ISELIN, N.J., July 27, 2023 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (:PFS) (the “Company”) reported net income of $32.0 million, or $0.43 per basic and diluted share for the three months ended June 30, 2023, compared to $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023 and $39.2 million, or $0.53 per basic and diluted share, for the three months ended June 30, 2022. For the six months ended June 30, 2023, net income totaled $72.5 million, or $0.97 per basic and diluted share, compared to $83.2 million, or $1.11 per basic and diluted share, for the six months ended June 30, 2022. Net income for the three and six months ended June 30, 2023 was negatively impacted by an increase in funding costs and an increase in the provision for credit losses due to a worsened economic forecast. In addition, transaction costs related to our pending merger with Lakeland Bancorp, Inc. (“Lakeland”) totaled $2.0 million and $3.1 million for the three and six months ended June 30, 2023, respectively.
Performance Highlights for the Second Quarter of 2023
- The Company’s total loan portfolio increased $306.3 million, or 12.0% annualized, to $10.53 billion at June 30, 2023, from $10.22 billion at March 31, 2023.
- At June 30, 2023, the Company's loan pipeline, consisting of work-in-process and loans approved pending closing, totaled $1.74 billion, with a weighted average interest rate of 7.23%, compared to $1.54 billion, with a weighted average interest rate of 6.74%.
- The average yield on total loans increased 12 basis points to 5.24% for the quarter ended June 30, 2023, compared to the trailing quarter, while the average cost of deposits, including non-interest bearing deposits, increased 37 basis points to 1.42% for the quarter ended June 30, 2023 from the trailing quarter.
- Net interest income decreased $9.2 million to $99.1 million for the three months ended June 30, 2023, from $108.3 million for the trailing quarter as a result of higher funding costs, which more than offset the benefits of favorable loan repricing and loan growth.
- The net interest margin decreased 37 basis points to 3.11% for the quarter ended June 30, 2023, from 3.48% for the trailing quarter. The weighted average yield on interest-earning assets for the quarter ended June 30, 2023 increased 10 basis points to 4.73%, compared to the trailing quarter, while the weighted average cost of interest-bearing liabilities for the quarter ended June 30, 2023 increased 59 basis points to 2.13%, compared to the trailing quarter. The increase in funding costs reflected a decrease in lower-costing deposits, an increase in borrowings and unfavorable repricing in both deposits and borrowings.
- During the three months ended June 30, 2023, additional balances from traditional non-interest and interest bearing demand deposits transitioned into our insured cash sweep ("ICS") product, as a method to increase the level of customers' deposit insurance in light of recent banking turmoil. As of June 30, 2023 our ICS deposits totaled $382.9 million, compared to $58.9 million at December 31, 2022. Our estimated uninsured and uncollateralized deposits at June 30, 2023 totaled $2.72 billion. At June 30, 2023, Provident Bank had on balance sheet liquidity and borrowing capacity totaling $3.82 billion, representing 140% of estimated uninsured and uncollateralized deposits. All borrowing capacity is immediately available.
- At June 30, 2023, CRE loans related to retail, industrial, office, and hotel properties totaled $1.70 billion, $1.12 billion, $487.9 million and $152.1 million, respectively. At March 31, 2023 CRE loans related to retail, industrial, office, and hotel properties totaled $1.65 billion, $1.13 billion, $502.3 million and $167.4 million, respectively. Construction loans, consisting primarily of multi-family projects, decreased $8.3 million to $707.2 million at June 30, 2023, from $715.5 million at December 31, 2022.
- The Company recorded a $10.4 million provision for credit losses for the quarter ended June 30, 2023, compared to a $6.0 million provision for the trailing quarter. The provision for credit losses in the quarter was primarily attributable to a weakening economic forecast within our CECL model. Asset quality metrics were stable, with annualized net charge-offs totaling 4 basis points for the quarter. The allowance for credit losses as a percentage of loans increased to 0.97% at June 30, 2023, from 0.91% at March 31, 2023.
- Tangible book value per share(1) increased $0.02 to $15.66 at June 30, 2023, compared to the trailing quarter.
- Annualized returns on average assets, average equity and average tangible equity were 0.93%, 7.76% and 10.75%, respectively for the three months ended June 30, 2023, compared with 1.20%, 10.11% and 14.10%, respectively for the trailing quarter.
