Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 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, $0.01 par value | |
Trading Symbol | BLFY | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 28,522,500 | |
Entity Central Index Key | 0001846017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and cash equivalents | $ 101,562 | $ 193,446 |
Securities available for sale, at fair value | 375,614 | 324,892 |
Securities held to maturity (fair value of $27,993 at March 31, 2022 and $22,849 at December 31, 2021) | 29,838 | 23,281 |
Restricted stock, at cost | 10,182 | 10,182 |
Loans receivable, net of allowance of $13,465 at March 31, 2022 and $14,425 at December 31, 2021 | 1,328,021 | 1,273,184 |
Interest and dividends receivable | 5,780 | 5,372 |
Premises and equipment, net | 28,130 | 28,126 |
Right-of-use assets | 24,811 | 25,457 |
Bank owned life insurance | 21,776 | 21,662 |
Other assets | 12,441 | 8,609 |
Total assets | 1,938,155 | 1,914,211 |
Liabilities | ||
Deposits | 1,283,022 | 1,247,040 |
Advances from the Federal Home Loan Bank | 185,500 | 185,500 |
Advances by borrowers for taxes and insurance | 9,840 | 9,582 |
Lease liabilities | 26,083 | 26,696 |
Other liabilities | 13,496 | 15,922 |
Total liabilities | 1,517,941 | 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 | 282,100 | 282,006 |
Retained earnings | 170,010 | 169,457 |
Unallocated common shares held by ESOP | (21,677) | (21,905) |
Accumulated other comprehensive loss | (10,504) | (372) |
Total shareholders’ equity | 420,214 | 429,471 |
Total liabilities and shareholders’ equity | $ 1,938,155 | $ 1,914,211 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Fair value of securities held for investment | $ 27,993 | $ 22,849 |
Loans receivable, allowance | $ 13,465 | $ 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 ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Loans | $ 11,656 | $ 12,262 |
Taxable investment income | 1,817 | 1,545 |
Non-taxable investment income | 121 | 135 |
Total interest income | 13,594 | 13,942 |
Interest expense: | ||
Deposits | 882 | 2,818 |
Borrowed funds | 773 | 1,525 |
Total interest expense | 1,655 | 4,343 |
Net interest income | 11,939 | 9,599 |
Recovery of provision for loan losses | (952) | (808) |
Net interest income after (recovery of) provision for loan losses | 12,891 | 10,407 |
Non-interest income: | ||
Fees and service charges | 800 | 526 |
Other | 127 | 140 |
Total non-interest income | 927 | 666 |
Non-interest expense: | ||
Compensation and employee benefits | 6,924 | 6,021 |
Occupancy and equipment | 1,881 | 1,953 |
Loss on assets held for sale | 0 | 21 |
Data processing | 1,478 | 1,767 |
Advertising | 519 | 470 |
Professional services | 1,291 | 1,397 |
Directors fees | 136 | 140 |
Recovery of provision for commitment and letters of credit | (170) | (231) |
Federal deposit insurance | 78 | 125 |
Other | 1,079 | 706 |
Total non-interest expenses | 13,216 | 12,369 |
Income (loss) before income tax expense (benefit) | 602 | (1,296) |
Income tax expense (benefit) | 49 | (551) |
Net income (loss) | $ 553 | $ (745) |
Earnings per common share, basic | $ 0.02 | |
Earnings per common share, diluted | $ 0.02 | |
Weighted average number of shares outstanding, basic | 26,343,508 | |
Weighted average number of shares outstanding, diluted | 26,343,508 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 553 | $ (745) | |
Unrealized loss on securities available for sale: | |||
Unrealized loss arising during the period | [1] | (15,739) | (2,754) |
Unrealized gain on cash flow hedge: | |||
Reclassification adjustment for losses included in net income | [1] | 322 | 243 |
Unrealized gain arising during the period | [1] | 5,237 | 3,071 |
Unrealized gain (loss) on cash flow hedge | [1] | 5,559 | 3,314 |
Defined benefit plans: | |||
Reclassification adjustment for amortization of: | [1] | 48 | 37 |
Total other comprehensive (loss) income, net of tax | [1] | (10,132) | 597 |
Comprehensive loss | $ (9,579) | $ (148) | |
[1] | The 2022 period tax is inclusive of a deferred tax valuation allowance. |
Consolidated Statements of Shar
Consolidated Statements of 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 | [1] | 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, 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) | [1] | (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) | |
[1] | The 2022 period tax is inclusive of a deferred tax valuation allowance. |
Statement of Shareholders' Equi
Statement of Shareholders' Equity (Parenthetical) | Mar. 31, 2022shares |
Statement of Stockholders' Equity [Abstract] | |
ESOP shares committed to be released (in shares) | 22,818 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net income (loss) | $ 553,000 | $ (745,000) |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | ||
Depreciation and amortization of premises and equipment | 633,000 | 600,000 |
Change in right-of-use asset | 646,000 | 799,000 |
Amortization (accretion) of: | ||
Deferred loan fees, costs, and discounts, net | (131,000) | 53,000 |
Premiums and discounts on securities | 299,000 | 112,000 |
Deferred income tax benefit | 49,000 | 0 |
Recovery of provision for loan losses | (952,000) | (808,000) |
Loss on assets held for sale | 0 | 21,000 |
Increase in BOLI cash surrender value | (114,000) | (116,000) |
ESOP expense | 322,000 | 0 |
Increase in interest and dividends receivable | (408,000) | (184,000) |
Decrease in other assets | 219,000 | 689,000 |
(Decrease) increase in other liabilities | (868,000) | 1,832,000 |
Change in lease liability | (614,000) | (483,000) |
Net cash (used in) provided by operating activities | (366,000) | 1,770,000 |
Cash flows from investing activities | ||
Net increase in loans | (8,716,000) | (13,690,000) |
Purchases of residential mortgage loans | (45,039,000) | 0 |
Purchases of securities available for sale | (80,039,000) | (59,609,000) |
Purchases of securities held to maturity | (6,600,000) | 0 |
Proceeds from sales and calls of securities available for sale | 0 | 1,704,000 |
Principal payments and maturities on securities available for sale | 13,272,000 | 24,279,000 |
Redemption of Federal Home Loan Bank stock | 0 | 225,000 |
Purchases of premises and equipment | (636,000) | (3,518,000) |
Net cash used in investing activities | (127,758,000) | (50,609,000) |
Cash flows from financing activities | ||
Net increase in deposits | 35,983,000 | 29,644,000 |
Proceeds from advances from Federal Home Loan Bank | 109,000,000 | 182,800,000 |
Repayments of advances from Federal Home Loan Bank | (109,000,000) | (187,800,000) |
Net increase (decrease) in advances by borrowers for taxes and insurance | 257,000 | (116,000) |
Net cash provided by financing activities | 36,240,000 | 24,528,000 |
Net decrease in cash and cash equivalents | (91,884,000) | (24,311,000) |
Cash and cash equivalents at beginning of period | 193,446,000 | 316,445,000 |
Cash and cash equivalents at end of period | 101,562,000 | 292,134,000 |
Cash paid during the period for: | ||
Interest | 1,652,000 | 4,335,000 |
Income taxes | $ 0 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 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 months ended March 31, 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. Loans Receivable : Loans receivable are stated at unpaid principal balance, net of deferred fees, costs, and discounts, and the allowance for loan losses. Interest on loans is recognized based upon the principal amount outstanding. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the level yield method over the contractual life of the individual loans, adjusted for actual prepayments. For all loan classes, the accrual of income on loans, including impaired loans, is generally discontinued when a loan becomes 90 days delinquent or when certain factors indicate reasonable doubt as to the ability of the borrower to meet contractual principal and/or interest obligations. Loans on which the accrual of income has been discontinued are designated as nonaccrual loans. All previously accrued interest is reversed and income is recognized subsequently only in the period received, provided the remaining principal balance is deemed collectible. A nonaccrual loan is not returned to an accrual status until principal and interest payments are brought current and factors indicating doubtful collection no longer exist. Principal and interest payments received on non-accrual loans for which the remaining principal balance is not deemed collectible are applied as a reduction to principal and interest income is not recognized. If the principal balance on the loan is later deemed collectible and the loan is returned to accrual status, any interest payments that were applied to principal while on non-accrual are recorded as an unearned discount on the loan, classified as deferred fees, costs and discounts, and are recognized into interest income using the level-yield method over the remaining contractual life of the individual loan, adjusted for actual prepayments. Allowance for Loan Losses : The allowance for loan losses is a valuation allowance for probable and reasonably estimable incurred credit losses in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the loan balance, or portions thereof, are uncollectible. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required for all portfolio segments using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of individually evaluated and collectively evaluated components. The individually evaluated component of the allowance relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance (generally $400,000 or less) homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment. Impaired loans also include all nonaccrual non-residential, multifamily and construction loans, and troubled debt restructurings. Troubled debt restructured loans are those loans whose terms have been modified such that a concession has been granted because the borrower is experiencing financial difficulties. Modifications could include extension of the terms of the loan, reduced interest rates, and forgiveness of accrued interest and/or principal. Once an obligation has been classified a troubled debt restructuring, it continues to be considered a troubled debt restructuring and is individually evaluated for impairment until paid in full. For a cash flow dependent loan, the Company records an impairment charge equal to the difference between the present value of the estimated future cash flows under the restructured terms discounted at the loan’s original effective interest rate, and the original loan’s carrying amount. For a collateral dependent loan, the Company records an impairment when the current estimated fair value, net of estimated costs to sell when necessary, of the property that collateralizes the impaired loan is less than the recorded investment in the loan. The collectively evaluated component of the allowance covers non impaired loans and is based on historical loss experience adjusted for current qualitative factors. The historical loss experience is a quantitative factor determined by portfolio segment and is based on the actual loss history experienced by the Company. The qualitative factors include consideration of the following: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments • Changes in the nature and volume of the portfolio and in the terms of loans • Changes in the experience, ability, and depth of lending management and other relevant staff • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. • Changes in the quality of the institution's loan review system • Changes in the value of underlying collateral for collateral-dependent loans • The existence and effect of any concentrations of credit, and changes in the level of such concentrations • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution's existing portfolio The loan portfolio is categorized according to collateral type, loan purpose, lien position, or borrower type (i.e., commercial, consumer). The categories used include residential one-to-four family, multifamily, non-residential, construction, junior liens, commercial and industrial (includes Paycheck Protection Program, or “PPP”, loans), and consumer and other. Employee Stock Ownership Plan : The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce the ESOP’s debt and accrued interest. Comprehensive Income (Loss) : Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on both securities available for sale and derivatives, net of the related tax effect adjusted for deferred tax valuation allowances. Also included are changes in the unfunded status of the Company’s defined benefit plans, net of the related tax effect, which are recognized as separate components of shareholders’ equity. Earnings per share : Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. ESOP shares committed to be released are considered to be outstanding for purposes of the earnings per share computation. ESOP shares that have not been legally released, but that relate to employee services rendered during an accounting period (interim or annual) ending before the related debt service payment is made, are considered committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options awards and are determined using the treasury stock method . 