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Note 3 - Loans and Allowance for Loan Losses
 12 Months Ended
Dec. 31, 2016
Notes to Financial Statements  
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
3.
Loans and Allowance for Loan Losses
 
The composition of loans is as follows at
December
31:
 
    2016   2015
    (In thousands)
Multi-family residential   $
2,178,504
     $
2,055,228
  
Commercial real estate    
1,246,132
      
1,001,236
  
One-to-four family
― mixed-use property
    
558,502
      
573,043
  
One-to-four family
― residential
    
185,767
      
187,838
  
Co-operative apartments    
7,418
      
8,285
  
Construction    
11,495
      
7,284
  
Small Business Administration    
15,198
      
12,194
  
Taxi medallion    
18,996
      
20,881
  
Commercial business and other    
597,122
      
506,622
  
Gross loans    
4,819,134
      
4,372,611
  
Net unamortized premiums and unearned loan fees    
16,559
      
15,368
  
Total loans   $
4,835,693
     $
4,387,979
  
  
The majority of our loan portfolio is invested in multi-family residential, commercial real estate and commercial business and other loans, which totaled
83.5%
of our gross loans at
December
31,
2016.
Our concentration in these types of loans increases the overall level of credit risk inherent in our loan portfolio. The greater risk associated with these types of loans could require us to increase our provisions for loan losses and to maintain an allowance for loan losses as a percentage of total loans in excess of the allowance currently maintained.
 
Loans secured by multi-family residential property and commercial real estate generally involve a greater degree of risk than residential mortgage loans and generally carry larger loan balances. The increased credit risk is the result of several factors, including the concentration of principal in a smaller number of loans and borrowers, the effects of general economic conditions on income producing properties and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayments of loans secured by these types of properties are typically dependent upon the successful operation of the related property, which is usually owned by a legal entity with the property being the entity’s only asset. If the cash flow from the property is reduced, the borrower’s ability to repay the loan
may
be impaired. If the borrower defaults, our only remedy
may
be to foreclose on the property, for which the market value
may
be less than the balance due on the related mortgage loan.
 
Loans secured by commercial business and other loans involve a greater degree of risk for the same reasons as for multi-family residential and commercial real estate loans with the added risk that many of the loans are not secured by improved properties.
 
To minimize the risks involved in the origination of multi-family residential, commercial real estate and commercial business and other loans, the Bank adheres to strict underwriting standards, which include reviewing the expected net operating income generated by the real estate collateral securing the loan, the age and condition of the collateral, the financial resources and income level of the borrower and the borrower’s experience in owning or managing similar properties. We typically require debt service coverage of at least
125%
of the monthly loan payment. We generally originate these loans up to a maximum of
75%
of the appraised value or the purchase price of the property, whichever is less. Any loan with a final loan-to-value ratio in excess of
75%
must be approved by the Bank’s Board of Directors or the Loan Committee as an exception to policy. We generally rely on the income generated by the property as the primary means by which the loan is repaid. However, personal guarantees
may
be obtained for additional security from these borrowers. Additionally, for commercial business and other loans which are not secured by improved properties, the Bank will secure these loans with business assets, including accounts receivables, inventory and real estate and generally require personal guarantees.
 
The following tables show loans modified and classified as TDR during the periods indicated:
 
    For the year ended
December 31, 2016
(Dollars in thousands)   Number   Balance   Modification description
             
             
One-to-four family - residential    
2
     $
263
    
Received a below market interest rate and the loans amortization were extended
Taxi medallion    
12
      
9,764
    
Nine loans received a below market interest rate and three had their loan amortization extended
Commercial business and other    
1
      
324
    
Received a below market interest rate and the loan amortization was extended
Total    
15
     $
10,351
    
 
 
    For the year ended
December 31, 2015
(Dollars in thousands)   Number   Balance   Modification description
             
                     
Small Business Administration    
1
     $
41
    
Received a below market interest rate and the loan amortization was extended
Total    
1
     $
41
    
 
 
The recorded investment of the loans modified and classified to a TDR, presented in the tables above, were unchanged as there was no principal forgiven in these modifications. Additionally, during the year ended
December
31,
2015,
one
commercial existing TDR was re-modified by extending the term and advancing an additional
$28,000.
 
