Loans (Tables)

3 Months Ended

Mar. 31, 2024

Notes Tables

Schedule of composition of loans

	March 31,		December 31,
	2024		2023
	(In thousands)
Multi-family residential	$	2,622,737	$	2,658,205
Commercial real estate		1,925,312		1,958,252
One-to-four family ― mixed-use property		516,198		530,243
One-to-four family ― residential		267,156		220,213
Construction		60,568		58,673
Small Business Administration		16,244		20,205
Commercial business and other		1,411,725		1,452,518
Net unamortized premiums and unearned loan fees		8,337		9,590
Total loans, net of fees and costs excluding portfolio layer basis adjustments		6,828,277		6,907,899
Unallocated portfolio layer basis adjustments (1)		(6,334)		(949)
Total loans, net of fees and costs	$	6,821,943	$	6,906,950

Schedule of loans modifications made to borrowers

	For the three months ended March 31, 2024
(Dollars in thousands)	Term Extension and Reduced Interest Rate
Loan Modifications Made to Borrowers Experiencing Financial Difficulty	Number		Amortized Cost Basis	% of Total Class of Financing Receivable		Financial Effect
Commercial business and other	1	$	378	—	%	Extended maturity to August 2026 (3 months) and reduced interest rate to zero percent.
Total	1	$	378

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	$	—	$	—	$	1,555	$	1,555
Commercial business and other		1,690		—		378		2,068
Total	$	1,690	$	—	$	1,933	$	3,623

Summary of aging analysis of amortized cost basis of loans

	At March 31, 2024
(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	$	5,796	$	5,037	$	5,103	$	15,936	$	2,610,331	$	2,626,267
Commercial real estate		—		—		—		—		1,926,549		1,926,549
One-to-four family - mixed-use property		2,870		234		933		4,037		514,818		518,855
One-to-four family - residential		1,521		631		3,341		5,493		261,582		267,075
Construction		—		—		—		—		60,141		60,141
Small Business Administration		—		—		2,641		2,641		13,801		16,442
Commercial business and other		164		496		8,617		9,277		1,403,671		1,412,948
Total	$	10,351	$	6,398	$	20,635	$	37,384	$	6,790,893	$	6,828,277

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $6.3 million related to loans hedged in a closed pool at March 31, 2024. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

	At December 31, 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	$	2,722	$	539	$	5,103	$	8,364	$	2,653,862	$	2,662,226
Commercial real estate		8,090		1,099		—		9,189		1,950,435		1,959,624
One-to-four family - mixed-use property		1,708		124		1,005		2,837		530,247		533,084
One-to-four family - residential		1,715		—		4,670		6,385		215,134		221,519
Construction		—		—		—		—		58,261		58,261
Small Business Administration		—		—		2,576		2,576		17,769		20,345
Commercial business and other		420		1,061		7,585		9,066		1,443,774		1,452,840
Total	$	14,655	$	2,823	$	20,939	$	38,417	$	6,869,482	$	6,907,899

(1) The table above excludes the unallocated portfolio layer basis adjustments totaling $0.9 million related to loans hedged in a closed pool at December 31, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

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 three months March 31, 2024
(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 (loss) recognized		Loans ninety days or more past due and still accruing
Multi-family residential	$	3,640	$	5,103	$	5,103	$	—	$	—
One-to-four family - mixed-use property		1,005		933		933		1		—
One-to-four family - residential		4,670		3,341		3,341		1		—
Small Business Administration		2,576		2,641		2,641		—		—
Commercial business and other		11,768		12,965		4,291		1		—
Total	$	23,659	$	24,983	$	16,309	$	3	$	—

	At or for the year ended December 31, 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 (loss) recognized		Loans ninety days or more past due and still accruing
Multi-family residential	$	3,547	$	3,640	$	3,640	$	2	$	1,463
Commercial real estate		254		—		—		—		—
One-to-four family - mixed-use property		1,045		1,005		1,005		3		—
One-to-four family - residential		3,953		4,670		4,670		3		—
Small Business Administration		950		2,576		2,576		—		—
Commercial business and other		20,193		11,768		3,242		17		—
Total	$	29,942	$	23,659	$	15,133	$	25	$	1,463

