Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 0-50275 | |
Entity Registrant Name | BCB Bancorp, Inc. | |
Entity Incorporation State Country Code | NJ | |
Entity Tax Identification Number | 26-0065262 | |
Entity Address Address Line 1 | 104-110 Avenue C | |
Entity Address City Or Town | Bayonne | |
Entity Address State Or Province | NJ | |
Entity Address Postal Zip Code | 07002 | |
City Area Code | 201 | |
Local Phone Number | 823-0700 | |
Security 12b Title | Common Stock, no par value | |
Trading Symbol | BCBP | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock Shares Outstanding | 16,957,391 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001228454 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and amounts due from depository institutions | $ 11,795 | $ 16,597 |
Interest-earning deposits | 340,653 | 262,926 |
Total cash and cash equivalents | 352,448 | 279,523 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale, at fair value | 86,966 | 87,769 |
Equity investments, at fair value | 9,223 | 9,093 |
Loans held for sale | 1,287 | |
Loans receivable, net of allowance for credit losses of $34,563 and $33,608 respectively | 3,226,877 | 3,279,708 |
Federal Home Loan Bank of New York stock, at cost | 24,917 | 24,917 |
Premises and equipment, net | 12,744 | 13,057 |
Accrued interest receivable | 17,442 | 16,072 |
Deferred income taxes, net | 17,555 | 18,213 |
Goodwill and other intangibles | 5,253 | 5,253 |
Operating lease right-of-use assets | 12,186 | 12,935 |
Bank-owned life insurance ("BOLI") | 74,081 | 73,407 |
Other assets | 8,768 | 10,428 |
Total Assets | 3,849,195 | 3,832,397 |
LIABILITIES | ||
Non-interest-bearing deposits | 531,112 | 536,264 |
Interest bearing deposits | 2,460,547 | 2,442,816 |
Total deposits | 2,991,659 | 2,979,080 |
FHLB advances | 472,949 | 472,811 |
Subordinated debentures | 37,624 | 37,624 |
Operating lease liability | 12,579 | 13,315 |
Other liabilities | 14,253 | 15,512 |
Total Liabilities | 3,529,064 | 3,518,342 |
STOCKHOLDERS' EQUITY | ||
Preferred stock: $0.01 par value, 10,000,000 shares authorized; issued and outstanding 2,797 shares Series I 3.0% and Series J 8.0% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at March 31, 2024 and 2,528 shares of Series I 3.0% and Series J 8.0% (liquidation value $10,000 per share) noncumulative perpetual preferred stock at December 31, 2023 | ||
Additional paid-in capital preferred stock | 27,733 | 25,043 |
Common stock: no par value; 40,000,000 shares authorized; issued 20,191,362 and 20,138,294 at March 31, 2024 and December 31, 2023, respectively, outstanding 16,957,391 and 16,904,323, at March 31, 2024 and December 31, 2023, respectively | ||
Additional paid-in capital common stock | 199,726 | 198,923 |
Retained earnings | 138,643 | 135,927 |
Accumulated other comprehensive loss | (7,624) | (7,491) |
Treasury stock, at cost, 3,233,971 shares at March 31, 2024 and December 31, 2023 | (38,347) | (38,347) |
Total Stockholders' Equity | 320,131 | 314,055 |
Total Liabilities and Stockholders' Equity | $ 3,849,195 | $ 3,832,397 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Loans receivable, allowance for loan losses | $ 34,563 | $ 33,608 |
Preferred stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 2,797 | 2,528 |
Preferred stock, shares outstanding | 2,797 | 2,528 |
Common stock, no par value | $ 0 | $ 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 20,191,362 | 20,138,294 |
Common stock, shares outstanding | 16,957,391 | 16,904,323 |
Treasury stock, shares | 3,233,971 | 3,233,971 |
Series I Preferred Stock [Member] | ||
Preferred stock, dividend rate | 3% | 3% |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Series J Preferred Stock [Member] | ||
Preferred stock, dividend rate | 8% | 8% |
Preferred stock, liquidation preference per share | $ 10,000 | $ 10,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Interest and dividend income: | ||||
Loans, including fees | $ 43,722 | $ 38,889 | $ 26,321 | |
Mortgage-backed securities | 305 | 186 | 159 | |
Other investment securities | 975 | 1,120 | 948 | |
FHLB stock and other interest earning assets | 4,283 | 2,157 | 296 | |
Total interest income | 49,285 | 42,352 | 27,724 | |
Deposits: | ||||
Demand | 5,257 | 3,154 | 758 | |
Savings and club | 166 | 118 | 108 | |
Certificates of deposit | 14,983 | 6,453 | 980 | |
Total deposits | 20,406 | 9,725 | 1,846 | |
Borrowings | 5,736 | 5,156 | 806 | |
Total interest expense | 26,142 | 14,881 | 2,652 | |
Net interest income | 23,143 | 27,471 | 25,072 | |
Provision (benefit) for credit losses | [1] | 2,088 | 622 | (2,575) |
Net interest income after provision (benefit) for credit losses | 21,055 | 26,849 | 27,647 | |
Non-interest income: | ||||
Fees and service charges | 1,215 | 1,098 | 1,214 | |
BOLI income | 675 | 421 | 755 | |
Gain on sales of loans | 45 | 6 | 65 | |
Gain on sale of fixed asset | 4 | |||
Realized and unrealized gains (losses) on equity investments | 130 | (3,227) | (2,685) | |
Other | 40 | 38 | 51 | |
Total non-interest income (loss) | 2,109 | (1,664) | (600) | |
Non-interest expense: | ||||
Salaries and employee benefits | 6,981 | 7,618 | 6,736 | |
Occupancy and equipment | 2,644 | 2,552 | 2,695 | |
Data processing and communications | 1,853 | 1,665 | 1,465 | |
Professional fees | 595 | 566 | 494 | |
Director fees | 277 | 265 | 321 | |
Regulatory assessments | 1,142 | 536 | 304 | |
Advertising and promotional | 216 | 278 | 141 | |
Other real estate owned, net | 1 | 1 | ||
Other | 1,130 | 373 | 802 | |
Total non-interest expense | 14,838 | 13,854 | 12,959 | |
Income before income tax provision | 8,326 | 11,331 | 14,088 | |
Income tax provision | 2,460 | 3,225 | 4,136 | |
Net Income | 5,866 | 8,106 | 9,952 | |
Preferred stock dividends | 434 | 173 | 276 | |
Net Income available to common stockholders | $ 5,432 | $ 7,933 | $ 9,676 | |
Net Income per common share-basic and diluted | ||||
Basic | $ 0.32 | $ 0.47 | $ 0.57 | |
Diluted | $ 0.32 | $ 0.46 | $ 0.56 | |
Weighted average number of common shares outstanding | ||||
Basic | 16,930 | 16,949 | 16,980 | |
Diluted | 16,939 | 17,208 | 17,343 | |
[1] The Company adopted ASU 2016-13 as of January 1, 2023. Prior year periods have not been restated. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated Statements of Comprehensive Income [Abstract] | |||
Net Income | $ 5,866 | $ 8,106 | $ 9,952 |
Unrealized losses on available-for-sale debt securities: | |||
Unrealized holding gains (losses) arising during the period | (177) | 13 | (3,195) |
Tax Effect | 44 | (135) | 792 |
Other comprehensive loss | (133) | (122) | (2,403) |
Comprehensive income | $ 5,733 | $ 7,984 | $ 7,549 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Additional Paid-In Capital [Member] Adjusted Balance [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Retained Earnings [Member] Adjusted Balance [Member] | Retained Earnings [Member] | Treasury Stock [Member] Adjusted Balance [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] Adjusted Balance [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Adjusted Balance [Member] | Total |
Beginning balance at Dec. 31, 2021 | $ 222,850 | $ 81,171 | $ (31,125) | $ 1,128 | $ 274,024 | |||||||
Net income | 9,952 | 9,952 | ||||||||||
Other comprehensive loss | (2,403) | (2,403) | ||||||||||
Stock-based compensation expense | 95 | 95 | ||||||||||
Treasury Stock Purchases | (8) | (8) | ||||||||||
Dividends payable on noncumulative perpetual preferred stock | (276) | (276) | ||||||||||
Redemption of Series Preferred Stock | (5,330) | (5,330) | ||||||||||
Issuance of Series I Preferred Stock | 2,620 | 2,620 | ||||||||||
Cash dividends on common stock (per share declared) | (2,601) | (2,601) | ||||||||||
Dividend reinvestment plan | 114 | (114) | ||||||||||
Stock Purchase Plan | 86 | 86 | ||||||||||
Ending balance at Mar. 31, 2022 | 220,435 | 88,132 | (31,133) | (1,275) | 276,159 | |||||||
Beginning balance at Dec. 31, 2022 | $ 217,167 | 217,167 | $ 2,870 | $ 117,979 | 115,109 | $ (34,531) | (34,531) | $ (6,491) | (6,491) | $ 2,870 | $ 294,124 | 291,254 |
Net income | 8,106 | 8,106 | ||||||||||
Other comprehensive loss | (122) | (122) | ||||||||||
Exercise of stock options | 418 | 418 | ||||||||||
Stock-based compensation expense | 106 | 106 | ||||||||||
Treasury Stock Purchases | (2,559) | (2,559) | ||||||||||
Dividends payable on noncumulative perpetual preferred stock | (173) | (173) | ||||||||||
Cash dividends on common stock (per share declared) | (2,687) | (2,687) | ||||||||||
Dividend reinvestment plan | 104 | (104) | ||||||||||
Stock Purchase Plan | 405 | 405 | ||||||||||
Ending balance at Mar. 31, 2023 | 218,200 | 123,121 | (37,090) | (6,613) | 297,618 | |||||||
Beginning balance at Dec. 31, 2023 | 223,966 | 135,927 | (38,347) | (7,491) | 314,055 | |||||||
Net income | 5,866 | 5,866 | ||||||||||
Other comprehensive loss | (133) | (133) | ||||||||||
Exercise of stock options | 2,690 | 2,690 | ||||||||||
Stock-based compensation expense | 195 | 195 | ||||||||||
Dividends payable on noncumulative perpetual preferred stock | (434) | (434) | ||||||||||
Cash dividends on common stock (per share declared) | (2,608) | (2,608) | ||||||||||
Dividend reinvestment plan | 108 | (108) | ||||||||||
Stock Purchase Plan | 500 | 500 | ||||||||||
Ending balance at Mar. 31, 2024 | $ 227,459 | $ 138,643 | $ (38,347) | $ (7,624) | $ 320,131 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Exercise of stock options (shares) | 61,000 | ||
Treasury stock purchases (shares) | 151,753 | 515 | |
Cash dividends on common stock (per share) | $ 0.16 | $ 0.16 | $ 0.16 |
Series D Preferred Stock [Member] | |||
Preferred stock, dividend rate | 4.50% | ||
Series H Preferred Stock [Member] | |||
Preferred stock, dividend rate | 3.50% | 3.50% | |
Series I Preferred Stock [Member] | |||
Preferred stock, dividend rate | 3% | 3% | 3% |
Series J Preferred Stock [Member] | |||
Preferred stock, dividend rate | 8% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | ||
Cash Flows from Operating Activities: | ||||
Net Income | $ 5,866 | $ 8,106 | $ 9,952 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation of premises and equipment | 457 | 478 | 629 | |
Amortization and accretion, net | (530) | (474) | (375) | |
Provision (benefit) for credit losses | [1] | 2,088 | 622 | (2,575) |
Deferred income tax expense | 702 | 1,149 | 735 | |
Loans originated for sale | (1,264) | (2,452) | ||
Proceeds from sales of loans | 2,596 | 664 | 3,144 | |
Gain on sales of loans | (45) | (6) | (65) | |
Gain on sale of fixed asset | (4) | |||
Realized and unrealized (gain) loss on equity investments | (130) | 3,227 | 2,685 | |
Stock-based compensation expense | 195 | 106 | 95 | |
Increase in cash surrender value of BOLI | (675) | (421) | (755) | |
Net change in accrued interest receivable | (1,370) | (1,262) | (410) | |
Net change in other assets | 1,661 | 1,100 | (107) | |
Net change in accrued interest payable | (127) | 1,304 | (497) | |
Net change in other liabilities | (1,132) | 1,821 | 1,748 | |
Net Cash Provided by Operating Activities | 8,288 | 16,414 | 11,752 | |
Cash flows from investing activities: | ||||
Proceeds from repayments, calls, and maturities on securities | 624 | 4,661 | 3,068 | |
Purchases of securities | (7,488) | |||
Proceeds from sales of securities | 1,233 | |||
Proceeds from sales of fixed asset | 4 | |||
Net decrease (increase) in loans receivable | 51,426 | (183,527) | (87,723) | |
Additions to premises and equipment | (144) | (76) | (38) | |
Purchase of Federal Home Loan Bank of New York stock | (6,762) | (44) | ||
Net Cash Provided by (Used in) Investing Activities | 51,910 | (185,704) | (90,992) | |
Cash flows from financing activities: | ||||
Net increase in deposits | 12,579 | 55,602 | 69,773 | |
Proceeds from Federal Home Loan Bank of New York Long Term Advances | 50,000 | |||
Net change in Federal Home Loan Bank of New York Short Term Advances | 100,000 | |||
Purchases of treasury stock | (2,559) | (8) | ||
Cash dividends paid on common stock | (2,608) | (2,687) | (2,601) | |
Cash dividends paid on preferred stock | (434) | (173) | (276) | |
Net proceeds from issuance of common stock | 500 | 405 | 86 | |
Net proceeds from issuance of preferred stock | 2,690 | 2,620 | ||
Payments for redemption of preferred stock | (5,330) | |||
Exercise of Stock Options | 418 | |||
Net Cash Provided by (Used in) Financing Activities | 12,727 | 201,006 | 64,264 | |
Net Increase (Decrease) in Cash and Cash Equivalents | 72,925 | 31,716 | (14,976) | |
Cash and Cash Equivalents-Beginning | 279,523 | 229,359 | 411,629 | |
Cash and Cash Equivalents-Ending | 352,448 | 261,075 | 396,653 | |
Supplementary Cash Flow Information: | ||||
Cash paid during the period for: Income taxes | 979 | 797 | 411 | |
Cash paid during the period for: Interest | $ 26,268 | $ 13,578 | $ 3,150 | |
[1] The Company adopted ASU 2016-13 as of January 1, 2023. Prior year periods have not been restated. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation BCB Bancorp, Inc. (the “Company”) is incorporated in the State of New Jersey and is a bank holding company. The common stock of the Company is listed on the NASDAQ Global Market and trades under the symbol “BCBP”. The Company’s primary business is the ownership and operation of BCB Community Bank (the “Bank”). The Bank is a New Jersey based commercial bank which, as of March 31, 2024, operated at 28 locations in Bayonne, Edison, Fairfield, Hoboken, Holmdel, Jersey City, Lyndhurst, Maplewood, Monroe Township, Newark, Parsippany, Plainsboro, South Orange, River Edge, Rutherford, Union, and Woodbridge New Jersey, as well as Staten Island and Hicksville, New York and is subject to regulation, supervision, and examination by the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation. The Bank is principally engaged in the business of attracting deposits from the general public and using these deposits, together with borrowed funds, to invest in securities and to make loans collateralized by residential and commercial real estate and, to a lesser extent, business and consumer loans. BCB Holding Company Investment Corp. (the “New Jersey Investment Company”) was organized in January 2005 under New Jersey law as a New Jersey investment company primarily to hold investment and mortgage-backed securities. As a part of the merger with IA Bancorp, Inc., the Company acquired Special Asset REO 1, LLC and Special Asset REO 2, LLC. Special Asset REO 2 was inactive at March 31, 2024. The Bank changed the name of Special Asset REO 1, LLC to BCB Capital Finance Group, LLC in November 2023. The consolidated financial statements which include the accounts of the Company and its wholly-owned subsidiaries have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X and, therefore, do not necessarily include all information that would be included in audited consolidated financial statements. The information furnished reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of consolidated financial condition and results of operations. All such adjustments are of a normal recurring nature. These results are not necessarily indicative of the results to be expected for the fiscal year ending December 31 , or any other future period. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the “SEC”). In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between December 31, 2023 and the date these consolidated financial statements were issued. Risks and Uncertainties - The occurrence of events which adversely affect the global, national and regional economies may have a negative impact on our business. Like other financial institutions, our business relies upon the ability and willingness of our customers to transact business with us, including banking, borrowing and other financial transactions. A strong and stable economy at each of the local, federal and global levels is often a critical component of consumer confidence and typically correlates positively with our customers’ ability and willingness to transact certain types of business with us. Local and global events outside of our control which disrupt the New Jersey, New York, United States and/or global economy may therefore negatively impact our business and financial condition. A public health crisis such as the COVID-19 pandemic is no exception, and its adverse health and economic effects may adversely impact our business and financial condition. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2024 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | Note 2 - Recent Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the existing accounting guidance for troubled debt restructures ("TDRs") by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditor s and instead requires that an entity evaluate whether a modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. All amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2022-02 on January 1, 2023. The adoption of this standard did not have a material effect on the Company's financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ASU 2016-13, and related guidance, requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. The Company adopted ASU 2016-13 on January 1, 2023 for all financial assets measured at amortized cost and off-balance sheet credit exposures using the modified retrospective method. Results for the twelve months ended December 31, 2023 are presented under Accounting Standards Codification 326, Financial Instruments – Credit Losses, while prior period amounts continue to be reported with previously applicable GAAP and have not been restated. Effective January 1, 2023, the Company recorded a $ 4.2 million decrease in allowance for credit losses on loans that is referred to as the current expected credit loss (“CECL”) methodology (previously allowance for loan losses), an elimination of $ 1.1 million of reserves related to acquired loans, and a $ 1.3 million increase related to allowance for off-balance sheet credit exposures included in other liabilities section of the consolidated statements of financial condition, which resulted in a total cumulative effect adjustment of $ 2.9 million and an increase to retained earnings a component of the stockholders’ equity (net of tax). Allowance for Credit Losses The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for credit losses is reported separately as a contra-asset on the consolidated statement of financial condition. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the consolidated statement of financial condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense. Allowance for Credit Losses on Loans Receivable The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily non-accrual and collateral dependent loans. Furthermore, the Company evaluates the pooling methodology at least annually to ensure that loans with similar risk characteristics are pooled appropriately. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. The Company calculates estimated credit losses for these loan segments using quantitative models and qualitative factors. Further information on loan segmentation and the credit loss estimation is included in Note 7 – Loan Receivables and Allowance for Credit Losses. Individually Evaluated Loans On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan. Allowance for Credit Losses on Off-Balance Sheet Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statement of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of operations. Allowance for Credit Losses on Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rate by major agencies and have a long history of no credit losses. Accrued Interest Receivable The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans and available-for-sale securities. Accrued interest receivable on loans and securities is reported as a component of accrued interest receivable on the consolidated statement of financial condition. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of a receivable is confirmed or when either of the criteria regarding intent or requirement to sell is met . |