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 months ended March 31, 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 models, 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 costs, 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, 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 Update 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. During 2022, the Company will be focused on model validations as well as the development of processes and related controls. The Company expects to begin parallel runs starting in the second quarter of 2022. The Company is unable to reasonably estimate the impact of adopting this ASU at this time as it will be dependent upon our loan and securities portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Upon adoption, any impact to the allowance for credit losses will have an impact on retained earnings. In November 2019, FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU 2019-11 was issued to address issues raised by stakeholders during the implementation of ASU 2016-13. ASU 2019-11 provides transition relief when adjusting the effective interest rate for troubled debt restructurings ("TDRs") that exist as of the adoption date, extends the disclosure relief in ASU 2019-04 to disclose accrued interest receivable balances separately from the amortized cost basis to additional disclosures involving amortized cost basis, and provides clarification regarding application of the guidance in paragraph 326-20-35-6 for financial assets secured by collateral maintenance provisions that provides a practical expedient to measure the estimate of expected credit losses by comparing the amortized cost basis of a financial asset and the fair value of collateral securing the financial asset as of the reporting date. The effective date and transition requirements for the amendment are the same as the effective date and transition requirements in ASU 2016-13. 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 |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
SECURITIES | SECURITIES The amortized cost of securities available for sale and their estimated fair values at March 31, 2022 and December 31, 2021 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) March 31, 2022 Available for sale U.S. Treasury Note $ 46,939 $ — $ (1,666) $ 45,273 Corporate Bonds 86,560 415 (1,749) 85,226 U.S. Government agency obligations 22,885 23 (544) 22,364 Obligations issued by U.S. states and their political subdivisions 19,115 293 (210) 19,198 Mortgage-backed securities: Residential one-to-four family 178,941 5 (10,607) 168,339 Multifamily 29,604 36 (427) 29,213 Asset-backed securities 6,269 — (268) 6,001 Total available-for-sale $ 390,313 $ 772 $ (15,471) $ 375,614 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 March 31, 2022 and December 31, 2021, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) March 31, 2022 Held-to-maturity Asset-backed securities $ 15,238 $ — $ (1,306) $ 13,932 Corporate bonds 14,600 1 (540) 14,061 Total held-to-maturity $ 29,838 $ 1 $ (1,846) $ 27,993 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (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 There were no available for sale securities called or sold during the three months ended March 31, 2022. During the three months ended March 31, 2021, proceeds from sales and calls of securities available for sale totaled $1.7 million, resulting in no gain or loss realized. There were no other-than-temporary impairment (“OTTI”) charges for the three months ended March 31, 2022 or March 31, 2021, respectively. 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. March 31, 2022 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 5,420 $ 5,440 Due from one year to five years 97,836 95,474 Due from five to ten years 55,726 54,965 Due after ten years 16,517 16,182 Mortgage-backed and asset-backed securities 214,814 203,553 Total $ 390,313 $ 375,614 Held-to-maturity Due from one year to five years $ 6,058 $ 5,594 Due from five to ten years 21,780 20,410 Due after ten years 2,000 1,989 Total $ 29,838 $ 27,993 The following tables summarize available-for-sale securities with unrealized losses at March 31, 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) March 31, 2022 Available for sale U.S. Treasury Note $ (1,083) $ 38,949 $ (583) $ 6,324 $ (1,666) $ 45,273 Corporate Bonds (1,381) 45,434 (368) 4,988 (1,749) 50,422 U.S. Government agency obligations (356) 9,643 (188) 7,419 (544) 17,062 Obligations issued by U.S. states and their political subdivisions (210) 2,925 — — (210) 2,925 Mortgage-backed securities: Residential one-to-four family (6,795) 129,328 (3,812) 38,897 (10,607) 168,225 Multifamily (304) 12,654 (124) 784 (427) 13,438 Asset-backed securities (139) 4,601 (128) 1,400 (268) 6,001 Total available-for-sale $ (10,268) $ 243,534 $ (5,203) $ 59,812 $ (15,471) $ 303,346 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 The number of available for sale securities in an unrealized loss position at March 31, 2022 totaled 84, compared with 44 at December 31, 2021. The increase in the number of securities in an unrealized loss position at March 31, 2022 was due to higher current market interest rates compared to rates at December 31, 2021. Of the 84 available for sale securities in an unrealized loss position at March 31, 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 three municipal bonds, 18 investment grade corporate bonds and four 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 March 31, 2022 and December 31, 2021. The number of held to maturity securities in an unrealized loss position at March 31, 2022 totaled eight, compared with four at December 31, 2021. The increase in the number of securities in an unrealized loss position at March 31, 2022, was due to higher current market interest rates compared to rates at December 31, 2021. At March 31, 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 $13.9 million in an aggregate unrecognized loss position of $1.3 million and six investment grade corporate bonds with total fair value of $13.1 million in an aggregate unrecognized loss position of $540 thousand. At December 31, 2021, 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 $14.9 million in an aggregate unrecognized loss position of $373 thousand and two investment grade corporate bonds with total fair value of $6.9 million in an aggregate unrecognized loss position of $59 thousand. Securities pledged at March 31, 2022 and December 31, 2021, had a carrying amount of $4.7 million and $9.1 million, respectively, and were pledged to secure public deposits, Federal Home Loan Bank (“FHLB”) advances, repurchase agreements and derivatives as needed. |
LOANS RECEIVABLE, NET
LOANS RECEIVABLE, NET | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
LOANS RECEIVABLE, NET | LOANS RECEIVABLE, NET A summary of loans receivable, net at March 31, 2022 and December 31, 2021, is as follows: March 31, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 579,083 $ 560,976 Multifamily 517,037 515,240 Non-residential 187,310 141,561 Construction 18,613 23,419 Junior liens 18,071 18,464 Commercial and industrial (including PPP) 16,201 21,563 Consumer and other 37 87 Total gross loans 1,336,352 1,281,310 Deferred fees, costs and premiums and discounts, net 5,134 6,299 Total loans 1,341,486 1,287,609 Allowance for loan losses (13,465) (14,425) Loans receivable, net $ 1,328,021 $ 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 March 31, 2022, PPP loans totaled $8.1 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 months ended March 31, 2022, and 2021: Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) Three Months Ended March 31, 2022 Allowance for loan losses Beginning balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Charge-offs — — — — — — (10) — (10) Recoveries — — — — — — 2 — 2 (Recovery of) provision for loan losses (212) (487) 619 (773) (87) 20 (30) (2) (952) Total ending allowance balance $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Three Months Ended March 31, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (1) — (1) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (237) 288 (99) (727) (103) 5 (3) 68 (808) Total ending allowance balance $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 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 March 31, 2022 and December 31, 2021 : Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) March 31, 2022 Allowance for loan losses: Individually evaluated $ 28 $ — $ — $ — $ — $ — $ — $ — $ 28 Collectively evaluated 2,582 4,776 3,465 1,905 549 71 — 89 13,437 Total $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Loans receivable: Individually evaluated $ 8,768 $ 671 $ 4,510 $ — $ 54 $ — $ — $ — $ 14,003 Collectively evaluated 574,756 517,521 182,659 18,439 18,123 15,948 37 — 1,327,483 Total $ 583,524 $ 518,192 $ 187,169 $ 18,439 $ 18,177 $ 15,948 $ 37 $ — $ 1,341,486 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 March 31, 2022, March 31, 2021 and December 31, 2021: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) March 31, 2022 With no related allowance Residential one-to-four $ 7,426 $ 7,714 $ — $ 8,769 $ 111 $ 111 Multifamily 672 671 — 678 6 4 Non-residential 4,672 4,510 — 4,548 54 49 Construction — — — — — — Commercial and — — — — — — Junior liens 54 54 — 55 1 1 12,824 12,949 — 14,050 172 165 With an allowance recorded: Residential one-to-four 1,055 1,054 28 1,057 12 8 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other — — — — — — 1,055 1,054 28 1,057 12 8 Total $ 13,879 $ 14,003 $ 28 $ 15,107 $ 184 $ 173 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) December 31, 2021 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 troubled debt restructurings was $5.3 million and $5.4 million as of March 31, 2022 and December 31, 2021, respectively. The Company has allocated $28 thousand and $68 thousand, respectively, of specific reserves to troubled debt restructured loans as of March 31, 2022 and December 31, 2021. The modification of the terms of troubled debt restructured includes one or a combination of the following: a reduction of the stated interest rate of the loan 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 troubled debt restructurings as of March 31, 2022. A troubled debt restructuring (“TDR”) loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the periods ended March 31, 2022 and March 31, 2021. The Company did not record any troubled debt restructurings during the three months ended March 31, 2022 and 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 troubled debt restructuring classification to COVID-19 related loan modifications. Accordingly, these modifications are exempt from troubled debt restructuring classification under U.S. generally accepted accounting principles (“U.S. GAAP”) and were not classified as troubled debt restructurings (“TDRs”). At March 31, 2022 and 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 March 31, 2022 and December 31, 2021 : Nonaccrual Loans Past Due March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 9,478 $ 10,805 $ — $ — Multifamily 135 139 — — Non-residential 686 857 — — Construction — — — — Commercial and industrial (including PPP) 2 — — 116 Junior liens 181 182 — — Total $ 10,482 $ 11,983 $ — $ 116 The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2022 and December 31, 2021: 30-59 60-89 90 Days Total Current Total (In thousands) March 31, 2022 Residential $ 2,147 $ 278 $ 7,344 $ 9,769 $ 573,755 $ 583,524 Multifamily — — 217 217 517,975 518,192 Non-residential 222 — — 222 186,947 187,169 Construction — — — — 18,439 18,439 Junior liens 37 — 54 91 18,086 18,177 Commercial and Industrial (including PPP) — — 2 2 15,946 15,948 Consumer and other — — — — 37 37 Total $ 2,406 $ 278 $ 7,617 $ 10,301 $ 1,331,185 $ 1,341,486 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 March 31, 2022 and December 31, 2021: Pass Special Substandard Doubtful / Total (In thousands) March 31, 2022 Residential one-to-four family $ 573,394 $ 274 $ 9,856 $ — $ 583,524 Multifamily 517,521 — 671 — 518,192 Non-residential 186,032 142 995 — 187,169 Construction 18,439 — — — 18,439 Junior liens 17,996 — 181 — 18,177 Commercial and Industrial (including PPP) 15,948 — — 15,948 Consumer and other 37 — — — 37 Total $ 1,329,367 $ 416 $ 11,703 $ — $ 1,341,486 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 | 3 Months Ended |
