Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 28, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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) | 192,700,767 | |
Entity Central Index Key | 0001070154 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Cash and due from banks | $ 929,320 | $ 305,002 |
Securities available for sale, at estimated fair value | 2,614,822 | 2,298,618 |
Securities held to maturity (“HTM”), net of allowance for credit losses (“ACL”) of $749 at September 30, 2021 and $1,499 at December 31, 2020 | 1,669,147 | 1,740,838 |
Loans held for sale | 0 | 11,749 |
Portfolio loans | 21,276,549 | 21,848,409 |
ACL - loans | (309,915) | (326,100) |
Portfolio loans, net | 20,966,634 | 21,522,309 |
Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”) stock, at cost | 151,004 | 166,190 |
Accrued interest receivable | 99,450 | 97,505 |
Premises and equipment, net | 202,519 | 202,555 |
Goodwill | 1,683,482 | 1,683,482 |
Other intangible assets, net | 82,236 | 93,564 |
Bank owned life insurance (“BOLI”) | 640,294 | 629,576 |
Other real estate owned | 816 | 5,347 |
Other assets | 988,701 | 1,063,403 |
Total assets | 30,028,425 | 29,820,138 |
LIABILITIES: | ||
Deposits | 23,936,023 | 23,119,522 |
FHLB and other borrowings | 0 | 382,000 |
Federal funds purchased | 0 | 277,000 |
Repurchase agreements | 31,023 | 27,101 |
Mortgage escrow funds | 79,221 | 59,686 |
Other liabilities | 692,146 | 728,702 |
Total liabilities | 25,230,796 | 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 September 30, 2021 and December 31, 2020) | 135,986 | 136,689 |
Common stock (par value $0.01 per share; 310,000,000 shares authorized at September 30, 2021 and December 31, 2020; 229,872,925 shares issued at September 30, 2021 and December 31, 2020; 192,681,503 and 192,923,371 shares outstanding at September 30, 2021 and December 31, 2020, respectively) | 2,299 | 2,299 |
Additional paid-in capital | 3,760,279 | 3,761,993 |
Treasury stock, at cost (37,191,422 shares at September 30, 2021 and 36,949,554 shares at December 31, 2020) | (697,433) | (686,911) |
Retained earnings | 1,539,354 | 1,291,628 |
Accumulated other comprehensive income, net of tax expense of $21,829 at September 30, 2021 and $32,399 at December 31, 2020 | 57,144 | 84,816 |
Total stockholders’ equity | 4,797,629 | 4,590,514 |
Total liabilities and stockholders’ equity | 30,028,425 | 29,820,138 |
Sterling National Bank | ||
LIABILITIES: | ||
Subordinated Notes | 0 | 143,703 |
Sterling Bancorp | ||
LIABILITIES: | ||
Subordinated Notes | $ 492,383 | $ 491,910 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Debt securities, held-to-maturity, allowance for credit loss | $ 749 | $ 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) | 192,681,503 | 192,923,371 |
Treasury stock, shares (in shares) | 37,191,422 | 36,949,554 |
Accumulated other comprehensive loss, tax expense | $ 21,829 | $ 32,399 |
Consolidated Income Statements
Consolidated Income Statements (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and dividend income: | ||||
Loans and loan fees | $ 197,157,000 | $ 213,009,000 | $ 604,697,000 | $ 668,352,000 |
Securities taxable | 15,433,000 | 18,623,000 | 46,534,000 | 58,107,000 |
Securities non-taxable | 11,607,000 | 12,257,000 | 35,063,000 | 38,085,000 |
Other earning assets | 892,000 | 769,000 | 2,952,000 | 6,867,000 |
Total interest and dividend income | 225,089,000 | 244,658,000 | 689,246,000 | 771,411,000 |
Interest expense: | ||||
Deposits | 6,161,000 | 18,251,000 | 21,727,000 | 92,142,000 |
Borrowings | 5,091,000 | 8,583,000 | 17,241,000 | 36,374,000 |
Total interest expense | 11,252,000 | 26,834,000 | 38,968,000 | 128,516,000 |
Net interest income | 213,837,000 | 217,824,000 | 650,278,000 | 642,895,000 |
Provision for credit losses - loans | 0 | 31,000,000 | 16,000,000 | 224,183,000 |
Provision for credit losses - held to maturity securities | 0 | (1,000,000) | (750,000) | 703,000 |
Net interest income after provision for credit losses | 213,837,000 | 187,824,000 | 635,028,000 | 418,009,000 |
Non-interest income: | ||||
Deposit fees and service charges | 7,007,000 | 5,960,000 | 20,666,000 | 17,928,000 |
Accounts receivable management / factoring commissions and fees | 5,937,000 | 5,393,000 | 16,854,000 | 15,349,000 |
Bank owned life insurance | 5,009,000 | 5,363,000 | 14,945,000 | 15,331,000 |
Loan commissions and fees | 8,620,000 | 7,290,000 | 27,859,000 | 26,317,000 |
Investment management fees | 1,819,000 | 1,735,000 | 5,689,000 | 4,960,000 |
Net gain on sale of securities | 1,656,000 | 642,000 | 2,361,000 | 9,539,000 |
Net gain on called securities | 85,000 | 0 | 19,000 | 4,880,000 |
Other | 2,414,000 | 1,842,000 | 6,724,000 | 7,337,000 |
Total non-interest income | 32,547,000 | 28,225,000 | 95,117,000 | 101,641,000 |
Non-interest expense: | ||||
Compensation and benefits | 57,178,000 | 55,960,000 | 172,218,000 | 165,504,000 |
Stock-based compensation plans | 6,648,000 | 5,869,000 | 20,046,000 | 17,788,000 |
Occupancy and office operations | 13,967,000 | 14,722,000 | 42,357,000 | 44,616,000 |
Information technology | 10,214,000 | 8,422,000 | 29,201,000 | 23,752,000 |
Professional fees | 7,251,000 | 6,343,000 | 21,889,000 | 17,550,000 |
Amortization of intangible assets | 3,776,000 | 4,200,000 | 11,328,000 | 12,600,000 |
FDIC insurance and regulatory assessments | 2,844,000 | 3,332,000 | 8,418,000 | 10,176,000 |
Other real estate owned expense, net | 1,000 | 151,000 | (139,000) | 1,436,000 |
Merger-related expense | 4,581,000 | 0 | 7,062,000 | 0 |
Impairment related to financial centers and real estate consolidation strategy | 118,000 | 0 | 1,226,000 | 0 |
Loss on extinguishment of borrowings | 0 | 6,241,000 | 1,243,000 | 16,713,000 |
Other | 18,390,000 | 14,122,000 | 48,913,000 | 48,821,000 |
Total non-interest expense | 124,968,000 | 119,362,000 | 363,762,000 | 358,956,000 |
Income before income tax expense | 121,416,000 | 96,687,000 | 366,383,000 | 160,694,000 |
Income tax expense | 25,745,000 | 12,280,000 | 73,223,000 | 11,348,000 |
Net income | 95,671,000 | 84,407,000 | 293,160,000 | 149,346,000 |
Preferred stock dividend | 1,956,000 | 1,969,000 | 5,878,000 | 5,917,000 |
Net income available to common stockholders | $ 93,715,000 | $ 82,438,000 | $ 287,282,000 | $ 143,429,000 |
Weighted average common shares: | ||||
Basic (in shares) | 191,508,071 | 193,494,929 | 191,606,643 | 194,436,137 |
Diluted (in shares) | 192,340,487 | 193,715,943 | 192,417,008 | 194,677,020 |
Earnings per common share: | ||||
Basic (USD per share) | $ 0.49 | $ 0.43 | $ 1.50 | $ 0.74 |
Diluted (USD per share) | $ 0.49 | $ 0.43 | $ 1.49 | $ 0.74 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 95,671 | $ 84,407 | $ 293,160 | $ 149,346 |
Other comprehensive income, before tax: | ||||
Change in unrealized holding (losses) gains on securities available for sale | (14,827) | (1,296) | (33,685) | 76,815 |
Reclassification adjustment for net realized (gains) included in net income | (1,656) | (642) | (2,361) | (9,539) |
Accretion of net unrealized loss on securities transferred to held to maturity | 28 | 131 | 113 | 288 |
Change in the actuarial loss of defined benefit plan and post-retirement benefit plans | 212 | 779 | (2,309) | (1,712) |
Total other comprehensive (loss) income, before tax | (16,243) | (1,028) | (38,242) | 65,852 |
Deferred tax benefit (expense) related to other comprehensive income | 4,488 | 284 | 10,570 | (18,202) |
Total other comprehensive income (loss) | (11,755) | (744) | (27,672) | 47,650 |
Comprehensive income | $ 83,916 | $ 83,663 | $ 265,488 | $ 196,996 |
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 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 | |||||||||||||||
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 | 149,346 | |||||||||||||||
Other comprehensive income (loss) | 47,650 | |||||||||||||||
Balance (in shares) at Sep. 30, 2020 | 194,458,842 | |||||||||||||||
Balance, ending at Sep. 30, 2020 | 4,557,785 | $ 2,299 | 136,917 | 3,761,216 | 660,312 | 1,229,799 | 87,866 | |||||||||
Balance (in shares) at Mar. 31, 2020 | 194,460,656 | |||||||||||||||
Balance, beginning at Mar. 31, 2020 | 4,422,424 | $ 2,299 | 137,363 | 3,749,508 | 660,069 | 1,125,702 | 67,621 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 50,792 | 50,792 | ||||||||||||||
Other comprehensive income (loss) | 20,989 | 20,989 | ||||||||||||||
Stock options & other stock transactions, net (in shares) | 10,000 | |||||||||||||||
Stock options & other stock transactions, net | 101 | 95 | 6 | |||||||||||||
Common shares acquired from stock compensation plan activity (in shares) | (14,467) | |||||||||||||||
Common shares acquired from stock compensation plan activity | (191) | (180) | (16) | 5 | ||||||||||||
Stock-based compensation (in shares) | 2,616 | |||||||||||||||
Stock-based compensation | 5,913 | 6,146 | (233) | |||||||||||||
Cash dividends declared, common | (13,648) | (13,648) | ||||||||||||||
Cash dividends declared, preferred | (2,193) | (221) | (1,972) | |||||||||||||
Balance (in shares) at Jun. 30, 2020 | 194,458,805 | |||||||||||||||
Balance, ending at Jun. 30, 2020 | 4,484,187 | $ 2,299 | 137,142 | 3,755,474 | 660,223 | 1,160,885 | 88,610 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 84,407 | 84,407 | ||||||||||||||
Other comprehensive income (loss) | (744) | (744) | ||||||||||||||
Stock options & other stock transactions, net (in shares) | 9,500 | |||||||||||||||
Stock options & other stock transactions, net | 95 | 90 | 5 | |||||||||||||
Restricted stock awards, net (in shares) | (19,662) | |||||||||||||||
Common shares acquired from stock compensation plan activity | (290) | (263) | (43) | 16 | ||||||||||||
Stock-based compensation (in shares) | 10,199 | |||||||||||||||
Stock-based compensation | 5,869 | 6,005 | (136) | |||||||||||||
Cash dividends declared, common | (13,545) | (13,545) | ||||||||||||||
Cash dividends declared, preferred | (2,194) | (225) | (1,969) | |||||||||||||
Balance (in shares) at Sep. 30, 2020 | 194,458,842 | |||||||||||||||
Balance, ending at Sep. 30, 2020 | 4,557,785 | $ 2,299 | 136,917 | 3,761,216 | 660,312 | 1,229,799 | 87,866 | |||||||||
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 | |||||||||
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 | 293,160 | |||||||||||||||
Other comprehensive income (loss) | (27,672) | |||||||||||||||
Balance (in shares) at Sep. 30, 2021 | 192,681,503 | |||||||||||||||
Balance, ending at Sep. 30, 2021 | 4,797,629 | $ 2,299 | 135,986 | 3,760,279 | 697,433 | 1,539,354 | 57,144 | |||||||||
Balance (in shares) at Mar. 31, 2021 | 192,567,901 | |||||||||||||||
Balance, beginning at Mar. 31, 2021 | 4,620,164 | $ 2,299 | 136,458 | 3,745,890 | 699,415 | 1,377,341 | 57,591 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 98,339 | 98,339 | ||||||||||||||
Other comprehensive income (loss) | 11,308 | 11,308 | ||||||||||||||
Stock options & other stock transactions, net (in shares) | 166,459 | |||||||||||||||
Stock options & other stock transactions, net | 1,829 | 3,072 | (1,243) | |||||||||||||
Common shares acquired from stock compensation plan activity (in shares) | (18,927) | |||||||||||||||
Common shares acquired from stock compensation plan activity | 26 | 70 | (43) | (1) | ||||||||||||
Stock-based compensation | 6,781 | 7,108 | (325) | (2) | ||||||||||||
Cash dividends declared, common | (13,398) | (13,398) | ||||||||||||||
Cash dividends declared, preferred | (2,193) | (234) | (1,959) | |||||||||||||
Balance (in shares) at Jun. 30, 2021 | 192,715,433 | |||||||||||||||
Balance, ending at Jun. 30, 2021 | 4,722,856 | $ 2,299 | 136,224 | 3,753,068 | 696,711 | 1,459,077 | 68,899 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 95,671 | 95,671 | ||||||||||||||
Other comprehensive income (loss) | (11,755) | (11,755) | ||||||||||||||
Stock options & other stock transactions, net (in shares) | 8,000 | |||||||||||||||
Stock options & other stock transactions, net | 115 | 148 | (33) | |||||||||||||
Restricted stock awards, net (in shares) | (41,930) | |||||||||||||||
Common shares acquired from stock compensation plan activity | (307) | 10 | (317) | 0 | ||||||||||||
Stock-based compensation | 6,648 | 7,201 | (553) | 0 | ||||||||||||
Cash dividends declared, common | (13,405) | (13,405) | ||||||||||||||
Cash dividends declared, preferred | (2,194) | (238) | (1,956) | |||||||||||||
Balance (in shares) at Sep. 30, 2021 | 192,681,503 | |||||||||||||||
Balance, ending at Sep. 30, 2021 | $ 4,797,629 | $ 2,299 | $ 135,986 | $ 3,760,279 | $ 697,433 | $ 1,539,354 | $ 57,144 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes In Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Cash dividends paid, common (usd per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 |
Cash dividends paid, preferred (usd per share) | $ 16.25 | $ 16.25 | $ 16.25 | $ 16.25 | $ 16.25 | $ 16.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 293,160,000 | $ 149,346,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses - loans | 16,000,000 | 224,183,000 |
Provision for credit losses - held to maturity securities | (750,000) | 703,000 |
Net (gain) loss from write-downs and sales of other real estate owned | (219,000) | 874,000 |
Loss on extinguishment of borrowings | 1,243,000 | 16,713,000 |
Depreciation of premises and equipment | 13,550,000 | 14,798,000 |
Impairment on fixed assets | 218,000 | 0 |
Impairment of early termination of leases | 127,000 | 0 |
Amortization of intangible assets | 11,328,000 | 12,600,000 |
Gain on sale of premises and equipment | (309,000) | 0 |
Amortization of low income housing tax credits | 35,452,000 | 24,571,000 |
Net gain on sale of securities | (2,361,000) | (9,539,000) |
Gain on security calls available for sale | (36,000) | (4,897,000) |
Loss on security calls held to maturity | 17,000 | 17,000 |
Net gain on loans held for sale | (23,714,000) | (2,881,000) |
Net amortization of premiums on securities | 23,844,000 | 23,334,000 |
Amortization of premium on certificates of deposit | (696,000) | (1,654,000) |
Net accretion of purchase discount and amortization of net deferred loan costs | (21,381,000) | (29,044,000) |
Net accretion of debt issuance costs and amortization of premium on borrowings | 527,000 | (342,000) |
Restricted stock compensation expense | 20,046,000 | 17,788,000 |
Originations of loans held for sale | (9,936,000) | (36,702,000) |
Proceeds from sales of loans held for sale | 21,685,000 | 3,501,000 |
Increase in cash surrender value of bank owned life insurance | (14,945,000) | (15,331,000) |
Deferred income tax benefit | (8,951,000) | (67,707,000) |
Other adjustments (principally net changes in other assets and other liabilities) | 91,317,000 | (115,753,000) |
Net cash provided by operating activities | 445,216,000 | 204,578,000 |
Purchases of securities: | ||
Available for sale | (896,749,000) | (294,798,000) |
Held to maturity | (2,117,000) | (3,454,000) |
Proceeds from maturities and other principal payments on securities: | ||
Available for sale | 353,137,000 | 422,942,000 |
Held to maturity | 45,122,000 | 88,384,000 |
Proceeds from sales of securities available for sale | 129,545,000 | 484,934,000 |
Proceeds from sales of securities held to maturity | 0 | 93,036,000 |
Proceeds from calls of securities available for sale | 57,984,000 | 138,872,000 |
Proceeds from calls of securities held to maturity | 11,805,000 | 905,000 |
Portfolio loan repayments (originations), net | 332,676,000 | (1,025,418,000) |
Proceeds from sale of commercial loans | 252,094,000 | 106,996,000 |
Redemptions of FHLB and FRB stock, net | 15,186,000 | 84,512,000 |
Proceeds from sales of other real estate owned | 4,750,000 | 5,379,000 |
Purchases of premises and equipment | (17,320,000) | (14,442,000) |
Proceeds from bank owned life insurance | 4,227,000 | 3,943,000 |
Proceeds from sale of premises and equipment | 3,897,000 | 9,233,000 |
Purchases of low income housing tax credits | (73,370,000) | (77,264,000) |
Net cash provided by investing activities | 220,867,000 | 59,830,000 |
Cash flows from financing activities: | ||
Net increase in transaction, savings and money market deposits | 1,490,941,000 | 2,894,767,000 |
Net decrease in certificates of deposit | (673,744,000) | (1,056,438,000) |
Net decrease in short-term FHLB borrowings | (382,000,000) | (195,000,000) |
Advances of term FHLB borrowings | 0 | 447,000,000 |
Repayments of term FHLB borrowings | 0 | (2,100,000,000) |
Advances under the Paycheck Protection Program Liquidity Facility | 0 | 568,350,000 |
Repayment of Paycheck Protection Program Liquidity Facility | 0 | (450,853,000) |
Repayment of Senior Notes | 0 | (173,373,000) |
Net (decrease) increase in other short term borrowings | (273,078,000) | 12,545,000 |
Net increase in mortgage escrow funds | 19,535,000 | 25,715,000 |
Stock options & other stock transactions, net | 2,696,000 | 610,000 |
Common shares acquired related to stock compensation plan activity | (6,916,000) | 0 |
Treasury shares repurchased | (27,325,000) | (81,032,000) |
Cash dividends paid - common stock | (40,293,000) | (40,961,000) |
Cash dividends paid - preferred stock | (6,581,000) | (6,581,000) |
Net cash (used in) financing activities | (41,765,000) | (156,001,000) |
Net increase in cash and cash equivalents | 624,318,000 | 108,407,000 |
Cash and cash equivalents at beginning of period | 305,002,000 | 329,151,000 |
Cash and cash equivalents at end of period | 929,320,000 | 437,558,000 |
Supplemental cash flow information: | ||
Interest payments | 36,566,000 | 133,225,000 |
Income tax payments | 45,329,000 | 16,395,000 |
Real estate acquired in settlement of loans | 0 | 983,000 |
Loans transferred from held for sale to portfolio | 0 | 4,500,000 |
Loans transferred from held for investment to held for sale | 259,433,000 | 254,564,000 |
Operating cash flows from operating leases | 11,217,000 | 15,437,000 |
Right-of-use assets obtained in exchange for lease liabilities | 0 | 2,846,000 |
Residential mortgage | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses - loans | (5,176,000) | 20,262,000 |
Residential mortgage portfolio segment | Residential mortgage | ||
Proceeds from maturities and other principal payments on securities: | ||
Proceeds from sale of residential mortgage loans | 0 | 36,070,000 |
Sterling National Bank | ||
Cash flows from financing activities: | ||
Repayment of subordinated notes | (145,000,000) | 0 |
Sterling Bancorp | ||
Cash flows from financing activities: | ||
Repayment of subordinated notes | 0 | (750,000) |
Senior Notes | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on extinguishment of borrowings | 1,243,000 | 0 |
FHLB Borrowings | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on extinguishment of borrowings | $ 0 | $ 16,713,000 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 ACL and the status of contingencies, and are subject to change. (d) Definitive Merger Agreement with Webster Financial Corporation On April 19, 2021, Webster Financial Corporation (NYSE: WBS) (“Webster”), the parent company of Webster Bank, National Association (“Webster Bank”), and Sterling, the parent company of the Bank, jointly announced that they had entered into a definitive agreement (the “Merger Agreement”) under which the companies will combine in an all stock merger of equals (the “Merger”). In May, Webster filed the necessary applications with federal regulators, in July we filed our joint proxy statement, and in August we received stockholder approval and approval from our primary bank regulator, the Office of the Comptroller of the Currency. We are prepared to execute the merger upon receipt of remaining regulatory approvals and subject to other customary closing conditions. (e) Risks and Uncertainties - COVID-19 The COVID-19 pandemic and the resultant slow down in global economic activity, has continued to impact our business and our clients. In line with the continuing recovery in the broader economy and in the New York metropolitan region, we saw further improvement in our operating results in the third quarter and first nine months of 2021, when compared to the third quarter and first nine months of 2020. There continues to be some uncertainty around the Delta variant of the COVID-19 virus as well as the pace and sustainability of the economic recovery, which in combination with accommodative monetary policy, has continued to create downward pressure on yields and considerable competition for earning assets. The New York metropolitan region was disproportionately impacted by the broader deterioration in macro-economic conditions and, while we have seen an uptick in economic activity in the region, it remains below pre-pandemic levels and has continued to dampen demand for our products. Against the backdrop of an improving macro-economic outlook and stabilization of key asset quality metrics, our provision for credit losses - loans was zero and $16.0 million in the third quarter of 2021 and in the first nine months of 2021, respectively, compared to $31.0 million and $224.2 million for the respective periods in 2020. In addition, non-interest income was $32.5 million in the third quarter of 2021 compared to $28.2 million in the third quarter of 2020 which reflects an increase in transaction volumes compared to the prior year period and improvement in the business operations of many of our clients. We expect to see continued volatility in the broader economy and in the interest rate environment. Further, the ongoing effects of the pandemic continue to cause severe supply chain disruptions and labor shortages which could negatively impact the pace of the economic recovery. A downturn in economic activity at the national or regional level, 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 extent to which the ongoing pandemic could materially adversely affect the longer term business climate and therefore our business and results of operations will depend on a number of evolving factors and future developments that are difficult to predict. To the extent that the 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, and our Quarterly Reports on Form 10-Q for quarters ended March 31, 2021 and June 30, 2021, filed on April 30, 2021 and July 30, 2021, respectively. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following table summarizes our securities as of September 30, 2021, including a summary of the amortized cost fair value and ACL related to HTM securities and the amortized cost, fair value of AFS securities. The term “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”: September 30, 2021 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair ACL Residential MBS: Agency-backed $ 926,677 $ 30,961 $ (2,356) $ 955,282 $ 66,620 $ 2,824 $ — $ 69,444 $ — CMOs/Other MBS 226,700 8,138 — 234,838 — — — — — Total residential MBS 1,153,377 39,099 (2,356) 1,190,120 66,620 2,824 — 69,444 — Other securities: US Treasury and federal agencies 370,898 3,150 (1,084) 372,964 24,892 375 — 25,267 — Corporate 649,445 30,787 (3,240) 676,992 9,810 652 — 10,462 35 State and municipal 361,625 13,244 (123) 374,746 1,550,824 100,864 (40) 1,651,648 700 Other — — — — 17,750 128 (105) 17,773 14 Total other securities 1,381,968 47,181 (4,447) 1,424,702 1,603,276 102,019 (145) 1,705,150 749 Total securities $ 2,535,345 $ 86,280 $ (6,803) $ 2,614,822 $ 1,669,896 $ 104,843 $ (145) $ 1,774,594 $ 749 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 ACL 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 September 30, 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. September 30, 2021 Available for sale Held to maturity Amortized Fair Amortized Fair Remaining period to contractual maturity: One year or less $ 1,671 $ 1,670 $ 27,746 $ 27,933 One to five years 441,892 452,863 98,153 102,829 Five to ten years 584,534 610,862 474,758 503,405 Greater than ten years 353,871 359,307 1,002,619 1,070,983 Total securities with a stated maturity date 1,381,968 1,424,702 1,603,276 1,705,150 Residential MBS 1,153,377 1,190,120 66,620 69,444 Total securities $ 2,535,345 $ 2,614,822 $ 1,669,896 $ 1,774,594 Sales and calls of securities for the periods indicated below were as follows: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 Available for sale: Proceeds from sales $ 108,839 $ 24,940 $ 129,545 $ 484,934 Gross realized gains 1,656 — 2,891 8,964 Gross realized losses — (128) (530) (195) Income tax expense on realized net gains 331 (27) 472 1,841 Proceeds from calls $ 38,904 $ 34,839 $ 58,909 $ 174,616 Gross realized gains 114 — 161 4,909 Gross realized losses (17) — (130) (29) Income tax expense on realized net gains 19 — 6 610 Held to maturity (1) : Proceeds from sales $ — $ 93,036 $ — $ 93,036 Gross realized gains — 1,809 — 1,809 Gross realized losses — (1,039) — (1,039) Income tax expense on realized net gains — 162 — 162 (1) In the three months ended September 30, 2020, we sold $93.0 million of state and municipal securities that were classified held to maturity at June 30, 2020. Management evaluated the issuer and individual securities and determined that the issuer had demonstrated significant deterioration in its creditworthiness since the acquisition date. At September 30, 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 securities issued by the U.S. federal government and its agencies. The following table summarizes AFS securities with unrealized losses for which an ACL has not been recorded at September 30, 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 September 30, 2021 Residential MBS: Agency-backed $ 266,531 $ (2,348) $ 248 $ (8) $ 266,779 $ (2,356) Other securities: US Treasury and federal agencies 259,748 (1,084) — — 259,748 (1,084) Corporate 101,540 (2,014) 18,774 (1,226) 120,314 (3,240) State and municipal 8,872 (33) 7,281 (90) 16,153 (123) Total other securities 370,160 (3,131) 26,055 (1,316) 396,215 (4,447) Total securities $ 636,691 $ (5,479) $ 26,303 $ (1,324) $ 662,994 $ (6,803) 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, and 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 unlikely that we will be required to sell the securities prior to their anticipated recovery. The increase in the amount of unrealized losses at September 30, 2021 compared to December 31, 2020 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 September 30, 2021, a total of 52 AFS securities were in a continuous unrealized loss position for less than 12 months and 46 AFS securities were in a continuous unrealized loss position for 12 months or longer. At September 30, 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 HTM securities 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 September 30, 2021 Other securities: State and municipal $ — $ — $ 3,029 $ (40) $ 3,029 $ (40) Other 9,999 (1) 4,895 (104) 14,894 (105) Total securities $ 9,999 $ (1) $ 7,924 $ (144) $ 17,923 $ (145) December 31, 2020 Other securities: State and municipal $ 105 $ (1) $ 4,386 $ (68) $ 4,491 $ (69) Other 9,993 (7) — — 9,993 (7) 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 nine month periods ended September 30, 2021 and 2020: September 30, 2021 September 30, 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 (71) (679) 7 696 Total ACL - HTM at end of period $ 49 $ 700 $ 115 $ 1,384 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, based on our back testing process. At September 30, 2021 and December 31, 2020, accrued interest receivable on HTM securities was $17.8 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 September 30, 2021. At September 30, 2021, two HTM securities were in a continuous unrealized loss position for less than 12 months and 21 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 September 30, 2021 aggregated by credit quality indicator: Credit Rating: Corporate and other State and municipal AAA $ — $ 983,533 AA 17,750 542,627 A — 19,963 BBB — 64 Non-rated 9,810 4,637 Total $ 27,560 $ 1,550,824 The majority of state and municipal securities had a rating of A or greater at September 30, 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. 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 September 30, 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: September 30, December 31, 2021 2020 AFS securities pledged for borrowings, at fair value $ 31,023 $ 27,101 AFS securities pledged for municipal deposits, at fair value 1,067,796 569,724 HTM securities pledged for municipal deposits, at amortized cost 1,548,450 1,221,964 Total securities pledged $ 2,647,269 $ 1,818,789 |