Reclassification
Reclassification | 3 Months Ended |
Mar. 31, 2024 | |
Reclassification [Abstract] | |
Reclassification | Note 3 – Reclassification Certain amounts have been reclassified to conform to the current period’s presentation. These changes had no effect on the Company’s results of operations or financial position. |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2024 | |
Equity Incentive Plans [Abstract] | |
Equity Incentive Plans | Note 4 – Equity Incentive Plans Equity Incentive Plans The Company, under the plan approved by its shareholders on April 27, 2023 (“2023 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options, restricted stock awards, restricted stock units, and performance awards. Employees and directors of the Company and the Bank are eligible to participate in the 2023 Equity Incentive Plan. All stock options are granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. The Company, under the plan approved by its shareholders on April 26, 2018 (“2018 Equity Incentive Plan”), authorized the issuance of up to 1,000,000 shares of common stock of the Company pursuant to grants of stock options and restricted stock units. Employees and directors of the Company and the Bank are eligible to participate in the 2018 Stock Plan. All stock options are granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. The Company, under the plan approved by its shareholders on April 28, 2011 (“2011 Stock Plan”), authorized the issuance of up to 900,000 shares of common stock of the Company pursuant to grants of stock options. Employees and directors of the Company and the Bank are eligible to participate in the 2011 Stock Plan. All stock options were granted in the form of either "incentive" stock options or "non-qualified" stock options. Incentive stock options have certain tax advantages that must comply with the requirements of Section 422 of the Internal Revenue Code. Only employees are permitted to receive incentive stock options. On June 30, 2023, an award of 25,252 shares of restricted stock was declared for a director and executive officer of the Bank and the Company, which fully vests on the anniversary of the award date. On January 31, 2023, awards of 27,000 shares of restricted stock, in aggregate were declared for members of the Board of Directors of the Bank and the Company, which vest over a 4 -year period, commencing on the anniversary of the award date. On September 30, 2022, awards of 36,000 shares of restricted stock, in aggregate, were declared for certain executive officers of the Bank and the Company, which fully vested on November 30, 2022. On January 12, 2022, awards of 33,000 shares of restricted stock were declared for members of the Board of Directors of the Bank and the Company, which vest over a 4 -year period, commencing on the anniversary of the award date. Note 4 – Equity Incentive Plans (Continued) The following table presents a summary of the status of the Company’s restricted shares as of March 31, 2024 and 2023. Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at January 1, 2024 86,752 $ 14.98 Granted - - Vested ( 20,625 ) 15.75 Forfeited ( 1,725 ) 14.92 Non-vested at March 31, 2024 64,402 $ 14.73 Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at January 1, 2023 48,150 $ 14.83 Granted 27,000 17.99 Vested ( 13,650 ) 14.60 Forfeited - - Non-vested at March 31, 2023 61,500 $ 16.27 Restricted stock expense for the three months ended March 31, 2024 and March 31, 2023 was $ 156,000 and $ 73,000 , respectively. Expected future expenses relating to the non-vested restricted shares outstanding as of March 31, 2024 was approximately $ 642,000 over a weighted average period of 2.05 years . The following table presents a summary of the status of the Company’s outstanding stock option awards as of March 31, 2024. Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at January 1, 2024 975,975 $ 10.55 - 13.68 $ 11.89 Options granted - - - Options exercised - - - Options forfeited - - - Options expired ( 80,000 ) 13.32 13.32 Outstanding at March 31, 2024 895,975 $ 10.55-13.68 $ 11.76 As of March 31, 2024, stock options which were granted and were exercisable totaled 752,895 . It is Company policy to issue new shares upon share option exercise. Compensation expense for the three months ended March 31, 2024 and March 31, 2023 was $ 39,000 and $ 33,000 , respectively. Expected future compensation expense relating to the 143,080 shares of unvested options outstanding as of March 31, 2024 was $ 237,000 over a weighted average period of 2.80 years. |
Net Income per Common Share
Net Income per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Net Income per Common Share [Abstract] | |
Net Income per Common Share | Note 5 – Net Income per Common Share Basic net income per common share is computed by dividing net income less dividends on preferred stock by the weighted average number of shares of common stock outstanding. The diluted net income per common share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effects of outstanding stock options, if dilutive, using the treasury stock method. Dilution is not applicable in periods of net loss. For the three months ended March 31, 2024, 2023 and 2022, the difference in the weighted average number of basic and diluted common shares was due solely to the effects of outstanding stock options. There were 508,000 outstanding options considered to be anti-dilutive at March 31, 2024. There were no outstanding options considered to be anti-dilutive at March 31, 2023 and 2022, respectively. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations: For the Three Months Ended March 31, 2024 2023 2022 Income Shares Per Share Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, except per share data) Net income available to common stockholders $ 5,432 $ 7,933 $ 9,676 Basic earnings per share: Income available to common stockholders $ 5,432 16,930 $ 0.32 $ 7,933 16,949 $ 0.47 $ 9,676 16,980 $ 0.57 Effect of dilutive securities: Stock options - 9 - 259 - 363 Diluted earnings per share: Income available to common stockholders $ 5,432 16,939 $ 0.32 $ 7,933 17,208 $ 0.46 $ 9,676 17,343 $ 0.56 |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
Securities [Abstract] | |
Securities | Note 6 - Securities Equity Securities Equity securities are defined to include (a) preferred, common and other ownership interests in entities including partnerships, joint ventures and limited liability companies and (b) rights to acquire or dispose of ownership interest in entities at fixed or determinable prices. The following is a summary of unrealized and realized gains and losses recognized in net income on equity securities during the three months ended March 31, 2024, 2023 and 2022: For the three months ended March 31, (In Thousands) 2024 2023 2022 Net gains (losses) recognized during the period on equity securities held at the reporting period $ 130 $ ( 3,227 ) $ ( 2,626 ) Net gains (losses) recognized during the period on equity securities sold during the period - - ( 59 ) Realized and unrealized gains (losses) on equity investments during the reporting period $ 130 $ ( 3,227 ) $ ( 2,685 ) Debt Securities Available for Sale The following tables present by maturity the amortized cost, gross unrealized gains and losses on, and fair value of, securities available for sale as of March 31, 2024 and December 31, 2023: March 31, 2024 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: More than one to five years $ 563 $ - $ 23 $ 540 More than five to ten years 3,914 - 257 3,657 More than ten years 32,482 89 3,237 29,334 Sub-total: 36,959 89 3,517 33,531 Corporate Debt securities: More than one to five years 8,982 - 444 8,538 More than five to ten years 50,582 - 5,685 44,897 Sub-total: 59,564 - 6,129 53,435 Total securities $ 96,523 $ 89 $ 9,646 $ 86,966 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: More than one to five years $ 605 $ - $ 24 $ 581 More than five to ten years 4,147 - 230 3,917 More than ten years 32,833 192 2,910 30,115 Sub-total: 37,585 192 3,164 34,613 Corporate Debt securities: More than one to five years 8,981 - 197 8,784 More than five to ten years 50,583 - 6,211 44,372 Sub-total: 59,564 - 6,408 53,156 Total securities $ 97,149 $ 192 $ 9,572 $ 87,769 Note 6 - Securities (continued) The unrealized losses, categorized by the length of time of continuous loss position, and fair value of related securities available for sale were as follows: 12 Months or Less More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) March 31, 2024 Residential mortgage-backed securities $ 5,187 $ 209 $ 21,438 $ 3,308 $ 26,625 $ 3,517 Corporate Debt securities - - 52,135 6,129 52,135 6,129 $ 5,187 $ 209 $ 73,573 $ 9,437 $ 78,760 $ 9,646 December 31, 2023 Residential mortgage-backed securities $ 5,316 $ 98 $ 22,153 $ 3,066 $ 27,469 $ 3,164 Corporate Debt Securities - - 51,856 6,408 51,856 6,408 $ 5,316 $ 98 $ 74,009 $ 9,474 $ 79,325 $ 9,572 |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Loans Receivable and Allowance for Credit Losses [Abstract] | |
Loans Receivable and Allowance for Credit Losses | 90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Residential one-to-four family $ 1,499 $ 308 $ - $ 1,807 $ 242,955 $ 244,762 $ - Commercial and multi-family 3,600 17,100 6,842 27,542 2,365,428 2,392,970 - Construction 577 387 586 1,550 179,425 180,975 - Commercial business (1) 3,831 308 2,443 6,582 270,282 276,864 - Business express 2,272 662 - 2,934 98,275 101,209 Home equity (2) 816 330 - 1,146 64,372 65,518 - Consumer - - - - 2,847 2,847 - Total $ 12,595 $ 19,095 $ 9,871 $ 41,561 $ 3,223,584 $ 3,265,145 $ - ( 1) Excludes Business express loans. (2) Includes home equity lines of credit. The following table sets forth the delinquency status of total loans receivable at December 31, 2023: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Residential one-to-four family $ 4,701 $ - $ 270 $ 4,971 $ 243,324 $ 248,295 $ - Commercial and multi-family 1,853 7,876 6,842 16,571 2,417,544 2,434,115 - Construction 3,641 - 586 4,227 188,589 192,816 - Commercial business (1) 2,314 362 1,081 3,757 265,517 269,274 - Business express 1,922 249 50 2,221 100,707 102,928 Home equity (2) 907 - - 907 65,424 66,331 - Consumer - - - - 3,643 3,643 - Total $ 15,338 $ 8,487 $ 8,829 $ 32,654 $ 3,284,748 $ 3,317,402 $ - (1) Excludes Business express loans. (2) Includes home equity lines of credit. Modifications The Company adopted Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. The following table shows the amortized cost basis of loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted: For the Three Months Ended March 31, 2024 (In Thousands) Significant Payment Delay Number Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect Residential one-to-four family 1 $ 180 0.01 % Amortization extension The Company monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The loan modified during the three months ended March 31, 2024 was current with payments. The Company did not have any loans that were both experiencing financial difficulty and modified during the three months ending March 31, 2023. Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The tables below set forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at March 31, 2024 and December 31, 2023, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of March 31, 2024 and December 31, 2023, non-accrual loans differed from the amount of total loans past due 90 days due to loans that were previously 90 days past due both of which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated their ability to satisfy the terms of the loan. As of March 31, 2024 (in Thousands) Nonaccrual loans with an Allowance for Credit Losses Nonaccrual loans without an Allowance for Credit Losses Total Nonaccrual loans Amortized Cost of Loans Past due 90 and Still Accruing Residential one-to-four family $ - $ 429 $ 429 $ - Commercial and multi-family 2,029 10,598 12,627 - Construction 2,251 974 3,225 - Commercial business (1) 1,983 3,933 5,916 - Business express loans - - - - Home equity (2) - 44 44 - Consumer - - - - Total $ 6,263 $ 15,978 $ 22,241 $ - (1) Excludes Business express loans. (2) Includes home equity lines of credit. As of December 31, 2023 (in Thousands) Nonaccrual loans with an Allowance for Credit Losses Nonaccrual loans without an Allowance for Credit Losses Total Nonaccrual loans Amortized Cost of Loans Past due 90 and Still Accruing Residential one-to-four family $ - $ 270 $ 270 $ - Commercial and multi-family 2,029 6,655 8,684 - Construction 2,312 1,980 4,292 - Commercial business (1) 2,050 2,892 4,942 - Business express loans 549 - 549 - Home equity (2) - 46 46 - Total $ 6,940 $ 11,843 $ 18,783 $ - (1) Excludes Business express loans. (2) Includes home equity lines of credit. Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the three months ended March 31, 2024 and the twelve months ended December 31, 2023 would have been approximately $ 710,000 and $ 1.9 million, respectively. Interest income recognized on loans returned to accrual was approximately $ 123,000 and $ 314,000 , respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on nonaccrual status. At March 31, 2024 and December 31, 2023 there were no loans more than ninety days past due and still accruing interest. Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) Criticized and Classified Assets Company policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.” The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk ratings (7-9) are detailed below: 6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency. 7 – Substandard - Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “non-accrual” status. The loan needs special and corrective attention. 8 – Doubtful - Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status. 9 – Loss - Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery. Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at March 31, 2024 and gross charge-offs for the three months ended March 31, 2024. Loans by Year of Origination at March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans to Term Loans Total Residential one-to-four family Pass $ - $ 17,095 $ 52,521 $ 37,956 $ 31,210 $ 103,842 $ - $ - $ 242,624 Special Mention - - 489 90 - - - - 579 Substandard - - - 1,303 - 256 - - 1,559 Total one-to-four family $ - $ 17,095 $ 53,010 $ 39,349 $ 31,210 $ 104,098 $ - $ - $ 244,762 Commercial and multi-family Pass $ 1,200 $ 216,671 $ 764,734 $ 223,690 $ 213,531 $ 843,449 $ 2,000 $ - $ 2,265,275 Special Mention - 9,871 34,181 - - 5,801 140 - 49,993 Substandard - - 14,865 4,639 3,575 54,623 - - 77,702 Total Commercial and multi-family $ 1,200 $ 226,542 $ 813,780 $ 228,329 $ 217,106 $ 903,873 $ 2,140 $ - $ 2,392,970 Construction Pass $ - $ 25,473 $ 71,926 $ 52,767 $ 19,448 $ 1,849 $ 5,710 $ - $ 177,173 Special Mention - - - - - - - - - Substandard - - - 965 586 2,251 - - 3,802 Total Construction $ - $ 25,473 $ 71,926 $ 53,732 $ 20,034 $ 4,100 $ 5,710 $ - $ 180,975 Commercial business Pass $ - $ 3,141 290 1,984 $ 4,135 $ 40,198 $ 207,677 $ 549 $ 257,974 Special Mention - - - 421 - 1,063 4,003 - 5,487 Substandard - - - - - 4,645 7,356 1,402 13,403 Total Commercial business $ - $ 3,141 $ 290 $ 2,405 $ 4,135 $ 45,906 $ 219,036 $ 1,951 $ 276,864 Business express Pass $ - $ - - - $ - $ - $ 98,604 $ - $ 98,604 Special Mention - - - - - - 1,703 - 1,703 Substandard - - - - - - 902 - 902 Total Business express $ - $ - $ - $ - $ - $ - $ 101,209 $ - $ 101,209 Home equity Pass $ - $ 3,979 $ 1,461 $ 541 $ 754 $ 7,219 $ 50,445 $ 746 $ 65,145 Special Mention - - - - - - - - - Substandard - - 44 - - - 117 212 373 Total Home equity $ - $ 3,979 $ 1,505 $ 541 $ 754 $ 7,219 $ 50,562 $ 958 $ 65,518 Consumer Pass $ 1,059 $ 1,183 $ 451 $ 19 $ 105 $ 24 $ 6 $ - $ 2,847 Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Consumer $ 1,059 $ 1,183 $ 451 $ 19 $ 105 $ 24 $ 6 $ - $ 2,847 Total Loans $ 2,259 $ 277,413 $ 940,962 $ 324,375 $ 273,344 $ 1,065,220 $ 378,663 $ 2,909 $ 3,265,145 Gross charge-offs $ - $ - $ - $ - $ - $ 29 $ 1,122 $ - $ 1,151 Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at December 31, 2023. Loans by Year of Origination at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans to Term Loans Total Residential one-to-four family Pass $ 17,080 $ 53,623 $ 38,178 $ 31,420 $ 12,067 $ 93,764 $ - $ - $ 246,132 Special Mention - 492 91 - - - - - 583 Substandard - - 1,310 - - 270 - - 1,580 Total one-to-four family $ 17,080 $ 54,115 $ 39,579 $ 31,420 $ 12,067 $ 94,034 $ - $ - $ 248,295 Commercial and multi-family Pass $ 222,435 $ 778,076 $ 224,823 $ 214,768 $ 50,755 $ 824,375 $ 1,922 $ - $ 2,317,154 Special Mention 9,908 34,375 - - 529 4,453 140 - 49,405 Substandard - 14,931 4,023 3,575 - 45,027 - - 67,556 Total Commercial and multi-family $ 232,343 $ 827,382 $ 228,846 $ 218,343 $ 51,284 $ 873,855 $ 2,062 $ - $ 2,434,115 Construction Pass $ 21,730 $ 74,180 $ 59,564 $ 21,462 $ - $ 5,878 $ 5,710 $ - $ 188,524 Special Mention - - - - - - - - - Substandard - 1,394 - 586 - 2,312 - - 4,292 Total Construction $ 21,730 $ 75,574 $ 59,564 $ 22,048 $ - $ 8,190 $ 5,710 $ - $ 192,816 Commercial business Pass $ 3,179 $ 297 $ 2,967 $ 4,234 $ 7,080 $ 33,675 $ 201,008 $ 150 $ 252,590 Special Mention - - - - 317 830 4,410 - 5,557 Substandard - - - - - 4,703 6,424 - 11,127 Total Commercial business $ 3,179 $ 297 $ 2,967 $ 4,234 $ 7,397 $ 39,208 $ 211,842 $ 150 $ 269,274 Business express Pass $ - $ - $ - $ - $ - $ - $ 101,531 $ - $ 101,531 Special Mention - - - - - - 600 - 600 Substandard - - - - - - 797 - 797 Total Business express $ - $ - $ - $ - $ - $ - $ 102,928 $ - $ 102,928 Home equity Pass $ 5,022 $ 1,487 $ 553 $ 769 $ 1,280 $ 6,181 $ 50,111 $ 553 $ 65,956 Special Mention - - - - - - - - - Substandard - 46 - - - - 117 212 375 Total Home equity $ 5,022 $ 1,533 $ 553 $ 769 $ 1,280 $ 6,181 $ 50,228 $ 765 $ 66,331 Consumer Pass $ 1,497 $ 471 $ 1,521 $ 109 $ 39 $ - $ 6 $ - $ 3,643 Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Consumer $ 1,497 $ 471 $ 1,521 $ 109 $ 39 $ - $ 6 $ - $ 3,643 Total Loans $ 280,851 $ 959,372 $ 333,030 $ 276,923 $ 72,067 $ 1,021,468 $ 372,776 $ 915 $ 3,317,402 Gross charge-offs $ - $ - $ - $ - $ - $ - $ 805 $ - $ 805 " id="sjs-B4" xml:space="preserve">Note 7 - Loans Receivable and Allowance for Credit Losses The following tables present the recorded investment in loans receivable as of March 31, 2024 and December 31, 2023 by segment and class: March 31, 2024 December 31, 2023 (In Thousands) Residential one-to-four family $ 244,762 $ 248,295 Commercial and multi-family 2,392,970 2,434,115 Construction 180,975 192,816 Commercial business (1) 276,864 269,274 Business express 101,209 102,928 Home equity (2) 65,518 66,331 Consumer 2,847 3,643 3,265,145 3,317,402 Less: Deferred loan fees, net ( 3,705 ) ( 4,086 ) Allowance for credit losses ( 34,563 ) ( 33,608 ) Total Loans, net $ 3,226,877 $ 3,279,708 (1) Excludes Business express loans. (2) Includes home equity lines of credit. Note 7 – Loans Receivable and Allowance for Credit Losses (Continued) Allowance for Credit Losses The Company engages a third-party vendor to assist in the CECL calculation and has established a robust internal governance framework to oversee the quarterly estimation process for the allowance for credit losses (“ACL”). The ACL calculation methodology relies on regression-based discounted cash flow (“DCF”) models that correlate relationships between certain financial metrics and external market and macroeconomic variables. Following are some of the key factors and assumptions that are used in the Company’s CECL calculations: methods based on probability of default and loss given default which are modeled based on macroeconomic scenarios; a reasonable and supportable forecast period determined based on management’s current review of macroeconomic environment; a reversion period after the reasonable and supportable forecast period; estimated prepayment rates based on the Company’s historical experience and future macroeconomic environment; estimated credit utilization rates based on the Company’s historical experience and future macroeconomic environment; and incorporation of qualitative factors not captured within the modeled results. The qualitative factors include but are not limited to changes in lending policies, business conditions, changes in the nature and size of the portfolio, portfolio concentrations, and external factors such as competition. Allowance for credit losses are aggregated for the major loan segments, with similar risk characteristics, summarized below. However, for the purposes of calculating the reserves, these segments may be further broken down into loan classes by risk characteristics that include but are not limited to regulatory call codes, industry type, geographic location, and collateral type. Residential one-to-four family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower. Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as general economic conditions. Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence. Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In many cases, any repossessed collateral for a defaulted commercial business loan will not provide an adequate source of repayment of the outstanding loan balance. The Bank has further segregated its commercial business portfolio into commercial business express loans that carry higher risk relative to other commercial business loans. The Bank had originated commercial business express loans to support small business owners coming out of the COVID crisis. The portfolio consists of a large number of loans with majority of the loans carrying a balance of $ 250,000 or lower. Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan. Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table sets forth the activity in the Company’s allowance for credit losses for the three months ended March 31, 2024, and the related portion of the allowances for credit losses that is allocated to each loan class, as of March 31, 2024 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Business Express Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Beginning Balance, January 1, 2024 $ 2,344 $ 16,301 $ 3,841 $ 5,811 $ 4,542 $ 691 $ 78 $ - $ 33,608 Charge-offs: - - - ( 29 ) ( 1,122 ) - - - ( 1,151 ) Recoveries: 11 - - 3 4 - - - 18 Provision (benefit): ( 192 ) ( 938 ) ( 604 ) 1,855 1,606 ( 41 ) 402 - 2,088 Ending Balance, March 31, 2024 $ 2,163 $ 15,363 $ 3,237 $ 7,640 $ 5,030 $ 650 $ 480 $ - $ 34,563 Ending Balance attributable to loans: Individually evaluated $ - $ 956 $ 203 $ 3,291 $ 657 $ - $ 409 $ - $ 5,516 Collectively evaluated 2,163 14,407 3,034 4,349 4,373 650 71 - 29,047 Ending Balance, March 31, 2024 $ 2,163 $ 15,363 $ 3,237 $ 7,640 $ 5,030 $ 650 $ 480 $ - $ 34,563 Loans Receivables: Individually evaluated $ 173 $ 52,572 $ 3,802 $ 8,315 $ 657 $ 212 $ - $ - $ 65,731 Collectively evaluated 244,589 2,340,398 177,173 268,549 100,552 65,306 2,847 - 3,199,414 Total Gross Loans: $ 244,762 $ 2,392,970 $ 180,975 $ 276,864 $ 101,209 $ 65,518 $ 2,847 $ - $ 3,265,145 (1) Excludes Business express loans. (2) Includes home equity lines of credit. The following table sets forth the activity in the Company’s allowance for credit losses for the three months ended March 31, 2023, and the related portion of the allowances for credit losses that is allocated to each loan class, as of March 31, 2023 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Business Express Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Ending Balance December 31, 2022 $ 2,474 $ 21,749 $ 2,094 $ 4,495 $ 872 $ 485 $ 24 $ 180 $ 32,373 Effect of adopting ASU No. 2016-13 ("CECL") 144 ( 7,123 ) 1,387 1,734 ( 316 ) 182 7 ( 180 ) ( 4,165 ) Beginning Balance, January 1, 2023 $ 2,618 $ 14,626 $ 3,481 $ 6,229 $ 556 $ 667 $ 31 $ - $ 28,208 Charge-offs: - - - ( 1 ) - - - - ( 1 ) Recovery: 12 - - 25 - 16 - - 53 Provisions (benefit): ( 269 ) 340 369 ( 780 ) 962 ( 3 ) 3 - 622 Ending Balance March 31, 2023 $ 2,361 $ 14,966 $ 3,850 $ 5,473 $ 1,518 $ 680 $ 34 $ - $ 28,882 Ending Balance attributable to loans: Individually evaluated $ - $ - $ 605 $ 1,942 $ 39 $ - $ - $ - $ 2,586 Collectively evaluated 2,361 14,966 3,245 3,531 1,479 680 34 - 26,296 Ending Balance March 31, 2023 $ 2,361 $ 14,966 $ 3,850 $ 5,473 $ 1,518 $ 680 $ 34 $ - $ 28,882 Loans Receivables: Individually evaluated $ 358 $ 10,114 $ 3,217 $ 3,644 $ 39 $ 212 $ - $ - $ 17,584 Collectively evaluated 246,325 2,456,818 159,336 238,349 85,566 58,610 3,383 - 3,248,387 Total Gross Loans: $ 246,683 $ 2,466,932 $ 162,553 $ 241,993 $ 85,605 $ 58,822 $ 3,383 $ - $ 3,265,971 (1) Excludes Business express loans. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table sets forth the amount recorded in loans receivable at December 31, 2023. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for credit losses that is allocated to each loan class (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Business Express Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Ending Balance, December 31, 2022 $ 2,474 $ 21,749 $ 2,094 $ 4,495 $ 872 $ 485 $ 24 $ 180 $ 32,373 Effect of adopting ASU No. 2016-13 ("CECL") 144 ( 7,123 ) 1,387 1,734 ( 316 ) 182 7 ( 180 ) ( 4,165 ) Beginning Balance, January 1, 2023 $ 2,618 $ 14,626 $ 3,481 $ 6,229 $ 556 $ 667 $ 31 $ - $ 28,208 Charge-offs: - - - - ( 805 ) - - - ( 805 ) Recoveries: 45 - - 29 11 16 - - 101 Provision (benefit): ( 319 ) 1,675 360 ( 447 ) 4,780 8 47 - 6,104 Ending Balance, December 31, 2023 $ 2,344 $ 16,301 $ 3,841 $ 5,811 $ 4,542 $ 691 $ 78 $ - $ 33,608 Ending Balance attributable to loans: Individually evaluated $ - $ 990 $ 310 $ 2,132 $ 797 $ - $ - $ - $ 4,229 Collectively evaluated 2,344 15,311 3,531 3,679 3,745 691 78 - 29,379 Ending Balance, December 31, 2023 $ 2,344 $ 16,301 $ 3,841 $ 5,811 $ 4,542 $ 691 $ 78 $ - $ 33,608 Loans Receivables: Individually evaluated $ 444 $ 42,259 $ 4,292 $ 6,015 $ 797 $ 212 $ - $ - $ 54,019 Collectively evaluated 247,851 2,391,856 188,524 263,259 102,131 66,119 3,643 - 3,263,383 Total Gross Loans $ 248,295 $ 2,434,115 $ 192,816 $ 269,274 $ 102,928 $ 66,331 $ 3,643 $ - $ 3,317,402 (1) Excludes Business express loans. (2) Includes home equity lines of credit. The following tables present the activity in the allowance for credit losses on off-balance sheet exposures for the three months ended March 31, 2023 and 2024 (in thousands): Three Months Ended March 31, 2024 (In thousands) Allowance for Credit Losses: Balance at December 31, 2023 $ 694 Provision for credit losses 65 Balance at March 31, 2024 $ 759 Three Months Ended March 31, 2023 (In thousands) Allowance for Credit Losses: Balance at December 31, 2022 $ - Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2023 1,266 Benefit for credit losses ( 577 ) Balance at March 31, 2023 $ 689 Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table sets forth the delinquency status of total loans receivable as of March 31, 2024: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Residential one-to-four family $ 1,499 $ 308 $ - $ 1,807 $ 242,955 $ 244,762 $ - Commercial and multi-family 3,600 17,100 6,842 27,542 2,365,428 2,392,970 - Construction 577 387 586 1,550 179,425 180,975 - Commercial business (1) 3,831 308 2,443 6,582 270,282 276,864 - Business express 2,272 662 - 2,934 98,275 101,209 Home equity (2) 816 330 - 1,146 64,372 65,518 - Consumer - - - - 2,847 2,847 - Total $ 12,595 $ 19,095 $ 9,871 $ 41,561 $ 3,223,584 $ 3,265,145 $ - ( 1) Excludes Business express loans. (2) Includes home equity lines of credit. The following table sets forth the delinquency status of total loans receivable at December 31, 2023: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Residential one-to-four family $ 4,701 $ - $ 270 $ 4,971 $ 243,324 $ 248,295 $ - Commercial and multi-family 1,853 7,876 6,842 16,571 2,417,544 2,434,115 - Construction 3,641 - 586 4,227 188,589 192,816 - Commercial business (1) 2,314 362 1,081 3,757 265,517 269,274 - Business express 1,922 249 50 2,221 100,707 102,928 Home equity (2) 907 - - 907 65,424 66,331 - Consumer - - - - 3,643 3,643 - Total $ 15,338 $ 8,487 $ 8,829 $ 32,654 $ 3,284,748 $ 3,317,402 $ - (1) Excludes Business express loans. (2) Includes home equity lines of credit. Modifications The Company adopted Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measurement of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty. The following table shows the amortized cost basis of loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted: For the Three Months Ended March 31, 2024 (In Thousands) Significant Payment Delay Number Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect Residential one-to-four family 1 $ 180 0.01 % Amortization extension The Company monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of the modification efforts. The loan modified during the three months ended March 31, 2024 was current with payments. The Company did not have any loans that were both experiencing financial difficulty and modified during the three months ending March 31, 2023. Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The tables below set forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at March 31, 2024 and December 31, 2023, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful. As of March 31, 2024 and December 31, 2023, non-accrual loans differed from the amount of total loans past due 90 days due to loans that were previously 90 days past due both of which are maintained on nonaccrual status for a minimum of six months until the borrower has demonstrated their ability to satisfy the terms of the loan. As of March 31, 2024 (in Thousands) Nonaccrual loans with an Allowance for Credit Losses Nonaccrual loans without an Allowance for Credit Losses Total Nonaccrual loans Amortized Cost of Loans Past due 90 and Still Accruing Residential one-to-four family $ - $ 429 $ 429 $ - Commercial and multi-family 2,029 10,598 12,627 - Construction 2,251 974 3,225 - Commercial business (1) 1,983 3,933 5,916 - Business express loans - - - - Home equity (2) - 44 44 - Consumer - - - - Total $ 6,263 $ 15,978 $ 22,241 $ - (1) Excludes Business express loans. (2) Includes home equity lines of credit. As of December 31, 2023 (in Thousands) Nonaccrual loans with an Allowance for Credit Losses Nonaccrual loans without an Allowance for Credit Losses Total Nonaccrual loans Amortized Cost of Loans Past due 90 and Still Accruing Residential one-to-four family $ - $ 270 $ 270 $ - Commercial and multi-family 2,029 6,655 8,684 - Construction 2,312 1,980 4,292 - Commercial business (1) 2,050 2,892 4,942 - Business express loans 549 - 549 - Home equity (2) - 46 46 - Total $ 6,940 $ 11,843 $ 18,783 $ - (1) Excludes Business express loans. (2) Includes home equity lines of credit. Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the three months ended March 31, 2024 and the twelve months ended December 31, 2023 would have been approximately $ 710,000 and $ 1.9 million, respectively. Interest income recognized on loans returned to accrual was approximately $ 123,000 and $ 314,000 , respectively. The Bank has not committed to lend additional funds to the borrowers whose loans have been placed on nonaccrual status. At March 31, 2024 and December 31, 2023 there were no loans more than ninety days past due and still accruing interest. Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) Criticized and Classified Assets Company policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.” The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk ratings (7-9) are detailed below: 6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency. 7 – Substandard - Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “non-accrual” status. The loan needs special and corrective attention. 8 – Doubtful - Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status. 9 – Loss - Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery. Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at March 31, 2024 and gross charge-offs for the three months ended March 31, 2024. Loans by Year of Origination at March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans to Term Loans Total Residential one-to-four family Pass $ - $ 17,095 $ 52,521 $ 37,956 $ 31,210 $ 103,842 $ - $ - $ 242,624 Special Mention - - 489 90 - - - - 579 Substandard - - - 1,303 - 256 - - 1,559 Total one-to-four family $ - $ 17,095 $ 53,010 $ 39,349 $ 31,210 $ 104,098 $ - $ - $ 244,762 Commercial and multi-family Pass $ 1,200 $ 216,671 $ 764,734 $ 223,690 $ 213,531 $ 843,449 $ 2,000 $ - $ 2,265,275 Special Mention - 9,871 34,181 - - 5,801 140 - 49,993 Substandard - - 14,865 4,639 3,575 54,623 - - 77,702 Total Commercial and multi-family $ 1,200 $ 226,542 $ 813,780 $ 228,329 $ 217,106 $ 903,873 $ 2,140 $ - $ 2,392,970 Construction Pass $ - $ 25,473 $ 71,926 $ 52,767 $ 19,448 $ 1,849 $ 5,710 $ - $ 177,173 Special Mention - - - - - - - - - Substandard - - - 965 586 2,251 - - 3,802 Total Construction $ - $ 25,473 $ 71,926 $ 53,732 $ 20,034 $ 4,100 $ 5,710 $ - $ 180,975 Commercial business Pass $ - $ 3,141 290 1,984 $ 4,135 $ 40,198 $ 207,677 $ 549 $ 257,974 Special Mention - - - 421 - 1,063 4,003 - 5,487 Substandard - - - - - 4,645 7,356 1,402 13,403 Total Commercial business $ - $ 3,141 $ 290 $ 2,405 $ 4,135 $ 45,906 $ 219,036 $ 1,951 $ 276,864 Business express Pass $ - $ - - - $ - $ - $ 98,604 $ - $ 98,604 Special Mention - - - - - - 1,703 - 1,703 Substandard - - - - - - 902 - 902 Total Business express $ - $ - $ - $ - $ - $ - $ 101,209 $ - $ 101,209 Home equity Pass $ - $ 3,979 $ 1,461 $ 541 $ 754 $ 7,219 $ 50,445 $ 746 $ 65,145 Special Mention - - - - - - - - - Substandard - - 44 - - - 117 212 373 Total Home equity $ - $ 3,979 $ 1,505 $ 541 $ 754 $ 7,219 $ 50,562 $ 958 $ 65,518 Consumer Pass $ 1,059 $ 1,183 $ 451 $ 19 $ 105 $ 24 $ 6 $ - $ 2,847 Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Consumer $ 1,059 $ 1,183 $ 451 $ 19 $ 105 $ 24 $ 6 $ - $ 2,847 Total Loans $ 2,259 $ 277,413 $ 940,962 $ 324,375 $ 273,344 $ 1,065,220 $ 378,663 $ 2,909 $ 3,265,145 Gross charge-offs $ - $ - $ - $ - $ - $ 29 $ 1,122 $ - $ 1,151 Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at December 31, 2023. Loans by Year of Origination at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans to Term Loans Total Residential one-to-four family Pass $ 17,080 $ 53,623 $ 38,178 $ 31,420 $ 12,067 $ 93,764 $ - $ - $ 246,132 Special Mention - 492 91 - - - - - 583 Substandard - - 1,310 - - 270 - - 1,580 Total one-to-four family $ 17,080 $ 54,115 $ 39,579 $ 31,420 $ 12,067 $ 94,034 $ - $ - $ 248,295 Commercial and multi-family Pass $ 222,435 $ 778,076 $ 224,823 $ 214,768 $ 50,755 $ 824,375 $ 1,922 $ - $ 2,317,154 Special Mention 9,908 34,375 - - 529 4,453 140 - 49,405 Substandard - 14,931 4,023 3,575 - 45,027 - - 67,556 Total Commercial and multi-family $ 232,343 $ 827,382 $ 228,846 $ 218,343 $ 51,284 $ 873,855 $ 2,062 $ - $ 2,434,115 Construction Pass $ 21,730 $ 74,180 $ 59,564 $ 21,462 $ - $ 5,878 $ 5,710 $ - $ 188,524 Special Mention - - - - - - - - - Substandard - 1,394 - 586 - 2,312 - - 4,292 Total Construction $ 21,730 $ 75,574 $ 59,564 $ 22,048 $ - $ 8,190 $ 5,710 $ - $ 192,816 Commercial business Pass $ 3,179 $ 297 $ 2,967 $ 4,234 $ 7,080 $ 33,675 $ 201,008 $ 150 $ 252,590 Special Mention - - - - 317 830 4,410 - 5,557 Substandard - - - - - 4,703 6,424 - 11,127 Total Commercial business $ 3,179 $ 297 $ 2,967 $ 4,234 $ 7,397 $ 39,208 $ 211,842 $ 150 $ 269,274 Business express Pass $ - $ - $ - $ - $ - $ - $ 101,531 $ - $ 101,531 Special Mention - - - - - - 600 - 600 Substandard - - - - - - 797 - 797 Total Business express $ - $ - $ - $ - $ - $ - $ 102,928 $ - $ 102,928 Home equity Pass $ 5,022 $ 1,487 $ 553 $ 769 $ 1,280 $ 6,181 $ 50,111 $ 553 $ 65,956 Special Mention - - - - - - - - - Substandard - 46 - - - - 117 212 375 Total Home equity $ 5,022 $ 1,533 $ 553 $ 769 $ 1,280 $ 6,181 $ 50,228 $ 765 $ 66,331 Consumer Pass $ 1,497 $ 471 $ 1,521 $ 109 $ 39 $ - $ 6 $ - $ 3,643 Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Consumer $ 1,497 $ 471 $ 1,521 $ 109 $ 39 $ - $ 6 $ - $ 3,643 Total Loans $ 280,851 $ 959,372 $ 333,030 $ 276,923 $ 72,067 $ 1,021,468 $ 372,776 $ 915 $ 3,317,402 Gross charge-offs $ - $ - $ - $ - $ - $ - $ 805 $ - $ 805 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity [Abstract] | |
Stockholders' Equity | Note 8 – Stockholders’ Equity On March 29, 2024, the Company closed a private placement of Series J Noncumulative Perpetual Stock, par value $ 0.01 per share (the “Series J Preferred Stock”), resulting in gross proceeds of $ 2,690,000 for 269 shares. On December 14, 2023, the Company closed a private placement of Series J Noncumulative Perpetual Stock, par value $ 0.01 per share (the “Series J Preferred Stock”), resulting in gross proceeds of $ 15,270,000 for 1,527 shares. On September 14, 2023, the Company redeemed 22 outstanding shares of its Series H 3.5 % Noncumulative Perpetual Preferred Stock, at their face value of $ 10,000 per share, for a total redemption amount of $ 220,000 . The Company redeemed the remaining 1,101 outstanding shares of its Series H 3.5 % Noncumulative Perpetual Preferred Stock during the fourth quarter, at their face value of $ 10,000 per share, for a total redemption amount of $ 11.0 million. |
Bank-Owned Life Insurance
Bank-Owned Life Insurance | 3 Months Ended |
Mar. 31, 2024 | |