There were
no
loans modified and classified as TDR during the year ended
December
31,
2014.
 
The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated:
 
    December 31, 2016   December 31, 2015
(Dollars in thousands)   Number
 of contracts		   Recorded
investment		   Number
 of contracts		   Recorded
investment
                 
Multi-family residential    
9
     $
2,572
      
9
     $
2,626
  
Commercial real estate    
2
      
2,062
      
3
      
2,371
  
One-to-four family - mixed-use property    
5
      
1,800
      
6
      
2,052
  
One-to-four family - residential    
3
      
591
      
1
      
343
  
Small Business Administration    
-
      
-
      
1
      
34
  
Taxi medallion    
12
      
9,735
      
 
      
 
  
Commercial business and other    
2
      
675
      
4
      
2,083
  
                                 
Total performing troubled debt restructured    
33
     $
17,435
      
24
     $
9,509
  
 
During the year ended
December
31,
2016,
there were
no
TDR loans transferred to non-performing status. During the year ended
December
31,
2016,
three
loans paid-in-full and
three
loans were transferred from the TDR classification. During the year ended
December
31,
2015,
one
TDR loan for
$0.4
million was transferred to non-performing status, resulting in this loan being included in non-performing loans. During the year ended
December
31,
2014,
three
TDR loans totaling
$2.7
million were transferred to non-performing status, resulting in these loans being included in non-performing loans. Subsequent to being transferred to non-performing loans,
two
of these loans were paid in full during the year ended
December
31,
2014.
 
The following table shows our recorded investment for loans classified as TDR that are not performing according to their restructured terms at the periods indicated:
 
    December 31, 2016   December 31, 2015
(Dollars in thousands)   Number
 of contracts		   Recorded
investment		   Number
 of contracts		   Recorded
investment
                 
Multi-family residential    
1
     $
396
      
1
     $
391
  
                                 
Total troubled debt restructurings that subsequently defaulted    
1
     $
396
      
1
     $
391
  
 
The following table shows our non-performing loans at the periods indicated:
 
    At December 31,
(In thousands)   2016   2015
         
Loans ninety days or more past due and still accruing:                
Multi-family residential   $
-
     $
233
  
Commercial real estate    
-
      
1,183
  
One-to-four family mixed-use property    
386
      
611
  
One-to-four family residential    
-
      
13
  
Construction    
-
      
1,000
  
Commercial business and other    
-
      
220
  
Total    
386
      
3,260
  
                 
Non-accrual mortgage loans:                
Multi-family residential    
1,837
      
3,561
  
Commercial real estate    
1,148
      
2,398
  
One-to-four family mixed-use property    
4,025
      
5,952
  
One-to-four family residential    
8,241
      
10,120
  
Total    
15,251
      
22,031
  
                 
Non-accrual non-mortgage loans:                
Small Business Administration    
1,886
      
218
  
Taxi medallion    
3,825
      
-
  
Commercial business and other    
68
      
568
  
Total    
5,779
      
786
  
                 
Total non-accrual loans    
21,030
      
22,817
  
                 
                 
Total non-performing loans   $
21,416
     $
26,077
  
 
The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the years ended
December
31:
 
    2016   2015   2014
    (In thousands)
             
Interest income that would have been recognized had the loans performed in accordance with their original terms   $
1,963
     $
2,387
     $
2,919
  
Less:  Interest income included in the results of operations    
455
      
702
      
796
  
Total foregone interest   $
1,508
     $
1,685
     $
2,123
  
 
The following table shows an age analysis of our recorded investment in loans at
December
31,
2016:
 
(in thousands)   30 - 59 Days
Past Due		   60 - 89 Days
Past Due		   Greater
than
90 Days		   Total Past
Due		   Current   Total Loans
     
                         
Multi-family residential   $
2,575
     $
287
     $
1,837
     $
4,699
     $
2,173,805
     $
2,178,504
  
