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Loans (Tables)
3 Months Ended
Mar. 31, 2022
Notes Tables  
Schedule of TDR loan modifications

For the three months ended

March 31, 2022

(Dollars in thousands)

    

Number

    

Balance

    

Modification description

    

Small Business Administration

1

$

271

Loan amortization extension.

Commercial business and other

 

2

2,768

 

One loan received a below market interest rate and one loan had an amortization extension.

 

Total

 

3

$

3,039

 

  

 

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, 2022

(In thousands)

Non-accrual amortized cost beginning of the reporting period

Non-accrual amortized cost ending 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

$

3,654

$

3,654

$

$

Commercial real estate

640

32

32

One-to-four family - mixed-use property (1)

1,582

1,052

1,052

One-to-four family - residential

7,482

7,052

7,052

Small Business Administration

952

952

952

Commercial business and other (1)

1,945

4,328

326

4

Total

$

15,253

$

17,070

$

13,068

$

4

$

(1) Included in the above analysis are non-accrual performing TDR commercial business totaling $2.8 million. One-to-four family – mixed-use property contains a non-accrual performing TDR totaling $0.3 million.

The following table shows our 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 for period shown below:

At or for the year ended December 31, 2021

(In thousands)

Non-accrual amortized cost beginning of the reporting period

Non-accrual amortized cost ending 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

$

2,576

$

2,652

$

2,652

$

19

$

Commercial real estate

1,766

640

640

One-to-four family - mixed-use property (1)

1,706

1,582

1,582

6

One-to-four family - residential

5,313

7,482

7,482

1

Small Business Administration

1,168

952

952

Taxi medallion(2)

2,758

Commercial business and other(1)

5,660

1,945

305

78

Total

$

20,947

$

15,253

$

13,613

$

104

$

(1)Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million. Commercial business and other contains a non-accrual performing TDR totaling less than $0.1 million.
(2)Taxi medallions were completely charged off during the year ended December 31, 2021.
Summary of interest foregone on non-accrual loans and loans classified as TDR

For the three months ended

March 31, 

    

2022

    

2021

    

(In thousands)

Interest income that would have been recognized had the loans performed in accordance with their original terms

$

371

$

462

Less: Interest income included in the results of operations

 

155

 

160

Total foregone interest

$

216

$

302

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

March 31, 2022

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

$

3,650

$

362

$

3,654

$

7,666

$

2,495,390

$

2,503,056

Commercial real estate

 

237

 

3,620

 

32

 

3,889

 

1,762,119

 

1,766,008

One-to-four family ― mixed-use property

 

2,387

 

591

 

794

 

3,772

 

562,899

 

566,671

One-to-four family ― residential

 

302

 

78

 

7,052

 

7,432

 

250,357

 

257,789

Construction

 

856

 

 

 

856

 

67,406

 

68,262

Small Business Administration

 

 

 

952

 

952

 

57,293

 

58,245

Commercial business and other

 

333

 

434

 

1,008

 

1,775

 

1,385,458

 

1,387,233

Total

$

7,765

$

5,085

$

13,492

$

26,342

$

6,580,922

$

6,607,264

December 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

$

3,652

$

4,193

$

2,652

$

10,497

$

2,508,730

$

2,519,227

Commercial real estate

 

5,743

 

 

640

 

6,383

 

1,770,992

 

1,777,375

One-to-four family ― mixed-use property

 

2,319

 

 

1,321

 

3,640

 

571,296

 

574,936

One-to-four family ― residential

 

163

 

224

 

7,482

 

7,870

 

269,942

 

277,812

Construction

 

 

 

 

 

59,473

 

59,473

Small Business Administration

 

 

 

952

 

952

 

90,884

 

91,836

Commercial business and other

 

101

 

40

 

1,386

 

1,527

 

1,335,919

 

1,337,446

Total

$

11,978

$

4,457

$

14,433

$

30,869

$

6,607,236

$

6,638,105

Summary of activity in the allowance for loan losses

March 31, 2022

    

    

    

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

$

8,185

$

7,158

$

1,755

$

784

$

186

$

1,209

$

$

17,858

$

37,135

Charge-off's

 

 

 

 

 

 

(1,028)

 

 

(8)

 

(1,036)

Recoveries

 

 

 

 

2

 

 

13

 

12

 

74

 

101

Provision (benefit)

 

376

 

558

 

109

 

(20)

 

82

 

1,643

 

(12)

 

(1,503)

 

1,233

Ending balance

$

8,561

$

7,716

$

1,864

$

766

$

268

$

1,837

$

$

16,421

$

37,433

March 31, 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

$

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

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

Revolving Loans

Revolving Loans

Amortized Cost

converted to

(In thousands)

