Loans

6 Months Ended

Jun. 30, 2025

5. Loans

The following represents the composition of loans as of the dates indicated:


	June 30,		December 31,
	2025		2024

	(In thousands)
Multi-family residential	$	2,487,610	$	2,527,222
Commercial real estate		1,987,523		1,973,124
One-to-four family ― mixed-use property		493,846		511,222
One-to-four family ― residential		258,608		244,282
Construction		46,798		60,399
Small Business Administration		15,473		19,925
Commercial business and other		1,407,792		1,401,602
Net unamortized premiums and unearned loan fees		11,008		10,097
Total loans, net of fees and costs excluding portfolio layer basis adjustments		6,708,658		6,747,873
Unallocated portfolio layer basis adjustments ⁽¹⁾		943		(2,025)
Total loans, net of fees and costs	$	6,709,601	$	6,745,848

(1) This amount represents portfolio layer method basis adjustments related to loans hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual loans, however, the amounts impact the net loan balance. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans, certain market value adjustments related to hedging and unamortized premiums or discounts on purchased loans. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected.

Interest on loans is recognized on an accrual basis. Accrued interest receivable totaled $46.6 million and $46.3 million at June 30, 2025 and December 31, 2024, respectively, and was included in “Interest and dividends receivable” on the Consolidated Statements of Financial Condition. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 days or more, indicate reasonable doubt as to the timely collectability of such income. Uncollected interest previously recognized on non-accrual loans is reversed from interest income at the time the loan is placed on non-accrual status. A non-accrual loan can be returned to accrual status when contractual delinquency returns to less than 90 days delinquent. Payments received on non-accrual loans that do not bring the loan to less than 90 days delinquent are recorded on a cash basis. Payments can also be applied first as a reduction of principal until all principal is recovered and then subsequently to interest, if in management’s opinion, it is evident that recovery of all principal due is likely to occur.

Allowance for credit losses

The allowance for credit losses (“ACL”) is an estimate that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial assets. Loans are charged off against the ACL when management believes that a loan balance is uncollectable based on quarterly analysis of credit risk.

The amount of the ACL is based upon a loss rate model that considers multiple factors which reflects management’s assessment of the credit quality of the loan portfolio. Management estimates the ACL balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The factors are both quantitative and qualitative in nature including, but not limited to, historical losses, economic conditions, trends in delinquencies, value and adequacy of underlying collateral, volume and portfolio mix, and internal loan processes. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans.

The Company recorded a provision for credit losses on loans totaling $3.8 million and $0.8 million for the three months ended June 30, 2025 and 2024, respectively. The Company recorded a provision for credit losses on loans totaling $8.1 million and $1.4 million for the six months ended June 30, 2025 and 2024, respectively. The provision recorded during the three months ended June 30, 2025 was primarily due to increased reserves applied to three Business Banking loans and charges-offs on three Multi-Family residential loans comprising one relationship that were sold. The provision recorded during the six months ended June 30, 2025, was primarily due to reserves on one commercial real estate loan which lost its primary tenant, increased reserves applied to three Business Banking loans and charges-offs on three Multi-Family residential loans that were sold. The ACL - loans totaled $41.2 million on June 30, 2025 compared to $40.2 million on December 31, 2024. On June 30, 2025, the ACL - loans represented 0.62% of gross loans and 83.8% of non-performing loans. On December 31, 2024, the ACL - loans represented 0.60% of gross loans and 120.5% of non-performing loans.

The Company may modify loans to enable a borrower experiencing financial difficulties to continue making payments when it is deemed to be in the Company’s best long-term interest. When modifying a loan, an assessment of whether a borrower is experiencing financial difficulty is made on the date of modification. This modification may include reducing the loan interest rate, extending the loan term, any other-than-insignificant payment delay, principal forgiveness or any combination of these types of modifications. When such modifications are performed, a change to the allowance for credit losses is generally not required as the methodologies used to estimate the allowance already capture the effect of borrowers experiencing financial difficulty. On June 30, 2025, there were no commitments to lend additional funds to borrowers who have received a loan modification due to financial difficulty. There was one loan modifications made to borrowers experiencing financial difficulty at June 30, 2025.

