Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 28, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35385 | |
Entity Registrant Name | STERLING BANCORP | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 80-0091851 | |
Entity Address, Address Line One | Two Blue Hill Plaza | |
Entity Address, Address Line Two | 2nd Floor | |
Entity Address, City or Town | Pearl River, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10965 | |
City Area Code | 845 | |
Local Phone Number | 369-8040 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 192,599,296 | |
Entity Central Index Key | 0001070154 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock, Par Value $0.01 Per Share | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | STL | |
Security Exchange Name | NYSE | |
Depositary Shares, Each Representing 1/40th Interest In A Share Of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing 1/40 interest in a share of 6.50% Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | STLPRA | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Cash and due from banks | $ 935,633 | $ 305,002 |
Securities available for sale, at estimated fair value | 2,524,671 | 2,298,618 |
Securities held to maturity (“HTM”), net of allowance for credit losses of $1,499 at March 31, 2021 and December 31, 2020 | 1,716,786 | 1,740,838 |
Loans held for sale | 36,237 | 11,749 |
Portfolio loans | 21,151,973 | 21,848,409 |
Allowance for credit losses - loans | (323,186) | (326,100) |
Portfolio loans, net | 20,828,787 | 21,522,309 |
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost | 153,968 | 166,190 |
Accrued interest receivable | 103,323 | 97,505 |
Premises and equipment, net | 199,782 | 202,555 |
Goodwill | 1,683,482 | 1,683,482 |
Other intangible assets, net | 89,788 | 93,564 |
Bank owned life insurance (“BOLI”) | 630,430 | 629,576 |
Other real estate owned | 5,227 | 5,347 |
Other assets | 1,006,168 | 1,063,403 |
Total assets | 29,914,282 | 29,820,138 |
LIABILITIES: | ||
Deposits | 23,841,718 | 23,119,522 |
FHLB and other borrowings | 0 | 382,000 |
Federal Funds Purchased | 0 | 277,000 |
Repurchase agreements | 31,679 | 27,101 |
Mortgage escrow funds | 82,245 | 59,686 |
Other liabilities | 702,656 | 728,702 |
Total liabilities | 25,294,118 | 25,229,624 |
Commitments and Contingent liabilities (See Note 14. “Commitments and Contingencies”) | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock (par value $0.01 per share; 10,000,000 shares authorized; 135,000 shares issued and outstanding at March 31, 2021 and December 31, 2020) | 136,458 | 136,689 |
Common stock (par value $0.01 per share; 310,000,000 shares authorized at March 31, 2021 and December 31, 2020; 229,872,925 shares issued at March 31, 2021 and December 31, 2020; 192,567,901 and 192,923,371 shares outstanding at March 31, 2021 and December 31, 2020, respectively) | 2,299 | 2,299 |
Additional paid-in capital | 3,745,890 | 3,761,993 |
Treasury stock, at cost (37,305,024 shares at March 31, 2021 and 36,949,554 shares at December 31, 2020) | (699,415) | (686,911) |
Retained earnings | 1,377,341 | 1,291,628 |
Accumulated other comprehensive income, net of tax expense of $21,999 at March 31, 2021 and $32,399 at December 31, 2020 | 57,591 | 84,816 |
Total stockholders’ equity | 4,620,164 | 4,590,514 |
Total liabilities and stockholders’ equity | 29,914,282 | 29,820,138 |
Sterling National Bank | ||
LIABILITIES: | ||
Subordinated Notes | 143,757 | 143,703 |
Sterling Bancorp | ||
LIABILITIES: | ||
Subordinated Notes | $ 492,063 | $ 491,910 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Debt securities, held-to-maturity, allowance for credit loss | $ 1,499 | $ 1,499 |
Preferred stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 135,000 | 135,000 |
Preferred stock, shares outstanding (in shares) | 135,000 | 135,000 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 310,000,000 | 310,000,000 |
Common stock, shares issued (in shares) | 229,872,925 | 229,872,925 |
Common stock, shares outstanding (in shares) | 192,567,901 | 192,923,371 |
Treasury stock, shares (in shares) | 37,305,024 | 36,949,554 |
Accumulated other comprehensive loss, tax expense (benefit) | $ 21,999 | $ 32,399 |
Consolidated Income Statements
Consolidated Income Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest and dividend income: | ||
Loans and loan fees | $ 205,855 | $ 235,439 |
Securities taxable | 15,352 | 20,629 |
Securities non-taxable | 11,738 | 12,997 |
Other earning assets | 902 | 4,462 |
Total interest and dividend income | 233,847 | 273,527 |
Interest expense: | ||
Deposits | 8,868 | 45,781 |
Borrowings | 7,065 | 15,974 |
Total interest expense | 15,933 | 61,755 |
Net interest income | 217,914 | 211,772 |
Provision for credit losses - loans | 10,000 | 136,577 |
Provision for credit losses - held to maturity securities | 0 | 1,703 |
Net interest income after provision for credit losses | 207,914 | 73,492 |
Non-interest income: | ||
Deposit fees and service charges | 6,563 | 6,622 |
Accounts receivable management / factoring commissions and fees | 5,426 | 5,538 |
Bank owned life insurance | 4,955 | 5,018 |
Loan commissions and fees | 10,477 | 11,024 |
Investment management fees | 1,852 | 1,847 |
Net gain on sale of securities | 719 | 8,412 |
Net gain on called securities | 0 | 4,880 |
Other | 2,364 | 3,985 |
Total non-interest income | 32,356 | 47,326 |
Non-interest expense: | ||
Compensation and benefits | 58,087 | 54,876 |
Stock-based compensation plans | 6,617 | 6,006 |
Occupancy and office operations | 14,515 | 15,199 |
Information technology | 9,246 | 8,018 |
Professional fees | 7,077 | 5,749 |
Amortization of intangible assets | 3,776 | 4,200 |
FDIC insurance and regulatory assessments | 3,230 | 3,206 |
Other real estate owned expense, net | (68) | 52 |
Impairment related to financial centers and real estate consolidation strategy | 633 | 0 |
Loss on extinguishment of borrowings | 0 | 744 |
Other | 15,052 | 16,663 |
Total non-interest expense | 118,165 | 114,713 |
Income before income tax expense (benefit) | 122,105 | 6,105 |
Income tax expense (benefit) | 22,955 | (8,042) |
Net income | 99,150 | 14,147 |
Preferred stock dividend | 1,963 | 1,976 |
Net income available to common stockholders | $ 97,187 | $ 12,171 |
Weighted average common shares: | ||
Basic (in shares) | 191,890,512 | 196,344,061 |
Diluted (in shares) | 192,621,907 | 196,709,038 |
Earnings per common share: | ||
Basic (USD per share) | $ 0.51 | $ 0.06 |
Diluted (USD per share) | $ 0.50 | $ 0.06 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 99,150 | $ 14,147 |
Other comprehensive income, before tax: | ||
Change in unrealized holding (losses) gains on securities available for sale | (33,926) | 48,755 |
Reclassification adjustment for net realized (gains) included in net income | (719) | (8,412) |
Accretion of net unrealized loss on securities transferred to held to maturity | 45 | 97 |
Change in the actuarial loss of defined benefit plan and post-retirement benefit plans | (3,025) | (2,568) |
Total other comprehensive (loss) income, before tax | (37,625) | 37,872 |
Deferred tax benefit (expense) related to other comprehensive income | 10,400 | (10,467) |
Total other comprehensive (loss) income | (27,225) | 27,405 |
Comprehensive income | $ 71,925 | $ 41,552 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common stock | Common stockCumulative Effect, Period of Adoption, Adjusted Balance | Preferred stock | Preferred stockCumulative Effect, Period of Adoption, Adjusted Balance | Additional paid-in capital | Additional paid-in capitalCumulative Effect, Period of Adoption, Adjusted Balance | Treasury stock | Treasury stockCumulative Effect, Period of Adoption, Adjusted Balance | Retained earnings | Retained earningsCumulative Effect, Period of Adoption, Adjustment | Retained earningsCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated other comprehensive income | Accumulated other comprehensive incomeCumulative Effect, Period of Adoption, Adjusted Balance |
Balance (in shares) at Dec. 31, 2019 | 198,455,324 | 198,455,324 | ||||||||||||||
Balance, beginning at Dec. 31, 2019 | $ 4,530,113 | $ (54,254) | $ 4,475,859 | $ 2,299 | $ 2,299 | $ 137,581 | $ 137,581 | $ 3,766,716 | $ 3,766,716 | $ (583,408) | $ (583,408) | $ 1,166,709 | $ (54,254) | $ 1,112,455 | $ 40,216 | $ 40,216 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 14,147 | 14,147 | ||||||||||||||
Other comprehensive income (loss) | 27,405 | 27,405 | ||||||||||||||
Stock options & other stock transactions, net (in shares) | 41,000 | |||||||||||||||
Stock options & other stock transactions, net | 414 | 346 | 68 | |||||||||||||
Common shares acquired from stock compensation plan activity (in shares) | (316,582) | |||||||||||||||
Common shares acquired from stock compensation plan activity | (4,413) | (24,516) | 5,916 | 14,187 | ||||||||||||
Stock-based Compensation (in shares) | 1,181,673 | |||||||||||||||
Stock-based compensation | 6,006 | 7,308 | (1,891) | 589 | ||||||||||||
Cash dividends declared, common | (13,768) | (13,768) | ||||||||||||||
Cash dividends declared, preferred | (2,194) | (218) | (1,976) | |||||||||||||
Purchase of treasury stock (in shares) | (4,900,759) | |||||||||||||||
Purchase of treasury stock | (81,032) | (81,032) | ||||||||||||||
Balance (in shares) at Mar. 31, 2020 | 194,460,656 | |||||||||||||||
Balance, ending at Mar. 31, 2020 | 4,422,424 | $ 2,299 | 137,363 | 3,749,508 | (660,069) | 1,125,702 | 67,621 | |||||||||
Balance (in shares) at Dec. 31, 2020 | 192,923,371 | |||||||||||||||
Balance, beginning at Dec. 31, 2020 | 4,590,514 | $ 2,299 | 136,689 | 3,761,993 | (686,911) | 1,291,628 | 84,816 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 99,150 | 99,150 | ||||||||||||||
Other comprehensive income (loss) | (27,225) | (27,225) | ||||||||||||||
Stock options & other stock transactions, net (in shares) | 73,946 | |||||||||||||||
Stock options & other stock transactions, net | 752 | 1,376 | (624) | |||||||||||||
Common shares acquired from stock compensation plan activity (in shares) | (332,290) | |||||||||||||||
Common shares acquired from stock compensation plan activity | (6,635) | (23,241) | 13,860 | 2,746 | ||||||||||||
Stock-based Compensation (in shares) | 1,138,246 | |||||||||||||||
Stock-based compensation | 6,617 | 7,138 | (415) | (106) | ||||||||||||
Cash dividends declared, common | (13,490) | (13,490) | ||||||||||||||
Cash dividends declared, preferred | (2,194) | (231) | (1,963) | |||||||||||||
Purchase of treasury stock (in shares) | (1,235,372) | |||||||||||||||
Purchase of treasury stock | (27,325) | (27,325) | ||||||||||||||
Balance (in shares) at Mar. 31, 2021 | 192,567,901 | |||||||||||||||
Balance, ending at Mar. 31, 2021 | $ 4,620,164 | $ 2,299 | $ 136,458 | $ 3,745,890 | $ (699,415) | $ 1,377,341 | $ 57,591 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes In Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends paid, common (usd per share) | $ 0.07 | $ 0.07 |
Cash dividends paid, preferred (usd per share) | $ 16.25 | $ 16.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 99,150 | $ 14,147 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses - loans | 10,000 | 136,577 |
Provision for credit losses - held to maturity securities | 0 | 1,703 |
Net (gain) from write-downs and sales of other real estate owned | (2) | (62) |
Loss on extinguishment of borrowings | 0 | 744 |
Depreciation of premises and equipment | 4,576 | 5,034 |
Impairment on fixed assets | 197 | 0 |
Impairment of early termination of leases | 127 | 0 |
Amortization of intangible assets | 3,776 | 4,200 |
Loss on sale of premises and equipment | 309 | 0 |
Amortization of low income housing tax credits | 11,507 | 7,401 |
Net (gain) on sale of securities | (706) | (8,412) |
(Gain) on security calls available for sale | (18) | (4,897) |
Loss on security calls held to maturity | 5 | 17 |
Net amortization of premiums on securities | 7,601 | 7,978 |
Amortization of premium on certificates of deposit | (286) | (692) |
Net accretion of purchase discount and amortization of net deferred loan costs | (7,972) | (10,385) |
Net accretion of debt issuance costs and amortization of premium on borrowings | 207 | (144) |
Restricted stock compensation expense | 6,617 | 6,006 |
Proceeds from sales of loans held for sale | 81,752 | 1 |
Increase in cash surrender value of bank owned life insurance | (4,955) | (5,018) |
Deferred income tax benefit | (10,888) | (60,653) |
Other adjustments (principally net changes in other assets and other liabilities) | 41,331 | (86,627) |
Net cash provided by operating activities | 242,328 | 6,919 |
Purchases of securities: | ||
Available for sale | (419,386) | (124,408) |
Held to maturity | (652) | (882) |
Proceeds from maturities and other principal payments on securities: | ||
Available for sale | 134,901 | 64,600 |
Held to maturity | 17,953 | 17,343 |
Proceeds from sales of securities available for sale | 20,706 | 407,524 |
Proceeds from calls of securities available for sale | 2,025 | 138,872 |
Proceeds from calls of securities held to maturity | 925 | 905 |
Portfolio loan repayments (originations), net | 585,254 | (339,730) |
Proceeds from sale of commercial loans | 0 | 95,179 |
Redemptions of FHLB and FRB stock, net | 12,222 | 11,083 |
Proceeds from sales of other real estate owned | 122 | 1,168 |
Purchases of premises and equipment | (5,588) | (8,374) |
Proceeds from bank owned life insurance | 4,101 | 2,218 |
Proceeds from sale of premises and equipment | 3,279 | 1,884 |
Purchases of low income housing tax credits | (9,286) | (45,196) |
Net cash provided by investing activities | 346,576 | 222,186 |
Cash flows from financing activities: | ||
Net increase in transaction, savings and money market deposits | 961,084 | 628,101 |
Net (decrease) in certificates of deposit | (238,602) | (487,787) |
Net (decrease) in short-term FHLB borrowings | (382,000) | (40,000) |
Advances of term FHLB borrowings | 0 | 300,000 |
Repayments of term FHLB borrowings | 0 | (550,000) |
Repayment of Senior Notes | 0 | (2,000) |
Net (decrease) increase in other short term borrowings | (272,422) | 4,884 |
Net increase in mortgage escrow funds | 22,559 | 38,175 |
Stock options & other stock transactions, net | 752 | 414 |
Common shares acquired related to stock compensation plan activity | (6,635) | (4,413) |
Treasury shares repurchased | (27,325) | (81,032) |
Cash dividends paid - common stock | (13,490) | (13,768) |
Cash dividends paid - preferred stock | (2,194) | (2,194) |
Net cash provided by (used in) financing activities | 41,727 | (209,620) |
Net increase in cash and cash equivalents | 630,631 | 19,485 |
Cash and cash equivalents at beginning of period | 305,002 | 329,151 |
Cash and cash equivalents at end of period | 935,633 | 348,636 |
Supplemental cash flow information: | ||
Interest payments | 9,595 | 58,803 |
Income tax payments | 5,316 | 5,678 |
Real estate acquired in settlement of loans | 0 | 732 |
Loans transferred from held for investment to held for sale | 106,240 | 95,179 |
Operating cash flows from operating leases | 3,928 | 5,109 |
Senior Notes | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on extinguishment of borrowings | 0 | (8) |
FHLB Borrowings | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on extinguishment of borrowings | $ 0 | $ 753 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | Basis of Financial Statement Presentation and Summary of Significant Accounting Policies (a) Nature of Operations Sterling Bancorp (“Sterling”, the “Company,” “we,” “us” and “our” ) is a Delaware corporation, a bank holding company and a financial holding company headquartered in Pearl River, New York that owns all of the outstanding shares of common stock of Sterling National Bank (the “Bank”), its principal subsidiary. The Bank is a full-service regional bank specializing in the delivery of services and solutions to business owners, their families and consumers within the communities it serves through teams of dedicated and experienced relationship managers. (b) Basis of Presentation The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies the Company follows conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which include regulatory reporting instructions. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2020, included in our Annual Report on Form 10-K, as filed with the SEC on February 26, 2021 (the “2020 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Certain items in prior financial statements have been reclassified to conform to the current presentation. These reclassifications had no impact on previously reported net income. (c) Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expense and contingencies at the date of the financial statements. Actual results could differ significantly from these estimates, particularly the allowance for credit losses and the status of contingencies, and are subject to change. (d) Announcement of Definitive Merger Agreement On April 19, 2021, Webster Financial Corporation (NYSE: WBS) (“Webster”), the parent company of Webster Bank, National Association, and Sterling, the parent company of the Bank, jointly announced that they have entered into a definitive agreement under which the companies will combine in an all stock merger of equals. See Note 18. “Subsequent Events” for further information. (e) Risks and Uncertainties - COVID-19 The COVID-19 pandemic and the resultant deterioration in global macro-economic conditions has continued to impact our business and our clients. While significant progress is being made in the U.S. in connection with vaccine distribution efforts and the macro-economic forecasts are generally more positive, some uncertainty continues to exist regarding the speed of the economic recovery, especially in the NY Metro Market area, and the ultimate impact on our business, financial position, results of operations and cash flows will depend on future developments, which are uncertain and cannot be predicted, including, but not limited to, the scope and duration of the pandemic globally, the actions that will be taken by governmental authorities to both contain the outbreak and to provide continuing support to affected businesses through additional stimulus funds and otherwise, the speed and efficiency of the vaccine roll out in New York state and elsewhere, and the ongoing response of, and impact to, our clients and business partners. The COVID-19 pandemic negatively impacted the global economy, causing businesses to shut down and unemployment rates to increase, disrupted global supply chains and created significant volatility and disruption in financial markets. In response to the pandemic, governmental and other authorities instituted numerous measures to contain the virus including travel bans, shelter-in-place orders and business shutdowns. Our business, financial position, results of operations and cash flows have been and will be impacted by factors which include, but are not limited to: a continued dampened demand for our products and services, a prolonged period of low or near zero interest rates, a potential further deterioration in the financial condition of our clients resulting in an increase in our allowance for credit losses and the recognition of further credit losses, and a prolonged deterioration of business conditions in our primary markets, particularly the New York Metro Market and the New York Suburban Market. Some of our clients continue to face a very challenging business environment. The current economic conditions, especially if prolonged, could negatively impact the stability of our deposit base, impair the ability of borrowers to repay outstanding loans, cause an increase in the number of non-performing loans, impair the value of collateral securing loans, and cause significant property damage, all of which could negatively impact our operating results and financial condition. The pandemic resulted in a significant increase in our allowance for credit losses (“ACL”) - loans to $323.2 million or 1.53% of total portfolio loans recorded at March 31, 2021 versus $106.2 million or 0.50% at December 31, 2019. During the year ended December 31, 2020, approximately $165.0 million of the $251.7 million of provision for credit loss expense was recorded as a result of changes in the macro-economic assumptions in our forecast model resulting from the COVID-19 pandemic. While the improving macro-economic forecast drove a lower quarter over linked quarter estimate for the ACL at March 31, 2021, in light of continued, though slowing, credit migration in our portfolio, we have continued to take a measured and conservative approach to reserve releases and recorded an ACL as of March 31, 2021 that was roughly flat versus December 31, 2020. At March 31, 2021, loans criticized as special mention were $494.5 million and classified loans (substandard and doubtful) were $590.1 million. The collateral for these loans is mainly located in the New York Metro Market and includes office, retail, hotel and multi-family properties. At March 31, 2021, we had $130.5 million of loan payment deferral agreements with borrowers, down from $208.4 million at December 31, 2020. The New York Metro Market and the New York Suburban Market have been particularly impacted by COVID-19, resulting in prolonged periods of business interruption, heightened levels of unemployment caused by business closures, temporary and permanent, and a significant decline in demand for commercial real estate. This has had the effect of negatively impacting the net operating income of some of our commercial real estate borrowers as well as the value of collateral underlying our commercial real estate loan portfolio. As such, given our business concentration in the New York Metro Market and the New York Suburban Market, our results may be disproportionately impacted when compared to the results and financial condition of other banks or bank holding companies that do not operate in or have a geographic concentration in the New York Metro Market or the New York Suburban Market. To the extent the COVID-19 pandemic adversely affects our business, financial position, results of operations and/or cash flows, it may also have the effect of heightening many of the other risks we face, including the other risks described in our Annual Report on Form 10-K for the year ended December 31, 2020, filed on February 26, 2021. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following table summarizes our securities as of March 31, 2021, including a summary of the amortized cost fair value and allowance for credit losses related to HTM securities and the amortized cost, fair value of AFS securities. The terms “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 15. “Fair Value Measurements”: March 31, 2021 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Allowance for credit losses Residential MBS: Agency-backed $ 832,665 $ 33,917 $ (1,789) $ 864,793 $ 87,645 $ 3,013 $ — $ 90,658 $ — CMOs/Other MBS 302,349 12,403 — 314,752 — — — — — Total residential MBS 1,135,014 46,320 (1,789) 1,179,545 87,645 3,013 — 90,658 — Other securities: US Treasury and federal agencies 340,074 4,898 (1,500) 343,472 24,844 687 — 25,531 — Corporate 594,845 25,200 (7,121) 612,924 19,837 868 — 20,705 80 State and municipal 373,860 15,232 (362) 388,730 1,568,209 103,435 (58) 1,671,586 1,374 Other — — — — 17,750 173 (171) 17,752 45 Total other securities 1,308,779 45,330 (8,983) 1,345,126 1,630,640 105,163 (229) 1,735,574 1,499 Total securities $ 2,443,793 $ 91,650 $ (10,772) $ 2,524,671 $ 1,718,285 $ 108,176 $ (229) $ 1,826,232 $ 1,499 A summary of amortized cost and estimated fair value of securities as of December 31, 2020 is presented below: December 31, 2020 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Allowance for credit losses Residential MBS: Agency-backed $ 873,358 $ 44,911 $ (9) $ 918,260 $ 104,329 $ 4,100 $ — $ 108,429 $ — CMOs/Other MBS 352,473 20,811 — 373,284 — — — — — Total residential MBS 1,225,831 65,722 (9) 1,291,544 104,329 4,100 — 108,429 — Other securities: Federal agencies 149,852 6,615 — 156,467 24,811 844 — 25,655 — Corporate 438,226 27,334 (2,048) 463,512 19,851 535 — 20,386 75 State and municipal 369,186 18,090 (181) 387,095 1,575,596 126,575 (69) 1,702,102 1,379 Other — — — — 17,750 189 (7) 17,932 45 Total other securities 957,264 52,039 (2,229) 1,007,074 1,638,008 128,143 (76) 1,766,075 1,499 Total securities $ 2,183,095 $ 117,761 $ (2,238) $ 2,298,618 $ 1,742,337 $ 132,243 $ (76) $ 1,874,504 $ 1,499 The amortized cost and estimated fair value of securities at March 31, 2021 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential MBS are shown separately since they are not due at a single maturity date. March 31, 2021 Available for sale Held to maturity Amortized Fair Amortized Fair Remaining period to contractual maturity: One year or less $ 1,930 $ 1,929 $ 23,767 $ 24,114 One to five years 321,730 332,513 84,722 88,811 Five to ten years 603,636 624,601 392,685 417,633 Greater than ten years 381,483 386,083 1,129,466 1,205,016 Total securities with a stated maturity date 1,308,779 1,345,126 1,630,640 1,735,574 Residential MBS 1,135,014 1,179,545 87,645 90,658 Total securities $ 2,443,793 $ 2,524,671 $ 1,718,285 $ 1,826,232 Sales and calls of securities for the periods indicated below were as follows: For the three months ended March 31, 2021 2020 Available for sale: Proceeds from sales $ 20,706 $ 407,524 Gross realized gains 1,236 8,480 Gross realized losses (530) (68) Income tax expense on realized net gains 131 1,472 Proceeds from calls $ 2,950 $ 139,777 Gross realized gains 31 4,909 Gross realized losses (18) (29) Income tax expense on realized net gains 2 854 At March 31, 2021 and December 31, 2020, there were no holdings of securities of any one issuer in an amount greater than 10% of stockholders’ equity, other than the U.S. federal government and its agencies. The following table summarizes AFS securities with unrealized losses in an unrealized loss position for which an ACL has not been recorded at March 31, 2021 and December 31, 2020 aggregated by major security type and length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses AFS March 31, 2021 Residential MBS: Agency-backed $ 48,576 $ (1,781) $ 276 $ (8) $ 48,852 $ (1,789) Other securities: US Treasury and federal agencies 208,506 (1,500) — — 208,506 (1,500) Corporate 187,172 (7,121) — — 187,172 (7,121) State and municipal 24,361 (195) 10,706 (167) 35,067 (362) Total other securities 420,039 (8,816) 10,706 (167) 430,745 (8,983) Total securities $ 468,615 $ (10,597) $ 10,982 $ (175) $ 479,597 $ (10,772) December 31, 2020 Residential MBS: Agency-backed $ 396 $ (1) $ 1,970 $ (8) $ 2,366 $ (9) Other securities: Corporate 83,191 (2,048) — — 83,191 (2,048) State and municipal 2,507 (29) 10,872 (152) 13,379 (181) Total other securities 85,698 (2,077) 10,872 (152) 96,570 (2,229) Total securities $ 86,094 $ (2,078) $ 12,842 $ (160) $ 98,936 $ (2,238) We regularly review AFS securities for impairment resulting from credit losses using both qualitative and quantitative criteria based on the composition of the portfolio at each reporting period. Unrealized losses on corporate and state and municipal securities have not been recognized into income because the issuers are of high credit quality, we do not intend to sell and it is likely that we will not be required to sell the securities prior to their anticipated recovery. The decline in fair value is largely due to changes in interest rates and other market conditions. The issuers continue to make timely principal and interest payments on the securities. The fair value is expected to recover as the securities approach maturity. At March 31, 2021, a total of 59 AFS securities were in a continuous unrealized loss position for less than 12 months and 56 AFS securities were in a continuous unrealized loss position for 12 months or longer. At March 31, 2021 and December 31, 2020, accrued interest receivable on AFS securities was $14.9 million and $10.9 million, respectively. Accrued interest receivable on AFS securities is included in accrued interest receivable on the consolidated balance sheets. The following table summarizes securities HTM with unrecognized losses, segregated by the length of time in a continuous unrecognized loss position for the periods presented below: Continuous unrecognized loss position Less than 12 months 12 months or longer Total Fair Unrecognized losses Fair Unrecognized losses Fair Unrecognized losses HTM March 31, 2021 Other securities: State and municipal $ — $ — $ 3,910 $ (58) $ 3,910 $ (58) Other 4,829 (171) — — 4,829 (171) Total securities $ 4,829 $ (171) $ 3,910 $ (58) $ 8,739 $ (229) December 31, 2020 Residential MBS: Agency-backed $ — $ — $ — $ — $ — $ — Other securities: State and municipal 105 (1) 4,386 (68) 4,491 (69) Other 9,993 (7) — — 9,993 (7) Total other securities 10,098 (8) 4,386 (68) 14,484 (76) Total securities $ 10,098 $ (8) $ 4,386 $ (68) $ 14,484 $ (76) The following table presents the activity in the ACL - HTM securities by type of security for the three month periods ended March 31, 2021 and 2020: March 31, 2021 March 31, 2020 Type of security Type of security Corporate and Other State and municipal Corporate and Other State and municipal ACL - HTM: Balance at beginning of period $ 120 $ 1,379 $ — $ — Impact of adoption on January 1, 2020 — — 108 688 Provision for credit loss expense 5 (5) 7 1,696 Total ACL - HTM at end of period $ 125 $ 1,374 $ 115 $ 2,384 The ACL - HTM securities was estimated using a discounted cash flow approach. We discounted the expected cash flows using the effective interest rate inherent in the security. For floating rate securities, we projected interest rates using forward interest rate curves. We review the term structures for probability of default, probability of prepayment and loss given default. We estimate a reasonable and supportable term of three years, which was supported by our back testing process. At March 31, 2021 and December 31, 2020, accrued interest receivable on HTM securities was $18.1 million and $15.6 million, respectively, and was excluded from the estimate of ACL-HTM securities. Accrued interest receivable on HTM securities is included in accrued interest receivable on the consolidated balance sheets. Credit Quality Indicators We monitor the credit quality of HTM investment securities through the use of credit ratings, internal reviews and analysis of financial information and other data, and external reviews from a third-party vendor. We monitor credit quality indicators at least quarterly, and all credit ratings were updated and reviewed as of March 31, 2021. At March 31, 2021, one HTM security was in a continuous unrealized loss position for less than 12 months and 26 HTM securities were in a continuous unrealized loss position for 12 months or longer. The following table summarizes the amortized cost of HTM securities at March 31, 2021 aggregated by credit quality indicator: Credit Rating: Corporate and other State and municipal AAA $ — $ 991,273 AA 17,750 550,395 A — 20,522 BBB — 64 Non-rated 19,837 5,955 Total $ 37,587 $ 1,568,209 The majority of state and municipal securities had a rating of A or greater at March 31, 2021. State and municipal securities consist mainly of securities issued by jurisdictions located in the state of New York and securities issued by other states. The non-rated state and municipal securities consist of general obligation securities and short-term bond anticipation notes and tax anticipation notes issued by municipalities in the state of New York. A security is considered to be delinquent once it is 30 days past due under the terms of the agreement. There were no past due securities and there were no securities on non-accrual at March 31, 2021. Securities pledged for borrowings at the FHLB and other institutions, and securities pledged for municipal deposits and other purposes, were as follows for the periods presented below: March 31, December 31, 2021 2020 AFS securities pledged for borrowings, at fair value $ 31,679 $ 27,101 AFS securities pledged for municipal deposits, at fair value 611,646 569,724 HTM securities pledged for municipal deposits, at amortized cost 1,512,763 1,221,964 Total securities pledged $ 2,156,088 $ 1,818,789 |
