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LOANS HELD FOR INVESTMENT, NET | 12 Months Ended
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Dec. 31, 2021
LOANS HELD FOR INVESTMENT, NET |
LOANS HELD FOR INVESTMENT, NET | 5. LOANS HELD FOR INVESTMENT, NET The following table presents the loan categories for the period ended as indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) |  | December 31, 2021 |  | December 31, 2020
One-to-four family residential and cooperative/condominium apartment | ​ | $ | 669,282 | ​ | $ | 184,989
Multifamily residential and residential mixed-use | ​ |  | 3,356,346 | ​ |  | 2,758,743
Commercial real estate ("CRE") | ​ |  | 3,945,948 | ​ |  | 1,878,167
Acquisition, development, and construction ("ADC") | ​ |  | 322,628 | ​ |  | 156,296
Total real estate loans | ​ |  | 8,294,204 | ​ |  | 4,978,195
C&I | ​ |  | 933,559 | ​ |  | 641,533
Other loans | ​ |  | 16,898 | ​ |  | 2,316
Total | ​ |  | 9,244,661 | ​ |  | 5,622,044
Allowance for credit losses | ​ |  | (83,853) | ​ |  | (41,461)
Loans held for investment, net | ​ | $ | 9,160,808 | ​ | $ | 5,580,583
​ As a result of the Merger, the Company recorded $4.53 billion of loans held for investment on the Merger Date. Included in C&I loans was Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans totaling $66.0 million and $313.4 million at December 31, 2021 and 2020, respectively. SBA PPP loans carry a 100% guarantee from the SBA. The Company may hold an allowance for credit losses as a result of individual loan analysis. In June 2021, the Company sold $596.2 million of SBA PPP loans and recorded a gain of $20.7 million in Gain on sale of SBA loans in the consolidated statements of income. The following tables present data regarding the allowance for credit losses activity for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Real Estate Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | One-to-Four | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Family | ​ | Multifamily | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Residential and | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cooperative/ | ​ | and | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Condominium | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​ | Total Real | ​ | ​ | ​ | ​ | Other | ​ | ​ | ​
(In thousands) | ​ | Apartment |  | Mixed-Use |  | CRE |  | ADC |  | Estate |  | C&I |  | Loans |  | Total
Beginning balance as of January 1, 2019 | ​ | $ | 198 | ​ | $ | 13,446 | ​ | $ | 3,777 | ​ | $ | 397 | ​ | $ | 17,818 | ​ | $ | 3,946 | ​ | $ | 18 | ​ | $ | 21,782
Provision (credit) for credit losses |  | ​ | 86 | ​ |  | (3,233) | ​ |  | 266 | ​ |  | 847 | ​ |  | (2,034) | ​ |  | 19,368 | ​ |  | 6 | ​ |  | 17,340
Charge-offs |  | ​ | (22) | ​ |  | (83) | ​ |  | (145) | ​ |  | — | ​ |  | (250) | ​ |  | (10,447) | ​ |  | (8) | ​ |  | (10,705)
Recoveries |  | ​ | 7 | ​ |  | 12 | ​ |  | 2 | ​ |  | — | ​ |  | 21 | ​ |  | 3 | ​ |  | — | ​ |  | 24
Ending balance as of December 31, 2019 | ​ | $ | 269 | ​ | $ | 10,142 | ​ | $ | 3,900 | ​ | $ | 1,244 | ​ | $ | 15,555 | ​ | $ | 12,870 | ​ | $ | 16 | ​ | $ | 28,441
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Provision for credit losses | ​ |  | 386 | ​ | ​ | 9,934 | ​ | ​ | 5,165 | ​ | ​ | 749 | ​ |  | 16,234 | ​ |  | 9,928 | ​ | ​ | 3 | ​ |  | 26,165
Charge-offs | ​ |  | (11) | ​ | ​ | (3,190) | ​ | ​ | (6) | ​ | ​ | — | ​ |  | (3,207) | ​ |  | (10,095) | ​ | ​ | (7) | ​ |  | (13,309)
