Loans (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of composition of loans

	September 30,		December 31,
	2023		2022
	(In thousands)
Multi-family residential	$	2,614,219	$	2,601,384
Commercial real estate		1,953,243		1,913,040
One-to-four family ― mixed-use property		537,744		554,314
One-to-four family ― residential		222,874		241,246
Construction		59,903		70,951
Small Business Administration		21,896		23,275
Commercial business and other		1,487,775		1,521,548
Net unamortized premiums and unearned loan fees		9,059		9,011
Total loans, net of fees and costs excluding portfolio layer basis adjustments		6,906,713		6,934,769
Unallocated portfolio layer basis adjustments (1)		(10,639)		—
Total loans, net of fees and costs	$	6,896,074	$	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 months ended, September 30, 2023
(Dollars in thousands)	Term Extension
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number		Amortized Cost Basis	% of Total Class of Financing Receivable		Financial Effect
Commercial business and other	3	$	1,638	0.1	%	Extended Maturity to June 2025 (20 months).
Total	3	$	1,638

	For the nine months ended, September 30, 2023
(Dollars in thousands)	Term Extension
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number		Amortized Cost Basis	% of Total Class of Financing Receivable		Financial Effect
Commercial business and other	3	$	1,638	0.1	%	Extended Maturity to June 2025 (20 months).
Total	3	$	1,638
(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	$	1,494	6.8	%	Provided twelve month payment deferral to be collected at maturity.
Total	1	$	1,494

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	$	—	$	1,494	$	—	$	1,494
Commercial business and other		1,638		—		—		1,638
Total	$	1,638	$	1,494	$	—	$	3,132

Summary of aging analysis of amortized cost basis of loans

	At September 30, 2023
(In thousands)	30 - 59 Days Past Due		60 - 89 Days Past Due		Greater than 90 Days		Total Past Due		Current		Total Loans (1)
Multi-family residential	$	1,131	$	599	$	3,600	$	5,330	$	2,612,299	$	2,617,629
Commercial real estate		3,994		—		—		3,994		1,950,468		1,954,462
One-to-four family - mixed-use property		1,537		195		1,090		2,822		537,697		540,519
One-to-four family - residential		3,367		26		3,643		7,036		217,091		224,127
Construction		—		—		—		—		59,775		59,775
Small Business Administration		—		1,494		1,265		2,759		19,077		21,836
Commercial business and other		89		2,237		7,654		9,980		1,478,385		1,488,365
Total	$	10,118	$	4,551	$	17,252	$	31,921	$	6,874,792	$	6,906,713

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $10.6 million related to loans hedged in a closed pool at September 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

	At December 31, 2022
(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	$	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
	September 30, 2022
(Dollars in thousands)	Number		Balance	Modification description
Commercial business and other	1	$	2,982	Amortization extension
Total	1	$	2,982

	For the nine months ended
	September 30, 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

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 nine months September 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		1,090		1,090		2		—
One-to-four family - residential		3,953		3,643		3,643		—		—
Small Business Administration		950		1,265		1,265		—		—
Commercial business and other		20,193		7,680		3,746		16		—
Total	$	29,942	$	17,278	$	13,344	$	20	$	—

	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 $0.2 million and Commercial business and other totaling less than $0.1 million.

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

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	425	$	618	$	1,405	$	1,578
Less: Interest income included in the results of operations		2		181		20		618
Total foregone interest	$	423	$	437	$	1,385	$	960

Summary of activity in the allowance for loan losses

	September 30, 2023
					One-to-four		One-to-four						Commercial
	Multi-family		Commercial		family - mixed-		family -		Construction		Small Business		business and
(In thousands)	residential		real estate		use property		residential		loans		Administration		other		Total
Beginning balance	$	9,718	$	8,206	$	1,615	$	654	$	132	$	2,162	$	16,106	$	38,593
Charge-offs		—		—		—		—		—		—		(21)		(21)
Recoveries		—		—		—		6		—		48		9		63
Provision (benefit)		917		562		10		57		32		(194)		(791)		593
Ending balance	$	10,635	$	8,768	$	1,625	$	717	$	164	$	2,016	$	15,303	$	39,228

