Loans Receivable and Allowance for Loan Losses

12 Months Ended

Dec. 31, 2020

Loans Receivable and Allowance for Loan Losses [Abstract]

Loans Receivable and Allowance for Loan Losses

Note 5 - Loans Receivable and Allowance for Loan Losses

The following table presents the recorded investment in loans receivable at December 31, 2020 and December 31, 2019 by segment and class:



	December 31, 2020		December 31, 2019
		(In Thousands)
Loans:
Residential one-to-four family	$	244,369	$	248,381
Commercial and multi-family		1,690,836		1,606,976
Construction		155,967		104,996
Commercial business⁽¹⁾		184,357		177,642
Home equity⁽²⁾		53,667		64,638
Consumer		822		682
Total Loans		2,330,018		2,203,315
Less:
Deferred loan fees, net		(1,358)		(1,174)
Allowance for loan losses		(33,639)		(23,734)
		(34,997)		(24,908)
Total Loans, net	$	2,295,021	$	2,178,407

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The Company occasionally transfers a portion of its originated commercial loans to participating lending partners. The amounts transferred have been accounted for as sales and are therefore not included in the Company’s accompanying consolidated Statements of Financial Condition. The Company and its lending partners share proportionally in any gains or losses that may result from a borrower’s lack of compliance with contractual terms of the loan. The Company continues to service the loans, collects cash payments from the borrowers, remits payments (net of servicing fees), and disburses required escrow funds to relevant parties.

At December 31, 2020 and 2019, loans serviced by the Bank for the benefit of others totaled approximately $242.6 million and $274.9 million, respectively.

Acquired Loans

The difference between the undiscounted cash flows expected at acquisition and the investment in the acquired loans, or the “accretable yield,” is recognized as interest income utilizing the level-yield method over the life of each loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “non- accretable difference,” are not recognized as a yield adjustment, as a loss accrual or as a valuation allowance. The carrying value of loans acquired in the IAB acquisition and accounted for in accordance with ASC Subtopic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality, was $1.4 million at December 31, 2020 and $3.8 at December 31, 2019. Under ASC Subtopic 310-30, these PCI loans may be aggregated and accounted for as pools of loans if the loans being aggregated have common risk characteristics. The Company elected to account for the loans with evidence of credit deterioration individually rather than aggregate them into pools.

Increases in expected cash flows subsequent to the acquisition are recognized prospectively through an adjustment of the yield on the loans over the remaining life, while decreases in expected cash flows are recognized as impairments through a loss provision and an increase in the allowance for loan losses. Valuation allowances (recognized in the allowance for loan losses) on these impaired loans reflect only losses incurred after the acquisition (representing all cash flows that were expected at acquisition but currently are not expected to be received).

The following table presents the unpaid principal balance and the related recorded investment of all acquired loans included in the Company’s Consolidated Statements of Financial Condition.



	December 31,		December 31,
	2020		2019
	(In Thousands)
Unpaid principal balance	$	179,601	$	226,333
Recorded investment		152,556		192,826

The following table presents changes in the accretable discount on loans acquired with deteriorated credit quality for which the Company applies the provisions of ASC 310-30.



	Years Ended December 31,
	2020		2019
	(In Thousands)
Balance, Beginning of Period	$	1,681	$	2,704
Accretion recorded to interest income		(603)		(1,023)
Balance, End of Period	$	1,078	$	1,681

There were no transfers from non-accretable differences for the periods stated above.

Note 5 - Loans Receivable and Allowance for Loan Losses (continued)

Related-Party Loans

The Bank grants loans to its officers and directors and to their associates. The activity with respect to loans to directors, officers and associates of such persons, is as follows:



		Years Ended December 31,
		2020		2019
		(In Thousands)
Balance – beginning	$	33,771	$	34,394
Loans originated		-		250
Collections of principal		(4,612)		(873)
Change in related party status		-		-
Balance - ending	$	29,159	$	33,771

Allowance for Loan Losses

The allowance for loan loss is evaluated regularly by management and reflects consideration of all significant factors that affect the collectability of the loan portfolio. The Company’s methodology for assessing the adequacy of the allowance for loan losses consists of several key elements. These elements include a general allocated reserve for performing loans, a specific reserve for impaired loans and an unallocated portion.

