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Loans (Tables)

9 Months Ended

Sep. 30, 2020


	For the three and nine months ended
	September 30, 2020				September 30, 2019
(Dollars in thousands)	Number	Balance		Modification description	Number	Balance		Modification description
One-to-four family - mixed-use property	1	$	270	Below market interest rate.	—		—
Commercial business and other	—		—		3	$	951	Amortization extension
Total	1	$	270		3	$	951

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 ended September 30, 2020
				Non-Accrual				Loans ninety days
		Total Non-Accrual		with no related		Interest Income		or more past due
(In thousands)		Amortized Cost		Allowance		Recognized		and still accruing:
Multi-family residential	$	2,723	$	2,723	$	—	$	—
Commercial real estate		2,714		2,714		—		—
One-to-four family - mixed-use property		1,704		1,704		—		—
One-to-four family - residential		5,922		5,922		—		—
Small Business Administration		1,169		1,169		—		—
Taxi medallion⁽¹⁾		2,318		2,318		—		—
Commercial business and other⁽¹⁾		9,278		6,456		32		—
Total	$	25,828	$	23,006	$	32	$	—

(1)Included in the above analysis are non-accrual performing one-to-four family – mixed-use property totaling $0.3 million, non-accrual performing TDR taxi medallion loans totaling $0.1 million September 30, 2020 and non-accrual performing TDR commercial business loans totaling $1.0 million at September 30, 2020.

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,
	2020		2019		2020		2019

	(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	491	$	416	$	1,296	$	1,224
Less: Interest income included in the results of operations		78		89		240		330
Total foregone interest	$	413	$	327	$	1,056	$	894

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


	September 30, 2020
					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	$	4,499	$	777	$	2,723	$	7,999	$	2,251,453	$	2,259,452
Commercial real estate		525		192		2,714		3,431		1,635,986		1,639,417
One-to-four family - mixed-use property		3,048		559		1,429		5,036		584,562		589,598
One-to-four family - residential		2,118		689		5,922		8,729		192,052		200,781
Construction loans		—		—		—		—		63,406		63,406
Small Business Administration		—		—		1,169		1,169		122,311		123,480
Taxi medallion		198		99		2,021		2,318		—		2,318
Commercial business and other		112		—		6,456		6,568		1,056,378		1,062,946
Total	$	10,500	$	2,316	$	22,434	$	35,250	$	5,906,148	$	5,941,398

The following tables show by delinquency an analysis of our recorded investment in loans at the periods indicated by class of loans:


	December 31, 2019
					Greater
	30 - 59 Days		60 - 89 Days		than		Total Past
	Past Due		Past Due		90 Days		Due		Current		Total Loans
Multi-family residential	$	4,042	$	1,563	$	2,741	$	8,346	$	2,230,245	$	2,238,591
Commercial real estate		—		4,941		367		5,308		1,576,700		1,582,008
One-to-four family - mixed-use property		1,117		496		274		1,887		590,584		592,471
One-to-four family - residential		720		1,022		5,139		6,881		181,335		188,216
Co-operative apartments		—		—		—		—		8,663		8,663
Construction loans		—		—		—		—		67,754		67,754
Small Business Administration		—		—		1,151		1,151		13,294		14,445
Taxi medallion		—		—		1,065		1,065		2,244		3,309
Commercial business and other		2,340		5		1,945		4,290		1,057,188		1,061,478
Total	$	8,219	$	8,027	$	12,682	$	28,928	$	5,728,007	$	5,756,935

Summary of activity in the allowance for loan losses


	September 30, 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	$	8,935	$	6,971	$	2,826	$	1,161	$	183	$	1,386	$	—	$	15,248	$	36,710
Charge-offs		—		—		—		—		—		—		(951)		(13)		(964)
Recoveries		14		—		60		2		—		47		—		4		127
Provision (benefit)		(1,553)		1,576		(1,208)		(483)		35		450		951		2,702		2,470
Ending balance	$	7,396	$	8,547	$	1,678	$	680	$	218	$	1,883	$	—	$	17,941	$	38,343


	September 30, 2019
					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	$	5,506	$	4,265	$	1,786	$	746	$	381	$	382	$	—	$	8,444	$	21,510
Charge-offs		(189)		—		—		—		—		—		—		(242)		(431)
Recoveries		6		—		140		3		—		32		—		92		273
Provision (benefit)		54		99		(120)		(4)		37		(57)		—		674		683
Ending balance	$	5,377	$	4,364	$	1,806	$	745	$	418	$	357	$	—	$	8,968	$	22,035


