Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Transition Report | false | |
Entity File Number | 001-31566 | |
Entity Registrant Name | PROVIDENT FINANCIAL SERVICES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 42-1547151 | |
Entity Address, Address Line One | 239 Washington Street | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07302 | |
City Area Code | 732 | |
Local Phone Number | 590-9200 | |
Title of 12(b) Security | Common | |
Trading Symbol | PFS | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 77,966,795 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001178970 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 559,235 | $ 404,355 |
Short-term investments | 128,335 | 127,998 |
Total cash and cash equivalents | 687,570 | 532,353 |
Available for sale debt securities, at fair value | 1,216,936 | 1,105,489 |
Held to maturity debt securities, net (fair value of $463,993 at March 31, 2021 (unaudited) and $472,529 at December 31, 2020) | 447,902 | 450,965 |
Equity securities, at fair value | 1,026 | 971 |
Federal Home Loan Bank stock | 48,998 | 59,489 |
Loans | 9,803,536 | 9,822,890 |
Less allowance for credit losses | 85,591 | 101,466 |
Net loans | 9,717,945 | 9,721,424 |
Foreclosed assets, net | 3,554 | 4,475 |
Banking premises and equipment, net | 75,344 | 75,946 |
Accrued interest receivable | 43,883 | 46,450 |
Intangible assets | 465,335 | 466,212 |
Bank-owned life insurance | 235,112 | 234,607 |
Other assets | 186,840 | 221,360 |
Total assets | 13,130,445 | 12,919,741 |
Deposits: | ||
Demand deposits | 7,932,146 | 7,395,508 |
Savings deposits | 1,402,363 | 1,348,147 |
Certificates of deposit of $100,000 or more | 604,732 | 717,216 |
Other time deposits | 358,272 | 376,958 |
Total deposits | 10,297,513 | 9,837,829 |
Mortgage escrow deposits | 37,772 | 34,298 |
Borrowed funds | 940,611 | 1,175,972 |
Subordinated debentures | 25,173 | 25,135 |
Other liabilities | 182,145 | 226,710 |
Total liabilities | 11,483,214 | 11,299,944 |
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued | 0 | 0 |
Common stock, $0.01 par value, 200,000,000 shares authorized, 83,209,012 shares issued and 77,798,624 shares outstanding at March 31, 2021 and 77,611,107 outstanding at December 31, 2020 | 832 | 832 |
Additional paid-in capital | 963,556 | 962,453 |
Retained earnings | 748,574 | 718,090 |
Accumulated other comprehensive income | 12,977 | 17,655 |
Treasury stock | (59,261) | (59,018) |
Unallocated common stock held by the Employee Stock Ownership Plan | (19,447) | (20,215) |
Common stock acquired by deferred compensation plans | (4,381) | (4,549) |
Deferred compensation plans | 4,381 | 4,549 |
Total stockholders’ equity | 1,647,231 | 1,619,797 |
Total liabilities and stockholders’ equity | $ 13,130,445 | $ 12,919,741 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Held to maturity debt securities | $ 463,993 | $ 472,529 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 83,209,012 | 83,209,012 |
Common stock, shares outstanding (in shares) | 77,798,624 | 77,611,107 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income: | ||
Real estate secured loans | $ 62,016 | $ 54,441 |
Commercial loans | 26,143 | 18,672 |
Consumer loans | 3,492 | 4,172 |
Available for sale debt securities, equity securities and Federal Home Loan Bank stock | 5,612 | 7,069 |
Held to maturity debt securities | 2,784 | 2,940 |
Deposits, Federal funds sold and other short-term investments | 484 | 875 |
Total interest income | 100,531 | 88,169 |
Interest expense: | ||
Deposits | 7,417 | 10,958 |
Borrowed funds | 2,809 | 5,190 |
Subordinated debt | 305 | 0 |
Total interest expense | 10,531 | 16,148 |
Net interest income | 90,000 | 72,021 |
Provision (benefit) charge for credit losses | (15,001) | 14,717 |
Net interest income after provision for credit losses | 105,001 | 57,304 |
Non-interest income: | ||
Fees | 7,192 | 6,529 |
Wealth management income | 7,134 | 6,251 |
Insurance agency income | 2,727 | 0 |
Bank-owned life insurance | 2,567 | 787 |
Net gains on securities transactions | 197 | 11 |
Other income | 1,820 | 3,413 |
Total non-interest income | 21,637 | 16,991 |
Non-interest expense: | ||
Compensation and employee benefits | 35,312 | 31,195 |
Net occupancy expense | 9,301 | 6,203 |
Data processing expense | 4,393 | 4,430 |
FDIC insurance | 1,770 | 0 |
Amortization of intangibles | 972 | 744 |
Advertising and promotion expense | 877 | 1,369 |
Credit loss (benefit) expense for off-balance sheet credit exposures | (875) | 1,000 |
Other operating expenses | 10,103 | 9,166 |
Total non-interest expense | 61,853 | 54,107 |
Income before income tax expense | 64,785 | 20,188 |
Income tax expense | 16,226 | 5,257 |
Net income | $ 48,559 | $ 14,931 |
Basic earnings per share (usd per share) | $ 0.63 | $ 0.23 |
Weighted average basic shares outstanding (in shares) | 76,516,543 | 64,386,138 |
Diluted earnings per share (usd per share) | $ 0.63 | $ 0.23 |
Weighted average diluted shares outstanding (in shares) | 76,580,862 | 64,457,263 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 48,559 | $ 14,931 |
Unrealized gains and losses on available for sale debt securities: | ||
Net unrealized (losses) gains arising during the period | (9,019) | 16,746 |
Reclassification adjustment for gains included in net income | (171) | 0 |
Total | (9,190) | 16,746 |
Unrealized gains (losses) on derivatives | 4,621 | (5,713) |
Amortization related to post-retirement obligations | (109) | 84 |
Total other comprehensive (loss) income | (4,678) | 11,117 |
Total comprehensive income | $ 43,881 | $ 26,048 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | ACCUMULATED OTHER COMPREHENSIVE INCOME | TREASURYSTOCK | UNALLOCATED ESOP SHARES | COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS | DEFERRED COMPENSATION PLANS |
Beginning balance at Dec. 31, 2019 | $ 1,413,840 | $ 832 | $ 1,007,303 | $ 695,273 | $ 3,821 | $ (268,504) | $ (24,885) | $ (3,833) | $ 3,833 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 14,931 | 14,931 | |||||||
Other comprehensive income (loss), net of tax | 11,117 | 11,117 | |||||||
Cash dividends paid | (15,496) | (15,496) | |||||||
Distributions from DDFP | 37 | 37 | 167 | (167) | |||||
Purchases of treasury stock | (4,985) | (4,985) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (956) | (956) | |||||||
Shares issued dividend reinvestment plan | 451 | 50 | 401 | ||||||
Allocation of ESOP shares | 921 | 152 | 769 | ||||||
Allocation of Stock Award Plan ("SAP") shares | 993 | 993 | |||||||
Allocation of stock options | 47 | 47 | |||||||
Ending Balance at Mar. 31, 2020 | 1,412,589 | 832 | 1,008,582 | 686,397 | 14,938 | (274,044) | (24,116) | (3,666) | 3,666 |
Beginning balance at Dec. 31, 2020 | 1,619,797 | 832 | 962,453 | 718,090 | 17,655 | (59,018) | (20,215) | (4,549) | 4,549 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 48,559 | 48,559 | |||||||
Other comprehensive income (loss), net of tax | (4,678) | (4,678) | |||||||
Cash dividends paid | (18,075) | (18,075) | |||||||
Distributions from DDFP | 28 | 28 | 168 | (168) | |||||
Purchases of treasury stock | (48) | (48) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (915) | (915) | |||||||
Shares issued dividend reinvestment plan | 0 | ||||||||
Stock option exercises | 638 | (82) | 720 | ||||||
Allocation of ESOP shares | 913 | 145 | 768 | ||||||
Allocation of Stock Award Plan ("SAP") shares | 959 | 959 | |||||||
Allocation of stock options | 53 | 53 | |||||||
Ending Balance at Mar. 31, 2021 | $ 1,647,231 | $ 832 | $ 963,556 | $ 748,574 | $ 12,977 | $ (59,261) | $ (19,447) | $ (4,381) | $ 4,381 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 48,559 | $ 14,931 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangibles | 3,264 | 2,494 |
Provision (benefit) charge for credit losses | (15,001) | 14,717 |
Credit loss (benefit) expense for off-balance sheet credit exposures | (875) | 1,000 |
Deferred tax expense (benefit) | 6,271 | (1,492) |
Amortization of operating lease right-of-use assets | 2,812 | 2,130 |
Income on Bank-owned life insurance | (2,567) | (787) |
Net amortization of premiums and discounts on securities | 3,110 | 1,913 |
Accretion of net deferred loan fees | (5,487) | (1,521) |
Amortization of premiums on purchased loans, net | 190 | 192 |
Net increase in loans originated for sale | (14,492) | (4,022) |
Proceeds from sales of loans originated for sale | 15,260 | 4,335 |
Proceeds from sales and paydowns of foreclosed assets | 569 | 256 |
ESOP expense | 913 | 921 |
Allocation of stock award shares | 959 | 993 |
Allocation of stock options | 53 | 47 |
Net gain on sale of loans | (768) | (313) |
Net gain on securities transactions | (197) | (11) |
Net gain on sale of premises and equipment | (15) | (641) |
Net gain on sale of foreclosed assets | (170) | (29) |
(Increase) decrease in accrued interest receivable | (2,567) | 1,232 |
Decrease (increase) in other assets | 41,160 | (82,099) |
(Decrease) increase in other liabilities | (44,565) | 79,111 |
Net cash provided by operating activities | 36,416 | 33,357 |
Cash flows from investing activities: | ||
Proceeds from maturities, calls and paydowns of held to maturity debt securities | 10,236 | 17,225 |
Purchases of held to maturity debt securities | (7,541) | (9,674) |
Proceeds from sales of securities | 9,442 | 0 |
Proceeds from maturities and paydowns of available for sale debt securities | 90,807 | 64,466 |
Purchases of available for sale debt securities | (226,417) | (56,172) |
Proceeds from redemption of Federal Home Loan Bank stock | 12,147 | 28,549 |
Purchases of Federal Home Loan Bank stock | (1,656) | (32,449) |
BOLI claim benefits received | 0 | 1,985 |
Net decrease (increase) in loans | 24,217 | (39,897) |
Proceeds from sales of premises and equipment | 15 | 641 |
Purchases of premises and equipment | (1,846) | (1,664) |
Net cash used in investing activities | (90,596) | (26,990) |
Cash flows from financing activities: | ||
Net increase in deposits | 459,684 | 108,151 |
Increase in mortgage escrow deposits | 3,474 | 1,666 |
Cash dividends paid to stockholders | (18,075) | (15,496) |
Shares issued dividend reinvestment plan | 0 | 451 |
Purchase of treasury stock | (48) | (4,985) |
Purchase of employee restricted shares to fund statutory tax withholding | (915) | (956) |
Stock options exercised | 638 | 0 |
Proceeds from long-term borrowings | 400,000 | 632,554 |
Payments on long-term borrowings | (619,265) | (300,159) |
Net decrease in short-term borrowings | (16,096) | (243,764) |
Net cash provided by financing activities | 209,397 | 177,462 |
Net increase in cash and cash equivalents | 155,217 | 183,829 |
Cash and cash equivalents at beginning of period | 532,353 | 186,748 |
Cash and cash equivalents at end of period | 687,570 | 370,577 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 10,399 | 15,819 |
Income taxes | 270 | 115 |
Non-cash investing activities: | ||
Transfer of loans receivable to foreclosed assets | $ 434 | $ 2,067 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies A. Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations that may be expected for all of 2021. Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2020 Annual Report to Stockholders on Form 10-K. B. Earnings Per Share The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2021 and 2020 (dollars in thousands, except per share amounts): Three months ended March 31, 2021 2020 Net Weighted Per Net Weighted Per Net income $ 48,559 $ 14,931 Basic earnings per share: Income available to common stockholders $ 48,559 76,516,543 $ 0.63 $ 14,931 64,386,138 $ 0.23 Dilutive shares 64,319 71,125 Diluted earnings per share: Income available to common stockholders $ 48,559 76,580,862 $ 0.63 $ 14,931 64,457,263 $ 0.23 Anti-dilutive stock options and awards at March 31, 2021 and 2020, totaling 1.2 million shares and 905,673 shares, respectively, were excluded from the earnings per share calculations. C. Loans Receivable and Allowance for Credit Losses On January 1, 2020, the Company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Instruments,” which replaced the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The Company used the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL. Going forward, the impact of utilizing the CECL approach to calculate the allowance for credit losses on loans will be significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations SB One Bancorp Acquisition On July 31, 2020, the Company completed its acquisition of SB One Bancorp ("SB One"), which added $2.20 billion to total assets, $1.77 billion to total loans and $1.76 billion to total deposits, and added 18 full-service banking offices in New Jersey and New York. As part of the acquisition, the addition of SB One Insurance Agency allowed the Company to expand its products offerings to its customers to include an array of commercial and personal insurance products. Under the merger agreement, each share of outstanding SB One common stock was exchanged for 1.357 shares of the Company's common stock. The Company issued 12.8 million shares of common stock from treasury stock, plus cash in lieu of fractional shares in the acquisition of SB One. The total consideration paid for the acquisition of SB One was $180.8 million. In connection with the acquisition, SB One Bank, a wholly owned subsidiary of SB One, was merged with and into Provident Bank, a wholly owned subsidiary of the Company. The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the respective assets acquired and liabilities assumed were recorded at their estimated fair value. The excess of consideration paid over the estimated fair value of the net assets acquired totaled $22.4 million and was recorded as goodwill. The calculation of goodwill is subject to change for up to one year after the closing date of the transaction as additional information relative to closing date estimates and uncertainties becomes available. As the Company finalizes its analysis of these assets and liabilities, there may be adjustments to the recorded carrying values. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition from SB One (in thousands): At July 31, 2020 Assets acquired: Cash and cash equivalents, net $ 78,089 Available for sale debt securities 231,645 Held to maturity debt securities 12,381 Federal Home Loan Bank stock 11,216 Loans 1,766,115 Allowance for credit losses on PCD loans (13,586) Loans, net 1,752,529 Bank-owned life insurance 37,237 Banking premises and equipment 16,620 Accrued interest receivable 8,947 Goodwill 22,439 Other intangibles assets 9,965 Foreclosed assets, net 2,441 Other assets 12,199 Total assets acquired $ 2,195,708 Liabilities assumed: Deposits $ 1,757,777 Borrowed funds 201,582 Subordinated debentures 25,074 Other liabilities 30,447 Total liabilities assumed $ 2,014,880 Net assets acquired $ 180,828 Fair Value Measurement of Assets Assumed and Liabilities Assumed The methods used to determine the fair value of the assets acquired and liabilities assumed in the SB One acquisition were as follows: Securities Available for Sale The estimated fair values of the available for sale debt securities, primarily comprised of U.S. Government agency mortgage-backed securities and U.S. government agencies and municipal bonds carried on SB One's balance sheet was confirmed using open market pricing provided by multiple independent securities brokers. Management reviewed the open market quotes used in pricing the securities and a fair value adjustment was not recorded on the investments. Held to Maturity Debt Securities The estimated fair values of the held to maturity debt securities, primarily comprised of municipal bonds, were determined using open market pricing provided by multiple independent securities brokers. Management reviewed the open market quotes used in pricing the securities. A fair value premium of $133,000 was recorded on the investments. Loans Loans acquired in the SB One acquisition were recorded at fair value, and there was no carryover related allowance for credit losses. The fair values of loans acquired from SB One were estimated using the discounted cash flow method based on the remaining maturity and repricing terms. Cash flows were adjusted for expected losses and prepayments. Projected cash flows were then discounted to present value based on: the relative risk of the cash flows, taking into account the loan type, liquidity risk, the maturity of the loans, servicing costs, and a required return on capital; and monthly principal and interest cash flows were discounted to present value and summed to arrive at the calculated value of the loans. The fair value of the acquired loans receivable was $1.77 billion. For loans acquired without evidence of more-than-insignificant deterioration in credit quality since origination, the Company prepared the interest rate loan fair value and credit fair value adjustments. Loans were grouped into pools based on similar characteristics, such as loan type, fixed or adjustable interest rates, payment type, index rate and caps/floors, and non-accrual status. The loans were valued at the sub-pool level and were pooled at the summary level based on loan type. Market rates for similar loans were obtained from various internal and external data sources and reviewed by management for reasonableness. The average of these market rates was used as the fair value interest rate that a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value premium of $8.4 million. Loans acquired that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated ("PCD") loans. The Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; (4) watchlist credits; and (5) delinquency status, including loans that were current on acquisition date, but had been previously delinquent. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. Additionally for PCD loans, an allowance for credit losses was calculated using management's best estimate of projected losses over the remaining life of the loans in accordance with ASC 326-20. This represents the portion of the loan balances that has been deemed uncollectible based on the Company’s expectations of future cash flows for each respective PCD loan pool, given the outlook and forecast inclusive of the impact of the COVID-19 pandemic ("COVID-19") and related fiscal and regulatory interventions. The expected lifetime losses were calculated using historical losses observed at the Bank, SB One and peer banks. A $13.6 million allowance for credit losses was recorded on PCD loans. The interest rate fair value adjustment related to PCD loans will be substantially recognized as interest income on a level yield amortization or straight line method over the expected life of the loans. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses. The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands): Gross amortized cost basis at July 31, 2020 $ 1,787,057 Interest rate fair value adjustment on all loans 455 Credit fair value adjustment on non-PCD loans (21,397) Fair value of acquired loans at July 31, 2020 1,766,115 Allowance for credit losses on PCD loans (13,586) Fair value of acquired loans, net at July 31, 2020 $ 1,752,529 The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 Banking Premises and Equipment The Company acquired 18 branches from SB One, eight of which were owned premises. The fair value of properties acquired was derived by valuations prepared by an independent third party utilizing the sales comparison approach to value the property as improved. Core Deposit Intangible and Customer Relationship Intangible The fair value of the core deposit intangible was determined based on a discounted cash flow analysis using a discount rate commensurate with market participants. To calculate cash flows, deposit account servicing costs (net of deposit fee income) and interest expense on deposits were compared to the cost of alternative funding sources available through national brokered CD offering rates. The projected cash flows were developed using projected deposit attrition rates. The fair value of the customer relationship intangible was determined based on a discounted cash flow analysis using the excess of the future cash inflows (i.e., revenue from existing customer relationships) over the related cash outflows (i.e., operating costs) generated over the useful life of the acquired customer base. These cash flows were discounted to present value using an asset-specific risk-adjusted discount rate. The projected cash flows were developed using projected customer revenue retention rates. The core deposit intangible totaled $3.2 million and is being amortized over its estimated useful life of approximately 10 years based on dollar weighted deposit runoff on an annualized basis. The insurance agency customer relationship intangible totaled $6.8 million and is being amortized over its estimated useful life of approximately 13 years based on customer revenue attrition on an annualized basis. Goodwill The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information relative to the closing date estimates and uncertainties become available. As the Company finalizes its review of the acquired assets and liabilities, certain adjustments to the recorded carrying values may be required. The goodwill will be evaluated annually for impairment. The goodwill is not deductible for tax purposes. Bank Owned Life Insurance ("BOLI") SB One's BOLI cash surrender value was $37.2 million with no fair value adjustment. Time Deposits The fair value adjustment for time deposits represents a discount from the value of the contractual repayments of fixed-maturity deposits using prevailing market interest rates for similar-term time deposits. The time deposit discount of approximately $4.3 million is being amortized into income on a level yield amortization method over the contractual life of the deposits. Borrowings The fair value of Federal Home Loan Bank of New York ("FHLBNY") advances was determined based on a discounted cash flow analysis using a discount rate commensurate with FHLBNY rates as of July 31, 2020. The cash flows of the advances were projected based on the scheduled payments of the fixed rate of each advance. Subordinated Debentures At the valuation date, SB One had one outstanding Trust Preferred and one subordinated debt issuance with an aggregate balance of $27.5 million . The fair value of Trust Preferred and subordinated debt issuances was determined based on a discounted cash flow analysis using a discount rate commensurate with yields and terms of comparable issuances. The cash flows were projected through the remaining contractual term of the Trust Preferred issuance and based on the call date for the subordinated debt issuance. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities At March 31, 2021, the Company had $1.22 billion and $447.9 million in available for sale debt securities and held to maturity debt securities, respectively. Many factors, including lack of liquidity in the secondary market for certain securities, variations in pricing information, regulatory actions, changes in the business environment or any changes in the competitive marketplace could have an adverse effect on the Company’s investment portfolio. The total number of available for sale and held to maturity debt securities in an unrealized loss position at March 31, 2021 totaled 122, compared with 49 at December 31, 2020. The increase in the number of securities in an unrealized loss position at March 31, 2021 was due to higher current market interest rates compared to rates at December 31, 2020. On January 1, 2020, the Company adopted CECL which replaces the incurred loss methodology with an expected loss methodology. The Company did not record an allowance for credit losses on available for sale debt securities as this portfolio consisted primarily of debt securities explicitly or implicitly backed by the U.S. Government for which credit risk is deemed immaterial. The impact going forward will depend on the composition, characteristics, and credit quality of the securities portfolio as well as the economic conditions at future reporting periods. The Company recorded a $70,000 increase to the allowance for credit losses on held to maturity debt securities with a corresponding cumulative effect adjustment to decrease retained earnings by $52,000, net of income taxes. (See Adoption of CECL table below for additional detail.) Management measures expected credit losses on held to maturity debt securities on a collective basis by security type. Management classifies the held to maturity debt securities portfolio into the following security types: • Agency obligations; • Mortgage-backed securities; • State and municipal obligations; and • Corporate obligations. All of the agency obligations held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The majority of the state and municipal, and corporate obligations carry no lower than A ratings from the rating agencies at March 31, 2021 and the Company had one security rated with a triple-B by Moody’s Investors Service. The Company adopted CECL using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date of CECL. Available for Sale Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Amortized Gross Gross Fair Mortgage-backed securities $ 1,042,480 23,915 (6,243) 1,060,152 Asset-backed securities 47,329 1,876 — 49,205 State and municipal obligations 69,443 429 (938) 68,934 Corporate obligations 38,149 739 (243) 38,645 $ 1,197,401 26,959 (7,424) 1,216,936 December 31, 2020 Amortized Gross Gross Fair Agency obligations $ 1,001 8 — 1,009 Mortgage-backed securities 910,393 28,872 (852) 938,413 Asset-backed securities 52,295 1,535 — 53,830 State and municipal obligations 69,687 1,666 (95) 71,258 Corporate obligations 40,194 809 (24) 40,979 $ 1,073,570 32,890 (971) 1,105,489 The amortized cost and fair value of available for sale debt securities at March 31, 2021, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2021 Amortized Fair Due in one year or less $ — — Due after one year through five years 3,651 3,761 Due after five years through ten years 38,002 38,532 Due after ten years 65,939 65,286 $ 107,592 107,579 Investments which pay principal on a periodic basis totaling $1.09 billion at amortized cost and $1.11 billion at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. For the three months ended March 31, 2021, proceeds from sales on securities in the available for sale debt securities portfolio totaled $9.4 million, with gains of $230,000 and no loss recognized. No securities were sold or called from the available for sale debt securities portfolio for the three month periods ended March 31, 2020. The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Mortgage-backed securities $ 345,988 (6,209) 8,110 (34) 354,098 (6,243) State and municipal obligations 40,517 (938) — — 40,517 (938) Corporate obligations 6,655 (243) — — 6,655 (243) $ 393,160 (7,390) 8,110 (34) 401,270 (7,424) December 31, 2020 Less than 12 months 12 months or longer Total Fair value Gross Fair value Gross Fair Gross Mortgage-backed securities $ 127,600 (824) 8,007 (28) 135,607 (852) State and municipal obligations 5,275 (95) — — 5,275 (95) Corporate obligations — — 2,000 (24) 2,000 (24) $ 132,875 (919) 10,007 (52) 142,882 (971) The number of available for sale debt securities in an unrealized loss position at March 31, 2021 totaled 81, compared with 42 at December 31, 2020. The increase in the number of securities in an unrealized loss position at March 31, 2021 was due to higher current market interest rates compared to rates at December 31, 2020. At March 31, 2021, there was one private label mortgage-backed security in an unrealized loss position, with an amortized cost of $17,445 and unrealized loss of $690. This private-label mortgage-backed security was investment grade at March 31, 2021. Held to Maturity Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and the estimated fair value for held to maturity debt securities at March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Amortized Gross Gross Fair Agency obligations $ 8,998 1 (95) 8,904 Mortgage-backed securities 50 1 — 51 State and municipal obligations 428,631 16,970 (825) 444,776 Corporate obligations 10,300 65 (103) 10,262 $ 447,979 17,037 (1,023) 463,993 At March 31, 2021, the allowance for credit losses on held to maturity debt securities totaled $77,000. December 31, 2020 Amortized Gross Gross Fair Agency obligations $ 7,600 6 (5) 7,601 Mortgage-backed securities 62 2 — 64 State and municipal obligations 433,655 21,442 (58) 455,039 Corporate obligations 9,726 101 (2) 9,825 $ 451,043 21,551 (65) 472,529 At December 31, 2020, the allowance for credit losses on held to maturity debt securities totaled $78,000. The Company generally purchases securities for long-term investment purposes, and differences between amortized cost and fair value may fluctuate during the investment period. There were no sales of securities from the held to maturity debt securities portfolio for the three months ended March 31, 2021 and 2020. For the three months ended March 31, 2021, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $6.8 million with gross losses of $33,000 and no gross gains. For the three months ended March 31, 2020, proceeds from calls of securities in the held to maturity debt securities portfolio totaled $13.3 million with gross gains of $11,000 and no gross losses. The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at March 31, 2021 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2021 Amortized Fair Due in one year or less $ — — Due after one year through five years 163,682 167,460 Due after five years through ten years 213,875 224,327 Due after ten years 70,372 72,155 $ 447,929 463,942 Mortgage-backed securities totaling $50,000 at amortized cost and $51,000 at fair value are excluded from the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. Additionally, allowance for credit losses totaling $77,000 is excluded from the table above. The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity debt securities $ 70 — 70 The following tables present the fair values and gross unrealized losses for held to maturity debt securities in an unrealized loss position at March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 6,903 (95) — — 6,903 (95) State and municipal obligations 19,697 (809) 406 (16) 20,103 (825) Corporate obligations 6,146 (103) — — 6,146 (103) $ 32,746 (1,007) 406 (16) 33,152 (1,023) December 31, 2020 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 1,995 (5) — — 1,995 (5) State and municipal obligations 4,846 (41) 406 (17) 5,252 (58) Corporate obligations 786 (2) — — 786 (2) $ 7,627 (48) 406 (17) 8,033 (65) The number of held to maturity debt securities in an unrealized loss position at March 31, 2021 totaled 41, compared with 7 at December 31, 2020. The increase in the number of securities in an unrealized loss position at March 31, 2021, was due to higher current market interest rates compared to prevailing market rates at December 31, 2020. Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of March 31, 2021 (in thousands): March 31, 2021 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 8,998 — — — — 8,998 Mortgage-backed securities 50 — — — — 50 State and municipal obligations 57,207 308,572 51,678 1,115 10,059 428,631 Corporate obligations — 3,087 7,188 — 25 10,300 $ 66,255 311,659 58,866 1,115 10,084 447,979 December 31, 2020 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 7,600 — — — — 7,600 Mortgage-backed securities 62 — — — — 62 State and municipal obligations 57,830 311,155 53,302 1,115 10,253 433,655 Corporate obligations — 3,255 6,446 — 25 9,726 $ 65,492 314,410 59,748 1,115 10,278 451,043 Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. At March 31, 2021, the held to maturity debt securities portfolio was comprised of 15% rated AAA, 70% rated AA, 13% rated A, and less than 2% either below an A rating or not rated by Moody’s Investors Service or Standard and Poor’s. Securities not explicitly rated were grouped where possible under the credit rating of the issuer of the security. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses On January 1, 2020, the Company adopted CECL, which replaced the incurred loss methodology with an expected loss methodology. The adoption of the new standard resulted in the Company recording a $7.9 million increase to the allowance for credit losses on loans with a corresponding cumulative effect adjustment to decrease retained earnings by $5.9 million, net of income taxes. (See Adoption of CECL table below for additional detail.) Loans receivable at March 31, 2021 and December 31, 2020 are summarized as follows (in thousands): March 31, 2021 December 31, 2020 Mortgage loans: Residential $ 1,277,376 1,294,702 Commercial 3,594,012 3,458,666 Multi-family 1,458,193 1,484,515 Construction 615,706 541,939 Total mortgage loans 6,945,287 6,779,822 Commercial loans 2,510,708 2,567,470 Consumer loans 363,648 492,566 Total gross loans 9,819,643 9,839,858 Premiums on purchased loans 1,378 1,566 Unearned discounts (7) (12) Net deferred fees (17,478) (18,522) Total loans $ 9,803,536 9,822,890 At March 31, 2021, $101.7 million of loans purchased from SB One that were previously classified as consumer loans were classified as commercial mortgage loans, following further analysis of the underwriting documents and operational intent of the borrower. These loans are comprised of term loans and lines of credit secured by 1-4 family residential properties that are held by borrowers to generate rental income. The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands): March 31, 2021 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Residential $ 6,862 6,161 7,797 — 20,820 1,256,556 1,277,376 7,797 Commercial 2,183 520 33,742 — 36,445 3,557,567 3,594,012 33,742 Multi-family 1,327 — 101 — 1,428 1,456,765 1,458,193 101 Construction 1,123 1,656 1,392 — 4,171 611,535 615,706 1,392 Total mortgage loans 11,495 8,337 43,032 — 62,864 6,882,423 6,945,287 43,032 Commercial loans 393 235 36,042 — 36,670 2,474,038 2,510,708 21,298 Consumer loans 1,356 277 3,010 — 4,643 359,005 363,648 3,009 Total gross loans $ 13,244 8,849 82,084 — 104,177 9,715,466 9,819,643 67,339 December 31, 2020 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Residential $ 15,789 8,852 9,315 — 33,956 1,260,746 1,294,702 9,315 Commercial 761 113 31,982 — 32,856 3,425,810 3,458,666 20,482 Multi-family 206 585 — — 791 1,483,724 1,484,515 — Construction — — 1,392 — 1,392 540,547 541,939 1,392 Total mortgage loans 16,756 9,550 42,689 — 68,995 6,710,827 6,779,822 31,189 Commercial loans 1,658 1,179 42,118 — 44,955 2,522,515 2,567,470 15,541 Consumer loans 4,348 4,519 2,283 — 11,150 481,416 492,566 2,283 Total gross loans $ 22,762 15,248 87,090 — 125,100 9,714,758 9,839,858 49,013 Included in loans receivable are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The principal amounts of these non-accrual loans were $82.1 million and $87.1 million at March 31, 2021 and December 31, 2020, respectively. Included in non-accrual loans were $27.1 million and $35.3 million of loans which were less than 90 days past due at March 31, 2021 and December 31, 2020, respectively. There were no loans 90 days or greater past due and still accruing interest at March 31, 2021 or December 31, 2020. Management has elected to measure an allowance for credit losses for accrued interest receivables specifically related to any loan that has been deferred as a result of COVID-19. Generally, accrued interest is written off by reversing interest income during the quarter the loan is moved from an accrual to a non-accrual status. The Company defines an impaired loan as a non-homogeneous loan greater than $1.0 million, for which, based on current information, the Bank does not expect to collect all amounts due under the contractual terms of the loan agreement. Impaired loans also include all loans modified as troubled debt restructurings (“TDRs”). An allowance for collateral-dependent impaired loans that have been modified in a TDR is measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s observable market price, or the estimated fair value of the collateral, less any selling costs. The Company uses third-party appraisals to determine the fair value of the underlying collateral in its analysis of collateral-dependent loans. A third-party appraisal is generally ordered as soon as a loan is designated as a collateral-dependent loan and updated annually, or more frequently if required. A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of loans deemed collateral-dependent, the Company estimates expected credit losses based on the fair value of the collateral less any selling costs. A specific allocation of the allowance for credit losses is established for each collateral-dependent loan with a carrying balance greater than the collateral’s fair value, less estimated selling costs. In most cases, the Company records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less estimated selling costs. At each fiscal quarter end, if a loan is designated as collateral-dependent and the third-party appraisal has not yet been received, an evaluation of all available collateral is made using the best information available at the time, including rent rolls, borrower financial statements and tax returns, prior appraisals, management’s knowledge of the market and collateral, and internally prepared collateral valuations based upon market assumptions regarding vacancy and capitalization rates, each as and where applicable. Once the appraisal is received and reviewed, the specific reserves are adjusted to reflect the appraised value and evaluated for charge offs. The Company believes there have been no significant time lapses resulting from this process. At March 31, 2021, there were 167 impaired loans totaling $79.5 million. Included in this total were 115 TDRs related to 112 borrowers totaling $22.7 million that were performing in accordance with their restructured terms and which continued to accrue interest at March 31, 2021. At December 31, 2020, there were 169 impaired loans totaling $86.0 million, of which 135 loans totaling $39.6 million were TDRs. Included in this total were 112 TDRs to 110 borrowers totaling $23.1 million that were performing in accordance with their restructured terms and which continued to accrue interest at December 31, 2020. At March 31, 2021 and December 31, 2020, the Company had $30.1 million and $26.3 million of collateral-dependent impaired loans, respectively. The collateral-dependent impaired loans at March 31, 2021 consisted of $28.3 million in commercial loans, $1.6 million in residential real estate loans, and $216,000 in consumer loans. The collateral for these impaired loans was primarily real estate. The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2021 and 2020 was as follows (in thousands): March 31, 2021 Mortgage loans Commercial loans Consumer loans Total Balance at beginning of period $ 68,307 27,084 6,075 101,466 Provision benefit to operations (13,467) (467) (1,066) (15,000) Recoveries of loans previously charged-off 276 528 303 1,107 Loans charged-off (918) (843) (221) (1,982) Balance at end of period $ 54,198 26,302 5,091 85,591 March 31, 2020 Mortgage loans Commercial loans Consumer loans Total Balance at beginning of period $ 25,511 28,263 1,751 55,525 Provision charge (benefit) to operations 7,710 7,619 (629) 14,700 Retained earnings (due to initial CECL adoption) 14,188 (9,974) 3,706 7,920 Recoveries of loans previously charged-off 93 313 123 529 Loans charged-off (2) (3,380) (149) (3,531) Balance at end of period $ 47,500 22,841 4,802 75,143 As a result of the January 1, 2020 adoption of CECL, the Company recorded a $7.9 million increase to the allowance for credit losses on loans. For the three months ended March 31, 2021, the Company recorded a negative provision for credit losses on loans of $15.0 million. The decrease in the provision for credit losses for the year ended March 31, 2021 was the result of an improved current economic forecast and the resultant favorable impact on expected credit losses, compared with a provision for credit losses for the prior year, which was based upon a weak economic forecast and uncertain outlook attributable to the COVID-19. The largest decrease in the provision for credit losses on loans for the year ended March 31, 2021 was in the commercial real estate portfolio. The following table illustrates the impact the January 1, 2020 adoption of CECL had on the allowance for credits losses for the loan portfolio (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,414 5,536 Commercial 17,118 12,831 4,287 Multi-family 9,519 3,374 6,145 Construction 4,152 5,892 (1,740) Total mortgage loans 39,739 25,511 14,228 Commercial loans 18,254 28,263 (10,009) Consumer loans 5,452 1,751 3,701 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following tables summarize loans receivable by portfolio segment and impairment method (in thousands): March 31, 2021 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 49,783 28,359 1,405 79,547 Collectively evaluated for impairment 6,895,504 2,482,349 362,243 9,740,096 Total gross loans $ 6,945,287 2,510,708 363,648 9,819,643 December 31, 2020 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 48,783 35,832 1,431 86,046 Collectively evaluated for impairment 6,731,039 2,531,638 491,135 9,753,812 Total gross loans $ 6,779,822 2,567,470 492,566 9,839,858 The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands): March 31, 2021 Mortgage Commercial loans Consumer loans Total Individually evaluated for impairment $ 927 3,832 43 4,802 Collectively evaluated for impairment 53,271 22,470 5,048 80,789 Total gross loans $ 54,198 26,302 5,091 85,591 December 31, 2020 Mortgage Commercial loans Consumer Total Individually evaluated for impairment $ 4,220 4,715 39 8,974 Collectively evaluated for impairment 64,087 22,369 6,036 92,492 Total gross loans $ 68,307 27,084 6,075 101,466 Loan modifications to borrowers experiencing financial difficulties that are considered TDRs primarily involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, management attempts to obtain additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms and our underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The following tables present the number of loans modified as TDRs during the three months ended March 31, 2021 and 2020, along with their balances immediately prior to the modification date and post-modification as of March 31, 2021 and 2020 (in thousands): For the three months ended March 31, 2021 March 31, 2020 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Commercial loans 3 $ 1,361 $ 1,359 2 $ 746 $ 731 Total restructured loans 3 $ 1,361 $ 1,359 2 $ 746 $ 731 For loans modified as TDRs in the preceding table, there were no allowance for credit losses required at March 31, 2021. There were no payment defaults (90 days or more past due) at the quarter ended March 31, 2021 and 2020 for loans modified as TDRs within the previous 12 month periods ending March 31, 2021 and March 31, 2020. For TDRs that subsequently default, the Company determines the amount of the allowance for the respective loans in accordance with the accounting policy for the allowance for credit losses on loans individually evaluated for impairment. All TDRs are impaired loans, which are individually evaluated for impairment. During the three months ended March 31, 2021, $1.5 million of charge-offs were recorded on TDRs. (See subsequent discussion related to COVID-19 loan modifications.) As allowed by CECL, the Company elected to maintain pools of loans accounted for under ASC 310-30. At December 31, 2020, purchased credit impaired (“PCI”) loans totaled $746,000. In accordance with the CECL standard, management did not reassess whether modifications of individually acquired financial assets accounted for in pools were TDRs as of the date of adoption. Loans considered to be PCI prior to January 1, 2020 were converted to PCD loans on that date. Any additional loans acquired by the Company after January 1, 2020, that experience more-than-insignificant deterioration in credit quality after origination, have been classified as PCD loans. The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition at the July 31, 2020 closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Fair value of PCD loans 307,796 Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 At March 31, 2021, the balance of PCD loans totaled $283.9 million with a related allowance for credit losses of $10.8 million. The balance of PCD loans at December 31, 2020 was $296.6 million with a related allowance for credit losses of $13.1 million. The following table presents loans individually evaluated for impairment by class and loan category (in thousands): March 31, 2021 December 31, 2020 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance Mortgage loans: Residential $ 12,267 9,794 — 10,083 118 13,981 11,380 — 11,587 511 Commercial 34,125 30,656 — 31,555 17 17,414 17,414 — 16,026 60 Total 46,392 40,450 — 41,638 135 31,395 28,794 — 27,613 571 Commercial loans 11,630 8,963 — 9,082 — 15,895 14,009 — 12,791 46 Consumer loans 1,360 857 — 2,319 13 1,382 880 — 7 50 Total impaired loans $ 59,382 50,270 — 53,039 148 48,672 43,683 — 40,411 667 Loans with an allowance recorded Mortgage loans: Residential $ 8,938 8,438 904 8,461 77 7,950 7,506 806 7,604 307 Commercial 895 895 23 925 13 14,993 12,483 3,414 123 570 Total 9,833 9,333 927 9,386 90 22,943 19,989 4,220 7,727 877 Commercial loans 22,622 19,396 3,832 23,451 123 24,947 21,823 4,715 18,620 311 Consumer loans 563 548 43 550 10 565 551 39 5 20 Total impaired loans $ 33,018 29,277 4,802 33,387 223 48,455 42,363 8,974 26,352 1,208 Total impaired loans Mortgage loans: Residential $ 21,205 18,232 904 18,544 195 21,931 18,886 806 19,191 818 Commercial 35,020 31,551 23 32,480 30 32,407 29,897 3,414 16,149 630 Total 56,225 49,783 927 51,024 225 54,338 48,783 4,220 35,340 1,448 Commercial loans 34,252 28,359 3,832 32,533 123 40,842 35,832 4,715 31,411 357 Consumer loans 1,923 1,405 43 2,869 23 1,947 1,431 39 12 70 Total impaired loans $ 92,400 79,547 4,802 86,426 371 97,127 86,046 8,974 66,763 1,875 Specific allocations of the allowance for credit losses attributable to impaired loans totaled $4.8 million at March 31, 2021 and $9.0 million at December 31, 2020. At March 31, 2021 and December 31, 2020, impaired loans for which there was no related allowance for credit losses totaled $50.3 million and $43.7 million, respectively. The average balance of impaired loans for the three months ended March 31, 2021 and December 31, 2020 was $86.4 million and $66.8 million, respectively. Management utilizes an internal nine-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4, with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (watch) or 6 (special mention). Loans with adverse classifications (substandard, doubtful or loss) are rated 7, 8 or 9, respectively. Commercial mortgage, commercial, multi-family