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Loans Receivable and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Accounts, Notes, Loans and Financing Receivable

Loans receivable at September 30, 2024 and December 31, 2023 are summarized as follows:


	September 30,		December 31,
	2024		2023
	(In thousands)
Real estate loans:
One-to-four family	$	2,737,190	$	2,792,833
Multifamily	1,399,000		1,409,187
Commercial real estate	2,312,759		2,377,077
Construction	510,439		443,094
Commercial business loans	586,447		533,041
Consumer loans:
Home equity loans and advances	261,041		266,632
Other consumer loans	2,877		2,801
Total gross loans	7,809,753		7,824,665
Purchased credit-deteriorated ("PCD") loans	11,795		15,089
Net deferred loan costs, fees and purchased premiums and discounts	35,642		34,783
Loans receivable	$	7,857,190	$	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 September 30, 2024 and December 31, 2023:


	September 30, 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	$	14,915	$	6,989	$	2,982	$	24,886	$	7,368	$	2,712,304	$	2,737,190
Multifamily	—		—		—		—		—		1,399,000		1,399,000
Commercial real estate	15,492		450		—		15,942		9,413		2,296,817		2,312,759
Construction	—		—		—		—		—		510,439		510,439
Commercial business loans	3,686		1,253		1,404		6,343		11,061		580,104		586,447
Consumer loans:
Home equity loans and advances	560		139		13		712		172		260,329		261,041
Other consumer loans	2		—		—		2		—		2,875		2,877
Total loans	$	34,655	$	8,831	$	4,399	$	47,885	$	28,014	$	7,761,868	$	7,809,753


	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 September 30, 2024 and December 31, 2023:


	September 30, 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	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Collectively analyzed loans	12,837		8,515		15,527		7,076		13,115		1,384		8		58,462
Loans acquired with deteriorated credit quality	4		—		29		—		—		—		—		33
Total	$	12,841	$	8,515	$	15,556	$	7,076	$	13,115	$	1,384	$	8	$	58,495

Total loans:
Individually analyzed loans	$	7,238	$	5,743	$	7,578	$	—	$	12,062	$	171	$	—	$	32,792
Collectively analyzed loans	2,729,952		1,393,257		2,305,181		510,439		574,385		260,870		2,877		7,776,961
Loans acquired with deteriorated credit quality	1,834		—		9,503		—		311		147		—		11,795
Total loans	$	2,739,024	$	1,399,000	$	2,322,262	$	510,439	$	586,758	$	261,188	$	2,877	$	7,821,548

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 and nine months ended September 30, 2024 and 2023 are as follows:


	For the Three Months Ended September 30,
	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	$	14,888	$	8,391	$	15,080	$	8,549	$	7,494	$	2,654	$	6	$	57,062

Provision for (reversal of) credit losses	(2,055)		124		440		(1,474)		8,267		(1,275)		76		4,103
Recoveries	8		—		36		1		50		5		2		102
Charge-offs	—		—		—		—		(2,696)		—		(76)		(2,772)
Balance at end of period	$	12,841	$	8,515	$	15,556	$	7,076	$	13,115	$	1,384	$	8	$	58,495

2023
Balance at beginning of period	$	11,026	$	9,392	$	16,212	$	6,935	$	7,690	$	2,193	$	8	$	53,456


Provision for (reversal of) credit losses	1,063		117		(454)		10		1,688		(53)		8		2,379
Recoveries	—		—		—		—		624		49		1		674
Charge-offs	(218)		—		—		—		(2,168)		—		(10)		(2,396)
Balance at end of period	$	11,871	$	9,509	$	15,758	$	6,945	$	7,834	$	2,189	$	7	$	54,113

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


	For the Nine Months Ended September 30,
	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	(184)		(227)		(117)		(685)		13,076		(522)		234		11,575
Recoveries	10		—		36		3		455		14		3		521
Charge-offs	(2)		—		(120)		—		(8,339)		—		(236)		(8,697)
Balance at end of period	$	12,841	$	8,515	$	15,556	$	7,076	$	13,115	$	1,384	$	8	$	58,495

