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Loans and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2021


	2021		2020

	(In thousands)
Multi-family residential	$	2,517,026	$	2,533,952
Commercial real estate		1,775,629		1,754,754
One-to-four family ― mixed-use property		571,795		602,981
One-to-four family ― residential		268,255		245,211
Co-operative apartments		8,316		8,051
Construction		59,761		83,322
Small Business Administration ⁽¹⁾		93,811		167,376
Taxi medallion		—		2,757
Commercial business and other		1,339,273		1,303,225
Gross loans		6,633,866		6,701,629
Net unamortized premiums and unearned loan fees		4,239		3,045
Total loans, net of fees and costs	$	6,638,105	$	6,704,674

(1)

Includes $77.4 million, and $151.9 million of SBA Payment Protection Program (“SBA PPP”) loans at December 31, 2021, and 2020, respectively.

Schedule of TDR loan modifications


	For the year ended
	December 31, 2021
(Dollars in thousands)	Number	Balance		Modification description

Commercial business and other	3	$	702	Loan amortization extension.
Total	3	$	702


	For the year ended
	December 31, 2020
(Dollars in thousands)	Number	Balance		Modification description
Commercial real estate	1	$	7,583	Loan received a below market interest rate and had an amortization extension
One-to-four family - mixed-use property	1		270	Loan received a below market interest rate.
Total	2	$	7,853


	For the year ended
	December 31, 2019
(Dollars in thousands)	Number	Balance		Modification description

Commercial business and other	3	$	951	Loan amortization extension.
Total	3	$	951

Schedule of non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing


	At or for the year December 31, 2021
(In thousands)		Non-accrual amortized cost beginning of the reporting period		Non-accrual amortized cost ending of the reporting period		Non-accrual with no related allowance		Interest income recognized		Loans ninety days or more past due and still accruing:
Multi-family residential	$	2,576	$	2,652	$	2,652	$	19	$	—
Commercial real estate		1,766		640		640		—		—
One-to-four family - mixed-use property ⁽¹⁾		1,706		1,582		1,582		6		—
One-to-four family - residential				7,482		7,482		1		—
Small Business Administration		1,168		952		952		—		—
Taxi medallion⁽²⁾		2,758		—		—		—		—
Commercial business and other⁽¹⁾		5,660		1,945		305		78		—
Total	$	20,947	$	15,253	$	13,613	$	104	$	—

(1)Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million at December 31, 2021. Commercial business and other contains a non-accrual performing TDR totaling less than $0.1 million at December 31, 2021.

(2)Taxi Medallion loans were completely charged off during the year ended December 31, 2021.


	At or for the year December 31, 2020
(In thousands)		Non-accrual amortized cost beginning of the reporting period		Non-accrual amortized cost ending of the reporting period		Non-accrual with no related allowance		Interest income recognized		Loans ninety days or more past due and still accruing:
Multi-family residential	$	2,723	$	2,576	$	2,576	$	—	$	201
Commercial real estate		2,714		1,766		1,766		—		2,547
One-to-four family - mixed-use property ⁽¹⁾		1,704		1,706		1,706		—		—
One-to-four family - residential		9,992		5,313		5,313		—		—
Small Business Administration		1,169		1,168		1,168		—		—
Taxi medallion⁽¹⁾		2,318		2,758		2,758		—		—
Commercial business and other⁽¹⁾		7,406		5,660		1,593		58		—
Total	$	28,026	$	20,947	$	16,880	$	58	$	2,748

(1)Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million, non-accrual performing TDR taxi medallion loans totaling $0.4 million and non-accrual performing TDR commercial business loans totaling $2.2 million at December 31, 2020.

