Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 11, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-40619 | |
Entity Registrant Name | BLUE FOUNDRY BANCORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 86-2831373 | |
Entity Address, Address Line One | 19 Park Avenue, | |
Entity Address, City or Town | Rutherford, | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07070 | |
City Area Code | 201 | |
Local Phone Number | 939-5000 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | BLFY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,416,741 | |
Entity Central Index Key | 0001846017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 54,806 | $ 193,446 |
Securities available for sale, at fair value | 352,183 | 324,892 |
Securities held to maturity (fair value of $26,928 at June 30, 2022 and $22,849 at December 31, 2021) | 29,794 | 23,281 |
Other investments | 11,337 | 10,182 |
Loans receivable, net of allowance of $14,050 at June 30, 2022 and $14,425 at December 31, 2021 | 1,414,223 | 1,273,184 |
Interest and dividends receivable | 5,945 | 5,372 |
Premises and equipment, net | 30,684 | 28,126 |
Right-of-use assets | 24,163 | 25,457 |
Bank owned life insurance | 21,892 | 21,662 |
Other assets | 19,023 | 8,609 |
Total assets | 1,964,050 | 1,914,211 |
Liabilities | ||
Deposits | 1,296,674 | 1,247,040 |
Advances from the Federal Home Loan Bank | 205,500 | 185,500 |
Advances by borrowers for taxes and insurance | 10,126 | 9,582 |
Lease liabilities | 25,461 | 26,696 |
Other liabilities | 13,996 | 15,922 |
Total liabilities | 1,551,757 | 1,484,740 |
Shareholders’ equity | ||
Common stock $0.01 par value; 70,000,000 shares authorized; 28,522,500 shares issued and outstanding | 285 | 285 |
Additional paid-in capital | 282,154 | 282,006 |
Retained earnings | 170,050 | 169,457 |
Unallocated common shares held by ESOP | (21,449) | (21,905) |
Accumulated other comprehensive loss | (18,747) | (372) |
Total shareholders’ equity | 412,293 | 429,471 |
Total liabilities and shareholders’ equity | $ 1,964,050 | $ 1,914,211 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Fair value of securities held for investment | $ 26,928 | $ 22,849 |
Loans receivable, allowance | $ 14,050 | $ 14,425 |
Common stock par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, issued (in shares) | 28,522,500 | 28,522,500 |
Common stock, outstanding (in shares) | 28,522,500 | 28,522,500 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest income: | ||||
Loans | $ 12,444,000 | $ 12,056,000 | $ 24,100,000 | $ 24,318,000 |
Taxable investment income | 2,320,000 | 1,618,000 | 4,137,000 | 3,163,000 |
Non-taxable investment income | 114,000 | 128,000 | 235,000 | 263,000 |
Total interest income | 14,878,000 | 13,802,000 | 28,472,000 | 27,744,000 |
Interest expense: | ||||
Deposits | 950,000 | 2,379,000 | 1,832,000 | 5,197,000 |
Borrowed funds | 766,000 | 1,515,000 | 1,539,000 | 3,039,000 |
Total interest expense | 1,716,000 | 3,894,000 | 3,371,000 | 8,236,000 |
Net interest income | 13,162,000 | 9,908,000 | 25,101,000 | 19,508,000 |
Provision (recovery of provision) for loan losses | 594,000 | (553,000) | (358,000) | (1,361,000) |
Net interest income after provision for loan losses | 12,568,000 | 10,461,000 | 25,459,000 | 20,869,000 |
Non-interest income: | ||||
Fees and service charges | 365,000 | 537,000 | 1,165,000 | 1,063,000 |
Gain on sales and calls of securities available for sale | 14,000 | 0 | 14,000 | 0 |
Loss on premises and equipment | 0 | (86,000) | 0 | (86,000) |
Other | 115,000 | 169,000 | 242,000 | 310,000 |
Total non-interest income | 494,000 | 620,000 | 1,421,000 | 1,287,000 |
Non-interest expense: | ||||
Compensation and employee benefits | 7,008,000 | 6,369,000 | 13,932,000 | 12,391,000 |
Occupancy and equipment | 1,914,000 | 2,043,000 | 3,795,000 | 3,996,000 |
Loss on assets held for sale | 0 | 0 | 0 | 21,000 |
Data processing | 1,393,000 | 1,885,000 | 2,871,000 | 3,652,000 |
Advertising | 349,000 | 521,000 | 868,000 | 991,000 |
Professional services | 976,000 | 546,000 | 2,267,000 | 1,943,000 |
Directors fees | 126,000 | 136,000 | 262,000 | 277,000 |
Recovery of provision for commitments and letters of credit | (108,000) | (473,000) | (278,000) | (704,000) |
Federal deposit insurance | 99,000 | 129,000 | 177,000 | 254,000 |
Other | 1,262,000 | 645,000 | 2,341,000 | 1,351,000 |
Total non-interest expenses | 13,019,000 | 11,801,000 | 26,235,000 | 24,172,000 |
Income (loss) before income tax expense (benefit) | 43,000 | (720,000) | 645,000 | (2,016,000) |
Income tax expense (benefit) | 3,000 | 283,000 | 52,000 | (268,000) |
Net income (loss) | $ 40,000 | $ (1,003,000) | $ 593,000 | $ (1,748,000) |
Basic earnings per share (in dollars per share) | $ 0 | $ 0.02 | ||
Diluted earnings per share (in dollars per share) | $ 0 | $ 0.02 | ||
Weighted average shares outstanding, basic (in shares) | 26,366,324 | 26,354,979 | ||
Weighted average shares outstanding, diluted (in shares) | 26,366,324 | 26,354,979 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||||
Net income (loss) | $ 40 | $ (1,003) | $ 593 | $ (1,748) | |
Unrealized (loss) gain on securities available for sale: | |||||
Unrealized (loss) gain arising during the period | [1] | (10,805) | 1,321 | (26,544) | (1,433) |
Reclassification adjustment for gains included in net income | (14) | 0 | (14) | 0 | |
Unrealized (loss) gain arising during the period | (10,819) | 1,321 | (26,558) | (1,433) | |
Unrealized gain (loss) on cash flow hedge: | |||||
Unrealized gain (loss) arising during the period | [1] | 2,214 | (1,149) | 7,451 | 1,922 |
Reclassification adjustment for losses included in net income | [1] | 146 | 254 | 468 | 497 |
Unrealized gain (loss) on cash flow hedge | [1] | 2,360 | (895) | 7,919 | 2,419 |
Post-Retirement plans: | |||||
Net benefit arising from plan amendment | [2] | 164 | 0 | 164 | 0 |
Reclassification adjustment for amortization of: Net actuarial loss | [1] | 52 | 37 | 100 | 74 |
Unrealized gain on post-retirement plans | [1] | 216 | 37 | 264 | 74 |
Total other comprehensive (loss) income, net of tax | [1] | (8,243) | 463 | (18,375) | 1,060 |
Comprehensive loss | $ (8,203) | $ (540) | $ (17,782) | $ (688) | |
[1]The 2022 period tax is inclusive of a deferred tax valuation allowance.[2]Benefit arising from plan amendment approved in June 2022 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders’ Equity - USD ($) $ in Thousands | Total | Unallocated Common Stock Held by ESOP | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | ||
Balance at beginning of period at Dec. 31, 2020 | $ 205,600 | $ 0 | $ 10 | $ 822 | $ 205,799 | $ (1,031) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (745) | (745) | ||||||
Other comprehensive income (loss) | 597 | 597 | ||||||
Balance at end of period at Mar. 31, 2021 | 205,452 | 0 | 10 | 822 | 205,054 | (434) | ||
Balance at beginning of period at Dec. 31, 2020 | 205,600 | 0 | 10 | 822 | 205,799 | (1,031) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (1,748) | |||||||
Other comprehensive income (loss) | [1] | 1,060 | ||||||
Balance at end of period at Jun. 30, 2021 | 204,912 | 0 | 10 | 822 | 204,051 | 29 | ||
Balance at beginning of period at Mar. 31, 2021 | 205,452 | 0 | 10 | 822 | 205,054 | (434) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | (1,003) | (1,003) | ||||||
Other comprehensive income (loss) | 463 | [1] | 463 | |||||
Balance at end of period at Jun. 30, 2021 | 204,912 | 0 | 10 | 822 | 204,051 | 29 | ||
Balance at beginning of period at Dec. 31, 2021 | 429,471 | (21,905) | 285 | 282,006 | 169,457 | (372) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | 553 | 553 | ||||||
Other comprehensive income (loss) | (10,132) | (10,132) | ||||||
ESOP shares committed to be released | 322 | 228 | 94 | |||||
Balance at end of period at Mar. 31, 2022 | 420,214 | (21,677) | 285 | 282,100 | 170,010 | (10,504) | ||
Balance at beginning of period at Dec. 31, 2021 | 429,471 | (21,905) | 285 | 282,006 | 169,457 | (372) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | 593 | |||||||
Other comprehensive income (loss) | [1] | (18,375) | ||||||
Balance at end of period at Jun. 30, 2022 | 412,293 | (21,449) | 285 | 282,154 | 170,050 | (18,747) | ||
Balance at beginning of period at Mar. 31, 2022 | 420,214 | (21,677) | 285 | 282,100 | 170,010 | (10,504) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net (loss) income | 40 | 40 | ||||||
Other comprehensive income (loss) | (8,243) | [1] | (8,243) | |||||
ESOP shares committed to be released | 282 | 228 | 54 | |||||
Balance at end of period at Jun. 30, 2022 | $ 412,293 | $ (21,449) | $ 285 | $ 282,154 | $ 170,050 | $ (18,747) | ||
[1]The 2022 period tax is inclusive of a deferred tax valuation allowance. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
ESOP shares committed to be released (in shares) | 22,818 | 22,818 | 45,636 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net income (loss) | $ 593,000 | $ (1,748,000) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 1,280,000 | 1,028,000 |
Change in right-of-use asset | 1,294,000 | 1,346,000 |
Amortization (accretion) of: | ||
Deferred loan fees, costs, and discounts, net | (265,000) | (1,954,000) |
Premiums and discounts on securities | 566,000 | 377,000 |
Deferred income tax benefit | 52,000 | 0 |
Recovery of provision for loan losses | (358,000) | (1,361,000) |
Gain on sales and calls of securities | (14,000) | 0 |
Loss on assets held for sale | 0 | 21,000 |
Loss on premises and equipment | 0 | 86,000 |
Increase in BOLI cash surrender value | (230,000) | (237,000) |
ESOP expense | 604,000 | 0 |
(Increase) decrease in interest and dividends receivable | (573,000) | 242,000 |
Increase in other assets | (4,056,000) | (198,000) |
Decrease in other liabilities | (102,000) | (227,000) |
Change in lease liability | (1,235,000) | (939,000) |
Net cash used in operating activities | (2,444,000) | (3,564,000) |
Cash flows from investing activities | ||
Net (increase) decrease in loans | (68,711,000) | 29,253,000 |
Purchases of residential mortgage loans | (71,703,000) | 0 |
Purchases of securities available for sale | (80,039,000) | (91,349,000) |
Purchases of securities held to maturity | (6,600,000) | 0 |
Proceeds from calls of securities held to maturity | 0 | 4,000,000 |
Proceeds from sales and calls of securities available for sale | 2,408,000 | 4,000,000 |
Principal payments and maturities on securities available for sale | 23,264,000 | 35,326,000 |
Purchases of other investments | (150,000) | 0 |
Purchase of Federal Home Loan Bank stock | (2,130,000) | 0 |
Redemption of Federal Home Loan Bank stock | 1,125,000 | 833,000 |
Purchases of premises and equipment | (3,838,000) | (7,312,000) |
Net cash used in investing activities | (206,374,000) | (25,249,000) |
Cash flows from financing activities | ||
Net increase in deposits | 49,634,000 | 651,883,000 |
Proceeds from advances from Federal Home Loan Bank | 268,000,000 | 319,000,000 |
Repayments of advances from Federal Home Loan Bank | (248,000,000) | (333,000,000) |
Net increase (decrease) in advances by borrowers for taxes and insurance | 544,000 | (424,000) |
Net cash provided by financing activities | 70,178,000 | 637,459,000 |
Net (decrease) increase in cash and cash equivalents | (138,640,000) | 608,646,000 |
Cash and cash equivalents at beginning of period | 193,446,000 | 316,445,000 |
Cash and cash equivalents at end of period | 54,806,000 | 925,091,000 |
Cash paid during the period for: | ||
Interest | 3,335,000 | 8,197,000 |
Income taxes | 120,000 | 150,000 |
Supplemental noncash disclosures | ||
Transfers of assets to held for sale | 0 | 892,000 |
Operating leases | $ 0 | $ 2,168,000 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation : The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Blue Foundry Service Corp., Rutherford Center Development Corp., and Blue Foundry Investment Company (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank. On July 15, 2021, the Company became the holding company for the Bank when Blue Foundry, MHC completed its conversion into the stock holding company form of organization. In connection with the conversion, the Company sold 27,772,500 shares of common stock at a price of $10 per share, for gross proceeds of $277.7 million. The Company also contributed 750,000 shares of common stock and $1.5 million in cash to Blue Foundry Charitable Foundation, Inc. and established an Employee Stock Ownership Plan (“ESOP”) acquiring 2,281,800 shares of common stock. Shares of the Company’s common stock began trading on July 16, 2021 on the Nasdaq Global Select Market under the trading symbol “BLFY.” Basis of Financial Statement Presentation : The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three and six months ended June 30, 2022 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on March 14, 2022. The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2021 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies since December 31, 2021. Segment Reporting : The Company operates as a single operating segment for financial reporting purposes. Adoption of New Accounting Standards : No new accounting standards were adopted during the three and six months ended June 30, 2022. Accounting Standards Not Yet Adopted : As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act prior to December 31, 2019, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies. The FASB issued, but the Company has not yet adopted, ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to replace the incurred loss model for loans and other financial assets with an expected loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held-to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in certain leases recognized by a lessor. In addition, the amendments in Topic 326 require credit losses on available-for-sale securities to be presented as a valuation allowance rather than a direct write-down on the basis of the securities. The Company is required to adopt this standard by January 1, 2023. The change from an incurred loss model to an expected loss model represents a fundamental shift from existing GAAP and may result in a material increase to the Company's accounting for credit losses on financial instruments. To prepare for implementation of the new standard the Company has established a cross functional steering committee comprised of members from different disciplines including finance, credit, risk management, internal audit, lending, and operations, among others. The Company has also engaged a third-party consultant to assist with model development, data governance and operational controls to support the adoption of this ASU. A detailed implementation plan has been developed which includes assessing the processes, portfolio segmentation, model development and validation, and system requirements and resources needed. The Company has begun to evaluate the effect that this ASU will have on its financial statements and related disclosures. The Company expects the new credit models will include additional assumptions used to calculate credit losses over the estimated life of the financial assets and will include the impact of forecasted macroeconomic conditions. The Company has a system provider for modeling. Upon the Company's adoption of CECL, the change from the incurred loss model to the CECL model will be recognized through an adjustment to retained earnings. The future impact of CECL on the Company’s allowance for credit losses, and provision expense, subsequent to initial adoption, will depend on changes in the loan portfolio, economic conditions, and refinements to key assumptions including forecasting and qualitative factors. Furthermore, the adoption of ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets, however we do not expect these allowances to be significant. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments provide expedients and exceptions for applying GAAP to contracts or hedging relationships affected by the discontinuance of LIBOR as a benchmark rate to alleviate the burden and cost of such modifications. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also provide a one-time election to sell and/or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The Company continues to evaluate its financial instruments indexed to USDLIBOR for which Topic 848 provides expedients, exceptions and elections. The Company is monitoring and developing transition plans to address potential revisions to documentation, as well as customer management and communication, internal training, financial, operational and risk management implications, and legal and contract management. The Company continues to assess the expected impact of LIBOR cessation on the Company’s Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. The update specifically addresses whether Topic 848 applies to derivative instruments that do not reference a rate that is expected to be discontinued but that instead use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform, commonly referred to as the “discounting transition.” This ASU extends certain optional expedients provided in Topic 848 to contract modifications and derivatives affected by the discounting transition. The amendments in ASU 2021-01 may be applied under a retrospective approach as of any date from the beginning of an interim period that includes or is after March 12, 2020 or prospectively to new modifications made on or after any date within the interim period including January 7, 2021. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The update is not expected to have a material impact on the Company’s Consolidated Financial Statements. In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”. The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. For entities that have adopted the amendments in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, this update will be effective for financial statements issued for fiscal years and interim periods beginning after December |
