LOANS (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| LOANS |
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| Schedule of Net loans |
Loans, net of deferred fees and costs, consist of the following (in thousands): | | | | | | | | | December 31, 2021 | | December 31, 2020 | Real estate | | | | | | | Commercial | | $ | 2,488,382 | | $ | 1,887,505 | Construction | | | 151,791 | | | 112,290 | Multi-family | | | 355,290 | | | 433,239 | One-to-four family | | | 57,163 | | | 71,354 | Total real estate loans | | | 3,052,626 | | | 2,504,388 | Commercial and industrial | | | 654,535 | | | 591,500 | Consumer | | | 32,366 | | | 46,431 | Total loans | | | 3,739,527 | | | 3,142,319 | Deferred fees, net of origination costs | | | (7,598) | | | (5,266) | Loans, net of deferred fees and costs | | | 3,731,929 | | | 3,137,053 | Allowance for loan losses | | | (34,729) | | | (35,407) | Net loans | | $ | 3,697,200 | | $ | 3,101,646 |
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| Schedule of changes in the allowance for loan losses by portfolio segment |
The following tables present the activity in the ALLL by segment. The portfolio segments represent the categories that the Company uses to determine its ALLL (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Commercial | | Commercial | | | | | | | | One-to-four | | | | | | | Year ended December 31, 2021 | | Real Estate | | & Industrial | | Construction | | Multi-family | | Family | | Consumer | | Total | Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 17,243 | | $ | 12,123 | | $ | 1,593 | | $ | 2,661 | | $ | 206 | | $ | 1,581 | | $ | 35,407 | Provision (credit) for loan losses | | | 4,973 | | | 24 | | | 512 | | | (505) | | | (66) | | | (1,122) | | | 3,816 | Loans charged-off | | | — | | | (4,764) | | | — | | | — | | | — | | | (55) | | | (4,819) | Recoveries | | | — | | | 325 | | | — | | | — | | | — | | | — | | | 325 | Total ending allowance balance | | $ | 22,216 | | $ | 7,708 | | $ | 2,105 | | $ | 2,156 | | $ | 140 | | $ | 404 | | $ | 34,729 |
| | | | | | | | | | | | | | | | | | | | | | | | Commercial | | Commercial | | | | | | | One-to-four | | | | | | | Year ended December 31, 2020 | | Real Estate | | & Industrial | | Construction | | Multi-family | | Family | | Consumer | | Total | Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | Beginning balance | | $ | 15,317 | | $ | 7,070 | | $ | 411 | | $ | 2,453 | | $ | 267 | | $ | 754 | | $ | 26,272 | Provision (credit) for loan losses | | | 1,926 | | | 5,165 | | | 1,182 | | | 208 | | | (61) | | | 1,068 | | | 9,488 | Loans charged-off | | | — | | | (254) | | | — | | | — | | | — | | | (251) | | | (505) | Recoveries | | | — | | | 142 | | | — | | | — | | | — | | | 10 | | | 152 | Total ending allowance balance | | $ | 17,243 | | $ | 12,123 | | $ | 1,593 | | $ | 2,661 | | $ | 206 | | $ | 1,581 | | $ | 35,407 |
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| Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment |
The following tables present the balance in the ALLL and the recorded investment in loans by portfolio segment based on impairment method (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | Commercial | | Commercial | | | | | | | One-to-four | | | | | | | At December 31, 2021 | | Real Estate | | & Industrial | | Construction | | Multi-family | | Family | | Consumer | | Total | Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | Individually evaluated for impairment | | $ | — | | $ | — | | $ | — | | $ | — | | $ | 26 | | $ | 170 | | $ | 196 | Collectively evaluated for impairment | | | 22,216 | | | 7,708 | | | 2,105 | | | 2,156 | | | 114 | | | 234 | | | 34,533 | Total ending allowance balance | | $ | 22,216 | | $ | 7,708 | | $ | 2,105 | | $ | 2,156 | | $ | 140 | | $ | 404 | | $ | 34,729 | Loans: | | | | | | | | | | | | | | | | | | | | | | Individually evaluated for impairment | | $ | 38,518 | | $ | — | | $ | — | | $ | — | | $ | 946 | | $ | 302 | | $ | 39,766 | Collectively evaluated for impairment | | | 2,449,864 | | | 654,535 | | | 151,791 | | | 355,290 | | | 56,217 | | | 32,064 | | | 3,699,761 | Total ending loan balance | | $ | 2,488,382 | | $ | 654,535 | | $ | 151,791 | | $ | 355,290 | | $ | 57,163 | | $ | 32,366 | | $ | 3,739,527 |
| | | | | | | | | | | | | | | | | | | | | | | | Commercial | | Commercial | | | | | | | One-to-four | | | | | | | At December 31, 2020 | | Real Estate | | & Industrial | | Construction | | Multi-family | | Family | | Consumer | | Total | Allowance for loan losses: | | | | | | | | | | | | | | | | | | | | | | Individually evaluated for impairment | | $ | — | | $ | 3,662 | | $ | — | | $ | — | | $ | 53 | | $ | 1,203 | | $ | 4,918 | Collectively evaluated for impairment | | | 17,243 | | | 8,461 | | | 1,593 | | | 2,661 | | | 153 | | | 378 | | | 30,489 | Total ending allowance balance | | $ | 17,243 | | $ | 12,123 | | $ | 1,593 | | $ | 2,661 | | $ | 206 | | $ | 1,581 | | $ | 35,407 | Loans: | | | | | | | | | | | | | | | | | | | | | | Individually evaluated for impairment | | $ | 10,345 | | $ | 4,192 | | $ | — | | $ | — | | $ | 999 | | $ | 2,197 | | $ | 17,733 | Collectively evaluated for impairment | | | 1,877,160 | | | 587,308 | | | 112,290 | | | 433,239 | | | 70,355 | | | 44,234 | | | 3,124,586 | Total ending loan balance | | $ | 1,887,505 | | $ | 591,500 | | $ | 112,290 | | $ | 433,239 | | $ | 71,354 | | $ | 46,431 | | $ | 3,142,319 |
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| Schedule of loans determined to be impaired by class of loans |
The following tables present loans individually evaluated for impairment (in thousands): | | | | | | | | | | | | | | | | | | Unpaid | | | | Allowance | | Average | | Interest | | | Principal | | Recorded | | for Loan | | Recorded | | Income | At December 31, 2021 | | Balance | | Investment | | Losses Allocated | | Investment | | Recognized | With an allowance recorded: | | | | | | | | | | | | | | | | One-to-four family | | $ | 577 | | $ | 447 | | $ | 26 | | $ | 462 | | $ | 21 | Consumer | | | 302 | | | 302 | | | 170 | | | 1,766 | | | 84 | Commercial and industrial | | | — | | | — | | | — | | | 2,726 | | | — | Total | | $ | 879 | | $ | 749 | | $ | 196 | | $ | 4,954 | | $ | 105 | | | | | | | | | | | | | | | | | Without an allowance recorded: | | | | | | | | | | | | | | | | One-to-four family | | $ | 646 | | $ | 499 | | $ | — | | $ | 509 | | $ | 26 | Commercial real estate | | | 38,518 | | | 38,518 | | | — | | | 15,975 | | | 325 | Commercial and industrial | | | — | | | — | | | — | | | 77 | | | — | Total | | $ | 39,164 | | $ | 39,017 | | $ | — | | $ | 16,561 | | $ | 351 |
| | | | | | | | | | | | | | | | | | Unpaid | | | | Allowance | | Average | | Interest | | | Principal | | Recorded | | for Loan | | Recorded | | Income | At December 31, 2020 | | Balance | | Investment | | Losses Allocated | | Investment | | Recognized | With an allowance recorded: | | | | | | | | | | | | | | | | One-to-four family | | $ | 610 | | $ | 480 | | $ | 53 | | $ | 491 | | $ | 19 | Consumer | | | 2,197 | | | 2,197 | | | 1,203 | | | 1,503 | | | 88 | Commercial and industrial | | | 4,192 | | | 4,192 | | | 3,662 | | | 3,456 | | | — | Total | | $ | 6,999 | | $ | 6,869 | | $ | 4,918 | | $ | 5,450 | | $ | 107 | | | | | | | | | | | | | | | | | Without an allowance recorded: | | | | | | | | | | | | | | | | One-to-four family | | $ | 666 | | $ | 519 | | $ | — | | $ | 996 | | $ | 20 | Commercial real estate | | | 10,345 | | | 10,345 | | | — | | | 2,360 | | | 38 | Commercial and industrial | | | — | | | — | | | — | | | 951 | | | — | Total | | $ | 11,011 | | $ | 10,864 | | $ | — | | $ | 4,307 | | $ | 58 |
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| Schedule of recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans |
The following tables present the recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans (in thousands): | | | | | | | At December 31, 2021 | | Nonaccrual | | Loans Past Due Over 90 Days Still Accruing | Commercial real estate | | $ | 9,984 | | $ | — | Commercial & industrial | | | — | | | — | One-to-four family | | | — | | | — | Consumer | | | 37 | | | 265 | Total | | $ | 10,021 | | $ | 265 |
