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Loans Receivable and Allowance for Credit Losses (Tables)
 12 Months Ended
Dec. 31, 2022
Receivables [Abstract]  
Schedule of loans receivable
Loans receivable at December 31, 2022 and 2021 are summarized as follows:
December 31,
20222021
(In thousands)
Real estate loans:
One-to-four family$2,860,184 $2,092,317 
Multifamily1,239,207 1,041,108 
Commercial real estate2,413,394 2,170,236 
Construction336,553 295,047 
Commercial business loans 497,469 452,232 
Consumer loans:
Home equity loans and advances274,302 276,563 
Other consumer loans3,425 1,428 
Total gross loans7,624,534 6,328,931 
Purchased credit-deteriorated loans17,059 6,791 
Net deferred loan costs, fees and purchased premiums and discounts 35,971 24,879 
Loans receivable$7,677,564 $6,360,601 
Schedule of aging of loans receivable by portfolio segment
The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCD loans, at December 31, 2022 and 2021:
December 31, 2022
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrualCurrentTotal
(In thousands)
Real estate loans:
One-to-four family$4,063 $1,149 $1,808 $7,020 $2,730 $2,853,164 $2,860,184 
Multifamily— — — — — 1,239,207 1,239,207 
Commercial real estate— 853 2,892 3,745 2,892 2,409,649 2,413,394 
Construction5,218 — — 5,218 — 331,335 336,553 
Commercial business loans220 — 474 694 801 496,775 497,469 
Consumer loans:
Home equity loans and advances465 33 286 784 286 273,518 274,302 
Other consumer loans3 1 12 16 12 3,409 3,425 
Total loans$9,969 $2,036 $5,472 $17,477 $6,721 $7,607,057 $7,624,534 

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 
Schedule of loans receivable by portfolio segment and impairment method
The following tables summarize loans receivable (including PCD loans) and allowance for credit losses (previously the allowance for loan losses) by portfolio segment and impairment method at December 31, 2022 and 2021:
December 31, 2022
One-to-Four FamilyMultifamilyCommercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Allowance for credit losses:
Individually analyzed loans$201 $3 $99 $— $10 $26 $— $339 
Collectively analyzed loans11,591 7,874 17,961 6,415 6,876 1,654 10 52,381 
Loans acquired with deteriorated credit quality 10 — 51 10 11 1 — 83 
Total$11,802 $7,877 $18,111 $6,425 $6,897 $1,681 $10 $52,803 
Total loans:
Individually analyzed loans$4,164 $457 $16,729 $— $1,173 $697 $— $23,220 
Collectively analyzed loans2,856,020 1,238,750 2,396,665 336,553 496,296 273,605 3,425 7,601,314 
Loans acquired with deteriorated credit quality 2,158 — 13,116 1,040 496 249 — 17,059 
Total loans$2,862,342 $1,239,207 $2,426,510 $337,593 $497,965 $274,551 $3,425 $7,641,593 
(7)     Loans Receivable and Allowance for Credit Losses (continued)

December 31, 2021
One-to-Four FamilyMultifamilyCommercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Allowance for credit losses:
Individually analyzed loans$258 $— $97 $— $16 $7 $— $378 
Collectively analyzed loans8,540 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 analyzed loans$5,184 $762 $15,830 $— $1,806 $705 $— $24,287 
Collectively analyzed loans2,087,133 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 on loans for the years ended December 31, 2022, 2021 and 2020, are as follows:
Years Ended December 31,
202220212020
(In thousands)
Balance at beginning of period$62,689 $74,676 $61,709 
Impact of Adopting ASU No. 2016-13 ("CECL") effective January 1, 2022(16,443)— — 
Initial allowance related to PCD loans633 — — 
Provision for (reversal of) credit losses5,969 (9,953)18,447 
Recoveries593 1,530 823 
Charge-offs(638)(3,564)(6,303)
Balance at end of period$52,803 $62,689 $74,676 
The activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2022, 2021 and 2020, are as follows:
For the Year Ended December 31, 2022
One-to-Four FamilyMultifamilyCommercial Real EstateConstructionCommercial BusinessHome Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Balance at beginning of period$8,798 $7,741 $16,114 $8,943 $20,214 $873 $6 $62,689 
Impact of adopting ASU No. 2016-13 (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 losses5,225 2,166 5,750 (175)(8,052)1,019 36 5,969 
Recoveries338 — — — 208 45 2 593 
Charge-offs(382)— — — (190)(33)(33)(638)
Balance at end of period$11,802 $7,877 $18,111 $6,425 $6,897 $1,681 $10 $52,803 
(7)     Loans Receivable and Allowance for Credit Losses (continued)

For the Year Ended December 31, 2021
One-to-Four FamilyMultifamilyCommercial Real EstateConstructionCommercial BusinessHome Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Balance at beginning of period$13,586 $8,799 $21,882 $11,271 $17,384 $1,748 $6 $74,676 
Provision for (reversal of) credit losses(4,037)(978)(6,376)(2,330)4,384 (623)7 (9,953)
Recoveries22 216 1,015 2 219 56 — 1,530 
Charge-offs(773)(296)(407)— (1,773)(308)(7)(3,564)
Balance at end of period$8,798 $7,741 $16,114 $8,943 $20,214 $873 $6 $62,689 

