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Loans Receivable and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Schedule of Summarized Loans Receivable

Loans receivable at June 30, 2023 and December 31, 2022 are summarized as follows (in thousands):

						June 30, 2023						December 31, 2022
Mortgage loans:
Commercial						$	4,373,436					4,316,185
Multi-family						1,645,770						1,513,818
Construction						707,234						715,494
Residential						1,166,159						1,177,698
Total mortgage loans						7,892,599						7,723,195
Commercial loans						2,348,447						2,233,670
Consumer loans						301,306						304,780
Total gross loans						10,542,352						10,261,645
Premiums on purchased loans						1,374						1,380
Net deferred fees						(13,195)						(14,142)
Total loans						$	10,530,531					10,248,883

Summary of Aging Loans Receivable by Portfolio Segment and Class

The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands):

						June 30, 2023
						30-59 Days						60-89 Days						Non-accrual						Recorded Investment > 90 days accruing						Total Past Due						Current						Total Loans Receivable						Non-accrual loans with no related allowance
Mortgage loans:
Commercial						$	1,445					1,137						7,279						—						9,861						4,363,575						4,373,436						4,276
Multi-family						3,853						—						2,314						—						6,167						1,639,603						1,645,770						2,314
Construction						—						—						1,874						—						1,874						705,360						707,234						1,874
Residential						1,427						1,171						1,698						—						4,296						1,161,863						1,166,159						1,698
Total mortgage loans						6,725						2,308						13,165						—						22,198						7,870,401						7,892,599						10,162
Commercial loans						3,021						90						31,885						—						34,996						2,313,451						2,348,447						19,504
Consumer loans						957						147						878						—						1,982						299,324						301,306						878
Total gross loans						$	10,703					2,545						45,928						—						59,176						10,483,176						10,542,352						30,544

						December 31, 2022
						30-59 Days						60-89 Days						Non-accrual						Recorded Investment > 90 days accruing						Total Past Due						Current						Total Loans Receivable						Non-accrual loans with no related allowance
Mortgage loans:
Commercial						$	2,300					412						28,212						—						30,924						4,285,261						4,316,185						22,961
Multi-family						790						—						1,565						—						2,355						1,511,463						1,513,818						1,565
Construction						905						1,097						1,878						—						3,880						711,614						715,494						1,878
Residential						1,411						1,114						1,928						—						4,453						1,173,245						1,177,698						1,928
Total mortgage loans						5,406						2,623						33,583						—						41,612						7,681,583						7,723,195						28,332
Commercial loans						964						1,014						24,188						—						26,166						2,207,504						2,233,670						21,156
Consumer loans						885						147						738						—						1,770						303,010						304,780						739
Total gross loans						$	7,255					3,784						58,509						—						69,548						10,192,097						10,261,645						50,227

Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification

The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2023 and 2022 was as follows (in thousands):

Three months ended June 30,						Mortgage loans						Commercial loans						Consumer loans						Total
2023
Balance at beginning of period						$	63,195					27,117						2,446						92,758
Provision charge (benefit) to operations						6,742						3,769						(111)						10,400
Recoveries of loans previously charged-off						3						134						173						310
Loans charged-off						—						(1,313)						(82)						(1,395)
Balance at end of period						$	69,940					29,707						2,426						102,073
2022
Balance at beginning of period						$	50,096					23,799						2,380						76,275
Provision charge (benefit) to operations						5,593						(2,710)						117						3,000
Recoveries of loans previously charged-off						361						443						109						913
Loans charged-off						(986)						(145)						(41)						(1,172)
Balance at end of period						$	55,064					21,387						2,565						79,016