Portfolio Loans
Portfolio Loans | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Portfolio Loans | Portfolio Loans The composition of our total portfolio loans, which excludes loans held for sale, was the following for the periods presented below: March 31, 2021 December 31, 2020 Commercial: Commercial & Industrial (“C&I”): Traditional C&I $ 2,886,336 $ 2,920,205 Asset-based lending 693,015 803,004 Payroll finance 153,987 159,237 Warehouse lending 1,394,945 1,953,677 Factored receivables 229,629 220,217 Equipment financing 1,475,716 1,531,109 Public sector finance 1,617,986 1,572,819 Total C&I 8,451,614 9,160,268 Commercial mortgage: Commercial real estate (“CRE”) 6,029,282 5,831,990 Multi-family 4,391,850 4,406,660 Acquisition, development and construction (“ADC”) 618,295 642,943 Total commercial mortgage 11,039,427 10,881,593 Total commercial 19,491,041 20,041,861 Residential mortgage 1,486,597 1,616,641 Consumer 174,335 189,907 Total portfolio loans 21,151,973 21,848,409 Allowance for credit losses (323,186) (326,100) Total portfolio loans, net $ 20,828,787 $ 21,522,309 Portfolio loans are shown at amortized cost, which includes deferred fees, deferred costs and purchase accounting adjustments, which were $12.9 million at March 31, 2021 and $20.9 million at December 31, 2020. The balance of portfolio loans excludes accrued interest receivable. Accrued interest receivable was $70.3 million and $71.0 million at March 31, 2021 and December 31, 2020, respectively, and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. All interest accrued but not received on loans placed on non-accrual is reversed against interest income. Included in traditional C&I loans at March 31, 2021, were $110.1 million principal balance of loans originated under the Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”). The CARES Act authorized the SBA to temporarily guarantee loans under a new 7(a) loan program, the PPP. These loans are 100% guaranteed by the SBA and the full principal amount of the loan may qualify for forgiveness. The loans we originated have a maturity of two years, an interest rate of 1.00% and loan payments are deferred for the initial three months. In the three months ended March 31, 2021, we sold $70.0 million of loans, largely comprised of commercial real estate loans, the majority of which were rated special mention and substandard. At March 31, 2021 and December 31, 2020, the Bank pledged residential mortgage and CRE loans of $6.2 billion and $6.5 billion, respectively, to the FHLB as collateral for certain borrowing arrangements. See Note 7. “Borrowings”. Portfolio loans: An analysis of the aging of portfolio loans, segregated by loan type as of March 31, 2021, is presented below: March 31, 2021 Current 30-59 60-89 90+ Total Traditional C&I $ 2,865,977 $ 2,659 $ 997 $ 16,703 $ 2,886,336 Asset-based lending 693,015 — — — 693,015 Payroll finance 153,987 — — — 153,987 Warehouse lending 1,394,945 — — — 1,394,945 Factored receivables 229,629 — — — 229,629 Equipment financing 1,449,419 2,975 2,526 20,796 1,475,716 Public sector finance 1,617,986 — — — 1,617,986 CRE 6,012,339 4,057 10,079 2,807 6,029,282 Multi-family 4,377,043 14,026 3 778 4,391,850 ADC 593,295 — — 25,000 618,295 Residential mortgage 1,462,169 7,381 2,702 14,345 1,486,597 Consumer 163,360 1,229 398 9,348 174,335 Total loans $ 21,013,164 $ 32,327 $ 16,705 $ 89,777 $ 21,151,973 Total TDRs included above $ 74,064 $ — $ 490 $ 1,892 $ 76,446 Non-performing loans: Loans 90+ days past due and still accruing $ 2 Non-accrual loans 168,555 Total non-performing loans $ 168,557 The following table represents an analysis of the aging of portfolio loans, segregated by loan type as of: December 31, 2020 Current 30-59 60-89 90+ Total Traditional C&I $ 2,905,964 $ 1,215 $ 6,054 $ 6,972 $ 2,920,205 Asset-based lending 803,004 — — — 803,004 Payroll finance 159,237 — — — 159,237 Warehouse lending 1,953,677 — — — 1,953,677 Factored receivables 220,217 — — — 220,217 Equipment financing 1,469,653 24,286 11,077 26,093 1,531,109 Public sector finance 1,572,819 — — — 1,572,819 CRE 5,794,115 13,591 17,421 6,863 5,831,990 Multi-family 4,393,950 11,578 811 321 4,406,660 ADC 612,943 — — 30,000 642,943 Residential mortgage 1,590,068 7,444 3,426 15,703 1,616,641 Consumer 178,587 1,043 907 9,370 189,907 Total loans $ 21,654,234 $ 59,157 $ 39,696 $ 95,322 $ 21,848,409 Total TDRs included above $ 60,257 $ 2,927 $ 13,492 $ 2,295 $ 78,971 Non-performing loans: Loans 90+ days past due and still accruing $ 170 Non-accrual loans 166,889 Total non-performing loans $ 167,059 The following table presents the amortized cost basis of collateral-dependent loans by loan type and collateral as of March 31, 2021: Collateral type Real estate Business assets Equipment Taxi medallions Total Traditional C&I $ 412 $ 24,781 $ 5,428 $ 7,376 $ 37,997 Asset-based lending — 13,264 — — 13,264 Payroll finance — 2,313 — — 2,313 Equipment finance — 1,885 13,366 — 15,251 CRE 36,114 — — — 36,114 Multi-family 7,725 — — — 7,725 ADC 25,000 — — — 25,000 Residential mortgage 6,214 — — — 6,214 Consumer 6,093 — — — 6,093 Total $ 81,558 $ 42,243 $ 18,794 $ 7,376 $ 149,971 Collateral-dependent loans include all loans that were TDRs at March 31, 2021. In the table above, $123.1 million of the total loans were on non-accrual at March 31, 2021. Business assets that secure traditional C&I and asset-based lending loans generally include accounts receivable, inventory, machinery and equipment. There were no warehouse lending, factored receivables or public sector finance loans that were collateral-dependent at March 31, 2021. The following table presents the amortized cost basis of collateral-dependent loans by loan type and collateral as of December 31, 2020: Collateral type Real estate Business assets Equipment Taxi medallions Total Traditional C&I $ 425 $ — $ 5,998 $ 10,916 $ 17,339 Asset-based lending — 8,280 — — 8,280 Payroll finance — 2,300 — — 2,300 Equipment finance — 1,117 10,461 — 11,578 CRE 53,212 — — — 53,212 Multi-family 9,914 — — — 9,914 ADC 30,000 — — — 30,000 Residential mortgage 5,025 — — — 5,025 Consumer 7,384 — — — 7,384 Total $ 105,960 $ 11,697 $ 16,459 $ 10,916 $ 145,032 Collateral-dependent loans include all loans that were TDRs at December 31, 2020. In the table above, $115.9 million of the total loans were on non-accrual at December 31, 2020. Business assets that secure traditional C&I and asset-based lending loans generally include accounts receivable, inventory, machinery and equipment. There were no warehouse lending, factored receivables or public sector finance loans that were collateral-dependent at December 31, 2020. The following table provides additional information on our non-accrual loans and loans 90 days past due: March 31, 2021 December 31, 2020 Total Non-accrual Loans Non-accrual loans with no ACL Loans 90 days or more past due still accruing interest Total Non-accrual Loans Non-accrual loans with no ACL Loans 90 days or more past due still accruing interest Traditional C&I $ 50,351 $ 12,804 $ — $ 19,223 $ 16,914 $ 94 Asset-based lending 10,149 5,789 — 5,255 4,613 — Payroll finance 2,313 2,313 — 2,300 2,300 — Equipment financing 28,868 15,252 2 30,634 11,578 2 CRE 24,269 858 — 46,053 38,529 74 Multi-family 778 — — 4,485 2,156 — ADC 25,000 — — 30,000 — — Residential mortgage 17,081 3,264 — 18,661 808 — Consumer 9,746 775 — 10,278 875 — Total $ 168,555 $ 41,055 $ 2 $ 166,889 $ 77,773 $ 170 When the ultimate collectability of the total principal of a loan is in doubt and the loan is on non-accrual status, all payments are applied to principal under the cost recovery method. When the ultimate collectability of the total principal of a loan is not in doubt and the loan is on non-accrual status, contractual interest is credited to interest income when received, under the cash basis method. At March 31, 2021 and December 31, 2020, the recorded carrying value of residential mortgage loans that were in the process of foreclosure was $2.9 million and $3.2 million, respectively, which is included in non-accrual residential mortgage loans above. There were no warehouse lending or public sector finance loans that were non-accrual or 90 days past due at March 31, 2021 or December 31, 2020. The following table provides information on accrued interest receivable that was reversed against interest income for the three months ended March 31, 2021 and March 31, 2020: For the three months ended March 31, 2021 2020 Traditional C&I $ 36 $ 7 Asset-based lending — 67 Equipment financing 38 — CRE 7 146 Multi-family — 27 ADC — 297 Residential mortgage 173 80 Consumer 19 7 Total interest reversed $ 273 $ 631 Short-term Loan Deferrals Under the CARES Act, financial institutions are permitted to not classify loan modifications that result from the impact of the COVID-19 pandemic as TDR, providing: • The modifications were made between March 1, 2020 and, as modified by the Consolidated Appropriations Act, the earlier of January 31, 2022, and or 60 days after the end of the public health emergency, and • The underlying loans were not more than 30 days past due as of December 31, 2019. We implemented a loan modification program in accordance with the CARES Act to provide temporary relief to borrowers that meet the requirements. The program allows for deferral of payments for up to 90 days, which we may extend for an additional 90 days at our option. The deferred payments and accrued interest during the deferral period are due and payable on or before the maturity of the loan. At March 31, 2021, we have granted temporary deferrals to borrowers on 237 loans with an outstanding balance of $130.5 million. There was $8.5 million of accrued interest associated with these loans. Under the provisions of the CARES Act, none of these loans were considered TDR at March 31, 2021. The table below reflects the balance of deferrals by portfolio: Non-pass rated loans Loan balance outstanding Deferral of principal and interest % Special mention Substandard Commercial C&I: Traditional C&I $ 2,886,336 $ — — % $ — $ — Asset-based lending 693,015 — — — — Payroll finance 153,987 — — — — Warehouse lending 1,394,945 — — — — Factored receivables 229,629 — — — — Equipment finance 1,475,716 3,143 0.2 — 2,297 Public sector finance 1,617,986 — — — — Total C&I 8,451,614 3,143 — — 2,297 Commercial mortgage: Commercial real estate 6,029,282 40,583 0.7 13,399 26,584 Multi-family 4,391,850 4,564 0.1 — — ADC 618,295 — — — — Total commercial mortgage 11,039,427 45,147 0.4 13,399 26,584 Total commercial 19,491,041 48,290 0.2 13,399 28,881 Residential 1,486,597 78,059 5.3 — 355 Consumer 174,335 4,176 2.4 — — Total Portfolio loans $ 21,151,973 $ 130,525 0.6 % $ 13,399 $ 29,236 TDRs At March 31, 2021 and December 31, 2020, TDRs were $76.4 million and $79.0 million, respectively. ACL - loans o f $4.3 million at March 31, 2021 and $0.9 million at December 31, 2020 were related to TDRs. The increase in the ACL - loans related to TDRs was based on updates to our expected lifetime losses for these loans. We did not have any outstanding commitments to lend additional amounts to customers with loans classified as TDRs as of March 31, 2021 or December 31, 2020. There were no loans that were classified as TDR in the three months ended March 31, 2021. The modification of the terms of loans that were considered a TDR in the three months ended March 31, 2020 consisted mainly of an extension of a loan maturity date, converting a loan to interest only for a defined period of time, deferral of interest payments, waiver of certain covenants, or reducing collateral requirements or interest rates. The following table presents loans classified as TDRs during the first three months of 2021 and 2020 broken down by segment: March 31, 2021 March 31, 2020 Recorded investment Recorded investment Number Pre- Post- Number Pre- Post- Asset-based lending $ — $ — 1 $ 4,943 $ 4,943 Total TDRs — $ — $ — 1 $ 4,943 $ 4,943 |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loans | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses - Loans | Allowance for Credit Losses - Loans Activity in our ACL - loans for the three months ended March 31, 2021 and March 31, 2020 is summarized in the table below: For the three months ended March 31, 2021 Beginning Charge-offs Recoveries Net Provision / (credit) Ending balance Traditional C&I $ 42,670 $ (1,027) $ 468 $ (559) $ 4,282 $ 46,393 Asset-based lending 12,762 — — — (1,597) 11,165 Payroll finance 1,957 — 2 2 (440) 1,519 Warehouse lending 1,724 — — — (492) 1,232 Factored receivables 2,904 (4) 406 402 (69) 3,237 Equipment financing 31,794 (2,408) 854 (1,554) (2,215) 28,025 Public sector finance 4,516 — — — 116 4,632 CRE 155,313 (2,933) 487 (2,446) 6,555 159,422 Multi-family 33,320 (3,230) — (3,230) 3,286 33,376 ADC 17,927 (5,000) — (5,000) 876 13,803 Residential mortgage 16,529 (267) 37 (230) (329) 15,970 Consumer 4,684 (391) 92 (299) 27 4,412 Total ACL - loans $ 326,100 $ (15,260) $ 2,346 $ (12,914) $ 10,000 $ 323,186 Annualized net charge-offs to average loans outstanding: 0.25 % For the three months ended March 31, 2020 Beginning CECL Day 1 Charge-offs Recoveries Net Provision / (credit) Ending balance Traditional C&I $ 15,951 $ 5,325 $ (298) $ 475 $ 177 $ 13,836 $ 35,289 Asset-based lending 14,272 11,973 (985) — (985) 1,230 26,490 Payroll finance 2,064 1,334 — 9 9 323 3,730 Warehouse lending 917 (362) — — — (266) 289 Factored receivables 654 795 (7) 4 (3) 7,748 9,194 Equipment financing 16,723 33,000 (4,793) 1,105 (3,688) 13,993 60,028 Public sector finance 1,967 (766) — — — 728 1,929 CRE 27,965 8,037 (1,275) 60 (1,215) 62,799 97,586 Multi-family 11,440 14,906 — — — 22,751 49,097 ADC 4,732 (119) (3) 105 102 10,489 15,204 Residential mortgage 7,598 14,104 (1,072) — (1,072) 2,460 23,090 Consumer 1,955 2,357 (1,405) 1,125 (280) 486 4,518 Total ACL - loans $ 106,238 $ 90,584 $ (9,838) $ 2,883 $ (6,955) $ 136,577 $ 326,444 Annualized net charge-offs to average loans outstanding: 0.13 % Credit Quality Indicators As part of the ongoing monitoring of the credit quality of our loan portfolio, management tracks certain credit quality indicators, including trends related to: (i) the weighted-average risk grade of commercial loans; (ii) the level of classified commercial loans; (iii) the delinquency status of residential mortgage and consumer loans, including home equity lines of credit (“HELOC”) and other consumer loans; (iv) net charge-offs; (v) non-performing loans (see details above); and (vi) the general economic conditions in the New York Metro Market. We analyze loans individually by classifying the loans by credit risk, except residential mortgage loans, HELOC and other consumer loans, which are evaluated on a homogeneous pool basis unless the loan balance is greater than $750 thousand. This analysis is performed at least quarterly on all graded 7-Special Mention and lower loans. We use the following definitions of risk ratings: 1 and 2 - These grades include loans that are secured by cash, marketable securities or cash surrender value of life insurance policies. 3 - This grade includes loans to borrowers with strong earnings and cash flow that have the ability to service debt. The borrower’s assets and liabilities are generally well-matched and are above average quality. The borrower has ready access to multiple sources of funding, including alternatives such as term loans, private equity placements or trade credit. 4 - This grade includes loans to borrowers with above average cash flow, adequate earnings and debt service coverage ratios. The borrower generates discretionary cash flow, assets and liabilities are reasonably matched, and the borrower has access to other sources of debt funding or additional trade credit at market rates. 5 - This grade includes loans to borrowers with adequate earnings and cash flow and reasonable debt service coverage ratios. Overall leverage is acceptable and there is average reliance upon trade credit. Management has a reasonable amount of experience and depth, and owners are willing to invest available outside capital, as necessary. 6 - This grade includes loans to borrowers where there is evidence of some strain, earnings are inconsistent and volatile, and the borrowers’ outlook is uncertain. Generally, such borrowers have higher leverage than those with a better risk rating. These borrowers typically have limited access to alternative sources of bank debt and may be dependent upon debt funding for working capital support. 7 - Special Mention (OCC definition) - Other Assets Especially Mentioned are loans that have potential weaknesses which may, if not reversed or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date. Such assets constitute an undue and unwarranted credit risk but not to the point of justifying a classification of “Substandard.” The credit risk may be relatively minor yet constitute an unwarranted risk in light of the circumstances surrounding a specific asset. 8 - Substandard (OCC definition) - These loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some losses if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard. 9 - Doubtful (OCC definition) - These loans have all the weakness inherent in one classified as “Substandard” with the added characteristics that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but, because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger, acquisition, liquidating procedures, capital injection, perfecting liens or additional collateral and refinancing plans. 10 - Loss (OCC definition) - These loans are charged-off because they are determined to be uncollectible and unbankable assets. This classification does not indicate that the asset has no absolute recovery or salvage value, but rather it is not practical or desirable to defer writing-off this asset even though partial recovery may be effected in the future. Losses should be taken in the period in which they are determined to be uncollectible. Loans that are risk-rated 1 through 6 as defined above are considered to be pass-rated loans. As of March 31, 2021 and December 31, 2020, the risk category of non-pass rated loans by segment was as follows: March 31, 2021 December 31, 2020 Special Mention Substandard Special Mention Substandard Traditional C&I $ 37,627 $ 95,527 $ 24,162 $ 84,792 Asset-based lending 92,534 13,817 111,597 11,669 Payroll finance 1,176 2,313 — 2,300 Factored receivables — — 5,523 — Equipment financing 6,323 47,527 7,737 45,018 CRE 240,770 347,393 249,403 280,796 Multi-family 114,402 31,328 61,146 44,872 ADC 1,613 25,000 1,407 30,000 Residential mortgage — 17,368 468 18,942 Consumer 7 9,836 15 10,371 Total $ 494,452 $ 590,109 $ 461,458 $ 528,760 At March 31, 2021 and December 31, 2020 there were no warehouse lending or public sector finance loans rated special mention or substandard. At March 31, 2021, there were $295 thousand traditional C&I loans rated doubtful and no loans rated loss. At December 31, 2020, there were $304 thousand of traditional C&I loans rated doubtful and no loans rated loss. We evaluate whether a modification, extension or renewal of a loan is a current period origination in accordance with GAAP. Generally, loans up for renewal are subject to a full credit evaluation before the renewal is granted and such loans are considered current period originations for purposes of the table below. At March 31, 2021, our loans based on year of origination and risk designation is as follows: Term loans amortized cost basis by origination year Revolving loans converted to term 2021 2020 2019 2018 2017 Prior Revolving loans Total Traditional C&I Pass $ 55,876 $ 394,938 $ 202,836 $ 247,049 $ 120,169 $ 162,274 $ 1,569,746 $ — $ 2,752,888 Special mention 438 165 8,846 17,261 4,030 1,555 5,332 — 37,627 Substandard 11 1,124 37,250 18,562 6,668 10,052 21,860 — 95,527 Doubtful — — — — — — 295 — 295 Total traditional C&I 56,325 396,227 248,932 282,872 130,867 173,881 1,597,233 — 2,886,337 Asset-Based Loans Pass 12,108 45,326 27,339 5,451 10,212 58,968 427,260 — 586,664 Special mention — — 738 9,477 13,753 — 68,566 — 92,534 Substandard — — — — — 553 13,264 — 13,817 Total asset-based lending 12,108 45,326 28,077 14,928 23,965 59,521 509,090 — 693,015 Payroll Finance Pass — — 8,014 — — — 142,484 — 150,498 Special mention — — — — — — 1,176 — 1,176 Substandard — — — — — — 2,313 — 2,313 Total payroll finance — — 8,014 — — — 145,973 — 153,987 Warehouse Lending Pass 41,469 112,045 41,103 53,592 236,757 909,979 — — 1,394,945 Special mention — — — — — — — — — Substandard — — — — — — — — — Total warehouse lending 41,469 112,045 41,103 53,592 236,757 909,979 — — 1,394,945 Factored Receivables Pass — — — — — — 229,629 — 229,629 Total factored receivables — — — — — — 229,629 — 229,629 Equipment Financing Pass 82,999 408,641 498,484 224,618 93,669 113,455 — — 1,421,866 Special mention — — 3,999 2,023 185 116 — — 6,323 Substandard — 12 22,254 8,631 12,422 4,208 — — 47,527 Total equipment financing 82,999 408,653 524,737 235,272 106,276 117,779 — — 1,475,716 Public Sector Finance Term loans amortized cost basis by origination year Revolving loans converted to term 2021 2020 2019 2018 2017 Prior Revolving loans Total Pass 73,774 437,123 398,280 206,591 261,963 240,255 — — 1,617,986 Total public sector finance 73,774 437,123 398,280 206,591 261,963 240,255 — — 1,617,986 CRE Pass 168,163 1,047,246 1,247,285 882,651 514,007 1,581,766 — — 5,441,118 Special mention — 8,349 111,559 19,246 54,793 46,823 — — 240,770 Substandard — 37,821 65,059 95,688 29,448 119,377 — — 347,393 Total CRE 168,163 1,093,416 1,423,903 997,585 598,248 1,747,966 — — 6,029,281 Multi-family Pass 211,873 371,457 707,272 431,720 600,632 1,855,436 67,730 — 4,246,120 Special mention — — 32,370 8,178 26,082 43,742 4,030 — 114,402 Substandard — — 10,185 — — 18,196 2,947 — 31,328 Total multi-family 211,873 371,457 749,827 439,898 626,714 1,917,374 74,707 — 4,391,850 ADC Pass 25,451 114,913 274,904 100,437 28,971 47,006 — — 591,682 Special mention — 1,613 — — — — — — 1,613 Substandard — — — — 25,000 — — — 25,000 Total ADC 25,451 116,526 274,904 100,437 53,971 47,006 — — 618,295 Residential Pass 230 10,594 11,088 31,989 40,801 1,374,527 — — 1,469,229 Substandard — — — — — 17,368 — — 17,368 Total residential 230 10,594 11,088 31,989 40,801 1,391,895 — — 1,486,597 Consumer Pass — 70 358 376 222 5,013 98,640 59,813 164,492 Special mention — — — — — — 7 — 7 Substandard — — — — — 394 3,225 6,217 9,836 Total consumer — 70 358 376 222 5,407 101,872 66,030 174,335 Total Loans $ 672,392 $ 2,991,437 $ 3,709,223 $ 2,363,540 $ 2,079,784 $ 6,611,063 $ 2,658,504 $ 66,030 $ 21,151,973 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The balance of goodwill and other intangible assets for the periods presented were as follows: March 31, December 31, 2021 2020 Goodwill $ 1,683,482 $ 1,683,482 Other intangible assets: Core deposits $ 66,180 $ 69,808 Customer lists 3,108 3,256 Trade name 20,500 20,500 Total $ 89,788 $ 93,564 The decrease in other intangible assets at March 31, 2021 compared to December 31, 2020 was due to amortization of intangibles. The estimated aggregate future amortization expense for intangible assets remaining as of March 31, 2021 was as follows: Amortization expense Remainder of 2021 $ 11,328 2022 13,703 2023 12,322 2024 10,448 2025 8,722 2026 7,134 Thereafter 5,631 Total $ 69,288 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at March 31, 2021 and December 31, 2020 were as follows: March 31, December 31, 2021 2020 Non-interest bearing demand $ 5,691,429 $ 5,443,907 Interest bearing demand 5,132,937 4,960,800 Savings 2,690,445 2,603,570 Money market 8,568,965 8,114,415 Certificates of deposit 1,757,942 1,996,830 Total deposits $ 23,841,718 $ 23,119,522 Total municipal deposits, which are included in the deposit balances above, were $2.0 billion and $1.6 billion at March 31, 2021 and December 31, 2020, respectively. See Note 2. “Securities” for the aggregate amount of securities that were pledged as collateral for municipal deposits and other purposes. Brokered deposits at March 31, 2021 and December 31, 2020 were as follows: March 31, December 31, 2021 2020 Interest bearing demand $ 399,000 $ 433,790 Money market 1,034,070 1,045,478 Certificates of deposit 151,017 100,003 Total brokered deposits $ 1,584,087 $ 1,579,271 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2021 | |
Debt Instruments [Abstract] | |
