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Loans Receivable and Allowance for Credit Losses (Tables)
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable Loans receivable at September 30, 2022 and December 31, 2021 are summarized as follows:
September 30,December 31,
20222021
(In thousands)
Real estate loans:
One-to-four family$2,706,114 $2,092,317 
Multifamily1,142,459 1,041,108 
Commercial real estate2,354,786 2,170,236 
Construction289,650 295,047 
Commercial business loans497,478 452,232 
Consumer loans:
Home equity loans and advances279,824 276,563 
Other consumer loans2,214 1,428 
Total gross loans7,272,525 6,328,931 
Purchased credit-deteriorated ("PCD") loans19,771 6,791 
Net deferred loan costs, fees and purchased premiums and discounts33,927 24,879 
Loans receivable$7,326,223 $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 September 30, 2022 and December 31, 2021:
September 30, 2022
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrual CurrentTotal
(In thousands)
Real estate loans:
One-to-four family$5,101 $1,883 $1,257 $8,241 $2,518 $2,697,873 $2,706,114 
Multifamily 1,092 — — 1,092 — 1,141,367 1,142,459 
Commercial real estate1,436 — 2,892 4,328 3,373 2,350,458 2,354,786 
Construction544 — — 544 — 289,106 289,650 
Commercial business loans— — 840 840 906 496,638 497,478 
Consumer loans:
Home equity loans and advances1,425 40 159 1,624 199 278,200 279,824 
Other consumer loans— 15 — 15 — 2,199 2,214 
Total loans$9,598 $1,938 $5,148 $16,684 $6,996 $7,255,841 $7,272,525 
9.    Loans Receivable and Allowance for Credit Losses (continued)

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 September 30, 2022 and December 31, 2021:
September 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$213 $3 $98 $— $10 $6 $— $330 
Collectively evaluated for impairment11,725 7,246 17,540 5,630 7,463 1,861 9 51,474 
Loans acquired with deteriorated credit quality8 — 61 10 7 1 — 87 
Total $11,946 $7,249 $17,699 $5,640 $7,480 $1,868 $9 $51,891 
Total loans:
Individually evaluated for impairment$4,223 $475 $16,836 $— $1,237 $695 $— $23,466 
Collectively evaluated for impairment2,701,891 1,141,984 2,337,950 289,650 496,241 279,129 2,214 7,249,059 
Loans acquired with deteriorated credit quality2,179 — 15,738 1,040 662 152 — 19,771 
Total loans$2,708,293 $1,142,459 $2,370,524 $290,690 $498,140 $279,976 $2,214 $7,292,296 
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 nine months ended September 30, 2022 and 2021 are as follows:
 For the Three Months Ended September 30,
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotals
(In thousands)
2022
Balance at beginning of period$10,836 $10,932 $14,480 $5,570 $7,284 $1,471 $10 $50,583 
Provision for (reversal of) credit losses1,394 (3,683)3,219 70 120 385 11 1,516 
Recoveries— — — — 76 18 — 94 
Charge-offs(284)— — — — (6)(12)(302)
Balance at end of period$11,946 $7,249 $17,699 $5,640 $7,480 $1,868 $9 $51,891 
2021
Balance at beginning of period$17,108 $8,442 $17,814 $9,160 $15,898 $1,471 $5 $69,898 
Provision for (reversal of) credit losses(2,218)(146)(171)322 2,854 (165)4 480 
Recoveries4 217 77 — 42 7 — 347 
Charge-offs(106)— — — (69)(221)(3)(399)
Balance at end of period$14,788 $8,513 $17,720 $9,482 $18,725 $1,092 $6 $70,326 
9.    Loans Receivable and Allowance for Credit Losses (continued)

For the Nine Months Ended September 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 losses5,364 1,538 5,338 (960)(7,520)1,225 19 5,004 
Recoveries338 — — — 131 26 — 495 
Charge-offs(377)— — — (62)(33)(15)(487)
Balance at end of period$11,946 $7,249 $17,699 $5,640 $7,480 $1,868 $9 $51,891 
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 losses1,796 (305)(4,812)(1,790)2,945 (400)5 (2,561)
Recoveries18 217 1,014 1 169 52 — 1,471 
Charge-offs(612)(296)(266)— (1,773)(308)(5)(3,260)
Balance at end of period$14,788 $8,513 $17,720 $9,482 $18,725 $1,092 $6 $70,326 
The following table presents the activity in the allowance for credit losses on off balance sheet exposures for the three and nine months ended September 30, 2022:
Three Months Ended September 30, 2022
Nine Months Ended
September 30, 2022
(In thousands)
Allowance for Credit Losses:
Beginning balance
$8,358 $524 
Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2022— 7,674 
(Reversal of) provision for credit losses(1,747)(1,587)
Balance at September 30, 2022
$6,611 $6,611 
Financing Receivable, Troubled Debt Restructuring
The following tables present the number of loans modified as TDRs during the three and nine months ended September 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 September 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 $64 $66 
Total restructured loans— $— $— 1 $64 $66 

