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LOANS RECEIVABLE (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Summary of loans receivable A summary of loans receivable, net at September 30, 2024 and December 31, 2023, follows:
September 30, 2024December 31, 2023
(In thousands)
Residential$516,754 $550,929 
Multifamily666,304 682,564 
Commercial real estate241,711 232,505 
Construction80,081 60,414 
Junior liens24,174 22,503 
Commercial and industrial14,228 11,768 
Consumer and other7,731 47 
Total loans1,550,983 1,560,730 
Less: Allowance for credit losses (1)13,012 14,154 
Loans receivable, net$1,537,971 $1,546,576 
(1) For more information, see Note 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 as of September 30, 2024:
Term Loans by Origination Year
20242023202220212020Pre-2020Revolving LoansTotal
(in thousands)
Residential
Pass$10,095 $12,976 $92,391 $103,338 $13,975 $279,092 $— $511,867 
Special mention— — — — — 647 — 647 
Substandard— — — — — 4,240 — 4,240 
Total10,095 12,976 92,391 103,338 13,975 283,979 — 516,754 
Multifamily
Pass4,307 16,989 279,121 150,019 34,775 180,968 — 666,179 
Substandard— — — — — 125 — 125 
Total4,307 16,989 279,121 150,019 34,775 181,093 — 666,304 
Commercial real estate
Pass15,748 26,630 116,483 14,564 14,747 52,692 — 240,864 
Special mention— — — — — 847 — 847 
Total15,748 26,630 116,483 14,564 14,747 53,539 — 241,711 
Construction
Pass4,198 26,050 32,343 17,490 — — — 80,081 
Total4,198 26,050 32,343 17,490 — — — 80,081 
Junior liens
Pass4,101 5,046 5,080 1,210 227 8,466 — 24,130 
Substandard— — — — — 44 — 44 
Total4,101 5,046 5,080 1,210 227 8,510 — 24,174 
Commercial and industrial
Pass5,929 5,966 97 1,520 — — — 13,512 
Substandard— 701 — 15 — — — 716 
Total5,929 6,667 97 1,535 — — — 14,228 
Consumer and other
Pass7,701 — — — — — 30 7,731 
Total7,701 — — — — — 30 7,731 
Total gross loans$52,079 $94,358 $525,515 $288,156 $63,724 $527,121 $30 $1,550,983 
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
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 
Commercial real estate
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— — 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 
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 September 30, 2024 and December 31, 2023:
30-59
Days
Past Due		60-89
Days
Past Due		90 Days
and Greater
Past Due		Total
Past Due		CurrentTotal
Loans
Receivable
(In thousands)
September 30, 2024
Residential$629 $425 $3,913 $4,967 $511,787 $516,754 
Multifamily— — — — 666,304 666,304 
Commercial real estate— — — — 241,711 241,711 
Construction— — — — 80,081 80,081 
Junior liens— 150 — 150 24,024 24,174 
Commercial and industrial — — 15 15 14,213 14,228 
Consumer and other— — — — 7,731 7,731 
Total$629 $575 $3,928 $5,132 $1,545,851 $1,550,983 
December 31, 2023
Residential$887 $752 $3,926 $5,565 $545,364 $550,929 
Multifamily— — — — 682,564 682,564 
Commercial real estate— — — — 232,505 232,505 
Construction— — — — 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 
Summary of non-accrual loans and loans past due 90 days or more and still on accrual
The following tables presents information on non-accrual loans at September 30, 2024 and December 31, 2023:
Non-accrualInterest 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
September 30, 2024(In thousands)
Residential$4,261 $17 $— $4,261 
Multifamily125 7 — 125 
Junior liens44 7 — 44 
Commercial and industrial716 — — 716 
Total$5,146 $31 $— $5,146 
December 31, 2023
Residential$5,884 $— $— $5,884 
Multifamily146 — — 146 
Junior liens49 — — 49 
Commercial and industrial39 — — 39 
Total$6,118 $— $— $6,118 
Schedule of loan modifications The following table presents the amortized cost basis at September 30, 2024, of loan modifications to borrowers experiencing financial difficulty during the nine months ended September 30, 2024, disaggregated by type of modification.
Payment DelaysTerm ExtensionsTotal Principal% of Total Class of Loans
(Dollars in thousands)
Commercial and industrial$701 $— $701 4.93 %
Total$701 $— $701 0.05 %
Types of Modifications
Commercial and industrial
Deferral of three payments
The following table presents the amortized cost basis at September 30, 2023, of loan modifications to borrowers experiencing financial difficulty during the three months ended September 30, 2023, disaggregated by type of modification.
Payment DelaysTerm ExtensionsTotal Principal% of Total Class of Loans
(Dollars in thousands)
Residential$1,158 $— $1,158 0.20 %
Total$1,158 $— $1,158 0.07 %
Types of Modifications
ResidentialAmortize past due balances over the remaining life of the loans
The following table presents the amortized cost basis of loans to borrowers experiencing financial difficulty at September 30, 2023 that were modified during the nine months ended September 30, 2023, disaggregated by type of modification.
Payment DelaysTerm ExtensionsTotal Principal% of Total Class of Loans
(Dollars in thousands)
Residential$1,910 $374 $2,284 0.40 %
Total$1,910 $374 $2,284 0.15 %
Types of Modifications
Residential
Term extensions of 3 months
Amortize past due balances over the remaining life of the loans
Schedule of loan modifications by payment status The following table presents the payment status and amortized cost basis at September 30, 2024, of loans that were modified during the twelve-month period ended September 30, 2024.
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past DueTotal
(In thousands)
Residential$795 $— $— $— $795 
Commercial and industrial701 — — — 701 
Total$1,496 $— $— $— $1,496 
The following table presents the payment status and amortized cost basis at September 30, 2023, of loans that were modified during the nine-month period ended September 30, 2023.
Current30-59 Days Past Due60-89 Days Past Due90 Days or More Past DueTotal
(In thousands)
Residential$2,282 $— $— $— $2,282 
Total$2,282 $— $— $— $2,282