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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

Commission file number 001-33013

FLUSHING FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

11-3209278

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer Identification No.)

220 RXR Plaza, Uniondale, New York 11556

(Address of principal executive offices)

(718) 961-5400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

FFIC

The NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:  None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in rule 405 of the Securities Act.         Yes    X        No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.         Yes    X        No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.         X    Yes        No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).      X    Yes        No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer      

Accelerated filer  X   

Non-accelerated filer     

Smaller reporting company     

Emerging growth company     

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.   X   Yes            No

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).         Yes    X        No

As of June 30, 2020, the last business day of the registrant’s most recently completed second fiscal quarter; the aggregate market value of the voting stock held by non-affiliates of the registrant was $307,789,000. This figure is based on the closing price on that date on the NASDAQ Global Select Market for a share of the registrant’s Common Stock, $0.01 par value, which was $11.52.

The number of shares of the registrant’s Common Stock outstanding as of February 28, 2021 was 30,954,155 shares.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Company’s definitive Proxy Statement for the Annual Meeting of Stockholders to be held on May 18, 2021 are incorporated herein by reference in Part III.

Table of Contents

TABLE OF CONTENTS

Page

Item 1. Business.

1

GENERAL

Overview

1

Market Area and Competition

3

Lending Activities

4

Loan Portfolio Composition

4

Loan Maturity and Repricing

7

Multi-Family Residential Lending

7

Commercial Real Estate Lending

8

One-to-Four Family Mortgage Lending – Mixed-Use Properties

8

One-to-Four Family Mortgage Lending – Residential Properties

9

Construction Loans

10

Small Business Administration Lending

10

Taxi medallion

10

Commercial Business and Other Lending

11

Loan Extensions, Renewals, Modifications and Restructuring

11

Covid-19 Modifications

11

Loan Approval Procedures and Authority

12

Loan Concentrations

13

Loan Servicing

13

Asset Quality

13

Loan Collection

13

Troubled Debt Restructured

14

Delinquent Loans and Non-performing Assets

15

Other Real Estate Owned

17

Environmental Concerns Relating to Loans

17

Classified Assets

17

Allowance for Credit Losses

18

Investment Activities

22

General

22

Mortgage-backed securities

25

Sources of Funds

26

General

26

Deposits

26

Borrowings

30

Subsidiary Activities

31

Human Capital

31

Omnibus Incentive Plan

32

REGULATION

The CARES Act

33

The Dodd - Frank Act

34

Basel III

35

Economic Growth, Regulatory Relief, and Consumer Protection Act

35

New York State Law

36

FDIC Regulations

37

Transactions with Affiliates

39

Community Reinvestment Act

39

Federal Home Loan Bank System

40

Holding Company Regulations

40

Acquisition of the Holding Company

41

i

Table of Contents

Consumer Financial Protection Bureau

42

Mortgage Banking and Related Consumer Protection Regulations

42

Data Privacy

43

Cybersecurity

43

Federal Restrictions on Acquisition of the Company

43

Available Information

43

Item 1A. Risk Factors

44

The COVID-19 Pandemic May Significantly Impact Our Financial Condition and Results of Operations

44

Changes in Interest Rates May Significantly Impact Our Financial Condition and Results of Operations

45

Our Lending Activities Involve Risks that May Be Exacerbated Depending on the Mix of Loan Types

47

Failure to Effectively Manage Our Liquidity Could Significantly Impact Our Financial Condition and Results of Operations

47

Our Ability to Obtain Brokered Deposits as an Additional Funding Source Could be Limited

47

The Markets in Which We Operate Are Highly Competitive

48

Our Results of Operations May Be Adversely Affected by Changes in National and/or Local Economic Conditions

48

Changes in Laws and Regulations Could Adversely Affect Our Business

49

Current Conditions in, and Regulation of, the Banking Industry May Have a Material Adverse Effect on Our Results of Operations

49

A Failure in or Breach of Our Operational or Security Systems or Infrastructure, or Those of Our Third Party Vendors and Other Service Providers, Including as a Result of Cyber Attacks, could Disrupt Our Business, Result in the Disclosure or Misuse of Confidential or Proprietary Information, Damage Our Reputation, Increase Our Costs and Cause Losses

50

We May Experience Increased Delays in Foreclosure Proceedings

51

Our Inability to Hire or Retain Key Personnel Could Adversely Affect Our Business.