The following table shows loan modifications made to borrowers experiencing financial difficulty by type of modification granted during the period indicated:


	For the three and six months ended June 30, 2025
(Dollars in thousands)	Term Extension and Reduced Interest Rate
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number		Amortized Cost Basis	% of Total Class of Financing Receivable		Financial Effect
Commercial real estate	1	$	8,400	0.4	%	Borrower to make interest only payments through December 2026 (18 months) and rate reduced to 6.00% from 7.22%
Total	1	$	8,400


	For the six months ended June 30, 2024
(Dollars in thousands)	Term Extension and Reduced Interest Rate
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number	Amortized Cost Basis		% of Total Class of Financing Receivable		Financial Effect
Commercial business and other	1	$	378	—	%	Extended Maturity to August 2026 (3 months) and reduced the interest rate to zero percent
Total	1	$	378

The following table shows the payment status at June 30, 2025, of borrowers experiencing financial difficulty for which a modification was granted within the last 12 months:


	Payment Status of Borrowers Experiencing Financial Difficulty (Amortized Cost Basis)
(In thousands)	Current		30-89 Days Past Due		90+ Days Past Due		Total Modified
Multi-family residential	$	7,473	$	—	$	—	$	7,473
Commercial real estate		41,082		—		—		41,082
Commercial business and other		7		—		—		7
Total	$	48,562	$	—	$	—	$	48,562

The following tables show our non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing for the periods shown below:


	At or for the six months ended June 30, 2025
(In thousands)		Non-accrual amortized cost beginning of the reporting period		Non-accrual amortized cost end of the reporting period		Non-accrual with no related allowance		Interest income recognized		Loans ninety days or more past due and still accruing
Multi-family residential	$	11,707	$	13,843	$	8,282	$	29	$	—
Commercial real estate		6,376		23,708		6,799		—		—
One-to-four family - mixed-use property		117		441		441		6		—
One-to-four family - residential		812		1,657		1,657		2		—
Small Business Administration		2,531		2,526		2,526		—		—
Commercial business and other		12,454		8,857		4,287		—		—
Total	$	33,997	$	51,032	$	23,992	$	37	$	—


	At or for the year ended December 31, 2024
(In thousands)		Non-accrual amortized cost beginning of the reporting period		Non-accrual amortized cost end of the reporting period		Non-accrual with no related allowance		Interest income recognized		Loans ninety days or more past due and still accruing
Multi-family residential	$	3,640	$	11,707	$	6,476	$	5	$	—
Commercial real estate		—		6,376		6,376		—		—
One-to-four family - mixed-use property		1,005		117		117		1		—
One-to-four family - residential		4,670		812		812		2		—
Small Business Administration		2,576		2,531		2,531		—		—
Commercial business and other		11,768		12,454		6,046		3		—
Total	$	23,659	$	33,997	$	22,358	$	11	$	—

The following is a summary of interest foregone on non-accrual loans for the periods indicated.


	For the three months ended				For the six months ended
	June 30,				June 30,
	2025		2024		2025		2024


(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	963	$	742	$	1,783	$	1,346
Less: Interest income included in the results of operations		(12)		(2)		(37)		(5)
Total foregone interest	$	951	$	740	$	1,746	$	1,341

The following tables show the aging analysis of the amortized cost basis of loans at the period indicated by class of loans:


	At June 30, 2025
(In thousands)	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days		Total Past Due		Current		Total Loans ⁽¹⁾
Multi-family residential	$	1,186	$	1,797	$	13,843	$	16,826	$	2,476,212	$	2,493,038
Commercial real estate		1,990		16,909		6,799		25,698		1,963,758		1,989,456
One-to-four family - mixed-use property		2,748		1,037		441		4,226		492,041		496,267
One-to-four family - residential		2,293		—		1,657		3,950		255,055		259,005
Construction		—		—		—		—		46,587		46,587
Small Business Administration		134		—		2,526		2,660		13,047		15,707
Commercial business and other		23		—		7,149		7,172		1,401,426		1,408,598
Total	$	8,374	$	19,743	$	32,415	$	60,532	$	6,648,126	$	6,708,658

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $0.9 million related to loans hedged in a closed pool. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.


