v3.25.2
Loans Receivable and Allowance for Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Accounts, Notes, Loans and Financing Receivable
Loans receivable at June 30, 2025 and December 31, 2024 are summarized as follows:
June 30,December 31,
20252024
(In thousands)
Real estate loans:
One-to-four family$2,629,372 $2,710,937 
Multifamily1,578,733 1,460,641 
Commercial real estate2,517,693 2,339,883 
Construction415,403 473,573 
Commercial business loans726,526 622,000 
Consumer loans:
Home equity loans and advances256,384 259,009 
Other consumer loans2,602 3,404 
Total gross loans8,126,713 7,869,447 
Purchased credit-deteriorated ("PCD") loans11,998 11,686 
Net deferred loan costs, fees and purchased premiums and discounts36,788 35,795 
Loans receivable$8,175,499 $7,916,928 
Financing Receivable, Past Due
The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCD loans at June 30, 2025 and December 31, 2024:
June 30, 2025
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrual CurrentTotal
(In thousands)
Real estate loans:
One-to-four family$13,105 $7,586 $5,387 $26,078 $11,307 $2,603,294 $2,629,372 
Multifamily 13,088 4,174 2,026 19,288 2,026 1,559,445 1,578,733 
Commercial real estate8,608 526 5,396 14,530 8,394 2,503,163 2,517,693 
Construction— — 5,923 5,923 5,923 409,480 415,403 
Commercial business loans1,726 4,681 4,850 11,257 11,174 715,269 726,526 
Consumer loans:
Home equity loans and advances677 131 547 1,355 721 255,029 256,384 
Other consumer loans1 — — 1 — 2,601 2,602 
Total loans$37,205 $17,098 $24,129 $78,432 $39,545 $8,048,281 $8,126,713 

December 31, 2024
30-59 Days60-89 Days90 Days or MoreTotal Past DueNon-accrualCurrentTotal
(In thousands)
Real estate loans:
One-to-four family$11,685 $6,250 $3,729 $21,664 $8,750 $2,689,273 $2,710,937 
Multifamily 13,626 — — 13,626 — 1,447,015 1,460,641 
Commercial real estate4,394 632 — 5,026 2,920 2,334,857 2,339,883 
Construction6,205 — — 6,205 — 467,368 473,573 
Commercial business loans3,713 2,643 2,365 8,721 9,785 613,279 622,000 
Consumer loans:
Home equity loans and advances1,026 372 126 1,524 246 257,485 259,009 
Other consumer loans— 3 — 3 — 3,401 3,404 
Total loans$40,649 $9,900 $6,220 $56,769 $21,701 $7,812,678 $7,869,447 
Financing Receivable, Allowance for Credit Loss The following tables summarize loans receivable (including PCD loans) and allowance for credit losses by portfolio segment and impairment method at June 30, 2025 and December 31, 2024:
June 30, 2025
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Allowance for credit losses:
Individually analyzed loans$— $— $— $— $— $— $— $— 
Collectively analyzed loans12,942 9,997 18,888 5,815 15,485 1,277 6 64,410 
Loans acquired with deteriorated credit quality4 — 30 — 23 — — 57 
Total $12,946 $9,997 $18,918 $5,815 $15,508 $1,277 $6 $64,467 
Total loans:
Individually analyzed loans$11,307 $2,026 $8,321 $5,923 $10,956 $720 $— $39,253 
Collectively analyzed loans2,618,065 1,576,707 2,509,372 409,480 715,570 255,664 2,602 8,087,460 
Loans acquired with deteriorated credit quality1,774 — 8,056 — 2,168 — — 11,998 
Total loans$2,631,146 $1,578,733 $2,525,749 $415,403 $728,694 $256,384 $2,602 $8,138,711 
9.    Loans Receivable and Allowance for Credit Losses (continued)

