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Loan Portfolio and Allowance for Credit Losses
 3 Months Ended
Mar. 31, 2023
Loan Portfolio and Allowance for Credit Losses [Abstract]  
Loan Portfolio and Allowance for Credit Losses
(5) Loan Portfolio and Allowance for Credit Losses

The following tables presents loans by portfolio segment:
 
  
March 31, 2023
  
(dollars in thousands)
    New York and              

 
other states*
    
Florida
    
Total
  
Commercial:
                  
Commercial real estate
  
$
182,287
     $
40,844
     $
223,131
  
Other
    
22,365
      
811
      
23,176
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
2,760,159
      
1,424,592
      
4,184,751
  
Home equity loans
    
44,112
      
12,596
      
56,708
  
Home equity lines of credit
    
193,645
      
102,845
      
296,490
  
Installment
    
11,484
      
3,842
      
15,326
  
Total loans, net
  
$
3,214,052
     $
1,585,530
      
4,799,582
  
Less: Allowance for credit losses
                    
46,685
  
Net loans
                  
$
4,752,897
  
* Includes New York, New Jersey, Vermont and Massachussetts.

   
December 31, 2022
  
(dollars in thousands)
  
New York and
              
   
other states*
    
Florida
    
Total
  
Commercial:
                  
Commercial real estate
  
$
177,371
    
$
32,551
    
$
209,922
  
Other
    
20,221
      
868
      
21,089
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
2,776,989
      
1,369,913
      
4,146,902
  
Home equity loans
    
43,999
      
12,550
      
56,549
  
Home equity lines of credit
    
191,926
      
94,506
      
286,432
  
Installment
    
9,408
      
2,899
      
12,307
  
Total loans, net
  
$
3,219,914
    
$
1,513,287
      
4,733,201
  
Less: Allowance for credit losses
                    
46,032
  
Net loans
                  
$
4,687,169
  
*Includes New York, New Jersey, Vermont and Massachussetts.
Included in commercial loans above are Paycheck Protection Program (“PPP”) loans totaling $854 thousand and $3.0 million as of March 31, 2023 and 2022, respectively.
As of March 31, 2023, the Company had approximately $30.7 million of real estate construction loans. Of the $30.7 million in real estate construction loans as of March 31, 2023, approximately $8.3 million are secured by first mortgages to residential borrowers while approximately $22.4 million were to commercial borrowers for residential construction projects. The vast majority of construction loans are in the Company’s New York market.

At December 31, 2022, the Company had approximately $36.4 million of real estate construction loans.  Of the $36.4 million in real estate construction loans at December 31, 2022, approximately $14.1 million are secured by first mortgages to residential borrowers while approximately $22.3 million were to commercial borrowers for residential construction projects. The vast majority of construction loans were in the Company’s New York market.
Allowance for credit losses on loans
The level of the ACLL is based on factors that influence management’s current estimate of expected credit losses including past events and current conditions. Consistent with previous periods, the Company has determined the Stagflation forecast scenario to be appropriate for the March 31, 2023 ACLL calculation.  The Company selected the stagflation economic forecast for credit losses as management expects that markets will experience a slight decline in economic conditions and a slight increase in the unemployment rate over the next two years.
Activity in the allowance for credit losses on loans by portfolio segment is summarized as follows:

 
For the three months ended March 31, 2023
  
(dollars in thousands)
         Real Estate              
          Mortgage-              

 
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
2,596
      
43,271
      
165
      
46,032
  
Loans charged off:
                                
New York and other states*
    
-
      
-
      
17
      
17
  
Florida
    
-
      
-
      
31
      
31
  
Total loan chargeoffs
    
-
      
-
      
48
      
48
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
-
      
53
      
23
      
76
  
Florida
    
-
      
25
      
-
      
25
  
Total recoveries
    
-
      
78
      
23
      
101
  
Net loans (recoveries) charged off
    
-
      
(78
)
    
25
      
(53
)
Provision for credit losses
    
112
      
417
      
71
      
600
  
Balance at end of period
  
$
2,708
      
43,766
      
211
      
46,685
  

* Includes New York, New Jersey, Vermont and Massachusetts.
 