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	421		1,632		(2,203)		520		2,725		460		77		3,632
Recoveries	—		—		—		—		830		73		6		909
Charge-offs	(352)		—		(150)		—		(2,618)		(25)		(86)		(3,231)
Balance at end of period	$	11,871	$	9,509	$	15,758	$	6,945	$	7,834	$	2,189	$	7	$	54,113

The following table presents the activity in the allowance for credit losses on off-balance-sheet exposures for the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Allowance for Credit Losses:
Beginning balance	$	3,988	$	6,330	$	5,484	$	6,970
(Reversal of) provision for credit losses	(548)		(520)		(2,044)		(1,160)
Balance at end of period	$	3,440	$	5,810	$	3,440	$	5,810

Financing Receivable, Modified

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

during the three and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30, 2024
	Amortized Cost		Interest Rate Reduction		% of Total Class of Loans Receivable
	(In thousands)

Commercial real estate	$	1,536	$	1,536	0.07	%


Total loans	$	1,536	$	1,536	0.02	%


	For the Three Months Ended September 30, 2023
	Amortized Cost		Term Extension		Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness		% of Total Class of Loans Receivable
	(In thousands)

Commercial real estate	$	1,038	$	1,038	$	—	—	%

Commercial business	5,000		—		5,000		0.09
Total loans	$	6,038	$	1,038	$	5,000	0.01	%


	For the Nine Months Ended September 30, 2024
	Amortized Cost		Interest Rate Reduction		Term Extension		Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness		% of Total Class of Loans Receivable
	(In thousands)

Commercial real estate	$	1,536	$	1,536	$	—	$	—	0.07	%

Commercial business	3,700		—		3,700		—		0.63	%
Total loans	$	5,236	$	1,536	$	3,700	$	—	0.07	%

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


	For the Nine Months Ended September 30, 2023
	Amortized Cost		Term Extension		Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness		% of Total Class of Loans Receivable
	(In thousands)

Commercial real estate	$	1,038	$	1,038	$	—	—	%
Construction	2,317		2,317		—		0.60	%
Commercial business	5,240		240		5,000		1.00	%
Total loans	$	8,595	$	3,595	$	5,000	0.10	%

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

three and nine months ended September 30, 2024 and 2023:


For the Three Months Ended September 30, 2024
			Type of Modifications

Commercial real estate			Interest rate reduction


For the Three Months Ended September 30, 2023
			Type of Modifications


Construction			12 month term extension
Commercial business			12 month term extension, interest rate reduction, and/or principal forgiveness


For the Nine Months Ended September 30, 2024
			Type of Modifications

Commercial real estate			Interest rate reduction

Commercial business			15 month term extension


For the Nine Months Ended September 30, 2023
			Type of Modifications

Commercial real estate			12 month term extension
Construction			12 month term extension
Commercial business			12 month term extension, interest rate reduction, and/or principal forgiveness

The following tables present the aging analysis of modifications of loans to borrowers experiencing financial difficulty at September 30, 2024 and December 31, 2023:


	September 30, 2024
	Current		30-59 Days		60-89 Days		90 Days or More		Non-accrual		Total
	(In thousands)
Commercial real estate	$	1,530	$	—	$	—	$	—	$	1,029	$	2,559

Commercial business	—		—		—		—		3,686		3,686
Total loans	$	1,530	$	—	$	—	$	—	$	4,715	$	6,245


	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 individually analyzed loans by segment, excluding PCD loans, at September 30, 2024 and December 31, 2023:


	At September 30, 2024
	Recorded Investment		Unpaid Principal Balance		Specific Allowance
	(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family	$	7,238	$	7,287	$	—
Multifamily	5,743		5,743		—
Commercial real estate	7,578		8,238		—

Commercial business loans	12,062		15,031		—
Consumer loans:
Home equity loans and advances	171		171		—
	32,792		36,470		—
With a specific allowance recorded:








	—		—		—
Total:
Real estate loans:
One-to-four family	7,238		7,287		—
Multifamily	5,743		5,743		—
Commercial real estate	7,578		8,238		—

Commercial business loans	12,062		15,031		—
Consumer loans:
Home equity loans and advances	171		171		—
Total loans	$	32,792	$	36,470	$	—

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 and nine months ended September 30, 2024 and 2023:


	For the Three Months Ended September 30,
	2024				2023
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(In thousands)
Real estate loans:
One-to-four family	$	3,808	$	—	$	4,329	$	54
Multifamily	2,872		—		411		5
Commercial real estate	8,258		48		16,653		214

Commercial business loans	11,477		—		7,657		78
Consumer loans:
Home equity loans and advances	93		—		626		15
Total loans	$	26,508	$	48	$	29,676	$	366


	For the Nine Months Ended September 30,
	2024				2023
	Average Recorded Investment		Interest Income Recognized		Average Recorded Investment		Interest Income Recognized
	(In thousands)
Real estate loans:
One-to-four family	$	3,352	$	13	$	4,394	$	154
Multifamily	1,543		1		429		15
Commercial real estate	10,393		88		16,452		516

Commercial business loans	10,905		—		4,780		148
Consumer loans:
Home equity loans and advances	224		1		657		32
Total loans	$	26,417	$	103	$	26,712	$	865

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 September 30, 2024 and December 31, 2023:


	Loans by Year of Origination at September 30, 2024
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
	(In thousands)
One-to-Four Family
Pass	$	87,553	$	156,055	$	765,664	$	758,498	$	255,413	$	705,269	$	—	$	—	$	2,728,452
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		747		2,116		1,494		600		3,781		—		—		8,738


Total One-to-Four Family	87,553		156,802		767,780		759,992		256,013		709,050		—		—		2,737,190
Gross charge-offs	—		—		—		—		—		2		—		—		2

Multifamily
Pass	16,708		123,376		307,033		336,837		166,583		440,868		—		—		1,391,405
Special mention	—		—		—		750		—		—		—		—		750
Substandard	—		—		5,743		—		—		1,102		—		—		6,845


Total Multifamily	16,708		123,376		312,776		337,587		166,583		441,970		—		—		1,399,000
Gross charge-offs	—		—		—		—		—		—		—		—		—

Commercial Real Estate
Pass	88,218		178,271		428,615		373,770		154,958		958,565		—		—		2,182,397
Special mention	—		—		1,035		1		2,798		43,947		—		—		47,781
Substandard	—		—		9,838		1,000		3,717		68,026		—		—		82,581


Total Commercial Real Estate	88,218		178,271		439,488		374,771		161,473		1,070,538		—		—		2,312,759
Gross charge-offs	—		—		—		—		—		120		—		—		120

Construction
Pass	35,915		157,306		258,931		47,725		—		—		—		—		499,877
Special mention	—		—		5,554		—		—		—		—		—		5,554
Substandard	—		—		5,008		—		—		—		—		—		5,008


Total Construction	35,915		157,306		269,493		47,725		—		—		—		—		510,439
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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


	Loans by Year of Origination at September 30, 2024
	2024		2023		2022		2021		2020		Prior		Revolving Loans		Revolving Loans to Term Loans		Total
	(In thousands)
Commercial Business
Pass	$	71,735	$	58,408	$	54,552	$	26,194	$	23,293	$	42,311	$	258,085	$	—	$	534,578
Special mention	—		—		236		—		66		767		8,891		—		9,960
Substandard	1,465		326		273		523		235		7,428		31,261		—		41,511
Doubtful	—		—		—		—		—		398		—		—		398

Total Commercial Business	73,200		58,734		55,061		26,717		23,594		50,904		298,237		—		586,447
Gross charge-offs	—		—		364		3,033		—		4,942		—		—		8,339

Home Equity Loans and Advances
Pass	11,015		17,596		19,144		16,708		10,145		81,599		36,902		67,761		260,870
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		171		—		—		171


Total Home Equity Loans and Advances	11,015		17,596		19,144		16,708		10,145		81,770		36,902		67,761		261,041
Gross charge-offs	—		—		—		—		—		—		—		—		—

Other Consumer Loans
Pass	2,283		105		101		10		1		66		311		—		2,877
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—


Total Other Consumer Loans	2,283		105		101		10		1		66		311		—		2,877
Gross charge-offs	—		62		118		54		—		2		—		—		236

Total Loans	314,892		692,190		1,863,843		1,563,510		617,809		2,354,298		335,450		67,761		7,809,753
Total gross charge-offs	$	—	$	62	$	482	$	3,087	$	—	$	5,066	$	—	$	—	$	8,697

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