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Loans (Tables)

6 Months Ended

Jun. 30, 2021


	For the three and six months ended
	June 30, 2021
(Dollars in thousands)	Number	Balance		Modification description
Commercial business and other	2		674	Amortization period extended
Total	2	$	674

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, 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	$	4,850	$	4,850	$	5	$	201
Commercial real estate		1,766		35		35		—		—
One-to-four family - mixed-use property ⁽¹⁾		1,706		2,706		2,706		2		—
One-to-four family - residential		5,313		6,404		6,404		1		—
Construction		—		—		—		—		—
Small Business Administration		1,168		992		992		—		—
Taxi medallion⁽²⁾		2,758		—		—		—		—
Commercial business and other⁽¹⁾		5,660		4,715		725		52		—
Total	$	20,947	$	19,702	$	15,712	$	60	$	201

(1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million, and non-accrual performing TDR commercial business loans totaling $2.2 million at June 30, 2021.

(2) Taxi medallion loans were completely charged off during the six months ended June 30, 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⁾		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 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				For the six months ended
	June 30,				June 30,
	2021		2020		2021		2020

	(In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms	$	453	$	430	$	915	$	805
Less: Interest income included in the results of operations		163		73		323		162
Total foregone interest	$	290	$	357	$	592	$	643

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


	June 30, 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	$	14,894	$	1,259	$	5,051	$	21,204	$	2,522,555	$	2,543,759
Commercial real estate		7,213		—		35		7,248		1,722,659		1,729,907
One-to-four family - mixed-use property		787		1,089		2,439		4,315		581,434		585,749
One-to-four family - residential		988		1,373		6,404		8,765		288,926		297,691
Construction		7,089		—		—		7,089		55,622		62,711
Small Business Administration		81		199		992		1,272		209,246		210,518
Taxi medallion		—		—		—		—		—		—
Commercial business and other		588		64		1,942		2,594		1,285,877		1,288,471
Total	$	31,640	$	3,984	$	16,863	$	52,487	$	6,666,319	$	6,718,806


	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


	June 30, 2021
					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	$	7,144	$	8,356	$	1,873	$	710	$	750	$	2,127	$	—	$	24,139	$	45,099
Charge-offs		—		—		(3)		—		—		—		—		(1,183)		(1,186)
Recoveries		—		—		—		2		—		9		222		51		284
Provision (benefit)		(585)		(2,488)		(378)		4		(565)		166		(222)		2,541		(1,527)
Ending balance	$	6,559	$	5,868	$	1,492	$	716	$	185	$	2,302	$	—	$	25,548	$	42,670


	June 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	$	5,895	$	6,791	$	2,170	$	892	$	185	$	1,528	$	—	$	10,637	$	28,098
Charge-offs		—		—		(3)		—		—		(178)		—		(849)		(1,030)
Recoveries		7		—		—		3		—		13		—		—		23
Provision (benefit)		3,033		180		659		266		(2)		23		—		5,460		9,619
Ending balance	$	8,935	$	6,971	$	2,826	$	1,161	$	183	$	1,386	$	—	$	15,248	$	36,710

The following tables show the activity in the ACL on loans for the six month periods indicated:


	June 30, 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)		(32)		—		—		—		(2,758)		(1,211)		(4,108)
Recoveries		10		—		10		7		—		19		222		73		341
Provision (benefit)		35		(2,395)		(472)		(160)		(312)		32		2,536		2,020		1,284
Ending balance	$	6,559	$	5,868	$	1,492	$	716	$	185	$	2,302	$	—	$	25,548	$	42,670


	June 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)		—		(2,108)		(2,289)
Recoveries		13		—		78		8		—		20		—		14		133
Provision (benefit)		4,181		1,372		989		557		21		1		—		9,615		16,736
Ending balance	$	8,935	$	6,971	$	2,826	$	1,161	$	183	$	1,386	$	—	$	15,248	$	36,710