	September 30, 2022
					One-to-four		One-to-four						Commercial
	Multi-family		Commercial		family - mixed-		family -		Construction		Small Business		business and
(In thousands)	residential		real estate		use property		residential		loans		Administration		other		Total
Beginning balance	$	9,405	$	8,443	$	1,959	$	866	$	300	$	2,118	$	16,333	$	39,424
Charge-offs		—		—		—		(2)		—		—		(322)		(324)
Recoveries		—		—		—		—		—		12		22		34
Provision (benefit)		355		(29)		3		(59)		(44)		(68)		1,976		2,134
Ending balance	$	9,760	$	8,414	$	1,962	$	805	$	256	$	2,062	$	18,009	$	41,268

	September 30, 2023
					One-to-four		One-to-four						Commercial
	Multi-family		Commercial		family - mixed-		family -		Construction		Small Business		business and
(In thousands)	residential		real estate		use property		residential		loans		Administration		other		Total
Beginning balance	$	9,552	$	8,184	$	1,875	$	901	$	261	$	2,198	$	17,471	$	40,442
Charge-offs		—		(8)		—		(12)		—		(7)		(11,023)		(11,050)
Recoveries		1		—		—		50		—		219		28		298
Provision (benefit)		1,082		592		(250)		(222)		(97)		(394)		8,827		9,538
Ending balance	$	10,635	$	8,768	$	1,625	$	717	$	164	$	2,016	$	15,303	$	39,228

	September 30, 2022
					One-to-four		One-to-four								Commercial
	Multi-family		Commercial		family - mixed-		family -		Construction		Small Business		Taxi		business and
(In thousands)	residential		real estate		use 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		—		—		—		(2)		—		(1,054)		—		(354)		(1,410)
Recoveries		1		—		—		4		—		39		447		195		686
Provision (benefit)		1,574		1,256		207		19		70		1,868		(447)		310		4,857
Ending balance	$	9,760	$	8,414	$	1,962	$	805	$	256	$	2,062	$	—	$	18,009	$	41,268