Borrowings | Borrowings Our borrowings and weighted average interest rates were as follows for the periods presented: March 31, December 31, 2021 2020 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ — — % $ 382,000 0.35 % Repurchase agreements 31,679 0.10 27,101 0.10 Federal funds purchased — — 277,000 0.11 Subordinated Notes - Bank 143,757 5.45 143,703 5.45 Subordinated Notes - 2029 270,366 4.18 270,284 4.17 Subordinated Notes - 2030 221,697 4.06 221,626 4.06 Total borrowings $ 667,499 4.22 % $ 1,321,714 2.25 % By remaining period to maturity: Less than one year $ 31,679 0.10 % $ 686,101 0.24 % Greater than five years 635,820 4.43 635,613 4.43 Total borrowings $ 667,499 4.22 % $ 1,321,714 2.25 % FHLB borrowings. As a member of the FHLB, the Bank may borrow up to a discounted percentage of the amount of eligible mortgages and securities that have been pledged as collateral under a blanket security agreement. As of March 31, 2021 and December 31, 2020, the Bank had total residential mortgage and CRE loans pledged after discount of $6.2 billion and $6.5 billion, respectively. In addition to the pledged mortgages, the Bank had also pledged securities to secure borrowings, which are disclosed in Note 2. “Securities.” As of March 31, 2021, the Bank had unused borrowing capacity at the FHLB of $6.2 billion and may increase such borrowing capacity by pledging securities not required to be pledged for other purposes with a collateral value of approximately $2.1 billion. Subordinated Notes - Bank. On April 1, 2021, we redeemed the remaining balance of subordinated notes - Bank outstanding. Effective April 1, 2021, the eligibility of the subordinated notes - Bank as qualifying Tier 2 capital decreased by 20%. In anticipation of this redemption, we contributed $175.0 million as equity capital into the Bank in the fourth quarter of 2020. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives | DerivativesTo facilitate interest rate swap contracts with customers (all of which are considered over-the-counter or “OTC”), we have entered into corresponding “back-to-back” interest rate swap contracts both on the OTC, and on exchange on futures markets such as the Chicago Mercantile Exchange (“CME”) and London Clearing House (“LCH”). At March 31, 2021 and December 31, 2020, the OTC derivatives are included in our consolidated financial statements at the gross fair value amount of the asset (included in other assets) and liability (included in other liabilities), which incorporates the change in the fair value of the contract since inception. The CME legally characterizes variation margin payments (a payment made based on changes in the fair value of the interest rate swap contracts) as a settlement, referred to as settled-to-market (“STM”) transaction. As a result, at March 31, 2021 and December 31, 2020, we posted cash collateral under STMs in the amounts of $60.5 million and $89.8 million, respectively, for the net change in fair value of our CME and LCH interest rate swap contracts. The decrease was mainly due to changes in the fair value of the underlying interest rate swap contracts, which may change daily, positively or negatively, mainly due to changes in interest rates. We do not typically require our commercial customers to post cash or securities as collateral on their swaps. However, our swap contracts incorporate certain standard terms contained in the International Swaps and Derivatives Association agreement and loan documents whereby, in the event of default, we are permitted to access collateral supporting the loan relationship to recover any losses suffered on the derivative asset or liability. Summary information as of March 31, 2021 and December 31, 2020 regarding these derivatives is presented below: Notional Average Weighted Weighted Fair value March 31, 2021 Included in other assets: Third-party interest rate swap $ — $ — Customer interest rate swap 1,913,381 105,772 Total $ 1,913,381 4.29 4.42 % 1 m Libor + 2.21% $ 105,772 Included in other liabilities: Third-party interest rate swap $ 1,913,381 $ 45,233 Customer interest rate swap — — Total $ 1,913,381 4.29 4.42 % 1 m Libor + 2.21% $ 45,233 December 31, 2020 Included in other assets: Third-party interest rate swap $ — $ — Customer interest rate swap 1,913,607 149,797 Total $ 1,913,607 4.40 4.44 % 1 m Libor + 2.20% $ 149,797 Included in other liabilities: Third-party interest rate swap $ 1,913,607 $ 60,004 Customer interest rate swap — — Total $ 1,913,607 4.40 4.44 % 1 m Libor + 2.20% $ 60,004 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons: For the three months ended March 31, 2021 2020 Income before income tax expense $ 122,105 $ 6,105 Tax at federal statutory rate of 21% 25,642 1,282 State and local income taxes, net of federal tax benefit 6,160 589 Tax exempt interest, net of disallowed interest (5,777) (7,409) BOLI income (1,004) (1,111) Low income housing tax credits and other benefits (13,780) (8,462) Low income housing investment amortization expense 11,507 7,401 Tax rate adjustment benefit due to CARES Act net operating loss (“NOL”) carryback — (21,313) Uncertain tax position reserve — 11,480 Annual effective tax rate adjustment — 8,248 Non-deductible compensation expense 1 640 — Equity-based stock compensation (benefit) expense (152) 491 FDIC insurance premium limitation 257 256 Other, net (538) 506 Actual income tax expense (benefit) $ 22,955 $ (8,042) Effective income tax rate 18.8 % (131.7) % 1 Includes $517 thousand from the write-off of deferred tax assets related to the vesting of restricted stock that will not be deductible based on Section 162(m) limitations. Net deferred tax liabilities were $33.8 million at March 31, 2021, compared to $43.3 million at December 31, 2020. The change was mainly due to the change in value of our available for sale securities in the first quarter of 2021. No valuation allowance was recorded against any deferred tax assets as of those dates, based upon management’s evaluation of historical and anticipated future pre-tax income, and the reversal periods for the items resulting in deferred tax assets and liabilities. As of March 31, 2021, the accrual for unrecognized gross tax benefits was as follows: For the three months ended March 31, 2021 2020 Uncertain tax positions beginning of period $ 7,000 $ — Additions for tax positions related to prior tax years — 11,480 Decrease due to settlement — — Interest expense in tax positions — — Uncertain tax positions at end of period $ 7,000 $ 11,480 Significant tax filings that remain open for examination include the following: • Federal for tax years 2017 through present; • New York State tax filings for tax years 2017 through present; • New York City tax filings for tax years 2015 through present; and • New Jersey State tax filings for tax years 2017 through present. Generally speaking, we are no longer subject to examination by federal, state or local taxing authorities in respect of tax years prior to December 31, 2017. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes the activity in our stock-based compensation plan for the three months ended March 31, 2021: Non-vested stock awards/stock units outstanding Stock options outstanding Shares available for grant Number of shares Weighted average grant date fair value Number of shares Weighted average exercise price Balance at January 1, 2021 1,811,418 2,993,643 $ 19.54 336,621 $ 11.41 Granted (1,138,246) 1,138,246 20.36 — — Stock awards vested — (820,633) 21.31 — — Exercised — — — (73,946) 10.17 Forfeited 21,775 (21,775) 19.05 — — Canceled/expired 31,109 (31.109) 20.85 — — Balance at March 31, 2021 726,056 3,258,372 $ 19.37 262,675 $ 11.41 Exercisable at March 31, 2021 262,675 $ 11.41 The total intrinsic value of outstanding in-the-money stock options, all of which are exercisable, was $3.1 million at March 31, 2021. We use an option pricing model to estimate the grant date fair value of stock options granted. There were no stock options granted during the three months ended March 31, 2021 or March 31, 2020. We incurred no stock option expense during the three month periods ended March 31, 2021 and 2020. Stock-based compensation expense is recognized ratably over the requisite service period for all awards. Stock-based compensation expense associated with non-vested stock awards and the related income tax benefit, and proceeds from stock option exercises are presented below: For the three months ended March 31, 2021 2020 Stock options $ — $ — Non-vested stock awards/performance units 6,617 6,006 Non-vested stock awards/performance units $ 6,617 $ 6,006 Income tax benefit 1,224 1,051 Proceeds from stock option exercises 752 414 Unrecognized stock-based compensation expense as of March 31, 2021 was $48.6 million and is expected to be recognized over 1.97 years. |
Other Non-Interest Expense, Oth
Other Non-Interest Expense, Other Assets and Other Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Other Non-Interest Expense, Other Assets and Other Liabilities | Other Non-Interest Expense, Other Assets and Other Liabilities (a) Other Non-Interest Expense Other non-interest expense items for the three months ended March 31, 2021 and 2020, respectively, are presented in the following table: For the three months ended March 31, 2021 2020 Other non-interest expense: Depreciation expense on operating leases $ 3,124 $ 3,492 Advertising and promotion 1,708 1,983 Communications 1,427 1,630 Residential mortgage loans servicing 1,449 1,377 Commercial loan servicing 979 1,025 Insurance & surety bond premium 914 1,091 Operational losses 593 605 Other 4,858 5,460 Total other non-interest expense $ 15,052 $ 16,663 (b) Other Assets Other assets are presented in the following table. Significant components of the aggregate of other assets are presented separately. March 31, December 31, 2021 2020 Other assets: Low income housing tax credit investments $ 484,885 $ 488,303 Right of use asset for operating leases 101,495 105,667 Fair value of swaps 105,772 149,797 Cash on deposit as swap collateral / net of settlement 69,014 82,478 Operating leases - equipment and vehicles leased to others 51,999 55,224 Other asset balances 193,003 181,934 Total other assets $ 1,006,168 $ 1,063,403 Other asset items include current income tax balances, prepaid insurance, prepaid property taxes, prepaid maintenance, accounts receivable and other miscellaneous assets. (c) Other Liabilities Other liabilities are presented in the following table. Significant components of the aggregate of other liabilities are presented separately. March 31, December 31, 2021 2020 Other liabilities: Commitment to fund low income housing tax credit investments $ 276,974 $ 283,849 Lease liability 109,720 113,405 Payroll finance and factoring liabilities 125,831 115,802 Swap liabilities (see Note 8) 45,233 60,004 Other liability balances 144,898 155,642 Total other liabilities $ 702,656 $ 728,702 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following is a summary of the calculation of earnings per common share (“EPS”): For the three months ended March 31, 2021 2020 Net income available to common stockholders $ 97,187 $ 12,171 Weighted average common shares outstanding for computation of basic EPS 191,890,512 196,344,061 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 731,395 364,977 Weighted average common shares for computation of diluted EPS 192,621,907 196,709,038 EPS (2) : Basic $ 0.51 $ 0.06 Diluted 0.50 0.06 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted EPS. Anti-dilutive shares were 0 and 23,590 for the three months ended March 31, 2021 and 2020, respectively. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity (a) Regulatory Capital Requirements Banks and bank holding companies are subject to various regulatory capital requirements administered by the federal banking agencies. Capital adequacy guidelines, and additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk-weighting, and other factors. The Company’s and the Bank’s Common Equity Tier 1 capital consists of common stock and related paid-in capital, net of treasury stock, and retained earnings. In connection with the adoption of the Basel III Capital Rules, we elected to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1 capital. Common Equity Tier 1 capital for both the Company and the Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities and subject to transition provisions. Tier 1 capital includes Common Equity Tier 1 capital and additional Tier 1 capital. Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital (as defined in the regulations) for both the Bank and us includes a permissible portion of the ACL and $143.8 million and $97.9 million of the Subordinated Notes - Bank, respectively. Tier 2 capital at the Company also includes $492.1 million of the Subordinated Notes - Company. During the final five years of the term of the Subordinated Notes, the permissible portion eligible for inclusion in Tier 2 capital decreases by 20% annually. The Common Equity Tier 1, Tier 1 and Total capital ratios are calculated by dividing the respective capital amounts by risk-weighted assets (“RWA”). RWA is calculated based on regulatory requirements and includes total assets, excluding goodwill and other intangible assets, allocated by risk weight category, and certain off-balance-sheet items, among other items. As permitted by the interim final rule issued on March 27, 2020 by our federal regulatory agency, we elected the option to delay the estimated impact of the adoption of the CECL Standard in our regulatory capital for two years. This two-year delay is in addition to the three-year transition period the agency had already made available. The adoption will delay the effects of CECL on our regulatory capital for the next two years, after which the effects will be phased-in over a three-year period from January 1, 2022 through December 31, 2024. Under the interim final rule, the amount of adjustments to regulatory capital deferred until the phase-in period include both the initial impact of adoption of the CECL Standard at January 1, 2020 and 25% of subsequent changes in our ACL during each quarter of the two-year period ending December 31, 2021. The following tables present actual and required capital ratios as of March 31, 2021 and December 31, 2020 for us and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented as of March 31, 2021 and December 31, 2020 are based on the fully phased-in provisions of the Basel III Capital Rules. Capital levels required to be considered well-capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum capital required - Basel III Required to be considered well- capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio March 31, 2021 Common equity tier 1 to RWA: Sterling National Bank $ 3,269,545 14.04 % $ 1,630,407 7.00 % $ 1,513,949 6.50 % Sterling Bancorp 2,786,496 11.95 1,632,817 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 3,269,545 14.04 % 1,979,780 8.50 % 1,863,322 8.00 % Sterling Bancorp 2,922,954 12.53 1,982,706 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,590,726 15.42 % 2,445,610 10.50 % 2,329,152 10.00 % Sterling Bancorp 3,690,353 15.82 2,449,225 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 3,269,545 11.76 % 1,111,894 4.00 % 1,389,867 5.00 % Sterling Bancorp 2,922,954 10.50 1,113,426 4.00 N/A N/A Actual Minimum capital required - Basel III fully phased-in Required to be considered well- capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2020 Common equity tier 1 to RWA: Sterling National Bank $ 3,198,145 13.38 % $ 1,673,516 7.00 % $ 1,553,979 6.50 % Sterling Bancorp 2,727,385 11.39 1,675,747 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 3,198,145 13.38 % 2,032,127 8.50 % 1,912,590 8.00 % Sterling Bancorp 2,864,074 11.96 2,034,836 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,521,458 14.73 % 2,510,274 10.50 % 2,390,737 10.00 % Sterling Bancorp 3,638,033 15.20 2,513,621 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 3,198,145 11.33 % 1,128,913 4.00 % 1,411,142 5.00 % Sterling Bancorp 2,864,074 10.14 1,130,362 4.00 N/A N/A The Bank and the Company are subject to the regulatory capital requirements administered by the FRB, and, for the Bank, the Office of the Comptroller of the Currency. Regulatory authorities can initiate certain mandatory actions if the Bank or the Company fails to meet the minimum capital requirements, which could have a direct material effect on our financial statements. As of March 31, 2021 and December 31, 2020, the most recent regulatory notifications categorized the Company and the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the classification. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Off-Balance Sheet Financial Instruments The contractual or notional amounts of these instruments, which reflect the extent of our involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: March 31, December 31, 2021 2020 Loan origination commitments $ 598,171 $ 641,965 Unused lines of credit 1,493,031 1,623,745 Letters of credit 175,305 181,890 We record ACL - off-balance sheet financial instrument exposures through a charge to other non-interest expense on our consolidated income statements. At March 31, 2021 and December 31, 2020, the ACL - off-balance sheet financial instrument credit exposures was $6.7 million and was included in other liabilities in our consolidated balance sheets. For the three months ended March 31, 2021 and 2020, credit loss expense for off-balance sheet financial instrument exposures was zero. Based on our review of quantitative and qualitative factors applicable to these financial instrument exposures, we did not record an increase in our off-balance sheet credit loss provision during the three months ended March 31, 2021 and 2020. (b) Leases Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows: Remainder of 2021 $ 13,805 2022 18,069 2023 16,605 2024 14,790 2025 12,176 2026 11,054 2027 and thereafter 39,788 Total lease payments 126,287 Interest 16,567 Present value of lease liabilities $ 109,720 (c) Litigation We and the Bank are involved in a number of judicial proceedings concerning matters arising from our and its business activities. These include routine legal proceedings arising in the ordinary course of business. These proceedings also include actions brought against us and the Bank with respect to corporate matters and transactions in which we and the Bank are or were involved. There can be no assurance as to the ultimate outcome of a legal proceeding; however, we and the Bank have generally denied liability in all significant litigation pending against us and intend to vigorously defend each case, other than matters that are determined appropriate to be settled. We and the Bank accrue a liability for legal claims when payments associated with the claims become probable and the costs can be reasonably estimated. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. At March 31, 2021 and December 31, 2020, we had no significant amounts accrued in respect of pending litigation. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in an orderly transaction occurring in the principal or most advantageous market for such asset or liability between market participants on the measurement date. In estimating fair value, we use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. GAAP establishes a fair value hierarchy comprised of three levels of inputs that may be used to measure fair values. Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risk, etc.) or inputs that are derived principally from, or corroborated by, market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair value of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. In general, fair value is based on quoted market prices, when available. If quoted market prices in active markets are not available, fair value is based on internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and our creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincide with our monthly and/or quarterly valuation process. AFS Investment Securities The majority of our available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. We review the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, we do not purchase investment securities that have a complicated structure. Our entire portfolio consists of traditional investments, nearly all of which are mortgage pass-through securities, state and municipal general obligation or revenue bonds, U.S. agency bullet and callable securities and corporate bonds. Pricing for such instruments is fairly generic and is easily obtained. From time to time, we validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. As of March 31, 2021, management did not believe any of our securities are other-than-temporarily-impaired; however, management reviews all of our securities on at least a quarterly basis to assess whether impairment, if any, is other than temporary. Derivatives The fair values of derivatives are based on valuation models using current observable market data (including interest rates and fees), the remaining terms of the agreements and the credit worthiness of the counterparty as of the measurement date, which are considered Level 2 inputs. Our derivatives are traded in an over-the-counter market where quoted market prices are not always available. Our derivatives at March 31, 2021 and December 31, 2020 consisted of interest rate swaps. See Note 8. “Derivatives” for additional information. A summary of assets and liabilities at March 31, 2021 and December 31, 2020, respectively, measured at estimated fair value on a recurring basis, is as follows: March 31, 2021 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 864,793 $ — $ 864,793 $ — CMOs/Other MBS 314,752 — 314,752 — Total residential MBS 1,179,545 — 1,179,545 — Other securities: Federal agencies 343,472 — 343,472 — Corporate 612,924 — 612,924 — State and municipal 388,730 — 388,730 — Total other securities 1,345,126 — 1,345,126 — Total AFS 2,524,671 — 2,524,671 — Swaps 105,772 — 105,772 — Total assets $ 2,630,443 $ — $ 2,630,443 $ — Liabilities: Swaps $ 45,233 $ — $ 45,233 $ — Total liabilities $ 45,233 $ — $ 45,233 $ — December 31, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 918,260 $ — $ 918,260 $ — CMOs/Other MBS 373,284 — 373,284 — Total residential MBS 1,291,544 — 1,291,544 — Federal agencies 156,467 — 156,467 — Corporate 463,512 — 463,512 — State and municipal 387,095 — 387,095 — Total other securities 1,007,074 — 1,007,074 — Total AFS 2,298,618 — 2,298,618 — Swaps 149,797 — 149,797 — Total assets $ 2,448,415 $ — $ 2,448,415 $ — Liabilities: Swaps $ 60,004 $ — $ 60,004 $ — Total liabilities $ 60,004 $ — $ 60,004 $ — The following categories of financial assets are not measured at fair value on a recurring basis, but are subject to fair value adjustments in certain circumstances. Collateral Dependent Loans For collateral dependent loans, which are presented in the table below, where we determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and we expect repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral and the amortized cost basis of the loan as of the measurement date. For real estate loans, the fair value of the loan’s collateral is determined by third party appraisals, which are then adjusted for the estimated selling and closing costs related to liquidation of the collateral. The unobservable inputs may vary depending on the individual assets. We review third party appraisals for appropriateness and adjust the value downward to consider selling and closing costs, which generally range from 4% to 10% of the appraised value. For non-real estate loans, fair value of the loan’s collateral may be determined using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation, and management’s expertise and knowledge of the client and client’s business. March 31, 2021 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 7,376 $ — $ — $ 7,376 Asset-based lending 1,846 — — 1,846 Payroll finance 2,313 — — 2,313 Equipment financing 2,671 — — 2,671 CRE 25,156 — — 25,156 ADC 25,000 — — 25,000 Residential mortgage 1,307 — — 1,307 Consumer 2,451 — — 2,451 Total collateral dependent loans measured at fair value $ 68,120 $ — $ — $ 68,120 December 31, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 10,916 $ — $ — $ 10,916 Asset-based lending 1,899 — — 1,899 Payroll finance 2,300 — — 2,300 CRE 27,323 — — 27,323 Residential mortgage 1,307 — — 1,307 Consumer 3,593 — — 3,593 Total collateral dependent loans measured at fair value $ 47,338 $ — $ — $ 47,338 Fair Value of Financial Instruments The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of March 31, 2021: March 31, 2021 Carrying Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 935,633 $ 935,633 $ — $ — Securities AFS 2,524,671 — 2,524,671 — Securities HTM, net 1,716,786 — 1,826,232 — Loans held for sale 36,237 — 36,237 — Portfolio loans, net 20,828,787 — — 20,772,549 Accrued interest receivable on securities 32,979 — 32,979 — Accrued interest receivable on loans 70,344 — — 70,344 FHLB stock and FRB stock 153,968 — — — Swaps 105,772 — 105,772 — Financial liabilities: Non-maturity deposits 22,083,776 22,083,776 — — Certificates of deposit 1,757,942 — 1,758,273 — Other borrowings 31,679 — 31,679 — Subordinated Notes - Bank 143,757 — 145,000 — Subordinated Notes - Company 492,063 — 496,330 — Mortgage escrow funds 82,245 — 82,245 — Accrued interest payable on deposits 597 — 597 — Accrued interest payable on borrowings 10,234 — 10,234 — Swaps 45,233 — 45,233 — The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2020: December 31, 2020 Carrying Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 305,002 $ 305,002 $ — $ — Securities AFS 2,298,618 — 2,298,618 — Securities HTM 1,740,838 — 1,874,504 — Loans held for sale 11,749 — 11,749 — Portfolio loans, net 21,522,309 — — 21,791,489 Accrued interest receivable on securities 26,508 — 26,508 — Accrued interest receivable on loans 70,997 — — 70,997 FHLB stock and FRB stock 166,190 — — — Swaps 149,797 — 149,797 — Financial liabilities: Non-maturity deposits 21,122,692 21,122,692 — — Certificates of deposit 1,996,830 — 2,002,702 — FHLB borrowings 382,000 — 382,000 — Other borrowings 304,101 — 304,101 — Subordinated Notes - Bank 143,703 — 145,870 — Subordinated Notes - Company 491,910 — 506,497 — Mortgage escrow funds 59,686 — 59,686 — Accrued interest payable on deposits 1,068 — 1,068 — Accrued interest payable on borrowings 3,425 — 3,425 — Swaps 60,004 — 60,004 — |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Components of accumulated other comprehensive income were as follows as of the dates shown below: March 31, December 31, 2021 2020 Net unrealized holding gain on available for sale securities $ 80,878 $ 115,523 Related income tax expense (22,355) (31,931) Available for sale securities, net of tax 58,523 83,592 Net unrealized holding loss on securities transferred to held to maturity (303) (348) Related income tax benefit 84 96 Securities transferred to held to maturity, net of tax (219) (252) Net unrealized holding (loss) gain on retirement plans (985) 2,040 Related income tax benefit (expense) 272 (564) Retirement plans, net of tax (713) 1,476 Accumulated other comprehensive income $ 57,591 $ 84,816 The following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2021 and 2020: Net unrealized holding gain on available for sale securities Net unrealized holding (loss) on securities transferred to held to maturity Net unrealized holding (loss) gain on retirement plans Total For the three months ended March 31, 2021 Balance beginning of the period $ 83,592 $ (252) $ 1,476 $ 84,816 Other comprehensive (loss) before reclassification (24,549) — — (24,549) Amounts reclassified from AOCI (520) 33 (2,189) (2,676) Total other comprehensive (loss) income (25,069) 33 (2,189) (27,225) Balance at end of period $ 58,523 $ (219) $ (713) $ 57,591 For the three months ended March 31, 2020 Balance beginning of the period $ 38,056 $ (538) $ 2,698 $ 40,216 Other comprehensive income before reclassification 35,280 — — 35,280 Amounts reclassified from AOCI (6,087) 70 (1,858) (7,875) Total other comprehensive income (loss) 29,193 70 (1,858) 27,405 Balance at end of period $ 67,249 $ (468) $ 840 $ 67,621 Location in consolidated income statements where reclassification from accumulated other comprehensive loss is included Net gain (loss) on sale of securities Interest income on securities Other non-interest expense |
Recently Issued Accounting Stan
Recently Issued Accounting Standards Not Yet Adopted | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted ASU 2020-04, “ Reference Rate Reform (Topic 848)” (“ASU 2020-04”) provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Subject to certain conditions, where an agreement, contract or transaction is modified in connection with the reference rate reform, the guidance permits: (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered “minor” so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. We may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once optional expedients are elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. We anticipate this ASU will simplify any LIBOR transition related modifications we execute between the selected start date (yet to be determined) and December 31, 2022 by allowing prospective recognition of the continuation of the contract. We are evaluating the impacts of this ASU and have not yet determined whether the LIBOR transition and our adoption of this ASU will have a material effect on our business operations and consolidated financial statements. ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope.” (“ASU 2021-01”) clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment due to reference rate reform are in the scope of ASC 848. Entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. ASU 2021-01 also clarifies other aspects of ASC 848 and provides new guidance on how to address the effects of the cash compensation adjustment that is provided as part of the above change on certain aspects of hedge accounting. ASU 2021-01 is effective upon issuance and generally can be applied through December 31, 2022, similar to the rest of the relief provided under ASC 848. As we currently do not utilize hedge accounting, the guidance on hedge accounting is not expected to have a material effect on our business operations and consolidated financial statements. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Announcement of Definitive Merger Agreement. On April 19, 2021, Webster Financial Corporation (NYSE: WBS) (“Webster”), the parent company of Webster Bank, National Association, and Sterling, the parent company of the Bank, jointly announced that, on April 18, 2021, they entered into a definitive agreement (the “Merger Agreement”) under which the companies will combine in an all stock merger of equals. Under the terms of the Merger Agreement, Sterling stockholders will receive 0.463 of a share of Webster common stock for each share of Sterling common stock they own. The legal and accounting acquirer will be Webster. At close, Webster stockholders will own approximately 50.4% and Sterling stockholders will own approximately 49.6% of the combined company. Each outstanding share of Sterling’s Non-Cumulative Perpetual Preferred Stock, Series A, will be converted into the right to receive one share of a newly created series of preferred stock of Webster with substantially identical terms. The Merger Agreement contains customary representations, warranties and covenants, including non-solicitation obligations and other provisions and includes a breakup fee of $185.0 million payable in certain circumstances. The Merger Agreement also provides certain termination rights for Sterling and Webster, including among others, if the merger has not been completed by April 18, 2022. The Board of Directors of the combined company will consist of 15 directors, eight directors from Webster and seven directors from Sterling, including Jack Kopnisky, Sterling’s Chief Executive Officer, who will become Executive Chairman of Webster. The combined company will operate under the Webster name and will be headquartered in Stamford, CT, while maintaining significant operations in Connecticut, New York, New Jersey, Massachusetts, Rhode Island, Wisconsin, Texas and Michigan. At close, the pro forma organization will hold approximately $63 billion in assets, $42 billion in net loans, and $52 billion in deposits. The merger is expected to close in the fourth quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals and approval by the stockholders of each company. Change in New York Corporate Franchise Tax Rate. On April 19, 2021, in connection with the enactment of the fiscal year 2022 New York Budget, the corporate franchise tax rate, which we are subject to, increased from 6.5% to 7.25% for the three year period beginning January 1, 2021 through December 31, 2023. We currently anticipate the impact of this rate increase will not be material to our effective income tax rate in 2021. Repayment of Subordinated Notes - Bank. On April 1, 2021, we redeemed the remaining balance of subordinated notes - Bank outstanding. See Note 7. “Borrowings” for more detail. |