Recoveries | ​ |  | — | ​ | ​ | 130 | ​ | ​ | — | ​ | ​ | — | ​ |  | 130 | ​ |  | 34 | ​ | ​ | — | ​ |  | 164
Ending balance as of December 31, 2020 | ​ | $ | 644 | ​ | $ | 17,016 | ​ | $ | 9,059 | ​ | $ | 1,993 | ​ | $ | 28,712 | ​ | $ | 12,737 | ​ | $ | 12 | ​ | $ | 41,461
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Impact of adopting CECL as of January 1, 2021 | ​ |  | 1,048 | ​ | ​ | (8,254) | ​ | ​ | 4,849 | ​ | ​ | 381 | ​ |  | (1,976) | ​ |  | (1,935) | ​ | ​ | (8) | ​ |  | (3,919)
Adjusted beginning balance as of January 1, 2021 | ​ | ​ | 1,692 | ​ | ​ | 8,762 | ​ | ​ | 13,908 | ​ | ​ | 2,374 | ​ | ​ | 26,736 | ​ | ​ | 10,802 | ​ | ​ | 4 | ​ | ​ | 37,542
PCD Day 1 | ​ |  | 2,220 | ​ | ​ | 3,292 | ​ | ​ | 23,124 | ​ | ​ | 117 | ​ |  | 28,753 | ​ |  | 23,374 | ​ | ​ | 157 | ​ |  | 52,284
Provision (credit) for credit losses | ​ |  | 1,975 | ​ | ​ | (3,921) | ​ | ​ | (4,497) | ​ | ​ | 2,366 | ​ |  | (4,077) | ​ |  | 6,016 | ​ | ​ | 1,364 | ​ |  | 3,303
Charge-offs | ​ |  | (20) | ​ | ​ | (391) | ​ | ​ | (3,406) | ​ | ​ | — | ​ |  | (3,817) | ​ |  | (4,984) | ​ | ​ | (777) | ​ |  | (9,578)
Recoveries | ​ |  | 65 | ​ | ​ | 74 | ​ | ​ | 37 | ​ | ​ | — | ​ |  | 176 | ​ |  | 123 | ​ | ​ | 3 | ​ |  | 302
Ending balance as of December 31, 2021 | ​ | $ | 5,932 | ​ | $ | 7,816 | ​ | $ | 29,166 | ​ | $ | 4,857 | ​ | $ | 47,771 | ​ | $ | 35,331 | ​ | $ | 751 | ​ | $ | 83,853
​ The following table presents the amortized cost basis of loans on non-accrual status as of the period indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Non-accrual with | ​ | ​ | Non-accrual with | ​ | ​ | ​
(In thousands) |  | No Allowance |  | Allowance | ​ |  | Reserve
One-to-four family residential and cooperative/condominium apartment | $ | - | ​ | $ | 7,623 | ​ | $ | 1,278
CRE |  | 1,301 | ​ |  | 3,752 | ​ | ​ | 797
C&I | ​ | 348 | ​ | ​ | 26,918 | ​ | ​ | 16,973
Other | ​ | - | ​ | ​ | 365 | ​ | ​ | 361
Total | $ | 1,649 | ​ | $ | 38,658 | ​ | $ | 19,409
​ The Company did not recognize interest income on non-accrual loans during the year ended December 31, 2021. ​ The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method of ASC 326 as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | Real Estate Loans | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | One-to-Four | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Family | ​ | Multifamily | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Residential and | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Cooperative/ | ​ | and | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Condominium | ​ | Residential | ​ | ​ | ​ | ​ | ​ | ​ | Total Real | ​ | ​ | ​ | ​ | Other | ​ | ​ | ​
(In thousands) |  | Apartment |  | Mixed-Use |  | CRE |  | ADC |  | Estate |  | C&I |  | Loans |  | Total
Allowance for loan losses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Individually evaluated for impairment | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 6,474 | ​ | $ | — |  | $ | 6,474
Collectively evaluated for impairment | ​ |  | 644 | ​ |  | 17,016 | ​ |  | 9,059 | ​ |  | 1,993 | ​ |  | 28,712 | ​ |  | 6,263 | ​ |  | 12 |  | ​ | 34,987
Total ending allowance balance | ​ | $ | 644 | ​ | $ | 17,016 | ​ | $ | 9,059 | ​ | $ | 1,993 | ​ | $ | 28,712 | ​ | $ | 12,737 | ​ | $ | 12 |  | $ | 41,461
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  |  | ​ |
Loans: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  |  | ​ |
