LOANS HELD FOR INVESTMENT, NET (Tables)

9 Months Ended

Sep. 30, 2024

LOANS HELD FOR INVESTMENT, NET

Schedule of loan categories

(In thousands)	September 30, 2024		December 31, 2023
Business loans (1)	$	2,651,729	$	2,308,171
One-to-four family residential and cooperative/condominium apartment		932,767		887,555
Multifamily residential and residential mixed-use		3,866,478		4,017,176
Non-owner-occupied commercial real estate		3,280,056		3,379,667
Acquisition, development, and construction ("ADC")		149,299		168,513
Other loans		6,058		5,755
Total		10,886,387		10,766,837
Fair value hedge basis point adjustments (2)		5,657		6,591
Total loans, net of fair value hedge basis point adjustments		10,892,044		10,773,428
Allowance for credit losses		(85,221)		(71,743)
Loans held for investment, net	$	10,806,823	$	10,701,685

⁽¹⁾ Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.

⁽²⁾ The loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged owner-occupied commercial real estate in business loans, one-to-four family residential mortgage loans, multifamily residential mortgage loans and non-owner occupied commercial real estate loans.

Schedule of activity in allowance for loan losses

	At or for the Three Months Ended September 30, 2024
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
	Business		Condominium		Residential		Commercial				Other
(In thousands)	Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	37,115	$	7,305	$	12,357	$	18,340	$	2,455	$	240	$	77,812
Provision (recovery) for credit losses		10,710		1,341		1,439		(1,942)		66		(6)		11,608
Charge-offs		(3,090)		—		(1,294)		(96)		—		(14)		(4,494)
Recoveries		291		—		1		—		—		3		295
Ending balance	$	45,026	$	8,646	$	12,503	$	16,302	$	2,521	$	223	$	85,221

	At or for the Three Months Ended September 30, 2023
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
	Business		Condominium		Residential		Commercial				Other
(In thousands)	Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	39,700	$	6,419	$	8,190	$	18,440	$	2,558	$	339	$	75,646
Provision (recovery) for credit losses		1,822		787		(621)		(10)		(220)		23		1,781
Charge-offs		(5,147)		—		(2)		—		—		(26)		(5,175)
Recoveries		305		—		—		—		—		6		311
Ending balance	$	36,680	$	7,206	$	7,567	$	18,430	$	2,338	$	342	$	72,563

	At or for the Nine Months Ended September 30, 2024
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
	Business		Condominium		Residential		Commercial				Other
(In thousands)	Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	35,962	$	6,813	$	7,237	$	19,623	$	1,989	$	119	$	71,743
Provision (recovery) for credit losses		13,656		1,833		9,110		(3,225)		532		150		22,056
Charge-offs		(5,065)		—		(3,845)		(96)		—		(59)		(9,065)
Recoveries		473		—		1		—		—		13		487
Ending balance	$	45,026	$	8,646	$	12,503	$	16,302	$	2,521	$	223	$	85,221

	At or for the Nine Months Ended September 30, 2023
			One-to-Four
			Family		Multifamily
			Residential and		Residential
			Cooperative/		and		Non-Owner-Occupied
	Business		Condominium		Residential		Commercial				Other
(In thousands)	Loans		Apartment		Mixed-Use		Real Estate		ADC		Loans		Total
Allowance for credit losses:
Beginning balance	$	47,029	$	5,969	$	8,360	$	20,153	$	1,723	$	273	$	83,507
(Recovery) provision for credit losses		(328)		1,251		(791)		(1,723)		615		116		(860)
Charge-offs		(10,921)		(14)		(2)		—		—		(60)		(10,997)
Recoveries		900		—		—		—		—		13		913
Ending balance	$	36,680	$	7,206	$	7,567	$	18,430	$	2,338	$	342	$	72,563

Schedule of financing receivable, nonaccrual

	September 30, 2024
	Non-accrual with		Non-accrual with		Related
(In thousands)	No Allowance		Allowance		Allowance
Business loans	$	4,771	$	20,640	$	19,683
One-to-four family residential and cooperative/condominium apartment		—		3,880		36
Non-owner-occupied commercial real estate		19,494		15		15
ADC		—		657		287
Other loans		—		6		6
Total	$	24,265	$	25,198	$	20,027

	December 31, 2023
	Non-accrual with		Non-accrual with		Related
(In thousands)	No Allowance		Allowance		Allowance
Business loans	$	1,482	$	13,185	$	12,932
One-to-four family residential and cooperative/condominium apartment		—		3,248		133
Non-owner-occupied commercial real estate		2,298		8,229		832
ADC		—		657		305
Total	$	3,780	$	25,319	$	14,202

Schedule of past due financing receivables

	September 30, 2024
					Loans 90
					Days or				Total
	30 to 59		60 to 89		More Past Due				Past Due
	Days		Days		and Still				and				Total
(In thousands)	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Business loans	$	5,098	$	1,133	$	—	$	25,411	$	31,642	$	2,620,087	$	2,651,729
One-to-four family residential, including condominium and cooperative apartment		680		1,296		—		3,880		5,856		926,911		932,767
Multifamily residential and residential mixed-use		2,126		27,599		—		—		29,725		3,836,753		3,866,478
Non-owner-occupied commercial real estate		334		—		—		19,509		19,843		3,260,213		3,280,056
ADC		—		—		—		657		657		148,642		149,299
Other loans		—		—		—		6		6		6,052		6,058
Total	$	8,238	$	30,028	$	—	$	49,463	$	87,729	$	10,798,658	$	10,886,387

	December 31, 2023
					Loans 90
					Days or				Total
	30 to 59		60 to 89		More Past Due				Past Due
	Days		Days		and Still				and				Total
(In thousands)	Past Due		Past Due		Accruing Interest		Non-accrual		Non-accrual		Current		Loans
Business loans	$	7,139	$	1,217	$	—	$	18,574	$	26,930	$	2,281,241	$	2,308,171
One-to-four family residential, including condominium and cooperative apartment		4,071		73		—		3,248		7,392		880,163		887,555
Multifamily residential and residential mixed-use		—		—		—		—		—		4,017,176		4,017,176
Non-owner-occupied commercial real estate		337		—		—		6,620		6,957		3,372,710		3,379,667
ADC		430		—		—		657		1,087		167,426		168,513
Other loans		—		—		—		—		—		5,755		5,755
Total	$	11,977	$	1,290	$	—	$	29,099	$	42,366	$	10,724,471	$	10,766,837

Schedule of collateral dependent loans

	September 30, 2024				December 31, 2023
	Real Estate		Associated Allowance		Real Estate		Associated Allowance
(In thousands)	Collateral Dependent		for Credit Losses		Collateral Dependent		for Credit Losses
Business loans	$	6,324	$	1,108	$	3,742	$	—
Non-owner-occupied commercial real estate		19,494		—		6,605		621
ADC		657		287		657		305
Total	$	26,475	$	1,395	$	11,004	$	926

Schedule of amortized cost basis of loans modified to borrowers

	For the Three Months Ended September 30, 2024
											Significant
											Payment
							Significant				Delay,
					Term		Payment		Term		Term
					Extension		Delay		Extension		Extension				% of
					and		and		and		and				Total
			Significant		Significant		Interest		Interest		Interest				Class of
	Term		Payment		Payment		Rate		Rate		Rate				Financing
(Dollars in thousands)	Extension		Delay		Delay		Reduction		Reduction		Reduction		Total		Receivable
Business loans	$	15,971	$	—	$	—	$	—	$	—	$	—	$	15,971	0.6	%
Non-owner-occupied commercial real estate		—		—		—		24,709		—		—		24,709	0.8
Total	$	15,971	$	—	$	—	$	24,709	$	—	$	—	$	40,680	0.4	%