	At December 31, 2024
(In thousands)	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days		Total Past Due		Current		Total Loans ⁽¹⁾
Multi-family residential	$	12,596	$	9,255	$	11,707	$	33,558	$	2,498,055	$	2,531,613
Commercial real estate		4,846		—		6,376		11,222		1,963,400		1,974,622
One-to-four family - mixed-use property		870		1,234		117		2,221		511,717		513,938
One-to-four family - residential		802		65		812		1,679		242,914		244,593
Construction		—		—		—		—		60,114		60,114
Small Business Administration		—		—		2,531		2,531		17,664		20,195
Commercial business and other		409		2,239		12,432		15,080		1,387,718		1,402,798
Total	$	19,523	$	12,793	$	33,975	$	66,291	$	6,681,582	$	6,747,873

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $2.0 million related to loans hedged in a closed pool. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

The following tables show the activity in the ACL on loans for the six-month periods ended:


	June 30, 2025
					One-to-four		One-to-four						Commercial
	Multi-family		Commercial		family - mixed-		family -		Construction		Small Business		business and
(In thousands)	residential		real estate		use property		residential		loans		Administration		other		Total
Beginning balance	$	13,145	$	9,288	$	1,623	$	759	$	371	$	1,523	$	13,443	$	40,152
Charge-offs		(1,681)		(72)		—		(5)		—		(2)		(5,568)		(7,328)
Recoveries		—		—		—		5		—		46		301		352
Provision (benefit)		981		3,995		55		99		(239)		(201)		3,381		8,071
Ending balance	$	12,445	$	13,211	$	1,678	$	858	$	132	$	1,366	$	11,557	$	41,247


	June 30, 2024
					One-to-four
					family -		One-to-four						Commercial
	Multi-family		Commercial		mixed-use		family -		Construction		Small Business		business and
(In thousands)	residential		real estate		property		residential		loans		Administration		other		Total
Allowance for credit losses:
Beginning balance	$	10,373	$	8,665	$	1,610	$	668	$	158	$	1,626	$	17,061	$	40,161
Charge-offs		—		—		—		(14)		—		—		(55)		(69)
Recoveries		1		—		2		3		—		96		55		157
Provision (benefit)		455		378		(35)		139		608		(596)		450		1,399
Ending balance	$	10,829	$	9,043	$	1,577	$	796	$	766	$	1,126	$	17,511	$	41,648

In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans.” If a loan does not fall within one of the previously mentioned categories and management believes weakness is evident then we designate the loan as “Watch;” all other loans would be considered “Pass.” Loans that are non-accrual are designated as Substandard, Doubtful or Loss. These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that may jeopardize the orderly liquidation of the debt. We designate a loan as Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as Loss, as loans that are designated as Loss are charged to the Allowance for Credit Losses. We designate a loan as Special Mention if the asset does not warrant classification within one of the other classifications but does contain a potential weakness that deserves closer attention.

The following tables summarize the various risk categories of mortgage and non-mortgage loans by loan portfolio segments and by class of loans by year of origination at the periods indicated below:


	June 30, 2025
														Revolving Loans		Revolving Loans
														Amortized Cost		converted to
(In thousands)		2025		2024		2023		2022		2021		Prior		Basis		term loans		Total
Multi-family Residential
Pass	$	32,183	$	115,266	$	229,466	$	408,332	$	266,636	$	1,381,280	$	3,019	$	—	$	2,436,182
Watch		—		929		—		2,168		2,519		33,064		—		—		38,680
Special Mention		—		—		—		—		694		2,106		—		—		2,800
Substandard		—		—		—		816		—		14,560		—		—		15,376
Total Multi-family Residential	$	32,183	$	116,195	$	229,466	$	411,316	$	269,849	$	1,431,010	$	3,019	$	—	$	2,493,038
Gross charge-offs	$	—	$	—	$	—	$	1,681	$	—	$	—	$	—	$	—	$	1,681
Commercial Real Estate
Pass	$	96,909	$	196,460	$	193,626	$	301,381	$	138,181	$	950,080	$	—	$	—	$	1,876,637
Watch		—		1,990		4,128		425		7,449		66,550		—		—		80,542
Special Mention		8,400		—		—		—		—		165		—		—		8,565
Substandard		—		—		—		—		—		23,712		—		—		23,712
Total Commercial Real Estate	$	105,309	$	198,450	$	197,754	$	301,806	$	145,630	$	1,040,507	$	—	$	—	$	1,989,456
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	72	$	—	$	—	$	72
1-4 Family Mixed-Use Property
Pass	$	5,254	$	17,657	$	22,280	$	44,622	$	38,657	$	360,089	$	—	$	—	$	488,559
Watch		—		—		—		—		—		5,202		—		—		5,202
Special Mention		—		—		—		—		—		1,708		—		—		1,708
Substandard		—		—		—		—		—		798		—		—		798
Total 1-4 Family Mixed-Use Property	$	5,254	$	17,657	$	22,280	$	44,622	$	38,657	$	367,797	$	—	$	—	$	496,267
1-4 Family Residential
Pass	$	—	$	11,119	$	62,111	$	32,382	$	6,828	$	126,048	$	5,493	$	7,859	$	251,840
Watch		—		—		—		489		—		3,378		—		1,585		5,452
Special Mention		—		—		—		—		—		57		—		—		57
Substandard		—		—		—		—		—		1,154		—		502		1,656
Total 1-4 Family Residential	$	—	$	11,119	$	62,111	$	32,871	$	6,828	$	130,637	$	5,493	$	9,946	$	259,005
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	5	$	—	$	—	$	5
Construction
Pass	$	724	$	—	$	—	$	—	$	—	$	—	$	27,675	$	—	$	28,399
Watch		—		—		—		—		18,188		—		—		—		18,188
Special Mention		—		—		—		—		—		—		—		—		—
Total Construction	$	724	$	—	$	—	$	—	$	18,188	$	—	$	27,675	$	—	$	46,587
Small Business Administration
Pass	$	2,895	$	1,734	$	1,145	$	3,173	$	985	$	2,589	$	—	$	—	$	12,521
Watch		—		—		—		—		—		283		—		—		283
Special Mention		—		—		—		—		—		173		—		—		173
Substandard		—		—		—		—		1,690		1,040		—		—		2,730
Total Small Business Administration	$	2,895	$	1,734	$	1,145	$	3,173	$	2,675	$	4,085	$	—	$	—	$	15,707
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	2	$	—	$	—	$	2
Commercial Business
Pass	$	47,306	$	93,061	$	82,067	$	66,317	$	23,069	$	98,378	$	201,803	$	—	$	612,001
Watch		78		241		4,133		—		3,447		5,910		2,499		—		16,308
Special Mention		—		—		—		—		—		10		—		—		10
Substandard		—		681		354		2,156		—		34		8,476		—		11,701
Doubtful		—		—		—		—		—		1,707		—		—		1,707
Total Commercial Business	$	47,384	$	93,983	$	86,554	$	68,473	$	26,516	$	106,039	$	212,778	$	—	$	641,727
Gross charge-offs	$	—	$	—	$	871	$	2,621	$	—	$	1,953	$	94	$	—	$	5,539
Commercial Business - Secured by RE
Pass	$	50,021	$	67,279	$	43,844	$	165,219	$	121,034	$	288,408	$	—	$	—	$	735,805
Watch		—		8,608		—		—		1,268		18,238		—		—		28,114
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		2,757		—		—		2,757
Total Commercial Business - Secured by RE	$	50,021	$	75,887	$	43,844	$	165,219	$	122,302	$	309,403	$	—	$	—	$	766,676
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	106	$	89	$	—	$	195
Total Other	$	—	$	—	$	—	$	—	$	—	$	106	$	89	$	—	$	195
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	29	$	—	$	—	$	29
Total by Loan Type
Total Pass	$	235,292	$	502,576	$	634,539	$	1,021,426	$	595,390	$	3,206,978	$	238,079	$	7,859	$	6,442,139
Total Watch		78		11,768		8,261		3,082		32,871		132,625		2,499		1,585		192,769
Total Special Mention		8,400		—		—		—		694		4,219		—		—		13,313
Total Substandard		—		681		354		2,972		1,690		44,055		8,476		502		58,730
Total Doubtful		—		—		—		—		—		1,707		—		—		1,707
Total Loans ⁽¹⁾	$	243,770	$	515,025	$	643,154	$	1,027,480	$	630,645	$	3,389,584	$	249,054	$	9,946	$	6,708,658
Total Gross charge-offs	$	—	$	—	$	871	$	4,302	$	—	$	2,061	$	94	$	—	$	7,328

⁽¹⁾The table above excludes the unallocated portfolio layer basis adjustments totaling $0.9 million related to loans hedged in a closed pool at June 30, 2025. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.