Mar. 31, 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 March 31, 2022, the Company had the following related to operating leases: March 31, 2022 December 31, 2021 (In thousands) Right-of-use assets $ 24,811 $ 25,457 Lease liabilities 26,083 26,696 Weighted average remaining lease term for operating leases 12.0 years 12.2 years Weighted average discount rate used in the measurement of lease liabilities 1.98 % 1.97 % The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, 2022 March 31, 2021 (In thousands) Operating lease cost 770 747 Finance lease cost 6 6 Variable lease cost 54 26 Total lease cost included as a component of occupancy and equipment $ 830 $ 779 The following table presents supplemental cash flow information related to operating leases: Three Months Ended March 31, 2022 March 31, 2021 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 757 $ 406 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ — $ — Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2022 are as follows: Through March 31, (In thousands) 2023 $ 2,983 2024 2,732 2025 2,609 2026 2,299 2027 2,264 Thereafter 16,725 Total undiscounted lease payments 29,612 Less: imputed interest (3,529) Total $ 26,083 |
DEPOSITS
DEPOSITS | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
DEPOSITS | DEPOSITS Deposits at March 31, 2022 and December 31, 2021, are summarized as follows: March 31, 2022 December 31, 2021 (In thousands) Non-interest bearing deposits $ 45,143 $ 44,894 NOW and demand accounts 425,766 363,419 Savings 367,177 364,932 Time deposits 444,936 473,795 Total $ 1,283,022 $ 1,247,040 Included within the NOW and demand account caption, as well as the Savings caption above are money market accounts with varying transactional limits. Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2022 $ 239,160 2023 152,023 2024 37,175 2025 9,848 2026 5,804 2027 926 $ 444,936 |
EMPLOYEE STOCK OWNERSHIP PLAN
EMPLOYEE STOCK OWNERSHIP PLAN | 3 Months Ended |
Mar. 31, 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 March 31, 2022, the principal balance on the ESOP loan is $21.8 million. There were no contributions to the ESOP during the three months ended March 31, 2022, as loan payments are made annually during the fourth quarter of each year. ESOP compensation expense during the three months ended March 31, 2022, representing the fair value of 22,818 shares committed to be released from unallocated at the end of the plan year was $322 thousand and is recognized over the service period. There was no ESOP compensation expense for the three months ended March 31, 2021. Shares held by the ESOP were as follows: March 31, 2022 (Dollars in thousands) Allocated to participants 91,272 Unallocated 2,190,528 Total ESOP shares 2,281,800 Fair value of unearned shares at March 31, 2022 $ 29,682 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 3 Months Ended |
Mar. 31, 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 increase net interest income and 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 March 31, 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: March 31, 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 0.5431 % 0.1742 % Weighted average maturity 5.0 years 5.3 years Gross unrealized gain included in other assets 5,312 1,313 Gross unrealized loss included in other liabilities — 1,559 Unrealized gains (losses), net 5,312 (246) At March 31, 2022, the Company held $5.4 million as cash collateral pledged from the counterparty for these interest-rate swaps. At March 31, 2022, we had no securities pledged to the counterparty. See Footnote 2-Securities for the securities pledged at December 31, 2021. Interest expense recorded on these swap transactions totaled $322 thousand and $338 thousand during the three months ended March 31, 2022 and 2021, respectively, and is reported as a component of interest expense on FHLB advances. At March 31, 2022, the Company expected $113 thousand of the unrealized loss to be reclassified as an increase 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 months ended March 31, 2022 and March 31, 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 March 31, 2022 Interest rate contracts $ 5,559 Interest Expense $ (322) Three months ended March 31, 2021 Interest rate contracts $ 3,314 Interest Expense $ (338) (1) Net of tax, adjusted for deferred tax valuation allowance, at March 31, 2022. There was no deferred tax valuation allowance at March 31, 2021. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s benefit 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 March 31, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive Loss: Unrealized loss on securities available for sale: Unrealized loss arising during the period $ (15,788) $ 49 $ (15,739) $ (3,641) $ 887 $ (2,754) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 5,237 — 5,237 4,272 (1,201) 3,071 Reclassification adjustment for losses included in net income 322 — 322 338 (95) 243 Total 5,559 — 5,559 4,610 (1,296) 3,314 Defined benefit plans: Reclassification adjustment for amortization of: Net actuarial loss 48 — 48 52 (15) 37 Total other comprehensive loss: $ (10,181) $ 49 $ (10,132) $ 1,021 $ (424) $ 597 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 Defined Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 5,237 (15,739) — (10,502) Amounts reclassified from accumulated other comprehensive income 322 — 48 370 Net current period other comprehensive gain (loss) 5,559 (15,739) 48 (10,132) Balance at March 31, 2022 $ 5,313 $ (14,648) $ (1,169) $ (10,504) Balance at December 31, 2020 $ (3,986) $ 4,208 $ (1,253) $ (1,031) Other comprehensive income (loss) before reclassification 3,071 (2,754) — 317 Amounts reclassified from accumulated other comprehensive income 243 — 37 280 Net current period other comprehensive (loss) gain 3,314 (2,754) 37 597 Balance at March 31, 2021 $ (672) $ 1,454 $ (1,216) $ (434) The following is significant amounts reclassified out of each component of accumulated other comprehensive income (loss): Details about Accumulated Other Comprehensive Income Components Three Months Ended March 31, Affected Line Item in the Statement Where Net Income is Presented 2022 2021 (In thousands) Losses on cash flow hedges: Interest rate contracts $ (322) $ (338) Interest (expense) income Amortization of benefit plan items: Net actuarial loss (48) (52) Compensation and employee benefits Total tax effect — 110 Income tax expense Total reclassification for the period, net of tax $ (370) $ (280) |
FAIR VALUE OF ASSETS AND LIABIL
FAIR VALUE OF ASSETS AND LIABILITIES | 3 Months Ended |
Mar. 31, 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 March 31, 2022: Fair Value Measurements at March 31, 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 $ 45,273 $ 45,273 $ — $ — Domestic Corporate Bonds 85,226 — 85,226 — U.S. Government agency obligations 22,364 17,012 5,352 — Obligations issued by U.S. states and their political subdivisions 19,198 — 19,198 — Mortgage-backed securities: Residential one-to-four family 168,339 — 168,339 — Multifamily 29,213 — 29,213 — Asset-backed securities 6,001 — 6,001 — Total securities available for sale 375,614 62,285 313,329 — Derivatives 5,312 — 5,312 — Total financial assets measured on a recurring basis $ 380,926 $ 62,285 $ 318,641 $ — 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 : Our 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 March 31, 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, restricted stock, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below. Fair Value Measurements at March 31, 2022, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 29,838 $ — $ 27,992 $ — Loans, net 1,328,021 — — 1,316,254 Financial liabilities Time Deposits 444,936 — 435,306 — Federal Home Loan advances 185,500 — 176,543 — Fair Value Measurements at December 31, 2021, Using Quoted Prices 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 | 3 Months Ended |
Mar. 31, 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 months ended March 31, 2022 and 2021, respectively. Three Months Ended March 31, 2022 2021 (In thousands) Noninterest income Service charges on deposits $ 229 $ 192 Interchange income 8 7 Total Revenue from Contracts with Customers $ 237 $ 199 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 | 3 Months Ended |
Mar. 31, 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 months ended March 31, 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 months ended March 31, 2021 as the Company had no shares outstanding. Three Months Ended March 31, 2022 (Income In thousands) Net income applicable to common shares $ 553 Average number of common shares outstanding 28,522,500 Less: Average unallocated ESOP shares 2,178,992 Average number of common shares outstanding used to calculate basic earnings per common share 26,343,508 Common stock equivalents — Earnings per common share basic and diluted $ 0.02 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSAs 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 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. 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 | 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 months ended March 31, 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. |
Loans Receivable | Loans Receivable : Loans receivable are stated at unpaid principal balance, net of deferred fees, costs, and discounts, and the allowance for loan losses. Interest on loans is recognized based upon the principal amount outstanding. Loan fees and certain direct loan origination costs are deferred, and the net fee or cost is recognized in interest income using the level yield method over the contractual life of the individual loans, adjusted for actual prepayments. For all loan classes, the accrual of income on loans, including impaired loans, is generally discontinued when a loan becomes 90 days delinquent or when certain factors indicate reasonable doubt as to the ability of the borrower to meet contractual principal and/or interest obligations. Loans on which the accrual of income has been discontinued are designated as nonaccrual loans. All previously accrued interest is reversed and income is recognized subsequently only in the period received, provided the remaining principal balance is deemed collectible. A nonaccrual loan is not returned to an accrual status until principal and interest payments are brought current and factors indicating doubtful collection no longer exist. Principal and interest payments received on non-accrual loans for which the remaining principal balance is not deemed collectible are applied as a reduction to principal and interest income is not recognized. If the principal balance on the loan is later deemed collectible and the loan is returned to accrual status, any interest payments that were applied to principal while on non-accrual are recorded as an unearned discount on the loan, classified as deferred fees, costs and discounts, and are recognized into interest income using the level-yield method over the remaining contractual life of the individual loan, adjusted for actual prepayments. |