Basis of Financial Statement _2
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and all other entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies the Company follows conform, in all material respects, to accounting principles generally accepted in the United States (“GAAP”) and to general practices within the banking industry, which include regulatory reporting instructions. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but, in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with GAAP and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (the “SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2020, included in our Annual Report on Form 10-K, as filed with the SEC on February 26, 2021 (the “2020 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Certain items in prior financial statements have been reclassified to conform to the current presentation. These reclassifications had no impact on previously reported net income. |
Use of Estimates | Use of EstimatesThe preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expense and contingencies at the date of the financial statements. Actual results could differ significantly from these estimates, particularly the allowance for credit losses and the status of contingencies, and are subject to change. |
Allowance for Credit Loss | Credit Quality Indicators As part of the ongoing monitoring of the credit quality of our loan portfolio, management tracks certain credit quality indicators, including trends related to: (i) the weighted-average risk grade of commercial loans; (ii) the level of classified commercial loans; (iii) the delinquency status of residential mortgage and consumer loans, including home equity lines of credit (“HELOC”) and other consumer loans; (iv) net charge-offs; (v) non-performing loans (see details above); and (vi) the general economic conditions in the New York Metro Market. We analyze loans individually by classifying the loans by credit risk, except residential mortgage loans, HELOC and other consumer loans, which are evaluated on a homogeneous pool basis unless the loan balance is greater than $750 thousand. This analysis is performed at least quarterly on all graded 7-Special Mention and lower loans. We use the following definitions of risk ratings: 1 and 2 - These grades include loans that are secured by cash, marketable securities or cash surrender value of life insurance policies. 3 - This grade includes loans to borrowers with strong earnings and cash flow that have the ability to service debt. The borrower’s assets and liabilities are generally well-matched and are above average quality. The borrower has ready access to multiple sources of funding, including alternatives such as term loans, private equity placements or trade credit. 4 - This grade includes loans to borrowers with above average cash flow, adequate earnings and debt service coverage ratios. The borrower generates discretionary cash flow, assets and liabilities are reasonably matched, and the borrower has access to other sources of debt funding or additional trade credit at market rates. 5 - This grade includes loans to borrowers with adequate earnings and cash flow and reasonable debt service coverage ratios. Overall leverage is acceptable and there is average reliance upon trade credit. Management has a reasonable amount of experience and depth, and owners are willing to invest available outside capital, as necessary. 6 - This grade includes loans to borrowers where there is evidence of some strain, earnings are inconsistent and volatile, and the borrowers’ outlook is uncertain. Generally, such borrowers have higher leverage than those with a better risk rating. These borrowers typically have limited access to alternative sources of bank debt and may be dependent upon debt funding for working capital support. 7 - Special Mention (OCC definition) - Other Assets Especially Mentioned are loans that have potential weaknesses which may, if not reversed or corrected, weaken the asset or inadequately protect the Bank’s credit position at some future date. Such assets constitute an undue and unwarranted credit risk but not to the point of justifying a classification of “Substandard.” The credit risk may be relatively minor yet constitute an unwarranted risk in light of the circumstances surrounding a specific asset. 8 - Substandard (OCC definition) - These loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some losses if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard. 9 - Doubtful (OCC definition) - These loans have all the weakness inherent in one classified as “Substandard” with the added characteristics that the weakness makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The possibility of loss is extremely high, but, because of certain important and reasonably specific pending factors which may work to the advantage and strengthening of the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors may include a proposed merger, acquisition, liquidating procedures, capital injection, perfecting liens or additional collateral and refinancing plans. 10 - Loss (OCC definition) - These loans are charged-off because they are determined to be uncollectible and unbankable assets. This classification does not indicate that the asset has no absolute recovery or salvage value, but rather it is not practical or desirable to defer writing-off this asset even though partial recovery may be effected in the future. Losses should be taken in the period in which they are determined to be uncollectible. |
Fair Value Measurement | Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risk, etc.) or inputs that are derived principally from, or corroborated by, market data by correlation or other means. Level 3 Inputs – Unobservable inputs for determining the fair value of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. In general, fair value is based on quoted market prices, when available. If quoted market prices in active markets are not available, fair value is based on internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and our creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. Our valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes its valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincide with our monthly and/or quarterly valuation process. AFS Investment Securities The majority of our available for sale investment securities are reported at fair value utilizing Level 2 inputs. For these securities, we obtain fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the securities’ terms and conditions, among other things. We review the prices supplied by the independent pricing service, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, we do not purchase investment securities that have a complicated structure. Our entire portfolio consists of traditional investments, nearly all of which are mortgage pass-through securities, state and municipal general obligation or revenue bonds, U.S. agency bullet and callable securities and corporate bonds. Pricing for such instruments is fairly generic and is easily obtained. From time to time, we validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third-party sources or derived using internal models. As of March 31, 2021, management did not believe any of our securities are other-than-temporarily-impaired; however, management reviews all of our securities on at least a quarterly basis to assess whether impairment, if any, is other than temporary. Derivatives |
Adoption of New Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted ASU 2020-04, “ Reference Rate Reform (Topic 848)” (“ASU 2020-04”) provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. Subject to certain conditions, where an agreement, contract or transaction is modified in connection with the reference rate reform, the guidance permits: (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered “minor” so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. We may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once optional expedients are elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. We anticipate this ASU will simplify any LIBOR transition related modifications we execute between the selected start date (yet to be determined) and December 31, 2022 by allowing prospective recognition of the continuation of the contract. We are evaluating the impacts of this ASU and have not yet determined whether the LIBOR transition and our adoption of this ASU will have a material effect on our business operations and consolidated financial statements. ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope.” (“ASU 2021-01”) clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining or contract price alignment due to reference rate reform are in the scope of ASC 848. Entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. ASU 2021-01 also clarifies other aspects of ASC 848 and provides new guidance on how to address the effects of the cash compensation adjustment that is provided as part of the above change on certain aspects of hedge accounting. ASU 2021-01 is effective upon issuance and generally can be applied through December 31, 2022, similar to the rest of the relief provided under ASC 848. As we currently do not utilize hedge accounting, the guidance on hedge accounting is not expected to have a material effect on our business operations and consolidated financial statements. |
Securities - (Tables)
Securities - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of securities available for sale | The following table summarizes our securities as of March 31, 2021, including a summary of the amortized cost fair value and allowance for credit losses related to HTM securities and the amortized cost, fair value of AFS securities. The terms “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 15. “Fair Value Measurements”: March 31, 2021 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Allowance for credit losses Residential MBS: Agency-backed $ 832,665 $ 33,917 $ (1,789) $ 864,793 $ 87,645 $ 3,013 $ — $ 90,658 $ — CMOs/Other MBS 302,349 12,403 — 314,752 — — — — — Total residential MBS 1,135,014 46,320 (1,789) 1,179,545 87,645 3,013 — 90,658 — Other securities: US Treasury and federal agencies 340,074 4,898 (1,500) 343,472 24,844 687 — 25,531 — Corporate 594,845 25,200 (7,121) 612,924 19,837 868 — 20,705 80 State and municipal 373,860 15,232 (362) 388,730 1,568,209 103,435 (58) 1,671,586 1,374 Other — — — — 17,750 173 (171) 17,752 45 Total other securities 1,308,779 45,330 (8,983) 1,345,126 1,630,640 105,163 (229) 1,735,574 1,499 Total securities $ 2,443,793 $ 91,650 $ (10,772) $ 2,524,671 $ 1,718,285 $ 108,176 $ (229) $ 1,826,232 $ 1,499 A summary of amortized cost and estimated fair value of securities as of December 31, 2020 is presented below: December 31, 2020 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Allowance for credit losses Residential MBS: Agency-backed $ 873,358 $ 44,911 $ (9) $ 918,260 $ 104,329 $ 4,100 $ — $ 108,429 $ — CMOs/Other MBS 352,473 20,811 — 373,284 — — — — — Total residential MBS 1,225,831 65,722 (9) 1,291,544 104,329 4,100 — 108,429 — Other securities: Federal agencies 149,852 6,615 — 156,467 24,811 844 — 25,655 — Corporate 438,226 27,334 (2,048) 463,512 19,851 535 — 20,386 75 State and municipal 369,186 18,090 (181) 387,095 1,575,596 126,575 (69) 1,702,102 1,379 Other — — — — 17,750 189 (7) 17,932 45 Total other securities 957,264 52,039 (2,229) 1,007,074 1,638,008 128,143 (76) 1,766,075 1,499 Total securities $ 2,183,095 $ 117,761 $ (2,238) $ 2,298,618 $ 1,742,337 $ 132,243 $ (76) $ 1,874,504 $ 1,499 |
Summary of securities held-to-maturity | The following table summarizes our securities as of March 31, 2021, including a summary of the amortized cost fair value and allowance for credit losses related to HTM securities and the amortized cost, fair value of AFS securities. The terms “MBS” refers to mortgage-backed securities and the term “CMOs” refers to collateralized mortgage obligations. Both of these terms are further defined in Note 15. “Fair Value Measurements”: March 31, 2021 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Allowance for credit losses Residential MBS: Agency-backed $ 832,665 $ 33,917 $ (1,789) $ 864,793 $ 87,645 $ 3,013 $ — $ 90,658 $ — CMOs/Other MBS 302,349 12,403 — 314,752 — — — — — Total residential MBS 1,135,014 46,320 (1,789) 1,179,545 87,645 3,013 — 90,658 — Other securities: US Treasury and federal agencies 340,074 4,898 (1,500) 343,472 24,844 687 — 25,531 — Corporate 594,845 25,200 (7,121) 612,924 19,837 868 — 20,705 80 State and municipal 373,860 15,232 (362) 388,730 1,568,209 103,435 (58) 1,671,586 1,374 Other — — — — 17,750 173 (171) 17,752 45 Total other securities 1,308,779 45,330 (8,983) 1,345,126 1,630,640 105,163 (229) 1,735,574 1,499 Total securities $ 2,443,793 $ 91,650 $ (10,772) $ 2,524,671 $ 1,718,285 $ 108,176 $ (229) $ 1,826,232 $ 1,499 A summary of amortized cost and estimated fair value of securities as of December 31, 2020 is presented below: December 31, 2020 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair Allowance for credit losses Residential MBS: Agency-backed $ 873,358 $ 44,911 $ (9) $ 918,260 $ 104,329 $ 4,100 $ — $ 108,429 $ — CMOs/Other MBS 352,473 20,811 — 373,284 — — — — — Total residential MBS 1,225,831 65,722 (9) 1,291,544 104,329 4,100 — 108,429 — Other securities: Federal agencies 149,852 6,615 — 156,467 24,811 844 — 25,655 — Corporate 438,226 27,334 (2,048) 463,512 19,851 535 — 20,386 75 State and municipal 369,186 18,090 (181) 387,095 1,575,596 126,575 (69) 1,702,102 1,379 Other — — — — 17,750 189 (7) 17,932 45 Total other securities 957,264 52,039 (2,229) 1,007,074 1,638,008 128,143 (76) 1,766,075 1,499 Total securities $ 2,183,095 $ 117,761 $ (2,238) $ 2,298,618 $ 1,742,337 $ 132,243 $ (76) $ 1,874,504 $ 1,499 Continuous unrecognized loss position Less than 12 months 12 months or longer Total Fair Unrecognized losses Fair Unrecognized losses Fair Unrecognized losses HTM March 31, 2021 Other securities: State and municipal $ — $ — $ 3,910 $ (58) $ 3,910 $ (58) Other 4,829 (171) — — 4,829 (171) Total securities $ 4,829 $ (171) $ 3,910 $ (58) $ 8,739 $ (229) December 31, 2020 Residential MBS: Agency-backed $ — $ — $ — $ — $ — $ — Other securities: State and municipal 105 (1) 4,386 (68) 4,491 (69) Other 9,993 (7) — — 9,993 (7) Total other securities 10,098 (8) 4,386 (68) 14,484 (76) Total securities $ 10,098 $ (8) $ 4,386 $ (68) $ 14,484 $ (76) |
Summary of amortized cost and fair value of investment securities available for sale by remaining period to contractual maturity | The amortized cost and estimated fair value of securities at March 31, 2021 are presented below by contractual maturity. Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential MBS are shown separately since they are not due at a single maturity date. March 31, 2021 Available for sale Held to maturity Amortized Fair Amortized Fair Remaining period to contractual maturity: One year or less $ 1,930 $ 1,929 $ 23,767 $ 24,114 One to five years 321,730 332,513 84,722 88,811 Five to ten years 603,636 624,601 392,685 417,633 Greater than ten years 381,483 386,083 1,129,466 1,205,016 Total securities with a stated maturity date 1,308,779 1,345,126 1,630,640 1,735,574 Residential MBS 1,135,014 1,179,545 87,645 90,658 Total securities $ 2,443,793 $ 2,524,671 $ 1,718,285 $ 1,826,232 |
Sale of securities | Sales and calls of securities for the periods indicated below were as follows: For the three months ended March 31, 2021 2020 Available for sale: Proceeds from sales $ 20,706 $ 407,524 Gross realized gains 1,236 8,480 Gross realized losses (530) (68) Income tax expense on realized net gains 131 1,472 Proceeds from calls $ 2,950 $ 139,777 Gross realized gains 31 4,909 Gross realized losses (18) (29) Income tax expense on realized net gains 2 854 |
Securities available for sale with unrealized losses, by length of time in continuous unrealized loss position | The following table summarizes AFS securities with unrealized losses in an unrealized loss position for which an ACL has not been recorded at March 31, 2021 and December 31, 2020 aggregated by major security type and length of time in a continuous unrealized loss position: Continuous unrealized loss position Less than 12 months 12 months or longer Total Fair Unrealized losses Fair Unrealized losses Fair Unrealized losses AFS March 31, 2021 Residential MBS: Agency-backed $ 48,576 $ (1,781) $ 276 $ (8) $ 48,852 $ (1,789) Other securities: US Treasury and federal agencies 208,506 (1,500) — — 208,506 (1,500) Corporate 187,172 (7,121) — — 187,172 (7,121) State and municipal 24,361 (195) 10,706 (167) 35,067 (362) Total other securities 420,039 (8,816) 10,706 (167) 430,745 (8,983) Total securities $ 468,615 $ (10,597) $ 10,982 $ (175) $ 479,597 $ (10,772) December 31, 2020 Residential MBS: Agency-backed $ 396 $ (1) $ 1,970 $ (8) $ 2,366 $ (9) Other securities: Corporate 83,191 (2,048) — — 83,191 (2,048) State and municipal 2,507 (29) 10,872 (152) 13,379 (181) Total other securities 85,698 (2,077) 10,872 (152) 96,570 (2,229) Total securities $ 86,094 $ (2,078) $ 12,842 $ (160) $ 98,936 $ (2,238) |
Schedule of debt securities held-for-sale allowance for credit loss rollforward | The following table presents the activity in the ACL - HTM securities by type of security for the three month periods ended March 31, 2021 and 2020: March 31, 2021 March 31, 2020 Type of security Type of security Corporate and Other State and municipal Corporate and Other State and municipal ACL - HTM: Balance at beginning of period $ 120 $ 1,379 $ — $ — Impact of adoption on January 1, 2020 — — 108 688 Provision for credit loss expense 5 (5) 7 1,696 Total ACL - HTM at end of period $ 125 $ 1,374 $ 115 $ 2,384 |
Schedule of debt securities held-for-sale amortized cost by credit quality indicator | The following table summarizes the amortized cost of HTM securities at March 31, 2021 aggregated by credit quality indicator: Credit Rating: Corporate and other State and municipal AAA $ — $ 991,273 AA 17,750 550,395 A — 20,522 BBB — 64 Non-rated 19,837 5,955 Total $ 37,587 $ 1,568,209 |
Securities pledged for borrowings at FHLB and other institutions, and securities pledged for municipal deposits and other purposes | Securities pledged for borrowings at the FHLB and other institutions, and securities pledged for municipal deposits and other purposes, were as follows for the periods presented below: March 31, December 31, 2021 2020 AFS securities pledged for borrowings, at fair value $ 31,679 $ 27,101 AFS securities pledged for municipal deposits, at fair value 611,646 569,724 HTM securities pledged for municipal deposits, at amortized cost 1,512,763 1,221,964 Total securities pledged $ 2,156,088 $ 1,818,789 |
Portfolio Loans - (Tables)
Portfolio Loans - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Components of loan portfolio excluding loans held for sale | The composition of our total portfolio loans, which excludes loans held for sale, was the following for the periods presented below: March 31, 2021 December 31, 2020 Commercial: Commercial & Industrial (“C&I”): Traditional C&I $ 2,886,336 $ 2,920,205 Asset-based lending 693,015 803,004 Payroll finance 153,987 159,237 Warehouse lending 1,394,945 1,953,677 Factored receivables 229,629 220,217 Equipment financing 1,475,716 1,531,109 Public sector finance 1,617,986 1,572,819 Total C&I 8,451,614 9,160,268 Commercial mortgage: Commercial real estate (“CRE”) 6,029,282 5,831,990 Multi-family 4,391,850 4,406,660 Acquisition, development and construction (“ADC”) 618,295 642,943 Total commercial mortgage 11,039,427 10,881,593 Total commercial 19,491,041 20,041,861 Residential mortgage 1,486,597 1,616,641 Consumer 174,335 189,907 Total portfolio loans 21,151,973 21,848,409 Allowance for credit losses (323,186) (326,100) Total portfolio loans, net $ 20,828,787 $ 21,522,309 |
Schedule of amounts and status of loans and TDRs | Portfolio loans: An analysis of the aging of portfolio loans, segregated by loan type as of March 31, 2021, is presented below: March 31, 2021 Current 30-59 60-89 90+ Total Traditional C&I $ 2,865,977 $ 2,659 $ 997 $ 16,703 $ 2,886,336 Asset-based lending 693,015 — — — 693,015 Payroll finance 153,987 — — — 153,987 Warehouse lending 1,394,945 — — — 1,394,945 Factored receivables 229,629 — — — 229,629 Equipment financing 1,449,419 2,975 2,526 20,796 1,475,716 Public sector finance 1,617,986 — — — 1,617,986 CRE 6,012,339 4,057 10,079 2,807 6,029,282 Multi-family 4,377,043 14,026 3 778 4,391,850 ADC 593,295 — — 25,000 618,295 Residential mortgage 1,462,169 7,381 2,702 14,345 1,486,597 Consumer 163,360 1,229 398 9,348 174,335 Total loans $ 21,013,164 $ 32,327 $ 16,705 $ 89,777 $ 21,151,973 Total TDRs included above $ 74,064 $ — $ 490 $ 1,892 $ 76,446 Non-performing loans: Loans 90+ days past due and still accruing $ 2 Non-accrual loans 168,555 Total non-performing loans $ 168,557 The following table represents an analysis of the aging of portfolio loans, segregated by loan type as of: December 31, 2020 Current 30-59 60-89 90+ Total Traditional C&I $ 2,905,964 $ 1,215 $ 6,054 $ 6,972 $ 2,920,205 Asset-based lending 803,004 — — — 803,004 Payroll finance 159,237 — — — 159,237 Warehouse lending 1,953,677 — — — 1,953,677 Factored receivables 220,217 — — — 220,217 Equipment financing 1,469,653 24,286 11,077 26,093 1,531,109 Public sector finance 1,572,819 — — — 1,572,819 CRE 5,794,115 13,591 17,421 6,863 5,831,990 Multi-family 4,393,950 11,578 811 321 4,406,660 ADC 612,943 — — 30,000 642,943 Residential mortgage 1,590,068 7,444 3,426 15,703 1,616,641 Consumer 178,587 1,043 907 9,370 189,907 Total loans $ 21,654,234 $ 59,157 $ 39,696 $ 95,322 $ 21,848,409 Total TDRs included above $ 60,257 $ 2,927 $ 13,492 $ 2,295 $ 78,971 Non-performing loans: Loans 90+ days past due and still accruing $ 170 Non-accrual loans 166,889 Total non-performing loans $ 167,059 |
Schedule of collateral-dependent financing receivables | The following table presents the amortized cost basis of collateral-dependent loans by loan type and collateral as of March 31, 2021: Collateral type Real estate Business assets Equipment Taxi medallions Total Traditional C&I $ 412 $ 24,781 $ 5,428 $ 7,376 $ 37,997 Asset-based lending — 13,264 — — 13,264 Payroll finance — 2,313 — — 2,313 Equipment finance — 1,885 13,366 — 15,251 CRE 36,114 — — — 36,114 Multi-family 7,725 — — — 7,725 ADC 25,000 — — — 25,000 Residential mortgage 6,214 — — — 6,214 Consumer 6,093 — — — 6,093 Total $ 81,558 $ 42,243 $ 18,794 $ 7,376 $ 149,971 Collateral-dependent loans include all loans that were TDRs at March 31, 2021. In the table above, $123.1 million of the total loans were on non-accrual at March 31, 2021. Business assets that secure traditional C&I and asset-based lending loans generally include accounts receivable, inventory, machinery and equipment. There were no warehouse lending, factored receivables or public sector finance loans that were collateral-dependent at March 31, 2021. The following table presents the amortized cost basis of collateral-dependent loans by loan type and collateral as of December 31, 2020: Collateral type Real estate Business assets Equipment Taxi medallions Total Traditional C&I $ 425 $ — $ 5,998 $ 10,916 $ 17,339 Asset-based lending — 8,280 — — 8,280 Payroll finance — 2,300 — — 2,300 Equipment finance — 1,117 10,461 — 11,578 CRE 53,212 — — — 53,212 Multi-family 9,914 — — — 9,914 ADC 30,000 — — — 30,000 Residential mortgage 5,025 — — — 5,025 Consumer 7,384 — — — 7,384 Total $ 105,960 $ 11,697 $ 16,459 $ 10,916 $ 145,032 |
Schedule of additional analysis of non-accrual loans | The following table provides additional information on our non-accrual loans and loans 90 days past due: March 31, 2021 December 31, 2020 Total Non-accrual Loans Non-accrual loans with no ACL Loans 90 days or more past due still accruing interest Total Non-accrual Loans Non-accrual loans with no ACL Loans 90 days or more past due still accruing interest Traditional C&I $ 50,351 $ 12,804 $ — $ 19,223 $ 16,914 $ 94 Asset-based lending 10,149 5,789 — 5,255 4,613 — Payroll finance 2,313 2,313 — 2,300 2,300 — Equipment financing 28,868 15,252 2 30,634 11,578 2 CRE 24,269 858 — 46,053 38,529 74 Multi-family 778 — — 4,485 2,156 — ADC 25,000 — — 30,000 — — Residential mortgage 17,081 3,264 — 18,661 808 — Consumer 9,746 775 — 10,278 875 — Total $ 168,555 $ 41,055 $ 2 $ 166,889 $ 77,773 $ 170 |
Schedule of accrued interest receivable reversed against interest income | The following table provides information on accrued interest receivable that was reversed against interest income for the three months ended March 31, 2021 and March 31, 2020: For the three months ended March 31, 2021 2020 Traditional C&I $ 36 $ 7 Asset-based lending — 67 Equipment financing 38 — CRE 7 146 Multi-family — 27 ADC — 297 Residential mortgage 173 80 Consumer 19 7 Total interest reversed $ 273 $ 631 |
Schedule of financing receivable payment deferrals | The table below reflects the balance of deferrals by portfolio: Non-pass rated loans Loan balance outstanding Deferral of principal and interest % Special mention Substandard Commercial C&I: Traditional C&I $ 2,886,336 $ — — % $ — $ — Asset-based lending 693,015 — — — — Payroll finance 153,987 — — — — Warehouse lending 1,394,945 — — — — Factored receivables 229,629 — — — — Equipment finance 1,475,716 3,143 0.2 — 2,297 Public sector finance 1,617,986 — — — — Total C&I 8,451,614 3,143 — — 2,297 Commercial mortgage: Commercial real estate 6,029,282 40,583 0.7 13,399 26,584 Multi-family 4,391,850 4,564 0.1 — — ADC 618,295 — — — — Total commercial mortgage 11,039,427 45,147 0.4 13,399 26,584 Total commercial 19,491,041 48,290 0.2 13,399 28,881 Residential 1,486,597 78,059 5.3 — 355 Consumer 174,335 4,176 2.4 — — Total Portfolio loans $ 21,151,973 $ 130,525 0.6 % $ 13,399 $ 29,236 |
Troubled debt restructurings | The following table presents loans classified as TDRs during the first three months of 2021 and 2020 broken down by segment: March 31, 2021 March 31, 2020 Recorded investment Recorded investment Number Pre- Post- Number Pre- Post- Asset-based lending $ — $ — 1 $ 4,943 $ 4,943 Total TDRs — $ — $ — 1 $ 4,943 $ 4,943 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Loans - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Allowance for loan losses activity | Activity in our ACL - loans for the three months ended March 31, 2021 and March 31, 2020 is summarized in the table below: For the three months ended March 31, 2021 Beginning Charge-offs Recoveries Net Provision / (credit) Ending balance Traditional C&I $ 42,670 $ (1,027) $ 468 $ (559) $ 4,282 $ 46,393 Asset-based lending 12,762 — — — (1,597) 11,165 Payroll finance 1,957 — 2 2 (440) 1,519 Warehouse lending 1,724 — — — (492) 1,232 Factored receivables 2,904 (4) 406 402 (69) 3,237 Equipment financing 31,794 (2,408) 854 (1,554) (2,215) 28,025 Public sector finance 4,516 — — — 116 4,632 CRE 155,313 (2,933) 487 (2,446) 6,555 159,422 Multi-family 33,320 (3,230) — (3,230) 3,286 33,376 ADC 17,927 (5,000) — (5,000) 876 13,803 Residential mortgage 16,529 (267) 37 (230) (329) 15,970 Consumer 4,684 (391) 92 (299) 27 4,412 Total ACL - loans $ 326,100 $ (15,260) $ 2,346 $ (12,914) $ 10,000 $ 323,186 Annualized net charge-offs to average loans outstanding: 0.25 % For the three months ended March 31, 2020 Beginning CECL Day 1 Charge-offs Recoveries Net Provision / (credit) Ending balance Traditional C&I $ 15,951 $ 5,325 $ (298) $ 475 $ 177 $ 13,836 $ 35,289 Asset-based lending 14,272 11,973 (985) — (985) 1,230 26,490 Payroll finance 2,064 1,334 — 9 9 323 3,730 Warehouse lending 917 (362) — — — (266) 289 Factored receivables 654 795 (7) 4 (3) 7,748 9,194 Equipment financing 16,723 33,000 (4,793) 1,105 (3,688) 13,993 60,028 Public sector finance 1,967 (766) — — — 728 1,929 CRE 27,965 8,037 (1,275) 60 (1,215) 62,799 97,586 Multi-family 11,440 14,906 — — — 22,751 49,097 ADC 4,732 (119) (3) 105 102 10,489 15,204 Residential mortgage 7,598 14,104 (1,072) — (1,072) 2,460 23,090 Consumer 1,955 2,357 (1,405) 1,125 (280) 486 4,518 Total ACL - loans $ 106,238 $ 90,584 $ (9,838) $ 2,883 $ (6,955) $ 136,577 $ 326,444 Annualized net charge-offs to average loans outstanding: 0.13 % |