	December 31, 2024
														Revolving Loans		Revolving Loans
														Amortized Cost		converted to
(In thousands)		2024		2023		2022		2021		2020		Prior		Basis		term loans		Total
Multi-family Residential
Pass	$	116,814	$	248,004	$	375,084	$	272,747	$	195,539	$	1,250,368	$	5,369	$	—	$	2,463,925
Watch		—		—		7,587		—		2,724		31,665		—		—		41,976
Special Mention		—		—		10,163		—		—		2,388		—		—		12,551
Substandard		—		—		—		704		2,811		9,646		—		—		13,161
Total Multi-family Residential	$	116,814	$	248,004	$	392,834	$	273,451	$	201,074	$	1,294,067	$	5,369	$	—	$	2,531,613
Commercial Real Estate
Pass	$	199,396	$	197,228	$	310,725	$	144,569	$	122,576	$	924,520	$	—	$	—	$	1,899,014
Watch		—		—		430		4,023		6,660		58,119		—		—		69,232
Substandard		—		—		—		—		—		6,376		—		—		6,376
Total Commercial Real Estate	$	199,396	$	197,228	$	311,155	$	148,592	$	129,236	$	989,015	$	—	$	—	$	1,974,622
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	421	$	—	$	—	$	421
1-4 Family Mixed-Use Property
Pass	$	17,759	$	23,552	$	45,487	$	40,515	$	27,448	$	352,004	$	—	$	—	$	506,765
Watch		—		—		—		—		—		5,338		—		—		5,338
Special Mention		—		—		—		—		445		1,273		—		—		1,718
Substandard		—		—		—		—		—		117		—		—		117
Total 1-4 Family Mixed-Use Property	$	17,759	$	23,552	$	45,487	$	40,515	$	27,893	$	358,732	$	—	$	—	$	513,938
1-4 Family Residential
Pass	$	2,136	$	53,556	$	22,382	$	7,117	$	16,039	$	121,653	$	6,256	$	8,588	$	237,727
Watch		—		—		496		254		—		2,769		113		1,265		4,897
Special Mention		—		—		—		—		—		838		—		215		1,053
Substandard		—		—		—		—		—		477		—		439		916
Total 1-4 Family Residential	$	2,136	$	53,556	$	22,878	$	7,371	$	16,039	$	125,737	$	6,369	$	10,507	$	244,593
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	14	$	—	$	—	$	14
Construction
Pass	$	—	$	51	$	2	$	18,215	$	—	$	—	$	39,230	$	—	$	57,498
Watch		—		—		—		—		—		—		—		—		—
Special Mention		—		2,616		—		—		—		—		—		—		2,616
Total Construction	$	—	$	2,667	$	2	$	18,215	$	—	$	—	$	39,230	$	—	$	60,114
Small Business Administration
Pass	$	7,356	$	1,906	$	3,211	$	1,092	$	1,672	$	1,123	$	—	$	—	$	16,360
Watch		—		—		—		—		—		774		—		—		774
Special Mention		—		—		—		—		—		325		—		—		325
Substandard		—		—		—		1,691		—		1,045		—		—		2,736
Total Small Business Administration	$	7,356	$	1,906	$	3,211	$	2,783	$	1,672	$	3,267	$	—	$	—	$	20,195
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	7	$	—	$	—	$	7
Commercial Business
Pass	$	109,139	$	92,916	$	71,479	$	29,665	$	17,744	$	99,620	$	208,419	$	—	$	628,982
Watch		166		4,850		—		1,630		4,310		1,720		1,500		—		14,176
Special Mention		—		—		—		—		—		16		—		—		16
Substandard		716		429		4,891		—		—		3,119		3,856		—		13,011
Doubtful		—		462		—		—		—		—		570		—		1,032
Total Commercial Business	$	110,021	$	98,657	$	76,370	$	31,295	$	22,054	$	104,475	$	214,345	$	—	$	657,217
Gross charge-offs	$	—	$	—	$	—	$	4,121	$	—	$	266	$	3,083	$	—	$	7,470
Commercial Business - Secured by RE
Pass	$	68,613	$	45,976	$	169,904	$	125,523	$	99,794	$	203,839	$	673	$	—	$	714,322
Watch		8,671		—		—		—		3,721		396		—		—		12,788
Special Mention		—		—		—		—		—		14,418		—		—		14,418
Substandard		—		—		—		—		—		3,884		—		—		3,884
Total Commercial Business - Secured by RE	$	77,284	$	45,976	$	169,904	$	125,523	$	103,515	$	222,537	$	673	$	—	$	745,412
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	85	$	84	$	—	$	169
Total Other	$	—	$	—	$	—	$	—	$	—	$	85	$	84	$	—	$	169
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	57	$	—	$	—	$	57
Total by Loan Type
Total Pass	$	521,213	$	663,189	$	998,274	$	639,443	$	480,812	$	2,953,212	$	260,031	$	8,588	$	6,524,762
Total Watch		8,837		4,850		8,513		5,907		17,415		100,781		1,613		1,265		149,181
Total Special Mention		—		2,616		10,163		—		445		19,258		—		215		32,697
Total Substandard		716		429		4,891		2,395		2,811		24,664		3,856		439		40,201
Total Doubtful		—		462		—		—		—		—		570		—		1,032
Total Loans ⁽¹⁾	$	530,766	$	671,546	$	1,021,841	$	647,745	$	501,483	$	3,097,915	$	266,070	$	10,507	$	6,747,873
Total Gross charge-offs	$	—	$	—	$	—	$	4,121	$	—	$	765	$	3,083	$	—	$	7,969