- The Company's annualized adjusted pre-tax, pre-provision ("PTPP") return on average assets(1) was 1.60% for the quarter ended June 30, 2023, compared to 1.86% for the quarter ended March 31, 2023.
Anthony J. Labozzetta, President and Chief Executive Officer commented, “Provident produced good financial results this quarter, despite unfavorable market conditions. We were pleased by the growth in our loans and loan pipeline, solid performance from our fee businesses, and prudent expense management. While increased interest rates and a shift in the funding mix have adversely impacted our net interest margin, our interest rate risk management remains sound. An increased provision for loan losses largely driven by changes in our CECL forecast also impacted the quarter’s results, however asset quality remains strong and stable. Our results demonstrate the strength of our franchise and talented management team.”
Regarding the Company's pending merger with Lakeland, Mr. Labozzetta added, “We continue our interaction with the regulators and have been providing additional information in order to further support our applications for approval of the merger. The companies have made significant progress in various integration initiatives through outstanding teamwork from both banks. We look forward to receiving regulatory approval and combining our two great franchises into the best bank in New Jersey.”
Declaration of Quarterly Dividend
The Company’s Board of Directors declared a quarterly cash dividend of $0.24 per common share payable on August 25, 2023 to stockholders of record as of the close of business on August 11, 2023.
Results of Operations
Three months ended June 30, 2023 compared to the three months ended March 31, 2023
For the three months ended June 30, 2023, net income was $32.0 million, or $0.43 per basic and diluted share, compared to net income of $40.5 million, or $0.54 per basic and diluted share, for the three months ended March 31, 2023.
Net Interest Income and Net Interest Margin
Net interest income decreased $9.2 million to $99.1 million for the three months ended June 30, 2023, from $108.3 million for the trailing quarter. The decrease in net interest income was primarily due to a decrease in lower-costing deposits and an increase in borrowings, combined with unfavorable repricing of both deposits and borrowings, partially offset by originations of new loans at current market rates and the favorable repricing of adjustable rate loans.
The Company’s net interest margin decreased 37 basis points to 3.11% for the quarter ended June 30, 2023, from 3.48% for the trailing quarter. The weighted average yield on interest-earning assets for the quarter ended June 30, 2023 increased 10 basis points to 4.73%, compared to the trailing quarter. The weighted average cost of interest-bearing liabilities for the quarter ended June 30, 2023 increased 59 basis points from the trailing quarter, to 2.13%. The average cost of interest-bearing deposits for the quarter ended June 30, 2023 increased 46 basis points to 1.85%, compared to 1.39% for the trailing quarter. The average cost of total deposits, including non-interest bearing deposits, was 1.42% for the quarter ended June 30, 2023, compared to 1.05% for the trailing quarter. The average cost of borrowed funds for the quarter ended June 30, 2023 was 3.41%, compared to 2.48% for the quarter ended March 31, 2023.
Provision for Credit Losses
For the quarter ended June 30, 2023, the Company recorded a $10.4 million provision for credit losses, compared with a provision for credit losses of $6.0 million for the quarter ended March 31, 2023. The provision for credit losses in the quarter was primarily attributable to a worsened economic forecast and related deterioration in the projected commercial property price indices over the expected life of the loan portfolio within our CECL model. Loan growth of $306.3 million and an increase in specific reserves on impaired credits further contributed to the increased provision for credit losses for this quarter.
Non-Interest Income and Expense
For the three months ended June 30, 2023, non-interest income totaled $19.4 million, a decrease of $2.8 million, compared to the trailing quarter. Other income decreased $2.0 million to $1.3 million for the three months ended June 30, 2023, compared to the trailing quarter, primarily due to a $2.0 million gain recognized in the prior quarter, related to the resolution of certain post-closing conditions following the September 2022 sale of a foreclosed commercial property, along with a reduction in the gains on sale of SBA loans. Fee income decreased $612,000 to $5.8 million for the three months ended June 30, 2023, compared to the trailing quarter, primarily due to decreases in deposit fee income and commercial loan prepayment fees. Additionally, insurance agency income decreased $255,000 to $3.8 million for the three months ended June 30, 2023, compared to the trailing quarter, mainly due to the prior quarter receipt of contingent commissions, partially offset by new business activity in the current quarter.