Portfolio Loans
Portfolio Loans | 9 Months Ended |
Sep. 30, 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: September 30, 2021 December 31, 2020 Commercial: Commercial & Industrial (“C&I”): Traditional C&I $ 3,342,356 $ 2,920,205 Asset-based lending 673,679 803,004 Payroll finance 166,999 159,237 Warehouse lending 1,301,639 1,953,677 Factored receivables 228,834 220,217 Equipment financing 1,254,846 1,531,109 Public sector finance 1,825,976 1,572,819 Total C&I 8,794,329 9,160,268 Commercial mortgage: Commercial real estate (“CRE”) 5,941,508 5,831,990 Multi-family 4,296,829 4,406,660 Acquisition, development and construction (“ADC”) 694,443 642,943 Total commercial mortgage 10,932,780 10,881,593 Total commercial 19,727,109 20,041,861 Residential mortgage 1,395,248 1,616,641 Consumer 154,192 189,907 Total portfolio loans 21,276,549 21,848,409 ACL (309,915) (326,100) Total portfolio loans, net $ 20,966,634 $ 21,522,309 Portfolio loans are shown at amortized cost, which includes deferred fees deferred costs and purchase accounting adjustments, which were $271 thousand at September 30, 2021 and $20.9 million at December 31, 2020. The balance of portfolio loans excludes accrued interest receivable. Accrued interest receivable was $66.7 million and $71.0 million at September 30, 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. In the three and nine months ended September 30, 2021, we sold $23.7 million and $252.1 million of loans, respectively, largely comprised of commercial real estate loans, the majority of which were rated special mention and substandard. In connection with these sales, we charged-off against the ACL - loans the uncollectible portion, which amounted to $1.2 million and $18.8 million in the three and nine months ended September 30, 2021, respectively. At September 30, 2021 and December 31, 2020, the Bank pledged residential mortgage and CRE loans of $5.8 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 September 30, 2021, is presented below: September 30, 2021 Current 30-59 60-89 90+ Total Traditional C&I $ 3,331,998 $ 3,461 $ 675 $ 6,222 $ 3,342,356 Asset-based lending 673,679 — — — 673,679 Payroll finance 166,999 — — — 166,999 Warehouse lending 1,301,639 — — — 1,301,639 Factored receivables 228,834 — — — 228,834 Equipment financing 1,200,107 41,005 1,077 12,657 1,254,846 Public sector finance 1,825,976 — — — 1,825,976 CRE 5,896,696 — 16,703 28,109 5,941,508 Multi-family 4,286,430 30 10,042 327 4,296,829 ADC 671,943 — — 22,500 694,443 Residential mortgage 1,374,257 3,929 2,979 14,083 1,395,248 Consumer 144,198 1,444 146 8,404 154,192 Total loans $ 21,102,756 $ 49,869 $ 31,622 $ 92,302 $ 21,276,549 Total TDRs included above $ 45,998 $ — $ 572 $ 1,777 $ 48,347 Non-performing loans: Loans 90+ days past due and still accruing $ 3,371 Non-accrual loans 202,082 Total non-performing loans $ 205,453 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 September 30, 2021: Collateral type Real estate Business assets Equipment Taxi medallions Total Traditional C&I $ 392 $ 36,177 $ 3,273 $ 2,207 $ 42,049 Asset-based lending — 6,722 — — 6,722 Equipment finance — — 10,428 — 10,428 CRE 95,100 — — — 95,100 ADC 22,500 — — — 22,500 Residential mortgage 5,691 — — — 5,691 Consumer 6,192 — — — 6,192 Total $ 129,875 $ 42,899 $ 13,701 $ 2,207 $ 188,682 Collateral-dependent loans include all loans that were deemed TDRs at September 30, 2021. In the table above, $173.8 million of the total loans were on non-accrual at September 30, 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, payroll finance, factored receivables, public sector finance, or multi-family loans that were collateral-dependent at September 30, 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 deemed 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: September 30, 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 $ 41,447 $ 4,820 $ 3,371 $ 19,223 $ 16,914 $ 94 Asset-based lending 3,790 — — 5,255 4,613 — Payroll finance — — — 2,300 2,300 — Equipment financing 21,478 3,737 — 30,634 11,578 2 CRE 87,014 1,382 — 46,053 38,529 74 Multi-family 327 — — 4,485 2,156 — ADC 22,500 — — 30,000 — — Residential mortgage 16,976 2,744 — 18,661 808 — Consumer 8,550 761 — 10,278 875 — Total $ 202,082 $ 13,444 $ 3,371 $ 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 September 30, 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 the balance of non-accrual residential mortgage loans above. There were no warehouse lending, factored receivables or public sector finance loans that were non-accrual or 90 days past due at September 30, 2021 or December 31, 2020. The following table provides information on accrued interest receivable that was reversed against interest income for the three and nine months ended September 30, 2021 and 2020: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 Traditional C&I $ 8 $ 12 $ 46 $ 61 Asset-based lending — — — 67 Equipment financing 1 — 88 — CRE 581 609 852 897 Multi-family — 14 — 125 ADC — — — 297 Residential mortgage 44 111 270 290 Consumer 4 15 35 22 Total interest reversed $ 638 $ 761 $ 1,291 $ 1,759 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, provided: • The modifications were made between March 1, 2020 and, as modified by the Consolidated Appropriations Act, the earlier of January 1, 2022 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 interest accrued during the deferral period are due and payable on or before the maturity of the loan. At September 30, 2021, we have temporary deferrals in place with borrowers on 134 loans with an outstanding balance of $76.0 million. There was $1.6 million of accrued interest associated with these loans. Under the provisions of the CARES Act, none of these loans were considered TDR at September 30, 2021. The table below reflects the balance of deferrals by principal: Loan balance outstanding Deferral of principal and interest % Short-term loan deferrals rated substandard Commercial C&I: Traditional C&I $ 3,342,356 $ — — % $ — Asset-based lending 673,679 — — — Payroll finance 166,999 — — — Warehouse lending 1,301,639 — — — Factored receivables 228,834 — — — Equipment finance 1,254,846 728 0.1 544 Public sector finance 1,825,976 — — — Total C&I 8,794,329 728 — 544 Commercial mortgage: Commercial real estate 5,941,508 32,365 0.5 32,365 Multi-family 4,296,829 — — — ADC 694,443 — — — Total commercial mortgage 10,932,780 32,365 0.3 32,365 Total commercial 19,727,109 33,093 0.2 32,909 Residential 1,395,248 39,944 2.9 — Consumer 154,192 2,961 1.9 31 Total portfolio loans $ 21,276,549 $ 75,998 0.4 % $ 32,940 There were no short-term loan deferrals rated special mention or doubtful at September 30, 2021. TDRs At September 30, 2021 and December 31, 2020, TDRs were $48.3 million and $79.0 million, respectively. The decline was mainly due to the repayment of $18.0 million of CRE loans and the sale of approximately $11.1 million of TDR loans in the second quarter. Of the total ACL - loans, $7.6 million at September 30, 2021 and $915 thousand 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 September 30, 2021 or December 31, 2020. There were two equipment financing loan that were classified as TDR in the nine months ended September 30, 2021, including one in the third quarter of 2021. These loans were formerly included in our CARES Act modifications; however, after two modifications, the borrowers requested an additional modification, and we concluded the loans should be considered TDRs. We charged-off the loan balances to reflect estimated collateral value based on our assessment of the borrowers’ability to service the debt. The following table presents loans classified as TDRs during the first nine months of 2021 and 2020 broken down by segment: September 30, 2021 September 30, 2020 Recorded investment Recorded investment Number Pre- Post- Number Pre- Post- Asset-based lending $ — $ — 2 $ 10,553 $ 9,822 Equipment financing 2 3,578 2,000 1 1,027 773 CRE — — — 1 24,270 24,270 Total TDRs 2 $ 3,578 $ 2,000 4 $ 35,850 $ 34,865 During the nine months ended September 30, 2021, one residential mortgage TDR loan, which totaled $490 thousand, experienced payment defaults within the twelve months following the modification. During the nine months ended September 30, 2020, there were |
ACL - Loans
ACL - Loans | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
ACL - Loans | ACL - Loans Activity in our ACL - loans for the three months ended September 30, 2021 and September 30, 2020 is summarized in the table below: For the three months ended September 30, 2021 Beginning Charge-offs Recoveries Net Provision / (credit) Ending balance Traditional C&I $ 47,494 $ (1,044) $ 169 $ (875) $ 14,864 $ 61,483 Asset-based lending 10,474 (7) — (7) (416) 10,051 Payroll finance 1,567 (8) 3 (5) 129 1,691 Warehouse lending 1,087 — — — 63 1,150 Factored receivables 3,025 — 108 108 12 3,145 Equipment financing 27,987 (968) 525 (443) (2,070) 25,474 Public sector finance 6,168 — — — (634) 5,534 CRE 155,589 (1,036) 265 (771) (7,214) 147,604 Multi-family 32,054 (418) — (418) (2,257) 29,379 ADC 11,371 (2,500) — (2,500) 1,509 10,380 Residential mortgage 14,032 (13) 1 (12) (3,146) 10,874 Consumer 4,025 (110) 75 (35) (840) 3,150 Total ACL - loans $ 314,873 $ (6,104) $ 1,146 $ (4,958) $ — $ 309,915 Annualized net charge-offs to average loans outstanding: 0.10 % For the three months ended September 30, 2020 Beginning Charge-offs Recoveries Net Provision / (credit) Ending balance Traditional C&I $ 44,514 $ (1,089) $ 677 $ (412) $ (4,429) $ 39,673 Asset-based lending 30,853 (1,297) — (1,297) (3,602) 25,954 Payroll finance 1,931 — 262 262 242 2,435 Warehouse lending 668 — — — 838 1,506 Factored receivables 10,586 (6,893) 185 (6,708) 1,266 5,144 Equipment financing 78,172 (42,128) 816 (41,312) (1,315) 35,545 Public sector finance 3,765 — — — 419 4,184 CRE 98,905 (3,650) — (3,650) 29,008 124,263 Multi-family 36,652 — — — 3,056 39,708 ADC 18,195 — — — (350) 17,845 Residential mortgage 33,955 (17,353) — (17,353) 6,235 22,837 Consumer 7,293 (97) 21 (76) (368) 6,849 Total ACL - loans $ 365,489 $ (72,507) $ 1,961 $ (70,546) $ 31,000 $ 325,943 Annualized net charge-offs to average loans outstanding: 1.28 % For the nine months ended September 30, 2021 Beginning Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 42,670 $ (3,219) $ 1,225 $ (1,994) $ 20,807 $ 61,483 Asset-based lending 12,762 (7) 1,998 1,991 (4,702) 10,051 Payroll finance 1,957 (94) 9 (85) (181) 1,691 Warehouse lending 1,724 — — — (574) 1,150 Factored receivables 2,904 (765) 566 (199) 440 3,145 Equipment financing 31,794 (6,380) 2,098 (4,282) (2,038) 25,474 Public sector finance 4,516 — — — 1,018 5,534 CRE 155,313 (11,344) 849 (10,495) 2,786 147,604 Multi-family 33,320 (8,630) 15 (8,615) 4,674 29,379 ADC 17,927 (7,500) — (7,500) (47) 10,380 Residential mortgage 16,529 (517) 38 (479) (5,176) 10,874 Consumer 4,684 (732) 205 (527) (1,007) 3,150 Total ACL - loans $ 326,100 $ (39,188) $ 7,003 $ (32,185) $ 16,000 $ 309,915 Annualized net charge-offs to average loans outstanding: 0.21 % On January 1, 2020, we adopted CECL, which replaced the incurred loss method we used in prior periods for determining the provision for credit losses and the ACL. Under CECL, we record at the inception of the loan an expected loss of all cash flows we do not expect to collect over the life of the loan. The adoption of CECL on January 1, 2020 resulted in an increase in our ACL of $90.6 million, which did not impact our consolidated income statements. For the nine months ended September 30, 2020 Beginning CECL Day 1 Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 15,951 $ 5,325 $ (5,375) $ 1,268 $ (4,107) $ 22,504 $ 39,673 Asset-based lending 14,272 11,973 (3,782) — (3,782) 3,491 25,954 Payroll finance 2,064 1,334 (560) 272 (288) (675) 2,435 Warehouse lending 917 (362) — — — 951 1,506 Factored receivables 654 795 (10,631) 190 (10,441) 14,136 5,144 Equipment financing 16,723 33,000 (54,784) 2,308 (52,476) 38,298 35,545 Public sector finance 1,967 (766) — — — 2,983 4,184 CRE 27,965 8,037 (4,936) 644 (4,292) 92,553 124,263 Multi-family 11,440 14,906 (154) 1 (153) 13,515 39,708 ADC 4,732 (119) (4) 105 101 13,131 17,845 Residential mortgage 7,598 14,104 (19,127) — (19,127) 20,262 22,837 Consumer 1,955 2,357 (1,674) 1,177 (497) 3,034 6,849 Total allowance for loan losses $ 106,238 $ 90,584 $ (101,027) $ 5,965 $ (95,062) $ 224,183 $ 325,943 Annualized net charge-offs to average loans outstanding: 0.58 % 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 affected 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 September 30, 2021 and December 31, 2020, the risk category of non-pass rated loans by segment was as follows: September 30, 2021 December 31, 2020 Special Mention Substandard Special Mention Substandard Traditional C&I $ 24,300 $ 117,997 $ 24,162 $ 84,792 Asset-based lending 25,700 11,843 111,597 11,669 Payroll finance — — — 2,300 Factored receivables — — 5,523 — Equipment financing 18,784 36,380 7,737 45,018 CRE 155,502 323,500 249,403 280,796 Multi-family 107,925 63,895 61,146 44,872 ADC 19,384 42,384 1,407 30,000 Residential mortgage 86 17,272 468 18,942 Consumer 11 8,630 15 10,371 Total $ 351,692 $ 621,901 $ 461,458 $ 528,760 At September 30, 2021 and December 31, 2020 there were no warehouse lending or public sector finance loans rated special mention or substandard. At September 30, 2021, there were $4.4 million of 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 September 30, 2021, our loans based on year of origination and risk designation are 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 $ 257,552 $ 241,873 $ 180,275 $ 183,148 $ 99,074 $ 113,147 $ 2,120,637 $ — $ 3,195,706 Special mention 7,596 — 33 11,032 2,879 264 2,496 — 24,300 Substandard 1,605 26,697 38,061 14,454 7,683 3,909 25,588 — 117,997 Doubtful — — — — — — 4,353 — 4,353 Total traditional C&I 266,753 268,570 218,369 208,634 109,636 117,320 2,153,074 — 3,342,356 Asset-based lending Pass 12,590 17,262 6,750 3,002 6,723 32,692 557,117 — 636,136 Special mention — — — 1,324 — — 24,376 — 25,700 Substandard — — — — — — 11,843 — 11,843 Total asset-based lending 12,590 17,262 6,750 4,326 6,723 32,692 593,336 — 673,679 Payroll finance Pass — — — — — — 166,999 — 166,999 Total payroll finance — — — — — — 166,999 — 166,999 Warehouse lending Pass 18,628 118,247 22,646 11,575 111,967 1,018,576 — — 1,301,639 Total warehouse lending 18,628 118,247 22,646 11,575 111,967 1,018,576 — — 1,301,639 Factored receivables Pass — — — — — — 228,834 — 228,834 Total factored receivables — — — — — — 228,834 — 228,834 Equipment financing Pass 163,082 335,345 402,962 147,815 57,504 92,833 141 — 1,199,682 Special mention — 1,666 3,659 10,506 2,936 17 — 18,784 Substandard — 5,577 12,013 6,217 9,384 3,189 — — 36,380 Total equipment financing 163,082 342,588 418,634 164,538 69,824 96,039 141 — 1,254,846 Public Sector Finance Pass 365,023 414,074 388,128 192,198 254,458 212,095 — — 1,825,976 Total public sector finance 365,023 414,074 388,128 192,198 254,458 212,095 — — 1,825,976 Term loans amortized cost basis by origination year Revolving loans converted to term 2021 2020 2019 2018 2017 Prior Revolving loans Total CRE Pass 499,613 1,004,611 1,244,150 784,702 500,472 1,428,959 — — 5,462,507 Special mention — 25,000 36,239 32,853 22,601 38,809 — — 155,502 Substandard — 21,698 86,962 76,872 38,297 99,671 — — 323,500 Total CRE 499,613 1,051,309 1,367,351 894,427 561,370 1,567,439 — — 5,941,509 Multi-family Pass 674,940 372,581 674,496 339,162 517,226 1,471,484 75,120 — 4,125,009 Special mention — 4,848 34,033 5,338 11,335 52,371 — — 107,925 Substandard — — 18,603 3,833 3,457 33,537 4,465 — 63,895 Total multi-family 674,940 377,429 727,132 348,333 532,018 1,557,392 79,585 — 4,296,829 ADC Pass 163,519 140,041 230,100 48,597 7,836 42,581 — — 632,674 Special mention — 2,416 — 16,968 — — — — 19,384 Substandard — — — — 42,384 — — — 42,384 Total ADC 163,519 142,457 230,100 65,565 50,220 42,581 — — 694,442 Residential Pass 156,549 10,532 10,109 27,103 33,247 1,140,350 — — 1,377,890 Special mention — — — — 86 — — — 86 Substandard — — — 259 — 17,013 — — 17,272 Total residential 156,549 10,532 10,109 27,362 33,333 1,157,363 — — 1,395,248 Consumer Pass 528 63 281 281 135 4,633 86,062 53,568 145,551 Special mention — — — — — 11 — — 11 Substandard — — — — 343 2,410 5,877 — 8,630 Total consumer 528 63 281 281 478 7,054 91,939 53,568 154,192 Total Loans $ 2,321,225 $ 2,742,531 $ 3,389,500 $ 1,917,239 $ 1,730,027 $ 5,808,551 $ 3,313,908 $ 53,568 $ 21,276,549 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 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: September 30, December 31, 2021 2020 Goodwill $ 1,683,482 $ 1,683,482 Other intangible assets: Core deposits $ 58,924 $ 69,808 Customer lists 2,812 3,256 Trade name 20,500 20,500 Total $ 82,236 $ 93,564 The decrease in other intangible assets at September 30, 2021 compared to December 31, 2020 was due to amortization of intangibles. The estimated aggregate future amortization expense for intangible assets remaining as of September 30, 2021 was as follows: Amortization expense Remainder of 2021 $ 3,776 2022 13,703 2023 12,322 2024 10,448 2025 8,722 2026 7,134 Thereafter 5,631 Total $ 61,736 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit balances at September 30, 2021 and December 31, 2020 were as follows: September 30, December 31, 2021 2020 Non-interest bearing demand $ 6,743,008 $ 5,443,907 Interest bearing demand 4,823,601 4,960,800 Savings 2,629,558 2,603,570 Money market 8,417,466 8,114,415 Certificates of deposit 1,322,390 1,996,830 Total deposits $ 23,936,023 $ 23,119,522 Total municipal deposits, which are included in the deposit balances above, were $2.4 billion and $1.6 billion at September 30, 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 September 30, 2021 and December 31, 2020 were as follows: September 30, December 31, 2021 2020 Interest bearing demand $ 8,395 $ 433,790 Money market 522,222 1,045,478 Certificates of deposit — 100,003 Total brokered deposits $ 530,617 $ 1,579,271 In the second quarter of 2021, we concluded that one of our deposit relationships that was considered a brokered deposit at December 31, 2020, and which totaled $524.9 million at September 30, 2021, now meets the “primary purpose” exception to the deposit broker definition. Accordingly, these deposits are included in core deposits at September 30, 2021 and we no longer report these deposits as brokered deposits. |
Borrowings
Borrowings | 9 Months Ended |
Sep. 30, 2021 | |
Debt Instruments [Abstract] | |
Borrowings | Borrowings Our borrowings and weighted average interest rates were as follows for the periods presented: September 30, December 31, 2021 2020 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ — — % $ 382,000 0.35 % Repurchase agreements 31,023 0.10 27,101 0.10 Federal funds purchased — — 277,000 0.11 Subordinated Notes - Bank — — 143,703 5.45 Subordinated Notes - 2029 270,543 4.18 270,284 4.17 Subordinated Notes - 2030 221,840 4.06 221,626 4.06 Total borrowings $ 523,406 3.92 % $ 1,321,714 2.25 % By remaining period to maturity: Less than one year $ 31,023 0.10 % $ 686,101 0.24 % Greater than five years 492,383 4.13 635,613 4.43 Total borrowings $ 523,406 3.92 % $ 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 September 30, 2021 and December 31, 2020, the Bank had total residential mortgage and CRE loans pledged after discount of $5.8 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 September 30, 2021, the Bank had unused borrowing capacity at the FHLB of $5.8 billion and may increase such borrowing capacity by pledging securities not required to be pledged for other purposes with a collateral value of approximately $1.6 billion. Subordinated Notes - Bank. On April 1, 2021, we redeemed the remaining balance of subordinated notes - Bank. Effective April 1, 2021, the eligibility of the subordinated notes - Bank as qualifying Tier 2 capital decreased by 20%. In anticipation of this redemption, in the fourth quarter of 2020, we contributed $175.0 million as equity capital into the Bank. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Derivatives | Derivatives To 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 futures markets such as the Chicago Mercantile Exchange (“CME”) and London Clearing House (“LCH”). At September 30, 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 a settled-to-market (“STM”) transaction. At September 30, 2021 and December 31, 2020, we posted cash collateral under STMs in the amounts of $56.4 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 September 30, 2021 and December 31, 2020 regarding these derivatives is presented below: Notional Average Weighted Weighted Fair value September 30, 2021 Included in other assets: Third-party interest rate swap $ — $ — Customer interest rate swap 1,788,110 94,524 Total $ 1,788,110 4.00 4.40 % 1 m Libor + 2.21% $ 94,524 Included in other liabilities: Third-party interest rate swap $ 1,788,110 $ 38,093 Customer interest rate swap — — Total $ 1,788,110 4.00 4.40 % 1 m Libor + 2.21% $ 38,093 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 | 9 Months Ended |