Allowance for Loan Losses | Allowance for Loan Losses : The allowance for loan losses is a valuation allowance for probable and reasonably estimable incurred credit losses in the loan portfolio as of the balance sheet date. Loan losses are charged against the allowance when management believes the loan balance, or portions thereof, are uncollectible. Subsequent recoveries, if any, are credited to the allowance. Management estimates the allowance balance required for all portfolio segments using past loan loss experience, the nature and volume of the portfolio, information about specific borrower situations and estimated collateral values, economic conditions, and other factors. Allocations of the allowance may be made for specific loans, but the entire allowance is available for any loan that, in management’s judgment, should be charged off. The allowance consists of individually evaluated and collectively evaluated components. The individually evaluated component of the allowance relates to loans that are individually classified as impaired. A loan is impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Loans for which the terms have been modified resulting in a concession and for which the borrower is experiencing financial difficulties, are considered troubled debt restructurings and classified as impaired. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not classified as impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. Impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Large groups of smaller balance (generally $400,000 or less) homogeneous loans, such as consumer and residential real estate loans, are collectively evaluated for impairment. Impaired loans also include all nonaccrual non-residential, multifamily and construction loans, and troubled debt restructurings. Troubled debt restructured loans are those loans whose terms have been modified such that a concession has been granted because the borrower is experiencing financial difficulties. Modifications could include extension of the terms of the loan, reduced interest rates, and forgiveness of accrued interest and/or principal. Once an obligation has been classified a troubled debt restructuring, it continues to be considered a troubled debt restructuring and is individually evaluated for impairment until paid in full. For a cash flow dependent loan, the Company records an impairment charge equal to the difference between the present value of the estimated future cash flows under the restructured terms discounted at the loan’s original effective interest rate, and the original loan’s carrying amount. For a collateral dependent loan, the Company records an impairment when the current estimated fair value, net of estimated costs to sell when necessary, of the property that collateralizes the impaired loan is less than the recorded investment in the loan. The collectively evaluated component of the allowance covers non impaired loans and is based on historical loss experience adjusted for current qualitative factors. The historical loss experience is a quantitative factor determined by portfolio segment and is based on the actual loss history experienced by the Company. The qualitative factors include consideration of the following: • Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses • Changes in international, national, regional, and local economic and business conditions and developments that affect the collectibility of the portfolio, including the condition of various market segments • Changes in the nature and volume of the portfolio and in the terms of loans • Changes in the experience, ability, and depth of lending management and other relevant staff • Changes in the volume and severity of past due loans, the volume of nonaccrual loans, and the volume and severity of adversely classified or graded loans. • Changes in the quality of the institution's loan review system • Changes in the value of underlying collateral for collateral-dependent loans • The existence and effect of any concentrations of credit, and changes in the level of such concentrations • The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institution's existing portfolio The loan portfolio is categorized according to collateral type, loan purpose, lien position, or borrower type (i.e., commercial, consumer). The categories used include residential one-to-four family, multifamily, non-residential, construction, junior liens, commercial and industrial (includes Paycheck Protection Program, or “PPP”, loans), and consumer and other. |
Employee Stock Ownership Plan | Employee Stock Ownership Plan: The cost of shares issued to the ESOP, but not yet allocated to participants, is shown as a reduction of shareholders’ equity. Compensation expense is based on the market price of shares as they are committed to be released to participant accounts. Dividends on allocated ESOP shares reduce retained earnings; dividends on unearned ESOP shares reduce the ESOP’s debt and accrued interest. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) : Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) includes unrealized gains and losses on both securities available for sale and derivatives, net of the related tax effect adjusted for deferred tax valuation allowances. Also included are changes in the unfunded status of the Company’s defined benefit plans, net of the related tax effect, which are recognized as separate components of shareholders’ equity. |
Earnings per share | Earnings per share : Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. ESOP shares committed to be released are considered to be outstanding for purposes of the earnings per share computation. ESOP shares that have not been legally released, but that relate to employee services rendered during an accounting period (interim or annual) ending before the related debt service payment is made, are considered committed to be released. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options awards and are determined using the treasury stock method . |
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 months ended March 31, 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 models, 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 costs, 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, 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 Update 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. During 2022, the Company will be focused on model validations as well as the development of processes and related controls. The Company expects to begin parallel runs starting in the second quarter of 2022. The Company is unable to reasonably estimate the impact of adopting this ASU at this time as it will be dependent upon our loan and securities portfolio composition and credit quality at the adoption date, as well as economic conditions and forecasts at that time. Upon adoption, any impact to the allowance for credit losses will have an impact on retained earnings. In November 2019, FASB issued ASU 2019-11, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU 2019-11 was issued to address issues raised by stakeholders during the implementation of ASU 2016-13. ASU 2019-11 provides transition relief when adjusting the effective interest rate for troubled debt restructurings ("TDRs") that exist as of the adoption date, extends the disclosure relief in ASU 2019-04 to disclose accrued interest receivable balances separately from the amortized cost basis to additional disclosures involving amortized cost basis, and provides clarification regarding application of the guidance in paragraph 326-20-35-6 for financial assets secured by collateral maintenance provisions that provides a practical expedient to measure the estimate of expected credit losses by comparing the amortized cost basis of a financial asset and the fair value of collateral securing the financial asset as of the reporting date. The effective date and transition requirements for the amendment are the same as the effective date and transition requirements in ASU 2016-13. 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 |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 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 March 31, 2022 and December 31, 2021 are as follows: Amortized Gross Unrealized Gains Gross Unrealized Losses Estimated (In thousands) March 31, 2022 Available for sale U.S. Treasury Note $ 46,939 $ — $ (1,666) $ 45,273 Corporate Bonds 86,560 415 (1,749) 85,226 U.S. Government agency obligations 22,885 23 (544) 22,364 Obligations issued by U.S. states and their political subdivisions 19,115 293 (210) 19,198 Mortgage-backed securities: Residential one-to-four family 178,941 5 (10,607) 168,339 Multifamily 29,604 36 (427) 29,213 Asset-backed securities 6,269 — (268) 6,001 Total available-for-sale $ 390,313 $ 772 $ (15,471) $ 375,614 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 March 31, 2022 and December 31, 2021, are as follows: Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (In thousands) March 31, 2022 Held-to-maturity Asset-backed securities $ 15,238 $ — $ (1,306) $ 13,932 Corporate bonds 14,600 1 (540) 14,061 Total held-to-maturity $ 29,838 $ 1 $ (1,846) $ 27,993 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Estimated (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. March 31, 2022 Amortized Cost Estimated Fair Value (In thousands) Available-for-sale Due in one year or less $ 5,420 $ 5,440 Due from one year to five years 97,836 95,474 Due from five to ten years 55,726 54,965 Due after ten years 16,517 16,182 Mortgage-backed and asset-backed securities 214,814 203,553 Total $ 390,313 $ 375,614 Held-to-maturity Due from one year to five years $ 6,058 $ 5,594 Due from five to ten years 21,780 20,410 Due after ten years 2,000 1,989 Total $ 29,838 $ 27,993 |