Commercial real estate    
3,363
      
22
      
1,148
      
4,533
      
1,241,599
      
1,246,132
  
One-to-four family - mixed-use property    
4,671
      
762
      
4,411
      
9,844
      
548,658
      
558,502
  
One-to-four family - residential    
3,831
      
194
      
8,047
      
12,072
      
173,695
      
185,767
  
Co-operative apartments    
-
      
-
      
-
      
-
      
7,418
      
7,418
  
Construction loans    
-
      
-
      
-
      
-
      
11,495
      
11,495
  
Small Business Administration    
13
      
-
      
1,814
      
1,827
      
13,371
      
15,198
  
Taxi medallion    
-
      
-
      
3,825
      
3,825
      
15,171
      
18,996
  
Commercial business and other    
22
      
1
      
-
      
23
      
597,099
      
597,122
  
Total   $
14,475
     $
1,266
     $
21,082
     $
36,823
     $
4,782,311
     $
4,819,134
  
 
The following table shows an age analysis of our recorded investment in loans at
December
31,
2015:
 
(in thousands)   30 - 59 Days
Past Due		   60 - 89 Days
Past Due		   Greater
than
90 Days		   Total Past
Due		   Current   Total Loans
     
                         
Multi-family residential   $
9,421
     $
804
     $
3,794
     $
14,019
     $
2,041,209
     $
2,055,228
  
Commercial real estate    
2,820
      
153
      
3,580
      
6,553
      
994,683
      
1,001,236
  
One-to-four family - mixed-use property    
8,630
      
1,258
      
6,563
      
16,451
      
556,592
      
573,043
  
One-to-four family - residential    
4,261
      
154
      
10,134
      
14,549
      
173,289
      
187,838
  
Co-operative apartments    
-
      
-
      
-
      
-
      
8,285
      
8,285
  
Construction loans    
-
      
-
      
1,000
      
1,000
      
6,284
      
7,284
  
Small Business Administration    
42
      
-
      
218
      
260
      
11,934
      
12,194
  
Taxi medallion    
-
      
-
      
-
      
-
      
20,881
      
20,881
  
Commercial business and other    
-
      
2
      
228
      
230
      
506,392
      
506,622
  
Total   $
25,174
     $
2,371
     $
25,517
     $
53,062
     $
4,319,549
     $
4,372,611
  
 
The following tables show the activity in the allowance for loan losses for the periods indicated:
 
For the year ended December 31, 2016
(in thousands)   Multi-family residential   Commercial real estate   One-to-four family - mixed-use property   One-to-four family - residential   Co-operative apartments   Construction loans   Small Business Administration   Taxi medallion   Commercial business and other   Unallocated   Total
                                             
Allowance for credit losses:                                                                                        
Beginning balance   $
6,718
     $
4,239
     $
4,227
     $
1,227
     $
-
     $
50
     $
262
     $
343
     $
4,469
     $
-
     $
21,535
  
Charge-off's    
(161
 )    
-
      
(144
 )    
(114
 )    
-
      
-
      
(529
 )    
(142
 )    
(69
 )    
-
      
(1,159
 )
Recoveries    
339
      
11
      
777
      
366
      
-
      
-
      
99
      
-
      
261
      
-
      
1,853
  
Provision (benefit)    
(973
 )    
237
      
(1,957
 )    
(464
 )    
-
      
42
      
649
      
2,042
      
(169
 )    
593
      
-
  
Ending balance   $
5,923
     $
4,487
     $
2,903
     $
1,015
     $
-
     $
92
     $
481
     $
2,243
     $
4,492
     $
593
     $
22,229
  
 
For the year ended December 31, 2015
(in thousands)   Multi-family residential   Commercial real estate   One-to-four family - mixed-use property   One-to-four family - residential   Co-operative apartments   Construction loans   Small Business Administration   Taxi medallion   Commercial business and other   Total
                                         
Allowance for credit losses:                                                                                
Beginning balance   $
8,827
     $
4,202
     $
5,840
     $
1,690
     $
-
     $
42
     $
279
     $
11
     $
4,205
     $
25,096
  
Charge-off's    
(474
 )    
(32
 )    
(592
 )    
(342
 )    
-
      
-
      
(34
 )    
-
      
(2,371
 )    
(3,845
 )
Recoveries    
269
      
168
      
76
      
375
      
-
      
-
      
40
      
-
      
312
      
1,240
  
Provision (benefit)    
(1,904
 )    
(99
 )    
(1,097
 )    
(496
 )    
-
      
8
      
(23
 )    
332
      
2,323
      
(956
 )
Ending balance   $
6,718
     $
4,239
     $
4,227
     $
1,227
     $
-
     $
50
     $
262
     $
343
     $
4,469
     $
21,535
  
