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Loans (Tables)

3 Months Ended

Mar. 31, 2021

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 ended March 31, 2021
(In thousands)		Non-Accrual Amortized Cost Beginning of Reporting Period		Non-Accrual Amortized Cost Ending of 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	$	4,435	$	4,435	$	—	$	201
Commercial real estate		1,766		35		35		—		—
One-to-four family - mixed-use property		1,706		2,753		2,753		—		—
One-to-four family - residential		5,313		6,789		6,789		—		—
Construction		—		—		—		—		2,381
Small Business Administration		1,168		1,168		1,168		—		—
Taxi medallion⁽²⁾		2,758		—		—		—		—
Commercial business and other⁽¹⁾		5,660		5,643		1,626		48		—
Total	$	20,947	$	20,823	$	16,806	$	48	$	2,582

(1) Included in the above analysis are non-accrual performing one-to-four family – mixed-use property totaling $0.3 million, and non-accrual performing TDR commercial business loans totaling $2.2 million at March 31, 2021.

(2) These loans were completely charged-off during the three months ended March 31, 2021.


	At or for the twelve months ended December 31, 2020
(In thousands)		Non-Accrual Amortized Cost Beginning of Reporting Period		Non-Accrual Amortized Cost Ending of Reporting Period		Non-Accrual with no related Allowance		Interest Income Recognized		Loans ninety days or more past due and still accruing:
Multi-family residential	$	2,723	$	2,576	$	2,576	$	—	$	201
Commercial real estate		2,714		1,766		1,766		—		2,547
One-to-four family - mixed-use property		1,704		1,706		1,706		—		—
One-to-four family - residential		9,992		5,313		5,313		—		—
Small Business Administration		1,169		1,168		1,168		—		—
Taxi medallion⁽¹⁾		2,318		2,758		2,758		—		—
Commercial business and other⁽¹⁾		7,406		5,660		1,593		58		—
Total	$	28,026	$	20,947	$	16,880	$	58	$	2,748

(1)

Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million, non-accrual performing TDR taxi medallion loans totaling $0.4 million at December 31, 2020 and non-accrual performing TDR commercial business loans totaling $2.2 million at December 31, 2020.

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


	For the three months ended
	March 31,
	2021		2020

Interest income that would have been recognized had the loans performed in accordance with their original terms	$	462	$	375
Less: Interest income included in the results of operations		160		89
Total foregone interest	$	302	$	286

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


	March 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	$	11,887	$	—	$	4,636	$	16,523	$	2,510,593	$	2,527,116
Commercial real estate		419		800		35		1,254		1,722,223		1,723,477
One-to-four family - mixed-use property		4,759		1,210		2,480		8,449		590,570		599,019
One-to-four family - residential		1,101		375		6,789		8,265		238,740		247,005
Construction		—		—		2,381		2,381		59,052		61,433
Small Business Administration		642		—		1,168		1,810		259,829		261,639
Taxi medallion		—		—		—		—		—		—
Commercial business and other		2,604		320		1,626		4,550		1,321,077		1,325,627
Total	$	21,412	$	2,705	$	19,115	$	43,232	$	6,702,084	$	6,745,316


	December 31, 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	$	7,582	$	3,186	$	2,777	$	13,545	$	2,522,432	$	2,535,977
Commercial real estate		17,903		5,123		4,313		27,339		1,731,045		1,758,384
One-to-four family - mixed-use property		5,673		1,132		1,433		8,238		598,647		606,885
One-to-four family - residential		3,087		805		5,313		9,205		243,486		252,691
Construction loans		750		—		—		750		82,411		83,161
Small Business Administration		1,823		—		1,168		2,991		162,579		165,570
Taxi medallion		—		—		2,318		2,318		279		2,597
Commercial business and other		129		1,273		1,593		2,995		1,296,414		1,299,409
Total	$	36,947	$	11,519	$	18,915	$	67,381	$	6,637,293	$	6,704,674