Summary of available-for-sale securities with unrealized losses | The following tables summarize available-for-sale securities with unrealized losses at March 31, 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) March 31, 2022 Available for sale U.S. Treasury Note $ (1,083) $ 38,949 $ (583) $ 6,324 $ (1,666) $ 45,273 Corporate Bonds (1,381) 45,434 (368) 4,988 (1,749) 50,422 U.S. Government agency obligations (356) 9,643 (188) 7,419 (544) 17,062 Obligations issued by U.S. states and their political subdivisions (210) 2,925 — — (210) 2,925 Mortgage-backed securities: Residential one-to-four family (6,795) 129,328 (3,812) 38,897 (10,607) 168,225 Multifamily (304) 12,654 (124) 784 (427) 13,438 Asset-backed securities (139) 4,601 (128) 1,400 (268) 6,001 Total available-for-sale $ (10,268) $ 243,534 $ (5,203) $ 59,812 $ (15,471) $ 303,346 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) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Summary of loans receivable | A summary of loans receivable, net at March 31, 2022 and December 31, 2021, is as follows: March 31, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 579,083 $ 560,976 Multifamily 517,037 515,240 Non-residential 187,310 141,561 Construction 18,613 23,419 Junior liens 18,071 18,464 Commercial and industrial (including PPP) 16,201 21,563 Consumer and other 37 87 Total gross loans 1,336,352 1,281,310 Deferred fees, costs and premiums and discounts, net 5,134 6,299 Total loans 1,341,486 1,287,609 Allowance for loan losses (13,465) (14,425) Loans receivable, net $ 1,328,021 $ 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 months ended March 31, 2022, and 2021: Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) Three Months Ended March 31, 2022 Allowance for loan losses Beginning balance $ 2,822 $ 5,263 $ 2,846 $ 2,678 $ 636 $ 51 $ 38 $ 91 $ 14,425 Charge-offs — — — — — — (10) — (10) Recoveries — — — — — — 2 — 2 (Recovery of) provision for loan losses (212) (487) 619 (773) (87) 20 (30) (2) (952) Total ending allowance balance $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Three Months Ended March 31, 2021 Allowance for loan losses Beginning balance $ 3,579 $ 5,460 $ 3,244 $ 3,655 $ 916 $ 2 $ 48 $ 55 $ 16,959 Charge-offs — — — — — — (1) — (1) Recoveries — — — — — — — — — (Recovery of) provision for loan losses (237) 288 (99) (727) (103) 5 (3) 68 (808) Total ending allowance balance $ 3,342 $ 5,748 $ 3,145 $ 2,928 $ 813 $ 7 $ 44 $ 123 $ 16,150 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 March 31, 2022 and December 31, 2021 : Residential Multifamily Non-Residential Construction Junior Liens Commercial Consumer Unallocated Total (In thousands) March 31, 2022 Allowance for loan losses: Individually evaluated $ 28 $ — $ — $ — $ — $ — $ — $ — $ 28 Collectively evaluated 2,582 4,776 3,465 1,905 549 71 — 89 13,437 Total $ 2,610 $ 4,776 $ 3,465 $ 1,905 $ 549 $ 71 $ — $ 89 $ 13,465 Loans receivable: Individually evaluated $ 8,768 $ 671 $ 4,510 $ — $ 54 $ — $ — $ — $ 14,003 Collectively evaluated 574,756 517,521 182,659 18,439 18,123 15,948 37 — 1,327,483 Total $ 583,524 $ 518,192 $ 187,169 $ 18,439 $ 18,177 $ 15,948 $ 37 $ — $ 1,341,486 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 March 31, 2022, March 31, 2021 and December 31, 2021: Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) March 31, 2022 With no related allowance Residential one-to-four $ 7,426 $ 7,714 $ — $ 8,769 $ 111 $ 111 Multifamily 672 671 — 678 6 4 Non-residential 4,672 4,510 — 4,548 54 49 Construction — — — — — — Commercial and — — — — — — Junior liens 54 54 — 55 1 1 12,824 12,949 — 14,050 172 165 With an allowance recorded: Residential one-to-four 1,055 1,054 28 1,057 12 8 Multifamily — — — — — — Non-residential — — — — — — Construction — — — — — — Commercial and — — — — — — Consumer and other — — — — — — 1,055 1,054 28 1,057 12 8 Total $ 13,879 $ 14,003 $ 28 $ 15,107 $ 184 $ 173 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Average Recorded Investment Interest Cash Basis Interest Recognized (In thousands) December 31, 2021 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 March 31, 2022 and December 31, 2021 : Nonaccrual Loans Past Due March 31, 2022 December 31, 2021 March 31, 2022 December 31, 2021 (In thousands) Residential one-to-four family $ 9,478 $ 10,805 $ — $ — Multifamily 135 139 — — Non-residential 686 857 — — Construction — — — — Commercial and industrial (including PPP) 2 — — 116 Junior liens 181 182 — — Total $ 10,482 $ 11,983 $ — $ 116 The following table presents the recorded investment in past due and current loans by loan portfolio class as of March 31, 2022 and December 31, 2021: 30-59 60-89 90 Days Total Current Total (In thousands) March 31, 2022 Residential $ 2,147 $ 278 $ 7,344 $ 9,769 $ 573,755 $ 583,524 Multifamily — — 217 217 517,975 518,192 Non-residential 222 — — 222 186,947 187,169 Construction — — — — 18,439 18,439 Junior liens 37 — 54 91 18,086 18,177 Commercial and Industrial (including PPP) — — 2 2 15,946 15,948 Consumer and other — — — — 37 37 Total $ 2,406 $ 278 $ 7,617 $ 10,301 $ 1,331,185 $ 1,341,486 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 March 31, 2022 and December 31, 2021: Pass Special Substandard Doubtful / Total (In thousands) March 31, 2022 Residential one-to-four family $ 573,394 $ 274 $ 9,856 $ — $ 583,524 Multifamily 517,521 — 671 — 518,192 Non-residential 186,032 142 995 — 187,169 Construction 18,439 — — — 18,439 Junior liens 17,996 — 181 — 18,177 Commercial and Industrial (including PPP) 15,948 — — 15,948 Consumer and other 37 — — — 37 Total $ 1,329,367 $ 416 $ 11,703 $ — $ 1,341,486 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) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Summary of balance sheet information related to operating leases | As of March 31, 2022, the Company had the following related to operating leases: March 31, 2022 December 31, 2021 (In thousands) Right-of-use assets $ 24,811 $ 25,457 Lease liabilities 26,083 26,696 Weighted average remaining lease term for operating leases 12.0 years 12.2 years Weighted average discount rate used in the measurement of lease liabilities 1.98 % 1.97 % |
Summary of lease cost | The following table is a summary of the Company’s components of net lease cost for the three months ended March 31, 2022 and 2021. The variable lease cost primarily represents variable payments such as common area maintenance and utilities. Three Months Ended March 31, 2022 March 31, 2021 (In thousands) Operating lease cost 770 747 Finance lease cost 6 6 Variable lease cost 54 26 Total lease cost included as a component of occupancy and equipment $ 830 $ 779 The following table presents supplemental cash flow information related to operating leases: Three Months Ended March 31, 2022 March 31, 2021 (In thousands) Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 757 $ 406 Operating lease liabilities arising from obtaining right-of-use assets (non-cash): Operating leases $ — $ — |
Summary of future undiscounted operating lease payments | Future undiscounted lease payments for operating leases with initial terms of one year or more as of March 31, 2022 are as follows: Through March 31, (In thousands) 2023 $ 2,983 2024 2,732 2025 2,609 2026 2,299 2027 2,264 Thereafter 16,725 Total undiscounted lease payments 29,612 Less: imputed interest (3,529) Total $ 26,083 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deposits [Abstract] | |
Summary of deposits | Deposits at March 31, 2022 and December 31, 2021, are summarized as follows: March 31, 2022 December 31, 2021 (In thousands) Non-interest bearing deposits $ 45,143 $ 44,894 NOW and demand accounts 425,766 363,419 Savings 367,177 364,932 Time deposits 444,936 473,795 Total $ 1,283,022 $ 1,247,040 |
Schedule of timed deposit maturities | Time deposits mature as follows for the years ending December 31: (In thousands) Remainder of 2022 $ 239,160 2023 152,023 2024 37,175 2025 9,848 2026 5,804 2027 926 $ 444,936 |
EMPLOYEE STOCK OWNERSHIP PLAN (
EMPLOYEE STOCK OWNERSHIP PLAN (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Shares held by ESOP | Shares held by the ESOP were as follows: March 31, 2022 (Dollars in thousands) Allocated to participants 91,272 Unallocated 2,190,528 Total ESOP shares 2,281,800 Fair value of unearned shares at March 31, 2022 $ 29,682 |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 3 Months Ended |
Mar. 31, 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: March 31, 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 0.5431 % 0.1742 % Weighted average maturity 5.0 years 5.3 years Gross unrealized gain included in other assets 5,312 1,313 Gross unrealized loss included in other liabilities — 1,559 Unrealized gains (losses), net 5,312 (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 months ended March 31, 2022 and March 31, 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 March 31, 2022 Interest rate contracts $ 5,559 Interest Expense $ (322) Three months ended March 31, 2021 Interest rate contracts $ 3,314 Interest Expense $ (338) (1) Net of tax, adjusted for deferred tax valuation allowance, at March 31, 2022. There was no deferred tax valuation allowance at March 31, 2021. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) | 3 Months Ended |
Mar. 31, 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 March 31, 2022 2021 Before Tax Tax After Before Tax Tax After (In thousands) Components of Other Comprehensive Loss: Unrealized loss on securities available for sale: Unrealized loss arising during the period $ (15,788) $ 49 $ (15,739) $ (3,641) $ 887 $ (2,754) Unrealized gain on cash flow hedge: Unrealized gain arising during the period 5,237 — 5,237 4,272 (1,201) 3,071 Reclassification adjustment for losses included in net income 322 — 322 338 (95) 243 Total 5,559 — 5,559 4,610 (1,296) 3,314 Defined benefit plans: Reclassification adjustment for amortization of: Net actuarial loss 48 — 48 52 (15) 37 Total other comprehensive loss: $ (10,181) $ 49 $ (10,132) $ 1,021 $ (424) $ 597 |
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 Defined Total (In thousands) Balance at December 31, 2021 $ (246) $ 1,091 $ (1,217) $ (372) Other comprehensive income (loss) before reclassification 5,237 (15,739) — (10,502) Amounts reclassified from accumulated other comprehensive income 322 — 48 370 Net current period other comprehensive gain (loss) 5,559 (15,739) 48 (10,132) Balance at March 31, 2022 $ 5,313 $ (14,648) $ (1,169) $ (10,504) Balance at December 31, 2020 $ (3,986) $ 4,208 $ (1,253) $ (1,031) Other comprehensive income (loss) before reclassification 3,071 (2,754) — 317 Amounts reclassified from accumulated other comprehensive income 243 — 37 280 Net current period other comprehensive (loss) gain 3,314 (2,754) 37 597 Balance at March 31, 2021 $ (672) $ 1,454 $ (1,216) $ (434) |
Summary of reclassification out of each component of accumulated other comprehensive income (loss) | The following is significant amounts reclassified out of each component of accumulated other comprehensive income (loss): Details about Accumulated Other Comprehensive Income Components Three Months Ended March 31, Affected Line Item in the Statement Where Net Income is Presented 2022 2021 (In thousands) Losses on cash flow hedges: Interest rate contracts $ (322) $ (338) Interest (expense) income Amortization of benefit plan items: Net actuarial loss (48) (52) Compensation and employee benefits Total tax effect — 110 Income tax expense Total reclassification for the period, net of tax $ (370) $ (280) |
FAIR VALUE OF ASSETS AND LIAB_2
FAIR VALUE OF ASSETS AND LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 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 March 31, 2022: Fair Value Measurements at March 31, 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 $ 45,273 $ 45,273 $ — $ — Domestic Corporate Bonds 85,226 — 85,226 — U.S. Government agency obligations 22,364 17,012 5,352 — Obligations issued by U.S. states and their political subdivisions 19,198 — 19,198 — Mortgage-backed securities: Residential one-to-four family 168,339 — 168,339 — Multifamily 29,213 — 29,213 — Asset-backed securities 6,001 — 6,001 — Total securities available for sale 375,614 62,285 313,329 — Derivatives 5,312 — 5,312 — Total financial assets measured on a recurring basis $ 380,926 $ 62,285 $ 318,641 $ — 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 March 31, 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, restricted stock, non-maturity deposits, overnight borrowings, and accrued interest, which are excluded from the table below. Fair Value Measurements at March 31, 2022, Using Quoted Prices Significant Other Observable Inputs Significant Unobservable Inputs Book Value (Level 1) (Level 2) (Level 3) (In thousands) Financial assets Securities held-to-maturity $ 29,838 $ — $ 27,992 $ — Loans, net 1,328,021 — — 1,316,254 Financial liabilities Time Deposits 444,936 — 435,306 — Federal Home Loan advances 185,500 — 176,543 — Fair Value Measurements at December 31, 2021, Using Quoted Prices 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) | 3 Months Ended |
Mar. 31, 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 months ended March 31, 2022 and 2021, respectively. Three Months Ended March 31, 2022 2021 (In thousands) Noninterest income Service charges on deposits $ 229 $ 192 Interchange income 8 7 Total Revenue from Contracts with Customers $ 237 $ 199 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share | Three Months Ended March 31, 2022 (Income In thousands) Net income applicable to common shares $ 553 Average number of common shares outstanding 28,522,500 Less: Average unallocated ESOP shares 2,178,992 Average number of common shares outstanding used to calculate basic earnings per common share 26,343,508 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 | Jul. 15, 2021USD ($)$ / sharesshares | Mar. 31, 2022segmentshares |