and construction loans are rated individually, and each lending officer is responsible for risk rating loans in their portfolio. These risk ratings are then reviewed by the department manager and/or the Chief Lending Officer and by the Credit Department. The risk ratings are also confirmed through periodic loan review examinations which are currently performed by an independent third-party. Reports by the independent third-party are presented directly to the Audit Committee of the Board of Directors. In response to COVID-19 and its adverse economic impact on both our commercial and retail borrowers, the Company implemented a modification program to defer principal or principal and interest payments for borrowers directly impacted by the pandemic and who were not more than 30 days past due as of December 31, 2019, all in accordance with the Coronavirus Aid, Relief, and Economic Security ("CARES") Act. Loans that have been or are expected to be granted COVID-19 related deferrals or modifications have decreased from a peak level of $1.31 billion, or 16.8% of loans, to $132.0 million, or 1.3% of loans a s of April 20, 2021. This $132.0 million of loans includes $300,000 in a first 90-day deferral period, $46.6 million in a second 90-day deferral period, and $85.1 million in a third deferral period. Of the $123.5 million in commercial loans in deferral, $119.0 million or 96.4% are under principal only deferral and are paying interest. Included in the $132.0 million of loans, $40.9 million are secured by hotels, $33.1 million are secured by multi-family properties (the majority of which is student housing related), $8.6 million are secured by retail properties, $6.5 million are secured by restaurants, and $8.5 million are secured by residential mortgages, with the balance comprised of diverse commercial loans. In accordance with the CARES Act, the Company has elected to not apply troubled debt restructuring classification to any COVID-19 related loan modifications that were performed after March 1, 2020 to borrowers who were current as of December 31, 2019. Accordingly, these modifications are not classified as TDRs. In addition, the Company participated in the Paycheck Protection Program (“PPP”) through the United States Department of the Treasury and Small Business Administration ("SBA"). As of March 31, 2021, the Company secured a total of 1,318 PPP loans for its customers totaling $664.5 million, which includes both the initial round and the second round of PPP. Additionally, as of March 31, 2021, 670 PPP loans totaling $182.6 million were forgiven. The balance at March 31, 2021 for PPP loans was $481.9 million. The PPP loans are fully guaranteed by the SBA and may be eligible for forgiveness by the SBA to the extent that the proceeds are used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of up to 24 weeks after the loan was made as long as certain conditions are met regarding employee retention and compensation levels. PPP loans deemed eligible for forgiveness by the SBA will be repaid by the SBA to the Company. PPP loans are included in the commercial loan portfolio. The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades (in thousands): At March 31, 2021 Total portfolio Residential Commercial mortgage Multi-family Construction Total Commercial Consumer Total Loans (1) Special mention $ 5,847 129,051 35,885 25,409 196,192 115,619 529 312,340 Substandard 23,416 109,689 1,552 5,736 140,393 124,581 3,836 268,810 Doubtful — — — — — 20 — 20 Loss — — — — — — — — Total criticized and classified 29,263 238,740 37,437 31,145 336,585 240,220 4,365 581,170 Pass/Watch 1,248,113 3,355,272 1,420,756 584,561 6,608,702 2,270,488 359,283 9,238,473 Total $ 1,277,376 3,594,012 1,458,193 615,706 6,945,287 2,510,708 363,648 9,819,643 2021 Special mention $ — — — — — 23 — 23 Substandard — — — — — 391 — 391 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified — — — — — 414 — 414 Pass/Watch 82,831 78,552 31,141 14,913 207,437 252,045 8,947 468,429 Total gross loans $ 82,831 78,552 31,141 14,913 207,437 252,459 8,947 468,843 2020 Special mention $ — $ — $ — $ 1,986 $ 1,986 $ 345 $ — $ 2,331 Substandard 163 — — — 163 1,824 — 1,987 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified 163 — — 1,986 2,149 2,169 — 4,318 Pass/Watch 262,032 670,040 296,124 123,927 1,352,123 595,559 39,107 1,986,789 Total gross loans $ 262,195 670,040 296,124 125,913 1,354,272 597,728 39,107 1,991,107 2019 Special mention $ 661 30,310 679 16,189 47,839 8,819 — 56,658 Substandard 3,773 2,426 — — 6,199 9,856 361 16,416 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified 4,434 32,736 679 16,189 54,038 18,675 361 73,074 Pass/Watch 139,951 632,084 177,648 259,223 1,208,906 246,072 46,155 1,501,133 Total gross loans $ 144,385 664,820 178,327 275,412 1,262,944 264,747 46,516 1,574,207 2018 Special mention $ 2,425 39,825 20,125 — 62,375 3,578 — 65,953 Substandard 744 5,383 — 5,121 11,248 6,568 120 17,936 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified 3,169 45,208 20,125 5,121 73,623 10,146 120 83,889 Pass/Watch 81,320 385,080 183,343 145,307 795,050 228,963 44,128 1,068,141 Total gross loans $ 84,489 430,288 203,468 150,428 868,673 239,109 44,248 1,152,030 2017 and prior Special mention $ 2,761 58,916 15,081 7,234 83,992 102,854 529 187,375 Substandard 18,736 101,880 1,552 615 122,783 105,942 3,355 232,080 Doubtful — — — — — 20 — 20 Loss — — — — — — — — Total criticized and classified 21,497 160,796 16,633 7,849 206,775 208,816 3,884 419,475 Pass/Watch 681,979 1,589,516 732,500 41,191 3,045,186 947,849 220,946 4,213,981 Total gross loans $ 703,476 1,750,312 749,133 49,040 3,251,961 1,156,665 224,830 4,633,456 At December 31, 2020 Residential Commercial mortgage Multi-family Construction Total Commercial Consumer Total loans Special mention $ 2,882 124,631 29,781 24,376 181,670 157,080 1,867 340,617 Substandard 26,651 98,313 1,568 4,924 131,456 127,092 6,746 265,294 Doubtful — — — — — 52 — 52 Loss — — — — — — — — Total criticized and classified 29,533 222,944 31,349 29,300 313,126 284,224 8,613 605,963 Pass/Watch 1,265,169 3,235,722 1,453,166 512,639 6,466,696 2,283,246 483,953 9,233,895 Total $ 1,294,702 3,458,666 1,484,515 541,939 6,779,822 2,567,470 492,566 9,839,858 (1) Contained within criticized and classified loans at March 31, 2021 are loans that were granted payment deferrals related to COVID-19 totaling $132.0 million. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Deposits | Deposits Deposits at March 31, 2021 and December 31, 2020 are summarized as follows (in thousands): March 31, 2021 December 31, 2020 Savings $ 1,402,363 1,348,147 Money market 2,345,640 2,245,412 NOW 3,075,098 2,808,637 Non-interest bearing 2,511,408 2,341,459 Certificates of deposit 963,004 1,094,174 Total deposits $ 10,297,513 9,837,829 |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost The Bank has a noncontributory defined benefit pension plan covering its full-time employees who had attained age 21 with at least one year of service as of April 1, 2003. The pension plan was frozen on April 1, 2003. All participants in the Plan are 100% vested. The pension plan’s assets are invested in investment funds and group annuity contracts currently managed by the Principal Financial Group and Allmerica Financial. In addition to pension benefits, certain health care and life insurance benefits are currently made available to certain of the Bank’s retired employees. The costs of such benefits are accrued based on actuarial assumptions from the date of hire to the date the employee is fully eligible to receive the benefits. Effective January 1, 2003, eligibility for retiree health care benefits was frozen as to new entrants, and benefits were eliminated for employees with less than ten years of service as of December 31, 2002. Effective January 1, 2007, eligibility for retiree life insurance benefits was frozen as to new entrants and retiree life insurance benefits were eliminated for employees with less than ten years of service as of December 31, 2006. Net periodic (benefit) increase cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2021 and 2020 includes the following components (in thousands): Three months ended March 31, Pension benefits Other post-retirement benefits 2021 2020 2021 2020 Service cost $ — — 9 20 Interest cost 198 250 106 178 Expected return on plan assets (807) (737) — — Amortization of prior service cost — — — — Amortization of the net loss (gain) 118 174 (268) (62) Net periodic (benefit) increase cost $ (491) (313) (153) 136 In its consolidated financial statements for the year ended December 31, 2020, the Company previously disclosed that it does not expect to contribute to the pension plan in 2021. As of March 31, 2021, no contributions have been made to the pension plan. The net periodic (decrease) increase in benefit cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2021 were calculated using the January 1, 2021 pension and other post-retirement benefits actuarial valuations. |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Impact of Recent Accounting Pronouncements | Impact of Recent Accounting PronouncementsAccounting Pronouncements Not Yet AdoptedASU 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. For transactions that are modified because of reference rate reform and that meet certain scope guidance: (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 re-measurements 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. An entity 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 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. The Company anticipates this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than the extinguishment of the old contract resulting in writing off unamortized fees/costs. In addition, in January 2021 the FASB issued ASU No. 2021-01 “Reference Rate Reform — Scope,” which clarified the scope of ASC 848 relating to contract modifications. The Company is evaluating the impacts of this guidance and has not determined whether LIBOR transition and this guidance will have material effects on the Company's business operations and consolidated financial statements. |
Allowance for Credit Losses on
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | 3 Months Ended |
Mar. 31, 2021 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Off-Balance Sheet Credit Exposures On January 1, 2020, the Company adopted CECL, which replaced the incurred loss methodology with an expected loss methodology. This new methodology applies to off-balance sheet credit exposures, including loan commitments and lines of credit. The adoption of this new standard resulted in the Company recording a $3.2 million increase to the allowance for credit losses on off-balance sheet credit exposures with a corresponding cumulative effect adjustment to decrease retained earnings $2.4 million, net of income taxes. Management analyzes the Company's exposure to credit losses for both on-balance sheet and off-balance sheet activity using a consistent methodology for the quantitative framework as well as the qualitative framework. For purposes of estimating the allowance for credit losses for off-balance sheet credit exposures, the exposure at default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors, resulting in a proportionate amount of expected credit losses. The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 For the three months ended March 31, 2021, the Company recorded an $875,000 benefit to the provision for credit losses for off-balance sheet credit exposures, compared to $1.0 million provision for the three months ended March 31, 2020. This decrease in the provision for credit losses for off-balance sheet credit exposures was primarily due to a reduction in the required allowance for these exposures as loss factors decreased resulting from an improved economic forecast compared to the prior year. The allowance for credit losses for off-balance sheet credit exposures was $4.1 million and $5.0 million at March 31, 2021 and December 31, 2020, respectively, and are included in other liabilities on the Consolidated Statements of Financial Condition. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, Management utilizes various valuation techniques to estimate fair value. Fair value is an estimate of the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. However, in many instances fair value estimates may not be substantiated by comparison to independent markets and may not be realized in an immediate sale of the financial instrument. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1: Unadjusted quoted market prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The valuation techniques are based upon the unpaid principal balance only, and exclude any accrued interest or dividends at the measurement date. Interest income and expense and dividend income are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Assets and Liabilities Measured at Fair Value on a Recurring Basis The valuation techniques described below were used to measure fair value of financial instruments in the table below on a recurring basis as of March 31, 2021 and December 31, 2020. Available for Sale Debt Securities, at Fair Value For available for sale debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As Management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, Management compares the prices received from the pricing service to a secondary pricing source. Additionally, Management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in an adjustment in the prices obtained from the pricing service. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives The Company records all derivatives on the statements of financial condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in a loan related transaction which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of the Company’s derivatives are recognized directly in earnings. The Company also uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges, and which satisfy hedge accounting requirements, involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. These derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings. The change in the fair value of these derivatives is recorded in accumulated other comprehensive income, and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis as of March 31, 2021 and December 31, 2020. Collateral-Dependent Impaired Loans For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 5% and 10%. Management classifies these loans as Level 3 within the fair value hierarchy. Foreclosed Assets Assets acquired through foreclosure or deed in lieu of foreclosure are carried at fair value, less estimated selling costs, which range between 5% and 10%. Fair value is generally based on independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case basis, to comparable assets based on the appraisers’ market knowledge and experience, and are classified as Level 3. When an asset is acquired, the excess of the loan balance over fair value less estimated selling costs is charged to the allowance for credit losses. A reserve for foreclosed assets may be established to provide for possible write-downs and selling costs that occur subsequent to foreclosure. Foreclosed assets are carried net of the related reserve. Operating results from real estate owned, including rental income, operating expenses, and gains and losses realized from the sales of real estate owned, are recorded as incurred. There were no changes to the valuation techniques for fair value measurements as of March 31, 2021 and December 31, 2020. The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands): Fair Value Measurements at Reporting Date Using: March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: Mortgage-backed securities $ 1,060,152 — 1,060,152 — Asset-backed securities 49,205 — 49,205 — State and municipal obligations 68,934 — 68,934 — Corporate obligations 38,645 — 38,645 — Total available for sale debt securities 1,216,936 — 1,216,936 — Equity securities 1,026 1,026 — — Derivative assets 76,542 — 76,542 — $ 1,294,504 1,026 1,293,478 — Derivative liabilities $ 78,228 — 78,228 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 30,120 — — 30,120 Foreclosed assets 3,554 — — 3,554 $ 33,674 — — 33,674 Fair Value Measurements at Reporting Date Using: December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: Agency obligations $ 1,009 1,009 — — Mortgage-backed securities 938,413 — 938,413 — Asset-backed securities 53,830 53,830 State and municipal obligations 71,258 — 71,258 — Corporate obligations 40,979 — 40,979 — Total available for sale debt securities 1,105,489 1,009 1,104,480 — Equity Securities 971 971 — — Derivative assets 101,079 — 101,079 — $ 1,207,539 1,980 1,205,559 — Derivative liabilities $ 109,148 — 109,148 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 26,250 — — 26,250 Foreclosed assets 4,475 — — 4,475 $ 30,725 — — 30,725 There were no transfers between Level 1, Level 2 and Level 3 during the three months ended March 31, 2021. Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. The following is a description of valuation methodologies used for those assets and liabilities. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value. Included in cash and cash equivalents at March 31, 2021 and December 31, 2020 was $42.6 million and $114.3 million, respectively, representing cash collateral pledged to secure loan level swaps and reserves required by banking regulations. Held to Maturity Debt Securities For held to maturity debt securities, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with whom the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to benchmark to comparable securities. Management evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As management is responsible for the determination of fair value, it performs quarterly analyses on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, management compares the prices received from the pricing service to a secondary pricing source. Additionally, management compares changes in the reported market values and returns to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has generally not resulted in adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. Federal Home Loan Bank of New York ("FHLBNY") Stock The carrying value of FHLBNY stock is its cost. The fair value of FHLBNY stock is based on redemption at par value. The Company classifies the estimated fair value as Level 1 within the fair value hierarchy. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company’s current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date (i.e. exit pricing). The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits and savings deposits, was equal to the amount payable on demand and classified as Level 1. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowed Funds The fair value of borrowed funds was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial assets or liabilities include goodwill and other intangibles, deferred tax assets and premises and equipment. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2021 and December 31, 2020. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at March 31, 2021 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 687,570 687,570 687,570 — — Available for sale debt securities: Mortgage-backed securities 1,060,152 1,060,152 — 1,060,152 — Asset-backed securities 49,205 49,205 49,205 State and municipal obligations 68,934 68,934 — 68,934 — Corporate obligations 38,645 38,645 — 38,645 — Total available for sale debt securities $ 1,216,936 1,216,936 — 1,216,936 — Held to maturity debt securities, net of allowance for credit losses: Agency obligations 8,998 8,904 8,904 — — Mortgage-backed securities 50 51 — 51 — State and municipal obligations 428,571 444,776 — 444,776 — Corporate obligations 10,283 10,262 — 10,262 — Total held to maturity debt securities, net of allowance for credit losses $ 447,902 463,993 8,904 455,089 — FHLBNY stock 48,998 48,998 48,998 — — Equity Securities 1,026 1,026 1,026 — — Loans, net of allowance for credit losses 9,717,945 9,857,891 — — 9,857,891 Derivative assets 76,542 76,542 — 76,542 — Financial liabilities: Deposits other than certificates of deposits $ 9,334,509 9,334,509 9,334,509 — — Certificates of deposit 963,004 967,088 — 967,088 — Total deposits $ 10,297,513 10,301,597 9,334,509 967,088 — Borrowings 940,611 945,538 — 945,538 — Subordinated debentures 25,173 30,325 — 30,325 — Derivative liabilities 78,228 78,228 — 78,228 — Fair Value Measurements at December 31, 2020 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 532,353 532,353 532,353 — — Available for sale debt securities: U.S. Treasury obligations — — — — Agency obligations 1,009 1,009 1,009 — — Mortgage-backed securities 938,413 938,413 — 938,413 — Asset-backed securities 53,830 53,830 53,830 State and municipal obligations 71,258 71,258 — 71,258 — Corporate obligations 40,979 40,979 — 40,979 — Total available for sale debt securities $ 1,105,489 1,105,489 1,009 1,104,480 — Held to maturity debt securities: Agency obligations $ 7,600 7,601 7,601 — — Mortgage-backed securities 62 64 — 64 — State and municipal obligations 433,589 454,973 — 454,973 — Corporate obligations 9,714 9,813 — 9,813 — Total held to maturity debt securities, net of allowance for credit losses $ 450,965 472,451 7,601 464,850 — FHLBNY stock 59,489 59,489 59,489 — — Equity securities 971 971 971 — — Loans, net of allowance for credit losses 9,721,424 9,969,330 — — 9,969,330 Derivative assets 101,079 101,079 — 101,079 — Financial liabilities: Deposits other than certificates of deposits $ 8,743,655 8,743,655 8,743,655 — — Certificates of deposit 1,094,174 1,097,993 — 1,097,993 — Total deposits $ 9,837,829 9,841,648 8,743,655 1,097,993 — Borrowings 1,175,972 1,193,024 — 1,193,024 — Subordinated debentures 25,135 24,375 — 24,375 — Derivative liabilities 109,148 109,148 — 109,148 — |
Other Comprehensive Income
Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Other Comprehensive Income | Other Comprehensive Income The following table presents the components of other comprehensive (loss) income, both gross and net of tax, for the three months ended March 31, 2021 and 2020 (in thousands): Three months ended March 31, 2021 2020 Before Tax After Before Tax After Components of Other Comprehensive (Loss) Income: Unrealized gains and losses on available for sale debt securities: Net unrealized (losses) gains arising during the period $ (12,152) 3,133 (9,019) 22,563 (5,817) 16,746 Reclassification adjustment for gains included in net income (230) 59 (171) — — — Total (12,382) 3,192 (9,190) 22,563 (5,817) 16,746 Unrealized gains (losses) on derivatives (cash flow hedges) 6,226 (1,605) 4,621 (7,697) 1,984 (5,713) Amortization related to post-retirement obligations (150) 41 (109) 112 (28) 84 Total other comprehensive (loss) income $ (6,306) 1,628 (4,678) 14,978 (3,861) 11,117 The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 31, 2021 and 2020 (in thousands): Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax 2021 2020 Unrealized Post- Retirement Unrealized (Losses) Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains on Post- Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at $ 23,690 (1,081) (4,954) 17,655 8,746 (5,240) 315 3,821 Current - period other comprehensive (loss) income (9,190) (109) 4,621 (4,678) 16,746 84 (5,713) 11,117 Balance at March 31, $ 14,500 (1,190) (333) 12,977 25,492 (5,156) (5,398) 14,938 The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three months ended March 31, 2021 and 2020 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated 2021 2020 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ 230 — Net gain on securities transactions (59) — Income tax expense 171 — Net of tax Post-retirement obligations: Amortization of actuarial (losses) gains $ (150) 112 Compensation and employee benefits (1) 41 (28) Income tax expense Total reclassification $ (109) 84 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivative and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through the management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Non-designated Hedges. Derivatives not designated in qualifying hedging relationships are not speculative and result from a service the Company provides to certain qualified commercial borrowers in loan related transactions which, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The Company may execute interest rate swaps with qualified commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. The interest rate swap agreement which the Company executes with the commercial borrower is collateralized by the borrower's commercial real estate financed by the Company. As the Company has not elected to apply hedge accounting and these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. At March 31, 2021 and December 31, 2020, the Company had 174 and 172 loan related interest rate swaps, respectively, with aggregate notional amounts of $2.62 billion and $2.63 billion, respectively. The Company periodically enters into risk participation agreements ("RPAs"), with the Company functioning as either the lead institution, or as a participant when another company is the lead institution on a commercial loan. These RPAs are entered into to manage the credit exposure on interest rate contracts associated with these loan participation agreements. Under the RPAs, the Company will either receive or make a payment in the event the borrower defaults on the related interest rate contract. The Company has minimum collateral posting thresholds with certain of its risk participation counterparties, and has posted collateral of $650,000 against the potential risk of default by the borrower under these agreements. At March 31, 2021 and December 31, 2020, the Company had 13 credit derivatives, with aggregate notional amounts of $131.4 million and $121.7 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. At March 31, 2021 and December 31, 2020, the fair value of these credit derivatives were $96,000 and $97,000, respectively. Cash Flow Hedges of Interest Rate Risk. The Company’s objective in using interest rate derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable payment amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Changes in the fair value of derivatives designated and that qualify as cash flow hedges of interest rate risk are recorded in accumulated other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2021 and 2020, such derivatives were used to hedge the variable cash outflows associated with borrowings and brokered money market deposits. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s borrowings. During the next twelve months, the Company estimates that $3.5 million will be reclassified as an increase to interest expense. As of March 31, 2021, the Company had 14 outstanding interest rate derivatives with an aggregate notional amount of $600.0 million that were each designated as a cash flow hedge of interest rate risk. The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at March 31, 2021 and December 31, 2020 (in thousands): At March 31, 2021 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Consolidated Statements of Financial Condition Fair Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 74,668 Other liabilities $ 75,740 Credit contracts Other assets 96 Other liabilities — Total derivatives not designated as a hedging instrument $ 74,764 $ 75,740 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 1,778 Other liabilities $ 2,488 Total derivatives designated as a hedging instrument $ 1,778 $ 2,488 At December 31, 2020 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Consolidated Statements of Financial Condition Fair Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 107,652 Other liabilities $ 109,148 Credit contracts Other assets 97 Other liabilities — Total derivatives not designated as a hedging instrument $ 107,749 $ 109,148 Derivatives designated as a hedging instrument: Interest rate products Other assets $ (6,671) Other liabilities $ — Total derivatives designated as a hedging instrument $ (6,671) $ — The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2021 and 2020 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income March 31, 2021 March 31, 2020 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 400 (819) Credit contracts Other income 23 (1) Total $ 423 (820) Derivatives designated as a hedging instrument: Loss recognized in Interest rate products Interest expense $ 879 106 Total $ 879 106 The Company has agreements with certain of its dealer counterparties which contain a provision that if the Company defaults on any of its indebtedness, including a default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be deemed in default on its derivative obligations. In addition, the Company has agreements with certain of its dealer counterparties which contain a provision that if the Company fails to maintain its status as a well or adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. At March 31, 2021, the Company had four dealer counterparties. The Company had a net liability position with respect to all four of the counterparties. The termination value for this net liability position, which includes accrued interest, was $38.5 million at March 31, 2021. The Company has minimum collateral posting thresholds with certain of its derivative counterparties, and has posted collateral of $42.0 million against its obligations under these agreements. If the Company had breached any of these provisions at March 31, 2021, it could have been required to settle its obligations under the agreements at the termination value. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company generates revenue from several business channels. The guidance in ASU 2014-09, Revenue from Contracts with Customers (Topic 606) does not apply to revenue associated with financial instruments, including interest income on loans and investments, which comprise the majority of the Company's revenue. For the three months ended March 31, 2021 and 2020, the out-of-scope revenue related to financial instruments was 82.3% and 84% of the Company's total revenue, respectively. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams can generally be classified into wealth management revenue, insurance agency income and banking service charges and other fees. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2021 and 2020: Three months ended March 31, (in-thousands) 2021 2020 Non-interest income In-scope of Topic 606: Wealth management fees $ 7,134 6,251 Insurance agency income 2,727 — Banking service charges and other fees: Service charges on deposit accounts 2,497 2,977 Debit card and ATM fees 1,778 1,210 Total banking service charges and other fees 4,275 4,187 Total in-scope non-interest income 14,136 10,438 Total out-of-scope non-interest income 7,501 6,553 Total non-interest income $ 21,637 16,991 Wealth management fee income represents fees earned from customers as consideration for asset management, investment advisory and trust services. The Company’s performance obligation is generally satisfied monthly and the resulting fees are recognized monthly. The fee is generally based upon the average market value of the assets under management ("AUM") for the month and the applicable fee rate. The monthly accrual of wealth management fees is recorded in other assets on the Company's Consolidated Statements of Financial Condition. Fees are received from the customer on a monthly basis. The Company does not earn performance-based incentives. To a lesser extent, optional services such as tax return preparation and estate settlement are also available to existing customers. The Company’s performance obligation for these transaction-based services are generally satisfied, and related revenue recognized, at either a point in time when the service is completed, or in the case of estate settlement, over a relatively short period of time, as each service component is completed. Insurance agency income, consisting of commissions and fees, is generally recognized as of the effective date of the insurance policy. Commission revenues related to installment billings are recognized on the invoice date. Subsequent commission adjustments are recognized upon the receipt of notification from insurance companies concerning matters necessitating such adjustments. Profit-sharing contingent commissions are recognized when determinable, which is generally when such commissions are received from insurance companies, or when the Company receives formal notification of the amount of such payments. Service charges on deposit accounts include overdraft service fees, account analysis fees and other deposit related fees. These fees are generally transaction-based, or time-based services. The Company's performance obligation for these services are generally satisfied, and revenue recognized, at the time the transaction is completed, or the service rendered. Fees for these services are generally received from the customer either at the time of transaction, or monthly. Debit card and ATM fees are generally transaction-based. Debit card revenue is primarily comprised of interchange fees earned when a customer's Company card is processed through a card payment network. ATM fees are largely generated when a Company cardholder uses a non-Company ATM, or a non-Company cardholder uses a Company ATM. The Company's performance obligation for these services is satisfied when the service is rendered. Payment is generally received at time of transaction or monthly. Out-of-scope non-interest income primarily consists of Bank-owned life insurance and net fees on loan level interest rate swaps, along with gains and losses on the sale of loans and foreclosed real estate, loan prepayment fees and loan servicing fees. None of these revenue streams are subject to the requirements of Topic 606. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at March 31, 2021 and December 31, 2020 (in thousands): Classification March 31, 2021 December 31, 2020 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 40,960 $ 41,142 Lease Liabilities: Operating lease liabilities Other liabilities $ 42,323 $ 42,042 The calculated amount of the right-of-use assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. If at lease inception the Company considers the exercising of a renewal option to be reasonably certain, the Company will include the extended term in the calculation of the right-of-use asset and lease liability. Generally, the Company considers the first renewal option to be reasonably certain and includes it in the calculation of the right-of use asset and lease liability. Regarding the discount rate, Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception based upon the term of the lease. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was applied. All of the leases in which the Company is the lessee are classified as operating leases and are primarily comprised of real estate properties for branches and administrative offices with terms extending through 2040. At March 31, 2021, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 8.8 years and 3.14%, respectively. The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): Three months ended March 31, 2021 Three months ended March 31, 2020 Lease Costs Operating lease cost $ 2,812 $ 2,130 Variable lease cost 803 607 Total lease cost $ 3,615 $ 2,737 Cash paid for amounts included in the measurement of lease liabilities: Three months ended March 31, 2021 Three months ended March 31, 2020 Operating cash flows from operating leases $ 2,345 2,125 Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2021 $ 6,472 2022 6,391 2023 5,878 2024 5,475 2025 4,887 Thereafter 20,027 Total future minimum lease payments 49,130 Amounts representing interest 6,807 Present value of net future minimum lease payments $ 42,323 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying unaudited consolidated financial statements include the accounts of Provident Financial Services, Inc. and its wholly owned subsidiary, Provident Bank (the “Bank,” together with Provident Financial Services, Inc., the “Company”). In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and the consolidated statements of income for the periods presented. Actual results could differ from these estimates. The allowance for credit losses and the valuation of deferred tax assets are material estimates that are particularly susceptible to near-term change. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results of operations that may be expected for all of 2021. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Reconciliation of Numerators and Denominators of Basic and Diluted Earnings Per Share Calculations | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three months ended March 31, 2021 and 2020 (dollars in thousands, except per share amounts): Three months ended March 31, 2021 2020 Net Weighted Per Net Weighted Per Net income $ 48,559 $ 14,931 Basic earnings per share: Income available to common stockholders $ 48,559 76,516,543 $ 0.63 $ 14,931 64,386,138 $ 0.23 Dilutive shares 64,319 71,125 Diluted earnings per share: Income available to common stockholders $ 48,559 76,580,862 $ 0.63 $ 14,931 64,457,263 $ 0.23 |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Schedule of Estimated Fair Vales of Assets and Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition from SB One (in thousands): At July 31, 2020 Assets acquired: Cash and cash equivalents, net $ 78,089 Available for sale debt securities 231,645 Held to maturity debt securities 12,381 Federal Home Loan Bank stock 11,216 Loans 1,766,115 Allowance for credit losses on PCD loans (13,586) Loans, net 1,752,529 Bank-owned life insurance 37,237 Banking premises and equipment 16,620 Accrued interest receivable 8,947 Goodwill 22,439 Other intangibles assets 9,965 Foreclosed assets, net 2,441 Other assets 12,199 Total assets acquired $ 2,195,708 Liabilities assumed: Deposits $ 1,757,777 Borrowed funds 201,582 Subordinated debentures 25,074 Other liabilities 30,447 Total liabilities assumed $ 2,014,880 Net assets acquired $ 180,828 |
Schedule of Fair Value of Loans Acquired in Acquisition | The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands): Gross amortized cost basis at July 31, 2020 $ 1,787,057 Interest rate fair value adjustment on all loans 455 Credit fair value adjustment on non-PCD loans (21,397) Fair value of acquired loans at July 31, 2020 1,766,115 Allowance for credit losses on PCD loans (13,586) Fair value of acquired loans, net at July 31, 2020 $ 1,752,529 The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition at the July 31, 2020 closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Fair value of PCD loans 307,796 Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Securities Available for Sale | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the fair value for available for sale debt securities at March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Amortized Gross Gross Fair Mortgage-backed securities $ 1,042,480 23,915 (6,243) 1,060,152 Asset-backed securities 47,329 1,876 — 49,205 State and municipal obligations 69,443 429 (938) 68,934 Corporate obligations 38,149 739 (243) 38,645 $ 1,197,401 26,959 (7,424) 1,216,936 December 31, 2020 Amortized Gross Gross Fair Agency obligations $ 1,001 8 — 1,009 Mortgage-backed securities 910,393 28,872 (852) 938,413 Asset-backed securities 52,295 1,535 — 53,830 State and municipal obligations 69,687 1,666 (95) 71,258 Corporate obligations 40,194 809 (24) 40,979 $ 1,073,570 32,890 (971) 1,105,489 |
Available for sale Debt Securities with Temporary Impairment | The following tables present the fair values and gross unrealized losses for available for sale debt securities in an unrealized loss position at March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Mortgage-backed securities $ 345,988 (6,209) 8,110 (34) 354,098 (6,243) State and municipal obligations 40,517 (938) — — 40,517 (938) Corporate obligations 6,655 (243) — — 6,655 (243) $ 393,160 (7,390) 8,110 (34) 401,270 (7,424) December 31, 2020 Less than 12 months 12 months or longer Total Fair value Gross Fair value Gross Fair Gross Mortgage-backed securities $ 127,600 (824) 8,007 (28) 135,607 (852) State and municipal obligations 5,275 (95) — — 5,275 (95) Corporate obligations — — 2,000 (24) 2,000 (24) $ 132,875 (919) 10,007 (52) 142,882 (971) |
Investment Securities Held to Maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses, allowance for credit losses and the estimated fair value for held to maturity debt securities at March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Amortized Gross Gross Fair Agency obligations $ 8,998 1 (95) 8,904 Mortgage-backed securities 50 1 — 51 State and municipal obligations 428,631 16,970 (825) 444,776 Corporate obligations 10,300 65 (103) 10,262 $ 447,979 17,037 (1,023) 463,993 At March 31, 2021, the allowance for credit losses on held to maturity debt securities totaled $77,000. December 31, 2020 Amortized Gross Gross Fair Agency obligations $ 7,600 6 (5) 7,601 Mortgage-backed securities 62 2 — 64 State and municipal obligations 433,655 21,442 (58) 455,039 Corporate obligations 9,726 101 (2) 9,825 $ 451,043 21,551 (65) 472,529 |
Schedule of Impact of ASC 326 | The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity debt securities $ 70 — 70 The following table illustrates the impact the January 1, 2020 adoption of CECL had on the allowance for credits losses for the loan portfolio (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,414 5,536 Commercial 17,118 12,831 4,287 Multi-family 9,519 3,374 6,145 Construction 4,152 5,892 (1,740) Total mortgage loans 39,739 25,511 14,228 Commercial loans 18,254 28,263 (10,009) Consumer loans 5,452 1,751 3,701 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 |
Schedule of Unrealized Loss on Investments | The following tables present the fair values and gross unrealized losses for held to maturity debt securities in an unrealized loss position at March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 6,903 (95) — — 6,903 (95) State and municipal obligations 19,697 (809) 406 (16) 20,103 (825) Corporate obligations 6,146 (103) — — 6,146 (103) $ 32,746 (1,007) 406 (16) 33,152 (1,023) December 31, 2020 Unrealized Losses Less than 12 months 12 months or longer Total Fair Gross Fair Gross Fair Gross Agency obligations $ 1,995 (5) — — 1,995 (5) State and municipal obligations 4,846 (41) 406 (17) 5,252 (58) Corporate obligations 786 (2) — — 786 (2) $ 7,627 (48) 406 (17) 8,033 (65) |
Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating | Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of March 31, 2021 (in thousands): March 31, 2021 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 8,998 — — — — 8,998 Mortgage-backed securities 50 — — — — 50 State and municipal obligations 57,207 308,572 51,678 1,115 10,059 428,631 Corporate obligations — 3,087 7,188 — 25 10,300 $ 66,255 311,659 58,866 1,115 10,084 447,979 December 31, 2020 Total Portfolio AAA AA A BBB Not Rated Total Agency obligations $ 7,600 — — — — 7,600 Mortgage-backed securities 62 — — — — 62 State and municipal obligations 57,830 311,155 53,302 1,115 10,253 433,655 Corporate obligations — 3,255 6,446 — 25 9,726 $ 65,492 314,410 59,748 1,115 10,278 451,043 |
Available-for-sale Securities | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of available for sale debt securities at March 31, 2021, by contractual maturity, are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2021 Amortized Fair Due in one year or less $ — — Due after one year through five years 3,651 3,761 Due after five years through ten years 38,002 38,532 Due after ten years 65,939 65,286 $ 107,592 107,579 |
Held-to-maturity Securities | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio at March 31, 2021 by contractual maturity are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. March 31, 2021 Amortized Fair Due in one year or less $ — — Due after one year through five years 163,682 167,460 Due after five years through ten years 213,875 224,327 Due after ten years 70,372 72,155 $ 447,929 463,942 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Summarized Loans Receivable | Loans receivable at March 31, 2021 and December 31, 2020 are summarized as follows (in thousands): March 31, 2021 December 31, 2020 Mortgage loans: Residential $ 1,277,376 1,294,702 Commercial 3,594,012 3,458,666 Multi-family 1,458,193 1,484,515 Construction 615,706 541,939 Total mortgage loans 6,945,287 6,779,822 Commercial loans 2,510,708 2,567,470 Consumer loans 363,648 492,566 Total gross loans 9,819,643 9,839,858 Premiums on purchased loans 1,378 1,566 Unearned discounts (7) (12) Net deferred fees (17,478) (18,522) Total loans $ 9,803,536 9,822,890 |
Summary of Aging Loans Receivable by Portfolio Segment and Class | The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands): March 31, 2021 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Residential $ 6,862 6,161 7,797 — 20,820 1,256,556 1,277,376 7,797 Commercial 2,183 520 33,742 — 36,445 3,557,567 3,594,012 33,742 Multi-family 1,327 — 101 — 1,428 1,456,765 1,458,193 101 Construction 1,123 1,656 1,392 — 4,171 611,535 615,706 1,392 Total mortgage loans 11,495 8,337 43,032 — 62,864 6,882,423 6,945,287 43,032 Commercial loans 393 235 36,042 — 36,670 2,474,038 2,510,708 21,298 Consumer loans 1,356 277 3,010 — 4,643 359,005 363,648 3,009 Total gross loans $ 13,244 8,849 82,084 — 104,177 9,715,466 9,819,643 67,339 December 31, 2020 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Residential $ 15,789 8,852 9,315 — 33,956 1,260,746 1,294,702 9,315 Commercial 761 113 31,982 — 32,856 3,425,810 3,458,666 20,482 Multi-family 206 585 — — 791 1,483,724 1,484,515 — Construction — — 1,392 — 1,392 540,547 541,939 1,392 Total mortgage loans 16,756 9,550 42,689 — 68,995 6,710,827 6,779,822 31,189 Commercial loans 1,658 1,179 42,118 — 44,955 2,522,515 2,567,470 15,541 Consumer loans 4,348 4,519 2,283 — 11,150 481,416 492,566 2,283 Total gross loans $ 22,762 15,248 87,090 — 125,100 9,714,758 9,839,858 49,013 |
Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification | The activity in the allowance for credit losses by portfolio segment for the three months ended March 31, 2021 and 2020 was as follows (in thousands): March 31, 2021 Mortgage loans Commercial loans Consumer loans Total Balance at beginning of period $ 68,307 27,084 6,075 101,466 Provision benefit to operations (13,467) (467) (1,066) (15,000) Recoveries of loans previously charged-off 276 528 303 1,107 Loans charged-off (918) (843) (221) (1,982) Balance at end of period $ 54,198 26,302 5,091 85,591 March 31, 2020 Mortgage loans Commercial loans Consumer loans Total Balance at beginning of period $ 25,511 28,263 1,751 55,525 Provision charge (benefit) to operations 7,710 7,619 (629) 14,700 Retained earnings (due to initial CECL adoption) 14,188 (9,974) 3,706 7,920 Recoveries of loans previously charged-off 93 313 123 529 Loans charged-off (2) (3,380) (149) (3,531) Balance at end of period $ 47,500 22,841 4,802 75,143 The allowance for credit losses is summarized by portfolio segment and impairment classification as follows (in thousands): March 31, 2021 Mortgage Commercial loans Consumer loans Total Individually evaluated for impairment $ 927 3,832 43 4,802 Collectively evaluated for impairment 53,271 22,470 5,048 80,789 Total gross loans $ 54,198 26,302 5,091 85,591 December 31, 2020 Mortgage Commercial loans Consumer Total Individually evaluated for impairment $ 4,220 4,715 39 8,974 Collectively evaluated for impairment 64,087 22,369 6,036 92,492 Total gross loans $ 68,307 27,084 6,075 101,466 |
Schedule of Impact of ASC 326 | The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity debt securities $ 70 — 70 The following table illustrates the impact the January 1, 2020 adoption of CECL had on the allowance for credits losses for the loan portfolio (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,414 5,536 Commercial 17,118 12,831 4,287 Multi-family 9,519 3,374 6,145 Construction 4,152 5,892 (1,740) Total mortgage loans 39,739 25,511 14,228 Commercial loans 18,254 28,263 (10,009) Consumer loans 5,452 1,751 3,701 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 |
Summary of Loans Receivable by Portfolio Segment and Impairment Method | The following tables summarize loans receivable by portfolio segment and impairment method (in thousands): March 31, 2021 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 49,783 28,359 1,405 79,547 Collectively evaluated for impairment 6,895,504 2,482,349 362,243 9,740,096 Total gross loans $ 6,945,287 2,510,708 363,648 9,819,643 December 31, 2020 Mortgage Commercial Consumer Total Portfolio Individually evaluated for impairment $ 48,783 35,832 1,431 86,046 Collectively evaluated for impairment 6,731,039 2,531,638 491,135 9,753,812 Total gross loans $ 6,779,822 2,567,470 492,566 9,839,858 |
Schedule of Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the three months ended March 31, 2021 and 2020, along with their balances immediately prior to the modification date and post-modification as of March 31, 2021 and 2020 (in thousands): For the three months ended March 31, 2021 March 31, 2020 Troubled Debt Restructurings Number of Pre-Modification Post-Modification Number of Pre-Modification Post-Modification ($ in thousands) Commercial loans 3 $ 1,361 $ 1,359 2 $ 746 $ 731 Total restructured loans 3 $ 1,361 $ 1,359 2 $ 746 $ 731 |
Schedule of Fair Value of Loans Acquired in Acquisition | The table below illustrates the fair value adjustments made to the amortized cost basis in order to present a fair value of the loans acquired (in thousands): Gross amortized cost basis at July 31, 2020 $ 1,787,057 Interest rate fair value adjustment on all loans 455 Credit fair value adjustment on non-PCD loans (21,397) Fair value of acquired loans at July 31, 2020 1,766,115 Allowance for credit losses on PCD loans (13,586) Fair value of acquired loans, net at July 31, 2020 $ 1,752,529 The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition as of the closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 The table below is a summary of the PCD loans accounted for in accordance with ASC 310-26 that were acquired in the SB One acquisition at the July 31, 2020 closing date (in thousands): Gross amortized cost basis at July 31, 2020 $ 315,784 Interest component of expected cash flows (accretable difference) (7,988) Fair value of PCD loans 307,796 Allowance for credit losses on PCD loans (13,586) Net PCD loans $ 294,210 |
Summary of Impaired Loans Receivable by Class | The following table presents loans individually evaluated for impairment by class and loan category (in thousands): March 31, 2021 December 31, 2020 Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Unpaid Principal Balance Recorded Investment Related Allowance Average Recorded Investment Interest Income Recognized Loans with no related allowance Mortgage loans: Residential $ 12,267 9,794 — 10,083 118 13,981 11,380 — 11,587 511 Commercial 34,125 30,656 — 31,555 17 17,414 17,414 — 16,026 60 Total 46,392 40,450 — 41,638 135 31,395 28,794 — 27,613 571 Commercial loans 11,630 8,963 — 9,082 — 15,895 14,009 — 12,791 46 Consumer loans 1,360 857 — 2,319 13 1,382 880 — 7 50 Total impaired loans $ 59,382 50,270 — 53,039 148 48,672 43,683 — 40,411 667 Loans with an allowance recorded Mortgage loans: Residential $ 8,938 8,438 904 8,461 77 7,950 7,506 806 7,604 307 Commercial 895 895 23 925 13 14,993 12,483 3,414 123 570 Total 9,833 9,333 927 9,386 90 22,943 19,989 4,220 7,727 877 Commercial loans 22,622 19,396 3,832 23,451 123 24,947 21,823 4,715 18,620 311 Consumer loans 563 548 43 550 10 565 551 39 5 20 Total impaired loans $ 33,018 29,277 4,802 33,387 223 48,455 42,363 8,974 26,352 1,208 Total impaired loans Mortgage loans: Residential $ 21,205 18,232 904 18,544 195 21,931 18,886 806 19,191 818 Commercial 35,020 31,551 23 32,480 30 32,407 29,897 3,414 16,149 630 Total 56,225 49,783 927 51,024 225 54,338 48,783 4,220 35,340 1,448 Commercial loans 34,252 28,359 3,832 32,533 123 40,842 35,832 4,715 31,411 357 Consumer loans 1,923 1,405 43 2,869 23 1,947 1,431 39 12 70 Total impaired loans $ 92,400 79,547 4,802 86,426 371 97,127 86,046 8,974 66,763 1,875 |
Summary of Loans Receivable by Credit Quality Risk Rating Indicator | The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades (in thousands): At March 31, 2021 Total portfolio Residential Commercial mortgage Multi-family Construction Total Commercial Consumer Total Loans (1) Special mention $ 5,847 129,051 35,885 25,409 196,192 115,619 529 312,340 Substandard 23,416 109,689 1,552 5,736 140,393 124,581 3,836 268,810 Doubtful — — — — — 20 — 20 Loss — — — — — — — — Total criticized and classified 29,263 238,740 37,437 31,145 336,585 240,220 4,365 581,170 Pass/Watch 1,248,113 3,355,272 1,420,756 584,561 6,608,702 2,270,488 359,283 9,238,473 Total $ 1,277,376 3,594,012 1,458,193 615,706 6,945,287 2,510,708 363,648 9,819,643 2021 Special mention $ — — — — — 23 — 23 Substandard — — — — — 391 — 391 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified — — — — — 414 — 414 Pass/Watch 82,831 78,552 31,141 14,913 207,437 252,045 8,947 468,429 Total gross loans $ 82,831 78,552 31,141 14,913 207,437 252,459 8,947 468,843 2020 Special mention $ — $ — $ — $ 1,986 $ 1,986 $ 345 $ — $ 2,331 Substandard 163 — — — 163 1,824 — 1,987 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified 163 — — 1,986 2,149 2,169 — 4,318 Pass/Watch 262,032 670,040 296,124 123,927 1,352,123 595,559 39,107 1,986,789 Total gross loans $ 262,195 670,040 296,124 125,913 1,354,272 597,728 39,107 1,991,107 2019 Special mention $ 661 30,310 679 16,189 47,839 8,819 — 56,658 Substandard 3,773 2,426 — — 6,199 9,856 361 16,416 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified 4,434 32,736 679 16,189 54,038 18,675 361 73,074 Pass/Watch 139,951 632,084 177,648 259,223 1,208,906 246,072 46,155 1,501,133 Total gross loans $ 144,385 664,820 178,327 275,412 1,262,944 264,747 46,516 1,574,207 2018 Special mention $ 2,425 39,825 20,125 — 62,375 3,578 — 65,953 Substandard 744 5,383 — 5,121 11,248 6,568 120 17,936 Doubtful — — — — — — — — Loss — — — — — — — — Total criticized and classified 3,169 45,208 20,125 5,121 73,623 10,146 120 83,889 Pass/Watch 81,320 385,080 183,343 145,307 795,050 228,963 44,128 1,068,141 Total gross loans $ 84,489 430,288 203,468 150,428 868,673 239,109 44,248 1,152,030 2017 and prior Special mention $ 2,761 58,916 15,081 7,234 83,992 102,854 529 187,375 Substandard 18,736 101,880 1,552 615 122,783 105,942 3,355 232,080 Doubtful — — — — — 20 — 20 Loss — — — — — — — — Total criticized and classified 21,497 160,796 16,633 7,849 206,775 208,816 3,884 419,475 Pass/Watch 681,979 1,589,516 732,500 41,191 3,045,186 947,849 220,946 4,213,981 Total gross loans $ 703,476 1,750,312 749,133 49,040 3,251,961 1,156,665 224,830 4,633,456 At December 31, 2020 Residential Commercial mortgage Multi-family Construction Total Commercial Consumer Total loans Special mention $ 2,882 124,631 29,781 24,376 181,670 157,080 1,867 340,617 Substandard 26,651 98,313 1,568 4,924 131,456 127,092 6,746 265,294 Doubtful — — — — — 52 — 52 Loss — — — — — — — — Total criticized and classified 29,533 222,944 31,349 29,300 313,126 284,224 8,613 605,963 Pass/Watch 1,265,169 3,235,722 1,453,166 512,639 6,466,696 2,283,246 483,953 9,233,895 Total $ 1,294,702 3,458,666 1,484,515 541,939 6,779,822 2,567,470 492,566 9,839,858 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Deposits | Deposits at March 31, 2021 and December 31, 2020 are summarized as follows (in thousands): March 31, 2021 December 31, 2020 Savings $ 1,402,363 1,348,147 Money market 2,345,640 2,245,412 NOW 3,075,098 2,808,637 Non-interest bearing 2,511,408 2,341,459 Certificates of deposit 963,004 1,094,174 Total deposits $ 10,297,513 9,837,829 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Retirement Benefits [Abstract] | |
Net Periodic Benefit Cost (Increase) | Net periodic (benefit) increase cost for pension benefits and other post-retirement benefits for the three months ended March 31, 2021 and 2020 includes the following components (in thousands): Three months ended March 31, Pension benefits Other post-retirement benefits 2021 2020 2021 2020 Service cost $ — — 9 20 Interest cost 198 250 106 178 Expected return on plan assets (807) (737) — — Amortization of prior service cost — — — — Amortization of the net loss (gain) 118 174 (268) (62) Net periodic (benefit) increase cost $ (491) (313) (153) 136 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Credit Loss [Abstract] | |
Schedule of Impact of ASC 326 | The following table illustrates the impact of the January 1, 2020 adoption of CECL on held to maturity debt securities (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Held to Maturity Debt Securities Allowance for credit losses on corporate securities $ 6 — 6 Allowance for credit losses on municipal securities 64 — 64 Allowance for credit losses on held to maturity debt securities $ 70 — 70 The following table illustrates the impact the January 1, 2020 adoption of CECL had on the allowance for credits losses for the loan portfolio (in thousands): January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Loans Residential $ 8,950 3,414 5,536 Commercial 17,118 12,831 4,287 Multi-family 9,519 3,374 6,145 Construction 4,152 5,892 (1,740) Total mortgage loans 39,739 25,511 14,228 Commercial loans 18,254 28,263 (10,009) Consumer loans 5,452 1,751 3,701 Allowance for credit losses on loans $ 63,445 55,525 7,920 The following table illustrates the impact of the January 1, 2020 adoption of CECL on off-balance sheet credit exposures: January 1, 2020 As reported under CECL Prior to CECL Impact of CECL adoption Liabilities Allowance for credit losses on off-balance sheet credit exposure $ 3,206 — 3,206 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Reported on Consolidated Statements of Financial Condition at Fair Values | The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of March 31, 2021 and December 31, 2020, by level within the fair value hierarchy (in thousands): Fair Value Measurements at Reporting Date Using: March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: Mortgage-backed securities $ 1,060,152 — 1,060,152 — Asset-backed securities 49,205 — 49,205 — State and municipal obligations 68,934 — 68,934 — Corporate obligations 38,645 — 38,645 — Total available for sale debt securities 1,216,936 — 1,216,936 — Equity securities 1,026 1,026 — — Derivative assets 76,542 — 76,542 — $ 1,294,504 1,026 1,293,478 — Derivative liabilities $ 78,228 — 78,228 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 30,120 — — 30,120 Foreclosed assets 3,554 — — 3,554 $ 33,674 — — 33,674 Fair Value Measurements at Reporting Date Using: December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Measured on a recurring basis: Available for sale debt securities: Agency obligations $ 1,009 1,009 — — Mortgage-backed securities 938,413 — 938,413 — Asset-backed securities 53,830 53,830 State and municipal obligations 71,258 — 71,258 — Corporate obligations 40,979 — 40,979 — Total available for sale debt securities 1,105,489 1,009 1,104,480 — Equity Securities 971 971 — — Derivative assets 101,079 — 101,079 — $ 1,207,539 1,980 1,205,559 — Derivative liabilities $ 109,148 — 109,148 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 26,250 — — 26,250 Foreclosed assets 4,475 — — 4,475 $ 30,725 — — 30,725 |
Schedule of Financial Instruments at Carrying and Fair Values | The following tables present the Company’s financial instruments at their carrying and fair values as of March 31, 2021 and December 31, 2020. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements at March 31, 2021 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 687,570 687,570 687,570 — — Available for sale debt securities: Mortgage-backed securities 1,060,152 1,060,152 — 1,060,152 — Asset-backed securities 49,205 49,205 49,205 State and municipal obligations 68,934 68,934 — 68,934 — Corporate obligations 38,645 38,645 — 38,645 — Total available for sale debt securities $ 1,216,936 1,216,936 — 1,216,936 — Held to maturity debt securities, net of allowance for credit losses: Agency obligations 8,998 8,904 8,904 — — Mortgage-backed securities 50 51 — 51 — State and municipal obligations 428,571 444,776 — 444,776 — Corporate obligations 10,283 10,262 — 10,262 — Total held to maturity debt securities, net of allowance for credit losses $ 447,902 463,993 8,904 455,089 — FHLBNY stock 48,998 48,998 48,998 — — Equity Securities 1,026 1,026 1,026 — — Loans, net of allowance for credit losses 9,717,945 9,857,891 — — 9,857,891 Derivative assets 76,542 76,542 — 76,542 — Financial liabilities: Deposits other than certificates of deposits $ 9,334,509 9,334,509 9,334,509 — — Certificates of deposit 963,004 967,088 — 967,088 — Total deposits $ 10,297,513 10,301,597 9,334,509 967,088 — Borrowings 940,611 945,538 — 945,538 — Subordinated debentures 25,173 30,325 — 30,325 — Derivative liabilities 78,228 78,228 — 78,228 — Fair Value Measurements at December 31, 2020 Using: (Dollars in thousands) Carrying value Fair value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets: Cash and cash equivalents $ 532,353 532,353 532,353 — — Available for sale debt securities: U.S. Treasury obligations — — — — Agency obligations 1,009 1,009 1,009 — — Mortgage-backed securities 938,413 938,413 — 938,413 — Asset-backed securities 53,830 53,830 53,830 State and municipal obligations 71,258 71,258 — 71,258 — Corporate obligations 40,979 40,979 — 40,979 — Total available for sale debt securities $ 1,105,489 1,105,489 1,009 1,104,480 — Held to maturity debt securities: Agency obligations $ 7,600 7,601 7,601 — — Mortgage-backed securities 62 64 — 64 — State and municipal obligations 433,589 454,973 — 454,973 — Corporate obligations 9,714 9,813 — 9,813 — Total held to maturity debt securities, net of allowance for credit losses $ 450,965 472,451 7,601 464,850 — FHLBNY stock 59,489 59,489 59,489 — — Equity securities 971 971 971 — — Loans, net of allowance for credit losses 9,721,424 9,969,330 — — 9,969,330 Derivative assets 101,079 101,079 — 101,079 — Financial liabilities: Deposits other than certificates of deposits $ 8,743,655 8,743,655 8,743,655 — — Certificates of deposit 1,094,174 1,097,993 — 1,097,993 — Total deposits $ 9,837,829 9,841,648 8,743,655 1,097,993 — Borrowings 1,175,972 1,193,024 — 1,193,024 — Subordinated debentures 25,135 24,375 — 24,375 — Derivative liabilities 109,148 109,148 — 109,148 — |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive (loss) income, both gross and net of tax, for the three months ended March 31, 2021 and 2020 (in thousands): Three months ended March 31, 2021 2020 Before Tax After Before Tax After Components of Other Comprehensive (Loss) Income: Unrealized gains and losses on available for sale debt securities: Net unrealized (losses) gains arising during the period $ (12,152) 3,133 (9,019) 22,563 (5,817) 16,746 Reclassification adjustment for gains included in net income (230) 59 (171) — — — Total (12,382) 3,192 (9,190) 22,563 (5,817) 16,746 Unrealized gains (losses) on derivatives (cash flow hedges) 6,226 (1,605) 4,621 (7,697) 1,984 (5,713) Amortization related to post-retirement obligations (150) 41 (109) 112 (28) 84 Total other comprehensive (loss) income $ (6,306) 1,628 (4,678) 14,978 (3,861) 11,117 |
Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the components of accumulated other comprehensive income, net of tax, for the three months ended March 31, 2021 and 2020 (in thousands): Changes in Accumulated Other Comprehensive Income (Loss) by Component, net of tax 2021 2020 Unrealized Post- Retirement Unrealized (Losses) Gains on Derivatives (cash flow hedges) Accumulated Unrealized Gains on Post- Retirement Unrealized Gains (Losses) on Derivatives (cash flow hedges) Accumulated Balance at $ 23,690 (1,081) (4,954) 17,655 8,746 (5,240) 315 3,821 Current - period other comprehensive (loss) income (9,190) (109) 4,621 (4,678) 16,746 84 (5,713) 11,117 Balance at March 31, $ 14,500 (1,190) (333) 12,977 25,492 (5,156) (5,398) 14,938 |
Summary of Reclassifications Out of Accumulated Other Comprehensive Income | The following tables summarize the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of income for the three months ended March 31, 2021 and 2020 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended March 31, Affected line item in the Consolidated 2021 2020 Details of AOCI: Available for sale debt securities: Realized net gains on the sale of securities available for sale $ 230 — Net gain on securities transactions (59) — Income tax expense 171 — Net of tax Post-retirement obligations: Amortization of actuarial (losses) gains $ (150) 112 Compensation and employee benefits (1) 41 (28) Income tax expense Total reclassification $ (109) 84 Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 6. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Financial Instruments | The tables below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Statements of Financial Condition at March 31, 2021 and December 31, 2020 (in thousands): At March 31, 2021 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Consolidated Statements of Financial Condition Fair Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 74,668 Other liabilities $ 75,740 Credit contracts Other assets 96 Other liabilities — Total derivatives not designated as a hedging instrument $ 74,764 $ 75,740 Derivatives designated as a hedging instrument: Interest rate products Other assets $ 1,778 Other liabilities $ 2,488 Total derivatives designated as a hedging instrument $ 1,778 $ 2,488 At December 31, 2020 Asset Derivatives Liability Derivatives Consolidated Statements of Financial Condition Fair Consolidated Statements of Financial Condition Fair Derivatives not designated as a hedging instrument: Interest rate products Other assets $ 107,652 Other liabilities $ 109,148 Credit contracts Other assets 97 Other liabilities — Total derivatives not designated as a hedging instrument $ 107,749 $ 109,148 Derivatives designated as a hedging instrument: Interest rate products Other assets $ (6,671) Other liabilities $ — Total derivatives designated as a hedging instrument $ (6,671) $ — |
Effect of the derivative financial instruments on the Income Statement | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three months ended March 31, 2021 and 2020 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income March 31, 2021 March 31, 2020 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 400 (819) Credit contracts Other income 23 (1) Total $ 423 (820) Derivatives designated as a hedging instrument: Loss recognized in Interest rate products Interest expense $ 879 106 Total $ 879 106 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Non-interest Income | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three months ended March 31, 2021 and 2020: Three months ended March 31, (in-thousands) 2021 2020 Non-interest income In-scope of Topic 606: Wealth management fees $ 7,134 6,251 Insurance agency income 2,727 — Banking service charges and other fees: Service charges on deposit accounts 2,497 2,977 Debit card and ATM fees 1,778 1,210 Total banking service charges and other fees 4,275 4,187 Total in-scope non-interest income 14,136 10,438 Total out-of-scope non-interest income 7,501 6,553 Total non-interest income $ 21,637 16,991 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information | The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities at March 31, 2021 and December 31, 2020 (in thousands): Classification March 31, 2021 December 31, 2020 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 40,960 $ 41,142 Lease Liabilities: Operating lease liabilities Other liabilities $ 42,323 $ 42,042 |
Schedule of Supplemental Cash Flow and Other information Related to Leases | The following tables represent lease costs and other lease information for the Company's operating leases. The variable lease cost primarily represents variable payments such as common area maintenance and utilities (in thousands): Three months ended March 31, 2021 Three months ended March 31, 2020 Lease Costs Operating lease cost $ 2,812 $ 2,130 Variable lease cost 803 607 Total lease cost $ 3,615 $ 2,737 Cash paid for amounts included in the measurement of lease liabilities: Three months ended March 31, 2021 Three months ended March 31, 2020 Operating cash flows from operating leases $ 2,345 2,125 |
Schedule of Future Minimum Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of March 31, 2021 were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2021 $ 6,472 2022 6,391 2023 5,878 2024 5,475 2025 4,887 Thereafter 20,027 Total future minimum lease payments 49,130 Amounts representing interest 6,807 Present value of net future minimum lease payments $ 42,323 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Net income | $ 48,559 | $ 14,931 |
Basic earnings per share: | ||
Income available to common stockholders, basic | $ 48,559 | $ 14,931 |
Weighted average common shares outstanding, basic (in shares) | 76,516,543 | 64,386,138 |
Income available to common stockholders, per share amount, basic (usd per share) | $ 0.63 | $ 0.23 |
Dilutive shares (in shares) | 64,319 | 71,125 |
Diluted earnings per share: | ||
Income available to common stockholders, diluted | $ 48,559 | $ 14,931 |
Weighted average common shares outstanding, diluted (in shares) | 76,580,862 | 64,457,263 |
Income available to common stockholders, per share amount, diluted (usd per share) | $ 0.63 | $ 0.23 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accounting Policies [Abstract] | ||
Anti-dilutive stock options and awards excluded from computation of earnings per share (in shares) | 1,200,000 | 905,673 |
Business Combinations - SB One
Business Combinations - SB One Bancorp Acquisition (Details) $ in Thousands | Jul. 31, 2020USD ($)numberOfBankingOfficesshares | Mar. 31, 2021USD ($)branch | Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Fair value of acquired loans at July 31, 2020 | $ 1,766,115 | |||||
Excess of consideration paid recorded as goodwill | 22,400 | |||||
Fair value premium | 8,400 | |||||
Allowance for credit losses | $ 85,591 | $ 101,466 | $ 75,143 | $ 55,525 | $ 55,525 | |
Number of branches acquired | branch | 18 | |||||
Number of branches owned | branch | 8 | |||||
Subordinated debentures | $ 25,173 | $ 25,135 | ||||
SB One Bancorp | ||||||
Business Acquisition [Line Items] | ||||||
Business combination assets acquired | $ 2,195,708 | |||||
Number of banking offices | numberOfBankingOffices | 18 | |||||
Common stock portion, number of SB One Bancorp stock for each share of company common stock converted | shares | 1.357 | |||||
Common stock, total amount of company stock | shares | 12,800,000 | |||||
Total cost of acquisition | $ 180,800 | |||||
Fair value premium | 133 | |||||
Allowance for credit losses | 13,600 | |||||
Bank-owned life insurance | 37,200 | |||||
Time deposit discount | 4,300 | |||||
Subordinated debentures | 27,500 | |||||
SB One Bancorp | Core Deposits | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset | $ 3,200 | |||||
Estimated useful life | 10 years | |||||
SB One Bancorp | Customer Relationships | ||||||
Business Acquisition [Line Items] | ||||||
Intangible asset | $ 6,800 | |||||
Estimated useful life | 13 years | |||||
SB One Bancorp | Loans | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of acquired loans at July 31, 2020 | $ 1,770,000 | |||||
SB One Bancorp | Deposits | ||||||
Business Acquisition [Line Items] | ||||||
Fair value of acquired loans at July 31, 2020 | $ 1,760,000 |
Business Combinations - Estimat
Business Combinations - Estimated Fair Values of the Assets Acquired and the Liabilities Assumed (Details) - SB One Bancorp $ in Thousands | Jul. 31, 2020USD ($) |
Assets acquired | |
Cash and cash equivalents, net | $ 78,089 |
Available for sale debt securities | 231,645 |
Held to maturity debt securities | 12,381 |
Federal Home Loan Bank stock | 11,216 |
Loans | 1,766,115 |
Allowance for credit losses on PCD loans | (13,586) |
Loans, net | 1,752,529 |
Bank-owned life insurance | 37,237 |
Banking premises and equipment | 16,620 |
Accrued interest receivable | 8,947 |
Goodwill | 22,439 |
Other intangibles assets | 9,965 |
Foreclosed assets, net | 2,441 |
Other assets | 12,199 |
Total assets acquired | 2,195,708 |
Liabilities assumed: | |
Deposits | 1,757,777 |
Borrowed funds | 201,582 |
Subordinated debentures | 25,074 |
Other liabilities | 30,447 |
Total liabilities assumed | 2,014,880 |
Net assets acquired | $ 180,828 |
Business Combinations - Fair Va
Business Combinations - Fair Value Adjustments Made to the Amortized Cost (Details) $ in Thousands | Jul. 31, 2020USD ($) |
Business Acquisition [Line Items] | |
Gross amortized cost basis at July 31, 2020 | $ 1,787,057 |
Interest rate fair value adjustment on all loans | 455 |
Credit fair value adjustment on non-PCD loans | (21,397) |
Fair value of acquired loans at July 31, 2020 | 1,766,115 |
Allowance for credit losses on PCD loans | (13,586) |
Loans, net | $ 1,752,529 |
Business Combinations - Summary
Business Combinations - Summary of PCD Loans (Details) - SB One Bancorp $ in Thousands | Jul. 31, 2020USD ($) |
Business Acquisition [Line Items] | |
Fair value of acquired loans at July 31, 2020 | $ 315,784 |
Interest component of expected cash flows (accretable difference) | (7,988) |
Allowance for credit losses on PCD loans | (13,586) |
Loans, net | $ 294,210 |
Business Combinations - Tirschw
Business Combinations - Tirschwell & Loewy, Inc Acquisition (Details) $ in Thousands | Jul. 31, 2020USD ($) |
Business Acquisition [Line Items] | |
Assets under management | $ 1,766,115 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) | 3 Months Ended | ||||
Mar. 31, 2021USD ($)securityposition | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)securityposition | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Available for sale debt securities, at fair value | $ 1,216,936,000 | $ 1,105,489,000 | |||
Securities held to maturity | $ 447,902,000 | $ 450,965,000 | |||
Total number of all held to maturity and available for sale securities in an unrealized loss position | security | 122 | 49 | |||
Allowance for credit losses | $ 77,000 | $ 78,000 | $ 0 | ||
Retained earnings | 748,574,000 | 718,090,000 | |||
Securities available for sale, amortized cost | 1,197,401,000 | $ 1,073,570,000 | |||
Proceeds from sales of securities | 9,442,000 | $ 0 | |||
Loss on sale of securities | $ 0 | ||||
Securities available for sale, number of securities in an unrealized loss position | position | 81 | 42 | |||
Unrealized loss | $ 7,424,000 | $ 971,000 | |||
Amortized cost, net of allowance for credit losses | 447,979,000 | 451,043,000 | |||
Held to maturity securities, proceeds from calls | 6,800,000 | 13,300,000 | |||
Held to maturity securities, recognized gain on calls | 0 | 11,000 | |||
Held to maturity securities, recognized loss on calls | 33,000 | 0 | |||
Investment securities held to maturity, fair value | 463,993,000 | 472,529,000 | |||
Allowance for credit losses | $ 85,591,000 | $ 75,143,000 | $ 101,466,000 | $ 55,525,000 | $ 55,525,000 |
Number of securities in an unrealized loss position | security | 41 | 7 | |||
AAA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities held to maturity | $ 66,255,000 | $ 65,492,000 | |||
Amount of total portfolio | 15.00% | ||||
AA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities held to maturity | $ 311,659,000 | 314,410,000 | |||
Amount of total portfolio | 70.00% | ||||
A | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities held to maturity | $ 58,866,000 | 59,748,000 | |||
Amount of total portfolio | 13.00% | ||||
A rated or not rated | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amount of total portfolio | 2.00% | ||||
Private Label Mortgage-Backed Securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities available for sale, amortized cost | $ 17,445 | ||||
Securities available for sale, number of securities in an unrealized loss position | position | 1 | ||||
Unrealized loss | $ 690 | ||||
Available-for-sale Securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Proceeds from sales of securities | 9,400,000 | ||||
Gain on sale of securities | 230,000 | ||||
Accounting Standards Update 2016-13 | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Allowance for credit losses | 70,000 | ||||
Allowance for credit losses | 7,900,000 | ||||
Accounting Standards Update 2016-13, Effect On Debt Securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Retained earnings | $ 52,000 | ||||
Mortgage-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Available for sale debt securities, at fair value | 1,060,152,000 | 938,413,000 | |||
Securities available for sale, amortized cost | 1,042,480,000 | 910,393,000 | |||
Unrealized loss | 6,243,000 | 852,000 | |||
Amortized cost, net of allowance for credit losses | 50,000 | 62,000 | |||
Held-to-maturity securities, amortized cost | 50,000 | ||||
Investment securities held to maturity, fair value | 51,000 | 64,000 | |||
Allowance for credit losses | 77,000 | ||||
Mortgage-backed securities | AAA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities held to maturity | 50,000 | 62,000 | |||
Mortgage-backed securities | AA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities held to maturity | 0 | 0 | |||
Mortgage-backed securities | A | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities held to maturity | 0 | $ 0 | |||
Investments | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Available for sale debt securities, at fair value | 1,110,000,000 | ||||
Securities available for sale, amortized cost | $ 1,090,000,000 |
Investment Securities (Securiti
Investment Securities (Securities Available for Sale) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 1,197,401 | $ 1,073,570 |
Gross unrealized gains | 26,959 | 32,890 |
Gross unrealized losses | (7,424) | (971) |
Available for sale debt securities, at fair value | 1,216,936 | 1,105,489 |
Agency Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,001 | |
Gross unrealized gains | 8 | |
Gross unrealized losses | 0 | |
Available for sale debt securities, at fair value | 1,009 | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 1,042,480 | 910,393 |
Gross unrealized gains | 23,915 | 28,872 |
Gross unrealized losses | (6,243) | (852) |
Available for sale debt securities, at fair value | 1,060,152 | 938,413 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 47,329 | 52,295 |
Gross unrealized gains | 1,876 | 1,535 |
Gross unrealized losses | 0 | 0 |
Available for sale debt securities, at fair value | 49,205 | 53,830 |
State And Municipal Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 69,443 | 69,687 |
Gross unrealized gains | 429 | 1,666 |
Gross unrealized losses | (938) | (95) |
Available for sale debt securities, at fair value | 68,934 | 71,258 |
Corporate Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 38,149 | 40,194 |
Gross unrealized gains | 739 | 809 |
Gross unrealized losses | (243) | (24) |
Available for sale debt securities, at fair value | $ 38,645 | $ 40,979 |
Investment Securities (Availabl
Investment Securities (Available for Sale by Contractual Maturity) (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, amortized cost | $ 0 |
Due after one year through five years, amortized cost | 3,651 |
Due after five years through ten years, amortized cost | 38,002 |
Due after ten years, amortized cost | 65,939 |
Amortized cost | 107,592 |
Due in one year or less, fair value | 0 |
Due after one year through five years, fair value | 3,761 |
Due after five years through ten years, fair value | 38,532 |
Due after ten years, fair value | 65,286 |
Fair value | $ 107,579 |
Investment Securities (Disclosu
Investment Securities (Disclosure Regarding Length of Time on Securities Available for Sale with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | $ 393,160 | $ 132,875 |
Less than 12 months, gross unrealized losses | (7,390) | (919) |
12 months or longer, fair value | 8,110 | 10,007 |
12 months or longer, gross unrealized losses | (34) | (52) |
Total, fair value | 401,270 | 142,882 |
Total, gross unrealized losses | (7,424) | (971) |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 345,988 | 127,600 |
Less than 12 months, gross unrealized losses | (6,209) | (824) |
12 months or longer, fair value | 8,110 | 8,007 |
12 months or longer, gross unrealized losses | (34) | (28) |
Total, fair value | 354,098 | 135,607 |
Total, gross unrealized losses | (6,243) | (852) |
State And Municipal Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 40,517 | 5,275 |
Less than 12 months, gross unrealized losses | (938) | (95) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 40,517 | 5,275 |
Total, gross unrealized losses | (938) | (95) |
Corporate Obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months, fair value | 6,655 | 0 |
Less than 12 months, gross unrealized losses | (243) | 0 |
12 months or longer, fair value | 0 | 2,000 |
12 months or longer, gross unrealized losses | 0 | (24) |
Total, fair value | 6,655 | 2,000 |
Total, gross unrealized losses | $ (243) | $ (24) |
Investment Securities (Held to
Investment Securities (Held to Maturity) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | $ 447,979 | $ 451,043 | |
Gross unrealized gains | 17,037 | 21,551 | |
Gross unrealized losses | (1,023) | (65) | |
Allowance for credit losses | (77) | (78) | $ 0 |
Held to maturity debt securities | 463,993 | 472,529 | |
Held to maturity debt securities, net (fair value of $463,993 at March 31, 2021 (unaudited) and $472,529 at December 31, 2020) | 447,902 | 450,965 | |
Agency Obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 8,998 | 7,600 | |
Gross unrealized gains | 1 | 6 | |
Gross unrealized losses | (95) | (5) | |
Held to maturity debt securities | 8,904 | 7,601 | |
Mortgage-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 50 | 62 | |
Gross unrealized gains | 1 | 2 | |
Gross unrealized losses | 0 | 0 | |
Held to maturity debt securities | 51 | 64 | |
State And Municipal Obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 428,631 | 433,655 | |
Gross unrealized gains | 16,970 | 21,442 | |
Gross unrealized losses | (825) | (58) | |
Held to maturity debt securities | 444,776 | 455,039 | |
Corporate Obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized cost | 10,300 | 9,726 | |
Gross unrealized gains | 65 | 101 | |
Gross unrealized losses | (103) | (2) | |
Allowance for credit losses | $ 0 | ||
Held to maturity debt securities | $ 10,262 | $ 9,825 |
Investment Securities (Securi_2
Investment Securities (Securities Held to Maturity by Contractual Maturity) (Detail) $ in Thousands | Mar. 31, 2021USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, amortized cost | $ 0 |
Due after one year through five years, amortized cost | 163,682 |
Due after five years through ten years, amortized cost | 213,875 |
Due after ten years, amortized cost | 70,372 |
Amortized cost | 447,929 |
Due in one year or less, fair value | 0 |
Due after one year through five years, fair value | 167,460 |
Due after five years through ten years, fair value | 224,327 |
Due after ten years, fair value | 72,155 |
Fair value | $ 463,942 |
Investment Securities - (ASU 20
Investment Securities - (ASU 2016-13 Adoption Impact) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses | $ 77 | $ 78 | $ 0 | |
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses | $ 70 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses | 70 | |||
Corporate Obligations | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses | 0 | |||
Corporate Obligations | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses | 6 | |||
Corporate Obligations | Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses | 6 | |||
Municipal Notes | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses | $ 0 | |||
Municipal Notes | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses | 64 | |||
Municipal Notes | Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Allowance for credit losses | $ 64 |
Investment Securities (Disclo_2
Investment Securities (Disclosure Regarding Length of Time on Investment Securities with Temporary Impairment) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | $ 32,746 | $ 7,627 |
Less than 12 months, gross unrealized losses | (1,007) | (48) |
12 months or longer, fair value | 406 | 406 |
12 months or longer, gross unrealized losses | (16) | (17) |
Total, fair value | 33,152 | 8,033 |
Total, gross unrealized losses | (1,023) | (65) |
Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 6,903 | 1,995 |
Less than 12 months, gross unrealized losses | (95) | (5) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 6,903 | 1,995 |
Total, gross unrealized losses | (95) | (5) |
State And Municipal Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 19,697 | 4,846 |
Less than 12 months, gross unrealized losses | (809) | (41) |
12 months or longer, fair value | 406 | 406 |
12 months or longer, gross unrealized losses | (16) | (17) |
Total, fair value | 20,103 | 5,252 |
Total, gross unrealized losses | (825) | (58) |
Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Less than 12 months, fair value | 6,146 | 786 |
Less than 12 months, gross unrealized losses | (103) | (2) |
12 months or longer, fair value | 0 | 0 |
12 months or longer, gross unrealized losses | 0 | 0 |
Total, fair value | 6,146 | 786 |
Total, gross unrealized losses | $ (103) | $ (2) |
Investment Securities (Amortize
Investment Securities (Amortized Cost of held to Maturity Debt Securities by Year of Originations and Credit Rating) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | $ 447,902 | $ 450,965 |
Amortized cost | 447,979 | 451,043 |
Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 8,998 | 7,600 |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 50 | 62 |
State And Municipal Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 428,631 | 433,655 |
Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 10,300 | 9,726 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 66,255 | 65,492 |
AAA | Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 8,998 | 7,600 |
AAA | Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 50 | 62 |
AAA | State And Municipal Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 57,207 | 57,830 |
AAA | Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 0 | 0 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 311,659 | 314,410 |
AA | Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 0 | 0 |
AA | Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 0 | 0 |
AA | State And Municipal Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 308,572 | 311,155 |
AA | Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 3,087 | 3,255 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 58,866 | 59,748 |
A | Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 0 | 0 |
A | Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 0 | 0 |
A | State And Municipal Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 51,678 | 53,302 |
A | Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 7,188 | 6,446 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 1,115 | 1,115 |
BBB | Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 0 | 0 |
BBB | Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 0 | 0 |
BBB | State And Municipal Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 1,115 | 1,115 |
BBB | Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 0 | 0 |
Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 10,084 | 10,278 |
Not Rated | Agency Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 0 | 0 |
Not Rated | Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 0 | 0 |
Not Rated | State And Municipal Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | 10,059 | 10,253 |
Not Rated | Corporate Obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities held to maturity | $ 25 | $ 25 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021USD ($)borrowerSecurityLoancounterpartytroubled_debt_restructuring | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)SecurityLoanborrowertroubled_debt_restructuring | Jul. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total gross loans | $ 9,819,643,000 | $ 9,839,858,000 | ||||
Less allowance for credit losses | 85,591,000 | $ 75,143,000 | 101,466,000 | $ 55,525,000 | $ 55,525,000 | |
Retained earnings | 748,574,000 | 718,090,000 | ||||
Principal amount of nonaccrual loans | 82,100,000 | 87,100,000 | ||||
Loans less than 90 days past due | $ 27,100,000 | $ 35,300,000 | ||||
Number of loans 90 days past due and still accruing | SecurityLoan | 0 | 0 | ||||
Impaired loan defined floor limit (greater than) | $ 1,000,000 | |||||
Impaired loans number | SecurityLoan | 167 | 169 | ||||
Impaired loans | $ 79,547,000 | $ 86,046,000 | ||||
Number of troubled debt restructurings | troubled_debt_restructuring | 115 | 135 | ||||
Number of borrowers | borrower | 112 | 110 | ||||
Loans and leases receivable, impaired, nonperforming, accrual of interest | $ 39,600,000 | |||||
Collateral-dependent impaired loans | $ 30,100,000 | 26,300,000 | ||||
Provision (benefit) charge for credit losses | (15,001,000) | 14,717,000 | ||||
Charge off on TDRs | $ 1,500,000 | |||||
Number of payment defaults for loans modified as TDRs | SecurityLoan | 0 | |||||
Purchased credit-impaired loans | 746,000 | |||||
Allowances for loan losses | $ 4,802,000 | 8,974,000 | ||||
Impaired financing receivable with no related allowance | 50,300,000 | 43,700,000 | ||||
Average balance of impaired loans | 86,426,000 | 66,763,000 | ||||
Total gross loans | $ 9,803,536,000 | 9,822,890,000 | ||||
Number of PPP loans | counterparty | 1,318 | |||||
Paycheck protection program | $ 664,500,000 | |||||
Number of PPP loans forgiven | SecurityLoan | 670 | |||||
Paycheck protection program, amount forgiven | $ 182,600,000 | |||||
Paycheck protection program, amount outstanding | 481,900,000 | |||||
SB One Bancorp | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Less allowance for credit losses | $ 13,600,000 | |||||
Purchased credit-impaired (PCI) loans | SB One Bancorp | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Less allowance for credit losses | 10,800,000 | 13,100,000 | ||||
Total gross loans | 283,900,000 | 296,600,000 | ||||
Performing Financial Instruments | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans and leases receivable, impaired, nonperforming, accrual of interest | 22,700,000 | $ 23,100,000 | ||||
Consumer Loan | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral-dependent impaired loans | 216,000 | |||||
Commercial Loan | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral-dependent impaired loans | 28,300,000 | |||||
Residential Real Estate | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Collateral-dependent impaired loans | 1,600,000 | |||||
Impaired Loans Troubled Debt Restructurings | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired loans number | SecurityLoan | 112 | |||||
Allowances for loan losses | 0 | |||||
Commercial Loans | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total gross loans | 2,510,708,000 | $ 2,567,470,000 | ||||
Less allowance for credit losses | 26,302,000 | $ 22,841,000 | 27,084,000 | 28,263,000 | $ 28,263,000 | |
Impaired loans | 28,359,000 | 35,832,000 | ||||
Allowances for loan losses | 3,832,000 | 4,715,000 | ||||
Average balance of impaired loans | 32,533,000 | $ 31,411,000 | ||||
Commercial Loans | SB One Bancorp | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Total gross loans | $ 101,700,000 | |||||
Accounting Standards Update 2016-13 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Less allowance for credit losses | 7,900,000 | |||||
Accounting Standards Update 2016-13, Effect On Loans Receivable | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Retained earnings | $ 5,900,000 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses (Schedule of Summarized Loans Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 9,819,643 | $ 9,839,858 |
Premiums on purchased loans | 1,378 | 1,566 |
Unearned discounts | (7) | (12) |
Net deferred fees | (17,478) | (18,522) |
Total loans | 9,803,536 | 9,822,890 |
Mortgage Portfolio Segment | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 6,945,287 | 6,779,822 |
Mortgage Portfolio Segment | Residential | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,277,376 | 1,294,702 |
Mortgage Portfolio Segment | Commercial | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 3,594,012 | 3,458,666 |
Mortgage Portfolio Segment | Multi-Family | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 1,458,193 | 1,484,515 |
Mortgage Portfolio Segment | Construction | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 615,706 | 541,939 |
Commercial Loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 2,510,708 | 2,567,470 |
Consumer Loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 363,648 | $ 492,566 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses (Summary of Aging Loans Receivable by Portfolio Segment and Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | $ 82,084 | $ 87,090 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 104,177 | 125,100 |
Current | 9,715,466 | 9,714,758 |
Total loans | 9,819,643 | 9,839,858 |
Non-accrual loans with no related allowance | 67,339 | 49,013 |
Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 13,244 | 22,762 |
Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 8,849 | 15,248 |
Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 43,032 | 42,689 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 62,864 | 68,995 |
Current | 6,882,423 | 6,710,827 |
Total loans | 6,945,287 | 6,779,822 |
Non-accrual loans with no related allowance | 43,032 | 31,189 |
