306 $26,367 $28,320 $42,923 $252,220 $— $458,451 
Special mention— 224 62 1,322 1,132 43 3,661 — 6,444 
Substandard— 151 66 212 2,556 486 5,779 — 9,250 
Total Commercial Business28,615 46,075 34,434 27,901 32,008 43,452 261,660 — 474,145 
Home Equity Loans and Advances
Pass18,100 23,603 15,643 14,070 13,078 98,835 97,582 457 281,368 
Special mention— — — — — — — — — 
Substandard— — — — — 186 36 — 222 
Total Home Equity Loans and Advances18,100 23,603 15,643 14,070 13,078 99,021 97,618 457 281,590 
Other Consumer Loans
Pass1,241 107 122 159 45 130 327 — 2,131 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans1,241 107 122 159 45 130 327 — 2,131 
Total Loans$780,000 $1,742,055 $756,082 $721,744 $493,665 $2,076,825 $359,605 $457 $6,930,433 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at December 31, 2021
20212020201920182017PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$793,848 $298,815 $196,244 $138,215 $134,811 $525,615 $— $— $2,087,548 
Special mention— — — — — 203 — — 203 
Substandard— — 1,463 1,420 360 1,323 — — 4,566 
Total One-to-Four family793,848 298,815 197,707 139,635 135,171 527,141 — — 2,092,317 
Multifamily
Pass312,738 181,285 231,252 47,024 131,169 137,640 — — 1,041,108 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Multifamily312,738 181,285 231,252 47,024 131,169 137,640 — — 1,041,108 
Commercial Real Estate
Pass381,222 161,136 278,581 241,669 222,752 803,945 — — 2,089,305 
Special mention— — 1,303 16,070 1,885 34,788 — — 54,046 
Substandard— 386 — 1,561 1,276 23,662 — — 26,885 
Total Commercial Real Estate381,222 161,522 279,884 259,300 225,913 862,395 — — 2,170,236 
Construction
Pass107,070 77,549 37,498 41,591 28,814 2,418 — — 294,940 
Special mention— — 107 — — — — — 107 
Substandard— — — — — — — — — 
Total Construction$107,070 $77,549 $37,605 $41,591 $28,814 $2,418 $— $— $295,047 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at December 31, 2021
20212020201920182017PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business
Pass$84,113 $36,115 $25,156 $30,670 $21,762 $26,515 $210,597 $— $434,928 
Special mention246 15 1,729 1,369 18 46 3,291 — 6,714 
Substandard192 71 352 1,084 371 609 7,911 — 10,590 
Total Commercial Business84,551 36,201 27,237 33,123 22,151 27,170 221,799 — 452,232 
Home Equity Loans and Advances
Pass22,393 15,977 15,906 13,146 12,023 100,870 95,484 426 276,225 
Special mention— — — — — — — — — 
Substandard— — — — — 246 92 — 338 
Total Home Equity Loans and Advances22,393 15,977 15,906 13,146 12,023 101,116 95,576 426 276,563 
Other Consumer Loans
Pass659 58 284 60 9 5 353 — 1,428 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans659 58 284 60 9 5 353 — 1,428 
Total Loans$1,702,481 $771,407 $789,875 $533,879 $555,250 $1,657,885 $317,728 $426 $6,328,931