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 | 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 | 100.00% |
SECURITIES - Summary of amortiz
SECURITIES - Summary of amortized cost of securities available for sale and their estimated fair value (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 390,313 | $ 323,801 |
Gross Unrealized Gains | 772 | 3,734 |
Gross Unrealized Losses | (15,471) | (2,643) |
Estimated Fair Value | 375,614 | 324,892 |
U.S. Treasury Note | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 46,939 | 36,933 |
Gross Unrealized Gains | 0 | 4 |
Gross Unrealized Losses | (1,666) | (105) |
Estimated Fair Value | 45,273 | 36,832 |
Corporate Bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 86,560 | 86,118 |
Gross Unrealized Gains | 415 | 1,791 |
Gross Unrealized Losses | (1,749) | (290) |
Estimated Fair Value | 85,226 | 87,619 |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 22,885 | 23,462 |
Gross Unrealized Gains | 23 | 46 |
Gross Unrealized Losses | (544) | (179) |
Estimated Fair Value | 22,364 | 23,329 |
Obligations issued by U.S. states and their political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 19,115 | 19,172 |
Gross Unrealized Gains | 293 | 1,152 |
Gross Unrealized Losses | (210) | 0 |
Estimated Fair Value | 19,198 | 20,324 |
Residential one-to-four family | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 178,941 | 116,166 |
Gross Unrealized Gains | 5 | 140 |
Gross Unrealized Losses | (10,607) | (1,905) |
Estimated Fair Value | 168,339 | 114,401 |
Multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 29,604 | 35,412 |
Gross Unrealized Gains | 36 | 598 |
Gross Unrealized Losses | (427) | (94) |
Estimated Fair Value | 29,213 | 35,916 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,269 | 6,538 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | (268) | (70) |
Estimated Fair Value | $ 6,001 | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 29,838 | $ 23,281 |
Gross Unrecognized Gains | 1 | 0 |
Gross Unrecognized Losses | (1,846) | (432) |
Estimated Fair Value | 27,993 | 22,849 |
Asset-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 15,238 | 15,281 |
Gross Unrecognized Gains | 0 | 0 |
Gross Unrecognized Losses | (1,306) | (373) |
Estimated Fair Value | 13,932 | 14,908 |
Corporate Bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 14,600 | 8,000 |
Gross Unrecognized Gains | 1 | 0 |
Gross Unrecognized Losses | (540) | (59) |
Estimated Fair Value | $ 14,061 | $ 7,941 |
SECURITIES - Narrative (Details
SECURITIES - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2022USD ($)security | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)security | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Proceeds from sales and calls of available-for-sale securities | $ | $ 0 | $ 1,700,000 | |
Realized gain (loss) on securities | $ | 0 | ||
Other than temporary impairment on available for sale securities. | $ | $ 0 | $ 0 | |
Number of available for sale securities in an unrealized loss position | security | 84 | 44 | |
Number of held-to-maturity securities in unrealized loss positions for more than twelve months. | security | 8 | 4 | |
Number of held to maturity securities in an unrecognized loss position | security | 6 | 2 | |
Securities pledged as collateral | $ | $ 4,700,000 | $ 9,100,000 | |
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 | ||
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 | 3 | ||
Corporate Bonds | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Number of available for sale securities in an unrealized loss position | security | 18 | ||
Fair value of securities held to maturity | $ | $ 13,100,000 | 6,900,000 | |
Unrecognized loss position of securities held to maturity | $ | $ 540,000 | $ 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 | 4 | ||
Number of held to maturity securities in an unrecognized loss position | security | 2 | 2 | |
Fair value of securities held to maturity | $ | $ 13,900,000 | $ 14,900,000 | |
Unrecognized loss position of securities held to maturity | $ | $ 1,300,000 | $ 373,000 |
SECURITIES - Summary of amort_3
SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Amortized Cost | |
Due in one year or less | $ 5,420 |
Due from one year to five years | 97,836 |
Due from five to ten years | 55,726 |
Due after ten years | 16,517 |
Mortgage-backed and asset-backed securities | 214,814 |
Total | 390,313 |
Estimated Fair Value | |
Due in one year or less | 5,440 |
Due from one year to five years | 95,474 |
Due from five to ten years | 54,965 |
Due after ten years | 16,182 |
Mortgage-backed and asset-backed securities | 203,553 |
Total | 375,614 |
Amortized Cost | |
Due from one year to five years | 6,058 |
Due from five to ten years | 21,780 |
Due after ten years | 2,000 |
Total | 29,838 |
Estimated Fair Value | |
Due after ten years | 5,594 |
Due from five to ten years | 20,410 |
Due after ten years | 1,989 |
Total | $ 27,993 |
SECURITIES - Summary of availab
SECURITIES - Summary of available for sale securities with unrealized losses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | $ (10,268) | $ (2,275) |
Estimated Fair Value | 243,534 | 153,211 |
Unrealized Losses | (5,203) | (368) |
Estimated Fair Value | 59,812 | 11,899 |
Unrealized Losses | (15,471) | (2,643) |
Estimated Fair Value | 303,346 | 165,110 |
U.S. Treasury Note | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (1,083) | (105) |
Estimated Fair Value | 38,949 | 16,814 |
Unrealized Losses | (583) | 0 |
Estimated Fair Value | 6,324 | 0 |
Unrealized Losses | (1,666) | (105) |
Estimated Fair Value | 45,273 | 16,814 |
Corporate Bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (1,381) | (290) |
Estimated Fair Value | 45,434 | 17,183 |
Unrealized Losses | (368) | 0 |
Estimated Fair Value | 4,988 | 0 |
Unrealized Losses | (1,749) | (290) |
Estimated Fair Value | 50,422 | 17,183 |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (356) | (49) |
Estimated Fair Value | 9,643 | 9,951 |
Unrealized Losses | (188) | (130) |
Estimated Fair Value | 7,419 | 7,980 |
Unrealized Losses | (544) | (179) |
Estimated Fair Value | 17,062 | 17,931 |
Obligations issued by U.S. states and their political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (210) | |
Estimated Fair Value | 2,925 | |
Unrealized Losses | 0 | |
Estimated Fair Value | 0 | |
Unrealized Losses | (210) | |
Estimated Fair Value | 2,925 | |
Residential one-to-four family | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (6,795) | (1,761) |
Estimated Fair Value | 129,328 | 104,805 |
Unrealized Losses | (3,812) | (144) |
Estimated Fair Value | 38,897 | 3,009 |
Unrealized Losses | (10,607) | (1,905) |
Estimated Fair Value | 168,225 | 107,814 |
Multifamily | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (304) | 0 |
Estimated Fair Value | 12,654 | 0 |
Unrealized Losses | (124) | (94) |
Estimated Fair Value | 784 | 910 |
Unrealized Losses | (427) | (94) |
Estimated Fair Value | 13,438 | 910 |
Asset-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (139) | (70) |
Estimated Fair Value | 4,601 | 4,458 |
Unrealized Losses | (128) | 0 |
Estimated Fair Value | 1,400 | 0 |
Unrealized Losses | (268) | (70) |
Estimated Fair Value | $ 6,001 | $ 4,458 |
LOANS RECEIVABLE, NET - Summary
LOANS RECEIVABLE, NET - Summary of loans receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | $ 1,336,352 | $ 1,281,310 | ||
Deferred fees, costs and premiums and discounts, net | 5,134 | 6,299 | ||
Total loans | 1,341,486 | 1,287,609 | ||
Allowance for loan losses | (13,465) | (14,425) | $ (16,150) | $ (16,959) |
Loans receivable, net | 1,328,021 | 1,273,184 | ||
Residential Portfolio Segment | Residential one-to-four family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 579,083 | 560,976 | ||
Allowance for loan losses | (2,610) | (2,822) | (3,342) | (3,579) |
Residential Portfolio Segment | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 517,037 | 515,240 | ||
Allowance for loan losses | (4,776) | (5,263) | (5,748) | (5,460) |
Nonresidential Portfolio Segment | Non-residential | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 187,310 | 141,561 | ||
Allowance for loan losses | (3,465) | (2,846) | (3,145) | (3,244) |
Construction and Land Portfolio Segment | Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 18,613 | 23,419 | ||
Allowance for loan losses | (1,905) | (2,678) | (2,928) | (3,655) |
Junior Lien Portfolio Segment | Junior liens | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 18,071 | 18,464 | ||
Allowance for loan losses | (549) | (636) | (813) | (916) |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 16,201 | 21,563 | ||
Allowance for loan losses | (71) | (51) | (7) | (2) |
Commercial Portfolio Segment | PPP Loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 8,100 | |||
Consumer and Other Portfolio Segment | Consumer and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans | 37 | 87 | ||
Allowance for loan losses | $ 0 | $ (38) | $ (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 | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for loan losses | ||||
Beginning balance | $ 13,465 | $ 16,150 | $ 14,425 | $ 16,959 |
Charge-offs | (10) | (1) | ||
Recoveries | 2 | 0 | ||
(Recovery of) provision for loan losses | (952) | (808) | ||
Total ending allowance balance | 13,465 | 16,150 | ||
Residential Portfolio Segment | Residential one-to-four family | ||||
Allowance for loan losses | ||||
Beginning balance | 2,610 | 3,342 | 2,822 | 3,579 |
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Recovery of) provision for loan losses | (212) | (237) | ||
Total ending allowance balance | 2,610 | 3,342 | ||
Residential Portfolio Segment | Multifamily | ||||
Allowance for loan losses | ||||
Beginning balance | 4,776 | 5,748 | 5,263 | 5,460 |
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Recovery of) provision for loan losses | (487) | 288 | ||
Total ending allowance balance | 4,776 | 5,748 | ||
Nonresidential Portfolio Segment | Non-residential | ||||
Allowance for loan losses | ||||
Beginning balance | 3,465 | 3,145 | 2,846 | 3,244 |
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Recovery of) provision for loan losses | 619 | (99) | ||
Total ending allowance balance | 3,465 | 3,145 | ||
Construction and Land Portfolio Segment | Construction | ||||
Allowance for loan losses | ||||
Beginning balance | 1,905 | 2,928 | 2,678 | 3,655 |
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Recovery of) provision for loan losses | (773) | (727) | ||
Total ending allowance balance | 1,905 | 2,928 | ||
Junior Lien Portfolio Segment | Junior liens | ||||
Allowance for loan losses | ||||
Beginning balance | 549 | 813 | 636 | 916 |
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Recovery of) provision for loan losses | (87) | (103) | ||
Total ending allowance balance | 549 | 813 | ||
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||||
Allowance for loan losses | ||||
Beginning balance | 71 | 7 | 51 | 2 |
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Recovery of) provision for loan losses | 20 | 5 | ||
Total ending allowance balance | 71 | 7 | ||
Consumer and Other Portfolio Segment | Consumer and other | ||||
Allowance for loan losses | ||||
Beginning balance | 0 | 44 | 38 | 48 |
Charge-offs | (10) | (1) | ||
Recoveries | 2 | 0 | ||
(Recovery of) provision for loan losses | (30) | (3) | ||
Total ending allowance balance | 0 | 44 | ||
Unallocated Financing Receivables | ||||
Allowance for loan losses | ||||
Beginning balance | 89 | 123 | $ 91 | $ 55 |
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Recovery of) provision for loan losses | (2) | 68 | ||
Total ending allowance balance | $ 89 | $ 123 |
LOANS RECEIVABLE, NET - Summa_3
