Loans (Tables)

6 Months Ended

Jun. 30, 2022

Notes Tables

Schedule of TDR loan modifications

	For the three months ended
	June 30, 2022
(Dollars in thousands)	Number	Balance		Modification description
Commercial business and other	2	$	2,453	Two loans had loan extensions
Total	2	$	2,453

	For the three months ended
	June 30, 2021
(Dollars in thousands)	Number	Balance		Modification description
Commercial real estate	2	$	674	Two loans had loan extensions
Total	2	$	674

	For the six months ended
	June 30, 2022
(Dollars in thousands)	Number	Balance		Modification description
Small Business Administration	1	$	271	Loan amortization extension
Commercial business and other	4		5,222	One loan received a below market interest rate and three loans had an amortization extension
Total	5	$	5,493

	For the six months ended
	June 30, 2021
(Dollars in thousands)	Number	Balance		Modification description
Commercial real estate	2	$	674	Two loans had loan extensions
Total	2	$	674

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 six months ended June 30, 2022
(In thousands)		Non-accrual amortized cost beginning of the reporting period		Non-accrual amortized cost end 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	$	2,652	$	3,707	$	3,707	$	—	$	—
Commercial real estate		640		273		273		—		—
One-to-four family - mixed-use property (1)		1,582		1,049		1,049		—		—
One-to-four family - residential		7,482		4,708		4,708		—		—
Small Business Administration		952		951		951		—		—
Construction		—		856		856		—		—
Commercial business and other (1)		1,945		19,373		3,330		139		100
Total	$	15,253	$	30,917	$	14,874	$	139	$	100

(1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million. Commercial business and other contains a non-accrual performing TDR totaling $2.8 million.

	At or for the year ended December 31, 2021
(In thousands)		Non-accrual amortized cost beginning of the reporting period		Non-accrual amortized cost end 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		5,313		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. Commercial business and other contains a non-accrual performing TDR totaling less than $0.1 million.

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

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

	For the three months ended				For the six months ended
	June 30,				June 30,
	2022		2021		2022		2021
(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	588	$	453	$	960	$	915
Less: Interest income included in the results of operations		282		163		437		323
Total foregone interest	$	306	$	290	$	523	$	592

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

	June 30, 2022
					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	$	2,413	$	—	$	3,707	$	6,120	$	2,529,067	$	2,535,187
Commercial real estate		337		—		273		610		1,865,773		1,866,383
One-to-four family - mixed-use property		3,937		—		795		4,732		559,401		564,133
One-to-four family - residential		1,196		77		4,708		5,981		246,128		252,109
Construction		—		—		856		856		71,105		71,961
Small Business Administration		40		1,991		951		2,982		37,029		40,011
Commercial business and other		93		3		3,580		3,676		1,426,933		1,430,609
Total	$	8,016	$	2,071	$	14,870	$	24,957	$	6,735,436	$	6,760,393

	December 31, 2021
					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		269,942		277,812
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

Summary of activity in the allowance for loan losses

The following tables show the activity in the ACL on loans for the three month periods indicated:

	June 30, 2022
					One-to-four
					family -		One-to-four								Commercial
	Multi-family		Commercial		mixed-use		family -		Construction		Small Business		Taxi		business and
(In thousands)	residential		real estate		property		residential		loans		Administration		medallion		other		Total
Allowance for credit losses:
Beginning balance	$	8,561	$	7,716	$	1,864	$	766	$	268	$	1,837	$	—	$	16,421	$	37,433
Charge-offs		—		—		—		—		—		(26)		—		(24)		(50)
Recoveries		1		—		—		2		—		14		435		99		551
Provision (benefit)		843		727		95		98		32		293		(435)		(163)		1,490
Ending balance	$	9,405	$	8,443	$	1,959	$	866	$	300	$	2,118	$	—	$	16,333	$	39,424

	June 30, 2021
					One-to-four
					family -		One-to-four								Commercial
	Multi-family		Commercial		mixed-use		family -		Construction		Small Business		Taxi		business and
(In thousands)	residential		real estate		property		residential		loans		Administration		medallion		other		Total
Allowance for credit losses:
Beginning balance	$	7,144	$	8,356	$	1,873	$	710	$	750	$	2,127	$	—	$	24,139	$	45,099
Charge-offs		—		—		(3)		—		—		—		—		(1,183)		(1,186)
Recoveries		—		—		—		2		—		9		222		51		284
Provision (benefit)		(585)		(2,488)		(378)		4		(565)		166		(222)		2,541		(1,527)
Ending balance	$	6,559	$	5,868	$	1,492	$	716	$	185	$	2,302	$	—	$	25,548	$	42,670

