LOANS HELD FOR INVESTMENT, NET (Tables)

3 Months Ended

Mar. 31, 2022

LOANS HELD FOR INVESTMENT, NET

Loan Categories

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

(In thousands)	March 31, 2022		December 31, 2021
One-to-four family residential and cooperative/condominium apartment	$	669,099	$	669,282
Multifamily residential and residential mixed-use		3,371,267		3,356,346
Commercial real estate ("CRE")		3,946,918		3,945,948
Acquisition, development, and construction		329,349		322,628
Total real estate loans		8,316,633		8,294,204
C&I		921,009		933,559
Other loans		12,207		16,898
Total		9,249,849		9,244,661
Allowance for credit losses		(79,615)		(83,853)
Loans held for investment, net	$	9,170,234	$	9,160,808

Activity in Allowance for Loan Losses

	At or for the Three Months Ended March 31, 2022
	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 credit losses:
Beginning balance	$	5,932	$	7,816	$	29,166	$	4,857	$	47,771	$	35,331	$	751	$	83,853
(Credit) provision for credit losses		(1,404)		(757)		(521)		(99)		(2,781)		1,516		(389)		(1,654)
Charge-offs		—		—		—		—		—		(2,635)		(3)		(2,638)
Recoveries		—		2		—		—		2		51		1		54
Ending balance	$	4,528	$	7,061	$	28,645	$	4,758	$	44,992	$	34,263	$	360	$	79,615

	At or for the Three Months Ended March 31, 2021
	Real Estate Loans
	One-to-Four
	Family		Multifamily
	Residential and		Residential
	Cooperative/		and
	Condominium		Residential						Total Real				Other
	Apartment		Mixed-Use		CRE		ADC		Estate		C&I		Loans		Total
Allowance for credit losses:
Beginning balance, prior to the adoption of CECL	$	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		1,235		(1,397)		7,813		1,408		9,059		3,219		371		12,649
Charge-offs		(14)		(236)		(8)		—		(258)		(4,017)		—		(4,275)
Ending balance	$	5,133	$	10,421	$	44,837	$	3,899	$	64,290	$	33,378	$	532	$	98,200

Financing Receivable, Nonaccrual

		March 31, 2022
		Non-accrual with		Non-accrual with
(In thousands)		No Allowance	Allowance			Reserve
One-to-four family residential and cooperative/condominium apartment	$	-	$	5,241	$	151
CRE		1,254		3,719		1,564
Acquisition, development, and construction		665		-		-
C&I		334		24,666		14,829
Other		-		83		79
Total	$	2,253	$	33,709	$	16,623

		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

Past Due Financing Receivables

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

	March 31, 2022
					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	$	4,220	$	685	$	341	$	5,241	$	10,487	$	658,612	$	669,099
Multifamily residential and residential mixed-use		6,545		—		—		—		6,545		3,364,722		3,371,267
CRE		12,493		—		—		4,972		17,465		3,929,453		3,946,918
Acquisition, development, and construction		—		—		—		665		665		328,684		329,349
Total real estate		23,258		685		341		10,878		35,162		8,281,471		8,316,633
C&I		3,689		239		839		25,000		29,767		891,242		921,009
Other		169		—		—		84		253		11,954		12,207
Total	$	27,116	$	924	$	1,180	$	35,962	$	65,182	$	9,184,667	$	9,249,849

	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
Acquisition, development, and construction		—		—		—		—		—		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

Schedule of collateral dependent loans

	March 31, 2022				December 31, 2021
	Real Estate		Associated Allowance		Real Estate		Associated Allowance
(In thousands)	Collateral Dependent		for Credit Losses		Collateral Dependent		for Credit Losses
CRE	$	4,781	$	1,357	$	3,837	$	600
Acquisition, development, and construction		14,165		-		-		-
C&I		818		-		348		-
Total	$	19,764	$	1,357	$	4,185	$	600

Schedule of loans by class modified as trouble debt restructurings

	Modifications During the Three Months Ended March 31, 2022
			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	1	$	37	$	37
CRE	1		991		991
Acquisition, development, and construction	1		13,500		13,500
C&I	2		11,409		11,409
Total	5	$	25,937	$	25,937

Credit Risk Profile of the Real Estate Loans

	March 31, 2022
(In thousands)	2022		2021		2020		2019		2018		2017 and Prior		Revolving		Revolving-Term		Total
One-to-four family residential, and condominium/cooperative apartment:
Pass	$	54,932	$	128,132	$	76,520	$	65,332	$	68,429	$	193,054	$	48,569	$	11,190	$	646,158
Special mention		—		—		—		334		748		1,810		845		742		4,479
Substandard		—		—		1,042		1,232		413		14,897		—		878		18,462
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		54,932		128,132		77,562		66,898		69,590		209,761		49,414		12,810		669,099
Multifamily residential and residential mixed-use:
Pass		235,590		587,949		330,142		426,898		134,833		1,300,004		14,567		825		3,030,808
Special mention		—		—		10,985		22,251		4,216		29,032		—		—		66,484
Substandard		—		—		1,493		35,304		37,720		199,458		—		—		273,975
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		235,590		587,949		342,620		484,453		176,769		1,528,494		14,567		825		3,371,267
CRE:
Pass		166,352		864,565		800,777		525,522		298,706		1,038,627		46,693		5,998		3,747,240
Special mention		—		5,289		881		28,819		18,877		30,315		—		—		84,181
Substandard		—		4,528		1,605		7,276		45,292		56,690		—		—		115,391
Doubtful		—		—		—		106		—		—		—		—		106
Total CRE		166,352		874,382		803,263		561,723		362,875		1,125,632		46,693		5,998		3,946,918
Acquisition, development, and construction:
Pass		8,648		159,843		64,407		40,083		19,783		6,263		14,997		1,160		315,184
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		665		—		—		13,500		—		—		—		14,165
Doubtful		—		—		—		—		—		—		—		—		—
Total acquisition, development, and construction:		8,648		160,508		64,407		40,083		33,283		6,263		14,997		1,160		329,349
C&I:
Pass		23,876		66,028		93,456		48,768		47,221		58,045		481,706		10,237		829,337
Special mention		4,581		—		2,185		365		2,175		1,116		9,312		1,349		21,083
Substandard		—		465		5,955		5,922		3,419		5,298		15,521		13,011		49,591
Doubtful		—		496		—		8,797		775		10,930		—		—		20,998
Total C&I		28,457		66,989		101,596		63,852		53,590		75,389		506,539		24,597		921,009
Total:
Pass		489,398		1,806,517		1,365,302		1,106,603		568,972		2,595,993		606,532		29,410		8,568,727
Special mention		4,581		5,289		14,051		51,769		26,016		62,273		10,157		2,091		176,227
Substandard		—		5,658		10,095		49,734		100,344		276,343		15,521		13,889		471,584
Doubtful		—		496		—		8,903		775		10,930		—		—		21,104
Total Loans	$	493,979	$	1,817,960	$	1,389,448	$	1,217,009	$	696,107	$	2,945,539	$	632,210	$	45,390	$	9,237,642

	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
Acquisition, development, and construction:
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 acquisition, development, and construction:		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

(In thousands)	March 31, 2022		December 31, 2021
Performing	$	12,124	$	16,533
Non-accrual		83		365
Total	$	12,207	$	16,898