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Loans Receivable and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Loans receivable at June 30, 2024 and December 31, 2023 are summarized as follows:
June 30,December 31,
20242023
(In thousands)
Real estate loans:
One-to-four family$2,764,177 $2,792,833 
Multifamily1,409,316 1,409,187 
Commercial real estate2,316,252 2,377,077 
Construction462,880 443,094 
Commercial business loans554,768 533,041 
Consumer loans:
Home equity loans and advances260,427 266,632 
Other consumer loans2,689 2,801 
Total gross loans7,770,509 7,824,665 
Purchased credit-deteriorated ("PCD") loans12,150 15,089 
Net deferred loan costs, fees and purchased premiums and discounts36,352 34,783 
Loans receivable$7,819,011 $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 June 30, 2024 and December 31, 2023:
June 30, 2024
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrual CurrentTotal
(In thousands)
Real estate loans:
One-to-four family$12,171 $6,652 $2,597 $21,420 $5,756 $2,742,757 $2,764,177 
Multifamily — — — — — 1,409,316 1,409,316 
Commercial real estate3,088 544 149 3,781 8,066 2,312,471 2,316,252 
Construction— — — — — 462,880 462,880 
Commercial business loans2,340 5,542 2,419 10,301 11,284 544,467 554,768 
Consumer loans:
Home equity loans and advances630 32 75 737 175 259,690 260,427 
Other consumer loans— — — — — 2,689 2,689 
Total loans$18,229 $12,770 $5,240 $36,239 $25,281 $7,734,270 $7,770,509 

December 31, 2023
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrualCurrentTotal
(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 estate1,711 2,472 2,740 6,923 2,740 2,370,154 2,377,077 
Construction— — — — — 443,094 443,094 
Commercial business loans1,727 4,917 6,518 13,162 6,518 519,879 533,041 
Consumer loans:
Home equity loans and advances779 14 170 963 221 265,669 266,632 
Other consumer loans1 — — 1 — 2,800 2,801 
Total loans$15,297 $11,657 $10,986 $37,940 $12,618 $7,786,725 $7,824,665 
Financing Receivable, Allowance for Credit Loss The following tables summarize loans receivable (including PCD loans) and allowance for credit losses by portfolio segment and impairment method at June 30, 2024 and December 31, 2023:
June 30, 2024
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Allowance for credit losses:
Individually analyzed loans$— $— $— $— $76 $— $— $76 
Collectively analyzed loans14,883 8,391 15,048 8,549 7,416 2,652 6 56,945 
Loans acquired with deteriorated credit quality5 — 32 — 2 2 — 41 
Total $14,888 $8,391 $15,080 $8,549 $7,494 $2,654 $6 $57,062 
Total loans:
Individually analyzed loans$378 $— $8,938 $— $10,892 $14 $— $20,222 
Collectively analyzed loans2,763,799 1,409,316 2,307,314 462,880 543,876 260,413 2,689 7,750,287 
Loans acquired with deteriorated credit quality1,853 — 9,823 — 327 147 — 12,150 
Total loans$2,766,030 $1,409,316 $2,326,075 $462,880 $555,095 $260,574 $2,689 $7,782,659 
9.    Loans Receivable and Allowance for Credit Losses (continued)

December 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$186 $7 $237 $— $154 $30 $— $614 
Collectively analyzed loans12,827 8,735 15,378 7,758 7,742 1,862 7 54,309 
Loans acquired with deteriorated credit quality4 — 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 loans2,788,770 1,408,805 2,361,717 443,094 521,491 266,031 2,801 7,792,709 
Loans acquired with deteriorated credit quality1,893 — 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 and six months ended June 30, 2024 and 2023 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)
2024
Balance at beginning of period$13,840 $8,670 $15,232 $8,068 $7,711 $1,873 $7 $55,401 
Provision for (reversal of) credit losses1,046 (279)(32)480 144 777 58 2,194 
Recoveries2 — — 1 262 4 1 270 
Charge-offs— — (120)— (623)— (60)(803)
Balance at end of period$14,888 $8,391 $15,080 $8,549 $7,494 $2,654 $6 $57,062 
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 
9.    Loans Receivable and Allowance for Credit Losses (continued)

 For the Six Months Ended June 30,
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotals
(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 losses1,871 (351)(557)789 4,809 753 158 7,472 
Recoveries2 — — 2 405 9 1 419 
Charge-offs(2)— (120)— (5,643)— (160)(5,925)
Balance at end of period$14,888 $8,391 $15,080 $8,549 $7,494 $2,654 $6 $57,062 
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 
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, 2024 and 2023:
 For the Three Months Ended June 30,For the Six Months Ended June 30,
2024202320242023
(In thousands)
Allowance for Credit Losses:
Beginning balance
$4,654 $6,442 $5,484 $6,970 
(Reversal of) provision for credit losses(666)(112)(1,496)(640)
Balance at end of period
$3,988 $6,330 $3,988 $6,330 
Financing Receivable, Modified
The following table presents the modifications of loans to borrowers experiencing financial difficulty that were modified
during the three and six months ended June 30, 2024 and 2023:
For the Six Months Ended June 30, 2024
Amortized CostTerm ExtensionCombination of Term Extension, Interest Rate Reduction, and Principal Forgiveness% of Total Class of Loans Receivable
(In thousands)
Commercial business$3,700 $3,700 $— 0.67 %
Total loans$3,700 $3,700 $— 0.05 %
For the three months ended June 30, 2024, the Company had no modifications in accordance with the ASU.

