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LOANS RECEIVABLE, NET (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Loans Receivable
Loans receivable are summarized as follows:
March 31,
2024		December 31,
2023
(In thousands)
Commercial and industrial$1,014,084 $1,010,998 
Multifamily1,175,467 1,148,120 
Commercial real estate353,598 353,432 
Construction and land development23,266 23,626 
   Total commercial portfolio2,566,415 2,536,176 
Residential real estate lending1,419,321 1,425,596 
Consumer solar398,501 408,260 
Consumer and other39,543 41,287 
   Total retail portfolio1,857,365 1,875,143 
Total loans receivable4,423,780 4,411,319 
Allowance for credit losses(64,400)(65,691)
Total loans receivable, net$4,359,380 $4,345,628 

Included in commercial and industrial loans are government guaranteed loans with a balance of $224.7 million at March 31, 2024 and $225.6 million at December 31, 2023. Due to these loans being fully guaranteed by the United States government, no allowance for credit losses is recorded in relation to these loans at March 31, 2024 and December 31, 2023.
Schedule of Quality of Bank's Loans
The following table presents information regarding the past due status of the Company’s loans as of March 31, 2024:
30-59 Days Past Due
60-89 Days
Past Due
Non-
Accrual		90 Days or
More
Delinquent
and Still
Accruing
Interest
Total Past
Due and Non-Accrual
CurrentTotal Loans
Receivable
(In thousands)
Commercial and industrial$113 $19 $8,750 $— $8,882 $1,005,202 $1,014,084 
Multifamily— — — — — 1,175,467 1,175,467 
Commercial real estate— — 4,354 — 4,354 349,244 353,598 
Construction and land development— — 11,124 — 11,124 12,142 23,266 
Total commercial portfolio113 19 24,228 — 24,360 2,542,055 2,566,415 
Residential real estate lending9,406 5,458 4,763 — 19,627 1,399,694 1,419,321 
Consumer solar2,585 1,579 3,852 — 8,016 390,485 398,501 
Consumer and other534 876 176 — 1,586 37,957 39,543 
     Total retail portfolio12,525 7,913 8,791 — 29,229 1,828,136 1,857,365 
$12,638 $7,932 $33,019 $— $53,589 $4,370,191 $4,423,780 
The following table presents information regarding the past due status of the Company’s loans as of December 31, 2023:
30-59 Days Past Due
60-89 Days
Past Due
Non-
Accrual		90 Days or
More
Delinquent
and Still
Accruing
Interest
Total Past
Due and Non-Accrual
CurrentTotal Loans
Receivable
(In thousands)
Commercial and industrial$266 $168 $7,533 $— $7,967 $1,003,031 $1,010,998 
Multifamily11,968 — — — 11,968 1,136,152 1,148,120 
Commercial real estate— — 4,490 — 4,490 348,942 353,432 
Construction and land development5,199 — 11,166 — 16,365 7,261 23,626 
     Total commercial portfolio17,433 168 23,189 — 40,790 2,495,386 2,536,176 
Residential real estate lending6,995 2,133 7,218 — 16,346 1,409,250 1,425,596 
Consumer solar2,569 2,788 2,673 — 8,030 400,230 408,260 
Consumer and other754 231 103 — 1,088 40,199 41,287 
     Total retail portfolio10,318 5,152 9,994 — 25,464 1,849,679 1,875,143 
$27,751 $5,320 $33,183 $— $66,254 $4,345,065 $4,411,319 
Schedule of Loan Modifications
The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the three months ended March 31, 2023:

Term Extension
Three Months Ended March 31, 2023
(Dollars in thousands)Amortized Cost% of Portfolio
Commercial and industrial$626 0.1 %
Commercial real estate866 0.3 %
Construction and land development6,887 18.2 %

The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
Term Extension
Three Months Ended March 31, 2023
Commercial and industrial
Modification added a weighted average 1.0 years to the life of the modified loan.
Commercial real estate
Modification added a weighted average 0.5 years to the life of the modified loan.
Construction and land development
Modifications added a weighted average 0.8 years to the life of the modified loans.
Schedule of Loans by Credit Quality Indicator
The following tables summarize the Company’s loan portfolio by credit quality indicator as of March 31, 2024:

Term Loans by Origination Year
(In thousands)20242023202220212020 & PriorRevolving loansRevolving Loans Converted to TermTotal
Commercial and Industrial:
Pass$24,254 $151,201 $195,629 $192,446 $254,474 $133,950 $— $951,954 
Special Mention— — 86 13,750 4,695 1,406 — 19,937 
Substandard— — 570 17,844 20,549 2,078 — 41,041 
Doubtful— — — — 1,091 61 — 1,152 
Total commercial and industrial$24,254 $151,201 $196,285 $224,040 $280,809 $137,495 $— $1,014,084 
Current period gross charge-offs$— $250 $150 $— $— $— $— $400 
Multifamily:
Pass$50,247 $223,462 $364,213 $44,108 $482,807 $2 $— $1,164,839 
Special Mention— — — — 8,347 — — 8,347 
Substandard— — — — 2,281 — — 2,281 
Doubtful— — — — — — — — 
Total multifamily$50,247 $223,462 $364,213 $44,108 $493,435 $2 $— $1,175,467 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Commercial real estate:
Pass$15,958 $42,021 $59,599 $48,314 $175,732 $3,847 $— $345,471 
Special Mention— — — — 3,773 — — 3,773 
Substandard— — — — 4,354 — — 4,354 
Doubtful— — — — — — — — 
Total commercial real estate$15,958 $42,021 $59,599 $48,314 $183,859 $3,847 $— $353,598 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Construction and land development:
Pass$— $— $— $— $6,943 $5,199 $— $12,142 
Special Mention— — — — — — — — 
Substandard— — — — — 11,124 — 11,124 
Doubtful— — — — — — — — 
Total construction and land development$— $— $— $— $6,943 $16,323 $— $23,266 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Residential real estate lending:
Pass$17,544 $136,060 $419,329 $316,789 $525,799 $— $— $1,415,521 
Special Mention— — — — — — — — 
Substandard— — 722 1,029 2,049 — — 3,800 
Doubtful— — — — — — — — 
Total residential real estate lending$17,544 $136,060 $420,051 $317,818 $527,848 $— $— $1,419,321 
Current period gross charge-offs$— $— $— $— $160 $— $— $160 
Consumer solar:
Pass$— $30,527 $101,034 $127,718 $135,835 $— $— $395,114 
Special Mention— — — — — — — — 
Substandard— 24 1,409 941 1,013 — — 3,387 
Doubtful— — — — — — — — 
Total consumer solar$— $30,551 $102,443 $128,659 $136,848 $— $— $398,501 
Current period gross charge-offs$— $— $171 $1,298 $337 $— $— $1,806 
Consumer and other:
Pass$383 $2,056 $14,401 $11,579 $10,930 $— $— $39,349 
Special Mention— — — — — — — — 
Substandard— 6 20 101 67 — — 194 
Doubtful— — — — — — — — 
Total consumer and other$383 $2,062 $14,421 $11,680 $10,997 $— $— $39,543 
Current period gross charge-offs$— $3 $— $— $93 $— $— $96 
Total Loans:
Pass$108,386 $585,327 $1,154,205 $740,954 $1,592,520 $142,998 $— $4,324,390 
Special Mention— — 86 13,750 16,815 1,406 — 32,057 
Substandard— 30 2,721 19,915 30,313 13,202 — 66,181 
Doubtful— — — — 1,091 61 — 1,152 
Total loans$108,386 $585,357 $1,157,012 $774,619 $1,640,739 $157,667 $— $4,423,780 
Current period gross charge-offs$— $253 $321 $1,298 $590 $— $— $2,462 
The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2023:
Term Loans by Origination Year
(In thousands)20232022202120202019 & PriorRevolving loansRevolving Loans Converted to TermTotal
Commercial and Industrial:
Pass$130,568 $220,552 $192,682 $117,966 $141,542 $138,003 $— $941,313 
Special Mention— — 16,692 3,975 934 4,222 — 25,823 
Substandard— 720 — 5,143 16,927 21,072 — 43,862 
Doubtful— — — — — — — — 
Total commercial and industrial$130,568 $221,272 $209,374 $127,084 $159,403 $163,297 $— $1,010,998 
Current period gross charge-offs$— $— $— $— $1,726 $— $— $1,726 
Multifamily:
Pass$193,827 $382,652 $45,287 $138,131 $377,554 $2 $— $1,137,453 
Special Mention— — — — 8,373 — — 8,373 
Substandard— — — — 2,294 — — 2,294 
Doubtful— — — — — — — — 
Total multifamily$193,827 $382,652 $45,287 $138,131 $388,221 $2 $— $1,148,120 
Current period gross charge-offs$— $— $— $— $2,367 $— $— $2,367 
Commercial real estate:
Pass$73,089 $42,824 $48,624 $36,478 $140,674 $3,456 $— $345,145 
Special Mention— — — — 3,797 — — 3,797 
Substandard— — — 1,858 2,632 — — 4,490 
Doubtful— — — — — — — — 
Total commercial real estate$73,089 $42,824 $48,624 $38,336 $147,103 $3,456 $— $353,432 
Current period gross charge-offs$— $— $— $— $— $— $— $— 
Construction and land development:
Pass$— $— $— $— $7,261 $5,199 $— $12,460 
Special Mention— — — — — — — — 
Substandard— — — — — 11,166 — 11,166 
Doubtful— — — — — — — — 
Total construction and land development$— $— $— $— $7,261 $16,365 $— $23,626 
Current period gross charge-offs$— $— $— $— $4,664 $— $— $4,664 
Residential real estate lending:
Pass$137,167 $413,962 $328,952 $134,795 $403,508 $— $— $1,418,384 
Special Mention— — — — — — — — 
Substandard— 3,232 1,003 399 2,578 — — 7,212 
Doubtful— — — — — — — — 
Total residential real estate lending$137,167 $417,194 $329,955 $135,194 $406,086 $— $— $1,425,596 
Current period gross charge-offs$— $— $— $— $65 $— $— $65 
Consumer solar:
Pass$30,412 $104,633 $131,008 $72,752 $67,044 $— $— $405,849 
Special Mention— — — — — — — — 
Substandard— 529 1,080 527 275 — — 2,411 
Doubtful— — — — — — — — 
Total consumer solar$30,412 $105,162 $132,088 $73,279 $67,319 $— $— $408,260 
Current period gross charge-offs$— $1,525 $3,034 $2,095 $312 $— $— $6,966 
Consumer and other:
Pass$2,730 $14,807 $11,866 $— $11,780 $— $— $41,183 
Special Mention— — — — — — — — 
Substandard5 36 63 — — — — 104 
Doubtful— — — — — — — — 
Total consumer and other$2,735 $14,843 $11,929 $— $11,780 $— $— $41,287 
Current period gross charge-offs$2 $— $— $— $268 $— $— $270 
Total Loans:
Pass$567,793 $1,179,430 $758,419 $500,122 $1,149,363 $146,660 $— $4,301,787 
Special Mention— — 16,692 3,975 13,104 4,222 — 37,993 
Substandard5 4,517 2,146 7,927 24,706 32,238 — 71,539 
Doubtful— — — — — — — — 
Total loans$567,798 $1,183,947 $777,257 $512,024 $1,187,173 $183,120 $— $4,411,319 
Current period gross charge-offs$2 $1,525 $3,034 $2,095 $9,402 $— $— $16,058 
Schedule of Method for Evaluating Impairment and Allowance for Credit Loss Activity
The activities in the allowance by portfolio for the three months ended March 31, 2024 are as follows:
(In thousands)Commercial and IndustrialMultifamilyCommercial Real EstateConstruction and Land DevelopmentResidential Real Estate LendingConsumer SolarConsumer and OtherTotal
Allowance for credit losses:
Beginning balance$18,331 $2,133 $1,276 $24 $13,273 $27,978 $2,676 $65,691 
Provision for (recovery of) credit losses(1,938)2,315 129 829 (853)482 (74)890 
Charge-offs(400)— — — (160)(1,806)(96)(2,462)
Recoveries4 — — — 147 121 9 281 
Ending balance$15,997 $4,448 $1,405 $853 $12,407 $26,775 $2,515 $64,400 

