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LOANS RECEIVABLE, NET (Tables)
 12 Months Ended
Dec. 31, 2023
Receivables [Abstract]  
Summary of loans receivable
A summary of loans receivable, net is as follows:
December 31, 2023
(In thousands)
Residential one-to-four family$550,929 
Multifamily682,564 
Non-residential232,505 
Construction60,414 
Junior liens22,503 
Commercial and industrial11,768 
Consumer and other47 
Total loans1,560,730 
Allowance for credit losses on loans (1)(14,154)
Loans receivable, net$1,546,576 
(1) For more information, see Footnote 4 - Allowance for Credit Losses.
December 31, 2022
(In thousands)
Residential one-to-four family$594,521 
Multifamily690,278 
Non-residential216,394 
Construction17,990 
Junior liens18,477 
Commercial and industrial4,682 
Consumer and other38 
Total gross loans1,542,380 
Deferred fees, costs and premiums and discounts, net2,747 
Total loans1,545,127 
Allowance for loan losses(13,400)
Loans receivable, net$1,531,727 
Schedule of credit quality indicators
The following table presents the risk category of loans by class of loan and vintage as of December 31, 2023:
Term Loans by Origination Year
20232022202120202019Pre-2019Revolving LoansTotal
(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 
Total13,338 98,007 109,193 14,315 18,460 297,616 — 550,929 
Multifamily
Pass17,144 281,906 158,705 35,407 56,739 132,517 — 682,418 
Substandard— — — — — 146 — 146 
Total17,144 281,906 158,705 35,407 56,739 132,663 — 682,564 
Non-residential
Pass26,610 118,247 14,785 15,080 5,386 51,493 — 231,601 
Special mention— — — — — 904 — 904 
Total26,610 118,247 14,785 15,080 5,386 52,397 — 232,505 
Construction
Pass22,798 21,067 16,549 — — — — 60,414 
Total22,798 21,067 16,549 — — — — 60,414 
Junior liens
Pass5,359 5,234 1,232 296 1,773 8,560 — 22,454 
Substandard— — — — — 49 — 49 
Total5,359 5,234 1,232 296 1,773 8,609 — 22,503 
Commercial and industrial
Pass7,055 105 4,492 77 — — — 11,729 
Substandard (1)— — 39 — — — — 39 
Total7,055 105 4,531 77 — — — 11,768 
Consumer and other
Pass25 — — — — — 22 47 
Total25 — — — — — 22 47 
Total gross loans$92,329 $524,566 $304,995 $65,175 $82,358 $491,285 $22 $1,560,730 
The following table presents the risk category of loans by class of loans as of December 31, 2022:
PassSpecial
Mention		SubstandardDoubtful /
Loss		Total
(In thousands)
Residential one-to-four family$589,137 $247 $7,870 $— $597,254 
Multifamily689,277 897 516 — 690,690 
Non-residential214,981 1,080 — — 216,061 
Construction and land17,799 — — — 17,799 
Junior liens18,579 — 52 — 18,631 
Commercial and Industrial4,653 — — — 4,653 
Consumer and other8 — 31 — 39 
Total$1,534,434 $2,224 $8,469 $— $1,545,127 
Summary of past due and current loans by loan portfolio class
The following table presents the recorded investment in past due and current loans by loan portfolio class as of December 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		CurrentTotal
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 
Summary of non-accrual loans
The following table presents information on non-accrual loans at December 31, 2023:
Non-accrualInterest Income Recognized on Non-accrual LoansAmortized Cost Basis of Loans 90 Days Past Due and Still AccruingAmortized Cost Basis of Non-accrual Loans Without Related Allowance
(In thousands)
Residential one-to-four family$5,884 $— $— $5,884 
Multifamily146 — — 146 
Non-residential— — — — 
Construction— — — — 
Junior liens49 — — 49 
Commercial and industrial39 — — 39 
Consumer and other— — — — 
Total$6,118 $— $— $6,118 
The following table presents the recorded investment in non-accrual loans at December 31, 2022:
NonaccrualLoans Past Due
90 Days and Still Accruing
12/31/202212/31/2022
Residential one-to-four family$7,498 $— 
Multifamily182 — 
Non-residential— — 
Construction and land— — 
Junior liens52 — 
Commercial and industrial (1)35 61 
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 at and as of December 31, 2022.
December 31, 2022Twelve months December 31, ended 2022
Unpaid Principal BalanceRecorded InvestmentAllowance for Loan Losses AllocatedAverage Recorded InvestmentInterest
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 
Multifamily516 516 — 652 17 15 
Non-residential2,834 2,671 — 3,168 118 108 
Construction and land— — — — — — 
Junior liens52 52 — 54 3 3 
Commercial and industrial— — — — — — 
10,770 10,908 — 11,585 257 242 
With an allowance recorded:
Residential one-to-four family743 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 
Financing Receivable, Troubled Debt Restructuring
The following table presents loan modifications made during 2023 to borrowers experiencing financial difficulty, by type of modification.
Year Ended December 31, 2023
Payment DelaysTerm ExtensionsTotal 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 %
Types of Modifications
Residential one-to-four family
Term extensions of 240 months
Amortize past due balances over the remaining life of the loans
Multifamily
Term extensions of 90 to 180 days
Construction
Term extension of 180 days
The following table presents loan modifications made during 2023 by payment status as of December 31, 2023.
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past DueNon-AccrualTotal
(In thousands)
Residential one-to-four family$1,400 $— $— $— $1,405 $2,805 
Multifamily2,595 — — — — 2,595 
Construction3,525 — — — — 3,525 
Total$7,520 $— $— $— $1,405 $8,925