Loans Receivable and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Summarized Loans Receivable

Loans receivable as of March 31, 2024 and December 31, 2023 are summarized as follows (in thousands):

	March 31, 2024		December 31, 2023
Mortgage loans:
Commercial	$	4,353,799	4,512,411
Multi-family	1,825,888		1,812,500
Construction	711,417		653,246
Residential	1,152,185		1,164,956
Total mortgage loans	8,043,289		8,143,113
Commercial loans	2,514,550		2,442,406
Consumer loans	295,125		299,164
Total gross loans	10,852,964		10,884,683
Premiums on purchased loans	1,439		1,474
Net deferred fees	(11,696)		(12,456)
Total loans	$	10,842,707	10,873,701

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):

	March 31, 2024
	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	$	5,052	1,148	5,938	—	12,138	4,341,661	4,353,799	5,938
Multi-family	12,069		—	2,355	—	14,424	1,811,464	1,825,888	2,355
Construction	—		—	—	—	—	711,417	711,417	—
Residential	3,568		804	1,647	—	6,019	1,146,166	1,152,185	1,647
Total mortgage loans	20,689		1,952	9,940	—	32,581	8,010,708	8,043,289	9,940
Commercial loans	4,493		332	36,892	—	41,717	2,472,833	2,514,550	25,989
Consumer loans	803		755	760	—	2,318	292,807	295,125	760
Total gross loans	$	25,985	3,039	47,592	—	76,616	10,776,348	10,852,964	36,689

	December 31, 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	$	825	—	5,151	—	5,976	4,506,435	4,512,411	5,151
Multi-family	3,815		1,635	744	—	6,194	1,806,306	1,812,500	744
Construction	—		—	771	—	771	652,475	653,246	771
Residential	3,429		1,208	853	—	5,490	1,159,466	1,164,956	853
Total mortgage loans	8,069		2,843	7,519	—	18,431	8,124,682	8,143,113	7,519
Commercial loans	998		198	41,487	—	42,683	2,399,723	2,442,406	36,281
Consumer loans	875		275	633	—	1,783	297,381	299,164	633
Total gross loans	$	9,942	3,316	49,639	—	62,897	10,821,786	10,884,683	44,433

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 months ended March 31, 2024 and 2023 was as follows (in thousands):

Three months ended March 31,	Mortgage loans		Commercial loans	Consumer loans	Total
2024
Balance at beginning of period	$	73,407	31,475	2,318	107,200
Provision charge (benefit) to operations	(7,580)		7,924	(144)	200
Recoveries of loans previously charged-off	63		687	145	895
Loans charged-off	—		(1,794)	(72)	(1,866)
Balance at end of period	$	65,890	38,292	2,247	106,429
2023
Balance at beginning of period	$	58,218	27,413	2,392	88,023
Cumulative effect of adopting ASU 2022-02	(510)		(43)	(41)	(594)
Provision charge to operations	6,212		(308)	96	6,000
Recoveries of loans previously charged-off	3		168	85	256
Loans charged-off	(728)		(113)	(86)	(927)
Balance at end of period	$	63,195	27,117	2,446	92,758

Schedule of Loan Modifications

The following table summarizes the Company's gross charge-offs recorded during the three months ended March 31, 2024 by year of origination (in thousands):

	2024		2023	2022	2021	2020	Prior to 2020	Total Loans
Commercial loans	$	—	—	—	—	1,606	188	1,794
Consumer loans (1)	6		—	—	—	—	1	7
Total gross loans	$	6	—	—	—	1,606	189	1,801

(1) During the three months ended March 31, 2024, charge-offs on consumer overdraft accounts totaled $65,000, which are not included in the table above.

The following illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02:

Loan Classes	Modification types
Commercial	Term extension, interest rate reductions, payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or otherwise delay payments during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term.
Residential Mortgage/ Home Equity	Forbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term, as well as term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement.
Direct Installment	Term extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement.

The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024 (in thousands):

	For the three months ended March 31, 2024
	Term Extension		Interest Rate Increase	Interest Rate Reduction and Term Extension	% of Total Class of Loans and Leases
Commercial loans	$	—	7,187	—	0.29	%
Total gross loans	$	—	7,187	—	0.07	%

The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024 (in thousands):

	Weighted-Average Months of Term Extension	Weighted-Average Rate Increase
Commercial loans	0	2.00	%
Total gross loans	0	2.00	%

The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2024 (in thousands):

	Current		30-59 Days Past Due	60-89 Days Past Due	90 days or more Past Due	Non- Accrual	Total
Commercial loans	$	7,187	—	—	—	—	7,187
Total gross loans	$	7,187	—	—	—	—	7,187

