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Loans and Allowance for Credit Losses | 12 Months Ended
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Dec. 31, 2022
Notes to Financial Statements |
Loans and Allowance for Credit Losses | 4. Loans and Allowance for Credit Losses The composition of loans is as follows at December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | (In thousands)
Multi-family residential | ​ | $ | 2,601,384 | ​ | $ | 2,517,026
Commercial real estate | ​ |  | 1,913,040 | ​ |  | 1,775,629
One-to-four family ― mixed-use property | ​ |  | 554,314 | ​ |  | 571,795
One-to-four family ― residential | ​ |  | 241,246 | ​ |  | 276,571
Construction | ​ |  | 70,951 | ​ |  | 59,761
Small Business Administration (1) | ​ |  | 23,275 | ​ |  | 93,811
Commercial business and other | ​ |  | 1,521,548 | ​ |  | 1,339,273
Gross loans | ​ |  | 6,925,758 | ​ |  | 6,633,866
Net unamortized premiums and unearned loan fees | ​ |  | 9,011 | ​ |  | 4,239
Total loans, net of fees and costs | ​ | $ | 6,934,769 | ​ | $ | 6,638,105
| (1) | Includes $5.2 million, and $77.4 million of SBA Payment Protection Program (“SBA PPP”) loans at December 31, 2022, and 2021, respectively.
​ The majority of our loan portfolio is invested in multi-family residential, commercial real estate and commercial business and other loans, which totaled 87.2% and 84.9% of our gross loans at December 31, 2022 and 2021, respectively. Our concentration in these types of loans increases the overall level of credit risk inherent in our loan portfolio. The greater risk associated with these types of loans could require us to increase our allowance and provision for credit losses and to maintain an ACL as a percentage of total loans in excess of the allowance currently maintained. In addition to our loan portfolio, at December 31, 2022, we were servicing $52.1 million of loans for others. Loans secured by multi-family residential property and commercial real estate generally involve a greater degree of risk than residential mortgage loans and generally carry larger loan balances. The increased credit risk is the result of several factors, including the concentration of principal in a smaller number of loans and borrowers, the effects of general economic conditions on income producing properties and the increased difficulty in evaluating and monitoring these types of loans. Furthermore, the repayments of loans secured by these types of properties are typically dependent upon the successful operation of the related property, which is usually owned by a legal entity with the property being the entity’s only asset. If the cash flow from the property is reduced, the borrower’s ability to repay the loan may be impaired. If the borrower defaults, our only remedy may be to foreclose on the property, for which the market value may be less than the balance due on the related mortgage loan. Loans secured by commercial business and other loans involve a greater degree of risk for the same reasons as for multi-family residential and commercial real estate loans with the added risk that many of the loans are not secured by improved properties. To minimize the risks involved in the origination of multi-family residential, commercial real estate and commercial business and other loans, the Company adheres to defined underwriting standards, which include reviewing the expected net operating income generated by the real estate collateral securing the loan, the age and condition of the collateral, the financial resources and income level of the borrower and the borrower’s experience in owning or managing similar properties. We typically require debt service coverage of at least 125% of the monthly loan payment. We generally originate these loans up to a maximum of 75% of the appraised value or the purchase price of the property, whichever is less. Any loan with a final loan-to-value ratio in excess of 75% must be approved by the Bank’s Board of Directors or the Loan Committee as an exception to policy. We generally rely on the income generated by the property as the primary means by which the loan is repaid. However, personal guarantees may be obtained for additional security from these borrowers. Additionally, for commercial business and other loans which are not secured by improved properties, the Bank will secure these loans with business assets, including accounts receivables, inventory and real estate and generally require personal guarantees. The following tables show loans modified and classified as TDR during the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31, 2022 | ​
