Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 0-23695 | |
Entity Registrant Name | BROOKLINE BANCORP, INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3402944 | |
Entity Address, Address Line One | 131 Clarendon Street | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02116 | |
City Area Code | 617 | |
Local Phone Number | 425-4600 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | BRKL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 88,665,135 | |
Entity Central Index Key | 0001049782 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 44,323 | $ 191,767 |
Short-term investments | 180,109 | 191,192 |
Total cash and cash equivalents | 224,432 | 382,959 |
Investment securities available-for-sale, net | 910,210 | 656,766 |
Total investment securities | 910,210 | 656,766 |
Allowance for investment security losses | (433) | (102) |
Net investment securities | 909,777 | 656,664 |
Total loans and leases | 9,340,799 | 7,644,388 |
Allowance for loan and lease losses | (125,817) | (98,482) |
Net loans and leases | 9,214,982 | 7,545,906 |
Restricted equity securities | 71,421 | 71,307 |
Premises and equipment, net of accumulated depreciation of $102,158 and $92,219, respectively | 90,685 | 71,391 |
Right-of-use asset operating leases | 31,774 | 19,484 |
Deferred tax asset | 77,704 | 52,237 |
Goodwill | 241,222 | 160,427 |
Identified intangible assets, net of accumulated amortization of $44,043 and $40,123, respectively | 28,126 | 1,781 |
Other real estate owned ("OREO") and repossessed assets, net | 602 | 408 |
Other assets | 315,353 | 223,272 |
Total assets | 11,206,078 | 9,185,836 |
Deposits: | ||
Demand checking accounts | 1,843,516 | 1,802,518 |
Interest-bearing deposits | 6,673,497 | 4,719,628 |
Total deposits | 8,517,013 | 6,522,146 |
Borrowed funds: | ||
Advances from the Federal Home Loan Bank of Boston and New York ("FHLB") | 1,043,381 | 1,237,823 |
Subordinated debentures and notes | 84,116 | 84,044 |
Other borrowed funds | 98,773 | 110,785 |
Total borrowed funds | 1,226,270 | 1,432,652 |
Operating lease liabilities | 33,021 | 19,484 |
Mortgagors' escrow accounts | 17,207 | 5,607 |
Reserve for unfunded credits | 22,789 | 20,602 |
Accrued expenses and other liabilities | 227,470 | 193,220 |
Total liabilities | 10,043,770 | 8,193,711 |
Commitments and contingencies (Note 12) | ||
Stockholders' Equity: | ||
Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued and 85,177,172 shares issued, respectively | 970 | 852 |
Additional paid-in capital | 905,084 | 736,074 |
Retained earnings | 417,328 | 412,019 |
Accumulated other comprehensive (loss) income | (66,156) | (61,947) |
Treasury stock, at cost; 7,734,891 shares and 7,731,445 shares, respectively | (94,918) | (94,873) |
Total stockholders' equity | 1,162,308 | 992,125 |
Total liabilities and stockholders' equity | 11,206,078 | 9,185,836 |
Commercial real estate loans | ||
ASSETS | ||
Total loans and leases | 5,670,771 | 4,404,148 |
Commercial loans and leases | ||
ASSETS | ||
Total loans and leases | 2,193,027 | 2,016,499 |
Consumer loans | ||
ASSETS | ||
Total loans and leases | $ 1,477,001 | $ 1,223,741 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Premises and equipment, accumulated depreciation and amortization | $ 102,158 | $ 92,219 |
Identified intangible assets, accumulated amortization | $ 44,043 | $ 40,123 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 96,998,075 | 85,177,172 |
Treasury stock, shares (in shares) | 7,734,891 | 7,731,445 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest and dividend income: | ||||
Loans and leases | $ 132,299 | $ 74,287 | $ 254,230 | $ 146,008 |
Debt securities | 8,034 | 3,249 | 15,904 | 6,245 |
Restricted equity securities | 1,673 | 337 | 2,928 | 665 |
Short-term investments | 3,351 | 156 | 4,846 | 222 |
Total interest and dividend income | 145,357 | 78,029 | 277,908 | 153,140 |
Interest expense: | ||||
Deposits | 43,147 | 4,282 | 72,515 | 8,053 |
Borrowed funds | 16,173 | 1,880 | 33,307 | 3,372 |
Total interest expense | 59,320 | 6,162 | 105,822 | 11,425 |
Net interest income | 86,037 | 71,867 | 172,086 | 141,715 |
Provision for credit losses | 5,726 | 173 | 31,070 | 9 |
Provision for investment losses | 133 | 54 | 331 | 58 |
Net interest income after provision for credit losses | 80,178 | 71,640 | 140,685 | 141,648 |
Non-interest income: | ||||
Loan level derivative income, net | 363 | 1,615 | 2,736 | 2,301 |
Gain on investment securities, net | 3 | 0 | 1,704 | 0 |
Gain on sales of loans and leases held-for-sale | 308 | 291 | 1,946 | 635 |
Other | 1,431 | 1,612 | 5,608 | 2,864 |
Total non-interest income | 5,462 | 6,928 | 18,399 | 12,457 |
Non-interest expense: | ||||
Compensation and employee benefits | 33,438 | 28,772 | 70,003 | 55,656 |
Occupancy | 4,870 | 3,807 | 10,093 | 8,091 |
Equipment and data processing | 6,531 | 4,931 | 12,993 | 10,009 |
Professional services | 1,986 | 1,219 | 3,416 | 2,445 |
FDIC insurance | 2,609 | 739 | 3,853 | 1,467 |
Advertising and marketing | 1,382 | 1,319 | 2,792 | 2,591 |
Amortization of identified intangible assets | 1,954 | 120 | 3,920 | 254 |
Merger and acquisition expense | 1,002 | 535 | 7,411 | 535 |
Other | 4,053 | 3,429 | 8,120 | 6,310 |
Total non-interest expense | 57,825 | 44,871 | 122,601 | 87,358 |
Income before provision for income taxes | 27,815 | 33,697 | 36,483 | 66,747 |
Provision for income taxes | 5,965 | 8,502 | 7,073 | 16,847 |
Net income | $ 21,850 | $ 25,195 | $ 29,410 | $ 49,900 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.25 | $ 0.33 | $ 0.34 | $ 0.65 |
Diluted (in dollars per share) | $ 0.25 | $ 0.33 | $ 0.34 | $ 0.65 |
Weighted average common shares outstanding during the year: | ||||
Basic (in shares) | 88,665,135 | 77,091,013 | 87,620,194 | 77,352,666 |
Diluted (in shares) | 88,926,543 | 77,419,288 | 87,887,980 | 77,671,601 |
Dividends paid per common share (in dollars per share) | $ 0.135 | $ 0.130 | $ 0.270 | $ 0.255 |
Deposit fees | ||||
Non-interest income: | ||||
Non-interest income, fees | $ 2,866 | $ 2,744 | $ 5,523 | $ 5,244 |
Loan fees | ||||
Non-interest income: | ||||
Non-interest income, fees | $ 491 | $ 666 | $ 882 | $ 1,413 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 21,850 | $ 25,195 | $ 29,410 | $ 49,900 |
Investment securities available-for-sale: | ||||
Unrealized securities holding gains (losses) | (13,506) | (20,092) | (3,366) | (57,633) |
Income tax (expense) benefit | 3,233 | 4,428 | 1,004 | 12,702 |
Net unrealized securities holding gains (losses) before reclassification adjustments, net of taxes | (10,273) | (15,664) | (2,362) | (44,931) |
Cash flow hedges: | ||||
Change in fair value of cash flow hedges | (5,765) | 38 | (3,040) | 94 |
Income tax (expense) benefit | 1,500 | (29) | 791 | (30) |
Net change in fair value of cash flow hedges, net of taxes | (4,265) | 9 | (2,249) | 64 |
Less reclassification adjustment for change in fair value of cash flow hedges: | ||||
Gain (loss) on change in fair value of cash flow hedges | (1,446) | 0 | (543) | 0 |
Income tax (expense) benefit | 376 | 0 | 141 | 0 |
Net reclassification adjustment for change in fair value of cash flow hedges | (1,070) | 0 | (402) | 0 |
Net change in fair value of cash flow hedges | (3,195) | 9 | (1,847) | 64 |
Other comprehensive income (loss), net of taxes | (13,468) | (15,655) | (4,209) | (44,867) |
Comprehensive income | $ 8,382 | $ 9,540 | $ 25,201 | $ 5,033 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Unallocated Common Stock Held by ESOP |
Beginning balance at Dec. 31, 2021 | $ 995,342 | $ 852 | $ 736,826 | $ 342,639 | $ (110) | $ (84,718) | $ (147) |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 49,900 | 49,900 | |||||
Common stock issued for acquisition | 0 | ||||||
Other comprehensive income (loss) | (44,867) | (44,867) | |||||
Common stock dividends | (19,735) | (19,735) | |||||
Restricted stock awards issued, net of awards surrendered | (4) | 23 | (27) | ||||
Compensation under recognition and retention plan | 1,434 | 1,561 | (127) | ||||
Treasury stock, repurchase shares | (13,780) | (13,780) | |||||
Common stock held by ESOP committed to be released | 206 | 134 | 72 | ||||
Ending balance at Jun. 30, 2022 | 968,496 | 852 | 738,544 | 372,677 | (44,977) | (98,525) | (75) |
Beginning balance at Mar. 31, 2022 | 981,935 | 852 | 737,658 | 357,576 | (29,322) | (84,718) | (111) |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 25,195 | 25,195 | |||||
Other comprehensive income (loss) | (15,655) | (15,655) | |||||
Common stock dividends | (10,030) | (10,030) | |||||
Restricted stock awards issued, net of awards surrendered | (4) | 23 | (27) | ||||
Compensation under recognition and retention plan | 740 | 804 | (64) | ||||
Treasury stock, repurchase shares | (13,780) | (13,780) | |||||
Common stock held by ESOP committed to be released | 95 | 59 | 36 | ||||
Ending balance at Jun. 30, 2022 | 968,496 | 852 | 738,544 | 372,677 | (44,977) | (98,525) | (75) |
Beginning balance at Dec. 31, 2022 | 992,125 | 852 | 736,074 | 412,019 | (61,947) | (94,873) | 0 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 29,410 | 29,410 | |||||
Common stock issued for acquisition | 167,330 | 118 | 167,212 | ||||
Other comprehensive income (loss) | (4,209) | (4,209) | |||||
Common stock dividends | (23,939) | (23,939) | |||||
Restricted stock awards issued, net of awards surrendered | (53) | (8) | (45) | ||||
Compensation under recognition and retention plan | 1,644 | 1,806 | (162) | ||||
Ending balance at Jun. 30, 2023 | 1,162,308 | 970 | 905,084 | 417,328 | (66,156) | (94,918) | 0 |
Beginning balance at Mar. 31, 2023 | 1,165,066 | 970 | 904,174 | 407,528 | (52,688) | (94,918) | 0 |
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 21,850 | 21,850 | |||||
Other comprehensive income (loss) | (13,468) | (13,468) | |||||
Common stock dividends | (11,969) | (11,969) | |||||
Compensation under recognition and retention plan | 829 | 910 | (81) | ||||
Ending balance at Jun. 30, 2023 | $ 1,162,308 | $ 970 | $ 905,084 | $ 417,328 | $ (66,156) | $ (94,918) | $ 0 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid per common share (in dollars per share) | $ 0.130 | $ 0.255 |
Common stock held by ESOP committed to be released (in shares) | 6,609 | 13,218 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 29,410,000 | $ 49,900,000 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
Provision for credit losses | 31,070,000 | 9,000 |
Deferred income tax expense | 210,000 | 953,000 |
Depreciation of premises and equipment | 3,926,000 | 2,933,000 |
(Accretion) amortization of investment securities premiums and discounts, net | (4,910,000) | 1,175,000 |
Amortization of deferred loan and lease origination costs, net | 2,162,000 | 2,797,000 |
Amortization of identified intangible assets | 3,920,000 | 254,000 |
Amortization of debt issuance costs | 50,000 | 50,000 |
(Accretion) amortization of acquisition fair value adjustments, net | (5,706,000) | 11,000 |
Gain on investment securities, net | (1,704,000) | 0 |
Gain on sales of loans and leases held-for-sale | (1,946,000) | (635,000) |
Write-down of other repossessed assets | 60,000 | 92,000 |
Compensation under recognition and retention plans | 1,643,000 | 1,434,000 |
ESOP shares committed to be released | 0 | 206,000 |
Net change in: | ||
Cash surrender value of bank-owned life insurance | (316,000) | (507,000) |
Other assets | (19,700,000) | 6,483,000 |
Accrued expenses and other liabilities | 10,618,000 | (26,889,000) |
Net cash provided from operating activities | 48,787,000 | 38,266,000 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available-for-sale | 229,981,000 | 0 |
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale | 178,240,000 | 67,361,000 |
Purchases of investment securities available-for-sale | (279,009,000) | (123,121,000) |
Proceeds from redemption/sales of restricted equity securities | 33,550,000 | 9,161,000 |
Purchase of restricted equity securities | (29,662,000) | (15,586,000) |
Proceeds from sales of loans and leases held-for-investment, net | 163,442,000 | 72,277,000 |
Net increase in loans and leases | (558,492,000) | (215,936,000) |
Acquisitions, net of cash and cash equivalents acquired | (80,209,000) | 0 |
Purchase of premises and equipment, net | (8,648,000) | (2,190,000) |
Proceeds from sales of other repossessed assets | 820,000 | 1,043,000 |
Net cash used for investing activities | (349,987,000) | (206,991,000) |
Cash flows from financing activities: | ||
Decrease in demand checking, NOW, savings and money market accounts | (321,664,000) | (44,540,000) |
Increase (decrease) in certificates of deposit and brokered deposits | 748,514,000 | (110,909,000) |
Proceeds from FHLB advances | 4,486,000,000 | 1,135,000,000 |
Repayment of FHLB advances | (4,733,516,000) | (974,940,000) |
Decrease in other borrowed funds, net | (12,012,000) | (39,254,000) |
Decrease in mortgagors' escrow accounts, net | (710,000) | (525,000) |
Repurchases of common stock | 0 | (13,780,000) |
Payment of dividends on common stock | (23,939,000) | (19,735,000) |
Net cash provided from (used for) financing activities | 142,673,000 | (68,683,000) |
Net decrease in cash and cash equivalents | (158,527,000) | (237,408,000) |
Cash and cash equivalents at beginning of period | 382,959,000 | 327,737,000 |
Cash and cash equivalents at end of period | 224,432,000 | 90,329,000 |
Cash paid during the period for: | ||
Interest on deposits, borrowed funds and subordinated debt | 102,211,000 | 11,230,000 |
Income taxes | 8,391,000 | 13,126,000 |
Non-cash investing activities: | ||
Transfer from loans to other repossessed assets | 1,074,000 | 924,000 |
Acquisition of PCSB Financial Corporation: | ||
Fair value of assets acquired, net of cash and cash equivalents acquired | 1,931,528,000 | 0 |
Fair value of liabilities assumed | 1,676,110,000 | 0 |
Common stock issued | 167,330,000 | |
Common Stock | ||
Common stock issued | $ 118,000 | $ 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Overview Brookline Bancorp, Inc. (the "Company") is a bank holding company (within the meaning of the Bank Holding Company Act of 1956, as amended) and the parent of Brookline Bank, a Massachusetts-chartered trust company; Bank Rhode Island ("BankRI"), a Rhode Island-chartered financial institution; and PCSB Bank, a New York-chartered commercial bank (collectively referred to as the "Banks"). The Banks are members of the Federal Reserve System. The Company is also the parent of Brookline Securities Corp. ("BSC") and Clarendon Private, LLC ("Clarendon Private"). The Company's primary business is to provide commercial, business and retail banking services to its corporate, municipal and retail customers through the Banks and its non-bank subsidiaries. Brookline Bank, which includes its wholly-owned subsidiaries, Longwood Securities Corp. ("LSC"), Eastern Funding LLC ("Eastern Funding") and First Ipswich Insurance Agency, operates 29 full-service banking offices in the greater Boston metropolitan area with two additional lending offices. BankRI, which includes its wholly-owned subsidiaries, Acorn Insurance Agency, BRI Realty Corp., BRI Investment Corp. and its wholly-owned subsidiary, BRI MSC Corp., operates 20 full-service banking offices in the greater Providence, Rhode Island area. Macrolease Corporation, previously a subsidiary of BankRI, was merged into Eastern Funding LLC in the second quarter of 2022. PCSB Bank, which includes its wholly-owned subsidiary, UpCounty Realty Corp., operates 14 full-service banking offices in the Lower Hudson Valley of New York. Clarendon Private is a registered investment advisor with the Securities and Exchange Commission ("SEC"). Through Clarendon Private, the Company offers a wide range of wealth management services to individuals, families, endowments and foundations to help these clients meet their long-term financial goals. The Banks' activities include acceptance of commercial, municipal and retail deposits, origination of mortgage loans on commercial and residential real estate located principally in Central New England and the Lower Hudson Valley of New York State, origination of commercial loans and leases to small- and mid-sized businesses, investment in debt and equity securities, and the offering of cash management and investment advisory services. The Company also provides specialty equipment financing through it subsidiary Eastern Funding, which operates in New York City, New York, and Plainview, New York. The Company and the Banks are supervised, examined and regulated by the Board of Governors of the Federal Reserve System (the "FRB"). As a Massachusetts-chartered trust company, Brookline Bank is subject to supervision, examination and regulation by the Massachusetts Division of Banks (the "MDOB"). As a Rhode Island-chartered financial institution, BankRI is subject to supervision, examination and regulation by the Banking Division of the Rhode Island Department of Business Regulation (the "RIBD"). As a New York- chartered commercial bank, PCSB Bank is subject to supervision, examination and regulation by the New York State Department of Financial Services. Clarendon Private is also subject to regulation by the SEC. The Federal Deposit Insurance Corporation ("FDIC") offers insurance coverage on all deposits up to $250,000 per depositor at each of the Banks. As FDIC-insured depository institutions, the Banks are also subject to supervision, examination and regulation by the FDIC. As previously disclosed, on July 31, 2019, Brookline Bank converted to a Massachusetts-chartered trust company and ended its membership in the Depositors Insurance Fund (the “DIF”), a private industry-sponsored fund which insures Massachusetts-chartered bank deposit balances in excess of federal deposit insurance coverage. Brookline Bank’s growth in deposit size necessitated its withdrawal from the DIF and the concurrent charter conversion. Term deposits in excess of the FDIC insurance coverage as of July 31, 2019 will continue to be insured by the DIF until they reach maturity. Basis of Financial Statement Presentation The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant changes in the near-term include the determination of the allowance for credit losses, the determination of fair market values of acquired assets and liabilities, including acquired loans, the review of goodwill and intangible assets for impairment and the review of deferred tax assets for valuation allowances. The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. Reclassification Certain previously reported amounts have been reclassified to conform to the current year's presentation. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)-Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04") to provide optional expedients and exceptions for applying GAAP to certain contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients provided that those elections are retained through the end of the hedging relationship. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022 and do not apply to contract modifications made after December 31, 2022. In January 2021, FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848)" an update to address concerns around structural risk of interbank offered rates ("IBORs"), particularly, the risk of cessation of the LIBOR. The amendments in this update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848)" which deferred the sunset date of Topic 848 to December 31, 2024, to allow for a transition period after the sunset of LIBOR. The Company has adopted the amendments in these updates and established a LIBOR transition committee to guide the Company’s transition from LIBOR. The Company has completed much of the work to transition off the LIBOR index consistent with industry timelines. The working group has identified its products that utilize LIBOR and has implemented fallback language to facilitate the transition to alternative rates. The Company has also evaluated its infrastructure and identified fallback rates as well as started offering alternative indices and new products tied to these alternative indices. The Company does not anticipate the adoption of these standards to have a material impact to the consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The Company adopted ASU 2021-08 as of January 1, 2023 on a prospective basis. The adoption did not have a material impact on the Company's consolidated financial statements. In March 2022, the FASB issued ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures" which addresses concerns regarding the complex accounting for loans modified as troubled debt restructurings (“TDRs”) and also the disclosure of gross writeoff information included in required vintage disclosures. The Company adopted ASU 2022-02 as of January 1, 2023. The enhanced disclosure requirements provided for by ASU 2022-02 were adopted on a prospective basis. Reporting periods prior to the adoption of ASU 2022-02 are presented in accordance with the applicable GAAP. The adoption did not have a material impact on the Company’s consolidated financial statements. Additional details can be found in Note 5, "Allowance for Credit Losses". |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions PCSB Financial Corporation On January 1, 2023, the Company completed its previously announced acquisition (the “merger”) of PCSB Financial Corporation (“PCSB”). Pursuant to the merger agreement, each share of PCSB common stock outstanding at the effective time of the merger was converted into the right to receive, at the holder’s election, either $22.00 in cash consideration or 1.3284 shares of Company common stock for each share of PCSB common stock, subject to allocation procedures to ensure that 60% of the outstanding shares of PCSB common stock was converted to Company common stock. PCSB’s bank subsidiary, PCSB Bank, operates as a separate subsidiary of the Company and has 15 banking offices throughout the Lower Hudson Valley of New York State. The transaction was accounted for as a business combination. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their fair values as of the merger effective date. The determination of fair value required management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and are subject to change. Fair value estimates of the assets acquired and liabilities assumed may be adjusted for a period up to one year (the measurement period) from the closing date of the merger if new information is obtained about facts and circumstances that existed as of the merger effective date that, if known, would have affected the measurement of the amounts recognized as of that date. During the three and six months ended June 30, 2023, the Company incurred merger-related expenses totaling $1.0 million and $7.4 million, respectively. The following table summarizes the preliminary purchase price allocation to the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition: Net Assets Acquired at Fair Value (In Thousands) Purchase price consideration $ 297,791 ASSETS Cash 42,373 Investments 366,790 Loans 1,336,737 Allowance for credit losses on PCD loans (2,344) Premises and equipment 14,631 Core deposit and other intangibles 30,265 Other assets 104,654 Total assets acquired $ 1,893,106 LIABILITIES Deposits $ 1,570,563 Borrowings 52,923 Other liabilities 52,624 Total liabilities assumed $ 1,676,110 Net assets acquired 216,996 Goodwill $ 80,795 In connection with the merger, the Company recorded $80.8 million of goodwill, which represents the excess of the purchase price over the fair value of the net assets acquired. Fair values of the major categories of assets acquired and liabilities assumed were determined as follows: Cash and Cash Equivalents The fair values of cash and cash equivalents approximate the respective carrying amounts because the instruments are payable on demand or have short-term maturities. Investments The fair values for investment securities available-for-sale were based on quoted market prices, where available. If quoted market prices were not available, fair value estimates are based on observable inputs, including quoted market prices for similar instruments. Investment securities held-to-maturity were reclassified to investment securities available-for-sale based on the Company's intent at closing. During the six months ended June 30, 2023, the Company restructured the investment portfolio acquired from PCSB. The Company sold approximately 75% of the portfolio which equates to $228.3 million of book value of predominantly longer dated Agency MBS, Agency CMOs, Corporate and Municipal securities. The weighted average duration of these securities was 6.1 years with an average risk weighting of assets of 33%. The Company recognized a $1.7 million gain from selling these securities. Proceeds from the sale and additional cash on hand was used to purchase $295.6 million of short duration securities, the majority of which are US Treasuries, Agency MBS, and a small position of short term Municipal Bond Anticipation Notes. Additional details can be found in Note 3, "Investment Securities". The weighted average duration of these securities was 2.1 years with an average risk weighting of assets of 4%. Loans The fair value of the loan portfolio was calculated on an individual loan basis using discounted cash flow analysis, with results presented and assumptions applied on a summary basis. This analysis took into consideration the contractual terms of the loans and assumptions related to the cost of debt, cost of equity, servicing cost and other liquidity/risk premium considerations to estimate the projected cash flows. The loss rates for the loans were estimated using Probability of Default (cumulative) and Loss Given Default assumptions. The assumptions used in determining the fair value of the loan portfolio were considered reasonable from a market-participant viewpoint. The Company recorded a $49.8 million discount from the results of the loan accounting valuation. Deposits - Core Deposits Intangible ("CDI") Accounts included in the CDI include demand deposits, NOW accounts, money market accounts and savings accounts. The fair value of the CDI was derived from using a financial institution-specific income approach. Factors examined in the valuation of the CDI include customer attrition, deposit interest rates, service charge income, overhead expense, and costs of alternative funding. The Company recorded a $30.3 million CDI from the results of the deposit valuation. The CDI is being amortized at an accelerated rate over 7 years using the sum-of-the-years method. Certificates of Deposits The certificates of deposits were recorded at fair value. The determination of the fair value was calculated using discounted cash flow analysis, which involved present valuing the contractual payments over the remaining life of the certificate of deposit at market based-rates. The Company recorded a $3.2 million discount from the results of the certificate of deposit valuation. Borrowings The fair value of the FHLB advances were ascertained by using discounted cash flow analysis of the contractual payments over the remaining life of the advances at market-based interest rates. The FHLB advances were disaggregated on an individual advance basis and management used FHLB of New York rates as of December 30, 2022 as the market rate in the present value calculation. The Company recorded a $0.3 million discount on the assumed FHLB advances. PCD Loans and Leases Purchased loans and leases that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchase credit deteriorated ("PCD"). For PCD loans and leases, the initial estimate of expected credit losses was established through an adjustment to the unpaid principal balance and non-credit discount at acquisition. The following table reconciles the unpaid principal balance to the fair value of PCD loans and leases: (In Thousands) Total unpaid principal balance $ 16,824 Allowance for credit losses at acquisition (2,344) Non-credit discount (974) Fair value $ 13,506 Supplemental Pro Forma Financial Information The following table summarizes supplemental pro forma financial information giving effect to the merger as if it had been completed on January 1, 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In Thousands) Net interest income 86,037 88,366 172,086 170,606 Non-interest income 5,459 8,016 16,695 14,468 Net income 23,445 28,460 47,942 37,648 The supplemental pro forma financial information does not necessarily reflect the results of operations that would have occurred had Brookline Bancorp, Inc. merged with PCSB on January 1, 2022. The supplemental pro forma financial information includes the impact of (i) accreting and amortizing the discounts and premiums associated with the estimated fair value adjustments to acquired loans and leases, investment securities, deposits, and borrowings, (ii) the amortization of recognized intangible assets, (iii) accreting and amortizing the discounts and premiums associated with acquired premises and leases, and (iv) the related estimated income tax effects. Costs savings and other business synergies related to the merger are not included in the supplemental pro forma financial information. In addition, the supplemental pro forma financial information was adjusted to include the $1.0 million and $7.4 million of merger-related expenses recognized during the three and six months ended June 30, 2023, respectively, as summarized in the following table: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In Thousands) Compensation and benefits (1) $ 529 $ 1,750 Technology and equipment (2) 29 1,857 Professional and outside services (3) 364 3,563 Other expense (4) 80 242 Total merger-related expenses $ 1,003 $ 7,413 ______________________________________________________________________ (1) Comprised primarily of severance and employee retention costs. (2) Comprised primarily of technology contract termination fees. (3) Comprised primarily of advisory, legal, accounting, and other professional fees. (4) Comprised primarily of costs of travel and other miscellaneous expenses. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following tables set forth investment securities available-for-sale at the dates indicated: At June 30, 2023 Amortized Gross Gross Estimated (In Thousands) Investment securities available-for-sale: GSE debentures $ 189,075 $ 8 $ 23,065 $ 166,018 GSE CMOs 68,652 — 4,206 64,446 GSE MBSs 199,087 4 19,432 179,659 Municipal obligations 15,769 92 247 15,614 Corporate debt obligations 32,948 18 1,068 31,898 U.S. Treasury bonds 484,756 6 32,664 452,098 Foreign government obligations 500 — 23 477 Total investment securities available-for-sale $ 990,787 $ 128 $ 80,705 $ 910,210 December 31, 2022 Amortized Gross Gross Estimated (In Thousands) Investment securities available-for-sale: GSE debentures $ 176,751 $ — $ 24,329 $ 152,422 GSE CMOs 19,977 — 1,757 18,220 GSE MBSs 159,824 1 19,249 140,576 Corporate debt obligations 14,076 — 312 13,764 U.S. Treasury bonds 362,850 280 31,823 331,307 Foreign government obligations 500 — 23 477 Total investment securities available-for-sale $ 733,978 $ 281 $ 77,493 $ 656,766 As of June 30, 2023, the fair value of all investment securities available-for-sale was $910.2 million, with net unrealized losses of $80.6 million, compared to a fair value of $656.8 million and net unrealized losses of $77.2 million as of December 31, 2022. As of June 30, 2023, $862.8 million, or 94.8% of the portfolio, had gross unrealized losses of $80.7 million, compared to $630.5 million, or 96.0% of the portfolio, with gross unrealized losses of $77.5 million as of December 31, 2022. As of June 30, 2023 and December 31, 2022, the Company held no securities as held to maturity; all securities were held as available-for-sale. Investment Securities as Collateral As of June 30, 2023 and December 31, 2022, respectively, $575.0 million and $387.9 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and FHLB of Boston and FHLB of New York borrowings. The Banks had no outstanding FRB borrowings as of June 30, 2023 and December 31, 2022. Allowance for Credit Losses-Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, management first assesses whether (i) the Company intends to sell the security, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criterion is met, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither criterion is met, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit loss is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through the Allowance for Credit Losses ("ACL") is recognized in other comprehensive income. Adjustments to the allowance are reported as a component of credit loss expense. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivables associated with debt securities available-for-sale totaled $4.0 million as of June 30, 2023 compared $2.6 million to as of December 31, 2022. A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a debt security placed on nonaccrual is reversed against interest income. There were no debt securities on nonaccrual status and therefore there was no accrued interest related to debt securities reversed against interest income for the six months ended June 30, 2023 and 2022. Assessment for Available for Sale Securities for Impairment Investment securities as of June 30, 2023 and December 31, 2022 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At June 30, 2023 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 33,040 $ 346 $ 126,061 $ 22,719 $ 159,101 $ 23,065 GSE CMOs 48,240 2,471 16,206 1,735 64,446 4,206 GSE MBSs 47,966 1,021 130,212 18,411 178,178 19,432 Municipal obligations 7,303 247 — — 7,303 247 Corporate debt obligations 15,765 867 13,830 201 29,595 1,068 U.S. Treasury bonds 200,139 2,611 223,570 30,053 423,709 32,664 Foreign government obligations — — 477 23 477 23 Total temporarily impaired investment securities $ 352,453 $ 7,563 $ 510,356 $ 73,142 $ 862,809 $ 80,705 At December 31, 2022 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 56,719 $ 1,255 $ 95,703 $ 23,076 $ 152,422 $ 24,331 GSE CMOs 16,411 1,563 1,809 192 18,220 1,755 GSE MBSs 97,858 9,823 42,500 9,426 140,358 19,249 Corporate debt obligations 13,764 312 — — 13,764 312 U.S. Treasury bonds 139,103 3,723 166,150 28,100 305,253 31,823 Foreign government obligations 477 23 — — 477 23 Temporarily impaired investment securities available-for-sale 324,332 16,699 306,162 60,794 630,494 77,493 Total temporarily impaired investment securities $ 324,332 $ 16,699 $ 306,162 $ 60,794 $ 630,494 $ 77,493 The Company performs regular analyses of the investment securities available-for-sale portfolio to determine whether a decline in fair value indicates that an investment security is impaired. In making these impairment determinations, management considers, among other factors, projected future cash flows; credit subordination and the creditworthiness; capital adequacy and near-term prospects of the issuers. Management also considers the Company's capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a security investment is impaired and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company's consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a security is impaired and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company's consolidated statement of income. Investment Securities Available-For-Sale Impairment Analysis The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were impaired as of June 30, 2023. The Company has determined it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. As such, management has determined that the investment securities are not impaired as of June 30, 2023. If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional impairment in future periods. U.S. Government-Sponsored Enterprises The Company invests in securities issued by U.S. Government-sponsored enterprises ("GSEs"), including GSE debentures, mortgage-backed securities ("MBSs"), and collateralized mortgage obligations ("CMOs"). GSE securities include obligations issued by the Federal National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC"), the Government National Mortgage Association ("GNMA"), the FHLB and the Federal Farm Credit Bank. As of June 30, 2023, the Company held GNMA MBSs and CMOs, and Small Business Administration ("SBA") commercial loan asset-backed securities in its available-for-sale portfolio with an estimated fair value of $33.8 million, all of which were backed explicitly by the full faith and credit of the U.S. Government, compared to $2.7 million as of December 31, 2022. As of June 30, 2023, the Company owned 41 GSE debentures with a total fair value of $166.0 million, and a net unrealized loss of $23.1 million. The acquisition of PCSB accounted for $40.0 million of the total fair value at June 30, 2023. As of December 31, 2022, the Company held 32 GSE debentures with a total fair value of $152.4 million, with a net unrealized loss of $24.3 million. As of June 30, 2023, 37 of the 41 securities in this portfolio were in an unrealized loss position. As of December 31, 2022, 31 of the 32 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA/SBA) guarantee of the U.S Government. During the six months ended June 30, 2023 and 2022, the Company did not purchase GSE debentures. As of June 30, 2023, the Company owned 60 GSE CMOs with a total fair value of $64.4 million and a net unrealized loss of $4.2 million. The acquisition of PCSB accounted for $48.2 million of the total fair value at June 30, 2023. As of December 31, 2022, the Company held 32 GSE CMOs with a total fair value of $18.2 million with a net unrealized loss of $1.8 million. As of June 30, 2023 and December 31, 2022 , all of the securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the six months ended June 30, 2023 and 2022, the Company did not purchase any GSE CMOs. As of June 30, 2023, the Company owned 150 GSE MBSs with a total fair value of $179.7 million and a net unrealized loss of $19.4 million. The acquisition of PCSB accounted for $48.6 million of the total fair value at June 30, 2023. As of December 31, 2022, the Company held 134 GSE MBSs with a total fair value of $140.6 million with a net unrealized loss of $19.2 million. As of June 30, 2023, 143 of the 150 securities in this portfolio were in an unrealized loss position. As of December 31, 2022, 128 of the 134 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the six months ended June 30, 2023 the Company purchased $39.4 million of GSE MBSs compared to the same period in 2022 when the Company did not purchase any GSE MBSs. Municipal Obligations The Company invests in certain state and municipal securities with high credit ratings for portfolio diversification and tax planning purposes. As of June 30, 2023, the Company owned 47 municipal obligation securities with a total fair value of $15.6 million which approximates cost. The acquisition of PCSB, and purchases year to date accounted for all of the total fair value at June 30, 2023. As of December 31, 2022, the Company did not hold any municipal securities. As of June 30, 2023,12 of the 47 securities in this portfolio were in an unrealized loss position. During the six months ended June 30, 2023, the Company purchased $5.6 million of municipal securities compared to the same period in 2022 when the Company did not purchase any municipal securities. Corporate Obligations The Company may invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. As of June 30, 2023, the Company held 13 corporate obligation securities with a total fair value of $31.9 million and a net unrealized loss of $1.1 million. The acquisition of PCSB accounted for $18.1 million of the total fair value at June 30, 2023. As of December 31, 2022, the Company held 4 corporate obligation securities with a total fair value of $13.8 million and a net unrealized loss of $0.3 million. As of June 30, 2023, 12 of the 13 securities in this portfolio were in an unrealized loss position. As of December 31, 2022, all of the securities in this portfolio were in an unrealized loss position. Full collection of the obligations is expected because the financial condition of the issuers is sound, they have not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. During the six months ended June 30, 2023 and 2022, the Company did not purchase any corporate obligations. U.S. Treasury Bonds The Company invests in securities issued by the U.S. government. As of June 30, 2023, the Company owned 70 U.S. Treasury bonds with a total fair value of $452.1 million and a net unrealized loss of $32.7 million. The acquisition of PCSB accounted for $163.8 million of the total fair value at June 30, 2023. As of December 31, 2022, the Company held 41 U.S. Treasury bonds with a total fair value of $331.3 million and a net unrealized loss of $31.5 million. As of June 30, 2023, 64 of the 70 securities in this portfolio were in an unrealized loss position. As of December 31, 2022, 38 of the 41 securities in this portfolio were in an unrealized loss position. During the six months ended June 30, 2023, the Company purchased $234.0 million of U.S. Treasury bonds, compared to the same period in 2022 when the Company purchased $122.6 million U.S. Treasury bonds. Foreign Government Obligations As of June 30, 2023 and December 31, 2022, the Company owned 1 foreign government obligation security with a fair value of $0.5 million, which approximated cost. As of June 30, 2023 and December 31, 2022, respectively, the security was in an unrealized loss position. During the six months ended June 30, 2023, the Company did not purchase any foreign government obligations, compared to the same period in 2022, when the Company repurchased the foreign government obligation that had matured. Portfolio Maturities The final stated maturities of the debt securities are as follows for the periods indicated: At June 30, 2023 At December 31, 2022 Amortized Estimated Weighted Amortized Estimated Weighted (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 135,793 $ 135,258 4.08 % $ 119,912 $ 119,075 3.10 % After 1 year through 5 years 310,475 297,518 3.05 % 163,941 156,120 2.40 % After 5 years through 10 years 302,905 259,982 1.71 % 291,284 244,847 1.30 % Over 10 years 241,614 217,452 3.38 % 158,841 136,724 2.10 % $ 990,787 $ 910,210 2.90 % $ 733,978 $ 656,766 2.06 % Actual maturities of debt securities will differ from those presented above since certain obligations amortize and may also provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. MBSs and CMOs are included above based on their final stated maturities; the actual maturities, however, may occur earlier due to anticipated prepayments and stated amortization of cash flows. As of June 30, 2023, issuers of debt securities with an estimated fair value of $95.0 million had the right to call or prepay the obligations. Of the $95.0 million, approximately $5.4 million matures in less then 1 year, $35.2 million matures in 1-5 years, $46.8 million matures in 6-10 years, and $7.6 million matures after ten years. As of December 31, 2022, issuers of debt securities with an estimated fair value of approximately $53.1 million had the right to call or prepay the obligations. Of the $53.1 million, approximately $2.5 million matures in less then 1 year, $6.3 million matures in 1-5 years, $37.4 million matures in 6-10 years, and $6.9 million matures after ten years. Security Sales The proceeds from the sale of investment securities available-for-sale were $230.0 million during the six months ended June 30, 2023, compared to the six months ended June 30, 2022 where the Company did not sell any investment securities available-for-sale. Securities sales executed during the six months ended were related to the acquisition of PCSB and the restructuring of the acquired investment portfolio. Six Months Ended June 30, 2023 2022 (In Thousands) Investment securities available-for-sale: Proceeds from sales: $ 229,981 $ — Gross gains from sales 2,705 — Gross losses from sales (1,001) — Gain on sales of securities, net $ 1,704 $ — |
Loans and Leases
Loans and Leases | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases The following table presents the amortized cost of loans and leases and weighted average coupon rates for the loan and lease portfolios at the dates indicated: At June 30, 2023 At December 31, 2022 Balance Weighted Balance Weighted (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 3,997,027 5.30 % $ 3,046,746 4.93 % Multi-family mortgage 1,358,475 4.99 % 1,150,597 4.74 % Construction 315,269 6.58 % 206,805 6.51 % Total commercial real estate loans 5,670,771 5.30 % 4,404,148 4.95 % Commercial loans and leases: Commercial 845,192 6.64 % 752,948 6.03 % Equipment financing 1,306,165 7.34 % 1,216,585 7.04 % Condominium association 41,670 4.83 % 46,966 4.80 % Total commercial loans and leases 2,193,027 7.02 % 2,016,499 6.61 % Consumer loans: Residential mortgage 1,082,425 4.24 % 844,614 3.98 % Home equity 346,842 7.79 % 322,622 7.00 % Other consumer 47,734 7.46 % 56,505 6.65 % Total consumer loans 1,477,001 5.18 % 1,223,741 4.90 % Total loans and leases $ 9,340,799 5.67 % $ 7,644,388 5.38 % Accrued interest on loans and leases, which were excluded from the amortized cost of loans and leases totaled $34.8 million and $26.1 million at June 30, 2023 and December 31, 2022, respectively, and were included in other assets in the accompanying consolidated balance sheets. The net unamortized deferred loan origination costs included in total loans and leases were $10.7 million and $11.3 million as of June 30, 2023 and December 31, 2022, respectively. The Banks and their subsidiaries lend primarily in all New England states and New York, with the exception of equipment financing, 29.6% of which is in the greater New York and New Jersey metropolitan area and 70.4% of which is in other areas in the United States of America as of June 30, 2023. Loans and Leases Pledged as Collateral |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses | Allowance for Credit Losses The following tables present the changes in the allowance for loan and lease losses in loans and leases by portfolio segment for the periods indicated: Three Months Ended June 30, 2023 Commercial Commercial Consumer Total (In Thousands) Balance at March 31, 2023 $ 82,692 $ 32,761 $ 5,412 $ 120,865 Charge-offs — (1,685) (5) (1,690) Recoveries 6 577 10 593 Provision (credit) for loan and lease losses excluding unfunded commitments 1,603 3,981 465 6,049 Balance at June 30, 2023 $ 84,301 $ 35,634 $ 5,882 $ 125,817 Three Months Ended June 30, 2022 Commercial Commercial Consumer Total (In Thousands) Balance at March 31, 2022 $ 69,031 $ 23,503 $ 2,929 $ 95,463 Charge-offs — (1,533) — (1,533) Recoveries 6 279 6 291 Provision (credit) for loan and lease losses excluding unfunded commitments 990 (2,144) 121 (1,033) Balance at June 30, 2022 $ 70,027 $ 20,105 $ 3,056 $ 93,188 Six Months Ended June 30, 2023 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2022 $ 68,154 $ 26,604 $ 3,724 $ 98,482 Charge-offs — (2,525) (16) (2,541) Recoveries 12 960 21 993 Provision (credit) for loan and lease losses excluding unfunded commitments 16,135 10,595 2,153 28,883 Balance at June 30, 2023 $ 84,301 $ 35,634 $ 5,882 $ 125,817 The table above excludes the establishment of the initial reserve for PCD loans and leases of $2.3 million, net of $2.3 million of day one charge-offs recognized at the date of the acquisition in accordance with GAAP. Six Months Ended June 30, 2022 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2021 $ 69,213 $ 27,055 $ 2,816 $ 99,084 Charge-offs (37) (3,833) (7) (3,877) Recoveries 11 632 44 687 Provision (credit) for loan and lease losses excluding unfunded commitments 840 (3,749) 203 (2,706) Balance at June 30, 2022 $ 70,027 $ 20,105 $ 3,056 $ 93,188 The allowance for credit losses for unfunded credit commitments, which is included in other liabilities, was $22.8 million, and $20.6 million at June 30, 2023 and December 31, 2022, respectively. Provision for Credit Losses The provision (credit) for credit losses are set forth below for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ 1,603 $ 990 $ 16,135 $ 840 Commercial 3,981 (2,144) 10,595 (3,749) Consumer 465 121 2,153 203 Total (credit) provision for loan and lease losses 6,049 (1,033) 28,883 (2,706) Unfunded commitments (323) 1,206 2,187 2,715 Total provision (credit) for credit losses $ 5,726 $ 173 $ 31,070 $ 9 Allowance for Loan and Lease Losses Methodology Management has established a methodology to determine the adequacy of the allowance for credit losses that assesses the risks and losses expected on the loan and lease portfolio and unfunded commitments. Additions to the allowance for credit losses are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized. To calculate the allowance for loans collectively evaluated, management uses models developed by a third party. Commercial real estate ("CRE"), commercial and industrial ("C&I"), and retail lifetime loss rate models calculate the expected losses over the life of the loan based on exposure at default loan attributes and reasonable, supportable economic forecasts. The exposure at default considers the current unpaid balance, prepayment assumptions and expected utilization assumptions. The expected loss estimates for two small commercial portfolios are based on historical loss rates. Key assumptions used in the models include portfolio segmentation, prepayments, and the expected utilization of unfunded commitments, among others. The portfolios are segmented by loan level attributes such as loan type, loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated and loss rates are subsequently applied to the pools as the loans have like characteristics. Prepayment assumptions are embedded within the models and are based on the same data used for model development and incorporate adjustments for reasonable and supportable forecasts. Model development data and developmental time periods vary by model, but all use at least ten years of historical data and capture at least one recessionary period. Expected utilization is based on current utilization and a loan equivalency ("LEQ") factor. LEQ varies by current utilization and provides a reasonable estimate of expected draws and borrower behavior. Assumptions and model inputs are reviewed in accordance with model monitoring practices and as information becomes available . The ACL estimate incorporates reasonable and supportable forecasts of various macro-economic variables over the remaining life of loans and leases. The development of the reasonable and supportable forecast assume each macro-economic variable will revert to long-term expectations, with reversion characteristics unique to specific economic indicators and forecasts. Reversion towards long-term expectations generally begins two Management elected to use multiple economic forecasts in determining the reserve to account for economic uncertainty. The forecasts include various projections of gross domestic product ("GDP"), interest rates, property price indices, and employment measures. Scenario weighting and model parameters are reviewed for each calculation and updated to reflect facts and circumstances as of the financial statement date. The forecasts utilized at June 30, 2023 reflect the immediate and longer-term effects of a rising interest rate environment and inflationary conditions. As of June 30, 2023, management applied qualitative adjustments to the CRE lifetime loss rate, C&I lifetime loss rate, and Retail lifetime loss rate models. These adjustments addressed model limitations, were based on historical loss patterns, and targeted specific risks within the certain portfolios. A general qualitative adjustment was applied to all models to account for general economic uncertainty by placing a greater probability on negative economic forecasts. Additional qualitative adjustments were applied to the commercial, multifamily, and commercial real estate (includes owner occupied, non-owner occupied, and construction) portfolios based on the Company’s historical loss experience and the loss experience of the Company’s peer group. High risk segments of the Eastern Funding portfolios also received additional qualitative adjustments based on recent loss history and expected liquidation values. These qualitative adjustments resulted in additions to reserves for all portfolios, as compared to the model output. Specific reserves are established for loans individually evaluated for impairment when amortized cost basis is greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent loans, when there is an excess of a loan's amortized cost basis over the fair value of its underlying collateral. When loans and leases do not share risk characteristics with other financial assets they are evaluated individually. Individually evaluated loans are reviewed quarterly with adjustments made to the calculated reserve as necessary. The general allowance for loan and lease losses was $111.0 million as of June 30, 2023, compared to $95.4 million as of December 31, 2022. The increase in the general allowance was primarily driven by the acquisition of PCSB Bank during the year, which contributed $14.8 million of the $15.6 million increase, and secondarily by loan growth during the year. The specific allowance for loan and lease losses was $14.8 million as of June 30, 2023, compared to $3.1 million as of December 31, 2022. The specific allowance increased by $11.7 million during the six months ended June 30, 2023 primarily due to specific reserves on two C&I accounts totaling $6 million, as well as specific reserve increases totaling $2.9 million for commercial real estate loans and $2.2 million in equipment financing loans. As of June 30, 2023, management believes that the methodology for calculating the allowance is sound and that the allowance provides a reasonable basis for determining and reporting on expected losses over the lifetime of the Company’s loan portfolios. Credit Quality Assessment At the time of loan origination, a rating is assigned based on the capacity to pay and general financial strength of the borrower, the value of assets pledged as collateral, and the evaluation of third party support such as a guarantor. The Company continually monitors the credit quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, adversely risk-rated, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower's ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a modified loan. The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For all loans, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions; position within the industry; earnings trends; operating cash flow; asset/liability values; debt capacity; guarantor strength; management and controls; financial reporting; collateral; and other considerations. In addition, the Company's independent loan review group evaluates the credit quality and related risk ratings in all loan portfolios. The results of these reviews are reported to the Risk Committee of the Board of Directors on a periodic basis and annually to the Board of Directors. For the consumer loans, the Company heavily relies on payment status for calibrating credit risk. The ratings categories used for assessing credit risk in the commercial real estate, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: 1 -4 Rating—Pass Loan rating grades "1" through "4" are classified as "Pass," which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in loss due to the capacity of the borrower to pay and the adequacy of the value of assets pledged as collateral. 5 Rating—Other Assets Especially Mentioned ("OAEM") Borrowers exhibit potential credit weaknesses or downward trends deserving management's attention. If not checked or corrected, these trends will weaken the Company's asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. 6 Rating—Substandard Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligors or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy. Although no loss of principal is envisioned, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. 7 Rating—Doubtful Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. 