Bank-Owned Life Insurance [Abstract] | |
Bank-Owned Life Insurance | Note 9 – Bank-Owned Life Insurance BOLI involves life insurance purchased by the Bank on a chosen group of employees, and the Bank is owner and beneficiary of the policies. At March 31, 2024 the Bank had $ 74.1 million in BOLI. BOLI is recorded at its net realizable value. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Other Intangible Assets [Abstract] | |
Goodwill and Other Intangible Assets | Note 10 – Goodwill and Other Intangible Assets The Company’s intangible assets consist of goodwill and core deposit intangibles in connection with acquisitions. The initial recording of goodwill and other intangible assets requires subjective judgments concerning estimates of the fair value of the acquired assets and assumed liabilities. Goodwill is not amortized but is subject to annual tests for impairment or more often if events or circumstances indicate it may be impaired. There was no amortization expense of the core deposit intangibles for the three months ended March 31, 2024. Amortization expense of the core deposit intangibles was $ 23,000 and $ 14,000 for the three months ended March 31, 2023 and 2022, respectively. The unamortized balance of the core deposit intangibles and the amount of goodwill at March 31, 2024 was $ 0 and $ 5.2 million, respectively. The unamortized balance of the core deposit intangibles and the amount of goodwill at March 31, 2023 was $ 122,000 and $ 5.2 million, respectively. The Company’s core deposit intangibles are amortized on an accelerated basis using an estimated life of 10 years and in accordance with U.S. GAAP are evaluated annually for impairment. An impairment loss will be recognized if the carrying amount of the intangible asset is not recoverable and exceeds fair value. The carrying amount of the intangible asset is not considered recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use of the asset. The Company conducts impairment analysis on goodwill at least annually or more often as conditions require. Pursuant to ASC 350-20-35, the Company conducted a qualitative assessment of goodwill as of October 31, 2023, and determined that it was more likely than not that goodwill was not impaired. Accordingly, there was no impairment at December 31, 2023. The Company believes that the fair values of its goodwill was in excess of its carrying amounts and there was no impairment at March 31, 2024. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Values of Financial Instruments | Note 11 – Fair Values of Financial Instruments Guidance on fair value measurements establishes a fair value hierarchy that prioritizes the inputs to valuation methods used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 : Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 : Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability. Level 3 : Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported with little or no market activity). An asset or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets that the Company measured at fair value on a recurring basis were as follows (In thousands): (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of March 31, 2024: Securities Debt Securities Available for Sale $ 86,966 $ - $ 86,966 $ - Marketable Equities $ 9,223 $ 9,223 $ - $ - Total Securities $ 96,189 $ 9,223 $ 86,966 $ - As of December 31, 2023: Securities Debt Securities Available for Sale $ 87,769 $ - $ 87,769 $ - Marketable Equities $ 9,093 $ 9,093 $ - $ - Total Securities $ 96,862 $ 9,093 $ 87,769 $ - There were no transfers of assets or liabilities into or out of Level 1, Level 2, or Level 3 of the fair value hierarchy during the three months ended March 31, 2024 and 2023. There were no liabilities measured at fair value on a recurring basis at March 31, 2024 or December 31, 2023. Assets that the Company measured at fair value on a nonrecurring basis were as follows (In thousands): (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of March 31, 2024 Individually Evaluated Loans $ 23,643 $ - $ - $ 23,643 As of December 31, 2023: Individually Evaluated Loans $ 23,585 $ - $ - $ 23,585 Certain individually evaluated loans were adjusted to the fair value, less costs to sell, of the underlying collateral securing these loans resulting in losses. The loss is not recorded directly as an adjustment to current earnings, but rather as a component in determining the allowance for credit losses. Fair value was measured using appraised values of collateral and adjusted as necessary by management based on unobservable inputs for specific properties. Losses on individually evaluated loans for the three months ended March 31, 2024 and the twelve months ended December 31, 2023 were $ 878,000 and $ 1.4 million, respectively. There were no liabilities measured at fair value on a nonrecurring basis at March 31, 2024 or December 31, 2023. Note 11 – Fair Values of Financial Instruments (Continued) The following tables present additional quantitative information as of March 31, 2024 and December 31, 2023 about assets measured at fair value on a nonrecurring basis and for which the Company has utilized adjusted Level 3 inputs to determine fair value. (Dollars in thousands): Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range March 31, 2024: Individually Evaluated Loans $ 23,643 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Fair Value Valuation Unobservable Estimate Techniques Input Range December 31, 2023: Individually Evaluated Loans $ 23,585 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The following information should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only provided for a limited portion of the Company’s assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making the estimates, comparisons between the Company’s disclosures and those of other companies may not be meaningful. The following methods and assumptions were used to estimate the fair values of the Company’s financial instruments as of March 31, 2024 and December 31, 2023. Cash and Cash Equivalents and Interest-Earning Time Deposits (Carried at Cost) The carrying amounts reported in the consolidated statements of financial condition for cash and short-term instruments approximate fair values. Securities (Carried at Fair Value) The fair value of securities is determined by obtaining quoted market prices on nationally recognized security exchanges (Level 1) or, by matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices. Loans Held for Sale (Lower of Cost or Market) The fair value of loans held for sale is determined, when possible, using quoted secondary-market prices. If no such quoted prices exist, the fair value of a loan is determined using quoted prices for a similar loan or loans, adjusted for specific attributes of that loan. Loans held for sale are carried at the lower of cost or fair value. Loans Receivable (Carried at Cost) The fair values of loans, except for certain individually evaluated loans, are estimated using discounted cash flow analyses, using market rates at the date of the Statement of Financial Condition that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Note 11 – Fair Values of Financial Instruments (Continued) Individually Evaluated Loans (Generally Carried at Fair Value) Individually evaluated loans are those for which the Company has measured and recorded credit losses based on the fair value of the loan’s collateral, less estimated costs to sell. Fair value is generally determined based upon independent third-party appraisals of the properties, or discounted cash flows based upon the expected proceeds. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. The fair value at March 31, 2024 and December 31, 2023 consisted of the loan balances of $ 28.7 million net of an allowance for credit losses of $ 5.1 million and $ 27.8 million net of an allowance for credit losses of $ 4.2 million, respectively. Other Real Estate Owned (Generally Carried at Lower of Cost or Fair Value) Other real estate owned is generally carried at fair value less estimated costs to sell which is determined based upon independent third-party appraisals of the properties or based upon the expected proceeds from a pending sale. These assets are included as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements. FHLB of New York Stock (Carried at Cost) The carrying amount of restricted investment in bank stock approximates fair value and considers the limited marketability of such securities. Accrued Interest Receivable and Payable (Carried at Cost) The carrying amount of accrued interest receivable and accrued interest payable approximates its fair value. Deposits (Carried at Cost) The fair values disclosed for demand deposits (e.g., interest and non-interest checking, savings and money market accounts1) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered in the market on certificates to a schedule of aggregated expected monthly maturities on time deposits. Debt Including Subordinated Debentures (Carried at Cost) Fair values of debt are estimated using discounted cash flow analysis, based on quoted prices for new long-term debt with similar credit risk characteristics, terms and remaining maturity. Prices obtained from this active market represent a market value that is deemed to represent the transfer price if the liability were assumed by a third party. Off-Balance Sheet Financial Instruments Fair values for the Company’s off-balance sheet financial instruments (lending commitments and unused lines of credit) are based on fees currently charged in the market to enter into similar agreements, taking into account, the remaining terms of the agreements and the counterparties’ credit standing. The fair value of these commitments was deemed immaterial and is not presented in the accompanying table. Note 11 – Fair Values of Financial Instruments (Continued) The carrying values and estimated fair values of financial instruments were as follows as of March 31, 2024 and December 31, 2023: As of March 31, 2024 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 352,448 $ 352,448 $ 352,448 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 86,966 86,966 - 86,966 - Equity investments 9,223 9,223 9,223 - - Loans receivable, net 3,226,877 3,077,460 - - 3,077,460 FHLB of New York stock, at cost 24,917 24,917 - 24,917 - Accrued interest receivable 17,442 17,442 - 17,442 - Financial liabilities: Deposits 2,991,659 2,990,333 2,151,134 839,198 - Borrowings 472,949 474,103 - 474,103 - Subordinated debentures 37,624 34,958 - 34,958 - Accrued interest payable 5,650 5,650 - 5,650 - As of December 31, 2023 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 279,523 $ 279,523 $ 279,523 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available-for-sale 87,769 87,769 - 87,769 - Equity investments 9,093 9,093 9,093 - - Loans held for sale 1,287 1,287 - 1,287 - Loans receivable, net 3,279,708 3,112,980 - - 3,112,980 FHLB of New York stock, at cost 24,917 24,917 - 24,917 - Accrued interest receivable 16,072 16,072 - 16,072 - Financial liabilities: Deposits 2,979,080 2,978,654 2,120,514 858,140 - Debt 472,811 472,184 - 472,184 - Subordinated debentures 37,624 39,299 - 39,299 - Accrued interest payable 5,777 5,777 - 5,777 - |
Subordinated Debt
Subordinated Debt | 3 Months Ended |
Mar. 31, 2024 | |
Subordinated Debt [Abstract] | |
Subordinated Debt | Note 12 – Subordinated debt On July 30, 2018, the Company issued $ 33.5 million of fixed-to-floating rate subordinated debentures (the “Notes”) in a private placement. The Notes have a 10 -year term and bore an interest at a fixed annual rate of 5.625 % for the first five years of the term (the "Fixed Interest Rate Period"). On August 1, 2023, the interest rate was scheduled to adjust to a floating rate based on the three-month LIBOR plus 2.72 % until redemption or maturity (the "Floating Interest Rate Period"). However, LIBOR was replaced as the benchmark rate per the discussion below. The Notes are scheduled to mature on August 1, 2028. The Company will pay interest in arrears quarterly during the remaining term of the Notes. The Notes constitute an unsecured and subordinated obligation of the Company and rank junior in right of payment to any senior indebtedness and obligations to general and secured creditors. The Notes qualify as Tier 2 capital for the Company for regulatory purposes, when applicable, and the portion that the Company contributes to the Bank will qualify as Tier 1 capital for the Bank. The additional capital is used for general corporate purposes including organic growth initiatives. Subordinated debt included associated deferred costs of $ 116,000 which were fully amortized during the year ended December 31, 2023. The Company also has $ 4.1 million of mandatory redeemable trust preferred securities. The interest rate on these floating rate junior subordinated debentures adjusts quarterly and had been equal to the three-month LIBOR plus 2.65 %. In accordance with the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) and the regulation issued by the Board of Governors of the Federal Reserve System implementing the LIBOR Act, the Company has selected the three-month CME Term Secured Overnight Financing Rate (“SOFR”) as the applicable successor rate for both the Notes and the trust preferred securities. The calculation of the amount of interest payable, based on the three-month CME Term SOFR, will also include the applicable tenor spread adjustment of 0.26161 % per annum as specified in the LIBOR Act. At March 31, 2024, the interest rate for the subordinated debentures and trust preferred securities was 8.288 % and 8.241 %, respectively. |
Lease Obligations
Lease Obligations | 3 Months Ended |
Mar. 31, 2024 | |
Lease Obligations [Abstract] | |
Lease Obligations | Note 13 – Lease Obligations The Company leases 25 of its offices under various operating lease agreements. The leases have remaining terms of one year to 10 years . The leases contain provisions for the payment by the Company of its pro-rata share of real estate taxes, insurance, common area maintenance and other variable expenses. The Company will allocate payments made under such leases between lease and non-lease components. Some leases contain renewal options and options to purchase the assets. The Company has elected not to recognize a lease liability and a right of use asset for leases with a lease term of 12 or fewer months. The following tables present certain information related to the Company’s leases (in thousands): Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Operating lease cost $ 885 $ 936 Variable lease cost-operating leases $ 282 $ 268 At March 31, 2024 At December 31, 2023 Supplemental balance sheet information related to leases: Operating Leases Operating lease right-of-use assets $ 12,186 $ 12,935 Current liabilities $ 2,263 $ 3,094 Operating lease liabilities (noncurrent portion) 11,526 11,526 Imputed Interest ( 1,210 ) ( 1,305 ) Total operating lease liabilities $ 12,579 $ 13,315 The weighted average remaining lease term for operating leases at March 31, 2024 and December 31, 2023 was 5.63 years and 5.77 years, respectively. The weighted average discount rate for operating leases at March 31, 2024 and December 31, 2023 was 3.03 percent and 3.02 percent, respectively. The following table summarizes the Company’s maturity of lease obligations for operating leases at March 31, 2024 and December 31, 2023 (in thousands): Maturities of lease liabilities: At March 31, 2024 At December 31, 2023 Operating Leases Operating Leases One year or less $ 2,263 $ 3,094 Over one year through three years 5,132 5,132 Over three years through five years 3,632 3,632 Over five years 2,762 2,762 Gross Operating Lease Liabilities $ 13,789 $ 14,620 Imputed Interest ( 1,210 ) ( 1,305 ) Total Operating Lease Liabilities $ 12,579 $ 13,315 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14 – Subsequent Events On April 11, 2024 , the Board of Directors of the Company declared a cash dividend of $ 0.16 per share to shareholders of record of its common stock on May 3, 2024 , with a payment date of May 19, 2024 . |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Regulation S-X and, therefore, do not necessarily include all information that would be included in audited consolidated financial statements. The information furnished reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of consolidated financial condition and results of operations. All such adjustments are of a normal recurring nature. These results are not necessarily indicative of the results to be expected for the fiscal year ending December 31 , or any other future period. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statement of financial condition and revenues and expenses for the periods then ended. Actual results could differ significantly from those estimates. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the year ended December 31, 2023, which are included in the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission (the “SEC”). In preparing these consolidated financial statements, the Company evaluated the events and transactions that occurred between December 31, 2023 and the date these consolidated financial statements were issued. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Policy) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the existing accounting guidance for troubled debt restructures ("TDRs") by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditor s and instead requires that an entity evaluate whether a modification represents a new loan or a continuation of an existing loan. The amendments also enhance disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. All amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2022-02 on January 1, 2023. The adoption of this standard did not have a material effect on the Company's financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses ASU 2016-13, and related guidance, requires entities to report “expected” credit losses on financial instruments and other commitments to extend credit rather than the current “incurred loss” model. The Company adopted ASU 2016-13 on January 1, 2023 for all financial assets measured at amortized cost and off-balance sheet credit exposures using the modified retrospective method. Results for the twelve months ended December 31, 2023 are presented under Accounting Standards Codification 326, Financial Instruments – Credit Losses, while prior period amounts continue to be reported with previously applicable GAAP and have not been restated. Effective January 1, 2023, the Company recorded a $ 4.2 million decrease in allowance for credit losses on loans that is referred to as the current expected credit loss (“CECL”) methodology (previously allowance for loan losses), an elimination of $ 1.1 million of reserves related to acquired loans, and a $ 1.3 million increase related to allowance for off-balance sheet credit exposures included in other liabilities section of the consolidated statements of financial condition, which resulted in a total cumulative effect adjustment of $ 2.9 million and an increase to retained earnings a component of the stockholders’ equity (net of tax). Allowance for Credit Losses The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The measurement of expected credit losses is applicable to loans receivable and securities measured at amortized cost. It also applies to off-balance sheet credit exposures such as loan commitments and unused lines of credit. The allowance is established through a provision for credit losses that is charged against income. The methodology for determining the allowance for credit losses is considered a critical accounting policy by management because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment that could result in changes to the amount of the recorded allowance for credit losses. The allowance for credit losses is reported separately as a contra-asset on the consolidated statement of financial condition. The expected credit loss for unfunded lending commitments and unfunded loan commitments is reported on the consolidated statement of financial condition in other liabilities while the provision for credit losses related to unfunded commitments is reported in other non-interest expense. Allowance for Credit Losses on Loans Receivable The allowance for credit losses on loans is deducted from the amortized cost basis of the loan to present the net amount expected to be collected. Expected losses are evaluated and calculated on a collective, or pooled, basis for those loans which share similar risk characteristics. If the loan does not share risk characteristics with other loans, the Company will evaluate the loan on an individual basis. Individually evaluated loans are primarily non-accrual and collateral dependent loans. Furthermore, the Company evaluates the pooling methodology at least annually to ensure that loans with similar risk characteristics are pooled appropriately. Loans are charged off against the allowance for credit losses when the Company believes the balances to be uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged off or expected to be charged off. The Company has chosen to segment its portfolio consistent with the manner in which it manages credit risk. The Company calculates estimated credit losses for these loan segments using quantitative models and qualitative factors. Further information on loan segmentation and the credit loss estimation is included in Note 7 – Loan Receivables and Allowance for Credit Losses. Individually Evaluated Loans On a case-by-case basis, the Company may conclude that a loan should be evaluated on an individual basis based on its disparate risk characteristics. When the Company determines that a loan no longer shares similar risk characteristics with other loans in the portfolio, the allowance will be determined on an individual basis using the present value of expected cash flows or, for collateral-dependent loans, the fair value of the collateral as of the reporting date, less estimated selling costs, as applicable. If the fair value of the collateral is less than the amortized cost basis of the loan, the Company will charge off the difference between the fair value of the collateral, less costs to sell at the reporting date and the amortized cost basis of the loan. Allowance for Credit Losses on Off-Balance Sheet Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancelable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. As noted above, the allowance for credit losses on unfunded loan commitments is included in other liabilities on the consolidated statement of financial condition and the related credit expense is recorded in other non-interest expense in the consolidated statements of operations. Allowance for Credit Losses on Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more than likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For securities available-for-sale that do not meet the above criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the extent to which fair value is less than amortized cost and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of tax. The Company elected the practical expedient of zero loss estimates for securities issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rate by major agencies and have a long history of no credit losses. Accrued Interest Receivable The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans and available-for-sale securities. Accrued interest receivable on loans and securities is reported as a component of accrued interest receivable on the consolidated statement of financial condition. Changes in the allowance for credit losses are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of a receivable is confirmed or when either of the criteria regarding intent or requirement to sell is met |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity Incentive Plans [Abstract] | |
Summary of Status of Restricted Shares | Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at January 1, 2024 86,752 $ 14.98 Granted - - Vested ( 20,625 ) 15.75 Forfeited ( 1,725 ) 14.92 Non-vested at March 31, 2024 64,402 $ 14.73 Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at January 1, 2023 48,150 $ 14.83 Granted 27,000 17.99 Vested ( 13,650 ) 14.60 Forfeited - - Non-vested at March 31, 2023 61,500 $ 16.27 |
Summary of Stock Option Activity | Number of Option Shares Range of Exercise Prices Weighted Average Exercise Price Outstanding at January 1, 2024 975,975 $ 10.55 - 13.68 $ 11.89 Options granted - - - Options exercised - - - Options forfeited - - - Options expired ( 80,000 ) 13.32 13.32 Outstanding at March 31, 2024 895,975 $ 10.55-13.68 $ 11.76 |
Net Income per Common Share (Ta
Net Income per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Net Income per Common Share [Abstract] | |
Schedule of Earnings per Share, Basic and Diluted | For the Three Months Ended March 31, 2024 2023 2022 Income Shares Per Share Income Shares Per Share Income Shares Per Share (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (Numerator) (Denominator) Amount (In Thousands, except per share data) Net income available to common stockholders $ 5,432 $ 7,933 $ 9,676 Basic earnings per share: Income available to common stockholders $ 5,432 16,930 $ 0.32 $ 7,933 16,949 $ 0.47 $ 9,676 16,980 $ 0.57 Effect of dilutive securities: Stock options - 9 - 259 - 363 Diluted earnings per share: Income available to common stockholders $ 5,432 16,939 $ 0.32 $ 7,933 17,208 $ 0.46 $ 9,676 17,343 $ 0.56 |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Securities [Abstract] | |
Summary of Disaggregated Net Income on Equity Securities | For the three months ended March 31, (In Thousands) 2024 2023 2022 Net gains (losses) recognized during the period on equity securities held at the reporting period $ 130 $ ( 3,227 ) $ ( 2,626 ) Net gains (losses) recognized during the period on equity securities sold during the period - - ( 59 ) Realized and unrealized gains (losses) on equity investments during the reporting period $ 130 $ ( 3,227 ) $ ( 2,685 ) |
Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale | March 31, 2024 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: More than one to five years $ 563 $ - $ 23 $ 540 More than five to ten years 3,914 - 257 3,657 More than ten years 32,482 89 3,237 29,334 Sub-total: 36,959 89 3,517 33,531 Corporate Debt securities: More than one to five years 8,982 - 444 8,538 More than five to ten years 50,582 - 5,685 44,897 Sub-total: 59,564 - 6,129 53,435 Total securities $ 96,523 $ 89 $ 9,646 $ 86,966 December 31, 2023 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In Thousands) Residential Mortgage-backed securities: More than one to five years $ 605 $ - $ 24 $ 581 More than five to ten years 4,147 - 230 3,917 More than ten years 32,833 192 2,910 30,115 Sub-total: 37,585 192 3,164 34,613 Corporate Debt securities: More than one to five years 8,981 - 197 8,784 More than five to ten years 50,583 - 6,211 44,372 Sub-total: 59,564 - 6,408 53,156 Total securities $ 97,149 $ 192 $ 9,572 $ 87,769 |
Available for Sale Securities, Continuous Unrealized Loss Position, Fair Value | 12 Months or Less More than 12 Months Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (In Thousands) March 31, 2024 Residential mortgage-backed securities $ 5,187 $ 209 $ 21,438 $ 3,308 $ 26,625 $ 3,517 Corporate Debt securities - - 52,135 6,129 52,135 6,129 $ 5,187 $ 209 $ 73,573 $ 9,437 $ 78,760 $ 9,646 December 31, 2023 Residential mortgage-backed securities $ 5,316 $ 98 $ 22,153 $ 3,066 $ 27,469 $ 3,164 Corporate Debt Securities - - 51,856 6,408 51,856 6,408 $ 5,316 $ 98 $ 74,009 $ 9,474 $ 79,325 $ 9,572 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans Receivable and Allowance for Credit Losses [Abstract] | |
Recorded Investment in Loans Receivable | March 31, 2024 December 31, 2023 (In Thousands) Residential one-to-four family $ 244,762 $ 248,295 Commercial and multi-family 2,392,970 2,434,115 Construction 180,975 192,816 Commercial business (1) 276,864 269,274 Business express 101,209 102,928 Home equity (2) 65,518 66,331 Consumer 2,847 3,643 3,265,145 3,317,402 Less: Deferred loan fees, net ( 3,705 ) ( 4,086 ) Allowance for credit losses ( 34,563 ) ( 33,608 ) Total Loans, net $ 3,226,877 $ 3,279,708 (1) Excludes Business express loans. (2) Includes home equity lines of credit. |
Allowance for Credit Losses | The following table sets forth the activity in the Company’s allowance for credit losses for the three months ended March 31, 2024, and the related portion of the allowances for credit losses that is allocated to each loan class, as of March 31, 2024 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Business Express Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Beginning Balance, January 1, 2024 $ 2,344 $ 16,301 $ 3,841 $ 5,811 $ 4,542 $ 691 $ 78 $ - $ 33,608 Charge-offs: - - - ( 29 ) ( 1,122 ) - - - ( 1,151 ) Recoveries: 11 - - 3 4 - - - 18 Provision (benefit): ( 192 ) ( 938 ) ( 604 ) 1,855 1,606 ( 41 ) 402 - 2,088 Ending Balance, March 31, 2024 $ 2,163 $ 15,363 $ 3,237 $ 7,640 $ 5,030 $ 650 $ 480 $ - $ 34,563 Ending Balance attributable to loans: Individually evaluated $ - $ 956 $ 203 $ 3,291 $ 657 $ - $ 409 $ - $ 5,516 Collectively evaluated 2,163 14,407 3,034 4,349 4,373 650 71 - 29,047 Ending Balance, March 31, 2024 $ 2,163 $ 15,363 $ 3,237 $ 7,640 $ 5,030 $ 650 $ 480 $ - $ 34,563 Loans Receivables: Individually evaluated $ 173 $ 52,572 $ 3,802 $ 8,315 $ 657 $ 212 $ - $ - $ 65,731 Collectively evaluated 244,589 2,340,398 177,173 268,549 100,552 65,306 2,847 - 3,199,414 Total Gross Loans: $ 244,762 $ 2,392,970 $ 180,975 $ 276,864 $ 101,209 $ 65,518 $ 2,847 $ - $ 3,265,145 (1) Excludes Business express loans. (2) Includes home equity lines of credit. The following table sets forth the activity in the Company’s allowance for credit losses for the three months ended March 31, 2023, and the related portion of the allowances for credit losses that is allocated to each loan class, as of March 31, 2023 (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Business Express Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Ending Balance December 31, 2022 $ 2,474 $ 21,749 $ 2,094 $ 4,495 $ 872 $ 485 $ 24 $ 180 $ 32,373 Effect of adopting ASU No. 2016-13 ("CECL") 144 ( 7,123 ) 1,387 1,734 ( 316 ) 182 7 ( 180 ) ( 4,165 ) Beginning Balance, January 1, 2023 $ 2,618 $ 14,626 $ 3,481 $ 6,229 $ 556 $ 667 $ 31 $ - $ 28,208 Charge-offs: - - - ( 1 ) - - - - ( 1 ) Recovery: 12 - - 25 - 16 - - 53 Provisions (benefit): ( 269 ) 340 369 ( 780 ) 962 ( 3 ) 3 - 622 Ending Balance March 31, 2023 $ 2,361 $ 14,966 $ 3,850 $ 5,473 $ 1,518 $ 680 $ 34 $ - $ 28,882 Ending Balance attributable to loans: Individually evaluated $ - $ - $ 605 $ 1,942 $ 39 $ - $ - $ - $ 2,586 Collectively evaluated 2,361 14,966 3,245 3,531 1,479 680 34 - 26,296 Ending Balance March 31, 2023 $ 2,361 $ 14,966 $ 3,850 $ 5,473 $ 1,518 $ 680 $ 34 $ - $ 28,882 Loans Receivables: Individually evaluated $ 358 $ 10,114 $ 3,217 $ 3,644 $ 39 $ 212 $ - $ - $ 17,584 Collectively evaluated 246,325 2,456,818 159,336 238,349 85,566 58,610 3,383 - 3,248,387 Total Gross Loans: $ 246,683 $ 2,466,932 $ 162,553 $ 241,993 $ 85,605 $ 58,822 $ 3,383 $ - $ 3,265,971 (1) Excludes Business express loans. (2) Includes home equity lines of credit. Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table sets forth the amount recorded in loans receivable at December 31, 2023. The table also details the amount of total loans receivable that are evaluated individually, and collectively, for impairment and the related portion of the allowance for credit losses that is allocated to each loan class (in thousands): Residential Commercial & Multi-family Construction Commercial Business (1) Business Express Home Equity (2) Consumer Unallocated Total Allowance for credit losses: Ending Balance, December 31, 2022 $ 2,474 $ 21,749 $ 2,094 $ 4,495 $ 872 $ 485 $ 24 $ 180 $ 32,373 Effect of adopting ASU No. 2016-13 ("CECL") 144 ( 7,123 ) 1,387 1,734 ( 316 ) 182 7 ( 180 ) ( 4,165 ) Beginning Balance, January 1, 2023 $ 2,618 $ 14,626 $ 3,481 $ 6,229 $ 556 $ 667 $ 31 $ - $ 28,208 Charge-offs: - - - - ( 805 ) - - - ( 805 ) Recoveries: 45 - - 29 11 16 - - 101 Provision (benefit): ( 319 ) 1,675 360 ( 447 ) 4,780 8 47 - 6,104 Ending Balance, December 31, 2023 $ 2,344 $ 16,301 $ 3,841 $ 5,811 $ 4,542 $ 691 $ 78 $ - $ 33,608 Ending Balance attributable to loans: Individually evaluated $ - $ 990 $ 310 $ 2,132 $ 797 $ - $ - $ - $ 4,229 Collectively evaluated 2,344 15,311 3,531 3,679 3,745 691 78 - 29,379 Ending Balance, December 31, 2023 $ 2,344 $ 16,301 $ 3,841 $ 5,811 $ 4,542 $ 691 $ 78 $ - $ 33,608 Loans Receivables: Individually evaluated $ 444 $ 42,259 $ 4,292 $ 6,015 $ 797 $ 212 $ - $ - $ 54,019 Collectively evaluated 247,851 2,391,856 188,524 263,259 102,131 66,119 3,643 - 3,263,383 Total Gross Loans $ 248,295 $ 2,434,115 $ 192,816 $ 269,274 $ 102,928 $ 66,331 $ 3,643 $ - $ 3,317,402 (1) Excludes Business express loans. (2) Includes home equity lines of credit. |
Allowance for Credit Losses on Off-Balance Sheet Exposures | Three Months Ended March 31, 2024 (In thousands) Allowance for Credit Losses: Balance at December 31, 2023 $ 694 Provision for credit losses 65 Balance at March 31, 2024 $ 759 Three Months Ended March 31, 2023 (In thousands) Allowance for Credit Losses: Balance at December 31, 2022 $ - Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2023 1,266 Benefit for credit losses ( 577 ) Balance at March 31, 2023 $ 689 |
Delinquency Status of Total Loans | The following table sets forth the delinquency status of total loans receivable as of March 31, 2024: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Residential one-to-four family $ 1,499 $ 308 $ - $ 1,807 $ 242,955 $ 244,762 $ - Commercial and multi-family 3,600 17,100 6,842 27,542 2,365,428 2,392,970 - Construction 577 387 586 1,550 179,425 180,975 - Commercial business (1) 3,831 308 2,443 6,582 270,282 276,864 - Business express 2,272 662 - 2,934 98,275 101,209 Home equity (2) 816 330 - 1,146 64,372 65,518 - Consumer - - - - 2,847 2,847 - Total $ 12,595 $ 19,095 $ 9,871 $ 41,561 $ 3,223,584 $ 3,265,145 $ - ( 1) Excludes Business express loans. (2) Includes home equity lines of credit. The following table sets forth the delinquency status of total loans receivable at December 31, 2023: Loans Receivable 30-59 Days 60-90 Days Greater Than Total Past Total Loans >90 Days Past Due Past Due 90 Days Due Current Receivable and Accruing (In Thousands) Residential one-to-four family $ 4,701 $ - $ 270 $ 4,971 $ 243,324 $ 248,295 $ - Commercial and multi-family 1,853 7,876 6,842 16,571 2,417,544 2,434,115 - Construction 3,641 - 586 4,227 188,589 192,816 - Commercial business (1) 2,314 362 1,081 3,757 265,517 269,274 - Business express 1,922 249 50 2,221 100,707 102,928 Home equity (2) 907 - - 907 65,424 66,331 - Consumer - - - - 3,643 3,643 - Total $ 15,338 $ 8,487 $ 8,829 $ 32,654 $ 3,284,748 $ 3,317,402 $ - (1) Excludes Business express loans. (2) Includes home equity lines of credit. |
Amortized Cost Basis Of Loans Modified | For the Three Months Ended March 31, 2024 (In Thousands) Significant Payment Delay Number Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect Residential one-to-four family 1 $ 180 0.01 % Amortization extension |
Non-Accruing Loans | As of March 31, 2024 (in Thousands) Nonaccrual loans with an Allowance for Credit Losses Nonaccrual loans without an Allowance for Credit Losses Total Nonaccrual loans Amortized Cost of Loans Past due 90 and Still Accruing Residential one-to-four family $ - $ 429 $ 429 $ - Commercial and multi-family 2,029 10,598 12,627 - Construction 2,251 974 3,225 - Commercial business (1) 1,983 3,933 5,916 - Business express loans - - - - Home equity (2) - 44 44 - Consumer - - - - Total $ 6,263 $ 15,978 $ 22,241 $ - (1) Excludes Business express loans. (2) Includes home equity lines of credit. As of December 31, 2023 (in Thousands) Nonaccrual loans with an Allowance for Credit Losses Nonaccrual loans without an Allowance for Credit Losses Total Nonaccrual loans Amortized Cost of Loans Past due 90 and Still Accruing Residential one-to-four family $ - $ 270 $ 270 $ - Commercial and multi-family 2,029 6,655 8,684 - Construction 2,312 1,980 4,292 - Commercial business (1) 2,050 2,892 4,942 - Business express loans 549 - 549 - Home equity (2) - 46 46 - Total $ 6,940 $ 11,843 $ 18,783 $ - (1) Excludes Business express loans. (2) Includes home equity lines of credit. |
