Loans Receivable and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

Loans receivable at March 31, 2024 and December 31, 2023 are summarized as follows:

	March 31,		December 31,
	2024		2023
	(In thousands)
Real estate loans:
One-to-four family	$	2,778,932	$	2,792,833
Multifamily	1,429,369		1,409,187
Commercial real estate	2,318,178		2,377,077
Construction	437,566		443,094
Commercial business loans	538,260		533,041
Consumer loans:
Home equity loans and advances	260,786		266,632
Other consumer loans	2,601		2,801
Total gross loans	7,765,692		7,824,665
Purchased credit-deteriorated ("PCD") loans	14,945		15,089
Net deferred loan costs, fees and purchased premiums and discounts	34,992		34,783
Loans receivable	$	7,815,629	$	7,874,537

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, 2024 and December 31, 2023:

	March 31, 2024
	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Non-accrual		Current		Total
	(In thousands)
Real estate loans:
One-to-four family	$	8,736	$	3,293	$	3,455	$	15,484	$	5,287	$	2,763,448	$	2,778,932
Multifamily	1,111		—		—		1,111		—		1,428,258		1,429,369
Commercial real estate	5,762		—		1,942		7,704		8,456		2,310,474		2,318,178
Construction	—		—		—		—		—		437,566		437,566
Commercial business loans	3,650		3,949		876		8,475		8,990		529,785		538,260
Consumer loans:
Home equity loans and advances	682		—		187		869		202		259,917		260,786
Other consumer loans	—		—		—		—		—		2,601		2,601
Total loans	$	19,941	$	7,242	$	6,460	$	33,643	$	22,935	$	7,732,049	$	7,765,692

	December 31, 2023
	30-59 Days		60-89 Days		90 Days or More		Total Past Due		Non-accrual		Current		Total
	(In thousands)
Real estate loans:
One-to-four family	$	11,079	$	4,254	$	1,558	$	16,891	$	3,139	$	2,775,942	$	2,792,833
Multifamily	—		—		—		—		—		1,409,187		1,409,187
Commercial real estate	1,711		2,472		2,740		6,923		2,740		2,370,154		2,377,077
Construction	—		—		—		—		—		443,094		443,094
Commercial business loans	1,727		4,917		6,518		13,162		6,518		519,879		533,041
Consumer loans:
Home equity loans and advances	779		14		170		963		221		265,669		266,632
Other consumer loans	1		—		—		1		—		2,800		2,801
Total loans	$	15,297	$	11,657	$	10,986	$	37,940	$	12,618	$	7,786,725	$	7,824,665

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, 2024 and December 31, 2023:

	March 31, 2024
	One-to-Four Family		Multifamily		Commercial Real Estate		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)
Allowance for credit losses:
Individually analyzed loans	$	35	$	—	$	226	$	—	$	98	$	—	$	—	$	359
Collectively analyzed loans	13,800		8,670		14,947		8,068		7,611		1,872		7		54,975
Loans acquired with deteriorated credit quality	5		—		59		—		2		1		—		67
Total	$	13,840	$	8,670	$	15,232	$	8,068	$	7,711	$	1,873	$	7	$	55,401
Total loans:
Individually analyzed loans	$	1,728	$	46	$	9,695	$	—	$	9,115	$	110	$	—	$	20,694
Collectively analyzed loans	2,777,204		1,429,323		2,308,483		437,566		529,145		260,676		2,601		7,744,998
Loans acquired with deteriorated credit quality	1,873		—		12,591		—		344		137		—		14,945
Total loans	$	2,780,805	$	1,429,369	$	2,330,769	$	437,566	$	538,604	$	260,923	$	2,601	$	7,780,637

