
	March 31, 2022		December 31, 2021

	(In thousands)
Residential one-to-four family	$	579,083	$	560,976
Multifamily	517,037		515,240
Non-residential	187,310		141,561
Construction	18,613		23,419
Junior liens	18,071		18,464
Commercial and industrial (including PPP)	16,201		21,563
Consumer and other	37		87
Total gross loans	1,336,352		1,281,310
Deferred fees, costs and premiums and discounts, net	5,134		6,299
Total loans	1,341,486		1,287,609
Allowance for loan losses	(13,465)		(14,425)
Loans receivable, net	$	1,328,021	$	1,273,184

The commercial and industrial portfolio is comprised of general commercial and industrial loans, including Small Business Administration (“SBA”) and Paycheck Protection Program (“PPP”) loans. At March 31, 2022, PPP loans totaled $8.1 million, net of unearned deferred fees.

•Payment on multifamily and non-residential mortgages is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment, and value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general.

•Properties underlying construction loans often do not generate sufficient cash flows to service debt and thus repayment is subject to ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain.

•Commercial and Industrial Loans consist of SBA Paycheck Protection Program loans, and other loans that are originated or purchased. This program originated from the Coronavirus Aid Relief and Economic Security (“CARES”) Act. The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

•The ability of borrowers to service debt in the residential one-to-four family, junior liens and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions.


	Residential One-To-Four Family		Multifamily		Non-Residential		Construction		Junior Liens		Commercial and Industrial (including PPP)		Consumer and Other		Unallocated		Total

	(In thousands)








Three Months Ended March 31, 2022
Allowance for loan losses
Beginning balance	$	2,822	$	5,263	$	2,846	$	2,678	$	636	$	51	$	38	$	91	$	14,425
Charge-offs	—		—		—		—		—		—		(10)		—		(10)
Recoveries	—		—		—		—		—		—		2		—		2
(Recovery of) provision for loan losses	(212)		(487)		619		(773)		(87)		20		(30)		(2)		(952)
Total ending allowance balance	$	2,610	$	4,776	$	3,465	$	1,905	$	549	$	71	$	—	$	89	$	13,465









Three Months Ended March 31, 2021
Allowance for loan losses
Beginning balance	$	3,579	$	5,460	$	3,244	$	3,655	$	916	$	2	$	48	$	55	$	16,959
Charge-offs	—		—		—		—		—		—		(1)		—		(1)
Recoveries	—		—		—		—		—		—		—		—		—
(Recovery of) provision for loan losses	(237)		288		(99)		(727)		(103)		5		(3)		68		(808)
Total ending allowance balance	$	3,342	$	5,748	$	3,145	$	2,928	$	813	$	7	$	44	$	123	$	16,150


	Residential One-To-Four Family		Multifamily		Non-Residential		Construction		Junior Liens		Commercial and Industrial (including PPP)		Consumer and Other		Unallocated		Total

	(In thousands)
March 31, 2022
Allowance for loan losses:
Individually evaluated for impairment	$	28	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	28
Collectively evaluated for impairment	2,582		4,776		3,465		1,905		549		71		—		89		13,437
Total	$	2,610	$	4,776	$	3,465	$	1,905	$	549	$	71	$	—	$	89	$	13,465

Loans receivable:
Individually evaluated for impairment	$	8,768	$	671	$	4,510	$	—	$	54	$	—	$	—	$	—	$	14,003
Collectively evaluated for impairment	574,756		517,521		182,659		18,439		18,123		15,948		37		—		1,327,483
Total	$	583,524	$	518,192	$	187,169	$	18,439	$	18,177	$	15,948	$	37	$	—	$	1,341,486


December 31, 2021
Allowance for loan losses:
Individually evaluated for impairment	$	31	$	—	$	—	$	—	$	—	$	—	$	37	$	—	$	68
Collectively evaluated for impairment	2,791		5,263		2,846		2,678		636		51		1		91		14,357
Total	$	2,822	$	5,263	$	2,846	$	2,678	$	636	$	51	$	38	$	91	$	14,425

Loans receivable:
Individually evaluated for impairment	$	10,169	$	684	$	4,577	$	—	$	55	$	—	$	37	$	—	$	15,522
Collectively evaluated for impairment	556,314		515,884		136,957		23,420		18,495		20,966		51		—		1,272,087
Total	$	566,483	$	516,568	$	141,534	$	23,420	$	18,550	$	20,966	$	88	$	—	$	1,287,609


	Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated		Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Recognized

	(In thousands)
March 31, 2022
With no related allowance recorded:
Residential one-to-four family	$	7,426	$	7,714	$	—	$	8,769	$	111	$	111
Multifamily	672		671		—		678		6		4
Non-residential	4,672		4,510		—		4,548		54		49
Construction	—		—		—		—		—		—
Commercial and Industrial (including PPP)	—		—		—		—		—		—
Junior liens	54		54		—		55		1		1
	12,824		12,949		—		14,050		172		165
With an allowance recorded:
Residential one-to-four family	1,055		1,054		28		1,057		12		8
Multifamily	—		—		—		—		—		—
Non-residential	—		—		—		—		—		—
Construction	—		—		—		—		—		—
Commercial and Industrial (including PPP)	—		—		—		—		—		—
Consumer and other	—		—		—		—		—		—
	1,055		1,054		28		1,057		12		8
Total	$	13,879	$	14,003	$	28	$	15,107	$	184	$	173


	Unpaid Principal Balance		Recorded Investment		Allowance for Loan Losses Allocated		Average Recorded Investment		Interest Income Recognized		Cash Basis Interest Recognized

	(In thousands)
December 31, 2021
With no related allowance recorded:
Residential one-to-four family	$	8,744	$	9,108	$	—	$	9,534	$	75	$	75
Multifamily	684		684		—		1,170		26		24
Non-residential	4,725		4,577		—		4,869		210		196
Construction	—		—		—		—		—		—
Commercial and Industrial (including PPP)	—		—		—		—		—		—
Junior liens	55		55		—		57		3		3
	14,208		14,424		—		15,630		314		298
With an allowance recorded:
Residential one-to-four family	1,062		1,061		31		1,243		50		46
Multifamily	—		—		—		—		—		—
Non-residential	—		—		—		—		—		—
Construction	—		—		—		—		—		—
Commercial and Industrial (including PPP)	—		—		—		—		—		—
Consumer and other	37		37		37		41		2		2
	1,099		1,098		68		1,284		52		48
Total	$	15,307	$	15,522	$	68	$	16,914	$	366	$	346

The total recorded investment of loans whose terms have been modified in troubled debt restructurings was $5.3 million and $5.4 million as of March 31, 2022 and December 31, 2021, respectively. The Company has allocated $28 thousand and $68 thousand, respectively, of specific reserves to troubled debt restructured loans as of March 31, 2022 and December 31, 2021. The modification of the terms of troubled debt restructured includes one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the maturity date. The Company is not committed to lend any additional amounts to customers with outstanding loans that are classified as troubled debt restructurings as of March 31, 2022.

A troubled debt restructuring (“TDR”) loan is considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no troubled debt restructurings for which there was a payment default within twelve months following the modification during the periods ended March 31, 2022 and March 31, 2021.

The Company did not record any troubled debt restructurings during the three months ended March 31, 2022 and 2021. The Company implemented modification programs to provide its borrowers relief from the economic impacts of COVID-19. In accordance with the CARES Act, the Company elected to not apply troubled debt restructuring classification to COVID-19 related loan modifications. Accordingly, these modifications are exempt from troubled debt restructuring classification under U.S. generally accepted accounting principles (“U.S. GAAP”) and were not classified as troubled debt restructurings (“TDRs”). At March 31, 2022 and December 31, 2021, there were no deferrals related to the Cares Act.


	Nonaccrual				Loans Past Due 90 Days and Still Accruing
	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021

	(In thousands)
Residential one-to-four family	$	9,478	$	10,805	$	—	$	—
Multifamily	135		139		—		—
Non-residential	686		857		—		—
Construction	—		—		—		—
Commercial and industrial (including PPP)	2		—		—		116
Junior liens	181		182		—		—
Total	$	10,482	$	11,983	$	—	$	116


	30-59 Days Past Due		60-89 Days Past Due		90 Days and Greater Past Due		Total Past Due		Current		Total Loans Receivable

			(In thousands)
March 31, 2022
Residential one-to-four family	$	2,147	$	278	$	7,344	$	9,769	$	573,755	$	583,524
Multifamily	—		—		217		217		517,975		518,192
Non-residential	222		—		—		222		186,947		187,169
Construction	—		—		—		—		18,439		18,439
Junior liens	37		—		54		91		18,086		18,177
Commercial and Industrial (including PPP)	—		—		2		2		15,946		15,948
Consumer and other	—		—		—		—		37		37
Total	$	2,406	$	278	$	7,617	$	10,301	$	1,331,185	$	1,341,486

December 31, 2021
Residential one-to-four family	$	1,736	$	457	$	8,936	$	11,129	$	555,354	$	566,483
Multifamily	—		—		—		—		516,568		516,568
Non-residential	—		—		381		381		141,153		141,534
Construction	—		—		—		—		23,420		23,420
Junior liens	—		53		182		235		18,315		18,550
Commercial and Industrial (including PPP)	11		57		116		184		20,782		20,966
Consumer and other			—		—		—		88		88
Total	$	1,747	$	567	$	9,615	$	11,929	$	1,275,680	$	1,287,609

The Company categorizes loans into risk categories based on relevant information about the quality and realizable value of collateral, if any, and the ability of borrowers to service their debts such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans as to credit risk. This analysis is performed whenever a credit is extended, renewed, or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. The Company used the following definitions for risk ratings for loan classification:

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 the Company’s credit position at some future date.

Substandard – Loans classified as substandard are inadequately protected by the current sound 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 repayment and liquidation of the debt. They are characterized by distinct possibility that the Company 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 currently known facts, conditions, and values, highly questionable and improbable.

Loss – Assets classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the asset even though partial recovery may be effected in the future.


	Pass		Special Mention		Substandard		Doubtful / Loss		Total

	(In thousands)
March 31, 2022
Residential one-to-four family	$	573,394	$	274	$	9,856	$	—	$	583,524
Multifamily	517,521		—		671		—		518,192
Non-residential	186,032		142		995		—		187,169
Construction	18,439		—		—		—		18,439
Junior liens	17,996		—		181		—		18,177
Commercial and Industrial (including PPP)	15,948		—		—				15,948
Consumer and other	37		—		—		—		37
Total	$	1,329,367	$	416	$	11,703	$	—	$	1,341,486

December 31, 2021
Residential one-to-four family	$	555,184	$	—	$	11,299	$	—	$	566,483
Multifamily	510,815		5,069		684		—		516,568
Non-residential	140,377		144		1,013		—		141,534
Construction	23,420		—		—		—		23,420
Junior liens	18,368		—		182		—		18,550
Commercial and Industrial (including PPP)	20,966		—		—		—		20,966
Consumer and other	88		—		—		—		88
Total	$	1,269,218	$	5,213	$	13,178	$	—	$	1,287,609