8 Rating—Definite Loss Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Company is not warranted. Assets rated as "OAEM," "substandard" or "doubtful" based on criteria established under banking regulations are collectively referred to as "criticized" assets. Credit Quality Information The following table presents the amortized cost basis of loans in each class by credit quality indicator and year of origination as of June 30, 2023. June 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate June 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Pass $ 241,350 $ 656,424 $ 786,618 $ 388,710 $ 469,881 $ 1,298,263 $ 69,618 $ 12,105 $ 3,922,969 OAEM — — 2,565 3,431 — 42,051 — — 48,047 Substandard — — — — 14,757 11,254 — — 26,011 Total 241,350 656,424 789,183 392,141 484,638 1,351,568 69,618 12,105 3,997,027 Multi-Family Mortgage Pass 6,834 198,059 238,086 169,934 208,360 490,643 6,355 36,623 1,354,894 OAEM — — — — 1,333 — — — 1,333 Substandard — — — — — 2,248 — — 2,248 Total 6,834 198,059 238,086 169,934 209,693 492,891 6,355 36,623 1,358,475 Construction Pass 15,760 185,066 70,667 9,651 10,810 910 6,200 — 299,064 OAEM — 1,744 10,633 — — — — — 12,377 Substandard — — — — 1,501 2,327 — — 3,828 Total 15,760 186,810 81,300 9,651 12,311 3,237 6,200 — 315,269 Commercial Pass 53,121 145,185 131,871 41,850 26,089 79,057 318,473 3,809 799,455 OAEM — — 94 2,569 1,385 — 12,676 249 16,973 Substandard 1,004 — 4,635 1,182 13,190 29 8,420 301 28,761 Doubtful — — — — — 1 — 2 3 Total 54,125 145,185 136,600 45,601 40,664 79,087 339,569 4,361 845,192 Current-period gross writeoffs — — — — 7 85 — — 92 Equipment Financing Pass 231,217 433,296 242,641 152,274 111,885 99,376 13,746 2,867 1,287,302 OAEM — 2,746 1,391 1,339 506 66 — — 6,048 Substandard 46 3,124 1,823 1,126 2,539 2,315 — — 10,973 Doubtful — 562 1,265 — — 15 — — 1,842 Total 231,263 439,728 247,120 154,739 114,930 101,772 13,746 2,867 1,306,165 Current-period gross writeoffs — 514 845 108 273 694 — — 2,434 Condominium Association Pass 1,234 6,484 7,475 7,336 5,118 11,640 2,183 200 41,670 June 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Total 1,234 6,484 7,475 7,336 5,118 11,640 2,183 200 41,670 Other Consumer Pass 310 389 816 10 26 2,104 44,078 1 47,734 Total 310 389 816 10 26 2,104 44,078 1 47,734 Current-period gross writeoffs 4 — 1 — 11 7 — — 23 Total Pass 549,826 1,624,903 1,478,174 769,765 832,169 1,981,993 460,653 55,605 7,753,088 OAEM — 4,490 14,683 7,339 3,224 42,117 12,676 249 84,778 Substandard 1,050 3,124 6,458 2,308 31,987 18,173 8,420 301 71,821 Doubtful — 562 1,265 — 562 16 — 2 2,407 Total $ 550,876 $ 1,633,079 $ 1,500,580 $ 779,412 $ 867,942 $ 2,042,299 $ 481,749 $ 56,157 $ 7,912,094 As of June 30, 2023, there were no loans categorized as definite loss. For residential mortgage and home equity loans, the borrowers' credit scores contribute as a reserve metric in the retail loss rate model. At June 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 $ 36,092 $ 175,692 $ 220,158 $ 123,651 $ 90,123 $ 283,544 $ 4,707 $ 443 $ 934,410 661 - 700 3,415 14,883 10,791 9,000 5,969 21,900 — — 65,958 600 and below 1,506 13,978 5,049 8,199 3,201 23,132 — — 55,065 Data not available * 405 3,178 — 179 1,471 21,759 — — 26,992 Total $ 41,418 $ 207,731 $ 235,998 $ 141,029 $ 100,764 $ 350,335 $ 4,707 $ 443 $ 1,082,425 Home Equity Credit Scores Over 700 $ 3,875 $ 3,979 $ 1,837 $ 960 $ 1,341 $ 8,170 $ 277,118 $ 5,590 $ 302,870 661 - 700 126 512 43 — 16 894 20,017 1,020 22,628 600 and below 180 95 — 34 43 307 14,359 1,308 16,326 Data not available * 25 14 — — — 223 4,320 436 5,018 Total $ 4,206 $ 4,600 $ 1,880 $ 994 $ 1,400 $ 9,594 $ 315,814 $ 8,354 $ 346,842 _______________________________________________________________________________ * Primarily represents loans made to trusts and purchase mortgages. The following tables present the recorded investment in loans in each class as of December 31, 2022, by credit quality indicator. December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 475,105 $ 622,952 $ 290,913 $ 362,339 $ 210,954 $ 971,274 $ 55,464 $ 9,167 $ 2,998,168 OAEM — 2,600 112 14,805 2,841 25,875 — — 46,233 Substandard — — — — — 2,345 — — 2,345 Total 475,105 625,552 291,025 377,144 213,795 999,494 55,464 9,167 3,046,746 Multi-Family Mortgage Pass 162,139 226,502 132,893 114,109 142,271 324,415 4,823 36,662 1,143,814 Substandard — — — — — 6,783 — — 6,783 Total 162,139 226,502 132,893 114,109 142,271 331,198 4,823 36,662 1,150,597 December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Construction Pass 82,650 73,995 13,787 16,421 3,306 — 6,456 — 196,615 OAEM 842 8,641 — — — — — — 9,483 Substandard — — — — — 707 — — 707 Total 83,492 82,636 13,787 16,421 3,306 707 6,456 — 206,805 Commercial Pass 178,212 116,674 48,713 22,809 29,350 52,866 273,467 1,071 723,162 OAEM — 109 — 14,821 — — 2,187 — 17,117 Substandard — 3,835 1,215 494 — 30 6,461 632 12,667 Doubtful — — — — — 1 — 1 2 Total 178,212 120,618 49,928 38,124 29,350 52,897 282,115 1,704 752,948 Equipment Financing Pass 443,323 282,398 185,007 140,931 76,595 60,980 13,236 1,301 1,203,771 OAEM 1,019 1,453 184 455 13 — — — 3,124 Substandard 608 784 1,514 2,597 2,503 1,669 — — 9,675 Doubtful — — — — 2 13 — — 15 Total 444,950 284,635 186,705 143,983 79,113 62,662 13,236 1,301 1,216,585 Condominium Association Pass 5,821 7,743 8,810 5,858 1,603 12,227 4,823 23 46,908 Substandard — — — — — 58 — — 58 Total 5,821 7,743 8,810 5,858 1,603 12,285 4,823 23 46,966 Other Consumer Pass 411 393 15 13 1,503 750 53,418 1 56,504 Substandard — — — — — — 1 — 1 Total 411 393 15 13 1,503 750 53,419 1 56,505 Total Pass 1,347,661 1,330,657 680,138 662,480 465,582 1,422,512 411,687 48,225 6,368,942 OAEM 1,861 12,803 296 30,081 2,854 25,875 2,187 — 75,957 Substandard 608 4,619 2,729 3,091 2,503 11,592 6,462 632 32,236 December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Doubtful — — — — 2 14 — 1 17 Total $ 1,350,130 $ 1,348,079 $ 683,163 $ 695,652 $ 470,941 $ 1,459,993 $ 420,336 $ 48,858 $ 6,477,152 As of December 31, 2022, there were no loans categorized as definite loss. At December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 $ 108,125 $ 176,341 $ 95,484 $ 61,763 $ 38,949 $ 132,359 $ 4,942 $ 348 $ 618,311 661 - 700 15,018 21,450 17,611 11,388 8,308 29,999 — — 103,774 600 and below 6,133 3,754 5,275 2,833 2,264 14,688 — — 34,947 Data not available * 28,097 6,661 712 3,316 — 48,796 — — 87,582 Total $ 157,373 $ 208,206 $ 119,082 $ 79,300 $49,521 $ 225,842 $ 4,942 $ 348 $ 844,614 Home Equity Credit Scores Over 700 $ 3,833 $ 1,399 $ 1,128 $ 1,209 $ 984 $ 6,862 $ 247,188 $ 2,304 $ 264,907 661 - 700 787 92 35 249 272 1,329 41,050 296 44,110 600 and below 89 87 48 93 — 360 8,744 595 10,016 Data not available * 6 6 — — — 1,029 2,279 269 3,589 Total $ 4,715 $ 1,584 $ 1,211 $ 1,551 $ 1,256 $ 9,580 $ 299,261 $ 3,464 $ 322,622 _______________________________________________________________________________ * Primarily represents loans made to trusts and purchase mortgages. Age Analysis of Past Due Loans and Leases The following table presents an age analysis of the amortized cost basis in loans and leases as of June 30, 2023. At June 30, 2023 Past Due Past 31-60 61-90 Greater Total Current Total Loans Non-accrual Non-accrual (In Thousands) Commercial real estate loans: Commercial real estate $ 6,505 $ 18,560 $ 189 $ 25,254 $ 3,971,773 $ 3,997,027 $ — $ 8,737 $ — Multi-family mortgage 744 — — 744 1,357,731 1,358,475 — — — Construction — — 2,208 2,208 313,061 315,269 — 3,828 3,828 Total commercial real estate loans 7,249 18,560 2,397 28,206 5,642,565 5,670,771 — 12,565 3,828 Commercial loans and leases: Commercial 596 911 399 1,906 843,286 845,192 — 16,023 2,661 Equipment financing 6,513 3,594 5,979 16,086 1,290,079 1,306,165 488 12,809 1,217 Condominium association — — — — 41,670 41,670 — — — Total commercial loans and leases 7,109 4,505 6,378 17,992 2,175,035 2,193,027 488 28,832 3,878 Consumer loans: Residential mortgage 983 1,157 2,000 4,140 1,078,285 1,082,425 — 4,343 1,738 Home equity 629 27 174 830 346,012 346,842 2 583 — Other consumer — — — — 47,734 47,734 — — — Total consumer loans 1,612 1,184 2,174 4,970 1,472,031 1,477,001 2 4,926 1,738 Total loans and leases $ 15,970 $ 24,249 $ 10,949 $ 51,168 $ 9,289,631 $ 9,340,799 $ 490 $ 46,323 $ 9,444 The Company did not recognize any interest income on nonaccrual loans for the three months ended June 30, 2023. The following tables present an age analysis of the recorded investment in originated and acquired loans and leases as of December 31, 2022. At December 31, 2022 Past Due Loans and Non-accrual 31-60 61-90 Greater Total Current Total Loans Non-accrual (In Thousands) Commercial real estate loans: Commercial real estate $ 2,495 $ 199 $ 408 $ 3,102 $ 3,043,644 $ 3,046,746 $ — $ 607 $ 262 Multi-family mortgage — 180 — 180 1,150,417 1,150,597 — — — Construction 707 — — 707 206,098 206,805 — 707 707 Total commercial real estate loans 3,202 379 408 3,989 4,400,159 4,404,148 — 1,314 969 Commercial loans and leases: Commercial 740 — 343 1,083 751,865 752,948 — 464 — Equipment financing 5,103 1,764 6,205 13,072 1,203,513 1,216,585 28 9,653 399 Condominium association 2,072 — — 2,072 44,894 46,966 — 58 — Total commercial loans and leases 7,915 1,764 6,548 16,227 2,000,272 2,016,499 28 10,175 399 Consumer loans: Residential mortgage 677 70 1,466 2,213 842,401 844,614 1 2,680 1,091 Home equity 443 — 155 598 322,024 322,622 4 723 — Other consumer 1 5 2 8 56,497 56,505 — 2 — Total consumer loans 1,121 75 1,623 2,819 1,220,922 1,223,741 5 3,405 1,091 Total loans and leases $ 12,238 $ 2,218 $ 8,579 $ 23,035 $ 7,621,353 $ 7,644,388 $ 33 $ 14,894 $ 2,459 Impaired Loans and Leases A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. The loans and leases risk-rated "substandard" or worse are considered impaired. The Company has also defined the population of impaired loans to include nonaccrual loans and modified loans. Impaired loans and leases which do not share similar risk characteristics with other loans are individually evaluated for credit losses. Specific reserves are established for loans and leases with deterioration in the present value of expected future cash flows or, in the case of collateral-dependent loans and leases, any increase in the loan or lease amortized cost basis over the fair value of the underlying collateral discounted for estimated selling costs. In contrast, the loans and leases which share similar risk characteristics and are not included in the individually evaluated population are collectively evaluated for credit losses. The following tables present information regarding individually evaluated and collectively evaluated allowance for loan and lease losses for credit losses on loans and leases at the dates indicated. At June 30, 2023 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 2,954 $ 11,849 $ 42 $ 14,845 Collectively evaluated 81,347 23,785 5,840 110,972 Total $ 84,301 $ 35,634 $ 5,882 $ 125,817 Loans and Leases: Individually evaluated $ 33,433 $ 33,226 $ 4,363 $ 71,022 Collectively evaluated 5,637,338 2,159,801 1,472,638 9,269,777 Total $ 5,670,771 $ 2,193,027 $ 1,477,001 $ 9,340,799 At December 31, 2022 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 62 $ 2,982 $ 68 $ 3,112 Collectively evaluated 68,092 23,622 3,656 95,370 Total loans and leases $ 68,154 $ 26,604 $ 3,724 $ 98,482 Loans and Leases: Individually evaluated $ 11,039 $ 14,346 $ 3,863 $ 29,248 Collectively evaluated 4,393,109 2,002,153 1,219,878 7,615,140 Total loans and leases $ 4,404,148 $ 2,016,499 $ 1,223,741 $ 7,644,388 Loan Modifications In January 2023, the Company adopted ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a prospective basis. Upon adoption of this guidance, the Company estimates the reserve for modifications to borrowers experiencing financial difficulty in a manner similar to the process for non-modified loans. The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the periods indicated.The loans presented in the following tables relate to two customer relationships. Three Months Ended June 30, 2023 Number of Loans Amortized Cost % of Total Class of Loans and Leases Financial Effect (In thousands) Maturity Extension C&I 7 $ 12,938 0.88 % All 7 loans were given 6-month maturity extensions and restructured payment plans to assist borrowers. The financial effect was deemed "de minimis." Combination C&I 2 627 0.04 % Both loans were given 6-month maturity extensions and restructured delayed payment plans to assist borrowers. The financial effect was deemed "de minimis." Total 9 $ 13,565 0.92 % Six Months Ended June 30, 2023 Number of Loans Amortized Cost % of Total Class of Loans and Leases Financial Effect (In thousands) Maturity Extension C&I 24 $ 19,061 1.29 % All 24 loans were given 6-month maturity extensions and restructured payment plans to assist borrowers. The financial effect was deemed "de minimis." Combination C&I 2 627 0.04 % Both loans were given 6-month maturity extensions and restructured delayed payment plans to assist borrowers. The financial effect was deemed "de minimis." Total 26 $ 19,688 1.33 % The following tables present the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the periods indicated. Three Months Ended June 30, 2023 Current 30-60 Days Past Due 61-90 Days Past Due 90+ Days Past Due Modified Paid Off Charged Off (In thousands) Total Modifications $ 13,565 — — — — — — Six Months Ended June 30, 2023 Current 30-60 Days Past Due 61-90 Days Past Due 90+ Days Past Due Modified Paid Off Charged Off (In thousands) Total Modifications $ 19,688 — — — — — — The following table sets forth information regarding TDR loans and leases at the dates indicated: At December 31, 2022 (In Thousands) Troubled debt restructurings: On accrual $ 16,385 On nonaccrual 3,527 Total troubled debt restructurings $ 19,912 Total TDR loans and leases at December 31, 2022 were $19.9 million. The amortized cost basis in TDR loans and the associated specific credit losses for the loan and lease portfolios that were modified during the periods indicated, are as follows. At and for the Three Months Ended June 30, 2022 Amortized Cost Specific Defaulted (1) Number of At At End of Nonaccrual Number of Amortized Cost (Dollars in Thousands) Equipment financing 6 $ 8 $ 333 $ — $ 180 3 $ 295 Total loans and leases 6 $ 8 $ 333 $ — $ 180 3 $ 295 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. At and for the Six Months Ended June 30, 2022 Amortized Cost Specific Defaulted (1) Number of At At End of Nonaccrual Number of Amortized Cost (Dollars in Thousands) Equipment financing 17 561 851 — 366 5 361 Total loans and leases 17 $ 561 $ 851 $ — $ 366 5 $ 361 The following table sets forth the Company's end-of-period amortized cost basis for TDRs that were modified during the periods indicated, by type of modification. Three Months Ended June 30, Six Months Ended 2022 2022 (In Thousands) Loans with one modification: Extended maturity $ 44 $ 292 Combination maturity, principal, interest rate 289 559 Total loans with modifications $ 333 $ 851 The TDR loans and leases that were modified for the three months ended June 30, 2022 were $0.3 million. The net charge-offs for performing and nonperforming TDR loans and leases for the six months ended June 30, 2022 were $0.1 million. The commitments to lend funds to debtors owing receivables whose terms had been modified in TDRs was as of June 30, 2022 were $0.5 million. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At June 30, 2023 At December 31, 2022 (In Thousands) Goodwill $ 160,427 $ 160,427 Additions 80,795 — Balance at end of period 241,222 160,427 Other intangible assets: Core deposits 27,037 692 Trade name 1,089 1,089 Total other intangible assets 28,126 1,781 Total goodwill and other intangible assets $ 269,348 $ 162,208 The addition of goodwill and the increase in core deposit intangibles, at June 30, 2023 are due to the excess of the purchase paid over the fair value of the net assets acquired from the PCSB acquisition. At December 31, 2013, the Company concluded that the BankRI name would continue to be utilized in its marketing strategies; therefore, the trade name with carrying value of $1.1 million has an indefinite life and ceased to amortize. The weighted-average amortization period for the core deposit intangible is 5.97 years. The estimated aggregate future amortization expense (in thousands) for other intangible assets for each of the next five years and thereafter is as follows: Remainder of 2023 $ 3,909 Year ending: 2024 6,636 2025 5,507 2026 4,398 2027 3,329 2028 2,177 Thereafter 1,081 Total $ 27,037 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) For the six months ended June 30, 2023 and 2022, the Company’s accumulated other comprehensive income (loss) includes the following three components: (i) unrealized holding gains (losses) on investment securities available-for-sale; (ii) change in the fair value of cash flow hedges; and (iii) adjustment of accumulated obligation for postretirement benefits. Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated: Three Months Ended June 30, 2023 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at March 31, 2023 $ (52,281) $ (895) $ 488 $ (52,688) Other comprehensive income (loss) (10,273) (4,265) — (14,538) Reclassification adjustment for (income) expense recognized in earnings — 1,070 — 1,070 Balance at June 30, 2023 $ (62,554) $ (4,090) $ 488 $ (66,156) Three Months Ended June 30, 2022 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at March 31, 2022 $ (29,450) $ 92 $ 36 $ (29,322) Other comprehensive income (loss) (15,664) 38 — (15,626) Reclassification adjustment for (income) expense recognized in earnings — (29) — (29) Balance at June 30, 2022 $ (45,114) $ 101 $ 36 $ (44,977) Six Months Ended June 30, 2023 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at December 31, 2022 $ (60,192) $ (2,243) $ 488 $ (61,947) Other comprehensive income (loss) (2,362) (2,249) — (4,611) Reclassification adjustment for (income) expense recognized in earnings — 402 — 402 Balance at June 30, 2023 $ (62,554) $ (4,090) $ 488 $ (66,156) Six Months Ended June 30, 2022 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at December 31, 2021 $ (183) $ 37 $ 36 $ (110) Other comprehensive income (loss) (44,931) 94 — (44,837) Reclassification adjustment for (income) expense recognized in earnings — (30) — (30) Balance at June 30, 2022 $ (45,114) $ 101 $ 36 $ (44,977) |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company executes loan level derivative products such as interest rate swap agreements with commercial banking customers to aid them in managing their interest rate risk. The interest rate swap contracts allow the commercial banking customers to convert floating rate loan payments to fixed rate loan payments. The Company concurrently enters into offsetting swaps with a third party financial institution, effectively minimizing its net risk exposure resulting from such transactions. The third party financial institution exchanges the customer's fixed rate loan payments for floating rate loan payments. As the interest rate swap agreements associated with this program do not meet hedge accounting requirements, changes in the fair value are recognized directly in earnings. Based on the Company's intended use for the loan level derivatives at inception, the Company designates the derivative as either an economic hedge of an asset or liability, or a hedging instrument subject to the hedge accounting provisions of FASB ASC Topic 815, "Derivatives and Hedging". The Company believes using interest rate derivatives adds stability to interest income and expense and allows the Company to manage its exposure to interest rate movements. The Company enters into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. The Company enters into interest rate swaps as hedging instruments against the interest rate risk associated with the Company's FHLB borrowings and loan portfolio. For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of the gains or losses is reported as a component of other comprehensive income ("OCI"), and is reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The following table reflects the Company's derivative positions as of the date indicated below for interest rate derivatives which qualify as cash flow hedges for accounts purposes. At June 30, 2023 Notional Amount Average Maturity Weighted Average Rate Fair Value Current Rate Paid Received Fixed Swap Rate (in thousands) (in years) (in thousands) Interest rate swaps on loans $ 225,000 3.40 5.07 % 3.39 % $ (5,842) At December 31, 2022 Notional Amount Average Maturity Weighted Average Rate Fair Value Current Rate Paid Received Fixed Swap Rate (in thousands) (in years) (in thousands) Interest rate swaps on loans $ 150,000 3.77 4.11 % 3.26 % $ (3,030) The Company utilizes risk participation agreements with other banks participating in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. Risk participation agreements are derivative financial instruments and are recorded at fair value. These derivatives are not designated as hedges and therefore, changes in fair value are recorded directly through earnings in other non-interest income at each reporting period. Under a risk participation-out agreement, a derivative asset, the Company participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower, for a fee paid to the participating bank. The Company offers foreign exchange contracts to commercial borrowers to accommodate their business needs. These foreign exchange contracts do not qualify as hedges for accounting purposes. To mitigate the market and liquidity risk associated with these foreign exchange contracts, the Company enters into similar offsetting positions. Asset derivatives and liability derivatives are included in other assets and accrued expenses and other liabilities on the unaudited consolidated balance sheets. The following tables present the Company's customer related derivative positions for the periods indicated below for those derivatives not designated as hedging. Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value June 30, 2023 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 151 $ 57,998 $ 111,519 $ 83,424 $130,013 $ 1,379,494 $ 1,762,448 $ 110,735 Pay fixed, receive variable 151 57,998 111,519 83,424 130,013 1,379,494 1,762,448 110,735 Risk participation-out agreements 62 29,624 27,460 3,132 29,425 420,970 510,611 1,561 Risk participation-in agreements 8 18,266 — — 27,073 28,954 74,293 22 Foreign exchange contracts Buys foreign currency, sells U.S. currency 16 $ 2,283 $ — $ — $ — $ — $ 2,283 $ 415 Sells foreign currency, buys U.S. currency 16 2,300 — — — — 2,300 398 Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2022 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 132 $ 71,547 $ 69,454 $ 141,498 $ 68,140 $ 1,139,070 $ 1,489,709 $ 103,640 Pay fixed, receive variable 132 71,547 69,454 141,498 68,140 1,139,070 1,489,709 103,640 Risk participation-out agreements 54 38,931 22,979 27,508 6,222 297,984 393,624 347 Risk participation-in agreements 8 18,421 — — 23,766 33,036 75,223 31 Foreign exchange contracts Buys foreign currency, sells U.S. currency 12 $ 2,383 $ — $ — $ — $ — $ 2,383 $ 130 Sells foreign currency, buys U.S. currency 12 2,400 — — — — 2,400 112 Certain derivative agreements contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount. The Company posted collateral to dealer counterparties of $8.2 million and $2.4 million in the normal course of business as of June 30, 2023 and December 31, 2022, respectively. The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated. At June 30, 2023 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ — $ — $ — $ — $ — $ — Derivatives not designated as hedging instruments: Loan level derivatives $ 126,985 $ — $ 126,985 $ — $ — $ 126,985 Risk participation-out agreements 1,561 — 1,561 — — 1,561 Foreign exchange contracts 415 — 415 — — 415 Total $ 128,961 $ — $ 128,961 $ — $ — $ 128,961 Liability derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 5,842 $ — $ 5,842 $ — $ — $ 5,842 Derivatives not designated as hedging instruments: Loan level derivatives $ 126,985 $ — $ 126,985 $ 5,370 $ 2,840 $ 118,775 Risk participation-in agreements 22 — 22 — — 22 Foreign exchange contracts 398 — 398 — — 398 Total $ 133,247 $ — $ 133,247 $ 5,370 $ 2,840 $ 125,037 At December 31, 2022 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 34 $ — $ 34 $ — $ — $ 34 Derivatives not designated as hedging instruments: Loan level derivatives $ 108,963 $ — $ 108,963 $ — $ — $ 108,963 Risk participation-out agreements 347 — 347 — — 347 Foreign exchange contracts 130 — 130 — — 130 Total $ 109,474 $ — $ 109,474 $ — $ — $ 109,474 Liability derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 3,170 $ — $ 3,170 $ — $ — $ 3,170 Derivatives not designated as hedging instruments: Loan level derivatives $ 108,963 $ — $ 108,963 $ 2,393 $ — $ 106,570 Risk participation-in agreements 31 — 31 — — 31 Foreign exchange contracts 112 — 112 — — 112 Total $ 112,276 $ — $ 112,276 $ 2,393 $ — $ 109,883 The Company has agreements with certain of its derivative counterparties that contain credit-risk-related contingent provisions. These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness or if the Company fails to maintain its status as a well-capitalized institution. Fair Value Six Months Ended Six Months Ended (Dollars in Thousands) Derivatives designated as hedges $ (5,842) $ 128 (Loss) gain in OCI on derivatives (effective portion), net of tax $ (4,089) $ 100 Gain (loss) reclassified from OCI into interest income or interest expense (effective portion) $ (1,446) $ 30 The guidance in ASU 2017-12 requires that amounts in accumulated other comprehensive income that are included in the assessment of effectiveness should be reclassified into earnings in the same period in which the hedged forecasted transactions impact earnings. A portion of the balance reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made or received on the Company’s interest rate swaps. The Company monitors the risk of counterparty default on an ongoing basis. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Stock Based Compensation | Stock Based Compensation As of June 30, 2023, the Company had one active equity plan: the Brookline Bancorp, Inc. 2021 Stock Option and Incentive Plan ("2021 Plan"). As a result of the 2021 Plan having been approved by the Company's stockholders at the 2021 annual meeting of stockholders, the Company discontinued granting awards under the Brookline Bancorp, Inc. 2014 Equity Incentive Plan (the "2014 Plan"), and no further shares will be granted as awards under the 2014 Plan. The Brookline Bancorp, Inc. 2011 Restricted Stock Plan (the "2011 Plan") expired in July 2021, and the Company has not issued shares from the 2011 Plan since the adoption of the 2014 Plan. The 2021 Plan and the 2014 Plan are together referred to as the "Plans." Of the awarded shares under the Plans, generally 50% vest ratably over three years with one-third of such shares vesting at each of the first, second and third anniversary dates of the awards. These are referred to as "time-based shares". The remaining 50% of each award will vest three years after the award date based on the level of the Company's achievement of identified performance targets in comparison to the level of achievement of such identified performance targets by a defined peer group. These are referred to as "performance-based shares". If a participant leaves the Company prior to the third anniversary date of an award, any unvested shares are usually forfeited. Dividends declared with respect to shares awarded will be held by the Company and paid to the participant only when the shares vest. Under the Plans, shares of the Company's common stock are reserved for issuance as restricted stock awards to officers, employees, and non-employee directors of the Company. Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares not issued because vesting requirements are not met will be retired back to treasury and be made available again for issuance under the Plans. During the three and six months ended June 30, 2023 and June 30, 2022, no shares were issued, respectively, upon satisfaction of required conditions of the Plans. Total expense for the Plans was $0.9 million and $0.8 million for the three months ended June 30, 2023 and 2022, respectively. Total expense for the Plan was $1.8 million and $1.6 million for the six months ended June 30, 2023 and 2022, respectively. |
Earnings per Share ("EPS")