 
For the year ended December 31, 2014
(in thousands)   Multi-family residential   Commercial real estate   One-to-four family - mixed-use property   One-to-four family - residential   Co-operative apartments   Construction loans   Small Business Administration   Taxi medallion   Commercial business and other   Total
                                         
Allowance for credit losses:                                                                                
Beginning balance   $
12,084
     $
4,959
     $
6,328
     $
2,079
     $
104
     $
444
     $
458
     $
-
     $
5,320
     $
31,776
  
Charge-off's    
(1,161
 )    
(325
 )    
(423
 )    
(103
 )    
-
      
-
      
(49
 )    
-
      
(381
 )    
(2,442
 )
Recoveries    
150
      
481
      
608
      
269
      
7
      
-
      
92
      
-
      
176
      
1,783
  
Provision (benefit)    
(2,246
 )    
(913
 )    
(673
 )    
(555
 )    
(111
 )    
(402
 )    
(222
 )    
11
      
(910
 )    
(6,021
 )
Ending balance   $
8,827
     $
4,202
     $
5,840
     $
1,690
     $
-
     $
42
     $
279
     $
11
     $
4,205
     $
25,096
  
 
The following tables show the manner in which loans were evaluated for impairment at the periods indicated:
 
At December 31, 2016
(in thousands)   Multi-family residential   Commercial real estate   One-to-four family - mixed-use property   One-to-four family- residential   Co-operative apartments   Construction loans   Small Business Administration   Taxi Medallion   Commercial business and other   Unallocated   Total
                                             
Financing Receivables:                                                                                        
Ending Balance   $
2,178,504
     $
1,246,132
     $
558,502
     $
185,767
     $
7,418
     $
11,495
     $
15,198
     $
18,996
     $
597,122
     $
-
     $
4,819,134
  
Ending balance: individually evaluated for impairment   $
5,923
     $
6,551
     $
8,809
     $
9,989
     $
-
     $
-
     $
1,937
     $
16,282
     $
2,492
     $
-
     $
51,983
  
Ending balance: collectively evaluated for impairment   $
2,172,581
     $
1,239,581
     $
549,693
     $
175,778
     $
7,418
     $
11,495
     $
13,261
     $
2,714
     $
594,630
     $
-
     $
4,767,151
  
                                                                                         
Allowance for credit losses:                                                                                        
Ending balance: individually evaluated for impairment   $
232
     $
179
     $
417
     $
60
     $
-
     $
-
     $
90
     $
2,236
     $
12
     $
-
     $
3,226
  
Ending balance: collectively evaluated for impairment   $
5,691
     $
4,308
     $
2,486
     $
955
     $
-
     $
92
     $
391
     $
7
     $
4,480
     $
593
     $
19,003
  
 
 
At December 31, 2015
(in thousands)   Multi-family residential   Commercial real estate   One-to-four family - mixed-use property   One-to-four family- residential   Co-operative apartments   Construction loans   Small Business Administration   Taxi Medallion   Commercial business and other   Unallocated   Total
                                             
Financing Receivables:                                                                                        
Ending Balance   $
2,055,228
     $
1,001,236
     $
573,043
     $
187,838
     $
8,285
     $
7,284
     $
12,194
     $
20,881
     $
506,622
     $
-
     $
4,372,611
  
Ending balance: individually evaluated for impairment   $
8,047
     $
6,183
     $
12,828
     $
12,598
     $
-
     $
1,000
     $
310
     $
2,118
     $
4,716
     $
-
     $
47,800
  
Ending balance: collectively evaluated for impairment   $
2,047,181
     $
995,053
     $
560,215
     $
175,240
     $
8,285
     $
6,284
     $
11,884
     $
18,763
     $
501,906
     $
-
     $
4,324,811
  
                                                                                         
Allowance for credit losses:                                                                                        
Ending balance: individually evaluated for impairment   $
252
     $
180
     $
502
     $
51
     $
-
     $
-
     $
-
     $
333
     $
112
      
 
     $
1,430
  
Ending balance: collectively evaluated for impairment   $
6,466
     $
4,059
     $
3,725
     $
1,176
     $
-
     $
50
     $
262
     $
10
     $
4,357
     $
-
     $
20,105
  