Loan Portfolio by Pass Rating | The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at March 31, 2024 and gross charge-offs for the three months ended March 31, 2024. Loans by Year of Origination at March 31, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans to Term Loans Total Residential one-to-four family Pass $ - $ 17,095 $ 52,521 $ 37,956 $ 31,210 $ 103,842 $ - $ - $ 242,624 Special Mention - - 489 90 - - - - 579 Substandard - - - 1,303 - 256 - - 1,559 Total one-to-four family $ - $ 17,095 $ 53,010 $ 39,349 $ 31,210 $ 104,098 $ - $ - $ 244,762 Commercial and multi-family Pass $ 1,200 $ 216,671 $ 764,734 $ 223,690 $ 213,531 $ 843,449 $ 2,000 $ - $ 2,265,275 Special Mention - 9,871 34,181 - - 5,801 140 - 49,993 Substandard - - 14,865 4,639 3,575 54,623 - - 77,702 Total Commercial and multi-family $ 1,200 $ 226,542 $ 813,780 $ 228,329 $ 217,106 $ 903,873 $ 2,140 $ - $ 2,392,970 Construction Pass $ - $ 25,473 $ 71,926 $ 52,767 $ 19,448 $ 1,849 $ 5,710 $ - $ 177,173 Special Mention - - - - - - - - - Substandard - - - 965 586 2,251 - - 3,802 Total Construction $ - $ 25,473 $ 71,926 $ 53,732 $ 20,034 $ 4,100 $ 5,710 $ - $ 180,975 Commercial business Pass $ - $ 3,141 290 1,984 $ 4,135 $ 40,198 $ 207,677 $ 549 $ 257,974 Special Mention - - - 421 - 1,063 4,003 - 5,487 Substandard - - - - - 4,645 7,356 1,402 13,403 Total Commercial business $ - $ 3,141 $ 290 $ 2,405 $ 4,135 $ 45,906 $ 219,036 $ 1,951 $ 276,864 Business express Pass $ - $ - - - $ - $ - $ 98,604 $ - $ 98,604 Special Mention - - - - - - 1,703 - 1,703 Substandard - - - - - - 902 - 902 Total Business express $ - $ - $ - $ - $ - $ - $ 101,209 $ - $ 101,209 Home equity Pass $ - $ 3,979 $ 1,461 $ 541 $ 754 $ 7,219 $ 50,445 $ 746 $ 65,145 Special Mention - - - - - - - - - Substandard - - 44 - - - 117 212 373 Total Home equity $ - $ 3,979 $ 1,505 $ 541 $ 754 $ 7,219 $ 50,562 $ 958 $ 65,518 Consumer Pass $ 1,059 $ 1,183 $ 451 $ 19 $ 105 $ 24 $ 6 $ - $ 2,847 Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Consumer $ 1,059 $ 1,183 $ 451 $ 19 $ 105 $ 24 $ 6 $ - $ 2,847 Total Loans $ 2,259 $ 277,413 $ 940,962 $ 324,375 $ 273,344 $ 1,065,220 $ 378,663 $ 2,909 $ 3,265,145 Gross charge-offs $ - $ - $ - $ - $ - $ 29 $ 1,122 $ - $ 1,151 Note 7 - Loans Receivable and Allowance for Credit Losses (Continued) The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating at December 31, 2023. Loans by Year of Origination at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans to Term Loans Total Residential one-to-four family Pass $ 17,080 $ 53,623 $ 38,178 $ 31,420 $ 12,067 $ 93,764 $ - $ - $ 246,132 Special Mention - 492 91 - - - - - 583 Substandard - - 1,310 - - 270 - - 1,580 Total one-to-four family $ 17,080 $ 54,115 $ 39,579 $ 31,420 $ 12,067 $ 94,034 $ - $ - $ 248,295 Commercial and multi-family Pass $ 222,435 $ 778,076 $ 224,823 $ 214,768 $ 50,755 $ 824,375 $ 1,922 $ - $ 2,317,154 Special Mention 9,908 34,375 - - 529 4,453 140 - 49,405 Substandard - 14,931 4,023 3,575 - 45,027 - - 67,556 Total Commercial and multi-family $ 232,343 $ 827,382 $ 228,846 $ 218,343 $ 51,284 $ 873,855 $ 2,062 $ - $ 2,434,115 Construction Pass $ 21,730 $ 74,180 $ 59,564 $ 21,462 $ - $ 5,878 $ 5,710 $ - $ 188,524 Special Mention - - - - - - - - - Substandard - 1,394 - 586 - 2,312 - - 4,292 Total Construction $ 21,730 $ 75,574 $ 59,564 $ 22,048 $ - $ 8,190 $ 5,710 $ - $ 192,816 Commercial business Pass $ 3,179 $ 297 $ 2,967 $ 4,234 $ 7,080 $ 33,675 $ 201,008 $ 150 $ 252,590 Special Mention - - - - 317 830 4,410 - 5,557 Substandard - - - - - 4,703 6,424 - 11,127 Total Commercial business $ 3,179 $ 297 $ 2,967 $ 4,234 $ 7,397 $ 39,208 $ 211,842 $ 150 $ 269,274 Business express Pass $ - $ - $ - $ - $ - $ - $ 101,531 $ - $ 101,531 Special Mention - - - - - - 600 - 600 Substandard - - - - - - 797 - 797 Total Business express $ - $ - $ - $ - $ - $ - $ 102,928 $ - $ 102,928 Home equity Pass $ 5,022 $ 1,487 $ 553 $ 769 $ 1,280 $ 6,181 $ 50,111 $ 553 $ 65,956 Special Mention - - - - - - - - - Substandard - 46 - - - - 117 212 375 Total Home equity $ 5,022 $ 1,533 $ 553 $ 769 $ 1,280 $ 6,181 $ 50,228 $ 765 $ 66,331 Consumer Pass $ 1,497 $ 471 $ 1,521 $ 109 $ 39 $ - $ 6 $ - $ 3,643 Special Mention - - - - - - - - - Substandard - - - - - - - - - Total Consumer $ 1,497 $ 471 $ 1,521 $ 109 $ 39 $ - $ 6 $ - $ 3,643 Total Loans $ 280,851 $ 959,372 $ 333,030 $ 276,923 $ 72,067 $ 1,021,468 $ 372,776 $ 915 $ 3,317,402 Gross charge-offs $ - $ - $ - $ - $ - $ - $ 805 $ - $ 805 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Value Measurements, Recurring | (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of March 31, 2024: Securities Debt Securities Available for Sale $ 86,966 $ - $ 86,966 $ - Marketable Equities $ 9,223 $ 9,223 $ - $ - Total Securities $ 96,189 $ 9,223 $ 86,966 $ - As of December 31, 2023: Securities Debt Securities Available for Sale $ 87,769 $ - $ 87,769 $ - Marketable Equities $ 9,093 $ 9,093 $ - $ - Total Securities $ 96,862 $ 9,093 $ 87,769 $ - |
Fair Value Measurements, Nonrecurring | (Level 1) (Level 2) Quoted Prices in Significant (Level 3) Active Markets Other Significant for Identical Observable Unobservable Description Total Assets Inputs Inputs As of March 31, 2024 Individually Evaluated Loans $ 23,643 $ - $ - $ 23,643 As of December 31, 2023: Individually Evaluated Loans $ 23,585 $ - $ - $ 23,585 |
Quantitative Information About Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements Fair Value Valuation Unobservable Estimate Techniques Input Range March 31, 2024: Individually Evaluated Loans $ 23,643 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % Fair Value Valuation Unobservable Estimate Techniques Input Range December 31, 2023: Individually Evaluated Loans $ 23,585 Appraisal of collateral (1) Appraisal adjustments (2) 0 %- 10 % (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not objectively determinable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Carrying Values and Estimated Fair Values of Financial Instruments | As of March 31, 2024 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 352,448 $ 352,448 $ 352,448 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available for sale 86,966 86,966 - 86,966 - Equity investments 9,223 9,223 9,223 - - Loans receivable, net 3,226,877 3,077,460 - - 3,077,460 FHLB of New York stock, at cost 24,917 24,917 - 24,917 - Accrued interest receivable 17,442 17,442 - 17,442 - Financial liabilities: Deposits 2,991,659 2,990,333 2,151,134 839,198 - Borrowings 472,949 474,103 - 474,103 - Subordinated debentures 37,624 34,958 - 34,958 - Accrued interest payable 5,650 5,650 - 5,650 - As of December 31, 2023 Quoted Prices in Active Significant Significant Carrying Markets for Identical Assets Other Observable Inputs Unobservable Inputs Value Fair Value (Level 1) (Level 2) (Level 3) (In Thousands) Financial assets: Cash and cash equivalents $ 279,523 $ 279,523 $ 279,523 $ - $ - Interest-earning time deposits 735 735 - 735 - Debt securities available-for-sale 87,769 87,769 - 87,769 - Equity investments 9,093 9,093 9,093 - - Loans held for sale 1,287 1,287 - 1,287 - Loans receivable, net 3,279,708 3,112,980 - - 3,112,980 FHLB of New York stock, at cost 24,917 24,917 - 24,917 - Accrued interest receivable 16,072 16,072 - 16,072 - Financial liabilities: Deposits 2,979,080 2,978,654 2,120,514 858,140 - Debt 472,811 472,184 - 472,184 - Subordinated debentures 37,624 39,299 - 39,299 - Accrued interest payable 5,777 5,777 - 5,777 - |
Lease Obligations (Tables)
Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Lease Obligations [Abstract] | |
Schedule of Lease Information | Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Operating lease cost $ 885 $ 936 Variable lease cost-operating leases $ 282 $ 268 At March 31, 2024 At December 31, 2023 Supplemental balance sheet information related to leases: Operating Leases Operating lease right-of-use assets $ 12,186 $ 12,935 Current liabilities $ 2,263 $ 3,094 Operating lease liabilities (noncurrent portion) 11,526 11,526 Imputed Interest ( 1,210 ) ( 1,305 ) Total operating lease liabilities $ 12,579 $ 13,315 |
Summary of Maturity of Lease Obligations for Operating Leases | Maturities of lease liabilities: At March 31, 2024 At December 31, 2023 Operating Leases Operating Leases One year or less $ 2,263 $ 3,094 Over one year through three years 5,132 5,132 Over three years through five years 3,632 3,632 Over five years 2,762 2,762 Gross Operating Lease Liabilities $ 13,789 $ 14,620 Imputed Interest ( 1,210 ) ( 1,305 ) Total Operating Lease Liabilities $ 12,579 $ 13,315 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2024 item | |
Basis of Presentation [Abstract] | |
Number of locations | 28 |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for credit losses | $ 34,563 | $ 33,608 | $ 28,882 | $ 32,373 | ||
Allowance for off balance sheet credit exposure | 759 | 694 | 689 | |||
Stockholders’ equity | $ 320,131 | $ 314,055 | $ 297,618 | 291,254 | $ 276,159 | $ 274,024 |
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Allowance for credit losses | (4,165) | |||||
Reserve for loans acquired | 1,100 | |||||
Allowance for off balance sheet credit exposure | 1,266 | |||||
Stockholders’ equity | $ 2,870 |
Equity Incentive Plans (Narrati
Equity Incentive Plans (Narrative) (Details) - USD ($) | 3 Months Ended | ||||||||
Jun. 30, 2023 | Jan. 31, 2023 | Sep. 30, 2022 | Jan. 12, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Apr. 27, 2023 | Apr. 26, 2018 | Apr. 28, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Expected future expenses relating to non-vested restricted shares | $ 642,000 | ||||||||
Expected future compensation expense, weighted average period for recognition | 2 years 18 days | ||||||||
Stock option expense | $ 39,000 | $ 33,000 | |||||||
Restricted stock expense | $ 156,000 | $ 73,000 | |||||||
Options [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Shares underlying unexercised options | 143,080 | ||||||||
Expected future compensation expense, unexercised options | $ 237,000 | ||||||||
Expected future compensation expense, weighted average period for recognition | 2 years 9 months 18 days | ||||||||
Options exercisable - number of option shares | 752,895 | ||||||||
2018 Equity Incentive Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Shares authorized for issuance | 1,000,000 | ||||||||
2023 Equity Incentive Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Shares authorized for issuance | 1,000,000 | ||||||||
2011 Stock Plan [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Shares authorized for issuance | 900,000 | ||||||||
Directors [Member] | Restricted Stock [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Restricted stock issued | 27,000 | 33,000 | |||||||
Vesting period | 4 years | 4 years | |||||||
Executive Officers [Member] | Restricted Stock [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Restricted stock issued | 36,000 | ||||||||
Director And Officer [Member] | Restricted Stock [Member] | |||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||
Restricted stock issued | 25,252 |
Equity Incentive Plans (Summary
Equity Incentive Plans (Summary of Status of Restricted Shares) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity Incentive Plans [Abstract] | ||
Number of Shares Awarded, Non-vested at beginning of period | 86,752 | 48,150 |
Number of Shares Awarded, Granted | 27,000 | |
Number of Shares Awarded, Vested | (20,625) | (13,650) |
Number of Shares Awarded, Forfeited | (1,725) | |
Number of Shares Awarded, Non-vested at end of period | 64,402 | 61,500 |
Weighted Average Grant Date Fair Value, Non-vested at beginning of period | $ 14.98 | $ 14.83 |
Weighted Average Grant Date Fair Value, Granted | 17.99 | |
Weighted Average Grant Date Fair Value, Vested | 15.75 | 14.60 |
Weighted Average Grant Date Fair Value, Forfeited | 14.92 | |
Weighted Average Grant Date Fair Value, Non-vested at end of period | $ 14.73 | $ 16.27 |
Equity Incentive Plans (Summa_2
Equity Incentive Plans (Summary of Stock Option Activity) (Details) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Equity Incentive Plans [Abstract] | ||
Outstanding, Beginning Balance - Number of Options | 975,975 | |
Options Granted - Number of Options | ||
Options Exercised - Number of Options | ||
Options Forfeited - Number of Options | ||
Options Expired - Number of Options | (80,000) | |
Outstanding, Ending Balance - Number of Options | 895,975 | 975,975 |
Outstanding, Range of Exercise Price, Lower Range Limit (per share) | $ 10.55 | |
Outstanding, Range of Exercise Price, Upper Range Limit (per share) | 13.68 | |
Options Granted, Exercise Price | ||
Options Forfeited - Exercise Price | ||
Options expired - Exercise prices | 13.32 | |
Outstanding Number of Options, Beginning Balance - Weighted Average Exercise Price | 11.89 | |
Number of Options Granted - Weighted Average Exercise Price | ||
Number of Options, Exercised - Weighted Average Exercise Price | ||
Number of Options Forfeited - Weighted Average Exercise Price | ||
Number of Options Expired - Weighted Average Exercise Price | 13.32 | |
Outstanding Number of Options, Ending Balance - Weighted Average Exercise Price | $ 11.76 | $ 11.89 |
Net Income per Common Share (Na
Net Income per Common Share (Narrative) (Details) - shares | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Net Income per Common Share [Abstract] | |||
Anti-dilutive outstanding options | 508,000 | 0 | 0 |
Net Income per Common Share (Sc
Net Income per Common Share (Schedule of Earnings per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Net Income per Common Share [Abstract] | |||
Net income (loss) | $ 5,866 | $ 8,106 | $ 9,952 |
Basic earnings per share: Income available to common stockholders | 5,432 | 7,933 | 9,676 |
Diluted earnings per share: Income available to common stockholders | $ 5,432 | $ 7,933 | $ 9,676 |
Basic earnings per share: Income available to common stockholders, Shares | 16,930 | 16,949 | 16,980 |
Effect of dilutive securities: Stock options: Shares | 9 | 259 | 363 |
Diluted earnings per share: Income available to common stockholders, Shares | 16,939 | 17,208 | 17,343 |
Basic earnings per share: Income available to common stockholders, Per share amount | $ 0.32 | $ 0.47 | $ 0.57 |
Diluted earnings per share: Income available to common stockholders, Per share amount | $ 0.32 | $ 0.46 | $ 0.56 |
Securities (Summary of Disaggre
Securities (Summary of Disaggregated Net Income on Equity Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Securities [Abstract] | |||
Net gains (losses) recognized during the period on equity securities held at the reporting period | $ 130 | $ (3,227) | $ (2,626) |
Net gains (losses) recognized during the period on equity securities sold during the period | (59) | ||
Realized and unrealized gains (losses) on equity investments during the reporting period | $ 130 | $ (3,227) | $ (2,685) |
Securities (Amortized Cost and
Securities (Amortized Cost and Gross Unrealized Gains and Losses on Securities Available for Sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Amortized Cost | $ 96,523 | $ 97,149 |
Debt securities: Gross Unrealized Gains | 89 | 192 |
Debt securities: Gross Unrealized Losses | 9,646 | 9,572 |
Debt securities: Fair Value | 86,966 | 87,769 |
Residential Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, More than one to five years, Amortized Cost | 563 | 605 |
Debt securities, More than five to ten years, Amortized Cost | 3,914 | 4,147 |
Debt securities, More than ten years, Amortized Cost | 32,482 | 32,833 |
Debt Securities, Amortized Cost | 36,959 | 37,585 |
Debt securities, More than ten years, Gross Unrealized Gains | 89 | 192 |
Debt securities: Gross Unrealized Gains | 89 | 192 |
Debt securities: More than one to five years, Gross Unrealized Losses | 23 | 24 |
Debt securities: More than five to ten years, Gross Unrealized Losses | 257 | 230 |
Debt securities: More than ten years, Gross Unrealized Losses | 3,237 | 2,910 |
Debt securities: Gross Unrealized Losses | 3,517 | 3,164 |
Debt securities: More than one to five years, Fair Value | 540 | 581 |
Debt securities: More than five to ten years, Fair Value | 3,657 | 3,917 |
Debt securities: More than ten years, Fair Value | 29,334 | 30,115 |
Debt securities: Fair Value | 33,531 | 34,613 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt securities, More than one to five years, Amortized Cost | 8,982 | 8,981 |
Debt securities, More than five to ten years, Amortized Cost | 50,582 | 50,583 |
Debt Securities, Amortized Cost | 59,564 | 59,564 |
Debt securities: More than one to five years, Gross Unrealized Losses | 444 | 197 |
Debt securities: More than five to ten years, Gross Unrealized Losses | 5,685 | 6,211 |
Debt securities: Gross Unrealized Losses | 6,129 | 6,408 |
Debt securities: More than one to five years, Fair Value | 8,538 | 8,784 |
Debt securities: More than five to ten years, Fair Value | 44,897 | 44,372 |
Debt securities: Fair Value | $ 53,435 | $ 53,156 |
Securities (Available for Sale
Securities (Available for Sale Securities, Continuous Unrealized Loss Position, Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, 12 Months or Less - Fair Value | $ 5,187 | $ 5,316 |
Debt Securities, More than 12 Months - Fair Value | 73,573 | 74,009 |
Debt Securities - Total Fair Value | 78,760 | 79,325 |
Debt Securities, 12 Months or Less - Unrealized Losses | 209 | 98 |
Debt Securities, More than 12 Months - Unrealized Losses | 9,437 | 9,474 |
Debt Securities - Total Unrealized Losses | 9,646 | 9,572 |
Residential Mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, 12 Months or Less - Fair Value | 5,187 | 5,316 |
Debt Securities, More than 12 Months - Fair Value | 21,438 | 22,153 |
Debt Securities - Total Fair Value | 26,625 | 27,469 |
Debt Securities, 12 Months or Less - Unrealized Losses | 209 | 98 |
Debt Securities, More than 12 Months - Unrealized Losses | 3,308 | 3,066 |
Debt Securities - Total Unrealized Losses | 3,517 | 3,164 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, More than 12 Months - Fair Value | 52,135 | 51,856 |
Debt Securities - Total Fair Value | 52,135 | 51,856 |
Debt Securities, More than 12 Months - Unrealized Losses | 6,129 | 6,408 |
Debt Securities - Total Unrealized Losses | $ 6,129 | $ 6,408 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable | $ 3,265,145,000 | $ 3,317,402,000 | $ 3,265,971,000 |
Financing Receivable, Nonaccrual, Interest Income | 710,000 | 1,900,000 | |
Loans returned to accrual, interest income | 123,000 | 314,000 | |
Loans receivable more than 90 days past due and still accruing interest | 0 | 0 | |
Business Express [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable | 101,209,000 | $ 102,928,000 | $ 85,605,000 |
Business Express [Member] | Maximum [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans receivable | $ 250,000 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses (Recorded Investment in Loans Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Receivable | $ 3,265,145 | $ 3,317,402 | $ 3,265,971 | |
Deferred loan fees, net | (3,705) | (4,086) | ||
Allowance for credit losses | (34,563) | (33,608) | (28,882) | $ (32,373) |
Financing Receivable, Net, Total | 3,226,877 | 3,279,708 | ||
Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Receivable | 244,762 | 248,295 | 246,683 | |
Allowance for credit losses | (2,163) | (2,344) | (2,361) | (2,474) |
Commercial & Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Receivable | 2,392,970 | 2,434,115 | 2,466,932 | |
Allowance for credit losses | (15,363) | (16,301) | (14,966) | (21,749) |
Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Receivable | 180,975 | 192,816 | 162,553 | |
Allowance for credit losses | (3,237) | (3,841) | (3,850) | (2,094) |
Commercial Business [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Receivable | 276,864 | 269,274 | 241,993 | |
Allowance for credit losses | (7,640) | (5,811) | (5,473) | (4,495) |
Business Express [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Receivable | 101,209 | 102,928 | 85,605 | |
Allowance for credit losses | (5,030) | (4,542) | (1,518) | (872) |
Home Equity [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Receivable | 65,518 | 66,331 | 58,822 | |
Allowance for credit losses | (650) | (691) | (680) | (485) |
Consumer [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans Receivable | 2,847 | 3,643 | 3,383 | |
Allowance for credit losses | $ (480) | $ (78) | $ (34) | $ (24) |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | [1] | Dec. 31, 2023 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | $ 33,608 | $ 32,373 | $ 32,373 | ||||
Allowance for credit losses: Charge-offs | (1,151) | (1) | (805) | ||||
Allowance for credit losses: Recoveries | 18 | 53 | 101 | ||||