Individually evaluated for impairment | ​ | $ | — | ​ | $ | 1,863 | ​ | $ | 2,704 | ​ | $ | — | ​ | $ | 4,567 | ​ | $ | 12,502 | ​ | $ | — |  | $ | 17,069
Collectively evaluated for impairment | ​ |  | 184,989 | ​ |  | 2,756,880 | ​ |  | 1,875,463 | ​ |  | 156,296 | ​ |  | 4,973,628 | ​ |  | 629,031 | ​ |  | 2,316 |  | ​ | 5,604,975
Total ending loans balance | ​ | $ | 184,989 | ​ | $ | 2,758,743 | ​ | $ | 1,878,167 | ​ | $ | 156,296 | ​ | $ | 4,978,195 | ​ | $ | 641,533 | ​ | $ | 2,316 |  | $ | 5,622,044
​ Impaired Loans (prior to the adoption of ASC 326) A loan is considered impaired when, based on then current information and events, it is probable that all contractual amounts due will not be collected in accordance with the terms of the loan. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays or shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Bank considers TDRs and all non-accrual loans, except non-accrual one-to-four family loans in less than the Federal National Mortgage Association (“FNMA”) Limits, to be impaired. Non-accrual one-to-four family loans equal to or less than the FNMA Limits, as well as all consumer loans, are considered homogeneous loan pools and are not required to be evaluated individually for impairment unless considered a TDR. Impairment is typically measured using the difference between the outstanding loan principal balance and either: 1) the likely realizable value of a note sale; 2) the fair value of the underlying collateral, net of likely disposal costs, if repayment is expected to come from liquidation of the collateral; or 3) the present value of estimated future cash flows (using the loan’s pre-modification rate for certain performing TDRs). If a TDR is substantially performing in accordance with its restructured terms, management will look to either the potential net liquidation proceeds of the underlying collateral or the present value of the expected cash flows from the debt service in measuring impairment (whichever is deemed most appropriate under the circumstances). If a TDR has re-defaulted, generally the likely realizable net proceeds from either a note sale or the liquidation of the collateral is considered when measuring impairment. Measured impairment is either charged off immediately or, in limited instances, recognized as an allocated reserve within the allowance for loan losses. The following tables summarize impaired loans with no related allowance recorded and with related allowance recorded as of the periods indicated (by collateral type within the real estate loan segment):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | December 31, 2020
​ | ​ | ​ | Unpaid | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Principal | ​ | Recorded | ​ | Related
(In thousands) |  | ​ | Balance |  | Investment(1) |  | Allowance
With no related allowance recorded: | ​ | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
Multifamily residential and residential mixed-use | ​ | ​ | $ | 1,863 | ​ | $ | 1,863 | ​ | $ | —
CRE | ​ | ​ |  | 2,704 | ​ |  | 2,704 | ​ |  | —
Total with no related allowance recorded | ​ | ​ |  | 4,567 | ​ |  | 4,567 | ​ |  | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
With an allowance recorded: | ​ | ​ |  |  | ​ |  |  | ​ |  |
C&I | ​ | ​ |  | 12,502 | ​ |  | 12,502 | ​ |  | 6,474
Total with an allowance recorded | ​ | ​ |  | 12,502 | ​ |  | 12,502 | ​ |  | 6,474
Total | ​ | ​ | $ | 17,069 | ​ | $ | 17,069 | ​ | $ | 6,474
(1) | The recorded investment excludes net deferred costs, due to immateriality.