(Dollars in thousands) |  | Number |  | Balance |  | Modification description |
Small Business Administration | ​ | 1 | ​ | $ | 271 | ​ | Loan amortization extension. | ​
Commercial business and other |  | 5 | ​ | ​ | 8,204 |  | One loan received a below market interest rate and four loans had an amortization extension. |
Total |  | 6 | ​ | $ | 8,475 |  |  |
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31, 2021 | ​
(Dollars in thousands) |  | Number |  | Balance |  | Modification description |
Commercial business and other | ​ | 3 | ​ | $ | 702 | ​ | Loan amortization extension. | ​
Total |  | 3 | ​ | $ | 702 |  |  |
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31, 2020 | ​
(Dollars in thousands) |  | Number |  | Balance |  | Modification description |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Commercial business and other |  | 1 | ​ | $ | 7,583 |  | Loan received a below market interest rate and had an amortization extension. |
One-to-four family - mixed-use property | ​ | 1 | ​ | ​ | 270 | ​ | Loan received a below market interest rate. | ​
Total |  | 2 | ​ | $ | 7,853 |  |  |
​ ​ The recorded investment of the loans modified and classified as TDR, presented in the tables above, were unchanged as there was no principal forgiven in these modifications. 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: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​ | December 31, 2021
​ | ​ | Number | ​ | Amortized | ​ | Number | ​ | Amortized
(Dollars in thousands) |  | of contracts |  | Cost | ​ | of contracts |  | Cost
Multi-family residential |  | 6 | ​ | $ | 1,673 | ​ | 6 | ​ | $ | 1,690
Commercial real estate | ​ | 1 | ​ | ​ | 7,572 | ​ | 1 | ​ | ​ | 7,572
One-to-four family - mixed-use property |  | 4 | ​ |  | 1,222 | ​ | 5 | ​ |  | 1,636
One-to-four family - residential |  | 1 | ​ |  | 253 | ​ | 3 | ​ |  | 483
Small Business Administration | ​ | 1 | ​ | ​ | 242 | ​ | — | ​ | ​ | —
Commercial business and other |  | 3 | ​ |  | 855 | ​ | 5 | ​ |  | 1,381
Total performing |  | 16 | ​ | $ | 11,817 | ​ | 20 | ​ | $ | 12,762
​ The following tables show our recorded investment for loans classified as TDR at amortized cost that are not performing according to their restructured terms at the periods indicated. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022 | ​
​ | ​ | Number | ​ | Amortized | ​
(Dollars in thousands) |  | of contracts |  | Cost | ​
Commercial business and other |  | 2 | ​ | $ | 3,263 | ​
Total troubled debt restructurings that subsequently defaulted |  | 2 | ​ | $ | 3,263 | ​
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020 | ​
​ | ​ | Number | ​ | Amortized | ​
(Dollars in thousands) |  | of contracts |  | Cost | ​
Taxi medallion |  | 11 | ​ | $ | 1,922 | ​
Commercial business and other |  | 1 | ​ |  | 279 | ​
Total troubled debt restructurings that subsequently defaulted |  | 12 | ​ | $ | 2,201 | ​
​ The Company did not have any loans classified as TDR at amortized cost that were not performing according to their restructured terms at December 31, 2021. During the years ended December 31, 2022, 2021 and 2020 there were no defaults of TDR loans within 12 months of their modification date. ​ The following tables show 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 periods shown below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At or for the year ended December 31, 2022
(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 recognized | ​ | ​ | Loans ninety days or more past due and still accruing
Multi-family residential | ​ | $ | 2,652 | ​ | $ | 3,547 | ​ | $ | 3,547 | ​ | $ | — | ​ | $ | —
Commercial real estate | ​ | ​ | 640 | ​ | ​ | 254 | ​ | ​ | 254 | ​ | ​ | — | ​ | ​ | —
One-to-four family - mixed-use property (1) | ​ | ​ | 1,582 | ​ | ​ | 1,045 | ​ | ​ | 1,045 | ​ | ​ | — | ​ | ​ | —
One-to-four family - residential | ​ | ​ | 7,483 | ​ | ​ | 3,953 | ​ | ​ | 3,953 | ​ | ​ | — | ​ | ​ | —
Small Business Administration | ​ | ​ | 952 | ​ | ​ | 950 | ​ | ​ | 950 | ​ | ​ | — | ​ | ​ | —
Construction | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,600
Commercial business and other (1) | ​ | ​ | 1,945 | ​ | ​ | 20,193 | ​ | ​ | 3,291 | ​ | ​ | 171 | ​ | ​ | —
Total | ​ | $ | 15,254 | ​ | $ | 29,942 | ​ | $ | 13,040 | ​ | $ | 171 | ​ | $ | 2,600
| (1) | Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million at December 31, 2022. Commercial business and other contains a non-accrual performing TDR totaling less than $0.1 million at December 31, 2022.