51

We Are Not Required to Pay Dividends on Our Common Stock.

51

Uncertainty surrounding the elimination of LIBOR and the proposed transition to SOFR may adversely affect our business

51

The Ultimate Success of Integrating Empire into the Company’s operations cannot be assured and the anticipated benefits and cost savings of the merger may not be fully realized

52

Item 1B. Unresolved Staff Comments

52

Item 2. Properties

52

Item 3. Legal Proceedings

52

Item 4. Mine Safety Disclosures

52

PART II

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

52

Stock Performance Graph

54

Item 6. Selected Financial Data

55

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

57

General

57

Overview

57

Management Strategy

58

Trends and Contingencies

60

Interest Rate Sensitivity Analysis

61

Interest Rate Risk

63

Analysis of Net Interest Income

63

Rate/Volume Analysis

65

Comparison of Operating Results for the Years Ended December 31, 2019 and 2018

65

Comparison of Operating Results for the Years Ended December 31, 2018 and 2017

67

Liquidity, Regulatory Capital and Capital Resources

67

Critical Accounting Policies

69

Contractual Obligations

71

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

72

ii

Table of Contents

Item 8. Financial Statements and Supplementary Data

73

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

146

Item 9A. Controls and Procedures

146

Item 9B. Other Information

146

PART III

Item 10. Directors, Executive Officers and Corporate Governance

147

Item 11. Executive Compensation

147

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

147

Item 13. Certain Relationships and Related Transactions, and Director Independence

147

Item 14. Principal Accounting Fees and Services

147

PART IV

Item 15. Exhibits, Financial Statement Schedules

148

(a)  1. Financial Statements

148

(a)  2. Financial Statement Schedules

148

(a)  3. Exhibits Required by Securities and Exchange Commission Regulation S-K

149

SIGNATURES

POWER OF ATTORNEY

iii

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CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

Statements contained in this Annual Report on Form 10-K (this “Annual Report”) relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed under the captions “Business — General — Allowance for Loan Losses” and “Business — General — Market Area and Competition” in Item 1 below, “Risk Factors” in Item 1A below, in “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Overview” in Item 7 below, and elsewhere in this Annual Report and in other documents filed by the Company with the Securities and Exchange Commission from time to time. Forward-looking statements may be identified by terms such as “may,” “will,” “should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,”, “goals”, “forecasts,” “potential” or “continue” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. We have no obligation to update these forward-looking statements.

PART I

As used in this Report, the words “we,” “us,” “our” and the “Company” are used to refer to Flushing Financial Corporation (the “Holding Company”) and its direct and indirect wholly owned subsidiaries, Flushing Bank (the “Bank”), Flushing Preferred Funding Corporation, Flushing Service Corporation, and FSB Properties Inc.

Item 1.    Business.

GENERAL

Overview

The Holding Company is a Delaware corporation organized in 1994. The Bank was organized in 1929 as a New York State-chartered mutual savings bank. Today the Bank operates as a full-service New York State commercial bank. Our primary business is the operation of the Bank. The Bank owns three subsidiaries: Flushing Preferred Funding Corporation, Flushing Service Corporation, and FSB Properties Inc. The Bank also operates an internet branch (the “Internet Branch”), which operates under the brands of iGObanking.com® and BankPurely®. The activities of the Holding Company are primarily funded by dividends, if any, received from the Bank, issuances of subordinated debt and junior subordinated debt, and issuances of equity securities. The Holding Company’s common stock is traded on the NASDAQ Global Select Market under the symbol “FFIC.”

The Holding Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III, and Flushing Financial Capital Trust IV (the “Trusts”), which are special purpose business trusts formed to issue a total of $60.0 million of capital securities and $1.9 million of common securities (which are the only voting securities). The Holding Company owns 100% of the common securities of the Trusts. The Trusts used the proceeds from the issuance of these securities to purchase junior subordinated debentures from the Holding Company. The Trusts are not included in our consolidated financial statements as we would not absorb the losses of the Trusts if losses were to occur.

Unless otherwise disclosed, the information presented in this Annual Report reflects the financial condition and results of operations of the Company. Management views the Company as operating a single unit – a community bank. Therefore, segment information is not provided. At December 31, 2020, the Company had total assets of $8.0 billion, deposits of $6.1 billion and stockholders’ equity of $619.0 million.

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On October 30, 2020, the Company completed its acquisition of Empire Bancorp, Inc. (“Empire”), in a transaction valued at $87.5 million upon closing, all outstanding shares of Empire voting and non-voting common stock were exchanged for consideration consisting of $54.8 million in cash and 2,557,028 shares of Holding Company common stock. Goodwill of $1.5 million was recorded as a result of the Empire acquisition. Under the terms of the merger agreement, each share of Empire common stock was exchanged for either 0.6548 shares of the Company’s common stock or $14.04 in cash, based upon the election of each Empire shareholder, subject to the election and proration procedures specified in the merger agreement (which provided for an aggregate split of total consideration of 50% Company common stock and 50% cash). In connection with the transaction, Empire National Bank (“Empire Bank”), a wholly-owned subsidiary of Empire, merged with and into the Bank, with the Bank as the surviving entity.

Our principal business is attracting retail deposits from the general public and investing those deposits together with funds generated from ongoing operations and borrowings, primarily in (1) originations and purchases of multi-family residential properties, commercial business loans, commercial real estate mortgage loans and, to a lesser extent, one-to-four family (focusing on mixed-use properties, which are properties that contain both residential dwelling units and commercial units); (2) construction loans; (3) Small Business Administration (“SBA”) loans; (4) mortgage loan surrogates such as mortgage-backed securities; and (5) U.S. government securities, corporate fixed-income securities and other marketable securities. We also originate certain other consumer loans including overdraft lines of credit. At December 31, 2020, we had gross loans outstanding of $6,701.6 million (before the allowance for loan losses and net deferred costs), with gross mortgage loans totaling $5,228.3 million, or 78.0% of gross loans, and non-mortgage loans totaling $1,473.4 million, or 22.0% of gross loans. Mortgage loans are primarily multi-family, commercial and one-to-four family mixed-use properties, which represent 73.0% of gross loans. Our revenues are derived principally from interest on our mortgage and other loans and mortgage-backed securities portfolio, and interest and dividends on other investments in our securities portfolio. Our primary sources of funds are deposits, Federal Home Loan Bank of New York (“FHLB-NY”) borrowings, principal and interest payments on loans, mortgage-backed, other securities and to a lesser extent proceeds from sales of securities and loans. The Bank’s primary regulator is the New York State Department of Financial Services (“NYDFS”), and its primary federal regulator is the Federal Deposit Insurance Corporation (“FDIC”). Deposits are insured to the maximum allowable amount by the FDIC. Additionally, the Bank is a member of the Federal Home Loan Bank (“FHLB”) system.

Our operating results are significantly affected by changes in interest rates as well as national and local economic conditions, including the strength of the local economy. The outbreak of the COVID-19 pandemic has adversely impacted a broad range of industries in which the Company’s customers operate and impaired to some extent the ability of some customers to fulfill their financial obligations to the Company. The spread of the outbreak has caused significant disruptions in the U.S. economy and has disrupted banking and other financial activity in the areas in which the Company operates.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law in response to the coronavirus pandemic. This legislation provided relief for individuals and businesses negatively impacted by the coronavirus pandemic. On December 27, 2020, the 2021 Consolidated Appropriations Act (“CAA”) was signed into law, providing for, among other things, further suspension of the exception for loan modifications to not be classified as “troubled debt restructuring” (“TDR”) if certain criteria are met, as described below.

