ALLOWANCE FOR CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2023

Credit Loss [Abstract]

Summary of changes in allowance for loan losses by class of loans

The allowance for credit losses on loans is summarized in the following table:

	2023		2022
	(In thousands)
Balance at beginning of period	$	13,400	$	14,425
Impact of adopting ASU 2016-13 and ASU 2022-02	668		—
Charge-offs	(64)		(58)
Recoveries	4		34
Net charge-offs	(60)		(24)
Recovery of provision for credit loss on loans	146		(1,001)
Balance at end of period	$	14,154	$	13,400

The following tables present the activity in the Company’s allowance for credit losses by class of loans for the year ended December 31, 2023 and 2022:

	Balance at December 31, 2022		Impact of adopting ASU 2016-13 and ASU 2022-02		Charge-offs		Recoveries		(Recovery of) Provision for Credit Loss - Loans		Balance at December 31, 2023
	(In thousands)
Residential one-to-four family	$	2,264	$	(183)	$	(18)	$	—	$	(95)	$	1,968
Multifamily	5,491		2,057		—		—		(502)		7,046
Non-residential	3,357		146		—		—		245		3,748
Construction	1,697		(832)		—		—		357		1,222
Junior liens	451		(405)		—		—		30		76
Commercial and industrial	47		(23)		—		—		70		94
Consumer and other	—		1		(46)		4		41		—
Unallocated	93		(93)		—		—		—		—
Total	$	13,400	$	668	$	(64)	$	4	$	146	$	14,154

	Balance at December 31, 2021		Charge-offs		Recoveries		(Recovery of) Provision for Loan Loss		Balance at December 31, 2022
	(In thousands)
Residential one-to-four family	$	2,822	$	—	$	30	$	(588)	$	2,264
Multifamily	5,263		—		—		228		5,491
Non-residential	2,846		—		—		511		3,357
Construction	2,678		—		—		(981)		1,697
Junior liens	636		—		—		(185)		451
Commercial and industrial	51		—		—		(4)		47
Consumer and other	38		(58)		4		16		—
Unallocated	91		—		—		2		93
Total	$	14,425	$	(58)	$	34	$	(1,001)	$	13,400

The following table represents the allocation of allowance for credit losses on loans and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at December 31, 2023 and 2022.

	Loans						Allowance for Credit Losses on Loans
December 31, 2023	Individually Evaluated		Collectively Evaluated		Total		Individually Evaluated		Collectively Evaluated		Total
	(In thousands)
Residential one-to-four family	$	5,721	$	545,208	$	550,929	$	—	$	1,968	$	1,968
Multifamily	146		682,418		682,564		—		7,046		7,046
Non-residential	—		232,505		232,505		—		3,748		3,748
Construction	—		60,414		60,414		—		1,222		1,222
Junior liens	49		22,454		22,503		—		76		76
Commercial and industrial (1)	—		11,768		11,768		—		94		94
Consumer and other	—		47		47		—		—		—
Total	$	5,916	$	1,554,814	$	1,560,730	$	—	$	14,154	$	14,154

	Loans						Allowance for Loan Losses
December 31, 2022	Individually Evaluated		Collectively Evaluated		Total		Individually Evaluated		Collectively Evaluated		Total
	(In thousands)
Residential one-to-four family	$	8,418	$	588,836	$	597,254	$	27	$	2,237	$	2,264
Multifamily	516		690,174		690,690		—		5,491		5,491
Non-residential	2,671		213,390		216,061		—		3,357		3,357
Construction	—		17,799		17,799		—		1,697		1,697
Junior liens	52		18,579		18,631		—		451		451
Commercial and industrial (1)	—		4,653		4,653		—		47		47
Consumer and other	—		39		39		—		—		—
Unallocated	—		—		—		—		93		93
Total	$	11,657	$	1,533,470	$	1,545,127	$	27	$	13,373	$	13,400

(1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses.