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LOANS HELD FOR INVESTMENT, NET (Tables)

12 Months Ended

Dec. 31, 2021

LOANS HELD FOR INVESTMENT, NET

Loan Categories

The following table presents the loan categories for the period ended as indicated:


(In thousands)		December 31, 2021			December 31, 2020
One-to-four family residential and cooperative/condominium apartment		$	669,282		$	184,989
Multifamily residential and residential mixed-use			3,356,346			2,758,743
Commercial real estate ("CRE")			3,945,948			1,878,167
Acquisition, development, and construction ("ADC")			322,628			156,296
Total real estate loans			8,294,204			4,978,195
C&I			933,559			641,533
Other loans			16,898			2,316
Total			9,244,661			5,622,044
Allowance for credit losses			(83,853)			(41,461)
Loans held for investment, net		$	9,160,808		$	5,580,583

Activity in Allowance for Loan Losses

The following tables present data regarding the allowance for credit losses activity for the periods indicated:


		Real Estate Loans
		One-to-Four
		Family			Multifamily
		Residential and			Residential
		Cooperative/			and
		Condominium			Residential									Total Real						Other
(In thousands)		Apartment			Mixed-Use			CRE			ADC			Estate			C&I			Loans			Total
Beginning balance as of January 1, 2019		$	198		$	13,446		$	3,777		$	397		$	17,818		$	3,946		$	18		$	21,782
Provision (credit) for credit losses			86			(3,233)			266			847			(2,034)			19,368			6			17,340
Charge-offs			(22)			(83)			(145)			—			(250)			(10,447)			(8)			(10,705)
Recoveries			7			12			2			—			21			3			—			24
Ending balance as of December 31, 2019		$	269		$	10,142		$	3,900		$	1,244		$	15,555		$	12,870		$	16		$	28,441

Provision for credit losses			386			9,934			5,165			749			16,234			9,928			3			26,165
Charge-offs			(11)			(3,190)			(6)			—			(3,207)			(10,095)			(7)			(13,309)
Recoveries			—			130			—			—			130			34			—			164
Ending balance as of December 31, 2020		$	644		$	17,016		$	9,059		$	1,993		$	28,712		$	12,737		$	12		$	41,461

Impact of adopting CECL as of January 1, 2021			1,048			(8,254)			4,849			381			(1,976)			(1,935)			(8)			(3,919)
Adjusted beginning balance as of January 1, 2021			1,692			8,762			13,908			2,374			26,736			10,802			4			37,542
PCD Day 1			2,220			3,292			23,124			117			28,753			23,374			157			52,284
Provision (credit) for credit losses			1,975			(3,921)			(4,497)			2,366			(4,077)			6,016			1,364			3,303
Charge-offs			(20)			(391)			(3,406)			—			(3,817)			(4,984)			(777)			(9,578)
Recoveries			65			74			37			—			176			123			3			302
Ending balance as of December 31, 2021		$	5,932		$	7,816		$	29,166		$	4,857		$	47,771		$	35,331		$	751		$	83,853

The following table presents the amortized cost basis of loans on non-accrual status as of the period indicated:


		December 31, 2021
		Non-accrual with			Non-accrual with
(In thousands)		No Allowance		Allowance				Reserve
One-to-four family residential and cooperative/condominium apartment	$	-		$	7,623		$	1,278
CRE		1,301			3,752			797
C&I		348			26,918			16,973
Other		-			365			361
Total	$	1,649		$	38,658		$	19,409

The Company did not recognize interest income on non-accrual loans during the year ended December 31, 2021.

The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method of ASC 326 as of the dates indicated:


		December 31, 2020
		Real Estate Loans
		One-to-Four
		Family			Multifamily
		Residential and			Residential
		Cooperative/			and
		Condominium			Residential									Total Real						Other
(In thousands)		Apartment			Mixed-Use			CRE			ADC			Estate			C&I			Loans			Total
Allowance for loan losses:
Individually evaluated for impairment		$	—		$	—		$	—		$	—		$	—		$	6,474		$	—		$	6,474
Collectively evaluated for impairment			644			17,016			9,059			1,993			28,712			6,263			12			34,987
Total ending allowance balance		$	644		$	17,016		$	9,059		$	1,993		$	28,712		$	12,737		$	12		$	41,461

Loans:
Individually evaluated for impairment		$	—		$	1,863		$	2,704		$	—		$	4,567		$	12,502		$	—		$	17,069
Collectively evaluated for impairment			184,989			2,756,880			1,875,463			156,296			4,973,628			629,031			2,316			5,604,975
Total ending loans balance		$	184,989		$	2,758,743		$	1,878,167		$	156,296		$	4,978,195		$	641,533		$	2,316		$	5,622,044