Six months ended June 30,						Mortgage loans						Commercial loans						Consumer loans						Total
2023
Balance at beginning of period						$	58,218					27,413						2,392						88,023
Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02						(510)						(43)						(41)						(594)
Provision charge (benefit) to operations						12,954						3,461						(15)						16,400
Recoveries of loans previously charged-off						6						301						258						565
Loans charged-off						(728)						(1,425)						(168)						(2,321)
Balance at end of period						$	69,940					29,707						2,426						102,073
2022
Balance at beginning of period						$	52,104					26,343						2,293						80,740
Provision charge (benefit) charge to operations						3,599						(7,115)						116						(3,400)
Recoveries of loans previously charged-off						371						2,304						275						2,950
Loans charged-off						(1,010)						(145)						(119)						(1,274)
Balance at end of period						$	55,064					21,387						2,565						79,016

Schedule of Loan Modifications

The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2023 by year of origination (in thousands):

			2023			2022			2021			2020			2019			Prior to 2019			Total Loans
Commercial loans			$	—		—			—			—			—			1,313			1,313
Consumer loans (1)			4			—			—			—			—			3			7
Total gross loans			$	4		—			—			—			—			1,316			1,320

(1) During the three months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $75,000, which is not included in the table above.

The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2023 by year of origination (in thousands):

			2023			2022			2021			2020			2019			Prior to 2019			Total Loans
Mortgage loans:
Commercial			$	—		—			—			—			—			707			707
Residential			—			—			—			—			—			21			21
Total mortgage loans			—			—			—			—			—			728			728
Commercial loans			—			—			—			—			—			1,425			1,425
Consumer loans (1)			9			—			—			—			—			13			22
Total gross loans			$	9		—			—			—			—			2,166			2,175

(1) During the six months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $146,000, which is not included in the table above.

The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands):

			Term Extension			Interest Rate Reduction			Interest Rate Reduction and Term Extension			% of Total Class of Loans and Leases
Commercial loans			$	3,771		—			1,250			0.21		%
Total gross loans			$	3,771		—			1,250			0.05		%

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands):

			Weighted-Average Months of Term Extension			Weight-Average Rate Change
Commercial loans			10			0.28		%
Total gross loans			10			0.28		%

The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands):

			Current			30-59 Days Past Due			60-89 Days Past Due			90 days or more Past Due			Non- Accrual			Total
Commercial loans			$	5,021		—			—			—			—			5,021
Total gross loans			$	5,021		—			—			—			—			5,021

The following table presents the number of loans modified as TDRs during the three and six months ended June 30, 2022, along with their balances immediately prior to the modification date and post-modification as of June 30, 2022 (in thousands):

						For the three and six months ended
						June 30, 2022
Troubled Debt Restructurings						Number of Loans						Pre-Modification Outstanding Recorded  Investment						Post-Modification Outstanding Recorded Investment
Mortgage loans:
Residential						2						$	265					206
Multi Family						1						1,618						1,601
Total mortgage loans						3						1,883						1,807
Commercial loans						2						378						274
Total restructured loans						5						$	2,261					2,081

Summary of Loans Receivable by Credit Quality Risk Rating Indicator

The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of June 30, 2023 and December 31, 2022 (in thousands):

						Gross Loans Held for Investment by Year of Origination at June 30, 2023
						2023						2022						2021						2020						2019						Prior to 2019						Revolving Loans						Revolving loans to term loans						Total Loans
Commercial Mortgage
Special mention						$	—					—						—						2,713						2,346						33,436						485						—						38,980
Substandard						—						—						—						376						—						7,785						434						—						8,595
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						—						3,089						2,346						41,221						919						—						47,575
Pass/Watch						290,713						910,869						670,781						511,239						513,150						1,318,607						96,163						14,339						4,325,861
Total commercial mortgage						$	290,713					910,869						670,781						514,328						515,496						1,359,828						97,082						14,339						4,373,436
Multi-family
Special mention						$	—					—						—						—						—						9,608						—						—						9,608
Substandard						—						—						—						—						—						3,211						—						—						3,211
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						—						—						—						12,819						—						—						12,819
Pass/Watch						132,991						170,856						198,427						279,117						232,748						614,456						3,223						1,133						1,632,951
Total multi-family						$	132,991					170,856						198,427						279,117						232,748						627,275						3,223						1,133						1,645,770
Construction
Special mention						$	—					—						—						—						—						—						—						—						—
Substandard						—						—						—						—						1,097						777						—						—						1,874
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						—						—						1,097						777						—						—						1,874
Pass/Watch						33,795						276,155						266,520						105,078						8,456						13,346												2,010						705,360
Total construction						$	33,795					276,155						266,520						105,078						9,553						14,123						—						2,010						707,234
Residential (1)
Special mention						$	—					—						—						—						—						1,172						—						—						1,172
Substandard						—						—						—						—						—						2,142						—						—						2,142
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						—						—						—						3,314						—						—						3,314
Pass/Watch						42,524						147,449						205,949						205,123						92,537						469,263						—						—						1,162,845
Total residential						$	42,524					147,449						205,949						205,123						92,537						472,577						—						—						1,166,159