   
For the three months ended March 31, 2022
  
(dollars in thousands)
        
Real Estate
              
         
Mortgage-
              
   
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
3,135
      
40,689
       443      
44,267
  
Impact of ASU 2016-13, Current Expected Credit Loss (CECL)
  

(986
)
    
3,717
       (378 )    
2,353
  
Balance as of January 1, 2022 as adjusted for ASU 2016-13
  
$
2,149
      
44,406
       65      
46,620
  
Loans charged off:
                                
New York and other states*
    
36
      
-
       10      
46
  
Florida
    
-
      
-
       1      
1
  
Total loan chargeoffs
    
36
      
-
       11      
47
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
-
      
97
       8      
105
  
Florida
    
-
      
-
       -      
-
  
Total recoveries
    
-
      
97
       8      
105
  
Net loan recoveries
    
36
      
(97
)
     3      
(58
)
(Credit) provision for loan losses
    
64
      
(572
)
     8      
(500
)
Balance at end of period
  
$
2,177
      
43,931
       70      
46,178
  

* Includes New York, New Jersey, Vermont and Massachusetts.
The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued expenses and other liabilities) with adjustments to the reserve recognized in (credit) provision for credit losses in the consolidated income statement. The Company’s activity in the allowance for credit losses on unfunded commitments was as follows:

(In thousands)
  
For the three months
ended March 31, 2023
  
       
Balance at January 1, 2023
   $ 2,912  
Credit provision  for credit losses
     (300 )
Balance at March 31, 2023
  
$
2,612
  

 
(In thousands)
   
For the three months
ended March 31, 2022
   
         
Balance at January 1, 2022
  
$
18
  
Impact of Adopting CECL
    
2,335
  
Adjusted Balance at January 1, 2022
    
2,353
  
Provision for credit losses
    
300
  
Balance at March 31, 2022
  
$
2,653

Loan Credit Quality
The Company categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans, such as commercial loans and commercial real estate loans, individually by grading the loans based on credit risk. The loan grades assigned to all loan types are tested by the Company’s internal loan review department in accordance with the Company’s internal loan review policy.
The Company uses the following definitions for classified loans:
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 of the Company’s credit position at some future date.
Substandard: Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans classified as such have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the 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 loans classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “pass” rated loans.
For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for credit losses on loans. The payment status of these homogeneous pools as of March 31, 2023 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on nonaccrual status and loans over 90 days past due and accruing.

As of March 31, 2023 and December 31, 2022, based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs for each loan type by origination year was as follows:
(in thousands)
  
As of March 31, 2023
  

 
Term Loans Amortized Cost Basis by Origination Year
  
Commercial :
 
2023
    
2022
    
2021
    
2020
    
2019
    
Prior
    
Revolving
Loans
Amortized
Cost Basis
    
Revolving
Loan
Converted to Term
    
Total
  
Risk rating
                                                      
Pass
  
$
14,677
    
$
82,642
    
$
29,717
    
$
18,227
    
$
21,718
    
$
45,613
    
$
8,516
    
$
-
    
$
221,110
  
Special Mention
    
-
      
-
      
-
      
58
      
-
      
238
      
-
      
-
      
296
  
Substandard
    
-
      
-
      
-
      
112
      
-
      
1,613
      
-
      
-
      
1,725
  
Total Commercial Loans
  
$
14,677
    
$
82,642
    
$
29,717
    
$
18,397
    
$
21,718
    
$
47,464
    
$
8,516
    
$
-
    
$
223,131
  
Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Commercial Other:
                                                                        