⁽¹⁾ The table above excludes the unallocated portfolio layer basis adjustments totaling $2.0 million related to loans hedged in a closed pool at December 31, 2024. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

Included within net loans were $2.5 million and $2.7 million at June 30, 2025 and December 31, 2024, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction.

A loan is considered collateral dependent when the borrower is experiencing financial difficulties and repayment is expected to be substantially provided by the operation or sale of the collateral. The following table presents types of collateral-dependent loans by class of loans as of the periods indicated:



	Collateral Type
	June 30, 2025				December 31, 2024
(In thousands)		Real Estate		Business Assets		Real Estate		Business Assets
Multi-family residential	$	13,843	$	—	$	11,707	$	—
Commercial real estate		23,708		—		6,376		—
One-to-four family - mixed-use property		441		—		117		—
One-to-four family - residential		1,657		—		812		—
Small Business Administration		—		2,526		—		2,531
Commercial business and other		2,757		6,100		3,884		8,570
Total	$	42,406	$	8,626	$	22,896	$	11,101

Off-Balance Sheet Credit Losses

Also included within scope of the CECL standard are off-balance sheet loan commitments, which includes the unfunded portion of committed lines of credit and commitments “in-process”. Commitments “in‐process” reflect loans not in the Company’s books but rather negotiated loan / line of credit terms and rates that the Company has offered to customers and is committed to honoring. In reference to “in‐process” credits, the Company defines an unfunded commitment as a credit that has been offered to and accepted by a borrower, which has not closed and by which the obligation is not unconditionally cancellable.

On June 30, 2025, the Company had commitments to extend credit totaling $385.3 million.

The following table presents the activity in the allowance for off-balance sheet credit losses for the three months ended:


	For the three months ended				For the six months ended
	June 30,				June 30,
(In thousands)		2025		2024		2025		2024
Balance at beginning of period	$	1,374		996	$	1,037		1,102
Provision (benefit) ⁽¹⁾		(398)		6		(61)		(100)
Allowance for Off-Balance Sheet - Credit losses ⁽²⁾	$	976	$	1,002	$	976	$	1,002

(1) Included in “Other operating expenses” on the Consolidated Statements of Operations.

(2) Included in “Other liabilities” on the Consolidated Statements of Financial Condition.