						Gross Loans Held for Investment by Year of Origination at June 30, 2023
						2023						2022						2021						2020						2019						Prior to 2019						Revolving Loans						Revolving loans to term loans						Total Loans
Total Mortgage
Special mention						$	—					—						—						2,713						2,346						44,216						485						—						49,760
Substandard						—						—						—						376						1,097						13,915						434						—						15,822
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						—						3,089						3,443						58,131						919						—						65,582
Pass/Watch						500,023						1,505,329						1,341,677						1,100,557						846,891						2,415,672						99,386						17,482						7,827,017
Total Mortgage						$	500,023					1,505,329						1,341,677						1,103,646						850,334						2,473,803						100,305						17,482						7,892,599
Commercial
Special mention						$	—					70						387						577						54						11,490						9,714						—						22,292
Substandard						—						—						14,966						17,133						3,974						14,473						13,837						352						64,735
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						70						15,353						17,710						4,028						25,963						23,551						352						87,027
Pass/Watch						154,852						379,855						308,290						148,648						151,902						552,747						538,651						26,475						2,261,420
Total commercial						$	154,852					379,925						323,643						166,358						155,930						578,710						562,202						26,827						2,348,447
Consumer (1)
Special mention						$	—					—						—						—						—						145						—						2						147
Substandard						—						—						—						—						—						4						709						90						803
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						—						—						—						149						709						92						950
Pass/Watch						14,243						29,064						19,513						3,328						15,341						93,900						112,425						12,542						300,356
Total consumer						$	14,243					29,064						19,513						3,328						15,341						94,049						113,134						12,634						301,306
Total Loans
Special mention						$	—					70						387						3,290						2,400						55,851						10,199						2						72,199
Substandard						—						—						14,966						17,509						5,071						28,392						14,980						442						81,360
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						70						15,353						20,799						7,471						84,243						25,179						444						153,559
Pass/Watch						669,118						1,914,248						1,669,480						1,252,533						1,014,134						3,062,319						750,462						56,499						10,388,793
Total gross loans						$	669,118					1,914,318						1,684,833						1,273,332						1,021,605						3,146,562						775,641						56,943						10,542,352

(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

						Gross Loans Held for Investment by Year of Origination at December 31, 2022
						2022						2021						2020						2019						2018						Prior to 2018						Revolving Loans						Revolving loans to term loans						Total Loans
Commercial Mortgage
Special mention						$	—					—						3,071						26,809						52,509						14,740						—						—						97,129