Sep. 30, 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 For the nine months ended September 30, September 30, 2021 2020 2021 2020 Income before income tax expense $ 121,416 $ 96,687 $ 366,383 $ 160,694 Tax at federal statutory rate of 21% 25,497 20,305 76,940 33,746 State and local income taxes, net of federal tax benefit 6,698 4,942 19,820 6,622 Tax exempt interest, net of disallowed interest (6,518) (7,811) (18,095) (22,713) BOLI income (1,050) (1,122) (3,097) (3,267) Non-deductible acquisition related costs 1,204 — 1,204 — Low income housing tax credits and other benefits (13,721) (9,461) (40,903) (28,381) Low income housing investment amortization expense 12,119 8,183 35,452 24,571 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 — (4,837) — 7,273 Non-deductible compensation expense (1) 450 — 1,511 — Equity-based stock compensation (benefit) expense (21) 192 (473) 970 FDIC insurance premium limitation 237 266 642 837 Other, net 850 1,623 222 1,523 Actual income tax expense $ 25,745 $ 12,280 $ 73,223 $ 11,348 Effective income tax rate 21.2 % 12.7 % 20.0 % 7.1 % (1) Includes $257 thousand in the three months ended September 30, 2021 and $936 thousand in the nine months ended September 30, 2021 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 $23.8 million at September 30, 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 nine months 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 September 30, 2021, the accrual for unrecognized gross tax benefits was as follows: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 Uncertain tax positions beginning of period $ 7,000 $ 11,603 $ 7,000 $ — Additions for tax positions related to prior tax years — — — 11,480 Decrease due to settlement — (1,315) — (1,315) Interest expense in tax positions — — — 123 Uncertain tax positions at end of period $ 7,000 $ 10,288 $ 7,000 $ 10,288 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 | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation The following table summarizes the activity in our stock-based compensation plan for the nine months ended September 30, 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 $ 11.14 Amended 2015 Omnibus Equity and Incentive Plan 3,500,000 — — — — Granted (1,138,246) 1,138,246 20.36 — — Stock awards vested — (860,553) 21.34 — — Exercised — — — (248,405) 10.85 Forfeited 67,877 (67,877) 19.20 — — Canceled/expired 31,109 (31,109) 20.85 — — Balance at September 30, 2021 4,272,158 3,172,350 $ 19.34 88,216 $ 11.93 Exercisable at September 30, 2021 88,216 $ 11.93 On May 26, 2021, our stockholders approved the Amended and Restated 2015 Omnibus Equity and Incentive Plan (the “Amended Omnibus Plan”). The Amended Omnibus Plan increased the shares available for issuance to 10,500,000 from 7,000,000. We intend that the additional shares under the Amended Omnibus Plan will be made available from authorized but unissued shares of our common stock or from treasury shares. Shares awarded will be removed from the share reserve as of the grant date, and cancellations and forfeitures will be added back to the share reserve. Each grant of a stock option, stock appreciation right or other award will be counted as one (1) share against this limit. Pursuant to our Merger Agreement with Webster, we are required to obtain the prior written consent of Webster before we grant any shares under the Amended Omnibus Plan. The total intrinsic value of outstanding in-the-money stock options was $1.1 million at September 30, 2021, all of which were exercisable. 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 nine months ended September 30, 2021 or September 30, 2020. As a result, we incurred no stock option expense during the nine month periods ended September 30, 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 For the nine months ended September 30, September 30, 2021 2020 2021 2020 Stock options $ — $ — $ — $ — Non-vested stock awards/performance units 6,648 5,868 20,046 17,788 Non-vested stock awards/performance units $ 6,648 $ 5,868 $ 20,046 $ 17,788 Income tax benefit 1,330 734 4,009 2,224 Proceeds from stock option exercises 115 95 2,696 610 Unrecognized stock-based compensation expense as of September 30, 2021 was $34.2 million and is expected to be recognized over 1.47 years. |
Other Non-Interest Expense, Oth
Other Non-Interest Expense, Other Assets and Other Liabilities | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2021 and 2020, respectively, are presented in the following table: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 Other non-interest expense: Depreciation expense on operating leases $ 2,846 $ 3,130 $ 8,888 $ 9,758 Advertising and promotion 2,027 1,291 5,695 4,414 Communications 1,379 1,424 4,129 4,374 Residential mortgage loans servicing 1,150 1,361 3,902 3,984 Commercial loan servicing 1,298 1,179 3,531 3,498 Insurance & surety bond premium 1,125 942 3,083 3,191 Operational losses 690 597 1,884 1,812 Other 7,875 4,198 17,801 17,790 Total other non-interest expense $ 18,390 $ 14,122 $ 48,913 $ 48,821 (b) Other Assets Other assets are presented in the following table. Significant components of the aggregate of other assets are presented separately. September 30, December 31, 2021 2020 Other assets: Low income housing tax credit investments $ 527,953 $ 488,303 Right of use asset for operating leases 94,647 105,667 Fair value of swaps 94,524 149,797 Cash on deposit as swap collateral / net of settlement 55,774 82,478 Operating leases - equipment and vehicles leased to others 43,052 55,224 Other asset balances 172,751 181,934 Total other assets $ 988,701 $ 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. September 30, December 31, 2021 2020 Other liabilities: Commitment to fund low income housing tax credit investments $ 285,583 $ 283,849 Lease liability 103,664 113,405 Payroll finance and factoring liabilities 117,227 115,802 Swap liabilities (see Note 8) 38,093 60,004 Other liability balances 147,579 155,642 Total other liabilities $ 692,146 $ 728,702 |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 30, 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 For the nine months ended September 30, September 30, 2021 2020 2021 2020 Net income available to common stockholders $ 93,715 $ 82,438 $ 287,282 $ 143,429 Weighted average common shares outstanding for computation of basic EPS 191,508,071 193,494,929 191,606,643 194,436,137 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 832,416 221,014 810,365 240,883 Weighted average common shares for computation of diluted EPS 192,340,487 193,715,943 192,417,008 194,677,020 EPS (2) : Basic $ 0.49 $ 0.43 $ 1.50 $ 0.74 Diluted 0.49 0.43 1.49 0.74 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted EPS. There were no anti-dilutive shares in the three and nine months ended September 30, 2021 and 359,304 and 98,351 for the three and nine months ended September 30, 2020, respectively. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 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 Company includes a permissible portion of the ACL. Tier 2 capital at the Company also includes $492.4 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 CECL on 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 CECL 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 September 30, 2021 and December 31, 2020 for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented as of September 30, 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 September 30, 2021 Common equity tier 1 to RWA: Sterling National Bank $ 3,448,597 14.52 % $ 1,663,006 7.00 % $ 1,544,220 6.50 % Sterling Bancorp 2,975,338 12.50 1,666,328 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 3,448,597 14.52 % 2,019,364 8.50 % 1,900,578 8.00 % Sterling Bancorp 3,111,324 13.07 2,023,398 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,626,007 15.26 % 2,494,509 10.50 % 2,375,723 10.00 % Sterling Bancorp 3,781,117 15.88 2,499,491 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 3,448,597 12.60 % 1,094,722 4.00 % 1,368,402 5.00 % Sterling Bancorp 3,111,324 11.35 1,096,746 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 September 30, 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 | 9 Months Ended |
Sep. 30, 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: September 30, December 31, 2021 2020 Loan origination commitments $ 694,879 $ 641,965 Unused lines of credit 1,788,318 1,623,745 Letters of credit 169,128 181,890 We record ACL - off-balance sheet financial instrument exposures through a charge to other non-interest expense on our consolidated income statements. At September 30, 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 nine months ended September 30, 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 or nine months ended September 30, 2021 and 2020. (b) Leases Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2021 were as follows: Remainder of 2021 $ 5,384 2022 18,119 2023 16,660 2024 14,998 2025 12,339 2026 11,209 2027 and thereafter 40,889 Total lease payments 119,598 Interest 15,934 Present value of lease liabilities $ 103,664 (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 September 30, 2021 we accrued $2.0 million to cover probable settlement and fees related to certain pending ligation and representing our best estimate of the amount of our exposure related to three legal matters. At December 31, 2020, we had no other significant amounts accrued in respect of pending litigation. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 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 All 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 September 30, 2021 and December 31, 2020, 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 may be traded in an over-the-counter market where quoted market prices are not always available. Our derivatives at September 30, 2021 and December 31, 2020 consisted of interest rate swaps. See Note 8. “Derivatives” for additional information. A summary of assets and liabilities at September 30, 2021 and December 31, 2020, respectively, measured at estimated fair value on a recurring basis, is as follows: September 30, 2021 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 955,282 $ — $ 955,282 $ — CMOs/Other MBS 234,838 — 234,838 — Total residential MBS 1,190,120 — 1,190,120 — Other securities: Federal agencies 372,964 — 372,964 — Corporate 676,992 — 676,992 — State and municipal 374,746 — 374,746 — Total other securities 1,424,702 — 1,424,702 — Total AFS 2,614,822 — 2,614,822 — Swaps 94,524 — 94,524 — Total assets $ 2,709,346 $ — $ 2,709,346 $ — Liabilities: Swaps $ 38,093 $ — $ 38,093 $ — Total liabilities $ 38,093 $ — $ 38,093 $ — 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. September 30, 2021 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 2,207 $ — $ — $ 2,207 Equipment financing 3,675 — — 3,675 CRE 24,004 — — 24,004 ADC 22,500 — — 22,500 Residential mortgage 1,312 — — 1,312 Consumer 3,017 — — 3,017 Total collateral dependent loans measured at fair value $ 56,715 $ — $ — $ 56,715 December 31, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 10,916 $ — $ — $ 10,916 ABL 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 September 30, 2021: September 30, 2021 Carrying Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 929,320 $ 929,320 $ — $ — Securities AFS 2,614,822 — 2,614,822 — Securities HTM, net 1,669,147 — 1,774,594 — Portfolio loans, net 20,966,634 — — 20,910,024 Accrued interest receivable on securities 32,719 — 32,719 — Accrued interest receivable on loans 66,731 — — 66,731 FHLB stock and FRB stock 151,004 — — — Swaps 94,524 — 94,524 — Financial liabilities: Non-maturity deposits 22,613,633 22,613,633 — — Certificates of deposit 1,322,390 — 1,320,281 — Other borrowings 31,023 — 31,023 — Subordinated Notes - Company 492,383 — 522,520 — Mortgage escrow funds 79,221 — 79,220 — Accrued interest payable on deposits 491 — 491 — Accrued interest payable on borrowings 6,403 — 6,403 — Swaps 38,093 — 38,093 — 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 | 9 Months Ended |
Sep. 30, 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: September 30, December 31, 2021 2020 Net unrealized holding gain on available for sale securities $ 79,477 $ 115,523 Related income tax expense (21,968) (31,931) Available for sale securities, net of tax 57,509 83,592 Net unrealized holding loss on securities transferred to held to maturity (235) (348) Related income tax benefit 65 96 Securities transferred to held to maturity, net of tax (170) (252) Net unrealized holding (loss) gain on retirement plans (269) 2,040 Related income tax benefit (expense) 74 (564) Retirement plans, net of tax (195) 1,476 Accumulated other comprehensive income $ 57,144 $ 84,816 The following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended September 30, 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 September 30, 2021 Balance beginning of the period $ 69,437 $ (190) $ (348) $ 68,899 Other comprehensive loss before reclassification (10,730) — — (10,730) Amounts reclassified from AOCI (1,198) 20 153 (1,025) Total other comprehensive (loss) income (11,928) 20 153 (11,755) Balance at end of period $ 57,509 $ (170) $ (195) $ 57,144 For the three months ended September 30, 2020 Balance beginning of the period $ 88,140 $ (425) $ 895 $ 88,610 Other comprehensive loss before reclassification (938) — — (938) Amounts reclassified from AOCI (465) 95 564 194 Total other comprehensive (loss) income (1,403) 95 564 (744) Balance at end of period $ 86,737 $ (330) $ 1,459 $ 87,866 Location in consolidated income statements where reclassification from AOCI is included Net gain on sale of securities Interest income on securities Other non-interest expense The following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 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 gain on retirement plans Total For the nine months ended September 30, 2021 Balance beginning of the period $ 83,592 $ (252) $ 1,476 $ 84,816 Other comprehensive loss before reclassification (24,375) — — (24,375) Amounts reclassified from AOCI (1,708) 82 (1,671) (3,297) Total other comprehensive (loss) income (26,083) 82 (1,671) (27,672) Balance at end of period $ 57,509 $ (170) $ (195) $ 57,144 For the nine months ended September 30, 2020 Balance beginning of the period $ 38,056 $ (538) $ 2,698 $ 40,216 Other comprehensive income before reclassification 55,583 — — 55,583 Amounts reclassified from AOCI (6,902) 208 (1,239) (7,933) Total other comprehensive income (loss) 48,681 208 (1,239) 47,650 Balance at end of period $ 86,737 $ (330) $ 1,459 $ 87,866 Location in consolidated income statements where reclassification from AOCI is included Net gain on sale of securities Interest income on securities Other non-interest expense |
Recently Issued Accounting Stan
Recently Issued Accounting Standards Not Yet Adopted | 9 Months Ended |
Sep. 30, 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. |
Basis of Financial Statement _2
Basis of Financial Statement Presentation and Summary of Significant Accounting Policies - (Policies) | 9 Months Ended |
Sep. 30, 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 ACL 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 affected 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 All 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 September 30, 2021 and December 31, 2020, 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 |
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) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Securities Available for Sale | The following table summarizes our securities as of September 30, 2021, including a summary of the amortized cost fair value and ACL related to HTM securities and the amortized cost, fair value of AFS securities. The term “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”: September 30, 2021 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair ACL Residential MBS: Agency-backed $ 926,677 $ 30,961 $ (2,356) $ 955,282 $ 66,620 $ 2,824 $ — $ 69,444 $ — CMOs/Other MBS 226,700 8,138 — 234,838 — — — — — Total residential MBS 1,153,377 39,099 (2,356) 1,190,120 66,620 2,824 — 69,444 — Other securities: US Treasury and federal agencies 370,898 3,150 (1,084) 372,964 24,892 375 — 25,267 — Corporate 649,445 30,787 (3,240) 676,992 9,810 652 — 10,462 35 State and municipal 361,625 13,244 (123) 374,746 1,550,824 100,864 (40) 1,651,648 700 Other — — — — 17,750 128 (105) 17,773 14 Total other securities 1,381,968 47,181 (4,447) 1,424,702 1,603,276 102,019 (145) 1,705,150 749 Total securities $ 2,535,345 $ 86,280 $ (6,803) $ 2,614,822 $ 1,669,896 $ 104,843 $ (145) $ 1,774,594 $ 749 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 ACL 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 September 30, 2021, including a summary of the amortized cost fair value and ACL related to HTM securities and the amortized cost, fair value of AFS securities. The term “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”: September 30, 2021 Available for Sale Held to Maturity Amortized Gross Gross Fair Amortized Gross Gross Fair ACL Residential MBS: Agency-backed $ 926,677 $ 30,961 $ (2,356) $ 955,282 $ 66,620 $ 2,824 $ — $ 69,444 $ — CMOs/Other MBS 226,700 8,138 — 234,838 — — — — — Total residential MBS 1,153,377 39,099 (2,356) 1,190,120 66,620 2,824 — 69,444 — Other securities: US Treasury and federal agencies 370,898 3,150 (1,084) 372,964 24,892 375 — 25,267 — Corporate 649,445 30,787 (3,240) 676,992 9,810 652 — 10,462 35 State and municipal 361,625 13,244 (123) 374,746 1,550,824 100,864 (40) 1,651,648 700 Other — — — — 17,750 128 (105) 17,773 14 Total other securities 1,381,968 47,181 (4,447) 1,424,702 1,603,276 102,019 (145) 1,705,150 749 Total securities $ 2,535,345 $ 86,280 $ (6,803) $ 2,614,822 $ 1,669,896 $ 104,843 $ (145) $ 1,774,594 $ 749 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 ACL 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 September 30, 2021 Other securities: State and municipal $ — $ — $ 3,029 $ (40) $ 3,029 $ (40) Other 9,999 (1) 4,895 (104) 14,894 (105) Total securities $ 9,999 $ (1) $ 7,924 $ (144) $ 17,923 $ (145) December 31, 2020 Other securities: State and municipal $ 105 $ (1) $ 4,386 $ (68) $ 4,491 $ (69) Other 9,993 (7) — — 9,993 (7) 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 September 30, 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. September 30, 2021 Available for sale Held to maturity Amortized Fair Amortized Fair Remaining period to contractual maturity: One year or less $ 1,671 $ 1,670 $ 27,746 $ 27,933 One to five years 441,892 452,863 98,153 102,829 Five to ten years 584,534 610,862 474,758 503,405 Greater than ten years 353,871 359,307 1,002,619 1,070,983 Total securities with a stated maturity date 1,381,968 1,424,702 1,603,276 1,705,150 Residential MBS 1,153,377 1,190,120 66,620 69,444 Total securities $ 2,535,345 $ 2,614,822 $ 1,669,896 $ 1,774,594 |
Sales and Calls of Securities | Sales and calls of securities for the periods indicated below were as follows: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 Available for sale: Proceeds from sales $ 108,839 $ 24,940 $ 129,545 $ 484,934 Gross realized gains 1,656 — 2,891 8,964 Gross realized losses — (128) (530) (195) Income tax expense on realized net gains 331 (27) 472 1,841 Proceeds from calls $ 38,904 $ 34,839 $ 58,909 $ 174,616 Gross realized gains 114 — 161 4,909 Gross realized losses (17) — (130) (29) Income tax expense on realized net gains 19 — 6 610 Held to maturity (1) : Proceeds from sales $ — $ 93,036 $ — $ 93,036 Gross realized gains — 1,809 — 1,809 Gross realized losses — (1,039) — (1,039) Income tax expense on realized net gains — 162 — 162 (1) In the three months ended September 30, 2020, we sold $93.0 million of state and municipal securities that were classified held to maturity at June 30, 2020. Management evaluated the issuer and individual securities and determined that the issuer had demonstrated significant deterioration in its creditworthiness since the acquisition date. |
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 for which an ACL has not been recorded at September 30, 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 September 30, 2021 Residential MBS: Agency-backed $ 266,531 $ (2,348) $ 248 $ (8) $ 266,779 $ (2,356) Other securities: US Treasury and federal agencies 259,748 (1,084) — — 259,748 (1,084) Corporate 101,540 (2,014) 18,774 (1,226) 120,314 (3,240) State and municipal 8,872 (33) 7,281 (90) 16,153 (123) Total other securities 370,160 (3,131) 26,055 (1,316) 396,215 (4,447) Total securities $ 636,691 $ (5,479) $ 26,303 $ (1,324) $ 662,994 $ (6,803) 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 nine month periods ended September 30, 2021 and 2020: September 30, 2021 September 30, 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 (71) (679) 7 696 Total ACL - HTM at end of period $ 49 $ 700 $ 115 $ 1,384 |
Schedule of Debt Securities Held-for-Sale Amortized Cost by Credit Quality Indicator | The following table summarizes the amortized cost of HTM securities at September 30, 2021 aggregated by credit quality indicator: Credit Rating: Corporate and other State and municipal AAA $ — $ 983,533 AA 17,750 542,627 A — 19,963 BBB — 64 Non-rated 9,810 4,637 Total $ 27,560 $ 1,550,824 |
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: September 30, December 31, 2021 2020 AFS securities pledged for borrowings, at fair value $ 31,023 $ 27,101 AFS securities pledged for municipal deposits, at fair value 1,067,796 569,724 HTM securities pledged for municipal deposits, at amortized cost 1,548,450 1,221,964 Total securities pledged $ 2,647,269 $ 1,818,789 |
Portfolio Loans - (Tables)
Portfolio Loans - (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, 2021 December 31, 2020 Commercial: Commercial & Industrial (“C&I”): Traditional C&I $ 3,342,356 $ 2,920,205 Asset-based lending 673,679 803,004 Payroll finance 166,999 159,237 Warehouse lending 1,301,639 1,953,677 Factored receivables 228,834 220,217 Equipment financing 1,254,846 1,531,109 Public sector finance 1,825,976 1,572,819 Total C&I 8,794,329 9,160,268 Commercial mortgage: Commercial real estate (“CRE”) 5,941,508 5,831,990 Multi-family 4,296,829 4,406,660 Acquisition, development and construction (“ADC”) 694,443 642,943 Total commercial mortgage 10,932,780 10,881,593 Total commercial 19,727,109 20,041,861 Residential mortgage 1,395,248 1,616,641 Consumer 154,192 189,907 Total portfolio loans 21,276,549 21,848,409 ACL (309,915) (326,100) Total portfolio loans, net $ 20,966,634 $ 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 September 30, 2021, is presented below: September 30, 2021 Current 30-59 60-89 90+ Total Traditional C&I $ 3,331,998 $ 3,461 $ 675 $ 6,222 $ 3,342,356 Asset-based lending 673,679 — — — 673,679 Payroll finance 166,999 — — — 166,999 Warehouse lending 1,301,639 — — — 1,301,639 Factored receivables 228,834 — — — 228,834 Equipment financing 1,200,107 41,005 1,077 12,657 1,254,846 Public sector finance 1,825,976 — — — 1,825,976 CRE 5,896,696 — 16,703 28,109 5,941,508 Multi-family 4,286,430 30 10,042 327 4,296,829 ADC 671,943 — — 22,500 694,443 Residential mortgage 1,374,257 3,929 2,979 14,083 1,395,248 Consumer 144,198 1,444 146 8,404 154,192 Total loans $ 21,102,756 $ 49,869 $ 31,622 $ 92,302 $ 21,276,549 Total TDRs included above $ 45,998 $ — $ 572 $ 1,777 $ 48,347 Non-performing loans: Loans 90+ days past due and still accruing $ 3,371 Non-accrual loans 202,082 Total non-performing loans $ 205,453 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 September 30, 2021: Collateral type Real estate Business assets Equipment Taxi medallions Total Traditional C&I $ 392 $ 36,177 $ 3,273 $ 2,207 $ 42,049 Asset-based lending — 6,722 — — 6,722 Equipment finance — — 10,428 — 10,428 CRE 95,100 — — — 95,100 ADC 22,500 — — — 22,500 Residential mortgage 5,691 — — — 5,691 Consumer 6,192 — — — 6,192 Total $ 129,875 $ 42,899 $ 13,701 $ 2,207 $ 188,682 Collateral-dependent loans include all loans that were deemed TDRs at September 30, 2021. In the table above, $173.8 million of the total loans were on non-accrual at September 30, 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, payroll finance, factored receivables, public sector finance, or multi-family loans that were collateral-dependent at September 30, 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: September 30, 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 $ 41,447 $ 4,820 $ 3,371 $ 19,223 $ 16,914 $ 94 Asset-based lending 3,790 — — 5,255 4,613 — Payroll finance — — — 2,300 2,300 — Equipment financing 21,478 3,737 — 30,634 11,578 2 CRE 87,014 1,382 — 46,053 38,529 74 Multi-family 327 — — 4,485 2,156 — ADC 22,500 — — 30,000 — — Residential mortgage 16,976 2,744 — 18,661 808 — Consumer 8,550 761 — 10,278 875 — Total $ 202,082 $ 13,444 $ 3,371 $ 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 and nine months ended September 30, 2021 and 2020: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 Traditional C&I $ 8 $ 12 $ 46 $ 61 Asset-based lending — — — 67 Equipment financing 1 — 88 — CRE 581 609 852 897 Multi-family — 14 — 125 ADC — — — 297 Residential mortgage 44 111 270 290 Consumer 4 15 35 22 Total interest reversed $ 638 $ 761 $ 1,291 $ 1,759 |