The CARES Act, as amended, includes provisions for the Company to temporarily opt out of applying the TDR accounting guidance in Accounting Standards Codification (“ASC”) 310-40 for certain loan modifications. Loan modifications have been eligible for this relief if the related loans were not more than 30 days past due as of December 31, 2019. The Bank adopted this provision and at December 31, 2020, we had 134 active forbearances for loans with an aggregate outstanding loan balance of approximately $364.4 million.

According to the New York Department of Labor, the unemployment rate for the New York City region increased to 11.4% at December 2020 from 3.6% at December 2019, primarily resulting from the impact of COVID-19. Non-performing loans totaled $21.1 million, $13.3 million and $16.3 million at December 31, 2020, 2019 and 2018, respectively. We had net charge-offs of impaired loans in 2020 totaling $3.6 million compared to net charge-offs of $2.0 million for the year ended December 31, 2019 and net recoveries of $19,000 for the year ended December 31, 2018. Additionally, primarily as a result of economic deterioration resulting from the impact of COVID-19, our provision for

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credit losses increased to $23.1 million for the year ended December 31, 2020 from $2.8 million and $0.6 million for the years ended December 31, 2019 and 2018, respectively.

Our operating results are also affected by extensions, renewals, modifications and restructuring of loans in our loan portfolio. All extensions, renewals, restructurings and modifications must be approved by either the Board of Directors of the Bank (the “Bank Board of Directors”) or its Loan Committee (the “Loan Committee”).

We obtain a reappraisal by an independent third party when a loan becomes twelve months delinquent. We generally obtain such a reappraisal for loans over 90 days delinquent when the outstanding loan balance is at least $1.0 million. We also obtain such a reappraisal when our internal valuation of a property indicates there has been a decline in value below the outstanding balance of the loan, or when a property inspection has indicated significant deterioration in the condition of the property. Such an internal valuation is prepared for a loan over 90 days delinquent.

Market Area and Competition

We are a community oriented financial institution offering a wide variety of financial services to meet the needs of the communities we serve. The Bank’s main office is in Uniondale, New York, located in Nassau County. At December 31, 2020, the Bank operated 25 full-service offices and the Internet Branch. We have offices located in the New York City Boroughs of Queens, Brooklyn, and Manhattan, and in Nassau and Suffolk County, New York. We also maintain our executive offices in Uniondale in Nassau County, New York. Substantially the vast majority of all of our mortgage loans are secured by properties located in the New York City metropolitan area.

We face intense competition both in making loans and in attracting deposits. Our market area has a high density of financial institutions, many of which have greater financial resources, name recognition and market presence, and all of which are competitors to varying degrees. Particularly intense competition exists for deposits, as we compete with 115 banks and thrifts in the counties in which we have branch locations. Our market share of deposits, as of June 30, 2020, in these counties was 0.34% of the total deposits of these FDIC insured competing financial institutions, and we are the 22nd largest financial institution. 1 In addition, we compete with credit unions, the stock market and mutual funds for customers’ funds. Competition for deposits in our market and for national brokered deposits is primarily based on the types of deposits offered and rate paid on the deposits. Particularly intense competition also exists in all of the lending activities we emphasize.

In addition to the financial institutions mentioned above, we compete against mortgage banks and insurance companies located both within our market and available on the internet. Competition for loans in our market is primarily based on the types of loans offered and the related terms for these loans, including fixed-rate versus adjustable-rate loans and the interest rate on the loan. For adjustable rate loans, competition is also based on the repricing period, the index to which the rate is referenced, and the spread over the index rate. Also, competition is influenced by the ability of a financial institution to respond to customer requests and to provide the borrower with a timely decision to approve or deny the loan application. The internet banking arena also has many larger financial institutions which have greater financial resources, name recognition and market presence. Our future earnings prospects will be affected by our ability to compete effectively with other financial institutions and to implement our business strategies. Our strategy for attracting deposits includes using various marketing techniques, delivering enhanced technology and customer friendly banking services, and focusing on the unique personal and small business banking needs of the multi-ethnic communities we serve. Our strategy for attracting new loans is primarily dependent on providing timely response to applicants and maintaining a network of quality brokers and other business sources. See “Risk Factors – The Markets in Which We Operate Are Highly Competitive” included in Item 1A of this Annual Report.