The following table presents information for impaired loans for the periods indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended | ​ | Year Ended
​ | ​ | December 31, 2020 | ​ | December 31, 2019
​ | ​ | Average | ​ | Interest | ​ | Average | ​ | Interest
​ | ​ | Recorded | ​ | Income | ​ | Recorded | ​ | Income
(In thousands) |  | Investment(1) |  | Recognized(2) |  | Investment(1) |  | Recognized(2)
With no related allowance recorded: | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |
One-to-four family residential, including condominium and cooperative apartment | ​ | $ | 1,179 | ​ | $ | — | ​ | $ | 9 | ​ | $ | 9
Multifamily residential and residential mixed-use | ​ |  | 1,188 | ​ |  | 6 | ​ |  | 415 | ​ |  | 29
CRE | ​ |  | 1,195 | ​ |  | 1 | ​ |  | 3,765 | ​ |  | 244
Total with no related allowance recorded | ​ |  | 3,562 | ​ |  | 7 | ​ |  | 4,189 | ​ |  | 282
​ | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
With an allowance recorded: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
C&I | ​ |  | 10,605 | ​ |  | 1 | ​ |  | 5,125 | ​ |  | 13
Total | ​ | $ | 14,167 | ​ | $ | 8 | ​ | $ | 9,314 | ​ | $ | 295
(1) | The recorded investment excludes net deferred costs, due to immateriality.
(2) | Cash basis interest and interest income recognized on accrual basis approximate each other.
The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Loans 90 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Days or | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30 to 59 | ​ | 60 to 89 | ​ | More Past Due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Days | ​ | Days | ​ | and Still | ​ | ​ | ​ | Total | ​ | ​ | ​ | ​ | Total
(In thousands) |  | Past Due |  | Past Due |  | Accruing Interest |  | Non-accrual |  | Past Due |  | Current |  | Loans
Real estate: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
One-to-four family residential, including condominium and cooperative apartment | ​ | $ | 3,294 | ​ | $ | 877 | ​ | $ | 1,945 | ​ | $ | 7,623 | ​ | $ | 13,739 | ​ | $ | 655,543 | ​ | $ | 669,282
Multifamily residential and residential mixed-use | ​ |  | 30,983 | ​ |  | 3,339 | ​ |  | — | ​ |  | — | ​ |  | 34,322 | ​ |  | 3,322,024 | ​ |  | 3,356,346
CRE | ​ |  | 23,108 | ​ |  | 887 | ​ |  | — | ​ |  | 5,053 | ​ |  | 29,048 | ​ |  | 3,916,900 | ​ |  | 3,945,948
ADC | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 322,628 | ​ |  | 322,628
Total real estate | ​ |  | 57,385 | ​ |  | 5,103 | ​ |  | 1,945 | ​ |  | 12,676 | ​ |  | 77,109 | ​ |  | 8,217,095 | ​ |  | 8,294,204
C&I | ​ |  | 3,753 | ​ |  | 7,040 | ​ |  | 1,056 | ​ |  | 27,266 | ​ |  | 39,115 | ​ |  | 894,444 | ​ |  | 933,559
Other | ​ | ​ | 104 | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | 365 | ​ | ​ | 472 | ​ | ​ | 16,426 | ​ | ​ | 16,898
Total | ​ | $ | 61,242 | ​ | $ | 12,146 | ​ | $ | 3,001 | ​ | $ | 40,307 | ​ | $ | 116,696 | ​ | $ | 9,127,965 | ​ | $ | 9,244,661
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Loans 90 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Days or | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 30 to 59 | ​ | 60 to 89 | ​ | More Past Due | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Days | ​ | Days | ​ | and Still | ​ | ​ | ​ | Total | ​ | ​ | ​ | ​ | Total
(In thousands) |  | Past Due |  | Past Due |  | Accruing Interest |  | Non-accrual |  | Past Due |  | Current |  | Loans
Real estate: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