Provision (benefit) for credit losses | 2,088 | [1] | 622 | [1] | $ (2,575) | 6,104 | |
Allowance for credit losses: Ending balance: individually evaluated | 5,516 | 2,586 | 4,229 | ||||
Allowance for credit losses: Ending balance: collectively evaluated | 29,047 | 26,296 | 29,379 | ||||
Allowance for credit losses: Ending Balance | 34,563 | 28,882 | 33,608 | ||||
Loans receivables: Ending balance: individually evaluated | 65,731 | 17,584 | 54,019 | ||||
Loans receivables: Ending balance: collectively evaluated | 3,199,414 | 3,248,387 | 3,263,383 | ||||
Total Gross Loans | 3,265,145 | 3,265,971 | 3,317,402 | ||||
Residential [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 2,344 | 2,474 | 2,474 | ||||
Allowance for credit losses: Charge-offs | |||||||
Allowance for credit losses: Recoveries | 11 | 12 | 45 | ||||
Provision (benefit) for credit losses | (192) | (269) | (319) | ||||
Allowance for credit losses: Ending balance: individually evaluated | |||||||
Allowance for credit losses: Ending balance: collectively evaluated | 2,163 | 2,361 | 2,344 | ||||
Allowance for credit losses: Ending Balance | 2,163 | 2,361 | 2,344 | ||||
Loans receivables: Ending balance: individually evaluated | 173 | 358 | 444 | ||||
Loans receivables: Ending balance: collectively evaluated | 244,589 | 246,325 | 247,851 | ||||
Total Gross Loans | 244,762 | 246,683 | 248,295 | ||||
Commercial & Multi-family [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 16,301 | 21,749 | 21,749 | ||||
Allowance for credit losses: Charge-offs | |||||||
Allowance for credit losses: Recoveries | |||||||
Provision (benefit) for credit losses | (938) | 340 | 1,675 | ||||
Allowance for credit losses: Ending balance: individually evaluated | 956 | 990 | |||||
Allowance for credit losses: Ending balance: collectively evaluated | 14,407 | 14,966 | 15,311 | ||||
Allowance for credit losses: Ending Balance | 15,363 | 14,966 | 16,301 | ||||
Loans receivables: Ending balance: individually evaluated | 52,572 | 10,114 | 42,259 | ||||
Loans receivables: Ending balance: collectively evaluated | 2,340,398 | 2,456,818 | 2,391,856 | ||||
Total Gross Loans | 2,392,970 | 2,466,932 | 2,434,115 | ||||
Construction [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 3,841 | 2,094 | 2,094 | ||||
Allowance for credit losses: Charge-offs | |||||||
Allowance for credit losses: Recoveries | |||||||
Provision (benefit) for credit losses | (604) | 369 | 360 | ||||
Allowance for credit losses: Ending balance: individually evaluated | 203 | 605 | 310 | ||||
Allowance for credit losses: Ending balance: collectively evaluated | 3,034 | 3,245 | 3,531 | ||||
Allowance for credit losses: Ending Balance | 3,237 | 3,850 | 3,841 | ||||
Loans receivables: Ending balance: individually evaluated | 3,802 | 3,217 | 4,292 | ||||
Loans receivables: Ending balance: collectively evaluated | 177,173 | 159,336 | 188,524 | ||||
Total Gross Loans | 180,975 | 162,553 | 192,816 | ||||
Commercial Business [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 5,811 | 4,495 | 4,495 | ||||
Allowance for credit losses: Charge-offs | (29) | (1) | |||||
Allowance for credit losses: Recoveries | 3 | 25 | 29 | ||||
Provision (benefit) for credit losses | 1,855 | (780) | (447) | ||||
Allowance for credit losses: Ending balance: individually evaluated | 3,291 | 1,942 | 2,132 | ||||
Allowance for credit losses: Ending balance: collectively evaluated | 4,349 | 3,531 | 3,679 | ||||
Allowance for credit losses: Ending Balance | 7,640 | 5,473 | 5,811 | ||||
Loans receivables: Ending balance: individually evaluated | 8,315 | 3,644 | 6,015 | ||||
Loans receivables: Ending balance: collectively evaluated | 268,549 | 238,349 | 263,259 | ||||
Total Gross Loans | 276,864 | 241,993 | 269,274 | ||||
Business Express [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 4,542 | 872 | 872 | ||||
Allowance for credit losses: Charge-offs | (1,122) | (805) | |||||
Allowance for credit losses: Recoveries | 4 | 11 | |||||
Provision (benefit) for credit losses | 1,606 | 962 | 4,780 | ||||
Allowance for credit losses: Ending balance: individually evaluated | 657 | 39 | 797 | ||||
Allowance for credit losses: Ending balance: collectively evaluated | 4,373 | 1,479 | 3,745 | ||||
Allowance for credit losses: Ending Balance | 5,030 | 1,518 | 4,542 | ||||
Loans receivables: Ending balance: individually evaluated | 657 | 39 | 797 | ||||
Loans receivables: Ending balance: collectively evaluated | 100,552 | 85,566 | 102,131 | ||||
Total Gross Loans | 101,209 | 85,605 | 102,928 | ||||
Home Equity [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 691 | 485 | 485 | ||||
Allowance for credit losses: Charge-offs | |||||||
Allowance for credit losses: Recoveries | 16 | 16 | |||||
Provision (benefit) for credit losses | (41) | (3) | 8 | ||||
Allowance for credit losses: Ending balance: individually evaluated | |||||||
Allowance for credit losses: Ending balance: collectively evaluated | 650 | 680 | 691 | ||||
Allowance for credit losses: Ending Balance | 650 | 680 | 691 | ||||
Loans receivables: Ending balance: individually evaluated | 212 | 212 | 212 | ||||
Loans receivables: Ending balance: collectively evaluated | 65,306 | 58,610 | 66,119 | ||||
Total Gross Loans | 65,518 | 58,822 | 66,331 | ||||
Consumer [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 78 | 24 | 24 | ||||
Allowance for credit losses: Charge-offs | |||||||
Allowance for credit losses: Recoveries | |||||||
Provision (benefit) for credit losses | 402 | 3 | 47 | ||||
Allowance for credit losses: Ending balance: individually evaluated | 409 | ||||||
Allowance for credit losses: Ending balance: collectively evaluated | 71 | 34 | 78 | ||||
Allowance for credit losses: Ending Balance | 480 | 34 | 78 | ||||
Loans receivables: Ending balance: individually evaluated | |||||||
Loans receivables: Ending balance: collectively evaluated | 2,847 | 3,383 | 3,643 | ||||
Total Gross Loans | $ 2,847 | 3,383 | 3,643 | ||||
Unallocated [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 180 | 180 | |||||
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | (4,165) | (4,165) | |||||
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Residential [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 144 | 144 | |||||
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Commercial & Multi-family [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | (7,123) | (7,123) | |||||
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Construction [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 1,387 | 1,387 | |||||
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Commercial Business [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 1,734 | 1,734 | |||||
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Business Express [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | (316) | (316) | |||||
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Home Equity [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 182 | 182 | |||||
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Consumer [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 7 | 7 | |||||
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | Unallocated [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | (180) | (180) | |||||
Adjusted Balance [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 28,208 | 28,208 | |||||
Adjusted Balance [Member] | Residential [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 2,618 | 2,618 | |||||
Adjusted Balance [Member] | Commercial & Multi-family [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 14,626 | 14,626 | |||||
Adjusted Balance [Member] | Construction [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 3,481 | 3,481 | |||||
Adjusted Balance [Member] | Commercial Business [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 6,229 | 6,229 | |||||
Adjusted Balance [Member] | Business Express [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 556 | 556 | |||||
Adjusted Balance [Member] | Home Equity [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | 667 | 667 | |||||
Adjusted Balance [Member] | Consumer [Member] | |||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||
Allowance for credit losses: Beginning Balance | $ 31 | $ 31 | |||||
[1] The Company adopted ASU 2016-13 as of January 1, 2023. Prior year periods have not been restated. |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses (Allowance for Credit Losses on Off-Balance Sheet Exposures) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Credit Losses on Off-Balance Sheet Exposures: Beginning Balance | $ 694 | |
Allowance for Benefit for credit losses on Off-Balance Sheet Exposures: Provision (benefit) | 65 | $ (577) |
Allowance for Credit Losses on Off-Balance Sheet Exposures: Ending Balance | $ 759 | 689 |
Effect of Adopting ASU No. 2016-13 ("CECL") [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance for Credit Losses on Off-Balance Sheet Exposures: Beginning Balance | $ 1,266 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses (Delinquency Status of Total Loans) (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | $ 3,265,145,000 | $ 3,317,402,000 | $ 3,265,971,000 |
Loans Receivable >90 Days and Accruing | 0 | 0 | |
Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 41,561,000 | 32,654,000 | |
30 To 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 12,595,000 | 15,338,000 | |
60 To 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 19,095,000 | 8,487,000 | |
Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 9,871,000 | 8,829,000 | |
Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 3,223,584,000 | 3,284,748,000 | |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 244,762,000 | 248,295,000 | 246,683,000 |
Commercial & Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 2,392,970,000 | 2,434,115,000 | 2,466,932,000 |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 180,975,000 | 192,816,000 | 162,553,000 |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 276,864,000 | 269,274,000 | 241,993,000 |
Business Express [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 101,209,000 | 102,928,000 | 85,605,000 |
Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 65,518,000 | 66,331,000 | 58,822,000 |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 2,847,000 | 3,643,000 | $ 3,383,000 |
Originated loans [Member] | Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 244,762,000 | 248,295,000 | |
Loans Receivable >90 Days and Accruing | |||
Originated loans [Member] | Residential [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 1,807,000 | 4,971,000 | |
Originated loans [Member] | Residential [Member] | 30 To 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 1,499,000 | 4,701,000 | |
Originated loans [Member] | Residential [Member] | 60 To 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 308,000 | ||
Originated loans [Member] | Residential [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 270,000 | ||
Originated loans [Member] | Residential [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 242,955,000 | 243,324,000 | |
Originated loans [Member] | Commercial & Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 2,392,970,000 | 2,434,115,000 | |
Loans Receivable >90 Days and Accruing | |||
Originated loans [Member] | Commercial & Multi-family [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 27,542,000 | 16,571,000 | |
Originated loans [Member] | Commercial & Multi-family [Member] | 30 To 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 3,600,000 | 1,853,000 | |
Originated loans [Member] | Commercial & Multi-family [Member] | 60 To 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 17,100,000 | 7,876,000 | |
Originated loans [Member] | Commercial & Multi-family [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 6,842,000 | 6,842,000 | |
Originated loans [Member] | Commercial & Multi-family [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 2,365,428,000 | 2,417,544,000 | |
Originated loans [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 180,975,000 | 192,816,000 | |
Loans Receivable >90 Days and Accruing | |||
Originated loans [Member] | Construction [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 1,550,000 | 4,227,000 | |
Originated loans [Member] | Construction [Member] | 30 To 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 577,000 | 3,641,000 | |
Originated loans [Member] | Construction [Member] | 60 To 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 387,000 | ||
Originated loans [Member] | Construction [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 586,000 | 586,000 | |
Originated loans [Member] | Construction [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 179,425,000 | 188,589,000 | |
Originated loans [Member] | Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 276,864,000 | 269,274,000 | |
Loans Receivable >90 Days and Accruing | |||
Originated loans [Member] | Commercial Business [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 6,582,000 | 3,757,000 | |
Originated loans [Member] | Commercial Business [Member] | 30 To 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 3,831,000 | 2,314,000 | |
Originated loans [Member] | Commercial Business [Member] | 60 To 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 308,000 | 362,000 | |
Originated loans [Member] | Commercial Business [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 2,443,000 | 1,081,000 | |
Originated loans [Member] | Commercial Business [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 270,282,000 | 265,517,000 | |
Originated loans [Member] | Business Express [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 101,209,000 | 102,928,000 | |
Originated loans [Member] | Business Express [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 2,934,000 | 2,221,000 | |
Originated loans [Member] | Business Express [Member] | 30 To 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 2,272,000 | 1,922,000 | |
Originated loans [Member] | Business Express [Member] | 60 To 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 662,000 | 249,000 | |
Originated loans [Member] | Business Express [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 50,000 | ||
Originated loans [Member] | Business Express [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 98,275,000 | 100,707,000 | |
Originated loans [Member] | Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 65,518,000 | 66,331,000 | |
Loans Receivable >90 Days and Accruing | |||
Originated loans [Member] | Home Equity [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 1,146,000 | 907,000 | |
Originated loans [Member] | Home Equity [Member] | 30 To 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 816,000 | 907,000 | |
Originated loans [Member] | Home Equity [Member] | 60 To 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 330,000 | ||
Originated loans [Member] | Home Equity [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | |||
Originated loans [Member] | Home Equity [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 64,372,000 | 65,424,000 | |
Originated loans [Member] | Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | 2,847,000 | 3,643,000 | |
Loans Receivable >90 Days and Accruing | |||
Originated loans [Member] | Consumer [Member] | Total Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | |||
Originated loans [Member] | Consumer [Member] | 30 To 59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | |||
Originated loans [Member] | Consumer [Member] | 60 To 90 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | |||
Originated loans [Member] | Consumer [Member] | Greater Than 90 Days [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | |||
Originated loans [Member] | Consumer [Member] | Current [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans Receivable | $ 2,847,000 | $ 3,643,000 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses (Amortized Cost of Loans Modified) (Details) - Residential [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) item | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number | item | 1 |
Amortized Cost Basis | $ | $ 180 |
% of Total Class of Financing Receivable | 0.01% |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses (Non-Accruing Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with an Allowance for Credit Losses | $ 6,263 | $ 6,940 |
Nonaccrual loans without an Allowance for Credit Losses | 15,978 | 11,843 |
Non-accrual loans | 22,241 | 18,783 |
Residential [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans without an Allowance for Credit Losses | 429 | 270 |
Non-accrual loans | 429 | 270 |
Commercial & Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with an Allowance for Credit Losses | 2,029 | 2,029 |
Nonaccrual loans without an Allowance for Credit Losses | 10,598 | 6,655 |
Non-accrual loans | 12,627 | 8,684 |
Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with an Allowance for Credit Losses | 2,251 | 2,312 |
Nonaccrual loans without an Allowance for Credit Losses | 974 | 1,980 |
Non-accrual loans | 3,225 | 4,292 |
Commercial Business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with an Allowance for Credit Losses | 1,983 | 2,050 |
Nonaccrual loans without an Allowance for Credit Losses | 3,933 | 2,892 |
Non-accrual loans | 5,916 | 4,942 |
Business Express [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans with an Allowance for Credit Losses | 549 | |
Non-accrual loans | 549 | |
Home Equity [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans without an Allowance for Credit Losses | 44 | 46 |
Non-accrual loans | $ 44 | $ 46 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses (Loan Portfolio by Pass Rating) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | $ 2,259 | $ 280,851 | |
Total Loans, Fiscal Year Before Latest Fiscal Year | 277,413 | 959,372 | |
Total Loans, Two Years Before Latest Fiscal Year | 940,962 | 333,030 | |
Total Loans, Three Years Before Latest Fiscal Year | 324,375 | 276,923 | |
Total Loans, Four Years Before Latest Fiscal Year | 273,344 | 72,067 | |
Total Loans, Prior | 1,065,220 | 1,021,468 | |
Total Loans, Revolving Loans | 378,663 | 372,776 | |
Total Loans, Revolving Loans to Term Loans | 2,909 | 915 | |
Total Gross Loans | 3,265,145 | $ 3,265,971 | 3,317,402 |
Prior, Gross charge-offs | 29 | ||
Revolving Loans, Gross Charge Writeoff | 1,122 | 805 | |
Gross charge offs | 1,151 | 1 | 805 |
Residential [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 17,080 | ||
Total Loans, Fiscal Year Before Latest Fiscal Year | 17,095 | 54,115 | |
Total Loans, Two Years Before Latest Fiscal Year | 53,010 | 39,579 | |
Total Loans, Three Years Before Latest Fiscal Year | 39,349 | 31,420 | |
Total Loans, Four Years Before Latest Fiscal Year | 31,210 | 12,067 | |
Total Loans, Prior | 104,098 | 94,034 | |
Total Gross Loans | 244,762 | 246,683 | 248,295 |
Gross charge offs | |||
Residential [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 17,080 | ||
Total Loans, Fiscal Year Before Latest Fiscal Year | 17,095 | 53,623 | |
Total Loans, Two Years Before Latest Fiscal Year | 52,521 | 38,178 | |
