LOANS HELD FOR INVESTMENT, NET (Tables)

12 Months Ended

Dec. 31, 2022

LOANS HELD FOR INVESTMENT, NET

Loan Categories

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

(In thousands)	December 31, 2022		December 31, 2021
One-to-four family residential and cooperative/condominium apartment	$	773,321	$	669,282
Multifamily residential and residential mixed-use		4,026,826		3,356,346
Commercial real estate ("CRE")		4,457,630		3,945,948
Acquisition, development, and construction		229,663		322,628
Total real estate loans		9,487,440		8,294,204
Commercial and industrial ("C&I")		1,071,712		933,559
Other loans		7,679		16,898
Total		10,566,831		9,244,661
Allowance for credit losses		(83,507)		(83,853)
Loans held for investment, net	$	10,483,324	$	9,160,808

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, 2020	$	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
Day 1 acquired PCD loans		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
Provision (credit) for credit losses		37		542		(1,891)		(3,134)		(4,446)		11,786		(430)		6,910
Charge-offs		—		—		—		—		—		(11,401)		(53)		(11,454)
Recoveries		—		2		54		—		56		4,137		5		4,198
Ending balance as of December 31, 2022	$	5,969	$	8,360	$	27,329	$	1,723	$	43,381	$	39,853	$	273	$	83,507

Financing Receivable, Nonaccrual

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

		December 31, 2022
		Non-accrual with		Non-accrual with
(In thousands)		No Allowance	Allowance			Reserve
One-to-four family residential and cooperative/condominium apartment	$	-	$	3,203	$	181
CRE		4,915		3,417		1,424
Acquisition, development, and construction		657		-		-
C&I		503		21,443		20,685
Other		-		99		99
Total	$	6,075	$	28,162	$	22,389

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, 2022
					Loans 90
					Days or				Total
	30 to 59		60 to 89		More Past Due				Past Due
	Days		Days		and Still				and				Total
(In thousands)	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Real estate:
One-to-four family residential, including condominium and cooperative apartment	$	686	$	—	$	—	$	3,203	$	3,889	$	769,432	$	773,321
Multifamily residential and residential mixed-use		4,817		—		—		—		4,817		4,022,009		4,026,826
CRE		14,189		—		—		8,332		22,521		4,435,109		4,457,630
Acquisition, development, and construction		—		—		—		657		657		229,006		229,663
Total real estate		19,692		—		—		12,192		31,884		9,455,556		9,487,440
C&I		3,561		741		—		21,946		26,248		1,045,464		1,071,712
Other		264		1		—		99		364		7,315		7,679
Total	$	23,517	$	742	$	—	$	34,237	$	58,496	$	10,508,335	$	10,566,831

	December 31, 2021
					Loans 90
					Days or				Total
	30 to 59		60 to 89		More Past Due				Past Due
	Days		Days		and Still				and				Total
(In thousands)	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		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

	December 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	$	7,391	$	1,297	$	3,837	$	600
Acquisition, development, and construction		657		-		-		-
C&I		949		-		348		-
Total	$	8,997	$	1,297	$	4,185	$	600

Schedule of Related Party Loans

	Year Ended
	December 31,
(In thousands)	2022
Beginning balance	$	6,229
New loans		1
Effect of changes in composition of related parties		496
Repayments		(1,770)
Balance at end of period	$	4,956

Schedule of loans by class modified as trouble debt restructurings

	Modifications During the Year Ended December 31,
	2022					2021
			Pre-		Post-			Pre-		Post-
			Modification		Modification			Modification		Modification
			Outstanding		Outstanding			Outstanding		Outstanding
	Number of		Recorded		Recorded	Number of		Recorded		Recorded
(Dollars in thousands)	Loans		Investment		Investment	Loans		Investment		Investment
One-to-four family residential and cooperative/condominium apartment	2	$	762	$	762	2	$	467	$	467
CRE	1		991		991	1		10,000		10,000
Acquisition, development, and construction	1		13,500		13,500	-		-		-
C&I	7		21,934		21,938	1		456		488
Other	1		276		276	-		-		-
Total	12	$	37,463	$	37,467	4	$	10,923	$	10,955

Credit Risk Profile of the Real Estate Loans

	December 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	$	225,031	$	108,185	$	72,732	$	65,515	$	66,038	$	164,338	$	41,172	$	12,563	$	755,574
Special mention		—		—		—		—		735		1,175		579		726		3,215
Substandard		—		—		1,026		1,227		407		10,779		—		1,093		14,532
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		225,031		108,185		73,758		66,742		67,180		176,292		41,751		14,382		773,321
Multifamily residential and residential mixed-use:
Pass		1,386,549		582,393		316,424		395,933		127,074		1,107,281		12,584		—		3,928,238
Special mention		—		—		—		11,183		—		14,168		—		—		25,351
Substandard		—		—		12,294		7,001		20,311		33,631		—		—		73,237
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		1,386,549		582,393		328,718		414,117		147,385		1,155,080		12,584		—		4,026,826
CRE:
Pass		1,021,622		854,240		753,552		510,332		308,265		868,099		34,362		24,767		4,375,239
Special mention		2,864		—		19,655		4,653		14,372		15,478		—		—		57,022
Substandard		—		151		4,550		7,947		1,131		11,590		—		—		25,369
Doubtful		—		—		—		—		—		—		—		—		—
Total CRE		1,024,486		854,391		777,757		522,932		323,768		895,167		34,362		24,767		4,457,630
Acquisition, development, and construction:
Pass		36,877		152,543		11,242		15,943		—		2,087		10,033		281		229,006
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		657		—		—		—		—		—		—		657
Doubtful		—		—		—		—		—		—		—		—		—
Total acquisition, development, and construction:		36,877		153,200		11,242		15,943		—		2,087		10,033		281		229,663
C&I:
Pass		175,347		36,511		42,103		37,030		20,628		33,343		628,560		22,239		995,761
Special mention		3,770		—		894		1,529		1,521		843		9,062		478		18,097
Substandard		5,242		1,244		5,364		2,968		970		10,232		11,290		9,412		46,722
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total C&I		184,359		37,755		48,361		49,859		23,871		46,466		648,912		32,129		1,071,712
Total:
Pass		2,845,426		1,733,872		1,196,053		1,024,753		522,005		2,175,148		726,711		59,850		10,283,818
Special mention		6,634		—		20,549		17,365		16,628		31,664		9,641		1,204		103,685
Substandard		5,242		2,052		23,234		19,143		22,819		66,232		11,290		10,505		160,517
Doubtful		—		—		—		8,332		752		2,048		—		—		11,132
Total Loans	$	2,857,302	$	1,735,924	$	1,239,836	$	1,069,593	$	562,204	$	2,275,092	$	747,642	$	71,559	$	10,559,152

	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		815,239		43,183		6,188		3,719,799
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		874,440		43,183		6,188		3,945,948
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		2,114,513		552,538		29,902		8,531,760
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	$	2,356,919	$	588,432	$	46,426	$	9,227,763

(In thousands)	December 31, 2022		December 31, 2021
Performing	$	7,580	$	16,533
Non-accrual		99		365
Total	$	7,679	$	16,898