	September 30, 2020
					One-to-four
					family -		One-to-four				Small				Commercial
	Multi-family		Commercial		mixed-use		family -		Construction		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
Charge-off's		—		—		(3)		—		—		(178)		(951)		(2,121)		(3,253)
Recoveries		27		—		138		10		—		67		—		18		260
Provision		2,628		2,948		(219)		74		56		451		951		12,317		19,206
Ending balance	$	7,396	$	8,547	$	1,678	$	680	$	218	$	1,883	$	—	$	17,941	$	38,343


	September 30, 2019
					One-to-four
					family -		One-to-four				Small				Commercial
	Multi-family		Commercial		mixed-use		family -		Construction		Business		Taxi		business and
(In thousands)	residential		real estate		property		residential		loans		Administration		medallion		other		Total

Allowance for credit losses:
Beginning balance	$	5,676	$	4,315	$	1,867	$	749	$	329	$	418	$	—	$	7,591	$	20,945
Charge-off's		(190)		—		(1)		(113)		—		—		—		(2,379)		(2,683)
Recoveries		30		7		228		10		—		52		134		183		644
Provision (Benefit)		(139)		42		(288)		99		89		(113)		(134)		3,573		3,129
Ending balance	$	5,377	$	4,364	$	1,806	$	745	$	418	$	357	$	—	$	8,968	$	22,035

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

The following table summarizes the 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,		Lines of Credit
														Amortized Cost		converted to
(In thousands)		2020		2019		2018		2017		2016		Prior		Basis		term loans
1-4 Family Residential
Pass	$	22,735	$	25,030	$	27,827	$	15,548	$	11,231	$	59,657	$	7,678	$	18,095
Watch		489		—		—		—		—		2,936		299		2,011
Special Mention		—		—		—		—		—		667		—		492
Substandard		—		—		—		—		960		3,390		—		1,736
Total 1-4 Family Residential	$	23,224	$	25,030	$	27,827	$	15,548	$	12,191	$	66,650	$	7,977	$	22,334
1-4 Family Mixed-Use
Pass	$	27,156	$	66,500	$	74,828	$	59,923	$	53,344	$	288,858	$	—	$	—
Watch		—		1,873		903		2,013		1,146		8,556		—		—
Special Mention		—		—		379		—		—		1,179		—		—
Substandard		—		620		806		—		—		1,514		—		—
Total 1-4 Family Mixed Use	$	27,156	$	68,993	$	76,916	$	61,936	$	54,490	$	300,107	$	—	$	—
Commercial Real Estate
Pass	$	118,019	$	248,812	$	281,920	$	189,592	$	213,553	$	482,495	$	—	$	—
Watch		—		8,606		—		4,883		28,203		58,587		—		—
Special Mention		—		981		—		192		—		861		—		—
Substandard		—		1,702		—		—		—		1,011		—		—
Total Commercial Real Estate	$	118,019	$	260,101	$	281,920	$	194,667	$	241,756	$	542,954	$	—	$	—
Construction
Pass	$	10,058	$	14,751	$	31,402	$	—	$	—	$	—	$	—	$	—
Watch		—		886		5,631		—		—		—		—		—
Special Mention		—		—		678		—		—		—		—		—
Total Construction	$	10,058	$	15,637	$	37,711	$	—	$	—	$	—	$	—	$	—
Multifamily
Pass	$	174,397	$	309,564	$	364,298	$	356,206	$	269,388	$	749,946	$	3,433	$	—
Watch		—		1,571		—		2,537		2,784		19,504		865		—
Special Mention		—		—		—		—		699		776		—		—
Substandard		—		—		1,999		—		—		1,485		—		—
Total Multifamily	$	174,397	$	311,135	$	366,297	$	358,743	$	272,871	$	771,711	$	4,298	$	—
Commercial Business - Secured by RE
Pass	$	68,713	$	91,282	$	56,704	$	22,051	$	47,335	$	82,368	$	—	$	—
Watch		—		—		7,080		1,320		—		416		—		—
Substandard		—		—		—		—		—		3,331		—		—
Total Commercial Business - Secured by RE	$	68,713	$	91,282	$	63,784	$	23,371	$	47,335	$	86,115	$	—	$	—
Commercial Business
Pass	$	59,956	$	137,475	$	108,265	$	64,737	$	17,573	$	67,940	$	186,882	$	—
Watch		—		2,889		4,112		7,880		—		10		10,935		—
Special Mention		—		51		2,411		—		2,418		—		(26)		—
Substandard		39		—		—		4,810		—		1,711		171		—
Doubtful		—		—		—		—		—				1,872		—
Total Commercial Business	$	59,995	$	140,415	$	114,788	$	77,427	$	19,991	$	69,661	$	199,834	$	—
Small Business Administration
Pass	$	110,121	$	1,067	$	3,590	$	1,043	$	2,551	$	1,625	$	—	$	—
Watch		—		—		—		2,257		—		—		—		—
Special Mention		—		—		—		—		—		50		—		—
Substandard		—		—		—		1,169		7		—		—		—
Total Small Business Administration	$	110,121	$	1,067	$	3,590	$	4,469	$	2,558	$	1,675	$	—	$	—
Taxi Medallions
Substandard	$	—	$	—	$	—	$	—	$	—	$	2,318	$	—	$	—
Total Taxi Medallions	$	—	$	—	$	—	$	—	$	—	$	2,318	$	—	$	—
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	136	$	99	$	—
Total Other	$	—	$	—	$	—	$	—	$	—	$	136	$	99	$	—