The following tables show the activity in the ACL on loans for the six month periods indicated:

	June 30, 2022
					One-to-four
					family -		One-to-four								Commercial
	Multi-family		Commercial		mixed-use		family -		Construction		Small Business		Taxi		business and
(In thousands)	residential		real estate		property		residential		loans		Administration		medallion		other		Total
Allowance for credit losses:
Beginning balance	$	8,185	$	7,158	$	1,755	$	784	$	186	$	1,209	$	—	$	17,858	$	37,135
Charge-offs		—		—		—		—		—		(1,054)		—		(32)		(1,086)
Recoveries		1		—		—		4		—		27		447		173		652
Provision (benefit)		1,219		1,285		204		78		114		1,936		(447)		(1,666)		2,723
Ending balance	$	9,405	$	8,443	$	1,959	$	866	$	300	$	2,118	$	—	$	16,333	$	39,424

	June 30, 2021
					One-to-four
					family -		One-to-four								Commercial
	Multi-family		Commercial		mixed-use		family -		Construction		Small Business		Taxi		business and
(In thousands)	residential		real estate		property		residential		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-offs		(43)		(64)		(32)		—		—		—		(2,758)		(1,211)		(4,108)
Recoveries		10		—		10		7		—		19		222		73		341
Provision (Benefit)		35		(2,395)		(472)		(160)		(312)		32		2,536		2,020		1,284
Ending balance	$	6,559	$	5,868	$	1,492	$	716	$	185	$	2,302	$	—	$	25,548	$	42,670

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

														Revolving Loans		Revolving Loans
														Amortized Cost		converted to
(In thousands)		2022		2021		2020		2019		2018		Prior		Basis		term loans		Total
1-4 Family Residential
Pass	$	10,310	$	8,806	$	19,533	$	43,660	$	29,373	$	108,148	$	10,578	$	13,345	$	243,753
Watch		—		293		—		730		—		933		120		1,354		3,430
Special Mention		—		—		—		—		—		—		—		30		30
Substandard		—		—		—		—		—		4,450		—		446		4,896
Total 1-4 Family Residential	$	10,310	$	9,099	$	19,533	$	44,390	$	29,373	$	113,531	$	10,698	$	15,175	$	252,109
1-4 Family Mixed-Use
Pass	$	26,273	$	45,047	$	33,924	$	66,003	$	67,908	$	313,365	$	—	$	—	$	552,520
Watch		—		—		892		744		—		7,950		—		—		9,586
Special Mention		—		—		—		—		—		786		—		—		786
Substandard		—		—		—		—		—		1,241		—		—		1,241
Total 1-4 Family Mixed Use	$	26,273	$	45,047	$	34,816	$	66,747	$	67,908	$	323,342	$	—	$	—	$	564,133
Commercial Real Estate
Pass	$	211,255	$	185,731	$	158,206	$	234,777	$	248,456	$	751,222	$	—	$	—	$	1,789,647
Watch		—		1,645		—		10,605		6,826		57,379		—		—		76,455
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		281		—		—		281
Total Commercial Real Estate	$	211,255	$	187,376	$	158,206	$	245,382	$	255,282	$	808,882	$	—	$	—	$	1,866,383
Construction
Pass	$	1,984	$	14,741	$	13,142	$	14,802		—	$	—	$	17,559	$	—	$	62,228
Watch		—		—		—		—		6,279		—		—		—		6,279
Special Mention		—		—		—		—		—		2,598		—		—		2,598
Substandard		—		—		—		—		856		—		—		—		856
Total Construction	$	1,984	$	14,741	$	13,142	$	14,802	$	7,135	$	2,598	$	17,559	$	—	$	71,961
Multi-family
Pass	$	251,810	$	292,720	$	231,194	$	323,125	$	402,032	$	998,034	$	5,933	$	—	$	2,504,848
Watch		—		1,117		1,467		—		12,050		10,666		—		—		25,300
Special Mention		—		—		—		—		—		567		—		—		567
Substandard		—		—		—		—		2,889		1,583		—		—		4,472
Total Multi-family	$	251,810	$	293,837	$	232,661	$	323,125	$	416,971	$	1,010,850	$	5,933	$	—	$	2,535,187
Commercial Business - Secured by RE
Pass	$	127,888	$	145,394	$	90,463	$	34,613	$	56,739	$	99,065	$	—	$	—	$	554,162
Watch		—		—		21,757		48,439		18,661		57,978		—		—		146,835
Special Mention		—		—		—		576		—		—		—		—		576
Substandard		—		—		—		1,847		—		3,554		—		—		5,401
Total Commercial Business - Secured by RE	$	127,888	$	145,394	$	112,220	$	85,475	$	75,400	$	160,597	$	—	$	—	$	706,974
Commercial Business
Pass	$	88,248	$	115,221	$	46,969	$	43,504	$	48,621	$	62,638	$	217,817	$	—	$	623,018
Watch		—		2,476		523		22,487		16,196		18,834		5,960		—		66,476
Special Mention		—		1,483		6,074		39		2,063		545		846		—		11,050
Substandard		—		—		87		31		5,265		3,781		12,711		—		21,875
Doubtful		—		—		—		—		—		—		996		—		996
Total Commercial Business	$	88,248	$	119,180	$	53,653	$	66,061	$	72,145	$	85,798	$	238,330	$	—	$	723,415
Small Business Administration
Pass	$	2,728	$	21,712	$	4,839	$	720	$	1,319	$	2,259	$	—	$	—	$	33,577
Watch		—		—		—		54		2,539		2,575		—		—		5,168
Special Mention		—		—		—		—		—		46		—		—		46
Substandard		—		—		—		—		—		1,220		—		—		1,220
Total Small Business Administration	$	2,728	$	21,712	$	4,839	$	774	$	3,858	$	6,100	$	—	$	—	$	40,011
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	140	$	80	$	—	$	220
Total Other	$	—	$	—	$	—	$	—	$	—	$	140	$	80	$	—	$	220
Total by Loan Type
Total Pass	$	720,496	$	829,372	$	598,270	$	761,204	$	854,448	$	2,334,871	$	251,967	$	13,345	$	6,363,973
Total Watch		—		5,531		24,639		83,059		62,551		156,315		6,080		1,354		339,529
Total Special Mention		—		1,483		6,074		615		2,063		4,542		846		30		15,653
Total Substandard		—		—		87		1,878		9,010		16,110		12,711		446		40,242
Total Doubtful		—		—		—		—		—		—		996		—		996
Total Loans	$	720,496	$	836,386	$	629,070	$	846,756	$	928,072	$	2,511,838	$	272,600	$	15,175	$	6,760,393