SECURITIES
SECURITIES | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost of securities available for sale and their estimated fair values at June 30, 2022 and December 31, 2021 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) June 30, 2022 Available for sale U.S. Treasury Note $ 46,938 $ — $ (2,304) $ 44,634 Corporate Bonds 85,092 55 (3,852) 81,295 U.S. Government agency obligations 22,036 24 (745) 21,315 Obligations issued by U.S. states and their political subdivisions 17,195 68 (350) 16,913 Mortgage-backed securities: Residential one-to-four family 173,406 3 (17,234) 156,175 Multifamily 27,509 — (832) 26,677 Asset-backed securities 5,527 — (353) 5,174 Total available-for-sale $ 377,703 $ 150 $ (25,670) $ 352,183 December 31, 2021 Available for sale U.S. Treasury Note $ 36,933 $ 4 $ (105) $ 36,832 Corporate Bonds 86,118 1,791 (290) 87,619 U.S. Government agency obligations 23,462 46 (179) 23,329 Obligations issued by U.S. states and their political subdivisions 19,172 1,152 — 20,324 Mortgage-backed securities: Residential one-to-four family 116,166 140 (1,905) 114,401 Multifamily 35,412 598 (94) 35,916 Asset-backed securities 6,538 3 (70) 6,471 Total available-for-sale $ 323,801 $ 3,734 $ (2,643) $ 324,892 The amortized cost of securities held-to-maturity and their estimated fair values at June 30, 2022 and December 31, 2021, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) June 30, 2022 Held-to-maturity Corporate bonds $ 14,600 $ — $ (1,037) $ 13,563 Asset-backed securities 15,194 — (1,829) 13,365 Total held-to-maturity $ 29,794 $ — $ (2,866) $ 26,928 (In thousands) December 31, 2021 Held-to-maturity Corporate bonds $ 8,000 $ — $ (59) $ 7,941 Asset-backed securities 15,281 — (373) 14,908 Total Held-to-maturity $ 23,281 $ — $ (432) $ 22,849 Proceeds from sales and calls of securities available for sale totaled $2.4 million, resulting in gross realized gains of $14 thousand and no gross losses realized during the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2021, proceeds from sales and calls of securities available for sale totaled $4.0 million, resulting in no gain or loss realized. Securities pledged at June 30, 2022 and December 31, 2021, had a carrying amount of $4.5 million and $9.1 million, respectively, and were pledged to secure borrowings, public deposits and derivatives as needed. The amortized cost and fair value of debt securities are shown below by contractual maturity. Expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity are shown separately. June 30, 2022 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 4,538 $ 4,542 Due from one year to five years 100,219 96,386 Due from five to ten years 50,184 48,033 Due after ten years 16,320 15,196 Mortgage-backed and asset-backed securities 206,442 188,026 Total $ 377,703 $ 352,183 Held-to-maturity Due from one year to five years $ 18,645 $ 17,164 Due from five to ten years 11,149 9,764 Total $ 29,794 $ 26,928 The following tables summarize available-for-sale securities with unrealized losses at June 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous loss position. Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses Estimated (In thousands) June 30, 2022 Available for sale U.S. Treasury Note $ (1,424) $ 38,604 $ (880) $ 6,030 $ (2,304) $ 44,634 Corporate Bonds (3,379) 67,385 (473) 4,858 (3,852) 72,243 U.S. Government agency obligations (437) 9,562 (308) 6,524 (745) 16,086 Obligations issued by U.S. states and their political subdivisions (350) 6,172 — — (350) 6,172 Mortgage-backed securities: Residential one-to-four family (10,349) 109,118 (6,885) 46,963 (17,234) 156,081 Multifamily (697) 26,121 (135) 556 (832) 26,677 Asset-backed securities (168) 3,832 (185) 1,342 (353) 5,174 Total available-for-sale $ (16,804) $ 260,794 $ (8,866) $ 66,273 $ (25,670) $ 327,067 Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses Estimated (In thousands) December 31, 2021 Available for sale U.S. Treasury Note $ (105) $ 16,814 $ — $ — $ (105) $ 16,814 Corporate Bonds (290) 17,183 — — (290) 17,183 U.S. Government agency obligations (49) 9,951 (130) 7,980 (179) 17,931 Mortgage-backed securities: Residential one-to-four family (1,761) 104,805 (144) 3,009 (1,905) 107,814 Multifamily — — (94) 910 (94) 910 Asset-backed securities (70) 4,458 — — (70) 4,458 Total available-for-sale $ (2,275) $ 153,211 $ (368) $ 11,899 $ (2,643) $ 165,110 There were no other-than-temporary impairment (“OTTI”) charges for the three and six months ended June 30, 2022 or June 30, 2021, respectively. The number of available for sale securities in an unrealized loss position at June 30, 2022 totaled 96, compared with 44 at December 31, 2021. The increase in the number of securities in an unrealized loss position at June 30, 2022 was due to higher current market interest rates compared to rates at December 31, 2021. Of the 96 available for sale securities in an unrealized loss position at June 30, 2022, 59 are comprised of U.S. Government agency obligations, Treasury notes, and mortgage-backed securities. These securities were all issued by U.S. Government-sponsored entities and agencies, which the government has affirmed its commitment to support. There were also five municipal bonds, 29 investment grade corporate bonds and three asset-backed securities in an unrealized loss position. The Company does not consider these securities to be other-than-temporarily impaired due to the decline in fair value being attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery (maturity). The Company did not have any held to maturity securities in an unrecognized loss position for more than twelve months at June 30, 2022 and December 31, 2021. The number of held to maturity securities in an unrecognized loss position at June 30, 2022 totaled nine, compared with four at December 31, 2021. The increase in the number of securities in an unrecognized loss position at June 30, 2022, was due to higher current market interest rates compared to rates at December 31, 2021. At June 30, 2022, held to maturity securities in an aggregate unrecognized loss position for less than twelve months included two asset-backed securities with total fair value of $13.4 million in an aggregate unrecognized loss position of $1.8 million and seven investment grade corporate bonds with total |
LOANS RECEIVABLE, NET
LOANS RECEIVABLE, NET | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
LOANS RECEIVABLE, NET | LOANS RECEIVABLE, NET A summary of loans receivable, net at June 30, 2022 and December 31, 2021, is as follows: June 30, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 590,151 $ 560,976 Multifamily 579,183 515,240 Non-residential 211,683 141,561 Construction 21,010 23,419 Junior liens 16,421 18,464 Commercial and industrial (including PPP) 5,957 21,563 Consumer and other 47 87 Total gross loans 1,424,452 1,281,310 Deferred fees, costs and premiums and discounts, net 3,821 6,299 Total loans 1,428,273 1,287,609 Allowance for loan losses (14,050) (14,425) Loans receivable, net $ 1,414,223 $ 1,273,184 The commercial and industrial portfolio is comprised of general commercial and industrial loans, including Small Business Administration (“SBA”) and Paycheck Protection Program (“PPP”) loans. At June 30, 2022, PPP loans totaled $2.0 million, net of unearned deferred fees. The portfolio classes in the above table have unique risk characteristics with respect to credit quality: • Payment on multifamily and non-residential mortgages is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment, and value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general. • Properties underlying construction loans often do not generate sufficient cash flows to service debt and thus repayment is subject to ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain. • Commercial and Industrial Loans consist of SBA Paycheck Protection Program loans and other loans that are originated or purchased. This program originated from the Coronavirus Aid Relief and Economic Security (“CARES”) Act. The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. • The ability of borrowers to service debt in the residential one-to-four family, junior liens and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions. The following tables presents the activity in the Company’s allowance for loan losses by class of loans based on the most recent analysis performed for the three and six months ended June 30, 2022, and 2021: Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) Three Months Ended June 30, 2022 Allowance for loan losses Beginning balance $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Charge-offs — — — — — — (9) — (9) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (28) 363 175 189 (81) (29) 9 (4) 594 Total ending allowance balance $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Six Months Ended June 30, 2022 Allowance for loan losses Beginning balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Charge-offs — — — — — — (19) — (19) Recoveries — — — — — — 2 — 2 (Recovery of) provision for loan losses (240) (124) 794 (584) (168) (9) (21) (6) (358) Total ending allowance balance $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Three Months Ended June 30, 2021 Allowance for loan losses Beginning balance $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 Charge-offs — — — — — — (4) — (4) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (424) (398) 98 257 (55) (3) 2 (30) (553) Total ending allowance balance $ 2,918 $ 5,350 $ 3,243 $ 3,185 $ 758 $ 4 $ 42 $ 93 $ 15,593 Six Months Ended June 30, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (5) — (5) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (661) (110) (1) (470) (158) 2 (1) 38 (1,361) Total ending allowance balance $ 2,918 $ 5,350 $ 3,243 $ 3,185 $ 758 $ 4 $ 42 $ 93 $ 15,593 The following table represents the allocation of allowance for loan losses and the related recorded investment (including deferred fees and costs) in loans by loan portfolio segment disaggregated based on the impairment methodology at June 30, 2022 and December 31, 2021 : Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) June 30, 2022 Allowance for loan losses: Individually evaluated $ 30 $ — $ — $ — $ — $ — $ — $ — $ 30 Collectively evaluated 2,552 5,139 3,640 2,094 468 42 — 85 14,020 Total $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Loans receivable: Individually evaluated $ 9,179 $ 659 $ 3,595 $ — $ 54 $ — $ — $ — $ 13,487 Collectively evaluated 584,384 579,401 207,834 20,762 16,483 5,875 47 — 1,414,786 Total $ 593,563 $ 580,060 $ 211,429 $ 20,762 $ 16,537 $ 5,875 $ 47 $ — $ 1,428,273 December 31, 2021 Allowance for loan losses: Individually evaluated $ 31 $ — $ — $ — $ — $ — $ 37 $ — $ 68 Collectively evaluated 2,791 5,263 2,846 2,678 636 51 1 91 14,357 Total $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Loans receivable: Individually evaluated $ 10,169 $ 684 $ 4,577 $ — $ 55 $ — $ 37 $ — $ 15,522 Collectively evaluated 556,314 515,884 136,957 23,420 18,495 20,966 51 — 1,272,087 Total $ 566,483 $ 516,568 $ 141,534 $ 23,420 $ 18,550 $ 20,966 $ 88 $ — $ 1,287,609 The following table presents information related to impaired loans by class of loans as of June 30, 2022, June 30, 2021 and December 31, 2021: June 30, 2022 Six Months Ended June 30, 2022 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance Residential one-to-four $ 7,771 $ 8,054 $ — $ 8,088 $ 61 $ 58 Multifamily 659 659 — 671 13 10 Non-residential 3,755 3,595 — 3,645 89 78 Construction — — — — — — Commercial and — — — — — — Junior liens 54 54 — 55 1 1 12,239 12,362 — 12,459 164 147 With an allowance recorded: Residential one-to-four 1,122 1,125 30 743 23 20 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other — — — — — — 1,122 1,125 30 743 23 20 Total $ 13,361 $ 13,487 $ 30 $ 13,202 $ 187 $ 167 June 30, 2021 Six Months Ended June 30, 2021 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance Residential one-to-four $ 9,362 $ 9,608 $ — $ 11,578 $ 6 $ 5 Multifamily 1,675 1,048 — 1,562 24 21 Non-residential 4,881 4,718 — 5,696 114 101 Construction and land — — — — — — Commercial and — — — — — — Junior liens 57 57 — 67 1 1 15,975 15,431 — 18,903 145 128 With an allowance recorded: Residential one-to-four 1,077 1,077 36 1,626 37 33 Multifamily — — — — — — Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 41 41 41 50 1 1 1,118 1,118 77 1,676 38 34 Total $ 17,093 $ 16,549 $ 77 $ 20,579 $ 183 $ 162 December 31, 2021 Twelve Months Ended December 31, 2021 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance Residential one-to-four $ 8,744 $ 9,108 $ — $ 9,534 $ 75 $ 75 Multifamily 684 684 — 1,170 26 24 Non-residential 4,725 4,577 — 4,869 210 196 Construction — — — — — — Commercial and — — — — — — Junior liens 55 55 — 57 3 3 14,208 14,424 — 15,630 314 298 With an allowance recorded: Residential one-to-four 1,062 1,061 31 1,243 50 46 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other 37 37 37 41 2 2 1,099 1,098 68 1,284 52 48 Total $ 15,307 $ 15,522 $ 68 $ 16,914 $ 366 $ 346 The recorded investment in loans includes deferred fees, costs and discounts. For purposes of this disclosure, the unpaid principal balance is not reduced for partial charge-offs. The total recorded investment of loans whose terms have been modified in TDRs was $4.9 million and $5.4 million as of June 30, 2022 and December 31, 2021, respectively. The Company has allocated $30 thousand and $68 thousand, respectively, of specific reserves to TDR loans as of June 30, 2022 and December 31, 2021. The modification of the terms of TDR loans may include one or a combination of the following: a reduction of the stated interest rate of the loan, short-term deferral of payment, or an extension of the maturity date. The Company is not committed to lend any additional amounts to customers with outstanding loans that are classified as TDRs as of June 30, 2022. A TDR loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no TDRs for which there was a payment default within twelve months following the modification during the periods ended June 30, 2022 and June 30, 2021. TDRs during the three and six months ended June 30, 2022 totaled $453 thousand, respectively. There were no TDRs during the three and six months ended June 30, 2021. The Company implemented modification programs to provide its borrowers relief from the economic impacts of COVID-19. In accordance with the CARES Act, the Company elected to not apply TDR classification to COVID-19 related loan modifications. Accordingly, these modifications are exempt from TDR classification under U.S. generally accepted accounting principles (“U.S. GAAP”) and were not classified as TDRs. At December 31, 2021, there were no deferrals related to the Cares Act. The following table presents the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual as of June 30, 2022 and December 31, 2021 : Nonaccrual Loans Past Due June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 9,268 $ 10,805 $ — $ — Multifamily — 139 — — Non-residential 676 857 — — Construction — — — — Commercial and industrial (including PPP) — — — 116 Junior liens 54 182 — — Total $ 9,998 $ 11,983 $ — $ 116 The following table presents the recorded investment in past due and current loans by loan portfolio class as of June 30, 2022 and December 31, 2021: 30-59 60-89 90 Days Total Current Total (In thousands) June 30, 2022 Residential $ 1,012 $ 449 $ 7,797 $ 9,258 $ 584,305 $ 593,563 Multifamily — — — — 580,060 580,060 Non-residential — — 216 216 211,213 211,429 Construction — — — — 20,762 20,762 Junior liens — — 54 54 16,483 16,537 Commercial and Industrial (including PPP) — — — — 5,875 5,875 Consumer and other — — — — 47 47 Total $ 1,012 $ 449 $ 8,067 $ 9,528 $ 1,418,745 $ 1,428,273 December 31, 2021 Residential $ 1,736 $ 457 $ 8,936 $ 11,129 $ 555,354 $ 566,483 Multifamily — — — — 516,568 516,568 Non-residential — — 381 381 141,153 141,534 Construction — — — — 23,420 23,420 Junior liens — 53 182 235 18,315 18,550 Commercial and Industrial (including PPP) 11 57 116 184 20,782 20,966 Consumer and other — — — 88 88 Total $ 1,747 $ 567 $ 9,615 $ 11,929 $ 1,275,680 $ 1,287,609 The Company categorizes loans into risk categories based on relevant information about the quality and realizable value of collateral, if any, and the ability of borrowers to service their debts such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed whenever a credit is extended, renewed, or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. The Company used the following definitions for risk ratings for loan classification: Pass – Loans classified as pass are loans performing under the original contractual terms, do not currently pose any identified risk and can range from the highest to pass/watch quality, depending on the degree of potential risk. Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Company’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor, or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment and liquidation of the debt. They are characterized by distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. Loss – Assets classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the asset even though partial recovery may be effected in the future. The following table presents the risk category of loans by class of loans based on the most recent analysis performed as of June 30, 2022 and December 31, 2021: Pass Special Substandard Doubtful / Total (In thousands) June 30, 2022 Residential one-to-four family $ 583,851 $ 266 $ 9,446 $ — $ 593,563 Multifamily 579,534 — 526 — 580,060 Non-residential 209,442 1,011 976 — 211,429 Construction 20,762 — — — 20,762 Junior liens 16,483 — 54 — 16,537 Commercial and Industrial (including PPP) 5,875 — — 5,875 Consumer and other 47 — — — 47 Total $ 1,415,994 $ 1,277 $ 11,002 $ — $ 1,428,273 December 31, 2021 Residential one-to-four family $ 555,184 $ — $ 11,299 $ — $ 566,483 Multifamily 510,815 5,069 684 — 516,568 Non-residential 140,377 144 1,013 — 141,534 Construction 23,420 — — — 23,420 Junior liens 18,368 — 182 — 18,550 Commercial and Industrial (including PPP) 20,966 — — — 20,966 Consumer and other 88 — — — 88 Total $ 1,269,218 $ 5,213 $ 13,178 $ — $ 1,287,609 |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
LEASES | LEASES Leases and Lease Obligations: The Company leases certain office space and equipment under operating leases. These leases have original terms ranging from one year to 40 years. Operating lease liabilities and right-of-use assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. As of June 30, 2022, the Company had the following related to operating leases: June 30, 2022 December 31, 2021 (In thousands) Right-of-use assets $ 24,163 $ 25,457 Lease liabilities 25,461 26,696 Weighted average remaining lease term for operating leases 11.9 years 12.2 years Weighted average discount rate used in the measurement of lease liabilities 1.99 % 1.97 % The following table is a summary of the Company’s components of net lease cost for the three and six months ended June 30, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Operating lease cost $ 770 $ 765 $ 1,540 $ 1,512 Finance lease cost 6 6 12 12 Variable lease cost 59 67 113 93 Total lease cost included as a component of occupancy and equipment $ 835 $ 838 $ 1,665 $ 1,617 The following table presents supplemental cash flow information related to operating leases: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 768 $ 852 $ 1,525 $ 1,258 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ — $ 2,168 $ — $ 2,168 Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2022 are as follows: Through June 30, (In thousands) 2023 $ 2,939 2024 2,710 2025 2,499 2026 2,310 2027 2,227 Thereafter 16,177 Total undiscounted lease payments 28,862 Less: imputed interest (3,401) Total $ 25,461 |
DEPOSITS
DEPOSITS | 6 Months Ended |
Jun. 30, 2022 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS Deposits at June 30, 2022 and December 31, 2021, are summarized as follows: June 30, 2022 December 31, 2021 (In thousands) Non-interest bearing deposits $ 52,036 $ 44,894 NOW and demand accounts 455,776 363,419 Savings 358,166 364,932 Time deposits 430,696 473,795 Total $ 1,296,674 $ 1,247,040 Money market accounts are included within the NOW and demand accounts and savings captions. Included in time deposits are brokered deposits totaling $12.0 million at June 30, 2022. There were no brokered deposits at December 31, 2021. Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2022 $ 201,843 2023 174,784 2024 36,405 2025 10,607 2026 5,564 2027 1,493 $ 430,696 |
EMPLOYEE STOCK OWNERSHIP PLAN
EMPLOYEE STOCK OWNERSHIP PLAN | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
EMPLOYEE STOCK OWNERSHIP PLAN | EMPLOYEE STOCK OWNERSHIP PLAN The Company maintains an ESOP, a tax-qualified plan for the benefit of all Company employees designed to invest primarily in the Company’s common stock. The ESOP provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. The ESOP borrowed funds from the Company to purchase 2,281,800 shares of stock at $10 per share. The loan is secured by the shares purchased, which are held in a suspense account for allocation among participants. Shares are released for allocation to participants as loan payments are made. Loan payments are principally funded by discretionary cash contributions by the Bank, as well as dividends paid to the ESOP on unallocated shares. When loan payments are made, ESOP shares are allocated to participants at the end of the plan year (December 31) based on relative compensation, subject to federal tax law limits. Participants receive the shares at the end of employment. Dividends on allocated shares increase participants accounts. At June 30, 2022, the principal balance on the ESOP loan is $21.8 million. There were no contributions to the ESOP during the three and six months ended June 30, 2022, as loan payments are made annually during the fourth quarter of each year. ESOP shares are committed for release from unallocated and compensation expense are recognized over the service period. For the three months ended June 30, 2022, 22,818 shares were committed to be released from unallocated and ESOP compensation expense totaled $282 thousand. For the six months ended June 30, 2022, 45,636 shares were committed to be released from unallocated and ESOP compensation expense totaled $604 thousand. There was no ESOP compensation expense for the three and six months ended June 30, 2021. Shares held by the ESOP were as follows: June 30, 2022 (Dollars in thousands) Allocated to participants 91,272 Unallocated 2,190,528 Total ESOP shares 2,281,800 Fair value of unallocated shares at June 30, 2022 $ 26,264 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. Interest rate swaps with notional amounts totaling $109.0 million at June 30, 2022 and December 31, 2021, were designated as cash flow hedges of certain Federal Home Loan Bank advances and were determined to be highly effective during all periods presented. The Company expects the hedges to remain highly effective during the remaining terms of the swaps. Summary information about the interest-rate swaps designated as cash flow hedges as of period-end is as follows: June 30, 2022 December 31, 2021 (Dollars in thousands) Notional amounts $ 109,000 $ 109,000 Weighted average pay rates 1.4577 % 1.4577 % Weighted average receive rates 1.5944 % 0.1742 % Weighted average maturity 4.7 years 5.3 years Gross unrealized gain included in other assets $ 7,672 $ 1,313 Gross unrealized loss included in other liabilities — 1,559 Unrealized gains (losses), net $ 7,672 $ (246) At June 30, 2022, the Company held $8.4 million as cash collateral pledged from the counterparty for these interest-rate swaps. At June 30, 2022, the Company had no securities pledged to the counterparty. At December 31, 2021, securities pledged as collateral for these swaps totaled $5.6 million Interest expense recorded on these swap transactions is reported as a component of interest expense on FHLB advances. Interest expense during the three months ended June 30, 2022 and 2021 totaled $146 thousand and $353 thousand, respectively. Interest expense for the six months ended June 30, 2022 and 2021 totaled $468 thousand and $690 thousand, respectively. At June 30, 2022, the Company expected $435 thousand of the unrealized gain to be reclassified as a reduction to interest expense during the remainder of 2022. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the three and six months ended June 30, 2022 and June 30, 2021 is as follows: Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative (1) Location of Gain (Loss) Reclassified from OCI into Income/(Expense) Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) (In thousands) Three months ended June 30, 2022 Interest rate contracts $ 2,360 Interest Expense $ (146) Three months ended June 30, 2021 Interest rate contracts $ (895) Interest Expense $ (353) Six Months Ended June 30, 2022 Interest rate contracts $ 7,919 Interest Expense $ (468) Six months ended June 30, 2021 Interest rate contracts $ 2,419 Interest Expense $ (690) (1) Net of tax, adjusted for deferred tax valuation allowance, at June 30, 2022. There was no deferred tax valuation allowance at June 30, 2021. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOMEAccumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s post-retirement plans, as of the consolidated balance sheet dates, net of the related tax effect. The following table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated. Three Months Ended June 30, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized (loss) gain on securities available for sale: Unrealized (loss) gain arising during the period $ (10,808) $ 3 $ (10,805) $ 1,888 $ (567) $ 1,321 Reclassification adjustment for gains included in net income (14) — (14) — — — Total (10,822) 3 (10,819) 1,888 (567) 1,321 Unrealized gain (loss) on cash flow hedge: Unrealized gain (loss) arising during the period 2,214 — 2,214 (1,598) 449 (1,149) Reclassification adjustment for losses included in net income 146 — 146 353 (99) 254 Total 2,360 — 2,360 (1,245) 350 (895) Post-Retirement plans: Net benefit arising from plan amendment (1) 164 — 164 — — — Reclassification adjustment for amortization of: Net actuarial loss 52 — 52 52 (15) 37 Total 216 — 216 52 (15) 37 Total other comprehensive (loss) income: $ (8,246) $ 3 $ (8,243) $ 695 $ (232) $ 463 (1) Benefit arising from plan amendment approved in June 2022. Six Months Ended June 30, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized loss on securities available for sale: Unrealized loss arising during the period $ (26,596) $ 52 $ (26,544) $ (1,753) $ 320 $ (1,433) Reclassification adjustment for gains included in net income (14) — (14) — — — Total (26,610) 52 (26,558) (1,753) 320 (1,433) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 7,451 — 7,451 2,676 (754) 1,922 Reclassification adjustment for losses included in net income 468 — 468 690 (193) 497 Total 7,919 — 7,919 3,366 (947) 2,419 Post-Retirement plans: Net benefit arising from plan amendment (1) 164 — 164 — — — Reclassification adjustment for amortization of: Net actuarial loss 100 — 100 104 (30) 74 Total 264 — 264 104 (30) 74 Total other comprehensive (loss) income: $ (18,427) $ 52 $ (18,375) $ 1,717 $ (657) $ 1,060 (1) Benefit arising from plan amendment approved in June 2022. . The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated: Unrealized Gains and (Losses) on Cash Flow Unrealized Gains and (Losses) on Available-for-sale Post-Retirement Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 7,451 (26,544) 164 (18,929) Amounts reclassified from accumulated other comprehensive income 468 (14) 100 554 Net current period other comprehensive gain (loss) 7,919 (26,558) 264 (18,375) Balance at June 30, 2022 $ 7,673 $ (25,467) $ (953) $ (18,747) Balance at December 31, 2020 $ (3,986) $ 4,208 $ (1,253) $ (1,031) Other comprehensive income (loss) before reclassification 1,922 (1,433) — 489 Amounts reclassified from accumulated other comprehensive income 497 — 74 571 Net current period other comprehensive gain (loss) 2,419 (1,433) 74 1,060 Balance at June 30, 2021 $ (1,567) $ 2,775 $ (1,179) $ 29 The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of operations for the periods indicated: Details about Accumulated Other Comprehensive Income Components Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Statement Where Net Income is Presented 2022 2021 2022 2021 (In thousands) Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale $ 14 $ — $ 14 $ — (Loss) gain on sales and calls of securities Losses on cash flow hedges: Interest rate contracts (146) (353) (468) (690) Interest (expense) income Amortization of post-retirement plan items: Net actuarial loss (52) (52) (100) (104) Compensation and employee benefits Total tax effect — 114 — 223 Income tax expense Total reclassification for the period, net of tax $ (184) $ (291) $ (554) $ (571) |
FAIR VALUE OF ASSETS AND LIABIL