Risk rating
                                                                        
Pass
  
$
1,619
    
$
3,300
    
$
2,617
    
$
2,007
    
$
573
    
$
2,847
    
$
9,739
    
$
-
    
$
22,702
  
Special mention
    
-
      
-
      
-
      
-
      
-
      
-
      
38
      
-
      
38
  
Substandard
    
-
      
-
      
338
      
-
      
-
      
98
      
-
      
-
      
436
  
Total Commercial Real Estate Loans
  
$
1,619
    
$
3,300
    
$
2,955
    
$
2,007
    
$
573
    
$
2,945
    
$
9,777
    
$
-
    
$
23,176
  
                                                                         
Other Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
     $
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Residential First Mortgage:
                                                                        
Risk rating
                                                                        
Performing
  
$
87,414
    
$
576,805
    
$
921,308
    
$
771,897
    
$
360,905
    
$
1,449,519
    
$
1,360
    
$
-
    
$
4,169,208
  
Nonperforming
    
-
      
-
      
567
      
322
      
1,296
      
13,358
      
-
      
-
      
15,543
  
Total First Mortgage:
  
$
87,414
    
$
576,805
    
$
921,875
    
$
772,219
    
$
362,201
    
$
1,462,877
    
$
1,360
    
$
-
    
$
4,184,751
  
                                                                         
Residential First Mortgage Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
     $
-
  
   
$
-
    

-
    

-
    

-
    

-
    

-
    

-
    

-
    
$
-
  
                                                                         
Home Equity Lines:
                                                                        
Risk rating
                                                                        
Performing
  
$
2,103
    
$
6,750
    
$
8,828
    
$
6,205
    
$
7,313
    
$
25,310
    
$
-
    
$
-
    
$
56,509
  
Nonperforming
    
-
      
-
      
-
      
-
      
-
      
199
      
-
      
-
      
199
  
Total Home Equity Lines:
  
$
2,103
    
$
6,750
    
$
8,828
    
$
6,205
    
$
7,313
    
$
25,509
    
$
-
    
$
-
    
$
56,708
  
                                                                         
Home Equity Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
      
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Home Equity Lines of  Credit:
                                                                        
Risk rating
                                                                        
Performing
  
$
52
    
$
509
    
$
434
    
$
101
    
$
39
    
$
16,510
    
$
276,428
    
$
-
    
$
294,073
  
Nonperforming
    
-
      
-
      
7
      
-
      
-
      
2,143
      
267
      
-
      
2,417
  
Total Home Equity Credit Lines:
  
$
52
    
$
509
    
$
441
    
$
101
    
$
39
    
$
18,653
    
$
276,695
    
$
-
    
$
296,490
  
                                                                         
Home Equity Lines of Credit:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
     $
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Installments:
                                                                        
Risk rating
                                                                        
Performing
  
$
3,780
    
$
6,300
    
$
2,190
    
$
671
    
$
528
    
$
636
    
$
1,100
    
$
-
    
$
15,205
  
Nonperforming
    
-
      
-
      
53
      
-
      
64
      
-
      
4
      
-
      
121
  
Total Installments
  
$
3,780
    
$
6,300
    
$
2,243
    
$
671
    
$
592
    
$
636
    
$
1,104
    
$
-
    
$
15,326
  
                                                                         
Installments Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
24
    
$
7
    
$
5
    
$
-
    
$
12
    
$
-
    
$
-
     $
48
  
   
$
-
    
$
24
    
$
7
    
$
5
    
$
-
    
$
12
    
$
-
    
$
-
    
$
48
  

(in thousands)
  
As of December 31, 2022
  
   
 Term Loans Amortized Cost Basis by Origination Year
  
Commercial :
  