Summary of activity in the allowance for loan losses


	March 31, 2021
					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	$	6,557	$	8,327	$	1,986	$	869	$	497	$	2,251	$	—	$	24,666	$	45,153
Charge-off's		(43)		(64)		(29)		—		—		—		(2,758)		(28)		(2,922)
Recoveries		10		—		10		5		—		10		—		22		57
Provision (benefit)		620		93		(94)		(164)		253		(134)		2,758		(521)		2,811
Ending balance	$	7,144	$	8,356	$	1,873	$	710	$	750	$	2,127	$	—	$	24,139	$	45,099


	March 31, 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		(651)		1,170		(55)		(159)		(279)		1,180		—		(827)		379
Charge-off's		—		—		—		—		—		—		—		(1,259)		(1,259)
Recoveries		7		—		78		4		—		7		—		14		110
Provision (benefit)		1,148		1,192		330		291		23		(22)		—		4,155		7,117
Ending balance	$	5,895	$	6,791	$	2,170	$	892	$	185	$	1,528	$	—	$	10,637	$	28,098

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 at March 31, 2021:



														Revolving Loans,		Lines of Credit
														Amortized Cost		converted to
(In thousands)		2021		2020		2019		2018		2017		Prior		Basis		term loans		Total
1-4 Family Residential
Pass	$	841	$	32,075	$	36,958	$	33,729	$	20,948	$	77,700	$	10,421	$	15,298	$	227,970
Watch		—		483		722		—		3,569		1,575		1,249		2,369		9,967
Special Mention		—		—		—		—		—		989		—		371		1,360
Substandard		—		—		—		1,831		—		4,285		175		1,417		7,708
Total 1-4 Family Residential	$	841	$	32,558	$	37,680	$	35,560	$	24,517	$	84,549	$	11,845	$	19,455	$	247,005
1-4 Family Mixed-Use
Pass	$	9,680	$	36,229	$	72,302	$	75,961	$	55,411	$	322,422	$	—	$	—	$	572,005
Watch		—		—		—		3,689		7,237		10,262		—		—		21,188
Special Mention		—		—		—		528		—		2,284		—		—		2,812
Substandard		—		—		—		—		—		3,014		—		—		3,014
Total 1-4 Family Mixed Use	$	9,680	$	36,229	$	72,302	$	80,178	$	62,648	$	337,982	$	—	$	—	$	599,019
Commercial Real Estate
Pass	$	19,502	$	172,318	$	259,301	$	274,998	$	191,249	$	694,789	$	—	$	—	$	1,612,157
Watch		1,837		936		1,439		5,729		5,048		87,590		—		—		102,579
Special Mention		—		—		—		—		—		1,122		—		—		1,122
Substandard		—		—		7,584		—		—		35		—		—		7,619
Total Commercial Real Estate	$	21,339	$	173,254	$	268,324	$	280,727	$	196,297	$	783,536	$	—	$	—	$	1,723,477
Construction
Pass	$	2,354	$	20,510	$	15,552	$	2,823	$	—	$	—	$	—	$	—	$	41,239
Watch		—		—		1,115		7,299		5,956		—		—		—		14,370
Special Mention		—		—		—		859		2,584		—		—		—		3,443
Substandard		—		—		—		2,381		—		—		—		—		2,381
Total Construction	$	2,354	$	20,510	$	16,667	$	13,362	$	8,540	$	—	$	—	$	—	$	61,433
Multifamily
Pass	$	91,859	$	243,458	$	341,802	$	467,841	$	364,625	$	973,720	$	5,105	$	—	$	2,488,410
Watch		—		1,923		4,203		9,121		1,152		16,054		398		—		32,851
Special Mention		—		—		—		—		806		230		183		—		1,219
Substandard		—		—		701		1,997		1,002		735		201		—		4,636
Total Multifamily	$	91,859	$	245,381	$	346,706	$	478,959	$	367,585	$	990,739	$	5,887	$	—	$	2,527,116
Commercial Business - Secured by RE
Pass	$	71,965	$	108,227	$	38,984	$	52,512	$	34,540	$	103,314	$	—	$	—	$	409,542
Watch		—		23,655		51,079		18,563		13,129		47,474		—		—		153,900
Special Mention		—		—		607		—		—		—		—		—		607
Substandard		—		—		—		—		—		4,226		—		—		4,226
Total Commercial Business - Secured by RE	$	71,965	$	131,882	$	90,670	$	71,075	$	47,669	$	155,014	$	—	$	—	$	568,275
Commercial Business
Pass	$	15,647	$	91,117	$	111,749	$	93,011	$	48,402	$	75,988	$	201,571	$	—	$	637,485
Watch		—		500		22,509		25,308		20,383		4,171		25,733		—		98,604
Special Mention		—		—		285		2,742		74		2		236		—		3,339
Substandard		—		4,893		686		8		6,193		3,794		1,008		—		16,582
Doubtful		—		—		—		—		—		—		1,236		—		1,236
Total Commercial Business	$	15,647	$	96,510	$	135,229	$	121,069	$	75,052	$	83,955	$	229,784	$	—	$	757,246
Small Business Administration
Pass	$	120,132	$	127,810	$	1,376	$	1,574	$	806	$	2,649	$	—	$	—	$	254,347
Watch		—		288		—		2,592		1,947		1,242		—		—		6,069
Special Mention		—		—		—		—		—		49		—		—		49
Substandard		—		—		—		—		1,168		6		—		—		1,174
Total Small Business Administration	$	120,132	$	128,098	$	1,376	$	4,166	$	3,921	$	3,946	$	—	$	—	$	261,639
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	23	$	83	$	—	$	106
Total Other	$	—	$	—	$	—	$	—	$	—	$	23	$	83	$	—	$	106

