Loans Receivable and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Schedule of Summarized Loans Receivable

Loans receivable at March 31, 2022 and December 31, 2021 are summarized as follows (in thousands):

	March 31, 2022		December 31, 2021
Mortgage loans:
Residential	$	1,194,613	1,202,638
Commercial	3,937,216		3,827,370
Multi-family	1,394,761		1,364,397
Construction	699,415		683,166
Total mortgage loans	7,226,005		7,077,571
Commercial loans	2,131,326		2,188,866
Consumer loans	316,589		327,442
Total gross loans	9,673,920		9,593,879
Premiums on purchased loans	1,482		1,451
Net deferred fees and unearned discounts	(12,520)		(13,706)
Total loans	$	9,662,882	9,581,624

Summary of Aging Loans Receivable by Portfolio Segment and Class

The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands):

	March 31, 2022
	30-59 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable	Non-accrual loans with no specific allowance
Mortgage loans:
Residential	$	2,385	1,354	5,396	—	9,135	1,185,478	1,194,613	5,396
Commercial	282		—	19,533	—	19,815	3,917,401	3,937,216	19,533
Multi-family	816		—	2,053	—	2,869	1,391,892	1,394,761	2,053
Construction	1,659		—	2,366	—	4,025	695,390	699,415	2,366
Total mortgage loans	5,142		1,354	29,348	—	35,844	7,190,161	7,226,005	29,348
Commercial loans	4,019		318	13,793	—	18,130	2,113,196	2,131,326	10,366
Consumer loans	571		90	1,171	—	1,832	314,757	316,589	1,171
Total gross loans	$	9,732	1,762	44,312	—	55,806	9,618,114	9,673,920	40,885

	December 31, 2021
	30-59 Days		60-89 Days	Non-accrual	Recorded Investment > 90 days accruing	Total Past Due	Current	Total Loans Receivable	Non-accrual loans with no specific allowance
Mortgage loans:
Residential	$	7,229	1,131	6,072	—	14,432	1,188,206	1,202,638	6,072
Commercial	720		3,960	16,887	—	21,567	3,805,803	3,827,370	16,887
Multi-family	—		—	439	—	439	1,363,958	1,364,397	439
Construction	—		—	2,365	—	2,365	680,801	683,166	2,365
Total mortgage loans	7,949		5,091	25,763	—	38,803	7,038,768	7,077,571	25,763
Commercial loans	7,229		1,289	20,582	—	29,100	2,159,766	2,188,866	14,453
Consumer loans	649		228	1,682	—	2,559	324,883	327,442	1,682
Total gross loans	$	15,827	6,608	48,027	—	70,462	9,523,417	9,593,879	41,898

Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification

The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2022 and 2021 was as follows (in thousands):

Three months ended March 31,	Mortgage loans		Commercial loans	Consumer loans	Total
2022
Balance at beginning of period	$	52,104	26,343	2,293	80,740
Provision benefit to operations	(1,995)		(4,404)	(1)	(6,400)
Recoveries of loans previously charged-off	10		1,860	166	2,036
Loans charged-off	(23)		—	(78)	(101)
Balance at end of period	$	50,096	23,799	2,380	76,275
2021
Balance at beginning of period	$	68,307	27,084	6,075	101,466
Provision benefit to operations	(13,467)		(467)	(1,066)	(15,000)
Recoveries of loans previously charged-off	276		528	303	1,107
Loans charged-off	(918)		(843)	(221)	(1,982)
Balance at end of period	$	54,198	26,302	5,091	85,591

The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands):

	March 31, 2022
	Mortgage loans		Commercial loans	Consumer loans	Total
Individually evaluated for impairment	$	840	1,145	49	2,034
Collectively evaluated for impairment	49,256		22,654	2,331	74,241
Total gross loans	$	50,096	23,799	2,380	76,275

	December 31, 2021
	Mortgage loans		Commercial loans	Consumer loans	Total
Individually evaluated for impairment	$	875	3,358	51	4,284
Collectively evaluated for impairment	51,229		22,985	2,242	76,456
Total gross loans	$	52,104	26,343	2,293	80,740