FAIR VALUE OF ASSETS AND LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF ASSETS AND LIABILITIES | FAIR VALUE OF ASSETS AND LIABILITIES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Securities : For securities available-for-sale, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input as defined by ASC 820, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. The Company also holds debt instruments issued by the U.S. government and U.S. government sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives : The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). The Company’s derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates, and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Impaired Loans : The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. The following table summarizes the fair value of assets and liabilities as of June 30, 2022: Fair Value Measurements at June 30, 2022, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale: U.S. Treasury Note $ 44,634 $ 44,634 $ — $ — Domestic Corporate Bonds 81,295 — 81,295 — U.S. Government agency obligations 21,315 16,417 4,898 — Obligations issued by U.S. states and their political subdivisions 16,913 — 16,913 — Mortgage-backed securities: Residential one-to-four family 156,175 — 156,175 — Multifamily 26,677 — 26,677 — Asset-backed securities 5,174 — 5,174 — Total securities available for sale 352,183 61,051 291,132 — Derivatives 7,672 — 7,672 — Total financial assets measured on a recurring basis $ 359,855 $ 61,051 $ 298,804 $ — The following table summarizes the fair value of assets and liabilities as of December 31, 2021: Fair Value Measurements at December 31, 2021, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale U.S. Treasury Note $ 36,832 $ 36,832 $ — $ — Domestic Corporate Bonds 87,619 — 87,619 — U.S. Government agency obligations 23,329 17,617 5,712 — Obligations issued by U.S. states and their political subdivisions 20,324 — 20,324 — Mortgage-backed securities: Residential one-to-four family 114,401 — 114,401 — Multifamily 35,916 — 35,916 — Asset-backed securities 6,471 — 6,471 — Total securities available for sale $ 324,892 $ 54,449 $ 270,443 $ — Financial Liabilities Derivatives $ 246 $ — $ 246 $ — Other Fair Value Disclosures Fair value estimates, methods and assumptions for the Company’s financial instruments that are not recorded at fair value on a recurring or non-recurring basis are set forth below. Securities held-to-maturity : The Company’s debt securities held-to-maturity portfolio is carried at amortized cost. The fair values of debt securities held-to-maturity are provided by a third-party pricing service. The pricing service may use quoted market prices of comparable instruments or a variety of other forms of analysis, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. Loans, net : Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. Estimated fair value of loans is determined using a discounted cash flow model that employs an exit discount rate that reflects the current market pricing for loans with similar characteristics and remaining maturity, adjusted for estimated credit losses inherent in the portfolio at the balance sheet date. Time Deposits : The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates for currently offered deposits of similar remaining maturities. Federal Home Loan advances : The fair value of borrowings is based on securities dealers’ estimated fair values, when available, or estimated using discounted cash flow analysis. The discount rates used approximate the rates offered for similar borrowings of similar remaining terms. The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s balance sheet at June 30, 2022 and December 31, 2021. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, other investments, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below. Fair Value Measurements at June 30, 2022, Using Quoted Prices in Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 29,794 $ — $ 26,928 $ — Loans, net 1,414,223 — — 1,330,052 Financial liabilities Time Deposits 430,696 — 420,751 — Federal Home Loan advances 205,500 — 200,675 — Fair Value Measurements at December 31, 2021, Using Quoted Prices in Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 23,281 $ — $ 22,849 $ — Loans, net 1,273,184 — — 1,266,799 Financial liabilities Time Deposits 473,795 — 470,732 — Federal Home Loan advances 185,500 — 182,795 — |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME | REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income in the Statement of Operations. The following table presents the Company’s sources of revenue from contracts with customers for the three and six months ended June 30, 2022 and 2021, respectively. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) (In thousands) Noninterest income Service charges on deposits $ 267 $ 266 $ 496 $ 459 Interchange income 10 9 19 16 Total Revenue from Contracts with Customers $ 277 $ 275 $ 515 $ 475 Service Charges on Deposit Accounts : The Company earns fees from its deposit customers for transaction-based, account maintenance, and overdraft services. Transaction based fees, which include services such as ATM use fees, stop payment charges, statement rendering, and ACH fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the customer’s account balance. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents. There were no securities or other contracts that had a dilutive effect during the three and six months ended June 30, 2022, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares”, are not deemed outstanding for earnings per share calculations. Earnings per share data is not applicable for the three and six months ended June 30, 2021 as the Company had no shares outstanding. Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (Income In thousands) Net income applicable to common shares $ 40 $ 593 Average number of common shares outstanding 28,522,500 28,522,500 Less: Average unallocated ESOP shares 2,156,176 2,167,521 Average number of common shares outstanding used to calculate basic earnings per common share 26,366,324 26,354,979 Common stock equivalents — — Earnings per common share basic and diluted $ — $ 0.02 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS As defined in FASB ASC 855, “Subsequent Events”, subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with U.S. GAAP. Stock Repurchase Program On July 20, 2022, the Company announced it had adopted a program to repurchase up to 2,852,250 shares, or 10%, of its outstanding common stock. As of August 11, 2022, 105,759 shares totaling $1.2 million had been acquired under the repurchase plan at an average price per share of $11.69. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Blue Foundry Service Corp., Rutherford Center Development Corp., and Blue Foundry Investment Company (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation : The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statement of financial condition and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements were reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three and six months ended June 30, 2022 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed on March 14, 2022. The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2021 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies since December 31, 2021. |
Segment Reporting | Segment Reporting : The Company operates as a single operating segment for financial reporting purposes. |
Adoption of New Accounting Standards and Accounting Standards Not Yet Adopted | Adoption of New Accounting Standards : No new accounting standards were adopted during the three and six months ended June 30, 2022. Accounting Standards Not Yet Adopted : As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (JOBS) Act prior to December 31, 2019, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies. The FASB issued, but the Company has not yet adopted, ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” to replace the incurred loss model for loans and other financial assets with an expected loss model, which is referred to as the current expected credit loss (“CECL”) model. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loan receivables and held-to maturity debt securities. It also applies to off-balance sheet credit exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees, and other similar instruments) and net investments in certain leases recognized by a lessor. In addition, the amendments in Topic 326 require credit losses on available-for-sale securities to be presented as a valuation allowance rather than a direct write-down on the basis of the securities. The Company is required to adopt this standard by January 1, 2023. The change from an incurred loss model to an expected loss model represents a fundamental shift from existing GAAP and may result in a material increase to the Company's accounting for credit losses on financial instruments. To prepare for implementation of the new standard the Company has established a cross functional steering committee comprised of members from different disciplines including finance, credit, risk management, internal audit, lending, and operations, among others. The Company has also engaged a third-party consultant to assist with model development, data governance and operational controls to support the adoption of this ASU. A detailed implementation plan has been developed which includes assessing the processes, portfolio segmentation, model development and validation, and system requirements and resources needed. The Company has begun to evaluate the effect that this ASU will have on its financial statements and related disclosures. The Company expects the new credit models will include additional assumptions used to calculate credit losses over the estimated life of the financial assets and will include the impact of forecasted macroeconomic conditions. The Company has a system provider for modeling. Upon the Company's adoption of CECL, the change from the incurred loss model to the CECL model will be recognized through an adjustment to retained earnings. The future impact of CECL on the Company’s allowance for credit losses, and provision expense, subsequent to initial adoption, will depend on changes in the loan portfolio, economic conditions, and refinements to key assumptions including forecasting and qualitative factors. Furthermore, the adoption of ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets, however we do not expect these allowances to be significant. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting”. The amendments provide expedients and exceptions for applying GAAP to contracts or hedging relationships affected by the discontinuance of LIBOR as a benchmark rate to alleviate the burden and cost of such modifications. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also provide a one-time election to sell and/or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The Company continues to evaluate its financial instruments indexed to USDLIBOR for which Topic 848 provides expedients, exceptions and elections. The Company is monitoring and developing transition plans to address potential revisions to documentation, as well as customer management and communication, internal training, financial, operational and risk management implications, and legal and contract management. The Company continues to assess the expected impact of LIBOR cessation on the Company’s Consolidated Financial Statements. In January 2021, the FASB issued ASU 2021-01, “Reference Rate Reform (Topic 848): Scope”. The update specifically addresses whether Topic 848 applies to derivative instruments that do not reference a rate that is expected to be discontinued but that instead use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform, commonly referred to as the “discounting transition.” This ASU extends certain optional expedients provided in Topic 848 to contract modifications and derivatives affected by the discounting transition. The amendments in ASU 2021-01 may be applied under a retrospective approach as of any date from the beginning of an interim period that includes or is after March 12, 2020 or prospectively to new modifications made on or after any date within the interim period including January 7, 2021. The update is in effect for a limited time from March 12, 2020 through December 31, 2022. The update is not expected to have a material impact on the Company’s Consolidated Financial Statements. In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures”. The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. For entities that have adopted the amendments in ASU 2016-13, Measurement of Credit Losses on Financial Instruments, this update will be effective for financial statements issued for fiscal years and interim periods beginning after December |
SECURITIES (Tables)
SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of amortized cost of securities available for sale and their estimated fair value | The amortized cost of securities available for sale and their estimated fair values at June 30, 2022 and December 31, 2021 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) June 30, 2022 Available for sale U.S. Treasury Note $ 46,938 $ — $ (2,304) $ 44,634 Corporate Bonds 85,092 55 (3,852) 81,295 U.S. Government agency obligations 22,036 24 (745) 21,315 Obligations issued by U.S. states and their political subdivisions 17,195 68 (350) 16,913 Mortgage-backed securities: Residential one-to-four family 173,406 3 (17,234) 156,175 Multifamily 27,509 — (832) 26,677 Asset-backed securities 5,527 — (353) 5,174 Total available-for-sale $ 377,703 $ 150 $ (25,670) $ 352,183 December 31, 2021 Available for sale U.S. Treasury Note $ 36,933 $ 4 $ (105) $ 36,832 Corporate Bonds 86,118 1,791 (290) 87,619 U.S. Government agency obligations 23,462 46 (179) 23,329 Obligations issued by U.S. states and their political subdivisions 19,172 1,152 — 20,324 Mortgage-backed securities: Residential one-to-four family 116,166 140 (1,905) 114,401 Multifamily 35,412 598 (94) 35,916 Asset-backed securities 6,538 3 (70) 6,471 Total available-for-sale $ 323,801 $ 3,734 $ (2,643) $ 324,892 |
Summary of amortized cost of securities held to maturity and their estimated fair value | The amortized cost of securities held-to-maturity and their estimated fair values at June 30, 2022 and December 31, 2021, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) June 30, 2022 Held-to-maturity Corporate bonds $ 14,600 $ — $ (1,037) $ 13,563 Asset-backed securities 15,194 — (1,829) 13,365 Total held-to-maturity $ 29,794 $ — $ (2,866) $ 26,928 (In thousands) December 31, 2021 Held-to-maturity Corporate bonds $ 8,000 $ — $ (59) $ 7,941 Asset-backed securities 15,281 — (373) 14,908 Total Held-to-maturity $ 23,281 $ — $ (432) $ 22,849 |
Summary of amortized cost and fair value of debt securities shown by contractual maturity | The amortized cost and fair value of debt securities are shown below by contractual maturity. Expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity are shown separately. June 30, 2022 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 4,538 $ 4,542 Due from one year to five years 100,219 96,386 Due from five to ten years 50,184 48,033 Due after ten years 16,320 15,196 Mortgage-backed and asset-backed securities 206,442 188,026 Total $ 377,703 $ 352,183 Held-to-maturity Due from one year to five years $ 18,645 $ 17,164 Due from five to ten years 11,149 9,764 Total $ 29,794 $ 26,928 |
Summary of available-for-sale securities with unrealized losses | The following tables summarize available-for-sale securities with unrealized losses at June 30, 2022 and December 31, 2021, aggregated by major security type and length of time in a continuous loss position. Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses Estimated (In thousands) June 30, 2022 Available for sale U.S. Treasury Note $ (1,424) $ 38,604 $ (880) $ 6,030 $ (2,304) $ 44,634 Corporate Bonds (3,379) 67,385 (473) 4,858 (3,852) 72,243 U.S. Government agency obligations (437) 9,562 (308) 6,524 (745) 16,086 Obligations issued by U.S. states and their political subdivisions (350) 6,172 — — (350) 6,172 Mortgage-backed securities: Residential one-to-four family (10,349) 109,118 (6,885) 46,963 (17,234) 156,081 Multifamily (697) 26,121 (135) 556 (832) 26,677 Asset-backed securities (168) 3,832 (185) 1,342 (353) 5,174 Total available-for-sale $ (16,804) $ 260,794 $ (8,866) $ 66,273 $ (25,670) $ 327,067 Less than 12 Months 12 Months or More Total Unrealized Losses Estimated Unrealized Losses Estimated Unrealized Losses Estimated (In thousands) December 31, 2021 Available for sale U.S. Treasury Note $ (105) $ 16,814 $ — $ — $ (105) $ 16,814 Corporate Bonds (290) 17,183 — — (290) 17,183 U.S. Government agency obligations (49) 9,951 (130) 7,980 (179) 17,931 Mortgage-backed securities: Residential one-to-four family (1,761) 104,805 (144) 3,009 (1,905) 107,814 Multifamily — — (94) 910 (94) 910 Asset-backed securities (70) 4,458 — — (70) 4,458 Total available-for-sale $ (2,275) $ 153,211 $ (368) $ 11,899 $ (2,643) $ 165,110 |
LOANS RECEIVABLE, NET (Tables)
LOANS RECEIVABLE, NET (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Summary of loans receivable | A summary of loans receivable, net at June 30, 2022 and December 31, 2021, is as follows: June 30, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 590,151 $ 560,976 Multifamily 579,183 515,240 Non-residential 211,683 141,561 Construction 21,010 23,419 Junior liens 16,421 18,464 Commercial and industrial (including PPP) 5,957 21,563 Consumer and other 47 87 Total gross loans 1,424,452 1,281,310 Deferred fees, costs and premiums and discounts, net 3,821 6,299 Total loans 1,428,273 1,287,609 Allowance for loan losses (14,050) (14,425) Loans receivable, net $ 1,414,223 $ 1,273,184 |