Earnings per Share ("EPS") | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings per Share ("EPS") | Earnings per Share ("EPS") The following table is a reconciliation of basic EPS and diluted EPS: Three Months Ended June 30, 2023 June 30, 2022 Basic Fully Basic Fully (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 21,850 $ 21,850 $ 25,195 $ 25,195 Denominator: Weighted average shares outstanding 88,665,135 88,665,135 77,091,013 77,091,013 Effect of dilutive securities — 261,408 — 328,275 Adjusted weighted average shares outstanding 88,665,135 88,926,543 77,091,013 77,419,288 EPS $ 0.25 $ 0.25 $ 0.33 $ 0.33 Six Months Ended June 30, 2023 June 30, 2022 Basic Fully Basic Fully (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 29,410 $ 29,410 $ 49,900 $ 49,900 Denominator: Weighted average shares outstanding 87,620,194 87,620,194 77,352,666 77,352,666 Effect of dilutive securities — 267,786 — 318,935 Adjusted weighted average shares outstanding 87,620,194 87,887,980 77,352,666 77,671,601 EPS $ 0.34 $ 0.34 $ 0.65 $ 0.65 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsA description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring and non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. There were no changes in the valuation techniques used during the three and six months ended June 30, 2023 and June 30, 2022. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value as of June 30, 2023 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 166,018 $ — $ 166,018 GSE CMOs — 64,446 — 64,446 GSE MBSs — 179,659 — 179,659 Municipal obligations — 3,280 12,334 15,614 Corporate debt obligations — 24,630 7,268 31,898 U.S. Treasury bonds — 452,098 — 452,098 Foreign government obligations — 477 — 477 Total investment securities available-for-sale $ — $ 890,608 $ 19,602 $ 910,210 Assets: Interest rate derivatives — — — — Derivatives not designated as hedging instruments: Loan level derivatives — 126,985 — 126,985 Risk participation-out agreements — 1,561 — 1,561 Foreign exchange contracts — 415 — 415 Liabilities: Interest rate derivatives $ — $ 5,842 $ — $ 5,842 Derivatives not designated as hedging instruments: Loan level derivatives — 126,985 — 126,985 Risk participation-in agreements — 22 — 22 Foreign exchange contracts — 398 — 398 Carrying Value as of December 31, 2022 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 152,422 $ — $ 152,422 GSE CMOs — 18,220 — 18,220 GSE MBSs — 140,576 — 140,576 Corporate debt obligations — 13,764 — 13,764 U.S. Treasury bonds — 331,307 — 331,307 Foreign government obligations — 477 — 477 Total investment securities available-for-sale $ — $ 656,766 $ — $ 656,766 Interest rate derivatives — 34 — 34 Loan level derivatives — 108,963 — 108,963 Risk participation-out agreements — 347 — 347 Foreign exchange contracts — 130 — 130 Liabilities: Interest rate derivatives $ — $ 3,170 $ — $ 3,170 Loan level derivatives — 108,963 — 108,963 Risk participation-in agreements — 31 — 31 Foreign exchange contracts — 112 — 112 Investment Securities Available-for-Sale The fair value of investment securities is based principally on market prices and dealer quotes received from third-party and nationally-recognized pricing services for identical investment securities such as U.S. Treasury and agency securities. These prices are validated by comparing the primary pricing source with an alternative pricing source when available. When quoted market prices for identical securities are unavailable, the Company uses market prices provided by independent pricing services based on recent trading activity and other observable information, including but not limited to market interest-rate curves, referenced credit spreads and estimated prepayment speeds, where applicable. These investments include GSE debentures, GSE mortgage-related securities, SBA commercial loan asset backed securities, corporate debt obligations, municipal obligations and trust preferred securities, all of which are included in Level 2. As of June 30, 2023, $19.6 million of investment securities available-for-sale are included in Level 3 within the investment portfolio. The composition of these assets are primarily composed of subordinated debt of local banks and private placement municipal securities. Of these securities, approximately $14.6 million are private placement municipal Bond Anticipation Notes. As of December 31, 2022, none of the investment securities were valued using pricing models included in Level 3. Additionally, management reviews changes in fair value from period to period and performs testing to ensure that prices received from the third parties are consistent with management's expectation of the market. Changes in the prices obtained from the pricing service are analyzed from month to month, taking into consideration changes in market conditions including changes in mortgage spreads, changes in U.S. Treasury security yields and changes in generic pricing of 15-year and 30-year securities. Additional analysis may include a review of prices provided by other independent parties, a yield analysis, a review of average life changes using Bloomberg analytics and a review of historical pricing for a particular security. Derivatives and Hedging Instruments The fair value of interest rate derivatives designated as hedging instruments, loan level derivatives, risk participation agreements (RPA in/out), and foreign exchange contracts represent a Level 2 valuation and are based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves and foreign exchange rates where applicable. Credit risk adjustments consider factors such as the likelihood of default by the Company and its counterparties, its net exposures and remaining contractual life. To date, the Company has not realized any losses due to a counterparty's inability to pay any net uncollateralized position. Refer also to Note 8, "Derivatives and Hedging Activities." There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis at June 30, 2023 and December 31, 2022, respectively. The following tables summarize information about significant unobservable inputs related to the Company's categories of Level 3 financial assets and liabilities measured on a recurring basis. Quantitative Information About Level 3 Fair Value Measurements - Recurring Basis Financial Instrument Estimated Fair Value Valuation Technique(s) Significant Unobservable Inputs Range of Inputs Weighted Average (In Thousands) June 30, 2023 Assets Municipal obligations $ 12,334 Discounted Cash Flow Discount Rate from Bloomberg BVAL 0.0%-3.45% 2.50 % Corporate debt obligations 4,965 Observable Bids Bloomberg TRACE Corporate debt obligations 2,303 Discounted Cash Flow Discount Rate from Bloomberg/BVAL 5.91 % 5.91 % The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3). Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities - Recurring Basis Six Months Ended June 30, 2023 (In Thousands) Municipal obligations Corporate debt obligations Beginning balance $ — $ — Purchases 4,974 — Included in comprehensive income (117) (66) Transfers in 18,881 12,058 Transfers out — — Sales — (4,748) Maturities, calls, and paydowns (11,404) 24 Ending balance $ 12,334 $ 7,268 Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below at the dated indicated: Carrying Value as of June 30, 2023 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 7,737 $ 7,737 Repossessed assets — 602 — 602 Total assets measured at fair value on a non-recurring basis $ — $ 602 $ 7,737 $ 8,339 Carrying Value as of December 31, 2022 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 779 $ 779 Repossessed assets — 408 — 408 Total assets measured at fair value on a non-recurring basis $ — $ 408 $ 779 $ 1,187 Collateral-Dependent Impaired Loans and Leases For nonperforming loans and leases where the credit quality of the borrower has deteriorated significantly, fair values of the underlying collateral were estimated using purchase and sales agreements (Level 2), or comparable sales or recent appraisals (Level 3), adjusted for selling costs and other expenses. Other Real Estate Owned ("OREO") The Company records OREO at the lower of cost or fair value. In estimating fair value, the Company utilizes purchase and sales agreements (Level 2) or comparable sales, recent appraisals or cash flows discounted at an interest rate commensurate with the risk associated with these cash flows (Level 3), adjusted for selling costs and other expenses. As of June 30, 2023 and December 31, 2022, the Company did not record any OREO. Repossessed Assets Repossessed assets are carried at estimated fair value less costs to sell based on auction pricing (Level 2). The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a non-recurring basis at the dates indicated. Fair Value Valuation Technique At June 30, At December 31, 2022 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 7,737 $ 779 Appraisal of collateral (1) ________________________________________________________________________ (1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments. Summary of Estimated Fair Values of Financial Instruments The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company's financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, restricted equity securities, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings, and accrued interest payable. Fair Value Measurements at June 30, 2023 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Loans and leases, net $ 9,214,982 $ 8,966,412 $ — $ — $ 8,966,412 Financial liabilities: Certificates of deposits 2,343,754 2,316,697 — 2,316,697 — Borrowed funds 1,226,270 1,220,928 — 1,220,928 — Fair Value Measurements at December 31, 2022 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Loans and leases, net 7,545,906 7,450,654 — — 7,450,654 Financial liabilities: Certificates of deposit 1,238,287 1,217,024 — 1,217,024 — Borrowed funds 1,432,652 1,431,716 — 1,431,716 — Loans and Leases The fair values of performing loans and leases was estimated by segregating the portfolio into its primary loan and lease categories—commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association, residential mortgage, home equity and other consumer. These categories were further disaggregated based upon significant financial characteristics such as type of interest rate (fixed / variable) and payment status (current / past-due). Using the exit price valuation method, the Company discounts the contractual cash flows for each loan category using interest rates currently being offered for loans with similar terms to borrowers of similar quality and incorporates estimates of future loan prepayments. Deposits The fair values of deposit liabilities with no stated maturity (demand, NOW, savings and money market savings accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the Company's core deposit relationships (deposit-based intangibles). Borrowed Funds The fair value of federal funds purchased is equal to the amount borrowed. The fair value of FHLB advances and repurchase agreements represents contractual repayments discounted using interest rates currently available for borrowings with similar characteristics and remaining maturities. The fair values reported for retail repurchase agreements are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on borrowings with similar characteristics and maturities. The fair values reported for subordinated deferrable interest debentures are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on instruments with similar terms and maturities. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Financial Instruments The Company is party to off-balance sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credit, and loan level derivatives. According to GAAP, these financial instruments are not recorded in the financial statements until they are funded or related fees are incurred or received. The contract amounts reflect the extent of the involvement the Company has in particular classes of these instruments. Such commitments involve, to varying degrees, elements of credit risk and interest-rate risk in excess of the amount recognized in the consolidated balance sheets. The Company's exposure to credit loss in the event of non-performance by the counterparty is represented by the fair value of the instruments. The Company uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Financial instruments with off-balance-sheet risk at the dates indicated follow: At June 30, 2023 At December 31, 2022 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 125,226 $ 414,217 Commercial 245,667 291,188 Residential mortgage 16,317 14,036 Unadvanced portion of loans and leases 1,311,073 1,202,738 Unused lines of credit: Home equity 756,009 700,201 Other consumer 113,817 97,313 Other commercial 511 526 Unused letters of credit: Financial standby letters of credit 14,611 13,584 Performance standby letters of credit 29,434 31,330 Commercial and similar letters of credit 4,817 2,619 Interest rate derivatives 225,000 150,000 Loan level derivatives (Notional principal amounts): Receive fixed, pay variable 1,762,448 1,489,709 Pay fixed, receive variable 1,762,448 1,489,709 Risk participation-out agreements 510,611 393,624 Risk participation-in agreements 74,297 75,223 Foreign exchange contracts (Notional amounts): Buys foreign currency, sells U.S. currency 2,283 2,383 Sells foreign currency, buys U.S. currency 2,300 2,400 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee by the customer. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if any, is based on management's credit evaluation of the borrower. Standby and commercial letters of credit are conditional commitments issued by the Company to guarantee performance of a customer to a third party. These standby and commercial letters of credit are primarily issued to support the financing needs of the Company's commercial customers. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. From time to time, the Company enters into loan level derivatives, risk participation agreements or foreign exchange contracts with commercial customers and third-party financial institutions. These derivatives allow the Company to offer long-term fixed-rate commercial loans while mitigating the interest-rate or foreign exchange risk of holding those loans. In a loan level derivative transaction, the Company lends to a commercial customer on a floating-rate basis and then enters into a loan level derivative with that customer. Concurrently, the Company enters into offsetting swaps with a third-party financial institution, effectively minimizing its net interest-rate risk exposure resulting from such transactions. The fair value of these derivatives are presented in Note 8. Lease Commitments The Company leases certain office space under various noncancellable operating leases as well as certain other assets. These leases have original terms ranging from 1 year to over 25 years. Certain leases contain renewal options and escalation clauses which can increase rental expenses based principally on the consumer price index and fair market rental value provisions. All of the Company's current outstanding leases are classified as operating leases. The Company considered the following criteria when determining whether a contract contains a lease, the existence of an identifiable asset and the right to obtain substantially all of the economic benefits from use of the asset through the period. The Company uses the FHLB classic advance rates available as of the lease's start dates as the discount rate to determine the net present value of the remaining lease payments. Total lease commitments increased from $19.5 million as of December 31, 2022 to $33.0 million as of June 30, 2023. The increase is due to the addition of 12 leases for PCSB Bank branch locations. Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (In Thousands) The components of lease expense was as follows: Operating lease cost $ 4,200 $ 3,143 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4,465 $ 3,245 Right-of-use assets obtained in exchange for new lease obligations: Operating leases assets $ 15,307 $ — Operating leases liabilities 17,049 — At June 30, 2023 At December 31, 2022 (In Thousands) Supplemental balance sheet information related to leases was as follows: Operating Leases Operating lease right-of-use assets $ 31,774 $ 19,484 Operating lease liabilities 33,021 19,484 Weighted Average Remaining Lease Term Operating leases 9.17 7.39 Weighted Average Discount Rate Operating leases 4.1 % 3.5 % A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments June 30, 2023 (In Thousands) Remainder of 2023 $ 4,316 Year ending: 2024 7,655 2025 6,086 2026 4,677 2027 3,714 2028 2,334 Thereafter 9,512 Total $ 38,294 Less imputed interest (5,273) Present value of lease liability $ 33,021 Certain leases contain escalation clauses for real estate taxes and other expenditures, which are not included above. The total real estate taxes were $1.3 million and $1.0 million for the six months ended June 30, 2023 and 2022, respectively. Total other expenditures were $0.2 million and $0.2 million for the six months ended June 30, 2023 and 2022, respectively. Total rental expense was $4.2 million and $3.0 million for the six months ended June 30, 2023 and 2022. Total rental expense was $2.0 million and $1.5 million for the three months ended June 30, 2023 and 2022, respectively. Legal Proceedings In the normal course of business, there are various outstanding legal proceedings. In the opinion of management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected materially by the outcome of such proceedings. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Overview Revenue from contracts with customers in the scope of ASC 606 ("Topic 606") is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are generally satisfied as services are rendered and can either be satisfied at a point in time or over time. Unsatisfied performance obligations at the report date are not material to our consolidated financial statements. In certain cases, other parties are involved with providing services to our customers. If the Company is a principal in the transaction (providing services itself or through a third party on its behalf), revenues are reported based on the gross consideration received from the customer and any related expenses are reported in gross noninterest expense. If the Company is an agent in the transaction (referring to another party to provide services), the Company reports its net fee or commission retained as revenue. A substantial portion of the Company’s revenue is specifically excluded from the scope of Topic 606. This exclusion is associated with financial instruments, including interest income on loans and investment securities, in addition to loan derivative income and gains on loan and investment sales. For the revenue that is in-scope of Topic 606, the following is a description of principal activities from which the Company generates its revenue from contracts with customers, separated by the timing of revenue recognition. Revenue Recognized at a Point in Time The Company recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), ATM fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Additionally, revenue is collected from loan fees, such as letters of credit, line renewal fees and application fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction. Revenue Recognized Over Time The Company recognizes revenue over a period of time, generally monthly, as services are performed and performance obligations are satisfied. Such revenue includes commissions on investments, insurance sales and service charges on deposit accounts. Fee revenue from service charges on deposit accounts represents the service charges assessed to customers who hold deposit accounts at the Banks. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net income | $ 21,850 | $ 25,195 | $ 29,410 | $ 49,900 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies | |
Basis of Financial Statement Presentation | Basis of Financial Statement PresentationThe unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022. |
Consolidation | The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. |
Use of Estimates | In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant changes in the near-term include the determination of the allowance for credit losses, the determination of fair market values of acquired assets and liabilities, including acquired loans, the review of goodwill and intangible assets for impairment and the review of deferred tax assets for valuation allowances. The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. |
Reclassification | ReclassificationCertain previously reported amounts have been reclassified to conform to the current year's presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848)-Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04") to provide optional expedients and exceptions for applying GAAP to certain contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients provided that those elections are retained through the end of the hedging relationship. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022 and do not apply to contract modifications made after December 31, 2022. In January 2021, FASB issued ASU 2021-01, "Reference Rate Reform (Topic 848)" an update to address concerns around structural risk of interbank offered rates ("IBORs"), particularly, the risk of cessation of the LIBOR. The amendments in this update clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. In December 2022, FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848)" which deferred the sunset date of Topic 848 to December 31, 2024, to allow for a transition period after the sunset of LIBOR. The Company has adopted the amendments in these updates and established a LIBOR transition committee to guide the Company’s transition from LIBOR. The Company has completed much of the work to transition off the LIBOR index consistent with industry timelines. The working group has identified its products that utilize LIBOR and has implemented fallback language to facilitate the transition to alternative rates. The Company has also evaluated its infrastructure and identified fallback rates as well as started offering alternative indices and new products tied to these alternative indices. The Company does not anticipate the adoption of these standards to have a material impact to the consolidated financial statements. In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers" which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The Company adopted ASU 2021-08 as of January 1, 2023 on a prospective basis. The adoption did not have a material impact on the Company's consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary purchase price allocation to the estimated fair value of the assets acquired and liabilities assumed as of the date of the acquisition: Net Assets Acquired at Fair Value (In Thousands) Purchase price consideration $ 297,791 ASSETS Cash 42,373 Investments 366,790 Loans 1,336,737 Allowance for credit losses on PCD loans (2,344) Premises and equipment 14,631 Core deposit and other intangibles 30,265 Other assets 104,654 Total assets acquired $ 1,893,106 LIABILITIES Deposits $ 1,570,563 Borrowings 52,923 Other liabilities 52,624 Total liabilities assumed $ 1,676,110 Net assets acquired 216,996 Goodwill $ 80,795 |
Financing Receivable, Purchased With Credit Deterioration | The following table reconciles the unpaid principal balance to the fair value of PCD loans and leases: (In Thousands) Total unpaid principal balance $ 16,824 Allowance for credit losses at acquisition (2,344) Non-credit discount (974) Fair value $ 13,506 |
Schedule of Pro Forma Financial Information | The following table summarizes supplemental pro forma financial information giving effect to the merger as if it had been completed on January 1, 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In Thousands) Net interest income 86,037 88,366 172,086 170,606 Non-interest income 5,459 8,016 16,695 14,468 Net income 23,445 28,460 47,942 37,648 |
Schedule of Business Combination, Acquisition Related Costs | In addition, the supplemental pro forma financial information was adjusted to include the $1.0 million and $7.4 million of merger-related expenses recognized during the three and six months ended June 30, 2023, respectively, as summarized in the following table: Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (In Thousands) Compensation and benefits (1) $ 529 $ 1,750 Technology and equipment (2) 29 1,857 Professional and outside services (3) 364 3,563 Other expense (4) 80 242 Total merger-related expenses $ 1,003 $ 7,413 ______________________________________________________________________ (1) Comprised primarily of severance and employee retention costs. (2) Comprised primarily of technology contract termination fees. (3) Comprised primarily of advisory, legal, accounting, and other professional fees. (4) Comprised primarily of costs of travel and other miscellaneous expenses. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of securities available-for-sale securities | The following tables set forth investment securities available-for-sale at the dates indicated: At June 30, 2023 Amortized Gross Gross Estimated (In Thousands) Investment securities available-for-sale: GSE debentures $ 189,075 $ 8 $ 23,065 $ 166,018 GSE CMOs 68,652 — 4,206 64,446 GSE MBSs 199,087 4 19,432 179,659 Municipal obligations 15,769 92 247 15,614 Corporate debt obligations 32,948 18 1,068 31,898 U.S. Treasury bonds 484,756 6 32,664 452,098 Foreign government obligations 500 — 23 477 Total investment securities available-for-sale $ 990,787 $ 128 $ 80,705 $ 910,210 December 31, 2022 Amortized Gross Gross Estimated (In Thousands) Investment securities available-for-sale: GSE debentures $ 176,751 $ — $ 24,329 $ 152,422 GSE CMOs 19,977 — 1,757 18,220 GSE MBSs 159,824 1 19,249 140,576 Corporate debt obligations 14,076 — 312 13,764 U.S. Treasury bonds 362,850 280 31,823 331,307 Foreign government obligations 500 — 23 477 Total investment securities available-for-sale $ 733,978 $ 281 $ 77,493 $ 656,766 |
Schedule of investment securities in a continuous unrealized loss position | Investment securities as of June 30, 2023 and December 31, 2022 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At June 30, 2023 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 33,040 $ 346 $ 126,061 $ 22,719 $ 159,101 $ 23,065 GSE CMOs 48,240 2,471 16,206 1,735 64,446 4,206 GSE MBSs 47,966 1,021 130,212 18,411 178,178 19,432 Municipal obligations 7,303 247 — — 7,303 247 Corporate debt obligations 15,765 867 13,830 201 29,595 1,068 U.S. Treasury bonds 200,139 2,611 223,570 30,053 423,709 32,664 Foreign government obligations — — 477 23 477 23 Total temporarily impaired investment securities $ 352,453 $ 7,563 $ 510,356 $ 73,142 $ 862,809 $ 80,705 At December 31, 2022 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 56,719 $ 1,255 $ 95,703 $ 23,076 $ 152,422 $ 24,331 GSE CMOs 16,411 1,563 1,809 192 18,220 1,755 GSE MBSs 97,858 9,823 42,500 9,426 140,358 19,249 Corporate debt obligations 13,764 312 — — 13,764 312 U.S. Treasury bonds 139,103 3,723 166,150 28,100 305,253 31,823 Foreign government obligations 477 23 — — 477 23 Temporarily impaired investment securities available-for-sale 324,332 16,699 306,162 60,794 630,494 77,493 Total temporarily impaired investment securities $ 324,332 $ 16,699 $ 306,162 $ 60,794 $ 630,494 $ 77,493 |
Schedule of maturities of the investments in debt securities | The final stated maturities of the debt securities are as follows for the periods indicated: At June 30, 2023 At December 31, 2022 Amortized Estimated Weighted Amortized Estimated Weighted (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 135,793 $ 135,258 4.08 % $ 119,912 $ 119,075 3.10 % After 1 year through 5 years 310,475 297,518 3.05 % 163,941 156,120 2.40 % After 5 years through 10 years 302,905 259,982 1.71 % 291,284 244,847 1.30 % Over 10 years 241,614 217,452 3.38 % 158,841 136,724 2.10 % $ 990,787 $ 910,210 2.90 % $ 733,978 $ 656,766 2.06 % |
Schedule of sales of investment securities | The proceeds from the sale of investment securities available-for-sale were $230.0 million during the six months ended June 30, 2023, compared to the six months ended June 30, 2022 where the Company did not sell any investment securities available-for-sale. Securities sales executed during the six months ended were related to the acquisition of PCSB and the restructuring of the acquired investment portfolio. Six Months Ended June 30, 2023 2022 (In Thousands) Investment securities available-for-sale: Proceeds from sales: $ 229,981 $ — Gross gains from sales 2,705 — Gross losses from sales (1,001) — Gain on sales of securities, net $ 1,704 $ — |
Loans and Leases (Tables)
Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Summary of loan and lease balances for the originated and acquired portfolios | The following table presents the amortized cost of loans and leases and weighted average coupon rates for the loan and lease portfolios at the dates indicated: At June 30, 2023 At December 31, 2022 Balance Weighted Balance Weighted (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 3,997,027 5.30 % $ 3,046,746 4.93 % Multi-family mortgage 1,358,475 4.99 % 1,150,597 4.74 % Construction 315,269 6.58 % 206,805 6.51 % Total commercial real estate loans 5,670,771 5.30 % 4,404,148 4.95 % Commercial loans and leases: Commercial 845,192 6.64 % 752,948 6.03 % Equipment financing 1,306,165 7.34 % 1,216,585 7.04 % Condominium association 41,670 4.83 % 46,966 4.80 % Total commercial loans and leases 2,193,027 7.02 % 2,016,499 6.61 % Consumer loans: Residential mortgage 1,082,425 4.24 % 844,614 3.98 % Home equity 346,842 7.79 % 322,622 7.00 % Other consumer 47,734 7.46 % 56,505 6.65 % Total consumer loans 1,477,001 5.18 % 1,223,741 4.90 % Total loans and leases $ 9,340,799 5.67 % $ 7,644,388 5.38 % |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Schedule of changes in the allowance for loan and lease losses | The following tables present the changes in the allowance for loan and lease losses in loans and leases by portfolio segment for the periods indicated: Three Months Ended June 30, 2023 Commercial Commercial Consumer Total (In Thousands) Balance at March 31, 2023 $ 82,692 $ 32,761 $ 5,412 $ 120,865 Charge-offs — (1,685) (5) (1,690) Recoveries 6 577 10 593 Provision (credit) for loan and lease losses excluding unfunded commitments 1,603 3,981 465 6,049 Balance at June 30, 2023 $ 84,301 $ 35,634 $ 5,882 $ 125,817 Three Months Ended June 30, 2022 Commercial Commercial Consumer Total (In Thousands) Balance at March 31, 2022 $ 69,031 $ 23,503 $ 2,929 $ 95,463 Charge-offs — (1,533) — (1,533) Recoveries 6 279 6 291 Provision (credit) for loan and lease losses excluding unfunded commitments 990 (2,144) 121 (1,033) Balance at June 30, 2022 $ 70,027 $ 20,105 $ 3,056 $ 93,188 Six Months Ended June 30, 2023 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2022 $ 68,154 $ 26,604 $ 3,724 $ 98,482 Charge-offs — (2,525) (16) (2,541) Recoveries 12 960 21 993 Provision (credit) for loan and lease losses excluding unfunded commitments 16,135 10,595 2,153 28,883 Balance at June 30, 2023 $ 84,301 $ 35,634 $ 5,882 $ 125,817 Six Months Ended June 30, 2022 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2021 $ 69,213 $ 27,055 $ 2,816 $ 99,084 Charge-offs (37) (3,833) (7) (3,877) Recoveries 11 632 44 687 Provision (credit) for loan and lease losses excluding unfunded commitments 840 (3,749) 203 (2,706) Balance at June 30, 2022 $ 70,027 $ 20,105 $ 3,056 $ 93,188 |
Schedule of provisions for credit losses | The provision (credit) for credit losses are set forth below for the periods indicated: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (In Thousands) Provision (credit) for loan and lease losses: Commercial real estate $ 1,603 $ 990 $ 16,135 $ 840 Commercial 3,981 (2,144) 10,595 (3,749) Consumer 465 121 2,153 203 Total (credit) provision for loan and lease losses 6,049 (1,033) 28,883 (2,706) Unfunded commitments (323) 1,206 2,187 2,715 Total provision (credit) for credit losses $ 5,726 $ 173 $ 31,070 $ 9 |
Summary of the recorded investments by credit quality indicator, by loan class | The following table presents the amortized cost basis of loans in each class by credit quality indicator and year of origination as of June 30, 2023. June 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate June 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Pass $ 241,350 $ 656,424 $ 786,618 $ 388,710 $ 469,881 $ 1,298,263 $ 69,618 $ 12,105 $ 3,922,969 OAEM — — 2,565 3,431 — 42,051 — — 48,047 Substandard — — — — 14,757 11,254 — — 26,011 Total 241,350 656,424 789,183 392,141 484,638 1,351,568 69,618 12,105 3,997,027 Multi-Family Mortgage Pass 6,834 198,059 238,086 169,934 208,360 490,643 6,355 36,623 1,354,894 OAEM — — — — 1,333 — — — 1,333 Substandard — — — — — 2,248 — — 2,248 Total 6,834 198,059 238,086 169,934 209,693 492,891 6,355 36,623 1,358,475 Construction Pass 15,760 185,066 70,667 9,651 10,810 910 6,200 — 299,064 OAEM — 1,744 10,633 — — — — — 12,377 Substandard — — — — 1,501 2,327 — — 3,828 Total 15,760 186,810 81,300 9,651 12,311 3,237 6,200 — 315,269 Commercial Pass 53,121 145,185 131,871 41,850 26,089 79,057 318,473 3,809 799,455 OAEM — — 94 2,569 1,385 — 12,676 249 16,973 Substandard 1,004 — 4,635 1,182 13,190 29 8,420 301 28,761 Doubtful — — — — — 1 — 2 3 Total 54,125 145,185 136,600 45,601 40,664 79,087 339,569 4,361 845,192 Current-period gross writeoffs — — — — 7 85 — — 92 Equipment Financing Pass 231,217 433,296 242,641 152,274 111,885 99,376 13,746 2,867 1,287,302 OAEM — 2,746 1,391 1,339 506 66 — — 6,048 Substandard 46 3,124 1,823 1,126 2,539 2,315 — — 10,973 Doubtful — 562 1,265 — — 15 — — 1,842 Total 231,263 439,728 247,120 154,739 114,930 101,772 13,746 2,867 1,306,165 Current-period gross writeoffs — 514 845 108 273 694 — — 2,434 Condominium Association Pass 1,234 6,484 7,475 7,336 5,118 11,640 2,183 200 41,670 June 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Total 1,234 6,484 7,475 7,336 5,118 11,640 2,183 200 41,670 Other Consumer Pass 310 389 816 10 26 2,104 44,078 1 47,734 Total 310 389 816 10 26 2,104 44,078 1 47,734 Current-period gross writeoffs 4 — 1 — 11 7 — — 23 Total Pass 549,826 1,624,903 1,478,174 769,765 832,169 1,981,993 460,653 55,605 7,753,088 OAEM — 4,490 14,683 7,339 3,224 42,117 12,676 249 84,778 Substandard 1,050 3,124 6,458 2,308 31,987 18,173 8,420 301 71,821 Doubtful — 562 1,265 — 562 16 — 2 2,407 Total $ 550,876 $ 1,633,079 $ 1,500,580 $ 779,412 $ 867,942 $ 2,042,299 $ 481,749 $ 56,157 $ 7,912,094 As of June 30, 2023, there were no loans categorized as definite loss. For residential mortgage and home equity loans, the borrowers' credit scores contribute as a reserve metric in the retail loss rate model. At June 30, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 $ 36,092 $ 175,692 $ 220,158 $ 123,651 $ 90,123 $ 283,544 $ 4,707 $ 443 $ 934,410 661 - 700 3,415 14,883 10,791 9,000 5,969 21,900 — — 65,958 600 and below 1,506 13,978 5,049 8,199 3,201 23,132 — — 55,065 Data not available * 405 3,178 — 179 1,471 21,759 — — 26,992 Total $ 41,418 $ 207,731 $ 235,998 $ 141,029 $ 100,764 $ 350,335 $ 4,707 $ 443 $ 1,082,425 Home Equity Credit Scores Over 700 $ 3,875 $ 3,979 $ 1,837 $ 960 $ 1,341 $ 8,170 $ 277,118 $ 5,590 $ 302,870 661 - 700 126 512 43 — 16 894 20,017 1,020 22,628 600 and below 180 95 — 34 43 307 14,359 1,308 16,326 Data not available * 25 14 — — — 223 4,320 436 5,018 Total $ 4,206 $ 4,600 $ 1,880 $ 994 $ 1,400 $ 9,594 $ 315,814 $ 8,354 $ 346,842 _______________________________________________________________________________ * Primarily represents loans made to trusts and purchase mortgages. The following tables present the recorded investment in loans in each class as of December 31, 2022, by credit quality indicator. December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 475,105 $ 622,952 $ 290,913 $ 362,339 $ 210,954 $ 971,274 $ 55,464 $ 9,167 $ 2,998,168 OAEM — 2,600 112 14,805 2,841 25,875 — — 46,233 Substandard — — — — — 2,345 — — 2,345 Total 475,105 625,552 291,025 377,144 213,795 999,494 55,464 9,167 3,046,746 Multi-Family Mortgage Pass 162,139 226,502 132,893 114,109 142,271 324,415 4,823 36,662 1,143,814 Substandard — — — — — 6,783 — — 6,783 Total 162,139 226,502 132,893 114,109 142,271 331,198 4,823 36,662 1,150,597 December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Construction Pass 82,650 73,995 13,787 16,421 3,306 — 6,456 — 196,615 OAEM 842 8,641 — — — — — — 9,483 Substandard — — — — — 707 — — 707 Total 83,492 82,636 13,787 16,421 3,306 707 6,456 — 206,805 Commercial Pass 178,212 116,674 48,713 22,809 29,350 52,866 273,467 1,071 723,162 OAEM — 109 — 14,821 — — 2,187 — 17,117 Substandard — 3,835 1,215 494 — 30 6,461 632 12,667 Doubtful — — — — — 1 — 1 2 Total 178,212 120,618 49,928 38,124 29,350 52,897 282,115 1,704 752,948 Equipment Financing Pass 443,323 282,398 185,007 140,931 76,595 60,980 13,236 1,301 1,203,771 OAEM 1,019 1,453 184 455 13 — — — 3,124 Substandard 608 784 1,514 2,597 2,503 1,669 — — 9,675 Doubtful — — — — 2 13 — — 15 Total 444,950 284,635 186,705 143,983 79,113 62,662 13,236 1,301 1,216,585 Condominium Association Pass 5,821 7,743 8,810 5,858 1,603 12,227 4,823 23 46,908 Substandard — — — — — 58 — — 58 Total 5,821 7,743 8,810 5,858 1,603 12,285 4,823 23 46,966 Other Consumer Pass 411 393 15 13 1,503 750 53,418 1 56,504 Substandard — — — — — — 1 — 1 Total 411 393 15 13 1,503 750 53,419 1 56,505 Total Pass 1,347,661 1,330,657 680,138 662,480 465,582 1,422,512 411,687 48,225 6,368,942 OAEM 1,861 12,803 296 30,081 2,854 25,875 2,187 — 75,957 Substandard 608 4,619 2,729 3,091 2,503 11,592 6,462 632 32,236 December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Doubtful — — — — 2 14 — 1 17 Total $ 1,350,130 $ 1,348,079 $ 683,163 $ 695,652 $ 470,941 $ 1,459,993 $ 420,336 $ 48,858 $ 6,477,152 As of December 31, 2022, there were no loans categorized as definite loss. At December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 $ 108,125 $ 176,341 $ 95,484 $ 61,763 $ 38,949 $ 132,359 $ 4,942 $ 348 $ 618,311 661 - 700 15,018 21,450 17,611 11,388 8,308 29,999 — — 103,774 600 and below 6,133 3,754 5,275 2,833 2,264 14,688 — — 34,947 Data not available * 28,097 6,661 712 3,316 — 48,796 — — 87,582 Total $ 157,373 $ 208,206 $ 119,082 $ 79,300 $49,521 $ 225,842 $ 4,942 $ 348 $ 844,614 Home Equity Credit Scores Over 700 $ 3,833 $ 1,399 $ 1,128 $ 1,209 $ 984 $ 6,862 $ 247,188 $ 2,304 $ 264,907 661 - 700 787 92 35 249 272 1,329 41,050 296 44,110 600 and below 89 87 48 93 — 360 8,744 595 10,016 Data not available * 6 6 — — — 1,029 2,279 269 3,589 Total $ 4,715 $ 1,584 $ 1,211 $ 1,551 $ 1,256 $ 9,580 $ 299,261 $ 3,464 $ 322,622 _______________________________________________________________________________ * Primarily represents loans made to trusts and purchase mortgages. |
Schedule of information regarding the aging of past due loans, by loan class | The following table presents an age analysis of the amortized cost basis in loans and leases as of June 30, 2023. At June 30, 2023 Past Due Past 31-60 61-90 Greater Total Current Total Loans Non-accrual Non-accrual (In Thousands) Commercial real estate loans: Commercial real estate $ 6,505 $ 18,560 $ 189 $ 25,254 $ 3,971,773 $ 3,997,027 $ — $ 8,737 $ — Multi-family mortgage 744 — — 744 1,357,731 1,358,475 — — — Construction — — 2,208 2,208 313,061 315,269 — 3,828 3,828 Total commercial real estate loans 7,249 18,560 2,397 28,206 5,642,565 5,670,771 — 12,565 3,828 Commercial loans and leases: Commercial 596 911 399 1,906 843,286 845,192 — 16,023 2,661 Equipment financing 6,513 3,594 5,979 16,086 1,290,079 1,306,165 488 12,809 1,217 Condominium association — — — — 41,670 41,670 — — — Total commercial loans and leases 7,109 4,505 6,378 17,992 2,175,035 2,193,027 488 28,832 3,878 Consumer loans: Residential mortgage 983 1,157 2,000 4,140 1,078,285 1,082,425 — 4,343 1,738 Home equity 629 27 174 830 346,012 346,842 2 583 — Other consumer — — — — 47,734 47,734 — — — Total consumer loans 1,612 1,184 2,174 4,970 1,472,031 1,477,001 2 4,926 1,738 Total loans and leases $ 15,970 $ 24,249 $ 10,949 $ 51,168 $ 9,289,631 $ 9,340,799 $ 490 $ 46,323 $ 9,444 The Company did not recognize any interest income on nonaccrual loans for the three months ended June 30, 2023. The following tables present an age analysis of the recorded investment in originated and acquired loans and leases as of December 31, 2022. At December 31, 2022 Past Due Loans and Non-accrual 31-60 61-90 Greater Total Current Total Loans Non-accrual (In Thousands) Commercial real estate loans: Commercial real estate $ 2,495 $ 199 $ 408 $ 3,102 $ 3,043,644 $ 3,046,746 $ — $ 607 $ 262 Multi-family mortgage — 180 — 180 1,150,417 1,150,597 — — — Construction 707 — — 707 206,098 206,805 — 707 707 Total commercial real estate loans 3,202 379 408 3,989 4,400,159 4,404,148 — 1,314 969 Commercial loans and leases: Commercial 740 — 343 1,083 751,865 752,948 — 464 — Equipment financing 5,103 1,764 6,205 13,072 1,203,513 1,216,585 28 9,653 399 Condominium association 2,072 — — 2,072 44,894 46,966 — 58 — Total commercial loans and leases 7,915 1,764 6,548 16,227 2,000,272 2,016,499 28 10,175 399 Consumer loans: Residential mortgage 677 70 1,466 2,213 842,401 844,614 1 2,680 1,091 Home equity 443 — 155 598 322,024 322,622 4 723 — Other consumer 1 5 2 8 56,497 56,505 — 2 — Total consumer loans 1,121 75 1,623 2,819 1,220,922 1,223,741 5 3,405 1,091 Total loans and leases $ 12,238 $ 2,218 $ 8,579 $ 23,035 $ 7,621,353 $ 7,644,388 $ 33 $ 14,894 $ 2,459 |
Schedule of the impaired and non-impaired loans and leases, by loan and leases class | The following tables present information regarding individually evaluated and collectively evaluated allowance for loan and lease losses for credit losses on loans and leases at the dates indicated. At June 30, 2023 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 2,954 $ 11,849 $ 42 $ 14,845 Collectively evaluated 81,347 23,785 5,840 110,972 Total $ 84,301 $ 35,634 $ 5,882 $ 125,817 Loans and Leases: Individually evaluated $ 33,433 $ 33,226 $ 4,363 $ 71,022 Collectively evaluated 5,637,338 2,159,801 1,472,638 9,269,777 Total $ 5,670,771 $ 2,193,027 $ 1,477,001 $ 9,340,799 At December 31, 2022 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 62 $ 2,982 $ 68 $ 3,112 Collectively evaluated 68,092 23,622 3,656 95,370 Total loans and leases $ 68,154 $ 26,604 $ 3,724 $ 98,482 Loans and Leases: Individually evaluated $ 11,039 $ 14,346 $ 3,863 $ 29,248 Collectively evaluated 4,393,109 2,002,153 1,219,878 7,615,140 Total loans and leases $ 4,404,148 $ 2,016,499 $ 1,223,741 $ 7,644,388 |
Financing receivable, modified | The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the periods indicated.The loans presented in the following tables relate to two customer relationships. Three Months Ended June 30, 2023 Number of Loans Amortized Cost % of Total Class of Loans and Leases Financial Effect (In thousands) Maturity Extension C&I 7 $ 12,938 0.88 % All 7 loans were given 6-month maturity extensions and restructured payment plans to assist borrowers. The financial effect was deemed "de minimis." Combination C&I 2 627 0.04 % Both loans were given 6-month maturity extensions and restructured delayed payment plans to assist borrowers. The financial effect was deemed "de minimis." Total 9 $ 13,565 0.92 % Six Months Ended June 30, 2023 Number of Loans Amortized Cost % of Total Class of Loans and Leases Financial Effect (In thousands) Maturity Extension C&I 24 $ 19,061 1.29 % All 24 loans were given 6-month maturity extensions and restructured payment plans to assist borrowers. The financial effect was deemed "de minimis." Combination C&I 2 627 0.04 % Both loans were given 6-month maturity extensions and restructured delayed payment plans to assist borrowers. The financial effect was deemed "de minimis." Total 26 $ 19,688 1.33 % The following tables present the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the periods indicated. Three Months Ended June 30, 2023 Current 30-60 Days Past Due 61-90 Days Past Due 90+ Days Past Due Modified Paid Off Charged Off (In thousands) Total Modifications $ 13,565 — — — — — — Six Months Ended June 30, 2023 Current 30-60 Days Past Due 61-90 Days Past Due 90+ Days Past Due Modified Paid Off Charged Off (In thousands) Total Modifications $ 19,688 — — — — — — The following table sets forth information regarding TDR loans and leases at the dates indicated: At December 31, 2022 (In Thousands) Troubled debt restructurings: On accrual $ 16,385 On nonaccrual 3,527 Total troubled debt restructurings $ 19,912 The amortized cost basis in TDR loans and the associated specific credit losses for the loan and lease portfolios that were modified during the periods indicated, are as follows. At and for the Three Months Ended June 30, 2022 Amortized Cost Specific Defaulted (1) Number of At At End of Nonaccrual Number of Amortized Cost (Dollars in Thousands) Equipment financing 6 $ 8 $ 333 $ — $ 180 3 $ 295 Total loans and leases 6 $ 8 $ 333 $ — $ 180 3 $ 295 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. At and for the Six Months Ended June 30, 2022 Amortized Cost Specific Defaulted (1) Number of At At End of Nonaccrual Number of Amortized Cost (Dollars in Thousands) Equipment financing 17 561 851 — 366 5 361 Total loans and leases 17 $ 561 $ 851 $ — $ 366 5 $ 361 The following table sets forth the Company's end-of-period amortized cost basis for TDRs that were modified during the periods indicated, by type of modification. Three Months Ended June 30, Six Months Ended 2022 2022 (In Thousands) Loans with one modification: Extended maturity $ 44 $ 292 Combination maturity, principal, interest rate 289 559 Total loans with modifications $ 333 $ 851 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and other intangible assets | The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At June 30, 2023 At December 31, 2022 (In Thousands) Goodwill $ 160,427 $ 160,427 Additions 80,795 — Balance at end of period 241,222 160,427 Other intangible assets: Core deposits 27,037 692 Trade name 1,089 1,089 Total other intangible assets 28,126 1,781 Total goodwill and other intangible assets $ 269,348 $ 162,208 |
Schedule of estimated aggregate future amortization expense for intangible assets | The estimated aggregate future amortization expense (in thousands) for other intangible assets for each of the next five years and thereafter is as follows: Remainder of 2023 $ 3,909 Year ending: 2024 6,636 2025 5,507 2026 4,398 2027 3,329 2028 2,177 Thereafter 1,081 Total $ 27,037 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax | Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated: Three Months Ended June 30, 2023 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at March 31, 2023 $ (52,281) $ (895) $ 488 $ (52,688) Other comprehensive income (loss) (10,273) (4,265) — (14,538) Reclassification adjustment for (income) expense recognized in earnings — 1,070 — 1,070 Balance at June 30, 2023 $ (62,554) $ (4,090) $ 488 $ (66,156) Three Months Ended June 30, 2022 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at March 31, 2022 $ (29,450) $ 92 $ 36 $ (29,322) Other comprehensive income (loss) (15,664) 38 — (15,626) Reclassification adjustment for (income) expense recognized in earnings — (29) — (29) Balance at June 30, 2022 $ (45,114) $ 101 $ 36 $ (44,977) Six Months Ended June 30, 2023 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at December 31, 2022 $ (60,192) $ (2,243) $ 488 $ (61,947) Other comprehensive income (loss) (2,362) (2,249) — (4,611) Reclassification adjustment for (income) expense recognized in earnings — 402 — 402 Balance at June 30, 2023 $ (62,554) $ (4,090) $ 488 $ (66,156) Six Months Ended June 30, 2022 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at December 31, 2021 $ (183) $ 37 $ 36 $ (110) Other comprehensive income (loss) (44,931) 94 — (44,837) Reclassification adjustment for (income) expense recognized in earnings — (30) — (30) Balance at June 30, 2022 $ (45,114) $ 101 $ 36 $ (44,977) |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Hedged Forecasted Transaction Affects Earnings | The following table reflects the Company's derivative positions as of the date indicated below for interest rate derivatives which qualify as cash flow hedges for accounts purposes. At June 30, 2023 Notional Amount Average Maturity Weighted Average Rate Fair Value Current Rate Paid Received Fixed Swap Rate (in thousands) (in years) (in thousands) Interest rate swaps on loans $ 225,000 3.40 5.07 % 3.39 % $ (5,842) At December 31, 2022 Notional Amount Average Maturity Weighted Average Rate Fair Value Current Rate Paid Received Fixed Swap Rate (in thousands) (in years) (in thousands) Interest rate swaps on loans $ 150,000 3.77 4.11 % 3.26 % $ (3,030) |
Schedule of customer related derivative positions | The following tables present the Company's customer related derivative positions for the periods indicated below for those derivatives not designated as hedging. Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value June 30, 2023 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 151 $ 57,998 $ 111,519 $ 83,424 $130,013 $ 1,379,494 $ 1,762,448 $ 110,735 Pay fixed, receive variable 151 57,998 111,519 83,424 130,013 1,379,494 1,762,448 110,735 Risk participation-out agreements 62 29,624 27,460 3,132 29,425 420,970 510,611 1,561 Risk participation-in agreements 8 18,266 — — 27,073 28,954 74,293 22 Foreign exchange contracts Buys foreign currency, sells U.S. currency 16 $ 2,283 $ — $ — $ — $ — $ 2,283 $ 415 Sells foreign currency, buys U.S. currency 16 2,300 — — — — 2,300 398 Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2022 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 132 $ 71,547 $ 69,454 $ 141,498 $ 68,140 $ 1,139,070 $ 1,489,709 $ 103,640 Pay fixed, receive variable 132 71,547 69,454 141,498 68,140 1,139,070 1,489,709 103,640 Risk participation-out agreements 54 38,931 22,979 27,508 6,222 297,984 393,624 347 Risk participation-in agreements 8 18,421 — — 23,766 33,036 75,223 31 Foreign exchange contracts Buys foreign currency, sells U.S. currency 12 $ 2,383 $ — $ — $ — $ — $ 2,383 $ 130 Sells foreign currency, buys U.S. currency 12 2,400 — — — — 2,400 112 |
Schedule of offsetting derivatives and amounts subject to master netting agreements not offset in the audited consolidated balance sheet | The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated. At June 30, 2023 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ — $ — $ — $ — $ — $ — Derivatives not designated as hedging instruments: Loan level derivatives $ 126,985 $ — $ 126,985 $ — $ — $ 126,985 Risk participation-out agreements 1,561 — 1,561 — — 1,561 Foreign exchange contracts 415 — 415 — — 415 Total $ 128,961 $ — $ 128,961 $ — $ — $ 128,961 Liability derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 5,842 $ — $ 5,842 $ — $ — $ 5,842 Derivatives not designated as hedging instruments: Loan level derivatives $ 126,985 $ — $ 126,985 $ 5,370 $ 2,840 $ 118,775 Risk participation-in agreements 22 — 22 — — 22 Foreign exchange contracts 398 — 398 — — 398 Total $ 133,247 $ — $ 133,247 $ 5,370 $ 2,840 $ 125,037 At December 31, 2022 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 34 $ — $ 34 $ — $ — $ 34 Derivatives not designated as hedging instruments: Loan level derivatives $ 108,963 $ — $ 108,963 $ — $ — $ 108,963 Risk participation-out agreements 347 — 347 — — 347 Foreign exchange contracts 130 — 130 — — 130 Total $ 109,474 $ — $ 109,474 $ — $ — $ 109,474 Liability derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 3,170 $ — $ 3,170 $ — $ — $ 3,170 Derivatives not designated as hedging instruments: Loan level derivatives $ 108,963 $ — $ 108,963 $ 2,393 $ — $ 106,570 Risk participation-in agreements 31 — 31 — — 31 Foreign exchange contracts 112 — 112 — — 112 Total $ 112,276 $ — $ 112,276 $ 2,393 $ — $ 109,883 |
Schedule of gain (loss) of derivatives | These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness or if the Company fails to maintain its status as a well-capitalized institution. Fair Value Six Months Ended Six Months Ended (Dollars in Thousands) Derivatives designated as hedges $ (5,842) $ 128 (Loss) gain in OCI on derivatives (effective portion), net of tax $ (4,089) $ 100 Gain (loss) reclassified from OCI into interest income or interest expense (effective portion) $ (1,446) $ 30 |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of basic EPS and diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS: Three Months Ended June 30, 2023 June 30, 2022 Basic Fully Basic Fully (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 21,850 $ 21,850 $ 25,195 $ 25,195 Denominator: Weighted average shares outstanding 88,665,135 88,665,135 77,091,013 77,091,013 Effect of dilutive securities — 261,408 — 328,275 Adjusted weighted average shares outstanding 88,665,135 88,926,543 77,091,013 77,419,288 EPS $ 0.25 $ 0.25 $ 0.33 $ 0.33 Six Months Ended June 30, 2023 June 30, 2022 Basic Fully Basic Fully (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 29,410 $ 29,410 $ 49,900 $ 49,900 Denominator: Weighted average shares outstanding 87,620,194 87,620,194 77,352,666 77,352,666 Effect of dilutive securities — 267,786 — 318,935 Adjusted weighted average shares outstanding 87,620,194 87,887,980 77,352,666 77,671,601 EPS $ 0.34 $ 0.34 $ 0.65 $ 0.65 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair value, assets measured on recurring basis | The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value as of June 30, 2023 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 166,018 $ — $ 166,018 GSE CMOs — 64,446 — 64,446 GSE MBSs — 179,659 — 179,659 Municipal obligations — 3,280 12,334 15,614 Corporate debt obligations — 24,630 7,268 31,898 U.S. Treasury bonds — 452,098 — 452,098 Foreign government obligations — 477 — 477 Total investment securities available-for-sale $ — $ 890,608 $ 19,602 $ 910,210 Assets: Interest rate derivatives — — — — Derivatives not designated as hedging instruments: Loan level derivatives — 126,985 — 126,985 Risk participation-out agreements — 1,561 — 1,561 Foreign exchange contracts — 415 — 415 Liabilities: Interest rate derivatives $ — $ 5,842 $ — $ 5,842 Derivatives not designated as hedging instruments: Loan level derivatives — 126,985 — 126,985 Risk participation-in agreements — 22 — 22 Foreign exchange contracts — 398 — 398 Carrying Value as of December 31, 2022 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 152,422 $ — $ 152,422 GSE CMOs — 18,220 — 18,220 GSE MBSs — 140,576 — 140,576 Corporate debt obligations — 13,764 — 13,764 U.S. Treasury bonds — 331,307 — 331,307 Foreign government obligations — 477 — 477 Total investment securities available-for-sale $ — $ 656,766 $ — $ 656,766 Interest rate derivatives — 34 — 34 Loan level derivatives — 108,963 — 108,963 Risk participation-out agreements — 347 — 347 Foreign exchange contracts — 130 — 130 Liabilities: Interest rate derivatives $ — $ 3,170 $ — $ 3,170 Loan level derivatives — 108,963 — 108,963 Risk participation-in agreements — 31 — 31 Foreign exchange contracts — 112 — 112 |
Fair value, liabilities measured on recurring basis | The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value as of June 30, 2023 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 166,018 $ — $ 166,018 GSE CMOs — 64,446 — 64,446 GSE MBSs — 179,659 — 179,659 Municipal obligations — 3,280 12,334 15,614 Corporate debt obligations — 24,630 7,268 31,898 U.S. Treasury bonds — 452,098 — 452,098 Foreign government obligations — 477 — 477 Total investment securities available-for-sale $ — $ 890,608 $ 19,602 $ 910,210 Assets: Interest rate derivatives — — — — Derivatives not designated as hedging instruments: Loan level derivatives — 126,985 — 126,985 Risk participation-out agreements — 1,561 — 1,561 Foreign exchange contracts — 415 — 415 Liabilities: Interest rate derivatives $ — $ 5,842 $ — $ 5,842 Derivatives not designated as hedging instruments: Loan level derivatives — 126,985 — 126,985 Risk participation-in agreements — 22 — 22 Foreign exchange contracts — 398 — 398 Carrying Value as of December 31, 2022 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 152,422 $ — $ 152,422 GSE CMOs — 18,220 — 18,220 GSE MBSs — 140,576 — 140,576 Corporate debt obligations — 13,764 — 13,764 U.S. Treasury bonds — 331,307 — 331,307 Foreign government obligations — 477 — 477 Total investment securities available-for-sale $ — $ 656,766 $ — $ 656,766 Interest rate derivatives — 34 — 34 Loan level derivatives — 108,963 — 108,963 Risk participation-out agreements — 347 — 347 Foreign exchange contracts — 130 — 130 Liabilities: Interest rate derivatives $ — $ 3,170 $ — $ 3,170 Loan level derivatives — 108,963 — 108,963 Risk participation-in agreements — 31 — 31 Foreign exchange contracts — 112 — 112 |
Schedule of quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis | The following tables summarize information about significant unobservable inputs related to the Company's categories of Level 3 financial assets and liabilities measured on a recurring basis. Quantitative Information About Level 3 Fair Value Measurements - Recurring Basis Financial Instrument Estimated Fair Value Valuation Technique(s) Significant Unobservable Inputs Range of Inputs Weighted Average (In Thousands) June 30, 2023 Assets Municipal obligations $ 12,334 Discounted Cash Flow Discount Rate from Bloomberg BVAL 0.0%-3.45% 2.50 % Corporate debt obligations 4,965 Observable Bids Bloomberg TRACE Corporate debt obligations 2,303 Discounted Cash Flow Discount Rate from Bloomberg/BVAL 5.91 % 5.91 % The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a non-recurring basis at the dates indicated. Fair Value Valuation Technique At June 30, At December 31, 2022 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 7,737 $ 779 Appraisal of collateral (1) ________________________________________________________________________ (1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments. |
Fair value, assets measured on recurring basis, unobservable input reconciliation | The following table summarizes the changes in estimated fair value for all assets and liabilities measured at estimated fair value on a recurring basis using significant unobservable inputs (Level 3). Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities - Recurring Basis Six Months Ended June 30, 2023 (In Thousands) Municipal obligations Corporate debt obligations Beginning balance $ — $ — Purchases 4,974 — Included in comprehensive income (117) (66) Transfers in 18,881 12,058 Transfers out — — Sales — (4,748) Maturities, calls, and paydowns (11,404) 24 Ending balance $ 12,334 $ 7,268 |
Summary of the carrying values and estimated fair values | The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company's financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, restricted equity securities, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings, and accrued interest payable. Fair Value Measurements at June 30, 2023 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Loans and leases, net $ 9,214,982 $ 8,966,412 $ — $ — $ 8,966,412 Financial liabilities: Certificates of deposits 2,343,754 2,316,697 — 2,316,697 — Borrowed funds 1,226,270 1,220,928 — 1,220,928 — Fair Value Measurements at December 31, 2022 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Loans and leases, net 7,545,906 7,450,654 — — 7,450,654 Financial liabilities: Certificates of deposit 1,238,287 1,217,024 — 1,217,024 — Borrowed funds 1,432,652 1,431,716 — 1,431,716 — |
Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis | Assets and liabilities measured at fair value on a non-recurring basis are summarized below at the dated indicated: Carrying Value as of June 30, 2023 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 7,737 $ 7,737 Repossessed assets — 602 — 602 Total assets measured at fair value on a non-recurring basis $ — $ 602 $ 7,737 $ 8,339 Carrying Value as of December 31, 2022 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 779 $ 779 Repossessed assets — 408 — 408 Total assets measured at fair value on a non-recurring basis $ — $ 408 $ 779 $ 1,187 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | Financial instruments with off-balance-sheet risk at the dates indicated follow: At June 30, 2023 At December 31, 2022 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 125,226 $ 414,217 Commercial 245,667 291,188 Residential mortgage 16,317 14,036 Unadvanced portion of loans and leases 1,311,073 1,202,738 Unused lines of credit: Home equity 756,009 700,201 Other consumer 113,817 97,313 Other commercial 511 526 Unused letters of credit: Financial standby letters of credit 14,611 13,584 Performance standby letters of credit 29,434 31,330 Commercial and similar letters of credit 4,817 2,619 Interest rate derivatives 225,000 150,000 Loan level derivatives (Notional principal amounts): Receive fixed, pay variable 1,762,448 1,489,709 Pay fixed, receive variable 1,762,448 1,489,709 Risk participation-out agreements 510,611 393,624 Risk participation-in agreements 74,297 75,223 Foreign exchange contracts (Notional amounts): Buys foreign currency, sells U.S. currency 2,283 2,383 Sells foreign currency, buys U.S. currency 2,300 2,400 |