Mortgage Portfolio Segment | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 7,797 | 9,315 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 20,820 | 33,956 |
Current | 1,256,556 | 1,260,746 |
Total loans | 1,277,376 | 1,294,702 |
Non-accrual loans with no related allowance | 7,797 | 9,315 |
Mortgage Portfolio Segment | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 33,742 | 31,982 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 36,445 | 32,856 |
Current | 3,557,567 | 3,425,810 |
Total loans | 3,594,012 | 3,458,666 |
Non-accrual loans with no related allowance | 33,742 | 20,482 |
Mortgage Portfolio Segment | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 101 | 0 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 1,428 | 791 |
Current | 1,456,765 | 1,483,724 |
Total loans | 1,458,193 | 1,484,515 |
Non-accrual loans with no related allowance | 101 | 0 |
Mortgage Portfolio Segment | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 1,392 | 1,392 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 4,171 | 1,392 |
Current | 611,535 | 540,547 |
Total loans | 615,706 | 541,939 |
Non-accrual loans with no related allowance | 1,392 | 1,392 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 11,495 | 16,756 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 6,862 | 15,789 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 2,183 | 761 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 1,327 | 206 |
Mortgage Portfolio Segment | Financing Receivables, 30 to 59 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 1,123 | 0 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 8,337 | 9,550 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 6,161 | 8,852 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 520 | 113 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Multi-Family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 0 | 585 |
Mortgage Portfolio Segment | Financing Receivables, 60 to 89 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 1,656 | 0 |
Commercial Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 36,042 | 42,118 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 36,670 | 44,955 |
Current | 2,474,038 | 2,522,515 |
Total loans | 2,510,708 | 2,567,470 |
Non-accrual loans with no related allowance | 21,298 | 15,541 |
Commercial Loans | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 393 | 1,658 |
Commercial Loans | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 235 | 1,179 |
Consumer Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Non-accrual | 3,010 | 2,283 |
Recorded Investment greater than 90 days accruing | 0 | 0 |
Total Past Due | 4,643 | 11,150 |
Current | 359,005 | 481,416 |
Total loans | 363,648 | 492,566 |
Non-accrual loans with no related allowance | 3,009 | 2,283 |
Consumer Loans | Financing Receivables, 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | 1,356 | 4,348 |
Consumer Loans | Financing Receivables, 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Recorded investment past due | $ 277 | $ 4,519 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses (Schedule of Allowance for Loan Losses by Portfolio Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | $ 101,466 | $ 55,525 |
Provision benefit to operations | (15,000) | 14,700 |
Retained earnings (due to initial CECL adoption) | 7,920 | |
Recoveries of loans previously charged-off | 1,107 | 529 |
Loans charged-off | (1,982) | (3,531) |
Balance at end of period | 85,591 | 75,143 |
Mortgage Portfolio Segment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 68,307 | 25,511 |
Provision benefit to operations | (13,467) | 7,710 |
Retained earnings (due to initial CECL adoption) | 14,188 | |
Recoveries of loans previously charged-off | 276 | 93 |
Loans charged-off | (918) | (2) |
Balance at end of period | 54,198 | 47,500 |
Commercial Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 27,084 | 28,263 |
Provision benefit to operations | (467) | 7,619 |
Retained earnings (due to initial CECL adoption) | (9,974) | |
Recoveries of loans previously charged-off | 528 | 313 |
Loans charged-off | (843) | (3,380) |
Balance at end of period | 26,302 | 22,841 |
Consumer Loans | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Balance at beginning of period | 6,075 | 1,751 |
Provision benefit to operations | (1,066) | (629) |
Retained earnings (due to initial CECL adoption) | 3,706 | |
Recoveries of loans previously charged-off | 303 | 123 |
Loans charged-off | (221) | (149) |
Balance at end of period | $ 5,091 | $ 4,802 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses (Impact of ASC 326 Adoption) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | $ 85,591 | $ 101,466 | $ 75,143 | $ 55,525 | $ 55,525 |
Mortgage Portfolio | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 25,511 | ||||
Mortgage Portfolio | Residential | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 3,414 | ||||
Mortgage Portfolio | Commercial | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 12,831 | ||||
Mortgage Portfolio | Multifamily | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 3,374 | ||||
Mortgage Portfolio | Construction | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 5,892 | ||||
Commercial Loans | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 26,302 | 27,084 | 22,841 | 28,263 | 28,263 |
Consumer Loans | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | $ 5,091 | $ 6,075 | $ 4,802 | 1,751 | $ 1,751 |
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 63,445 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 39,739 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Residential | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 8,950 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Commercial | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 17,118 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Multifamily | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 9,519 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Mortgage Portfolio | Construction | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 4,152 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial Loans | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 18,254 | ||||
Cumulative Effect, Period of Adoption, Adjusted Balance | Consumer Loans | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 5,452 | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 7,920 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 14,228 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Residential | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 5,536 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Commercial | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 4,287 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Multifamily | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | 6,145 | ||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage Portfolio | Construction | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | (1,740) | ||||
Cumulative Effect, Period of Adoption, Adjustment | Commercial Loans | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | (10,009) | ||||
Cumulative Effect, Period of Adoption, Adjustment | Consumer Loans | |||||
New Accounting Pronouncement, Early Adoption [Line Items] | |||||
Allowance for credit losses | $ 3,701 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses (Summary of Loans Receivable by Portfolio Segment and Impairment Method) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | $ 79,547 | $ 86,046 |
Collectively evaluated for impairment | 9,740,096 | 9,753,812 |
Total loans | 9,819,643 | 9,839,858 |
Mortgage Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 49,783 | 48,783 |
Collectively evaluated for impairment | 6,895,504 | 6,731,039 |
Total loans | 6,945,287 | 6,779,822 |
Commercial Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 28,359 | 35,832 |
Collectively evaluated for impairment | 2,482,349 | 2,531,638 |
Total loans | 2,510,708 | 2,567,470 |
Consumer Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Individually evaluated for impairment | 1,405 | 1,431 |
Collectively evaluated for impairment | 362,243 | 491,135 |
Total loans | $ 363,648 | $ 492,566 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses (Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | $ 4,802 | $ 8,974 | |||
Collectively evaluated for impairment | 80,789 | 92,492 | |||
Total | 85,591 | 101,466 | $ 75,143 | $ 55,525 | $ 55,525 |
Mortgage Portfolio Segment | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | 927 | 4,220 | |||
Collectively evaluated for impairment | 53,271 | 64,087 | |||
Total | 54,198 | 68,307 | 47,500 | 25,511 | |
Commercial Loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | 3,832 | 4,715 | |||
Collectively evaluated for impairment | 22,470 | 22,369 | |||
Total | 26,302 | 27,084 | 22,841 | 28,263 | 28,263 |
Consumer Loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Individually evaluated for impairment | 43 | 39 | |||
Collectively evaluated for impairment | 5,048 | 6,036 | |||
Total | $ 5,091 | $ 6,075 | $ 4,802 | $ 1,751 | $ 1,751 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses (Schedule of Troubled Debt Restructurings) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)counterparty | Mar. 31, 2020USD ($)counterparty | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | counterparty | 3 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 1,361 | $ 746 |
Post-Modification Outstanding Recorded Investment | $ 1,359 | $ 731 |
Commercial Loan | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | counterparty | 3 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 1,361 | $ 746 |
Post-Modification Outstanding Recorded Investment | $ 1,359 | $ 731 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses (Schedule of Trouble Debt Restructuring Subsequently Defaulted) (Details) | 3 Months Ended |
Mar. 31, 2021SecurityLoan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Number of payment defaults for loans modified as TDRs | 0 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses (Summary of PCD Loans) (Details) - SB One Bancorp $ in Thousands | Jul. 31, 2020USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
Fair value of acquired loans at July 31, 2020 | $ 315,784 |
Interest rate fair value adjustment on all loans | 7,988 |
Fair value of PCD loans | 307,796 |
Allowance for credit losses on PCD loans | 13,586 |
Loans, net | $ 294,210 |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Credit Losses (Summary of Impaired Loans Receivable by Class) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | $ 59,382 | $ 48,672 |
Loans with no related allowance, Recorded Investment | 50,270 | 43,683 |
Loans with no related allowance, Average Recorded Investment | 53,039 | 40,411 |
Loans with no related allowance, Interest Income Recognized | 148 | 667 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 33,018 | 48,455 |
Loans with an allowance recorded, Recorded Investment | 29,277 | 42,363 |
Loans with an allowance recorded, Average Recorded Investment | 33,387 | 26,352 |
Loans with an allowance recorded, Interest Income Recognized | 223 | 1,208 |
Total impaired loans | ||
Unpaid Principal Balance | 92,400 | 97,127 |
Recorded Investment | 79,547 | 86,046 |
Related Allowance | 4,802 | 8,974 |
Average Recorded Investment | 86,426 | 66,763 |
Interest Income Recognized | 371 | 1,875 |
Mortgage Portfolio Segment | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 46,392 | 31,395 |
Loans with no related allowance, Recorded Investment | 40,450 | 28,794 |
Loans with no related allowance, Average Recorded Investment | 41,638 | 27,613 |
Loans with no related allowance, Interest Income Recognized | 135 | 571 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 9,833 | 22,943 |
Loans with an allowance recorded, Recorded Investment | 9,333 | 19,989 |
Loans with an allowance recorded, Average Recorded Investment | 9,386 | 7,727 |
Loans with an allowance recorded, Interest Income Recognized | 90 | 877 |
Total impaired loans | ||
Unpaid Principal Balance | 56,225 | 54,338 |
Recorded Investment | 49,783 | 48,783 |
Related Allowance | 927 | 4,220 |
Average Recorded Investment | 51,024 | 35,340 |
Interest Income Recognized | 225 | 1,448 |
Mortgage Portfolio Segment | Residential | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 12,267 | 13,981 |
Loans with no related allowance, Recorded Investment | 9,794 | 11,380 |
Loans with no related allowance, Average Recorded Investment | 10,083 | 11,587 |
Loans with no related allowance, Interest Income Recognized | 118 | 511 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 8,938 | 7,950 |
Loans with an allowance recorded, Recorded Investment | 8,438 | 7,506 |
Loans with an allowance recorded, Average Recorded Investment | 8,461 | 7,604 |
Loans with an allowance recorded, Interest Income Recognized | 77 | 307 |
Total impaired loans | ||
Unpaid Principal Balance | 21,205 | 21,931 |
Recorded Investment | 18,232 | 18,886 |
Related Allowance | 904 | 806 |
Average Recorded Investment | 18,544 | 19,191 |
Interest Income Recognized | 195 | 818 |
Mortgage Portfolio Segment | Commercial | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 34,125 | 17,414 |
Loans with no related allowance, Recorded Investment | 30,656 | 17,414 |
Loans with no related allowance, Average Recorded Investment | 31,555 | 16,026 |
Loans with no related allowance, Interest Income Recognized | 17 | 60 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 895 | 14,993 |
Loans with an allowance recorded, Recorded Investment | 895 | 12,483 |
Loans with an allowance recorded, Average Recorded Investment | 925 | 123 |
Loans with an allowance recorded, Interest Income Recognized | 13 | 570 |
Total impaired loans | ||
Unpaid Principal Balance | 35,020 | 32,407 |
Recorded Investment | 31,551 | 29,897 |
Related Allowance | 23 | 3,414 |
Average Recorded Investment | 32,480 | 16,149 |
Interest Income Recognized | 30 | 630 |
Commercial Loans | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 11,630 | 15,895 |
Loans with no related allowance, Recorded Investment | 8,963 | 14,009 |
Loans with no related allowance, Average Recorded Investment | 9,082 | 12,791 |
Loans with no related allowance, Interest Income Recognized | 0 | 46 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 22,622 | 24,947 |
Loans with an allowance recorded, Recorded Investment | 19,396 | 21,823 |
Loans with an allowance recorded, Average Recorded Investment | 23,451 | 18,620 |
Loans with an allowance recorded, Interest Income Recognized | 123 | 311 |
Total impaired loans | ||
Unpaid Principal Balance | 34,252 | 40,842 |
Recorded Investment | 28,359 | 35,832 |
Related Allowance | 3,832 | 4,715 |
Average Recorded Investment | 32,533 | 31,411 |
Interest Income Recognized | 123 | 357 |
Consumer Loans | ||
Loans with no related allowance | ||
Loans with no related allowance, Unpaid Principal Balance | 1,360 | 1,382 |
Loans with no related allowance, Recorded Investment | 857 | 880 |
Loans with no related allowance, Average Recorded Investment | 2,319 | 7 |
Loans with no related allowance, Interest Income Recognized | 13 | 50 |
Loans with an allowance recorded | ||
Loans with an allowance recorded, Unpaid Principal Balance | 563 | 565 |
Loans with an allowance recorded, Recorded Investment | 548 | 551 |
Loans with an allowance recorded, Average Recorded Investment | 550 | 5 |
Loans with an allowance recorded, Interest Income Recognized | 10 | 20 |
Total impaired loans | ||
Unpaid Principal Balance | 1,923 | 1,947 |
Recorded Investment | 1,405 | 1,431 |
Related Allowance | 43 | 39 |
Average Recorded Investment | 2,869 | 12 |
Interest Income Recognized | $ 23 | $ 70 |
Loans Receivable and Allowan_14
Loans Receivable and Allowance for Credit Losses (Summary of COVID-19 Impact) (Details) - USD ($) $ in Thousands | Apr. 20, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | $ 9,803,536 | $ 9,822,890 | |
First 90-day Deferral Period | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | $ 300 | ||
Second 90-Day Deferral Period, Expected To Be Granted | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 46,600 | ||
Completed Deferral Period | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 85,100 | ||
Loans In Deferral, Total Amount | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 123,500 | ||
Principal Only Deferral | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | $ 119,000 | ||
Percentage of total loans | 96.40% | ||
Hotel | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | $ 40,900 | ||
Multifamily | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 33,100 | ||
Retail Properties | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 8,600 | ||
Restaurants | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 6,500 | ||
Residential | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | 8,500 | ||
Payment Deferral | Maximum | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | $ 1,310,000 | ||
Percentage of total loans | 16.80% | ||
Payment Deferral | Minimum | Subsequent Event | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross loans | $ 132,000 | ||
Percentage of total loans | 1.30% |
Loans Receivable and Allowan_15
Loans Receivable and Allowance for Credit Losses (Summary of Loans Receivable by Credit Quality Risk Rating Indicator) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | $ 468,843 | |
2020 | 1,991,107 | |
2019 | 1,574,207 | |
2018 | 1,152,030 | |
2017 and prior | 4,633,456 | |
Total gross loans | 9,819,643 | $ 9,839,858 |
Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 414 | |
2020 | 4,318 | |
2019 | 73,074 | |
2018 | 83,889 | |
2017 and prior | 419,475 | |
Criticized and classified loans, gross | 132,000 | |
Total gross loans | 581,170 | 605,963 |
Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 23 | |
2020 | 2,331 | |
2019 | 56,658 | |
2018 | 65,953 | |
2017 and prior | 187,375 | |
Total gross loans | 312,340 | 340,617 |
Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 391 | |
2020 | 1,987 | |
2019 | 16,416 | |
2018 | 17,936 | |
2017 and prior | 232,080 | |
Total gross loans | 268,810 | 265,294 |
Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 20 | |
Total gross loans | 20 | 52 |
Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 468,429 | |
2020 | 1,986,789 | |
2019 | 1,501,133 | |
2018 | 1,068,141 | |
2017 and prior | 4,213,981 | |
Total gross loans | 9,238,473 | 9,233,895 |
Mortgage Portfolio Segment | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 207,437 | |
2020 | 1,354,272 | |
2019 | 1,262,944 | |
2018 | 868,673 | |
2017 and prior | 3,251,961 | |
Total gross loans | 6,945,287 | 6,779,822 |
Mortgage Portfolio Segment | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 2,149 | |
2019 | 54,038 | |
2018 | 73,623 | |
2017 and prior | 206,775 | |
Total gross loans | 336,585 | 313,126 |
Mortgage Portfolio Segment | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 1,986 | |
2019 | 47,839 | |
2018 | 62,375 | |
2017 and prior | 83,992 | |
Total gross loans | 196,192 | 181,670 |
Mortgage Portfolio Segment | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 163 | |
2019 | 6,199 | |
2018 | 11,248 | |
2017 and prior | 122,783 | |
Total gross loans | 140,393 | 131,456 |
Mortgage Portfolio Segment | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 207,437 | |
2020 | 1,352,123 | |
2019 | 1,208,906 | |
2018 | 795,050 | |
2017 and prior | 3,045,186 | |
Total gross loans | 6,608,702 | 6,466,696 |
Mortgage Portfolio Segment | Residential | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 82,831 | |
2020 | 262,195 | |
2019 | 144,385 | |
2018 | 84,489 | |
2017 and prior | 703,476 | |
Total gross loans | 1,277,376 | 1,294,702 |
Mortgage Portfolio Segment | Residential | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 163 | |
2019 | 4,434 | |
2018 | 3,169 | |
2017 and prior | 21,497 | |
Total gross loans | 29,263 | 29,533 |
Mortgage Portfolio Segment | Residential | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 661 | |
2018 | 2,425 | |
2017 and prior | 2,761 | |
Total gross loans | 5,847 | 2,882 |
Mortgage Portfolio Segment | Residential | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 163 | |
2019 | 3,773 | |
2018 | 744 | |
2017 and prior | 18,736 | |
Total gross loans | 23,416 | 26,651 |
Mortgage Portfolio Segment | Residential | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Residential | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Residential | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 82,831 | |
2020 | 262,032 | |
2019 | 139,951 | |
2018 | 81,320 | |
2017 and prior | 681,979 | |
Total gross loans | 1,248,113 | 1,265,169 |
Mortgage Portfolio Segment | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 78,552 | |
2020 | 670,040 | |
2019 | 664,820 | |
2018 | 430,288 | |
2017 and prior | 1,750,312 | |
Total gross loans | 3,594,012 | 3,458,666 |
Mortgage Portfolio Segment | Commercial | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 32,736 | |
2018 | 45,208 | |
2017 and prior | 160,796 | |
Total gross loans | 238,740 | 222,944 |
Mortgage Portfolio Segment | Commercial | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 30,310 | |
2018 | 39,825 | |
2017 and prior | 58,916 | |
Total gross loans | 129,051 | 124,631 |
Mortgage Portfolio Segment | Commercial | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 2,426 | |
2018 | 5,383 | |
2017 and prior | 101,880 | |
Total gross loans | 109,689 | 98,313 |
Mortgage Portfolio Segment | Commercial | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Commercial | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Commercial | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 78,552 | |
2020 | 670,040 | |
2019 | 632,084 | |
2018 | 385,080 | |
2017 and prior | 1,589,516 | |
Total gross loans | 3,355,272 | 3,235,722 |
Mortgage Portfolio Segment | Multi-Family | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 31,141 | |
2020 | 296,124 | |
2019 | 178,327 | |
2018 | 203,468 | |
2017 and prior | 749,133 | |
Total gross loans | 1,458,193 | 1,484,515 |
Mortgage Portfolio Segment | Multi-Family | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 679 | |
2018 | 20,125 | |
2017 and prior | 16,633 | |
Total gross loans | 37,437 | 31,349 |
Mortgage Portfolio Segment | Multi-Family | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 679 | |
2018 | 20,125 | |
2017 and prior | 15,081 | |
Total gross loans | 35,885 | 29,781 |
Mortgage Portfolio Segment | Multi-Family | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 1,552 | |
Total gross loans | 1,552 | 1,568 |
Mortgage Portfolio Segment | Multi-Family | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Multi-Family | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Multi-Family | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 31,141 | |
2020 | 296,124 | |
2019 | 177,648 | |
2018 | 183,343 | |
2017 and prior | 732,500 | |
Total gross loans | 1,420,756 | 1,453,166 |
Mortgage Portfolio Segment | Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 14,913 | |
2020 | 125,913 | |
2019 | 275,412 | |
2018 | 150,428 | |
2017 and prior | 49,040 | |
Total gross loans | 615,706 | 541,939 |
Mortgage Portfolio Segment | Construction | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 1,986 | |
2019 | 16,189 | |
2018 | 5,121 | |
2017 and prior | 7,849 | |
Total gross loans | 31,145 | 29,300 |
Mortgage Portfolio Segment | Construction | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 1,986 | |
2019 | 16,189 | |
2018 | 0 | |
2017 and prior | 7,234 | |
Total gross loans | 25,409 | 24,376 |
