Loans (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedule of composition of loans

		June 30,		December 31,
	2023		2022
	(In thousands)
Multi-family residential	$	2,593,955	$	2,601,384
Commercial real estate		1,917,749		1,913,040
One-to-four family ― mixed-use property		542,368		554,314
One-to-four family ― residential		230,055		241,246
Construction		57,325		70,951
Small Business Administration		22,404		23,275
Commercial business and other		1,466,358		1,521,548
Net unamortized premiums and unearned loan fees		8,836		9,011
Total loans, net of fees and costs excluding portfolio layer basis adjustments		6,839,050		6,934,769
Unallocated portfolio layer basis adjustments (1)		(6,625)		—
Total loans, net of fees and costs	$	6,832,425	$	6,934,769

(1) This amount represents portfolio layer method basis adjustments related to loans hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual loans, however, the amounts impact the net loan balance. These basis adjustments would be allocated to the amortized cost of specific loans within the pool if the hedge was de-designated. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

Schedule of loans modifications made to borrowers

	For the three and six months ended, June 30, 2023
(Dollars in thousands)	Other-than-insignificant Payment Delay
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number		Amortized Cost Basis	% of Total Class of Financing Receivable		Financial Effect
Small Business Administration	1	$	1,490	6.7	%	Provided twelve month payment deferral to be collected at maturity.
Total	1	$	1,490

Schedule of financing receivable modified past due

		Payment Status of Borrowers Experiencing Financial Difficulty (Amortized Cost Basis)
(In thousands)		Current		30-89 Days Past Due		90+ Days Past Due		Total Modified
Small Business Administration	$	1,490	$	—	$	—	$	1,490
Total	$	1,490	$	—	$	—	$	1,490

Summary of aging analysis of amortized cost basis of loans

	June 30, 2023
					Greater
	30 - 59 Days		60 - 89 Days		than		Total Past
(In thousands)	Past Due		Past Due		90 Days		Due		Current		Total Loans (1)
Multi-family residential	$	2,504	$	—	$	3,600	$	6,104	$	2,591,360	$	2,597,464
Commercial real estate		—		—		—		—		1,916,994		1,916,994
One-to-four family - mixed-use property		773		—		797		1,570		543,652		545,222
One-to-four family - residential		2,694		173		4,632		7,499		223,716		231,215
Construction		—		—		—		—		57,205		57,205
Small Business Administration		325		—		1,124		1,449		20,864		22,313
Commercial business and other		494		5,234		5,279		11,007		1,457,630		1,468,637
Total	$	6,790	$	5,407	$	15,432	$	27,629	$	6,811,421	$	6,839,050

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $6.6 million related to loans hedged in a closed pool at June 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

	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

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 amortization extensions
Total	2	$	2,453

	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

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, 2023
(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	$	3,547	$	3,600	$	3,600	$	2	$	—
Commercial real estate		254		—		—		—		—
One-to-four family - mixed-use property		1,045		797		797		—		—
One-to-four family - residential		3,953		4,632		4,632		—		—
Small Business Administration		950		1,124		1,124		—		—
Commercial business and other		20,193		8,287		3,585		16		—
Total	$	29,942	$	18,440	$	13,738	$	18	$	—

	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.

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,
	2023		2022		2023		2022
(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	474	$	588	$	980	$	960
Less: Interest income included in the results of operations		14		282		18		437
Total foregone interest	$	460	$	306	$	962	$	523

Summary of activity in the allowance for loan losses

	June 30, 2023
					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
Beginning balance	$	9,041	$	7,671	$	1,710	$	727	$	152	$	2,169	$	—	$	17,259	$	38,729
Charge-offs		—		(8)		—		(6)		—		(1)		—		(1,716)		(1,731)
Recoveries		—		—		—		2		—		159		—		10		171
Provision (benefit)		677		543		(95)		(69)		(20)		(165)		—		553		1,424
Ending balance	$	9,718	$	8,206	$	1,615	$	654	$	132	$	2,162	$	—	$	16,106	$	38,593

	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
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, 2023
					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
Beginning balance	$	9,552	$	8,184	$	1,875	$	901	$	261	$	2,198	$	—	$	17,471	$	40,442
Charge-offs		—		(8)		—		(12)		—		(7)		—		(11,002)		(11,029)
Recoveries		1		—		—		44		—		171		—		19		235
Provision (benefit)		165		30		(260)		(279)		(129)		(200)		—		9,618		8,945
Ending balance	$	9,718	$	8,206	$	1,615	$	654	$	132	$	2,162	$	—	$	16,106	$	38,593

	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
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