The Company consistently applies the following comprehensive methodology. During the quarterly review of the allowance for loan losses, the Company considers a variety of qualitative factors that include:

Lending Policies and Procedures

Personnel responsible for the particular portfolio - relative to experience and ability of staff

Trend for past due, criticized and classified loans

Relevant economic factors

Quality of the loan review system

Value of collateral for collateral dependent loans

The effect of any concentrations of credit and the changes in the level of such concentrations

Other external factors

The methodology includes the segregation of the loan portfolio into two divisions of performing loans and loans determined to be impaired. Loans which are performing are evaluated homogeneously by loan class or loan type. The allowance for performing loans is evaluated based on historical loan loss experience with an adjustment for the qualitative factors listed above. Impaired loans can be loans which are more than 90 days delinquent, troubled debt restructured, part of our special residential program, in the process of foreclosure, or a forced bankruptcy plan. These loans are individually evaluated for loan loss either by current appraisal, or net present value of expected cash flows. Management reviews the overall estimate for feasibility and bases the loan loss provision accordingly. During 2020, an additional analysis was performed on three different subsets of the loan portfolio. For the quarters ending June 30, 2020 and September 30, 2020, stress tests were performed on the loans granted payment deferrals under the CARES Act. At December 31, 2020, the same stress tests were performed on non-impaired delinquent loans and non-impaired COVID modification loans. These stress tests supported additional allowance by estimating probable losses for loans specifically challenged in the pandemic environment. The Bank also maintains an unallocated allowance to cover uncertainties that could affect management’s estimate of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio. Management must make estimates using assumptions and information that is often subjective and subject to change.

The methodology includes the segregation of the loan portfolio into two divisions. Loans that are performing and loans that are impaired. Loans which are performing are evaluated by loan class or loan type. The allowance for performing loans is evaluated based on historical loan loss experience with an adjustment for qualitative factors referred to above. Impaired loans are loans which are more than 90 days delinquent, troubled debt restructured, or adversely classified. These loans are individually evaluated for loan loss either by current appraisal, or net present value. Management reviews the overall estimate for feasibility and establishes the loan loss provision accordingly.

The loan portfolio is segmented into the following loan segments, where the risk level for each class is analyzed when determining the allowance for loan losses:

Residential one-to-four family real estate loans involve certain risks such as interest rate risk and risk of non-repayment. Adjustable-rate residential real estate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default. At the same time, the marketability of the underlying properties may be adversely affected by higher interest rates. Repayment risk may be affected by a number of factors including, but not necessarily limited to, job loss, divorce, illness and personal bankruptcy of the borrower.

Commercial and multi-family real estate lending entails additional risks as compared with residential family property lending. Such loans typically involve large loan balances to single borrowers or groups of related borrowers. The payment experience on such loans is typically dependent on the successful operation of the real estate project. The success of such projects is sensitive to changes in supply and demand conditions in the market for commercial real estate as well as economic conditions generally.

Note 5 - Loans Receivable and Allowance for Loan Losses (continued)

Construction lending is generally considered to involve a high risk due to the concentration of principal in a limited number of loans and borrowers and the effects of the general economic conditions on developers and builders. Moreover, a construction loan can involve additional risks because of the inherent difficulty in estimating both a property’s value at completion of the project and the estimated cost (including interest) of the project. The nature of these loans is such that they are generally difficult to evaluate and monitor. In addition, speculative construction loans to a builder are not necessarily pre-sold and thus pose a greater potential risk to the Bank than construction loans to individuals on their personal residence.

Commercial business lending, including lines of credit, is generally considered higher risk due to the concentration of principal in a limited number of loans and borrowers and the effects of general economic conditions on the business. Commercial business loans are primarily secured by inventories and other business assets. In many cases, any repossessed collateral for a defaulted commercial business loans will not provide an adequate source of repayment of the outstanding loan balance.