						Gross Loans Held for Investment by Year of Origination at December 31, 2022
						2022						2021						2020						2019						2018						Prior to 2018						Revolving Loans						Revolving loans to term loans						Total Loans
Substandard						—						—						—						—						18,020						11,774						434						—						30,228
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						3,071						26,809						70,529						26,514						434						—						127,357
Pass/Watch						951,367						630,584						567,448						546,474						218,620						1,164,854						94,716						14,765						4,188,828
Total commercial mortgage						$	951,367					630,584						570,519						573,283						289,149						1,191,368						95,150						14,765						4,316,185
Multi-family
Special mention						$	—					—						—						—						—						9,730						—						—						9,730
Substandard						—						—						—						—						—						2,356						—						—						2,356
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						—						—						—						12,086						—						—						12,086
Pass/Watch						142,550						150,293						282,228						234,953						187,499						502,177						887						1,145						1,501,732
Total multi-family						$	142,550					150,293						282,228						234,953						187,499						514,263						887						1,145						1,513,818
Construction
Special mention						$	—					—						—						—						19,728						905						—						—						20,633
Substandard						—						—						—						2,197						777						—						—						—						2,974
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						—						2,197						20,505						905						—						—						23,607
Pass/Watch						168,674						362,542						103,067						38,639						16,917						62												1,986						691,887
Total construction						$	168,674					362,542						103,067						40,836						37,422						967						—						1,986						715,494
Residential (1)
Special mention						$	—					—						—						—						—						1,114						—						—						1,114
Substandard						—						—						—						—						264						4,417						—						—						4,681
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						—						—						264						5,531						—						—						5,795
Pass/Watch						151,077						212,697						211,445						95,872						58,226						442,586						—						—						1,171,903
Total residential						$	151,077					212,697						211,445						95,872						58,490						448,117						—						—						1,177,698
Total Mortgage
Special mention						$	—					—						3,071						26,809						72,237						26,489						—						—						128,606
Substandard						—						—						—						2,197						19,061						18,547						434						—						40,239
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						3,071						29,006						91,298						45,036						434						—						168,845

						Gross Loans Held for Investment by Year of Origination at December 31, 2022
						2022						2021						2020						2019						2018						Prior to 2018						Revolving Loans						Revolving loans to term loans						Total Loans
Pass/Watch						1,413,668						1,356,116						1,164,188						915,938						481,262						2,109,679						95,603						17,896						7,554,350
Total Mortgage						$	1,413,668					1,356,116						1,167,259						944,944						572,560						2,154,715						96,037						17,896						7,723,195
Commercial
Special mention						$	75					1,148						444						201						10,156						4,379						14,530						140						31,073
Substandard						—						7,605						10,230						4,391						3,561						13,734						7,604						364						47,489
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						75						8,753						10,674						4,592						13,717						18,113						22,134						504						78,562
Pass/Watch						377,662						320,334						162,175						161,150						87,396						522,798						492,717						30,876						2,155,108
Total commercial						$	377,737					329,087						172,849						165,742						101,113						540,911						514,851						31,380						2,233,670
Consumer (1)
Special mention						$	—					—						—						—						—						146						—						—						146
Substandard						—												8						—						109						332						209						—						658
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						—						—						8						—						109						478						209						—						804
Pass/Watch						30,132						20,671						2,909						16,682						16,156						88,173						115,777						13,476						303,976
Total consumer						$	30,132					20,671						2,917						16,682						16,265						88,651						115,986						13,476						304,780
Total Loans
Special mention						$	75					1,148						3,515						27,010						82,393						31,014						14,530						140						159,825
Substandard						—						7,605						10,238						6,588						22,731						32,613						8,247						364						88,386
Doubtful						—						—						—						—						—						—						—						—						—
Loss						—						—						—						—						—						—						—						—						—
Total criticized and classified						75						8,753						13,753						33,598						105,124						63,627						22,777						504						248,211
Pass/Watch						1,821,462						1,697,121						1,329,272						1,093,770						584,814						2,720,650						704,097						62,248						10,013,434
Total gross loans						$	1,821,537					1,705,874						1,343,025						1,127,368						689,938						2,784,277						726,874						62,752						10,261,645

(1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan.

X

- Definition

Tabular disclosure of allowance for credit loss on financing receivable.

+ References

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-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
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- Definition

Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
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- Definition

Tabular disclosure of aging analysis for financing receivable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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- References

No definition available.

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- Definition

Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.

+ References

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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
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- Definition

Tabular disclosure of financing receivable modified for debtor experiencing financial difficulty.

+ References

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