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Loans Receivable and Allowance for Credit Losses (Tables)
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable Loans receivable at March 31, 2023 and December 31, 2022 are summarized as follows:
March 31,December 31,
20232022
(In thousands)
Real estate loans:
One-to-four family$2,860,964 $2,860,184 
Multifamily1,315,143 1,239,207 
Commercial real estate2,393,918 2,413,394 
Construction374,434 336,553 
Commercial business loans516,682 497,469 
Consumer loans:
Home equity loans and advances271,620 274,302 
Other consumer loans2,322 3,425 
Total gross loans7,735,083 7,624,534 
Purchased credit-deteriorated ("PCD") loans16,245 17,059 
Net deferred loan costs, fees and purchased premiums and discounts35,744 35,971 
Loans receivable$7,787,072 $7,677,564 
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 March 31, 2023 and December 31, 2022:
March 31, 2023
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrual CurrentTotal
(In thousands)
Real estate loans:
One-to-four family$4,873 $2,188 $1,337 $8,398 $2,793 $2,852,566 $2,860,964 
Multifamily — — — — — 1,315,143 1,315,143 
Commercial real estate934 852 2,892 4,678 2,892 2,389,240 2,393,918 
Construction1,910 — — 1,910 — 372,524 374,434 
Commercial business loans— — 474 474 784 516,208 516,682 
Consumer loans:
Home equity loans and advances504 80 115 699 141 270,921 271,620 
Other consumer loans— — — — — 2,322 2,322 
Total loans$8,221 $3,120 $4,818 $16,159 $6,610 $7,718,924 $7,735,083 

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 
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 March 31, 2023 and December 31, 2022:
March 31, 2023
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Allowance for credit losses:
Individually analyzed loans$203 $3 $104 $— $39 $27 $— $376 
Collectively analyzed loans12,582 8,142 16,104 6,730 7,264 1,586 9 52,417 
Loans acquired with deteriorated credit quality4 — 49 9 17 1 — 80 
Total $12,789 $8,145 $16,257 $6,739 $7,320 $1,614 $9 $52,873 
Total loans:
Individually analyzed loans$4,753 $438 $15,774 $— $2,634 $679 $— $24,278 
Collectively analyzed loans2,856,211 1,314,705 2,378,144 374,434 514,048 270,941 2,322 7,710,805 
Loans acquired with deteriorated credit quality1,953 — 12,672 1,040 434 146 — 16,245 
Total loans$2,862,917 $1,315,143 $2,406,590 $375,474 $517,116 $271,766 $2,322 $7,751,328 
9.    Loans Receivable and Allowance for Credit Losses (continued)

December 31, 2022
One-to-Four FamilyMultifamily Commercial 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 quality10 — 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 quality2,158 — 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 
The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2023 and 2022 are as follows:
 For the Three Months Ended March 31,
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotals
(In thousands)
2023
Balance at beginning of period$11,802 $7,877 $18,111 $6,425 $6,897 $1,681 $10 $52,803 
Provision for (reversal of) credit losses1,121 268 (1,768)314 272 (61)29 175 
Recoveries— — — — 151 20 5 176 
Charge-offs(134)— (86)— — (26)(35)(281)
Balance at end of period$12,789 $8,145 $16,257 $6,739 $7,320 $1,614 $9 $52,873 
2022
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)
Provision for (reversal of) credit losses2,185 5,492 1,626 (1,623)(7,767)886 6 805 
Recoveries139 — — — 25 4 — 168 
Charge-offs— — — — (27)(27)(3)(57)
Balance at end of period$8,814 $11,203 $13,513 $4,974 $7,143 $1,507 $8 $47,162 
The following table presents the activity in the allowance for credit losses on off-balance-sheet exposures for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
20232022
(In thousands)
Allowance for Credit Losses:
Beginning balance
$6,970 $524 
Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2022— 7,674 
(Reversal of) provision for credit losses(528)648 
Balance at End of Period
$6,442 $8,846 
Impaired Financing Receivables
The following tables present loans individually analyzed loans by segment, excluding PCD loans, at March 31, 2023 and December 31, 2022:

At March 31, 2023
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$1,914 $2,261 $— 
Multifamily 57 60 — 
Commercial real estate13,899 13,899 — 
Commercial business loans130 386 — 
Consumer loans:
Home equity loans and advances210 272 — 
16,210 16,878 — 
With a specific allowance recorded:
Real estate loans:
One-to-four family2,839 2,858 203 
Multifamily381 382 3 
Commercial real estate1,875 1,877 104 
Commercial business loans2,504 3,254 39 
Consumer loans:
Home equity loans and advances469 469 27 
8,068 8,840 376 
Total:
Real estate loans:
One-to-four family4,753 5,119 203 
Multifamily 438 442 3 
Commercial real estate15,774 15,776 104 
Commercial business loans2,634 3,640 39 
Consumer loans:
Home equity loans and advances679 741 27 
Total loans$24,278 $25,718 $376 
9.    Loans Receivable and Allowance for Credit Losses (continued)