Non-interest expense totaled $64.5 million for the three months ended June 30, 2023, a decrease of $5.0 million, compared to $69.5 million for the trailing quarter. Compensation and benefits expense decreased $3.5 million to $35.3 million for the three months ended June 30, 2023, compared to $38.7 million for the trailing quarter. The decrease in compensation and benefit expense was primarily attributable to decreases in the accrual for incentive compensation, payroll taxes and stock-based compensation. For the three months ended June 30, 2023, the Company recorded a $647,000 negative provision for credit losses for off-balance sheet credit exposures, compared to a $739,000 provision for the trailing quarter. The $1.4 million decrease in the provision for credit losses for the quarter was primarily due to an increase in line of credit utilization, partially offset by an increase in loans approved and awaiting closing. Additionally, other non-interest expense decreased $1.1 million to $9.9 million for the three months ended June 30, 2023, compared to the trailing quarter, mainly due to prior quarter charges related to the disposal of a former branch office, combined with prior quarter miscellaneous charges. Partially offsetting these decreases, merger expenses related to our pending combination with Lakeland increased $860,000 to $2.0 million for the three months ended June 30, 2023, compared to the trailing quarter.
The Company’s annualized adjusted non-interest expense as a percentage of average assets(1) was 1.83% for the quarter ended June 30, 2023, compared to 2.00% for the trailing quarter. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)(1) was 53.29% for the three months ended June 30, 2023, compared to 51.85% for the trailing quarter.
Income Tax Expense
For the three months ended June 30, 2023, the Company's income tax expense was $11.6 million with an effective tax rate of 26.7%, compared with income tax expense of $14.5 million with an effective tax rate of 26.3% for the trailing quarter. The decrease in tax expense for the three months ended June 30, 2023, compared with the trailing quarter was largely due to a decrease in taxable income, while the increase in the effective tax rate, compared with the trailing quarter was primarily due to an increase in non-deductible merger related transaction costs.
Three months ended June 30, 2023 compared to the three months ended June 30, 2022
For the three months ended June 30, 2023, net income was $32.0 million, or $0.43 per basic and diluted share, compared to net income of $39.2 million, or $0.53 per basic and diluted share, for the three months ended June 30, 2022.
Net Interest Income and Net Interest Margin
Net interest income decreased $369,000 to $99.1 million for the three months ended June 30, 2023, from $99.5 million for same period in 2022. The decrease in net interest income was primarily due to a decrease in lower-costing deposits and an increase in borrowings, combined with unfavorable repricing of both deposits and borrowings, partially offset by originations of new loans and the favorable repricing of adjustable rate loans.
The Company’s net interest margin decreased 10 basis points to 3.11% for the quarter ended June 30, 2023, from 3.21% for the same period last year. The weighted average yield on interest-earning assets for the quarter ended June 30, 2023 increased 130 basis points to 4.73%, compared to 3.43% for the quarter ended June 30, 2022. The weighted average cost of interest bearing liabilities increased 182 basis points for the quarter ended June 30, 2023 to 2.13%, compared to 0.31% for the second quarter of 2022. The average cost of interest bearing deposits for the quarter ended June 30, 2023 was 1.85%, compared to 0.27% for the same period last year. Average non-interest bearing demand deposits decreased $407.5 million to $2.37 billion for the quarter ended June 30, 2023, compared to $2.78 billion for the quarter ended June 30, 2022. The average cost of total deposits, including non-interest bearing deposits, was 1.42% for the quarter ended June 30, 2023, compared with 0.20% for the quarter ended June 30, 2022. The average cost of borrowed funds for the quarter ended June 30, 2023 was 3.41%, compared to 0.84% for the same period last year.
Provision for Credit Losses
For the quarter ended June 30, 2023, the Company recorded a $10.4 million provision for credit losses, compared with a $3.0 million provision for credit losses for the quarter ended June 30, 2022. The increase in the allowance for credit losses on loans was primarily attributable to a worsened economic forecast and related deterioration in the projected commercial property price indices over the expected life of the loan portfolio within our CECL model, combined with an increase in total loans outstanding.
Non-Interest Income and Expense
Non-interest income totaled $19.4 million for the quarter ended June 30, 2023, a decrease of $1.5 million, compared to the same period in 2022. Fee income decreased $1.6 million to $5.8 million for the three months ended June 30, 2023, compared to the trailing quarter, primarily due to decreases in commercial loan prepayment fees and deposit fee income. Other income decreased $647,000 to $1.3 million for the three months ended June 30, 2023, compared to the quarter ended June 30, 2022, primarily due to a decrease in net gains on sales of SBA loans. Partially offsetting these decreases in non-interest income, insurance agency income increased $997,000 to $3.8 million for the three months ended June 30, 2023, compared to the quarter ended June 30, 2022, largely due to strong retention revenue and new business activity.