Home equity lending entails certain risks such as interest rate risk and risk of non-repayment. The marketability of the underlying property may be adversely affected by higher interest rates, decreasing the collateral value securing the loan. Repayment risk can be affected by job loss, divorce, illness and personal bankruptcy of the borrower. Home equity line of credit lending entails securing an equity interest in the borrower’s home. In many cases, the Bank’s position in these loans is as a junior lien holder to another institution’s superior lien. This type of lending is often priced on an adjustable rate basis with the rate set at or above a predefined index. Adjustable-rate loans decrease the interest rate risk to the Bank that is associated with changes in interest rates but involve other risks, primarily because as interest rates rise, the payment by the borrower rises to the extent permitted by the terms of the loan, thereby increasing the potential for default.

Other consumer loans generally have more credit risk because of the type and nature of the collateral and, in certain cases, the absence of collateral. Consumer loans generally have shorter terms and higher interest rates than other lending. In addition, consumer lending collections are dependent on the borrower’s continuing financial stability, and thus are more likely to be adversely affected by job loss, divorce, illness and personal bankruptcy. In many cases, any repossessed collateral for a defaulted consumer loan will not provide an adequate source of repayment of the outstanding loan.

An unallocated component is maintained to cover uncertainties that could affect management’s estimates of probable losses. The unallocated component of the allowance reflects the margin of imprecision inherent in underlying assumptions used in the methodologies for estimating allocated and general reserves in the portfolio.

Note 5- Loans Receivable and Allowance for Loan Losses (continued)

The following tables set forth the activity in the Bank’s allowance for loan losses and recorded investment in loans receivable at December 31, 2020 and December 31, 2019. The table also details the amount of total loans receivable, that are evaluated individually, and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan class (In Thousands):


	Residential			Commercial & Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for credit losses:
Beginning Balance, December 31, 2019	$	2,722	$	15,372	$	1,244	$	3,790	$	333	$	-	$	273	$	23,734

Charge-offs:		4		-		-		-		38		-		-		42
Recoveries:		-		-		-		492		10		4		-		506
Provisions:		575		6,400		733		2,024		(19)		(4)		(268)		9,441

Ending Balance attributable to loans:
Individually evaluated for impairment		416		378		-		3,640		27		-		-		4,461
Collectively evaluated for impairment		2,877		21,394		1,977		2,666		259		-		5		29,178
Ending Balance, December 31, 2020	$	3,293	$	21,772	$	1,977	$	6,306	$	286	$	-	$	5	$	33,639

Loans Receivables:
Individually evaluated for impairment		7,281		61,854		-		12,492		1,574		-		-		83,201
Collectively evaluated for impairment		237,088		1,628,982		155,967		171,865		52,093		822		-		2,246,817
Total Gross Loans	$	244,369	$	1,690,836	$	155,967	$	184,357	$	53,667	$	822		-	$	2,330,018

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.


	Residential			Commercial & Multi-family	Construction		Commercial Business (1)		Home Equity (2)		Consumer		Unallocated		Total
Allowance for credit losses:
Beginning Balance, December 31, 2018	$	2,748	$	14,168	$	1,003	$	3,933	$	316	$	2	$	189	$	22,359

Charge-offs:		66		229		-		448		-		-		-		743
Recoveries:		3		10		-		20		16		-		-		49
Provisions:		37		1,423		241		285		1		(2)		84		2,069

Ending Balance attributable to loans:
Individually evaluated for impairment		380		342		-		2,518		24		-		-		3,264
Collectively evaluated for impairment		2,342		15,030		1,244		1,272		309		-		273		20,470
Ending Balance, December 31, 2019	$	2,722	$	15,372	$	1,244	$	3,790	$	333	$	-	$	273	$	23,734

Loans Receivables:
Individually evaluated for impairment		8,455		13,231		-		3,938		1,288		-		-		26,912
Collectively evaluated for impairment		239,926		1,593,745		104,996		173,704		63,350		682		-		2,176,403
Total Gross Loans	$	248,381	$	1,606,976	$	104,996	$	177,642	$	64,638	$	682		-	$	2,203,315

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 5- Loans Receivable and Allowance for Loan Losses (continued)

The table below sets forth the amounts and types of non-accrual loans in the Bank’s loan portfolio at December 31, 2020 and 2019, respectively. Loans are placed on non-accrual status when they become more than 90 days delinquent, or when the collection of principal and/or interest become doubtful.