Summary of interest foregone on non-accrual loans and loans classified as TDR


	2021		2020		2019

	(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	1,691	$	1,845	$	1,546
Less: Interest income included in the results of operations		620		412		418
Total foregone interest	$	1,071	$	1,433	$	1,128

Summary of aging of the amortized cost basis in past-due loans


					Greater
	30 - 59 Days		60 - 89 Days		than		Total Past
(in thousands)	Past Due		Past Due		90 Days		Due		Current		Total Loans
Multi-family residential	$	3,652	$	4,193	$	2,652	$	10,497	$	2,508,730	$	2,519,227
Commercial real estate		5,743		—		640		6,383		1,770,992		1,777,375
One-to-four family ― mixed-use property		2,319		—		1,321		3,640		571,296		574,936
One-to-four family ― residential		163		224		7,482		7,870		261,626		269,496
Co-operative apartments		—		—		—		—		8,316		8,316
Construction		—		—		—		—		59,473		59,473
Small Business Administration		—		—		952		952		90,884		91,836
Commercial business and other		101		40		1,386		1,527		1,335,919		1,337,446
Total	$	11,978	$	4,457	$	14,433	$	30,869	$	6,607,236	$	6,638,105


					Greater
	30 - 59 Days		60 - 89 Days		than		Total Past
(in thousands)	Past Due		Past Due		90 Days		Due		Current		Total Loans
Multi-family residential	$	7,582	$	3,186	$	2,777	$	13,545	$	2,522,432	$	2,535,977
Commercial real estate		17,903		5,123		4,313		27,339		1,731,045		1,758,384
One-to-four family ― mixed-use property		5,673		1,132		1,433		8,238		598,647		606,885
One-to-four family ― residential		3,087		805		5,313		9,205		235,435		244,640
Co-operative apartments		—		—		—		—		8,051		8,051
Construction		750		—		—		750		82,411		83,161
Small Business Administration		1,823		—		1,168		2,991		162,579		165,570
Taxi medallion		—		—		2,318		2,318		279		2,597
Commercial business and other		129		1,273		1,593		2,995		1,296,414		1,299,409
Total	$	36,947	$	11,519	$	18,915	$	67,381	$	6,637,293	$	6,704,674

Summary of activity in the allowance for loan losses


	For the year ended December 31, 2021
					One-to-four
					family -		One-to-four										Commercial
	Multi-family		Commercial		mixed-use		family -		Co-operative		Construction		Small Business		Taxi		business and
(in thousands)	residential		real estate		property		residential		apartments		loans		Administration		medallion		other		Total
Allowance for credit losses:
Beginning balance	$	6,557	$	8,327	$	1,986	$	869	$	—	$	497	$	2,251	$	—	$	24,666	$	45,153
Charge-off's		(43)		(64)		(33)		—		—		—		—		(2,758)		(2,236)		(5,134)
Recoveries		10		—		133		157		—		—		34		1,457		224		2,015
Provision (benefit)		1,661		(1,105)		(331)		(242)		—		(311)		(1,076)		1,301		(4,796)		(4,899)
Ending balance	$	8,185	$	7,158	$	1,755	$	784	$	—	$	186	$	1,209	$	—	$	17,858	$	37,135


	For the year ended December 31, 2020
					One-to-four
					family -		One-to-four										Commercial
	Multi-family		Commercial		mixed-use		family -		Co-operative		Construction		Small Business		Taxi		business and
(in thousands)	residential		real estate		property		residential		apartments		loans		Administration		medallion		other		Total
Allowance for credit losses:
Beginning balance	$	5,391	$	4,429	$	1,817	$	756	$	—	$	441	$	363	$	—	$	8,554	$	21,751
Impact of CECL Adoption		(650)		1,170		(55)		(160)		—		(279)		1,180		—		(827)		379
Impact of Day 1 PCD - Empire Acquisition		444		587		183		158		—		20		278		124		2,305		4,099
Charge-off's		—		—		(3)		—		—		—		(178)		(1,075)		(2,749)		(4,005)
Recoveries		38		—		138		12		—		—		70		—		108		366
Provision (benefit)		1,334		2,141		(94)		103		—		315		538		951		17,275		22,563
Ending balance	$	6,557	$	8,327	$	1,986	$	869	$	—	$	497	$	2,251	$	—	$	24,666	$	45,153


