ALLOWANCE FOR CREDIT LOSSES (Tables)

9 Months Ended

Sep. 30, 2024

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:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Balance at beginning of period	$	13,027	$	14,413	$	14,154	$	13,400
Impact of adopting ASU 2016-13 and ASU 2022-02	—		—		—		668
Charge-offs	(12)		(29)		(45)		(47)
Recoveries	2		2		10		3
Net charge-offs	(10)		(27)		(35)		(44)
Recovery of credit loss on loans	(5)		(514)		(1,107)		(152)
Balance at end of period	$	13,012	$	13,872	$	13,012	$	13,872

The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended September 30, 2024 and 2023:

	Balance at June 30, 2024		Charge-offs		Recoveries		(Recovery of) Provision for Credit Loss - Loans		Balance at September 30, 2024
	(In thousands)
Residential	$	1,825	$	—	$	—	$	17	$	1,842
Multifamily	6,677		—		—		(84)		6,593
Commercial real estate	3,696		—		—		(36)		3,660
Construction	636		—		—		14		650
Junior liens	84		—		—		4		88
Commercial and industrial	108		—		—		45		153
Consumer and other	1		(12)		2		35		26
Total	$	13,027	$	(12)	$	2	$	(5)	$	13,012

Consumer and other charge-offs relate to overdrafts in the three months ended September 30, 2024, which originated in the second or third quarter of 2024, as it is our policy to charge these off within 60 days of occurrence.

	Balance at June 30, 2023		Charge-offs		Recoveries		(Recovery of) Provision for Loan Loss		Balance at September 30, 2023
	(In thousands)
Residential	$	1,994	$	(18)	$	—	$	(10)	$	1,966
Multifamily	7,017		—		—		(194)		6,823
Commercial real estate	3,813		—		—		(85)		3,728
Construction	1,428		—		—		(261)		1,167
Junior liens	50		—		—		4		54
Commercial and industrial	111		—		—		23		134
Consumer and other	—		(11)		2		9		—
Total	$	14,413	$	(29)	$	2	$	(514)	$	13,872

Consumer and other charge-offs relate to overdrafts in the three months ended September 30, 2023, which originated in the second or third quarter of 2023, as it is our policy to charge these off within 60 days of occurrence.

The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the nine months ended September 30, 2024 and 2023:

	Balance at December 31, 2023		Charge-offs		Recoveries		(Recovery of) Provision for Credit Loss - Loans		Balance at September 30, 2024
	(In thousands)
Residential	$	1,968	$	—	$	—	$	(126)	$	1,842
Multifamily	7,046		—		—		(453)		6,593
Commercial real estate	3,748		—		—		(88)		3,660
Construction	1,222		—		—		(572)		650
Junior liens	76		—		—		12		88
Commercial and industrial	94		—		—		59		153
Consumer and other	—		(45)		10		61		26
Total	$	14,154	$	(45)	$	10	$	(1,107)	$	13,012

Consumer and other charge-offs relate to overdrafts in the nine months ended September 30, 2024, which originated in the last quarter of 2023 or the first or third quarter of 2024, as it is our policy to charge these off within 60 days of occurrence.

	Balance at December 31, 2022		Impact of adopting ASU 2016-13		Charge-offs		Recoveries		(Recovery of) Provision for Loan Loss		Balance at September 30, 2023
	(In thousands)
Residential	$	2,264	$	(183)	$	(18)	$	—	$	(97)	$	1,966
Multifamily	5,491		2,057		—		—		(725)		6,823
Commercial real estate	3,357		146		—		—		225		3,728
Construction	1,697		(832)		—		—		302		1,167
Junior liens	451		(405)		—		—		8		54
Commercial and industrial	47		(23)		—		—		110		134
Consumer and other	—		1		(29)		3		25		—
Unallocated	93		(93)		—		—		—		—
Total	$	13,400	$	668	$	(47)	$	3	$	(152)	$	13,872

The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at September 30, 2024 and December 31, 2023:

	Loans						Allowance for Credit Losses on Loans
September 30, 2024	Individually Evaluated		Collectively Evaluated		Total		Individually Evaluated		Collectively Evaluated		Total
	(In thousands)
Residential	$	4,240	$	512,514	$	516,754	$	—	$	1,842	$	1,842
Multifamily	125		666,179		666,304		—		6,593		6,593
Commercial real estate	—		241,711		241,711		—		3,660		3,660
Construction	—		80,081		80,081		—		650		650
Junior liens	44		24,130		24,174		—		88		88
Commercial and industrial (1)	701		13,527		14,228		—		153		153
Consumer and other	—		7,731		7,731		—		26		26
Total	$	5,110	$	1,545,873	$	1,550,983	$	—	$	13,012	$	13,012

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

	Loans						Allowance for Credit Losses on Loans
December 31, 2023	Individually Evaluated		Collectively Evaluated		Total		Individually Evaluated		Collectively Evaluated		Total
	(In thousands)
Residential	$	5,721	$	545,208	$	550,929	$	—	$	1,968	$	1,968
Multifamily	146		682,418		682,564		—		7,046		7,046
Commercial real estate	—		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		—		—		—
Unallocated	—		—		—		—		—		—
Total	$	5,916	$	1,554,814	$	1,560,730	$	—	$	14,154	$	14,154

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