Summary of changes in allowance for loan losses by class of loans | The following tables presents the activity in the Company’s allowance for loan losses by class of loans based on the most recent analysis performed for the three and six months ended June 30, 2022, and 2021: Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) Three Months Ended June 30, 2022 Allowance for loan losses Beginning balance $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Charge-offs — — — — — — (9) — (9) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (28) 363 175 189 (81) (29) 9 (4) 594 Total ending allowance balance $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Six Months Ended June 30, 2022 Allowance for loan losses Beginning balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Charge-offs — — — — — — (19) — (19) Recoveries — — — — — — 2 — 2 (Recovery of) provision for loan losses (240) (124) 794 (584) (168) (9) (21) (6) (358) Total ending allowance balance $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Three Months Ended June 30, 2021 Allowance for loan losses Beginning balance $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 Charge-offs — — — — — — (4) — (4) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (424) (398) 98 257 (55) (3) 2 (30) (553) Total ending allowance balance $ 2,918 $ 5,350 $ 3,243 $ 3,185 $ 758 $ 4 $ 42 $ 93 $ 15,593 Six Months Ended June 30, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (5) — (5) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (661) (110) (1) (470) (158) 2 (1) 38 (1,361) Total ending allowance balance $ 2,918 $ 5,350 $ 3,243 $ 3,185 $ 758 $ 4 $ 42 $ 93 $ 15,593 The following table represents the allocation of allowance for loan losses and the related recorded investment (including deferred fees and costs) in loans by loan portfolio segment disaggregated based on the impairment methodology at June 30, 2022 and December 31, 2021 : Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) June 30, 2022 Allowance for loan losses: Individually evaluated $ 30 $ — $ — $ — $ — $ — $ — $ — $ 30 Collectively evaluated 2,552 5,139 3,640 2,094 468 42 — 85 14,020 Total $ 2,582 $ 5,139 $ 3,640 $ 2,094 $ 468 $ 42 $ — $ 85 $ 14,050 Loans receivable: Individually evaluated $ 9,179 $ 659 $ 3,595 $ — $ 54 $ — $ — $ — $ 13,487 Collectively evaluated 584,384 579,401 207,834 20,762 16,483 5,875 47 — 1,414,786 Total $ 593,563 $ 580,060 $ 211,429 $ 20,762 $ 16,537 $ 5,875 $ 47 $ — $ 1,428,273 December 31, 2021 Allowance for loan losses: Individually evaluated $ 31 $ — $ — $ — $ — $ — $ 37 $ — $ 68 Collectively evaluated 2,791 5,263 2,846 2,678 636 51 1 91 14,357 Total $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Loans receivable: Individually evaluated $ 10,169 $ 684 $ 4,577 $ — $ 55 $ — $ 37 $ — $ 15,522 Collectively evaluated 556,314 515,884 136,957 23,420 18,495 20,966 51 — 1,272,087 Total $ 566,483 $ 516,568 $ 141,534 $ 23,420 $ 18,550 $ 20,966 $ 88 $ — $ 1,287,609 |
Summary of impaired loans by class of loans | The following table presents information related to impaired loans by class of loans as of June 30, 2022, June 30, 2021 and December 31, 2021: June 30, 2022 Six Months Ended June 30, 2022 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance Residential one-to-four $ 7,771 $ 8,054 $ — $ 8,088 $ 61 $ 58 Multifamily 659 659 — 671 13 10 Non-residential 3,755 3,595 — 3,645 89 78 Construction — — — — — — Commercial and — — — — — — Junior liens 54 54 — 55 1 1 12,239 12,362 — 12,459 164 147 With an allowance recorded: Residential one-to-four 1,122 1,125 30 743 23 20 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other — — — — — — 1,122 1,125 30 743 23 20 Total $ 13,361 $ 13,487 $ 30 $ 13,202 $ 187 $ 167 June 30, 2021 Six Months Ended June 30, 2021 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance Residential one-to-four $ 9,362 $ 9,608 $ — $ 11,578 $ 6 $ 5 Multifamily 1,675 1,048 — 1,562 24 21 Non-residential 4,881 4,718 — 5,696 114 101 Construction and land — — — — — — Commercial and — — — — — — Junior liens 57 57 — 67 1 1 15,975 15,431 — 18,903 145 128 With an allowance recorded: Residential one-to-four 1,077 1,077 36 1,626 37 33 Multifamily — — — — — — Non-residential — — — — — — Construction and land — — — — — — Commercial and — — — — — — Consumer and other 41 41 41 50 1 1 1,118 1,118 77 1,676 38 34 Total $ 17,093 $ 16,549 $ 77 $ 20,579 $ 183 $ 162 December 31, 2021 Twelve Months Ended December 31, 2021 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) With no related allowance Residential one-to-four $ 8,744 $ 9,108 $ — $ 9,534 $ 75 $ 75 Multifamily 684 684 — 1,170 26 24 Non-residential 4,725 4,577 — 4,869 210 196 Construction — — — — — — Commercial and — — — — — — Junior liens 55 55 — 57 3 3 14,208 14,424 — 15,630 314 298 With an allowance recorded: Residential one-to-four 1,062 1,061 31 1,243 50 46 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other 37 37 37 41 2 2 1,099 1,098 68 1,284 52 48 Total $ 15,307 $ 15,522 $ 68 $ 16,914 $ 366 $ 346 |
Summary of past due loans in non-accrual and past 90 days still on accrual | The following table presents the recorded investment in non-accrual loans and loans past due 90 days or more still on accrual as of June 30, 2022 and December 31, 2021 : Nonaccrual Loans Past Due June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 9,268 $ 10,805 $ — $ — Multifamily — 139 — — Non-residential 676 857 — — Construction — — — — Commercial and industrial (including PPP) — — — 116 Junior liens 54 182 — — Total $ 9,998 $ 11,983 $ — $ 116 The following table presents the recorded investment in past due and current loans by loan portfolio class as of June 30, 2022 and December 31, 2021: 30-59 60-89 90 Days Total Current Total (In thousands) June 30, 2022 Residential $ 1,012 $ 449 $ 7,797 $ 9,258 $ 584,305 $ 593,563 Multifamily — — — — 580,060 580,060 Non-residential — — 216 216 211,213 211,429 Construction — — — — 20,762 20,762 Junior liens — — 54 54 16,483 16,537 Commercial and Industrial (including PPP) — — — — 5,875 5,875 Consumer and other — — — — 47 47 Total $ 1,012 $ 449 $ 8,067 $ 9,528 $ 1,418,745 $ 1,428,273 December 31, 2021 Residential $ 1,736 $ 457 $ 8,936 $ 11,129 $ 555,354 $ 566,483 Multifamily — — — — 516,568 516,568 Non-residential — — 381 381 141,153 141,534 Construction — — — — 23,420 23,420 Junior liens — 53 182 235 18,315 18,550 Commercial and Industrial (including PPP) 11 57 116 184 20,782 20,966 Consumer and other — — — 88 88 Total $ 1,747 $ 567 $ 9,615 $ 11,929 $ 1,275,680 $ 1,287,609 |
Schedule of credit quality indicators | The following table presents the risk category of loans by class of loans based on the most recent analysis performed as of June 30, 2022 and December 31, 2021: Pass Special Substandard Doubtful / Total (In thousands) June 30, 2022 Residential one-to-four family $ 583,851 $ 266 $ 9,446 $ — $ 593,563 Multifamily 579,534 — 526 — 580,060 Non-residential 209,442 1,011 976 — 211,429 Construction 20,762 — — — 20,762 Junior liens 16,483 — 54 — 16,537 Commercial and Industrial (including PPP) 5,875 — — 5,875 Consumer and other 47 — — — 47 Total $ 1,415,994 $ 1,277 $ 11,002 $ — $ 1,428,273 December 31, 2021 Residential one-to-four family $ 555,184 $ — $ 11,299 $ — $ 566,483 Multifamily 510,815 5,069 684 — 516,568 Non-residential 140,377 144 1,013 — 141,534 Construction 23,420 — — — 23,420 Junior liens 18,368 — 182 — 18,550 Commercial and Industrial (including PPP) 20,966 — — — 20,966 Consumer and other 88 — — — 88 Total $ 1,269,218 $ 5,213 $ 13,178 $ — $ 1,287,609 |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Summary of balance sheet information related to operating leases | As of June 30, 2022, the Company had the following related to operating leases: June 30, 2022 December 31, 2021 (In thousands) Right-of-use assets $ 24,163 $ 25,457 Lease liabilities 25,461 26,696 Weighted average remaining lease term for operating leases 11.9 years 12.2 years Weighted average discount rate used in the measurement of lease liabilities 1.99 % 1.97 % |
Summary of lease cost | The following table is a summary of the Company’s components of net lease cost for the three and six months ended June 30, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Operating lease cost $ 770 $ 765 $ 1,540 $ 1,512 Finance lease cost 6 6 12 12 Variable lease cost 59 67 113 93 Total lease cost included as a component of occupancy and equipment $ 835 $ 838 $ 1,665 $ 1,617 The following table presents supplemental cash flow information related to operating leases: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 768 $ 852 $ 1,525 $ 1,258 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ — $ 2,168 $ — $ 2,168 |
Summary of future undiscounted operating lease payments | Future undiscounted lease payments for operating leases with initial terms of one year or more as of June 30, 2022 are as follows: Through June 30, (In thousands) 2023 $ 2,939 2024 2,710 2025 2,499 2026 2,310 2027 2,227 Thereafter 16,177 Total undiscounted lease payments 28,862 Less: imputed interest (3,401) Total $ 25,461 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deposits [Abstract] | |
Summary of deposits | Deposits at June 30, 2022 and December 31, 2021, are summarized as follows: June 30, 2022 December 31, 2021 (In thousands) Non-interest bearing deposits $ 52,036 $ 44,894 NOW and demand accounts 455,776 363,419 Savings 358,166 364,932 Time deposits 430,696 473,795 Total $ 1,296,674 $ 1,247,040 |
Schedule of timed deposit maturities | Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2022 $ 201,843 2023 174,784 2024 36,405 2025 10,607 2026 5,564 2027 1,493 $ 430,696 |
EMPLOYEE STOCK OWNERSHIP PLAN (
EMPLOYEE STOCK OWNERSHIP PLAN (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Shares held by ESOP | Shares held by the ESOP were as follows: June 30, 2022 (Dollars in thousands) Allocated to participants 91,272 Unallocated 2,190,528 Total ESOP shares 2,281,800 Fair value of unallocated shares at June 30, 2022 $ 26,264 |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of interest-rate swaps designated as cash flow hedges | Summary information about the interest-rate swaps designated as cash flow hedges as of period-end is as follows: June 30, 2022 December 31, 2021 (Dollars in thousands) Notional amounts $ 109,000 $ 109,000 Weighted average pay rates 1.4577 % 1.4577 % Weighted average receive rates 1.5944 % 0.1742 % Weighted average maturity 4.7 years 5.3 years Gross unrealized gain included in other assets $ 7,672 $ 1,313 Gross unrealized loss included in other liabilities — 1,559 Unrealized gains (losses), net $ 7,672 $ (246) |
Summary of effect of cash flow hedge accounting on AOCI | The effect of cash flow hedge accounting on accumulated other comprehensive income for the three and six months ended June 30, 2022 and June 30, 2021 is as follows: Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative (1) Location of Gain (Loss) Reclassified from OCI into Income/(Expense) Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) (In thousands) Three months ended June 30, 2022 Interest rate contracts $ 2,360 Interest Expense $ (146) Three months ended June 30, 2021 Interest rate contracts $ (895) Interest Expense $ (353) Six Months Ended June 30, 2022 Interest rate contracts $ 7,919 Interest Expense $ (468) Six months ended June 30, 2021 Interest rate contracts $ 2,419 Interest Expense $ (690) (1) Net of tax, adjusted for deferred tax valuation allowance, at June 30, 2022. There was no deferred tax valuation allowance at June 30, 2021. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of components of comprehensive (loss) income gross and net of tax | The following table presents the components of other comprehensive (loss) income both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated. Three Months Ended June 30, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized (loss) gain on securities available for sale: Unrealized (loss) gain arising during the period $ (10,808) $ 3 $ (10,805) $ 1,888 $ (567) $ 1,321 Reclassification adjustment for gains included in net income (14) — (14) — — — Total (10,822) 3 (10,819) 1,888 (567) 1,321 Unrealized gain (loss) on cash flow hedge: Unrealized gain (loss) arising during the period 2,214 — 2,214 (1,598) 449 (1,149) Reclassification adjustment for losses included in net income 146 — 146 353 (99) 254 Total 2,360 — 2,360 (1,245) 350 (895) Post-Retirement plans: Net benefit arising from plan amendment (1) 164 — 164 — — — Reclassification adjustment for amortization of: Net actuarial loss 52 — 52 52 (15) 37 Total 216 — 216 52 (15) 37 Total other comprehensive (loss) income: $ (8,246) $ 3 $ (8,243) $ 695 $ (232) $ 463 (1) Benefit arising from plan amendment approved in June 2022. Six Months Ended June 30, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive (Loss) Income: Unrealized loss on securities available for sale: Unrealized loss arising during the period $ (26,596) $ 52 $ (26,544) $ (1,753) $ 320 $ (1,433) Reclassification adjustment for gains included in net income (14) — (14) — — — Total (26,610) 52 (26,558) (1,753) 320 (1,433) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 7,451 — 7,451 2,676 (754) 1,922 Reclassification adjustment for losses included in net income 468 — 468 690 (193) 497 Total 7,919 — 7,919 3,366 (947) 2,419 Post-Retirement plans: Net benefit arising from plan amendment (1) 164 — 164 — — — Reclassification adjustment for amortization of: Net actuarial loss 100 — 100 104 (30) 74 Total 264 — 264 104 (30) 74 Total other comprehensive (loss) income: $ (18,427) $ 52 $ (18,375) $ 1,717 $ (657) $ 1,060 (1) Benefit arising from plan amendment approved in June 2022. . |
Schedule of changes in accumulated other comprehensive income by component, net of tax | The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated: Unrealized Gains and (Losses) on Cash Flow Unrealized Gains and (Losses) on Available-for-sale Post-Retirement Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 7,451 (26,544) 164 (18,929) Amounts reclassified from accumulated other comprehensive income 468 (14) 100 554 Net current period other comprehensive gain (loss) 7,919 (26,558) 264 (18,375) Balance at June 30, 2022 $ 7,673 $ (25,467) $ (953) $ (18,747) Balance at December 31, 2020 $ (3,986) $ 4,208 $ (1,253) $ (1,031) Other comprehensive income (loss) before reclassification 1,922 (1,433) — 489 Amounts reclassified from accumulated other comprehensive income 497 — 74 571 Net current period other comprehensive gain (loss) 2,419 (1,433) 74 1,060 Balance at June 30, 2021 $ (1,567) $ 2,775 $ (1,179) $ 29 |
Summary of reclassification out of each component of accumulated other comprehensive income (loss) | The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of operations for the periods indicated: Details about Accumulated Other Comprehensive Income Components Three Months Ended June 30, Six Months Ended June 30, Affected Line Item in the Statement Where Net Income is Presented 2022 2021 2022 2021 (In thousands) Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale $ 14 $ — $ 14 $ — (Loss) gain on sales and calls of securities Losses on cash flow hedges: Interest rate contracts (146) (353) (468) (690) Interest (expense) income Amortization of post-retirement plan items: Net actuarial loss (52) (52) (100) (104) Compensation and employee benefits Total tax effect — 114 — 223 Income tax expense Total reclassification for the period, net of tax $ (184) $ (291) $ (554) $ (571) |
FAIR VALUE OF ASSETS AND LIAB_2
FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of fair value of assets and liabilities | The following table summarizes the fair value of assets and liabilities as of June 30, 2022: Fair Value Measurements at June 30, 2022, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale: U.S. Treasury Note $ 44,634 $ 44,634 $ — $ — Domestic Corporate Bonds 81,295 — 81,295 — U.S. Government agency obligations 21,315 16,417 4,898 — Obligations issued by U.S. states and their political subdivisions 16,913 — 16,913 — Mortgage-backed securities: Residential one-to-four family 156,175 — 156,175 — Multifamily 26,677 — 26,677 — Asset-backed securities 5,174 — 5,174 — Total securities available for sale 352,183 61,051 291,132 — Derivatives 7,672 — 7,672 — Total financial assets measured on a recurring basis $ 359,855 $ 61,051 $ 298,804 $ — The following table summarizes the fair value of assets and liabilities as of December 31, 2021: Fair Value Measurements at December 31, 2021, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) (In thousands) Measured on a recurring basis: Financial assets Securities available for sale U.S. Treasury Note $ 36,832 $ 36,832 $ — $ — Domestic Corporate Bonds 87,619 — 87,619 — U.S. Government agency obligations 23,329 17,617 5,712 — Obligations issued by U.S. states and their political subdivisions 20,324 — 20,324 — Mortgage-backed securities: Residential one-to-four family 114,401 — 114,401 — Multifamily 35,916 — 35,916 — Asset-backed securities 6,471 — 6,471 — Total securities available for sale $ 324,892 $ 54,449 $ 270,443 $ — Financial Liabilities Derivatives $ 246 $ — $ 246 $ — |