As of December 31, 2020, non-accrual loans differed from the amount of total loans past due greater than 90 days due to troubled debt restructuring of loans or loans that were previously 90 days past due both of which are maintained on non-accrual status for a minimum of six months until the borrower has demonstrated their ability to satisfy the terms of the loan. It also included loans that had previously been granted a COVID-19 deferment of payment and after expiration of the deferment period, the borrower has not been able to resume the normally scheduled payments.


	As of ‎December 31, 2020		As of ‎December 31, 2019
	(In Thousands)		(In Thousands)
Non-Accruing Loans:

Originated loans:
Residential one-to-four family	$	1,736	$	881
Commercial and multi-family		8,721		978
Commercial business⁽¹⁾		5,383		1,941
Home equity⁽²⁾		556		360
Total	$	16,396	$	4,160

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Had non-accrual loans been performing in accordance with their original terms, the interest income recognized for the years ended December 31, 2020 and 2019 would have been approximately $1.5 million and $967,000, respectively. Interest income recognized on loans returned to accrual was approximately $710,000 and $1.1 million, respectively. The Bank is not committed to lend additional funds to the borrowers whose loans have been placed on a nonaccrual status. At December 31, 2020 and 2019, there were $333,000 and $795,000, respectively, of loans which were more than ninety days past due and still accruing interest.

Nonaccrual loans in the preceding table do not include loans acquired with deteriorated credit quality of $1.1 million at December 31, 2020, and $3.5 million at December 31, 2019, which were recorded at their fair value at acquisition.

Note 5- Loans Receivable and Allowance for Loan Losses (continued)

The following table summarizes the recorded investment and unpaid principal balances where there is no related allowance on impaired loans for the years ended December 31, 2020 and December 31, 2019. (In Thousands):


		As of December 31, 2020						As of December 31, 2019
		Recorded		Unpaid Principal		Related		Recorded		Unpaid Principal		Related
		Investment		Balance		Allowance		Investment		Balance		Allowance
Loans with no related allowance:
Residential one-to-four family	$	4,084	$	4,660	$	-	$	4,680	$	5,431	$	-
Commercial and multi-family		57,558		58,739		-		11,983		13,095		-
Commercial business⁽¹⁾		5,844		17,687		-		2,158		9,710		-
Home equity⁽²⁾		1,124		1,126		-		826		846		-
Total Impaired Loans with no related allowance recorded:	$	68,610	$	82,212	$	-	$	19,647	$	29,082	$	-

Loans with an allowance recorded:
Residential one-to-four family	$	3,197	$	3,252	$	416	$	3,775	$	3,837	$	380
Commercial and Multi-family		4,296		4,501		378		1,248		1,442		342
Construction		-		-		-		-		-		-
Commercial business⁽¹⁾		6,648		12,511		3,640		1,780		4,526		2,518
Home equity⁽²⁾		450		458		27		462		465		24
Total Impaired Loans with an allowance recorded:	$	14,591	$	20,722	$	4,461	$	7,265	$	10,270	$	3,264

Total Impaired Loans:	$	83,201	$	102,934	$	4,461	$	26,912	$	39,352	$	3,264

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

The following table summarizes the average recorded investment and actual interest income recognized on impaired loans for the years ended December 31, 2020 and December 31, 2019 (In Thousands).


	Years Ended December 31,
		2020		2020		2019		2019
		Average		Interest		Average		Interest
		Recorded		Income		Recorded		Income
		Investment		Recognized		Investment		Recognized
Loans with no related allowance recorded:
Residential one-to-four family	$	4,511	$	159	$	5,374	$	237
Commercial and multi-family		21,871		760		16,680		607
Commercial business⁽¹⁾		4,117		313		2,102		184
Home equity⁽²⁾		1,100		34		946		36
Total Impaired Loans with no allowance recorded:	$	31,599	$	1,266	$	25,102	$	1,064