Schedule of Financing Receivable Payment Deferrals | The table below reflects the balance of deferrals by principal: Loan balance outstanding Deferral of principal and interest % Short-term loan deferrals rated substandard Commercial C&I: Traditional C&I $ 3,342,356 $ — — % $ — Asset-based lending 673,679 — — — Payroll finance 166,999 — — — Warehouse lending 1,301,639 — — — Factored receivables 228,834 — — — Equipment finance 1,254,846 728 0.1 544 Public sector finance 1,825,976 — — — Total C&I 8,794,329 728 — 544 Commercial mortgage: Commercial real estate 5,941,508 32,365 0.5 32,365 Multi-family 4,296,829 — — — ADC 694,443 — — — Total commercial mortgage 10,932,780 32,365 0.3 32,365 Total commercial 19,727,109 33,093 0.2 32,909 Residential 1,395,248 39,944 2.9 — Consumer 154,192 2,961 1.9 31 Total portfolio loans $ 21,276,549 $ 75,998 0.4 % $ 32,940 |
Troubled Debt Restructurings | The following table presents loans classified as TDRs during the first nine months of 2021 and 2020 broken down by segment: September 30, 2021 September 30, 2020 Recorded investment Recorded investment Number Pre- Post- Number Pre- Post- Asset-based lending $ — $ — 2 $ 10,553 $ 9,822 Equipment financing 2 3,578 2,000 1 1,027 773 CRE — — — 1 24,270 24,270 Total TDRs 2 $ 3,578 $ 2,000 4 $ 35,850 $ 34,865 |
ACL - Loans - (Tables)
ACL - Loans - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses Activity | Activity in our ACL - loans for the three months ended September 30, 2021 and September 30, 2020 is summarized in the table below: For the three months ended September 30, 2021 Beginning Charge-offs Recoveries Net Provision / (credit) Ending balance Traditional C&I $ 47,494 $ (1,044) $ 169 $ (875) $ 14,864 $ 61,483 Asset-based lending 10,474 (7) — (7) (416) 10,051 Payroll finance 1,567 (8) 3 (5) 129 1,691 Warehouse lending 1,087 — — — 63 1,150 Factored receivables 3,025 — 108 108 12 3,145 Equipment financing 27,987 (968) 525 (443) (2,070) 25,474 Public sector finance 6,168 — — — (634) 5,534 CRE 155,589 (1,036) 265 (771) (7,214) 147,604 Multi-family 32,054 (418) — (418) (2,257) 29,379 ADC 11,371 (2,500) — (2,500) 1,509 10,380 Residential mortgage 14,032 (13) 1 (12) (3,146) 10,874 Consumer 4,025 (110) 75 (35) (840) 3,150 Total ACL - loans $ 314,873 $ (6,104) $ 1,146 $ (4,958) $ — $ 309,915 Annualized net charge-offs to average loans outstanding: 0.10 % For the three months ended September 30, 2020 Beginning Charge-offs Recoveries Net Provision / (credit) Ending balance Traditional C&I $ 44,514 $ (1,089) $ 677 $ (412) $ (4,429) $ 39,673 Asset-based lending 30,853 (1,297) — (1,297) (3,602) 25,954 Payroll finance 1,931 — 262 262 242 2,435 Warehouse lending 668 — — — 838 1,506 Factored receivables 10,586 (6,893) 185 (6,708) 1,266 5,144 Equipment financing 78,172 (42,128) 816 (41,312) (1,315) 35,545 Public sector finance 3,765 — — — 419 4,184 CRE 98,905 (3,650) — (3,650) 29,008 124,263 Multi-family 36,652 — — — 3,056 39,708 ADC 18,195 — — — (350) 17,845 Residential mortgage 33,955 (17,353) — (17,353) 6,235 22,837 Consumer 7,293 (97) 21 (76) (368) 6,849 Total ACL - loans $ 365,489 $ (72,507) $ 1,961 $ (70,546) $ 31,000 $ 325,943 Annualized net charge-offs to average loans outstanding: 1.28 % For the nine months ended September 30, 2021 Beginning Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 42,670 $ (3,219) $ 1,225 $ (1,994) $ 20,807 $ 61,483 Asset-based lending 12,762 (7) 1,998 1,991 (4,702) 10,051 Payroll finance 1,957 (94) 9 (85) (181) 1,691 Warehouse lending 1,724 — — — (574) 1,150 Factored receivables 2,904 (765) 566 (199) 440 3,145 Equipment financing 31,794 (6,380) 2,098 (4,282) (2,038) 25,474 Public sector finance 4,516 — — — 1,018 5,534 CRE 155,313 (11,344) 849 (10,495) 2,786 147,604 Multi-family 33,320 (8,630) 15 (8,615) 4,674 29,379 ADC 17,927 (7,500) — (7,500) (47) 10,380 Residential mortgage 16,529 (517) 38 (479) (5,176) 10,874 Consumer 4,684 (732) 205 (527) (1,007) 3,150 Total ACL - loans $ 326,100 $ (39,188) $ 7,003 $ (32,185) $ 16,000 $ 309,915 Annualized net charge-offs to average loans outstanding: 0.21 % On January 1, 2020, we adopted CECL, which replaced the incurred loss method we used in prior periods for determining the provision for credit losses and the ACL. Under CECL, we record at the inception of the loan an expected loss of all cash flows we do not expect to collect over the life of the loan. The adoption of CECL on January 1, 2020 resulted in an increase in our ACL of $90.6 million, which did not impact our consolidated income statements. For the nine months ended September 30, 2020 Beginning CECL Day 1 Charge-offs Recoveries Net Provision/ (credit) Ending balance Traditional C&I $ 15,951 $ 5,325 $ (5,375) $ 1,268 $ (4,107) $ 22,504 $ 39,673 Asset-based lending 14,272 11,973 (3,782) — (3,782) 3,491 25,954 Payroll finance 2,064 1,334 (560) 272 (288) (675) 2,435 Warehouse lending 917 (362) — — — 951 1,506 Factored receivables 654 795 (10,631) 190 (10,441) 14,136 5,144 Equipment financing 16,723 33,000 (54,784) 2,308 (52,476) 38,298 35,545 Public sector finance 1,967 (766) — — — 2,983 4,184 CRE 27,965 8,037 (4,936) 644 (4,292) 92,553 124,263 Multi-family 11,440 14,906 (154) 1 (153) 13,515 39,708 ADC 4,732 (119) (4) 105 101 13,131 17,845 Residential mortgage 7,598 14,104 (19,127) — (19,127) 20,262 22,837 Consumer 1,955 2,357 (1,674) 1,177 (497) 3,034 6,849 Total allowance for loan losses $ 106,238 $ 90,584 $ (101,027) $ 5,965 $ (95,062) $ 224,183 $ 325,943 Annualized net charge-offs to average loans outstanding: 0.58 % |
Financing Receivable Credit Quality Indicators | As of September 30, 2021 and December 31, 2020, the risk category of non-pass rated loans by segment was as follows: September 30, 2021 December 31, 2020 Special Mention Substandard Special Mention Substandard Traditional C&I $ 24,300 $ 117,997 $ 24,162 $ 84,792 Asset-based lending 25,700 11,843 111,597 11,669 Payroll finance — — — 2,300 Factored receivables — — 5,523 — Equipment financing 18,784 36,380 7,737 45,018 CRE 155,502 323,500 249,403 280,796 Multi-family 107,925 63,895 61,146 44,872 ADC 19,384 42,384 1,407 30,000 Residential mortgage 86 17,272 468 18,942 Consumer 11 8,630 15 10,371 Total $ 351,692 $ 621,901 $ 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 $ 257,552 $ 241,873 $ 180,275 $ 183,148 $ 99,074 $ 113,147 $ 2,120,637 $ — $ 3,195,706 Special mention 7,596 — 33 11,032 2,879 264 2,496 — 24,300 Substandard 1,605 26,697 38,061 14,454 7,683 3,909 25,588 — 117,997 Doubtful — — — — — — 4,353 — 4,353 Total traditional C&I 266,753 268,570 218,369 208,634 109,636 117,320 2,153,074 — 3,342,356 Asset-based lending Pass 12,590 17,262 6,750 3,002 6,723 32,692 557,117 — 636,136 Special mention — — — 1,324 — — 24,376 — 25,700 Substandard — — — — — — 11,843 — 11,843 Total asset-based lending 12,590 17,262 6,750 4,326 6,723 32,692 593,336 — 673,679 Payroll finance Pass — — — — — — 166,999 — 166,999 Total payroll finance — — — — — — 166,999 — 166,999 Warehouse lending Pass 18,628 118,247 22,646 11,575 111,967 1,018,576 — — 1,301,639 Total warehouse lending 18,628 118,247 22,646 11,575 111,967 1,018,576 — — 1,301,639 Factored receivables Pass — — — — — — 228,834 — 228,834 Total factored receivables — — — — — — 228,834 — 228,834 Equipment financing Pass 163,082 335,345 402,962 147,815 57,504 92,833 141 — 1,199,682 Special mention — 1,666 3,659 10,506 2,936 17 — 18,784 Substandard — 5,577 12,013 6,217 9,384 3,189 — — 36,380 Total equipment financing 163,082 342,588 418,634 164,538 69,824 96,039 141 — 1,254,846 Public Sector Finance Pass 365,023 414,074 388,128 192,198 254,458 212,095 — — 1,825,976 Total public sector finance 365,023 414,074 388,128 192,198 254,458 212,095 — — 1,825,976 Term loans amortized cost basis by origination year Revolving loans converted to term 2021 2020 2019 2018 2017 Prior Revolving loans Total CRE Pass 499,613 1,004,611 1,244,150 784,702 500,472 1,428,959 — — 5,462,507 Special mention — 25,000 36,239 32,853 22,601 38,809 — — 155,502 Substandard — 21,698 86,962 76,872 38,297 99,671 — — 323,500 Total CRE 499,613 1,051,309 1,367,351 894,427 561,370 1,567,439 — — 5,941,509 Multi-family Pass 674,940 372,581 674,496 339,162 517,226 1,471,484 75,120 — 4,125,009 Special mention — 4,848 34,033 5,338 11,335 52,371 — — 107,925 Substandard — — 18,603 3,833 3,457 33,537 4,465 — 63,895 Total multi-family 674,940 377,429 727,132 348,333 532,018 1,557,392 79,585 — 4,296,829 ADC Pass 163,519 140,041 230,100 48,597 7,836 42,581 — — 632,674 Special mention — 2,416 — 16,968 — — — — 19,384 Substandard — — — — 42,384 — — — 42,384 Total ADC 163,519 142,457 230,100 65,565 50,220 42,581 — — 694,442 Residential Pass 156,549 10,532 10,109 27,103 33,247 1,140,350 — — 1,377,890 Special mention — — — — 86 — — — 86 Substandard — — — 259 — 17,013 — — 17,272 Total residential 156,549 10,532 10,109 27,362 33,333 1,157,363 — — 1,395,248 Consumer Pass 528 63 281 281 135 4,633 86,062 53,568 145,551 Special mention — — — — — 11 — — 11 Substandard — — — — 343 2,410 5,877 — 8,630 Total consumer 528 63 281 281 478 7,054 91,939 53,568 154,192 Total Loans $ 2,321,225 $ 2,742,531 $ 3,389,500 $ 1,917,239 $ 1,730,027 $ 5,808,551 $ 3,313,908 $ 53,568 $ 21,276,549 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets - (Tables) | 9 Months Ended |
Sep. 30, 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: September 30, December 31, 2021 2020 Goodwill $ 1,683,482 $ 1,683,482 Other intangible assets: Core deposits $ 58,924 $ 69,808 Customer lists 2,812 3,256 Trade name 20,500 20,500 Total $ 82,236 $ 93,564 |
Future Amortization Expense | The estimated aggregate future amortization expense for intangible assets remaining as of September 30, 2021 was as follows: Amortization expense Remainder of 2021 $ 3,776 2022 13,703 2023 12,322 2024 10,448 2025 8,722 2026 7,134 Thereafter 5,631 Total $ 61,736 |
Deposits - (Tables)
Deposits - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deposits [Abstract] | |
Summary of Major Classification of Deposits | Deposit balances at September 30, 2021 and December 31, 2020 were as follows: September 30, December 31, 2021 2020 Non-interest bearing demand $ 6,743,008 $ 5,443,907 Interest bearing demand 4,823,601 4,960,800 Savings 2,629,558 2,603,570 Money market 8,417,466 8,114,415 Certificates of deposit 1,322,390 1,996,830 Total deposits $ 23,936,023 $ 23,119,522 |
List of Company's Brokered Deposits | Brokered deposits at September 30, 2021 and December 31, 2020 were as follows: September 30, December 31, 2021 2020 Interest bearing demand $ 8,395 $ 433,790 Money market 522,222 1,045,478 Certificates of deposit — 100,003 Total brokered deposits $ 530,617 $ 1,579,271 |
Borrowings - (Tables)
Borrowings - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Instruments [Abstract] | |
Schedule of Debt | Our borrowings and weighted average interest rates were as follows for the periods presented: September 30, December 31, 2021 2020 Amount Rate Amount Rate By type of borrowing: FHLB borrowings $ — — % $ 382,000 0.35 % Repurchase agreements 31,023 0.10 27,101 0.10 Federal funds purchased — — 277,000 0.11 Subordinated Notes - Bank — — 143,703 5.45 Subordinated Notes - 2029 270,543 4.18 270,284 4.17 Subordinated Notes - 2030 221,840 4.06 221,626 4.06 Total borrowings $ 523,406 3.92 % $ 1,321,714 2.25 % By remaining period to maturity: Less than one year $ 31,023 0.10 % $ 686,101 0.24 % Greater than five years 492,383 4.13 635,613 4.43 Total borrowings $ 523,406 3.92 % $ 1,321,714 2.25 % |
Derivatives - (Tables)
Derivatives - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedges, Assets [Abstract] | |
Summary of Derivatives | Summary information as of September 30, 2021 and December 31, 2020 regarding these derivatives is presented below: Notional Average Weighted Weighted Fair value September 30, 2021 Included in other assets: Third-party interest rate swap $ — $ — Customer interest rate swap 1,788,110 94,524 Total $ 1,788,110 4.00 4.40 % 1 m Libor + 2.21% $ 94,524 Included in other liabilities: Third-party interest rate swap $ 1,788,110 $ 38,093 Customer interest rate swap — — Total $ 1,788,110 4.00 4.40 % 1 m Libor + 2.21% $ 38,093 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) | 9 Months Ended |
Sep. 30, 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 For the nine months ended September 30, September 30, 2021 2020 2021 2020 Income before income tax expense $ 121,416 $ 96,687 $ 366,383 $ 160,694 Tax at federal statutory rate of 21% 25,497 20,305 76,940 33,746 State and local income taxes, net of federal tax benefit 6,698 4,942 19,820 6,622 Tax exempt interest, net of disallowed interest (6,518) (7,811) (18,095) (22,713) BOLI income (1,050) (1,122) (3,097) (3,267) Non-deductible acquisition related costs 1,204 — 1,204 — Low income housing tax credits and other benefits (13,721) (9,461) (40,903) (28,381) Low income housing investment amortization expense 12,119 8,183 35,452 24,571 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 — (4,837) — 7,273 Non-deductible compensation expense (1) 450 — 1,511 — Equity-based stock compensation (benefit) expense (21) 192 (473) 970 FDIC insurance premium limitation 237 266 642 837 Other, net 850 1,623 222 1,523 Actual income tax expense $ 25,745 $ 12,280 $ 73,223 $ 11,348 Effective income tax rate 21.2 % 12.7 % 20.0 % 7.1 % |
Schedule of Unrecognized Tax Benefits Rollforward | As of September 30, 2021, the accrual for unrecognized gross tax benefits was as follows: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 Uncertain tax positions beginning of period $ 7,000 $ 11,603 $ 7,000 $ — Additions for tax positions related to prior tax years — — — 11,480 Decrease due to settlement — (1,315) — (1,315) Interest expense in tax positions — — — 123 Uncertain tax positions at end of period $ 7,000 $ 10,288 $ 7,000 $ 10,288 |
Stock-Based Compensation - (Tab
Stock-Based Compensation - (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 $ 11.14 Amended 2015 Omnibus Equity and Incentive Plan 3,500,000 — — — — Granted (1,138,246) 1,138,246 20.36 — — Stock awards vested — (860,553) 21.34 — — Exercised — — — (248,405) 10.85 Forfeited 67,877 (67,877) 19.20 — — Canceled/expired 31,109 (31,109) 20.85 — — Balance at September 30, 2021 4,272,158 3,172,350 $ 19.34 88,216 $ 11.93 Exercisable at September 30, 2021 88,216 $ 11.93 |
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 For the nine months ended September 30, September 30, 2021 2020 2021 2020 Stock options $ — $ — $ — $ — Non-vested stock awards/performance units 6,648 5,868 20,046 17,788 Non-vested stock awards/performance units $ 6,648 $ 5,868 $ 20,046 $ 17,788 Income tax benefit 1,330 734 4,009 2,224 Proceeds from stock option exercises 115 95 2,696 610 |
Other Non-Interest Expense, O_2
Other Non-Interest Expense, Other Assets and Other Liabilities - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Non-interest Expense | Other non-interest expense items for the three and nine months ended September 30, 2021 and 2020, respectively, are presented in the following table: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 Other non-interest expense: Depreciation expense on operating leases $ 2,846 $ 3,130 $ 8,888 $ 9,758 Advertising and promotion 2,027 1,291 5,695 4,414 Communications 1,379 1,424 4,129 4,374 Residential mortgage loans servicing 1,150 1,361 3,902 3,984 Commercial loan servicing 1,298 1,179 3,531 3,498 Insurance & surety bond premium 1,125 942 3,083 3,191 Operational losses 690 597 1,884 1,812 Other 7,875 4,198 17,801 17,790 Total other non-interest expense $ 18,390 $ 14,122 $ 48,913 $ 48,821 |
Schedule of Other Assets | Other assets are presented in the following table. Significant components of the aggregate of other assets are presented separately. September 30, December 31, 2021 2020 Other assets: Low income housing tax credit investments $ 527,953 $ 488,303 Right of use asset for operating leases 94,647 105,667 Fair value of swaps 94,524 149,797 Cash on deposit as swap collateral / net of settlement 55,774 82,478 Operating leases - equipment and vehicles leased to others 43,052 55,224 Other asset balances 172,751 181,934 Total other assets $ 988,701 $ 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. September 30, December 31, 2021 2020 Other liabilities: Commitment to fund low income housing tax credit investments $ 285,583 $ 283,849 Lease liability 103,664 113,405 Payroll finance and factoring liabilities 117,227 115,802 Swap liabilities (see Note 8) 38,093 60,004 Other liability balances 147,579 155,642 Total other liabilities $ 692,146 $ 728,702 |
Earnings Per Common Share - (Ta
Earnings Per Common Share - (Tables) | 9 Months Ended |
Sep. 30, 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 For the nine months ended September 30, September 30, 2021 2020 2021 2020 Net income available to common stockholders $ 93,715 $ 82,438 $ 287,282 $ 143,429 Weighted average common shares outstanding for computation of basic EPS 191,508,071 193,494,929 191,606,643 194,436,137 Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (1) 832,416 221,014 810,365 240,883 Weighted average common shares for computation of diluted EPS 192,340,487 193,715,943 192,417,008 194,677,020 EPS (2) : Basic $ 0.49 $ 0.43 $ 1.50 $ 0.74 Diluted 0.49 0.43 1.49 0.74 (1) Represents incremental shares computed using the treasury stock method. (2) Anti-dilutive shares are not included in determining diluted EPS. There were no anti-dilutive shares in the three and nine months ended September 30, 2021 and 359,304 and 98,351 for the three and nine months ended September 30, 2020, respectively. |
Stockholders' Equity - (Tables)
Stockholders' Equity - (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2021 and December 31, 2020 for the Company and the Bank under the Basel III Capital Rules. The minimum required capital amounts presented as of September 30, 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 September 30, 2021 Common equity tier 1 to RWA: Sterling National Bank $ 3,448,597 14.52 % $ 1,663,006 7.00 % $ 1,544,220 6.50 % Sterling Bancorp 2,975,338 12.50 1,666,328 7.00 N/A N/A Tier 1 capital to RWA: Sterling National Bank 3,448,597 14.52 % 2,019,364 8.50 % 1,900,578 8.00 % Sterling Bancorp 3,111,324 13.07 2,023,398 8.50 N/A N/A Total capital to RWA: Sterling National Bank 3,626,007 15.26 % 2,494,509 10.50 % 2,375,723 10.00 % Sterling Bancorp 3,781,117 15.88 2,499,491 10.50 N/A N/A Tier 1 leverage ratio: Sterling National Bank 3,448,597 12.60 % 1,094,722 4.00 % 1,368,402 5.00 % Sterling Bancorp 3,111,324 11.35 1,096,746 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) | 9 Months Ended |
Sep. 30, 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: September 30, December 31, 2021 2020 Loan origination commitments $ 694,879 $ 641,965 Unused lines of credit 1,788,318 1,623,745 Letters of credit 169,128 181,890 |
Schedule of Operating Lease Liability Maturities | Future minimum payments for operating leases with initial or remaining terms of one year or more as of September 30, 2021 were as follows: Remainder of 2021 $ 5,384 2022 18,119 2023 16,660 2024 14,998 2025 12,339 2026 11,209 2027 and thereafter 40,889 Total lease payments 119,598 Interest 15,934 Present value of lease liabilities $ 103,664 |
Fair Value Measurements - (Tabl
Fair Value Measurements - (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Value on a Recurring Basis | A summary of assets and liabilities at September 30, 2021 and December 31, 2020, respectively, measured at estimated fair value on a recurring basis, is as follows: September 30, 2021 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets: Investment securities available for sale: Residential MBS: Agency-backed $ 955,282 $ — $ 955,282 $ — CMOs/Other MBS 234,838 — 234,838 — Total residential MBS 1,190,120 — 1,190,120 — Other securities: Federal agencies 372,964 — 372,964 — Corporate 676,992 — 676,992 — State and municipal 374,746 — 374,746 — Total other securities 1,424,702 — 1,424,702 — Total AFS 2,614,822 — 2,614,822 — Swaps 94,524 — 94,524 — Total assets $ 2,709,346 $ — $ 2,709,346 $ — Liabilities: Swaps $ 38,093 $ — $ 38,093 $ — Total liabilities $ 38,093 $ — $ 38,093 $ — 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 | September 30, 2021 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 2,207 $ — $ — $ 2,207 Equipment financing 3,675 — — 3,675 CRE 24,004 — — 24,004 ADC 22,500 — — 22,500 Residential mortgage 1,312 — — 1,312 Consumer 3,017 — — 3,017 Total collateral dependent loans measured at fair value $ 56,715 $ — $ — $ 56,715 December 31, 2020 Fair value Level 1 inputs Level 2 inputs Level 3 inputs Traditional C&I $ 10,916 $ — $ — $ 10,916 ABL 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 September 30, 2021: September 30, 2021 Carrying Level 1 inputs Level 2 inputs Level 3 inputs Financial assets: Cash and cash equivalents $ 929,320 $ 929,320 $ — $ — Securities AFS 2,614,822 — 2,614,822 — Securities HTM, net 1,669,147 — 1,774,594 — Portfolio loans, net 20,966,634 — — 20,910,024 Accrued interest receivable on securities 32,719 — 32,719 — Accrued interest receivable on loans 66,731 — — 66,731 FHLB stock and FRB stock 151,004 — — — Swaps 94,524 — 94,524 — Financial liabilities: Non-maturity deposits 22,613,633 22,613,633 — — Certificates of deposit 1,322,390 — 1,320,281 — Other borrowings 31,023 — 31,023 — Subordinated Notes - Company 492,383 — 522,520 — Mortgage escrow funds 79,221 — 79,220 — Accrued interest payable on deposits 491 — 491 — Accrued interest payable on borrowings 6,403 — 6,403 — Swaps 38,093 — 38,093 — 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) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Components of accumulated other comprehensive income were as follows as of the dates shown below: September 30, December 31, 2021 2020 Net unrealized holding gain on available for sale securities $ 79,477 $ 115,523 Related income tax expense (21,968) (31,931) Available for sale securities, net of tax 57,509 83,592 Net unrealized holding loss on securities transferred to held to maturity (235) (348) Related income tax benefit 65 96 Securities transferred to held to maturity, net of tax (170) (252) Net unrealized holding (loss) gain on retirement plans (269) 2,040 Related income tax benefit (expense) 74 (564) Retirement plans, net of tax (195) 1,476 Accumulated other comprehensive income $ 57,144 $ 84,816 The following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the three months ended September 30, 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 September 30, 2021 Balance beginning of the period $ 69,437 $ (190) $ (348) $ 68,899 Other comprehensive loss before reclassification (10,730) — — (10,730) Amounts reclassified from AOCI (1,198) 20 153 (1,025) Total other comprehensive (loss) income (11,928) 20 153 (11,755) Balance at end of period $ 57,509 $ (170) $ (195) $ 57,144 For the three months ended September 30, 2020 Balance beginning of the period $ 88,140 $ (425) $ 895 $ 88,610 Other comprehensive loss before reclassification (938) — — (938) Amounts reclassified from AOCI (465) 95 564 194 Total other comprehensive (loss) income (1,403) 95 564 (744) Balance at end of period $ 86,737 $ (330) $ 1,459 $ 87,866 Location in consolidated income statements where reclassification from AOCI is included Net gain on sale of securities Interest income on securities Other non-interest expense The following table presents the changes in each component of accumulated other comprehensive income (loss) (“AOCI”) for the nine months ended September 30, 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 gain on retirement plans Total For the nine months ended September 30, 2021 Balance beginning of the period $ 83,592 $ (252) $ 1,476 $ 84,816 Other comprehensive loss before reclassification (24,375) — — (24,375) Amounts reclassified from AOCI (1,708) 82 (1,671) (3,297) Total other comprehensive (loss) income (26,083) 82 (1,671) (27,672) Balance at end of period $ 57,509 $ (170) $ (195) $ 57,144 For the nine months ended September 30, 2020 Balance beginning of the period $ 38,056 $ (538) $ 2,698 $ 40,216 Other comprehensive income before reclassification 55,583 — — 55,583 Amounts reclassified from AOCI (6,902) 208 (1,239) (7,933) Total other comprehensive income (loss) 48,681 208 (1,239) 47,650 Balance at end of period $ 86,737 $ (330) $ 1,459 $ 87,866 Location in consolidated income statements where reclassification from AOCI is included Net gain 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 ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Provision for credit losses - loans | $ 0 | $ 31,000,000 | $ 16,000,000 | $ 224,183,000 |
Total non-interest income | $ 32,547,000 | $ 28,225,000 | $ 95,117,000 | $ 101,641,000 |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Available for Sale | ||||
Amortized cost | $ 2,535,345 | $ 2,183,095 | ||
Gross unrealized gains | 86,280 | 117,761 | ||