One-to-four family residential, including condominium and cooperative apartment | ​ | $ | — | ​ | $ | — | ​ | $ | 44 | ​ | $ | 858 | ​ | $ | 902 | ​ | $ | 184,087 | ​ | $ | 184,989
Multifamily residential and residential mixed-use | ​ |  | — | ​ |  | — | ​ |  | 437 | ​ |  | 1,863 | ​ |  | 2,300 | ​ |  | 2,756,443 | ​ |  | 2,758,743
CRE | ​ |  | 15,351 | ​ |  | — | ​ |  | — | ​ |  | 2,704 | ​ |  | 18,055 | ​ |  | 1,860,112 | ​ |  | 1,878,167
ADC | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 156,296 | ​ |  | 156,296
Total real estate | ​ |  | 15,351 | ​ |  | — | ​ |  | 481 | ​ |  | 5,425 | ​ |  | 21,257 | ​ |  | 4,956,938 | ​ |  | 4,978,195
C&I | ​ |  | — | ​ |  | 917 | ​ |  | 2,848 | ​ |  | 12,502 | ​ |  | 16,267 | ​ |  | 625,266 | ​ |  | 641,533
Other | ​ | ​ | 8 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 10 | ​ | ​ | 2,306 | ​ | ​ | 2,316
Total | ​ | $ | 15,359 | ​ | $ | 918 | ​ | $ | 3,329 | ​ | $ | 17,928 | ​ | $ | 37,534 | ​ | $ | 5,584,510 | ​ | $ | 5,622,044
​ Accruing Loans 90 Days or More Past Due: ​ The Company continued accruing interest on loans with an outstanding balance of $3.0 million at December 31, 2021, and loans with an outstanding balance of $3.3 million at December 31, 2020, all of which were 90 days or more past due. These loans were either well secured, awaiting a forbearance extension or formal payment deferral, or will likely be forgiven through the PPP or repurchased by the SBA, and, therefore, remained on accrual status and were deemed performing assets at the dates indicated above. Collateral Dependent Loans: ​ At December 31, 2021, the Company had collateral dependent loans which were individually evaluated to determine expected credit losses. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​
​ | ​ | December 31, 2021
​ | ​ | Real Estate | ​ | Associated Allowance
(In thousands) | ​ | Collateral Dependent | ​ | for Credit Losses
CRE | ​ | $ | 3,837 | ​ | $ | 600
C&I | ​ | ​ | 348 | ​ | ​ | -
Total | ​ | $ | 4,185 | ​ | $ | 600
​ Related Party Loans Certain directors, executive officers, and their related parties, including their immediate families and companies in which they are principal owners, were loan customers of the Bank during 2021. The following table sets forth selected information about related party loans for the year ended December 31, 2021: ​
​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
(In thousands) |  | 2021
Beginning balance | ​ | $ | 1,700
Acquired in Merger | ​ | ​ | 4,217
New loans | ​ | ​ | 1,243
Effect of changes in composition of related parties | ​ | ​ | (239)
Repayments | ​ | ​ | (692)
Balance at end of period | ​ | $ | 6,229
​ TDRs As of December 31, 2021, the Company had TDRs totaling $942 thousand. The Company has allocated $483 thousand of allowance for those loans at December 31, 2021, with no commitments to lend additional amounts. There were no outstanding TDRs at December 31, 2020. During the year ended December 31, 2021, TDR modifications included reduction of outstanding principal, extensions of maturity dates, or favorable interest rates and loan terms than the prevailing market interest rates and loan terms. ​ During the year ended December 31, 2021, the Company modified one CRE loan as a TDR, which subsequently paid off during the year. ​ The following table presents the loans by category modified as TDRs that occurred during the year ended December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Modifications During the Year Ended December 31, 2021
​ | ​ | ​ | ​ | ​ | Pre- | ​ | ​ | Post-