Loans with an allowance recorded:
Residential one-to-four family	$	3,585	$	83	$	5,395	$	214
Commercial and Multi-family		1,993		76		1,451		36
Commercial business⁽¹⁾		3,477		258		1,127		73
Home equity⁽²⁾		442		12		351		11
Total Impaired Loans with an allowance recorded:	$	9,497	$	429	$	8,324	$	334

Total Impaired Loans:	$	41,096	$	1,695	$	33,426	$	1,398

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

A troubled debt restructured (“TDR”) is a loan that has been modified whereby the Company has agreed to make certain concessions to a borrower to meet the needs of both the borrower and the Company to maximize the ultimate recovery of a loan. A TDR occurs when a borrower is experiencing, or is expected to experience, financial difficulties and the loan is modified using a concession that would otherwise not be granted to the borrower. Pursuant to the CARES Act, a loan that was current at December 31, 2019 and modified due to the COVID-19 pandemic is not considered a TDR. The types of concessions granted generally include, but are not limited to, interest rate reductions, limitations on the accrued interest charged, term extensions, and deferment of principal. All TDRs were considered impaired and therefore were individually evaluated for impairment in the calculation of the allowance for loan losses. Prior to their classification as TDRs, certain of these loans had been collectively evaluated for impairment in the calculation of the allowance for loan losses.

Note 5 - Loans Receivable and Allowance for Loan Losses (continued)



	At December 31, 2020			At December 31, 2019
	(In thousands)
Recorded investment in TDRs:
Accrual status	$	13,760	$	17,030
Non-accrual status		2,303		702
Total recorded investment in TDRs	$	16,063	$	17,732

The following tables summarize information with regard to troubled debt restructurings which occurred during the years ended December 31, 2020 and 2019 (Dollars in Thousands).


Year Ended December 31, 2020		Pre-Modification Outstanding		Post-Modification Outstanding
	Number of ‎Contracts	Recorded Investments		Recorded Investments
Residential one-to-four family	3	$	615	$	580
Commercial business	3		428		387
Home equity	3		162		161
Total	9	$	1,205	$	1,128


		Pre-Modification ‎ Outstanding		Post-Modification ‎ Outstanding
Year Ended December 31, 2019	Number of ‎Contracts	Recorded Investments		Recorded Investments
Residential one-to-four family	1		181		186
Commercial and Multi-family	2		1,022		1,194
Commercial business⁽¹⁾	2		528		567
Home equity⁽²⁾	1		99		130
Consumer	1		100		105
Total	7	$	1,930	$	2,182

Troubled debt restructurings for which there was a payment default within twelve months of restructuring totaled $216,000 for one contract in 2020 and $105,000 for one contract during the year ended December 31, 2019.

The loans included above are considered TDRs as a result of the Company implementing the following concessions: adjusting the interest rate to a below market rate and/or accepting interest only for a period of time or a change in amortization period.

The following table sets forth the delinquency status of total loans receivable at December 31, 2020:


													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Originated loans:
Residential one-to-four family	$	507	$	266	$	664	$	1,437	$	242,932	$	244,369	$	125
Commercial and multi-family		15,910		2,996		1,334		20,240		1,670,596		1,690,836		-
Construction		-		-		-		-		155,967		155,967		-
Commercial business⁽¹⁾		3,889		904		3,354		8,147		176,210		184,357		133
Home equity⁽²⁾		541		12		502		1,055		52,612		53,667		75
Consumer		-		-		-		-		822		822		-

Total	$	20,847	$	4,178	$	5,854	$	30,879	$	2,299,139	$	2,330,018	$	333

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

Note 5 - Loans Receivable and Allowance for Loan Losses (continued)

The following table sets forth the delinquency status of total loans receivable at December 31, 2019:


													Loans Receivable
	30-59 Days		60-90 Days		Greater Than		Total Past				Total Loans		>90 Days
	Past Due		Past Due		90 Days		Due		Current		Receivable		and Accruing
		(In Thousands)
Originated loans:
Residential one-to-four family	$	1,352	$	618	$	330	$	2,300	$	246,081	$	248,381	$	97
Commercial and multi-family		1,608		940		3,747		6,295		1,600,681		1,606,976		556
Construction		-		-		-		-		104,996		104,996		-
Commercial business⁽¹⁾		2,174		278		2,634		5,086		172,556		177,642		142
Home equity⁽²⁾		388		337		116		841		63,797		64,638		-
Consumer		-		-		-		-		682		682		-

Total	$	5,522	$	2,173	$	6,827	$	14,522	$	2,188,793	$	2,203,315	$	795

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.