LOANS RECEIVABLE, NET - Summary of allowance and loans receivable evaluated for impairment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Allowance for loan losses: | ||||
Individually evaluated for impairment | $ 28 | $ 68 | ||
Collectively evaluated for impairment | 13,437 | 14,357 | ||
Total | 13,465 | 14,425 | $ 16,150 | $ 16,959 |
Loans receivable: | ||||
Individually evaluated for impairment | 14,003 | 15,522 | ||
Collectively evaluated for impairment | 1,327,483 | 1,272,087 | ||
Total Loans Receivable | 1,341,486 | 1,287,609 | ||
Residential Portfolio Segment | Residential one-to-four family | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 28 | 31 | ||
Collectively evaluated for impairment | 2,582 | 2,791 | ||
Total | 2,610 | 2,822 | 3,342 | 3,579 |
Loans receivable: | ||||
Individually evaluated for impairment | 8,768 | 10,169 | ||
Collectively evaluated for impairment | 574,756 | 556,314 | ||
Total Loans Receivable | 583,524 | 566,483 | ||
Residential Portfolio Segment | Multifamily | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 4,776 | 5,263 | ||
Total | 4,776 | 5,263 | 5,748 | 5,460 |
Loans receivable: | ||||
Individually evaluated for impairment | 671 | 684 | ||
Collectively evaluated for impairment | 517,521 | 515,884 | ||
Total Loans Receivable | 518,192 | 516,568 | ||
Nonresidential Portfolio Segment | Non-residential | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 3,465 | 2,846 | ||
Total | 3,465 | 2,846 | 3,145 | 3,244 |
Loans receivable: | ||||
Individually evaluated for impairment | 4,510 | 4,577 | ||
Collectively evaluated for impairment | 182,659 | 136,957 | ||
Total Loans Receivable | 187,169 | 141,534 | ||
Construction and Land Portfolio Segment | Construction | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 1,905 | 2,678 | ||
Total | 1,905 | 2,678 | 2,928 | 3,655 |
Loans receivable: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 18,439 | 23,420 | ||
Total Loans Receivable | 18,439 | 23,420 | ||
Junior Lien Portfolio Segment | Junior liens | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 549 | 636 | ||
Total | 549 | 636 | 813 | 916 |
Loans receivable: | ||||
Individually evaluated for impairment | 54 | 55 | ||
Collectively evaluated for impairment | 18,123 | 18,495 | ||
Total Loans Receivable | 18,177 | 18,550 | ||
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 71 | 51 | ||
Total | 71 | 51 | 7 | 2 |
Loans receivable: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 15,948 | 20,966 | ||
Total Loans Receivable | 15,948 | 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 | 38 | 44 | 48 |
Loans receivable: | ||||
Individually evaluated for impairment | 0 | 37 | ||
Collectively evaluated for impairment | 37 | 51 | ||
Total Loans Receivable | 37 | 88 | ||
Unallocated Financing Receivables | ||||
Allowance for loan losses: | ||||
Individually evaluated for impairment | 0 | 0 | ||
Collectively evaluated for impairment | 89 | 91 | ||
Total | 89 | 91 | $ 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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
With no related allowance recorded: | ||
Unpaid Principal Balance | $ 12,824 | $ 14,208 |
Recorded Investment | 12,949 | 14,424 |
Average Recorded Investment | 14,050 | 15,630 |
Interest Income Recognized | 172 | 314 |
Cash Basis Interest Recognized | 165 | 298 |
With an allowance recorded: | ||
Unpaid Principal Balance | 1,055 | 1,099 |
Recorded Investment | 1,054 | 1,098 |
Allowance for Loan Losses Allocated | 28 | 68 |
Average Recorded Investment | 1,057 | 1,284 |
Interest Income Recognized | 12 | 52 |
Cash Basis Interest Recognized | 8 | 48 |
Total | ||
Unpaid Principal Balance | 13,879 | 15,307 |
Recorded Investment | 14,003 | 15,522 |
Allowance for Loan Losses Allocated | 28 | 68 |
Average Recorded Investment | 15,107 | 16,914 |
Interest Income Recognized | 184 | 366 |
Cash Basis Interest Recognized | 173 | 346 |
Residential Portfolio Segment | Residential one-to-four family | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 7,426 | 8,744 |
Recorded Investment | 7,714 | 9,108 |
Average Recorded Investment | 8,769 | 9,534 |
Interest Income Recognized | 111 | 75 |
Cash Basis Interest Recognized | 111 | 75 |
With an allowance recorded: | ||
Unpaid Principal Balance | 1,055 | 1,062 |
Recorded Investment | 1,054 | 1,061 |
Allowance for Loan Losses Allocated | 28 | 31 |
Average Recorded Investment | 1,057 | 1,243 |
Interest Income Recognized | 12 | 50 |
Cash Basis Interest Recognized | 8 | 46 |
Total | ||
Allowance for Loan Losses Allocated | 28 | 31 |
Residential Portfolio Segment | Multifamily | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 672 | 684 |
Recorded Investment | 671 | 684 |
Average Recorded Investment | 678 | 1,170 |
Interest Income Recognized | 6 | 26 |
Cash Basis Interest Recognized | 4 | 24 |
With an allowance recorded: | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 |
Total | ||
Allowance for Loan Losses Allocated | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 4,672 | 4,725 |
Recorded Investment | 4,510 | 4,577 |
Average Recorded Investment | 4,548 | 4,869 |
Interest Income Recognized | 54 | 210 |
Cash Basis Interest Recognized | 49 | 196 |
With an allowance recorded: | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 |
Total | ||
Allowance for Loan Losses Allocated | 0 | 0 |
Construction and Land Portfolio Segment | Construction | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 |
With an allowance recorded: | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 |
Total | ||
Allowance for Loan Losses Allocated | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 |
With an allowance recorded: | ||
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Average Recorded Investment | 0 | 0 |
Interest Income Recognized | 0 | 0 |
Cash Basis Interest Recognized | 0 | 0 |
Total | ||
Allowance for Loan Losses Allocated | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 54 | 55 |
Recorded Investment | 54 | 55 |
Average Recorded Investment | 55 | 57 |
Interest Income Recognized | 1 | 3 |
Cash Basis Interest Recognized | 1 | 3 |
Consumer and Other Portfolio Segment | Consumer and other | ||
With an allowance recorded: | ||
Unpaid Principal Balance | 0 | 37 |
Recorded Investment | 0 | 37 |
Allowance for Loan Losses Allocated | 0 | 37 |
Average Recorded Investment | 0 | 41 |
Interest Income Recognized | 0 | 2 |
Cash Basis Interest Recognized | 0 | 2 |
Total | ||
Allowance for Loan Losses Allocated | $ 0 | $ 37 |
LOANS RECEIVABLE, NET - Narrati
LOANS RECEIVABLE, NET - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Loans with terms modified in troubled debt restructurings | $ 5,300,000 | $ 5,400,000 | |
Reserves specific to troubled debt restructuring | 28,000 | $ 68,000 | |
Number of loans restructurings with subsequent default in the next twelve months | $ 0 | $ 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 10,482 | $ 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 | 9,478 | 10,805 |
Loans Past Due 90 Days and Still Accruing | 0 | 0 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 135 | 139 |
Loans Past Due 90 Days and Still Accruing | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 686 | 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 | 2 | 0 |
Loans Past Due 90 Days and Still Accruing | 0 | 116 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 181 | 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 1,341,486 | $ 1,287,609 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,406 | 1,747 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 278 | 567 |
90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 7,617 | 9,615 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 10,301 | 11,929 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,331,185 | 1,275,680 |
Residential Portfolio Segment | Residential one-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 583,524 | 566,483 |
Residential Portfolio Segment | Residential one-to-four family | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,147 | 1,736 |
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 278 | 457 |
Residential Portfolio Segment | Residential one-to-four family | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 7,344 | 8,936 |
Residential Portfolio Segment | Residential one-to-four family | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 9,769 | 11,129 |
Residential Portfolio Segment | Residential one-to-four family | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 573,755 | 555,354 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 518,192 | 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 | 217 | 0 |
Residential Portfolio Segment | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 217 | 0 |
Residential Portfolio Segment | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 517,975 | 516,568 |
Nonresidential Portfolio Segment | Non-residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 187,169 | 141,534 |
Nonresidential Portfolio Segment | Non-residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 222 | 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 | 0 | 381 |
Nonresidential Portfolio Segment | Non-residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 222 | 381 |
Nonresidential Portfolio Segment | Non-residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 186,947 | 141,153 |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 18,439 | 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 | 18,439 | 23,420 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 18,177 | 18,550 |
Junior Lien Portfolio Segment | Junior liens | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 37 | 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 | 91 | 235 |
Junior Lien Portfolio Segment | Junior liens | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 18,086 | 18,315 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 15,948 | 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 | 2 | 116 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2 | 184 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 15,946 | 20,782 |
Consumer and Other Portfolio Segment | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 37 | 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 | $ 37 | $ 88 |
LOANS RECEIVABLE, NET - Credit
LOANS RECEIVABLE, NET - Credit quality indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | $ 1,341,486 | $ 1,287,609 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 1,329,367 | 1,269,218 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 416 | 5,213 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 11,703 | 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 | 583,524 | 566,483 |
Residential Portfolio Segment | Residential one-to-four family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 573,394 | 555,184 |
Residential Portfolio Segment | Residential one-to-four family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 274 | 0 |
Residential Portfolio Segment | Residential one-to-four family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 9,856 | 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 | 518,192 | 516,568 |
Residential Portfolio Segment | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 517,521 | 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 | 671 | 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 | 187,169 | 141,534 |
Nonresidential Portfolio Segment | Non-residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 186,032 | 140,377 |
Nonresidential Portfolio Segment | Non-residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 142 | 144 |
Nonresidential Portfolio Segment | Non-residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 995 | 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 | 18,439 | 23,420 |
Construction and Land Portfolio Segment | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 18,439 | 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 | 18,177 | 18,550 |