| | | | | | | At December 31, 2020 | | | Nonaccrual | | | Loans Past Due Over 90 Days Still Accruing | Commercial & industrial | | $ | 4,192 | | $ | — | One-to-four family | | | — | | | — | Consumer | | | 1,428 | | | 769 | Total | | $ | 5,620 | | $ | 769 |
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| Schedule of aging of the recorded investment in past due loans by class of loans |
The following table presents the aging of the recorded investment in past due loans by class of loans (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | 90 | | | | | | | | | 30-59 | | 60-89 | | Days and | | Total past | | Current | | | At December 31, 2021 | | Days | | Days | | greater | | due | | loans | | Total | Commercial real estate | | $ | — | | $ | — | | $ | 9,984 | | $ | 9,984 | | $ | 2,478,398 | | $ | 2,488,382 | Commercial & industrial | | | 151 | | | — | | | — | | | 151 | | | 654,384 | | | 654,535 | Construction | | | — | | | — | | | — | | | — | | | 151,791 | | | 151,791 | Multi-family | | | — | | | — | | | — | | | — | | | 355,290 | | | 355,290 | One-to-four family | | | — | | | — | | | — | | | — | | | 57,163 | | | 57,163 | Consumer | | | 93 | | | 94 | | | 302 | | | 489 | | | 31,877 | | | 32,366 | Total | | $ | 244 | | $ | 94 | | $ | 10,286 | | $ | 10,624 | | $ | 3,728,903 | | $ | 3,739,527 |
| | | | | | | | | | | | | | | | | | | | | | | | | 90 | | | | | | | | | 30-59 | | 60-89 | | Days and | | Total past | | Current | | | At December 31, 2020 | | Days | | Days | | greater | | due | | loans | | Total | Commercial real estate | | $ | 40 | | $ | 9,984 | | $ | — | | $ | 10,024 | | $ | 1,877,481 | | $ | 1,887,505 | Commercial & industrial | | | 4,429 | | | 6,400 | | | 4,192 | | | 15,021 | | | 576,479 | | | 591,500 | Construction | | | — | | | — | | | — | | | — | | | 112,290 | | | 112,290 | Multi-family | | | — | | | — | | | — | | | — | | | 433,239 | | | 433,239 | One-to-four family | | | 2,908 | | | — | | | — | | | 2,908 | | | 68,446 | | | 71,354 | Consumer | | | 112 | | | 32 | | | 2,197 | | | 2,341 | | | 44,090 | | | 46,431 | Total | | $ | 7,489 | | $ | 16,416 | | $ | 6,389 | | $ | 30,294 | | $ | 3,112,025 | | $ | 3,142,319 |
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| Schedule of recorded investment in TDRs by class of loans |
The following tables present the recorded investment in TDRs by class of loans (in thousands): | | | | | | | | | December 31, 2021 | | December 31, 2020 | Commercial real estate | | $ | 342 | | $ | 361 | One-to-four family | | | 946 | | | 999 | Total | | $ | 1,288 | | $ | 1,360 |
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| Schedule of risk category of loans by class of loans |
Loans not meeting the criteria above are considered to be pass-rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | Special | | | | | | | | | | At December 31, 2021 | | Pass | | Mention | | Substandard | | Doubtful | | | Total | Commercial real estate | | $ | 2,449,864 | | $ | 342 | | $ | 38,176 | | $ | — | | $ | 2,488,382 | Commercial & industrial | | | 646,251 | | | 4,177 | | | 4,107 | | | — | | | 654,535 | Construction | | | 151,791 | | | — | | | — | | | — | | | 151,791 | Multi-family | | | 355,290 | | | — | | | — | | | — | | | 355,290 | Total | | $ | 3,603,196 | | $ | 4,519 | | $ | 42,283 | | $ | — | | $ | 3,649,998 |
| | | | | | | | | | | | | | | | | | | | | Special | | | | | | | | | | At December 31, 2020 | | Pass | | Mention | | Substandard | | Doubtful | | | Total | Commercial real estate | | $ | 1,877,160 | | $ | 361 | | $ | 9,984 | | $ | — | | $ | 1,887,505 | Commercial & industrial | | | 583,809 | | | 3,499 | | | — | | | 4,192 | | | 591,500 | Construction | | | 112,290 | | | — | | | — | | | — | | | 112,290 | Multi-family | | | 433,239 | | | — | | | — | | | — | | | 433,239 | Total | | $ | 3,006,498 | | $ | 3,860 | | $ | 9,984 | | $ | 4,192 | | $ | 3,024,534 |
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