​ ​ ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | At or for the year ended December 31, 2021
(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 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 | ​ | ​ | 7,483 | ​ | ​ | 7,483 | ​ | ​ | 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 | ​ | $ | 15,254 | ​ | $ | 13,614 | ​ | $ | 104 | ​ | $ | —
| (1) | Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million at December 31, 2021. Commercial business and other contains a non-accrual performing TDR totaling less than $0.1 million at December 31, 2021.
| (2) | Taxi Medallion loans were completely charged off during the year ended December 31, 2021.
​ ​ The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the years ended December 31: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020
(In thousands) | ​ | (In thousands)
Interest income that would have been recognized had the loans performed in accordance with their original terms | ​ | $ | 2,309 | ​ | $ | 1,691 | ​ | $ | 1,845
Less: Interest income included in the results of operations | ​ |  | 746 | ​ |  | 620 | ​ |  | 412
Total foregone interest | ​ | $ | 1,563 | ​ | $ | 1,071 | ​ | $ | 1,433
​ The following tables show the aging of the amortized cost basis in past-due loans at the period indicated by class of loan at: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 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 | ​ | $ | 1,475 | ​ | $ | 1,787 | ​ | $ | 3,547 | ​ | $ | 6,809 | ​ | $ | 2,598,363 | ​ | $ | 2,605,172
Commercial real estate | ​ |  | 2,561 | ​ |  | — | ​ |  | 254 | ​ |  | 2,815 | ​ |  | 1,912,083 | ​ |  | 1,914,898
One-to-four family - mixed-use property | ​ |  | 3,721 | ​ |  | — | ​ |  | 797 | ​ |  | 4,518 | ​ |  | 552,777 | ​ |  | 557,295
One-to-four family - residential | ​ |  | 2,734 | ​ |  | — | ​ |  | 3,953 | ​ |  | 6,687 | ​ |  | 235,793 | ​ |  | 242,480
Construction | ​ |  | — | ​ |  | — | ​ |  | 2,600 | ​ |  | 2,600 | ​ |  | 68,224 | ​ |  | 70,824
Small Business Administration | ​ |  | 329 | ​ |  | — | ​ |  | 950 | ​ |  | 1,279 | ​ |  | 21,914 | ​ |  | 23,193
Commercial business and other | ​ |  | 7,636 | ​ |  | 16 | ​ |  | 10,324 | ​ |  | 17,976 | ​ |  | 1,502,931 | ​ |  | 1,520,907
Total | ​ | $ | 18,456 | ​ | $ | 1,803 | ​ | $ | 22,425 | ​ | $ | 42,684 | ​ | $ | 6,892,085 | ​ | $ | 6,934,769
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​ |  | 7,483 | ​ |  | 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 | ​ | $ | 14,434 | ​ | $ | 30,869 | ​ | $ | 6,607,236 | ​ | $ | 6,638,105
​ The following tables show the activity in the allowance for credit losses for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 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-offs | ​ |  | (208) | ​ |  | — | ​ |  | — | ​ |  | (20) | ​ |  | — | ​ |  | (1,053) | ​ |  | — | ​ |  | (2,067) | ​ |  | (3,348)
Recoveries | ​ |  | 77 | ​ |  | — | ​ |  | — | ​ |  | 5 | ​ |  | — | ​ |  | 47 | ​ |  | 447 | ​ |  | 1,237 | ​ |  | 1,813
Provision (benefit) | ​ |  | 1,498 | ​ |  | 1,026 | ​ |  | 120 | ​ |  | 132 | ​ |  | 75 | ​ |  | 1,995 | ​ |  | (447) | ​ |  | 443 | ​ |  | 4,842
Ending balance | ​ | $ | 9,552 | ​ | $ | 8,184 | ​ | $ | 1,875 | ​ | $ | 901 | ​ | $ | 261 | ​ | $ | 2,198 | ​ | $ | — | ​ | $ | 17,471 | ​ | $ | 40,442
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 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-offs | ​ |  | (43) | ​ |  | (64) | ​ |  | (33) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (2,758) | ​ |  | (2,236) | ​ |  | (5,134)
Recoveries | ​ |  | 10 | ​ |  | — | ​ |  | 133 | ​ |  | 157 | ​ |  | — | ​ |  | 34 | ​ |  | 1,457 | ​ |  | 224 | ​ |  | 2,015
Provision (benefit) | ​ |  | 1,661 | ​ |  | (1,105) | ​ |  | (331) | ​ |  | (242) | ​ |  | (311) | ​ |  | (1,076) | ​ |  | 1,301 | ​ |  | (4,796) | ​ |  | (4,899)
Ending balance | ​ | $ | 8,185 | ​ | $ | 7,158 | ​ | $ | 1,755 | ​ | $ | 784 | ​ | $ | 186 | ​ | $ | 1,209 | ​ | $ | — | ​ | $ | 17,858 | ​ | $ | 37,135
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 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 | ​ | $ | 5,391 | ​ | $ | 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
Impact of Day 1 PCD - Empire Acquisition | ​ | ​ | 444 | ​ | ​ | 587 | ​ | ​ | 183 | ​ | ​ | 158 | ​ | ​ | 20 | ​ | ​ | 278 | ​ | ​ | 124 | ​ | ​ | 2,305 | ​ | ​ | 4,099
Charge-off's | ​ |  | — | ​ |  | — | ​ |  | (3) | ​ |  | — | ​ |  | — | ​ |  | (178) | ​ |  | (1,075) | ​ |  | (2,749) | ​ |  | (4,005)
Recoveries | ​ |  | 38 | ​ |  | — | ​ |  | 138 | ​ |  | 12 | ​ |  | — | ​ |  | 70 | ​ |  | — | ​ |  | 108 | ​ |  | 366
Provision (benefit) | ​ |  | 1,334 | ​ |  | 2,141 | ​ |  | (94) | ​ |  | 103 | ​ |  | 315 | ​ |  | 538 | ​ |  | 951 | ​ |  | 17,275 | ​ |  | 22,563
Ending balance | ​ | $ | 6,557 | ​ | $ | 8,327 | ​ | $ | 1,986 | ​ | $ | 869 | ​ | $ | 497 | ​ | $ | 2,251 | ​ | $ | — | ​ | $ | 24,666 | ​ | $ | 45,153
​ In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans”. If a loan does not fall within one of the previous mentioned categories and management believes weakness is evident then we designate the loan as “Watch”, all other loans would be considered “Pass.” Loans that are non-accrual are designated as Substandard, Doubtful, or Loss. These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that may jeopardize the orderly liquidation of the debt. We designate a loan Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as Loss, as loans that are designated as Loss are charged to the Allowance for Credit Losses. We designate a loan as Special Mention if the asset does not warrant classification within one of the other classifications, but contains a potential weakness that deserves closer attention. 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 | ​ | ​ | Revolving Loans | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Amortized Cost | ​ | ​ | converted to | ​ | ​ | ​
(In thousands) | ​ | ​ | 2022 | ​ | ​ | 2021 | ​ | ​ | 2020 | ​ | ​ | 2019 | ​ | ​ | 2018 | ​ | ​ | Prior | ​ | ​ | Basis | ​ | ​ | term loans | ​ | ​ | Total
1-4 Family Residential | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 24,207 | ​ | $ | 8,697 | ​ | $ | 18,657 | ​ | $ | 41,820 | ​ | $ | 24,962 | ​ | $ | 94,270 | ​ | $ | 8,007 | ​ | $ | 13,190 | ​ | $ | 233,810
Watch | ​ | ​ | — | ​ | ​ | 286 | ​ | ​ | — | ​ | ​ | 734 | ​ | ​ | — | ​ | ​ | 2,419 | ​ | ​ | 63 | ​ | ​ | 863 | ​ | ​ | 4,365
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3,861 | ​ | ​ | — | ​ | ​ | 444 | ​ | ​ | 4,305
Total 1-4 Family Residential | ​ | $ | 24,207 | ​ | $ | 8,983 | ​ | $ | 18,657 | ​ | $ | 42,554 | ​ | $ | 24,962 | ​ | $ | 100,550 | ​ | $ | 8,070 | ​ | $ | 14,497 | ​ | $ | 242,480