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

	For the three months ended
	March 31,
	2024		2023
(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	604	$	506
Less: Interest income included in the results of operations		(3)		(4)
Total foregone interest	$	601	$	502

Summary of activity in the allowance for loan losses

	March 31, 2024
					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	$	10,373	$	8,665	$	1,610	$	668	$	158	$	1,626	$	17,061	$	40,161
Charge-offs		—		—		—		(14)		—		—		(44)		(58)
Recoveries		—		—		—		1		—		5		48		54
Provision (benefit)		217		137		(27)		194		(2)		(225)		301		595
Ending balance	$	10,590	$	8,802	$	1,583	$	849	$	156	$	1,406	$	17,366	$	40,752

	March 31, 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		—		—		—		(6)		—		(6)		(9,286)		(9,298)
Recoveries		1		—		—		42		—		12		9		64
Provision (benefit)		(512)		(513)		(165)		(210)		(109)		(35)		9,065		7,521
Ending balance	$	9,041	$	7,671	$	1,710	$	727	$	152	$	2,169	$	17,259	$	38,729

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

	March 31, 2024
														Revolving Loans		Revolving Loans
														Amortized Cost		converted to
(In thousands)		2024		2023		2022		2021		2020		Prior		Basis		term loans		Total
Multi-family Residential
Pass	$	11,694	$	253,688	$	458,919	$	274,074	$	206,697	$	1,364,119	$	4,711	$	—	$	2,573,902
Watch		—		—		—		716		1,914		35,077		445		—		38,152
Special Mention		—		—		5,005		—		2,714		644		—		—		8,363
Substandard		—		—		—		—		—		5,850		—		—		5,850
Total Multi-family Residential	$	11,694	$	253,688	$	463,924	$	274,790	$	211,325	$	1,405,690	$	5,156	$	—	$	2,626,267
Commercial Real Estate
Pass	$	10,059	$	198,620	$	320,578	$	174,072	$	130,344	$	1,006,197	$	—	$	—	$	1,839,870
Watch		—		—		437		1,359		6,880		77,855		—		—		86,531
Special Mention		—		—		—		—		—		148		—		—		148
Total Commercial Real Estate	$	10,059	$	198,620	$	321,015	$	175,431	$	137,224	$	1,084,200	$	—	$	—	$	1,926,549
1-4 Family Mixed-Use Property
Pass	$	763	$	22,750	$	42,836	$	41,201	$	29,456	$	374,421	$	—	$	—	$	511,427
Watch		—		—		—		—		—		5,033		—		—		5,033
Special Mention		—		—		—		—		—		1,248		—		—		1,248
Substandard		—		—		—		—		—		1,147		—		—		1,147
Total 1-4 Family Mixed-Use Property	$	763	$	22,750	$	42,836	$	41,201	$	29,456	$	381,849	$	—	$	—	$	518,855
1-4 Family Residential
Pass	$	—	$	56,782	$	23,380	$	8,396	$	16,367	$	135,207	$	7,550	$	9,441	$	257,123
Watch		—		—		—		266		—		2,321		—		1,027		3,614
Special Mention		—		—		511		—		—		—		—		209		720
Substandard		—		—		—		—		—		5,175		—		443		5,618
Total 1-4 Family Residential	$	—	$	56,782	$	23,891	$	8,662	$	16,367	$	142,703	$	7,550	$	11,120	$	267,075
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	14	$	—	$	—	$	14
Construction
Pass	$	—	$	6,083	$	3	$	—	$	—	$	—	$	48,262	$	—	$	54,348
Watchlist		—		—		—		5,793		—		—		—		—		5,793
Total Construction	$	—	$	6,083	$	3	$	5,793	$	—	$	—	$	48,262	$	—	$	60,141
Small Business Administration
Pass	$	—	$	1,966	$	3,265	$	1,333	$	2,031	$	1,792	$	—	$	—	$	10,387
Watch		—		—		—		—		—		2,864		—		—		2,864
Special Mention		—		—		—		—		—		343		—		—		343
Substandard		—		—		—		1,693		—		1,155		—		—		2,848
Total Small Business Administration	$	—	$	1,966	$	3,265	$	3,026	$	2,031	$	6,154	$	—	$	—	$	16,442
Commercial Business
Pass	$	15,773	$	123,793	$	93,740	$	52,370	$	29,623	$	90,356	$	233,208	$	—	$	638,863
Watch		—		270		7,884		1,474		2,425		32,656		4,953		—		49,662
Special Mention		—		—		—		—		—		23		—		—		23
Substandard		—		378		2,427		4,323		—		3,418		3,380		—		13,926
Doubtful		—		462		—		—		—		—		3,658		—		4,120
Total Commercial Business	$	15,773	$	124,903	$	104,051	$	58,167	$	32,048	$	126,453	$	245,199	$	—	$	706,594
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	33	$	—	$	—	$	33
Commercial Business - Secured by RE
Pass	$	5,656	$	36,864	$	175,592	$	129,512	$	101,758	$	185,781	$	—	$	—	$	635,163
Watch		—		9,695		303		—		3,811		40,999		—		—		54,808
Special Mention		—		—		—		—		—		15,165		—		—		15,165
Substandard		—		—		—		—		—		1,002		—		—		1,002
Total Commercial Business - Secured by RE	$	5,656	$	46,559	$	175,895	$	129,512	$	105,569	$	242,947	$	—	$	—	$	706,138
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	101	$	115	$	—	$	216
Total Other	$	—	$	—	$	—	$	—	$	—	$	101	$	115	$	—	$	216
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	11	$	—	$	—	$	11
Total by Loan Type
Total Pass	$	43,945	$	700,546	$	1,118,313	$	680,958	$	516,276	$	3,157,974	$	293,846	$	9,441	$	6,521,299
Total Watch		—		9,965		8,624		9,608		15,030		196,805		5,398		1,027		246,457
Total Special Mention		—		—		5,516		—		2,714		17,571		—		209		26,010
Total Substandard		—		378		2,427		6,016		—		17,747		3,380		443		30,391
Total Doubtful		—		462		—		—		—		—		3,658		—		4,120
Total Loans (1)	$	43,945	$	711,351	$	1,134,880	$	696,582	$	534,020	$	3,390,097	$	306,282	$	11,120	$	6,828,277
Total Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	58	$	—	$	—	$	58