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	$	171,298	$	468,879	$	279,408	$	217,501	$	306,987	$	1,127,156	$	4,075	$	—	$	2,575,304
Watch		—		881		—		1,944		—		32,691		—		—		35,516
Special Mention		—		—		—		—		—		1,461		—		—		1,461
Substandard		—		—		—		—		—		5,348		—		—		5,348
Total Multi-family Residential	$	171,298	$	469,760	$	279,408	$	219,445	$	306,987	$	1,166,656	$	4,075	$	—	$	2,617,629
Commercial Real Estate
Pass	$	134,977	$	326,545	$	177,860	$	148,835	$	218,458	$	913,106	$	—	$	—	$	1,919,781
Watch		—		—		1,443		—		9,570		23,668		—		—		34,681
Total Commercial Real Estate	$	134,977	$	326,545	$	179,303	$	148,835	$	228,028	$	936,774	$	—	$	—	$	1,954,462
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	8	$	—	$	—	$	8
1-4 Family Mixed-Use Property
Pass	$	18,557	$	43,937	$	41,987	$	31,274	$	61,270	$	335,314	$	—	$	—	$	532,339
Watch		—		—		—		—		724		5,564		—		—		6,288
Special Mention		—		—		—		—		—		636		—		—		636
Substandard		—		—		—		—		—		1,256		—		—		1,256
Total 1-4 Family Mixed-Use Property	$	18,557	$	43,937	$	41,987	$	31,274	$	61,994	$	342,770	$	—	$	—	$	540,519
1-4 Family Residential
Pass	$	5,108	$	23,319	$	8,506	$	16,857	$	38,153	$	104,508	$	7,475	$	10,252	$	214,178
Watch		—		510		274		—		740		1,527		—		1,321		4,372
Special Mention		—		—		—		—		—		204		—		197		401
Substandard		—		—		—		—		—		4,733		—		443		5,176
Total 1-4 Family Residential	$	5,108	$	23,829	$	8,780	$	16,857	$	38,893	$	110,972	$	7,475	$	12,213	$	224,127
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	12	$	—	$	—	$	12
Construction
Pass	$	5,520	$	3	$	5,793	$	—	$	—		—	$	48,459	$	—	$	59,775
Total Construction	$	5,520	$	3	$	5,793	$	—	$	—	$	—	$	48,459	$	—	$	59,775
Small Business Administration
Pass	$	806	$	3,301	$	3,166	$	3,613	$	702	$	4,006	$	—	$	—	$	15,594
Watch		—		—		—		—		48		2,876		—		—		2,924
Special Mention		—		—		1,494		—		—		349		—		—		1,843
Substandard		—		—		318		—		—		1,157		—		—		1,475
Total Small Business Administration	$	806	$	3,301	$	4,978	$	3,613	$	750	$	8,388	$	—	$	—	$	21,836
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	7	$	—	$	—	$	7
Commercial Business
Pass	$	64,537	$	124,017	$	77,139	$	33,986	$	32,087	$	62,001	$	285,765	$	—	$	679,532
Watch		266		6,437		4,015		2,433		14,664		20,105		2,747		—		50,667
Special Mention		—		—		3,925		—		27		—		2,000		—		5,952
Substandard		14,935		2,454		—		—		28		12,937		3,475		—		33,829
Doubtful		—		—		—		—		—		—		3,929		—		3,929
Total Commercial Business	$	79,738	$	132,908	$	85,079	$	36,419	$	46,806	$	95,043	$	297,916	$	—	$	773,909
Gross charge-offs	$	—	$	—	$	1,675	$	—	$	14	$	11	$	9,267	$	—	$	10,967
Commercial Business - Secured by RE
Pass	$	35,585	$	178,373	$	131,700	$	106,902	$	40,114	$	143,676	$	—	$	—	$	636,350
Watch		9,776		—		—		—		597		53,025		—		—		63,398
Special Mention		—		—		—		—		14,403		—		—		—		14,403
Total Commercial Business - Secured by RE	$	45,361	$	178,373	$	131,700	$	106,902	$	55,114	$	196,701	$	—	$	—	$	714,151
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	180	$	125	$	—	$	305
Total Other	$	—	$	—	$	—	$	—	$	—	$	180	$	125	$	—	$	305
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	56	$	—	$	—	$	56
Total by Loan Type
Total Pass	$	436,388	$	1,168,374	$	725,559	$	558,968	$	697,771	$	2,689,947	$	345,899	$	10,252	$	6,633,158
Total Watch		10,042		7,828		5,732		4,377		26,343		139,456		2,747		1,321		197,846
Total Special Mention		—		—		5,419		—		14,430		2,650		2,000		197		24,696
Total Substandard		14,935		2,454		318		—		28		25,431		3,475		443		47,084
Total Doubtful		—		—		—		—		—		—		3,929		—		3,929
Total Loans (1)	$	461,365	$	1,178,656	$	737,028	$	563,345	$	738,572	$	2,857,484	$	358,050	$	12,213	$	6,906,713
Total Gross charge-offs	$	—	$	—	$	1,675	$	—	$	14	$	94	$	9,267	$	—	$	11,050

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $10.6 million related to loans hedged in a closed pool at September 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
	September 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		1,090		—		1,045		—
One-to-four family - residential		3,643		—		3,953		—
Small Business Administration		—		1,265		—		950
Commercial business and other		—		7,680		2,853		17,340
Total	$	8,333	$	8,945	$	11,652	$	18,290

Summary of allowance for off balance sheet

	For the three months ended				For the nine months ended
	September 30,				September 30,
	2023		2022		2023		2022
	(In thousands)
Balance at beginning of period	$	813	$	1,444	$	970	$	1,209
Provision (benefit) (1)		120		(631)		(37)		(396)
Allowance for Off-Balance Sheet - Credit losses (2)	$	933	$	813	$	933	$	813

(1) Included in “Other operating expenses” on the Consolidated Statements of Income.

(2) 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