Gross unrealized losses | (6,803) | (2,238) | ||
Securities available for sale, at estimated fair value | 2,614,822 | 2,298,618 | ||
Held to Maturity | ||||
Amortized cost | 1,669,896 | 1,742,337 | ||
Gross unrecognized gains | 104,843 | 132,243 | ||
Gross unrecognized losses | (145) | (76) | ||
Held-to-maturity, fair value | 1,774,594 | 1,874,504 | ||
Debt securities, held-to-maturity, allowance for credit loss | 749 | 1,499 | ||
Agency-backed | ||||
Available for Sale | ||||
Amortized cost | 926,677 | 873,358 | ||
Gross unrealized gains | 30,961 | 44,911 | ||
Gross unrealized losses | (2,356) | (9) | ||
Securities available for sale, at estimated fair value | 955,282 | 918,260 | ||
Held to Maturity | ||||
Amortized cost | 66,620 | 104,329 | ||
Gross unrecognized gains | 2,824 | 4,100 | ||
Gross unrecognized losses | 0 | 0 | ||
Held-to-maturity, fair value | 69,444 | 108,429 | ||
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 | ||
CMOs/Other MBS | ||||
Available for Sale | ||||
Amortized cost | 226,700 | 352,473 | ||
Gross unrealized gains | 8,138 | 20,811 | ||
Gross unrealized losses | 0 | 0 | ||
Securities available for sale, at estimated fair value | 234,838 | 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 | 1,153,377 | 1,225,831 | ||
Gross unrealized gains | 39,099 | 65,722 | ||
Gross unrealized losses | (2,356) | (9) | ||
Securities available for sale, at estimated fair value | 1,190,120 | 1,291,544 | ||
Held to Maturity | ||||
Amortized cost | 66,620 | 104,329 | ||
Gross unrecognized gains | 2,824 | 4,100 | ||
Gross unrecognized losses | 0 | 0 | ||
Held-to-maturity, fair value | 69,444 | 108,429 | ||
Debt securities, held-to-maturity, allowance for credit loss | 0 | 0 | ||
US Treasury and federal agencies | ||||
Available for Sale | ||||
Amortized cost | 370,898 | |||
Gross unrealized gains | 3,150 | |||
Gross unrealized losses | (1,084) | |||
Securities available for sale, at estimated fair value | 372,964 | |||
Held to Maturity | ||||
Amortized cost | 24,892 | |||
Gross unrecognized gains | 375 | |||
Gross unrecognized losses | 0 | |||
Held-to-maturity, fair value | 25,267 | |||
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 | 649,445 | 438,226 | ||
Gross unrealized gains | 30,787 | 27,334 | ||
Gross unrealized losses | (3,240) | (2,048) | ||
Securities available for sale, at estimated fair value | 676,992 | 463,512 | ||
Held to Maturity | ||||
Amortized cost | 9,810 | 19,851 | ||
Gross unrecognized gains | 652 | 535 | ||
Gross unrecognized losses | 0 | 0 | ||
Held-to-maturity, fair value | 10,462 | 20,386 | ||
Debt securities, held-to-maturity, allowance for credit loss | 35 | 75 | ||
State and municipal | ||||
Available for Sale | ||||
Amortized cost | 361,625 | 369,186 | ||
Gross unrealized gains | 13,244 | 18,090 | ||
Gross unrealized losses | (123) | (181) | ||
Securities available for sale, at estimated fair value | 374,746 | 387,095 | ||
Held to Maturity | ||||
Amortized cost | 1,550,824 | 1,575,596 | ||
Gross unrecognized gains | 100,864 | 126,575 | ||
Gross unrecognized losses | (40) | (69) | ||
Held-to-maturity, fair value | 1,651,648 | 1,702,102 | ||
Debt securities, held-to-maturity, allowance for credit loss | 700 | 1,379 | $ 1,384 | $ 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 | 128 | 189 | ||
Gross unrecognized losses | (105) | (7) | ||
Held-to-maturity, fair value | 17,773 | 17,932 | ||
Debt securities, held-to-maturity, allowance for credit loss | 14 | 45 | ||
Total other securities | ||||
Available for Sale | ||||
Amortized cost | 1,381,968 | 957,264 | ||
Gross unrealized gains | 47,181 | 52,039 | ||
Gross unrealized losses | (4,447) | (2,229) | ||
Securities available for sale, at estimated fair value | 1,424,702 | 1,007,074 | ||
Held to Maturity | ||||
Amortized cost | 1,603,276 | 1,638,008 | ||
Gross unrecognized gains | 102,019 | 128,143 | ||
Gross unrecognized losses | (145) | (76) | ||
Held-to-maturity, fair value | 1,705,150 | 1,766,075 | ||
Debt securities, held-to-maturity, allowance for credit loss | $ 749 | $ 1,499 |
Securities - Future Maturity (D
Securities - Future Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Available-for-sale, one year or less, amortized cost | $ 1,671 | |
Available-for-sale, one to five years, amortized cost | 441,892 | |
Available-for-sale, five to ten years, amortized cost | 584,534 | |
Available-for-sale, greater than ten years, amortized cost | 353,871 | |
Available-for-sale, with a stated maturity date, amortized cost | 1,381,968 | |
Available-for-sale, without single maturity date, amortized cost | 1,153,377 | |
Amortized cost | 2,535,345 | $ 2,183,095 |
Fair value | ||
Available-for-sale, one year or less, fair value | 1,670 | |
Available-for-sale, one to five years, fair value | 452,863 | |
Available-for-sale, five to ten years, fair value | 610,862 | |
Available-for-sale, greater than ten years, fair value | 359,307 | |
Available-for-sale, with a stated maturity date, fair value | 1,424,702 | |
Available-for-sale, without single maturity date, fair value | 1,190,120 | |
Securities available for sale | 2,614,822 | 2,298,618 |
Amortized cost | ||
Held-to-maturity, one year or less, amortized cost | 27,746 | |
Held-to-maturity, one to five years, amortized cost | 98,153 | |
Held-to-maturity, five to ten years, amortized cost | 474,758 | |
Held-to-maturity, greater than ten years, amortized cost | 1,002,619 | |
Held-to-maturity, with a stated maturity date, amortized cost | 1,603,276 | |
Held-to-maturity, without single maturity date, amortized cost | 66,620 | |
Amortized cost | 1,669,896 | 1,742,337 |
Fair value | ||
Held-to-maturity, one year or less, fair value | 27,933 | |
Held-to-maturity, one to five years, fair value | 102,829 | |
Held-to-maturity, five to ten years, fair value | 503,405 | |
Held-to-maturity, greater than ten years, fair value | 1,070,983 | |
Held-to-maturity, with a stated maturity date, fair value | 1,705,150 | |
Held-to-maturity, without single maturity date, fair value | 69,444 | |
Held-to-maturity, fair value | $ 1,774,594 | $ 1,874,504 |
Securities - Sales and Calls of
Securities - Sales and Calls of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Available for sale: | ||||
Proceeds from sales | $ 108,839 | $ 24,940 | $ 129,545 | $ 484,934 |
Gross realized gains | 1,656 | 0 | 2,891 | 8,964 |
Gross realized losses | 0 | (128) | (530) | (195) |
Income tax expense on realized net gains | 331 | (27) | 472 | 1,841 |
Proceeds from calls | 38,904 | 34,839 | 58,909 | 174,616 |
Gross realized gains | 114 | 0 | 161 | 4,909 |
Gross realized losses | (17) | 0 | (130) | (29) |
Income tax expense on realized net gains | 19 | 0 | 6 | 610 |
Held to maturity | ||||
Proceeds from sales of securities held to maturity | 0 | 93,036 | 0 | 93,036 |
Gross realized gains | 0 | 1,809 | 0 | 1,809 |
Gross realized losses | 0 | (1,039) | 0 | (1,039) |
Income tax expense on realized net gains | $ 0 | 162 | $ 0 | $ 162 |
State and municipal | ||||
Held to maturity | ||||
Proceeds from sales of securities held to maturity | $ 93,000 |
Securities - Available-for-sale
Securities - Available-for-sale Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | $ 636,691 | $ 86,094 |
Unrealized losses, less than 12 months, accumulated loss | (5,479) | (2,078) |
Fair value, 12 months or longer | 26,303 | 12,842 |
Unrealized losses, 12 months or longer | (1,324) | (160) |
Fair value, total | 662,994 | 98,936 |
Unrealized losses, total | (6,803) | (2,238) |
Agency-backed | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 266,531 | 396 |
Unrealized losses, less than 12 months, accumulated loss | (2,348) | (1) |
Fair value, 12 months or longer | 248 | 1,970 |
Unrealized losses, 12 months or longer | (8) | (8) |
Fair value, total | 266,779 | 2,366 |
Unrealized losses, total | (2,356) | (9) |
US Treasury and federal agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 259,748 | |
Unrealized losses, less than 12 months, accumulated loss | (1,084) | |
Fair value, 12 months or longer | 0 | |
Unrealized losses, 12 months or longer | 0 | |
Fair value, total | 259,748 | |
Unrealized losses, total | (1,084) | |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 101,540 | 83,191 |
Unrealized losses, less than 12 months, accumulated loss | (2,014) | (2,048) |
Fair value, 12 months or longer | 18,774 | 0 |
Unrealized losses, 12 months or longer | (1,226) | 0 |
Fair value, total | 120,314 | 83,191 |
Unrealized losses, total | (3,240) | (2,048) |
State and municipal | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 8,872 | 2,507 |
Unrealized losses, less than 12 months, accumulated loss | (33) | (29) |
Fair value, 12 months or longer | 7,281 | 10,872 |
Unrealized losses, 12 months or longer | (90) | (152) |
Fair value, total | 16,153 | 13,379 |
Unrealized losses, total | (123) | (181) |
Total other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value, less than 12 months | 370,160 | 85,698 |
Unrealized losses, less than 12 months, accumulated loss | (3,131) | (2,077) |
Fair value, 12 months or longer | 26,055 | 10,872 |
Unrealized losses, 12 months or longer | (1,316) | (152) |
Fair value, total | 396,215 | 96,570 |
Unrealized losses, total | $ (4,447) | $ (2,229) |
Securities - Narrative (Details
Securities - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2021USD ($)security | Sep. 30, 2020security | Dec. 31, 2020USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Number of available for sale securities which were in continuous unrealized loss position for less than 12 months | security | 52 | ||
Number of available for sale securities which were in continuous unrealized loss position for 12 months or more | security | 46 | ||
Available-for-sale securities accrued interest receivable | $ | $ 14,900,000 | $ 10,900,000 | |
Period used for discounted cash flow approach credit loss analysis | 3 years | ||
Held-to-maturity securities accrued interest receivable | $ | $ 17,800,000 | $ 15,600,000 | |
Number of held to maturity securities which were in continuous unrealized loss position for less than 12 months | security | 2 | ||
Number of held to maturity securities which were in continuous unrealized loss position for 12 months or more | security | 21 | ||
Threshold period considered past due | 30 days | ||
Debt securities, held-to-maturity, nonaccrual | $ | $ 0 | ||
Financial Asset, Past Due | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Debt securities, held-to-maturity | $ | $ 0 |
Securities - Held to Maturity S
Securities - Held to Maturity Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | $ 9,999 | $ 10,098 |
Unrecognized losses, less than 12 months | (1) | (8) |
Fair value, 12 months or longer | 7,924 | 4,386 |
Unrecognized losses, 12 months or longer | (144) | (68) |
Fair value, total | 17,923 | 14,484 |
Unrecognized losses, total | (145) | (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 | 3,029 | 4,386 |
Unrecognized losses, 12 months or longer | (40) | (68) |
Fair value, total | 3,029 | 4,491 |
Unrecognized losses, total | (40) | (69) |
Other | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Fair value, less than 12 months | 9,999 | 9,993 |
Unrecognized losses, less than 12 months | (1) | (7) |
Fair value, 12 months or longer | 4,895 | 0 |
Unrecognized losses, 12 months or longer | (104) | 0 |
Fair value, total | 14,894 | 9,993 |
Unrecognized losses, total | $ (105) | $ (7) |
Securities - Allowance for Cred
Securities - Allowance for Credit Losses Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 1,499 | |||
Provision for credit loss | $ 0 | $ (1,000) | (750) | $ 703 |
Total ACL - HTM at end of period | 749 | 749 | ||
Corporate and Other | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 120 | 0 | ||
Provision for credit loss | (71) | 7 | ||
Total ACL - HTM at end of period | 49 | 115 | 49 | 115 |
State and municipal | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 1,379 | 0 | ||
Provision for credit loss | (679) | 696 | ||
Total ACL - HTM at end of period | $ 700 | $ 1,384 | 700 | 1,384 |
Cumulative Effect, Period of Adoption, Adjustment | Corporate and Other | ||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||||
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 [Roll Forward] | ||||
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 1,669,896 | $ 1,742,337 |
Corporate and Other | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 27,560 | |
Corporate and Other | Non-rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 9,810 | |
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 | |
State and municipal | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 1,550,824 | $ 1,575,596 |
State and municipal | Non-rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 4,637 | |
State and municipal | AAA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 983,533 | |
State and municipal | AA | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 542,627 | |
State and municipal | A | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | 19,963 | |
State and municipal | BBB | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost | $ 64 |
Securities - Securities Pledged
Securities - Securities Pledged for Borrowings (Details) - Collateral Pledged - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Total securities pledged | $ 2,647,269 | $ 1,818,789 |
Federal Home Loan Bank Borrowings | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale, pledged as collateral | 31,023 | 27,101 |
Municipal Deposits | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Available-for-sale, pledged as collateral | 1,067,796 | 569,724 |
Held-to-maturity securities pledged as collateral | $ 1,548,450 | $ 1,221,964 |
Portfolio Loans - Composition o
Portfolio Loans - Composition of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | $ 21,276,549 | $ 21,848,409 | ||||
ACL | (309,915) | $ (314,873) | (326,100) | $ (325,943) | $ (365,489) | $ (106,238) |
Portfolio loans, net | 20,966,634 | 21,522,309 | ||||
Traditional C&I | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 3,342,356 | |||||
ACL | (61,483) | (47,494) | (42,670) | (39,673) | (44,514) | (15,951) |
Asset-based lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 673,679 | |||||
ACL | (10,051) | (10,474) | (12,762) | (25,954) | (30,853) | (14,272) |
Payroll finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 166,999 | |||||
ACL | (1,691) | (1,567) | (1,957) | (2,435) | (1,931) | (2,064) |
Warehouse lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,301,639 | |||||
ACL | (1,150) | (1,087) | (1,724) | (1,506) | (668) | (917) |
Factored receivables | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 228,834 | |||||
ACL | (3,145) | (3,025) | (2,904) | (5,144) | (10,586) | (654) |
Equipment financing | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,254,846 | |||||
ACL | (25,474) | (27,987) | (31,794) | (35,545) | (78,172) | (16,723) |
Public sector finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,825,976 | |||||
ACL | (5,534) | (6,168) | (4,516) | (4,184) | (3,765) | (1,967) |
Acquisition, development and construction (“ADC”) | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 694,442 | |||||
ACL | (10,380) | $ (11,371) | (17,927) | $ (17,845) | $ (18,195) | $ (4,732) |
Commercial loans portfolio segment | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 19,727,109 | 20,041,861 | ||||
Commercial loans portfolio segment | Commercial and industrial | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 8,794,329 | 9,160,268 | ||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 3,342,356 | 2,920,205 | ||||
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 673,679 | 803,004 | ||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 166,999 | 159,237 | ||||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,301,639 | 1,953,677 | ||||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 228,834 | 220,217 | ||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,254,846 | 1,531,109 | ||||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,825,976 | 1,572,819 | ||||
Commercial loans portfolio segment | Real estate | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 10,932,780 | 10,881,593 | ||||
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 5,941,508 | 5,831,990 | ||||
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 4,296,829 | 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 | 694,443 | 642,943 | ||||
Residential mortgage portfolio segment | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | 1,395,248 | 1,616,641 | ||||
Consumer portfolio segment | ||||||
Components of loan portfolio, excluding loans held for sale | ||||||
Portfolio loans | $ 154,192 | $ 189,907 |
Portfolio Loans - Narrative (De
Portfolio Loans - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($)loansecurityloan_modification | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($)loanloan_modificationsecurity | Sep. 30, 2020USD ($)loan | Dec. 31, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Deferred fees, deferred costs and purchase counting adjustments | $ (271,000) | $ (271,000) | $ 20,900,000 | ||||
Accrued interest receivable | 99,450,000 | 99,450,000 | 97,505,000 | ||||
Financing receivables sold | $ 11,100,000 | ||||||
Bank pledged mortgages | 5,800,000,000 | 5,800,000,000 | 6,500,000,000 | ||||
Non accrual loans | 202,082,000 | 202,082,000 | 166,889,000 | ||||
Portfolio loans | 21,276,549,000 | 21,276,549,000 | 21,848,409,000 | ||||
Loans 90 days or more past due still accruing interest | 3,371,000 | 3,371,000 | 170,000 | ||||
Loans classified as TDRs | 48,347,000 | 48,347,000 | 78,971,000 | ||||
Proceeds from sale of commercial loans | 252,094,000 | $ 106,996,000 | |||||
Financing receivable, allowance for credit loss | 309,915,000 | 314,873,000 | $ 309,915,000 | $ 325,943,000 | 326,100,000 | $ 365,489,000 | $ 106,238,000 |
Loans modified by TDR | loan | 2 | 4 | |||||
TDRs modified and subsequently defaulted | $ 490,000 | $ 17,100,000 | |||||
Financing Receivable | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Accrued interest receivable | $ 66,700,000 | $ 66,700,000 | 71,000,000 | ||||
Impact of COVID-19 | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Number of modifications for CARES Act loans allowed before classifying as TDR | loan_modification | 2 | 2 | |||||
Impact of COVID-19 | Payment Deferral | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | $ 75,998,000 | $ 75,998,000 | |||||
Number of contracts | security | 134 | 134 | |||||
Accrued interest | $ 1,600,000 | $ 1,600,000 | |||||
Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 188,682,000 | 188,682,000 | 145,032,000 | ||||
Nonperforming loans | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 202,082,000 | 202,082,000 | 166,889,000 | ||||
Loans 90 days or more past due still accruing interest | 3,371,000 | 3,371,000 | 170,000 | ||||
Nonperforming loans | Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 173,800,000 | 173,800,000 | 115,900,000 | ||||
Special mention | Impact of COVID-19 | Payment Deferral | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 0 | 0 | |||||
Doubtful | Impact of COVID-19 | Payment Deferral | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 0 | 0 | |||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing receivable, allowance for credit loss | 7,600,000 | 7,600,000 | 915,000 | ||||
Residential mortgage | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 1,395,248,000 | 1,395,248,000 | |||||
Loans formally in process of foreclosure | 2,900,000 | 2,900,000 | 3,200,000 | ||||
Financing receivable, allowance for credit loss | 10,874,000 | 14,032,000 | 10,874,000 | 22,837,000 | 16,529,000 | 33,955,000 | 7,598,000 |
Residential mortgage | Special mention | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 86,000 | 86,000 | |||||
Equipment financing | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 1,254,846,000 | 1,254,846,000 | |||||
Financing receivable, allowance for credit loss | 25,474,000 | 27,987,000 | 25,474,000 | 35,545,000 | 31,794,000 | 78,172,000 | 16,723,000 |
Equipment financing | Special mention | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 18,784,000 | 18,784,000 | |||||
Traditional C&I | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 3,342,356,000 | 3,342,356,000 | |||||
Financing receivable, allowance for credit loss | 61,483,000 | 47,494,000 | 61,483,000 | 39,673,000 | 42,670,000 | 44,514,000 | 15,951,000 |
Traditional C&I | Special mention | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 24,300,000 | 24,300,000 | |||||
Traditional C&I | Doubtful | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 4,353,000 | 4,353,000 | |||||
Warehouse lending | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 1,301,639,000 | 1,301,639,000 | |||||
Financing receivable, allowance for credit loss | 1,150,000 | 1,087,000 | 1,150,000 | 1,506,000 | 1,724,000 | 668,000 | 917,000 |
Factored receivables | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 228,834,000 | 228,834,000 | |||||
Financing receivable, allowance for credit loss | 3,145,000 | 3,025,000 | 3,145,000 | 5,144,000 | 2,904,000 | 10,586,000 | 654,000 |
Public sector finance | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 1,825,976,000 | 1,825,976,000 | |||||
Financing receivable, allowance for credit loss | 5,534,000 | 6,168,000 | 5,534,000 | 4,184,000 | 4,516,000 | 3,765,000 | 1,967,000 |
Payroll finance | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 166,999,000 | 166,999,000 | |||||
Financing receivable, allowance for credit loss | 1,691,000 | $ 1,567,000 | 1,691,000 | $ 2,435,000 | 1,957,000 | $ 1,931,000 | $ 2,064,000 |
Commercial loans portfolio segment | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 19,727,109,000 | 19,727,109,000 | 20,041,861,000 | ||||
Commercial loans portfolio segment | Impact of COVID-19 | Payment Deferral | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 33,093,000 | 33,093,000 | |||||
Commercial loans portfolio segment | Commercial real estate (“CRE”) | Nonperforming loans | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing receivables sold | 23,700,000 | 252,100,000 | |||||
Financing receivables sold, allowance for credit loss | 1,200,000 | 18,800,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 8,794,329,000 | 8,794,329,000 | 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 | 728,000 | 728,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 21,478,000 | 21,478,000 | 30,634,000 | ||||
Portfolio loans | 1,254,846,000 | 1,254,846,000 | 1,531,109,000 | ||||
Loans 90 days or more past due still accruing interest | $ 0 | $ 0 | 2,000 | ||||
Loans modified by TDR | loan | 1 | 2 | 1 | ||||
TDRs modified and subsequently defaulted, number | loan | 3 | ||||||
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 | $ 728,000 | $ 728,000 | |||||
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 10,428,000 | 10,428,000 | 11,578,000 | ||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 41,447,000 | 41,447,000 | 19,223,000 | ||||
Portfolio loans | 3,342,356,000 | 3,342,356,000 | 2,920,205,000 | ||||
Loans 90 days or more past due still accruing interest | 3,371,000 | 3,371,000 | 94,000 | ||||
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 | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 42,049,000 | 42,049,000 | 17,339,000 | ||||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 1,301,639,000 | 1,301,639,000 | 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 | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 0 | 0 | 0 | ||||
Portfolio loans | 0 | 0 | 0 | ||||
Loans 90 days or more past due still accruing interest | 0 | 0 | 0 | ||||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 228,834,000 | 228,834,000 | 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 | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 0 | 0 | 0 | ||||
Portfolio loans | 0 | 0 | 0 | ||||
Loans 90 days or more past due still accruing interest | 0 | 0 | 0 | ||||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 1,825,976,000 | 1,825,976,000 | 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 | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 0 | 0 | 0 | ||||
Portfolio loans | 0 | 0 | 0 | ||||
Loans 90 days or more past due still accruing interest | 0 | 0 | 0 | ||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 0 | 0 | 2,300,000 | ||||
Portfolio loans | 166,999,000 | 166,999,000 | 159,237,000 | ||||
Loans 90 days or more past due still accruing interest | 0 | 0 | 0 | ||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | Impact of COVID-19 | Payment Deferral | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 0 | 0 | |||||
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 0 | 0 | 2,300,000 | ||||
Commercial loans portfolio segment | Real estate | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 10,932,780,000 | 10,932,780,000 | 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 | 32,365,000 | 32,365,000 | |||||