	For the year ended December 31, 2019
					One-to-four
					family -		One-to-four										Commercial
	Multi-family		Commercial		mixed-use		family -		Co-operative		Construction		Small Business		Taxi		business and
(in thousands)	residential		real estate		property		residential		apartments		loans		Administration		medallion		other		Total
Allowance for credit losses:
Beginning balance	$	5,676	$	4,315	$	1,867	$	749	$	—	$	329	$	418	$	—	$	7,591	$	20,945
Charge-off's		(190)		—		(89)		(113)		—		—		—		—		(2,386)		(2,778)
Recoveries		44		37		197		13		—		—		60		134		288		773
Provision (benefit)		(139)		77		(158)		107		—		112		(115)		(134)		3,061		2,811
Ending balance	$	5,391	$	4,429	$	1,817	$	756	$	—	$	441	$	363	$	—	$	8,554	$	21,751

Summary of risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination



	For the year ended
														Revolving Loans,		Lines of Credit
														Amortized Cost		converted to
(In thousands)		2021		2020		2019		2018		2017		Prior		Basis		term loans		Total
1-4 Family Residential
Pass	$	8,917	$	30,674	$	48,238	$	32,105	$	24,550	$	94,407	$	11,141	$	15,798	$	265,830
Watch		300		—		727		—		1,249		1,129		—		562		3,967
Special Mention		—		—		—		—		—		130		—		224		354
Substandard		—		—		—		1,841		1,119		3,935		—		766		7,661
Total 1-4 Family Residential	$	9,217	$	30,674	$	48,965	$	33,946	$	26,918	$	99,601	$	11,141	$	17,350	$	277,812
1-4 Family Mixed-Use
Pass	$	45,767	$	35,397	$	68,349	$	74,057	$	56,310	$	286,040	$	—	$	—	$	565,920
Watch		—		—		—		—		680		5,371		—		—		6,051
Special Mention		—		—		—		—		—		1,130		—		—		1,130
Substandard		—		—		—		523		—		1,312		—		—		1,835
Total 1-4 Family Mixed Use	$	45,767	$	35,397	$	68,349	$	74,580	$	56,990	$	293,853	$	—	$	—	$	574,936
Commercial Real Estate
Pass	$	188,980	$	161,570	$	252,976	$	259,257	$	180,992	$	632,138	$	—	$	—	$	1,675,913
Watch		4,197		3,632		9,659		9,630		2,446		70,051		—		—		99,615
Special Mention		—		—		—		—		—		794		—		—		794
Substandard		—		—		—		—		—		1,053		—		—		1,053
Total Commercial Real Estate	$	193,177	$	165,202	$	262,635	$	268,887	$	183,438	$	704,036	$	—	$	—	$	1,777,375
Construction
Pass	$	5,022	$	11,515	$	14,800	$	1,993	$	—	$	—	$	15,857	$	—	$	49,187
Watch		—		—		—		4,033		4,524		—		—		—		8,557
Special Mention		—		—		—		856		—		—		—		—		856
Substandard		—		—		—		873		—		—		—		—		873
Total Construction	$	5,022	$	11,515	$	14,800	$	7,755	$	4,524	$	—	$	15,857	$	—	$	59,473
Multi-family
Pass	$	314,345	$	236,768	$	330,360	$	426,016	$	347,616	$	823,451	$	5,864	$	—	$	2,484,420
Watch		1,119		1,136		3,708		12,180		1,154		7,702		—		—		26,999
Special Mention		—		969		—		797		—		3,021		—		—		4,787
Substandard		—		—		—		2,128		—		742		151		—		3,021
Total Multi-family	$	315,464	$	238,873	$	334,068	$	441,121	$	348,770	$	834,916	$	6,015	$	—	$	2,519,227
Commercial Business - Secured by RE
Pass	$	176,376	$	92,336	$	38,215	$	45,348	$	22,644	$	92,725	$	—	$	—	$	467,644
Watch		—		22,878		51,300		18,685		12,146		46,279		—		—		151,288
Special Mention		—		—		591		—		—		—		—		—		591
Substandard		—		—		—		—		—		3,609		—		—		3,609
Total Commercial Business - Secured by RE	$	176,376	$	115,214	$	90,106	$	64,033	$	34,790	$	142,613	$	—	$	—	$	623,132
Commercial Business
Pass	$	127,543	$	50,439	$	68,031	$	67,520	$	26,589	$	37,016	$	217,110	$	—	$	594,248
Watch		1,596		1,668		22,531		21,344		31,819		15		11,199		—		90,172
Special Mention		18		1,382		—		2,423		40		—		13,534		—		17,397
Substandard		—		4,897		31		308		4,743		400		890		—		11,269
Doubtful		—		—		—		—		—		—		1,081		—		1,081
Total Commercial Business	$	129,157	$	58,386	$	90,593	$	91,595	$	63,191	$	37,431	$	243,814	$	—	$	714,167
Small Business Administration
Pass	$	63,695	$	17,034	$	729	$	1,529	$	627	$	1,693	$	—	$	—	$	85,307
Watch		—		—		57		2,578		2,065		824		—		—		5,524
Special Mention		—		—		—		—		—		48		—		—		48
Substandard		—		—		—		—		952		5		—		—		957
Total Small Business Administration	$	63,695	$	17,034	$	786	$	4,107	$	3,644	$	2,570	$	—	$	—	$	91,836
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	51	$	96	$	—	$	147
Total Other	$	—	$	—	$	—	$	—	$	—	$	51	$	96	$	—	$	147
Total Loans
Total Pass	$	930,645	$	635,733	$	821,698	$	907,825	$	659,328	$	1,967,521	$	250,068	$	15,798	$	6,188,616
Total Watch		7,212		29,314		87,982		68,450		56,083		131,371		11,199		562		392,173
Total Special Mention		18		2,351		591		4,076		40		5,123		13,534		224		25,957
Total Substandard		—		4,897		31		5,673		6,814		11,056		1,041		766		30,278
Total Doubtful		—		—		—		—		—		—		1,081		—		1,081
Total Loans	$	937,875	$	672,295	$	910,302	$	986,024	$	722,265	$	2,115,071	$	276,923	$	17,350	$	6,638,105