December 31, 2024
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotal
(In thousands)
Allowance for credit losses:
Individually analyzed loans$— $— $— $— $— $— $— $— 
Collectively analyzed loans13,169 9,542 15,940 6,703 13,112 1,452 7 59,925 
Loans acquired with deteriorated credit quality4 — 29 — — — — 33 
Total $13,173 $9,542 $15,969 $6,703 $13,112 $1,452 $7 $59,958 
Total loans:
Individually analyzed loans$9,167 $5,743 $7,517 $— $15,184 $331 $— $37,942 
Collectively analyzed loans2,701,770 1,454,898 2,332,366 473,573 606,816 258,678 3,404 7,831,505 
Loans acquired with deteriorated credit quality1,815 — 9,425 — 300 146 — 11,686 
Total loans$2,712,752 $1,460,641 $2,349,308 $473,573 $622,300 $259,155 $3,404 $7,881,133 
The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2025 and 2024 are as follows:
 For the Three Months Ended June 30,
One-to-Four FamilyMultifamily Commercial Real EstateConstructionCommercial Business Home Equity Loans and AdvancesOther Consumer LoansTotals
(In thousands)
2025
Balance at beginning of period$12,870 $9,963 $17,412 $6,263 $14,257 $1,264 $5 $62,034 
Initial allowance related to PCD loans— — — — 3,202 — — 3,202 
Provision for (reversal of) credit losses75 34 1,548 (449)1,201 6 53 2,468 
Recoveries1 — — 1 96 7 2 107 
Charge-offs— — (42)— (3,248)— (54)(3,344)
Balance at end of period$12,946 $9,997 $18,918 $5,815 $15,508 $1,277 $6 $64,467 
2024
Balance at beginning of period$13,840 $8,670 $15,232 $8,068 $7,711 $1,873 $7 $55,401 
Provision for (reversal of) credit losses1,046 (279)(32)480 144 777 58 2,194 
Recoveries2 — — 1 262 4 1 270 
Charge-offs— — (120)— (623)— (60)(803)
Balance at end of period$14,888 $8,391 $15,080 $8,549 $7,494 $2,654 $6 $57,062 
9.    Loans Receivable and Allowance for Credit Losses (continued)

For the Six Months Ended June 30,
One-to-Four FamilyMultifamilyCommercial Real EstateConstructionCommercial BusinessHome Equity Loans and AdvancesOther Consumer LoansTotals
(In thousands)
2025
Balance at beginning of period$13,173 $9,542 $15,969 $6,703 $13,112 $1,452 $7 $59,958 
Initial allowance related to PCD loans— — — — 3,202 — — 3,202 
Provision for (reversal of) credit losses(229)455 3,067 (837)3,074 (215)86 5,401 
Recoveries2 — 1 2 193 40 3 241 
Charge-offs— — (119)(53)(4,073)— (90)(4,335)
Balance at end of period$12,946 $9,997 $18,918 $5,815 $15,508 $1,277 $6 $64,467 
2024
Balance at beginning of period$13,017 $8,742 $15,757 $7,758 $7,923 $1,892 $7 $55,096 
Provision for (reversal of) credit losses1,871 (351)(557)789 4,809 753 158 7,472 
Recoveries2 — — 2 405 9 1 419 
Charge-offs(2)— (120)— (5,643)— (160)(5,925)
Balance at end of period$14,888 $8,391 $15,080 $8,549 $7,494 $2,654 $6 $57,062 
The following tables present individually analyzed loans by segment, excluding PCD loans, at June 30, 2025 and December 31, 2024:

At June 30, 2025
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$11,307 $11,356 $— 
Multifamily 2,026 2,026 — 
Commercial real estate8,321 8,443 — 
Construction5,923 5,975 — 
Commercial business loans10,956 17,241 — 
Consumer loans:
Home equity loans and advances720 720 — 
39,253 45,761 — 
With a specific allowance recorded:
— — — 
Total:
Real estate loans:
One-to-four family11,307 11,356 — 
Multifamily 2,026 2,026 — 
Commercial real estate8,321 8,443 — 
Construction5,923 5,975 — 
Commercial business loans10,956 17,241 — 
Consumer loans:
Home equity loans and advances720 720 — 
Total loans$39,253 $45,761 $— 
9.    Loans Receivable and Allowance for Credit Losses (continued)
At December 31, 2024
Recorded InvestmentUnpaid Principal BalanceSpecific Allowance
(In thousands)
With no allowance recorded:
Real estate loans:
One-to-four family$9,167 $9,216 $— 
Multifamily 5,743 5,743 — 
Commercial real estate7,517 8,089 — 
Commercial business loans15,184 19,553 — 
Consumer loans:
Home equity loans and advances331 331 — 
37,942 42,932 — 
With a specific allowance recorded:
— — — 
Total:
Real estate loans:
One-to-four family9,167 9,216 — 
Multifamily 5,743 5,743 — 
Commercial real estate7,517 8,089 — 
Commercial business loans15,184 19,553 — 
Consumer loans:
Home equity loans and advances331 331 — 
$37,942 $42,932 $— 
The following table presents interest income recognized for individually analyzed loans by loan segment, excluding PCD loans, for the three and six months ended June 30, 2025 and 2024:

 For the Three Months Ended June 30,
20252024
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$10,446 $— $1,053 $— 
Multifamily 2,040 — 23 — 
Commercial real estate6,119 9 9,317 20 
Construction5,913 — — — 
Commercial business loans8,177 — 10,004 — 
Consumer loans:
Home equity loans and advances659 — 62 — 
Total loans$33,354 $9 $20,459 $20 