For the three months ended June 30, 2023, non-interest expense totaled $64.5 million, an increase of $617,000, compared to the three months ended June 30, 2022. Merger-related expenses totaled $2.0 million for the three months ended June 30, 2023, as a result of transaction costs related to our pending combination with Lakeland. FDIC insurance expense increased $775,000 to $2.1 million for the three months ended June 30, 2023, compared to the same period in 2022, primarily due to an increase in the assessment rate. The Company recorded a $647,000 negative provision for credit losses for off-balance sheet credit exposures, compared to a $973,000 negative provision for the same period in 2022. The $326,000 reduction in the provision benefit was primarily the result of the period-over-period relative changes in line of credit utilization. Partially offsetting these increases in non-interest expense, compensation and benefits expense decreased $2.2 million to $35.3 million for three months ended June 30, 2023, compared to $37.4 million for the same period in 2022. The decrease was principally due to decreases in the accrual for incentive compensation and stock-based compensation, partially offset by an increase in salary expense. Net occupancy expenses decreased $530,000 to $7.9 million for the three months ended June 30, 2023, compared to the same period in 2022, largely due to decreases in depreciation and maintenance expenses.
The Company’s annualized adjusted non-interest expense as a percentage of average assets(1) was 1.83% for the quarter ended June 30, 2023, compared to 1.92% for the same period in 2022. The efficiency ratio (adjusted non-interest expense divided by the sum of net interest income and non-interest income)(1) was 53.29% for the three months ended June 30, 2023 compared to 53.83% for the same respective period in 2022.
Income Tax Expense
For the three months ended June 30, 2023, the Company's income tax expense was $11.6 million with an effective tax rate of 26.7%, compared with $14.3 million with an effective tax rate of 26.8% for the three months ended June 30, 2022. The decrease in tax expense for the three months ended June 30, 2023, compared with the same period last year was largely the result of a decrease in taxable income, while the decrease in the effective tax rate for the three months ended June 30, 2023, compared with the three months ended June 30, 2022, was largely due to a decrease in the proportion of income derived from taxable sources.
Six Months Ended June 30, 2023 compared to the six months ended June 30, 2022
For the six months ended June 30, 2023, net income totaled $72.5 million, or $0.97 per basic and diluted share, compared to net income of $83.2 million, or $1.11 per basic and diluted share, for the six months ended June 30, 2022.
Net Interest Income and Net Interest Margin
Net interest income increased $13.4 million to $207.4 million for the six months ended June 30, 2023, from $194.0 million for same period in 2022. The increase in net interest income for the six months ended June 30, 2023 was primarily driven by an increase in the net interest margin resulting from the favorable repricing of adjustable rate loans, higher market rates on new loan originations and the originations of higher-yielding loans, partially offset by the unfavorable repricing of both deposits and borrowings, a decrease in lower-costing deposits and an increase in borrowings. Additionally, fees related to the forgiveness of PPP loans, which are recognized in interest income, were approximately $4,000 for the six months ended June 30, 2023, compared to $1.3 million for the six months ended June 30, 2022.
For the six months ended June 30, 2023, the net interest margin increased 18 basis points to 3.29%, compared to 3.11% for the six months ended June 30, 2022. The weighted average yield on interest earning assets increased 135 basis points to 4.68% for the six months ended June 30, 2023, compared to 3.33% for the six months ended June 30, 2022, while the weighted average cost of interest bearing liabilities increased 154 basis points to 1.84% for the six months ended June 30, 2023, compared to 0.30% for the same period last year. The average cost of interest bearing deposits increased 136 basis points to 1.62% for the six months ended June 30, 2023, compared to 0.26% for the same period last year. Average non-interest bearing demand deposits decreased $321.9 million to $2.46 billion for the six months ended June 30, 2023, compared with $2.78 billion for the six months ended June 30, 2022. The average cost of total deposits, including non-interest bearing deposits, was 1.24% for the six months ended June 30, 2023, compared with 0.19% for the six months ended June 30, 2022. The average cost of borrowings for the six months ended June 30, 2023 was 3.01%, compared to 0.85% for the same period last year.