The activities in the allowance by portfolio for the three months ended March 31, 2023 are as follows:

(In thousands)Commercial and IndustrialMultifamilyCommercial Real EstateConstruction and Land DevelopmentResidential Real Estate Lending
Consumer Solar
Consumer and OtherTotal
Allowance for credit losses:
Beginning balance - ALLL$12,916 $7,104 $3,627 $825 $11,338 $6,867 $2,354 $45,031 
Adoption of ASU No. 2016-13
3,816 (1,183)(1,321)(466)3,068 16,166 1,149 21,229 
Beginning balance - ACL16,732 5,921 2,306 359 14,406 23,033 3,503 66,260 
Provision for (recovery of) credit losses(263)2,236 149 (5)263 1,325 (93)3,612 
Charge-offs(1,127)— — (58)(1,807)(18)(3,010)
Recoveries4 — — — 238 211 8 461 
Ending Balance - ACL$16,473 $7,030 $2,455 $354 $14,849 $22,762 $3,400 $67,323 
The amortized cost basis of loans on nonaccrual status and the specific allowance as of December 31, 2023 are as follows:
Nonaccrual with No Allowance
Nonaccrual with Allowance
Reserve
(In thousands)
Commercial and industrial$612 $6,921 $4,485 
Commercial real estate4,490 — — 
Construction and land development11,166 — — 
     Total commercial portfolio16,268 6,921 4,485 
Residential real estate lending7,218 — — 
Consumer solar2,673 — — 
Consumer and other103 — — 
     Total retail portfolio9,994 — — 
$26,262 $6,921 $4,485 

The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of March 31, 2024:
Real Estate Collateral DependentAssociated Allowance for Credit Losses
(In thousands)
Commercial real estate$4,354 $— 
Construction and land development16,323 822 
$20,677 $822 

The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of December 31, 2023:
Real Estate Collateral DependentAssociated Allowance for Credit Losses
(In thousands)
Commercial real estate$4,490 $— 
Construction and land development16,365 — 
$20,855 $— 
Financing Receivable, Nonaccrual
The amortized cost basis of loans on nonaccrual status and the specific allowance as of March 31, 2024 are as follows:

Nonaccrual with No AllowanceNonaccrual with AllowanceReserve
(In thousands)
Commercial and industrial$625 $8,125 $5,674 
Commercial real estate4,354 — — 
Construction and land development8,804 2,320 822 
     Total commercial portfolio13,783 10,445 6,496 
Residential real estate lending4,763 — — 
Consumer solar3,852 — — 
Consumer and other176 — — 
     Total retail portfolio8,791 — — 
$22,574 $10,445 $6,496