Schedule of lease cost, supplemental cash flow and supplemental balance sheet information | Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 (In Thousands) The components of lease expense was as follows: Operating lease cost $ 4,200 $ 3,143 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4,465 $ 3,245 Right-of-use assets obtained in exchange for new lease obligations: Operating leases assets $ 15,307 $ — Operating leases liabilities 17,049 — At June 30, 2023 At December 31, 2022 (In Thousands) Supplemental balance sheet information related to leases was as follows: Operating Leases Operating lease right-of-use assets $ 31,774 $ 19,484 Operating lease liabilities 33,021 19,484 Weighted Average Remaining Lease Term Operating leases 9.17 7.39 Weighted Average Discount Rate Operating leases 4.1 % 3.5 % |
Schedule of maturities of operating leases | A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments June 30, 2023 (In Thousands) Remainder of 2023 $ 4,316 Year ending: 2024 7,655 2025 6,086 2026 4,677 2027 3,714 2028 2,334 Thereafter 9,512 Total $ 38,294 Less imputed interest (5,273) Present value of lease liability $ 33,021 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2023 office bank | |
Basis of Presentation | |
Number of full-service banking offices | 29 |
Number of lending offices | office | 2 |
BankRI | |
Basis of Presentation | |
Number of full-service banking offices | 20 |
UpCounty Realty Corp | |
Basis of Presentation | |
Number of full-service banking offices | 14 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jan. 01, 2023 USD ($) office $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) bank | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||||||
Number of full-service banking offices | bank | 29 | ||||||
Merger and acquisition expense | $ 1,002 | $ 535 | $ 7,411 | $ 535 | |||
Goodwill | 241,222 | 241,222 | $ 160,427 | $ 160,427 | |||
Gross gains from sales | 2,705 | $ 0 | |||||
US Treasuries, Agency MBS, and Municipal Bond Anticipation Notes | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Value | $ 295,600 | $ 295,600 | |||||
Debt securities, available-for-sale, term | 2 years 1 month 6 days | 2 years 1 month 6 days | |||||
Debt securities, available-for-sale, weighted average risk of assets | 4% | 4% | |||||
PCSB | |||||||
Business Acquisition [Line Items] | |||||||
Number of full-service banking offices | office | 15 | ||||||
PCSB | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, share price (in dollars per share) | $ / shares | $ 22 | ||||||
Common stock paid for each share of common stock owned (in shares) | shares | 1.3284 | ||||||
Percentage of shares converted | 60% | ||||||
Merger and acquisition expense | $ 1,003 | $ 7,413 | |||||
Goodwill | $ 80,795 | ||||||
Percent of portfolio sold preceding the acquisition | 75% | ||||||
Discount from the results of the loan accounting valuation | $ 49,800 | ||||||
Core deposit and other intangibles | $ 30,265 | ||||||
Discount from the results of the certificate of deposit valuation | 3,200 | ||||||
Discount on assumed borrowings | 300 | ||||||
Interest income of acquiree since acquisition date | 17,100 | 32,200 | |||||
Non-interest income of acquiree since acquisition date | 300 | 3,100 | |||||
Net loss of acquiree since acquisition date | 4,300 | (3,900) | |||||
PCSB | Core deposits | |||||||
Business Acquisition [Line Items] | |||||||
Core deposit and other intangibles | $ 30,300 | $ 30,300 | |||||
Intangible asset, useful life | 7 years | 7 years | |||||
PCSB | Agency MBS, Agency CMOs, and Corporate and Municipal Securities | |||||||
Business Acquisition [Line Items] | |||||||
Estimated Fair Value | $ 228,300 | $ 228,300 | |||||
Debt securities, available-for-sale, term | 6 years 1 month 6 days | 6 years 1 month 6 days | |||||
Debt securities, available-for-sale, weighted average risk of assets | 33% | 33% | |||||
Gross gains from sales | $ 1,700 |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
LIABILITIES | ||||
Goodwill | $ 241,222 | $ 160,427 | $ 160,427 | |
PCSB | ||||
Business Acquisition [Line Items] | ||||
Purchase price consideration | $ 297,791 | |||
ASSETS | ||||
Cash | 42,373 | |||
Investments | 366,790 | |||
Loans | 1,336,737 | |||
Allowance for credit losses on PCD loans | (2,344) | |||
Premises and equipment | 14,631 | |||
Core deposit and other intangibles | 30,265 | |||
Other assets | 104,654 | |||
Total assets acquired | 1,893,106 | |||
LIABILITIES | ||||
Deposits | 1,570,563 | |||
Borrowings | 52,923 | |||
Other liabilities | 52,624 | |||
Total liabilities assumed | 1,676,110 | |||
Net assets acquired | 216,996 | |||
Goodwill | $ 80,795 |
Acquisitions - Financing Receiv
Acquisitions - Financing Receivable, Purchased With Credit Deterioration (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Business Combination and Asset Acquisition [Abstract] | |
Total unpaid principal balance | $ 16,824 |
Allowance for credit losses at acquisition | (2,344) |
Non-credit discount | (974) |
Fair value | $ 13,506 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information (Details) - PCSB - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Net interest income | $ 86,037 | $ 88,366 | $ 172,086 | $ 170,606 |
Non-interest income | 5,459 | 8,016 | 16,695 | 14,468 |
Net income | $ 23,445 | $ 28,460 | $ 47,942 | $ 37,648 |
Acquisitions - Merger-related E
Acquisitions - Merger-related Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||||
Total merger-related expenses | $ 1,002 | $ 535 | $ 7,411 | $ 535 |
PCSB | ||||
Business Acquisition [Line Items] | ||||
Compensation and benefits | 529 | 1,750 | ||
Technology and equipment | 29 | 1,857 | ||
Professional and outside services | 364 | 3,563 | ||
Other expense | 80 | 242 | ||
Total merger-related expenses | $ 1,003 | $ 7,413 |
Investment Securities - Summary
Investment Securities - Summary of Available-for-sale and Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 990,787 | $ 733,978 |
Gross Unrealized Gains | 128 | 281 |
Gross Unrealized Losses | 80,705 | 77,493 |
Estimated Fair Value | 910,210 | 656,766 |
GSE debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 189,075 | 176,751 |
Gross Unrealized Gains | 8 | 0 |
Gross Unrealized Losses | 23,065 | 24,329 |
Estimated Fair Value | 166,018 | 152,422 |
GSE CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 68,652 | 19,977 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 4,206 | 1,757 |
Estimated Fair Value | 64,446 | 18,220 |
GSE MBSs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 199,087 | 159,824 |
Gross Unrealized Gains | 4 | 1 |
Gross Unrealized Losses | 19,432 | 19,249 |
Estimated Fair Value | 179,659 | 140,576 |
Municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,769 | |
Gross Unrealized Gains | 92 | |
Gross Unrealized Losses | 247 | |
Estimated Fair Value | 15,614 | |
Corporate debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32,948 | 14,076 |
Gross Unrealized Gains | 18 | 0 |
Gross Unrealized Losses | 1,068 | 312 |
Estimated Fair Value | 31,898 | 13,764 |
U.S. Treasury bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 484,756 | 362,850 |
Gross Unrealized Gains | 6 | 280 |
Gross Unrealized Losses | 32,664 | 31,823 |
Estimated Fair Value | 452,098 | 331,307 |
Foreign government obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 23 | 23 |
Estimated Fair Value | $ 477 | $ 477 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2023 USD ($) security | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) security | |
Investment Securities | |||
Investment securities available-for-sale, net | $ 910,210,000 | $ 656,766,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | (80,600,000) | (77,200,000) | |
Debt securities, available-for-sale, unrealized loss position | $ 862,800,000 | $ 630,494,000 | |
Percentage of securities in unrealized loss positions, available-for-sale securities | 94.80% | 96% | |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 80,700,000 | $ 77,493,000 | |
Accrued interest receivable | $ 4,000,000 | 2,600,000 | |
Number of days past due to be placed in nonaccrual status | 90 days | ||
Purchases of securities available-for-sale | $ 279,009,000 | $ 123,121,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations | 95,000,000 | 53,100,000 | |
Estimated fair value of debt securities that have right to call or prepay the obligations, scheduled maturities of less than one year | 5,400,000 | 2,500,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of after one year through five years | 35,200,000 | 6,300,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities after six years through ten years | 46,800,000 | 37,400,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of which is after 10 years | 7,600,000 | 6,900,000 | |
Proceeds from sales of investment securities available-for-sale | 229,981,000 | 0 | |
US Government Sponsored Enterprises | |||
Investment Securities | |||
Investment securities available-for-sale, net | 33,800,000 | 2,700,000 | |
GSE debentures | |||
Investment Securities | |||
Investment securities available-for-sale, net | 166,018,000 | 152,422,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ (23,100,000) | $ (24,300,000) | |
AFS number of positions | security | 41 | 32 | |
Number of securities in unrealized loss positions | security | 37 | 31 | |
Purchases of securities available-for-sale | $ 0 | 0 | |
GSE debentures | PCSB | |||
Investment Securities | |||
Investment securities available-for-sale, net | 40,000,000 | ||
GSE CMOs | |||
Investment Securities | |||
Investment securities available-for-sale, net | 64,400,000 | $ 18,200,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ (4,200,000) | $ (1,800,000) | |
AFS number of positions | security | 60 | 32 | |
Purchases of securities available-for-sale | $ 0 | 0 | |
GSE CMOs | PCSB | |||
Investment Securities | |||
Investment securities available-for-sale, net | 48,200,000 | ||
GSE MBSs | |||
Investment Securities | |||
Investment securities available-for-sale, net | 179,700,000 | $ 140,600,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ (19,400,000) | $ (19,200,000) | |
AFS number of positions | security | 150 | 134 | |
Number of securities in unrealized loss positions | security | 143 | 128 | |
Purchases of securities available-for-sale | $ 39,400,000 | 0 | |
GSE MBSs | PCSB | |||
Investment Securities | |||
Investment securities available-for-sale, net | 48,600,000 | ||
Municipal obligations | |||
Investment Securities | |||
Investment securities available-for-sale, net | $ 15,614,000 | ||
AFS number of positions | security | 47 | ||
Purchases of securities available-for-sale | $ 5,600,000 | 0 | |
Corporate debt obligations | |||
Investment Securities | |||
Investment securities available-for-sale, net | 31,898,000 | $ 13,764,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ (1,100,000) | $ (300,000) | |
AFS number of positions | security | 13 | 4 | |
Number of securities in unrealized loss positions | security | 12 | ||
Purchases of securities available-for-sale | $ 0 | 0 | |
Corporate debt obligations | PCSB | |||
Investment Securities | |||
Investment securities available-for-sale, net | 18,100,000 | ||
U.S. Treasury bonds | |||
Investment Securities | |||
Investment securities available-for-sale, net | 452,100,000 | $ 331,300,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ (32,700,000) | $ (31,500,000) | |
AFS number of positions | security | 70 | 41 | |
Number of securities in unrealized loss positions | security | 64 | 38 | |
Purchases of securities available-for-sale | $ 234,000,000 | $ 122,600,000 | |
U.S. Treasury bonds | PCSB | |||
Investment Securities | |||
Investment securities available-for-sale, net | 163,800,000 | ||
Foreign government obligations | |||
Investment Securities | |||
Investment securities available-for-sale, net | $ 477,000 | $ 477,000 | |
AFS number of positions | security | 1 | 1 | |
Collateral Pledged | |||
Investment Securities | |||
Investment securities pledged as collateral | $ 575,000,000 | $ 387,900,000 | |
Outstanding borrowings | $ 0 | $ 0 |
Investment Securities - Other-T
Investment Securities - Other-Than-Temporary Impairment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | $ 324,332 | |
Less than twelve months, unrealized losses | 16,699 | |
Twelve months or longer, estimated fair value | 306,162 | |
Twelve months or longer, unrealized losses | 60,794 | |
Debt securities, available-for-sale, unrealized loss position | $ 862,800 | 630,494 |
Total, unrealized losses | 80,700 | 77,493 |
Total temporarily impaired investment securities | ||
Less than twelve months, estimated fair value | 352,453 | 324,332 |
Less than twelve months, unrealized losses | 7,563 | 16,699 |
Twelve months or longer, estimated fair value | 510,356 | 306,162 |
Twelve months or longer, unrealized losses | 73,142 | 60,794 |
Total, estimated fair value | 862,809 | 630,494 |
Total, unrealized losses | 80,705 | 77,493 |
GSE debentures | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 33,040 | 56,719 |
Less than twelve months, unrealized losses | 346 | 1,255 |
Twelve months or longer, estimated fair value | 126,061 | 95,703 |
Twelve months or longer, unrealized losses | 22,719 | 23,076 |
Debt securities, available-for-sale, unrealized loss position | 159,101 | 152,422 |
Total, unrealized losses | 23,065 | 24,331 |
GSE CMOs | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 48,240 | 16,411 |
Less than twelve months, unrealized losses | 2,471 | 1,563 |
Twelve months or longer, estimated fair value | 16,206 | 1,809 |
Twelve months or longer, unrealized losses | 1,735 | 192 |
Debt securities, available-for-sale, unrealized loss position | 64,446 | 18,220 |
Total, unrealized losses | 4,206 | 1,755 |
GSE MBSs | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 47,966 | 97,858 |
Less than twelve months, unrealized losses | 1,021 | 9,823 |
Twelve months or longer, estimated fair value | 130,212 | 42,500 |
Twelve months or longer, unrealized losses | 18,411 | 9,426 |
Debt securities, available-for-sale, unrealized loss position | 178,178 | 140,358 |
Total, unrealized losses | 19,432 | 19,249 |
Municipal obligations | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 7,303 | |
Less than twelve months, unrealized losses | 247 | |
Twelve months or longer, estimated fair value | 0 | |
Twelve months or longer, unrealized losses | 0 | |
Debt securities, available-for-sale, unrealized loss position | 7,303 | |
Total, unrealized losses | 247 | |
Corporate debt obligations | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 15,765 | 13,764 |
Less than twelve months, unrealized losses | 867 | 312 |
Twelve months or longer, estimated fair value | 13,830 | 0 |
Twelve months or longer, unrealized losses | 201 | 0 |
Debt securities, available-for-sale, unrealized loss position | 29,595 | 13,764 |
Total, unrealized losses | 1,068 | 312 |
U.S. Treasury bonds | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 200,139 | 139,103 |
Less than twelve months, unrealized losses | 2,611 | 3,723 |
Twelve months or longer, estimated fair value | 223,570 | 166,150 |
Twelve months or longer, unrealized losses | 30,053 | 28,100 |
Debt securities, available-for-sale, unrealized loss position | 423,709 | 305,253 |
Total, unrealized losses | 32,664 | 31,823 |
Foreign government obligations | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 0 | 477 |
Less than twelve months, unrealized losses | 0 | 23 |
Twelve months or longer, estimated fair value | 477 | 0 |
Twelve months or longer, unrealized losses | 23 | 0 |
Debt securities, available-for-sale, unrealized loss position | 477 | 477 |
Total, unrealized losses | $ 23 | $ 23 |
Investment Securities - Portfol
Investment Securities - Portfolio Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Within 1 year | $ 135,793 | $ 119,912 |
After 1 year through 5 years | 310,475 | 163,941 |
After 5 years through 10 years | 302,905 | 291,284 |
Over 10 years | 241,614 | 158,841 |
Amortized Cost | 990,787 | 733,978 |
Estimated Fair Value | ||
Within 1 year | 135,258 | 119,075 |
After 1 year through 5 years | 297,518 | 156,120 |
After 5 years through 10 years | 259,982 | 244,847 |
Over 10 years | 217,452 | 136,724 |
Total | $ 910,210 | $ 656,766 |
Weighted Average Rate | ||
Within 1 year | 4.08% | 3.10% |
After 1 year through 5 years | 3.05% | 2.40% |
After 5 years through 10 years | 1.71% | 1.30% |
Over 10 years | 3.38% | 2.10% |
Total | 2.90% | 2.06% |
Investment Securities - Securit
Investment Securities - Security Sales (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Investment securities available-for-sale: | ||
Proceeds from sales: | $ 229,981,000 | $ 0 |
Gross gains from sales | 2,705,000 | 0 |
Gross losses from sales | (1,001,000) | 0 |
Gain on sales of securities, net | $ 1,704,000 | $ 0 |
Loans and Leases - Summary of L
Loans and Leases - Summary of Loan and Lease Balances and Weighted Average Coupon Rates (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 9,340,799 | $ 7,644,388 |
Weighted Average Coupon | 5.67% | 5.38% |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 3,997,027 | $ 3,046,746 |
Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 1,358,475 | 1,150,597 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 315,269 | 206,805 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 845,192 | 752,948 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 1,306,165 | 1,216,585 |
Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 41,670 | 46,966 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 1,082,425 | 844,614 |
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 346,842 | 322,622 |
Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | 47,734 | 56,505 |
Commercial real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 5,670,771 | $ 4,404,148 |
Weighted Average Coupon | 5.30% | 4.95% |
Commercial real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 3,997,027 | $ 3,046,746 |
Weighted Average Coupon | 5.30% | 4.93% |
Commercial real estate loans | Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 1,358,475 | $ 1,150,597 |
Weighted Average Coupon | 4.99% | 4.74% |
Commercial real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 315,269 | $ 206,805 |
Weighted Average Coupon | 6.58% | 6.51% |
Commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 2,193,027 | $ 2,016,499 |
Weighted Average Coupon | 7.02% | 6.61% |
Commercial loans and leases | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 845,192 | $ 752,948 |
Weighted Average Coupon | 6.64% | 6.03% |
Commercial loans and leases | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 1,306,165 | $ 1,216,585 |
Weighted Average Coupon | 7.34% | 7.04% |
Commercial loans and leases | Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 41,670 | $ 46,966 |
Weighted Average Coupon | 4.83% | 4.80% |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 1,477,001 | $ 1,223,741 |
Weighted Average Coupon | 5.18% | 4.90% |
Consumer loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 1,082,425 | $ 844,614 |
Weighted Average Coupon | 4.24% | 3.98% |
Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 346,842 | $ 322,622 |
Weighted Average Coupon | 7.79% | 7% |
Consumer loans | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 47,734 | $ 56,505 |
Weighted Average Coupon | 7.46% | 6.65% |
Loans and Leases - Narrative (D
Loans and Leases - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unamortized deferred loan origination costs | $ 10,700,000 | $ 11,300,000 |
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey Metropolitan area and northeastern states | 29.60% | |
Percentage of loans to aggregate outstanding amount in other areas of the United States | 70.40% | |
Total loans and leases | $ 9,340,799,000 | 7,644,388,000 |
FRB Borrowings | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 0 | 0 |
Asset Pledged as Collateral with Right | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 3,300,000,000 | 2,400,000,000 |
Loans and Leases Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest on loans and leases | $ 34,800,000 | $ 26,100,000 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Summary of Changes in the Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 01, 2023 | |
Changes in allowance for loan losses | |||||
Balance at the beginning of the period | $ 120,865 | $ 95,463 | $ 98,482 | $ 99,084 | |
Charge-offs | (1,690) | (1,533) | (2,541) | (3,877) | |
Recoveries | 593 | 291 | 993 | 687 | |
Provision (credit) for loan and lease losses excluding unfunded commitments | 6,049 | (1,033) | 28,883 | (2,706) | |
Balance at the end of the period | 125,817 | 93,188 | 125,817 | 93,188 | |
Provision (credit) for PCD loan and lease losses excluding unfunded commitments | 2,300 | ||||
PCSB | |||||
Changes in allowance for loan losses | |||||
Allowance for credit losses on PCD loans | $ 2,344 | ||||
Commercial Real Estate | |||||
Changes in allowance for loan losses | |||||
Balance at the beginning of the period | 82,692 | 69,031 | 68,154 | 69,213 | |
Charge-offs | 0 | 0 | 0 | (37) | |
Recoveries | 6 | 6 | 12 | 11 | |
Provision (credit) for loan and lease losses excluding unfunded commitments | 1,603 | 990 | 16,135 | 840 | |
Balance at the end of the period | 84,301 | 70,027 | 84,301 | 70,027 | |
Commercial | |||||
Changes in allowance for loan losses | |||||
Balance at the beginning of the period | 32,761 | 23,503 | 26,604 | 27,055 | |
Charge-offs | (1,685) | (1,533) | (2,525) | (3,833) | |
Recoveries | 577 | 279 | 960 | 632 | |
Provision (credit) for loan and lease losses excluding unfunded commitments | 3,981 | (2,144) | 10,595 | (3,749) | |
Balance at the end of the period | 35,634 | 20,105 | 35,634 | 20,105 | |
Consumer | |||||
Changes in allowance for loan losses | |||||
Balance at the beginning of the period | 5,412 | 2,929 | 3,724 | 2,816 | |
Charge-offs | (5) | 0 | (16) | (7) | |
Recoveries | 10 | 6 | 21 | 44 | |
Provision (credit) for loan and lease losses excluding unfunded commitments | 465 | 121 | 2,153 | 203 | |
Balance at the end of the period | $ 5,882 | $ 3,056 | $ 5,882 | $ 3,056 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) account | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Provision (credit) for loan and lease losses: | |||||
Unfunded credit commitments liability included in other liabilities | $ 22,800,000 | $ 22,800,000 | $ 20,600,000 | ||
Allowance for credit loss, completion of revision, period from forecast start date | 5 years | ||||
General allowance for loan and lease losses | 111,000,000 | $ 111,000,000 | 95,400,000 | ||
Increase (decrease) in general portion of the allowance for loan and lease losses | 15,600,000 | ||||
Specific allowance for loan and lease losses | 14,800,000 | 14,800,000 | 3,100,000 | ||
Increase (decrease) in specific portion of the allowance for loan and lease losses | $ 11,700,000 | ||||
Number of accounts causing increase (decrease) in allowance for loan and lease losses specific reserve | account | 2 | ||||
Total loans and leases | 9,340,799,000 | $ 9,340,799,000 | 7,644,388,000 | ||
Amortized Cost | 19,912,000 | ||||
Recorded investment, at end of period | $ 333,000 | $ 851,000 | |||
Financial impact of modification of performing and nonperforming loans | 1,690,000 | 1,533,000 | 2,541,000 | 3,877,000 | |
Commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings | $ 500,000 | 500,000 | |||
Performing and Nonperforming Financial Instruments | |||||
Provision (credit) for loan and lease losses: | |||||
Financial impact of modification of performing and nonperforming loans | $ 100,000 | ||||
Definite Loss | |||||
Provision (credit) for loan and lease losses: | |||||
Total loans and leases | 0 | 0 | $ 0 | ||
Commercial And Industrial Relationships | |||||
Provision (credit) for loan and lease losses: | |||||
Increase (decrease) in specific portion of the allowance for loan and lease losses | 6,000,000 | ||||
Recorded investment, at end of period | 0 | 0 | |||
Financial impact of modification of performing and nonperforming loans | $ 0 | 0 | |||
Commercial Real Estate Loans | |||||
Provision (credit) for loan and lease losses: | |||||
Increase (decrease) in specific reserves for loan and lease losses | 2,900,000 | ||||
Equipment Financing Loans | |||||
Provision (credit) for loan and lease losses: | |||||
Increase (decrease) in specific reserves for loan and lease losses | 2,200,000 | ||||
PCSB | |||||
Provision (credit) for loan and lease losses: | |||||
Increase (decrease) in general portion of the allowance for loan and lease losses | $ 14,800,000 | ||||
Minimum | |||||
Provision (credit) for loan and lease losses: | |||||
Allowance for credit loss, start of revision, period from forecast start date | 2 years | ||||
Maximum | |||||
Provision (credit) for loan and lease losses: | |||||
Allowance for credit loss, start of revision, period from forecast start date | 3 years |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Schedule of Provisions for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Provision (credit) for loan and lease losses: | ||||
Provision (credit) for loan and lease losses excluding unfunded commitments | $ 6,049 | $ (1,033) | $ 28,883 | $ (2,706) |
Total provision (credit) for credit losses | 5,726 | 173 | 31,070 | 9 |
Unfunded Loan Commitment | ||||
Provision (credit) for loan and lease losses: | ||||
Provision for other credit losses | (323) | 1,206 | 2,187 | 2,715 |
Commercial real estate loans | ||||
Provision (credit) for loan and lease losses: | ||||
Provision (credit) for loan and lease losses excluding unfunded commitments | 1,603 | 990 | 16,135 | 840 |
Commercial loans | ||||
Provision (credit) for loan and lease losses: | ||||
Provision (credit) for loan and lease losses excluding unfunded commitments | 3,981 | (2,144) | 10,595 | (3,749) |
Consumer loans | ||||
Provision (credit) for loan and lease losses: | ||||
Provision (credit) for loan and lease losses excluding unfunded commitments | $ 465 | $ 121 | $ 2,153 | $ 203 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Summary of the Recorded Investments By Credit Quality Indicator, By Loan Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Credit Quality Information | |||||
Total | $ 9,340,799 | $ 9,340,799 | $ 7,644,388 | ||
Current-period gross writeoffs | |||||
Total | 1,690 | $ 1,533 | 2,541 | $ 3,877 | |
Commercial real estate | |||||
Credit Quality Information | |||||
Year one | 241,350 | 241,350 | 475,105 | ||
Year two | 656,424 | 656,424 | 625,552 | ||
Year three | 789,183 | 789,183 | 291,025 | ||
Year four | 392,141 | 392,141 | 377,144 | ||
Year five | 484,638 | 484,638 | 213,795 | ||
Prior | 1,351,568 | 1,351,568 | 999,494 | ||
Revolving Loans | 69,618 | 69,618 | 55,464 | ||
Revolving Loans Converted to Term Loans | 12,105 | 12,105 | 9,167 | ||
Total | 3,997,027 | 3,997,027 | 3,046,746 | ||
Commercial real estate | Pass | |||||
Credit Quality Information | |||||
Year one | 241,350 | 241,350 | 475,105 | ||
Year two | 656,424 | 656,424 | 622,952 | ||
Year three | 786,618 | 786,618 | 290,913 | ||
Year four | 388,710 | 388,710 | 362,339 | ||
Year five | 469,881 | 469,881 | 210,954 | ||
Prior | 1,298,263 | 1,298,263 | 971,274 | ||
Revolving Loans | 69,618 | 69,618 | 55,464 | ||
Revolving Loans Converted to Term Loans | 12,105 | 12,105 | 9,167 | ||
Total | 3,922,969 | 3,922,969 | 2,998,168 | ||
Commercial real estate | OAEM | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 0 | ||
Year two | 0 | 0 | 2,600 | ||
Year three | 2,565 | 2,565 | 112 | ||
Year four | 3,431 | 3,431 | 14,805 | ||
Year five | 0 | 0 | 2,841 | ||
Prior | 42,051 | 42,051 | 25,875 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 48,047 | 48,047 | 46,233 | ||
Commercial real estate | Substandard | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 0 | ||
Year two | 0 | 0 | 0 | ||
Year three | 0 | 0 | 0 | ||
Year four | 0 | 0 | 0 | ||
Year five | 14,757 | 14,757 | 0 | ||
Prior | 11,254 | 11,254 | 2,345 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 26,011 | 26,011 | 2,345 | ||
Multi-Family Mortgage | |||||
Credit Quality Information | |||||
Year one | 6,834 | 6,834 | 162,139 | ||
Year two | 198,059 | 198,059 | 226,502 | ||
Year three | 238,086 | 238,086 | 132,893 | ||
Year four | 169,934 | 169,934 | 114,109 | ||
Year five | 209,693 | 209,693 | 142,271 | ||
Prior | 492,891 | 492,891 | 331,198 | ||
Revolving Loans | 6,355 | 6,355 | 4,823 | ||
Revolving Loans Converted to Term Loans | 36,623 | 36,623 | 36,662 | ||
Total | 1,358,475 | 1,358,475 | 1,150,597 | ||
Multi-Family Mortgage | Pass | |||||
Credit Quality Information | |||||
Year one | 6,834 | 6,834 | 162,139 | ||