​ | ​ | ​ | ​ | ​ | Modification | ​ | ​ | Modification
​ | ​ | ​ | ​ | ​ | Outstanding | ​ | ​ | Outstanding
​ | ​ | Number of | ​ | ​ | Recorded | ​ | ​ | Recorded
(Dollars in thousands) | ​ | Loans | ​ | ​ | Investment | ​ | ​ | Investment
One-to-four family residential and cooperative/condominium apartment | ​ | 2 | ​ | $ | 467 | ​ | $ | 467
CRE | ​ | 1 | ​ | ​ | 10,000 | ​ | ​ | -
C&I | ​ | 1 | ​ | ​ | 456 | ​ | ​ | 456
Total | ​ | 4 | ​ | $ | 10,923 | ​ | $ | 923
​ There were no loans modified in a manner that met the criteria of a TDR during the year ended December 31, 2020 or 2019. As of December 31, 2020 and 2019, the Bank had no loan commitments to borrowers with outstanding TDRs. There were no TDR charge-offs during the year ended December 31, 2021. TDRs did not have a material impact to the allowance for credit losses. There were no TDRs that subsequently defaulted. ​ Loan payment deferrals due to COVID-19 Consistent with regulatory guidance to work with borrowers during the unprecedented situation caused by the COVID-19 pandemic and as outlined in the CARES Act, the Company established a formal payment deferral program in April 2020 for borrowers that had been adversely affected by the pandemic. As of December 31, 2021, the Company had seven loans, representing outstanding loan balances of $5.7 million, that were deferring full principal and interest (“P&I” deferrals). The table below presents the full P&I deferrals as of December 31, 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021 | ​
​ | ​ | Number | ​ | ​ | ​ |  | ​ | ​
​ |  | of Loans |  | Balance |  | % of Portfolio | ​
(Dollars in thousands) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
One-to-four family residential and cooperative/condominium apartment |  | 5 | ​ | $ | 1,922 | ​ | 0.3 | %
CRE |  | 1 | ​ |  | 3,487 | ​ | 0.1 | ​
C&I | ​ | 1 | ​ | ​ | 251 | ​ | - | ​
Total |  | 7 | ​ | $ | 5,660 | ​ | 0.1 | %
​ Pursuant to guidance under Section 4013 of the CARES Act, a qualified loan modification, such as a payment deferral, is exempt from classification as a TDR as defined by GAAP. This applies if the loan was current as of December 31, 2019 and the modifications are related to arrangements that defer or delay the payment of principal or interest, or change the interest rate of the loan. This guidance was expected to expire on December 31, 2020. The 2021 Consolidated Appropriations Act, which was signed into law December of 2020, extended the exemption for TDR classification. This provision expired on January 1, 2022 and, therefore, the Company will not have additional loans modified under this exemption going forward. Risk-ratings on COVID-19 loan deferrals are evaluated on an ongoing basis. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit structure, loan documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying them as to credit risk. The Company uses the following definitions for risk ratings: ​ Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank’s credit position at some future date. Substandard. Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful. Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of then existing facts, conditions, and values, highly questionable and improbable. The following is a summary of the credit risk profile of loans by internally assigned grade as of the periods indicated, the years represent the year of origination for non-revolving loans: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2021