	For the Three Months Ended September 30, 2023
											Significant
											Payment
							Significant				Delay,
					Term		Payment		Term		Term
					Extension		Delay		Extension		Extension				% of
					and		and		and		and				Total
			Significant		Significant		Interest		Interest		Interest				Class of
	Term		Payment		Payment		Rate		Rate		Rate				Financing
(Dollars in thousands)	Extension		Delay		Delay		Reduction		Reduction		Reduction		Total		Receivable
Business loans	$	—	$	9,290	$	—	$	29	$	—	$	—	$	9,319	0.4	%
Non-owner-occupied commercial real estate		—		24,705		—		—		—		—		24,705	0.7
Total	$	—	$	33,995	$	—	$	29	$	—	$	—	$	34,024	0.3	%

	For the Nine Months Ended September 30, 2024
											Significant
											Payment
							Significant				Delay,
					Term		Payment		Term		Term
					Extension		Delay		Extension		Extension				% of
					and		and		and		and				Total
			Significant		Significant		Interest		Interest		Interest				Class of
	Term		Payment		Payment		Rate		Rate		Rate				Financing
(Dollars in thousands)	Extension		Delay		Delay		Reduction		Reduction		Reduction		Total		Receivable
Business loans	$	16,077	$	1,192	$	190	$	28	$	—	$	—	$	17,487	0.7	%
One-to-four family residential, including condominium and cooperative apartment		—		—		—		—		900		—		900	0.1
Multifamily residential and residential mixed-use		—		34,095		—		—		—		—		34,095	0.9
Non-owner-occupied commercial real estate		—		31,097		—		24,709		—		—		55,806	1.7
Total	$	16,077	$	66,384	$	190	$	24,737	$	900	$	—	$	108,288	1.0	%

	For the Nine Months Ended September 30, 2023
											Significant
											Payment
							Significant				Delay,
					Term		Payment		Term		Term
					Extension		Delay		Extension		Extension				% of
					and		and		and		and				Total
			Significant		Significant		Interest		Interest		Interest				Class of
	Term		Payment		Payment		Rate		Rate		Rate				Financing
(Dollars in thousands)	Extension		Delay		Delay		Reduction		Reduction		Reduction		Total		Receivable
Business loans	$	126	$	9,290	$	471	$	301	$	—	$	—	$	10,188	0.4	%
One-to-four family residential, including condominium and cooperative apartment		—		2,854		—		—		—		—		2,854	0.3
Non-owner-occupied commercial real estate		—		24,705		—		—		—		—		24,705	0.7
Total	$	126	$	36,849	$	471	$	301	$	—	$	—	$	37,747	0.3	%

Schedule of financial effect of loans modified to borrowers

	For the Three Months Ended September 30, 2024
	Weighted Average		Weighted Average
	Interest Rate		Months of	Weighted Average
(Dollars in thousands)	Reductions		Term Extensions	Payment Delay
Business loans	—	%	8	$	—
Non-owner-occupied commercial real estate	3.75		—		1,400

	For the Three Months Ended September 30, 2023
	Weighted Average		Weighted Average
	Interest Rate		Months of	Weighted Average
(Dollars in thousands)	Reductions		Term Extensions	Payment Delay
Business loans	4.50	%	—	$	1,417
Non-owner-occupied commercial real estate	—		—		988

	For the Nine Months Ended September 30, 2024
	Weighted Average		Weighted Average
	Interest Rate		Months of	Weighted Average
(Dollars in thousands)	Reductions		Term Extensions	Payment Delay
Business loans	5.00	%	8	$	157
One-to-four family residential, including condominium and cooperative apartment	1.00		231		—
Multifamily residential and residential mixed-use	—		—		256
Non-owner-occupied commercial real estate	3.75		—		932

	For the Nine Months Ended September 30, 2023
	Weighted Average		Weighted Average
	Interest Rate		Months of	Weighted Average
(Dollars in thousands)	Reductions		Term Extensions	Payment Delay
Business loans	4.27	%	20	$	1,314
One-to-four family residential, including condominium and cooperative apartment	—		—		72
Non-owner-occupied commercial real estate	—		—		988