Total Loans, Three Years Before Latest Fiscal Year | 37,956 | 31,420 | |
Total Loans, Four Years Before Latest Fiscal Year | 31,210 | 12,067 | |
Total Loans, Prior | 103,842 | 93,764 | |
Total Gross Loans | 242,624 | 246,132 | |
Residential [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Fiscal Year Before Latest Fiscal Year | 492 | ||
Total Loans, Two Years Before Latest Fiscal Year | 489 | 91 | |
Total Loans, Three Years Before Latest Fiscal Year | 90 | ||
Total Gross Loans | 579 | 583 | |
Residential [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Two Years Before Latest Fiscal Year | 1,310 | ||
Total Loans, Three Years Before Latest Fiscal Year | 1,303 | ||
Total Loans, Prior | 256 | 270 | |
Total Gross Loans | 1,559 | 1,580 | |
Commercial & Multi-family [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 1,200 | 232,343 | |
Total Loans, Fiscal Year Before Latest Fiscal Year | 226,542 | 827,382 | |
Total Loans, Two Years Before Latest Fiscal Year | 813,780 | 228,846 | |
Total Loans, Three Years Before Latest Fiscal Year | 228,329 | 218,343 | |
Total Loans, Four Years Before Latest Fiscal Year | 217,106 | 51,284 | |
Total Loans, Prior | 903,873 | 873,855 | |
Total Loans, Revolving Loans | 2,140 | 2,062 | |
Total Gross Loans | 2,392,970 | 2,466,932 | 2,434,115 |
Gross charge offs | |||
Commercial & Multi-family [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 1,200 | 222,435 | |
Total Loans, Fiscal Year Before Latest Fiscal Year | 216,671 | 778,076 | |
Total Loans, Two Years Before Latest Fiscal Year | 764,734 | 224,823 | |
Total Loans, Three Years Before Latest Fiscal Year | 223,690 | 214,768 | |
Total Loans, Four Years Before Latest Fiscal Year | 213,531 | 50,755 | |
Total Loans, Prior | 843,449 | 824,375 | |
Total Loans, Revolving Loans | 2,000 | 1,922 | |
Total Gross Loans | 2,265,275 | 2,317,154 | |
Commercial & Multi-family [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 9,908 | ||
Total Loans, Fiscal Year Before Latest Fiscal Year | 9,871 | 34,375 | |
Total Loans, Two Years Before Latest Fiscal Year | 34,181 | ||
Total Loans, Four Years Before Latest Fiscal Year | 529 | ||
Total Loans, Prior | 5,801 | 4,453 | |
Total Loans, Revolving Loans | 140 | 140 | |
Total Gross Loans | 49,993 | 49,405 | |
Commercial & Multi-family [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Fiscal Year Before Latest Fiscal Year | 14,931 | ||
Total Loans, Two Years Before Latest Fiscal Year | 14,865 | 4,023 | |
Total Loans, Three Years Before Latest Fiscal Year | 4,639 | 3,575 | |
Total Loans, Four Years Before Latest Fiscal Year | 3,575 | ||
Total Loans, Prior | 54,623 | 45,027 | |
Total Gross Loans | 77,702 | 67,556 | |
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 21,730 | ||
Total Loans, Fiscal Year Before Latest Fiscal Year | 25,473 | 75,574 | |
Total Loans, Two Years Before Latest Fiscal Year | 71,926 | 59,564 | |
Total Loans, Three Years Before Latest Fiscal Year | 53,732 | 22,048 | |
Total Loans, Four Years Before Latest Fiscal Year | 20,034 | ||
Total Loans, Prior | 4,100 | 8,190 | |
Total Loans, Revolving Loans | 5,710 | 5,710 | |
Total Gross Loans | 180,975 | 162,553 | 192,816 |
Gross charge offs | |||
Construction [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 21,730 | ||
Total Loans, Fiscal Year Before Latest Fiscal Year | 25,473 | 74,180 | |
Total Loans, Two Years Before Latest Fiscal Year | 71,926 | 59,564 | |
Total Loans, Three Years Before Latest Fiscal Year | 52,767 | 21,462 | |
Total Loans, Four Years Before Latest Fiscal Year | 19,448 | ||
Total Loans, Prior | 1,849 | 5,878 | |
Total Loans, Revolving Loans | 5,710 | 5,710 | |
Total Gross Loans | 177,173 | 188,524 | |
Construction [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Fiscal Year Before Latest Fiscal Year | 1,394 | ||
Total Loans, Three Years Before Latest Fiscal Year | 965 | 586 | |
Total Loans, Four Years Before Latest Fiscal Year | 586 | ||
Total Loans, Prior | 2,251 | 2,312 | |
Total Gross Loans | 3,802 | 4,292 | |
Commercial Business [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 3,179 | ||
Total Loans, Fiscal Year Before Latest Fiscal Year | 3,141 | 297 | |
Total Loans, Two Years Before Latest Fiscal Year | 290 | 2,967 | |
Total Loans, Three Years Before Latest Fiscal Year | 2,405 | 4,234 | |
Total Loans, Four Years Before Latest Fiscal Year | 4,135 | 7,397 | |
Total Loans, Prior | 45,906 | 39,208 | |
Total Loans, Revolving Loans | 219,036 | 211,842 | |
Total Loans, Revolving Loans to Term Loans | 1,951 | 150 | |
Total Gross Loans | 276,864 | 241,993 | 269,274 |
Gross charge offs | 29 | 1 | |
Commercial Business [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 3,179 | ||
Total Loans, Fiscal Year Before Latest Fiscal Year | 3,141 | 297 | |
Total Loans, Two Years Before Latest Fiscal Year | 290 | 2,967 | |
Total Loans, Three Years Before Latest Fiscal Year | 1,984 | 4,234 | |
Total Loans, Four Years Before Latest Fiscal Year | 4,135 | 7,080 | |
Total Loans, Prior | 40,198 | 33,675 | |
Total Loans, Revolving Loans | 207,677 | 201,008 | |
Total Loans, Revolving Loans to Term Loans | 549 | 150 | |
Total Gross Loans | 257,974 | 252,590 | |
Commercial Business [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Three Years Before Latest Fiscal Year | 421 | ||
Total Loans, Four Years Before Latest Fiscal Year | 317 | ||
Total Loans, Prior | 1,063 | 830 | |
Total Loans, Revolving Loans | 4,003 | 4,410 | |
Total Gross Loans | 5,487 | 5,557 | |
Commercial Business [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Prior | 4,645 | 4,703 | |
Total Loans, Revolving Loans | 7,356 | 6,424 | |
Total Loans, Revolving Loans to Term Loans | 1,402 | ||
Total Gross Loans | 13,403 | 11,127 | |
Business Express [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Revolving Loans | 101,209 | 102,928 | |
Total Gross Loans | 101,209 | 85,605 | 102,928 |
Gross charge offs | 1,122 | 805 | |
Business Express [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Revolving Loans | 98,604 | 101,531 | |
Total Gross Loans | 98,604 | 101,531 | |
Business Express [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Revolving Loans | 1,703 | 600 | |
Total Gross Loans | 1,703 | 600 | |
Business Express [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Revolving Loans | 902 | 797 | |
Total Gross Loans | 902 | 797 | |
Home Equity [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 5,022 | ||
Total Loans, Fiscal Year Before Latest Fiscal Year | 3,979 | 1,533 | |
Total Loans, Two Years Before Latest Fiscal Year | 1,505 | 553 | |
Total Loans, Three Years Before Latest Fiscal Year | 541 | 769 | |
Total Loans, Four Years Before Latest Fiscal Year | 754 | 1,280 | |
Total Loans, Prior | 7,219 | 6,181 | |
Total Loans, Revolving Loans | 50,562 | 50,228 | |
Total Loans, Revolving Loans to Term Loans | 958 | 765 | |
Total Gross Loans | 65,518 | 58,822 | 66,331 |
Gross charge offs | |||
Home Equity [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 5,022 | ||
Total Loans, Fiscal Year Before Latest Fiscal Year | 3,979 | 1,487 | |
Total Loans, Two Years Before Latest Fiscal Year | 1,461 | 553 | |
Total Loans, Three Years Before Latest Fiscal Year | 541 | 769 | |
Total Loans, Four Years Before Latest Fiscal Year | 754 | 1,280 | |
Total Loans, Prior | 7,219 | 6,181 | |
Total Loans, Revolving Loans | 50,445 | 50,111 | |
Total Loans, Revolving Loans to Term Loans | 746 | 553 | |
Total Gross Loans | 65,145 | 65,956 | |
Home Equity [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Fiscal Year Before Latest Fiscal Year | 46 | ||
Total Loans, Two Years Before Latest Fiscal Year | 44 | ||
Total Loans, Revolving Loans | 117 | 117 | |
Total Loans, Revolving Loans to Term Loans | 212 | 212 | |
Total Gross Loans | 373 | 375 | |
Consumer [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 1,059 | 1,497 | |
Total Loans, Fiscal Year Before Latest Fiscal Year | 1,183 | 471 | |
Total Loans, Two Years Before Latest Fiscal Year | 451 | 1,521 | |
Total Loans, Three Years Before Latest Fiscal Year | 19 | 109 | |
Total Loans, Four Years Before Latest Fiscal Year | 105 | 39 | |
Total Loans, Prior | 24 | ||
Total Loans, Revolving Loans | 6 | 6 | |
Total Gross Loans | 2,847 | $ 3,383 | 3,643 |
Gross charge offs | |||
Consumer [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Loans, Current Fiscal Year | 1,059 | 1,497 | |
Total Loans, Fiscal Year Before Latest Fiscal Year | 1,183 | 471 | |
Total Loans, Two Years Before Latest Fiscal Year | 451 | 1,521 | |
Total Loans, Three Years Before Latest Fiscal Year | 19 | 109 | |
Total Loans, Four Years Before Latest Fiscal Year | 105 | 39 | |
Total Loans, Prior | 24 | ||
Total Loans, Revolving Loans | 6 | 6 | |
Total Gross Loans | $ 2,847 | $ 3,643 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Mar. 29, 2024 | Dec. 14, 2023 | Sep. 14, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | |
Stockholders' Equity Note [Line Items] | ||||||||
Preferred stock, par value per share | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Preferred stock redeemed, value | $ 5,330,000 | |||||||
Series H Preferred Stock [Member] | ||||||||
Stockholders' Equity Note [Line Items] | ||||||||
Preferred stock, dividend rate | 3.50% | 3.50% | 3.50% | 3.50% | ||||
Preferred stock redeemed, shares | 22 | 1,101 | ||||||
Preferred stock, redemption price | $ 10,000 | $ 10,000 | $ 10,000 | |||||
Preferred stock redeemed, value | $ 220,000 | $ 11,000,000 | ||||||
Series D Preferred Stock [Member] | ||||||||
Stockholders' Equity Note [Line Items] | ||||||||
Preferred stock, dividend rate | 4.50% | |||||||
Series I Preferred Stock [Member] | ||||||||
Stockholders' Equity Note [Line Items] | ||||||||
Preferred stock, dividend rate | 3% | 3% | 3% | 3% | ||||
Series J Preferred Stock [Member] | ||||||||
Stockholders' Equity Note [Line Items] | ||||||||
Preferred stock, par value per share | $ 0.01 | $ 0.01 | ||||||
Preferred stock, dividend rate | 8% | 8% | ||||||
Proceeds from issuance of private placement | $ 2,690,000 | $ 15,270,000 | ||||||
Shares issued | 269 | 1,527 |
Bank-Owned Life Insurance (Narr
Bank-Owned Life Insurance (Narrative) (Details) $ in Millions | Mar. 31, 2024 USD ($) |
Bank-Owned Life Insurance [Abstract] | |
Bank owned life insurance, amount | $ 74.1 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment loss | $ 0 | $ 0 | ||
Core Deposit Intangibles [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 23,000 | $ 14,000 | ||
Intangible assets, net | 0 | 122,000,000,000 | ||
Goodwill | $ 5,200,000 | $ 5,200,000 | ||
Intangible asset, useful life | 10 years |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Transfers between fair value hierarchy | $ 0 | $ 0 | ||
Total Loans Receivable | 3,265,145,000 | 3,265,971,000 | $ 3,317,402,000 | |
Allowance for credit losses | 34,563,000 | $ 28,882,000 | 33,608,000 | $ 32,373,000 |
Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Liabilities | 0 | 0 | ||
Impaired Loans [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Losses (recoveries) on impaired loans | 878,000,000,000 | 1,400,000 | ||
(Level 3) Significant Unobservable Inputs [Member] | Impaired Loans [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Loans Receivable | 28,700,000 | 27,800,000 | ||
Allowance for credit losses | $ 5,100,000 | $ 4,200,000 |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments (Fair Value Measurements, Recurring) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities Available for Sale | $ 86,966 | $ 87,769 | |
Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities Available for Sale | 86,966 | 87,769 | |
Marketable Equities | 9,223 | 9,093 | |
Total Securities | 96,189 | 96,862 | |
(Level 1) Quoted Prices In Active Markets For Identical Assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities Available for Sale | |||
Marketable Equities | 9,223 | 9,093 | |
(Level 1) Quoted Prices In Active Markets For Identical Assets [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities Available for Sale | |||
Marketable Equities | 9,223 | 9,093 | |
Total Securities | 9,223 | 9,093 | |
(Level 2) Significant Other Observable Inputs [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities Available for Sale | 86,966 | 87,769 | |
Marketable Equities | |||
(Level 2) Significant Other Observable Inputs [Member] | Fair Value, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt Securities Available for Sale | 86,966 | 87,769 | |
Marketable Equities | |||
Total Securities | $ 86,966 | $ 87,769 |
Fair Values of Financial Inst_5
Fair Values of Financial Instruments (Fair Value Measurements, Nonrecurring) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually Evaluated Loans | $ 23,643 | $ 23,585 |
Individually Evaluated Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually Evaluated Loans | 23,643 | 23,585 |
Individually Evaluated Loans [Member] | (Level 1) Quoted Prices In Active Markets For Identical Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually Evaluated Loans | ||
Individually Evaluated Loans [Member] | (Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually Evaluated Loans | ||
Individually Evaluated Loans [Member] | (Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually Evaluated Loans | $ 23,643 | $ 23,585 |
Fair Values of Financial Inst_6
Fair Values of Financial Instruments (Quantitative Information About Level 3 Fair Value Measurements) (Details) - (Level 3) Significant Unobservable Inputs [Member] $ in Thousands | Mar. 31, 2024 USD ($) item | Dec. 31, 2023 USD ($) item |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually Evaluated Loans | $ | $ 23,643 | $ 23,585 |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually Evaluated Loans, Range | 0 | 0 |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually Evaluated Loans, Range | 0.10 | 0.10 |
Fair Values of Financial Inst_7
Fair Values of Financial Instruments (Carrying Values and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale | $ 86,966 | $ 87,769 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 352,448 | 279,523 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 86,966 | 87,769 |
Equity investments | 9,223 | 9,093 |
Loans held for sale | 1,287 | |
Loans receivable, net | 3,226,877 | 3,279,708 |
FHLB of New York stock, at cost | 24,917 | 24,917 |
Accrued interest receivable | 17,442 | 16,072 |
Deposits | 2,991,659 | 2,979,080 |
Debt | 472,949 | 472,811 |
Subordinated debentures | 37,624 | 37,624 |
Accrued interest payable | 5,650 | 5,777 |
Fair Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 352,448 | 279,523 |
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 86,966 | 87,769 |
Equity investments | 9,223 | 9,093 |
Loans held for sale | 1,287 | |
Loans receivable, net | 3,077,460 | 3,112,980 |
FHLB of New York stock, at cost | 24,917 | 24,917 |
Accrued interest receivable | 17,442 | 16,072 |
Deposits | 2,990,333 | 2,978,654 |
Debt | 474,103 | 472,184 |
Subordinated debentures | 34,958 | 39,299 |
Accrued interest payable | 5,650 | 5,777 |
(Level 1) Quoted Prices In Active Markets For Identical Assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 352,448 | 279,523 |
Interest-earning time deposits | ||
Debt securities available for sale | ||
Equity investments | 9,223 | 9,093 |
Loans held for sale | ||
Loans receivable, net | ||
FHLB of New York stock, at cost | ||
Accrued interest receivable | ||
Deposits | 2,151,134 | 2,120,514 |
Debt | ||
Subordinated debentures | ||
Accrued interest payable | ||
(Level 2) Significant Other Observable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | ||
Interest-earning time deposits | 735 | 735 |
Debt securities available for sale | 86,966 | 87,769 |
Equity investments | ||
Loans held for sale | 1,287 | |
Loans receivable, net | ||
FHLB of New York stock, at cost | 24,917 | 24,917 |
Accrued interest receivable | 17,442 | 16,072 |
Deposits | 839,198 | 858,140 |
Debt | 474,103 | 472,184 |
Subordinated debentures | 34,958 | 39,299 |
Accrued interest payable | 5,650 | 5,777 |
(Level 3) Significant Unobservable Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans receivable, net | $ 3,077,460 | $ 3,112,980 |
Subordinated Debt (Narrative) (
Subordinated Debt (Narrative) (Details) - USD ($) | 3 Months Ended | |||
Aug. 01, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Jul. 30, 2018 | |
Subordinated Borrowing [Line Items] | ||||
Face amount | $ 33,500,000 | |||
Fixed To Floating Rate Subordinated Debentures [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Notes term | 10 years | |||
Debt Instrument, Interest Rate During Period | 8.288% | |||
Variable interest rate spread | 0.26161% | |||
Deferred finance costs | $ 116,000 | |||
Fixed To Floating Rate Subordinated Debentures [Member] | First Five Years [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Interest rate | 5.625% | |||
Interest rate term | 5 years | |||
Fixed To Floating Rate Subordinated Debentures [Member] | After Five Years [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Variable interest rate spread | 2.72% | |||
Trust Preferred Junior Subordinated Debenture [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Interest Rate During Period | 8.241% | |||
Variable interest rate spread | 2.65% | |||
Trust preferred securities | $ 4,100,000 |
Lease Obligations (Narrative) (
Lease Obligations (Narrative) (Details) - item | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Lessee, Lease, Description [Line Items] | ||
Number of operating leases | 25 | |
Weighted average remaining lease term, operating leases | 5 years 7 months 17 days | 5 years 9 months 7 days |
Weighted average discount rate, operating leases | 3.03% | 3.02% |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms | 1 year | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Remaining lease terms | 10 years |
Lease Obligations (Schedule of
Lease Obligations (Schedule of Lease Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Commitments and Contingencies [Abstract] | |||
Operating lease expense | $ 885 | $ 936 | |
Variable lease expense-operating leases | 282 | 268 | |
Operating lease right-of-use assets | 12,186 | 12,935 | $ 12,935 |
Current liabilities | 2,263 | 3,094 | |
Operating lease liabilities (noncurrent portion) | 11,526 | 11,526 | |
Imputed Interest | (1,210) | (1,305) | (1,305) |
Total Operating Lease Liabilities | $ 12,579 | $ 13,315 | $ 13,315 |
Lease Obligations (Summary of M
Lease Obligations (Summary of Maturity of Lease Obligations for Operating Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Commitments and Contingencies [Abstract] | |||
One year or less | $ 2,263 | $ 3,094 | |
Over one year through three years | 5,132 | 5,132 | |
Over three years through five years | 3,632 | 3,632 | |
Over five years | 2,762 | 2,762 | |
Gross Operating Lease Liabilities | 13,789 | 14,620 | |
Imputed Interest | (1,210) | (1,305) | $ (1,305) |
Total Operating Lease Liabilities | $ 12,579 | $ 13,315 | $ 13,315 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] | Apr. 11, 2024 $ / shares |
Subsequent Event [Line Items] | |
Date declared | Apr. 11, 2024 |
Dividends per common share | $ 0.16 |
Date of record | May 03, 2024 |
Date paid | May 19, 2024 |