2022
    
2021
    
2020
    
2019
    
2018
    
Prior
    
Revolving Loans Amortized Cost Basis
    
Revolving Loan Converted to Term
    
Total
  
Risk rating
                                                      
Pass
  
$
79,430
    
$
29,991
    
$
18,708
    
$
22,790
    
$
16,598
    
$
32,666
    
$
8,022
    
$
-
    
$
208,205
  
Special Mention
    
-
      
-
      
62
      
-
      
243
      
-
      
-
      
-
      
305
  
Substandard
    
-
      
-
      
113
      
-
      
128
      
1,171
      
-
      
-
      
1,412
  
Total Commercial Loans
  
$
79,430
    
$
29,991
    
$
18,883
    
$
22,790
    
$
16,969
    
$
33,837
    
$
8,022
    
$
-
    
$
209,922
  

                                                                       
Commercial Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
40
    
$
-
    
$
-
    
$
40
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
40
    
$
-
    
$
-
    
$
40
  
                                                                         
Commercial Other:
                                                                        
Risk rating
                                                                        
Pass
  
$
2,972
    
$
2,848
    
$
2,273
    
$
590
    
$
674
    
$
2,348
    
$
8,908
     $
-
    
$
20,613
  
Special mention
    
-
      
-
      
-
      
-
      
-
      
-
      
39
      
-
      
39
  
Substandard
    
-
      
339
      
-
      
-
      
-
      
98
      
-
      
-
      
437
  
Total Commercial Real Estate Loans
  
$
2,972
    
$
3,187
    
$
2,273
    
$
590
    
$
674
    
$
2,446
    
$
8,947
    
$
-
    
$
21,089
  
                                                                         
Other Commercial Loans:
                                                                       
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
      
-
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Residential First Mortgage:
                                                                        
Risk rating
                                                                        
Performing
  
$
557,981
    
$
933,754
    
$
784,511
    
$
368,137
    
$
257,926
    
$
1,228,776
    
$
1,472
    
$
-
    
$
4,132,557
  
Nonperforming
    
-
      
496
      
81
      
844
      
351
      
12,573
      
-
      
-
      
14,345
  
Total First Mortgage:
  
$
557,981
    
$
934,250
    
$
784,592
    
$
368,981
    
$
258,277
    
$
1,241,349
    
$
1,472
    
$
-
    
$
4,146,902
  

                                                                       
Residential First Mortgage Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
5
    
$
-
    
$
-
      
5
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
5
    
$
-
    
$
-
    
$
5
  
                                                                         
Home Equity Lines:
                                                                        
Risk rating
                                                                        
Performing
  
$
6,863
    
$
9,124
    
$
6,322
    
$
7,588
    
$
5,240
    
$
21,217
    
$
-
    
$
-
    
$
56,354
  
Nonperforming
    
-
      
-
      
-
      
-
      
66
      
129
      
-
      
-
      
195
  
Total Home Equity Lines:
  
$
6,863
    
$
9,124
    
$
6,322
    
$
7,588
    
$
5,306
    
$
21,346
    
$
-
    
$
-
    
$
56,549
  

                                                                       
Home Equity Lines Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
      
-
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Home Equity Credit Lines:
                                                                        
Risk rating
                                                                        
Performing
  
$
1,369
    
$
1,246
    
$
740
    
$
52
    
$
100
    
$
18,377
    
$
262,244
    
$
-
    
$
284,128
  
Nonperforming
    
-
      
7
      
-
      
-
      
-
      
2,111
      
186
      
-
      
2,304
  
Total Home Equity Credit Lines:
  
$
1,369
    
$
1,253
    
$
740
    
$
52
    
$
100
    
$
20,488
    
$
262,430
    
$
-
    
$
286,432
  

                                                                       
Home Equity Credit Lines Loans:                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
19
    
$
-
    
$
-
      
19
  

 
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
19
    
$
-
    
$
-
    
$
19
  
                                                                         
Installments:
                                                                        