Year two | 198,059 | 198,059 | 226,502 | ||
Year three | 238,086 | 238,086 | 132,893 | ||
Year four | 169,934 | 169,934 | 114,109 | ||
Year five | 208,360 | 208,360 | 142,271 | ||
Prior | 490,643 | 490,643 | 324,415 | ||
Revolving Loans | 6,355 | 6,355 | 4,823 | ||
Revolving Loans Converted to Term Loans | 36,623 | 36,623 | 36,662 | ||
Total | 1,354,894 | 1,354,894 | 1,143,814 | ||
Multi-Family Mortgage | OAEM | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | |||
Year two | 0 | 0 | |||
Year three | 0 | 0 | |||
Year four | 0 | 0 | |||
Year five | 1,333 | 1,333 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Revolving Loans Converted to Term Loans | 0 | 0 | |||
Total | 1,333 | 1,333 | |||
Multi-Family Mortgage | Substandard | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 0 | ||
Year two | 0 | 0 | 0 | ||
Year three | 0 | 0 | 0 | ||
Year four | 0 | 0 | 0 | ||
Year five | 0 | 0 | 0 | ||
Prior | 2,248 | 2,248 | 6,783 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 2,248 | 2,248 | 6,783 | ||
Construction | |||||
Credit Quality Information | |||||
Year one | 15,760 | 15,760 | 83,492 | ||
Year two | 186,810 | 186,810 | 82,636 | ||
Year three | 81,300 | 81,300 | 13,787 | ||
Year four | 9,651 | 9,651 | 16,421 | ||
Year five | 12,311 | 12,311 | 3,306 | ||
Prior | 3,237 | 3,237 | 707 | ||
Revolving Loans | 6,200 | 6,200 | 6,456 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 315,269 | 315,269 | 206,805 | ||
Construction | Pass | |||||
Credit Quality Information | |||||
Year one | 15,760 | 15,760 | 82,650 | ||
Year two | 185,066 | 185,066 | 73,995 | ||
Year three | 70,667 | 70,667 | 13,787 | ||
Year four | 9,651 | 9,651 | 16,421 | ||
Year five | 10,810 | 10,810 | 3,306 | ||
Prior | 910 | 910 | 0 | ||
Revolving Loans | 6,200 | 6,200 | 6,456 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 299,064 | 299,064 | 196,615 | ||
Construction | OAEM | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 842 | ||
Year two | 1,744 | 1,744 | 8,641 | ||
Year three | 10,633 | 10,633 | 0 | ||
Year four | 0 | 0 | 0 | ||
Year five | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 12,377 | 12,377 | 9,483 | ||
Construction | Substandard | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 0 | ||
Year two | 0 | 0 | 0 | ||
Year three | 0 | 0 | 0 | ||
Year four | 0 | 0 | 0 | ||
Year five | 1,501 | 1,501 | 0 | ||
Prior | 2,327 | 2,327 | 707 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 3,828 | 3,828 | 707 | ||
Commercial | |||||
Credit Quality Information | |||||
Year one | 54,125 | 54,125 | 178,212 | ||
Year two | 145,185 | 145,185 | 120,618 | ||
Year three | 136,600 | 136,600 | 49,928 | ||
Year four | 45,601 | 45,601 | 38,124 | ||
Year five | 40,664 | 40,664 | 29,350 | ||
Prior | 79,087 | 79,087 | 52,897 | ||
Revolving Loans | 339,569 | 339,569 | 282,115 | ||
Revolving Loans Converted to Term Loans | 4,361 | 4,361 | 1,704 | ||
Total | 845,192 | 845,192 | 752,948 | ||
Current-period gross writeoffs | |||||
Year one | 0 | ||||
Year two | 0 | ||||
Year three | 0 | ||||
Year four | 0 | ||||
Year five | 7 | ||||
Prior | 85 | ||||
Revolving Loans | 0 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 92 | ||||
Commercial | Pass | |||||
Credit Quality Information | |||||
Year one | 53,121 | 53,121 | 178,212 | ||
Year two | 145,185 | 145,185 | 116,674 | ||
Year three | 131,871 | 131,871 | 48,713 | ||
Year four | 41,850 | 41,850 | 22,809 | ||
Year five | 26,089 | 26,089 | 29,350 | ||
Prior | 79,057 | 79,057 | 52,866 | ||
Revolving Loans | 318,473 | 318,473 | 273,467 | ||
Revolving Loans Converted to Term Loans | 3,809 | 3,809 | 1,071 | ||
Total | 799,455 | 799,455 | 723,162 | ||
Commercial | OAEM | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 0 | ||
Year two | 0 | 0 | 109 | ||
Year three | 94 | 94 | 0 | ||
Year four | 2,569 | 2,569 | 14,821 | ||
Year five | 1,385 | 1,385 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 12,676 | 12,676 | 2,187 | ||
Revolving Loans Converted to Term Loans | 249 | 249 | 0 | ||
Total | 16,973 | 16,973 | 17,117 | ||
Commercial | Substandard | |||||
Credit Quality Information | |||||
Year one | 1,004 | 1,004 | 0 | ||
Year two | 0 | 0 | 3,835 | ||
Year three | 4,635 | 4,635 | 1,215 | ||
Year four | 1,182 | 1,182 | 494 | ||
Year five | 13,190 | 13,190 | 0 | ||
Prior | 29 | 29 | 30 | ||
Revolving Loans | 8,420 | 8,420 | 6,461 | ||
Revolving Loans Converted to Term Loans | 301 | 301 | 632 | ||
Total | 28,761 | 28,761 | 12,667 | ||
Commercial | Doubtful | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 0 | ||
Year two | 0 | 0 | 0 | ||
Year three | 0 | 0 | 0 | ||
Year four | 0 | 0 | 0 | ||
Year five | 0 | 0 | 0 | ||
Prior | 1 | 1 | 1 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 2 | 2 | 1 | ||
Total | 3 | 3 | 2 | ||
Equipment Financing | |||||
Credit Quality Information | |||||
Year one | 231,263 | 231,263 | 444,950 | ||
Year two | 439,728 | 439,728 | 284,635 | ||
Year three | 247,120 | 247,120 | 186,705 | ||
Year four | 154,739 | 154,739 | 143,983 | ||
Year five | 114,930 | 114,930 | 79,113 | ||
Prior | 101,772 | 101,772 | 62,662 | ||
Revolving Loans | 13,746 | 13,746 | 13,236 | ||
Revolving Loans Converted to Term Loans | 2,867 | 2,867 | 1,301 | ||
Total | 1,306,165 | 1,306,165 | 1,216,585 | ||
Current-period gross writeoffs | |||||
Year one | 0 | ||||
Year two | 514 | ||||
Year three | 845 | ||||
Year four | 108 | ||||
Year five | 273 | ||||
Prior | 694 | ||||
Revolving Loans | 0 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 2,434 | ||||
Equipment Financing | Pass | |||||
Credit Quality Information | |||||
Year one | 231,217 | 231,217 | 443,323 | ||
Year two | 433,296 | 433,296 | 282,398 | ||
Year three | 242,641 | 242,641 | 185,007 | ||
Year four | 152,274 | 152,274 | 140,931 | ||
Year five | 111,885 | 111,885 | 76,595 | ||
Prior | 99,376 | 99,376 | 60,980 | ||
Revolving Loans | 13,746 | 13,746 | 13,236 | ||
Revolving Loans Converted to Term Loans | 2,867 | 2,867 | 1,301 | ||
Total | 1,287,302 | 1,287,302 | 1,203,771 | ||
Equipment Financing | OAEM | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 1,019 | ||
Year two | 2,746 | 2,746 | 1,453 | ||
Year three | 1,391 | 1,391 | 184 | ||
Year four | 1,339 | 1,339 | 455 | ||
Year five | 506 | 506 | 13 | ||
Prior | 66 | 66 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 6,048 | 6,048 | 3,124 | ||
Equipment Financing | Substandard | |||||
Credit Quality Information | |||||
Year one | 46 | 46 | 608 | ||
Year two | 3,124 | 3,124 | 784 | ||
Year three | 1,823 | 1,823 | 1,514 | ||
Year four | 1,126 | 1,126 | 2,597 | ||
Year five | 2,539 | 2,539 | 2,503 | ||
Prior | 2,315 | 2,315 | 1,669 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 10,973 | 10,973 | 9,675 | ||
Equipment Financing | Doubtful | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 0 | ||
Year two | 562 | 562 | 0 | ||
Year three | 1,265 | 1,265 | 0 | ||
Year four | 0 | 0 | 0 | ||
Year five | 0 | 0 | 2 | ||
Prior | 15 | 15 | 13 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 1,842 | 1,842 | 15 | ||
Condominium Association | |||||
Credit Quality Information | |||||
Year one | 1,234 | 1,234 | 5,821 | ||
Year two | 6,484 | 6,484 | 7,743 | ||
Year three | 7,475 | 7,475 | 8,810 | ||
Year four | 7,336 | 7,336 | 5,858 | ||
Year five | 5,118 | 5,118 | 1,603 | ||
Prior | 11,640 | 11,640 | 12,285 | ||
Revolving Loans | 2,183 | 2,183 | 4,823 | ||
Revolving Loans Converted to Term Loans | 200 | 200 | 23 | ||
Total | 41,670 | 41,670 | 46,966 | ||
Condominium Association | Pass | |||||
Credit Quality Information | |||||
Year one | 1,234 | 1,234 | 5,821 | ||
Year two | 6,484 | 6,484 | 7,743 | ||
Year three | 7,475 | 7,475 | 8,810 | ||
Year four | 7,336 | 7,336 | 5,858 | ||
Year five | 5,118 | 5,118 | 1,603 | ||
Prior | 11,640 | 11,640 | 12,227 | ||
Revolving Loans | 2,183 | 2,183 | 4,823 | ||
Revolving Loans Converted to Term Loans | 200 | 200 | 23 | ||
Total | 41,670 | 41,670 | 46,908 | ||
Condominium Association | Substandard | |||||
Credit Quality Information | |||||
Year one | 0 | ||||
Year two | 0 | ||||
Year three | 0 | ||||
Year four | 0 | ||||
Year five | 0 | ||||
Prior | 58 | ||||
Revolving Loans | 0 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 58 | ||||
Other Consumer | |||||
Credit Quality Information | |||||
Year one | 310 | 310 | 411 | ||
Year two | 389 | 389 | 393 | ||
Year three | 816 | 816 | 15 | ||
Year four | 10 | 10 | 13 | ||
Year five | 26 | 26 | 1,503 | ||
Prior | 2,104 | 2,104 | 750 | ||
Revolving Loans | 44,078 | 44,078 | 53,419 | ||
Revolving Loans Converted to Term Loans | 1 | 1 | 1 | ||
Total | 47,734 | 47,734 | 56,505 | ||
Current-period gross writeoffs | |||||
Year one | 4 | ||||
Year two | 0 | ||||
Year three | 1 | ||||
Year four | 0 | ||||
Year five | 11 | ||||
Prior | 7 | ||||
Revolving Loans | 0 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 23 | ||||
Other Consumer | Pass | |||||
Credit Quality Information | |||||
Year one | 310 | 310 | 411 | ||
Year two | 389 | 389 | 393 | ||
Year three | 816 | 816 | 15 | ||
Year four | 10 | 10 | 13 | ||
Year five | 26 | 26 | 1,503 | ||
Prior | 2,104 | 2,104 | 750 | ||
Revolving Loans | 44,078 | 44,078 | 53,418 | ||
Revolving Loans Converted to Term Loans | 1 | 1 | 1 | ||
Total | 47,734 | 47,734 | 56,504 | ||
Other Consumer | Substandard | |||||
Credit Quality Information | |||||
Year one | 0 | ||||
Year two | 0 | ||||
Year three | 0 | ||||
Year four | 0 | ||||
Year five | 0 | ||||
Prior | 0 | ||||
Revolving Loans | 1 | ||||
Revolving Loans Converted to Term Loans | 0 | ||||
Total | 1 | ||||
Total | |||||
Credit Quality Information | |||||
Year one | 550,876 | 550,876 | 1,350,130 | ||
Year two | 1,633,079 | 1,633,079 | 1,348,079 | ||
Year three | 1,500,580 | 1,500,580 | 683,163 | ||
Year four | 779,412 | 779,412 | 695,652 | ||
Year five | 867,942 | 867,942 | 470,941 | ||
Prior | 2,042,299 | 2,042,299 | 1,459,993 | ||
Revolving Loans | 481,749 | 481,749 | 420,336 | ||
Revolving Loans Converted to Term Loans | 56,157 | 56,157 | 48,858 | ||
Total | 7,912,094 | 7,912,094 | 6,477,152 | ||
Total | Pass | |||||
Credit Quality Information | |||||
Year one | 549,826 | 549,826 | 1,347,661 | ||
Year two | 1,624,903 | 1,624,903 | 1,330,657 | ||
Year three | 1,478,174 | 1,478,174 | 680,138 | ||
Year four | 769,765 | 769,765 | 662,480 | ||
Year five | 832,169 | 832,169 | 465,582 | ||
Prior | 1,981,993 | 1,981,993 | 1,422,512 | ||
Revolving Loans | 460,653 | 460,653 | 411,687 | ||
Revolving Loans Converted to Term Loans | 55,605 | 55,605 | 48,225 | ||
Total | 7,753,088 | 7,753,088 | 6,368,942 | ||
Total | OAEM | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 1,861 | ||
Year two | 4,490 | 4,490 | 12,803 | ||
Year three | 14,683 | 14,683 | 296 | ||
Year four | 7,339 | 7,339 | 30,081 | ||
Year five | 3,224 | 3,224 | 2,854 | ||
Prior | 42,117 | 42,117 | 25,875 | ||
Revolving Loans | 12,676 | 12,676 | 2,187 | ||
Revolving Loans Converted to Term Loans | 249 | 249 | 0 | ||
Total | 84,778 | 84,778 | 75,957 | ||
Total | Substandard | |||||
Credit Quality Information | |||||
Year one | 1,050 | 1,050 | 608 | ||
Year two | 3,124 | 3,124 | 4,619 | ||
Year three | 6,458 | 6,458 | 2,729 | ||
Year four | 2,308 | 2,308 | 3,091 | ||
Year five | 31,987 | 31,987 | 2,503 | ||
Prior | 18,173 | 18,173 | 11,592 | ||
Revolving Loans | 8,420 | 8,420 | 6,462 | ||
Revolving Loans Converted to Term Loans | 301 | 301 | 632 | ||
Total | 71,821 | 71,821 | 32,236 | ||
Total | Doubtful | |||||
Credit Quality Information | |||||
Year one | 0 | 0 | 0 | ||
Year two | 562 | 562 | 0 | ||
Year three | 1,265 | 1,265 | 0 | ||
Year four | 0 | 0 | 0 | ||
Year five | 562 | 562 | 2 | ||
Prior | 16 | 16 | 14 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 2 | 2 | 1 | ||
Total | 2,407 | 2,407 | 17 | ||
Residential | |||||
Credit Quality Information | |||||
Year one | 41,418 | 41,418 | 157,373 | ||
Year two | 207,731 | 207,731 | 208,206 | ||
Year three | 235,998 | 235,998 | 119,082 | ||
Year four | 141,029 | 141,029 | 79,300 | ||
Year five | 100,764 | 100,764 | 49,521 | ||
Prior | 350,335 | 350,335 | 225,842 | ||
Revolving Loans | 4,707 | 4,707 | 4,942 | ||
Revolving Loans Converted to Term Loans | 443 | 443 | 348 | ||
Total | 1,082,425 | 1,082,425 | 844,614 | ||
Residential | Over 700 | |||||
Credit Quality Information | |||||
Year one | 36,092 | 36,092 | 108,125 | ||
Year two | 175,692 | 175,692 | 176,341 | ||
Year three | 220,158 | 220,158 | 95,484 | ||
Year four | 123,651 | 123,651 | 61,763 | ||
Year five | 90,123 | 90,123 | 38,949 | ||
Prior | 283,544 | 283,544 | 132,359 | ||
Revolving Loans | 4,707 | 4,707 | 4,942 | ||
Revolving Loans Converted to Term Loans | 443 | 443 | 348 | ||
Total | 934,410 | 934,410 | 618,311 | ||
Residential | 661 - 700 | |||||
Credit Quality Information | |||||
Year one | 3,415 | 3,415 | 15,018 | ||
Year two | 14,883 | 14,883 | 21,450 | ||
Year three | 10,791 | 10,791 | 17,611 | ||
Year four | 9,000 | 9,000 | 11,388 | ||
Year five | 5,969 | 5,969 | 8,308 | ||
Prior | 21,900 | 21,900 | 29,999 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 65,958 | 65,958 | 103,774 | ||
Residential | 600 and below | |||||
Credit Quality Information | |||||
Year one | 1,506 | 1,506 | 6,133 | ||
Year two | 13,978 | 13,978 | 3,754 | ||
Year three | 5,049 | 5,049 | 5,275 | ||
Year four | 8,199 | 8,199 | 2,833 | ||
Year five | 3,201 | 3,201 | 2,264 | ||
Prior | 23,132 | 23,132 | 14,688 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 55,065 | 55,065 | 34,947 | ||
Residential | Data not available | |||||
Credit Quality Information | |||||
Year one | 405 | 405 | 28,097 | ||
Year two | 3,178 | 3,178 | 6,661 | ||
Year three | 0 | 0 | 712 | ||
Year four | 179 | 179 | 3,316 | ||
Year five | 1,471 | 1,471 | 0 | ||
Prior | 21,759 | 21,759 | 48,796 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total | 26,992 | 26,992 | 87,582 | ||
Home Equity | |||||
Credit Quality Information | |||||
Year one | 4,206 | 4,206 | 4,715 | ||
Year two | 4,600 | 4,600 | 1,584 | ||
Year three | 1,880 | 1,880 | 1,211 | ||
Year four | 994 | 994 | 1,551 | ||
Year five | 1,400 | 1,400 | 1,256 | ||
Prior | 9,594 | 9,594 | 9,580 | ||
Revolving Loans | 315,814 | 315,814 | 299,261 | ||
Revolving Loans Converted to Term Loans | 8,354 | 8,354 | 3,464 | ||
Total | 346,842 | 346,842 | 322,622 | ||
Home Equity | Over 700 | |||||
Credit Quality Information | |||||
Year one | 3,875 | 3,875 | 3,833 | ||
Year two | 3,979 | 3,979 | 1,399 | ||
Year three | 1,837 | 1,837 | 1,128 | ||
Year four | 960 | 960 | 1,209 | ||
Year five | 1,341 | 1,341 | 984 | ||
Prior | 8,170 | 8,170 | 6,862 | ||
Revolving Loans | 277,118 | 277,118 | 247,188 | ||
Revolving Loans Converted to Term Loans | 5,590 | 5,590 | 2,304 | ||
Total | 302,870 | 302,870 | 264,907 | ||
Home Equity | 661 - 700 | |||||
Credit Quality Information | |||||
Year one | 126 | 126 | 787 | ||
Year two | 512 | 512 | 92 | ||
Year three | 43 | 43 | 35 | ||
Year four | 0 | 0 | 249 | ||
Year five | 16 | 16 | 272 | ||
Prior | 894 | 894 | 1,329 | ||
Revolving Loans | 20,017 | 20,017 | 41,050 | ||
Revolving Loans Converted to Term Loans | 1,020 | 1,020 | 296 | ||
Total | 22,628 | 22,628 | 44,110 | ||
Home Equity | 600 and below | |||||
Credit Quality Information | |||||
Year one | 180 | 180 | 89 | ||
Year two | 95 | 95 | 87 | ||
Year three | 0 | 0 | 48 | ||
Year four | 34 | 34 | 93 | ||
Year five | 43 | 43 | 0 | ||
Prior | 307 | 307 | 360 | ||
Revolving Loans | 14,359 | 14,359 | 8,744 | ||
Revolving Loans Converted to Term Loans | 1,308 | 1,308 | 595 | ||
Total | 16,326 | 16,326 | 10,016 | ||
Home Equity | Data not available | |||||
Credit Quality Information | |||||
Year one | 25 | 25 | 6 | ||
Year two | 14 | 14 | 6 | ||
Year three | 0 | 0 | 0 | ||
Year four | 0 | 0 | 0 | ||
Year five | 0 | 0 | 0 | ||
Prior | 223 | 223 | 1,029 | ||
Revolving Loans | 4,320 | 4,320 | 2,279 | ||
Revolving Loans Converted to Term Loans | 436 | 436 | 269 | ||
Total | $ 5,018 | $ 5,018 | $ 3,589 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Schedule of Information Regarding the Aging of Past Due Loans, By Loan Class (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Age analysis of past due loans | ||
Total loans and leases | $ 9,340,799 | $ 7,644,388 |
Past Due Greater Than 90 Days and Accruing | 490 | 33 |
Non-accrual | 46,323 | 14,894 |
Non-accrual with No Related Allowance | 9,444 | 2,459 |
Interest income on nonaccrual loans | 0 | |
Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 3,997,027 | 3,046,746 |
Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,358,475 | 1,150,597 |
Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 315,269 | 206,805 |
Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 845,192 | 752,948 |
Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 1,306,165 | 1,216,585 |
Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 41,670 | 46,966 |
Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,082,425 | 844,614 |
Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 346,842 | 322,622 |
Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 47,734 | 56,505 |
Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 5,670,771 | 4,404,148 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 12,565 | 1,314 |
Non-accrual with No Related Allowance | 3,828 | 969 |
Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 3,997,027 | 3,046,746 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 8,737 | 607 |
Non-accrual with No Related Allowance | 0 | 262 |
Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,358,475 | 1,150,597 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
Non-accrual with No Related Allowance | 0 | 0 |
Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 315,269 | 206,805 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 3,828 | 707 |
Non-accrual with No Related Allowance | 3,828 | 707 |
Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 2,193,027 | 2,016,499 |
Past Due Greater Than 90 Days and Accruing | 488 | 28 |
Non-accrual | 28,832 | 10,175 |
Non-accrual with No Related Allowance | 3,878 | 399 |
Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 845,192 | 752,948 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 16,023 | 464 |
Non-accrual with No Related Allowance | 2,661 | 0 |
Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 1,306,165 | 1,216,585 |
Past Due Greater Than 90 Days and Accruing | 488 | 28 |
Non-accrual | 12,809 | 9,653 |
Non-accrual with No Related Allowance | 1,217 | 399 |
Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 41,670 | 46,966 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 0 | 58 |
Non-accrual with No Related Allowance | 0 | 0 |
Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 1,477,001 | 1,223,741 |
Past Due Greater Than 90 Days and Accruing | 2 | 5 |
Non-accrual | 4,926 | 3,405 |
Non-accrual with No Related Allowance | 1,738 | 1,091 |
Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,082,425 | 844,614 |
Past Due Greater Than 90 Days and Accruing | 0 | 1 |
Non-accrual | 4,343 | 2,680 |
Non-accrual with No Related Allowance | 1,738 | 1,091 |
Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 346,842 | 322,622 |
Past Due Greater Than 90 Days and Accruing | 2 | 4 |
Non-accrual | 583 | 723 |
Non-accrual with No Related Allowance | 0 | 0 |
Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 47,734 | 56,505 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 0 | 2 |
Non-accrual with No Related Allowance | 0 | 0 |
Past Due | ||
Age analysis of past due loans | ||
Total loans and leases | 51,168 | 23,035 |
Past Due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 28,206 | 3,989 |
Past Due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 25,254 | 3,102 |
Past Due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 744 | 180 |
Past Due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 2,208 | 707 |
Past Due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 17,992 | 16,227 |
Past Due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 1,906 | 1,083 |
Past Due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 16,086 | 13,072 |
Past Due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 2,072 |
Past Due | Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 4,970 | 2,819 |
Past Due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 4,140 | 2,213 |
Past Due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 830 | 598 |
Past Due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 8 |
31-60 days past due | ||
Age analysis of past due loans | ||
Total loans and leases | 15,970 | 12,238 |
31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 7,249 | 3,202 |
31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 6,505 | 2,495 |
31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 744 | 0 |
31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 707 |
31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 7,109 | 7,915 |
31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 596 | 740 |
31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 6,513 | 5,103 |
31-60 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 2,072 |
31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 1,612 | 1,121 |
31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 983 | 677 |
31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 629 | 443 |
31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 1 |
61-90 days past due | ||
Age analysis of past due loans | ||
Total loans and leases | 24,249 | 2,218 |
61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 18,560 | 379 |
61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 18,560 | 199 |
61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 180 |
61-90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 0 |
61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 4,505 | 1,764 |
61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 911 | 0 |
61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 3,594 | 1,764 |
61-90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 0 |
61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 1,184 | 75 |
61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,157 | 70 |
61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 27 | 0 |
61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 5 |
Greater than 90 days past due | ||
Age analysis of past due loans | ||
Total loans and leases | 10,949 | 8,579 |
Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 2,397 | 408 |
Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 189 | 408 |
Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 0 |
Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 2,208 | 0 |
Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 6,378 | 6,548 |
Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 399 | 343 |
Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 5,979 | 6,205 |
Greater than 90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 0 |
Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 2,174 | 1,623 |
Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 2,000 | 1,466 |
Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 174 | 155 |
Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 2 |
Current | ||
Age analysis of past due loans | ||
Total loans and leases | 9,289,631 | 7,621,353 |
Current | Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 5,642,565 | 4,400,159 |
Current | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 3,971,773 | 3,043,644 |
Current | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,357,731 | 1,150,417 |
Current | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 313,061 | 206,098 |
Current | Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 2,175,035 | 2,000,272 |
Current | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 843,286 | 751,865 |
Current | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 1,290,079 | 1,203,513 |
Current | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 41,670 | 44,894 |
Current | Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 1,472,031 | 1,220,922 |
Current | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,078,285 | 842,401 |
Current | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 346,012 | 322,024 |
Current | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | $ 47,734 | $ 56,497 |
Allowance for Credit Losses -_5
Allowance for Credit Losses - Schedule of the Impaired and Non-Impaired Loans and Leases, By Loan and Leases Class (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Impaired Loans and Leases | ||||||
Individually evaluated, allowance for loan and lease losses | $ 14,845 | $ 3,112 | ||||
Collectively evaluated, allowance for loan and lease losses | 110,972 | 95,370 | ||||
Total allowance for loan and lease losses | 125,817 | $ 120,865 | 98,482 | $ 93,188 | $ 95,463 | $ 99,084 |
Individually evaluated, loans and leases | 71,022 | 29,248 | ||||
Collectively evaluated, loans and leases | 9,269,777 | 7,615,140 | ||||
Total | 9,340,799 | 7,644,388 | ||||
Commercial real estate loans | ||||||
Impaired Loans and Leases | ||||||
Individually evaluated, allowance for loan and lease losses | 2,954 | 62 | ||||
Collectively evaluated, allowance for loan and lease losses | 81,347 | 68,092 | ||||
Total allowance for loan and lease losses | 84,301 | 82,692 | 68,154 | 70,027 | 69,031 | 69,213 |
Individually evaluated, loans and leases | 33,433 | 11,039 | ||||
Collectively evaluated, loans and leases | 5,637,338 | 4,393,109 | ||||
Total | 5,670,771 | 4,404,148 | ||||
Commercial | ||||||
Impaired Loans and Leases | ||||||
Individually evaluated, allowance for loan and lease losses | 11,849 | 2,982 | ||||
Collectively evaluated, allowance for loan and lease losses | 23,785 | 23,622 | ||||
Total allowance for loan and lease losses | 35,634 | 32,761 | 26,604 | 20,105 | 23,503 | 27,055 |
Individually evaluated, loans and leases | 33,226 | 14,346 | ||||
Collectively evaluated, loans and leases | 2,159,801 | 2,002,153 | ||||
Total | 2,193,027 | 2,016,499 | ||||
Consumer | ||||||
Impaired Loans and Leases | ||||||
Individually evaluated, allowance for loan and lease losses | 42 | 68 | ||||
Collectively evaluated, allowance for loan and lease losses | 5,840 | 3,656 | ||||
Total allowance for loan and lease losses | 5,882 | $ 5,412 | 3,724 | $ 3,056 | $ 2,929 | $ 2,816 |
Individually evaluated, loans and leases | 4,363 | 3,863 | ||||
Collectively evaluated, loans and leases | 1,472,638 | 1,219,878 | ||||
Total | $ 1,477,001 | $ 1,223,741 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) loan | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) loan | Jun. 30, 2022 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized Cost | $ 333 | $ 851 | ||
Extended maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized Cost | $ 44 | $ 292 | ||
Commercial And Industrial Relationships | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized Cost | $ 0 | $ 0 | ||
Two Customer Relationships | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 9 | 26 | ||
Amortized Cost | $ 13,565 | $ 19,688 | ||
% of Total Class of Loans and Leases | 0.92% | 1.33% | ||
Two Customer Relationships | Commercial And Industrial Relationships | Extended maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 7 | 24 | ||
Amortized Cost | $ 12,938 | $ 19,061 | ||
% of Total Class of Loans and Leases | 0.88% | 1.29% | ||
Term increase from modification | 6 months | 6 months | ||
Two Customer Relationships | Commercial And Industrial Relationships | Combination | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 2 | ||
Amortized Cost | $ 627 | $ 627 | ||
% of Total Class of Loans and Leases | 0.04% | 0.04% | ||
Term increase from modification | 6 months |
Allowance for Credit Losses -_6
Allowance for Credit Losses - Aging Analysis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized Cost | $ 333 | $ 851 | ||
Paid Off | $ 593 | 291 | $ 993 | 687 |
Charged Off | 1,690 | $ 1,533 | 2,541 | $ 3,877 |
Commercial And Industrial Relationships | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Paid Off | 0 | 0 | ||
Charged Off | 0 | 0 | ||
Commercial And Industrial Relationships | Current | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized Cost | 13,565 | 19,688 | ||
Commercial And Industrial Relationships | 30-60 Days Past Due | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Commercial And Industrial Relationships | 61-90 Days Past Due | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Commercial And Industrial Relationships | 90+ Days Past Due | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Amortized Cost | $ 0 | $ 0 |
Allowance for Credit Losses -_7
Allowance for Credit Losses - Schedule of Information Regarding Troubled Debt Restructuring Loans and Leases (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Troubled debt restructurings: | |
On accrual | $ 16,385 |
On nonaccrual | 3,527 |
Total troubled debt restructurings | $ 19,912 |
Allowance for Credit Losses -_8
Allowance for Credit Losses - Amortized Cost Basis in TDR Loans and the Associated Specific Credit Losses for the Loan and Lease Portfolios (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) loan | Jun. 30, 2022 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 333 | $ 851 |
