Loans and Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2022

Notes Tables

Schedule of composition of loans

	2022		2021
	(In thousands)
Multi-family residential	$	2,601,384	$	2,517,026
Commercial real estate		1,913,040		1,775,629
One-to-four family ― mixed-use property		554,314		571,795
One-to-four family ― residential		241,246		276,571
Construction		70,951		59,761
Small Business Administration (1)		23,275		93,811
Commercial business and other		1,521,548		1,339,273
Gross loans		6,925,758		6,633,866
Net unamortized premiums and unearned loan fees		9,011		4,239
Total loans, net of fees and costs	$	6,934,769	$	6,638,105

(1) Includes $5.2 million, and $77.4 million of SBA Payment Protection Program (“SBA PPP”) loans at December 31, 2022, and 2021, respectively.

Schedule of TDR loan modifications

	For the year ended
	December 31, 2022
(Dollars in thousands)	Number	Balance		Modification description
Small Business Administration	1	$	271	Loan amortization extension.
Commercial business and other	5		8,204	One loan received a below market interest rate and four loans had an amortization extension.
Total	6	$	8,475

	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 business and other	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

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 ended December 31, 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	$	3,547	$	3,547	$	—	$	—
Commercial real estate		640		254		254		—		—
One-to-four family - mixed-use property (1)		1,582		1,045		1,045		—		—
One-to-four family - residential		7,483		3,953		3,953		—		—
Small Business Administration		952		950		950		—		—
Construction		—		—		—		—		2,600
Commercial business and other (1)		1,945		20,193		3,291		171		—
Total	$	15,254	$	29,942	$	13,040	$	171	$	2,600

(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, 2022. Commercial business and other contains a non-accrual performing TDR totaling less than $0.1 million at December 31, 2022.

	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		7,483		7,483		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	$	15,254	$	13,614	$	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.

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

	2022		2021		2020
(In thousands)	(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	2,309	$	1,691	$	1,845
Less: Interest income included in the results of operations		746		620		412
Total foregone interest	$	1,563	$	1,071	$	1,433

Summary of aging analysis of amortized cost basis of loans

	December 31, 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	$	1,475	$	1,787	$	3,547	$	6,809	$	2,598,363	$	2,605,172
Commercial real estate		2,561		—		254		2,815		1,912,083		1,914,898
One-to-four family - mixed-use property		3,721		—		797		4,518		552,777		557,295
One-to-four family - residential		2,734		—		3,953		6,687		235,793		242,480
Construction		—		—		2,600		2,600		68,224		70,824
Small Business Administration		329		—		950		1,279		21,914		23,193
Commercial business and other		7,636		16		10,324		17,976		1,502,931		1,520,907
Total	$	18,456	$	1,803	$	22,425	$	42,684	$	6,892,085	$	6,934,769

	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		7,483		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	$	14,434	$	30,869	$	6,607,236	$	6,638,105

Summary of activity in the allowance for loan losses

	For the year ended December 31, 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		(208)		—		—		(20)		—		(1,053)		—		(2,067)		(3,348)
Recoveries		77		—		—		5		—		47		447		1,237		1,813
Provision (benefit)		1,498		1,026		120		132		75		1,995		(447)		443		4,842
Ending balance	$	9,552	$	8,184	$	1,875	$	901	$	261	$	2,198	$	—	$	17,471	$	40,442

	For the year ended December 31, 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)		(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 -		Construction		Small Business		Taxi		business and
(In thousands)	residential		real estate		property		residential		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