Provision for Credit Losses
For the six months ended June 30, 2023, the Company recorded a $16.4 million provision for credit losses related to loans, compared with a negative provision for credit losses of $3.4 million for the six months ended June 30, 2022. The increase in the allowance for credit losses on loans was attributable to a worsened economic forecast and related deterioration in the projected commercial property price indices over the expected life of the loan portfolio within our CECL model, combined with an increase in total loans outstanding.
Non-Interest Income and Expense
For the six months ended June 30, 2023, non-interest income totaled $41.5 million, an increase of $462,000, compared to the same period in 2022. Insurance agency income increased $1.7 million to $8.0 million for the six months ended June 30, 2023, compared to $6.3 million for the same period in 2022, largely due to increases in contingent commissions, retention revenue and new business activity. Other income increased $1.4 million to $4.6 million for the six months ended June 30, 2023, compared to $3.1 million for the same period in 2022, mainly due to a $2.0 million gain related to the resolution of certain post-closing conditions following the September 2022 sale of a foreclosed commercial property, combined with an increase in the gains on sales of SBA loans, partially offset by a decrease in net fees on loan-level interest rate swap transactions. Additionally, BOLI income increased $277,000 to $3.0 million for the six months ended June 30, 2023, compared to the same period in 2022, primarily due to greater equity valuations, partially offset by a decrease in benefit claims recognized. Partially offsetting these increases to non-interest income, fee income decreased $2.2 million to $12.2 million for the six months ended June 30, 2023, compared to the same period in 2022, primarily due to a decrease in commercial loan prepayment fees, while wealth management income decreased $655,000 to $13.8 million for the six months ended June 30, 2023, compared to the same period in 2022, primarily due to a decrease in the market value of assets under management.
Non-interest expense totaled $134.0 million for the six months ended June 30, 2023, an increase of $8.2 million, compared to $125.7 million for the six months ended June 30, 2022. The Company recorded a $92,000 provision for credit losses for off-balance sheet credit exposures for the six months ended June 30, 2023, compared to a $3.4 million negative provision for the same period in 2022. The $3.5 million increase in the provision for credit losses for off-balance sheet credit exposures was primarily the result of the period-over-period relative change in line of credit utilization and an increase in projected loss factors as a result of a worsened economic forecast. Merger-related expenses totaled $3.1 million for the six months ended June 30, 2023, as a result of transaction costs related to our pending combination with Lakeland. Other operating expense increased $1.8 million to $21.0 million for the six months ended June 30, 2023, compared to $19.2 million for the six months ended June 30, 2022, primarily due to an increase in consulting fees and additional expenses related to foreclosed commercial real estate owned properties. FDIC insurance expense increased $1.5 million to $4.1 million for the six months ended June 30, 2023, compared to the same period in 2022, primarily due to an increase in the assessment rate. Partially offsetting these increases, net occupancy expense decreased $1.5 million to $16.4 million for the six months ended June 30, 2023, compared to the same period in 2022, mainly due to decreases in maintenance and depreciation expenses. Additionally, compensation and benefits expense decreased $482,000 to $74.0 million for the six months ended June 30, 2023, compared to $74.5 million for the six months ended June 30, 2022, primarily due to decreases in the accrual for incentive compensation and stock-based compensation, partially offset by an increase in salary expense.
Income Tax Expense
For the six months ended June 30, 2023, the Company's income tax expense was $26.1 million with an effective tax rate of 26.4%, compared with $29.6 million with an effective tax rate of 26.2% for the six months ended June 30, 2022. The decrease in tax expense for the six months ended June 30, 2023, compared with the same period last year was largely the result of a decrease in taxable income, while the increase in the effective tax rate for the six months ended June 30, 2023, compared with the prior year period was largely due to non-deductible merger related transaction costs recognized in the current year, partially offset by a decrease in the proportion of income derived from taxable sources.
Asset Quality
The Company’s total non-performing loans at June 30, 2023 were $45.9 million, or 0.44% of total loans, compared to $35.5 million, or 0.35% of total loans at March 31, 2023 and $58.5 million, or 0.57% of total loans at December 31, 2022. The $10.5 million increase in non-performing loans at June 30, 2023, compared to the trailing quarter, consisted of an $8.8 million increase in non-performing commercial loans, a $766,000 increase in non-performing multi-family loans, a $532,000 increase in non-performing consumer loans and a $464,000 increase in non-performing commercial mortgage loans, partially offset by a $46,000 decrease in non-performing residential mortgage loans. At June 30, 2023, impaired loans totaled $37.1 million with related specific reserves of $4.5 million, compared with impaired loans totaling $27.5 million with related specific reserves of $1.4 million at March 31, 2023. At December 31, 2022, impaired loans totaled $42.8 million with related specific reserves of $2.4 million.