For the Year Ended December 31, 2020
One-to-Four FamilyMultifamilyCommercial Real EstateConstructionCommercial BusinessHome Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Balance at beginning of period$13,780 $6,434 $16,546 $7,435 $15,836 $1,669 $9 $61,709 
Provision for (reversal of) credit losses1,299 2,365 5,348 3,835 5,360 239 1 18,447 
Recoveries438 — 16 1 308 60 — 823 
Charge-offs(1,931)— (28)— (4,120)(220)(4)(6,303)
Balance at end of period$13,586 $8,799 $21,882 $11,271 $17,384 $1,748 $6 $74,676 
Schedule of troubled debt restructuring
The following tables present the number of loans modified as TDRs during the years ended December 31, 2022, 2021 and 2020, 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 Years Ended December 31,
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 real estate— — — 1 192 211 
Consumer loans:
Home equity loans and advances1 119 119 — — — 
Total restructured loans1 $119 $119 3 $477 $599 

For the Year Ended December 31,
2020
No. of LoansPre-modification Recorded InvestmentPost-modification Recorded Investment
(Dollars in thousands)
Troubled Debt Restructurings
Real estate loans:
Commercial real estate5 $17,022 $17,022 
Commercial business loans2 11,507 12,802 
Total restructured loans7 $28,529 $29,824 
Schedule of loans individually evaluated for impairment
The following tables present individually analyzed loans by segment, excluding PCD loans, at December 31, 2022 and 2021:
At December 31, 2022
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$1,296 $1,644 $— 
Multifamily59 63 — 
Commercial real estate14,836 15,699 — 
Commercial business loans143 400 — 
Consumer loans:
Home equity loans and advances223 315 — 
16,557 18,121 — 
With a specific allowance recorded:
Real estate loans:
One-to-four family2,868 2,887 201 
Multifamily398 397 3 
Commercial real estate1,893 1,896 99 
Commercial business loans1,030 1,030 10 
Consumer loans:
Home equity loans and advances474 474 26 
6,663 6,684 339 
Total:
Real estate loans:
One-to-four family4,164 4,531 201 
Multifamily457 460 3 
Commercial real estate16,729 17,595 99 
Commercial business loans1,173 1,430 10 
Consumer loans:
Home equity loans and advances697 789 26 
Total loans$23,220 $24,805 $339 
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 $— 
Multifamily762 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 
Multifamily762 765 — 
Commercial real estate15,830 16,557 97 
Commercial business loans1,806 1,806 16 
Consumer loans:
Home equity loans and advances705 811 7 
Total loans$24,287 $25,681 $378 
The following table presents interest income recognized for individually analyzed loans by loan segment, excluding PCD loans, for the years ended December 31, 2022, 2021 and 2020:
For the Years Ended December 31,
202220212020
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
                                           (In thousands)
Real estate loans:
One-to-four family$4,385 $203 $5,738 $285 $7,946 $305 
Multifamily598 28 8,420 371 — — 
Commercial real estate16,479 733 16,913 467 23,701 1,091 
Commercial business loans1,289 88 2,121 139 4,963 216 
Consumer loans:
Home equity loans and advances785 39 1,119 43 1,909 100 
Totals$23,536 $1,091 $34,311 $1,305 $38,519 $1,712 
Schedule of loans receivable by credit quality risk
The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating, excluding PCD loans, at December 31, 2022 and 2021:
Loans by Year of Origination at December 31, 2022
20222021202020192018PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$829,363 $836,355 $294,721 $177,114 $125,057 $595,097 $— $— $2,857,707 
Special mention— — — — — — — — — 
Substandard— 641 — 681 320 835 — — 2,477 
Total One-to-Four Family829,363 836,996 294,721 177,795 125,377 595,932 — — 2,860,184 
Multifamily
Pass315,157 309,611 167,955 205,608 38,849 197,489 — — 1,234,669 
Special mention— — — — — 4,538 — — 4,538 
Substandard— — — — — — — — — 
Total Multifamily315,157 309,611 167,955 205,608 38,849 202,027 — — 1,239,207 
Commercial Real Estate
Pass448,313 392,689 170,125 260,268 231,868 852,104 — — 2,355,367 
Special mention— 478 1,843 892 15,498 20,939 — — 39,650 
Substandard— — 1,286 1,607 — 15,484 — — 18,377 
Total Commercial Real Estate448,313 393,167 173,254 262,767 247,366 888,527 — — 2,413,394 
Construction
Pass159,751 104,339 28,058 14,216 870 29,319 — — 336,553 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Construction$159,751 $104,339 $28,058 $14,216 $870 $29,319 $— $— $336,553 
(7)     Loans Receivable and Allowance for Credit Losses (continued)


Loans by Year of Origination at December 31, 2022
20222021202020192018PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business
Pass$58,631 $32,880 $32,788 $20,705 $24,634 $27,277 $280,857 $— $477,772 
Special mention— 110 63 1,137 1,030 38 10,761 — 13,139 
Substandard— 224 60 — 2,085 315 3,874 — 6,558 
Total Commercial Business58,631 33,214 32,911 21,842 27,749 27,630 295,492 — 497,469 
Home Equity Loans and Advances
Pass22,903 20,476 13,770 12,070 11,126 88,251 105,005 457 274,058 
Special mention— — — — — — — — — 
Substandard— — — — — 188 56 — 244 
Total Home Equity Loans and Advances22,903 20,476 13,770 12,070 11,126 88,439 105,061 457 274,302 
Other Consumer Loans
Pass2,669 87 100 102 30 96 341 — 3,425 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans2,669 87 100 102 30 96 341 — 3,425 
Total Loans$1,836,787 $1,697,890 $710,769 $694,400 $451,367 $1,831,970 $400,894 $457 $7,624,534 
(7)     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 
(7)     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