For the Three and Six Months Ended June 30, 2023
Amortized CostTerm ExtensionCombination of Term Extension, Interest Rate Reduction, and Principal Forgiveness% of Total Class of Loans Receivable
(In thousands)
Construction$2,317 $2,317 $— 0.61 %
Commercial business 240 240 — 0.05 
Total loans$2,557 $2,557 $— 0.03 %

The following table describes the types of modifications of loans to borrowers experiencing financial difficulty during the
three and six months ended June 30, 2024 and 2023:

                                                                        For the Six Months Ended June 30, 2024
Type of Modifications
Commercial business
15 month term extension
                                                                        For the Three and Six Months Ended June 30, 2023
Type of Modifications
Construction
12 month term extension
Commercial business
12 month term extension
The following tables present the aging analysis of modifications of loans to borrowers experiencing financial difficulty at June 30, 2024 and December 31, 2023:
 June 30, 2024
Current30-59 Days60-89 Days90 Days or MoreNon-accrual Total
(In thousands)
Commercial real estate$— $1,029 $— $— $— $1,029 
Commercial business — — — — 4,119 4,119 
Total loans$— $1,029 $— $— $4,119 $5,148 


December 31, 2023
Current30-59 Days60-89 Days90 Days or MoreNon-accrual Total
(In thousands)
Commercial real estate$1,035 $— $— $— $— $1,035 
Construction2,317 — — — — 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 individually analyzed loans by segment, excluding PCD loans, at June 30, 2024 and December 31, 2023:

At June 30, 2024
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$378 $426 $— 
Commercial real estate8,938 9,598 — 
Commercial business loans10,816 14,514 — 
Consumer loans:
Home equity loans and advances14 14 — 
20,146 24,552 — 
With a specific allowance recorded:
Real estate loans:
Commercial business loans76 76 76 
76 76 76 
Total:
Real estate loans:
One-to-four family378 426 — 
Commercial real estate8,938 9,598 — 
Commercial business loans10,892 14,590 76 
Consumer loans:
Home equity loans and advances14 14 — 
Total loans$20,222 $24,628 $76 
9.    Loans Receivable and Allowance for Credit Losses (continued)
At December 31, 2023
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$1,170 $1,519 $— 
Multifamily 49 52 — 
Commercial real estate12,741 14,364 — 
Commercial business loans5,814 6,764 — 
Consumer loans:
Home equity loans and advances145 163 — 
19,919 22,862 — 
With a specific allowance recorded:
Real estate loans:
One-to-four family2,893 2,911 186 
Multifamily333 333 7 
Commercial real estate2,619 2,622 237 
Commercial business loans5,736 5,736 154 
Consumer loans:
Home equity loans and advances456 456 30 
12,037 12,058 614 
Total:
Real estate loans:
One-to-four family4,063 4,430 186 
Multifamily 382 385 7 
Commercial real estate15,360 16,986 237 
Commercial business loans11,550 12,500 154 
Consumer loans:
Home equity loans and advances601 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 and six months ended June 30, 2024 and 2023:
 For the Three Months Ended June 30,
20242023
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$1,053 $— $4,722 $56 
Multifamily 23 — 429 5 
Commercial real estate9,317 20 16,156 163 
Commercial business loans10,004 — 3,128 18 
Consumer loans:
Home equity loans and advances62 — 660 10 
Total loans$20,459 $20 $25,095 $252 

 For the Six Months Ended June 30,
20242023
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$2,056 $13 $4,536 $101 
Multifamily 143 1 438 10 
Commercial real estate11,331 39 16,347 314 
Commercial business loans10,519 — 2,476 67 
Consumer loans:
Home equity loans and advances242 1 672 17 
Total loans$24,291 $54 $24,469 $509 
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, 2024 and December 31, 2023:

Loans by Year of Origination at June 30, 2024
20242023202220212020PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$57,856 $156,340 $780,416 $770,807 $260,718 $730,906 $— $— $2,757,043 
Special mention— — — — — — — — — 
Substandard— 749 1,671 1,337 603 2,774 — — 7,134 
Total One-to-Four Family57,856 157,089 782,087 772,144 261,321 733,680 — — 2,764,177 
Gross charge-offs— — — — — 2 — — 2 
Multifamily
Pass6,948 116,125 323,476 344,834 167,286 444,915 — — 1,403,584 
Special mention— — — — — 4,511 — — 4,511 
Substandard— — — — — 1,221 — — 1,221 
Total Multifamily6,948 116,125 323,476 344,834 167,286 450,647 — — 1,409,316 
Gross charge-offs— — — — — — — — — 
Commercial Real Estate
Pass67,199 178,405 420,779 369,648 156,603 1,027,279 — — 2,219,913 
Special mention— — 1,443 1 2,819 25,494 — — 29,757 
Substandard— — 11,372 — 3,760 51,450 — — 66,582 
Total Commercial Real Estate67,199 178,405 433,594 369,649 163,182 1,104,223 — — 2,316,252 
Gross charge-offs— — — — — 120 — — 120 
Construction
Pass20,757 137,704 257,764 46,655 — — — — 462,880 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Construction20,757 137,704 257,764 46,655 — — — — 462,880 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at June 30, 2024
20242023202220212020PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business
Pass$36,609 $58,214 $56,977 $28,712 $24,450 $47,279 $267,253 $— $519,494 
Special mention— — 1,447 — 273 835 8,022 — 10,577 
Substandard— 358 582 76 40 7,183 16,060 — 24,299 
Doubtful— — — — — 398 — — 398 
Total Commercial Business36,609 58,572 59,006 28,788 24,763 55,695 291,335 — 554,768 
Gross charge-offs— — — 2,352 — 3,291 — — 5,643 
Home Equity Loans and Advances
Pass6,756 18,596 19,862 17,202 10,712 84,990 35,296 66,837 260,251 
Special mention— — — — — — — — — 
Substandard— — — — — 176 — — 176 
Total Home Equity Loans and Advances6,756 18,596 19,862 17,202 10,712 85,166 35,296 66,837 260,427 
Gross charge-offs— — — — — — — — — 
Other Consumer Loans
Pass2,043 123 118 14 2 67 322 — 2,689 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans2,043 123 118 14 2 67 322 — 2,689 
Gross charge-offs— 32 95 32 — 1 — — 160 
Total Loans198,168 666,614 1,875,907 1,579,286 627,266 2,429,478 326,953 66,837 7,770,509 
Total gross charge-offs$— $32 $95 $2,384 $— $3,414 $— $— $5,925 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at December 31, 2023
20232022202120202019PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$156,279 $786,735 $793,074 $272,215 $165,337 $614,351 $— $— $2,787,991 
Special mention— — — — — — — — — 
Substandard— 1,176 769 283 629 1,985 — — 4,842 
Total One-to-Four family156,279 787,911 793,843 272,498 165,966 616,336 — — 2,792,833 
Gross charge-offs— 208 197 — 29 151 — — 585 
Multifamily
Pass111,612 317,277 359,983 157,294 202,923 255,578 — — 1,404,667 
Special mention— — — — — 4,520 — — 4,520 
Substandard— — — — — — — — — 
Total Multifamily111,612 317,277 359,983 157,294 202,923 260,098 — — 1,409,187 
Gross charge-offs— — — — — — — — — 
Commercial Real Estate
Pass191,030 422,058 371,578 174,705 236,263 930,740 — — 2,326,374 
Special mention— — 465 — 871 24,405 — — 25,741 
Substandard— 5,743 905 1,799 — 16,515 — — 24,962 
Total Commercial Real Estate191,030 427,801 372,948 176,504 237,134 971,660 — — 2,377,077 
Gross charge-offs— — — — 64 86 — — 150 
Construction
Pass99,634 270,397 65,374 4,933 439 2,317 — — 443,094 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Construction99,634 270,397 65,374 4,933 439 2,317 — — 443,094 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at December 31, 2023
20232022202120202019PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business
Pass$67,529 $58,118 $28,989 $27,194 $15,499 $38,954 $272,698 $— $508,981 
Special mention127 303 — 97 14 1,389 4,587 — 6,517 
Substandard— 76 88 6 1,081 6,150 10,142 — 17,543 
Total Commercial Business67,656 58,497 29,077 27,297 16,594 46,493 287,427 — 533,041 
Gross charge-offs— — 31 34 2,249 304 — — 2,618 
Home Equity Loans and Advances
Pass20,198 20,713 18,139 11,368 9,877 84,261 37,261 64,558 266,375 
Special mention— — — — — — — — — 
Substandard— — — — — 257 — — 257 
Total Home Equity Loans and Advances20,198 20,713 18,139 11,368 9,877 84,518 37,261 64,558 266,632 
Gross charge-offs— — — — — 26 — — 26 
Other Consumer Loans
Pass2,199 151 38 6 18 68 321 — 2,801 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans2,199 151 38 6 18 68 321 — 2,801 
Gross charge-offs— 61 52 — — 2 — — 115 
Total Loans648,608 1,882,747 1,639,402 649,900 632,951 1,981,490 325,009 64,558 7,824,665 
Total gross charge-offs$— $269 $280 $34 $2,342 $569 $— $— $3,494