1-4 Family Mixed-Use | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 44,988 | ​ | $ | 43,157 | ​ | $ | 32,663 | ​ | $ | 63,973 | ​ | $ | 64,904 | ​ | $ | 297,053 | ​ | $ | — | ​ | $ | — | ​ | $ | 546,738
Watch | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 885 | ​ | ​ | 733 | ​ | ​ | — | ​ | ​ | 7,246 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 8,864
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 719 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 719
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 974 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 974
Total 1-4 Family Mixed-Use | ​ | $ | 44,988 | ​ | $ | 43,157 | ​ | $ | 33,548 | ​ | $ | 64,706 | ​ | $ | 64,904 | ​ | $ | 305,992 | ​ | $ | — | ​ | $ | — | ​ | $ | 557,295
Commercial Real Estate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 328,284 | ​ | $ | 181,881 | ​ | $ | 152,526 | ​ | $ | 230,995 | ​ | $ | 240,622 | ​ | $ | 744,503 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,878,811
Watch | ​ | ​ | 1,971 | ​ | ​ | 1,579 | ​ | ​ | — | ​ | ​ | 10,597 | ​ | ​ | 6,801 | ​ | ​ | 10,836 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 31,784
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,041 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,041
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 262 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 262
Total Commercial Real Estate | ​ | $ | 330,255 | ​ | $ | 183,460 | ​ | $ | 152,526 | ​ | $ | 241,592 | ​ | $ | 247,423 | ​ | $ | 759,642 | ​ | $ | — | ​ | $ | — | ​ | $ | 1,914,898
Construction | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 1,984 | ​ | $ | 17,555 | ​ | $ | 14,385 | ​ | $ | — | ​ | ​ | — | ​ | $ | — | ​ | $ | 27,850 | ​ | $ | — | ​ | $ | 61,774
Watch | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,450 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,450
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,600 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,600
Total Construction | ​ | $ | 1,984 | ​ | $ | 17,555 | ​ | $ | 14,385 | ​ | $ | — | ​ | $ | 6,450 | ​ | $ | 2,600 | ​ | $ | 27,850 | ​ | $ | — | ​ | $ | 70,824
Multi-family | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 482,600 | ​ | $ | 287,889 | ​ | $ | 225,106 | ​ | $ | 312,681 | ​ | $ | 393,590 | ​ | $ | 869,566 | ​ | $ | 6,115 | ​ | $ | — | ​ | $ | 2,577,547
Watch | ​ | ​ | 913 | ​ | ​ | — | ​ | ​ | 1,454 | ​ | ​ | — | ​ | ​ | 3,770 | ​ | ​ | 14,439 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20,576
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 446 | ​ | ​ | 2,286 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,732
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,898 | ​ | ​ | 1,419 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,317
Total Multi-family | ​ | $ | 483,513 | ​ | $ | 287,889 | ​ | $ | 226,560 | ​ | $ | 312,681 | ​ | $ | 400,704 | ​ | $ | 887,710 | ​ | $ | 6,115 | ​ | $ | — | ​ | $ | 2,605,172
Commercial Business - Secured by RE | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 182,805 | ​ | $ | 139,748 | ​ | $ | 109,292 | ​ | $ | 40,175 | ​ | $ | 66,436 | ​ | $ | 89,663 | ​ | $ | — | ​ | $ | — | ​ | $ | 628,119
Watch | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 629 | ​ | ​ | 28,217 | ​ | ​ | 421 | ​ | ​ | 55,500 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 84,767
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,208 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 15,208
