The Company adopted ASU 2016-13 on January 1, 2023. All disclosures as of December 31, 2023 are presented in accordance with ASU 2016-13. The Company did not reclassify comparative financial periods and has presented those disclosures under previously-applied U.S. GAAP.


	December 31, 2023
	(In thousands)
Residential one-to-four family	$	550,929
Multifamily	682,564
Non-residential	232,505
Construction	60,414
Junior liens	22,503
Commercial and industrial	11,768
Consumer and other	47
Total loans	1,560,730


Allowance for credit losses on loans (1)	(14,154)
Loans receivable, net	$	1,546,576


		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		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

Loans are recorded at amortized cost, which includes principal balance, net deferred fees or costs, premiums and discounts. The Company elected to exclude accrued interest receivable from amortized cost. Accrued interest receivable is reported separately in the consolidated balance sheets and totaled $6.1 million and $5.4 million at December 31, 2023 and December 31, 2022, respectively. Loan origination fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income as an adjustment of yield. At December 31, 2023, net deferred loan fees are included in loans by respective segment and totaled $2.0 million.

•Payment on multifamily and non-residential mortgages is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment and the value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general.

•Properties underlying construction loans often do not generate sufficient cash flows to service debt and thus repayment is subject to the ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain.

•Commercial and industrial (“C&I”) loans include C&I revolving lines of credit, term loans, SBA 7a loans and to a lesser extent, Paycheck Protection Program (“PPP”) loans. Payments on C&I loans are driven principally by the cash flows of the businesses and secondarily by the sale or refinance of any collateral securing the loans. Both the cash flow and value of the collateral in liquidation may be affected by adverse general economic conditions.

•The ability of borrowers to service debt in the residential one-to-four family, junior liens and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions.

The Company categorizes loans into risk categories based on relevant information about the quality and realizable value of collateral, if any, and the ability of borrowers to service their debts such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans by credit risk. This analysis is performed whenever credit is extended, renewed, or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. The Company used the following definitions for risk ratings for loan classification:

Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Company’s credit position at some future date.

Substandard – Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor, or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment and liquidation of the debt. They are characterized by a distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable.

Loss – Assets classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the asset even though partial recovery may be effected in the future.


	Term Loans by Origination Year
	2023		2022		2021		2020		2019		Pre-2019		Revolving Loans		Total
	(in thousands)
Residential one-to-four family
Pass	$	13,338	$	98,007	$	109,193	$	14,315	$	18,460	$	291,069	$	—	$	544,382
Special mention	—		—		—		—		—		663		—		663
Substandard	—		—		—		—		—		5,884		—		5,884


Total	13,338		98,007		109,193		14,315		18,460		297,616		—		550,929
Multifamily
Pass	17,144		281,906		158,705		35,407		56,739		132,517		—		682,418

Substandard	—		—		—		—		—		146		—		146


Total	17,144		281,906		158,705		35,407		56,739		132,663		—		682,564
Non-residential
Pass	26,610		118,247		14,785		15,080		5,386		51,493		—		231,601
Special mention	—		—		—		—		—		904		—		904



Total	26,610		118,247		14,785		15,080		5,386		52,397		—		232,505
Construction
Pass	22,798		21,067		16,549		—		—		—		—		60,414




Total	22,798		21,067		16,549		—		—		—		—		60,414
Junior liens
Pass	5,359		5,234		1,232		296		1,773		8,560		—		22,454

Substandard	—		—		—		—		—		49		—		49


Total	5,359		5,234		1,232		296		1,773		8,609		—		22,503
Commercial and industrial
Pass	7,055		105		4,492		77		—		—		—		11,729

Substandard (1)	—		—		39		—		—		—		—		39


Total	7,055		105		4,531		77		—		—		—		11,768
Consumer and other
Pass	25		—		—		—		—		—		22		47




Total	25		—		—		—		—		—		22		47
Total gross loans	$	92,329	$	524,566	$	304,995	$	65,175	$	82,358	$	491,285	$	22	$	1,560,730