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		Revolving Loans
														Amortized Cost		converted to
(In thousands)		2022		2021		2020		2019		2018		Prior		Basis		term loans		Total
1-4 Family Residential
Pass	$	24,207	$	8,697	$	18,657	$	41,820	$	24,962	$	94,270	$	8,007	$	13,190	$	233,810
Watch		—		286		—		734		—		2,419		63		863		4,365
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		3,861		—		444		4,305
Total 1-4 Family Residential	$	24,207	$	8,983	$	18,657	$	42,554	$	24,962	$	100,550	$	8,070	$	14,497	$	242,480
1-4 Family Mixed-Use
Pass	$	44,988	$	43,157	$	32,663	$	63,973	$	64,904	$	297,053	$	—	$	—	$	546,738
Watch		—		—		885		733		—		7,246		—		—		8,864
Special Mention		—		—		—		—		—		719		—		—		719
Substandard		—		—		—		—		—		974		—		—		974
Total 1-4 Family Mixed-Use	$	44,988	$	43,157	$	33,548	$	64,706	$	64,904	$	305,992	$	—	$	—	$	557,295
Commercial Real Estate
Pass	$	328,284	$	181,881	$	152,526	$	230,995	$	240,622	$	744,503	$	—	$	—	$	1,878,811
Watch		1,971		1,579		—		10,597		6,801		10,836		—		—		31,784
Special Mention		—		—		—		—		—		4,041		—		—		4,041
Substandard		—		—		—		—		—		262		—		—		262
Total Commercial Real Estate	$	330,255	$	183,460	$	152,526	$	241,592	$	247,423	$	759,642	$	—	$	—	$	1,914,898
Construction
Pass	$	1,984	$	17,555	$	14,385	$	—		—	$	—	$	27,850	$	—	$	61,774
Watch		—		—		—		—		6,450		—		—		—		6,450
Special Mention		—		—		—		—		—		—		—		—		—
Substandard		—		—		—		—		—		2,600		—		—		2,600
Total Construction	$	1,984	$	17,555	$	14,385	$	—	$	6,450	$	2,600	$	27,850	$	—	$	70,824
Multi-family
Pass	$	482,600	$	287,889	$	225,106	$	312,681	$	393,590	$	869,566	$	6,115	$	—	$	2,577,547
Watch		913		—		1,454		—		3,770		14,439		—		—		20,576
Special Mention		—		—		—		—		446		2,286		—		—		2,732
Substandard		—		—		—		—		2,898		1,419		—		—		4,317
Total Multi-family	$	483,513	$	287,889	$	226,560	$	312,681	$	400,704	$	887,710	$	6,115	$	—	$	2,605,172
Commercial Business - Secured by RE
Pass	$	182,805	$	139,748	$	109,292	$	40,175	$	66,436	$	89,663	$	—	$	—	$	628,119
Watch		—		—		629		28,217		421		55,500		—		—		84,767
Special Mention		—		—		—		15,208		—		—		—		—		15,208
Substandard		2,853		—		—		—		—		—		—		—		2,853
Total Commercial Business - Secured by RE	$	185,658	$	139,748	$	109,921	$	83,600	$	66,857	$	145,163	$	—	$	—	$	730,947
Commercial Business
Pass	$	172,011	$	88,081	$	41,998	$	41,125	$	35,555	$	56,281	$	265,624	$	—	$	700,675
Watch		2,708		2,918		—		20,926		14,420		17,823		1,690		—		60,485
Special Mention		—		2,445		4,743		35		1,773		416		—		—		9,412
Substandard		91		—		—		31		284		1,782		7,030		—		9,218
Doubtful		—		—		—		—		—		—		10,042		—		10,042
Total Commercial Business	$	174,810	$	93,444	$	46,741	$	62,117	$	52,032	$	76,302	$	284,386	$	—	$	789,832
Small Business Administration
Pass	$	3,352	$	5,646	$	4,304	$	654	$	1,292	$	1,766	$	—	$	—	$	17,014
Watch		—		—		—		51		2,025		2,872		—		—		4,948
Special Mention		—		—		—		—		—		39		—		—		39
Substandard		—		—		—		—		—		1,192		—		—		1,192
Total Small Business Administration	$	3,352	$	5,646	$	4,304	$	705	$	3,317	$	5,869	$	—	$	—	$	23,193
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	43	$	85	$	—	$	128
Total Other	$	—	$	—	$	—	$	—	$	—	$	43	$	85	$	—	$	128
Total by Loan Type
Total Pass	$	1,240,231	$	772,654	$	598,931	$	731,423	$	827,361	$	2,153,145	$	307,681	$	13,190	$	6,644,616
Total Watch		5,592		4,783		2,968		61,258		33,887		111,135		1,753		863		222,239
Total Special Mention		—		2,445		4,743		15,243		2,219		7,501		—		—		32,151
Total Substandard		2,944		—		—		31		3,182		12,090		7,030		444		25,721
Total Doubtful		—		—		—		—		—		—		10,042		—		10,042
Total Loans	$	1,248,767	$	779,882	$	606,642	$	807,955	$	866,649	$	2,283,871	$	326,506	$	14,497	$	6,934,769

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

	Collateral Type
	December 31, 2022				December 31, 2021
(In thousands)		Real Estate		Business Assets		Real Estate		Business Assets
Multi-family residential	$	3,547	$	—	$	2,652	$	—
Commercial real estate		254		—		1,158		—
One-to-four family - mixed-use property		1,045		—		1,582		—
One-to-four family - residential		3,953		—		7,482		—
Small Business Administration		—		950		—		952
Commercial business and other		2,853		17,340		—		1,427
Total	$	11,652	$	18,290	$	12,874	$	2,379

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,
	2022		2021		2020
	(In thousands)
Balance at beginning of period	$	1,209	$	1,815	$	—
Off-Balance Sheet-CECL Adoption		—		—		553
Off-Balance Sheet- (benefit) provision		(239)		(606)		1,262
Allowance for Off-Balance Sheet - Credit losses	$	970	$	1,209	$	1,815

Nonperforming Financial Instruments [Member]

Notes Tables

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

	December 31, 2022
	Number	Amortized
(Dollars in thousands)	of contracts	Cost
Commercial business and other	2	$	3,263
Total troubled debt restructurings that subsequently defaulted	2	$	3,263

	December 31, 2020
	Number	Amortized
(Dollars in thousands)	of contracts	Cost
Taxi medallion	11	$	1,922
Commercial business and other	1		279
Total troubled debt restructurings 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, 2022			December 31, 2021
	Number	Amortized		Number	Amortized
(Dollars in thousands)	of contracts	Cost		of contracts	Cost
Multi-family residential	6	$	1,673	6	$	1,690
Commercial real estate	1		7,572	1		7,572
One-to-four family - mixed-use property	4		1,222	5		1,636
One-to-four family - residential	1		253	3		483
Small Business Administration	1		242	—		—
Commercial business and other	3		855	5		1,381
Total performing	16	$	11,817	20	$	12,762