Schedule of performance of loans that have been modified

	September 30, 2024
			30-59		60-89		90+
(In thousands)	Current		Days Past Due		Days Past Due		Days Past Due		Non-Accrual		Total
Business loans	$	17,565	$	1,001	$	—	$	—	$	773	$	19,339
One-to-four family residential, including condominium and cooperative apartment		2,849		—		—		—		900		3,749
Multifamily residential and residential mixed-use		6,496		—		27,599		—		—		34,095
Non-owner-occupied commercial real estate		55,806		—		—		—		—		55,806
Total	$	82,716	$	1,001	$	27,599	$	—	$	1,673	$	112,989

	September 30, 2023
			30-59		60-89		90+
(In thousands)	Current		Days Past Due		Days Past Due		Days Past Due		Non-Accrual		Total
Business loans	$	9,290	$	—	$	—	$	—	$	898	$	10,188
One-to-four family residential, including condominium and cooperative apartment		2,854		—		—		—		—		2,854
Non-owner-occupied commercial real estate		24,705		—		—		—		—		24,705
Total	$	36,849	$	—	$	—	$	—	$	898	$	37,747

Schedule of Credit risk profile of the real estate loans

	September 30, 2024
(In thousands)	2024		2023		2022		2021		2020		2019 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	248,341	$	247,652	$	357,323	$	204,733	$	169,319	$	394,679	$	840,224	$	52,024	$	2,514,295
Special mention		141		531		16,674		4,318		3,090		10,468		17,107		9,459		61,788
Substandard		—		335		9,039		2,295		4,853		22,234		6,044		30,235		75,035
Doubtful		—		—		—		—		—		611		—		—		611
Total business loans		248,482		248,518		383,036		211,346		177,262		427,992		863,375		91,718		2,651,729
YTD Gross Charge-Offs		—		—		158		116		267		584		—		3,940		5,065
One-to-four family residential, and condominium/cooperative apartment:
Pass		93,307		162,376		206,691		98,996		64,514		257,747		27,717		9,595		920,943
Special mention		—		—		—		—		—		719		159		—		878
Substandard		—		—		—		—		989		8,425		754		778		10,946
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		93,307		162,376		206,691		98,996		65,503		266,891		28,630		10,373		932,767
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Multifamily residential and residential mixed-use:
Pass		21,942		254,215		1,318,634		548,979		288,401		1,259,803		3,892		5,373		3,701,239
Special mention		—		—		1,202		12,387		14,251		73,409		—		—		101,249
Substandard		—		—		—		—		—		63,990		—		—		63,990
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		21,942		254,215		1,319,836		561,366		302,652		1,397,202		3,892		5,373		3,866,478
YTD Gross Charge-Offs		—		—		—		—		1,292		2,553		—		—		3,845
Non-owner-occupied commercial real estate
Pass		45,208		216,058		728,276		606,580		412,817		1,039,290		12,328		8,251		3,068,808
Special mention		—		—		—		663		74,908		26,423		—		—		101,994
Substandard		—		—		—		19,509		59,930		29,815		—		—		109,254
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		45,208		216,058		728,276		626,752		547,655		1,095,528		12,328		8,251		3,280,056
YTD Gross Charge-Offs		—		—		—		—		—		—		—		96		96
ADC:
Pass		10,833		31,004		32,270		23,311		—		2,600		21,523		12,130		133,671
Special mention		—		—		—		14,971		—		—		—		—		14,971
Substandard		—		—		—		—		—		—		—		657		657
Doubtful		—		—		—		—		—		—		—		—		—
Total ADC		10,833		31,004		32,270		38,282		—		2,600		21,523		12,787		149,299
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Total:
Pass		419,631		911,305		2,643,194		1,482,599		935,051		2,954,119		905,684		87,373		10,338,956
Special mention		141		531		17,876		32,339		92,249		111,019		17,266		9,459		280,880
Substandard		—		335		9,039		21,804		65,772		124,464		6,798		31,670		259,882
Doubtful		—		—		—		—		—		611		—		—		611
Total Loans	$	419,772	$	912,171	$	2,670,109	$	1,536,742	$	1,093,072	$	3,190,213	$	929,748	$	128,502	$	10,880,329
YTD Gross Charge-Offs	$	—	$	—	$	158	$	116	$	1,559	$	3,137	$	—	$	4,036	$	9,006

