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Loans Receivable and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable Loans receivable at June 30, 2023 and December 31, 2022 are summarized as follows:
June 30,December 31,
20232022
(In thousands)
Real estate loans:
One-to-four family$2,789,269 $2,860,184 
Multifamily1,376,999 1,239,207 
Commercial real estate2,386,896 2,413,394 
Construction378,988 336,553 
Commercial business loans505,524 497,469 
Consumer loans:
Home equity loans and advances269,310 274,302 
Other consumer loans2,552 3,425 
Total gross loans7,709,538 7,624,534 
Purchased credit-deteriorated ("PCD") loans16,107 17,059 
Net deferred loan costs, fees and purchased premiums and discounts34,791 35,971 
Loans receivable$7,760,436 $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 June 30, 2023 and December 31, 2022:
June 30, 2023
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrual CurrentTotal
(In thousands)
Real estate loans:
One-to-four family$7,826 $3,154 $2,493 $13,473 $4,077 $2,775,796 $2,789,269 
Multifamily 2,101 — — 2,101 — 1,374,898 1,376,999 
Commercial real estate203 1,942 3,745 5,890 3,744 2,381,006 2,386,896 
Construction— — — — — 378,988 378,988 
Commercial business loans— 228 2,915 3,143 3,067 502,381 505,524 
Consumer loans:
Home equity loans and advances229 59 148 436 203 268,874 269,310 
Other consumer loans— 17 — 17 — 2,535 2,552 
Total loans$10,359 $5,400 $9,301 $25,060 $11,091 $7,684,478 $7,709,538 

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 June 30, 2023 and December 31, 2022:
June 30, 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$209 $2 $309 $— $74 $28 $— $622 
Collectively analyzed loans10,813 9,390 15,855 6,925 7,596 2,165 8 52,752 
Loans acquired with deteriorated credit quality4 — 48 10 20 — — 82 
Total $11,026 $9,392 $16,212 $6,935 $7,690 $2,193 $8 $53,456 
Total loans:
Individually analyzed loans$4,691 $420 $16,538 $— $3,622 $641 $— $25,912 
Collectively analyzed loans2,784,578 1,376,579 2,370,358 378,988 501,902 268,669 2,552 7,683,626 
Loans acquired with deteriorated credit quality1,932 — 12,583 1,040 409 143 — 16,107 
Total loans$2,791,201 $1,376,999 $2,399,479 $380,028 $505,933 $269,453 $2,552 $7,725,645 
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 and six months ended June 30, 2023 and 2022 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)
2023
Balance at beginning of period$12,789 $8,145 $16,257 $6,739 $7,320 $1,614 $9 $52,873 
Provision for (reversal of) credit losses(1,763)1,247 19 196 764 575 40 1,078 
Recoveries— — — — 56 4 — 60 
Charge-offs— — (64)— (450)— (41)(555)
Balance at end of period$11,026 $9,392 $16,212 $6,935 $7,690 $2,193 $8 $53,456 
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 
9.    Loans Receivable and Allowance for Credit Losses (continued)

For the Six Months Ended June 30,
One-to-Four FamilyMultifamilyCommercial Real EstateConstructionCommercial BusinessHome 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 losses(642)1,515 (1,749)510 1,037 514 68 1,253 
Recoveries— — — — 206 24 6 236 
Charge-offs(134)— (150)— (450)(26)(76)(836)
Balance at end of period$11,026 $9,392 $16,212 $6,935 $7,690 $2,193 $8 $53,456 
2022
Balance at beginning of period$8,798 $7,741 $16,114 $8,943 $20,214 $873 $6 $62,689 
Initial adoption 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 
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, 2023 and 2022:
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
(In thousands)
Allowance for Credit Losses:
Beginning balance
$6,442 $8,846 $6,970 $524 
Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2022— — — 7,674 
(Reversal of) provision for credit losses(112)(488)(640)160 
Balance at end of period
$6,330 $8,358 $6,330 $8,358 
Financing Receivable, Modified
The following table presents the amortized cost basis of loans to borrowers experiencing financial difficult at June 30, 2023 that were modified during the three and six months ended June 30, 2023:

Three and Six Months Ended June 30, 2023
Amortized CostTerm Extension% of Total Class of Loans Receivable
(In thousands)
Construction$2,317 $2,317 0.6 %
Commercial business loan240 240 — 
Total loans$2,557 $2,557 0.7 %

The following table describes the types of modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2023:

Type of Modifications
Construction
12 month term extension
Commercial business loan
12 month term extension
Impaired Financing Receivables
The following tables present loans individually analyzed loans by segment, excluding PCD loans, at June 30, 2023 and December 31, 2022:

At June 30, 2023
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$1,244 $1,592 $— 
Multifamily 54 57 — 
Commercial real estate13,831 14,519 — 
Commercial business loans1,170 1,876 — 
Consumer loans:
Home equity loans and advances176 238 — 
16,475 18,282 — 
With a specific allowance recorded:
Real estate loans:
One-to-four family3,447 3,466 209 
Multifamily366 366 2 
Commercial real estate2,707 2,710 309 
Commercial business loans2,452 3,202 74 
Consumer loans:
Home equity loans and advances465 465 28 
9,437 10,209 622 
Total:
Real estate loans:
One-to-four family4,691 5,058 209 
Multifamily 420 423 2 
Commercial real estate16,538 17,229 309 
Commercial business loans3,622 5,078 74 
Consumer loans:
Home equity loans and advances641 703 28 
Total loans$25,912 $28,491 $622 
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 and six months ended June 30, 2023 and 2022:
 For the Three Months Ended June 30,
20232022
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$4,722 $56 $4,577 $46 
Multifamily 429 5 731 11 
Commercial real estate16,156 163 16,176 164 
Commercial business loans3,128 18 1,373 22 
Consumer loans:
Home equity loans and advances660 10 873 10 
Total loans$25,095 $252 $23,730 $253 
For the Six Months Ended June 30,
20232022
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$4,536 $101 $4,779 $101 
Multifamily438 10 741 22 
Commercial real estate16,347 314 16,061 406 
Construction— — — — 
Commercial business loans2,476 67 1,517 44 
Consumer loans:
Home equity loans and advances672 17 817 21 
Total loans$24,469 $509 $23,915 $594 
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, 2023 and December 31, 2022:

Loans by Year of Origination at June 30, 2023
20232022202120202019PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$44,275 $797,301 $818,807 $285,977 $171,383 $667,095 $— $— $2,784,838 
Special mention— — — — — — — — — 
Substandard— 446 1,427 155 831 1,572 — — 4,431 
Total One-to-Four Family44,275 797,747 820,234 286,132 172,214 668,667 — — 2,789,269 
Gross charge-offs— — — — — 134 — — 134 
Multifamily
Pass96,325 324,248 353,124 161,470 205,147 232,156 — — 1,372,470 
Special mention— — — — — 4,529 — — 4,529 
Substandard— — — — — — — — — 
Total Multifamily96,325 324,248 353,124 161,470 205,147 236,685 — — 1,376,999 
Gross charge-offs— — — — — — — — — 
Commercial Real Estate
Pass142,915 417,584 371,983 176,425 242,775 976,884 — — 2,328,566 
Special mention— — 472 — 882 45,379 — — 46,733 
Substandard— — — 3,105 1,607 6,885 — — 11,597 
Total Commercial Real Estate142,915 417,584 372,455 179,530 245,264 1,029,148 — — 2,386,896 
Gross charge-offs— — — — 64 86 — — 150 
Construction
Pass34,856 231,792 75,358 4,933 1,321 30,728 — — 378,988 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Construction34,856 231,792 75,358 4,933 1,321 30,728 — — 378,988 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at June 30, 2023
20232022202120202019PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business
Pass$31,917 $51,978 $32,165 $29,608 $17,981 $47,252 $271,516 $— $482,417 
Special mention— 148 70 42 551 959 6,700 — 8,470 
Substandard— 76 316 25 502 6,149 7,569 — 14,637 
Total Commercial Business31,917 52,202 32,551 29,675 19,034 54,360 285,785 — 505,524 
Gross charge-offs— — 31 17 250 152 — — 450 
Home Equity Loans and Advances
Pass8,893 21,990 19,072 12,245 11,196 91,591 103,638 426 269,051 
Special mention— — — — — — — — — 
Substandard— — — — — 246 13 — 259 
Total Home Equity Loans and Advances8,893 21,990 19,072 12,245 11,196 91,837 103,651 426 269,310 
Gross charge-offs— — — — — 26 — — 26 
Other Consumer Loans
Pass1,826 186 56 14 52 84 321 — 2,539 
Special mention— — — — — — — — — 
Substandard— — — — — 13 — — 13 
Total Other Consumer Loans1,826 186 56 14 52 97 321 — 2,552 
Gross charge-offs— 38 38 — — — — — 76 
Total Loans361,007 1,845,749 1,672,850 673,999 654,228 2,111,522 389,757 426 7,709,538 
Total gross charge-offs$— $38 $69 $17 $314 $398 $— $— $836 
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 $— $— $2,857,707 
Special mention— — — — — — — — — 
Substandard— 641 — 681 320 835 — — 2,477 
Total One-to-Four family829,363 836,996 294,721 177,795 125,377 595,932 — — 2,860,184 
Gross charge-offs— — 50 — 122 210 — — 382 
Multifamily
Pass315,157 309,611 167,955 205,608 38,849 197,489 — — 1,234,669 
Special mention— — — — — 4,538 — — 4,538 
Substandard— — — — — — — — — 
Total Multifamily315,157 309,611 167,955 205,608 38,849 202,027 — — 1,239,207 
Gross charge-offs— — — — — — — — — 
Commercial Real Estate
Pass448,313 392,689 170,125 260,268 231,868 852,104 — — 2,355,367 
Special mention— 478 1,843 892 15,498 20,939 — — 39,650 
Substandard— — 1,286 1,607 — 15,484 — — 18,377 
Total Commercial Real Estate448,313 393,167 173,254 262,767 247,366 888,527 — — 2,413,394 
Gross charge-offs— — — — — — — — — 
Construction
Pass159,751 104,339 28,058 14,216 870 29,319 — — 336,553 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Construction159,751 104,339 28,058 14,216 870 29,319 — — 336,553 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
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