 
 
The following table shows our recorded investment, unpaid principal balance and allocated allowance for loan losses for loans that were considered impaired at
December
31,
2016
and
2015:
 
    December 31, 2016   December 31, 2015
    Recorded
Investment		   Unpaid
Principal
Balance		   Related
Allowance		   Recorded
Investment		   Unpaid
Principal
Balance		   Related
Allowance
                         
    (In thousands)
With no related allowance recorded:                                                
Mortgage loans:                                                
Multi-family residential   $
3,660
     $
3,796
     $
-
     $
5,742
     $
6,410
     $
-
  
Commercial real estate    
4,489
      
4,516
      
-
      
3,812
      
3,869
      
-
  
One-to-four family mixed-use property    
6,435
      
6,872
      
-
      
10,082
      
11,335
      
-
  
One-to-four family residential    
9,560
      
11,117
      
-
      
12,255
      
14,345
      
-
  
Co-operative apartments    
-
      
-
      
-
      
-
      
-
      
-
  
Construction    
-
      
-
      
-
      
1,000
      
1,000
      
-
  
Non-mortgage loans:                                                
Small Business Administration    
416
      
509
      
-
      
276
      
276
      
-
  
Taxi Medallion    
2,334
      
2,476
      
-
      
-
      
-
      
-
  
Commercial Business and other    
2,072
      
2,443
      
-
      
2,682
      
5,347
      
-
  
                                                 
Total loans with no related allowance recorded    
28,966
      
31,729
      
-
      
35,849
      
42,582
      
-
  
                                                 
With an allowance recorded:                                                
Mortgage loans:                                                
Multi-family residential    
2,263
      
2,263
      
232
      
2,305
      
2,305
      
252
  
Commercial real estate    
2,062
      
2,062
      
179
      
2,371
      
2,371
      
180
  
One-to-four family mixed-use property    
2,374
      
2,376
      
417
      
2,746
      
2,746
      
502
  
One-to-four family residential    
429
      
429
      
60
      
343
      
343
      
51
  
Co-operative apartments    
-
      
-
      
-
      
-
      
-
      
-
  
Construction    
-
      
-
      
-
      
-
      
-
      
-
  
Non-mortgage loans:                                                
Small Business Administration    
1,521
      
1,909
      
90
      
34
      
34
      
-
  
Taxi Medallion    
13,948
      
13,948
      
2,236
      
2,118
      
2,118
      
333
  
Commercial Business and other    
420
      
420
      
12
      
2,034
      
2,034
      
112
  
                                                 
Total loans with an allowance recorded    
23,017
      
23,407
      
3,226
      
11,951
      
11,951
      
1,430
  
                                                 
Total Impaired Loans:                                                
Total mortgage loans   $
31,272
     $
33,431
     $
888
     $
40,656
     $
44,724
     $
985
  
                                                 
Total non-mortgage loans   $
20,711
     $
21,705
     $
2,338
     $
7,144
     $
9,809
     $
445
  
 
The following table shows our average recorded investment and interest income recognized for loans that were considered impaired for the
three
years ended
December
31,
2016:
 
    December 31, 2016   December 31, 2015   December 31, 2014
    Average
Recorded
Investment		   Interest
Income
Recognized		   Average
Recorded
Investment		   Interest
Income
Recognized		   Average
Recorded
Investment		   Interest
Income
Recognized
                         
    (In thousands)
With no related allowance recorded:                                                
Mortgage loans:                                                
Multi-family residential   $
4,762
     $
96
     $
8,285
     $
92
     $
14,168
     $
194
  
Commercial real estate    
4,753
      
169
      
4,926
      
7
      
11,329
      
51
  
One-to-four family mixed-use property    
7,914
      
141
      
10,295
      
244
      
12,852
      
321
  
One-to-four family residential    
10,233
      
82
      
12,985
      
138
      
13,015
      
103
  
Co-operative apartments    
-
      
-
      
153
      
-
      
-
      
-
  
Construction    
285
      
7
      
250
      
-
      
285
      
-
  
Non-mortgage loans:                                                
Small Business Administration    
369
      