Summary of Loans Receivable by Portfolio Segment and Impairment Method

The following tables summarize loans receivable by portfolio segment and impairment method (in thousands):

	March 31, 2022
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	37,976	9,147	1,200	48,323
Collectively evaluated for impairment	7,188,029		2,122,179	315,389	9,625,597
Total gross loans	$	7,226,005	2,131,326	316,589	9,673,920

	December 31, 2021
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	34,610	16,420	1,224	52,254
Collectively evaluated for impairment	7,042,961		2,172,446	326,218	9,541,625
Total gross loans	$	7,077,571	2,188,866	327,442	9,593,879

Schedule of Troubled Debt Restructuring

The following tables present the number of loans modified as TDRs during the three months ended March 31, 2022 and 2021, along with their balances immediately prior to the modification date and post-modification as of March 31, 2022 and 2021 (in thousands):

	For the three months ended
	March 31, 2022					March 31, 2021
Troubled Debt Restructurings	Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded  Investment		Post-Modification Outstanding Recorded  Investment
Mortgage loans:
Commercial loans	—	—		—		3	1,361		1,359
Total restructured loans	—	$	—	$	—	3	$	1,361	$	1,359

Summary of Impaired Loans Receivable by Class

The following table presents loans individually evaluated for impairment by class and loan category (in thousands):

	March 31, 2022						December 31, 2021
	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized	Unpaid Principal Balance	Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized
Loans with no related allowance
Mortgage loans:
Residential	$	11,064	8,680	—	8,723	95	12,326	9,814	—	9,999	423
Commercial	18,381		17,648	—	17,723	14	15,310	14,685	—	15,064	63
Multi-family	1,614		1,614	—	1,620	—	—	—	—	—	—
Construction	1,656		1,588	—	1,588	—	1,656	1,588	—	1,643	30
Total	32,715		29,530	—	29,654	109	29,292	26,087	—	26,706	516
Commercial loans	5,670		3,645	—	3,680	4	9,845	7,254	—	7,714	33
Consumer loans	1,425		889	—	898	14	1,389	853	—	1,613	115
Total impaired loans	$	39,810	34,064	—	34,232	127	40,526	34,194	—	36,033	664
Loans with an allowance recorded
Mortgage loans:
Residential	$	7,925	7,584	824	7,617	72	7,994	7,652	858	7,742	278
Commercial	862		862	16	867	12	871	871	17	894	48
Total	8,787		8,446	840	8,484	84	8,865	8,523	875	8,636	326
Commercial loans	6,152		5,502	1,145	8,546	34	9,498	9,166	3,358	8,304	257
Consumer loans	331		311	49	313	3	391	371	51	379	18
Total impaired loans	$	15,270	14,259	2,034	17,343	121	18,754	18,060	4,284	17,319	601
Total impaired loans
Mortgage loans:
Residential	$	18,989	16,264	824	16,340	167	20,320	17,466	858	17,741	701
Commercial	19,243		18,510	16	18,590	26	16,181	15,556	17	15,958	111
Multi-family	1,614		1,614	—	1,620	—	—	—	—	—	—
Construction	1,656		1,588	—	1,588	—	1,656	1,588	—	1,643	30
Total	41,502		37,976	840	38,138	193	38,157	34,610	875	35,342	842
Commercial loans	11,822		9,147	1,145	12,226	38	19,343	16,420	3,358	16,018	290
Consumer loans	1,756		1,200	49	1,211	17	1,780	1,224	51	1,992	133
Total impaired loans	$	55,080	48,323	2,034	51,575	248	59,280	52,254	4,284	53,352	1,265

Summary of Loans Receivable by Credit Quality Risk Rating Indicator

The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of March 31, 2022 and December 31, 2021 (in thousands):

