LOANS RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2023

A summary of loans receivable, net at March 31, 2023 and December 31, 2022, is as follows:


	March 31, 2023
	(In thousands)
Residential one-to-four family	$	592,809
Multifamily	695,207
Non-residential	239,844
Construction	28,141
Junior liens	19,644
Commercial and industrial (including PPP) (1)	10,357
Consumer and other	58
Total loans	1,586,060


Allowance for credit losses on loans (2)	(14,153)
Loans receivable, net	$	1,571,907


	December 31, 2022
	(In thousands)
Residential one-to-four family	$	594,521
Multifamily	690,278
Non-residential	216,394
Construction	17,990
Junior liens	18,477
Commercial and industrial (including PPP) (1)	4,682
Consumer and other	38
Total gross loans	1,542,380
Deferred fees, costs and premiums and discounts, net	2,747
Total loans	1,545,127
Allowance for loan losses	(13,400)
Loans receivable, net	$	1,531,727

(1) At March 31, 2023, and December 31, 2022, Paycheck Protection Program (“PPP”) loans totaled $395 thousand and $477 thousand, respectively, net of unearned deferred fees.

(2) For more information, see Footnote 4 - Allowance for Credit Losses

Schedule of credit quality indicators

The following table presents the risk category of loans by class of loan and vintage based on the analysis performed as of March 31, 2023:


	Term Loans by Origination Year
	2023		2022		2021		2020		2019		Pre-2019		Revolving Loans		Total
Residential one-to-four family
Pass	$	6,646	$	101,708	$	121,744	$	16,046	$	19,409	$	319,827	$	—	$	585,380

Substandard	—		—		—		—		—		7,429		—		7,429


Total	6,646		101,708		121,744		16,046		19,409		327,256		—		592,809
Multifamily
Pass	10,279		283,488		161,788		36,050		60,244		142,859		—		694,708

Substandard	—		—		—		—		—		499		—		499


Total	10,279		283,488		161,788		36,050		60,244		143,358		—		695,207
Non-residential
Pass	25,819		121,004		14,953		15,426		5,531		56,053		—		238,786
Special mention	—		—		—		—		—		1,058		—		1,058



Total	25,819		121,004		14,953		15,426		5,531		57,111		—		239,844
Construction
Pass	4,937		11,279		11,809		—		—		116		—		28,141




Total	4,937		11,279		11,809		—		—		116		—		28,141
Junior liens
Pass	1,403		5,199		1,387		396		2,163		9,044		—		19,592

Substandard	—		—		—		—		—		52		—		52


Total	1,403		5,199		1,387		396		2,163		9,096		—		19,644
Commercial and industrial (including PPP)
Pass	6,557		112		3,407		216		—		—		—		10,292

Substandard (1)	—		—		65		—		—		—		—		65


Total	6,557		112		3,472		216		—		—		—		10,357
Consumer and other
Pass	41		—		—		—		—		—		17		58




Total	41		—		—		—		—		—		17		58
Total gross loans	$	55,682	$	522,790	$	315,153	$	68,134	$	87,347	$	536,937	$	17	$	1,586,060

(1) Balance represents PPP loans which carry the federal guarantee of the SBA.

The following table presents the risk category of loans by class of loans based on the analysis performed as of December 31, 2022:


	Pass		Special Mention		Substandard		Doubtful / Loss		Total
	(In thousands)
Residential one-to-four family	$	589,137	$	247	$	7,870	$	—	$	597,254
Multifamily	689,277		897		516		—		690,690
Non-residential	214,981		1,080		—		—		216,061
Construction	17,799		—		—		—		17,799
Junior liens	18,579		—		52		—		18,631
Commercial and Industrial (including PPP)	4,653		—		—		—		4,653
Consumer and other	8		—		31		—		39
Total	$	1,534,434	$	2,224	$	8,469	$	—	$	1,545,127

Summary of past due and current loans

The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2023 and December 31, 2022:


	30-59 Days Past Due		60-89 Days Past Due		90 Days and Greater Past Due		Total Past Due		Current		Total Loans Receivable
	(In thousands)
March 31, 2023
Residential one-to-four family	$	1,718	$	65	$	6,309	$	8,092	$	584,717	$	592,809
Multifamily	—		—		—		—		695,207		695,207
Non-residential	159		—		—		159		239,685		239,844
Construction	—		—		—		—		28,141		28,141
Junior liens	—		—		52		52		19,592		19,644
Commercial and Industrial (including PPP)	—		—		65		65		10,292		10,357
Consumer and other	—		—		—		—		58		58
Total	$	1,877	$	65	$	6,426	$	8,368	$	1,577,692	$	1,586,060

December 31, 2022
Residential one-to-four family	$	—	$	845	$	6,738	$	7,583	$	589,671	$	597,254
Multifamily	—		—		182		182		690,508		690,690
Non-residential	—		—		—		—		216,061		216,061
Construction	—		—		—		—		17,799		17,799
Junior liens	—		—		52		52		18,579		18,631
Commercial and Industrial (including PPP)	—		—		96		96		4,557		4,653
Consumer and other	—		—		—		—		39		39
Total	$	—	$	845	$	7,068	$	7,913	$	1,537,214	$	1,545,127

Summary of non-accrual loans and loans past due 90 days or more and still on accrual

The following table presents information on non-accrual loans at March 31, 2023:


	Non-accrual		Interest Income Recognized on Non-accrual Loans		Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing		Amortized Cost Basis of Non-accrual Loans Without Related Allowance
	(In thousands)
Residential one-to-four family	$	7,572	$	—	$	—	$	7,572
Multifamily	168		—		—		168
Non-residential	—		—		—		—
Construction	—		—		—		—
Commercial and industrial (including PPP)	65		—		—		65
Junior liens	52		—		—		52
Total	$	7,857	$	—	$	—	$	7,857

The following table presents the recorded investment in non-accrual loans at December 31, 2022:


	Non-accrual		Loans Past Due 90 Days and Still Accruing

	(In thousands)
Residential one-to-four family	$	7,498	$	—
Multifamily	182		—
Non-residential	—		—
Construction	—		—
Commercial and industrial (including PPP) (1)	35		61
Junior liens	52		—
Total	$	7,767	$	61

(1) Loans 90 days past due and accruing were comprised of PPP loans which carry the federal guarantee of the SBA.

Summary of impaired loans by class of loans

The following table presents, under previously applicable U.S. GAAP, information related to impaired loans by class of loans as of March 31, 2022 and December 31, 2022:


	March 31, 2022						Three Months Ended March 31, 2022
	Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated		Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Recognized
	(In thousands)
With no related allowance recorded:
Residential one-to-four family	$	7,426	$	7,714	$	—	$	8,769	$	111	$	111
Multifamily	672		671		—		678		6		4
Non-residential	4,672		4,510		—		4,548		54		49


Junior liens	54		54		—		55		1		1
	12,824		12,949		—		14,050		172		165
With an allowance recorded:
Residential one-to-four family	1,055		1,054		28		1,057		12		8





	1,055		1,054		28		1,057		12		8
Total	$	13,879	$	14,003	$	28	$	15,107	$	184	$	173


	December 31, 2022
	Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated
	(In thousands)
With no related allowance recorded:
Residential one-to-four family	$	7,368	$	7,669	$	—
Multifamily	516		516		—
Non-residential	2,834		2,671		—


Junior liens	52		52		—
	10,770		10,908		—
With an allowance recorded:
Residential one-to-four family	743		749		27





	743		749		27
Total	$	11,513	$	11,657	$	27