Impaired Real Estate Loans

The following tables summarize impaired loans with no related allowance recorded and with related allowance recorded as of the periods indicated (by collateral type within the real estate loan segment):


			December 31, 2020
			Unpaid
			Principal			Recorded			Related
(In thousands)			Balance			Investment⁽¹⁾			Allowance
With no related allowance recorded:
Multifamily residential and residential mixed-use			$	1,863		$	1,863		$	—
CRE				2,704			2,704			—
Total with no related allowance recorded				4,567			4,567			—

With an allowance recorded:
C&I				12,502			12,502			6,474
Total with an allowance recorded				12,502			12,502			6,474
Total			$	17,069		$	17,069		$	6,474

(1)	The recorded investment excludes net deferred costs, due to immateriality.

The following table presents information for impaired loans for the periods indicated:


		Year Ended						Year Ended
		December 31, 2020						December 31, 2019
		Average			Interest			Average			Interest
		Recorded			Income			Recorded			Income
(In thousands)		Investment⁽¹⁾			Recognized⁽²⁾			Investment⁽¹⁾			Recognized⁽²⁾
With no related allowance recorded:
One-to-four family residential, including condominium and cooperative apartment		$	1,179		$	—		$	9		$	9
Multifamily residential and residential mixed-use			1,188			6			415			29
CRE			1,195			1			3,765			244
Total with no related allowance recorded			3,562			7			4,189			282

With an allowance recorded:
C&I			10,605			1			5,125			13
Total		$	14,167		$	8		$	9,314		$	295

(1)	The recorded investment excludes net deferred costs, due to immateriality.

(2)	Cash basis interest and interest income recognized on accrual basis approximate each other.

Past Due Financing Receivables

The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated:

December 31, 2021

Loans 90

Days or

30 to 59

60 to 89

More Past Due

Days

Days

and Still

Total

Total

(In thousands)

Past Due

Past Due

Accruing Interest

Non-accrual

Past Due

Current

Loans

Real estate:

One-to-four family residential, including condominium and cooperative apartment

$

3,294

$

877

$

1,945

$

7,623

$

13,739

$

655,543

$

669,282

Multifamily residential and residential mixed-use

30,983

3,339

—

—

34,322

3,322,024

3,356,346

CRE

23,108

887

—

5,053

29,048

3,916,900

3,945,948

ADC

—

—

—

—

—

322,628

322,628

Total real estate

57,385

5,103

1,945

12,676

77,109

8,217,095

8,294,204

C&I

3,753

7,040

1,056

27,266

39,115

894,444

933,559

Other

104

3

—

365

472

16,426

16,898

Total

$

61,242

$

12,146

$

3,001

$

40,307

$

116,696

$

9,127,965

$

9,244,661


		December 31, 2020
								Loans 90
								Days or
		30 to 59			60 to 89			More Past Due
		Days			Days			and Still						Total						Total
(In thousands)		Past Due			Past Due			Accruing Interest			Non-accrual			Past Due			Current			Loans
Real estate:
One-to-four family residential, including condominium and cooperative apartment		$	—		$	—		$	44		$	858		$	902		$	184,087		$	184,989
Multifamily residential and residential mixed-use			—			—			437			1,863			2,300			2,756,443			2,758,743
CRE			15,351			—			—			2,704			18,055			1,860,112			1,878,167
ADC			—			—			—			—			—			156,296			156,296
Total real estate			15,351			—			481			5,425			21,257			4,956,938			4,978,195
C&I			—			917			2,848			12,502			16,267			625,266			641,533
Other			8			1			—			1			10			2,306			2,316
Total		$	15,359		$	918		$	3,329		$	17,928		$	37,534		$	5,584,510		$	5,622,044

Schedule of collateral dependent loans



		December 31, 2021
		Real Estate			Associated Allowance
(In thousands)		Collateral Dependent			for Credit Losses
CRE		$	3,837		$	600
C&I			348			-
Total		$	4,185		$	600

Schedule of loans by class modified as trouble debt restructurings


		Modifications During the Year Ended December 31, 2021
					Pre-			Post-
					Modification			Modification
					Outstanding			Outstanding
		Number of			Recorded			Recorded
(Dollars in thousands)		Loans			Investment			Investment
One-to-four family residential and cooperative/condominium apartment		2		$	467		$	467
CRE		1			10,000			-
C&I		1			456			456
Total		4		$	10,923		$	923