For a discussion of our business strategies, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Overview — Management Strategy” included in Item 7 of this Annual Report.

1 Includes Empire Bank branches acquired on October 30, 2020, per June 2020 FDIC Summary of Deposits for the New York State Counties of New York, Kings, Queens, Nassau and Suffolk

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Lending Activities

Loan Portfolio Composition. Our loan portfolio consists primarily of mortgage loans secured by multi-family residential, commercial real estate, one-to-four family mixed-use property, one-to-four family residential property, and commercial business loans. In addition, we also offer construction loans, SBA loans and other consumer loans. The vast majority of our mortgage loans are secured by properties located within our market area. At December 31, 2020, we had gross loans outstanding of $6,701.6 million (before the allowance for loan losses and net deferred costs).

We have focused our loan origination efforts on multi-family residential mortgage loans, commercial real estate and commercial business loans with full banking relationships. All of these loan types generally have higher yields than one-to-four family residential properties, and include prepayment penalties that we collect if the loans pay in full prior to the contractual maturity. We expect to continue this emphasis through marketing and by maintaining competitive interest rates and origination fees. Our marketing efforts include frequent contact with mortgage brokers and other professionals who serve as referral sources.

Fully underwritten one-to-four family residential mortgage loans generally are considered by the banking industry to have less risk than other types of loans. Multi-family residential, commercial real estate and one-to-four family mixed-use property mortgage loans generally have higher yields than one-to-four family residential property mortgage loans and shorter terms to maturity, but typically involve higher principal amounts and may expose the lender to a greater risk of credit loss than one-to-four family residential property mortgage loans. The greater risk associated with multi-family residential, commercial real estate and one-to-four family mixed-use property mortgage loans could require us to increase our provisions for loan losses and to maintain an allowance for loan losses as a percentage of total loans in excess of the allowance we currently maintain. We continually review the composition of our mortgage loan portfolio to manage the risk in the portfolio. See “General – Overview” in this Item 1 of this Annual Report.

Our loan portfolio consists of adjustable rate (“ARM”) and fixed-rate loans. Interest rates we charge on loans are affected primarily by the demand for such loans, the supply of money available for lending purposes, the rate offered by our competitors and the creditworthiness of the borrower. Many of those factors are, in turn, affected by local and national economic conditions, and the fiscal, monetary and tax policies of the federal, state and local governments.

In general, consumers show a preference for ARM loans in periods of high interest rates and for fixed-rate loans when interest rates are low. In periods of declining interest rates, we may experience refinancing activity in ARM loans, as borrowers show a preference to lock-in the lower rates available on fixed-rate loans. In the case of ARM loans we originated, volume and adjustment periods are affected by the interest rates and other market factors as discussed above as well as consumer preferences. We have not in the past, nor do we currently, originate ARM loans that provide for negative amortization.

The majority of our commercial business loans are generated by the Company’s business banking group which focuses on loan and deposit relationships to businesses located within our market area. These loans are generally personally guaranteed by the owners, and may be secured by the assets of the business, which at times may include real estate. The interest rate on these loans is generally an adjustable rate based on a published index. These loans, while providing us a higher rate of return, also present a higher level of risk. The greater risk associated with commercial business loans could require us to increase our provision for loan losses, and to maintain an allowance for loan losses as a percentage of total loans in excess of the allowance we currently maintain.

At times, we may purchase whole or participations in loans from banks, mortgage bankers and other financial institutions when the loans complement our loan portfolio strategy. Loans purchased must meet our underwriting standards when they were originated. Our lending activities are subject to federal and state laws and regulations. See “— Regulation.”