	Gross Loans Held for Investment by Year of Origination at March 31, 2022
	2022		2021	2020	2019	2018	Prior to 2018	Revolving Loans	Revolving loans to term loans	Total Loans
Residential
Special mention	$	—	—	—	—	—	1,354	—	—	1,354
Substandard	—		—	—	—	280	7,718	—	—	7,998
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	—	280	9,072	—	—	9,352
Pass/Watch	45,614		225,105	228,755	109,721	62,727	513,339	—	—	1,185,261
Total residential	$	45,614	225,105	228,755	109,721	63,007	522,411	—	—	1,194,613
Commercial Mortgage
Special mention	$	—	—	838	28,703	49,024	13,930	—	—	92,495
Substandard	—		—	—	—	7,330	22,648	774	—	30,752
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	838	28,703	56,354	36,578	774	—	123,247
Pass/Watch	235,572		662,441	602,550	572,794	284,646	1,319,324	105,975	30,667	3,813,969
Total commercial mortgage	$	235,572	662,441	603,388	601,497	341,000	1,355,902	106,749	30,667	3,937,216
Multi-family
Special mention	$	—	—	—	—	—	1,683	—	—	1,683
Substandard	—		—	439	—	—	2,554	—	—	2,993
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	439	—	—	4,237	—	—	4,676
Pass/Watch	51,221		154,053	284,440	155,014	193,026	548,473	2,695	1,163	1,390,085
Total multi-family	$	51,221	154,053	284,879	155,014	193,026	552,710	2,695	1,163	1,394,761
Construction
Special mention	$	—	—	—	939	19,014	—	—	—	19,953
Substandard	—		—	—	382	2,365	—	—	—	2,747
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—

	Gross Loans Held for Investment by Year of Origination at March 31, 2022
	2022		2021	2020	2019	2018	Prior to 2018	Revolving Loans	Revolving loans to term loans	Total Loans
Total criticized and classified	—		—	—	1,321	21,379	—	—	—	22,700
Pass/Watch	15,848		224,941	167,494	218,541	41,172	2,404		6,315	676,715
Total construction	$	15,848	224,941	167,494	219,862	62,551	2,404	—	6,315	699,415
Total Mortgage
Special mention	$	—	—	838	29,642	68,038	16,967	—	—	115,485
Substandard	—		—	439	382	9,975	32,920	774	—	44,490
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	1,277	30,024	78,013	49,887	774	—	159,975
Pass/Watch	348,255		1,266,540	1,283,239	1,056,070	581,571	2,383,540	108,670	38,145	7,066,030
Total Mortgage	$	348,255	1,266,540	1,284,516	1,086,094	659,584	2,433,427	109,444	38,145	7,226,005
Commercial
Special mention	$	—	—	129	829	3,227	53,407	2,563	1,305	61,460
Substandard	—		—	2	9,257	5,683	77,111	20,600	913	113,566
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	131	10,086	8,910	130,518	23,163	2,218	175,026
Pass/Watch	125,998		484,075	232,947	207,513	165,858	294,256	408,921	36,732	1,956,300
Total commercial	$	125,998	484,075	233,078	217,599	174,768	424,774	432,084	38,950	2,131,326
Consumer (1)
Special mention	$	—	—	—	—	—	2	—	88	90
Substandard	—		—	—	—	114	1,014	6	—	1,134
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	—	114	1,016	6	88	1,224
Pass/Watch	7,666		23,475	3,559	19,820	19,832	105,679	119,412	15,922	315,365
Total consumer	$	7,666	23,475	3,559	19,820	19,946	106,695	119,418	16,010	316,589
Total Loans
Special mention	$	—	—	967	30,471	71,265	70,376	2,563	1,393	177,035
Substandard	—		—	441	9,639	15,772	111,045	21,380	913	159,190
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	1,408	40,110	87,037	181,421	23,943	2,306	336,225
Pass/Watch	481,919		1,774,090	1,519,745	1,283,403	767,261	2,783,475	637,003	90,799	9,337,695

	Gross Loans Held for Investment by Year of Origination at March 31, 2022
	2022		2021	2020	2019	2018	Prior to 2018	Revolving Loans	Revolving loans to term loans	Total Loans
Total gross loans	$	481,919	1,774,090	1,521,153	1,323,513	854,298	2,964,896	660,946	93,105	9,673,920