For the Six Months Ended June 30,
20252024
Average Recorded InvestmentInterest Income RecognizedAverage Recorded InvestmentInterest Income Recognized
(In thousands)
Real estate loans:
One-to-four family$10,020 $— $2,056 $13 
Multifamily3,274 — 143 1 
Commercial real estate6,585 47 11,331 39 
Construction3,942 — — — 
Commercial business loans10,513 — 10,519 — 
Consumer loans:
Home equity loans and advances549 — 242 1 
Total loans$34,883 $47 $24,291 $54 
The following table presents the activity in the allowance for credit losses on off-balance-sheet exposures for the three and six months ended June 30, 2025 and 2024:

 For the Three Months Ended June 30,For the Six Months Ended June 30,
2025202420252024
(In thousands)
Allowance for Credit Losses:
Beginning balance
$4,289 $4,654 $3,821 $5,484 
Reversal of credit losses(712)(666)(244)(1,496)
Balance at end of period
$3,577 $3,988 $3,577 $3,988 
Financing Receivable, Modified
The following table presents the modifications of loans to borrowers experiencing financial difficulty that were modified
during the six months ended June 30, 2025 and 2024. For the three months ended June 30, 2025 and 2024, the Company had no modifications in accordance with the ASU.
For the Six Months Ended June 30, 2025
Amortized CostInterest Rate ReductionTerm ExtensionCombination of Term Extension and Interest Rate Reduction% of Total Class of Loans Receivable
(In thousands)
Commercial business$5,445 $673 $2,000 $2,772 0.75 %
Total loans$5,445 $673 $2,000 $2,772 0.07 %

For the Six Months Ended June 30, 2024
Amortized CostTerm Extension% of Total Class of Loans Receivable
(In thousands)
Commercial business $3,700 $3,700 0.67 %
Total loans$3,700 $3,700 0.05 %

The following table describes the types of modifications of loans to borrowers experiencing financial difficulty during the
six months ended June 30, 2025 and 2024:

                                                                        For the Six Months Ended June 30, 2025
Type of Modifications
Commercial business
Interest rate reduction and/or term extensions ranging from 12 to 60 months