For the Nine Months Ended September 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— $— $— 2 $285 $388 
Commercial — — — 1 192 211 
Consumer loans:
Home equity loans and advances1 119 119 — — — 
Total restructured loans1 $119 $119 3 $477 $599 
Impaired Financing Receivables
The following tables present loans individually evaluated for impairment by loan segment, excluding PCD loans, at September 30, 2022 and December 31, 2021:

At September 30, 2022
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$1,319 $1,667 $— 
Multifamily 62 65 — 
Commercial real estate14,924 15,612 — 
Commercial business loans156 412 — 
Consumer loans:
Home equity loans and advances236 328 — 
16,697 18,084 — 
With a specific allowance recorded:
Real estate loans:
One-to-four family2,904 2,922 213 
Multifamily413 413 3 
Commercial real estate1,912 1,915 98 
Commercial business loans1,081 1,081 10 
Consumer loans:
Home equity loans and advances459 459 6 
6,769 6,790 330 
Total:
Real estate loans:
One-to-four family4,223 4,589 213 
Multifamily 475 478 3 
Commercial real estate16,836 17,527 98 
Commercial business loans1,237 1,493 10 
Consumer loans:
Home equity loans and advances695 787 6 
Total loans$23,466 $24,874 $330 
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 nine months ended September 30, 2022 and 2021:
 For the Three Months Ended September 30,
20222021
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$4,251 $45 $5,569 $64 
Multifamily 598 6 8,626 10 
Commercial real estate16,086 163 17,477 217 
Commercial business loans1,269 22 2,106 36 
Consumer loans:
Home equity loans and advances777 9 1,101 11 
Total loans$22,981 $245 $34,879 $338 

For the Nine Months Ended September 30,
20222021
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$4,640 $146 $5,923 $229 
Multifamily 675 28 11,246 359 
Commercial real estate16,254 568 17,000 329 
Commercial business loans1,447 66 2,226 106 
Consumer loans:
Home equity loans and advances787 29 1,257 32 
Total loans$23,803 $837 $37,652 $1,055 
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 September 30, 2022 and December 31, 2021:

Loans by Year of Origination at September 30, 2022
20222021202020192018PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$628,998 $844,780 $299,287 $181,706 $127,773 $620,689 $— $— $2,703,233 
Special mention— — — — — — — — — 
Substandard— 643 — 687 322 1,229 — — 2,881 
Total One-to-Four Family628,998 845,423 299,287 182,393 128,095 621,918 — — 2,706,114 
Multifamily
Pass177,878 306,208 184,752 208,321 43,451 217,307 — — 1,137,917 
Special mention— — — — — 4,542 — — 4,542 
Substandard— — — — — — — — — 
Total Multifamily177,878 306,208 184,752 208,321 43,451 221,849 — — 1,142,459 
Commercial Real Estate
Pass303,030 398,505 179,623 263,603 233,911 906,137 — — 2,284,809 
Special mention— — — 1,065 15,750 34,248 — — 51,063 
Substandard— 481 1,286 1,607 — 15,540 — — 18,914 
Total Commercial Real Estate303,030 398,986 180,909 266,275 249,661 955,925 — — 2,354,786 
Construction
Pass103,263 107,388 31,126 14,216 6,313 27,344 — — 289,650 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Construction$103,263 $107,388 $31,126 $14,216 $6,313 $27,344 $— $— $289,650 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at September 30, 2022
20222021202020192018PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business
Pass$47,082 $35,305 $34,044 $25,527 $27,075 $39,171 $274,439 $— $482,643 
Special mention— — 57 1,230 1,081 41 3,241 — 5,650 
Substandard— 355 63 207 2,688 348 5,524 — 9,185 
Total Commercial Business47,082 35,660 34,164 26,964 30,844 39,560 283,204 — 497,478 
Home Equity Loans and Advances
Pass21,064 22,599 15,021 13,668 12,226 92,482 102,070 442 279,572 
Special mention— — — — — — — — — 
Substandard— — — — 20 196 36 — 252 
Total Home Equity Loans and Advances21,064 22,599 15,021 13,668 12,246 92,678 102,106 442 279,824 
Other Consumer Loans
Pass1,388 97 114 122 36 121 336 — 2,214 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans1,388 97 114 122 36 121 336 — 2,214 
Total Loans$1,282,703 $1,716,361 $745,373 $711,959 $470,646 $1,959,395 $385,646 $442 $7,272,525 
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