Summary of carrying amounts and fair value of financial instruments not carried at fair value | The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s balance sheet at June 30, 2022 and December 31, 2021. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, other investments, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below. Fair Value Measurements at June 30, 2022, Using Quoted Prices in Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 29,794 $ — $ 26,928 $ — Loans, net 1,414,223 — — 1,330,052 Financial liabilities Time Deposits 430,696 — 420,751 — Federal Home Loan advances 205,500 — 200,675 — Fair Value Measurements at December 31, 2021, Using Quoted Prices in Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 23,281 $ — $ 22,849 $ — Loans, net 1,273,184 — — 1,266,799 Financial liabilities Time Deposits 473,795 — 470,732 — Federal Home Loan advances 185,500 — 182,795 — |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of sources of revenue from contracts with customers | The following table presents the Company’s sources of revenue from contracts with customers for the three and six months ended June 30, 2022 and 2021, respectively. Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 (In thousands) (In thousands) Noninterest income Service charges on deposits $ 267 $ 266 $ 496 $ 459 Interchange income 10 9 19 16 Total Revenue from Contracts with Customers $ 277 $ 275 $ 515 $ 475 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 (Income In thousands) Net income applicable to common shares $ 40 $ 593 Average number of common shares outstanding 28,522,500 28,522,500 Less: Average unallocated ESOP shares 2,156,176 2,167,521 Average number of common shares outstanding used to calculate basic earnings per common share 26,366,324 26,354,979 Common stock equivalents — — Earnings per common share basic and diluted $ — $ 0.02 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Millions | 6 Months Ended | |
Jul. 15, 2021 USD ($) $ / shares shares | Jun. 30, 2022 segment shares | |
Lessee, Lease, Description [Line Items] | ||
Stock price per share | $ / shares | $ 10 | |
Gross offering proceeds | $ | $ 277.7 | |
Charitable contribution in cash | $ | $ 1.5 | |
Shares in ESOP (in shares) | 2,281,800 | 2,281,800 |
Number of operating segments | segment | 1 | |
Public stock offering | ||
Lessee, Lease, Description [Line Items] | ||
Shares of common stock sold | 27,772,500 | |
Donation of shares to Blue Foundry Charitable Foundation | ||
Lessee, Lease, Description [Line Items] | ||
Shares of common stock sold | 750,000 | |
Blue Foundry Bancorp - NJ | ||
Lessee, Lease, Description [Line Items] | ||
Ownership interest percentage | 100% |
SECURITIES - Summary of amortiz
SECURITIES - Summary of amortized cost of securities available for sale and their estimated fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 377,703 | $ 323,801 |
Gross Unrealized Gains | 150 | 3,734 |
Gross Unrealized Losses | (25,670) | (2,643) |
Estimated Fair Value | 352,183 | 324,892 |
U.S. Treasury Note | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 46,938 | 36,933 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | (2,304) | (105) |
Estimated Fair Value | 44,634 | 36,832 |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 85,092 | 86,118 |
Gross Unrealized Gains | 55 | 1,791 |
Gross Unrealized Losses | (3,852) | (290) |
Estimated Fair Value | 81,295 | 87,619 |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 22,036 | 23,462 |
Gross Unrealized Gains | 24 | 46 |
Gross Unrealized Losses | (745) | (179) |
Estimated Fair Value | 21,315 | 23,329 |
Obligations issued by U.S. states and their political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 17,195 | 19,172 |
Gross Unrealized Gains | 68 | 1,152 |
Gross Unrealized Losses | (350) | 0 |
Estimated Fair Value | 16,913 | 20,324 |
Residential one-to-four family | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 173,406 | 116,166 |
Gross Unrealized Gains | 3 | 140 |
Gross Unrealized Losses | (17,234) | (1,905) |
Estimated Fair Value | 156,175 | 114,401 |
Multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 27,509 | 35,412 |
Gross Unrealized Gains | 0 | 598 |
Gross Unrealized Losses | (832) | (94) |
Estimated Fair Value | 26,677 | 35,916 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,527 | 6,538 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (353) | (70) |
Estimated Fair Value | $ 5,174 | $ 6,471 |
SECURITIES - Summary of amort_2
SECURITIES - Summary of amortized cost of securities held to maturity and their estimated fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 29,794 | $ 23,281 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (2,866) | (432) |
Estimated Fair Value | 26,928 | 22,849 |
Corporate Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 14,600 | 8,000 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (1,037) | (59) |
Estimated Fair Value | 13,563 | 7,941 |
Asset-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,194 | 15,281 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (1,829) | (373) |
Estimated Fair Value | $ 13,365 | $ 14,908 |
SECURITIES - Narrative (Details
SECURITIES - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) security | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) security | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) security | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Proceeds from sales and calls of available-for-sale securities | $ | $ 2,400,000 | $ 4,000,000 | $ 2,400,000 | $ 4,000,000 | |
Realized gain (loss) on securities | $ | 0 | ||||
Other than temporary impairment on available for sale securities. | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of available for sale securities in an unrealized loss position | security | 96 | 96 | 44 | ||
Number of held-to-maturity securities in unrealized loss positions for more than twelve months. | security | 9 | 9 | 4 | ||
Number of held to maturity securities in an unrecognized loss position | security | 7 | 7 | 2 | ||
U.S. Government agency obligations | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available for sale securities in an unrealized loss position | security | 59 | 59 | |||
Obligations issued by U.S. states and their political subdivisions | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available for sale securities in an unrealized loss position | security | 5 | 5 | |||
Corporate Bonds | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available for sale securities in an unrealized loss position | security | 29 | 29 | |||
Fair value of securities held to maturity | $ | $ 13,600,000 | $ 13,600,000 | $ 6,900,000 | ||
Unrecognized loss position of securities held to maturity | $ | $ (1,000,000) | $ (1,000,000) | $ (59,000) | ||
Asset-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available for sale securities in an unrealized loss position | security | 3 | 3 | |||
Number of held to maturity securities in an unrecognized loss position | security | 2 | 2 | 2 | ||
Fair value of securities held to maturity | $ | $ 13,400,000 | $ 13,400,000 | $ 14,900,000 | ||
Unrecognized loss position of securities held to maturity | $ | (1,800,000) | (1,800,000) | (373,000) | ||
Debt Securities | Asset Pledged as Collateral | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Carrying amount of securities pledged | $ | $ 4,500,000 | $ 4,500,000 | $ 9,100,000 |
SECURITIES - Summary of amort_3
SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Amortized Cost | |
Due in one year or less | $ 4,538 |
Due from one year to five years | 100,219 |
Due from five to ten years | 50,184 |
Due after ten years | 16,320 |
Mortgage-backed and asset-backed securities | 206,442 |
Total | 377,703 |
Estimated Fair Value | |
Due in one year or less | 4,542 |
Due from one year to five years | 96,386 |
Due from five to ten years | 48,033 |
Due after ten years | 15,196 |
Mortgage-backed and asset-backed securities | 188,026 |
Total | 352,183 |
Amortized Cost | |
Due from one year to five years | 18,645 |
Due from five to ten years | 11,149 |
Total | 29,794 |
Estimated Fair Value | |
Due from one year to five years | 17,164 |
Due from five to ten years | 9,764 |
Total | $ 26,928 |
SECURITIES - Summary of availab
SECURITIES - Summary of available for sale securities with unrealized losses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | $ (16,804) | $ (2,275) |
Estimated Fair Value | 260,794 | 153,211 |
Unrealized Losses | (8,866) | (368) |
Estimated Fair Value | 66,273 | 11,899 |
Unrealized Losses | (25,670) | (2,643) |
Estimated Fair Value | 327,067 | 165,110 |
U.S. Treasury Note | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (1,424) | (105) |
Estimated Fair Value | 38,604 | 16,814 |
Unrealized Losses | (880) | 0 |
Estimated Fair Value | 6,030 | 0 |
Unrealized Losses | (2,304) | (105) |
Estimated Fair Value | 44,634 | 16,814 |
Corporate Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (3,379) | (290) |
Estimated Fair Value | 67,385 | 17,183 |
Unrealized Losses | (473) | 0 |
Estimated Fair Value | 4,858 | 0 |
Unrealized Losses | (3,852) | (290) |
Estimated Fair Value | 72,243 | 17,183 |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (437) | (49) |
Estimated Fair Value | 9,562 | 9,951 |
Unrealized Losses | (308) | (130) |
Estimated Fair Value | 6,524 | 7,980 |
Unrealized Losses | (745) | (179) |
Estimated Fair Value | 16,086 | 17,931 |
Obligations issued by U.S. states and their political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (350) | |
Estimated Fair Value | 6,172 | |
Unrealized Losses | 0 | |
Estimated Fair Value | 0 | |
Unrealized Losses | (350) | |
Estimated Fair Value | 6,172 | |
Residential one-to-four family | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (10,349) | (1,761) |
Estimated Fair Value | 109,118 | 104,805 |
Unrealized Losses | (6,885) | (144) |
Estimated Fair Value | 46,963 | 3,009 |
Unrealized Losses | (17,234) | (1,905) |
Estimated Fair Value | 156,081 | 107,814 |
Multifamily | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (697) | 0 |
Estimated Fair Value | 26,121 | 0 |
Unrealized Losses | (135) | (94) |
Estimated Fair Value | 556 | 910 |
Unrealized Losses | (832) | (94) |
Estimated Fair Value | 26,677 | 910 |
Asset-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (168) | (70) |
Estimated Fair Value | 3,832 | 4,458 |
Unrealized Losses | (185) | 0 |
Estimated Fair Value | 1,342 | 0 |
Unrealized Losses | (353) | (70) |
Estimated Fair Value | $ 5,174 | $ 4,458 |
LOANS RECEIVABLE, NET - Summary
LOANS RECEIVABLE, NET - Summary of loans receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | $ 1,424,452 | $ 1,281,310 | ||||
Deferred fees, costs and premiums and discounts, net | 3,821 | 6,299 | ||||
Total loans | 1,428,273 | 1,287,609 | ||||
Allowance for loan losses | (14,050) | $ (13,465) | (14,425) | $ (15,593) | $ (16,150) | $ (16,959) |
Loans receivable, net | 1,414,223 | 1,273,184 | ||||
Residential Portfolio Segment | Residential one-to-four family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 590,151 | 560,976 | ||||
Allowance for loan losses | (2,582) | (2,610) | (2,822) | (2,918) | (3,342) | (3,579) |
Residential Portfolio Segment | Multifamily | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 579,183 | 515,240 | ||||
Allowance for loan losses | (5,139) | (4,776) | (5,263) | (5,350) | (5,748) | (5,460) |
Nonresidential Portfolio Segment | Non-residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 211,683 | 141,561 | ||||
Allowance for loan losses | (3,640) | (3,465) | (2,846) | (3,243) | (3,145) | (3,244) |
Construction and Land Portfolio Segment | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 21,010 | 23,419 | ||||
Allowance for loan losses | (2,094) | (1,905) | (2,678) | (3,185) | (2,928) | (3,655) |
Junior Lien Portfolio Segment | Junior liens | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 16,421 | 18,464 | ||||
Allowance for loan losses | (468) | (549) | (636) | (758) | (813) | (916) |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 5,957 | 21,563 | ||||
Allowance for loan losses | (42) | (71) | (51) | (4) | (7) | (2) |
Commercial Portfolio Segment | PPP Loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 2,000 | |||||
Consumer and Other Portfolio Segment | Consumer and other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 47 | 87 | ||||
Allowance for loan losses | $ 0 | $ 0 | $ (38) | $ (42) | $ (44) | $ (48) |
LOANS RECEIVABLE, NET - Summa_2
LOANS RECEIVABLE, NET - Summary of changes in allowance for loan losses by class of loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Allowance for loan losses | ||||||||
Beginning balance | $ 14,050 | $ 15,593 | $ 14,050 | $ 15,593 | $ 13,465 | $ 14,425 | $ 16,150 | $ 16,959 |
Charge-offs | (9) | (4) | (19) | (5) | ||||
Recoveries | 0 | 0 | 2 | 0 | ||||
(Recovery of) provision for loan losses | 594 | (553) | (358) | (1,361) | ||||
Total ending allowance balance | 14,050 | 15,593 | 14,050 | 15,593 | ||||
Residential Portfolio Segment | Residential one-to-four family | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 2,582 | 2,918 | 2,582 | 2,918 | 2,610 | 2,822 | 3,342 | 3,579 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | (28) | (424) | (240) | (661) | ||||
Total ending allowance balance | 2,582 | 2,918 | 2,582 | 2,918 | ||||
Residential Portfolio Segment | Multifamily | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 5,139 | 5,350 | 5,139 | 5,350 | 4,776 | 5,263 | 5,748 | 5,460 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | 363 | (398) | (124) | (110) | ||||
Total ending allowance balance | 5,139 | 5,350 | 5,139 | 5,350 | ||||
Nonresidential Portfolio Segment | Non-residential | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 3,640 | 3,243 | 3,640 | 3,243 | 3,465 | 2,846 | 3,145 | 3,244 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | 175 | 98 | 794 | (1) | ||||
Total ending allowance balance | 3,640 | 3,243 | 3,640 | 3,243 | ||||
Construction and Land Portfolio Segment | Construction | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 2,094 | 3,185 | 2,094 | 3,185 | 1,905 | 2,678 | 2,928 | 3,655 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | 189 | 257 | (584) | (470) | ||||
Total ending allowance balance | 2,094 | 3,185 | 2,094 | 3,185 | ||||
Junior Lien Portfolio Segment | Junior liens | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 468 | 758 | 468 | 758 | 549 | 636 | 813 | 916 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | (81) | (55) | (168) | (158) | ||||
Total ending allowance balance | 468 | 758 | 468 | 758 | ||||
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 42 | 4 | 42 | 4 | 71 | 51 | 7 | 2 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | (29) | (3) | (9) | 2 | ||||
Total ending allowance balance | 42 | 4 | 42 | 4 | ||||
Consumer and Other Portfolio Segment | Consumer and other | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 0 | 42 | 0 | 42 | 0 | 38 | 44 | 48 |
Charge-offs | (9) | (4) | (19) | (5) | ||||
Recoveries | 0 | 0 | 2 | 0 | ||||
(Recovery of) provision for loan losses | 9 | 2 | (21) | (1) | ||||
Total ending allowance balance | 0 | 42 | 0 | 42 | ||||
Unallocated Financing Receivables | ||||||||
Allowance for loan losses | ||||||||
Beginning balance | 85 | 93 | 85 | 93 | $ 89 | $ 91 | $ 123 | $ 55 |
Charge-offs | 0 | 0 | 0 | 0 | ||||
Recoveries | 0 | 0 | 0 | 0 | ||||
(Recovery of) provision for loan losses | (4) | (30) | (6) | 38 | ||||
Total ending allowance balance | $ 85 | $ 93 | $ 85 | $ 93 |
LOANS RECEIVABLE, NET - Summa_3
LOANS RECEIVABLE, NET - Summary of allowance and loans receivable evaluated for impairment (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses: | ||||||
Individually evaluated for impairment | $ 30 | $ 68 | ||||
Collectively evaluated for impairment | 14,020 | 14,357 | ||||
Total | 14,050 | $ 13,465 | 14,425 | $ 15,593 | $ 16,150 | $ 16,959 |
Loans receivable: | ||||||
Individually evaluated for impairment | 13,487 | 15,522 | ||||
Collectively evaluated for impairment | 1,414,786 | 1,272,087 | ||||