‎

Note 5 - Loans Receivable and Allowance for Loan Losses (continued)

Criticized and Classified Assets.

The Company’s policies provide for a classification system for problem assets. Under this classification system, problem assets are classified as “substandard,” “doubtful,” or “loss.”

When the Company classifies problem assets, the Company may establish general allowances for loan losses in an amount deemed prudent by management. General allowances represent loss allowances which have been established to recognize the inherent risk associated with lending activities, but which, unlike specific allowances, have not been allocated to particular problem assets. A portion of general loss allowances established to cover possible losses related to assets classified as substandard or doubtful may be included in determining our regulatory capital. Specific valuation allowances for loan losses generally do not qualify as regulatory capital. As of December 31, 2020, the Company had $68.6 million in assets classified as substandard, of which $68.6 million were classified as impaired. As of December 31, 2019, the Company had $13.5 million in assets classified as substandard, of which $13.5 million were classified as impaired. The loans classified as substandard represent primarily commercial loans secured either by residential real estate, commercial real estate or heavy equipment. The loans that have been classified substandard were classified as such primarily due to payment status, because updated financial information has not been timely provided, or the collateral underlying the loan is in the process of being revalued.

The Company’s internal credit risk grades are based on the definitions currently utilized by the banking regulatory agencies. The grades assigned and definitions are as follows, and loans graded excellent, above average, good and watch list (risk ratings 1-5) are treated as “pass” for grading purposes. The “criticized” risk rating (6) and the “classified” risk rating (7-9) are detailed below:

6 – Special Mention- Loans currently performing but with potential weaknesses including adverse trends in borrower’s operations, credit quality, financial strength, or possible collateral deficiency.

7 – Substandard- Loans that are inadequately protected by current sound worth, paying capacity, and collateral support. Loans on “nonaccrual” status. The loan needs special and corrective attention.

8 – Doubtful- Weaknesses in credit quality and collateral support make full collection improbable, but pending reasonable factors remain sufficient to defer the loss status.

9 – Loss- Continuance as a bankable asset is not warranted. However, this does not preclude future attempts at partial recovery.

The following table presents the loan portfolio types summarized by the aggregate pass rating and the classified ratings of special mention, substandard, doubtful, and loss within the Company’s internal risk rating system as of December 31, 2020. (In Thousands):


	Pass		Special Mention		Substandard		Doubtful		Loss		Total
Originated loans:
Residential one-to-four family	$	241,237	$	1,087	$	2,045	$	-	$	-	$	244,369
Commercial and multi-family		1,631,838		2,152		56,846		-		-		1,690,836
Construction		155,967		-		-		-		-		155,967
Commercial business⁽¹⁾		173,833		1,497		9,027		-		-		184,357
Home equity⁽²⁾		53,005		-		662		-		-		53,667
Consumer		822		-		-		-		-		822
Total Gross Loans	$	2,256,702	$	4,736	$	68,580	$	-	$	-	$	2,330,018

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.


	Pass		Special Mention		Substandard		Doubtful		Loss		Total
Originated loans:
Residential one-to-four family	$	245,506	$	1,584	$	1,291	$	-	$	-	$	248,381
Commercial and multi-family		1,593,602		5,119		8,255		-		-		1,606,976
Construction		104,996		-		-		-		-		104,996
Commercial business⁽¹⁾		171,112		3,009		3,521		-		-		177,642
Home equity⁽²⁾		64,222		-		416		-		-		64,638
Consumer		678		4		-		-		-		682
Total Gross Loans	$	2,180,116	$	9,716	$	13,483	$	-	$	-	$	2,203,315

__________

(1) Includes business lines of credit.

(2) Includes home equity lines of credit.