Risk rating
                                                                        
Performing
  
$
6,385
    
$
2,495
    
$
805
    
$
709
    
$
374
    
$
308
    
$
1,125
    
$
-
    
$
12,201
  
Nonperforming
    
20
      
17
      
-
      
65
      
-
      
1
      
3
      
-
      
106
  
Total Installments
  
$
6,405
    
$
2,512
    
$
805
    
$
774
    
$
374
    
$
309
    
$
1,128
    
$
-
    
$
12,307
  

                                                                       
Installments Loans:                                                                        
Current-period Gross writeoffs
  
$
1
    
$
47
    
$
22
    
$
7
    
$
2
    
$
9
    
$
-
    
$
-
      
88
  

 
$
1
    
$
47
    
$
22
    
$
7
    
$
2
    
$
9
    
$
-
    
$
-
    
$
88
  

The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through foreclosure or through a deed in lieu).  Other real estate owned is included in other assets on the Balance Sheet. As of March 31, 2023 other real estate owned included $1.9 million of residential foreclosed properties. In addition, non-accrual residential mortgage loans that are in the process of foreclosure had an amortized cost of $8.7 million as of March 31, 2023.

The following tables present the aging of the amortized cost in past due loans by loan class and by region as of March 31, 2023 and December 31, 2022:

 
As of March 31, 2023
  

                                   
New York and other states*:    30-59      60-89      90 +      Total              
     Days      Days      Days      30+ days            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
      
-
      
525
      
525
      
181,762
      
182,287
  
Other
    
39
      
-
      
5
      
44
      
22,321
      
22,365
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
2,412
      
1,017
      
8,041
      
11,470
      
2,748,689
      
2,760,159
  
Home equity loans
    
245
      
68
      
67
      
380
      
43,732
      
44,112
  
Home equity lines of credit
    
298
      
-
      
848
      
1,146
      
192,499
      
193,645
  
Installment
    
10
      
34
      
58
      
102
      
11,382
      
11,484
  
                                                 
Total
  
$
3,004
      
1,119
      
9,544
      
13,667
      
3,200,385
      
3,214,052
  

Florida:
    30-59      60-89      90 +      Total          
 
     Days      Days      Days      30+ days
           Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
      
-
      
-
      
-
      
40,844
      
40,844
  
Other
    
-
      
-
      
314
      
314
      
497
      
811
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
289
      
80
      
1,651
      
2,020
      
1,422,572
      
1,424,592
  
Home equity loans
    
-
      
7
      
-
      
7
      
12,589
      
12,596
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
102,845
      
102,845
  
Installment
    
52
      
-
      
62
      
114
      
3,728
      
3,842
  
                                                 
Total
  
$
341
      
87
      
2,027
      
2,455
      
1,583,075
      
1,585,530
  

Total:
   30-59     60-89     90 +     Total            
  
     Days      Days      Days      30+ days            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
      
-
      
525
      
525
      
222,606
      
223,131
  
Other
    
39
      
-
      
319
      
358
      
22,818
      
23,176
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
2,701
      
1,097
      
9,692
      
13,490
      
4,171,261
      
4,184,751
  
Home equity loans
    
245
      
75
      
67
      
387
      
56,321
      
56,708
  
Home equity lines of credit
    
298
      
-
      
848
      
1,146
      
295,344
      
296,490
  
Installment
    
62
      
34
      
120
      
216
      
15,110
      
15,326
  
                                                 
Total
  
$
3,345
      
1,206
      
11,571
      
16,122
      
4,783,460
      
4,799,582
  

* Includes New York, New Jersey, Vermont and Massachusetts.
 