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 $— 
Multifamily 59 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 
Multifamily 457 460 3 
Commercial real estate16,729 17,595 99 
Commercial business loans1,173 1,430 10 
Consumer loans:
Home equity loans and advances697 789 26 
$23,220 $24,805 $339 
The following table presents interest income recognized for individually analyzed loans by loan segment, excluding PCD loans, for the three months ended March 31, 2023 and 2022:
 For the Three Months Ended March 31,
20232022
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$4,459 $45 $5,030 $55 
Multifamily 448 5 752 11 
Commercial real estate16,252 151 16,423 242 
Commercial business loans1,904 49 1,626 22 
Consumer loans:
Home equity loans and advances688 7 796 11 
Total loans$23,751 $257 $24,627 $341 

Management prepares an analysis each quarter that categorizes the entire loan portfolio by certain risk characteristics such as loan type (residential mortgage, commercial mortgage, construction, commercial business, etc.) and loan risk rating. The categorization of loans into risk categories is based upon relevant information about the borrower's ability to service their debt.
The Company utilizes an eight-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4 (Pass), with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (Special Mention) or 6 (Substandard). Loans with adverse classifications are rated 7 (Doubtful) or 8 (Loss). The risk ratings are also confirmed through periodic loan review examinations which are currently performed by both an independent third-party and the Company's credit risk review department. The Company requires an annual review be performed above certain dollar thresholds, depending on loan type, to help determine the appropriate risk ratings. Results from examinations are presented to the Audit Committee of the Board of Directors.
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 March 31, 2023 and December 31, 2022:

Loans by Year of Origination at March 31, 2023
20232022202120202019PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$20,462 $848,150 $831,259 $289,824 $174,220 $694,583 $— $— $2,858,498 
Special mention— — — — — — — — — 
Substandard— — 641 — 679 1,146 — — 2,466 
Total One-to-Four Family20,462 848,150 831,900 289,824 174,899 695,729 — — 2,860,964 
Gross charge-offs— — — — — 134 — — 134 
Multifamily
Pass91,142 312,669 308,390 160,035 204,633 233,740 — — 1,310,609 
Special mention— — — — — 4,534 — — 4,534 
Substandard— — — — — — — — — 
Total Multifamily91,142 312,669 308,390 160,035 204,633 238,274 — — 1,315,143 
Gross charge-offs— — — — — — — — — 
Commercial Real Estate
Pass50,010 430,326 391,963 167,649 246,612 1,037,991 — — 2,324,551 
Special mention— — 475 — 888 46,046 — — 47,409 
Substandard— — — 3,116 1,607 17,235 — — 21,958 
Total Commercial Real Estate50,010 430,326 392,438 170,765 249,107 1,101,272 — — 2,393,918 
Gross charge-offs— — — — — 86 — — 86 
Construction
Pass24,441 195,969 101,388 20,638 1,382 30,616 — — 374,434 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Construction24,441 195,969 101,388 20,638 1,382 30,616 — — 374,434 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at March 31, 2023
20232022202120202019PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business
Pass$23,304 $54,209 $34,624 $31,811 $19,711 $48,713 $283,464 $— $495,836 
Special mention— — 90 47 1,042 1,015 4,367 — 6,561 
Substandard— — 224 10 — 6,783 7,268 — 14,285 
Total Commercial Business23,304 54,209 34,938 31,868 20,753 56,511 295,099 — 516,682 
Gross charge-offs— — — — — — — — — 
Home Equity Loans and Advances
Pass3,751 22,676 19,615 12,896 11,581 95,538 104,936 426 271,419 
Special mention— — — — — — — — — 
Substandard— — — — — 165 36 — 201 
Total Home Equity Loans and Advances3,751 22,676 19,615 12,896 11,581 95,703 104,972 426 271,620 
Gross charge-offs— — — — — 26 — — 26 
Other Consumer Loans
Pass1,441 223 64 92 71 109 322 — 2,322 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans1,441 223 64 92 71 109 322 — 2,322 
Gross charge-offs— 5 30 — — — — — 35 
Total Loans214,551 1,864,222 1,688,733 686,118 662,426 2,218,214 400,393 426 7,735,083 
Total gross charge-offs$— $5 $30 $— $— $246 $— $— $281 
9.    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)
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 
Gross charge-offs— — 50 — 122 210 — — 382 
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 
Gross charge-offs— — — — — — — — — 
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 
Gross charge-offs— — — — — — — — — 
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 
Gross charge-offs— — — — — — — — — 
9.    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 
Gross charge-offs— — — 143 29 18 — — 190 
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 
Gross charge-offs— — — — — 33 — — 33 
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 
Gross charge-offs10 18 — — — 5 — — 33 
Total Loans1,836,787 1,697,890 710,769 694,400 451,367 1,831,970 400,894 457 7,624,534 
Total gross charge-offs$10 $18 $50 $143 $151 $266 $— $— $638