9.    Loans Receivable and Allowance for Credit Losses (continued)

	December 31, 2023
	One-to-Four Family		Multifamily		Commercial Real Estate		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Total
	(In thousands)
Allowance for credit losses:
Individually analyzed loans	$	186	$	7	$	237	$	—	$	154	$	30	$	—	$	614
Collectively analyzed loans	12,827		8,735		15,378		7,758		7,742		1,862		7		54,309
Loans acquired with deteriorated credit quality	4		—		142		—		27		—		—		173
Total	$	13,017	$	8,742	$	15,757	$	7,758	$	7,923	$	1,892	$	7	$	55,096
Total loans:
Individually analyzed loans	$	4,063	$	382	$	15,360	$	—	$	11,550	$	601	$	—	$	31,956
Collectively analyzed loans	2,788,770		1,408,805		2,361,717		443,094		521,491		266,031		2,801		7,792,709
Loans acquired with deteriorated credit quality	1,893		—		12,689		—		369		138		—		15,089
Total loans	$	2,794,726	$	1,409,187	$	2,389,766	$	443,094	$	533,410	$	266,770	$	2,801	$	7,839,754

The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2024 and 2023 are as follows:

	For the Three Months Ended March 31,
	One-to-Four Family		Multifamily		Commercial Real Estate		Construction		Commercial Business		Home Equity Loans and Advances		Other Consumer Loans		Totals
	(In thousands)
2024
Balance at beginning of period	$	13,017	$	8,742	$	15,757	$	7,758	$	7,923	$	1,892	$	7	$	55,096
Provision for (reversal of) credit losses	825		(72)		(525)		309		4,665		(24)		100		5,278
Recoveries	—		—		—		1		143		5		—		149
Charge-offs	(2)		—		—		—		(5,020)		—		(100)		(5,122)
Balance at end of period	$	13,840	$	8,670	$	15,232	$	8,068	$	7,711	$	1,873	$	7	$	55,401
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	1,121		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

The following table presents the activity in the allowance for credit losses on off-balance-sheet exposures for the three months ended March 31, 2024 and 2023:

	March 31,
	2024		2023
	(In thousands)
Allowance for Credit Losses:
Beginning balance	$	5,484	$	6,970
(Reversal of) provision for credit losses	(830)		(528)
Balance at end of period	$	4,654	$	6,442

Financing Receivable, Modified

The following table presents the modifications of loans to borrowers experiencing financial difficulty that were modified

during the three months ended March 31, 2024:

	For the Three Months Ended March 31, 2024
	Amortized Cost		Term Extension		Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness		% of Total Class of Loans Receivable
	(In thousands)
Commercial business	$	3,700	$	3,700	$	—	0.69	%
Total loans	$	3,700	$	3,700	$	—	0.05	%

The following table describes the types of modifications of loans to borrowers experiencing financial difficulty during the

three months ended March 31, 2024:

For the Three Months Ended March 31, 2024
	Type of Modifications
Commercial business	15 month term extension

The following tables presents the aging analysis of modifications of loans to borrowers experiencing financial difficulty at March 31, 2024 and December 31, 2023:

	March 31, 2024
	Current		30-59 Days		60-89 Days		90 Days or More		Non-accrual		Total
	(In thousands)
Commercial real estate	$	1,031	$	—	$	—	$	—	$	—	$	1,031
Commercial business	—		—		—		—		5,656		5,656
Total loans	$	1,031	$	—	$	—	$	—	$	5,656	$	6,687

9.    Loans Receivable and Allowance for Credit Losses (continued)

	December 31, 2023
	Current		30-59 Days		60-89 Days		90 Days or More		Non-accrual		Total
	(In thousands)
Commercial real estate	$	1,035	$	—	$	—	$	—	$	—	$	1,035
Construction	2,317		—		—		—		—		2,317
Commercial business	—		—		4,917		—		237		5,154
Total loans	$	3,352	$	—	$	4,917	$	—	$	237	$	8,506

Impaired Financing Receivables

The following tables present loans individually analyzed loans by segment, excluding PCD loans, at March 31, 2024 and December 31, 2023:

	At March 31, 2024
	Recorded Investment		Unpaid Principal Balance		Specific Allowance
	(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family	$	1,139	$	1,423	$	—
Multifamily	46		50		—
Commercial real estate	1,942		2,908		—
Commercial business loans	4,865		4,865		—
Consumer loans:
Home equity loans and advances	110		128		—
	8,102		9,374		—
With a specific allowance recorded:
Real estate loans:
One-to-four family	589		589		35
Commercial real estate	7,753		8,412		226
Commercial business loans	4,250		4,249		98
	12,592		13,250		359
Total:
Real estate loans:
One-to-four family	1,728		2,012		35
Multifamily	46		50		—
Commercial real estate	9,695		11,320		226
Commercial business loans	9,115		9,114		98
Consumer loans:
Home equity loans and advances	110		128		—
Total loans	$	20,694	$	22,624	$	359