⁽¹⁾ The table above excludes the unallocated portfolio layer basis adjustments totaling $6.3 million related to loans hedged in a closed pool at March 31, 2024. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements.

	December 31, 2023
														Revolving Loans		Revolving Loans
														Amortized Cost		converted to
(In thousands)		2023		2022		2021		2020		2019		Prior		Basis		term loans		Total
Multi-family Residential
Pass	$	254,340	$	465,069	$	276,483	$	215,561	$	300,822	$	1,099,271	$	5,209	$	—	$	2,616,755
Watch		—		870		720		1,935		—		34,899		—		—		38,424
Special Mention		—		—		—		—		—		1,193		—		—		1,193
Substandard		—		—		—		—		—		5,854		—		—		5,854
Total Multi-family Residential	$	254,340	$	465,939	$	277,203	$	217,496	$	300,822	$	1,141,217	$	5,209	$	—	$	2,662,226
Commercial Real Estate
Pass	$	199,420	$	322,446	$	175,045	$	147,871	$	216,964	$	862,641	$	—	$	—	$	1,924,387
Watch		—		—		1,415		—		9,239		23,484		—		—		34,138
Special Mention		—		—		—		—		—		1,099		—		—		1,099
Total Commercial Real Estate	$	199,420	$	322,446	$	176,460	$	147,871	$	226,203	$	887,224	$	—	$	—	$	1,959,624
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	8	$	—	$	—	$	8
1-4 Family Mixed-Use Property
Pass	$	22,852	$	43,579	$	41,604	$	30,984	$	60,308	$	326,246	$	—	$	—	$	525,573
Watch		—		—		—		—		233		4,777		—		—		5,010
Special Mention		—		—		—		—		720		564		—		—		1,284
Substandard		—		—		—		—		—		1,217		—		—		1,217
Total 1-4 Family Mixed-Use Property	$	22,852	$	43,579	$	41,604	$	30,984	$	61,261	$	332,804	$	—	$	—	$	533,084
1-4 Family Residential
Pass	$	6,289	$	23,197	$	8,451	$	16,482	$	36,779	$	102,293	$	7,424	$	10,067	$	210,982
Watch		—		507		270		—		1,561		695		—		1,130		4,163
Special Mention		—		—		—		—		—		—		—		169		169
Substandard		—		—		—		—		—		5,737		—		468		6,205
Total 1-4 Family Residential	$	6,289	$	23,704	$	8,721	$	16,482	$	38,340	$	108,725	$	7,424	$	11,834	$	221,519
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	23	$	—	$	—	$	23
Construction
Pass	$	5,809	$	3	$	5,793	$	—	$	—		—	$	46,656	$	—	$	58,261
Total Construction	$	5,809	$	3	$	5,793	$	—	$	—	$	—	$	46,656	$	—	$	58,261
Small Business Administration
Pass	$	1,984	$	3,283	$	2,883	$	3,443	$	606	$	2,121	$	—	$	—	$	14,320
Watch		—		—		—		—		47		2,847		—		—		2,894
Special Mention		—		—		—		—		—		348		—		—		348
Substandard		—		—		1,627		—		—		1,156		—		—		2,783
Total Small Business Administration	$	1,984	$	3,283	$	4,510	$	3,443	$	653	$	6,472	$	—	$	—	$	20,345
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	7	$	—	$	—	$	7
Commercial Business