Substandard | ​ | ​ | 2,853 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 2,853
Total Commercial Business - Secured by RE | ​ | $ | 185,658 | ​ | $ | 139,748 | ​ | $ | 109,921 | ​ | $ | 83,600 | ​ | $ | 66,857 | ​ | $ | 145,163 | ​ | $ | — | ​ | $ | — | ​ | $ | 730,947
Commercial Business | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 172,011 | ​ | $ | 88,081 | ​ | $ | 41,998 | ​ | $ | 41,125 | ​ | $ | 35,555 | ​ | $ | 56,281 | ​ | $ | 265,624 | ​ | $ | — | ​ | $ | 700,675
Watch | ​ | ​ | 2,708 | ​ | ​ | 2,918 | ​ | ​ | — | ​ | ​ | 20,926 | ​ | ​ | 14,420 | ​ | ​ | 17,823 | ​ | ​ | 1,690 | ​ | ​ | — | ​ | ​ | 60,485
Special Mention | ​ | ​ | — | ​ | ​ | 2,445 | ​ | ​ | 4,743 | ​ | ​ | 35 | ​ | ​ | 1,773 | ​ | ​ | 416 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,412
Substandard | ​ | ​ | 91 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 31 | ​ | ​ | 284 | ​ | ​ | 1,782 | ​ | ​ | 7,030 | ​ | ​ | — | ​ | ​ | 9,218
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,042 | ​ | ​ | — | ​ | ​ | 10,042
Total Commercial Business | ​ | $ | 174,810 | ​ | $ | 93,444 | ​ | $ | 46,741 | ​ | $ | 62,117 | ​ | $ | 52,032 | ​ | $ | 76,302 | ​ | $ | 284,386 | ​ | $ | — | ​ | $ | 789,832
Small Business Administration | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 3,352 | ​ | $ | 5,646 | ​ | $ | 4,304 | ​ | $ | 654 | ​ | $ | 1,292 | ​ | $ | 1,766 | ​ | $ | — | ​ | $ | — | ​ | $ | 17,014
Watch | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 51 | ​ | ​ | 2,025 | ​ | ​ | 2,872 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 4,948
Special Mention | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 39 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 39
Substandard | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,192 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,192
Total Small Business Administration | ​ | $ | 3,352 | ​ | $ | 5,646 | ​ | $ | 4,304 | ​ | $ | 705 | ​ | $ | 3,317 | ​ | $ | 5,869 | ​ | $ | — | ​ | $ | — | ​ | $ | 23,193
Other | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 43 | ​ | $ | 85 | ​ | $ | — | ​ | $ | 128
Total Other | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 43 | ​ | $ | 85 | ​ | $ | — | ​ | $ | 128
Total by Loan Type | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Pass | ​ | $ | 1,240,231 | ​ | $ | 772,654 | ​ | $ | 598,931 | ​ | $ | 731,423 | ​ | $ | 827,361 | ​ | $ | 2,153,145 | ​ | $ | 307,681 | ​ | $ | 13,190 | ​ | $ | 6,644,616
Total Watch | ​ | ​ | 5,592 | ​ | ​ | 4,783 | ​ | ​ | 2,968 | ​ | ​ | 61,258 | ​ | ​ | 33,887 | ​ | ​ | 111,135 | ​ | ​ | 1,753 | ​ | ​ | 863 | ​ | ​ | 222,239
Total Special Mention | ​ | ​ | — | ​ | ​ | 2,445 | ​ | ​ | 4,743 | ​ | ​ | 15,243 | ​ | ​ | 2,219 | ​ | ​ | 7,501 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 32,151
Total Substandard | ​ | ​ | 2,944 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 31 | ​ | ​ | 3,182 | ​ | ​ | 12,090 | ​ | ​ | 7,030 | ​ | ​ | 444 | ​ | ​ | 25,721
Total Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,042 | ​ | ​ | — | ​ | ​ | 10,042
Total Loans | ​ | $ | 1,248,767 | ​ | $ | 779,882 | ​ | $ | 606,642 | ​ | $ | 807,955 | ​ | $ | 866,649 | ​ | $ | 2,283,871 | ​ | $ | 326,506 | ​ | $ | 14,497 | ​ | $ | 6,934,769