(1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

	Gross Loans Held for Investment by Year of Origination at December 31, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Residential
Special mention	$	—	—	—	—	697	434	—	—	1,131
Substandard	—		—	—	280	166	8,569	—	—	9,015
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	280	863	9,003	—	—	10,146
Pass/Watch	229,106		235,949	113,206	67,493	75,906	470,832	—	—	1,192,492
Total residential	$	229,106	235,949	113,206	67,773	76,769	479,835	—	—	1,202,638
Commercial Mortgage
Special mention	$	—	2,624	28,706	22,296	9,657	26,668	1,094	—	91,045
Substandard	—		—	18	34,260	7,352	34,356	799	—	76,785
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		2,624	28,724	56,556	17,009	61,024	1,893	—	167,830
Pass/Watch	655,105		600,030	589,578	298,665	430,947	952,746	101,618	30,851	3,659,540
Total commercial mortgage	$	655,105	602,654	618,302	355,221	447,956	1,013,770	103,511	30,851	3,827,370
Multi-family
Special mention	$	—	—	—	—	3,053	271	—	—	3,324
Substandard	—		439	—		—	945	—	—	1,384
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		439	—	—	3,053	1,216	—	—	4,708
Pass/Watch	154,419		294,716	166,558	173,583	117,654	448,710	2,880	1,169	1,359,689
Total multi-family	$	154,419	295,155	166,558	173,583	120,707	449,926	2,880	1,169	1,364,397
Construction
Special mention	$	—	1,125	—	—	—	—	—	—	1,125
Substandard	—		—	—	2,365	—	—	—	—	2,365
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		1,125	—	2,365	—	—	—	—	3,490

	Gross Loans Held for Investment by Year of Origination at December 31, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Pass/Watch	173,843		176,182	219,331	94,363	9,604	103		6,250	679,676
Total construction	$	173,843	177,307	219,331	96,728	9,604	103	—	6,250	683,166
Total Mortgage
Special mention	$	—	3,749	28,706	22,296	13,407	27,373	1,094	—	96,625
Substandard	—		439	18	36,905	7,518	43,870	799	—	89,549
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		4,188	28,724	59,201	20,925	71,243	1,893	—	186,174
Pass/Watch	1,212,473		1,306,877	1,088,673	634,104	634,111	1,872,391	104,498	38,270	6,891,397
Total Mortgage	$	1,212,473	1,311,065	1,117,397	693,305	655,036	1,943,634	106,391	38,270	7,077,571
Commercial
Special mention	$	1,232	2,662	2,816	3,263	24,418	40,561	8,389	2,155	85,496
Substandard	—		736	5,517	5,860	5,747	64,807	13,622	1,821	98,110
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	1,232		3,398	8,333	9,123	30,165	105,368	22,011	3,976	183,606
Pass/Watch	415,924		222,132	179,193	154,440	149,567	489,051	355,097	39,856	2,005,260
Total commercial	$	417,156	225,530	187,526	163,563	179,732	594,419	377,108	43,832	2,188,866
Consumer (1)
Special mention	$	—	—	—	—	—	109	25	94	228
Substandard	—		—	—	116	2	1,514	6	—	1,638
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	116	2	1,623	31	94	1,866
Pass/Watch	25,140		4,503	24,272	21,046	15,804	99,106	119,347	16,358	325,576
Total consumer	$	25,140	4,503	24,272	21,162	15,806	100,729	119,378	16,452	327,442
Total Loans
Special mention	$	1,232	6,411	31,522	25,559	37,825	68,043	9,508	2,249	182,349
Substandard	—		1,175	5,535	42,881	13,267	110,191	14,427	1,821	189,297
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	1,232		7,586	37,057	68,440	51,092	178,234	23,935	4,070	371,646
Pass/Watch	1,653,537		1,533,512	1,292,138	809,590	799,482	2,460,548	578,942	94,484	9,222,233

	Gross Loans Held for Investment by Year of Origination at December 31, 2021
	2021		2020	2019	2018	2017	Prior to 2017	Revolving Loans	Revolving loans to term loans	Total Loans
Total gross loans	$	1,654,769	1,541,098	1,329,195	878,030	850,574	2,638,782	602,877	98,554	9,593,879

(1) For consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.