20
      
299
      
1
      
-
      
-
  
Taxi Medallion    
3,110
      
67
      
-
      
-
      
-
      
-
  
Commercial Business and other    
2,217
      
181
      
3,912
      
253
      
3,428
      
137
  
                                                 
Total loans with no related allowance recorded    
33,643
      
763
      
41,105
      
735
      
55,077
      
806
  
                                                 
With an allowance recorded:                                                
Mortgage loans:                                                
Multi-family residential    
2,279
      
116
      
2,343
      
117
      
2,936
      
149
  
Commercial real estate    
2,145
      
100
      
997
      
167
      
3,242
      
167
  
One-to-four family mixed-use property    
2,560
      
138
      
2,983
      
151
      
3,249
      
170
  
One-to-four family residential    
410
      
15
      
347
      
14
      
358
      
14
  
Co-operative apartments    
-
      
-
      
-
      
-
      
-
      
-
  
Construction    
-
      
-
      
-
      
-
      
187
      
-
  
Non-mortgage loans:                                                
Small Business Administration    
616
      
42
      
38
      
2
      
-
      
-
  
Taxi Medallion    
7,244
      
147
      
1,062
      
66
      
-
      
-
  
Commercial Business and other    
827
      
45
      
2,692
      
102
      
3,149
      
115
  
                                                 
Total loans with an allowance recorded    
16,081
      
603
      
10,462
      
619
      
13,121
      
615
  
                                                 
Total Impaired Loans:                                                
Total mortgage loans   $
35,341
     $
864
     $
43,564
     $
930
     $
61,621
     $
1,169
  
                                                 
Total non-mortgage loans   $
14,383
     $
502
     $
8,003
     $
424
     $
6,577
     $
252
  
 
In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans”. If a loan does not fall within
one
of the previous mentioned categories then the loan would be considered “Pass.” These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that jeopardizes the orderly liquidation of the debt. We designate a loan Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as loss, as loans that are designated as Loss are charged to the Allowance for Loan Losses. Loans that are non-accrual are designated as Substandard, Doubtful or Loss. We designate a loan as Special Mention if the asset does not warrant classification within
one
of the other classifications, but does contain a potential weakness that deserves closer attention.
 
The following table sets forth the recorded investment in loans designated as Criticized or Classified at
December
31,
2016:
 
(In thousands)   Special Mention   Substandard   Doubtful   Loss   Total
                     
Multi-family residential   $
7,133
     $
3,351
     $
-
     $
-
     $
10,484
  
Commercial real estate    
2,941
      
4,489
      
-
      
-
      
7,430
  
One-to-four family - mixed-use property    
4,197
      
7,009
      
-
      
-
      
11,206
  
One-to-four family - residential    
1,205
      
9,399
      
-
      
-
      
10,604
  
Co-operative apartments    
-
      
-
      
-
      
-
      
-
  
Construction loans    
-
      
-
      
-
      
-
      
-
  
Small Business Administration
(1)
    
540
      
436
      
-
      
-
      
976
  
Taxi Medallion    
2,715
      
16,228
      
54
      
-
      
18,997
  
Commercial business and other    
9,924
      
2,493
      
-
      
-
      
12,417
  
Total loans   $
28,655
     $
43,405
     $
54
     $
-
     $
72,114
  
 
The following table sets forth the recorded investment in loans designated as Criticized or Classified at
December
31,
2015:
 
(In thousands)   Special Mention   Substandard   Doubtful   Loss   Total
                     
Multi-family residential   $
4,361
     $
5,421
     $
-
     $
-
     $
9,782
  
Commercial real estate    
1,821
      
3,812
      
-
      
-
      
5,633
  
One-to-four family - mixed-use property    
3,087
      
10,990
      
-
      
-
      
14,077
  
One-to-four family - residential    
1,437
      
12,255
      
-
      
-
      
13,692
  
Co-operative apartments    
-
      
-
      
-
      
-
      
-
  
Construction loans    
-
      
1,000
      
-
      
-
      
1,000
  
Small Business Administration
(1)
    
229
      
224
      
-
      
-
      
453
  
Taxi Medallion    
-
      
2,118
      
-
      
-
      
2,118
  
Total loans   $
10,935
     $
38,943
     $
-
     $
-
     $
49,878
  
 
(1)
 Balances shown are net of the portion guaranteed by the Small Business Administration totaling
$1.5
million and
$0.1
million at
December
31,
2016
and
2015,
respectively.