(In thousands) | ​ | 2021 | ​ | 2020 | ​ | 2019 | ​ | 2018 | ​ | 2017 | ​ | 2016 and Prior | ​ | Revolving | ​ | Revolving-Term | ​ | Total
One-to-four family residential, and condominium/cooperative apartment: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | $ | 129,679 | ​ | $ | 86,028 | ​ | $ | 80,195 | ​ | $ | 75,354 | ​ | $ | 77,829 | ​ | $ | 129,276 | ​ | $ | 49,878 | ​ | $ | 12,537 | ​ | $ | 640,776
Special mention | ​ | ​ | — | ​ | ​ | 1,124 | ​ | ​ | 335 | ​ | ​ | 752 | ​ | ​ | 334 | ​ | ​ | 2,158 | ​ | ​ | 846 | ​ | ​ | 747 | ​ | ​ | 6,296
Substandard | ​ | ​ | — | ​ | ​ | 1,944 | ​ | ​ | 2,038 | ​ | ​ | 597 | ​ | ​ | 2,202 | ​ | ​ | 14,512 | ​ | ​ | — | ​ | ​ | 894 | ​ | ​ | 22,187
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 23 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 23
Total one-to-four family residential, and condominium/cooperative apartment | ​ | ​ | 129,679 | ​ | ​ | 89,096 | ​ | ​ | 82,568 | ​ | ​ | 76,726 | ​ | ​ | 80,365 | ​ | ​ | 145,946 | ​ | ​ | 50,724 | ​ | ​ | 14,178 | ​ | ​ | 669,282
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Multifamily residential and residential mixed-use: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | ​ | 590,462 | ​ | ​ | 341,206 | ​ | ​ | 455,277 | ​ | ​ | 151,226 | ​ | ​ | 332,749 | ​ | ​ | 1,145,609 | ​ | ​ | 12,277 | ​ | ​ | 825 | ​ | ​ | 3,029,631
Special mention | ​ | ​ | — | ​ | ​ | 11,040 | ​ | ​ | 14,486 | ​ | ​ | — | ​ | ​ | 11,817 | ​ | ​ | 26,252 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 63,595
Substandard | ​ | ​ | — | ​ | ​ | 1,501 | ​ | ​ | 35,326 | ​ | ​ | 32,390 | ​ | ​ | 54,238 | ​ | ​ | 137,387 | ​ | ​ | 2,278 | ​ | ​ | — | ​ | ​ | 263,120
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total multifamily residential and residential mixed-use | ​ | ​ | 590,462 | ​ | ​ | 353,747 | ​ | ​ | 505,089 | ​ | ​ | 183,616 | ​ | ​ | 398,804 | ​ | ​ | 1,309,248 | ​ | ​ | 14,555 | ​ | ​ | 825 | ​ | ​ | 3,356,346
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
CRE: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | ​ | 872,049 | ​ | ​ | 848,694 | ​ | ​ | 529,182 | ​ | ​ | 306,360 | ​ | ​ | 298,904 | ​ | ​ | 815,238 | ​ | ​ | 43,183 | ​ | ​ | 6,188 | ​ | ​ | 3,719,798
Special mention | ​ | ​ | 6,003 | ​ | ​ | 1,024 | ​ | ​ | 39,305 | ​ | ​ | 18,983 | ​ | ​ | 11,039 | ​ | ​ | 17,438 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 93,792
Substandard | ​ | ​ | 4,431 | ​ | ​ | 1,732 | ​ | ​ | 7,082 | ​ | ​ | 45,496 | ​ | ​ | 31,747 | ​ | ​ | 41,763 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 132,251
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 106 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 106
Total CRE | ​ | ​ | 882,483 | ​ | ​ | 851,450 | ​ | ​ | 575,675 | ​ | ​ | 370,839 | ​ | ​ | 341,690 | ​ | ​ | 874,439 | ​ | ​ | 43,183 | ​ | ​ | 6,188 | ​ | ​ | 3,945,947
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
ADC: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | ​ | 142,123 | ​ | ​ | 76,259 | ​ | ​ | 56,885 | ​ | ​ | 23,456 | ​ | ​ | 6,809 | ​ | ​ | 774 | ​ | ​ | 1,066 | ​ | ​ | 588 | ​ | ​ | 307,960
Special mention | ​ | ​ | — | ​ | ​ | 1,078 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,078
Substandard | ​ | ​ | — | ​ | ​ | 90 | ​ | ​ | — | ​ | ​ | 13,500 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 13,590
Doubtful | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Total ADC | ​ | ​ | 142,123 | ​ | ​ | 77,427 | ​ | ​ | 56,885 | ​ | ​ | 36,956 | ​ | ​ | 6,809 | ​ | ​ | 774 | ​ | ​ | 1,066 | ​ | ​ | 588 | ​ | ​ | 322,628