Pass	$	115,740	$	116,452	$	53,315	$	31,637	$	30,913	$	53,289	$	244,143	$	—	$	645,489
Watch		342		9,792		3,822		2,426		14,483		18,495		8,582		—		57,942
Special Mention		—		—		—		—		25		—		495		—		520
Substandard		14,642		2,399		4,158		—		93		12,906		2,982		—		37,180
Doubtful		462		—		—		—		—		—		3,903		—		4,365
Total Commercial Business	$	131,186	$	128,643	$	61,295	$	34,063	$	45,514	$	84,690	$	260,105	$	—	$	745,496
Gross charge-offs	$	40	$	—	$	1,675	$	—	$	28	$	10	$	9,267	$	—	$	11,020
Commercial Business - Secured by RE
Pass	$	36,993	$	176,825	$	130,608	$	106,545	$	38,846	$	139,025	$	—	$	—	$	628,842
Watch		9,730		311		—		—		586		51,759		—		—		62,386
Special Mention		—		—		—		—		14,892		1,002		—		—		15,894
Total Commercial Business - Secured by RE	$	46,723	$	177,136	$	130,608	$	106,545	$	54,324	$	191,786	$	—	$	—	$	707,122
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	133	$	89	$	—	$	222
Total Other	$	—	$	—	$	—	$	—	$	—	$	133	$	89	$	—	$	222
Gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	99	$	—	$	—	$	99
Total by Loan Type
Total Pass	$	643,427	$	1,150,854	$	694,182	$	552,523	$	685,238	$	2,585,019	$	303,521	$	10,067	$	6,624,831
Total Watch		10,072		11,480		6,227		4,361		26,149		136,956		8,582		1,130		204,957
Total Special Mention		—		—		—		—		15,637		4,206		495		169		20,507
Total Substandard		14,642		2,399		5,785		—		93		26,870		2,982		468		53,239
Total Doubtful		462		—		—		—		—		—		3,903		—		4,365
Total Loans (1)	$	668,603	$	1,164,733	$	706,194	$	556,884	$	727,117	$	2,753,051	$	319,483	$	11,834	$	6,907,899
Total Gross charge-offs	$	40	$	—	$	1,675	$	—	$	28	$	147	$	9,267	$	—	$	11,157

⁽¹⁾ The table above excludes the unallocated portfolio layer basis adjustments totaling $0.9 million related to loans hedged in a closed pool at December 31, 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
	March 31, 2024				December 31, 2023
(In thousands)		Real Estate		Business Assets		Real Estate		Business Assets
Multi-family residential	$	5,103	$	—	$	3,640	$	—
One-to-four family - mixed-use property		933		—		1,005		—
One-to-four family - residential		3,341		—		4,670		—
Small Business Administration		—		2,641		—		2,576
Commercial business and other		1,002		11,963		—		11,768
Total	$	10,379	$	14,604	$	9,315	$	14,344

Summary of allowance for off balance sheet

	For the three months ended
	March 31,
	2024		2023
	(In thousands)
Balance at beginning of period	$	1,102	$	970
Provision (benefit) (1)		(106)		(85)
Allowance for Off-Balance Sheet - Credit losses (2)	$	996	$	885

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

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