Originated | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 6 | 17 |
Amortized Cost, At Modification | $ 8 | $ 561 |
Amortized Cost | 333 | 851 |
Specific Allowance for Credit Losses | 0 | 0 |
Nonaccrual Loans and Leases | $ 180 | $ 366 |
Defaulted, Number of Loans/Leases | loan | 3 | 5 |
Defaulted, Amortized Cost | $ 295 | $ 361 |
Originated | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loan | 6 | 17 |
Amortized Cost, At Modification | $ 8 | $ 561 |
Amortized Cost | 333 | 851 |
Specific Allowance for Credit Losses | 0 | 0 |
Nonaccrual Loans and Leases | $ 180 | $ 366 |
Defaulted, Number of Loans/Leases | loan | 3 | 5 |
Defaulted, Amortized Cost | $ 295 | $ 361 |
Allowance for Credit Losses - E
Allowance for Credit Losses - End-of-Period Amortized Cost Basis for Troubled Debt Restructurings That Were Modified (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 333 | $ 851 |
Extended maturity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | 44 | 292 |
Combination maturity, principal, interest rate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 289 | $ 559 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying Value of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Goodwill | $ 160,427 | $ 160,427 |
Additions | 80,795 | 0 |
Balance at end of period | 241,222 | 160,427 |
Total other intangible assets | 28,126 | 1,781 |
Total goodwill and other intangible assets | 269,348 | 162,208 |
Core deposits | ||
Goodwill [Roll Forward] | ||
Total other intangible assets | 27,037 | 692 |
Trade name | ||
Goodwill [Roll Forward] | ||
Total other intangible assets | $ 1,089 | $ 1,089 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2013 | |
Core deposits | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Weighted-average amortization period | 5 years 11 months 19 days | |
Trade name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 1.1 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2023 | $ 3,909 |
Year ending: | |
2024 | 6,636 |
2025 | 5,507 |
2026 | 4,398 |
2027 | 3,329 |
2028 | 2,177 |
Thereafter | 1,081 |
Total | $ 27,037 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Beginning balance | $ 1,165,066 | $ 981,935 | $ 992,125 | $ 995,342 |
Other comprehensive income (loss) | (14,538) | (15,626) | (4,611) | (44,837) |
Reclassification adjustment for (income) expense recognized in earnings | 1,070 | (29) | 402 | (30) |
Ending balance | 1,162,308 | 968,496 | 1,162,308 | 968,496 |
Investment Securities Available-for-Sale | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Beginning balance | (52,281) | (29,450) | (60,192) | (183) |
Other comprehensive income (loss) | (10,273) | (15,664) | (2,362) | (44,931) |
Reclassification adjustment for (income) expense recognized in earnings | 0 | 0 | 0 | 0 |
Ending balance | (62,554) | (45,114) | (62,554) | (45,114) |
Net Change in Fair Value of Cash Flow Hedges | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Beginning balance | (895) | 92 | (2,243) | 37 |
Other comprehensive income (loss) | (4,265) | 38 | (2,249) | 94 |
Reclassification adjustment for (income) expense recognized in earnings | 1,070 | (29) | 402 | (30) |
Ending balance | (4,090) | 101 | (4,090) | 101 |
Postretirement Benefits | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Beginning balance | 488 | 36 | 488 | 36 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Reclassification adjustment for (income) expense recognized in earnings | 0 | 0 | 0 | 0 |
Ending balance | 488 | 36 | 488 | 36 |
Accumulated Other Comprehensive Income (Loss) | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Beginning balance | (52,688) | (29,322) | (61,947) | (110) |
Ending balance | $ (66,156) | $ (44,977) | $ (66,156) | $ (44,977) |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Hedged Forecasted Transaction Affects Earnings (Details) - Interest rate swaps on loans - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional Amount | $ 225,000 | $ 150,000 |
Average Maturity | 3 years 4 months 24 days | 3 years 9 months 7 days |
Current Rate Paid | 5.07% | 4.11% |
Received Fixed Swap Rate | 3.39% | 3.26% |
Fair Value | $ (5,842) | $ (3,030) |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Customer Related Derivative Positions (Details) $ in Thousands | Jun. 30, 2023 USD ($) derivative | Dec. 31, 2022 USD ($) derivative |
Receive fixed, pay variable | ||
Derivatives and Hedging Activities | ||
Total | $ 1,762,448 | $ 1,489,709 |
Receive fixed, pay variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 151 | 132,000 |
Notional Amount Maturing, Less than 1 year | $ 57,998 | $ 71,547 |
Notional Amount Maturing, Less than 2 years | 111,519 | 69,454 |
Notional Amount Maturing, Less than 3 years | 83,424 | 141,498 |
Notional Amount Maturing, Less than 4 years | 130,013 | 68,140 |
Notional Amount Maturing, Thereafter | 1,379,494 | 1,139,070 |
Total | 1,762,448 | 1,489,709 |
Fair Value | 110,735 | 103,640 |
Pay fixed, receive variable | ||
Derivatives and Hedging Activities | ||
Total | $ 1,762,448 | $ 1,489,709 |
Pay fixed, receive variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 151 | 132,000 |
Notional Amount Maturing, Less than 1 year | $ 57,998 | $ 71,547 |
Notional Amount Maturing, Less than 2 years | 111,519 | 69,454 |
Notional Amount Maturing, Less than 3 years | 83,424 | 141,498 |
Notional Amount Maturing, Less than 4 years | 130,013 | 68,140 |
Notional Amount Maturing, Thereafter | 1,379,494 | 1,139,070 |
Total | 1,762,448 | 1,489,709 |
Fair Value | 110,735 | 103,640 |
Risk participation-out agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 510,611 | $ 393,624 |
Risk participation-out agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 62 | 54,000 |
Notional Amount Maturing, Less than 1 year | $ 29,624 | $ 38,931 |
Notional Amount Maturing, Less than 2 years | 27,460 | 22,979 |
Notional Amount Maturing, Less than 3 years | 3,132 | 27,508 |
Notional Amount Maturing, Less than 4 years | 29,425 | 6,222 |
Notional Amount Maturing, Thereafter | 420,970 | 297,984 |
Total | 510,611 | 393,624 |
Fair Value | 1,561 | 347 |
Risk participation-in agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 74,297 | $ 75,223 |
Risk participation-in agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 8 | 8,000 |
Notional Amount Maturing, Less than 1 year | $ 18,266 | $ 18,421 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 27,073 | 23,766 |
Notional Amount Maturing, Thereafter | 28,954 | 33,036 |
Total | 74,293 | 75,223 |
Fair Value | 22 | 31 |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | ||
Derivatives and Hedging Activities | ||
Total | 2,283 | 2,383 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | ||
Derivatives and Hedging Activities | ||
Total | $ 2,300 | $ 2,400 |
Foreign exchange contracts | Derivatives not designed as hedging instruments | Buys foreign currency, sells U.S. currency | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 16 | 12,000 |
Notional Amount Maturing, Less than 1 year | $ 2,283 | $ 2,383 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 0 | 0 |
Total | 2,283 | 2,383 |
Fair Value | $ 415 | $ 130 |
Foreign exchange contracts | Derivatives not designed as hedging instruments | Sells foreign currency, buys U.S. currency | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 16 | 12,000 |
Notional Amount Maturing, Less than 1 year | $ 2,300 | $ 2,400 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 0 | 0 |
Total | 2,300 | 2,400 |
Fair Value | $ 398 | $ 112 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Collateral posted | $ 8.2 | $ 2.4 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Offsetting of Derivatives and Amounts Subject to Master Netting Agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Asset derivatives | ||
Assets, Gross Amounts Recognized | $ 128,961 | $ 109,474 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 128,961 | 109,474 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | 0 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | 0 |
Assets, Net Amount | 128,961 | 109,474 |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 133,247 | 112,276 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 133,247 | 112,276 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 5,370 | 2,393 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 2,840 | 0 |
Liabilities, Net Amount | 125,037 | 109,883 |
Interest rate derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 34 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 34 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 34 | |
Loan level derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 108,963 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 108,963 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 108,963 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 108,963 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 108,963 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 2,393 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | 106,570 | |
Risk participation-out agreements | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 347 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 347 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 347 | |
Risk participation-in agreements | ||
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 31 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 31 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | 31 | |
Foreign exchange contracts | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 130 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 130 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 130 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 112 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 112 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | 112 | |
Designated as hedging instrument | Interest rate derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 0 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 0 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 5,842 | 3,170 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 5,842 | 3,170 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | 0 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | 0 |
Liabilities, Net Amount | 5,842 | $ 3,170 |
Derivatives not designed as hedging instruments | Loan level derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 126,985 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 126,985 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 126,985 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 126,985 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 126,985 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 5,370 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 2,840 | |
Liabilities, Net Amount | 118,775 | |
Derivatives not designed as hedging instruments | Risk participation-out agreements | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 1,561 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 1,561 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 1,561 | |
Derivatives not designed as hedging instruments | Risk participation-in agreements | ||
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 22 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 22 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | 22 | |
Derivatives not designed as hedging instruments | Foreign exchange contracts | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 415 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 415 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 415 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 398 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 398 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | $ 398 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Schedule of Gain (Loss) of Derivatives (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivatives designated as hedges | $ (5,842) | $ 128 |
(Loss) gain in OCI on derivatives (effective portion), net of tax | (4,089) | 100 |
Gain (loss) reclassified from OCI into interest income or interest expense (effective portion) | $ (1,446) | $ 30 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) plan | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) plan | Jun. 30, 2022 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based compensation plans | plan | 1 | 1 | ||
Share-based compensation expense | $ | $ 0.9 | $ 0.8 | $ 1.8 | $ 1.6 |
Vesting equally over three years | Time-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of shares in tranche | 50% | |||
Award vesting period | 3 years | |||
Vesting, first anniversary | Time-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Vesting, second anniversary | Time-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Vesting, third anniversary | Time-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Vesting after achievement of performance targets | Performance-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of shares in tranche | 50% | |||
Award vesting period | 3 years |
Earnings per Share ("EPS") (Det
Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net income | $ 21,850 | $ 25,195 | $ 29,410 | $ 49,900 |
Denominator: | ||||
Weighted average shares outstanding (in shares) | 88,665,135 | 77,091,013 | 87,620,194 | 77,352,666 |
Effect of dilutive securities (in shares) | 261,408 | 328,275 | 267,786 | 318,935 |
Adjusted weighted average shares outstanding (in shares) | 88,926,543 | 77,419,288 | 87,887,980 | 77,671,601 |
Basic EPS (in dollars per share) | $ 0.25 | $ 0.33 | $ 0.34 | $ 0.65 |
Diluted EPS (in dollars per share) | $ 0.25 | $ 0.33 | $ 0.34 | $ 0.65 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying and Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Investment securities available-for-sale, net | $ 910,210 | $ 656,766 |
Derivatives | 128,961 | 109,474 |
Liabilities: | ||
Derivatives | 133,247 | 112,276 |
Investment securities available for sale | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale, net | 910,210 | 656,766 |
Investment securities available for sale | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
Investment securities available for sale | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale, net | 890,608 | 656,766 |
Investment securities available for sale | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale, net | 19,602 | 0 |
GSE debentures | ||
Assets: | ||
Investment securities available-for-sale, net | 166,018 | 152,422 |
GSE debentures | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale, net | 166,018 | 152,422 |
GSE debentures | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
GSE debentures | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale, net | 166,018 | 152,422 |
GSE debentures | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale, net | 64,446 | 18,220 |
GSE CMOs | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale, net | 64,446 | 18,220 |
GSE CMOs | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
GSE CMOs | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale, net | 64,446 | 18,220 |
GSE CMOs | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale, net | 179,659 | 140,576 |
GSE MBSs | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale, net | 179,659 | 140,576 |
GSE MBSs | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
GSE MBSs | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale, net | 179,659 | 140,576 |
GSE MBSs | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
Municipal obligations | ||
Assets: | ||
Investment securities available-for-sale, net | 15,614 | |
Municipal obligations | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale, net | 15,614 | |
Municipal obligations | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | |
Municipal obligations | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale, net | 3,280 | |
Municipal obligations | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale, net | 12,334 | |
Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale, net | 31,898 | 13,764 |
Corporate debt obligations | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale, net | 31,898 | 13,764 |
Corporate debt obligations | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
Corporate debt obligations | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale, net | 24,630 | 13,764 |
Corporate debt obligations | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale, net | 7,268 | 0 |
U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale, net | 452,100 | 331,300 |
U.S. Treasury bonds | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale, net | 452,098 | 331,307 |
U.S. Treasury bonds | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
U.S. Treasury bonds | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale, net | 452,098 | 331,307 |
U.S. Treasury bonds | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
Foreign government obligations | ||
Assets: | ||
Investment securities available-for-sale, net | 477 | 477 |
Foreign government obligations | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale, net | 477 | 477 |
Foreign government obligations | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
Foreign government obligations | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale, net | 477 | 477 |
Foreign government obligations | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale, net | 0 | 0 |
Interest rate derivatives | Recurring basis | ||
Assets: | ||
Derivatives | 0 | 34 |
Liabilities: | ||
Derivatives | 5,842 | 3,170 |
Interest rate derivatives | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Interest rate derivatives | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 0 | 34 |
Liabilities: | ||
Derivatives | 5,842 | 3,170 |
Interest rate derivatives | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Loan level derivatives | Recurring basis | ||
Assets: | ||
Derivatives | 126,985 | 108,963 |
Liabilities: | ||
Derivatives | 126,985 | 108,963 |
Loan level derivatives | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Loan level derivatives | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 126,985 | 108,963 |
Liabilities: | ||
Derivatives | 126,985 | 108,963 |
Loan level derivatives | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Risk participation-out agreements | Recurring basis | ||
Assets: | ||
Derivatives | 1,561 | 347 |
Risk participation-out agreements | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-out agreements | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 1,561 | 347 |
Risk participation-out agreements | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-in agreements | Recurring basis | ||
Liabilities: | ||
Derivatives | 22 | 31 |
Risk participation-in agreements | Recurring basis | Level 1 | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Risk participation-in agreements | Recurring basis | Level 2 | ||
Liabilities: | ||
Derivatives | 22 | 31 |
Risk participation-in agreements | Recurring basis | Level 3 | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Foreign exchange contracts | Recurring basis | ||
Assets: | ||
Derivatives | 415 | 130 |
Liabilities: | ||
Derivatives | 398 | 112 |
Foreign exchange contracts | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Foreign exchange contracts | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 415 | 130 |
Liabilities: | ||
Derivatives | 398 | 112 |
Foreign exchange contracts | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair value of assets and liabilities | ||
Estimated Fair Value | $ 910,210 | $ 656,766 |
Changes in generic pricing of securities period one, considered for analyzing changes in prices obtained from pricing service | 15 years | |
Changes in generic pricing of securities period two, considered for analyzing changes in prices obtained from pricing service | 30 years | |
Recurring basis | Investment securities available for sale | ||
Fair value of assets and liabilities | ||
Estimated Fair Value | $ 910,210 | 656,766 |
Level 3 | Recurring basis | Investment securities available for sale | ||
Fair value of assets and liabilities | ||
Estimated Fair Value | 19,602 | $ 0 |
Level 3 | Recurring basis | Private Placement Municipal Bond Anticipation Notes | ||
Fair value of assets and liabilities | ||
Estimated Fair Value | $ 14,600 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Information About Significant Unobservable Inputs (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Estimated Fair Value | $ 910,210 | $ 656,766 |
Municipal obligations | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Estimated Fair Value | 15,614 | |
Corporate debt obligations | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Estimated Fair Value | 31,898 | $ 13,764 |
Level 3 | Valuation Technique, Discounted Cash Flow | Municipal obligations | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Estimated Fair Value | 12,334 | |
Level 3 | Valuation Technique, Discounted Cash Flow | Corporate debt obligations | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Estimated Fair Value | $ 2,303 | |
Level 3 | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | Corporate debt obligations | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Debt securities, measurement input | 0.0591 | |
Level 3 | Observable bids | Corporate debt obligations | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Estimated Fair Value | $ 4,965 | |
Level 3 | Minimum | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | Municipal obligations | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Debt securities, measurement input | 0 | |
Level 3 | Maximum | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | Municipal obligations | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Debt securities, measurement input | 0.0345 | |
Level 3 | Weighted Average | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | Municipal obligations | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Debt securities, measurement input | 0.0250 | |
Level 3 | Weighted Average | Valuation Technique, Discounted Cash Flow | Measurement Input, Discount Rate | Corporate debt obligations | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Debt securities, measurement input | 0.0591 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Changes in Estimated Fair Value For All Assets and Liabilities Measured at Estimated Fair Value (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Municipal obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 0 |
Purchases | 4,974 |
Included in comprehensive income | (117) |
Transfers in | 18,881 |
Transfers out | 0 |
Sales | 0 |
Maturities, calls, and paydowns | (11,404) |
Ending balance | 12,334 |
Corporate debt obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | 0 |
Purchases | 0 |
Included in comprehensive income | (66) |
Transfers in | 12,058 |
Transfers out | 0 |
Sales | (4,748) |
Maturities, calls, and paydowns | 24 |
Ending balance | $ 7,268 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis (Details) - Nonrecurring basis - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 8,339 | $ 1,187 |
Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 602 | 408 |
Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 7,737 | 779 |
Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 7,737 | 779 |
Collateral-dependent impaired loans and leases | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 7,737 | 779 |
Repossessed assets | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 602 | 408 |
Repossessed assets | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Repossessed assets | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 602 | 408 |
Repossessed assets | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 0 | $ 0 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Quantitative Information for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Nonrecurring basis | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 8,339 | $ 1,187 |
Level 3 | Discount for costs to sell | Minimum | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread | 0% | |
Level 3 | Discount for costs to sell | Maximum | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread | 10% | |
Level 3 | Appraisal Adjustments | Minimum | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread | 0% | |
Level 3 | Appraisal Adjustments | Maximum | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread | 15% | |
Level 3 | Nonrecurring basis | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 7,737 | 779 |
Collateral-dependent impaired loans and leases | Level 3 | Nonrecurring basis | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 7,737 | $ 779 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financial liabilities: | ||
Borrowed funds | $ 98,773 | $ 110,785 |
Level 1 | ||
Financial assets: | ||
Loans and leases, net | 0 | 0 |
Financial liabilities: | ||
Certificates of deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Loans and leases, net | 0 | 0 |
Financial liabilities: | ||
Certificates of deposits | 2,316,697 | 1,217,024 |
Borrowed funds | 1,220,928 | 1,431,716 |
Level 3 | ||
Financial assets: | ||
Loans and leases, net | 8,966,412 | 7,450,654 |
Financial liabilities: | ||
Certificates of deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Loans and leases, net | 9,214,982 | 7,545,906 |
Financial liabilities: | ||
Certificates of deposits | 2,343,754 | 1,238,287 |
Borrowed funds | 1,226,270 | 1,432,652 |
Estimated Fair Value | ||
Financial assets: | ||
Loans and leases, net | 8,966,412 | 7,450,654 |
Financial liabilities: | ||
Certificates of deposits | 2,316,697 | 1,217,024 |
Borrowed funds | $ 1,220,928 | $ 1,431,716 |
Commitments and Contingencies -
Commitments and Contingencies - Financial Instrument with Off-balance-sheet Risk (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Loan commitments | ||
Unadvanced portion of loans and leases | $ 1,311,073 | $ 1,202,738 |
Unused lines of credit: | ||
Home equity | 756,009 | 700,201 |
Other consumer | 113,817 | 97,313 |
Other commercial | 511 | 526 |
Unused letters of credit: | ||
Financial standby letters of credit | 14,611 | 13,584 |
Performance standby letters of credit | 29,434 | 31,330 |
Commercial and similar letters of credit | 4,817 | 2,619 |
Interest rate derivatives | ||
Unused letters of credit: | ||
Notional Amount | 225,000 | 150,000 |
Receive fixed, pay variable | ||
Unused letters of credit: | ||
Notional Amount | 1,762,448 | 1,489,709 |
Pay fixed, receive variable | ||
Unused letters of credit: | ||
Notional Amount | 1,762,448 | 1,489,709 |
Risk participation-out agreements | ||
Unused letters of credit: | ||
Notional Amount | 510,611 | 393,624 |
Risk participation-in agreements | ||
Unused letters of credit: | ||
Notional Amount | 74,297 | 75,223 |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | ||
Unused letters of credit: | ||
Notional Amount | 2,283 | 2,383 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | ||
Unused letters of credit: | ||
Notional Amount | 2,300 | 2,400 |
Commercial real estate | ||
Loan commitments | ||
Commitments to originate loans and leases | 125,226 | 414,217 |
Commercial | ||
Loan commitments | ||
Commitments to originate loans and leases | 245,667 | 291,188 |
Residential mortgage | ||
Loan commitments | ||
Commitments to originate loans and leases | $ 16,317 | $ 14,036 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) lease | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) lease | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Operating lease liabilities | $ 33,021 | $ 33,021 | $ 19,484 | ||
Increase in number of leases | lease | 12 | 12 | |||
Real estate taxes | $ 1,300 | $ 1,000 | |||
Expenditures | 200 | 200 | |||
Total operating rental expense | $ 2,000 | $ 1,500 | $ 4,200 | $ 3,000 | |
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease term | 1 year | 1 year | |||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease term | 25 years | 25 years |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Costs, Cash Flows and Balance Sheet Supplemental Information (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease cost | $ 4,200 | $ 3,143 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | 4,465 | 3,245 | |
Right-of-use assets obtained in exchange for new lease obligations: | |||
Operating leases assets | 15,307 | 0 | |
Operating leases liabilities | 17,049 | $ 0 | |
Supplemental balance sheet information related to leases was as follows: | |||
Operating lease right-of-use assets | 31,774 | $ 19,484 | |
Operating lease liabilities | $ 33,021 | $ 19,484 | |
Weighted Average Remaining Lease Term | |||
Operating leases | 9 years 2 months 1 day | 7 years 4 months 20 days | |
Weighted Average Discount Rate | |||
Operating leases | 4.10% | 3.50% |
Commitments and Contingencies_4
Commitments and Contingencies - Maturities of Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2023 | $ 4,316 | |
2024 | 7,655 | |
2025 | 6,086 | |
2026 | 4,677 | |
2027 | 3,714 | |
2028 | 2,334 | |
Thereafter | 9,512 | |
Total | 38,294 | |
Less imputed interest | (5,273) | |
Present value of lease liability | $ 33,021 | $ 19,484 |