	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 and land	17,799		—		—		—		17,799
Junior liens	18,579		—		52		—		18,631
Commercial and Industrial	4,653		—		—		—		4,653
Consumer and other	8		—		31		—		39
Total	$	1,534,434	$	2,224	$	8,469	$	—	$	1,545,127


	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)
December 31, 2023
Residential one-to-four family	$	887	$	752	$	3,926	$	5,565	$	545,364	$	550,929
Multifamily	—		—		—		—		682,564		682,564
Non-residential	—		—		—		—		232,505		232,505
Construction and land	—		—		—		—		60,414		60,414
Junior liens	—		—		49		49		22,454		22,503
Commercial and Industrial	—		—		39		39		11,729		11,768
Consumer and other	—		—		—		—		47		47
Total	$	887	$	752	$	4,014	$	5,653	$	1,555,077	$	1,560,730

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 and land	—		—		—		—		17,799		17,799
Junior liens	—		—		52		52		18,579		18,631
Commercial and Industrial	—		—		96		96		4,557		4,653
Consumer and other	—		—		—		—		39		39
Total	$	—	$	845	$	7,068	$	7,913	$	1,537,214	$	1,545,127


	Nonaccrual		Loans Past Due 90 Days and Still Accruing
	12/31/2022		12/31/2022

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


	December 31, 2022						Twelve months December 31, ended 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	$	7,368	$	7,669	$	—	$	7,711	$	119	$	116
Multifamily	516		516		—		652		17		15
Non-residential	2,834		2,671		—		3,168		118		108
Construction and land	—		—		—		—		—		—
Junior liens	52		52		—		54		3		3
Commercial and industrial	—		—		—		—		—		—
	10,770		10,908		—		11,585		257		242
With an allowance recorded:
Residential one-to-four family	743		749		27		546		29		26
Multifamily	—		—		—		—		—		—
Non-residential	—		—		—		—		—		—
Construction and land	—		—		—		—		—		—
Commercial and industrial	—		—		—		—		—		—
Consumer and other	—		—		—		—		—		—
	743		749		27		546		29		26
Total	$	11,513	$	11,657	$	27	$	12,131	$	286	$	268

The Company adopted ASU 2022-02 on January 1, 2023. Modifications made to borrowers experiencing financial difficulty may include principal forgiveness, interest rate reductions, other than insignificant payment delays, terms extensions or a combination thereof. The Company did not reclassify comparative financial periods and has presented those disclosures under previously-applied U.S. GAAP.


	Year Ended December 31, 2023
	Payment Delays		Term Extensions		Total Principal		% of Total Class of Loans
	(Dollars in thousands)
Residential one-to-four family	$	2,431	$	374	$	2,805	0.51	%
Multifamily	—		2,595		2,595		0.38

Construction	—		3,525		3,525		5.83



Total	$	2,431	$	6,494	$	8,925	0.57	%


	Current		30-59 Days Past Due		60-89 Days Past Due		90 Days or More Past Due		Non-Accrual		Total
	(In thousands)
Residential one-to-four family	$	1,400	$	—	$	—	$	—	$	1,405	$	2,805
Multifamily	2,595		—		—		—		—		2,595

Construction	3,525		—		—		—		—		3,525



Total	$	7,520	$	—	$	—	$	—	$	1,405	$	8,925

Prior to the adoption of ASU 2022-02, the Company classified certain loans as troubled debt restructuring (“TDR”) loans when credit terms to a borrower in financial difficulty were modified in accordance with ASC 310-40. The total recorded investment of loans whose terms have been modified in TDRs was $4.8 million as of December 31, 2022. The Company allocated $27 thousand of specific reserves to TDR loans as of December 31, 2022. The modification of the terms of TDR loans may have included one or a combination of the following: a reduction of the stated interest rate of the loan, short-term deferral of payment, or an extension of the maturity date. A TDR loan was considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no TDRs for which there was a payment default within twelve months following the modification during the period ended December 31, 2022.

The Company had $4.0 million and $4.5 million in consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process at December 31, 2023 and 2022, respectively. At December 31, 2023, the Company had one one-to-four family loan with a carrying value of $593 thousand in real estate owned. There was no real estate owned at December 31, 2022.