Summary of types of collateral-dependent loans by class of loans



	Collateral Type
	December 31, 2021				December 31, 2020
(In thousands)		Real Estate		Business Assets		Real Estate		Business Assets
Multi-family residential	$	2,652	$	—	$	2,576	$	—
Commercial real estate		1,158		—		2,994		—
One-to-four family - mixed-use property		1,582		—		1,706		—
One-to-four family - residential		7,482		—		5,313		—
Small Business Administration		—		952		—		1,168
Commercial business and other		—		1,427		—		3,482
Taxi Medallion		—		—		—		2,758
Total	$	12,874	$	2,379	$	12,589	$	7,408

Summary of allowance for off balance sheet

The following table presents the activity in the allowance for off balance sheet credit losses:


	For the year ended December 31,
(In thousands)		2021		2020
Balance at beginning of period	$	1,815		—
Off-Balance Sheet - CECL Adoption		—		553
Off-Balance Sheet- Provision (benefit)		(606)		1,262
Allowance for Off-Balance Sheet - Credit losses (1)	$	1,209	$	1,815

(1)

Included in “Other liabilities” on the Consolidated Statements of Financial Condition.

Nonperforming Financial Instruments [Member]

Notes Tables

Schedule of recorded investment for loans classified as TDR at amortized cost


	December 31, 2020
	Number	Recorded
(Dollars in thousands)	of contracts	investment
Taxi medallion	11	$	1,922
Commercial business and other	1		279
Total TDR's that subsequently defaulted	12	$	2,201

Performing According to Restructured Terms [Member]

Notes Tables

Schedule of recorded investment for loans classified as TDR at amortized cost


	December 31, 2021
	Number	Amortized
(Dollars in thousands)	of contracts	Cost
Multi-family residential	6	$	1,690
Commercial real estate	1		7,572
One-to-four family - mixed-use property	5		1,636
One-to-four family - residential	3		483
Commercial business and other	5		1,381
Total performing	20	$	12,762


	December 31, 2020
	Number	Amortized
(Dollars in thousands)	of contracts	Cost
Multi-family residential	6	$	1,700
Commercial real estate	1		7,702
One-to-four family - mixed-use property	5		1,731
One-to-four family - residential	3		507
Taxi medallion	2		440
Commercial business and other	8		3,831
Total performing	25	$	15,911