LOANS HELD FOR INVESTMENT, NET (Tables)

3 Months Ended

Mar. 31, 2023

LOANS HELD FOR INVESTMENT, NET

Loan Categories

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

(In thousands)	March 31, 2023		December 31, 2022
One-to-four family residential and cooperative/condominium apartment	$	799,321	$	773,321
Multifamily residential and residential mixed-use		4,118,439		4,026,826
Commercial real estate ("CRE")		4,510,968		4,457,630
Acquisition, development, and construction		221,015		229,663
Total real estate loans		9,649,743		9,487,440
Commercial and industrial ("C&I")		1,074,930		1,071,712
Other loans		7,172		7,679
Total		10,731,845		10,566,831
Allowance for credit losses		(78,335)		(83,507)
Loans held for investment, net	$	10,653,510	$	10,483,324

Activity in Allowance for Loan Losses

	At or for the Three Months Ended March 31, 2023
	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	$	5,969	$	8,360	$	27,329	$	1,723	$	43,381	$	39,853	$	273	$	83,507
Provision (recovery) for credit losses		43		(747)		(2,851)		792		(2,763)		(834)		(34)		(3,631)
Charge-offs		—		—		—		—		—		(2,029)		(1)		(2,030)
Recoveries		—		—		—		—		—		487		2		489
Ending balance	$	6,012	$	7,613	$	24,478	$	2,515	$	40,618	$	37,477	$	240	$	78,335

	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
(Recovery) 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

Financing Receivable, Nonaccrual

		March 31, 2023
		Non-accrual with		Non-accrual with
(In thousands)		No Allowance	Allowance			Reserve
One-to-four family residential and cooperative/condominium apartment	$	-	$	2,808	$	138
CRE		4,659		3,409		1,010
Acquisition, development, and construction		-		657		305
C&I		978		18,934		18,169
Other		-		99		99
Total	$	5,637	$	25,907	$	19,721

		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:

	March 31, 2023
					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	$	6,617	$	419	$	—	$	2,808	$	9,844	$	789,477	$	799,321
Multifamily residential and residential mixed-use		3,841		—		—		—		3,841		4,114,598		4,118,439
CRE		4,603		716		—		8,068		13,387		4,497,581		4,510,968
Acquisition, development, and construction		—		—		—		657		657		220,358		221,015
Total real estate		15,061		1,135		—		11,533		27,729		9,622,014		9,649,743
C&I		3,403		233		—		19,912		23,548		1,051,382		1,074,930
Other		229		3		—		99		331		6,841		7,172
Total	$	18,693	$	1,371	$	—	$	31,544	$	51,608	$	10,680,237	$	10,731,845

	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

Schedule of collateral dependent loans

	March 31, 2023				December 31, 2022
	Real Estate		Associated Allowance		Real Estate		Associated Allowance
(In thousands)	Collateral Dependent		for Credit Losses		Collateral Dependent		for Credit Losses
CRE	$	7,112	$	860	$	7,391	$	1,297
Acquisition, development, and construction		657		305		657		-
C&I		945		-		949		-
Total	$	8,714	$	1,165	$	8,997	$	1,297

Schedule of amortized cost basis of loans modified to borrowers

	March 31, 2023
			Term Extension				% of Total Class
	Significant		and Significant				of Financing
(Dollars in thousands)	Payment Delay		Payment Delay		Total		Receivable
Real estate:
One-to-four family residential, including condominium and cooperative apartment	$	2,850	$	—	$	2,850	0.4	%
Multifamily residential and residential mixed-use		—		—		—	0.0
CRE		—		—		—	0.0
Acquisition, development, and construction		—		—		—	0.0
C&I		—		475		475	0.0
Other loans		—		—		—	0.0
Total	$	2,850	$	475	$	3,325	0.0	%

Schedule of performance of loans that have been modified

	March 31, 2023
			30-59 Days		60-89 Days		90+ Days
(Dollars in thousands)	Current		Past Due		Past Due		Past Due		Total
Real estate:
One-to-four family residential, including condominium and cooperative apartment	$	2,850	$	—	$	—	$	—	$	2,850
Multifamily residential and residential mixed-use		—		—		—		—		—
CRE		—		—		—		—		—
Acquisition, development, and construction		—		—		—		—		—
C&I		475		—		—		—		475
Other loans		—		—		—		—		—
Total	$	3,325	$	—	$	—	$	—	$	3,325