Total Loans	$	333,817	$	864,422	$	968,954	$	1,085,096	$	786,229	$	2,439,744	$	247,599	$	19,455	$	6,745,316

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


	Collateral Type
	March 31, 2021				December 31, 2020
(In thousands)		Real Estate		Business Assets		Real Estate		Business Assets
Multi-family residential	$	4,435	$	—	$	2,576	$	—
Commercial real estate		1,254		—		2,994		—
One-to-four family - mixed-use property		2,753		—		1,706		—
One-to-four family - residential		6,789		—		5,313		—
Small Business Administration		—		1,168		—		1,168
Commercial business and other		—		3,477		—		3,482
Taxi Medallion		—		—		—		2,758
Total	$	15,231	$	4,645	$	12,589	$	7,408

Summary of allowance for off balance sheet


	For the three months ended
	March 31,
	2021		2020

Balance at beginning of period	$	1,815	$	—
Off-Balance Sheet - CECL Adoption		—		553
Off-Balance Sheet- Provision (benefit)		(511)		244
Allowance for Off-Balance Sheet - Credit losses ⁽¹⁾	$	1,304	$	797

(1)

Included the “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


	March 31, 2021			December 31, 2020
	Number	Amortized		Number	Amortized
(Dollars in thousands)	of contracts	Cost		of contracts	Cost
Taxi medallion ⁽¹⁾	—	$	—	11	$	1,922
Commercial business and other	1		279	1		279
Total troubled debt restructurings that subsequently defaulted	1	$	279	12	$	2,201

(1)

These loans were completely charged off during the three months ended March 31, 2021.

Performing According to Restructured Terms [Member]

Notes Tables

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

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


	March 31, 2021			December 31, 2020
	Number	Amortized		Number	Amortized
(Dollars in thousands)	of contracts	Cost		of contracts	Cost
Multi-family residential	6	$	1,686	6	$	1,700
Commercial real estate	1		7,584	1		7,702
One-to-four family - mixed-use property ⁽¹⁾	5		1,720	5		1,731
One-to-four family - residential	3		501	3		507
Taxi medallion ⁽²⁾	—		—	2		440
Commercial business and other ⁽¹⁾	8		3,787	8		3,831
Total performing troubled debt restructured	23	$	15,278	25	$	15,911

(1)

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

(2)

These loans were completely charged off during the three months ended March 31, 2021.