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)		2023		2022		2021		2020		2019		Prior		Basis		term loans		Total
Multi-family Residential
Pass	$	89,777	$	477,475	$	283,598	$	218,950	$	308,790	$	1,178,081	$	3,564	$	—	$	2,560,235
Watch		—		892		—		2,860		—		28,246		—		—		31,998
Special Mention		—		—		—		—		—		873		—		—		873
Substandard		—		—		—		—		—		4,358		—		—		4,358
Total Multi-family Residential	$	89,777	$	478,367	$	283,598	$	221,810	$	308,790	$	1,211,558	$	3,564	$	—	$	2,597,464
Commercial Real Estate
Pass	$	59,422	$	325,928	$	178,735	$	149,773	$	222,077	$	948,085	$	—	$	—	$	1,884,020
Watch		—		1,960		1,484		—		9,570		19,783		—		—		32,797
Special Mention		—		—		—		—		—		177		—		—		177
Total Commercial Real Estate	$	59,422	$	327,888	$	180,219	$	149,773	$	231,647	$	968,045	$	—	$	—	$	1,916,994
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	8	$	—	$	—	$	8
1-4 Family Mixed-Use Poperty
Pass	$	12,297	$	44,290	$	42,386	$	32,058	$	63,224	$	343,763	$	—	$	—	$	538,018
Watch		—		—		—		—		—		5,786		—		—		5,786
Special Mention		—		—		—		—		—		450		—		—		450
Substandard		—		—		—		—		—		968		—		—		968
Total 1-4 Family Mixed-Use Property	$	12,297	$	44,290	$	42,386	$	32,058	$	63,224	$	350,967	$	—	$	—	$	545,222
1-4 Family Residential
Pass	$	4,141	$	23,445	$	8,579	$	17,905	$	40,029	$	108,935	$	7,607	$	11,106	$	221,747
Watch		—		513		278		—		738		1,607		63		1,413		4,612
Special Mention		—		—		—		—		—		—		—		173		173
Substandard		—		—		—		—		—		4,240		—		443		4,683
Total 1-4 Family Residential	$	4,141	$	23,958	$	8,857	$	17,905	$	40,767	$	114,782	$	7,670	$	13,135	$	231,215
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	12	$	—	$	—	$	12
Construction
Pass	$	4,357	$	3	$	10,186	$	—	$	—		—	$	42,659	$	—	$	57,205
Total Construction	$	4,357	$	3	$	10,186	$	—	$	—	$	—	$	42,659	$	—	$	57,205
Small Business Administration
Pass	$	814	$	3,318	$	3,202	$	3,719	$	690	$	4,271	$	—	$	—	$	16,014
Watch		—		—		—		—		49		3,238		—		—		3,287
Special Mention		—		—		1,639		—		—		34		—		—		1,673
Substandard		—		—		176		—		—		1,163		—		—		1,339
Total Small Business Administration	$	814	$	3,318	$	5,017	$	3,719	$	739	$	8,706	$	—	$	—	$	22,313
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	7	$	—	$	—	$	7
Commercial Business
Pass	$	51,057	$	135,313	$	79,438	$	31,380	$	32,052	$	78,303	$	284,806	$	—	$	692,349
Watch		211		381		8,102		2,446		16,403		22,728		684		—		50,955
Special Mention		—		—		—		4,775		29		1,757		—		—		6,561
Substandard		—		2,368		—		—		28		3,624		3,375		—		9,395
Doubtful		—		—		—		—		—		—		4,702		—		4,702
Total Commercial Business	$	51,268	$	138,062	$	87,540	$	38,601	$	48,512	$	106,412	$	293,567	$	—	$	763,962
Gross charge-offs	$	—	$	—	$	1,675	$	—	$	8	$	10	$	9,267	$	—	$	10,960
Commercial Business - Secured by RE
Pass	$	21,100	$	179,716	$	132,943	$	107,726	$	40,571	$	147,446	$	—	$	—	$	629,502
Watch		—		—		—		—		610		59,556		—		—		60,166
Special Mention		—		—		—		—		14,800		—		—		—		14,800
Total Commercial Business - Secured by RE	$	21,100	$	179,716	$	132,943	$	107,726	$	55,981	$	207,002	$	—	$	—	$	704,468
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	117	$	90	$	—	$	207
Total Other	$	—	$	—	$	—	$	—	$	—	$	117	$	90	$	—	$	207
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	42	$	—	$	—	$	42
Total by Loan Type
Total Pass	$	242,965	$	1,189,488	$	739,067	$	561,511	$	707,433	$	2,809,001	$	338,726	$	11,106	$	6,599,297
Total Watch		211		3,746		9,864		5,306		27,370		140,944		747		1,413		189,601
Total Special Mention		—		—		1,639		4,775		14,829		3,291		—		173		24,707
Total Substandard		—		2,368		176		—		28		14,353		3,375		443		20,743
Total Doubtful		—		—		—		—		—		—		4,702		—		4,702
Total Loans (1)	$	243,176	$	1,195,602	$	750,746	$	571,592	$	749,660	$	2,967,589	$	347,550	$	13,135	$	6,839,050
Total Gross charge-offs	$	—	$	—	$	1,675	$	—	$	8	$	79	$	9,267	$	—	$	11,029

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $6.6 million related to loans hedged in a closed pool at June 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

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

	Collateral Type
	June 30, 2023				December 31, 2022
(In thousands)	Real Estate		Business Assets		Real Estate		Business Assets
Multi-family residential	$	3,600	$	—	$	3,547	$	—
Commercial real estate		—		—		254		—
One-to-four family - mixed-use property		797		—		1,045		—
One-to-four family - residential		4,632		—		3,953		—
Small Business Administration		—		1,124		—		950
Commercial business and other		—		8,287		2,853		17,340
Total	$	9,029	$	9,411	$	11,652	$	18,290

Summary of allowance for off balance sheet

	For the three months ended				For the six months ended
	June 30,				June 30,
	2023		2022		2023		2022
	(In thousands)
Balance at beginning of period	$	885	$	1,589	$	970	$	1,209
(Benefit) provision		(72)		(145)		(157)		235
Allowance for Off-Balance Sheet - Credit losses (1)	$	813	$	1,444	$	813	$	1,444

(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, 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

Performing According to Restructured Terms [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
Multi-family residential	6	$	1,673
Commercial real estate	1		7,572
One-to-four family - mixed-use property	4		1,222
One-to-four family - residential	1		253
Small Business Administration	1		242
Commercial business and other	3		855
Total performing	16	$	11,817