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 March 31, 2024 and December 31, 2023 (in thousands):

	Gross Loans Held for Investment by Year of Origination as of March 31, 2024
	2024		2023	2022	2021	2020	Prior to 2020	Revolving Loans	Revolving loans to term loans	Total Loans
Commercial Mortgage
Special mention	$	—	—	10,807	3,027	27,854	10,185	—	—	51,873
Substandard	—		—	—	—	—	12,917	434	—	13,351
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	10,807	3,027	27,854	23,102	434	—	65,224
Pass/Watch	82,138		467,001	871,658	714,153	440,477	1,614,950	85,869	12,329	4,288,575
Total Commercial Mortgage	$	82,138	467,001	882,465	717,180	468,331	1,638,052	86,303	12,329	4,353,799
Multi-family
Special mention	$	—	—			—	7,672	—	—	7,672
Substandard	—		1,630	—	—	—	726	—	—	2,356
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—

	Gross Loans Held for Investment by Year of Origination as of March 31, 2024
	2024		2023	2022	2021	2020	Prior to 2020	Revolving Loans	Revolving loans to term loans	Total Loans
Total criticized and classified	—		1,630	—	—	—	8,398	—	—	10,028
Pass/Watch	38,438		268,370	171,591	237,488	290,644	802,436	5,299	1,594	1,815,860
Total Multi-Family	$	38,438	270,000	171,591	237,488	290,644	810,834	5,299	1,594	1,825,888
Construction
Special mention	$	—	—	—	—	—	—	—	—	—
Substandard	—		—	—	—	—	—	—	—	—
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	—	—	—	—	—	—
Pass/Watch	9,304		70,036	359,176	189,056	68,915	14,930		—	711,417
Total Construction	$	9,304	70,036	359,176	189,056	68,915	14,930	—	—	711,417
Residential (1)
Special mention	$	—	—	—	—	—	804	—	—	804
Substandard	—		—	—	—	—	1,647	—	—	1,647
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	—	—	2,451	—	—	2,451
Pass/Watch	9,893		95,128	139,459	197,548	192,575	515,131	—	—	1,149,734
Total Residential	$	9,893	95,128	139,459	197,548	192,575	517,582	—	—	1,152,185
Total Mortgage
Special mention	$	—	—	10,807	3,027	27,854	18,661	—	—	60,349
Substandard	—		1,630	—	—	—	15,290	434	—	17,354
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		1,630	10,807	3,027	27,854	33,951	434	—	77,703
Pass/Watch	139,773		900,535	1,541,884	1,338,245	992,611	2,947,447	91,168	13,923	7,965,586
Total Mortgage	$	139,773	902,165	1,552,691	1,341,272	1,020,465	2,981,398	91,602	13,923	8,043,289
Commercial
Special mention	$	—	—	19,412	2,029	1,323	28,836	12,208	1,810	65,618
Substandard	440		183	16,153	20,520	11,123	13,125	19,402	496	81,442
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	440		183	35,565	22,549	12,446	41,961	31,610	2,306	147,060
Pass/Watch	97,203		304,171	328,052	258,014	160,269	627,503	506,347	85,931	2,367,490
Total Commercial	$	97,643	304,354	363,617	280,563	172,715	669,464	537,957	88,237	2,514,550
Consumer (1)
Special mention	$	—	—	—	—	—	50	662	43	755
Substandard	—		—	—	—	—	282	388	90	760
Doubtful	—		—	—	—	—	—	—	—	—

	Gross Loans Held for Investment by Year of Origination as of March 31, 2024
	2024		2023	2022	2021	2020	Prior to 2020	Revolving Loans	Revolving loans to term loans	Total Loans
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	—	—	332	1,050	133	1,515
Pass/Watch	3,566		27,452	25,786	17,943	3,397	95,074	107,303	13,089	293,610
Total Consumer	$	3,566	27,452	25,786	17,943	3,397	95,406	108,353	13,222	295,125
Total Loans
Special mention	$	—	—	30,219	5,056	29,177	47,547	12,870	1,853	126,722
Substandard	440		1,813	16,153	20,520	11,123	28,697	20,224	586	99,556
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	440		1,813	46,372	25,576	40,300	76,244	33,094	2,439	226,278
Pass/Watch	240,542		1,232,158	1,895,722	1,614,202	1,156,277	3,670,024	704,818	112,943	10,626,686
Total Gross Loans	$	240,982	1,233,971	1,942,094	1,639,778	1,196,577	3,746,268	737,912	115,382	10,852,964