Schedule of loans by class modified as trouble debt restructurings

	Modifications During the Year Ended December 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	2	$	762	$	762
CRE	1		991		991
Acquisition, development, and construction	1		13,500		13,500
C&I	7		21,934		21,938
Other	1		276		276
Total	12	$	37,463	$	37,467

Credit Risk Profile of the Real Estate Loans

	March 31, 2023
(In thousands)	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Revolving-Term		Total
One-to-four family residential, and condominium/cooperative apartment:
Pass	$	43,242	$	223,185	$	105,682	$	71,817	$	64,559	$	223,911	$	36,080	$	14,027	$	782,503
Special mention		—		—		—		—		—		765		159		1,140		2,064
Substandard		—		—		947		1,021		1,226		10,612		—		949		14,754
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		43,242		223,185		106,629		72,838		65,785		235,288		36,239		16,116		799,321
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Multifamily residential and residential mixed-use:
Pass		137,533		1,378,920		596,720		295,172		396,885		1,182,588		11,981		4,364		4,004,163
Special mention		—		—		4,269		18,190		14,149		19,272		—		—		55,880
Substandard		—		—		—		10,766		—		47,630		—		—		58,396
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		137,533		1,378,920		600,989		324,128		411,034		1,249,490		11,981		4,364		4,118,439
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
CRE:
Pass		168,749		1,015,122		848,614		684,193		496,165		1,136,286		29,949		23,247		4,402,325
Special mention		—		2,812		—		47,905		4,630		27,888		—		—		83,235
Substandard		—		—		151		4,536		7,496		13,225		—		—		25,408
Doubtful		—		—		—		—		—		—		—		—		—
Total CRE		168,749		1,017,934		848,765		736,634		508,291		1,177,399		29,949		23,247		4,510,968
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Acquisition, development, and construction:
Pass		—		42,427		136,430		7,647		15,744		609		17,233		268		220,358
Special mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		657		—		—		—		—		—		657
Doubtful		—		—		—		—		—		—		—		—		—
Total acquisition, development, and construction:		—		42,427		137,087		7,647		15,744		609		17,233		268		221,015
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
C&I:
Pass		20,080		178,348		34,507		36,036		32,375		50,334		618,596		18,915		989,191
Special mention		—		3,432		624		1,467		1,371		2,031		15,142		6,286		30,353
Substandard		98		5,454		1,133		4,858		2,718		10,536		12,382		9,066		46,245
Doubtful		—		—		—		—		8,332		809		—		—		9,141
Total C&I		20,178		187,234		36,264		42,361		44,796		63,710		646,120		34,267		1,074,930
YTD Gross Charge-Offs		—		—		—		38		—		1,991		—		—		2,029
Total:
Pass		369,604		2,838,002		1,721,953		1,094,865		1,005,728		2,593,728		713,839		60,821		10,398,540
Special mention		—		6,244		4,893		67,562		20,150		49,956		15,301		7,426		171,532
Substandard		98		5,454		2,888		21,181		11,440		82,003		12,382		10,015		145,460
Doubtful		—		—		—		—		8,332		809		—		—		9,141
Total Loans	$	369,702	$	2,849,700	$	1,729,734	$	1,183,608	$	1,045,650	$	2,726,496	$	741,522	$	78,262	$	10,724,673
YTD Gross Charge-Offs		—		—		—		38		—		1,991		—		—		2,029

	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
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
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
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
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
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
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
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
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
YTD Gross Charge-Offs		—		477		4,720		2,088		—		2,414		1,460		242		11,401
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
YTD Gross Charge-Offs		—		477		4,720		2,088		—		2,414		1,460		242		11,401

(In thousands)	March 31, 2023		December 31, 2022
Performing	$	7,073	$	7,580
Non-accrual		99		99
Total	$	7,172	$	7,679