2022

2021

2020

2019

2018

Prior

Basis

term loans

Total

1-4 Family Residential

Pass

$

7,346

$

8,877

$

20,514

$

44,416

$

30,178

$

111,474

$

8,894

$

14,283

$

245,982

Watch

297

728

2,350

1,026

4,401

Special Mention

219

219

Substandard

1,841

4,895

451

7,187

Total 1-4 Family Residential

$

7,346

$

9,174

$

20,514

$

45,144

$

32,019

$

118,719

$

8,894

$

15,979

$

257,789

1-4 Family Mixed-Use

Pass

$

10,794

$

45,419

$

35,105

$

66,830

$

69,997

$

328,183

$

$

$

556,328

Watch

758

7,063

7,821

Special Mention

1,219

1,219

Substandard

1,303

1,303

Total 1-4 Family Mixed Use

$

10,794

$

45,419

$

35,105

$

67,588

$

69,997

$

337,768

$

$

$

566,671

Commercial Real Estate

Pass

$

46,810

$

187,400

$

160,648

$

239,636

$

259,107

$

775,268

$

$

$

1,668,869

Watch

1,684

9,647

7,853

73,438

92,622

Special Mention

3,620

3,620

Substandard

897

897

Total Commercial Real Estate

$

46,810

$

189,084

$

164,268

$

249,283

$

266,960

$

849,603

$

$

$

1,766,008

Construction

Pass

$

1,996

$

12,906

$

12,223

$

14,801

$

1,974

$

$

12,533

$

$

56,433

Watch

5,704

4,522

10,226

Special Mention

1,603

1,603

Total Construction

$

1,996

$

12,906

$

12,223

$

14,801

$

9,281

$

4,522

$

12,533

$

$

68,262

Multifamily

Pass

$

107,272

$

304,922

$

232,977

$

327,630

$

409,630

$

1,084,307

$

5,855

$

$

2,472,593

Watch

1,118

1,652

(31)

12,115

9,486

151

24,491

Special Mention

965

770

221

1,956

Substandard

2,125

1,891

4,016

Total Multifamily

$

107,272

$

306,040

$

235,594

$

327,599

$

424,640

$

1,095,905

$

6,006

$

$

2,503,056

Commercial Business - Secured by RE

Pass

$

50,856

$

174,564

$

91,713

$

36,144

$

42,371

$

106,014

$

$

$

501,662

Watch

21,653

49,206

18,673

58,213

147,745

Special Mention

2,381

2,381

Substandard

3,577

3,577

Total Commercial Business - Secured by RE

$

50,856

$

174,564

$

113,366

$

87,731

$

61,044

$

167,804

$

$

$

655,365

Commercial Business

Pass

$

60,925

$

123,178

$

47,915

$

58,204

$

66,342

$

57,583

$

209,367

$

$

623,514

Watch

1,579

1,661

22,404

16,739

31,446

4,424

78,253

Special Mention

1,381

35

2,205

34

13,156

16,811

Substandard

4,782

31

2,771

4,488

69

12,141

Doubtful

1,009

1,009

Total Commercial Business

$

60,925

$

124,757

$

55,739

$

80,674

$

88,057

$

93,551

$

228,025

$

$

731,728

Small Business Administration

Pass

$

$

39,326

$

8,112

$

723

$

1,333

$

2,267

$

$

$

51,761

Watch

55

2,557

2,597

5,209

Special Mention

47

47

Substandard

1,228

1,228

Total Small Business Administration

$

$

39,326

$

8,112

$

778

$

3,890

$

6,139

$

$

$

58,245

Other

Pass

$

$

$

$

$

$

58

$

82

$

$

140

Total Other

$

$

$

$

$

$

58

$

82

$

$

140

Total by Loan Type

Total Pass

$

285,999

$

896,592

$

609,207

$

788,384

$

880,932

$

2,465,154

$

236,731

$

14,283

$

6,177,282

Total Watch

4,678

24,966

82,767

63,641

189,115

4,575

1,026

370,768

Total Special Mention

5,966

2,416

4,578

1,521

13,156

219

27,856

Total Substandard

4,782

31

6,737

18,279

69

451

30,349

Total Doubtful

1,009

1,009

Total Loans

$

285,999

$

901,270

$

644,921

$

873,598

$

955,888

$

2,674,069

$

255,540

$

15,979

$

6,607,264

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

Collateral Type

March 31, 2022

December 31, 2021

(In thousands)

Real Estate

Business Assets

Real Estate

Business Assets

Multi-family residential

$

3,654

$

$

2,652

$

Commercial real estate

542

1,158

One-to-four family - mixed-use property

1,052

1,582

One-to-four family - residential

7,052

7,482

Small Business Administration

952

952

Commercial business and other

3,818

1,427

Total

$

12,300

$

4,770

$

12,874

$

2,379

Summary of allowance for off balance sheet

For the three months ended

March 31, 

    

2022

    

2021

    

(In thousands)

Balance at beginning of period

$

1,209

$

1,815

Off-Balance Sheet- Provision (Benefit)

380

(511)

Allowance for Off-Balance Sheet - Credit losses (1)

$

1,589

$

1,304

(1)Included in “Other liabilities” on the Consolidated Statements of Financial Condition.
Performing According to Restructured Terms [Member]  
Notes Tables  
Schedule of recorded investment for loans classified as TDR at amortized cost

March 31, 2022

December 31, 2021

Number

Amortized

Number

Amortized

(Dollars in thousands)

    

of contracts

    

Cost

of contracts

    

Cost

Multi-family residential

 

6

$

1,661

6

$

1,690

Commercial real estate

1

7,572

1

7,572

One-to-four family - mixed-use property (1)

 

5

 

1,603

5

 

1,636

One-to-four family - residential

 

1

 

264

3

 

483

Commercial business and other (1)

 

8

 

4,052

5

 

1,381

Total performing

 

21

$

15,152

20

$

12,762

(1)These loans continue to pay as agreed, however the Company records interest received on a cash basis.