Total Loans Receivable | 1,428,273 | 1,287,609 | ||||
Residential Portfolio Segment | Residential one-to-four family | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 30 | 31 | ||||
Collectively evaluated for impairment | 2,552 | 2,791 | ||||
Total | 2,582 | 2,610 | 2,822 | 2,918 | 3,342 | 3,579 |
Loans receivable: | ||||||
Individually evaluated for impairment | 9,179 | 10,169 | ||||
Collectively evaluated for impairment | 584,384 | 556,314 | ||||
Total Loans Receivable | 593,563 | 566,483 | ||||
Residential Portfolio Segment | Multifamily | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 5,139 | 5,263 | ||||
Total | 5,139 | 4,776 | 5,263 | 5,350 | 5,748 | 5,460 |
Loans receivable: | ||||||
Individually evaluated for impairment | 659 | 684 | ||||
Collectively evaluated for impairment | 579,401 | 515,884 | ||||
Total Loans Receivable | 580,060 | 516,568 | ||||
Nonresidential Portfolio Segment | Non-residential | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 3,640 | 2,846 | ||||
Total | 3,640 | 3,465 | 2,846 | 3,243 | 3,145 | 3,244 |
Loans receivable: | ||||||
Individually evaluated for impairment | 3,595 | 4,577 | ||||
Collectively evaluated for impairment | 207,834 | 136,957 | ||||
Total Loans Receivable | 211,429 | 141,534 | ||||
Construction and Land Portfolio Segment | Construction | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 2,094 | 2,678 | ||||
Total | 2,094 | 1,905 | 2,678 | 3,185 | 2,928 | 3,655 |
Loans receivable: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 20,762 | 23,420 | ||||
Total Loans Receivable | 20,762 | 23,420 | ||||
Junior Lien Portfolio Segment | Junior liens | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 468 | 636 | ||||
Total | 468 | 549 | 636 | 758 | 813 | 916 |
Loans receivable: | ||||||
Individually evaluated for impairment | 54 | 55 | ||||
Collectively evaluated for impairment | 16,483 | 18,495 | ||||
Total Loans Receivable | 16,537 | 18,550 | ||||
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 42 | 51 | ||||
Total | 42 | 71 | 51 | 4 | 7 | 2 |
Loans receivable: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 5,875 | 20,966 | ||||
Total Loans Receivable | 5,875 | 20,966 | ||||
Consumer and Other Portfolio Segment | Consumer and other | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 37 | ||||
Collectively evaluated for impairment | 0 | 1 | ||||
Total | 0 | 0 | 38 | 42 | 44 | 48 |
Loans receivable: | ||||||
Individually evaluated for impairment | 0 | 37 | ||||
Collectively evaluated for impairment | 47 | 51 | ||||
Total Loans Receivable | 47 | 88 | ||||
Unallocated Financing Receivables | ||||||
Allowance for loan losses: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 85 | 91 | ||||
Total | 85 | $ 89 | 91 | $ 93 | $ 123 | $ 55 |
Loans receivable: | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 0 | 0 | ||||
Total Loans Receivable | $ 0 | $ 0 |
LOANS RECEIVABLE, NET - Summa_4
LOANS RECEIVABLE, NET - Summary of impaired loans by class of loan (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
With no related allowance recorded: | |||
Unpaid Principal Balance | $ 12,239 | $ 15,975 | $ 14,208 |
Recorded Investment | 12,362 | 15,431 | 14,424 |
Average Recorded Investment | 12,459 | 18,903 | 15,630 |
Interest Income Recognized | 164 | 145 | 314 |
Cash Basis Interest Recognized | 147 | 128 | 298 |
With an allowance recorded: | |||
Unpaid Principal Balance | 1,122 | 1,118 | 1,099 |
Recorded Investment | 1,125 | 1,118 | 1,098 |
Allowance for Loan Losses Allocated | 30 | 77 | 68 |
Average Recorded Investment | 743 | 1,676 | 1,284 |
Interest Income Recognized | 23 | 38 | 52 |
Cash Basis Interest Recognized | 20 | 34 | 48 |
Total | |||
Unpaid Principal Balance | 13,361 | 17,093 | 15,307 |
Recorded Investment | 13,487 | 16,549 | 15,522 |
Allowance for Loan Losses Allocated | 30 | 77 | 68 |
Average Recorded Investment | 13,202 | 20,579 | 16,914 |
Interest Income Recognized | 187 | 183 | 366 |
Cash Basis Interest Recognized | 167 | 162 | 346 |
Residential Portfolio Segment | Residential one-to-four family | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 7,771 | 9,362 | 8,744 |
Recorded Investment | 8,054 | 9,608 | 9,108 |
Average Recorded Investment | 8,088 | 11,578 | 9,534 |
Interest Income Recognized | 61 | 6 | 75 |
Cash Basis Interest Recognized | 58 | 5 | 75 |
With an allowance recorded: | |||
Unpaid Principal Balance | 1,122 | 1,077 | 1,062 |
Recorded Investment | 1,125 | 1,077 | 1,061 |
Allowance for Loan Losses Allocated | 30 | 36 | 31 |
Average Recorded Investment | 743 | 1,626 | 1,243 |
Interest Income Recognized | 23 | 37 | 50 |
Cash Basis Interest Recognized | 20 | 33 | 46 |
Total | |||
Allowance for Loan Losses Allocated | 30 | 36 | 31 |
Residential Portfolio Segment | Multifamily | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 659 | 1,675 | 684 |
Recorded Investment | 659 | 1,048 | 684 |
Average Recorded Investment | 671 | 1,562 | 1,170 |
Interest Income Recognized | 13 | 24 | 26 |
Cash Basis Interest Recognized | 10 | 21 | 24 |
With an allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
Total | |||
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 3,755 | 4,881 | 4,725 |
Recorded Investment | 3,595 | 4,718 | 4,577 |
Average Recorded Investment | 3,645 | 5,696 | 4,869 |
Interest Income Recognized | 89 | 114 | 210 |
Cash Basis Interest Recognized | 78 | 101 | 196 |
With an allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
Total | |||
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Construction and Land Portfolio Segment | Construction | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
With an allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
Total | |||
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
With an allowance recorded: | |||
Unpaid Principal Balance | 0 | 0 | 0 |
Recorded Investment | 0 | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Average Recorded Investment | 0 | 0 | 0 |
Interest Income Recognized | 0 | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 | 0 |
Total | |||
Allowance for Loan Losses Allocated | 0 | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | |||
With no related allowance recorded: | |||
Unpaid Principal Balance | 54 | 57 | 55 |
Recorded Investment | 54 | 57 | 55 |
Average Recorded Investment | 55 | 67 | 57 |
Interest Income Recognized | 1 | 1 | 3 |
Cash Basis Interest Recognized | 1 | 1 | 3 |
Consumer and Other Portfolio Segment | Consumer and other | |||
With an allowance recorded: | |||
Unpaid Principal Balance | 0 | 41 | 37 |
Recorded Investment | 0 | 41 | 37 |
Allowance for Loan Losses Allocated | 0 | 41 | 37 |
Average Recorded Investment | 0 | 50 | 41 |
Interest Income Recognized | 0 | 1 | 2 |
Cash Basis Interest Recognized | 0 | 1 | 2 |
Total | |||
Allowance for Loan Losses Allocated | $ 0 | $ 41 | $ 37 |
LOANS RECEIVABLE, NET - Narrati
LOANS RECEIVABLE, NET - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Receivables [Abstract] | |||||
Loans with terms modified in troubled debt restructurings | $ 4,900,000 | $ 4,900,000 | $ 5,400,000 | ||
Reserves specific to troubled debt restructuring | 30,000 | 30,000 | $ 68,000 | ||
Number of loans restructurings with subsequent default in the next twelve months | 0 | $ 0 | |||
Troubled debt restructuring during the period | $ 453,000 | $ 0 | $ 453,000 | $ 0 |
LOANS RECEIVABLE, NET - Summa_5
LOANS RECEIVABLE, NET - Summary of past due loans in non-accrual and past 90 days still on accrual (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 9,998 | $ 11,983 |
Loans Past Due 90 Days and Still Accruing | 0 | 116 |
Residential Portfolio Segment | Residential one-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 9,268 | 10,805 |
Loans Past Due 90 Days and Still Accruing | 0 | 0 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 139 |
Loans Past Due 90 Days and Still Accruing | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 676 | 857 |
Loans Past Due 90 Days and Still Accruing | 0 | 0 |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Loans Past Due 90 Days and Still Accruing | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Loans Past Due 90 Days and Still Accruing | 0 | 116 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 54 | 182 |
Loans Past Due 90 Days and Still Accruing | $ 0 | $ 0 |
LOANS RECEIVABLE, NET - Aging a
LOANS RECEIVABLE, NET - Aging analysis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 1,428,273 | $ 1,287,609 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,012 | 1,747 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 449 | 567 |
90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 8,067 | 9,615 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 9,528 | 11,929 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,418,745 | 1,275,680 |
Residential Portfolio Segment | Residential one-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 593,563 | 566,483 |
Residential Portfolio Segment | Residential one-to-four family | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,012 | 1,736 |
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 449 | 457 |
Residential Portfolio Segment | Residential one-to-four family | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 7,797 | 8,936 |
Residential Portfolio Segment | Residential one-to-four family | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 9,258 | 11,129 |
Residential Portfolio Segment | Residential one-to-four family | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 584,305 | 555,354 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 580,060 | 516,568 |
Residential Portfolio Segment | Multifamily | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Residential Portfolio Segment | Multifamily | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Residential Portfolio Segment | Multifamily | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Residential Portfolio Segment | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Residential Portfolio Segment | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 580,060 | 516,568 |
Nonresidential Portfolio Segment | Non-residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 211,429 | 141,534 |
Nonresidential Portfolio Segment | Non-residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 216 | 381 |
Nonresidential Portfolio Segment | Non-residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 216 | 381 |
Nonresidential Portfolio Segment | Non-residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 211,213 | 141,153 |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 20,762 | 23,420 |
Construction and Land Portfolio Segment | Construction | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 20,762 | 23,420 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 16,537 | 18,550 |
Junior Lien Portfolio Segment | Junior liens | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 53 |
Junior Lien Portfolio Segment | Junior liens | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 54 | 182 |
Junior Lien Portfolio Segment | Junior liens | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 54 | 235 |
Junior Lien Portfolio Segment | Junior liens | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 16,483 | 18,315 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 5,875 | 20,966 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 11 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 57 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 116 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 184 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 5,875 | 20,782 |
Consumer and Other Portfolio Segment | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 47 | 88 |
Consumer and Other Portfolio Segment | Consumer and other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | |
Consumer and Other Portfolio Segment | Consumer and other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 47 | $ 88 |
LOANS RECEIVABLE, NET - Credit
LOANS RECEIVABLE, NET - Credit quality indicators (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 1,428,273 | $ 1,287,609 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 1,415,994 | 1,269,218 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 1,277 | 5,213 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 11,002 | 13,178 |
Doubtful/Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Residential Portfolio Segment | Residential one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 593,563 | 566,483 |
Residential Portfolio Segment | Residential one-to-four family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 583,851 | 555,184 |
Residential Portfolio Segment | Residential one-to-four family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 266 | 0 |
Residential Portfolio Segment | Residential one-to-four family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 9,446 | 11,299 |
Residential Portfolio Segment | Residential one-to-four family | Doubtful/Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 580,060 | 516,568 |
Residential Portfolio Segment | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 579,534 | 510,815 |
Residential Portfolio Segment | Multifamily | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 5,069 |
Residential Portfolio Segment | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 526 | 684 |
Residential Portfolio Segment | Multifamily | Doubtful/Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 211,429 | 141,534 |
Nonresidential Portfolio Segment | Non-residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 209,442 | 140,377 |
Nonresidential Portfolio Segment | Non-residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 1,011 | 144 |
Nonresidential Portfolio Segment | Non-residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 976 | 1,013 |
Nonresidential Portfolio Segment | Non-residential | Doubtful/Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 20,762 | 23,420 |
Construction and Land Portfolio Segment | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 20,762 | 23,420 |
Construction and Land Portfolio Segment | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Construction and Land Portfolio Segment | Construction | Doubtful/Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 16,537 | 18,550 |
Junior Lien Portfolio Segment | Junior liens | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 16,483 | 18,368 |
Junior Lien Portfolio Segment | Junior liens | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 54 | 182 |
Junior Lien Portfolio Segment | Junior liens | Doubtful/Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 5,875 | 20,966 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 5,875 | 20,966 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Doubtful/Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | |
Consumer and Other Portfolio Segment | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 47 | 88 |
Consumer and Other Portfolio Segment | Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 47 | 88 |
Consumer and Other Portfolio Segment | Consumer and other | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Doubtful/Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 0 | $ 0 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) | Jun. 30, 2022 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease original lease terms (in years) | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease original lease terms (in years) | 40 years |
LEASES - Lease liabilities and
LEASES - Lease liabilities and ROU assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Leases [Abstract] | |||
Right-of-use assets | $ 24,163 | $ 25,457 | $ 25,457 |
Lease liabilities | $ 25,461 | $ 26,696 | $ 26,696 |
Weighted average remaining lease terms on operating leases (in years) | 11 years 10 months 24 days | 12 years 2 months 12 days | |
Weighted average discount rate on operating leases | 1.99% | 1.97% |
LEASES - Summary of components
LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 770 | $ 765 | $ 1,540 | $ 1,512 |
Finance lease cost | 6 | 6 | 12 | 12 |
Variable lease cost | 59 | 67 | 113 | 93 |
Total lease cost included as a component of occupancy and equipment | $ 835 | $ 838 | $ 1,665 | $ 1,617 |
LEASES - Schedule of future und
LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Leases [Abstract] | |||