​ ​ Included within net loans as of December 31, 2022 and 2021, was $5.2 million and $8.7 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction. ​ The following table presents types of collateral-dependent loans by class of loan: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | Collateral Type
​ | ​ | December 31, 2022 | ​ | December 31, 2021
(In thousands) | ​ | ​ | Real Estate | ​ | ​ | Business Assets | ​ | ​ | Real Estate | ​ | ​ | Business Assets
Multi-family residential | ​ | $ | 3,547 | ​ | $ | — | ​ | $ | 2,652 | ​ | $ | —
Commercial real estate | ​ | ​ | 254 | ​ | ​ | — | ​ | ​ | 1,158 | ​ | ​ | —
One-to-four family - mixed-use property | ​ | ​ | 1,045 | ​ | ​ | — | ​ | ​ | 1,582 | ​ | ​ | —
One-to-four family - residential | ​ | ​ | 3,953 | ​ | ​ | — | ​ | ​ | 7,482 | ​ | ​ | —
Small Business Administration | ​ | ​ | — | ​ | ​ | 950 | ​ | ​ | — | ​ | ​ | 952
Commercial business and other | ​ | ​ | 2,853 | ​ | ​ | 17,340 | ​ | ​ | — | ​ | ​ | 1,427
Total | ​ | $ | 11,652 | ​ | $ | 18,290 | ​ | $ | 12,874 | ​ | $ | 2,379
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ ​ ​ Off-Balance Sheet Credit Losses ​ Also included within scope of the CECL standard are off-balance sheet loan commitments, which includes the unfunded portion of committed lines of credit and commitments “in-process”. Commitments “in‐process” reflect loans not on the Company’s books but rather negotiated loan / line of credit terms and rates that the Company has offered to customers and is committed to honoring. In reference to “in‐process” credits, the Company defines an unfunded commitment as a credit that has been offered to and accepted by a borrower, which has not closed and by which the obligation is not unconditionally cancellable. ​ The Company estimates expected credit losses over the contractual period in which the company is exposed to credit risk through a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company. The allowance for credit losses on off-balance sheet exposures is adjusted as a provision for credit loss expense. The Company uses similar assumptions and risk factors that are developed for collectively evaluated financing receivables. This estimates includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments to be funded over its estimated life. ​ At December 31, 2022 and 2021, allowance for off-balance-sheet credit losses was $1.0 million and $1.2 million, respectively, which is included in the “Other liabilities” on the Consolidated Statements of Financial Condition. During the year ended December 31, 2022, 2021 and 2020 the Company has ($0.2) million, ($0.6) million and $1.3 million, respectively, in credit loss (benefit) provision for off-balance-sheet items, which are included in “Other operating expenses” on the Consolidated Statements of Income. ​ ​ The following table presents the activity in the allowance for off balance sheet credit losses: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | December 31,
​ |  | 2022 |  | 2021 |  | 2020
​ | ​ | (In thousands)
Balance at beginning of period | ​ | $ | 1,209 | ​ | $ | 1,815 | ​ | $ | —
Off-Balance Sheet-CECL Adoption | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 553
Off-Balance Sheet- (benefit) provision | ​ | ​ | (239) | ​ | ​ | (606) | ​ | ​ | 1,262
Allowance for Off-Balance Sheet - Credit losses | ​ | $ | 970 | ​ | $ | 1,209 | ​ | $ | 1,815
​

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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