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 June 30, 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	$	57,316	$	31,897	$	36,253	$	32,818	$	20,935	$	75,903	$	10,524	$	15,288	$	280,934
Watch		—		481		724		280		2,430		1,541		190		2,287		7,933
Special Mention		—		—		—		—		1,115		517		160		—		1,792
Substandard		—		—		—		1,836		—		4,167		—		1,029		7,032
Total 1-4 Family Residential	$	57,316	$	32,378	$	36,977	$	34,934	$	24,480	$	82,128	$	10,874	$	18,604	$	297,691
1-4 Family Mixed-Use
Pass	$	18,221	$	35,902	$	71,259	$	75,193	$	54,249	$	308,869	$	—	$	—	$	563,693
Watch		—		—		—		3,092		6,118		7,668		—		—		16,878
Special Mention		—		—		—		—		761		1,438		—		—		2,199
Substandard		—		—		—		501		—		2,478		—		—		2,979
Total 1-4 Family Mixed Use	$	18,221	$	35,902	$	71,259	$	78,786	$	61,128	$	320,453	$	—	$	—	$	585,749
Commercial Real Estate
Pass	$	58,238	$	171,433	$	256,707	$	266,369	$	180,000	$	680,308	$	—	$	—	$	1,613,055
Watch		4,179		934		3,433		5,708		2,657		83,926		—		—		100,837
Special Mention		—		—		—		6,855		—		1,542		—		—		8,397
Substandard		—		—		7,583		—		—		35		—		—		7,618
Total Commercial Real Estate	$	62,417	$	172,367	$	267,723	$	278,932	$	182,657	$	765,811	$	—	$	—	$	1,729,907
Construction
Pass	$	3,079	$	23,121	$	14,797	$	1,960	$	—	$	—	$	—	$	—	$	42,957
Watch		—		—		2,115		8,284		5,904		—		—		—		16,303
Special Mention		—		—		—		859		2,592		—		—		—		3,451
Substandard		—		—		—		—		—		—		—		—		—
Total Construction	$	3,079	$	23,121	$	16,912	$	11,103	$	8,496	$	—	$	—	$	—	$	62,711
Multifamily
Pass	$	168,396	$	240,612	$	340,195	$	449,407	$	360,108	$	941,236	$	6,346	$	—	$	2,506,300
Watch		—		2,111		4,205		12,605		—		10,834		398		—		30,153
Special Mention		—		792		468		—		—		—		—		—		1,260
Substandard		—		—		703		2,599		1,803		740		201		—		6,046
Total Multifamily	$	168,396	$	243,515	$	345,571	$	464,611	$	361,911	$	952,810	$	6,945	$	—	$	2,543,759
Commercial Business - Secured by RE
Pass	$	96,311	$	93,588	$	38,733	$	52,180	$	28,173	$	99,637	$	—	$	—	$	408,622
Watch		—		23,623		51,501		18,557		11,979		47,442		—		—		153,102
Special Mention		—		—		604		—		—		—		—		—		604
Substandard		—		—		—		—		—		4,228		—		—		4,228
Total Commercial Business - Secured by RE	$	96,311	$	117,211	$	90,838	$	70,737	$	40,152	$	151,307	$	—	$	—	$	566,556
Commercial Business
Pass	$	51,015	$	72,432	$	90,417	$	76,675	$	29,154	$	73,507	$	207,786	$	—	$	600,986
Watch		6		1,683		22,505		19,308		33,143		43		22,493		—		99,181
Special Mention		—		—		45		2,488		103		—		3,207		—		5,843
Substandard		—		4,900		535		320		4,957		1,903		995		—		13,610
Doubtful		—		—		—		—		—		929		1,235		—		2,164
Total Commercial Business	$	51,021	$	79,015	$	113,502	$	98,791	$	67,357	$	76,382	$	235,716	$	—	$	721,784
Small Business Administration
Pass	$	130,255	$	67,148	$	1,292	$	1,560	$	654	$	2,920	$	—	$	—	$	203,829
Watch		—		—		61		2,588		1,946		849		—		—		5,444
Special Mention		—		—		—		—		140		107		—		—		247
Substandard		—		—		—		—		992		6		—		—		998
Total Small Business Administration	$	130,255	$	67,148	$	1,353	$	4,148	$	3,732	$	3,882	$	—	$	—	$	210,518
Other
Pass	$	—	$	—	$	—	$	—	$	—	$	52	$	79	$	—	$	131
Total Other	$	—	$	—	$	—	$	—	$	—	$	52	$	79	$	—	$	131

Total Loans	$	587,016	$	770,657	$	944,135	$	1,042,042	$	749,913	$	2,352,825	$	253,614	$	18,604	$	6,718,806

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


	Collateral Type
	June 30, 2021				December 31, 2020
(In thousands)		Real Estate		Business Assets		Real Estate		Business Assets
Multi-family residential	$	4,850	$	—	$	2,576	$	—
Commercial real estate		1,246		—		2,994		—
One-to-four family - mixed-use property		2,706		—		1,706		—
One-to-four family - residential		6,404		—		5,313		—
Small Business Administration		—		992		—		1,168
Commercial business and other		—		2,556		—		3,482
Taxi Medallion		—		—		—		2,758
Total	$	15,206	$	3,548	$	12,589	$	7,408

Summary of allowance for off balance sheet


	For the three months ended				For the six months ended
	June 30,				June 30,
	2021		2020		2021		2020

	(In thousands)
Balance at beginning of period	$	1,304	$	797	$	1,815	$	—
Off-Balance Sheet - CECL Adoption		—		—		—		553
Off-Balance Sheet- Provision (benefit)		266		467		(245)		711
Allowance for Off-Balance Sheet - Credit losses ⁽¹⁾	$	1,570	$	1,264	$	1,570	$	1,264

(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


	June 30, 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	2		596	1		279
Total troubled debt restructurings that subsequently defaulted	2	$	596	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:


	June 30, 2021			December 31, 2020
	Number	Amortized		Number	Amortized
(Dollars in thousands)	of contracts	Cost		of contracts	Cost
Multi-family residential	6	$	1,673	6	$	1,700
Commercial real estate	1		7,583	1		7,702
One-to-four family - mixed-use property ⁽¹⁾	5		1,682	5		1,731
One-to-four family - residential	3		497	3		507
Taxi medallion ⁽²⁾	—		—	2		440
Commercial business and other ⁽¹⁾	9		4,107	8		3,831
Total performing troubled debt restructured	24	$	15,542	25	$	15,911

(1)

These loans 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.