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
C&I: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | ​ | 93,802 | ​ | ​ | 121,291 | ​ | ​ | 53,116 | ​ | ​ | 49,634 | ​ | ​ | 36,238 | ​ | ​ | 23,615 | ​ | ​ | 446,134 | ​ | ​ | 9,764 | ​ | ​ | 833,594
Special mention | ​ | ​ | — | ​ | ​ | 1,625 | ​ | ​ | 239 | ​ | ​ | 2,191 | ​ | ​ | 585 | ​ | ​ | 52 | ​ | ​ | 3,225 | ​ | ​ | 1,286 | ​ | ​ | 9,203
Substandard | ​ | ​ | 402 | ​ | ​ | 5,744 | ​ | ​ | 5,789 | ​ | ​ | 6,011 | ​ | ​ | 2,832 | ​ | ​ | 2,844 | ​ | ​ | 28,545 | ​ | ​ | 13,597 | ​ | ​ | 65,764
Doubtful | ​ | ​ | 550 | ​ | ​ | 1,621 | ​ | ​ | 9,968 | ​ | ​ | 752 | ​ | ​ | 11,107 | ​ | ​ | — | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 24,998
Total C&I | ​ | ​ | 94,754 | ​ | ​ | 130,281 | ​ | ​ | 69,112 | ​ | ​ | 58,588 | ​ | ​ | 50,762 | ​ | ​ | 26,511 | ​ | ​ | 478,904 | ​ | ​ | 24,647 | ​ | ​ | 933,559
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pass | ​ | ​ | 1,828,115 | ​ | ​ | 1,473,478 | ​ | ​ | 1,174,655 | ​ | ​ | 606,030 | ​ | ​ | 752,529 | ​ | ​ | 2,114,512 | ​ | ​ | 552,538 | ​ | ​ | 29,902 | ​ | ​ | 8,531,759
Special mention | ​ | ​ | 6,003 | ​ | ​ | 15,891 | ​ | ​ | 54,365 | ​ | ​ | 21,926 | ​ | ​ | 23,775 | ​ | ​ | 45,900 | ​ | ​ | 4,071 | ​ | ​ | 2,033 | ​ | ​ | 173,964
Substandard | ​ | ​ | 4,833 | ​ | ​ | 11,011 | ​ | ​ | 50,235 | ​ | ​ | 97,994 | ​ | ​ | 91,019 | ​ | ​ | 196,506 | ​ | ​ | 30,823 | ​ | ​ | 14,491 | ​ | ​ | 496,912
Doubtful | ​ | ​ | 550 | ​ | ​ | 1,621 | ​ | ​ | 10,074 | ​ | ​ | 775 | ​ | ​ | 11,107 | ​ | ​ | — | ​ | ​ | 1,000 | ​ | ​ | — | ​ | ​ | 25,127
Total Loans | ​ | $ | 1,839,501 | ​ | $ | 1,502,001 | ​ | $ | 1,289,329 | ​ | $ | 726,725 | ​ | $ | 878,430 | ​ | $ | 2,356,918 | ​ | $ | 588,432 | ​ | $ | 46,426 | ​ | $ | 9,227,762
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2020
​ | ​ | ​ | ​ | ​ | Special | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) |  | Pass |  | Mention |  | Substandard |  | Doubtful |  | Total
Real Estate: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
One-to-four family residential and condominium/cooperative apartment | ​ | $ | 183,293 | ​ | $ | — | ​ | $ | 1,696 | ​ | $ | — | ​ | $ | 184,989
Multifamily residential and residential mixed-use | ​ |  | 2,523,258 | ​ |  | 56,400 | ​ |  | 179,085 | ​ |  | — | ​ |  | 2,758,743
CRE | ​ |  | 1,831,712 | ​ |  | 13,861 | ​ |  | 32,594 | ​ |  | — | ​ |  | 1,878,167
ADC | ​ |  | 142,796 | ​ |  | 13,500 | ​ |  | — | ​ |  | — | ​ |  | 156,296
Total real estate | ​ |  | 4,681,059 | ​ |  | 83,761 | ​ |  | 213,375 | ​ |  | — | ​ |  | 4,978,195
C&I | ​ |  | 613,691 | ​ |  | 2,131 | ​ |  | 13,315 | ​ |  | 12,396 | ​ |  | 641,533
Total Real Estate and C&I | ​ | $ | 5,294,750 | ​ | $ | 85,892 | ​ | $ | 226,690 | ​ | $ | 12,396 | ​ | $ | 5,619,728
​ For other loans, the Company evaluates credit quality based on payment activity. Other loans that are 90 days or more past due are placed on non-accrual status, while all remaining other loans are classified and evaluated as performing. The following is a summary of the credit risk profile of other loans by internally assigned grade: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(In thousands) |  | December 31, 2021 |  | December 31, 2020
Performing | ​ | $ | 16,533 | ​ | $ | 2,315
Non-accrual | ​ |  | 365 | ​ |  | 1
Total | ​ | $ | 16,898 | ​ | $ | 2,316
​

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