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Loan Portfolio and Allowance for Credit Losses
 9 Months Ended
Sep. 30, 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:

 
  
September 30, 2023
  
(dollars in thousands)  
New York and
              

 
other states*
    
Florida
    
Total
  
Commercial:
                  
Commercial real estate
  
$
208,394
     $
38,933
     $
247,327
  
Other
    
20,947
      
368
    
21,315
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
2,753,008
      
1,531,821
    
4,284,829
  
Home equity loans
    
44,873
      
13,304
    
58,177
  
Home equity lines of credit
    
206,806
      
125,222
    
332,028
  
Installment
    
12,217
      
4,388
    
16,605
  
Total loans, net
  
$
3,246,245
     $
1,714,036
      
4,960,281
  
Less: Allowance for credit losses
                    
47,226
  
Net loans
                  
$
4,913,055
  

*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 $688 thousand and $1.0 Million as of September 30, 2023 and December 31, 2022, respectively.

At September 30, 2023 and December 31, 2022, the Company had approximately $29.3 million and $36.4 million, respectively, of real estate construction loans.  Of the $29.3 million in real estate construction loans at September 30, 2023, approximately $7.8 million are secured by first mortgages to residential borrowers while approximately $21.5 million were to commercial borrowers for residential construction projects.  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. There were no changes in the Company’s methodology for the allowance for credit losses on loans for the period ended September 30, 2023. Consistent with the Company’s economic modeling as of adoption date, the Company has determined the Stagflation forecast scenario to be appropriate for the September 30, 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.

The Company recorded a provision for credit losses of $100 thousand for the three months ended September 30, 2023, which is the result a provision for credit losses on loans of $300 thousand, and a benefit for credit losses on unfunded commitments of $200 thousand. The Company recorded a benefit for credit losses of $100 thousand for the nine months ended September 30, 2023, which is the result of a provision for credit losses on loans of $900 thousand, offset by a benefit for credit losses on unfunded commitments of $1.0 million. 

The Company recorded a provision for credit losses of $300 thousand for the three months ended September 30, 2022, which includes a provision for credit losses on loans of $100 thousand, and a provision for credit losses on unfunded commitments of $200 thousand.  The Company recorded a benefit for credit losses of $391 thousand for the nine months ended September 30, 2022, which includes a credit to provision for credit losses on loans of $1.4 million, offset by a provision for credit losses on unfunded commitments of $1.0 million.

Activity in the allowance for credit losses on loans by portfolio segment for the three months ended September 30, 2023 is summarized as follows:


  
For the three months ended September 30, 2023
  
(dollars in thousands)        
Real Estate
              
         
Mortgage-
              

 
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period   $ 2,610     $ 44,067     $ 237     $ 46,914  
Loans charged off:
                                
New York and other states*
    
-
      
27
      
23
      
50
  
Florida
    
-
      
-
      
-
      
-
  
Total loan chargeoffs
    
-
      
27
      
23
      
50
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
-
      
53
      
9
      
62
  
Florida
    
-
      
-
      
-
      
-
  
Total recoveries
    
-
      
53
      
9
      
62
  
Net loans (recoveries) charged off
   
-
   
(26
)
    
14
      
(12
)
(Credit) provision for credit losses
    
103
   
192
      
5
      
300
  
Balance at end of period
  
$
2,713
    
$
44,285
    
$
228
    
$
47,226
  

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

Activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2022 is summarized as follows:

   
For the three months ended September 30, 2022
  
(dollars in thousands)        
Real Estate
              
         
Mortgage-
              

 
Commercial
    
1 to 4 Family
    
Installment
    
Total
  
Balance at beginning of period
  
$
2,274
      
42,880
      
131
      
45,285
  
Loans charged off:
                                
New York and other states*
    
-
      
13
      
34
      
47
  
Florida
    
-
      
-
      
-
      
-
  
Total loan chargeoffs
    
-
      
13
      
34
      
47
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
-
      
177
      
-
      
177
  
Florida
    
-
      
-
      
2
      
2
  
Total recoveries
    
-
      
177
      
2
      
179
  
Net loan recoveries
    
-
      
(164
)
    
32
      
(132
)
(Credit) provision for credit losses
    
155
      
(100
)
    
45
      
100
Balance at end of period
  
$
2,429
      
42,944
      
144
      
45,517
  

* Includes New York, New Jersey, Vermont and Massachusetts.
Activity in the allowance for credit losses on loans by portfolio segment for the nine months ended September 30, 2023 is summarized as follows:

   
For the nine months ended September 30, 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*
    
-
      
49
      
69
      
118
  
Florida
    
-
      
-
      
71
      
71
  
Total loan chargeoffs
  

-
    

49
    

140
    

189
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
129
      
289
      
40
      
458
  
Florida
    
-
      
25
      
-
      
25
  
Total recoveries
    
129
      
314
      
40
      
483
  
Net loans (recoveries) charged off
    
(129
)
    
(265
)
    
100
      
(294
)
(Credit) provision for credit losses
    
(12
)
    
749
      
163
      
900
  
Balance at end of period
  
$
2,713
     $
44,285
     $
228
     $
47,226
  

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

Activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2022 is summarized as follows:

   
For the nine months ended September 30, 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 adjuste dfor ASU 2016-13
   $ 2,149       44,406       65       46,620  
Loans charged off:
                                
New York and other states*
    
40
      
25
      
53
      
118
  
Florida
    
-
      
-
      
-
      
-
  
Total loan chargeoffs
    
40
      
25
      
53
      
118
  
                                 
Recoveries of loans previously charged off:
                                
New York and other states*
    
4
      
405
      
4
      
413
  
Florida
    
-
      
-
      
2
      
2
  
Total recoveries
    
4
      
405
      
6
      
415
  
Net loan recoveries
    
36
      
(380
)
    
47
      
(297
)
(Credit) provision for loan losses
    
316
      
(1,842
)
    
126
      
(1,400
)
Balance at end of period
  
$
2,429
      
42,944
      
144
      
45,517
  

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

The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of September 30, 2023 and December 31, 2022:

   
As of September 30, 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
    
2,713
      
44,285
      
228
      
47,226
  
                                 
Total ending allowance balance
  
$
2,713
     $
44,285
     $
228
     $
47,226
  
                                 
Loans:
                                
Individually evaluated for impairment
  
$
962
     $
24,521
     $
106
     $
25,589
  
Collectively evaluated for impairment
    
267,680
      
4,650,513
      
16,499
      
4,934,692
  
                                 
Total ending loans balance
  
$
268,642
     $
4,675,034
     $
16,605
     $
4,960,281
  

   
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
  

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 for the three and nine months ended September 30, 2023 and 2022 was as follows:

(In thousands)  
For the three
months ended
September 30, 2023
  
Balance at June 30, 2023  
$
2,112
  
(Credit) provision for credit losses    
(200
)
Balance at September 30, 2023  
$
1,912
  

(In thousands)  
For the nine
months ended
September 30, 2023
  
Balance at January 1, 2023  
$
2,912
  
(Credit) provision for credit losses    
(1,000
)
Balance at September 30, 2023  
$
1,912
  

(In thousands)  
For the three
months ended
September 30, 2022
  
Balance at June 30, 2022  
$
3,162
  
Provision for credit losses    
200
  
Balance at September 30, 2022  
$
3,362
  

(In thousands)
  
For the nine
months ended
September 30, 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
    
1,009
  
Balance at September 30, 2022
  
$
3,362
  

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 September 30, 2023 and December 31, 2022 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on non-accrual status and loans over 90 days past due and accruing.

As of September 30, 2023, and December 31, 2022 and based on the most recent analysis performed, the risk category of loans by class of loans, and gross charge-offs year to date for each loan type by origination year was as follows:

(in thousands)
   As of September 30, 2023  

 
Term Loans Amortized Cost Basis by Origination Year
  
   
2023
    
2022
    
2021
    
2020
    
2019
    
Prior
    
Revolving
Loans
Amortized
Cost Basis
    
Revolving
Loan
Converted to Term
    
Total
  
Commercial :
                                                      
Risk rating
                                                      
Pass
  
$
51,541
    
$
83,437
    
$
24,249
    
$
16,926
    
$
20,322
    
$
42,634
    
$
6,464
    
$
-
    
$
245,573
  
Special Mention
    
-
      
-
      
-
      
47
      
-
      
230
      
-
      
-
      
277
  
Substandard
    
-
      
-
      
-
      
108
      
-
      
1,369
      
-
      
-
      
1,477
  
Total Commercial Loans
  
$
51,541
    
$
83,437
    
$
24,249
    
$
17,081
    
$
20,322
    
$
44,233
    
$
6,464
    
$
-
    
$
247,327
  
                                                                         
Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Commercial Other:
                                                                        