2023 | $ 2,939 | ||
2024 | 2,710 | ||
2025 | 2,499 | ||
2026 | 2,310 | ||
2027 | 2,227 | ||
Thereafter | 16,177 | ||
Total undiscounted lease payments | 28,862 | ||
Less: imputed interest | (3,401) | ||
Total | $ 25,461 | $ 26,696 | $ 26,696 |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 768 | $ 852 | $ 1,525 | $ 1,258 |
Operating leases | $ 0 | $ 2,168 | $ 0 | $ 2,168 |
DEPOSITS - Summary of deposits
DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Non-interest bearing deposits | $ 52,036 | $ 44,894 |
NOW and demand accounts | 455,776 | 363,419 |
Savings | 358,166 | 364,932 |
Time deposits | 430,696 | 473,795 |
Deposits | $ 1,296,674 | $ 1,247,040 |
DEPOSITS - Schedule of timed de
DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Remainder of 2022 | $ 201,843 | |
2023 | 174,784 | |
2024 | 36,405 | |
2025 | 10,607 | |
2026 | 5,564 | |
2027 | 1,493 | |
Time deposits | $ 430,696 | $ 473,795 |
EMPLOYEE STOCK OWNERSHIP PLAN -
EMPLOYEE STOCK OWNERSHIP PLAN - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jul. 15, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||||||
Shares in ESOP (in shares) | 2,281,800 | 2,281,800 | 2,281,800 | |||
Price per share, ESOP (in usd per share) | $ 10 | |||||
ESOP loan balance | $ 21,800,000 | $ 21,800,000 | ||||
Contributions to ESOP | $ 0 | |||||
ESOP shares committed to be released (in shares) | 22,818 | 22,818 | 45,636 | |||
ESOP expense | $ 282,000 | $ 0 | $ 604,000 | $ 0 |
EMPLOYEE STOCK OWNERSHIP PLAN_2
EMPLOYEE STOCK OWNERSHIP PLAN - Shares held by ESOP (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jul. 15, 2021 |
Share-Based Payment Arrangement [Abstract] | ||
Allocated to participants | 91,272 | |
Unallocated | 2,190,528 | |
Total ESOP shares | 2,281,800 | 2,281,800 |
Fair value of unallocated shares at June 30, 2022 | $ 26,264 |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Securities available for sale: | $ 352,183,000 | $ 324,892,000 | |
Cash pledged as collateral | (8,400,000) | ||
Interest expense | (468,000) | $ (690,000) | |
Asset Pledged as Collateral with Right | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Securities available for sale: | 0 | 5,600,000 | |
Interest Rate Swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate swaps, notional amount | 109,000,000 | ||
Unrealized losses expected to be reclassified | 435,000 | ||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate swaps, notional amount | $ 109,000,000 | $ 109,000,000 |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITIES - Summary of interest-rate swaps designated as cash flow hedges (Details) - Interest Rate Swap - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amounts | $ 109,000,000 | |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amounts | $ 109,000,000 | $ 109,000,000 |
Weighted average pay rates | 1.4577% | 1.4577% |
Weighted average receive rates | 1.5944% | 0.1742% |
Weighted average maturity | 4 years 8 months 12 days | 5 years 3 months 18 days |
Unrealized gains (losses), net | $ 7,672,000 | $ (246,000) |
Cash Flow Hedging | Designated as Hedging Instrument | Other Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized gains (losses), net | 7,672,000 | 1,313,000 |
Cash Flow Hedging | Designated as Hedging Instrument | Other Liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized gains (losses), net | $ 0 | $ 1,559,000 |
DERIVATIVES AND HEDGING ACTIV_5
DERIVATIVES AND HEDGING ACTIVITIES - Summary of effect of cash flow hedge accounting on AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative | [1] | $ 2,360 | $ (895) | $ 7,919 | $ 2,419 |
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) | $ (468) | $ (690) | |||
Interest Rate Swap | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative | 2,360 | (895) | |||
Interest Rate Swap | Other Nonoperating Income (Expense) | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) | $ (146) | $ (353) | |||
[1]The 2022 period tax is inclusive of a deferred tax valuation allowance. |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of components of other comprehensive loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized (loss) gain arising during the period, After Tax | $ (18,929) | $ 489 | ||
Reclassification adjustment for losses included in net income, After Tax | 554 | 571 | ||
Total other comprehensive lose, Before Tax | $ (8,246) | $ 695 | (18,427) | 1,717 |
Total other comprehensive lose, Tax Effect | 3 | (232) | 52 | (657) |
Other comprehensive income (loss) | (8,243) | 463 | (18,375) | 1,060 |
Unrealized Gains and (Losses) on Available-for-sale Securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized (loss) gain arising during the period, Before Tax | (10,808) | 1,888 | (26,596) | (1,753) |
Unrealized (loss) gain arising during the period, Tax Effect | 3 | (567) | 52 | 320 |
Unrealized (loss) gain arising during the period, After Tax | (10,805) | 1,321 | (26,544) | (1,433) |
Reclassification adjustment for losses included in net income, Before Tax | (14) | 0 | (14) | 0 |
Reclassification adjustment for losses included in net income, Tax Effect | 0 | 0 | 0 | 0 |
Reclassification adjustment for losses included in net income, After Tax | (14) | 0 | (14) | 0 |
Total other comprehensive lose, Before Tax | (10,822) | 1,888 | (26,610) | (1,753) |
Total other comprehensive lose, Tax Effect | 3 | (567) | 52 | 320 |
Other comprehensive income (loss) | (10,819) | 1,321 | (26,558) | (1,433) |
Unrealized Gains and (Losses) on Cash Flow Hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized (loss) gain arising during the period, Before Tax | 2,214 | (1,598) | 7,451 | 2,676 |
Unrealized (loss) gain arising during the period, Tax Effect | 0 | 449 | 0 | (754) |
Unrealized (loss) gain arising during the period, After Tax | 2,214 | (1,149) | 7,451 | 1,922 |
Reclassification adjustment for losses included in net income, Before Tax | 146 | 353 | 468 | 690 |
Reclassification adjustment for losses included in net income, Tax Effect | 0 | (99) | 0 | (193) |
Reclassification adjustment for losses included in net income, After Tax | 146 | 254 | 468 | 497 |
Total other comprehensive lose, Before Tax | 2,360 | (1,245) | 7,919 | 3,366 |
Total other comprehensive lose, Tax Effect | 0 | 350 | 0 | (947) |
Other comprehensive income (loss) | 2,360 | (895) | 7,919 | 2,419 |
Post-Retirement Plans | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Unrealized (loss) gain arising during the period, Before Tax | 164 | 0 | 164 | 0 |
Unrealized (loss) gain arising during the period, Tax Effect | 0 | 0 | 0 | 0 |
Unrealized (loss) gain arising during the period, After Tax | 164 | 0 | 164 | 0 |
Reclassification adjustment for losses included in net income, Before Tax | 52 | 52 | 100 | 104 |
Reclassification adjustment for losses included in net income, Tax Effect | 0 | (15) | 0 | (30) |
Reclassification adjustment for losses included in net income, After Tax | 52 | 37 | 100 | 74 |
Total other comprehensive lose, Before Tax | 216 | 52 | 264 | 104 |
Total other comprehensive lose, Tax Effect | 0 | (15) | 0 | (30) |
Other comprehensive income (loss) | $ 216 | $ 37 | $ 264 | $ 74 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in accumulated other comprehensive income by component, net of tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 420,214 | $ 205,452 | $ 429,471 | $ 205,600 |
Other comprehensive income (loss) before reclassification | (18,929) | 489 | ||
Amounts reclassified from accumulated other comprehensive income | 554 | 571 | ||
Other comprehensive income (loss) | (8,243) | 463 | (18,375) | 1,060 |
Balance at end of period | 412,293 | 204,912 | 412,293 | 204,912 |
Total | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (10,504) | (434) | (372) | (1,031) |
Balance at end of period | (18,747) | 29 | (18,747) | 29 |
Unrealized Gains and (Losses) on Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (246) | (3,986) | ||
Other comprehensive income (loss) before reclassification | 2,214 | (1,149) | 7,451 | 1,922 |
Amounts reclassified from accumulated other comprehensive income | 146 | 254 | 468 | 497 |
Other comprehensive income (loss) | 2,360 | (895) | 7,919 | 2,419 |
Balance at end of period | 7,673 | (1,567) | 7,673 | (1,567) |
Unrealized Gains and (Losses) on Available-for-sale Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 1,091 | 4,208 | ||
Other comprehensive income (loss) before reclassification | (10,805) | 1,321 | (26,544) | (1,433) |
Amounts reclassified from accumulated other comprehensive income | (14) | 0 | (14) | 0 |
Other comprehensive income (loss) | (10,819) | 1,321 | (26,558) | (1,433) |
Balance at end of period | (25,467) | 2,775 | (25,467) | 2,775 |
Post-Retirement Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,217) | (1,253) | ||
Other comprehensive income (loss) before reclassification | 164 | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 100 | 74 | ||
Other comprehensive income (loss) | 264 | 74 | ||
Balance at end of period | $ (953) | $ (1,179) | $ (953) | $ (1,179) |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Gain on sales and calls of securities available for sale | $ 14,000 | $ 0 | $ 14,000 | $ 0 | ||
Interest (expense) income | 13,162,000 | 9,908,000 | 25,101,000 | 19,508,000 | ||
Compensation and employee benefits | 7,008,000 | 6,369,000 | 13,932,000 | 12,391,000 | ||
Income tax expense | (3,000) | (283,000) | (52,000) | 268,000 | ||
Total reclassification for the period, net of tax | (40,000) | $ (553,000) | 1,003,000 | $ 745,000 | (593,000) | 1,748,000 |
Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income tax expense | 0 | 114,000 | 0 | 223,000 | ||
Total reclassification for the period, net of tax | 184,000 | 291,000 | (554,000) | (571,000) | ||
Unrealized Gains and (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest (expense) income | (146,000) | (353,000) | (468,000) | (690,000) | ||
Unrealized Gains and (Losses) on Available-for-sale Securities | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Gain on sales and calls of securities available for sale | 14,000 | 0 | 14,000 | 0 | ||
Post-Retirement Plans | Reclassification out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Compensation and employee benefits | $ (52,000) | $ (52,000) | $ (100,000) | $ (104,000) |
FAIR VALUE OF ASSETS AND LIAB_3
FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | $ 352,183 | $ 324,892 |
U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 44,634 | 36,832 |
Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 81,295 | 87,619 |
U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 21,315 | 23,329 |
Obligations issued by U.S. states and their political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 16,913 | 20,324 |
Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 156,175 | 114,401 |
Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 26,677 | 35,916 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 5,174 | 6,471 |
Measured on a recurring basis: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 352,183 | 324,892 |
Derivatives | 7,672 | |
Financial assets | 359,855 | |
Derivatives | 246 | |
Measured on a recurring basis: | U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 44,634 | 36,832 |
Measured on a recurring basis: | Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 81,295 | 87,619 |
Measured on a recurring basis: | U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 21,315 | 23,329 |
Measured on a recurring basis: | Obligations issued by U.S. states and their political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 16,913 | 20,324 |
Measured on a recurring basis: | Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 156,175 | 114,401 |
Measured on a recurring basis: | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 26,677 | 35,916 |
Measured on a recurring basis: | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 5,174 | 6,471 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 61,051 | 54,449 |
Derivatives | 0 | |
Financial assets | 61,051 | |
Derivatives | 0 | |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 44,634 | 36,832 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 16,417 | 17,617 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Obligations issued by U.S. states and their political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Other Observable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 291,132 | 270,443 |
Derivatives | 7,672 | |
Financial assets | 298,804 | |
Derivatives | 246 | |
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Other Observable Inputs | Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 81,295 | 87,619 |
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 4,898 | 5,712 |
Measured on a recurring basis: | Significant Other Observable Inputs | Obligations issued by U.S. states and their political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 16,913 | 20,324 |
Measured on a recurring basis: | Significant Other Observable Inputs | Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 156,175 | 114,401 |
Measured on a recurring basis: | Significant Other Observable Inputs | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 26,677 | 35,916 |
Measured on a recurring basis: | Significant Other Observable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 5,174 | 6,471 |
Measured on a recurring basis: | Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Derivatives | 0 | |
Financial assets | 0 | |
Derivatives | 0 | |
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Obligations issued by U.S. states and their political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | $ 0 | $ 0 |
FAIR VALUE OF ASSETS AND LIAB_4
FAIR VALUE OF ASSETS AND LIABILITIES - Summary of fair value of assets and liabilities not carried at fair value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financial assets | ||
Securities held-to-maturity | $ 29,794 | $ 23,281 |
Loans, net | 1,414,223 | 1,273,184 |
Financial liabilities | ||
Time deposits | 430,696 | 473,795 |
Federal Home Loan advances | 205,500 | 185,500 |
Quoted Prices in Active Markets for Identical Assets | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Loans, net | 0 | 0 |
Financial liabilities | ||
Time deposits | 0 | 0 |
Federal Home Loan advances | 0 | 0 |
Significant Other Observable Inputs | ||
Financial assets | ||
Securities held-to-maturity | 26,928 | 22,849 |
Loans, net | 0 | 0 |
Financial liabilities | ||
Time deposits | 420,751 | 470,732 |
Federal Home Loan advances | 200,675 | 182,795 |
Significant Unobservable Inputs | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Loans, net | 1,330,052 | 1,266,799 |
Financial liabilities | ||
Time deposits | 0 | 0 |
Federal Home Loan advances | $ 0 | $ 0 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Details) - Other Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 277 | $ 275 | $ 515 | $ 475 |
Service charges on deposits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | 267 | 266 | 496 | 459 |
Interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue from Contracts with Customers | $ 10 | $ 9 | $ 19 | $ 16 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||||||
Net income applicable to common shares | $ 40 | $ 553 | $ (1,003) | $ (745) | $ 593 | $ (1,748) |
Earnings Per Share, Basic and Diluted [Abstract] | ||||||
Average number of common shares outstanding | 28,522,500 | 28,522,500 | ||||
Less: Average unallocated ESOP shares | 2,156,176 | 2,167,521 | ||||
Average number of common shares outstanding used to calculate basic earnings per common share | 26,366,324 | 26,354,979 | ||||
Average number of common shares outstanding used to calculate diluted earnings per common share | 26,366,324 | 26,354,979 | ||||
Common stock equivalents | 0 | 0 | ||||
Basic earnings per share (in dollars per share) | $ 0 | $ 0.02 | ||||
Diluted earnings per share (in dollars per share) | $ 0 | $ 0.02 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event - The 2022 Stock Repurchase Program - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |
Aug. 12, 2022 | Jul. 20, 2022 | |
Subsequent Event [Line Items] | ||
Number of shares authorized for repurchase | 2,852,250 | |
Percent of outstanding shares authorized for repurchase | 10% | |
Shares repurchased | 105,759 | |
Value of shares required | $ 1,200 | |
Average cost per share of shares repurchased | $ 11.69 |