Junior Lien Portfolio Segment | Junior liens | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 17,996 | 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 | 181 | 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 | 15,948 | 20,966 |
Commercial Portfolio Segment | Commercial and industrial (including PPP) | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 15,948 | 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 | 37 | 88 |
Consumer and Other Portfolio Segment | Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans Receivable | 37 | 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) | Mar. 31, 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 | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Leases [Abstract] | |||
Right-of-use assets | $ 24,811 | $ 25,457 | $ 25,457 |
Lease liabilities | $ 26,083 | $ 26,696 | $ 26,696 |
Weighted average remaining lease terms on operating leases (in years) | 12 years | 12 years 2 months 12 days | |
Weighted average discount rate on operating leases | 1.98% | 1.97% |
LEASES - Summary of components
LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 770 | $ 747 |
Finance lease cost | 6 | 6 |
Variable lease cost | 54 | 26 |
Total lease cost included as a component of occupancy and equipment | $ 830 | $ 779 |
LEASES - Schedule of future und
LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Leases [Abstract] | |||
2023 | $ 2,983 | ||
2024 | 2,732 | ||
2025 | 2,609 | ||
2026 | 2,299 | ||
2027 | 2,264 | ||
Thereafter | 16,725 | ||
Total undiscounted lease payments | 29,612 | ||
Less: imputed interest | (3,529) | ||
Total | $ 26,083 | $ 26,696 | $ 26,696 |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 757 | $ 406 |
Operating leases | $ 0 | $ 0 |
DEPOSITS - Summary of deposits
DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Non-interest bearing deposits | $ 45,143 | $ 44,894 |
NOW and demand accounts | 425,766 | 363,419 |
Savings | 367,177 | 364,932 |
Time deposits | 444,936 | 473,795 |
Deposits | $ 1,283,022 | $ 1,247,040 |
DEPOSITS - Schedule of timed de
DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Remainder of 2022 | $ 239,160 | |
2023 | 152,023 | |
2024 | 37,175 | |
2025 | 9,848 | |
2026 | 5,804 | |
2027 | 926 | |
Time deposits | $ 444,936 | $ 473,795 |
EMPLOYEE STOCK OWNERSHIP PLAN -
EMPLOYEE STOCK OWNERSHIP PLAN - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Jul. 15, 2021 | |
Share-based Payment Arrangement [Abstract] | |||
Shares in ESOP | 2,281,800 | 2,281,800 | |
Price per share, ESOP (in usd per share) | $ 10 | ||
ESOP loan balance | $ 21,800,000 | ||
Contributions to ESOP | $ 0 | ||
ESOP shares committed to be released (in shares) | 22,818 | ||
ESOP expense | $ 322,000 | $ 0 |
EMPLOYEE STOCK OWNERSHIP PLAN_2
EMPLOYEE STOCK OWNERSHIP PLAN - Shares held by ESOP (Details) - USD ($) $ in Thousands | Mar. 31, 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 unearned shares at March 31, 2022 | $ 29,682 |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest expense | $ 322,000 | $ 338,000 | |
Cash pledged as collateral | (5,400,000) | ||
Securities pledged as collateral | 0 | ||
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 | (113,000) | ||
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 ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 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 | 0.5431% | 0.1742% |
Weighted average maturity | 5 years | 5 years 3 months 18 days |
Unrealized gains (losses), net | $ 5,312,000 | $ (246,000) |
Cash Flow Hedging | Designated as Hedging Instrument | Other Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized gains (losses), net | 5,312,000 | 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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative | $ 5,559 | $ 3,314 |
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) | $ (322) | $ (338) |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Unrealized (loss) gain arising during the period, After Tax | $ (10,502) | $ 317 | |
Reclassification adjustment for losses included in net income, After Tax | 370 | 280 | |
Total other comprehensive lose, Before Tax | (10,181) | 1,021 | |
Total other comprehensive lose, Tax Effect | 49 | (424) | |
Total other comprehensive (loss) income, net of tax | [1] | (10,132) | 597 |
Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Unrealized (loss) gain arising during the period, Before Tax | (15,788) | (3,641) | |
Unrealized (loss) gain arising during the period, Tax Effect | 49 | 887 | |
Unrealized (loss) gain arising during the period, After Tax | (15,739) | (2,754) | |
Reclassification adjustment for losses included in net income, After Tax | 0 | 0 | |
Total other comprehensive (loss) income, net of tax | (15,739) | (2,754) | |
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 | 5,237 | 4,272 | |
Unrealized (loss) gain arising during the period, Tax Effect | 0 | (1,201) | |
Unrealized (loss) gain arising during the period, After Tax | 5,237 | 3,071 | |
Reclassification adjustment for losses included in net income, Before Tax | 322 | 338 | |
Reclassification adjustment for losses included in net income, Tax | 0 | (95) | |
Reclassification adjustment for losses included in net income, After Tax | 322 | 243 | |
Total other comprehensive lose, Before Tax | 5,559 | 4,610 | |
Total other comprehensive lose, Tax Effect | 0 | (1,296) | |
Total other comprehensive (loss) income, net of tax | 5,559 | 3,314 | |
Defined Benefit Pension Items | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Unrealized (loss) gain arising during the period, After Tax | 0 | 0 | |
Reclassification adjustment for losses included in net income, Before Tax | 48 | 52 | |
Reclassification adjustment for losses included in net income, Tax | 0 | (15) | |
Reclassification adjustment for losses included in net income, After Tax | 48 | 37 | |
Total other comprehensive (loss) income, net of tax | $ 48 | $ 37 | |
[1] | The 2022 period tax is inclusive of a deferred tax valuation allowance. |
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 | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 429,471 | $ 205,600 | |
Other comprehensive income (loss) before reclassification | (10,502) | 317 | |
Amounts reclassified from accumulated other comprehensive income | 370 | 280 | |
Total other comprehensive (loss) income, net of tax | [1] | (10,132) | 597 |
Balance at end of period | 420,214 | 205,452 | |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (372) | (1,031) | |
Total other comprehensive (loss) income, net of tax | (10,132) | 597 | |
Balance at end of period | (10,504) | (434) | |
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 | 5,237 | 3,071 | |
Amounts reclassified from accumulated other comprehensive income | 322 | 243 | |
Total other comprehensive (loss) income, net of tax | 5,559 | 3,314 | |
Balance at end of period | 5,313 | (672) | |
Unrealized gains on securities available for sale: Realized (losses) gains on securities available for sale | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 1,091 | 4,208 | |
Other comprehensive income (loss) before reclassification | (15,739) | (2,754) | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | |
Total other comprehensive (loss) income, net of tax | (15,739) | (2,754) | |
Balance at end of period | (14,648) | 1,454 | |
Defined Benefit Pension Items | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (1,217) | (1,253) | |
Other comprehensive income (loss) before reclassification | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 48 | 37 | |
Total other comprehensive (loss) income, net of tax | 48 | 37 | |
Balance at end of period | $ (1,169) | $ (1,216) | |
[1] | The 2022 period tax is inclusive of a deferred tax valuation allowance. |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME- Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest (expense) income | $ 11,939 | $ 9,599 |
Compensation and employee benefits | 6,924 | 6,021 |
Income tax expense | (49) | 551 |
Total reclassification for the period, net of tax | (553) | 745 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 0 | 110 |
Total reclassification for the period, net of tax | (370) | (280) |
Interest rate contracts | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Interest (expense) income | (322) | (338) |
Net actuarial loss | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Compensation and employee benefits | $ (48) | $ (52) |
FAIR VALUE OF ASSETS AND LIAB_3
FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | $ 375,614 | $ 324,892 |
U.S. Treasury Note | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 45,273 | 36,832 |
Domestic Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 85,226 | 87,619 |
U.S. Government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 22,364 | 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: | 19,198 | 20,324 |
Residential one-to-four family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 168,339 | 114,401 |
Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 29,213 | 35,916 |
Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 6,001 | 6,471 |
Measured on a recurring basis: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale: | 375,614 | 324,892 |
Derivatives | 5,312 | |
Financial assets | 380,926 | |
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: | 45,273 | 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: | 85,226 | 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: | 22,364 | 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: | 19,198 | 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: | 168,339 | 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: | 29,213 | 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: | 6,001 | 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: | 62,285 | 54,449 |
Derivatives | 0 | |
Financial assets | 62,285 | |
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: | 45,273 | 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: | 17,012 | 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: | 313,329 | 270,443 |
Derivatives | 5,312 | |
Financial assets | 318,641 | |
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: | 85,226 | 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: | 5,352 | 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: | 19,198 | 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: | 168,339 | 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: | 29,213 | 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: | 6,001 | 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 | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets | ||
Securities held-to-maturity | $ 29,838 | $ 23,281 |
Loans, net | 1,328,021 | 1,273,184 |
Financial liabilities | ||
Time deposits | 444,936 | 473,795 |
Federal Home Loan advances | 185,500 | 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 | 27,992 | 22,849 |
Loans, net | 0 | 0 |
Financial liabilities | ||
Time deposits | 435,306 | 470,732 |
Federal Home Loan advances | 176,543 | 182,795 |
Significant Unobservable Inputs | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Loans, net | 1,316,254 | 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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue from Contracts with Customers | $ 237 | $ 199 |
Service charges on deposits | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue from Contracts with Customers | 229 | 192 |
Interchange income | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue from Contracts with Customers | $ 8 | $ 7 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income applicable to common shares | $ 553 | $ (745) |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Average number of common shares outstanding | 28,522,500 | |
Less: Average unallocated ESOP shares | 2,178,992 | |
Average number of common shares outstanding used to calculate basic earnings per common share | 26,343,508 | |
Average number of common shares outstanding used to calculate diluted earnings per common share | 26,343,508 | |
Common stock equivalents | 0 | |
Earnings per common share, basic | $ 0.02 | |
Earnings per common share, diluted | $ 0.02 |