   
As of December 31, 2022
  

                                   
New York and other states*:
  
30-59
    
60-89
    
90 +
      Total              
    Days     Days     Days    
30+ days
            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
      
-
      
161
      
161
      
177,210
      
177,371
  
Other
    
18
      
-
      
20
      
38
      
20,183
      
20,221
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
4,262
      
921
      
7,203
      
12,386
      
2,764,603
      
2,776,989
  
Home equity loans
    
283
      
-
      
67
      
350
      
43,649
      
43,999
  
Home equity lines of credit
    
978
      
-
      
591
      
1,569
      
190,357
      
191,926
  
Installment
    
78
      
4
      
23
      
105
      
9,303
      
9,408
  
                                                 
Total
  
$
5,619
      
925
      
8,065
      
14,609
      
3,205,305
      
3,219,914
  

Florida:
  
30-59
    
60-89
    
90 +
      Total              
     Days      Days      Days    
30+ days
            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
      
-
      
-
      
-
      
32,551
      
32,551
  
Other
    
-
      
-
      
314
      
314
      
554
      
868
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
1,183
      
243
      
1,404
      
2,830
      
1,367,083
      
1,369,913
  
Home equity loans
    
51
      
-
      
-
      
51
      
12,499
      
12,550
  
Home equity lines of credit
    
224
      
-
      
-
      
224
      
94,282
      
94,506
  
Installment
    
6
      
-
      
83
      
89
      
2,810
      
2,899
  
                                                 
Total
  
$
1,464
      
243
      
1,801
      
3,508
      
1,509,779
      
1,513,287
  

Total:
  
30-59
    
60-89
    
90 +
      Total              
     Days      Days      Days    
30+ days
            Total  
(dollars in thousands)
  
Past Due
    
Past Due
    
Past Due
    
Past Due
    
Current
    
Loans
  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
      
-
      
161
      
161
      
209,761
      
209,922
  
Other
    
18
      
-
      
334
      
352
      
20,737
      
21,089
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
5,445
      
1,164
      
8,607
      
15,216
      
4,131,686
      
4,146,902
  
Home equity loans
    
334
      
-
      
67
      
401
      
56,148
      
56,549
  
Home equity lines of credit
    
1,202
      
-
      
591
      
1,793
      
284,639
      
286,432
  
Installment
    
84
      
4
      
106
      
194
      
12,113
      
12,307
  
                                                 
Total
  
$
7,083
      
1,168
      
9,866
      
18,117
      
4,715,084
      
4,733,201
  

* Includes New York, New Jersey, Vermont and Massachusetts.

As of March 31, 2023, there were no loans that were 90 days past due and still accruing interest.  As a result, non-accrual loans include all loans 90 days or more past due as well as certain loans less than 90 days past due that were placed on non-accrual status for reasons other than delinquent status.  There are no commitments to extend further credit on non-accrual or restructured loans.

Loans individually evaluated for impairment include non-accrual commercial loans, as well as all loan modifications. As of March 31, 2023, there was no allowance for credit losses based on the loans individually evaluated for impairment.

Residential and installment non-accrual loans which are not loan modifications are collectively evaluated to determine the allowance for credit loss.

The following tables present the amortized cost basis in non-accrual loans by portfolio segment:
 
   
As of March 31, 2023
  
(dollars in thousands)
   New York and
             

 
other states*
    
Florida
    
Total
  
Loans in non-accrual status:
                  
Commercial:
                  
Commercial real estate
  
$
555
     $
-
     $
555
  
Other
    
5
      
314
      
319
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
13,333
      
2,210
      
15,543
  
Home equity loans
    
151
      
48
      
199
  
Home equity lines of credit
    
2,238
      
179
      
2,417
  
Installment
    
59
      
62
      
121
  
Total non-accrual loans
    
16,341
      
2,813
      
19,154
  
Restructured real estate mortgages - 1 to 4 family
    
8
      
-
      
8
  
Total nonperforming loans
  
$
16,349
     $
2,813
     $
19,162
  

* Includes New York, New Jersey, Vermont and Massachusetts.