Financing receivable credit quality indicators | As of March 31, 2021 and December 31, 2020, the risk category of non-pass rated loans by segment was as follows: March 31, 2021 December 31, 2020 Special Mention Substandard Special Mention Substandard Traditional C&I $ 37,627 $ 95,527 $ 24,162 $ 84,792 Asset-based lending 92,534 13,817 111,597 11,669 Payroll finance 1,176 2,313 — 2,300 Factored receivables — — 5,523 — Equipment financing 6,323 47,527 7,737 45,018 CRE 240,770 347,393 249,403 280,796 Multi-family 114,402 31,328 61,146 44,872 ADC 1,613 25,000 1,407 30,000 Residential mortgage — 17,368 468 18,942 Consumer 7 9,836 15 10,371 Total $ 494,452 $ 590,109 $ 461,458 $ 528,760 Term loans amortized cost basis by origination year Revolving loans converted to term 2021 2020 2019 2018 2017 Prior Revolving loans Total Traditional C&I Pass $ 55,876 $ 394,938 $ 202,836 $ 247,049 $ 120,169 $ 162,274 $ 1,569,746 $ — $ 2,752,888 Special mention 438 165 8,846 17,261 4,030 1,555 5,332 — 37,627 Substandard 11 1,124 37,250 18,562 6,668 10,052 21,860 — 95,527 Doubtful — — — — — — 295 — 295 Total traditional C&I 56,325 396,227 248,932 282,872 130,867 173,881 1,597,233 — 2,886,337 Asset-Based Loans Pass 12,108 45,326 27,339 5,451 10,212 58,968 427,260 — 586,664 Special mention — — 738 9,477 13,753 — 68,566 — 92,534 Substandard — — — — — 553 13,264 — 13,817 Total asset-based lending 12,108 45,326 28,077 14,928 23,965 59,521 509,090 — 693,015 Payroll Finance Pass — — 8,014 — — — 142,484 — 150,498 Special mention — — — — — — 1,176 — 1,176 Substandard — — — — — — 2,313 — 2,313 Total payroll finance — — 8,014 — — — 145,973 — 153,987 Warehouse Lending Pass 41,469 112,045 41,103 53,592 236,757 909,979 — — 1,394,945 Special mention — — — — — — — — — Substandard — — — — — — — — — Total warehouse lending 41,469 112,045 41,103 53,592 236,757 909,979 — — 1,394,945 Factored Receivables Pass — — — — — — 229,629 — 229,629 Total factored receivables — — — — — — 229,629 — 229,629 Equipment Financing Pass 82,999 408,641 498,484 224,618 93,669 113,455 — — 1,421,866 Special mention — — 3,999 2,023 185 116 — — 6,323 Substandard — 12 22,254 8,631 12,422 4,208 — — 47,527 Total equipment financing 82,999 408,653 524,737 235,272 106,276 117,779 — — 1,475,716 Public Sector Finance Term loans amortized cost basis by origination year Revolving loans converted to term 2021 2020 2019 2018 2017 Prior Revolving loans Total Pass 73,774 437,123 398,280 206,591 261,963 240,255 — — 1,617,986 Total public sector finance 73,774 437,123 398,280 206,591 261,963 240,255 — — 1,617,986 CRE Pass 168,163 1,047,246 1,247,285 882,651 514,007 1,581,766 — — 5,441,118 Special mention — 8,349 111,559 19,246 54,793 46,823 — — 240,770 Substandard — 37,821 65,059 95,688 29,448 119,377 — — 347,393 Total CRE 168,163 1,093,416 1,423,903 997,585 598,248 1,747,966 — — 6,029,281 Multi-family Pass 211,873 371,457 707,272 431,720 600,632 1,855,436 67,730 — 4,246,120 Special mention — — 32,370 8,178 26,082 43,742 4,030 — 114,402 Substandard — — 10,185 — — 18,196 2,947 — 31,328 Total multi-family 211,873 371,457 749,827 439,898 626,714 1,917,374 74,707 — 4,391,850 ADC Pass 25,451 114,913 274,904 100,437 28,971 47,006 — — 591,682 Special mention — 1,613 — — — — — — 1,613 Substandard — — — — 25,000 — — — 25,000 Total ADC 25,451 116,526 274,904 100,437 53,971 47,006 — — 618,295 Residential Pass 230 10,594 11,088 31,989 40,801 1,374,527 — — 1,469,229 Substandard — — — — — 17,368 — — 17,368 Total residential 230 10,594 11,088 31,989 40,801 1,391,895 — — 1,486,597 Consumer Pass — 70 358 376 222 5,013 98,640 59,813 164,492 Special mention — — — — — — 7 — 7 Substandard — — — — — 394 3,225 6,217 9,836 Total consumer — 70 358 376 222 5,407 101,872 66,030 174,335 Total Loans $ 672,392 $ 2,991,437 $ 3,709,223 $ 2,363,540 $ 2,079,784 $ 6,611,063 $ 2,658,504 $ 66,030 $ 21,151,973 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and intangible assets | The balance of goodwill and other intangible assets for the periods presented were as follows: March 31, December 31, 2021 2020 Goodwill $ 1,683,482 $ 1,683,482 Other intangible assets: Core deposits $ 66,180 $ 69,808 Customer lists 3,108 3,256 Trade name 20,500 20,500 Total $ 89,788 $ 93,564 |
Future amortization expense | The estimated aggregate future amortization expense for intangible assets remaining as of March 31, 2021 was as follows: Amortization expense Remainder of 2021 $ 11,328 2022 13,703 2023 12,322 2024 10,448 2025 8,722 2026 7,134 Thereafter 5,631 Total $ 69,288 |
Deposits - (Tables)
Deposits - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Deposits [Abstract] | |
Summary of major classification of deposits | Deposit balances at March 31, 2021 and December 31, 2020 were as follows: March 31, December 31, 2021 2020 Non-interest bearing demand $ 5,691,429 $ 5,443,907 Interest bearing demand 5,132,937 4,960,800 Savings 2,690,445 2,603,570 Money market 8,568,965 8,114,415 Certificates of deposit 1,757,942 1,996,830 Total deposits $ 23,841,718 $ 23,119,522 |
List of company's brokered deposits | Brokered deposits at March 31, 2021 and December 31, 2020 were as follows: March 31, December 31, 2021 2020 Interest bearing demand $ 399,000 $ 433,790 Money market 1,034,070 1,045,478 Certificates of deposit 151,017 100,003 Total brokered deposits $ 1,584,087 $ 1,579,271 |
Borrowings - (Tables)
Borrowings - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Instruments [Abstract] | |
Schedule of debt | Our borrowings and weighted average interest rates were as follows for the periods presented: March 31, December 31, 2021 2020 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ — — % $ 382,000 0.35 % Repurchase agreements 31,679 0.10 27,101 0.10 Federal funds purchased — — 277,000 0.11 Subordinated Notes - Bank 143,757 5.45 143,703 5.45 Subordinated Notes - 2029 270,366 4.18 270,284 4.17 Subordinated Notes - 2030 221,697 4.06 221,626 4.06 Total borrowings $ 667,499 4.22 % $ 1,321,714 2.25 % By remaining period to maturity: Less than one year $ 31,679 0.10 % $ 686,101 0.24 % Greater than five years 635,820 4.43 635,613 4.43 Total borrowings $ 667,499 4.22 % $ 1,321,714 2.25 % |
Derivatives - (Tables)
Derivatives - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Summary of derivatives | Summary information as of March 31, 2021 and December 31, 2020 regarding these derivatives is presented below: Notional Average Weighted Weighted Fair value March 31, 2021 Included in other assets: Third-party interest rate swap $ — $ — Customer interest rate swap 1,913,381 105,772 Total $ 1,913,381 4.29 4.42 % 1 m Libor + 2.21% $ 105,772 Included in other liabilities: Third-party interest rate swap $ 1,913,381 $ 45,233 Customer interest rate swap — — Total $ 1,913,381 4.29 4.42 % 1 m Libor + 2.21% $ 45,233 December 31, 2020 Included in other assets: Third-party interest rate swap $ — $ — Customer interest rate swap 1,913,607 149,797 Total $ 1,913,607 4.40 4.44 % 1 m Libor + 2.20% $ 149,797 Included in other liabilities: Third-party interest rate swap $ 1,913,607 $ 60,004 Customer interest rate swap — — Total $ 1,913,607 4.40 4.44 % 1 m Libor + 2.20% $ 60,004 |
Income Taxes - (Tables)
Income Taxes - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of effective income tax rate reconciliation | Actual income tax expense differs from the tax computed based on pre-tax income and the applicable statutory federal tax rate for the following reasons: For the three months ended March 31, 2021 2020 Income before income tax expense $ 122,105 $ 6,105 Tax at federal statutory rate of 21% 25,642 1,282 State and local income taxes, net of federal tax benefit 6,160 589 Tax exempt interest, net of disallowed interest (5,777) (7,409) BOLI income (1,004) (1,111) Low income housing tax credits and other benefits (13,780) (8,462) Low income housing investment amortization expense 11,507 7,401 Tax rate adjustment benefit due to CARES Act net operating loss (“NOL”) carryback — (21,313) Uncertain tax position reserve — 11,480 Annual effective tax rate adjustment — 8,248 Non-deductible compensation expense 1 640 — Equity-based stock compensation (benefit) expense (152) 491 FDIC insurance premium limitation 257 256 Other, net (538) 506 Actual income tax expense (benefit) $ 22,955 $ (8,042) Effective income tax rate 18.8 % (131.7) % |
Schedule of unrecognized tax benefits roll forward | As of March 31, 2021, the accrual for unrecognized gross tax benefits was as follows: For the three months ended March 31, 2021 2020 Uncertain tax positions beginning of period $ 7,000 $ — Additions for tax positions related to prior tax years — 11,480 Decrease due to settlement — — Interest expense in tax positions — — Uncertain tax positions at end of period $ 7,000 $ 11,480 |
Stock-Based Compensation - (Tab
Stock-Based Compensation - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Summary of Company's stock option activity | The following table summarizes the activity in our stock-based compensation plan for the three months ended March 31, 2021: Non-vested stock awards/stock units outstanding Stock options outstanding Shares available for grant Number of shares Weighted average grant date fair value Number of shares Weighted average exercise price Balance at January 1, 2021 1,811,418 2,993,643 $ 19.54 336,621 $ 11.41 Granted (1,138,246) 1,138,246 20.36 — — Stock awards vested — (820,633) 21.31 — — Exercised — — — (73,946) 10.17 Forfeited 21,775 (21,775) 19.05 — — Canceled/expired 31,109 (31.109) 20.85 — — Balance at March 31, 2021 726,056 3,258,372 $ 19.37 262,675 $ 11.41 Exercisable at March 31, 2021 262,675 $ 11.41 |
Schedule of stock-based compensation expense associated with stock options and non-vested stock awards | Stock-based compensation expense associated with non-vested stock awards and the related income tax benefit, and proceeds from stock option exercises are presented below: For the three months ended March 31, 2021 2020 Stock options $ — $ — Non-vested stock awards/performance units 6,617 6,006 Non-vested stock awards/performance units $ 6,617 $ 6,006 Income tax benefit 1,224 1,051 Proceeds from stock option exercises 752 414 |
Other Non-Interest Expense, O_2
Other Non-Interest Expense, Other Assets and Other Liabilities - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of other non-interest expense | Other non-interest expense items for the three months ended March 31, 2021 and 2020, respectively, are presented in the following table: For the three months ended March 31, 2021 2020 Other non-interest expense: Depreciation expense on operating leases $ 3,124 $ 3,492 Advertising and promotion 1,708 1,983 Communications 1,427 1,630 Residential mortgage loans servicing 1,449 1,377 Commercial loan servicing 979 1,025 Insurance & surety bond premium 914 1,091 Operational losses 593 605 Other 4,858 5,460 Total other non-interest expense $ 15,052 $ 16,663 |
Schedule of other assets | Other assets are presented in the following table. Significant components of the aggregate of other assets are presented separately. March 31, December 31, 2021 2020 Other assets: Low income housing tax credit investments $ 484,885 $ 488,303 Right of use asset for operating leases 101,495 105,667 Fair value of swaps 105,772 149,797 Cash on deposit as swap collateral / net of settlement 69,014 82,478 Operating leases - equipment and vehicles leased to others 51,999 55,224 Other asset balances 193,003 181,934 Total other assets $ 1,006,168 $ 1,063,403 |
Schedule of other liabilities | Other liabilities are presented in the following table. Significant components of the aggregate of other liabilities are presented separately. March 31, December 31, 2021 2020 Other liabilities: Commitment to fund low income housing tax credit investments $ 276,974 $ 283,849 Lease liability 109,720 113,405 Payroll finance and factoring liabilities 125,831 115,802 Swap liabilities (see Note 8) 45,233 60,004 Other liability balances 144,898 155,642 Total other liabilities $ 702,656 $ 728,702 |
Earnings Per Common Share - (Ta
Earnings Per Common Share - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted earnings per share | The following is a summary of the calculation of earnings per common share (“EPS”): For the three months ended March 31, 2021 2020 Net income available to common stockholders $ 97,187 $ 12,171 Weighted average common shares outstanding for computation of basic EPS 191,890,512 196,344,061 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 731,395 364,977 Weighted average common shares for computation of diluted EPS 192,621,907 196,709,038 EPS (2) : Basic $ 0.51 $ 0.06 Diluted 0.50 0.06 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted EPS. Anti-dilutive shares were 0 and 23,590 for the three months ended March 31, 2021 and 2020, respectively. |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of compliance with regulatory capital requirements under banking regulations | The following tables present actual and required capital ratios as of March 31, 2021 and December 31, 2020 for us and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented as of March 31, 2021 and December 31, 2020 are based on the fully phased-in provisions of the Basel III Capital Rules. Capital levels required to be considered well-capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. Actual Minimum capital required - Basel III Required to be considered well- capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio March 31, 2021 Common equity tier 1 to RWA: Sterling National Bank $ 3,269,545 14.04 % $ 1,630,407 7.00 % $ 1,513,949 6.50 % Sterling Bancorp 2,786,496 11.95 1,632,817 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 3,269,545 14.04 % 1,979,780 8.50 % 1,863,322 8.00 % Sterling Bancorp 2,922,954 12.53 1,982,706 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,590,726 15.42 % 2,445,610 10.50 % 2,329,152 10.00 % Sterling Bancorp 3,690,353 15.82 2,449,225 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 3,269,545 11.76 % 1,111,894 4.00 % 1,389,867 5.00 % Sterling Bancorp 2,922,954 10.50 1,113,426 4.00 N/A N/A Actual Minimum capital required - Basel III fully phased-in Required to be considered well- capitalized Capital amount Ratio Capital amount Ratio Capital amount Ratio December 31, 2020 Common equity tier 1 to RWA: Sterling National Bank $ 3,198,145 13.38 % $ 1,673,516 7.00 % $ 1,553,979 6.50 % Sterling Bancorp 2,727,385 11.39 1,675,747 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 3,198,145 13.38 % 2,032,127 8.50 % 1,912,590 8.00 % Sterling Bancorp 2,864,074 11.96 2,034,836 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,521,458 14.73 % 2,510,274 10.50 % 2,390,737 10.00 % Sterling Bancorp 3,638,033 15.20 2,513,621 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 3,198,145 11.33 % 1,128,913 4.00 % 1,411,142 5.00 % Sterling Bancorp 2,864,074 10.14 1,130,362 4.00 N/A N/A |
Commitments and Contingencies -
Commitments and Contingencies - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of off-balance-sheet financial instruments | The contractual or notional amounts of these instruments, which reflect the extent of our involvement in particular classes of off-balance sheet financial instruments, are summarized as follows: March 31, December 31, 2021 2020 Loan origination commitments $ 598,171 $ 641,965 Unused lines of credit 1,493,031 1,623,745 Letters of credit 175,305 181,890 |
Schedule of operating lease liability maturities | Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows: Remainder of 2021 $ 13,805 2022 18,069 2023 16,605 2024 14,790 2025 12,176 2026 11,054 2027 and thereafter 39,788 Total lease payments 126,287 Interest 16,567 Present value of lease liabilities $ 109,720 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated fair value on a recurring basis | A summary of assets and liabilities at March 31, 2021 and December 31, 2020, respectively, measured at estimated fair value on a recurring basis, is as follows: March 31, 2021 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 864,793 $ — $ 864,793 $ — CMOs/Other MBS 314,752 — 314,752 — Total residential MBS 1,179,545 — 1,179,545 — Other securities: Federal agencies 343,472 — 343,472 — Corporate 612,924 — 612,924 — State and municipal 388,730 — 388,730 — Total other securities 1,345,126 — 1,345,126 — Total AFS 2,524,671 — 2,524,671 — Swaps 105,772 — 105,772 — Total assets $ 2,630,443 $ — $ 2,630,443 $ — Liabilities: Swaps $ 45,233 $ — $ 45,233 $ — Total liabilities $ 45,233 $ — $ 45,233 $ — December 31, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 918,260 $ — $ 918,260 $ — CMOs/Other MBS 373,284 — 373,284 — Total residential MBS 1,291,544 — 1,291,544 — Federal agencies 156,467 — 156,467 — Corporate 463,512 — 463,512 — State and municipal 387,095 — 387,095 — Total other securities 1,007,074 — 1,007,074 — Total AFS 2,298,618 — 2,298,618 — Swaps 149,797 — 149,797 — Total assets $ 2,448,415 $ — $ 2,448,415 $ — Liabilities: Swaps $ 60,004 $ — $ 60,004 $ — Total liabilities $ 60,004 $ — $ 60,004 $ — |
Estimated fair value on nonrecurring basis | March 31, 2021 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 7,376 $ — $ — $ 7,376 Asset-based lending 1,846 — — 1,846 Payroll finance 2,313 — — 2,313 Equipment financing 2,671 — — 2,671 CRE 25,156 — — 25,156 ADC 25,000 — — 25,000 Residential mortgage 1,307 — — 1,307 Consumer 2,451 — — 2,451 Total collateral dependent loans measured at fair value $ 68,120 $ — $ — $ 68,120 December 31, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 10,916 $ — $ — $ 10,916 Asset-based lending 1,899 — — 1,899 Payroll finance 2,300 — — 2,300 CRE 27,323 — — 27,323 Residential mortgage 1,307 — — 1,307 Consumer 3,593 — — 3,593 Total collateral dependent loans measured at fair value $ 47,338 $ — $ — $ 47,338 |
Carrying amounts and estimated fair value of financial assets and liabilities | The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of March 31, 2021: March 31, 2021 Carrying Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 935,633 $ 935,633 $ — $ — Securities AFS 2,524,671 — 2,524,671 — Securities HTM, net 1,716,786 — 1,826,232 — Loans held for sale 36,237 — 36,237 — Portfolio loans, net 20,828,787 — — 20,772,549 Accrued interest receivable on securities 32,979 — 32,979 — Accrued interest receivable on loans 70,344 — — 70,344 FHLB stock and FRB stock 153,968 — — — Swaps 105,772 — 105,772 — Financial liabilities: Non-maturity deposits 22,083,776 22,083,776 — — Certificates of deposit 1,757,942 — 1,758,273 — Other borrowings 31,679 — 31,679 — Subordinated Notes - Bank 143,757 — 145,000 — Subordinated Notes - Company 492,063 — 496,330 — Mortgage escrow funds 82,245 — 82,245 — Accrued interest payable on deposits 597 — 597 — Accrued interest payable on borrowings 10,234 — 10,234 — Swaps 45,233 — 45,233 — The following is a summary of the carrying amounts and estimated fair value of financial assets and liabilities (none of which were held for trading purposes) as of December 31, 2020: December 31, 2020 Carrying Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 305,002 $ 305,002 $ — $ — Securities AFS 2,298,618 — 2,298,618 — Securities HTM 1,740,838 — 1,874,504 — Loans held for sale 11,749 — 11,749 — Portfolio loans, net 21,522,309 — — 21,791,489 Accrued interest receivable on securities 26,508 — 26,508 — Accrued interest receivable on loans 70,997 — — 70,997 FHLB stock and FRB stock 166,190 — — — Swaps 149,797 — 149,797 — Financial liabilities: Non-maturity deposits 21,122,692 21,122,692 — — Certificates of deposit 1,996,830 — 2,002,702 — FHLB borrowings 382,000 — 382,000 — Other borrowings 304,101 — 304,101 — Subordinated Notes - Bank 143,703 — 145,870 — Subordinated Notes - Company 491,910 — 506,497 — Mortgage escrow funds 59,686 — 59,686 — Accrued interest payable on deposits 1,068 — 1,068 — Accrued interest payable on borrowings 3,425 — 3,425 — Swaps 60,004 — 60,004 — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income - (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of accumulated other comprehensive income | Components of accumulated other comprehensive income were as follows as of the dates shown below: March 31, December 31, 2021 2020 Net unrealized holding gain on available for sale securities $ 80,878 $ 115,523 Related income tax expense (22,355) (31,931) Available for sale securities, net of tax 58,523 83,592 Net unrealized holding loss on securities transferred to held to maturity (303) (348) Related income tax benefit 84 96 Securities transferred to held to maturity, net of tax (219) (252) Net unrealized holding (loss) gain on retirement plans (985) 2,040 Related income tax benefit (expense) 272 (564) Retirement plans, net of tax (713) 1,476 Accumulated other comprehensive income $ 57,591 $ 84,816 The following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended March 31, 2021 and 2020: Net unrealized holding gain on available for sale securities Net unrealized holding (loss) on securities transferred to held to maturity Net unrealized holding (loss) gain on retirement plans Total For the three months ended March 31, 2021 Balance beginning of the period $ 83,592 $ (252) $ 1,476 $ 84,816 Other comprehensive (loss) before reclassification (24,549) — — (24,549) Amounts reclassified from AOCI (520) 33 (2,189) (2,676) Total other comprehensive (loss) income (25,069) 33 (2,189) (27,225) Balance at end of period $ 58,523 $ (219) $ (713) $ 57,591 For the three months ended March 31, 2020 Balance beginning of the period $ 38,056 $ (538) $ 2,698 $ 40,216 Other comprehensive income before reclassification 35,280 — — 35,280 Amounts reclassified from AOCI (6,087) 70 (1,858) (7,875) Total other comprehensive income (loss) 29,193 70 (1,858) 27,405 Balance at end of period $ 67,249 $ (468) $ 840 $ 67,621 Location in consolidated income statements where reclassification from accumulated other comprehensive loss is included Net gain (loss) on sale of securities Interest income on securities Other non-interest expense |
Basis of Financial Statement _3
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivable, allowance for credit loss | $ 326,100 | $ 323,186 | $ 326,444 | $ 106,238 |
Allowance for credit losses increase | 251,700 | |||
Portfolio loans | 21,848,409 | 21,151,973 | ||
Special mention | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 494,500 | |||
Substandard and Doubtful | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 590,100 | |||
Impact of COVID-19 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivable, allowance for credit loss | $ 106,200 | $ 323,200 | ||
Financing receivable allowance for credit loss as a percent of financing receivable | 0.50% | 1.53% | ||
Allowance for credit losses increase | $ 165,000 | |||
Impact of COVID-19 | Special mention | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | $ 13,399 | |||
Payment Deferral | Impact of COVID-19 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | $ 208,400 | $ 130,525 |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Available for Sale | ||||
Amortized cost | $ 2,443,793 | $ 2,183,095 | ||
Gross unrealized gains | 91,650 | 117,761 | ||
Gross unrealized losses | (10,772) | (2,238) | ||
Securities available for sale, at estimated fair value | 2,524,671 | 2,298,618 | ||
Held to Maturity | ||||
Amortized cost | 1,718,285 | 1,742,337 | ||
Gross unrecognized gains | 108,176 | 132,243 | ||
Gross unrecognized losses | (229) | (76) | ||
Held-to-maturity, fair value | 1,826,232 | 1,874,504 | ||
Debt securities, held-to-maturity, allowance for credit loss | 1,499 | 1,499 | ||
Agency-backed | ||||
Available for Sale | ||||
Amortized cost | 832,665 | 873,358 | ||
Gross unrealized gains | 33,917 | 44,911 | ||
Gross unrealized losses | (1,789) | (9) | ||
Securities available for sale, at estimated fair value | 864,793 | 918,260 | ||
Held to Maturity | ||||
Amortized cost | 87,645 | 104,329 | ||
Gross unrecognized gains | 3,013 | 4,100 | ||
Gross unrecognized losses | 0 | 0 | ||
Held-to-maturity, fair value | 90,658 | 108,429 | ||
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 | ||
CMOs/Other MBS | ||||
Available for Sale | ||||
Amortized cost | 302,349 | 352,473 | ||
Gross unrealized gains | 12,403 | 20,811 | ||
Gross unrealized losses | 0 | 0 | ||
Securities available for sale, at estimated fair value | 314,752 | 373,284 | ||
Held to Maturity | ||||
Amortized cost | 0 | 0 | ||
Gross unrecognized gains | 0 | 0 | ||
Gross unrecognized losses | 0 | 0 | ||
Held-to-maturity, fair value | 0 | 0 | ||
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 | ||
Total residential MBS | ||||
Available for Sale | ||||
Amortized cost | 1,135,014 | 1,225,831 | ||
Gross unrealized gains | 46,320 | 65,722 | ||
Gross unrealized losses | (1,789) | (9) | ||
Securities available for sale, at estimated fair value | 1,179,545 | 1,291,544 | ||
Held to Maturity | ||||
Amortized cost | 87,645 | 104,329 | ||
Gross unrecognized gains | 3,013 | 4,100 | ||
Gross unrecognized losses | 0 | 0 | ||
Held-to-maturity, fair value | 90,658 | 108,429 | ||
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 | ||
US Treasury and federal agencies | ||||
Available for Sale | ||||
Amortized cost | 340,074 | |||
Gross unrealized gains | 4,898 | |||
Gross unrealized losses | (1,500) | |||
Securities available for sale, at estimated fair value | 343,472 | |||
Held to Maturity | ||||
Amortized cost | 24,844 | |||
Gross unrecognized gains | 687 | |||
Gross unrecognized losses | 0 | |||
Held-to-maturity, fair value | 25,531 | |||
Debt securities, held-to-maturity, allowance for credit loss | 0 | |||
Federal agencies | ||||
Available for Sale | ||||
Amortized cost | 149,852 | |||
Gross unrealized gains | 6,615 | |||
Gross unrealized losses | 0 | |||
Securities available for sale, at estimated fair value | 156,467 | |||
Held to Maturity | ||||
Amortized cost | 24,811 | |||
Gross unrecognized gains | 844 | |||
Gross unrecognized losses | 0 | |||
Held-to-maturity, fair value | 25,655 | |||
Debt securities, held-to-maturity, allowance for credit loss | 0 | |||
Corporate | ||||
Available for Sale | ||||
Amortized cost | 594,845 | 438,226 | ||
Gross unrealized gains | 25,200 | 27,334 | ||
Gross unrealized losses | (7,121) | (2,048) | ||
Securities available for sale, at estimated fair value | 612,924 | 463,512 | ||
Held to Maturity | ||||
Amortized cost | 19,837 | 19,851 | ||
Gross unrecognized gains | 868 | 535 | ||
Gross unrecognized losses | 0 | 0 | ||
Held-to-maturity, fair value | 20,705 | 20,386 | ||
Debt securities, held-to-maturity, allowance for credit loss | 80 | 75 | ||
State and municipal | ||||
Available for Sale | ||||
Amortized cost | 373,860 | 369,186 | ||
Gross unrealized gains | 15,232 | 18,090 | ||
Gross unrealized losses | (362) | (181) | ||
Securities available for sale, at estimated fair value | 388,730 | 387,095 | ||
Held to Maturity | ||||
Amortized cost | 1,568,209 | 1,575,596 | ||
Gross unrecognized gains | 103,435 | 126,575 | ||
Gross unrecognized losses | (58) | (69) | ||
Held-to-maturity, fair value | 1,671,586 | 1,702,102 | ||
Debt securities, held-to-maturity, allowance for credit loss | 1,374 | 1,379 | $ 2,384 | $ 0 |
Other | ||||
Available for Sale | ||||
Amortized cost | 0 | 0 | ||
Gross unrealized gains | 0 | 0 | ||
Gross unrealized losses | 0 | 0 | ||
Securities available for sale, at estimated fair value | 0 | 0 | ||
Held to Maturity | ||||
Amortized cost | 17,750 | 17,750 | ||
Gross unrecognized gains | 173 | 189 | ||
Gross unrecognized losses | (171) | (7) | ||
Held-to-maturity, fair value | 17,752 | 17,932 | ||
Debt securities, held-to-maturity, allowance for credit loss | 45 | 45 | ||
Total other securities | ||||
Available for Sale | ||||
Amortized cost | 1,308,779 | 957,264 | ||
Gross unrealized gains | 45,330 | 52,039 | ||
Gross unrealized losses | (8,983) | (2,229) | ||
Securities available for sale, at estimated fair value | 1,345,126 | 1,007,074 | ||
Held to Maturity | ||||
Amortized cost | 1,630,640 | 1,638,008 | ||
Gross unrecognized gains | 105,163 | 128,143 | ||
Gross unrecognized losses | (229) | (76) | ||
Held-to-maturity, fair value | 1,735,574 | 1,766,075 | ||
Debt securities, held-to-maturity, allowance for credit loss | $ 1,499 | $ 1,499 |
Securities - Future Maturity (D
Securities - Future Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Available-for-sale, one year or less, amortized cost | $ 1,930 | |
Available-for-sale, one to five years, amortized cost | 321,730 | |
Available-for-sale, five to ten years, amortized cost | 603,636 | |
Available-for-sale, greater than ten years, amortized cost | 381,483 | |
Available-for-sale, with a stated maturity date, amortized cost | 1,308,779 | |
Available-for-sale, without single maturity date, amortized cost | 1,135,014 | |
Amortized cost | 2,443,793 | $ 2,183,095 |
Fair value | ||
Available-for-sale, one year or less, fair value | 1,929 | |
Available-for-sale, one to five years, fair value | 332,513 | |
Available-for-sale, five to ten years, fair value | 624,601 | |
Available-for-sale, greater than ten years, fair value | 386,083 | |
Available-for-sale, with a stated maturity date, fair value | 1,345,126 | |
Available-for-sale, without single maturity date, fair value | 1,179,545 | |
Securities available for sale | 2,524,671 | 2,298,618 |
Amortized cost | ||
Held-to-maturity, one year or less, amortized cost | 23,767 | |
Held-to-maturity, one to five years, amortized cost | 84,722 | |
Held-to-maturity, five to ten years, amortized cost | 392,685 | |
Held-to-maturity, greater than ten years, amortized cost | 1,129,466 | |
Held-to-maturity, with a stated maturity date, amortized cost | 1,630,640 | |
Held-to-maturity, without single maturity date, amortized cost | 87,645 | |
Amortized cost | 1,718,285 | 1,742,337 |
Fair value | ||
Held-to-maturity, one year or less, fair value | 24,114 | |
Held-to-maturity, one to five years, fair value | 88,811 | |
Held-to-maturity, five to ten years, fair value | 417,633 | |
Held-to-maturity, greater than ten years, fair value | 1,205,016 | |
Held-to-maturity, with a stated maturity date, fair value | 1,735,574 | |
Held-to-maturity, without single maturity date, fair value | 90,658 | |
Held-to-maturity, fair value | $ 1,826,232 | $ 1,874,504 |
Securities - Sales and Calls of
Securities - Sales and Calls of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Available for sale: | ||
Proceeds from sales | $ 20,706 | $ 407,524 |
Gross realized gains | 1,236 | 8,480 |
Gross realized losses | (530) | (68) |
Income tax expense on realized net gains | 131 | 1,472 |