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 87,014,000 | 87,014,000 | 46,053,000 | ||||
Portfolio loans | 5,941,508,000 | 5,941,508,000 | 5,831,990,000 | ||||
Loans 90 days or more past due still accruing interest | 0 | 0 | 74,000 | ||||
Proceeds from sale of commercial loans | $ 18,000,000 | ||||||
Loans modified by TDR | loan | 0 | 1 | |||||
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 | 32,365,000 | $ 32,365,000 | |||||
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 95,100,000 | 95,100,000 | 53,212,000 | ||||
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 327,000 | 327,000 | 4,485,000 | ||||
Portfolio loans | 4,296,829,000 | 4,296,829,000 | 4,406,660,000 | ||||
Loans 90 days or more past due still accruing interest | 0 | 0 | 0 | ||||
Commercial loans portfolio segment | Real estate | Multi-family | Impact of COVID-19 | Payment Deferral | Multi-family | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 0 | 0 | |||||
Commercial loans portfolio segment | Real estate | Multi-family | Collateral Pledged | Multi-family | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 0 | 0 | 9,914,000 | ||||
Residential mortgage portfolio segment | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 16,976,000 | 16,976,000 | 18,661,000 | ||||
Portfolio loans | 1,395,248,000 | 1,395,248,000 | 1,616,641,000 | ||||
Loans 90 days or more past due still accruing interest | 0 | 0 | 0 | ||||
Residential mortgage portfolio segment | Impact of COVID-19 | Payment Deferral | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 39,944,000 | 39,944,000 | |||||
Residential mortgage portfolio segment | Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 5,691,000 | $ 5,691,000 | 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 | 2 | |||||
Consumer portfolio segment | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Non accrual loans | 8,550,000 | $ 8,550,000 | 10,278,000 | ||||
Portfolio loans | 154,192,000 | 154,192,000 | 189,907,000 | ||||
Loans 90 days or more past due still accruing interest | 0 | 0 | 0 | ||||
TDRs modified and subsequently defaulted, number | loan | 2 | ||||||
Consumer portfolio segment | Impact of COVID-19 | Payment Deferral | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | 2,961,000 | 2,961,000 | |||||
Consumer portfolio segment | Collateral Pledged | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans | $ 6,192,000 | $ 6,192,000 | $ 7,384,000 |
Portfolio Loans - Aging Analysi
Portfolio Loans - Aging Analysis of Portfolio Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | $ 21,276,549 | $ 21,848,409 |
TDR current loans | 45,998 | 60,257 |
Past due TDRs | 48,347 | 78,971 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 3,371 | 170 |
Non accrual loans | 202,082 | 166,889 |
Nonperforming loans | ||
Non-performing loans: | ||
Loans 90 days past due and still accruing | 3,371 | 170 |
Non accrual loans | 202,082 | 166,889 |
Total non-performing loans | 205,453 | 167,059 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 21,102,756 | 21,654,234 |
30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 49,869 | 59,157 |
Past due TDRs | 0 | 2,927 |
60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 31,622 | 39,696 |
Past due TDRs | 572 | 13,492 |
90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 92,302 | 95,322 |
Past due TDRs | 1,777 | 2,295 |
Traditional C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 3,342,356 | |
Asset-based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 673,679 | |
Payroll finance | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 166,999 | |
Warehouse lending | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,301,639 | |
Factored receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 228,834 | |
Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,254,846 | |
Public sector finance | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,825,976 | |
Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 694,442 | |
Commercial loans portfolio segment | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 19,727,109 | 20,041,861 |
Commercial loans portfolio segment | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 8,794,329 | 9,160,268 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 3,342,356 | 2,920,205 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 3,371 | 94 |
Non accrual loans | 41,447 | 19,223 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 3,331,998 | 2,905,964 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 3,461 | 1,215 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 675 | 6,054 |
Commercial loans portfolio segment | Commercial and industrial | Traditional C&I | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 6,222 | 6,972 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 673,679 | 803,004 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 3,790 | 5,255 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 673,679 | 803,004 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 166,999 | 159,237 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 0 | 2,300 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 166,999 | 159,237 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Payroll finance | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,301,639 | 1,953,677 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,301,639 | 1,953,677 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Warehouse lending | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 228,834 | 220,217 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 228,834 | 220,217 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Factored receivables | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,254,846 | 1,531,109 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 2 |
Non accrual loans | 21,478 | 30,634 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,200,107 | 1,469,653 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 41,005 | 24,286 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,077 | 11,077 |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 12,657 | 26,093 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,825,976 | 1,572,819 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,825,976 | 1,572,819 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Commercial and industrial | Public sector finance | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 10,932,780 | 10,881,593 |
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 5,941,508 | 5,831,990 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 74 |
Non accrual loans | 87,014 | 46,053 |
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 5,896,696 | 5,794,115 |
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 0 | 13,591 |
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 16,703 | 17,421 |
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 28,109 | 6,863 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 4,296,829 | 4,406,660 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 327 | 4,485 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 4,286,430 | 4,393,950 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 30 | 11,578 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 10,042 | 811 |
Commercial loans portfolio segment | Real estate | Multi-family | Multi-family | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 327 | 321 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 694,443 | 642,943 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 22,500 | 30,000 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 671,943 | 612,943 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio 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] | ||
Portfolio loans | 0 | 0 |
Commercial loans portfolio segment | Real estate | Acquisition, development and construction (“ADC”) | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 22,500 | 30,000 |
Residential mortgage portfolio segment | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,395,248 | 1,616,641 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 16,976 | 18,661 |
Residential mortgage portfolio segment | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,374,257 | 1,590,068 |
Residential mortgage portfolio segment | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 3,929 | 7,444 |
Residential mortgage portfolio segment | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 2,979 | 3,426 |
Residential mortgage portfolio segment | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 14,083 | 15,703 |
Consumer portfolio segment | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 154,192 | 189,907 |
Non-performing loans: | ||
Loans 90 days past due and still accruing | 0 | 0 |
Non accrual loans | 8,550 | 10,278 |
Consumer portfolio segment | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 144,198 | 178,587 |
Consumer portfolio segment | 30-59 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 1,444 | 1,043 |
Consumer portfolio segment | 60-89 days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | 146 | 907 |
Consumer portfolio segment | 90+ days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Portfolio loans | $ 8,404 | $ 9,370 |
Portfolio Loans - Schedule of C
Portfolio Loans - Schedule of Collateral-Dependent Loans (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | $ 21,276,549,000 | $ 21,848,409,000 |
Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 129,875,000 | 105,960,000 |
Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 42,899,000 | 11,697,000 |
Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 13,701,000 | 16,459,000 |
Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 2,207,000 | 10,916,000 |
Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 188,682,000 | 145,032,000 |
Traditional C&I | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 3,342,356,000 | |
Asset-based lending | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 673,679,000 | |
Payroll finance | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 166,999,000 | |
Equipment financing | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 1,254,846,000 | |
Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 694,442,000 | |
Commercial loans portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 19,727,109,000 | 20,041,861,000 |
Residential mortgage portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 1,395,248,000 | 1,616,641,000 |
Residential mortgage portfolio segment | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 5,691,000 | 5,025,000 |
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 |
Residential mortgage portfolio segment | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 5,691,000 | 5,025,000 |
Consumer portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 154,192,000 | 189,907,000 |
Consumer portfolio segment | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 6,192,000 | 7,384,000 |
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 |
Consumer portfolio segment | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 6,192,000 | 7,384,000 |
Commercial and industrial | Commercial loans portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 8,794,329,000 | 9,160,268,000 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 3,342,356,000 | 2,920,205,000 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 392,000 | 425,000 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 36,177,000 | 0 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 3,273,000 | 5,998,000 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 2,207,000 | 10,916,000 |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 42,049,000 | 17,339,000 |
Commercial and industrial | Commercial loans portfolio segment | Asset-based lending | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 673,679,000 | 803,004,000 |
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 | 6,722,000 | 8,280,000 |
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 | Asset-based lending | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 6,722,000 | 8,280,000 |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 166,999,000 | 159,237,000 |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 2,300,000 | |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Commercial and industrial | Commercial loans portfolio segment | Payroll finance | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 2,300,000 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 1,254,846,000 | 1,531,109,000 |
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 | 0 | 1,117,000 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 10,428,000 | 10,461,000 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 0 |
Commercial and industrial | Commercial loans portfolio segment | Equipment financing | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 10,428,000 | 11,578,000 |
Real estate | Commercial loans portfolio segment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 10,932,780,000 | 10,881,593,000 |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 5,941,508,000 | 5,831,990,000 |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 95,100,000 | 53,212,000 |
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 | Commercial real estate (“CRE”) | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 95,100,000 | 53,212,000 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 4,296,829,000 | 4,406,660,000 |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 9,914,000 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Business assets | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Equipment | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Taxi medallions | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 0 | 9,914,000 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 694,443,000 | 642,943,000 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Real estate | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | 22,500,000 | 30,000,000 |
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 |
Real estate | Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Collateral Pledged | ||
Financing Receivable, Collateral-Dependent Loans [Line Items] | ||
Portfolio loans | $ 22,500,000 | $ 30,000,000 |
Portfolio Loans - Nonaccrual Lo
Portfolio Loans - Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | $ 202,082 | $ 166,889 |
Non-accrual loans with no ACL | 13,444 | 77,773 |
Loans 90 days or more past due still accruing interest | 3,371 | 170 |
Commercial loans portfolio segment | Traditional C&I | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 41,447 | 19,223 |
Non-accrual loans with no ACL | 4,820 | 16,914 |
Loans 90 days or more past due still accruing interest | 3,371 | 94 |
Commercial loans portfolio segment | Asset-based lending | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 3,790 | 5,255 |
Non-accrual loans with no ACL | 0 | 4,613 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Commercial loans portfolio segment | Payroll finance | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 0 | 2,300 |
Non-accrual loans with no ACL | 0 | 2,300 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Commercial loans portfolio segment | Equipment financing | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 21,478 | 30,634 |
Non-accrual loans with no ACL | 3,737 | 11,578 |
Loans 90 days or more past due still accruing interest | 0 | 2 |
Commercial loans portfolio segment | Commercial real estate (“CRE”) | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 87,014 | 46,053 |
Non-accrual loans with no ACL | 1,382 | 38,529 |
Loans 90 days or more past due still accruing interest | 0 | 74 |
Commercial loans portfolio segment | Multi-family | Multi-family | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 327 | 4,485 |
Non-accrual loans with no ACL | 0 | 2,156 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Commercial loans portfolio segment | Acquisition, development and construction (“ADC”) | Real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 22,500 | 30,000 |
Non-accrual loans with no ACL | 0 | 0 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Residential mortgage portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 16,976 | 18,661 |
Non-accrual loans with no ACL | 2,744 | 808 |
Loans 90 days or more past due still accruing interest | 0 | 0 |
Consumer portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Non-accrual Loans | 8,550 | 10,278 |
Non-accrual loans with no ACL | 761 | 875 |
Loans 90 days or more past due still accruing interest | $ 0 | $ 0 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable, reversed against interest income | $ 638 | $ 761 | $ 1,291 | $ 1,759 |
Residential mortgage portfolio segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable, reversed against interest income | 44 | 111 | 270 | 290 |
Consumer portfolio segment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Accrued interest receivable, reversed against interest income | 4 | 15 | 35 | 22 |
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 | 8 | 12 | 46 | 61 |
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 | 0 | 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 | 1 | 0 | 88 | 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 | 581 | 609 | 852 | 897 |
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 | 14 | 0 | 125 |
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 | $ 0 | $ 0 | $ 297 |
Portfolio Loans - Loan Deferral
Portfolio Loans - Loan Deferrals (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 21,276,549 | $ 21,848,409 |
Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 0.40% | |
Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 75,998 | |
Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 32,940 | |
Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 3,342,356 | |
Traditional C&I | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 117,997 | |
Asset-based lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 673,679 | |
Asset-based lending | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 11,843 | |
Payroll finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 166,999 | |
Warehouse lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,301,639 | |
Factored receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 228,834 | |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,254,846 | |
Equipment financing | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 36,380 | |
Public sector finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 1,825,976 | |
Acquisition, development and construction (“ADC”) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 694,442 | |
Acquisition, development and construction (“ADC”) | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 42,384 | |
Commercial loans portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 19,727,109 | 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 | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 33,093 | |
Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 32,909 | |
Residential mortgage portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 1,395,248 | 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 | 2.90% | |
Residential mortgage portfolio segment | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 39,944 | |
Residential mortgage portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 0 | |
Consumer portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 154,192 | 189,907 |
Consumer portfolio segment | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percent of loan balance with deferred payment | 1.90% | |
Consumer portfolio segment | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 2,961 | |
Consumer portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 31 | |
Commercial and industrial | Commercial loans portfolio segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 8,794,329 | 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 | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 728 | |
Commercial and industrial | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 544 | |
Commercial and industrial | Commercial loans portfolio segment | Traditional C&I | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 3,342,356 | 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 | 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 | $ 673,679 | 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 | 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 | $ 166,999 | 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 | 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 | $ 1,301,639 | 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 | 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 | $ 228,834 | 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 | 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 | $ 1,254,846 | 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 | 0.10% | |
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 | $ 728 | |
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 | 544 | |
Commercial and industrial | Commercial loans portfolio segment | Public sector finance | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 1,825,976 | 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 | 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 | $ 10,932,780 | 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 | 0.30% | |
Real estate | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 32,365 | |
Real estate | Commercial loans portfolio segment | Payment Deferral | Impact of COVID-19 | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | 32,365 | |
Real estate | Commercial loans portfolio segment | Commercial real estate (“CRE”) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 5,941,508 | 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 | 0.50% | |
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 | $ 32,365 | |
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 | 32,365 | |
Real estate | Commercial loans portfolio segment | Multi-family | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Portfolio loans | $ 4,296,829 | 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 | 0.00% | |
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 | $ 0 | |
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 | $ 694,443 | $ 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”) | 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 | 9 Months Ended | |
Sep. 30, 2021loan | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number | loan | 2 | 4 | |
Recorded investment, Pre-modification | $ 3,578 | $ 35,850 | |
Recorded investment, Post-modification | $ 2,000 | $ 34,865 | |
Commercial loans portfolio segment | Commercial and industrial | Asset-based lending | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number | loan | 2 | ||
Recorded investment, Pre-modification | $ 0 | $ 10,553 | |
Recorded investment, Post-modification | $ 0 | $ 9,822 | |
Commercial loans portfolio segment | Commercial and industrial | Equipment financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number | loan | 1 | 2 | 1 |
Recorded investment, Pre-modification | $ 3,578 | $ 1,027 | |
Recorded investment, Post-modification | $ 2,000 | $ 773 | |
Commercial loans portfolio segment | Real estate | Commercial real estate (“CRE”) | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number | loan | 0 | 1 | |
Recorded investment, Pre-modification | $ 0 | $ 24,270 | |
Recorded investment, Post-modification | $ 0 | $ 24,270 |
ACL - Loans - Allowance Rollfor
ACL - Loans - Allowance Rollforward (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 314,873,000 | $ 365,489,000 | $ 106,238,000 | $ 326,100,000 | $ 106,238,000 | |
Charge-offs | (6,104,000) | (72,507,000) | (39,188,000) | (101,027,000) | ||
Recoveries | 1,146,000 | 1,961,000 | 7,003,000 | 5,965,000 | ||
Net charge-offs | (4,958,000) | (70,546,000) | (32,185,000) | (95,062,000) | ||
Provision / (credit) | 0 | 31,000,000 | 16,000,000 | 224,183,000 | ||
Ending balance | $ 309,915,000 | $ 325,943,000 | $ 309,915,000 | $ 325,943,000 | $ 106,238,000 | |
Annualized net charge-offs to average loans outstanding: | 0.10% | 1.28% | 0.21% | 0.58% | ||
Accounting Standards Update [Extensible List] | Accounting Standards Update 2016-13 | Accounting Standards Update 2016-13 | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 90,584,000 | $ 90,584,000 | ||||
Ending balance | $ 90,584,000 | |||||
Traditional C&I | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 47,494,000 | $ 44,514,000 | 15,951,000 | $ 42,670,000 | 15,951,000 | |
Charge-offs | (1,044,000) | (1,089,000) | (3,219,000) | (5,375,000) | ||
Recoveries | 169,000 | 677,000 | 1,225,000 | 1,268,000 | ||
Net charge-offs | (875,000) | (412,000) | (1,994,000) | (4,107,000) | ||