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

	Collateral Type
	June 30, 2022				December 31, 2021
(In thousands)		Real Estate		Business Assets		Real Estate		Business Assets
Multi-family residential	$	3,707	$	—	$	2,652	$	—
Commercial real estate		775		—		1,158		—
One-to-four family - mixed-use property		1,049		—		1,582		—
One-to-four family - residential		4,708		—		7,482		—
Construction		856		—		—		—
Small Business Administration		—		951		—		952
Commercial business and other		—		18,871		—		1,427
Total	$	11,095	$	19,822	$	12,874	$	2,379

Summary of allowance for off balance sheet

	For the three months ended				For the six months ended
	June 30,				June 30,
	2022		2021		2022		2021
	(In thousands)
Balance at beginning of period	$	1,589	$	1,304	$	1,209	$	1,815
Off-Balance Sheet- Provision (Benefit)		(145)		266		235		(245)
Allowance for Off-Balance Sheet - Credit losses (1)	$	1,444	$	1,570	$	1,444	$	1,570

(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

	June 30, 2022
	Number	Amortized
(Dollars in thousands)	of contracts	Cost
Commercial business and other	2	$	2,453
Total non-performing	2	$	2,453

Performing According to Restructured Terms [Member]

Notes Tables

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

	June 30, 2022			December 31, 2021
	Number	Amortized		Number	Amortized
(Dollars in thousands)	of contracts	Cost		of contracts	Cost
Multi-family residential	6	$	1,656	6	$	1,690
Commercial real estate	1		7,572	1		7,572
One-to-four family - mixed-use property (1)	4		1,254	5		1,636
One-to-four family - residential	1		260	3		483
Small Business Administration	1		269	—		—
Commercial business and other (1)	7		3,771	5		1,381
Total performing	20	$	14,782	20	$	12,762

(1) These loans continue to pay as agreed, however the Company records interest received on a cash basis.