At June 30, 2023, the Company’s allowance for credit losses related to the loan portfolio was 0.97% of total loans, compared to 0.91% and 0.86% at March 31, 2023 and December 31, 2022, respectively. The allowance for credit losses increased $14.1 million to $102.1 million at June 30, 2023, from $88.0 million at December 31, 2022. The increase in the allowance for credit losses on loans at June 30, 2023 compared to December 31, 2022 was due to a $16.4 million provision for credit losses, partially offset by net charge-offs of $1.8 million and a gross reduction of the allowance for credit losses of $594,000 which was recorded against equity upon the January 1, 2023 adoption of ASU 2022-02, related to troubled debt restructurings. The increase in the allowance for credit losses on loans was primarily attributable to a worsened economic forecast and related deterioration in the projected commercial property price index over the expected life of the loan portfolio, combined with an increase in total loans outstanding.
The following table sets forth accruing past due loans and non-accrual loans on the dates indicated, as well as certain asset quality ratios.
| June 30, 2023 | March 31, 2023 | December 31, 2022 | |||||||||||||||
| Number of Loans | Principal Balance of Loans | Number of Loans | Principal Balance of Loans | Number of Loans | Principal Balance of Loans | ||||||||||||
| (Dollars in thousands) | |||||||||||||||||
| Accruing past due loans: | |||||||||||||||||
| 30 to 59 days past due: | |||||||||||||||||
| Commercial mortgage loans | 2 | $ | 1,445 | 1 | $ | 3,000 | 2 | $ | 2,300 | ||||||||
| Multi-family mortgage loans | 1 | 3,853 | 1 | 3,875 | 1 | 790 | |||||||||||
| Construction loans | — | — | — | — | 1 | 905 | |||||||||||
| Residential mortgage loans | 11 | 1,427 | 9 | 2,064 | 10 | 1,411 | |||||||||||
| Total mortgage loans | 14 | 6,725 | 11 | 8,939 | 14 | 5,406 | |||||||||||
| Commercial loans | 10 | 3,021 | 4 | 1,070 | 5 | 964 | |||||||||||
| Consumer loans | 15 | 957 | 22 | 2,106 | 18 | 885 | |||||||||||
| Total 30 to 59 days past due | 39 | $ | 10,703 | 37 | $ | 12,115 | 37 | $ | 7,255 | ||||||||
| 60 to 89 days past due: | |||||||||||||||||
| Commercial mortgage loans | 2 | $ | 1,137 | 4 | $ | 1,528 | 2 | $ | 412 | ||||||||
| Multi-family mortgage loans | — | — | 1 | 785 | — | — | |||||||||||
| Construction loans | — | — | — | — | 1 | 1,097 | |||||||||||
| Residential mortgage loans | 6 | 1,171 | 6 | 639 | 9 | 1,114 | |||||||||||
| Total mortgage loans | 8 | 2,308 | 11 | 2,952 | 12 | 2,623 | |||||||||||
| Commercial loans | 2 | 90 | 2 | 3,028 | 5 | 1,014 | |||||||||||
| Consumer loans | 3 | 147 | 1 | 150 | 4 | 147 | |||||||||||
| Total 60 to 89 days past due | 13 | 2,545 | 14 | 6,130 | 21 | 3,784 | |||||||||||
| Total accruing past due loans | 52 | $ | 13,248 | 51 | $ | 18,245 | 58 | $ | 11,039 | ||||||||
| Non-accrual: | |||||||||||||||||
| Commercial mortgage loans | 7 | $ | 7,279 | 5 | $ | 6,815 | 10 | $ | 28,212 | ||||||||
| Multi-family mortgage loans | 2 | 2,314 | 1 | 1,548 | 1 | 1,565 | |||||||||||
| Construction loans | 2 | 1,874 | 2 | 1,874 | 2 | 1,878 | |||||||||||
| Residential mortgage loans | 12 | ||||||||||||||||