Schedule of Related Party Loans


		Year Ended
		December 31,
(In thousands)		2021
Beginning balance		$	1,700
Acquired in Merger			4,217
New loans			1,243
Effect of changes in composition of related parties			(239)
Repayments			(692)
Balance at end of period		$	6,229

Loans Approved for Deferral


		December 31, 2021
		Number
		of Loans		Balance			% of Portfolio
(Dollars in thousands)
One-to-four family residential and cooperative/condominium apartment		5		$	1,922		0.3	%
CRE		1			3,487		0.1
C&I		1			251		-
Total		7		$	5,660		0.1	%

Credit Risk Profile of the Real Estate Loans


		December 31, 2021
(In thousands)		2021			2020			2019			2018			2017			2016 and Prior			Revolving			Revolving-Term			Total
One-to-four family residential, and condominium/cooperative apartment:
Pass		$	129,679		$	86,028		$	80,195		$	75,354		$	77,829		$	129,276		$	49,878		$	12,537		$	640,776
Special mention			—			1,124			335			752			334			2,158			846			747			6,296
Substandard			—			1,944			2,038			597			2,202			14,512			—			894			22,187
Doubtful			—			—			—			23			—			—			—			—			23
Total one-to-four family residential, and condominium/cooperative apartment			129,679			89,096			82,568			76,726			80,365			145,946			50,724			14,178			669,282

Multifamily residential and residential mixed-use:
Pass			590,462			341,206			455,277			151,226			332,749			1,145,609			12,277			825			3,029,631
Special mention			—			11,040			14,486			—			11,817			26,252			—			—			63,595
Substandard			—			1,501			35,326			32,390			54,238			137,387			2,278			—			263,120
Doubtful			—			—			—			—			—			—			—			—			—
Total multifamily residential and residential mixed-use			590,462			353,747			505,089			183,616			398,804			1,309,248			14,555			825			3,356,346

CRE:
Pass			872,049			848,694			529,182			306,360			298,904			815,238			43,183			6,188			3,719,798
Special mention			6,003			1,024			39,305			18,983			11,039			17,438			—			—			93,792
Substandard			4,431			1,732			7,082			45,496			31,747			41,763			—			—			132,251
Doubtful			—			—			106			—			—			—			—			—			106
Total CRE			882,483			851,450			575,675			370,839			341,690			874,439			43,183			6,188			3,945,947

ADC:
Pass			142,123			76,259			56,885			23,456			6,809			774			1,066			588			307,960
Special mention			—			1,078			—			—			—			—			—			—			1,078
Substandard			—			90			—			13,500			—			—			—			—			13,590
Doubtful			—			—			—			—			—			—			—			—			—
Total ADC			142,123			77,427			56,885			36,956			6,809			774			1,066			588			322,628

C&I:
Pass			93,802			121,291			53,116			49,634			36,238			23,615			446,134			9,764			833,594
Special mention			—			1,625			239			2,191			585			52			3,225			1,286			9,203
Substandard			402			5,744			5,789			6,011			2,832			2,844			28,545			13,597			65,764
Doubtful			550			1,621			9,968			752			11,107			—			1,000			—			24,998
Total C&I			94,754			130,281			69,112			58,588			50,762			26,511			478,904			24,647			933,559

Total:
Pass			1,828,115			1,473,478			1,174,655			606,030			752,529			2,114,512			552,538			29,902			8,531,759
Special mention			6,003			15,891			54,365			21,926			23,775			45,900			4,071			2,033			173,964
Substandard			4,833			11,011			50,235			97,994			91,019			196,506			30,823			14,491			496,912
Doubtful			550			1,621			10,074			775			11,107			—			1,000			—			25,127
Total Loans		$	1,839,501		$	1,502,001		$	1,289,329		$	726,725		$	878,430		$	2,356,918		$	588,432		$	46,426		$	9,227,762


		December 31, 2020
					Special
(In thousands)		Pass			Mention			Substandard			Doubtful			Total
Real Estate:
One-to-four family residential and condominium/cooperative apartment		$	183,293		$	—		$	1,696		$	—		$	184,989
Multifamily residential and residential mixed-use			2,523,258			56,400			179,085			—			2,758,743
CRE			1,831,712			13,861			32,594			—			1,878,167
ADC			142,796			13,500			—			—			156,296
Total real estate			4,681,059			83,761			213,375			—			4,978,195
C&I			613,691			2,131			13,315			12,396			641,533
Total Real Estate and C&I		$	5,294,750		$	85,892		$	226,690		$	12,396		$	5,619,728


(In thousands)		December 31, 2021			December 31, 2020
Performing		$	16,533		$	2,315
Non-accrual			365			1
Total		$	16,898		$	2,316