Proceeds from calls | 2,950 | 139,777 |
Gross realized gains | 31 | 4,909 |
Gross realized losses | (18) | (29) |
Income tax expense on realized net gains | $ 2 | $ 854 |
Securities - Available-for-sale
Securities - Available-for-sale Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | $ 468,615 | $ 86,094 |
Unrealized losses, less than 12 months, accumulated loss | (10,597) | (2,078) |
Fair value, 12 months or longer | 10,982 | 12,842 |
Unrealized losses, 12 months or longer | (175) | (160) |
Fair value, total | 479,597 | 98,936 |
Unrealized losses, total | (10,772) | (2,238) |
Agency-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 48,576 | 396 |
Unrealized losses, less than 12 months, accumulated loss | (1,781) | (1) |
Fair value, 12 months or longer | 276 | 1,970 |
Unrealized losses, 12 months or longer | (8) | (8) |
Fair value, total | 48,852 | 2,366 |
Unrealized losses, total | (1,789) | (9) |
US Treasury and federal agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 208,506 | |
Unrealized losses, less than 12 months, accumulated loss | (1,500) | |
Fair value, 12 months or longer | 0 | |
Unrealized losses, 12 months or longer | 0 | |
Fair value, total | 208,506 | |
Unrealized losses, total | (1,500) | |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 187,172 | 83,191 |
Unrealized losses, less than 12 months, accumulated loss | (7,121) | (2,048) |
Fair value, 12 months or longer | 0 | 0 |
Unrealized losses, 12 months or longer | 0 | 0 |
Fair value, total | 187,172 | 83,191 |
Unrealized losses, total | (7,121) | (2,048) |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 24,361 | 2,507 |
Unrealized losses, less than 12 months, accumulated loss | (195) | (29) |
Fair value, 12 months or longer | 10,706 | 10,872 |
Unrealized losses, 12 months or longer | (167) | (152) |
Fair value, total | 35,067 | 13,379 |
Unrealized losses, total | (362) | (181) |
Total other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 420,039 | 85,698 |
Unrealized losses, less than 12 months, accumulated loss | (8,816) | (2,077) |
Fair value, 12 months or longer | 10,706 | 10,872 |
Unrealized losses, 12 months or longer | (167) | (152) |
Fair value, total | 430,745 | 96,570 |
Unrealized losses, total | $ (8,983) | $ (2,229) |
Securities - Narrative (Details
Securities - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)security | Mar. 31, 2020security | Dec. 31, 2020USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Number of available for sale securities which were in continuous unrealized loss position for less than 12 months | 59 | ||
Number of available for sale securities which were in continuous unrealized loss position for 12 months or more | 56 | ||
Available-for-sale securities accrued interest receivable | $ | $ 14.9 | $ 10.9 | |
Period used for discounted cash flow approach credit loss analysis | 3 years | ||
Held-to-maturity securities accrued interest receivable | $ | $ 18.1 | $ 15.6 | |
Number of held to maturity securities which were in continuous unrealized loss position for less than 12 months | 1 | ||
Number of held to maturity securities which were in continuous unrealized loss position for 12 months or more | 26 | ||
Threshold period considered past due | 30 days |
Securities - Held to Maturity S
Securities - Held to Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | $ 4,829 | $ 10,098 |
Unrecognized losses, less than 12 months | (171) | (8) |
Fair value, 12 months or longer | 3,910 | 4,386 |
Unrecognized losses, 12 months or longer | (58) | (68) |
Fair value, total | 8,739 | 14,484 |
Unrecognized losses, total | (229) | (76) |
State and municipal | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 0 | 105 |
Unrecognized losses, less than 12 months | 0 | (1) |
Fair value, 12 months or longer | 3,910 | 4,386 |
Unrecognized losses, 12 months or longer | (58) | (68) |
Fair value, total | 3,910 | 4,491 |
Unrecognized losses, total | (58) | (69) |
Agency-backed | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 0 | |
Unrecognized losses, less than 12 months | 0 | |
Fair value, 12 months or longer | 0 | |
Unrecognized losses, 12 months or longer | 0 | |
Fair value, total | 0 | |
Unrecognized losses, total | 0 | |
Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 4,829 | 9,993 |
Unrecognized losses, less than 12 months | (171) | (7) |
Fair value, 12 months or longer | 0 | 0 |
Unrecognized losses, 12 months or longer | 0 | 0 |
Fair value, total | 4,829 | 9,993 |
Unrecognized losses, total | $ (171) | (7) |
Total other securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 10,098 | |
Unrecognized losses, less than 12 months | (8) | |
Fair value, 12 months or longer | 4,386 | |
Unrecognized losses, 12 months or longer | (68) | |
Fair value, total | 14,484 | |
Unrecognized losses, total | $ (76) |
Securities - Allowance for Cred
Securities - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | $ 1,499 | |
Provision for credit loss expense | 0 | $ 1,703 |
Total ACL - HTM at end of period | 1,499 | |
Corporate and Other | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | 120 | 0 |
Provision for credit loss expense | 5 | 7 |
Total ACL - HTM at end of period | 125 | 115 |
State and municipal | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | 1,379 | 0 |
Provision for credit loss expense | (5) | 1,696 |
Total ACL - HTM at end of period | 1,374 | 2,384 |
Cumulative Effect, Period of Adoption, Adjustment | Corporate and Other | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | 0 | 108 |
Cumulative Effect, Period of Adoption, Adjustment | State and municipal | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Balance at beginning of period | $ 0 | $ 688 |
Securities - Schedule of Held-T
Securities - Schedule of Held-To-Maturity Amortized Cost by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 1,718,285 | $ 1,742,337 |
Corporate and Other | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 37,587 | |
Corporate and Other | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 0 | |
Corporate and Other | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 17,750 | |
Corporate and Other | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 0 | |
Corporate and Other | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 0 | |
Corporate and Other | Non-rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 19,837 | |
State and municipal | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 1,568,209 | $ 1,575,596 |
State and municipal | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 991,273 | |
State and municipal | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 550,395 | |
State and municipal | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 20,522 | |
State and municipal | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 64 | |
State and municipal | Non-rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 5,955 |
Securities - Securities Pledged
Securities - Securities Pledged for Borrowings (Details) - Total - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total securities pledged | $ 2,156,088 | $ 1,818,789 |
Federal Home Loan Bank Borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale, pledged as collateral | 31,679 | 27,101 |
Municipal Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale, pledged as collateral | 611,646 | 569,724 |
Held-to-maturity securities pledged as collateral | $ 1,512,763 | $ 1,221,964 |
Portfolio Loans - Composition o
Portfolio Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | $ 21,151,973 | $ 21,848,409 | ||
Allowance for credit losses | (323,186) | (326,100) | $ (326,444) | $ (106,238) |
Portfolio loans, net | 20,828,787 | 21,522,309 | ||
Traditional C&I | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 2,886,337 | |||
Allowance for credit losses | (46,393) | (42,670) | (35,289) | (15,951) |
Asset-based lending | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 693,015 | |||
Allowance for credit losses | (11,165) | (12,762) | (26,490) | (14,272) |
Payroll finance | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 153,987 | |||
Allowance for credit losses | (1,519) | (1,957) | (3,730) | (2,064) |
Warehouse lending | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 1,394,945 | |||
Allowance for credit losses | (1,232) | (1,724) | (289) | (917) |
Factored receivables | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 229,629 | |||
Allowance for credit losses | (3,237) | (2,904) | (9,194) | (654) |
Equipment financing | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 1,475,716 | |||
Allowance for credit losses | (28,025) | (31,794) | (60,028) | (16,723) |
Public sector finance | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 1,617,986 | |||
Allowance for credit losses | (4,632) | (4,516) | (1,929) | (1,967) |
Acquisition, development and construction (“ADC”) | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 618,295 | |||
Allowance for credit losses | (13,803) | (17,927) | $ (15,204) | $ (4,732) |
Commercial loans portfolio segment | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 19,491,041 | 20,041,861 | ||
Commercial loans portfolio segment | Commercial and industrial | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 8,451,614 | 9,160,268 | ||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 2,886,336 | 2,920,205 | ||
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 693,015 | 803,004 | ||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 153,987 | 159,237 | ||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 1,394,945 | 1,953,677 | ||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 229,629 | 220,217 | ||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 1,475,716 | 1,531,109 | ||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 1,617,986 | 1,572,819 | ||
Commercial loans portfolio segment | Real estate | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 11,039,427 | 10,881,593 | ||
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 6,029,282 | 5,831,990 | ||
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 4,391,850 | 4,406,660 | ||
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 618,295 | 642,943 | ||
Residential mortgage portfolio segment | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | 1,486,597 | 1,616,641 | ||
Consumer portfolio segment | ||||
Components of loan portfolio, excluding loans held for sale | ||||
Portfolio loans | $ 174,335 | $ 189,907 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) | 3 Months Ended | |||
Mar. 31, 2021USD ($)loansecurity | Mar. 31, 2020USD ($)loan | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Deferred fees, deferred costs and purchase counting adjustments | $ 12,900,000 | $ 20,900,000 | ||
Accrued interest receivable | 103,323,000 | 97,505,000 | ||
Portfolio loans | 21,151,973,000 | 21,848,409,000 | ||
Bank pledged mortgages | 6,200,000,000 | 6,500,000,000 | ||
Non accrual loans | 168,555,000 | 166,889,000 | ||
Loans 90 days or more past due still accruing interest | 2,000 | 170,000 | ||
Loans classified as TDRs | 76,446,000 | 78,971,000 | ||
Financing receivable, allowance for credit loss | 323,186,000 | $ 326,444,000 | 326,100,000 | $ 106,238,000 |
TDRs modified and subsequently defaulted | 490,000 | 16,600,000 | ||
Financing Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Accrued interest receivable | 70,300,000 | 71,000,000 | ||
Impact of COVID-19 | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivable, allowance for credit loss | 323,200,000 | 106,200,000 | ||
Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | $ 130,525,000 | 208,400,000 | ||
Number of contracts | security | 237 | |||
Accrued interest | $ 8,500,000 | |||
Total | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 149,971,000 | 145,032,000 | ||
Nonperforming loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non accrual loans | 168,555,000 | 166,889,000 | ||
Loans 90 days or more past due still accruing interest | 2,000 | 170,000 | ||
Nonperforming loans | Total | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Non accrual loans | 123,100,000 | 115,900,000 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivable, allowance for credit loss | 4,300,000 | 900,000 | ||
Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,486,597,000 | |||
Loans formally in process of foreclosure | 2,900,000 | 3,200,000 | ||
Financing receivable, allowance for credit loss | 15,970,000 | 23,090,000 | 16,529,000 | 7,598,000 |
Equipment financing | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,475,716,000 | |||
Financing receivable, allowance for credit loss | 28,025,000 | 60,028,000 | 31,794,000 | 16,723,000 |
Traditional C&I | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 2,886,337,000 | |||
Financing receivable, allowance for credit loss | 46,393,000 | 35,289,000 | 42,670,000 | 15,951,000 |
Warehouse lending | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,394,945,000 | |||
Financing receivable, allowance for credit loss | 1,232,000 | 289,000 | 1,724,000 | 917,000 |
Factored receivables | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 229,629,000 | |||
Financing receivable, allowance for credit loss | 3,237,000 | 9,194,000 | 2,904,000 | 654,000 |
Public sector finance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,617,986,000 | |||
Financing receivable, allowance for credit loss | 4,632,000 | $ 1,929,000 | 4,516,000 | $ 1,967,000 |
Commercial loans portfolio segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 19,491,041,000 | 20,041,861,000 | ||
Commercial loans portfolio segment | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 48,290,000 | |||
Commercial loans portfolio segment | Commercial real estate (“CRE”) | Nonperforming loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Financing receivables sold | 70,000,000 | |||
Commercial loans portfolio segment | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 8,451,614,000 | 9,160,268,000 | ||
Commercial loans portfolio segment | Commercial and industrial | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 3,143,000 | |||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,475,716,000 | 1,531,109,000 | ||
Non accrual loans | 28,868,000 | 30,634,000 | ||
Loans 90 days or more past due still accruing interest | 2,000 | 2,000 | ||
TDRs modified and subsequently defaulted, number | loan | 2 | |||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 3,143,000 | |||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | Total | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 15,251,000 | 11,578,000 | ||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 2,886,336,000 | 2,920,205,000 | ||
Non accrual loans | 50,351,000 | 19,223,000 | ||
Loans 90 days or more past due still accruing interest | 0 | 94,000 | ||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | Small Business Administration Paycheck Protection Program | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 110,100,000 | |||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 0 | |||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | Total | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 37,997,000 | 17,339,000 | ||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,394,945,000 | 1,953,677,000 | ||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 0 | |||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | Total | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 0 | 0 | ||
Non accrual loans | 0 | 0 | ||
Loans 90 days or more past due still accruing interest | 0 | 0 | ||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 229,629,000 | 220,217,000 | ||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 0 | |||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | Total | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 0 | 0 | ||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,617,986,000 | 1,572,819,000 | ||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 0 | |||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | Total | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 0 | 0 | ||
Non accrual loans | 0 | 0 | ||
Loans 90 days or more past due still accruing interest | 0 | 0 | ||
Commercial loans portfolio segment | Real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 11,039,427,000 | 10,881,593,000 | ||
Commercial loans portfolio segment | Real estate | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 45,147,000 | |||
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 6,029,282,000 | 5,831,990,000 | ||
Non accrual loans | 24,269,000 | 46,053,000 | ||
Loans 90 days or more past due still accruing interest | $ 0 | 74,000 | ||
TDRs modified and subsequently defaulted, number | loan | 2 | |||
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | $ 40,583,000 | |||
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | Total | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 36,114,000 | 53,212,000 | ||
Residential mortgage portfolio segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 1,486,597,000 | 1,616,641,000 | ||
Non accrual loans | 17,081,000 | 18,661,000 | ||
Loans 90 days or more past due still accruing interest | 0 | 0 | ||
Residential mortgage portfolio segment | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 78,059,000 | |||
Residential mortgage portfolio segment | Total | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | $ 6,214,000 | 5,025,000 | ||
Residential mortgage portfolio segment | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
TDRs modified and subsequently defaulted, number | loan | 1 | |||
Consumer portfolio segment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | $ 174,335,000 | 189,907,000 | ||
Non accrual loans | 9,746,000 | 10,278,000 | ||
Loans 90 days or more past due still accruing interest | 0 | 0 | ||
Consumer portfolio segment | Impact of COVID-19 | Payment Deferral | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | 4,176,000 | |||
Consumer portfolio segment | Total | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Portfolio loans | $ 6,093,000 | $ 7,384,000 |
Portfolio Loans - Aging Analysi
Portfolio Loans - Aging Analysis of Portfolio Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Current loans | $ 21,013,164 | $ 21,654,234 |
Total | 21,151,973 | 21,848,409 |
Trouble Debt restructuring current loans | 74,064 | 60,257 |
Past due TDRs | 76,446 | 78,971 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 2 | 170 |
Non accrual loans | 168,555 | 166,889 |
Nonperforming loans | ||
Non-performing loans: | ||
Loans 90 days past due and still accruing | 2 | 170 |
Non accrual loans | 168,555 | 166,889 |
Total non-performing loans | 168,557 | 167,059 |
30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 32,327 | 59,157 |
Past due TDRs | 0 | 2,927 |
60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 16,705 | 39,696 |
Past due TDRs | 490 | 13,492 |
90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 89,777 | 95,322 |
Past due TDRs | 1,892 | 2,295 |
Traditional C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,886,337 | |
Asset-based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 693,015 | |
Payroll finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 153,987 | |
Warehouse lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,394,945 | |
Factored receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 229,629 | |
Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,475,716 | |
Public sector finance | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,617,986 | |
Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 618,295 | |
Commercial loans portfolio segment | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 19,491,041 | 20,041,861 |
Commercial loans portfolio segment | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,451,614 | 9,160,268 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 2,865,977 | 2,905,964 |
Total | 2,886,336 | 2,920,205 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 94 |
Non accrual loans | 50,351 | 19,223 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,659 | 1,215 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 997 | 6,054 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 16,703 | 6,972 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 693,015 | 803,004 |
Total | 693,015 | 803,004 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 10,149 | 5,255 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 153,987 | 159,237 |
Total | 153,987 | 159,237 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 2,313 | 2,300 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 1,394,945 | 1,953,677 |
Total | 1,394,945 | 1,953,677 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 229,629 | 220,217 |
Total | 229,629 | 220,217 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 1,449,419 | 1,469,653 |
Total | 1,475,716 | 1,531,109 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 2 | 2 |
Non accrual loans | 28,868 | 30,634 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,975 | 24,286 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,526 | 11,077 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 20,796 | 26,093 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 1,617,986 | 1,572,819 |
Total | 1,617,986 | 1,572,819 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 11,039,427 | 10,881,593 |
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 6,012,339 | 5,794,115 |
Total | 6,029,282 | 5,831,990 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 74 |
Non accrual loans | 24,269 | 46,053 |
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 4,057 | 13,591 |
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 10,079 | 17,421 |
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,807 | 6,863 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 4,377,043 | 4,393,950 |
Total | 4,391,850 | 4,406,660 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 778 | 4,485 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 14,026 | 11,578 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 3 | 811 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 778 | 321 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 593,295 | 612,943 |
Total | 618,295 | 642,943 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 25,000 | 30,000 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 0 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 25,000 | 30,000 |
Residential mortgage portfolio segment | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 1,462,169 | 1,590,068 |
Total | 1,486,597 | 1,616,641 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 17,081 | 18,661 |
Residential mortgage portfolio segment | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 7,381 | 7,444 |
Residential mortgage portfolio segment | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,702 | 3,426 |
Residential mortgage portfolio segment | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 14,345 | 15,703 |
Consumer portfolio segment | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 163,360 | 178,587 |
Total | 174,335 | 189,907 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 9,746 | 10,278 |
Consumer portfolio segment | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 1,229 | 1,043 |
Consumer portfolio segment | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 398 | 907 |
Consumer portfolio segment | 90 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | $ 9,348 | $ 9,370 |
Portfolio Loans - Schedule of C
Portfolio Loans - Schedule of Collateral-Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | $ 21,151,973 | $ 21,848,409 |
Total | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 149,971 | 145,032 |
Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 81,558 | 105,960 |
Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 42,243 | 11,697 |
Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 18,794 | 16,459 |
Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 7,376 | 10,916 |
Traditional C&I | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 2,886,337 | |
Asset-based lending | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 693,015 | |
Payroll finance | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 153,987 | |
Equipment financing | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 1,475,716 | |
Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 618,295 | |
Commercial loans portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 19,491,041 | 20,041,861 |
Residential mortgage portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 1,486,597 | 1,616,641 |
Residential mortgage portfolio segment | Total | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 6,214 | 5,025 |
Residential mortgage portfolio segment | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 6,214 | 5,025 |
Residential mortgage portfolio segment | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Residential mortgage portfolio segment | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Residential mortgage portfolio segment | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Consumer portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 174,335 | 189,907 |
Consumer portfolio segment | Total | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 6,093 | 7,384 |
Consumer portfolio segment | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 6,093 | 7,384 |
Consumer portfolio segment | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Consumer portfolio segment | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Consumer portfolio segment | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial and industrial | Commercial loans portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 8,451,614 | 9,160,268 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 2,886,336 | 2,920,205 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Total | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 37,997 | 17,339 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 412 | 425 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 24,781 | 0 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 5,428 | 5,998 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 7,376 | 10,916 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 693,015 | 803,004 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Total | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 13,264 | 8,280 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 13,264 | 8,280 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 153,987 | 159,237 |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Total | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 2,313 | 2,300 |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 2,313 | 2,300 |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 1,475,716 | 1,531,109 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Total | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 15,251 | 11,578 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 1,885 | 1,117 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 13,366 | 10,461 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Real estate | Commercial loans portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 11,039,427 | 10,881,593 |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 6,029,282 | 5,831,990 |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | Total | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 36,114 | 53,212 |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 36,114 | 53,212 |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 4,391,850 | 4,406,660 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Total | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 7,725 | 9,914 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 7,725 | 9,914 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 618,295 | 642,943 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Total | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 25,000 | 30,000 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 25,000 | 30,000 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | $ 0 | $ 0 |
Portfolio Loans - Nonaccrual Lo
Portfolio Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no ACL | $ 41,055 | $ 77,773 |
Loans 90 days or more past due still accruing interest | 2 | 170 |
Total Non-accrual Loans | 168,555 | 166,889 |
Commercial loans portfolio segment | Traditional C&I | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no ACL | 12,804 | 16,914 |
Loans 90 days or more past due still accruing interest | 0 | 94 |
Total Non-accrual Loans | 50,351 | 19,223 |
Commercial loans portfolio segment | Asset-based lending | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no ACL | 5,789 | 4,613 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Total Non-accrual Loans | 10,149 | 5,255 |
Commercial loans portfolio segment | Payroll finance | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no ACL | 2,313 | 2,300 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Total Non-accrual Loans | 2,313 | 2,300 |
Commercial loans portfolio segment | Equipment financing | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no ACL | 15,252 | 11,578 |
Loans 90 days or more past due still accruing interest | 2 | 2 |
Total Non-accrual Loans | 28,868 | 30,634 |
Commercial loans portfolio segment | Commercial real estate (“CRE”) | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no ACL | 858 | 38,529 |
Loans 90 days or more past due still accruing interest | 0 | 74 |
Total Non-accrual Loans | 24,269 | 46,053 |
Commercial loans portfolio segment | Multi-family | Multi-family | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no ACL | 0 | 2,156 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Total Non-accrual Loans | 778 | 4,485 |
Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no ACL | 0 | 0 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Total Non-accrual Loans | 25,000 | 30,000 |
Residential mortgage portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no ACL | 3,264 | 808 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Total Non-accrual Loans | 17,081 | 18,661 |
Consumer portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans with no ACL | 775 | 875 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Total Non-accrual Loans | $ 9,746 | $ 10,278 |
Portfolio Loans - Schedule of A
Portfolio Loans - Schedule of Accrued Interest Receivable Reversed Against Interest Income (Details) - Interest Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | $ 273 | $ 631 |
Residential mortgage portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 173 | 80 |
Consumer portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 19 | 7 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 36 | 7 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 0 | 67 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 38 | 0 |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 7 | 146 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | 0 | 27 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable, reversed against interest income | $ 0 | $ 297 |
Portfolio Loans - Loan Deferral
Portfolio Loans - Loan Deferrals (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 21,151,973 | $ 21,848,409 |
Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 494,500 | |
Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.60% | |
Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 13,399 | |
Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 130,525 | 208,400 |
Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 29,236 | |
Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 2,886,337 | |
Traditional C&I | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 37,627 | |
Traditional C&I | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 95,527 | |
Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 693,015 | |
Asset-based lending | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 92,534 | |
Asset-based lending | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 13,817 | |
Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 153,987 | |
Payroll finance | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,176 | |
Payroll finance | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 2,313 | |
Warehouse lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,394,945 | |
Warehouse lending | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Warehouse lending | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 229,629 | |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,475,716 | |
Equipment financing | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 6,323 | |
Equipment financing | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 47,527 | |
Public sector finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,617,986 | |
Acquisition, development and construction (“ADC”) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 618,295 | |
Acquisition, development and construction (“ADC”) | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,613 | |
Acquisition, development and construction (“ADC”) | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 25,000 | |
Commercial loans portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 19,491,041 | 20,041,861 |
Commercial loans portfolio segment | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.20% | |
Commercial loans portfolio segment | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 13,399 | |
Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 48,290 | |
Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 28,881 | |
Residential mortgage portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 1,486,597 | 1,616,641 |
Residential mortgage portfolio segment | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 5.30% | |
Residential mortgage portfolio segment | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Residential mortgage portfolio segment | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 78,059 | |
Residential mortgage portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 355 | |
Consumer portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 174,335 | 189,907 |
Consumer portfolio segment | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 2.40% | |
Consumer portfolio segment | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Consumer portfolio segment | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 4,176 | |
Consumer portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 8,451,614 | 9,160,268 |
Commercial and industrial | Commercial loans portfolio segment | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial and industrial | Commercial loans portfolio segment | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Commercial and industrial | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 3,143 | |
Commercial and industrial | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 2,297 | |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 2,886,336 | 2,920,205 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 693,015 | 803,004 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 153,987 | 159,237 |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Warehouse lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 1,394,945 | 1,953,677 |
Commercial and industrial | Commercial loans portfolio segment | Warehouse lending | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial and industrial | Commercial loans portfolio segment | Warehouse lending | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Commercial and industrial | Commercial loans portfolio segment | Warehouse lending | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Warehouse lending | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 229,629 | 220,217 |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Factored receivables | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 1,475,716 | 1,531,109 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.20% | |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 3,143 | |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 2,297 | |
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 1,617,986 | 1,572,819 |
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 11,039,427 | 10,881,593 |
Real estate | Commercial loans portfolio segment | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.40% | |
Real estate | Commercial loans portfolio segment | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 13,399 | |
Real estate | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 45,147 | |
Real estate | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 26,584 | |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 6,029,282 | 5,831,990 |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.70% | |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 13,399 | |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 40,583 | |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 26,584 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 4,391,850 | 4,406,660 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.10% | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 4,564 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 618,295 | $ 642,943 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.00% | |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Impact of COVID-19 | Special mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 | |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 0 |
Portfolio Loans - Loans Modifie
Portfolio Loans - Loans Modified as TDRs (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)loan | Mar. 31, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 0 | 1 |
Recorded investment, Pre-modification | $ 0 | $ 4,943 |
Recorded investment, Post-modification | $ 0 | $ 4,943 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number | loan | 1 | |
Recorded investment, Pre-modification | $ 0 | $ 4,943 |
Recorded investment, Post-modification | $ 0 | $ 4,943 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Loans - Allowance Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | |
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | $ 326,100 | $ 106,238 | |
Charge-offs | (15,260) | (9,838) | |
Recoveries | 2,346 | 2,883 | |
Net charge-offs | (12,914) | (6,955) | |
Provision / (credit) | 10,000 | 136,577 | |
Ending balance | $ 323,186 | $ 326,444 | $ 106,238 |
Annualized net charge-offs to average loans outstanding: | 0.25% | 0.13% | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | ||
Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | $ 90,584 | ||
Ending balance | $ 90,584 | ||
Traditional C&I | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | $ 42,670 | 15,951 | |
Charge-offs | (1,027) | (298) | |
Recoveries | 468 | 475 | |
Net charge-offs | (559) | 177 | |
Provision / (credit) | 4,282 | 13,836 | |
Ending balance | 46,393 | 35,289 | 15,951 |
Traditional C&I | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 5,325 | ||
Ending balance | 5,325 | ||
Asset-based lending | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 12,762 | 14,272 | |
Charge-offs | 0 | (985) | |
Recoveries | 0 | 0 | |
Net charge-offs | 0 | (985) | |
Provision / (credit) | (1,597) | 1,230 | |
Ending balance | 11,165 | 26,490 | 14,272 |
Asset-based lending | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 11,973 | ||
Ending balance | 11,973 | ||
Payroll finance | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 1,957 | 2,064 | |
Charge-offs | 0 | 0 | |
Recoveries | 2 | 9 | |
Net charge-offs | 2 | 9 | |
Provision / (credit) | (440) | 323 | |
Ending balance | 1,519 | 3,730 | 2,064 |
Payroll finance | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 1,334 | ||
Ending balance | 1,334 | ||
Warehouse lending | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 1,724 | 917 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net charge-offs | 0 | 0 | |
Provision / (credit) | (492) | (266) | |
Ending balance | 1,232 | 289 | 917 |
Warehouse lending | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | (362) | ||
Ending balance | (362) | ||
Factored receivables | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 2,904 | 654 | |
Charge-offs | (4) | (7) | |
Recoveries | 406 | 4 | |
Net charge-offs | 402 | (3) | |
Provision / (credit) | (69) | 7,748 | |
Ending balance | 3,237 | 9,194 | 654 |
Factored receivables | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 795 | ||
Ending balance | 795 | ||
Equipment financing | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 31,794 | 16,723 | |
Charge-offs | (2,408) | (4,793) | |
Recoveries | 854 | 1,105 | |
Net charge-offs | (1,554) | (3,688) | |
Provision / (credit) | (2,215) | 13,993 | |
Ending balance | 28,025 | 60,028 | 16,723 |
Equipment financing | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 33,000 | ||
Ending balance | 33,000 | ||
Public sector finance | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 4,516 | 1,967 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Net charge-offs | 0 | 0 | |
Provision / (credit) | 116 | 728 | |
Ending balance | 4,632 | 1,929 | 1,967 |
Public sector finance | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | (766) | ||
Ending balance | (766) | ||
CRE | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 155,313 | 27,965 | |
Charge-offs | (2,933) | (1,275) | |
Recoveries | 487 | 60 | |
Net charge-offs | (2,446) | (1,215) | |
Provision / (credit) | 6,555 | 62,799 | |
Ending balance | 159,422 | 97,586 | 27,965 |
CRE | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 8,037 | ||
Ending balance | 8,037 | ||
Multi-family | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 33,320 | 11,440 | |
Charge-offs | (3,230) | 0 | |
Recoveries | 0 | 0 | |
Net charge-offs | (3,230) | 0 | |
Provision / (credit) | 3,286 | 22,751 | |
Ending balance | 33,376 | 49,097 | 11,440 |
Multi-family | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 14,906 | ||
Ending balance | 14,906 | ||
Acquisition, development and construction (“ADC”) | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 17,927 | 4,732 | |
Charge-offs | (5,000) | (3) | |
Recoveries | 0 | 105 | |
Net charge-offs | (5,000) | 102 | |
Provision / (credit) | 876 | 10,489 | |
Ending balance | 13,803 | 15,204 | 4,732 |
Acquisition, development and construction (“ADC”) | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | (119) | ||
Ending balance | (119) | ||
Residential mortgage | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 16,529 | 7,598 | |
Charge-offs | (267) | (1,072) | |
Recoveries | 37 | 0 | |
Net charge-offs | (230) | (1,072) | |
Provision / (credit) | (329) | 2,460 | |
Ending balance | 15,970 | 23,090 | 7,598 |
Residential mortgage | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 14,104 | ||
Ending balance | 14,104 | ||
Consumer | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | 4,684 | 1,955 | |
Charge-offs | (391) | (1,405) | |
Recoveries | 92 | 1,125 | |
Net charge-offs | (299) | (280) | |
Provision / (credit) | 27 | 486 | |
Ending balance | $ 4,412 | 4,518 | 1,955 |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | |||
Summary of activity in allowance for loan losses and recorded investments in loans by portfolio segment based on impairment method | |||
Beginning balance | $ 2,357 | ||
Ending balance | $ 2,357 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Loans - Narrative (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loan balance threshold for individual credit assessment | $ 750,000 | |
Portfolio loans, net | 20,828,787,000 | $ 21,522,309,000 |
Doubtful | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | $ 295,000 | 304,000 |
Loss | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | $ 0 |
Allowance for Credit Losses -_5
Allowance for Credit Losses - Loans - Valuation Allowances Recorded Against Portfolio Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | $ 20,828,787 | $ 21,522,309 |
Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 494,452 | 461,458 |
Special mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 37,627 | 24,162 |
Special mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 92,534 | 111,597 |
Special mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 1,176 | 0 |
Special mention | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 0 | 5,523 |
Special mention | Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 6,323 | 7,737 |
Special mention | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 240,770 | 249,403 |
Special mention | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 114,402 | 61,146 |
Special mention | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 1,613 | 1,407 |
Special mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 0 | 468 |
Special mention | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 7 | 15 |
Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 590,109 | 528,760 |
Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 95,527 | 84,792 |
Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 13,817 | 11,669 |
Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 2,313 | 2,300 |
Substandard | Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Substandard | Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 47,527 | 45,018 |
Substandard | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 347,393 | 280,796 |
Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 31,328 | 44,872 |
Substandard | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 25,000 | 30,000 |
Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 17,368 | 18,942 |
Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | $ 9,836 | $ 10,371 |
Allowance for Credit Losses -_6
Allowance for Credit Losses - Loans - Schedule of Term Loans Amortized Cost Basis by Origination Year (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | $ 672,392 | |
2020 | 2,991,437 | |
2019 | 3,709,223 | |
2018 | 2,363,540 | |
2017 | 2,079,784 | |
Prior | 6,611,063 | |
Revolving loans | 2,658,504 | |
Revolving loans converted to term | 66,030 | |
Total | 21,151,973 | $ 21,848,409 |
Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 494,500 | |
Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 56,325 | |
2020 | 396,227 | |
2019 | 248,932 | |
2018 | 282,872 | |
2017 | 130,867 | |
Prior | 173,881 | |
Revolving loans | 1,597,233 | |
Revolving loans converted to term | 0 | |
Total | 2,886,337 | |
Traditional C&I | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 55,876 | |
2020 | 394,938 | |
2019 | 202,836 | |
2018 | 247,049 | |
2017 | 120,169 | |
Prior | 162,274 | |
Revolving loans | 1,569,746 | |
Revolving loans converted to term | 0 | |
Total | 2,752,888 | |
Traditional C&I | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 438 | |
2020 | 165 | |
2019 | 8,846 | |
2018 | 17,261 | |
2017 | 4,030 | |
Prior | 1,555 | |
Revolving loans | 5,332 | |
Revolving loans converted to term | 0 | |
Total | 37,627 | |
Traditional C&I | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 11 | |
2020 | 1,124 | |
2019 | 37,250 | |
2018 | 18,562 | |
2017 | 6,668 | |
Prior | 10,052 | |
Revolving loans | 21,860 | |
Revolving loans converted to term | 0 | |
Total | 95,527 | |
Traditional C&I | Doubtful | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 295 | |
Revolving loans converted to term | 0 | |
Total | 295 | |
Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 12,108 | |
2020 | 45,326 | |
2019 | 28,077 | |
2018 | 14,928 | |
2017 | 23,965 | |
Prior | 59,521 | |
Revolving loans | 509,090 | |
Revolving loans converted to term | 0 | |
Total | 693,015 | |
Asset-based lending | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 12,108 | |
2020 | 45,326 | |
2019 | 27,339 | |
2018 | 5,451 | |
2017 | 10,212 | |
Prior | 58,968 | |
Revolving loans | 427,260 | |
Revolving loans converted to term | 0 | |
Total | 586,664 | |
Asset-based lending | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 738 | |
2018 | 9,477 | |
2017 | 13,753 | |
Prior | 0 | |
Revolving loans | 68,566 | |
Revolving loans converted to term | 0 | |
Total | 92,534 | |
Asset-based lending | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 553 | |
Revolving loans | 13,264 | |
Revolving loans converted to term | 0 | |
Total | 13,817 | |
Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 8,014 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 145,973 | |
Revolving loans converted to term | 0 | |
Total | 153,987 | |
Payroll finance | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 8,014 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 142,484 | |
Revolving loans converted to term | 0 | |
Total | 150,498 | |
Payroll finance | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 1,176 | |
Revolving loans converted to term | 0 | |
Total | 1,176 | |
Payroll finance | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 2,313 | |
Revolving loans converted to term | 0 | |
Total | 2,313 | |
Warehouse lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 41,469 | |
2020 | 112,045 | |
2019 | 41,103 | |
2018 | 53,592 | |
2017 | 236,757 | |
Prior | 909,979 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,394,945 | |
Warehouse lending | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 41,469 | |
2020 | 112,045 | |
2019 | 41,103 | |
2018 | 53,592 | |
2017 | 236,757 | |
Prior | 909,979 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,394,945 | |
Warehouse lending | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 0 | |
Warehouse lending | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 0 | |
Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 229,629 | |
Revolving loans converted to term | 0 | |
Total | 229,629 | |
Factored receivables | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 229,629 | |
Revolving loans converted to term | 0 | |
Total | 229,629 | |
Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 82,999 | |
2020 | 408,653 | |
2019 | 524,737 | |
2018 | 235,272 | |
2017 | 106,276 | |
Prior | 117,779 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,475,716 | |
Equipment financing | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 82,999 | |
2020 | 408,641 | |
2019 | 498,484 | |
2018 | 224,618 | |
2017 | 93,669 | |
Prior | 113,455 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,421,866 | |
Equipment financing | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 3,999 | |
2018 | 2,023 | |
2017 | 185 | |
Prior | 116 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 6,323 | |
Equipment financing | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 12 | |
2019 | 22,254 | |
2018 | 8,631 | |
2017 | 12,422 | |
Prior | 4,208 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 47,527 | |
Public sector finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 73,774 | |
2020 | 437,123 | |
2019 | 398,280 | |
2018 | 206,591 | |
2017 | 261,963 | |
Prior | 240,255 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,617,986 | |
Public sector finance | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 73,774 | |
2020 | 437,123 | |
2019 | 398,280 | |
2018 | 206,591 | |
2017 | 261,963 | |
Prior | 240,255 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,617,986 | |
CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 168,163 | |
2020 | 1,093,416 | |
2019 | 1,423,903 | |
2018 | 997,585 | |
2017 | 598,248 | |
Prior | 1,747,966 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 6,029,281 | |
CRE | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 168,163 | |
2020 | 1,047,246 | |
2019 | 1,247,285 | |
2018 | 882,651 | |
2017 | 514,007 | |
Prior | 1,581,766 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 5,441,118 | |
CRE | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 8,349 | |
2019 | 111,559 | |
2018 | 19,246 | |
2017 | 54,793 | |
Prior | 46,823 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 240,770 | |
CRE | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 37,821 | |
2019 | 65,059 | |
2018 | 95,688 | |
2017 | 29,448 | |
Prior | 119,377 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 347,393 | |
Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 211,873 | |
2020 | 371,457 | |
2019 | 749,827 | |
2018 | 439,898 | |
2017 | 626,714 | |
Prior | 1,917,374 | |
Revolving loans | 74,707 | |
Revolving loans converted to term | 0 | |
Total | 4,391,850 | |
Multi-family | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 211,873 | |
2020 | 371,457 | |
2019 | 707,272 | |
2018 | 431,720 | |
2017 | 600,632 | |
Prior | 1,855,436 | |
Revolving loans | 67,730 | |
Revolving loans converted to term | 0 | |
Total | 4,246,120 | |
Multi-family | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 32,370 | |
2018 | 8,178 | |
2017 | 26,082 | |
Prior | 43,742 | |
Revolving loans | 4,030 | |
Revolving loans converted to term | 0 | |
Total | 114,402 | |
Multi-family | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 10,185 | |
2018 | 0 | |
2017 | 0 | |
Prior | 18,196 | |
Revolving loans | 2,947 | |
Revolving loans converted to term | 0 | |
Total | 31,328 | |
Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 25,451 | |
2020 | 116,526 | |
2019 | 274,904 | |
2018 | 100,437 | |
2017 | 53,971 | |
Prior | 47,006 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 618,295 | |
Acquisition, development and construction (“ADC”) | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 25,451 | |
2020 | 114,913 | |
2019 | 274,904 | |
2018 | 100,437 | |
2017 | 28,971 | |
Prior | 47,006 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 591,682 | |
Acquisition, development and construction (“ADC”) | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 1,613 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,613 | |
Acquisition, development and construction (“ADC”) | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 25,000 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 25,000 | |
Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 230 | |
2020 | 10,594 | |
2019 | 11,088 | |
2018 | 31,989 | |
2017 | 40,801 | |
Prior | 1,391,895 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,486,597 | |
Residential mortgage | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 230 | |
2020 | 10,594 | |
2019 | 11,088 | |
2018 | 31,989 | |
2017 | 40,801 | |
Prior | 1,374,527 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 1,469,229 | |
Residential mortgage | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 17,368 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Total | 17,368 | |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 70 | |
2019 | 358 | |
2018 | 376 | |
2017 | 222 | |
Prior | 5,407 | |
Revolving loans | 101,872 | |
Revolving loans converted to term | 66,030 | |
Total | 174,335 | |
Consumer | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 70 | |
2019 | 358 | |
2018 | 376 | |
2017 | 222 | |
Prior | 5,013 | |
Revolving loans | 98,640 | |
Revolving loans converted to term | 59,813 | |
Total | 164,492 | |
Consumer | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 7 | |
Revolving loans converted to term | 0 | |
Total | 7 | |
Consumer | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 394 | |
Revolving loans | 3,225 | |
Revolving loans converted to term | 6,217 | |
Total | $ 9,836 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Balance of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 1,683,482 | $ 1,683,482 |
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 89,788 | 93,564 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 66,180 | 69,808 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 3,108 | 3,256 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | $ 20,500 | $ 20,500 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2021 | $ 11,328 |
2022 | 13,703 |
2023 | 12,322 |
2024 | 10,448 |
2025 | 8,722 |
2026 | 7,134 |
Thereafter | 5,631 |
Total | $ 69,288 |
Deposits - Balances (Details)
Deposits - Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Non-interest bearing demand | $ 5,691,429 | $ 5,443,907 |
Interest bearing demand | 5,132,937 | 4,960,800 |
Savings | 2,690,445 | 2,603,570 |
Money market | 8,568,965 | 8,114,415 |
Certificates of deposit | 1,757,942 | 1,996,830 |
Total deposits | $ 23,841,718 | $ 23,119,522 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Billions | Mar. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Municipal deposits | $ 2 | $ 1.6 |
Deposits - Brokered Deposits (D
Deposits - Brokered Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
List of Company's Brokered deposits | ||
Brokered deposits | $ 1,584,087 | $ 1,579,271 |
Interest bearing demand | ||
List of Company's Brokered deposits | ||
Brokered deposits | 399,000 | 433,790 |
Money market | ||
List of Company's Brokered deposits | ||
Brokered deposits | 1,034,070 | 1,045,478 |
Certificates of deposit | ||
List of Company's Brokered deposits | ||
Brokered deposits | $ 151,017 | $ 100,003 |
Borrowings - Borrowings and Wei
Borrowings - Borrowings and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
By period to maturity: | ||
Total borrowings, amount | $ 667,499 | $ 1,321,714 |
Total borrowings, rate | 4.22% | 2.25% |
Less than one year, amount | $ 31,679 | $ 686,101 |
Less than one year, rate | 0.10% | 0.24% |
Greater than five years, amount | $ 635,820 | $ 635,613 |
Greater than five years, rate | 4.43% | 4.43% |
FHLB borrowings | ||
By period to maturity: | ||
Total borrowings, amount | $ 0 | $ 382,000 |
Total borrowings, rate | 0.00% | 0.35% |
Repurchase agreements | ||
By period to maturity: | ||
Total borrowings, amount | $ 31,679 | $ 27,101 |
Total borrowings, rate | 0.10% | 0.10% |
Federal Funds Purchased | ||
By period to maturity: | ||
Total borrowings, amount | $ 0 | $ 277,000 |
Total borrowings, rate | 0.00% | 0.11% |
Subordinated Notes | Sterling Bancorp | ||
By period to maturity: | ||
Total borrowings, amount | $ 492,100 | |
Subordinated Notes | Sterling National Bank | ||
By period to maturity: | ||
Total borrowings, amount | $ 143,757 | $ 143,703 |
Total borrowings, rate | 5.45% | 5.45% |
Subordinated Notes | Subordinated Notes Due 2029 | Sterling Bancorp | ||
By period to maturity: | ||
Total borrowings, amount | $ 270,366 | $ 270,284 |
Total borrowings, rate | 4.18% | 4.17% |
Subordinated Notes | Subordinated Notes Due 2030 | Sterling Bancorp | ||
By period to maturity: | ||
Total borrowings, amount | $ 221,697 | $ 221,626 |
Total borrowings, rate | 4.06% | 4.06% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | |||
Bank pledged mortgages | $ 6,200,000 | $ 6,500,000 | |
Increased borrowing capacity by pledging securities | 2,100,000 | ||
Loss on extinguishment of borrowings | 0 | $ (744) | |
Sterling National Bank | |||
Debt Instrument [Line Items] | |||
Equity capital injection | $ 175,000 | ||
FHLB Borrowings | |||
Debt Instrument [Line Items] | |||
Unused borrowing capacity | 6,200,000 | ||
Loss on extinguishment of borrowings | $ 0 | $ (753) |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Cash Paid as STM | $ 60.5 | $ 89.8 |
Derivatives - Derivative Inform
Derivatives - Derivative Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Summary of derivatives | ||
Derivative assets, fair value | $ 105,772 | $ 149,797 |
Derivative liabilities, fair value | $ 45,233 | $ 60,004 |
Other assets | ||
Summary of derivatives | ||
Average maturity (in years) | 4 years 3 months 14 days | 4 years 4 months 24 days |
Weighted average fixed rate | 4.42% | 4.44% |
Other liabilities | ||