	December 31, 2023
(In thousands)	2023		2022		2021		2020		2019		2018 and Prior		Revolving		Revolving-Term		Total
Business loans
Pass	$	258,699	$	390,760	$	196,790	$	144,796	$	150,871	$	305,258	$	633,719	$	35,079	$	2,115,972
Special mention		481		41,682		1,199		13,567		7,125		3,150		21,108		25,306		113,618
Substandard		—		1,857		2,180		6,729		2,803		30,248		15,567		18,449		77,833
Doubtful		—		—		—		—		—		748		—		—		748
Total business loans		259,180		434,299		200,169		165,092		160,799		339,404		670,394		78,834		2,308,171
YTD Gross Charge-Offs		—		—		77		38		4,166		2,229		5,464		3,390		15,364
One-to-four family residential, and condominium/cooperative apartment:
Pass		170,601		213,479		102,684		69,524		62,356		213,131		31,205		12,493		875,473
Special mention		—		—		—		—		—		33		159		776		968
Substandard		—		—		—		1,005		337		8,711		—		1,061		11,114
Doubtful		—		—		—		—		—		—		—		—		—
Total one-to-four family residential, and condominium/cooperative apartment		170,601		213,479		102,684		70,529		62,693		221,875		31,364		14,330		887,555
YTD Gross Charge-Offs		—		—		—		—		—		—		—		14		14
Multifamily residential and residential mixed-use:
Pass		256,822		1,340,197		578,352		283,633		384,937		981,820		4,841		4,325		3,834,927
Special mention		—		—		9,334		3,880		3,886		64,273		—		—		81,373
Substandard		—		—		—		28,799		5,089		66,988		—		—		100,876
Doubtful		—		—		—		—		—		—		—		—		—
Total multifamily residential and residential mixed-use		256,822		1,340,197		587,686		316,312		393,912		1,113,081		4,841		4,325		4,017,176
YTD Gross Charge-Offs		—		—		—		—		—		2		—		—		2
Non-owner-occupied commercial real estate
Pass		220,045		738,133		645,246		447,002		359,201		756,921		11,919		7,926		3,186,393
Special mention		—		—		19,872		75,378		4,563		2,763		—		—		102,576
Substandard		—		—		16		60,272		6,254		24,156		—		—		90,698
Doubtful		—		—		—		—		—		—		—		—		—
Total non-owner-occupied commercial real estate		220,045		738,133		665,134		582,652		370,018		783,840		11,919		7,926		3,379,667
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
ADC:
Pass		16,735		17,534		59,202		9,900		2,665		437		22,444		225		129,142
Special mention		—		11,500		14,961		—		12,253		—		—		—		38,714
Substandard		—		—		—		—		—		—		—		657		657
Doubtful		—		—		—		—		—		—		—		—		—
Total ADC		16,735		29,034		74,163		9,900		14,918		437		22,444		882		168,513
YTD Gross Charge-Offs		—		—		—		—		—		—		—		—		—
Total:
Pass		922,902		2,700,103		1,582,274		954,855		960,030		2,257,567		704,128		60,048		10,141,907
Special mention		481		53,182		45,366		92,825		27,827		70,219		21,267		26,082		337,249
Substandard		—		1,857		2,196		96,805		14,483		130,103		15,567		20,167		281,178
Doubtful		—		—		—		—		—		748		—		—		748
Total Loans	$	923,383	$	2,755,142	$	1,629,836	$	1,144,485	$	1,002,340	$	2,458,637	$	740,962	$	106,297	$	10,761,082
YTD Gross Charge-Offs	$	—	$	—	$	77	$	38	$	4,166	$	2,231	$	5,464	$	3,404	$	15,380

(In thousands)	September 30, 2024		December 31, 2023
Performing	$	6,052	$	5,755
Non-accrual		6		—
Total	$	6,058	$	5,755