9.    Loans Receivable and Allowance for Credit Losses (continued)

	At December 31, 2023
	Recorded Investment		Unpaid Principal Balance		Specific Allowance
	(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family	$	1,170	$	1,519	$	—
Multifamily	49		52		—
Commercial real estate	12,741		14,364		—
Commercial business loans	5,814		6,764		—
Consumer loans:
Home equity loans and advances	145		163		—
	19,919		22,862		—
With a specific allowance recorded:
Real estate loans:
One-to-four family	2,893		2,911		186
Multifamily	333		333		7
Commercial real estate	2,619		2,622		237
Commercial business loans	5,736		5,736		154
Consumer loans:
Home equity loans and advances	456		456		30
	12,037		12,058		614
Total:
Real estate loans:
One-to-four family	4,063		4,430		186
Multifamily	382		385		7
Commercial real estate	15,360		16,986		237
Commercial business loans	11,550		12,500		154
Consumer loans:
Home equity loans and advances	601		619		30
	$	31,956	$	34,920	$	614

The following table presents interest income recognized for individually analyzed loans by loan segment, excluding PCD loans and non-accrual loans, for the three months ended March 31, 2024 and 2023:

	For the Three Months Ended March 31,
	2024				2023
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(In thousands)
Real estate loans:
One-to-four family	$	2,896	$	13	$	4,459	$	45
Multifamily	214		1		448		5
Commercial real estate	12,528		20		16,252		151
Commercial business loans	10,333		—		1,904		49
Consumer loans:
Home equity loans and advances	356		1		688		7
Total loans	$	26,327	$	35	$	23,751	$	257

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, 2024 and December 31, 2023:

	Loans by Year of Origination at March 31, 2024
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
	(In thousands)
One-to-Four Family
Pass	$	22,636	$	157,523	$	785,252	$	783,100	$	267,209	$	757,084	$	—	$	—	$	2,772,804
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		751		1,398		1,064		291		2,624		—		—		6,128
Total One-to-Four Family	22,636		158,274		786,650		784,164		267,500		759,708		—		—		2,778,932
Gross charge-offs	—		—		—		—		—		2		—		—		2
Multifamily
Pass	—		117,242		320,866		365,098		169,203		452,444		—		—		1,424,853
Special mention	—		—		—		—		—		4,516		—		—		4,516
Substandard	—		—		—		—		—		—		—		—		—
Total Multifamily	—		117,242		320,866		365,098		169,203		456,960		—		—		1,429,369
Gross charge-offs	—		—		—		—		—		—		—		—		—
Commercial Real Estate
Pass	13,969		182,962		431,612		362,730		164,245		1,105,621		—		—		2,261,139
Special mention	—		—		—		463		—		22,285		—		—		22,748
Substandard	—		—		5,743		—		1,793		26,755		—		—		34,291
Total Commercial Real Estate	13,969		182,962		437,355		363,193		166,038		1,154,661		—		—		2,318,178
Gross charge-offs	—		—		—		—		—		—		—		—		—
Construction
Pass	6,343		119,856		251,745		59,622		—		—		—		—		437,566
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total Construction	6,343		119,856		251,745		59,622		—		—		—		—		437,566
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