Risk rating
                                                                        
Pass
  
$
6,052
    
$
2,968
    
$
2,077
    
$
1,569
    
$
430
    
$
2,536
    
$
5,255
    
$
-
    
$
20,887
  
Special mention
    
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
      
-
  
Substandard
    
-
      
-
      
330
      
-
      
-
      
98
      
-
      
-
      
428
  
Total Commercial Real Estate Loans
  
$
6,052
    
$
2,968
    
$
2,407
    
$
1,569
    
$
430
    
$
2,634
    
$
5,255
    
$
-
    
$
21,315
  
                                                                         
Other Commercial Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
     $
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Residential First Mortgage:
                                                                        
Risk rating
                                                                        
Performing
  
$
332,209
    
$
571,064
    
$
890,093
    
$
744,547
    
$
349,235
    
$
1,380,747
    
$
2,818
    
$
-
    
$
4,270,713
  
Nonperforming
    
64
      
210
      
389
      
230
      
1,123
      
12,100
      
-
      
-
      
14,116
  
Total First Mortgage:
  
$
332,273
    
$
571,274
    
$
890,482
    
$
744,777
    
$
350,358
    
$
1,392,847
    
$
2,818
    
$
-
    
$
4,284,829
  
                                                                         
Residential First Mortgage Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
27
    
$
22
    
$
-
    
$
-
     $
49
  
   
$
-
    

-
    

-
    

-
    

27
    

22
    

-
    

-
    
$
49
  
                                                                         
Home Equity Loans:
                                                                        
Risk rating
                                                                        
Performing
  
$
8,095
    
$
6,112
    
$
8,136
    
$
5,757
    
$
6,667
    
$
23,127
    
$
-
    
$
-
    
$
57,894
  
Nonperforming
    
-
      
-
      
-
      
-
      
-
      
283
      
-
      
-
      
283
  
Total Home Equity Loans:
  
$
8,095
    
$
6,112
    
$
8,136
    
$
5,757
    
$
6,667
    
$
23,410
    
$
-
    
$
-
    
$
58,177
  
                                                                         
Home Equity Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
     $
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
                                                                         
Home Equity Lines of Credit:
                                                                        
Risk rating
                                                                        
Performing
  
$
766
    
$
824
    
$
365
    
$
126
    
$
30
    
$
16,765
    
$
310,690
    
$
-
    
$
329,566
  
Nonperforming
    
-
      
-
      
-
      
-
      
-
      
2,096
      
366
      
-
      
2,462
  
Total Home Equity Credit Lines:
  
$
766
    
$
824
    
$
365
    
$
126
    
$
30
    
$
18,861
    
$
311,056
    
$
-
    
$
332,028
  
                                                                         
Home Equity Lines of Credit:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
     $
-
  
   
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Installments:
                                                                        
Risk rating
                                                                        
Performing
  
$
7,330
    
$
5,137
    
$
1,667
    
$
452
    
$
277
    
$
594
    
$
990
    
$
-
    
$
16,447
  
Nonperforming
    
-
      
32
      
51
      
-
      
68
      
2
      
5
      
-
      
158
  
Total Installments
  
$
7,330
    
$
5,169
    
$
1,718
    
$
452
    
$
345
    
$
596
    
$
995
    
$
-
    
$
16,605
  
                                                                         
Installments Loans:
                                                                        
Current-period Gross writeoffs
  
$
-
    
$
58
    
$
49
    
$
6
    
$
10
    
$
17
    
$
-
    
$
-
     $
140
  
   
$
-
    
$
58
     $
49
    
$
6
    
$
10
    
$
17
    
$
-
    
$
-
    
$
140
  

(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 Loans:
                                                                        
Risk rating
                                                                        
Performing
  
$
6,863
    
$
9,124
    
$
6,322
    
$
7,588
    
$
5,240
    
$
21,217
    
$
-
    
$
-
    
$
56,354
  
Nonperforming
    
-
      
-
      
-
      
-
      
66
      
129
      
-
      
-
      
195
  
Total Home Equity Loans:
  
$
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 following tables present the aging of the amortized cost in past due loans by loan class and by region as of September 30,2023 and December 31,2022:

   
As of September 30, 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
  
$
-
     $
-
     $
522
     $
522
     $
207,872
     $
208,394
  
Other
    
-
      
-
      
-
      
-
      
20,947
      
20,947
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
2,501
      
824
      
6,699
      
10,024
      
2,742,984
      
2,753,008
  
Home equity loans
    
129
      
2
      
158
      
289
      
44,584
      
44,873
  
Home equity lines of credit
    
726
      
171
      
781
      
1,678
      
205,128
      
206,806
  
Installment
    
12
      
56
      
59
      
127
      
12,090
      
12,217
  
                                                 
Total
  
$
3,368
     $
1,053
     $
8,219
     $
12,640
     $
3,233,605
     $
3,246,245
  

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
  
$
-
  
$
-
     $
-
     $
-
     $
38,933
     $
38,933
  
Other
    
-
      
-
      
314
      
314
      
54
      
368
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
876
      
-
      
1,400
      
2,276
      
1,529,545
      
1,531,821
  
Home equity loans
    
49
      
-
      
-
      
49
      
13,255
      
13,304
  
Home equity lines of credit
    
258
      
-
      
-
      
258
      
124,964
      
125,222
  
Installment
    
48
      
5
      
60
      
113
      
4,275
      
4,388
  
                                                 
Total
  
$
1,231
     $
5
     $
1,774
     $
3,010
     $
1,711,026
     $
1,714,036
  

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
  
$
-
     $
-
     $
522
     $
522
     $
246,805
     $
247,327
  
Other
    
-
      
-
      
314
      
314
      
21,001
      
21,315
  
Real estate mortgage - 1 to 4 family:
                                                
First mortgages
    
3,377
      
824
      
8,099
      
12,300
      
4,272,529
      
4,284,829
  
Home equity loans
    
178
      
2
      
158
      
338
      
57,839
      
58,177
  
Home equity lines of credit
    
984
      
171
      
781
      
1,936
      
330,092
      
332,028
  
Installment
    
60
      
61
      
119
      
240
      
16,365
      
16,605
  
                                                 
Total
  
$
4,599
     $
1,058
     $
9,993
     $
15,650
     $
4,944,631
     $
4,960,281
  

* 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.

At September 30, 2023 and December 31, 2022, 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.

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 September 30,2023 other real estate owned included $1.2 million of residential foreclosed properties.  In addition, non-accrual residential mortgage loans that are in the process of foreclosure had an amortized cost of $6.3 million as of September 30, 2023. As of December 31, 2022, other real estate owned included $2.1 million of residential foreclosed properties.  In addition, non-accrual residential mortgage loans that are in the process of foreclosure had a recorded investment of $7.4 million as of December 31, 2022.

Loans individually evaluated for impairment include non-accrual commercial loans, as well as all loan modifications. As of September 30, 2023 , there was no allowance for credit losses based on the loan 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 table presents the amortized cost basis in non-accrual loans by portfolio segment:

   
As of September 30, 2023
  
(dollars in thousands)  
New York and
              

 
other states*
    
Florida
    
Total
  
Loans in non-accrual status:
                  
Commercial:
                  
Commercial real estate
  
$
540
     $
-
     $
540
  
Other
    
-
      
314
      
314
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
12,128
      
1,988
      
14,116
  
Home equity loans
    
238
      
45
      
283
  
Home equity lines of credit
    
2,267
      
195
      
2,462
  
Installment
    
93
      
65
      
158
  
Total non-accrual loans
    
15,266
      
2,607
      
17,873
  
Restructured real estate mortgages - 1 to 4 family
    
5
      
-
      
5
  
Total nonperforming loans
  
$
15,271
     $
2,607
     $
17,878
  

* 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 September 30, 2023 and December 31,2022:

   
As of September 30, 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
  
$
540
    
$
-
    

-
  
Other
    
314
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                        
First mortgages
    
13,470
      
646
      
-
  
Home equity loans
    
277
      
6
      
-
  
Home equity lines of credit
    
2,345
      
117
      
-
  
Installment
    
106
      
52
      
-
  
Total loans, net
  
$
17,052
    
$
821
    

-
  

 
  
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 $821 thousand and $1.3 million was collectively evaluated and the associated allowance for credit losses on loans was determined not to be material as of September 30, 2023 and December 31, 2022, respectively.

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 September 30, 2023 and December 31, 2022:

    As of September 30, 2023  
   
Type of Collateral
  
(dollars in thousands)        

       

 
Real Estate
    
Investment
Securities/Cash
    
Other
  
Commercial:
                  
Commercial real estate
  
$
648
      
-
      
-
  
Other
    
314
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
              
        
  
First mortgages
    
20,854
      
-
      
-
  
Home equity loans
    
378
      
-
      
-
  
Home equity lines of credit
    
3,289
      
-
      
-
  
Installment
    
106
      
-
      
-
  
Total
  
$
25,589
      
-
      
-
  

 
  
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 or nine months ended September 30, 2023 and 2022.

As of September 30, 2023 and 2022  loans individually evaluated included approximately $8.5 and $9.3 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, an interest rate reduction, an other-than-insignificant payment delay or a term extension in the current period needs to be disclosed.

The following table presents the amortized cost basis of loans at September 30, 2023 that were both experiencing financial difficulty and modified during the three and nine months ended September 30, 2023, by class and by type of modification.  The percentage of the amortized cost basis of loans that were modified to borrowers in financial distress as compared to the amortized cost basis of each class of financing receivable is also presented below:

For the three months ended September 30, 2023
  
New York and other states*:
            
 
  
Payment
    
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
  
 
            
Commercial:
            
Commercial real estate
  
$
-
       -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
    
-
       -  
First mortgages
    
255
      
0.01
%
Home equity loans
     -       -  
Home equity lines of credit
    
-
       -  
Installment
    
-
       -  
 
                
Total
  
$
255
       0.01 %

Florida:
            
 
  
Payment
    
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
  
 
            
Commercial:
            
Commercial real estate
  
$
-
       -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
             -
  
First mortgages
    
-
      
-
Home equity loans
    
-
       -  
Home equity lines of credit
    
-
       -  
Installment
    
-
       -  
 
                
Total
  
$
-
       -

Total
            

 
Payment
    
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
  
 
            
Commercial:
            
Commercial real estate
  
$
-
       -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
                
First mortgages
    
255
      
0.01
%
Home equity loans
    
-
       -  
Home equity lines of credit
    
-
      
-
Installment
    
-
       -  
 
                
Total
  
$
255
       0.01 %

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

For the nine months ended September 30, 2023
  
New York and other states*:
        
 
Payment
  
% of Total Class
  
(dollars in thousands)
Delay
  
of Loans
  
 
        
Commercial:
        
Commercial real estate
  
$
-
       -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
    
-
       -  
First mortgages
    
490
      
0.02
%
Home equity loans
     -       -  
Home equity lines of credit
    
50
       0.02 %
Installment
    
-
       -  
 
                
Total
  
$
540
       0.02 %

Florida:
            
 
  
Payment
    
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
  
 
            
Commercial:
            
Commercial real estate
  
$
-
       -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
                
First mortgages
    
340
      
0.02
%
Home equity loans
    
-
       -  
Home equity lines of credit
    
-
       -  
Installment
    
-
       -  
 
                
Total
  
$
340
       0.02 %

Total
            
 
  
Payment
    
% of Total Class
  
(dollars in thousands)
  
Delay
    
of Loans
  
 
            
Commercial:
            
Commercial real estate
  
$
-
       -  
Other
    
-
       -  
Real estate mortgage - 1 to 4 family:
                
First mortgages
    
830
      
0.02
%
Home equity loans
    
-
       -  
Home equity lines of credit
    
50
      
0.02
%
Installment
    
-
       -  
 
                
Total
  
$
880
       0.02 %

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

The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified as of September 30, 2023:

   
As of September 30, 2023
  
                                     
New York and other states*:           30-59
      60-89
      90+        
            Days
      Days
      Days
       
(dollars in thousands)    Current       Past Due
      Past Due
      Past Due
     Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
351
      
139
      
-
      
-
      
490
  
Home equity loans
    
-
      
-
      
-
       -      
-
  
Home equity lines of credit
    
50
      
-
      
-
      
-
      
50
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
401
    
$
139
    
$
-
    
$
-
    
$
540
  

Florida:           30-59
      60-89
      90+        
            Days
      Days
      Days
       
(dollars in thousands)    Current       Past Due
      Past Due
      Past Due
     Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
340
      
-
      
-
      
-
      
340
  
Home equity loans
    
-
      
-
      
-
       -      
-
  
Home equity lines of credit
    
-
      
-
      
-
      
-
      
-
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
340
    
$
-
    
$
-
    
$
-
    
$
340
  

Total           30-59
      60-89
      90+        
            Days
      Days
      Days
       
(dollars in thousands)    Current       Past Due
      Past Due
      Past Due
     Total  
                                     
Commercial:
                                    
Commercial real estate
  
$
-
    
$
-
    
$
-
    
$
-
    
$
-
  
Other
    
-
      
-
      
-
      
-
      
-
  
Real estate mortgage - 1 to 4 family:
                                        
First mortgages
    
691
      
139
      
-
      
-
      
830
  
Home equity loans
    
-
      
-
      
-
       -      
-
  
Home equity lines of credit
    
50
      
-
      
-
      
-
      
50
  
Installment
    
-
      
-
      
-
      
-
      
-
  
                                         
Total
  
$
741
    
$
139
    
$
-
    
$
-
    
$
880
  

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

The following tables describes the financial effect of the modifications made to borrowers experiencing financial difficulty:

For the three months ended September 30, 2023
  
   
Weighted
  
New York and other states*:
  
Average
  
   
Payment
  
(dollars in thousands)
  
Delay (Months)
  
       
Commercial:
      
Commercial real estate
  

-
  
Other
    
-
  
Real estate mortgage - 1 to 4 family:
    
 
First mortgages
    
18
  
Home equity loans
    
-
  
Home equity lines of credit
    
-
  
Installment
    
-
  
         
Total
  

18
  

    Weighted
  
Florida:
   Average
  
   
Payment
  
(dollars in thousands)
  
Delay (Months)
  
       
Commercial:
      
Commercial real estate
  

-
  
Other
    
-
  
Real estate mortgage - 1 to 4 family:
        
First mortgages
    
-
  
Home equity loans
    
-
  
Home equity lines of credit
    
-
  
Installment
    
-
  
         
Total
  

-
  

    Weighted
  
 
   Average
  
   
Payment
  
(dollars in thousands)
  
Delay (Months)
  
       
Commercial:
      
Commercial real estate
  

-
  
Other
    
-
  
Real estate mortgage - 1 to 4 family:
        
First mortgages
    
18
  
Home equity loans
    
-
  
Home equity lines of credit
    
-
  
Installment
    
-
  
         
Total
  

18
  

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

For the nine months ended September 30, 2023
  
   
Weighted
  
New York and other states*:
  
Average
  
   
Payment
  
(dollars in thousands)
  
Delay (Months)
  
       
Commercial:
      
Commercial real estate
  

-
  
Other
    
-
  
Real estate mortgage - 1 to 4 family:
    
 
First mortgages
    
20
  
Home equity loans
    
-
  
Home equity lines of credit
    
18
  
Installment
    
-
  
         
Total
  

38
  
 
    Weighted
  
Florida:
   Average
  
   
Payment
  
(dollars in thousands)
  
Delay (Months)
  
       
Commercial:
      
Commercial real estate
  

-
  
Other
    
-
  
Real estate mortgage - 1 to 4 family:
        
First mortgages
    
24
  
Home equity loans
    
-
  
Home equity lines of credit
    
-
  
Installment
    
-
  
         
Total
  

24
  

    Weighted
  
 
   Average
  
   
Payment
  
(dollars in thousands)
  
Delay (Months)
  
       
Commercial:
      
Commercial real estate
  

-
  
Other
    
-
  
Real estate mortgage - 1 to 4 family:
        
First mortgages
    
44
  
Home equity loans
    
-
  
Home equity lines of credit
    
18
  
Installment
    
-
  
         
Total
  

62
  

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

As of September 30, 2023, all loans both experiencing financial difficulty and modified during the nine months ended September 30, 2023 were current under the terms of the agreements. There were no commitments to lend additional funds to the borrowers and there were no charge-offs recorded against the loans. The Company had no allowance for credit losses recorded against these loans as of September 30, 2023. The Company did not have any loan modifications that had a payment default during the nine months ended September 30, 2023.

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 and nine months ended September 30, 2022:

 
Three months ended September 30, 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
    
3
      
282
      
282
  
Home equity loans
    
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
-
  
                         
Total
    
3
    
$
282
      
282
  

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.

 
Nine months ended September 30, 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
    
7
      
719
      
719
  
Home equity loans
    
-
      
-
      
-
  
Home equity lines of credit
    
-
      
-
      
-
  
                         
Total
    
7
    
$
719
    
719
  

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 TDRs 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 and nine months ended September 30, 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.