(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 as of December 31, 2023
	2023		2022	2021	2020	2019	Prior to 2019	Revolving Loans	Revolving loans to term loans	Total Loans
Commercial Mortgage
Special mention	$	—	10,926	3,048	28,511	10,558	24,598	4,500	—	82,141
Substandard	482		—	—	—	—	9,599	434	—	10,515
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	482		10,926	3,048	28,511	10,558	34,197	4,934	—	92,656
Pass/Watch	628,709		883,149	677,464	470,257	470,971	1,166,205	90,760	32,240	4,419,755
Total Commercial Mortgage	$	629,191	894,075	680,512	498,768	481,529	1,200,402	95,694	32,240	4,512,411
Multi-family
Special mention	$	—	—	—	—	—	9,500	—	—	9,500
Substandard	3,253		—	—	—	—	—	—	—	3,253
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	3,253		—	—	—	—	9,500	—	—	12,753
Pass/Watch	340,842		172,244	184,136	271,878	230,456	592,470	6,115	1,606	1,799,747
Total Multi-Family	$	344,095	172,244	184,136	271,878	230,456	601,970	6,115	1,606	1,812,500
Construction

	Gross Loans Held for Investment by Year of Origination as of December 31, 2023
	2023		2022	2021	2020	2019	Prior to 2019	Revolving Loans	Revolving loans to term loans	Total Loans
Special mention	$	—	—	—	—	—	—	—	—	—
Substandard	—		—	—	—	—	771	—	—	771
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	—	—	771	—	—	771
Pass/Watch	41,209		342,890	185,034	68,603	1,339	13,400	—	—	652,475
Total Construction	$	41,209	342,890	185,034	68,603	1,339	14,171	—	—	653,246
Residential (1)
Special mention	$	—	—	—	—	—	1,208	—	—	1,208
Substandard	—		—	—	—	—	1,285	—	—	1,285
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	—	—	2,493	—	—	2,493
Pass/Watch	96,259		141,683	200,111	195,964	89,654	438,792	—	—	1,162,463
Total Residential	$	96,259	141,683	200,111	195,964	89,654	441,285	—	—	1,164,956
Total Mortgage
Special mention	$	—	10,926	3,048	28,511	10,558	35,306	4,500	—	92,849
Substandard	3,735		—	—	—	—	11,655	434	—	15,824
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	3,735		10,926	3,048	28,511	10,558	46,961	4,934	—	108,673
Pass/Watch	1,107,019		1,539,966	1,246,745	1,006,702	792,420	2,210,867	96,875	33,846	8,034,440
Total Mortgage	$	1,110,754	1,550,892	1,249,793	1,035,213	802,978	2,257,828	101,809	33,846	8,143,113
Commercial
Special mention	$	450	17,008	9,338	2,409	152	22,752	23,333	687	76,129
Substandard	686		—	20,262	9,235	2,034	11,313	10,736	508	54,774
Doubtful	7,011		—	—	—	—	—	—	—	7,011
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	8,147		17,008	29,600	11,644	2,186	34,065	34,069	1,195	137,914
Pass/Watch	358,578		316,015	318,416	131,647	143,677	493,191	471,962	71,006	2,304,492
Total Commercial	$	366,725	333,023	348,016	143,291	145,863	527,256	506,031	72,201	2,442,406
Consumer (1)
Special mention	$	—	—	—	—	—	97	178	—	275
Substandard	—		—	—	—	9	146	389	90	634
Doubtful	—		—	—	—	—	—	—	—	—
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	—		—	—	—	9	243	567	90	909

	Gross Loans Held for Investment by Year of Origination as of December 31, 2023
	2023		2022	2021	2020	2019	Prior to 2019	Revolving Loans	Revolving loans to term loans	Total Loans
Pass/Watch	29,083		26,098	18,101	3,459	14,375	85,383	108,431	13,325	298,255
Total Consumer	$	29,083	26,098	18,101	3,459	14,384	85,626	108,998	13,415	299,164
Total Loans
Special mention	$	450	27,934	12,386	30,920	10,710	58,155	28,011	687	169,253
Substandard	4,421		—	20,262	9,235	2,043	23,114	11,559	598	71,232
Doubtful	7,011		—	—	—	—	—	—	—	7,011
Loss	—		—	—	—	—	—	—	—	—
Total criticized and classified	11,882		27,934	32,648	40,155	12,753	81,269	39,570	1,285	247,496
Pass/Watch	1,494,680		1,882,079	1,583,262	1,141,808	950,472	2,789,441	677,268	118,177	10,637,187
Total Gross Loans	$	1,506,562	1,910,013	1,615,910	1,181,963	963,225	2,870,710	716,838	119,462	10,884,683

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