                                                                        For the Six Months Ended June 30, 2024
Type of Modifications
Commercial business
15 month term extension
The following tables present the aging analysis of modifications of loans to borrowers experiencing financial difficulty at June 30, 2025 and December 31, 2024:
 June 30, 2025
Current30-59 Days60-89 Days90 Days or MoreNon-accrual Total
(In thousands)
Commercial business $5,361 $— $— $— $2,957 $8,318 
Total loans$5,361 $— $— $— $2,957 $8,318 
December 31, 2024
Current30-59 Days60-89 Days90 Days or MoreNon-accrual Total
(In thousands)
Commercial real estate$1,520 $— $— $— $1,029 $2,549 
Commercial business 1,759 39 — — 2,050 3,848 
Total loans$3,279 $39 $— $— $3,079 $6,397 
Financing Receivable Credit Quality Indicators
The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating, excluding PCD loans, at June 30, 2025 and December 31, 2024:
Loans by Year of Origination at June 30, 2025
20252024202320222021PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$36,029 $106,797 $154,982 $732,155 $718,735 $869,109 $— $— $2,617,807 
Special mention— — — — — — — — — 
Substandard— 668 1,907 2,865 781 5,344 — — 11,565 
Total One-to-Four Family36,029 107,465 156,889 735,020 719,516 874,453 — — 2,629,372 
Gross charge-offs— — — — — — — — — 
Multifamily
Pass135,239 32,575 131,228 345,140 334,611 583,000 — — 1,561,793 
Special mention— — — — — — — — — 
Substandard— — — 5,743 9,170 2,027 — — 16,940 
Total Multifamily135,239 32,575 131,228 350,883 343,781 585,027 — — 1,578,733 
Gross charge-offs— — — — — — — — — 
Commercial Real Estate
Pass207,135 120,070 190,982 485,104 364,687 1,034,192 — — 2,402,170 
Special mention— — — — 31,803 15,509 — — 47,312 
Substandard— — — 12,471 936 54,804 — — 68,211 
Total Commercial Real Estate207,135 120,070 190,982 497,575 397,426 1,104,505 — — 2,517,693 
Gross charge-offs— — — 77 42 — — — 119 
Construction
Pass41,172 92,290 153,366 95,535 — — — — 382,363 
Special mention— — 14,513 598 — — — — 15,111 
Substandard— — — 14,416 3,513 — — — 17,929 
Total Construction41,172 92,290 167,879 110,549 3,513 — — — 415,403 
Gross charge-offs$— $— $— $53 $— $— $— $— $53 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at June 30, 2025
20252024202320222021PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business Loans
Pass$53,354 $143,892 $98,965 $73,619 $31,822 $54,707 $233,434 $— $689,793 
Special mention228 — — — — 109 349 — 686 
Substandard639 450 952 1,651 410 7,194 24,751 — 36,047 
Total Commercial Business Loans54,221 144,342 99,917 75,270 32,232 62,010 258,534 — 726,526 
Gross charge-offs— 634 885 1,908 282 364 — — 4,073 
Home Equity Loans and Advances
Pass9,021 14,029 13,762 16,670 14,679 77,683 37,479 72,341 255,664 
Special mention— — — — — — — — — 
Substandard— — 49 — — 394 277 — 720 
Total Home Equity Loans and Advances9,021 14,029 13,811 16,670 14,679 78,077 37,756 72,341 256,384 
Gross charge-offs— — — — — — — — — 
Other Consumer Loans
Pass2,082 44 61 50 3 62 300 — 2,602 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans2,082 44 61 50 3 62 300 — 2,602 
Gross charge-offs— 10 33 13 32 2 — — 90 
Total Loans484,899 510,815 760,767 1,786,017 1,511,150 2,704,134 296,590 72,341 8,126,713 
Total gross charge-offs$— $644 $918 $2,051 $356 $366 $— $— $4,335 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at December 31, 2024
20242023202220212020PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
One-to-Four Family
Pass$112,748 $154,862 $755,791 $745,505 $250,819 $681,085 $— $— $2,700,810 
Special mention— — — — — — — — — 
Substandard— 1,399 2,115 1,623 598 4,392 — — 10,127 
Total One-to-Four family112,748 156,261 757,906 747,128 251,417 685,477 — — 2,710,937 
Gross charge-offs— — — — — 2 — — 2 
Multifamily
Pass35,835 131,728 320,011 338,781 169,959 446,956 — — 1,443,270 
Special mention— — — — — — — — — 
Substandard— — 5,743 9,272 — 2,356 — — 17,371 
Total Multifamily35,835 131,728 325,754 348,053 169,959 449,312 — — 1,460,641 
Gross charge-offs— — — — — — — — — 
Commercial Real Estate
Pass122,219 189,692 454,357 370,684 153,058 920,255 — — 2,210,265 
Special mention— — 994 — 2,776 33,737 — — 37,507 
Substandard— — 14,938 993 3,696 72,484 — — 92,111 
Total Commercial Real Estate122,219 189,692 470,289 371,677 159,530 1,026,476 — — 2,339,883 
Gross charge-offs— — — — — 120 — — 120 
Construction
Pass64,631 163,466 198,938 35,443 — — — — 462,478 
Special mention— — — — — — — — — 
Substandard— — 11,095 — — — — — 11,095 
Total Construction64,631 163,466 210,033 35,443 — — — — 473,573 
Gross charge-offs$— $— $— $— $— $— $— $— $— 
9.    Loans Receivable and Allowance for Credit Losses (continued)

Loans by Year of Origination at December 31, 2024
20242023202220212020PriorRevolving LoansRevolving Loans to Term LoansTotal
(In thousands)
Commercial Business Loans
Pass$105,272 $57,038 $50,164 $28,995 $22,253 $38,997 $281,289 $— $584,008 
Special mention— — 108 — 294 106 2,371 — 2,879 
Substandard— 183 1,366 486 1,100 6,319 25,659 — 35,113 
Total Commercial Business Loans105,272 57,221 51,638 29,481 23,647 45,422 309,319 — 622,000 
Gross charge-offs— — 167 195 — 3,760 5,692 — 9,814 
Home Equity Loans and Advances
Pass14,999 15,169 17,655 15,674 8,974 76,210 41,098 68,899 258,678 
Special mention— — — — — — — — — 
Substandard— 50 — — — 219 62 — 331 
Total Home Equity Loans and Advances14,999 15,219 17,655 15,674 8,974 76,429 41,160 68,899 259,009 
Gross charge-offs— — — — — — — — — 
Other Consumer Loans
Pass2,859 85 85 8 — 63 304 — 3,404 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Total Other Consumer Loans2,859 85 85 8 — 63 304 — 3,404 
Gross charge-offs— 74 121 65 — 2 — — 262 
Total Loans458,563 713,672 1,833,360 1,547,464 613,527 2,283,179 350,783 68,899 7,869,447 
Total gross charge-offs$— $74 $288 $260 $— $3,884 $5,692 $— $10,198