9.    Loans Receivable and Allowance for Credit Losses (continued)

	Loans by Year of Origination at March 31, 2024
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
	(In thousands)
Commercial Business
Pass	$	16,089	$	59,522	$	56,408	$	27,402	$	25,746	$	50,048	$	274,391	$	—	$	509,606
Special mention	—		—		—		—		66		931		1,878		—		2,875
Substandard	—		392		452		83		56		7,914		16,484		—		25,381
Doubtful	—		—		—		—		—		398		—		—		398
Total Commercial Business	16,089		59,914		56,860		27,485		25,868		59,291		292,753		—		538,260
Gross charge-offs	—		—		—		2,352		—		2,668		—		—		5,020
Home Equity Loans and Advances
Pass	3,939		19,264		20,289		17,744		10,997		89,436		32,577		66,338		260,584
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		202		—		—		202
Total Home Equity Loans and Advances	3,939		19,264		20,289		17,744		10,997		89,638		32,577		66,338		260,786
Gross charge-offs	—		—		—		—		—		—		—		—		—
Other Consumer Loans
Pass	1,932		133		134		18		3		74		307		—		2,601
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total Other Consumer Loans	1,932		133		134		18		3		74		307		—		2,601
Gross charge-offs	—		24		52		22		—		2		—		—		100
Total Loans	64,908		657,645		1,873,899		1,617,324		639,609		2,520,332		325,637		66,338		7,765,692
Total gross charge-offs	$	—	$	24	$	52	$	2,374	$	—	$	2,672	$	—	$	—	$	5,122

9.    Loans Receivable and Allowance for Credit Losses (continued)

	Loans by Year of Origination at December 31, 2023
	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
	(In thousands)
One-to-Four Family
Pass	$	156,279	$	786,735	$	793,074	$	272,215	$	165,337	$	614,351	$	—	$	—	$	2,787,991
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		1,176		769		283		629		1,985		—		—		4,842
Total One-to-Four family	156,279		787,911		793,843		272,498		165,966		616,336		—		—		2,792,833
Gross charge-offs	—		208		197		—		29		151		—		—		585
Multifamily
Pass	111,612		317,277		359,983		157,294		202,923		255,578		—		—		1,404,667
Special mention	—		—		—		—		—		4,520		—		—		4,520
Substandard	—		—		—		—		—		—		—		—		—
Total Multifamily	111,612		317,277		359,983		157,294		202,923		260,098		—		—		1,409,187
Gross charge-offs	—		—		—		—		—		—		—		—		—
Commercial Real Estate
Pass	191,030		422,058		371,578		174,705		236,263		930,740		—		—		2,326,374
Special mention	—		—		465		—		871		24,405		—		—		25,741
Substandard	—		5,743		905		1,799		—		16,515		—		—		24,962
Total Commercial Real Estate	191,030		427,801		372,948		176,504		237,134		971,660		—		—		2,377,077
Gross charge-offs	—		—		—		—		64		86		—		—		150
Construction
Pass	99,634		270,397		65,374		4,933		439		2,317		—		—		443,094
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total Construction	99,634		270,397		65,374		4,933		439		2,317		—		—		443,094
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

9.    Loans Receivable and Allowance for Credit Losses (continued)

	Loans by Year of Origination at December 31, 2023
	2023		2022		2021		2020		2019		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
	(In thousands)
Commercial Business
Pass	$	67,529	$	58,118	$	28,989	$	27,194	$	15,499	$	38,954	$	272,698	$	—	$	508,981
Special mention	127		303		—		97		14		1,389		4,587		—		6,517
Substandard	—		76		88		6		1,081		6,150		10,142		—		17,543
Total Commercial Business	67,656		58,497		29,077		27,297		16,594		46,493		287,427		—		533,041
Gross charge-offs	—		—		31		34		2,249		304		—		—		2,618
Home Equity Loans and Advances
Pass	20,198		20,713		18,139		11,368		9,877		84,261		37,261		64,558		266,375
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		257		—		—		257
Total Home Equity Loans and Advances	20,198		20,713		18,139		11,368		9,877		84,518		37,261		64,558		266,632
Gross charge-offs	—		—		—		—		—		26		—		—		26
Other Consumer Loans
Pass	2,199		151		38		6		18		68		321		—		2,801
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Total Other Consumer Loans	2,199		151		38		6		18		68		321		—		2,801
Gross charge-offs	—		61		52		—		—		2		—		—		115
Total Loans	648,608		1,882,747		1,639,402		649,900		632,951		1,981,490		325,009		64,558		7,824,665
Total gross charge-offs	$	—	$	269	$	280	$	34	$	2,342	$	569	$	—	$	—	$	3,494