Provision / (credit) | 14,864,000 | (4,429,000) | 20,807,000 | 22,504,000 | ||
Ending balance | 61,483,000 | 39,673,000 | 61,483,000 | 39,673,000 | 15,951,000 | |
Traditional C&I | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 5,325,000 | 5,325,000 | ||||
Ending balance | 5,325,000 | |||||
Asset-based lending | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 10,474,000 | 30,853,000 | 14,272,000 | 12,762,000 | 14,272,000 | |
Charge-offs | (7,000) | (1,297,000) | (7,000) | (3,782,000) | ||
Recoveries | 0 | 0 | 1,998,000 | 0 | ||
Net charge-offs | (7,000) | (1,297,000) | 1,991,000 | (3,782,000) | ||
Provision / (credit) | (416,000) | (3,602,000) | (4,702,000) | 3,491,000 | ||
Ending balance | 10,051,000 | 25,954,000 | 10,051,000 | 25,954,000 | 14,272,000 | |
Asset-based lending | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 11,973,000 | 11,973,000 | ||||
Ending balance | 11,973,000 | |||||
Payroll finance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 1,567,000 | 1,931,000 | 2,064,000 | 1,957,000 | 2,064,000 | |
Charge-offs | (8,000) | 0 | (94,000) | (560,000) | ||
Recoveries | 3,000 | 262,000 | 9,000 | 272,000 | ||
Net charge-offs | (5,000) | 262,000 | (85,000) | (288,000) | ||
Provision / (credit) | 129,000 | 242,000 | (181,000) | (675,000) | ||
Ending balance | 1,691,000 | 2,435,000 | 1,691,000 | 2,435,000 | 2,064,000 | |
Payroll finance | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 1,334,000 | 1,334,000 | ||||
Ending balance | 1,334,000 | |||||
Warehouse lending | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 1,087,000 | 668,000 | 917,000 | 1,724,000 | 917,000 | |
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Net charge-offs | 0 | 0 | 0 | 0 | ||
Provision / (credit) | 63,000 | 838,000 | (574,000) | 951,000 | ||
Ending balance | 1,150,000 | 1,506,000 | 1,150,000 | 1,506,000 | 917,000 | |
Warehouse lending | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | (362,000) | (362,000) | ||||
Ending balance | (362,000) | |||||
Factored receivables | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 3,025,000 | 10,586,000 | 654,000 | 2,904,000 | 654,000 | |
Charge-offs | 0 | (6,893,000) | (765,000) | (10,631,000) | ||
Recoveries | 108,000 | 185,000 | 566,000 | 190,000 | ||
Net charge-offs | 108,000 | (6,708,000) | (199,000) | (10,441,000) | ||
Provision / (credit) | 12,000 | 1,266,000 | 440,000 | 14,136,000 | ||
Ending balance | 3,145,000 | 5,144,000 | 3,145,000 | 5,144,000 | 654,000 | |
Factored receivables | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 795,000 | 795,000 | ||||
Ending balance | 795,000 | |||||
Equipment financing | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 27,987,000 | 78,172,000 | 16,723,000 | 31,794,000 | 16,723,000 | |
Charge-offs | (968,000) | (42,128,000) | (6,380,000) | (54,784,000) | ||
Recoveries | 525,000 | 816,000 | 2,098,000 | 2,308,000 | ||
Net charge-offs | (443,000) | (41,312,000) | (4,282,000) | (52,476,000) | ||
Provision / (credit) | (2,070,000) | (1,315,000) | (2,038,000) | 38,298,000 | ||
Ending balance | 25,474,000 | 35,545,000 | 25,474,000 | 35,545,000 | 16,723,000 | |
Equipment financing | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 33,000,000 | 33,000,000 | ||||
Ending balance | 33,000,000 | |||||
Public sector finance | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 6,168,000 | 3,765,000 | 1,967,000 | 4,516,000 | 1,967,000 | |
Charge-offs | 0 | 0 | 0 | 0 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Net charge-offs | 0 | 0 | 0 | 0 | ||
Provision / (credit) | (634,000) | 419,000 | 1,018,000 | 2,983,000 | ||
Ending balance | 5,534,000 | 4,184,000 | 5,534,000 | 4,184,000 | 1,967,000 | |
Public sector finance | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | (766,000) | (766,000) | ||||
Ending balance | (766,000) | |||||
CRE | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 155,589,000 | 98,905,000 | 27,965,000 | 155,313,000 | 27,965,000 | |
Charge-offs | (1,036,000) | (3,650,000) | (11,344,000) | (4,936,000) | ||
Recoveries | 265,000 | 0 | 849,000 | 644,000 | ||
Net charge-offs | (771,000) | (3,650,000) | (10,495,000) | (4,292,000) | ||
Provision / (credit) | (7,214,000) | 29,008,000 | 2,786,000 | 92,553,000 | ||
Ending balance | 147,604,000 | 124,263,000 | 147,604,000 | 124,263,000 | 27,965,000 | |
CRE | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 8,037,000 | 8,037,000 | ||||
Ending balance | 8,037,000 | |||||
Multi-family | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 32,054,000 | 36,652,000 | 11,440,000 | 33,320,000 | 11,440,000 | |
Charge-offs | (418,000) | 0 | (8,630,000) | (154,000) | ||
Recoveries | 0 | 0 | 15,000 | 1,000 | ||
Net charge-offs | (418,000) | 0 | (8,615,000) | (153,000) | ||
Provision / (credit) | (2,257,000) | 3,056,000 | 4,674,000 | 13,515,000 | ||
Ending balance | 29,379,000 | 39,708,000 | 29,379,000 | 39,708,000 | 11,440,000 | |
Multi-family | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 14,906,000 | 14,906,000 | ||||
Ending balance | 14,906,000 | |||||
Acquisition, development and construction (“ADC”) | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 11,371,000 | 18,195,000 | 4,732,000 | 17,927,000 | 4,732,000 | |
Charge-offs | (2,500,000) | 0 | (7,500,000) | (4,000) | ||
Recoveries | 0 | 0 | 0 | 105,000 | ||
Net charge-offs | (2,500,000) | 0 | (7,500,000) | 101,000 | ||
Provision / (credit) | 1,509,000 | (350,000) | (47,000) | 13,131,000 | ||
Ending balance | 10,380,000 | 17,845,000 | 10,380,000 | 17,845,000 | 4,732,000 | |
Acquisition, development and construction (“ADC”) | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | (119,000) | (119,000) | ||||
Ending balance | (119,000) | |||||
Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 14,032,000 | 33,955,000 | 7,598,000 | 16,529,000 | 7,598,000 | |
Charge-offs | (13,000) | (17,353,000) | (517,000) | (19,127,000) | ||
Recoveries | 1,000 | 0 | 38,000 | 0 | ||
Net charge-offs | (12,000) | (17,353,000) | (479,000) | (19,127,000) | ||
Provision / (credit) | (3,146,000) | 6,235,000 | (5,176,000) | 20,262,000 | ||
Ending balance | 10,874,000 | 22,837,000 | 10,874,000 | 22,837,000 | 7,598,000 | |
Residential mortgage | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 14,104,000 | 14,104,000 | ||||
Ending balance | 14,104,000 | |||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | 4,025,000 | 7,293,000 | 1,955,000 | 4,684,000 | 1,955,000 | |
Charge-offs | (110,000) | (97,000) | (732,000) | (1,674,000) | ||
Recoveries | 75,000 | 21,000 | 205,000 | 1,177,000 | ||
Net charge-offs | (35,000) | (76,000) | (527,000) | (497,000) | ||
Provision / (credit) | (840,000) | (368,000) | (1,007,000) | 3,034,000 | ||
Ending balance | $ 3,150,000 | $ 6,849,000 | $ 3,150,000 | 6,849,000 | 1,955,000 | |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||||
Beginning balance | $ 2,357,000 | $ 2,357,000 | ||||
Ending balance | $ 2,357,000 |
ACL - Loans - Loans - Narrative
ACL - Loans - Loans - Narrative (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing receivable, allowance for credit loss | $ 309,915,000 | $ 314,873,000 | $ 326,100,000 | $ 325,943,000 | $ 365,489,000 | $ 106,238,000 | |
Loan balance threshold for individual credit assessment | 750,000 | ||||||
Portfolio loans, net | 20,966,634,000 | 21,522,309,000 | |||||
Accounting Standards Update 2016-13 | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing receivable, allowance for credit loss | $ 90,600,000 | ||||||
Warehouse lending | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing receivable, allowance for credit loss | 1,150,000 | 1,087,000 | 1,724,000 | 1,506,000 | 668,000 | 917,000 | |
Public sector finance | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing receivable, allowance for credit loss | 5,534,000 | 6,168,000 | 4,516,000 | 4,184,000 | 3,765,000 | 1,967,000 | |
Traditional C&I | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Financing receivable, allowance for credit loss | 61,483,000 | $ 47,494,000 | 42,670,000 | $ 39,673,000 | $ 44,514,000 | $ 15,951,000 | |
Special mention | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans, net | 351,692,000 | 461,458,000 | |||||
Special mention | Warehouse lending | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans, net | 0 | 0 | |||||
Special mention | Public sector finance | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans, net | 0 | 0 | |||||
Special mention | Traditional C&I | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans, net | 24,300,000 | 24,162,000 | |||||
Substandard | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans, net | 621,901,000 | 528,760,000 | |||||
Substandard | Warehouse lending | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans, net | 0 | 0 | |||||
Substandard | Public sector finance | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans, net | 0 | 0 | |||||
Substandard | Traditional C&I | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans, net | 117,997,000 | 84,792,000 | |||||
Doubtful | Traditional C&I | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans, net | 4,400,000 | 304,000 | |||||
Loss | |||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||||
Portfolio loans, net | $ 0 | $ 0 |
ACL - Loans - Valuation Allowan
ACL - Loans - Valuation Allowances Recorded Against Portfolio Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | $ 20,966,634 | $ 21,522,309 |
Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 351,692 | 461,458 |
Special mention | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 24,300 | 24,162 |
Special mention | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 25,700 | 111,597 |
Special mention | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 0 | 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 | 18,784 | 7,737 |
Special mention | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 155,502 | 249,403 |
Special mention | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 107,925 | 61,146 |
Special mention | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 19,384 | 1,407 |
Special mention | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 86 | 468 |
Special mention | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 11 | 15 |
Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 621,901 | 528,760 |
Substandard | Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 117,997 | 84,792 |
Substandard | Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 11,843 | 11,669 |
Substandard | Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 0 | 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 | 36,380 | 45,018 |
Substandard | CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 323,500 | 280,796 |
Substandard | Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 63,895 | 44,872 |
Substandard | Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 42,384 | 30,000 |
Substandard | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | 17,272 | 18,942 |
Substandard | Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Portfolio loans, net | $ 8,630 | $ 10,371 |
ACL - Loans - Schedule of Term
ACL - Loans - Schedule of Term Loans Amortized Cost Basis by Origination Year (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | $ 2,321,225 | |
2020 | 2,742,531 | |
2019 | 3,389,500 | |
2018 | 1,917,239 | |
2017 | 1,730,027 | |
Prior | 5,808,551 | |
Revolving loans | 3,313,908 | |
Revolving loans converted to term | 53,568 | |
Portfolio loans | 21,276,549 | $ 21,848,409 |
Traditional C&I | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 266,753 | |
2020 | 268,570 | |
2019 | 218,369 | |
2018 | 208,634 | |
2017 | 109,636 | |
Prior | 117,320 | |
Revolving loans | 2,153,074 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 3,342,356 | |
Traditional C&I | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 257,552 | |
2020 | 241,873 | |
2019 | 180,275 | |
2018 | 183,148 | |
2017 | 99,074 | |
Prior | 113,147 | |
Revolving loans | 2,120,637 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 3,195,706 | |
Traditional C&I | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 7,596 | |
2020 | 0 | |
2019 | 33 | |
2018 | 11,032 | |
2017 | 2,879 | |
Prior | 264 | |
Revolving loans | 2,496 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 24,300 | |
Traditional C&I | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 1,605 | |
2020 | 26,697 | |
2019 | 38,061 | |
2018 | 14,454 | |
2017 | 7,683 | |
Prior | 3,909 | |
Revolving loans | 25,588 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 117,997 | |
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 | 4,353 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 4,353 | |
Asset-based lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 12,590 | |
2020 | 17,262 | |
2019 | 6,750 | |
2018 | 4,326 | |
2017 | 6,723 | |
Prior | 32,692 | |
Revolving loans | 593,336 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 673,679 | |
Asset-based lending | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 12,590 | |
2020 | 17,262 | |
2019 | 6,750 | |
2018 | 3,002 | |
2017 | 6,723 | |
Prior | 32,692 | |
Revolving loans | 557,117 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 636,136 | |
Asset-based lending | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 1,324 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 24,376 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 25,700 | |
Asset-based lending | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 11,843 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 11,843 | |
Payroll finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 166,999 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 166,999 | |
Payroll finance | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 166,999 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 166,999 | |
Warehouse lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 18,628 | |
2020 | 118,247 | |
2019 | 22,646 | |
2018 | 11,575 | |
2017 | 111,967 | |
Prior | 1,018,576 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 1,301,639 | |
Warehouse lending | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 18,628 | |
2020 | 118,247 | |
2019 | 22,646 | |
2018 | 11,575 | |
2017 | 111,967 | |
Prior | 1,018,576 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 1,301,639 | |
Factored receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 228,834 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 228,834 | |
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 | 228,834 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 228,834 | |
Equipment financing | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 163,082 | |
2020 | 342,588 | |
2019 | 418,634 | |
2018 | 164,538 | |
2017 | 69,824 | |
Prior | 96,039 | |
Revolving loans | 141 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 1,254,846 | |
Equipment financing | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 163,082 | |
2020 | 335,345 | |
2019 | 402,962 | |
2018 | 147,815 | |
2017 | 57,504 | |
Prior | 92,833 | |
Revolving loans | 141 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 1,199,682 | |
Equipment financing | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 1,666 | |
2019 | 3,659 | |
2018 | 10,506 | |
2017 | 2,936 | |
Prior | 17 | |
Revolving loans | ||
Revolving loans converted to term | 0 | |
Portfolio loans | 18,784 | |
Equipment financing | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 5,577 | |
2019 | 12,013 | |
2018 | 6,217 | |
2017 | 9,384 | |
Prior | 3,189 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 36,380 | |
Public sector finance | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 365,023 | |
2020 | 414,074 | |
2019 | 388,128 | |
2018 | 192,198 | |
2017 | 254,458 | |
Prior | 212,095 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 1,825,976 | |
Public sector finance | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 365,023 | |
2020 | 414,074 | |
2019 | 388,128 | |
2018 | 192,198 | |
2017 | 254,458 | |
Prior | 212,095 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 1,825,976 | |
CRE | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 499,613 | |
2020 | 1,051,309 | |
2019 | 1,367,351 | |
2018 | 894,427 | |
2017 | 561,370 | |
Prior | 1,567,439 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 5,941,509 | |
CRE | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 499,613 | |
2020 | 1,004,611 | |
2019 | 1,244,150 | |
2018 | 784,702 | |
2017 | 500,472 | |
Prior | 1,428,959 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 5,462,507 | |
CRE | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 25,000 | |
2019 | 36,239 | |
2018 | 32,853 | |
2017 | 22,601 | |
Prior | 38,809 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 155,502 | |
CRE | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 21,698 | |
2019 | 86,962 | |
2018 | 76,872 | |
2017 | 38,297 | |
Prior | 99,671 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 323,500 | |
Multi-family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 674,940 | |
2020 | 377,429 | |
2019 | 727,132 | |
2018 | 348,333 | |
2017 | 532,018 | |
Prior | 1,557,392 | |
Revolving loans | 79,585 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 4,296,829 | |
Multi-family | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 674,940 | |
2020 | 372,581 | |
2019 | 674,496 | |
2018 | 339,162 | |
2017 | 517,226 | |
Prior | 1,471,484 | |
Revolving loans | 75,120 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 4,125,009 | |
Multi-family | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 4,848 | |
2019 | 34,033 | |
2018 | 5,338 | |
2017 | 11,335 | |
Prior | 52,371 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 107,925 | |
Multi-family | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 18,603 | |
2018 | 3,833 | |
2017 | 3,457 | |
Prior | 33,537 | |
Revolving loans | 4,465 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 63,895 | |
Acquisition, development and construction (“ADC”) | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 163,519 | |
2020 | 142,457 | |
2019 | 230,100 | |
2018 | 65,565 | |
2017 | 50,220 | |
Prior | 42,581 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 694,442 | |
Acquisition, development and construction (“ADC”) | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 163,519 | |
2020 | 140,041 | |
2019 | 230,100 | |
2018 | 48,597 | |
2017 | 7,836 | |
Prior | 42,581 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 632,674 | |
Acquisition, development and construction (“ADC”) | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 2,416 | |
2019 | 0 | |
2018 | 16,968 | |
2017 | 0 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 19,384 | |
Acquisition, development and construction (“ADC”) | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 42,384 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 42,384 | |
Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 156,549 | |
2020 | 10,532 | |
2019 | 10,109 | |
2018 | 27,362 | |
2017 | 33,333 | |
Prior | 1,157,363 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 1,395,248 | |
Residential mortgage | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 156,549 | |
2020 | 10,532 | |
2019 | 10,109 | |
2018 | 27,103 | |
2017 | 33,247 | |
Prior | 1,140,350 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 1,377,890 | |
Residential mortgage | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 86 | |
Prior | 0 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 86 | |
Residential mortgage | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 259 | |
2017 | 0 | |
Prior | 17,013 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 17,272 | |
Consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 528 | |
2020 | 63 | |
2019 | 281 | |
2018 | 281 | |
2017 | 478 | |
Prior | 7,054 | |
Revolving loans | 91,939 | |
Revolving loans converted to term | 53,568 | |
Portfolio loans | 154,192 | |
Consumer | Pass | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 528 | |
2020 | 63 | |
2019 | 281 | |
2018 | 281 | |
2017 | 135 | |
Prior | 4,633 | |
Revolving loans | 86,062 | |
Revolving loans converted to term | 53,568 | |
Portfolio loans | 145,551 | |
Consumer | Special mention | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 11 | |
Revolving loans | 0 | |
Revolving loans converted to term | 0 | |
Portfolio loans | 11 | |
Consumer | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 343 | |
Prior | 2,410 | |
Revolving loans | 5,877 | |
Revolving loans converted to term | 0 | |
Portfolio loans | $ 8,630 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Balance of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 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 | 82,236 | 93,564 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 58,924 | 69,808 |
Customer lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Other intangible assets | 2,812 | 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 | Sep. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2021 | $ 3,776 |
2022 | 13,703 |
2023 | 12,322 |
2024 | 10,448 |
2025 | 8,722 |
2026 | 7,134 |
Thereafter | 5,631 |
Total | $ 61,736 |
Deposits - Balances (Details)
Deposits - Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Non-interest bearing demand | $ 6,743,008 | $ 5,443,907 |
Interest bearing demand | 4,823,601 | 4,960,800 |
Savings | 2,629,558 | 2,603,570 |
Money market | 8,417,466 | 8,114,415 |
Certificates of deposit | 1,322,390 | 1,996,830 |
Total deposits | $ 23,936,023 | $ 23,119,522 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Jun. 30, 2021deposit | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Deposits [Abstract] | |||
Municipal deposits | $ 2,400 | $ 1,600 | |
Brokered deposit, primary purpose exception | deposit | 1 | ||
Amount no longer reported as brokered deposit due to primary purpose exception | $ 524.9 |
Deposits - Brokered Deposits (D
Deposits - Brokered Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
List of Company's Brokered deposits | ||
Brokered deposits | $ 530,617 | $ 1,579,271 |
Interest bearing demand | ||
List of Company's Brokered deposits | ||
Brokered deposits | 8,395 | 433,790 |
Money market | ||
List of Company's Brokered deposits | ||
Brokered deposits | 522,222 | 1,045,478 |
Certificates of deposit | ||
List of Company's Brokered deposits | ||
Brokered deposits | $ 0 | $ 100,003 |
Borrowings - Borrowings and Wei
Borrowings - Borrowings and Weighted Average Interest Rates (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
By period to maturity: | ||
Total borrowings, amount | $ 523,406 | $ 1,321,714 |
Total borrowings, rate | 3.92% | 2.25% |
Less than one year, amount | $ 31,023 | $ 686,101 |
Less than one year, rate | 0.10% | 0.24% |
Greater than five years, amount | $ 492,383 | $ 635,613 |
Greater than five years, rate | 4.13% | 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 | $ 31,023 | $ 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 National Bank | ||
By period to maturity: | ||
Total borrowings, amount | $ 0 | $ 143,703 |
Total borrowings, rate | 0.00% | 5.45% |
Subordinated Notes | Sterling Bancorp | ||
By period to maturity: | ||
Total borrowings, amount | $ 492,400 | |
Subordinated Notes | Subordinated Notes Due 2029 | Sterling Bancorp | ||
By period to maturity: | ||
Total borrowings, amount | $ 270,543 | $ 270,284 |
Total borrowings, rate | 4.18% | 4.17% |
Subordinated Notes | Subordinated Notes Due 2030 | Sterling Bancorp | ||
By period to maturity: | ||
Total borrowings, amount | $ 221,840 | $ 221,626 |
Total borrowings, rate | 4.06% | 4.06% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Dec. 31, 2020 | Sep. 30, 2021 | |
Debt Instrument [Line Items] | ||
Bank pledged mortgages | $ 6,500 | $ 5,800 |
Increased borrowing capacity by pledging securities | 1,600 | |
Sterling National Bank | ||
Debt Instrument [Line Items] | ||
Equity capital injection | $ 175 | |
FHLB Borrowings | ||
Debt Instrument [Line Items] | ||
Unused borrowing capacity | $ 5,800 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedges, Assets [Abstract] | ||
Cash paid as STM | $ 56.4 | $ 89.8 |
Derivatives - Derivative Inform
Derivatives - Derivative Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Summary of derivatives | ||
Derivative assets, fair value | $ 94,524 | $ 149,797 |
Derivative liabilities, fair value | $ 38,093 | $ 60,004 |
Other assets | ||
Summary of derivatives | ||
Average maturity (in years) | 4 years | 4 years 4 months 24 days |
Weighted average fixed rate | 4.40% | 4.44% |
Other liabilities | ||
Summary of derivatives | ||
Average maturity (in years) | 4 years | 4 years 4 months 24 days |
Weighted average fixed rate | 4.40% | 4.44% |
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 | 1,788,110 | $ 1,913,607 |
Derivative liabilities, fair value | 38,093 | 60,004 |
Customer interest rate swap | Other assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | 1,788,110 | 1,913,607 |
Derivative assets, fair value | 94,524 | 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% | |