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The following table sets forth the composition of our loan portfolio at the dates indicated:

At December 31, 

 

2020

2019

2018

2017

2016

 

Percent

Percent

Percent

Percent

Percent

 

    

Amount

    

of Total

    

Amount

    

of Total

    

Amount

    

of Total

    

Amount

    

of Total

    

Amount

    

of Total

 

(Dollars in thousands)

 

Mortgage Loans:

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Multi-family residential

$

2,533,952

 

37.81

%  

$

2,238,591

 

38.88

%  

$

2,269,048

 

41.00

%  

$

2,273,595

 

44.08

%  

$

2,178,504

 

45.21

%

Commercial real estate

 

1,754,754

 

26.18

 

1,582,008

 

27.48

 

1,542,547

 

27.86

 

1,368,112

 

26.51

 

1,246,132

 

25.86

One-to-four family - mixed-use property

 

602,981

 

9.00

 

592,471

 

10.29

 

577,741

 

10.44

 

564,206

 

10.93

 

558,502

 

11.59

One-to-four family - residential (1)

 

245,211

 

3.66

 

188,216

 

3.27

 

190,350

 

3.44

 

180,663

 

3.50

 

185,767

 

3.85

Co-operative apartment (2)

 

8,051

 

0.12

 

 

8,663

 

0.15

 

8,498

 

0.15

 

6,895

 

0.13

 

7,418

 

0.15

Construction

 

83,322

 

1.24

67,754

 

1.18

 

50,600

 

0.91

 

8,479

 

0.16

 

11,495

 

0.24

Gross mortgage loans

 

5,228,271

 

78.01

 

4,677,703

 

81.25

 

4,638,784

 

83.80

 

4,401,950

 

85.31

 

4,187,818

 

86.90

Non-mortgage loans:

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Small Business Administration

 

167,376

 

2.50

 

14,445

 

0.25

 

15,210

 

0.27

 

18,479

 

0.36

 

15,198

 

0.32

Taxi medallion

 

2,757

 

0.04

 

3,309

 

0.06

 

4,539

 

0.08

 

6,834

 

0.13

 

18,996

 

0.39

Commercial business and other

 

1,303,225

 

19.45

 

1,061,478

 

18.44

 

877,763

 

15.85

 

732,973

 

14.20

 

597,122

 

12.39

Gross non-mortgage loans

 

1,473,358

 

21.99

 

1,079,232

 

18.75

 

897,512

 

16.20

 

758,286

 

14.69

 

631,316

 

13.10

Gross loans

 

6,701,629

 

100.00

%  

 

5,756,935

 

100.00

%  

 

5,536,296

 

100.00

%  

 

5,160,236

 

100.00

%  

 

4,819,134

 

100.00

%

Unearned loan fees and deferred costs, net

 

3,045

 

15,271

 

 

15,188

 

  

16,763

 

  

 

16,559

 

  

Less: Allowance for loan losses

 

(45,153)

 

(21,751)

 

 

(20,945)

 

  

(20,351)

 

  

 

(22,229)

 

  

Loans, net

$

6,659,521

$

5,750,455

$

5,530,539

 

  

$

5,156,648

 

  

$

4,813,464

 

  

(1)One-to-four family residential mortgage loans also include home equity and condominium loans. At December 31, 2020, gross home equity loans totaled $31.7 million and condominium loans totaled $30.5 million.
(2)Consists of loans secured by shares representing interests in individual co-operative units that are generally owner occupied.

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The following table sets forth our loan originations (including the net effect of refinancing) and the changes in our portfolio of loans, including purchases, sales and principal reductions for the years indicated:

For the years ended December 31, 

(In thousands)

    

2020

    

2019

    

2018

Mortgage Loans

 

  

 

  

 

  

At beginning of year

$

4,677,703

$

4,638,784

 

$

4,401,950

Mortgage loans originated:

 

  

 

  

 

 

  

Multi-family residential

 

207,101

 

245,775

 

 

275,409

Commercial real estate

 

157,592

 

178,336

 

 

240,755

One-to-four family mixed-use property

 

35,131

 

66,128

 

 

73,471

One-to-four family residential

 

21,805

 

25,024

 

 

41,402

Co-operative apartment

 

704

 

2,117

 

 

2,448

Construction

 

12,059

 

16,153

 

 

36,155

Total mortgage loans originated

 

434,392

 

533,533

 

 

669,640

Mortgage loans purchased:

 

  

 

  

 

 

  

Multi-family residential

 

5,628

 

1,832

 

 

64,323

Commercial real estate

 