   
As of December 31, 2022
  
(dollars in thousands)
  
New York and
              

 
other states*
    
Florida
    
Total
  
Loans in non-accrual status:
                  
Commercial:
                  
Commercial real estate
  
$
199
     $
-
     $
199
  
Other
    
20
      
314
      
334
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
12,609
      
1,736
      
14,345
  
Home equity loans
    
153
      
42
      
195
  
Home equity lines of credit
    
2,187
      
117
      
2,304
  
Installment
    
23
      
83
      
106
  
Total non-accrual loans
    
15,191
      
2,292
      
17,483
  
Restructured real estate mortgages - 1 to 4 family
    
10
      
-
      
10
  
Total nonperforming loans
  
$
15,201
     $
2,292
     $
17,493
  

* Includes New York, New Jersey, Vermont and Massachusetts.

The following tables present the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing as of March 31, 2023 and December 31, 2022:

   
As of March 31, 2023
 
(dollars in thousands)
   Non-accrual With      Non-accrual With
      Loans Past Due  
     No Allowance for      Allowance for
      Over 89 Days  

 
Credit Loss
    
Credit Loss
    
Still Accruing
  
Commercial:
                  
Commercial real estate
  
$
153
    
$
402
    

-
  
Other
    
5
      
314
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
12,894
      
2,649
      
-
  
Home equity loans
    
126
      
73
      
-
  
Home equity lines of credit
    
2,216
      
201
      
-
  
Installment
    
81
      
40
      
-
  
Total loans, net
  
$
15,475
    
$
3,679
    

-
  

 
  
As of December 31, 2022
  
(dollars in thousands)
  
Non-accrual With
    
Non-accrual With
    
Loans Past Due
  
 
  
No Allowance for
    
Allowance for
    
Over 89 Days
  
 
  
Credit Loss
    
Credit Loss
    
Still Accruing
  
Commercial:
                  
Commercial real estate
  
$
160
    
$
39
      
-
  
Other
    
20
      
314
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
13,502
      
843
      
-
  
Home equity loans
    
129
      
66
      
-
  
Home equity lines of credit
    
2,257
      
47
      
-
  
Installment
    
82
      
24
      
-
  
Total loans, net
  
$
16,150
    
$
1,333
      
-
  

The non-accrual balance of $3.7 million and $1.3 million was collectively evaluated and the associated allowance for credit losses on loans was not material as of March 31, 2023 and December 31, 2022, respectively.
The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of March 31, 2023 and December 31, 2022:

   
As of March 31, 2023
  
(dollars in thousands)
          1-to-4 Family              
     Commercial      Residential      Installment        

 
Loans
    
Real Estate
    
Loans
    
Total
  
Allowance for credit losses on loans:
                        
Ending allowance balance attributable to loans:
                        
Individually evaluated for impairment
  
$
-
      
-
      
-
      
-
  
Collectively evaluated for impairment
    
2,708
      
43,766
      
211
      
46,685
  
                                 
Total ending allowance balance
  
$
2,708
      
43,766
      
211
      
46,685
  
                                 
Loans:
                                
Individually evaluated for impairment
  
$
986
      
23,934
      
81
      
25,001
  
Collectively evaluated for impairment
    
245,321
      
4,514,015
      
15,245
      
4,774,581
  
                                 
Total ending loans balance
  
$
246,307
      
4,537,949
      
15,326
      
4,799,582
  

   
As of December 31, 2022
  
(dollars in thousands)
         1-to-4 Family              
     Commercial      Residential      Installment        

 
Loans
    
Real Estate
    
Loans
    
Total
  
Allowance for credit losses on loans:
                        
Ending allowance balance attributable to loans:
                        
Individually evaluated for impairment
  
$
-
      
-
      
-
      
-
  
Collectively evaluated for impairment
    
2,596
      
43,271
      
165
      
46,032
  
                                 
Total ending allowance balance
  
$
2,596
      
43,271
      
165
      
46,032
  
                                 
Loans:
                                
Individually evaluated for impairment
  
$
646
      
24,967
      
82
      
25,695
  
Collectively evaluated for impairment
    
230,365
      
4,464,916
      
12,225
      
4,707,506
  
                                 
Total ending loans balance
  
$
231,011
      
4,489,883
      
12,307
      
4,733,201
 

A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected Credit losses for the collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The following tables present the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of March 31, 2023 and December 31, 2022:

     As of March 31, 2023
  
   
Type of Collateral
  
(dollars in thousands)        

       

 
Real Estate
    
Investment
Securities/Cash
    
Other
  
Commercial:
                  
Commercial real estate
  
$
667
      
-
      
-
  
Other
    
319
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
      
        
        
  
First mortgages
    
20,512
      
-
      
-
  
Home equity loans
    
231
      
-
      
-
  
Home equity lines of credit
    
3,191
      
-
      
-
  
Installment
    
81
      
-
      
-
  
Total
  
$
25,001
      
-
      
-
  

 
  
As of December 31, 2022
  
 
  
Type of Collateral
  
(dollars in thousands)
                  
 
  
Real Estate
    
Investment Securities/Cash
    
Other
  
Commercial:
                  
Commercial real estate
  
$
312
      
-
      
-
  
Other
    
334
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
    

     

     

 
First mortgages
    
21,467
      
-
      
-
  
Home equity loans
    
236
      
-
      
-
  
Home equity lines of credit
    
3,264
      
-
      
-
  
Installment
    
82
      
-
      
-
  
Total
  
$
25,695
      
-
      
-
  

The Company has not committed to lend additional amounts to customers with outstanding loans that are modified. Interest income recognized on loans that are individually evaluated was not material during the three months ended March 31, 2023 and 2022.

As of March 31, 2023 and 2022 loans individually evaluated included approximately $8.8 million and $9.8 million, respectively, of loans in accruing status that were identified as loan modifications in accordance with regulatory guidance related to Chapter 7 bankruptcy loans.

Pursuant to the adoption of ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures (“ASU 2022-02”) a borrower that is experiencing financial difficulty and receives a modification in the form of principal forgiveness, interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed.  For the three months ended March 31, 2023, there were no loan modifications provided to borrowers experiencing financial difficulty.

Prior to the adoption of ASU 2022-02, the company accounted for loan modifications as Troubled Debt Restructurings (TDRs) and the following table presents, by class, loans that were modified as TDR’s for the three months ended March 31, 2022:

 
Three months ended March 31, 2022
  
                   
New York and other states*:
         Pre-Modification    
Post-Modification
  
           Outstanding      Outstanding  
     Number of      Recorded      Recorded  
 (dollars in thousands)
  
Contracts
    
Investment
    
Investment
  
                   
Commercial:
                  
Commercial real estate
    
-
    
$
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
-
      
-
      
-
  
Home equity loans
    
3
      
370
      
370
  
Home equity lines of credit
    
-
      
-
      
-
  
                         
Total
    
3
    
$
370
      
370
  

Florida:
       
Pre-Modification
    
Post-Modification
  
           Outstanding      Outstanding  
   
Number of
      Recorded      Recorded  
(dollars in thousands)
  
Contracts
    
Investment
    
Investment
  
                   
Commercial:
                  
Commercial real estate
    
-
    
$
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
-
      
-
      
-
  
Home equity loans
    
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
-
  
                         
Total
    
-
    
$
-
      
-
  

* Includes New York, New Jersey, Vermont and Massachusetts.

The addition of these TDR’s did not have a significant impact on the allowance for credit losses on loans. The nature of the modifications that resulted in them being classified as a TDR was the borrower filing for bankruptcy protection. There were no loans that defaulted during the three months ended March 31, 2023 and 2022 which had been classified as a loan modification within the prior twelve months.

In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification.  This evaluation is performed under the Company’s underwriting policy.

Generally, the modification of the terms of loans was the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies even though there is no modification of terms, the borrowers’ debt to the Company was discharged and they did not reaffirm the debt.

A loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. In situations involving a borrower filing for Chapter 13 bankruptcy protection, however, a loan is considered to be in payment default once it is 30 days contractually past due, consistent with the treatment by the bankruptcy court.