Total Loans	$	591,683	$	913,660	$	972,833	$	736,161	$	651,192	$	1,841,327	$	212,208	$	22,334

The following table sets forth the recorded investment in loans designated as Criticized or Classified at the period indicated:


	December 31, 2019
(In thousands)	Special Mention		Substandard		Doubtful		Loss		Total
Multi-family residential	$	1,563	$	2,743	$	—	$	—	$	4,306
Commercial real estate		5,525		367		—		—		5,892
One-to-four family - mixed-use property		1,585		453		—		—		2,038
One-to-four family - residential		1,095		5,787		—		—		6,882
Construction		—		—		—		—		—
Small Business Administration		55		85		—		—		140
Taxi medallion		—		3,309		—		—		3,309
Commercial business and other		3,924		11,289		266		—		15,479
Total loans	$	13,747	$	24,033	$	266	$	—	$	38,046

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



	Collateral Type
(In thousands)		Real Estate		Business Assets
Multi-family residential	$	2,723	$	—
Commercial real estate		6,045		—
One-to-four family - mixed-use property		1,704		—
One-to-four family - residential		5,922		—
Small Business Administration		—		1,169
Commercial business and other		—		4,996
Taxi Medallion		—		2,318
Total	$	16,394	$	8,483

Nonperforming Financial Instruments [Member]

Notes Tables

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


	September 30, 2020
	Number	Amortized
(Dollars in thousands)	of contracts	Cost
Taxi medallion	10	$	1,823
Commercial business and other	1		279
Total troubled debt restructurings that subsequently defaulted	11	$	2,102

The following table shows our recorded investment for loans classified as TDR that are not performing according to their restructured terms at the periods indicated:


	December 31, 2019
	Number	Recorded
(Dollars in thousands)	of contracts	investment
Taxi medallion	4	$	1,065
Commercial business and other	1		279
Total troubled debt restructurings that subsequently defaulted	5	$	1,344

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


	December 31,
(In thousands)	2019
Loans ninety days or more past due and still accruing:
Multi-family residential	$	445
Total		445
Non-accrual mortgage loans:
Multi-family residential		2,296
Commercial real estate		367
One-to-four family - mixed-use property		274
One-to-four family - residential		5,139
Total		8,076
Non-accrual non-mortgage loans:
Small Business Administration		1,151
Taxi medallion⁽¹⁾		1,641
Commercial business and other⁽¹⁾		1,945
Total		4,737
Total non-accrual loans		12,813
Total non-performing loans	$	13,258

(1)	Not included in the above analysis are non-accrual performing TDR taxi medallion loans totaling $1.7 million at December 31, 2019, respectively and non-accrual performing TDR commercial business loans totaling $0.9 million at December 31, 2019.

Performing According to Restructured Terms [Member]

Notes Tables

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

The following table shows our recorded investment for loans classified as TDR at amortized cost that are performing according to their restructured terms at the periods indicated:


	September 30, 2020
	Number	Amortized
(Dollars in thousands)	of contracts	Cost
Multi-family residential	7	$	1,876
One-to-four family - mixed-use property ⁽¹⁾	5		1,744
One-to-four family - residential	3		513
Taxi medallion ⁽¹⁾	1		99
Commercial business and other ⁽¹⁾	3		950
Total performing troubled debt restructured	19	$	5,182

(1)

These loans in the table above continue to pay as agreed, however the Company records interest received on a cash basis.

The following table shows our recorded investment for loans classified as TDR that are performing according to their restructured terms at the periods indicated :


	December 31, 2019
	Number	Recorded
(Dollars in thousands)	of contracts	investment
Multi-family residential	7	$	1,873
One-to-four family - mixed-use property	4		1,481
One-to-four family - residential	3		531
Taxi medallion ⁽¹⁾	7		1,668
Commercial business and other⁽¹⁾	3		941
Total performing troubled debt restructured	24	$	6,494

(1)

These loans in the table above continue to pay as agreed, however the Company records interest received on a cash basis.