Summary of derivatives | ||
Average maturity (in years) | 4 years 3 months 14 days | 4 years 4 months 24 days |
Weighted average fixed rate | 4.42% | 4.44% |
Interest rate swap | Other assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | $ 1,913,381 | $ 1,913,607 |
Derivative assets, fair value | $ 105,772 | 149,797 |
Interest rate swap | Other assets | One-month LIBOR | ||
Summary of derivatives | ||
Basis spread | 2.21% | |
Interest rate swap | Other liabilities | ||
Summary of derivatives | ||
Derivative liability, notional Amount | $ 1,913,381 | 1,913,607 |
Derivative liabilities, fair value | $ 45,233 | 60,004 |
Interest rate swap | Other liabilities | One-month LIBOR | ||
Summary of derivatives | ||
Basis spread | 2.21% | |
Third-party interest rate swap | Other assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | $ 0 | 0 |
Derivative assets, fair value | 0 | $ 0 |
Third-party interest rate swap | Other assets | One-month LIBOR | ||
Summary of derivatives | ||
Basis spread | 2.20% | |
Third-party interest rate swap | Other liabilities | ||
Summary of derivatives | ||
Derivative liability, notional Amount | 1,913,381 | $ 1,913,607 |
Derivative liabilities, fair value | 45,233 | 60,004 |
Customer interest rate swap | Other assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | 1,913,381 | 1,913,607 |
Derivative assets, fair value | 105,772 | 149,797 |
Customer interest rate swap | Other liabilities | ||
Summary of derivatives | ||
Derivative liability, notional Amount | 0 | 0 |
Derivative liabilities, fair value | $ 0 | $ 0 |
Customer interest rate swap | Other liabilities | One-month LIBOR | ||
Summary of derivatives | ||
Basis spread | 2.20% |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Efftective tax rate reconciliation: | |||
Income before income tax expense | $ 122,105,000 | $ 6,105,000 | |
Tax at federal statutory rate of 21% | 25,642,000 | 1,282,000 | |
State and local income taxes, net of federal tax benefit | 6,160,000 | 589,000 | |
Tax exempt interest, net of disallowed interest | (5,777,000) | (7,409,000) | |
BOLI income | (1,004,000) | (1,111,000) | |
Low income housing tax credits and other benefits | (13,780,000) | (8,462,000) | |
Low income housing investment amortization expense | 11,507,000 | 7,401,000 | |
Tax rate adjustment benefit due to CARES Act net operating loss (“NOL”) carryback | 0 | (21,313,000) | |
Uncertain tax position reserve | 0 | 11,480,000 | |
Annual effective tax rate adjustment | 0 | 8,248,000 | |
Non-deductible compensation expense | 640,000 | 0 | |
Equity-based stock compensation (benefit) expense | (152,000) | 491,000 | |
FDIC insurance premium limitation | 257,000 | 256,000 | |
Other, net | (538,000) | 506,000 | |
Actual income tax expense (benefit) | $ 22,955,000 | $ (8,042,000) | |
Effective income tax rate | 18.80% | (131.70%) | |
Net deferred tax liability | $ 33,800,000 | $ 43,300,000 | |
Valuation allowance | 0 | $ 0 | |
Nondeductible expense, restricted stock vesting Section 162(m) limitation | $ 517,000 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Uncertain Tax Positions [Roll Forward] | ||
Uncertain tax positions beginning of period | $ 7,000 | $ 0 |
Additions for tax positions related to prior tax years | 0 | 11,480 |
Decrease due to settlement | 0 | 0 |
Interest expense in tax positions | 0 | 0 |
Uncertain tax positions at end of period | $ 7,000 | $ 11,480 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based Compensation Activity (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Available For Grant [Roll Forward] | ||
Beginning balance (in shares) | 1,811,418 | |
Granted (in shares) | (1,138,246) | |
Stock awards vested (in shares) | 0 | |
Exercised (in shares) | 0 | |
Forfeited (in shares) | 21,775 | |
Canceled/expired (in shares) | 31,109 | |
Ending balance (in shares) | 726,056 | |
Stock options | ||
Stock options outstanding - Number of shares | ||
Beginning balance (in shares) | 336,621 | |
Granted (in shares) | 0 | 0 |
Stock awards vested (in shares) | 0 | |
Exercised (in shares) | (73,946) | |
Forfeited (in shares) | 0 | |
Canceled/expired (in shares) | 0 | |
Ending balance (in shares) | 262,675 | |
Exercisable at end of period (in shares) | 262,675 | |
Stock options outstanding - Weighted average exercise price | ||
Beginning balance (USD per share) | $ 11.41 | |
Granted (USD per share) | 0 | |
Stock awards vested (USD per share) | 0 | |
Exercised (USD per share) | 10.17 | |
Forfeited (USD per share) | 0 | |
Canceled/expired (USD per share) | 0 | |
Ending balance (USD per share) | 11.41 | |
Exercisable at end of period (USD per share) | $ 11.41 | |
Recognition and Retention Plan | Non-vested stock awards/performance units | ||
Non-vested stock awards/stock units outstanding - Number of shares | ||
Beginning balance (in shares) | 2,993,643 | |
Granted (in shares) | 1,138,246 | |
Stock awards vested (in shares) | (820,633) | |
Forfeited (in shares) | (21,775) | |
Canceled/expired (in shares) | (31,109) | |
Ending balance (in shares) | 3,258,372 | |
Non-vested stock awards/stock units outstanding - Weighted average grant date fair value | ||
Beginning balance (USD per share) | $ 19.54 | |
Granted (USD per share) | 20.36 | |
Stock awards vested (USD per share) | 21.31 | |
Forfeited (USD per share) | 19.05 | |
Canceled/expired (USD per share) | 20.85 | |
Ending balance (USD per share) | $ 19.37 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Intrinsic value of options outstanding | $ 3,100,000 | |
Stock-based compensation expense | 6,617,000 | $ 6,006,000 |
Unrecognized stock-based compensation, non-vested stock awards/performance units | 48,600,000 | |
Non-vested stock awards/performance units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 6,617,000 | $ 6,006,000 |
Weighted-average period total unrecognized compensation cost related to non-vested shares granted (over) | 1 year 11 months 19 days | |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grant of share options (in shares) | 0 | 0 |
Stock-based compensation expense | $ 0 | $ 0 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Stock-based compensation expense | $ 6,617 | $ 6,006 |
Stock-based compensation expense, income tax benefit | 1,224 | 1,051 |
Stock options & other stock transactions, net | $ 752 | $ 414 |
Other Non-Interest Expense, O_3
Other Non-Interest Expense, Other Assets and Other Liabilities - Schedule of Other Non-Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | ||
Depreciation expense on operating leases | $ 3,124 | $ 3,492 |
Advertising and promotion | 1,708 | 1,983 |
Communications | 1,427 | 1,630 |
Residential mortgage loans servicing | 1,449 | 1,377 |
Commercial loan servicing | 979 | 1,025 |
Insurance & surety bond premium | 914 | 1,091 |
Operational losses | 593 | 605 |
Other | 4,858 | 5,460 |
Total other non-interest expense | $ 15,052 | $ 16,663 |
Other Non-Interest Expense, O_4
Other Non-Interest Expense, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Income and Expenses [Abstract] | ||
Low income housing tax credit investments | $ 484,885 | $ 488,303 |
Right of use asset for operating leases | 101,495 | 105,667 |
Derivative assets, fair value | 105,772 | 149,797 |
Cash on deposit as swap collateral / net of settlement | 69,014 | 82,478 |
Operating leases - equipment and vehicles leased to others | 51,999 | 55,224 |
Other asset balances | 193,003 | 181,934 |
Total other assets | $ 1,006,168 | $ 1,063,403 |
Other Non-Interest Expense, O_5
Other Non-Interest Expense, Other Assets and Other Liabilities - Schedule of Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Income and Expenses [Abstract] | ||
Commitment to fund low income housing tax credit investments | $ 276,974 | $ 283,849 |
Present value of lease liabilities | 109,720 | 113,405 |
Payroll finance and factoring liabilities | 125,831 | 115,802 |
Swaps | 45,233 | 60,004 |
Other liability balances | 144,898 | 155,642 |
Total other liabilities | $ 702,656 | $ 728,702 |
Earnings Per Common Share - (De
Earnings Per Common Share - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income available to common stockholders | $ 97,187 | $ 12,171 |
Weighted average common shares outstanding for computation of basic EPS (in shares) | 191,890,512 | 196,344,061 |
Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (in shares) | 731,395 | 364,977 |
Weighted average common shares for computation of diluted EPS (in shares) | 192,621,907 | 196,709,038 |
EPS: | ||
Basic (USD per share) | $ 0.51 | $ 0.06 |
Diluted (USD per share) | $ 0.50 | $ 0.06 |
Weighted average common shares that could be exercised that were anti-dilutive for the period (in shares) | 0 | 23,590 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Long-term debt | $ 667,499 | $ 1,321,714 |
Period of loan term eligible for inclusion in Tier 2 capital decreases | 5 years | |
Sterling National Bank | ||
Class of Stock [Line Items] | ||
Subordinated Notes | $ 143,757 | 143,703 |
Sterling National Bank | Subordinated Notes | ||
Class of Stock [Line Items] | ||
Long-term debt | 143,757 | 143,703 |
Sterling National Bank | Sterling National Bank | ||
Class of Stock [Line Items] | ||
Subordinated Notes | 143,800 | |
Sterling Bancorp | ||
Class of Stock [Line Items] | ||
Subordinated Notes | 492,063 | $ 491,910 |
Sterling Bancorp | Subordinated Notes | ||
Class of Stock [Line Items] | ||
Long-term debt | 492,100 | |
Sterling Bancorp | Sterling National Bank | ||
Class of Stock [Line Items] | ||
Subordinated Notes | $ 97,900 |
Stockholders' Equity - Complian
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Sterling National Bank | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity, actual, capital amount | $ 3,269,545 | $ 3,198,145 |
Tier 1 common equity, actual, ratio | 0.1404 | 0.1338 |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,630,407 | $ 1,673,516 |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, ratio | 7.00% | 7.00% |
Tier 1 common equity required to be well capitalized, capital amount | $ 1,513,949 | $ 1,553,979 |
Tier 1 common equity required to be well capitalized, ratio | 6.50% | 6.50% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital, actual, capital amount | $ 3,269,545 | $ 3,198,145 |
Tier 1 risk-based capital, ratio | 0.1404 | 0.1338 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,979,780 | $ 2,032,127 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 8.50% | 8.50% |
Tier 1 risk-based capital required to be well capitalized, capital amount | $ 1,863,322 | $ 1,912,590 |
Tier 1 risk-based capital required to be well capitalized, ratio | 0.0800 | 0.0800 |
Total capital to RWA: | ||
Total risk-based capital, actual, capital amount | $ 3,590,726 | $ 3,521,458 |
Total risk-based capital, ratio | 0.1542 | 0.1473 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,445,610 | $ 2,510,274 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 10.50% | 10.50% |
Total risk-based capital required to be well capitalized, capital amount | $ 2,329,152 | $ 2,390,737 |
Total risk-based capital required to be well capitalized, ratio | 0.1000 | 0.1000 |
Tier 1 leverage ratio: | ||
Tier 1 (core) capital, actual, capital amount | $ 3,269,545 | $ 3,198,145 |
Tier 1 (core) capital, ratio | 0.1176 | 0.1133 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,111,894 | $ 1,128,913 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, ratio | 4.00% | 4.00% |
Tier 1 (core) capital required to be well capitalized, capital amount | $ 1,389,867 | $ 1,411,142 |
Tier 1 (core) capital required to be well capitalized, ratio | 0.0500 | 0.0500 |
Sterling Bancorp | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity, actual, capital amount | $ 2,786,496 | $ 2,727,385 |
Tier 1 common equity, actual, ratio | 0.1195 | 0.1139 |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,632,817 | $ 1,675,747 |
Tier 1 common equity required for minimum capital adequacy, phase-in schedule, ratio | 7.00% | 7.00% |
Tier 1 capital to RWA: | ||
Tier 1 risk-based capital, actual, capital amount | $ 2,922,954 | $ 2,864,074 |
Tier 1 risk-based capital, ratio | 0.1253 | 0.1196 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,982,706 | $ 2,034,836 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 8.50% | 8.50% |
Total capital to RWA: | ||
Total risk-based capital, actual, capital amount | $ 3,690,353 | $ 3,638,033 |
Total risk-based capital, ratio | 0.1582 | 0.1520 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,449,225 | $ 2,513,621 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, ratio | 10.50% | 10.50% |
Tier 1 leverage ratio: | ||
Tier 1 (core) capital, actual, capital amount | $ 2,922,954 | $ 2,864,074 |
Tier 1 (core) capital, ratio | 0.1050 | 0.1014 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,113,426 | $ 1,130,362 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, ratio | 4.00% | 4.00% |
Commitments and Contingencies_2
Commitments and Contingencies - Off-Balance Sheet Financial Information (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loan origination commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 598,171 | $ 641,965 |
Unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | 1,493,031 | 1,623,745 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 175,305 | $ 181,890 |
Commitments and Contingencies_3
Commitments and Contingencies - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Allowance for credit losses - loan commitments | $ 6,700,000 | $ 6,700,000 | |
Off-balance sheet credit loss | 0 | $ 0 | |
Litigation accrual | $ 0 | $ 0 |
Commitment and Contingencies -
Commitment and Contingencies - Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2021 | $ 13,805 | |
2022 | 18,069 | |
2023 | 16,605 | |
2024 | 14,790 | |
2025 | 12,176 | |
2026 | 11,054 | |
2027 and thereafter | 39,788 | |
Total lease payments | 126,287 | |
Interest | 16,567 | |
Present value of lease liabilities | $ 109,720 | $ 113,405 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Securities available for sale, at estimated fair value | $ 2,524,671 | $ 2,298,618 |
Swaps | 105,772 | 149,797 |
Financial liabilities: | ||
Swaps | 45,233 | 60,004 |
Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 2,524,671 | 2,298,618 |
Swaps | 105,772 | 149,797 |
Financial liabilities: | ||
Swaps | 45,233 | 60,004 |
Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 2,524,671 | 2,298,618 |
Swaps | 105,772 | 149,797 |
Total assets | 2,630,443 | 2,448,415 |
Financial liabilities: | ||
Swaps | 45,233 | 60,004 |
Total liabilities | 45,233 | 60,004 |
Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 2,524,671 | 2,298,618 |
Swaps | 105,772 | 149,797 |
Total assets | 2,630,443 | 2,448,415 |
Financial liabilities: | ||
Swaps | 45,233 | 60,004 |
Total liabilities | 45,233 | 60,004 |
Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Swaps | 0 | 0 |
Total assets | 0 | 0 |
Financial liabilities: | ||
Swaps | 0 | 0 |
Total liabilities | 0 | 0 |
Agency-backed | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 864,793 | 918,260 |
Agency-backed | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 864,793 | 918,260 |
Agency-backed | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Agency-backed | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 864,793 | 918,260 |
Agency-backed | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
CMOs/Other MBS | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 314,752 | 373,284 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 314,752 | 373,284 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 314,752 | 373,284 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Total residential MBS | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,179,545 | 1,291,544 |
Total residential MBS | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,179,545 | 1,291,544 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,179,545 | 1,291,544 |
Total residential MBS | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Federal agencies | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 156,467 | |
Federal agencies | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 343,472 | 156,467 |
Federal agencies | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Federal agencies | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 343,472 | 156,467 |
Federal agencies | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Corporate | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 612,924 | 463,512 |
Corporate | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 612,924 | 463,512 |
Corporate | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Corporate | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 612,924 | 463,512 |
Corporate | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
State and municipal | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 388,730 | 387,095 |
State and municipal | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 388,730 | 387,095 |
State and municipal | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
State and municipal | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 388,730 | 387,095 |
State and municipal | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Total other securities | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,345,126 | 1,007,074 |
Total other securities | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,345,126 | 1,007,074 |
Total other securities | Fair Value, Measurements, Recurring | Level 1 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 0 | 0 |
Total other securities | Fair Value, Measurements, Recurring | Level 2 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,345,126 | 1,007,074 |
Total other securities | Fair Value, Measurements, Recurring | Level 3 inputs | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - Measurement Input, Appraised Value | Mar. 31, 2021 |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value measurement input | 0.04 |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value measurement input | 0.10 |
Fair Value Measurements - Colla
Fair Value Measurements - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | $ 0 | $ 0 |
Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 20,772,549 | 21,791,489 |
Total | Fair Value Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 68,120 | 47,338 |
Total | Fair Value Measurements, Nonrecurring | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 68,120 | 47,338 |
Total | Fair Value Measurements, Nonrecurring | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 7,376 | 10,916 |
Total | Fair Value Measurements, Nonrecurring | Traditional C&I | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Traditional C&I | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Traditional C&I | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 7,376 | 10,916 |
Total | Fair Value Measurements, Nonrecurring | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 1,846 | 1,899 |
Total | Fair Value Measurements, Nonrecurring | Asset-based lending | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Asset-based lending | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Asset-based lending | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 1,846 | 1,899 |
Total | Fair Value Measurements, Nonrecurring | Payroll finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,313 | 2,300 |
Total | Fair Value Measurements, Nonrecurring | Payroll finance | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Payroll finance | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Payroll finance | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,313 | 2,300 |
Total | Fair Value Measurements, Nonrecurring | Equipment financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,671 | |
Total | Fair Value Measurements, Nonrecurring | Equipment financing | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | |
Total | Fair Value Measurements, Nonrecurring | Equipment financing | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | |
Total | Fair Value Measurements, Nonrecurring | Equipment financing | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,671 | |
Total | Fair Value Measurements, Nonrecurring | Commercial real estate (“CRE”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 25,156 | 27,323 |
Total | Fair Value Measurements, Nonrecurring | Commercial real estate (“CRE”) | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Commercial real estate (“CRE”) | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Commercial real estate (“CRE”) | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 25,156 | 27,323 |
Total | Fair Value Measurements, Nonrecurring | Acquisition, development and construction (“ADC”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 25,000 | |
Total | Fair Value Measurements, Nonrecurring | Acquisition, development and construction (“ADC”) | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | |
Total | Fair Value Measurements, Nonrecurring | Acquisition, development and construction (“ADC”) | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | |
Total | Fair Value Measurements, Nonrecurring | Acquisition, development and construction (“ADC”) | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 25,000 | |
Total | Fair Value Measurements, Nonrecurring | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 1,307 | 1,307 |
Total | Fair Value Measurements, Nonrecurring | Residential mortgage | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Residential mortgage | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Residential mortgage | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 1,307 | 1,307 |
Total | Fair Value Measurements, Nonrecurring | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,451 | 3,593 |
Total | Fair Value Measurements, Nonrecurring | Consumer | Level 1 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Consumer | Level 2 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 0 | 0 |
Total | Fair Value Measurements, Nonrecurring | Consumer | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | $ 2,451 | $ 3,593 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Securities available for sale, at estimated fair value | $ 2,524,671 | $ 2,298,618 |
Securities HTM | 1,826,232 | 1,874,504 |
Swaps | 105,772 | 149,797 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Swaps | 45,233 | 60,004 |
Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 492,063 | 491,910 |
Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 143,757 | 143,703 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 935,633 | 305,002 |
Securities available for sale, at estimated fair value | 2,524,671 | 2,298,618 |
Securities HTM | 1,716,786 | 1,740,838 |
Loans held for sale | 36,237 | 11,749 |
Portfolio loans, net | 20,828,787 | 21,522,309 |
Accrued interest receivable on securities | 32,979 | 26,508 |
Accrued interest receivable on loans | 70,344 | 70,997 |
FHLB stock and FRB stock | 153,968 | 166,190 |
Swaps | 105,772 | 149,797 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | 22,083,776 | 21,122,692 |
Certificates of deposit | 1,757,942 | 1,996,830 |
FHLB borrowings | 382,000 | |
Other borrowings | 31,679 | 304,101 |
Mortgage escrow funds | 82,245 | 59,686 |
Accrued interest payable on deposits | 597 | 1,068 |
Accrued interest payable on borrowings | 10,234 | 3,425 |
Swaps | 45,233 | 60,004 |
Carrying amount | Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 492,063 | 143,703 |
Carrying amount | Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 143,757 | 491,910 |
Level 1 inputs | ||
Financial assets: | ||
Cash and cash equivalents | 935,633 | 305,002 |
Securities available for sale, at estimated fair value | 0 | 0 |
Securities HTM | 0 | 0 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 0 | 0 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | 22,083,776 | 21,122,692 |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | |
Other borrowings | 0 | 0 |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | 0 | 0 |
Level 1 inputs | Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 0 | 0 |
Level 1 inputs | Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 0 | 0 |
Level 2 inputs | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at estimated fair value | 2,524,671 | 2,298,618 |
Securities HTM | 1,826,232 | 1,874,504 |
Loans held for sale | 36,237 | 11,749 |
Portfolio loans, net | 0 | 0 |
Accrued interest receivable on securities | 32,979 | 26,508 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 105,772 | 149,797 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | 0 | 0 |
Certificates of deposit | 1,758,273 | 2,002,702 |
FHLB borrowings | 382,000 | |
Other borrowings | 31,679 | 304,101 |
Mortgage escrow funds | 82,245 | 59,686 |
Accrued interest payable on deposits | 597 | 1,068 |
Accrued interest payable on borrowings | 10,234 | 3,425 |
Swaps | 45,233 | 60,004 |
Level 2 inputs | Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 145,000 | 145,870 |
Level 2 inputs | Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 496,330 | 506,497 |
Level 3 inputs | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale, at estimated fair value | 0 | 0 |
Securities HTM | 0 | 0 |
Loans held for sale | 0 | 0 |
Portfolio loans, net | 20,772,549 | 21,791,489 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 70,344 | 70,997 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | 0 | 0 |
Certificates of deposit | 0 | 0 |
FHLB borrowings | 0 | |
Other borrowings | 0 | 0 |
Mortgage escrow funds | 0 | 0 |
Accrued interest payable on deposits | 0 | 0 |
Accrued interest payable on borrowings | 0 | 0 |
Swaps | 0 | 0 |
Level 3 inputs | Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 0 | 0 |
Level 3 inputs | Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | $ 0 | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Components of AOCI (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Deferred tax benefit (expense) related to other comprehensive income | $ (21,999) | $ (32,399) | ||
Total stockholders’ equity | 4,620,164 | 4,590,514 | $ 4,422,424 | $ 4,530,113 |
Available-for-sale securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax | 80,878 | 115,523 | ||
Deferred tax benefit (expense) related to other comprehensive income | (22,355) | (31,931) | ||
Total stockholders’ equity | 58,523 | 83,592 | 67,249 | 38,056 |
Securities transferred to held to maturity | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax | (303) | (348) | ||
Deferred tax benefit (expense) related to other comprehensive income | 84 | 96 | ||
Total stockholders’ equity | (219) | (252) | (468) | (538) |
Retirement plans | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other comprehensive income (loss), before tax | (985) | 2,040 | ||
Deferred tax benefit (expense) related to other comprehensive income | 272 | (564) | ||
Total stockholders’ equity | (713) | 1,476 | 840 | 2,698 |
Accumulated other comprehensive income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total stockholders’ equity | $ 57,591 | $ 84,816 | $ 67,621 | $ 40,216 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance, beginning | $ 4,590,514 | $ 4,530,113 |
Other comprehensive income before reclassification | (24,549) | 35,280 |
Amounts reclassified from AOCI | (2,676) | (7,875) |
Total other comprehensive (loss) income | (27,225) | 27,405 |
Balance, ending | 4,620,164 | 4,422,424 |
Available-for-sale securities | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance, beginning | 83,592 | 38,056 |
Other comprehensive income before reclassification | (24,549) | 35,280 |
Amounts reclassified from AOCI | (520) | (6,087) |
Total other comprehensive (loss) income | (25,069) | 29,193 |
Balance, ending | 58,523 | 67,249 |
Securities transferred to held to maturity | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance, beginning | (252) | (538) |
Other comprehensive income before reclassification | 0 | 0 |
Amounts reclassified from AOCI | 33 | 70 |
Total other comprehensive (loss) income | 33 | 70 |
Balance, ending | (219) | (468) |
Retirement plans | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance, beginning | 1,476 | 2,698 |
Other comprehensive income before reclassification | 0 | 0 |
Amounts reclassified from AOCI | (2,189) | (1,858) |
Total other comprehensive (loss) income | (2,189) | (1,858) |
Balance, ending | (713) | 840 |
Accumulated other comprehensive income | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Balance, beginning | 84,816 | 40,216 |
Total other comprehensive (loss) income | (27,225) | 27,405 |
Balance, ending | $ 57,591 | $ 67,621 |
Subsequent Event - Narrative (D
Subsequent Event - Narrative (Details) $ in Thousands | Apr. 19, 2021USD ($)directorshares | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Subsequent Event [Line Items] | |||
Total assets | $ 29,914,282 | $ 29,820,138 | |
Portfolio loans, net | 20,828,787 | 21,522,309 | |
Deposits | $ 23,841,718 | $ 23,119,522 | |
Forecast | |||
Subsequent Event [Line Items] | |||
Merger, breakup fee | $ 185,000 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Merger, shares received per common stock owned (in shares) | shares | 0.463 | ||
Merger, number of board of directors | director | 15 | ||
Subsequent Event | Webster | |||
Subsequent Event [Line Items] | |||
Merger, percentage of ownership after transaction | 50.40% | ||
Merger, number of board of directors | director | 8 | ||
Subsequent Event | Sterling | |||
Subsequent Event [Line Items] | |||
Merger, percentage of ownership after transaction | 49.60% | ||
Merger, number of board of directors | director | 7 | ||
Subsequent Event | Webster, After Merger | Pro Forma | |||
Subsequent Event [Line Items] | |||
Total assets | $ 63,000,000 | ||
Portfolio loans, net | 42,000,000 | ||
Deposits | $ 52,000,000 |