Interest rate swap | Other assets | ||
Summary of derivatives | ||
Derivative assets, notional amount | 1,788,110 | $ 1,913,607 |
Derivative assets, fair value | $ 94,524 | 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 | $ 1,788,110 | 1,913,607 |
Derivative liabilities, fair value | $ 38,093 | $ 60,004 |
Interest rate swap | Other liabilities | One-month LIBOR | ||
Summary of derivatives | ||
Basis spread | 2.21% |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Efftective tax rate reconciliation: | |||||
Income before income tax expense | $ 121,416,000 | $ 96,687,000 | $ 366,383,000 | $ 160,694,000 | |
Tax at federal statutory rate of 21% | 25,497,000 | 20,305,000 | 76,940,000 | 33,746,000 | |
State and local income taxes, net of federal tax benefit | 6,698,000 | 4,942,000 | 19,820,000 | 6,622,000 | |
Tax exempt interest, net of disallowed interest | (6,518,000) | (7,811,000) | (18,095,000) | (22,713,000) | |
BOLI income | (1,050,000) | (1,122,000) | (3,097,000) | (3,267,000) | |
Non-deductible acquisition related costs | 1,204,000 | 0 | 1,204,000 | 0 | |
Low income housing tax credits and other benefits | (13,721,000) | (9,461,000) | (40,903,000) | (28,381,000) | |
Low income housing investment amortization expense | 12,119,000 | 8,183,000 | 35,452,000 | 24,571,000 | |
Tax rate adjustment benefit due to CARES Act net operating loss (“NOL”) carryback | 0 | 0 | 0 | (21,313,000) | |
Uncertain tax position reserve | 0 | 0 | 0 | 11,480,000 | |
Annual effective tax rate adjustment | 0 | (4,837,000) | 0 | 7,273,000 | |
Non-deductible compensation expense | 450,000 | 0 | 1,511,000 | 0 | |
Equity-based stock compensation (benefit) expense | (21,000) | 192,000 | (473,000) | 970,000 | |
FDIC insurance premium limitation | 237,000 | 266,000 | 642,000 | 837,000 | |
Other, net | 850,000 | 1,623,000 | 222,000 | 1,523,000 | |
Actual income tax expense | $ 25,745,000 | $ 12,280,000 | $ 73,223,000 | $ 11,348,000 | |
Effective income tax rate | 21.20% | 12.70% | 20.00% | 7.10% | |
Nondeductible expense, restricted stock vesting Section 162(m) limitation | $ 257,000 | $ 936,000 | |||
Net deferred tax liability | 23,800,000 | 23,800,000 | $ 43,300,000 | ||
Valuation allowance | $ 0 | $ 0 | $ 0 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Uncertain Tax Positions [Roll Forward] | ||||
Uncertain tax positions beginning of period | $ 7,000 | $ 11,603 | $ 7,000 | $ 0 |
Additions for tax positions related to prior tax years | 0 | 0 | 0 | 11,480 |
Decrease due to settlement | 0 | (1,315) | 0 | (1,315) |
Interest expense in tax positions | 0 | 0 | 0 | 123 |
Uncertain tax positions at end of period | $ 7,000 | $ 10,288 | $ 7,000 | $ 10,288 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-based Compensation Activity (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 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) | 67,877 | |
Canceled/expired (in shares) | 31,109 | |
Ending balance (in shares) | 4,272,158 | |
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) | (248,405) | |
Forfeited (in shares) | 0 | |
Canceled/expired (in shares) | 0 | |
Ending balance (in shares) | 88,216 | |
Exercisable at end of period (in shares) | 88,216 | |
Stock options outstanding - Weighted average exercise price | ||
Beginning balance (USD per share) | $ 11.14 | |
Granted (USD per share) | 0 | |
Stock awards vested (USD per share) | 0 | |
Exercised (USD per share) | 10.85 | |
Forfeited (USD per share) | 0 | |
Canceled/expired (USD per share) | 0 | |
Ending balance (USD per share) | 11.93 | |
Exercisable at end of period (USD per share) | $ 11.93 | |
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) | (860,553) | |
Forfeited (in shares) | (67,877) | |
Canceled/expired (in shares) | (31,109) | |
Ending balance (in shares) | 3,172,350 | |
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) | 21.34 | |
Forfeited (USD per share) | 19.20 | |
Canceled/expired (USD per share) | 20.85 | |
Ending balance (USD per share) | $ 19.34 | |
Amended Omnibus Plan | ||
Share-Based Compensation Arrangement By Share-Based Payment Award, Shares Available For Grant [Roll Forward] | ||
Amended 2015 Omnibus Equity and Incentive Plan (in shares) | 3,500,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | May 26, 2021 | May 25, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Intrinsic value of options outstanding | $ 1,100,000 | $ 1,100,000 | ||||
Stock-based compensation expense | 6,648,000 | $ 5,868,000 | 20,046,000 | $ 17,788,000 | ||
Unrecognized stock-based compensation, non-vested stock awards/performance units | 34,200,000 | $ 34,200,000 | ||||
Weighted-average period total unrecognized compensation cost related to non-vested shares granted (over) | 1 year 5 months 19 days | |||||
Amended Omnibus Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (in shares) | 10,500,000 | 7,000,000 | ||||
Number of shares per grant applied to authorized amount (in shares) | 1 | |||||
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 | $ 0 | $ 0 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 6,648,000 | $ 5,868,000 | $ 20,046,000 | $ 17,788,000 |
Stock-based compensation expense, income tax benefit | 1,330,000 | 734,000 | 4,009,000 | 2,224,000 |
Stock options & other stock transactions, net | 115,000 | 95,000 | 2,696,000 | 610,000 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 0 | 0 | 0 | 0 |
Non-vested stock awards/performance units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 6,648,000 | $ 5,868,000 | $ 20,046,000 | $ 17,788,000 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Depreciation expense on operating leases | $ 2,846 | $ 3,130 | $ 8,888 | $ 9,758 |
Advertising and promotion | 2,027 | 1,291 | 5,695 | 4,414 |
Communications | 1,379 | 1,424 | 4,129 | 4,374 |
Residential mortgage loans servicing | 1,150 | 1,361 | 3,902 | 3,984 |
Commercial loan servicing | 1,298 | 1,179 | 3,531 | 3,498 |
Insurance & surety bond premium | 1,125 | 942 | 3,083 | 3,191 |
Operational losses | 690 | 597 | 1,884 | 1,812 |
Other | 7,875 | 4,198 | 17,801 | 17,790 |
Total other non-interest expense | $ 18,390 | $ 14,122 | $ 48,913 | $ 48,821 |
Other Non-Interest Expense, O_4
Other Non-Interest Expense, Other Assets and Other Liabilities - Schedule of Other Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Income and Expenses [Abstract] | ||
Low income housing tax credit investments | $ 527,953 | $ 488,303 |
Right of use asset for operating leases | 94,647 | 105,667 |
Derivative assets, fair value | 94,524 | 149,797 |
Cash on deposit as swap collateral / net of settlement | 55,774 | 82,478 |
Operating leases - equipment and vehicles leased to others | 43,052 | 55,224 |
Other asset balances | 172,751 | 181,934 |
Total other assets | $ 988,701 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Other liabilities: | ||
Commitment to fund low income housing tax credit investments | $ 285,583 | $ 283,849 |
Lease liability | 103,664 | 113,405 |
Payroll finance and factoring liabilities | 117,227 | 115,802 |
Swaps | 38,093 | 60,004 |
Other liability balances | 147,579 | 155,642 |
Total other liabilities | $ 692,146 | $ 728,702 |
Earnings Per Common Share - (De
Earnings Per Common Share - (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income available to common stockholders | $ 93,715 | $ 82,438 | $ 287,282 | $ 143,429 |
Weighted average common shares outstanding for computation of basic EPS (in shares) | 191,508,071 | 193,494,929 | 191,606,643 | 194,436,137 |
Common-equivalent shares due to the dilutive effect of stock options and unvested performance share grants (in shares) | 832,416 | 221,014 | 810,365 | 240,883 |
Weighted average common shares for computation of diluted EPS (in shares) | 192,340,487 | 193,715,943 | 192,417,008 | 194,677,020 |
EPS: | ||||
Basic (USD per share) | $ 0.49 | $ 0.43 | $ 1.50 | $ 0.74 |
Diluted (USD per share) | $ 0.49 | $ 0.43 | $ 1.49 | $ 0.74 |
Weighted average common shares that could be exercised that were anti-dilutive for the period (in shares) | 0 | 359,304 | 0 | 98,351 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | ||
Long-term debt | $ 523,406 | $ 1,321,714 |
Period of loan term eligible for inclusion in Tier 2 capital decreases | 5 years | |
Sterling Bancorp | Subordinated Notes | ||
Class of Stock [Line Items] | ||
Long-term debt | $ 492,400 |
Stockholders' Equity - Complian
Stockholders' Equity - Compliance with Regulatory Capital Requirements (Schedule) (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Sterling National Bank | ||
Common equity tier 1 to RWA: | ||
Tier 1 common equity, actual, capital amount | $ 3,448,597 | $ 3,198,145 |
Tier 1 common equity, actual, ratio | 0.1452 | 0.1338 |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,663,006 | $ 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 | $ 1,544,220 | $ 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 | $ 3,448,597 | $ 3,198,145 |
Tier 1 risk-based capital, ratio | 0.1452 | 0.1338 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,019,364 | $ 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 | $ 1,900,578 | $ 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 | $ 3,626,007 | $ 3,521,458 |
Total risk-based capital, ratio | 0.1526 | 0.1473 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,494,509 | $ 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 | $ 2,375,723 | $ 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 | $ 3,448,597 | $ 3,198,145 |
Tier 1 (core) capital, ratio | 0.1260 | 0.1133 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,094,722 | $ 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 | $ 1,368,402 | $ 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 | $ 2,975,338 | $ 2,727,385 |
Tier 1 common equity, actual, ratio | 0.1250 | 0.1139 |
Tier 1 common equity required for minimum capital adequacy, fully phased-in, capital amount | $ 1,666,328 | $ 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 | $ 3,111,324 | $ 2,864,074 |
Tier 1 risk-based capital, ratio | 0.1307 | 0.1196 |
Tier 1 risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,023,398 | $ 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 | $ 3,781,117 | $ 3,638,033 |
Total risk-based capital, ratio | 0.1588 | 0.1520 |
Total risk-based capital required for minimum capital adequacy, fully phased-in, capital amount | $ 2,499,491 | $ 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 | $ 3,111,324 | $ 2,864,074 |
Tier 1 (core) capital, ratio | 0.1135 | 0.1014 |
Tier 1 (core) capital required for minimum capital adequacy, fully phased-in, capital amount | $ 1,096,746 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Loan origination commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 694,879 | $ 641,965 |
Unused lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | 1,788,318 | 1,623,745 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Lending-related instruments | $ 169,128 | $ 181,890 |
Commitments and Contingencies_3
Commitments and Contingencies - Narrative (Details) | 9 Months Ended | ||
Sep. 30, 2021USD ($)security | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
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 | $ 2,000,000 | $ 0 | |
Number of claims | security | 3 |
Commitment and Contingencies -
Commitment and Contingencies - Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2021 | $ 5,384 | |
2022 | 18,119 | |
2023 | 16,660 | |
2024 | 14,998 | |
2025 | 12,339 | |
2026 | 11,209 | |
2027 and thereafter | 40,889 | |
Total lease payments | 119,598 | |
Interest | 15,934 | |
Present value of lease liabilities | $ 103,664 | $ 113,405 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Securities available for sale, at estimated fair value | $ 2,614,822 | $ 2,298,618 |
Swaps | 94,524 | 149,797 |
Financial liabilities: | ||
Swaps | 38,093 | 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 | 2,614,822 | 2,298,618 |
Swaps | 94,524 | 149,797 |
Financial liabilities: | ||
Swaps | 38,093 | 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 | 2,614,822 | 2,298,618 |
Swaps | 94,524 | 149,797 |
Total assets | 2,709,346 | 2,448,415 |
Financial liabilities: | ||
Swaps | 38,093 | 60,004 |
Total liabilities | 38,093 | 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 | 2,614,822 | 2,298,618 |
Swaps | 94,524 | 149,797 |
Total assets | 2,709,346 | 2,448,415 |
Financial liabilities: | ||
Swaps | 38,093 | 60,004 |
Total liabilities | 38,093 | 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 | 955,282 | 918,260 |
Agency-backed | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 955,282 | 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 | 955,282 | 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 | 234,838 | 373,284 |
CMOs/Other MBS | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 234,838 | 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 | 234,838 | 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 | 1,190,120 | 1,291,544 |
Total residential MBS | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,190,120 | 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 | 1,190,120 | 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 | 372,964 | 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 | 372,964 | 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 | 676,992 | 463,512 |
Corporate | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 676,992 | 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 | 676,992 | 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 | 374,746 | 387,095 |
State and municipal | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 374,746 | 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 | 374,746 | 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 | 1,424,702 | 1,007,074 |
Total other securities | Fair Value, Measurements, Recurring | ||
Financial assets: | ||
Securities available for sale, at estimated fair value | 1,424,702 | 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 | 1,424,702 | 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 | Sep. 30, 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 | Sep. 30, 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 | 20,910,024 | 21,791,489 |
Collateral Pledged | Fair Value Measurements, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 56,715 | 47,338 |
Collateral Pledged | 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 |
Collateral Pledged | 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 |
Collateral Pledged | Fair Value Measurements, Nonrecurring | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 56,715 | 47,338 |
Collateral Pledged | Fair Value Measurements, Nonrecurring | Traditional C&I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,207 | 10,916 |
Collateral Pledged | 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 |
Collateral Pledged | 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 |
Collateral Pledged | 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 | 2,207 | 10,916 |
Collateral Pledged | Fair Value Measurements, Nonrecurring | Asset-based lending | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 1,899 | |
Collateral Pledged | 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 | |
Collateral Pledged | 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 | |
Collateral Pledged | 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 | 1,899 | |
Collateral Pledged | Fair Value Measurements, Nonrecurring | Payroll finance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 2,300 | |
Collateral Pledged | 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 | |
Collateral Pledged | 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 | |
Collateral Pledged | 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 | 2,300 | |
Collateral Pledged | Fair Value Measurements, Nonrecurring | Equipment financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,675 | |
Collateral Pledged | 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 | |
Collateral Pledged | 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 | |
Collateral Pledged | 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 | 3,675 | |
Collateral Pledged | Fair Value Measurements, Nonrecurring | Commercial real estate (“CRE”) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 24,004 | 27,323 |
Collateral Pledged | 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 |
Collateral Pledged | 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 |
Collateral Pledged | 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 | 24,004 | 27,323 |
Collateral Pledged | 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 | 22,500 | |
Collateral Pledged | 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 | |
Collateral Pledged | 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 | |
Collateral Pledged | 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 | 22,500 | |
Collateral Pledged | Fair Value Measurements, Nonrecurring | Residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 1,312 | 1,307 |
Collateral Pledged | 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 |
Collateral Pledged | 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 |
Collateral Pledged | 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 | 1,312 | 1,307 |
Collateral Pledged | Fair Value Measurements, Nonrecurring | Consumer | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | 3,017 | 3,593 |
Collateral Pledged | 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 |
Collateral Pledged | 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 |
Collateral Pledged | Fair Value Measurements, Nonrecurring | Consumer | Level 3 inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Portfolio loans, net | $ 3,017 | $ 3,593 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Securities available for sale, at estimated fair value | $ 2,614,822 | $ 2,298,618 |
Securities HTM | 1,774,594 | 1,874,504 |
Swaps | 94,524 | 149,797 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Swaps | 38,093 | 60,004 |
Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 0 | 143,703 |
Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 492,383 | 491,910 |
Carrying amount | ||
Financial assets: | ||
Cash and cash equivalents | 929,320 | 305,002 |
Securities available for sale, at estimated fair value | 2,614,822 | 2,298,618 |
Securities HTM | 1,669,147 | 1,740,838 |
Loans held for sale | 11,749 | |
Portfolio loans, net | 20,966,634 | 21,522,309 |
Accrued interest receivable on securities | 32,719 | 26,508 |
Accrued interest receivable on loans | 66,731 | 70,997 |
FHLB stock and FRB stock | 151,004 | 166,190 |
Swaps | 94,524 | 149,797 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | 22,613,633 | 21,122,692 |
Certificates of deposit | 1,322,390 | 1,996,830 |
FHLB borrowings | 382,000 | |
Other borrowings | 31,023 | 304,101 |
Mortgage escrow funds | 79,221 | 59,686 |
Accrued interest payable on deposits | 491 | 1,068 |
Accrued interest payable on borrowings | 6,403 | 3,425 |
Swaps | 38,093 | 60,004 |
Carrying amount | Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 143,703 | |
Carrying amount | Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 492,383 | 491,910 |
Level 1 inputs | ||
Financial assets: | ||
Cash and cash equivalents | 929,320 | 305,002 |
Securities available for sale, at estimated fair value | 0 | 0 |
Securities HTM | 0 | 0 |
Loans held for sale | 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 | 22,613,633 | 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 National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 0 | |
Level 1 inputs | Sterling Bancorp | ||
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 | 2,614,822 | 2,298,618 |
Securities HTM | 1,774,594 | 1,874,504 |
Loans held for sale | 11,749 | |
Portfolio loans, net | 0 | 0 |
Accrued interest receivable on securities | 32,719 | 26,508 |
Accrued interest receivable on loans | 0 | 0 |
FHLB stock and FRB stock | 0 | 0 |
Swaps | 94,524 | 149,797 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Non-maturity deposits | 0 | 0 |
Certificates of deposit | 1,320,281 | 2,002,702 |
FHLB borrowings | 382,000 | |
Other borrowings | 31,023 | 304,101 |
Mortgage escrow funds | 79,220 | 59,686 |
Accrued interest payable on deposits | 491 | 1,068 |
Accrued interest payable on borrowings | 6,403 | 3,425 |
Swaps | 38,093 | 60,004 |
Level 2 inputs | Sterling National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 145,870 | |
Level 2 inputs | Sterling Bancorp | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 522,520 | 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 | |
Portfolio loans, net | 20,910,024 | 21,791,489 |
Accrued interest receivable on securities | 0 | 0 |
Accrued interest receivable on loans | 66,731 | 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 National Bank | ||
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Subordinated Notes | 0 | |
Level 3 inputs | Sterling Bancorp | ||
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 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Deferred tax benefit (expense) related to other comprehensive income | $ (21,829) | $ (32,399) | ||||||
Total stockholders’ equity | 4,797,629 | $ 4,722,856 | $ 4,620,164 | 4,590,514 | $ 4,557,785 | $ 4,484,187 | $ 4,422,424 | $ 4,530,113 |
Available-for-sale securities | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other comprehensive income (loss), before tax | 79,477 | 115,523 | ||||||
Deferred tax benefit (expense) related to other comprehensive income | (21,968) | (31,931) | ||||||
Total stockholders’ equity | 57,509 | 69,437 | 83,592 | 86,737 | 88,140 | 38,056 | ||
Securities transferred to held to maturity | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other comprehensive income (loss), before tax | (235) | (348) | ||||||
Deferred tax benefit (expense) related to other comprehensive income | 65 | 96 | ||||||
Total stockholders’ equity | (170) | (190) | (252) | (330) | (425) | (538) | ||
Retirement plans | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Other comprehensive income (loss), before tax | (269) | 2,040 | ||||||
Deferred tax benefit (expense) related to other comprehensive income | 74 | (564) | ||||||
Total stockholders’ equity | (195) | (348) | 1,476 | 1,459 | 895 | 2,698 | ||
Accumulated other comprehensive income | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Total stockholders’ equity | $ 57,144 | $ 68,899 | $ 57,591 | $ 84,816 | $ 87,866 | $ 88,610 | $ 67,621 | $ 40,216 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Changes in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Balance, beginning | $ 4,722,856 | $ 4,620,164 | $ 4,590,514 | $ 4,484,187 | $ 4,422,424 | $ 4,530,113 | $ 4,590,514 | $ 4,530,113 |
Other comprehensive income (loss) before reclassification | (10,730) | (938) | (24,375) | 55,583 | ||||
Amounts reclassified from AOCI | (1,025) | 194 | (3,297) | (7,933) | ||||
Total other comprehensive income (loss) | (11,755) | 11,308 | (27,225) | (744) | 20,989 | 27,405 | (27,672) | 47,650 |
Balance, ending | 4,797,629 | 4,722,856 | 4,620,164 | 4,557,785 | 4,484,187 | 4,422,424 | 4,797,629 | 4,557,785 |
Net unrealized holding gain on available for sale securities | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Balance, beginning | 69,437 | 83,592 | 88,140 | 38,056 | 83,592 | 38,056 | ||
Other comprehensive income (loss) before reclassification | (10,730) | (938) | (24,375) | 55,583 | ||||
Amounts reclassified from AOCI | (1,198) | (465) | (1,708) | (6,902) | ||||
Total other comprehensive income (loss) | (11,928) | (1,403) | (26,083) | 48,681 | ||||
Balance, ending | 57,509 | 69,437 | 86,737 | 88,140 | 57,509 | 86,737 | ||
Net unrealized holding (loss) on securities transferred to held to maturity | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Balance, beginning | (190) | (252) | (425) | (538) | (252) | (538) | ||
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from AOCI | 20 | 95 | 82 | 208 | ||||
Total other comprehensive income (loss) | 20 | 95 | 82 | 208 | ||||
Balance, ending | (170) | (190) | (330) | (425) | (170) | (330) | ||
Net unrealized holding (loss) gain on retirement plans | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Balance, beginning | (348) | 1,476 | 895 | 2,698 | 1,476 | 2,698 | ||
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | 0 | ||||
Amounts reclassified from AOCI | 153 | 564 | (1,671) | (1,239) | ||||
Total other comprehensive income (loss) | 153 | 564 | (1,671) | (1,239) | ||||
Balance, ending | (195) | (348) | 1,459 | 895 | (195) | 1,459 | ||
Accumulated other comprehensive income | ||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||
Balance, beginning | 68,899 | 57,591 | 84,816 | 88,610 | 67,621 | 40,216 | 84,816 | 40,216 |
Total other comprehensive income (loss) | (11,755) | 11,308 | (27,225) | (744) | 20,989 | 27,405 | ||
Balance, ending | $ 57,144 | $ 68,899 | $ 57,591 | $ 87,866 | $ 88,610 | $ 67,621 | $ 57,144 | $ 87,866 |