34,260

 

 

 

30,030

One-to-four family mixed-use property

 

 

 

 

685

One-to-four family residential

 

 

 

 

1,258

Construction

 

9,800

 

17,766

 

 

3,440

Total mortgage loans purchased

 

49,688

 

19,598

 

 

99,736

Acquisition of Empire loans:

 

  

 

  

 

 

  

Multi-family residential

 

287,239

 

 

 

Commercial real estate

 

81,349

 

 

 

One-to-four family mixed-use property

 

25,151

 

 

 

One-to-four family residential

 

54,437

 

 

 

Construction

 

12,912

 

 

 

Total mortgage loans acquired

 

461,088

 

 

 

Less:

 

  

 

  

 

 

  

Principal reductions

 

394,099

 

505,099

 

 

523,064

Mortgage loan sales

 

498

 

8,482

 

 

8,737

Charge-offs

 

3

 

392

 

 

103

Loans transferred to OREO

 

 

239

 

 

638

At end of year

$

5,228,271

$

4,677,703

 

$

4,638,784

Non-mortgage loans

 

  

 

  

 

 

  

At beginning of year

$

1,079,232

$

897,512

 

$

758,286

Loans originated:

 

  

 

  

 

 

  

Small Business Administration (1)

 

112,352

 

3,426

 

 

3,843

Commercial business

 

254,121

 

402,127

 

 

280,704

Other

 

9,960

 

1,992

 

 

1,920

Total other loans originated

 

376,433

 

407,545

 

 

286,467

Non-mortgage loans purchased:

 

  

 

  

 

 

  

Commercial business

 

143,601

 

201,624

 

 

194,948

Total non-mortgage loans purchased

 

143,601

 

201,624

 

 

194,948

Acquisition of Empire loans:

 

  

 

  

 

 

  

Small Business Administration (2)

62,778

Commercial business

161,495

Other

 

43

 

 

 

Total non-mortgage loans acquired

 

224,316

 

 

 

Less:

 

  

 

  

 

 

  

Non-mortgage loan sales

 

6,876

 

5,213

 

 

5,266

Principal reductions

 

339,346

 

419,850

 

 

336,094

Charge-offs

 

4,002

 

2,386

 

 

829

At end of year

$

1,473,358

$

1,079,232

 

$

897,512

(1)Includes $111.6 million of SBA PPP loans for the year ended 2020.
(2)Includes $55.5 million of SBA PPP loans acquired from Empire.

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Loan Maturity and Repricing. The following table shows the maturity of our total loan portfolio at December 31, 2020. Scheduled repayments are shown in the maturity category in which the payments become due.

Mortgage loans

Non-mortgage loans

One-to-four

 

family

One-to-four

Commercial

 

Multi-family

Commercial

mixed-use

family

Co-operative

Small Business

Taxi

business

 

(In thousands)

    

residential

    

real estate

    

property

    

residential

    

apartment

    

Construction

   

Administration

    

Medallion

    

and other

    

Total loans

Amounts due within one year

$

288,649

$

288,739

$

41,714

$

14,967

$

264

$

59,223

$

106,872

$

2,376

$

441,378

 

$

1,244,182

Amounts due after one year:

One to two years

 

276,977

 

212,809

41,957

15,363

271

9,058

36,652

164

 

243,516

 

 

836,767

Two to three years

 

239,291

 

183,510

41,631

16,006

282

8,942

5,453

170

 

192,877

 

 

688,162

Three to five years

 

218,899

 

170,166

40,090

15,790

290

2,375

5,405

36

 

131,908

 

 

584,959

Over five years

 

1,510,136

 

899,530

437,589

183,085

6,944

3,724

12,994

11

 

293,546

 

 

3,347,559

Total due after one year

 

2,245,303

 

1,466,015

 

561,267

 

230,244

 

7,787

24,099

 

60,504

 

381

 

861,847

 

 

5,457,447

Total amounts due

$

2,533,952

$

1,754,754

$

602,981

$

245,211

$

8,051

$

83,322

$

167,376

$

2,757

$

1,303,225

 

$

6,701,629