Mortgage Portfolio Segment | Construction | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 5,121 | |
2017 and prior | 615 | |
Total gross loans | 5,736 | 4,924 |
Mortgage Portfolio Segment | Construction | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Construction | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Mortgage Portfolio Segment | Construction | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 14,913 | |
2020 | 123,927 | |
2019 | 259,223 | |
2018 | 145,307 | |
2017 and prior | 41,191 | |
Total gross loans | 584,561 | 512,639 |
Commercial Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 252,459 | |
2020 | 597,728 | |
2019 | 264,747 | |
2018 | 239,109 | |
2017 and prior | 1,156,665 | |
Total gross loans | 2,510,708 | 2,567,470 |
Commercial Loans | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 414 | |
2020 | 2,169 | |
2019 | 18,675 | |
2018 | 10,146 | |
2017 and prior | 208,816 | |
Total gross loans | 240,220 | 284,224 |
Commercial Loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 23 | |
2020 | 345 | |
2019 | 8,819 | |
2018 | 3,578 | |
2017 and prior | 102,854 | |
Total gross loans | 115,619 | 157,080 |
Commercial Loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 391 | |
2020 | 1,824 | |
2019 | 9,856 | |
2018 | 6,568 | |
2017 and prior | 105,942 | |
Total gross loans | 124,581 | 127,092 |
Commercial Loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 20 | |
Total gross loans | 20 | 52 |
Commercial Loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Commercial Loans | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 252,045 | |
2020 | 595,559 | |
2019 | 246,072 | |
2018 | 228,963 | |
2017 and prior | 947,849 | |
Total gross loans | 2,270,488 | 2,283,246 |
Consumer Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 8,947 | |
2020 | 39,107 | |
2019 | 46,516 | |
2018 | 44,248 | |
2017 and prior | 224,830 | |
Total gross loans | 363,648 | 492,566 |
Consumer Loans | Criticized | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 361 | |
2018 | 120 | |
2017 and prior | 3,884 | |
Total gross loans | 4,365 | 8,613 |
Consumer Loans | Special Mention | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 529 | |
Total gross loans | 529 | 1,867 |
Consumer Loans | Substandard | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 361 | |
2018 | 120 | |
2017 and prior | 3,355 | |
Total gross loans | 3,836 | 6,746 |
Consumer Loans | Doubtful | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Consumer Loans | Loss | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 and prior | 0 | |
Total gross loans | 0 | 0 |
Consumer Loans | Pass/Watch | ||
Financing Receivable, Recorded Investment [Line Items] | ||
2021 | 8,947 | |
2020 | 39,107 | |
2019 | 46,155 | |
2018 | 44,128 | |
2017 and prior | 220,946 | |
Total gross loans | $ 359,283 | $ 483,953 |
Deposits (Detail)
Deposits (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Banking and Thrift, Other Disclosures [Abstract] | ||
Savings | $ 1,402,363 | $ 1,348,147 |
Money market | 2,345,640 | 2,245,412 |
NOW | 3,075,098 | 2,808,637 |
Non-interest bearing | 2,511,408 | 2,341,459 |
Certificates of deposit | 963,004 | 1,094,174 |
Total deposits | $ 10,297,513 | $ 9,837,829 |
Components of Net Periodic Be_3
Components of Net Periodic Benefit Cost (Narrative) (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2006 | Dec. 31, 2002 | |
Retirement Benefits [Abstract] | |||
Service period for employees of coverage age, years (at least) | 1 year | ||
Defined benefit plan, percentage vested | 100.00% | ||
Retiree benefits eliminated if less than service period, years (less than) | 10 years | 10 years | |
Defined benefit plan, contributions by employer | $ 0 |
Components of Net Periodic Be_4
Components of Net Periodic Benefit Cost (Benefit Cost (Increase) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Pension benefits | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 198 | 250 |
Expected return on plan assets | (807) | (737) |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss (gain) | 118 | 174 |
Net periodic (benefit) increase cost | (491) | (313) |
Other post-retirement benefits | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||
Service cost | 9 | 20 |
Interest cost | 106 | 178 |
Expected return on plan assets | 0 | 0 |
Amortization of prior service cost | 0 | 0 |
Amortization of the net loss (gain) | (268) | (62) |
Net periodic (benefit) increase cost | $ (153) | $ 136 |
Allowance for Credit Losses o_3
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jan. 01, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Provision for credit losses for off-balance sheet credit exposure | $ 4,100 | $ 5,000 | $ 0 | |
Retained earnings | 748,574 | $ 718,090 | ||
Provision (benefit) charge for credit losses | (15,001) | $ 14,717 | ||
Credit loss (benefit) expense for off-balance sheet credit exposures | $ 875 | $ (1,000) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Provision for credit losses for off-balance sheet credit exposure | 3,206 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Provision for credit losses for off-balance sheet credit exposure | 3,206 | |||
Accounting Standards Update 2016-13 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Provision for credit losses for off-balance sheet credit exposure | 3,200 | |||
Accounting Standards Update 2016-13, Effect On Off-Balance Sheet Items | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Retained earnings | $ 2,400 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) $ in Thousands | Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash | $ 42,600 | $ 114,300 |
Available for sale debt securities: | 1,216,936 | 1,105,489 |
Subordinated debentures | 25,173 | 25,135 |
Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,216,936 | 1,105,489 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 1,009 |
Subordinated debentures | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 1,009 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,216,936 | 1,104,480 |
Subordinated debentures | 30,325 | 24,375 |
Significant Other Observable Inputs (Level 2) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,216,936 | 1,104,480 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Subordinated debentures | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Agency Obligations | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,009 | |
Agency Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,009 | |
Agency Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,009 | |
Agency Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Agency Obligations | Significant Other Observable Inputs (Level 2) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Agency Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Agency Obligations | Significant Unobservable Inputs (Level 3) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,060,152 | 938,413 |
Mortgage-backed securities | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,060,152 | 938,413 |
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,060,152 | 938,413 |
Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,060,152 | 938,413 |
Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 49,205 | 53,830 |
Asset-backed securities | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 49,205 | 53,830 |
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | ||
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 49,205 | 53,830 |
Asset-backed securities | Significant Other Observable Inputs (Level 2) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 49,205 | 53,830 |
Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | ||
Asset-backed securities | Significant Unobservable Inputs (Level 3) | Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,216,936 | 1,105,489 |
Subordinated debentures | 25,173 | 25,135 |
Carrying Value | Agency Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,009 | |
Carrying Value | Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,060,152 | 938,413 |
Carrying Value | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 49,205 | 53,830 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,216,936 | 1,105,489 |
Subordinated debentures | 30,325 | 24,375 |
Fair Value | Agency Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,009 | |
Fair Value | Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,060,152 | 938,413 |
Fair Value | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | $ 49,205 | $ 53,830 |
Valuation, Market Approach | Measurement Input, Cost to Sell | Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | security | 0.05 | |
Foreclosed assets, measurement input | security | 0.05 | |
Valuation, Market Approach | Measurement Input, Cost to Sell | Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | security | 0.10 | |
Foreclosed assets, measurement input | security | 0.10 |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | $ 1,216,936 | $ 1,105,489 |
Equity securities | 1,026 | 971 |
Derivative liabilities | 38,500 | |
Foreclosed assets | 3,554 | 4,475 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 1,009 |
Equity securities | 1,026 | 971 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,216,936 | 1,104,480 |
Equity securities | 0 | 0 |
Derivative assets | 76,542 | 101,079 |
Derivative liabilities | 78,228 | 109,148 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Agency Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,009 | |
Agency Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Agency Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,060,152 | 938,413 |
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,060,152 | 938,413 |
Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 49,205 | 53,830 |
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | ||
Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 49,205 | 53,830 |
Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | ||
State And Municipal Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 68,934 | 71,258 |
State And Municipal Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
State And Municipal Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 68,934 | 71,258 |
State And Municipal Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Corporate Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 38,645 | 40,979 |
Corporate Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Corporate Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 38,645 | 40,979 |
Corporate Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,216,936 | 1,105,489 |
Equity securities | 1,026 | 971 |
Derivative assets | 76,542 | 101,079 |
Total assets at fair value | 1,294,504 | 1,207,539 |
Derivative liabilities | 78,228 | 109,148 |
Measured on a Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 1,009 |
Equity securities | 1,026 | 971 |
Derivative assets | 0 | 0 |
Total assets at fair value | 1,026 | 1,980 |
Derivative liabilities | 0 | 0 |
Measured on a Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,216,936 | 1,104,480 |
Equity securities | 0 | 0 |
Derivative assets | 76,542 | 101,079 |
Total assets at fair value | 1,293,478 | 1,205,559 |
Derivative liabilities | 78,228 | 109,148 |
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets at fair value | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on a Recurring Basis | Agency Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,009 | |
Measured on a Recurring Basis | Agency Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,009 | |
Measured on a Recurring Basis | Agency Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Measured on a Recurring Basis | Agency Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Measured on a Recurring Basis | Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,060,152 | 938,413 |
Measured on a Recurring Basis | Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 1,060,152 | 938,413 |
Measured on a Recurring Basis | Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 49,205 | 53,830 |
Measured on a Recurring Basis | Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Measured on a Recurring Basis | Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 49,205 | 53,830 |
Measured on a Recurring Basis | Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | |
Measured on a Recurring Basis | State And Municipal Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 68,934 | 71,258 |
Measured on a Recurring Basis | State And Municipal Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | State And Municipal Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 68,934 | 71,258 |
Measured on a Recurring Basis | State And Municipal Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | Corporate Obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 38,645 | 40,979 |
Measured on a Recurring Basis | Corporate Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Recurring Basis | Corporate Obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 38,645 | 40,979 |
Measured on a Recurring Basis | Corporate Obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities: | 0 | 0 |
Measured on a Non-Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 33,674 | 30,725 |
Loans measured for impairment based on the fair value of the underlying collateral | 30,120 | 26,250 |
Foreclosed assets | 3,554 | 4,475 |
Measured on a Non-Recurring Basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 0 | 0 |
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Measured on a Non-Recurring Basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 0 | 0 |
Loans measured for impairment based on the fair value of the underlying collateral | 0 | 0 |
Foreclosed assets | 0 | 0 |
Measured on a Non-Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total assets at fair value | 33,674 | 30,725 |
Loans measured for impairment based on the fair value of the underlying collateral | 30,120 | 26,250 |
Foreclosed assets | $ 3,554 | $ 4,475 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Financial assets: | |||
Cash and cash equivalents | $ 687,570 | $ 532,353 | |
Available for sale debt securities, at fair value | 1,216,936 | 1,105,489 | |
Investment securities held to maturity, fair value | 463,993 | 472,529 | |
Federal Home Loan Bank stock | 48,998 | 59,489 | |
Equity securities | 1,026 | 971 | |
Total loans | 9,717,945 | 9,721,424 | |
Financial liabilities: | |||
Certificates of deposit | 963,004 | 1,094,174 | |
Total deposits | 10,297,513 | 9,837,829 | |
Borrowed funds | 940,611 | 1,175,972 | |
Subordinated debentures | 25,173 | 25,135 | |
Derivative liabilities | 38,500 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Cash and cash equivalents | 687,570 | 532,353 | |
Available for sale debt securities, at fair value | 0 | 1,009 | |
Investment securities held to maturity, fair value | 8,904 | 7,601 | |
Federal Home Loan Bank stock | 48,998 | 59,489 | |
Equity securities | 1,026 | 971 | |
Total loans | 0 | 0 | |
Derivative assets | 0 | 0 | |
Financial liabilities: | |||
Deposits other than certificates of deposits | 9,334,509 | 8,743,655 | |
Certificates of deposit | 0 | 0 | |
Total deposits | 9,334,509 | 8,743,655 | |
Borrowed funds | 0 | 0 | |
Subordinated debentures | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Cash and cash equivalents | 0 | 0 | |
Available for sale debt securities, at fair value | 1,216,936 | 1,104,480 | |
Investment securities held to maturity, fair value | 455,089 | 464,850 | |
Federal Home Loan Bank stock | 0 | 0 | |
Equity securities | 0 | 0 | |
Total loans | 0 | 0 | |
Derivative assets | 76,542 | 101,079 | |
Financial liabilities: | |||
Deposits other than certificates of deposits | 0 | 0 | |
Certificates of deposit | 967,088 | 1,097,993 | |
Total deposits | 967,088 | 1,097,993 | |
Borrowed funds | 945,538 | 1,193,024 | |
Subordinated debentures | 30,325 | 24,375 | |
Derivative liabilities | 78,228 | 109,148 | |
Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Cash and cash equivalents | 0 | 0 | |
Available for sale debt securities, at fair value | 0 | 0 | |
Investment securities held to maturity, fair value | 0 | 0 | |
Federal Home Loan Bank stock | 0 | 0 | |
Equity securities | 0 | 0 | |
Total loans | 9,857,891 | 9,969,330 | |
Derivative assets | 0 | 0 | |
Financial liabilities: | |||
Deposits other than certificates of deposits | 0 | 0 | |
Certificates of deposit | 0 | 0 | |
Total deposits | 0 | 0 | |
Borrowed funds | 0 | 0 | |
Subordinated debentures | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
US Treasury Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | ||
US Treasury Obligations | Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | ||
US Treasury Obligations | Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | ||
Agency Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 1,009 | ||
Investment securities held to maturity, fair value | 8,904 | 7,601 | |
Agency Obligations | Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | |
Agency Obligations | Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | |
Mortgage-backed securities | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 1,060,152 | 938,413 | |
Investment securities held to maturity, fair value | 51 | 64 | |
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | 0 | |
Investment securities held to maturity, fair value | 0 | 0 | |
Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 1,060,152 | 938,413 | |
Investment securities held to maturity, fair value | 51 | 64 | |
Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | 0 | |
Investment securities held to maturity, fair value | 0 | 0 | |
Asset-backed securities | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 49,205 | 53,830 | |
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | |||
Asset-backed securities | Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 49,205 | 53,830 | |
Asset-backed securities | Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | |||
State And Municipal Obligations | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 68,934 | 71,258 | |
Investment securities held to maturity, fair value | 444,776 | 455,039 | |
State And Municipal Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | 0 | |
Investment securities held to maturity, fair value | 0 | 0 | |
State And Municipal Obligations | Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 68,934 | 71,258 | |
Investment securities held to maturity, fair value | 444,776 | 454,973 | |
State And Municipal Obligations | Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | 0 | |
Investment securities held to maturity, fair value | 0 | 0 | |
Corporate Obligations | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 38,645 | 40,979 | |
Investment securities held to maturity, fair value | 10,262 | 9,825 | |
Corporate Obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | 0 | |
Investment securities held to maturity, fair value | 0 | 0 | |
Corporate Obligations | Significant Other Observable Inputs (Level 2) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 38,645 | 40,979 | |
Investment securities held to maturity, fair value | 10,262 | 9,813 | |
Corporate Obligations | Significant Unobservable Inputs (Level 3) | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | 0 | |
Investment securities held to maturity, fair value | 0 | 0 | |
Carrying Value | |||
Financial assets: | |||
Cash and cash equivalents | 532,353 | $ 687,570 | |
Available for sale debt securities, at fair value | 1,216,936 | 1,105,489 | |
Investment securities held to maturity, fair value | 447,902 | 450,965 | |
Federal Home Loan Bank stock | 48,998 | 59,489 | |
Equity securities | 1,026 | 971 | |
Total loans | 9,717,945 | 9,721,424 | |
Derivative assets | 76,542 | 101,079 | |
Financial liabilities: | |||
Deposits other than certificates of deposits | 9,334,509 | 8,743,655 | |
Certificates of deposit | 963,004 | 1,094,174 | |
Total deposits | 10,297,513 | 9,837,829 | |
Borrowed funds | 940,611 | 1,175,972 | |
Subordinated debentures | 25,173 | 25,135 | |
Derivative liabilities | 78,228 | 109,148 | |
Carrying Value | US Treasury Obligations | |||
Financial assets: | |||
Available for sale debt securities, at fair value | |||
Carrying Value | Agency Obligations | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 1,009 | ||
Investment securities held to maturity, fair value | 8,998 | 7,600 | |
Carrying Value | Mortgage-backed securities | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 1,060,152 | 938,413 | |
Investment securities held to maturity, fair value | 50 | 62 | |
Carrying Value | Asset-backed securities | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 49,205 | 53,830 | |
Carrying Value | State And Municipal Obligations | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 68,934 | 71,258 | |
Investment securities held to maturity, fair value | 428,571 | 433,589 | |
Carrying Value | Corporate Obligations | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 38,645 | 40,979 | |
Investment securities held to maturity, fair value | 10,283 | 9,714 | |
Fair Value | |||
Financial assets: | |||
Cash and cash equivalents | 687,570 | 532,353 | |
Available for sale debt securities, at fair value | 1,216,936 | 1,105,489 | |
Investment securities held to maturity, fair value | 463,993 | 472,451 | |
Federal Home Loan Bank stock | 48,998 | 59,489 | |
Equity securities | 1,026 | 971 | |
Total loans | 9,857,891 | 9,969,330 | |
Derivative assets | 76,542 | 101,079 | |
Financial liabilities: | |||
Deposits other than certificates of deposits | 9,334,509 | 8,743,655 | |
Certificates of deposit | 967,088 | 1,097,993 | |
Total deposits | 10,301,597 | 9,841,648 | |
Borrowed funds | 945,538 | 1,193,024 | |
Subordinated debentures | 30,325 | 24,375 | |
Derivative liabilities | 78,228 | 109,148 | |
Fair Value | US Treasury Obligations | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 0 | ||
Fair Value | Agency Obligations | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 1,009 | ||
Investment securities held to maturity, fair value | 8,904 | 7,601 | |
Fair Value | Mortgage-backed securities | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 1,060,152 | 938,413 | |
Investment securities held to maturity, fair value | 51 | 64 | |
Fair Value | Asset-backed securities | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 49,205 | 53,830 | |
Fair Value | State And Municipal Obligations | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 68,934 | 71,258 | |
Investment securities held to maturity, fair value | 444,776 | 454,973 | |
Fair Value | Corporate Obligations | |||
Financial assets: | |||
Available for sale debt securities, at fair value | 38,645 | 40,979 | |
Investment securities held to maturity, fair value | $ 10,262 | $ 9,813 |
Other Comprehensive Income (Com
Other Comprehensive Income (Components of OCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unrealized gains and losses on available for sale debt securities: | ||
Net unrealized (losses) gains arising during the period | $ (12,152) | $ 22,563 |
Reclassification adjustment for gains included in net income | (230) | 0 |
Total | (12,382) | 22,563 |
Unrealized gains (losses) on derivatives (cash flow hedges) | 6,226 | (7,697) |
Amortization related to post-retirement obligations | (150) | 112 |
Total other comprehensive (loss) income | (6,306) | 14,978 |
Unrealized gains and losses on available for sale debt securities: | ||
Net unrealized (losses) gains arising during the period | 3,133 | (5,817) |
Reclassification adjustment for gains included in net income | 59 | 0 |
Total | 3,192 | (5,817) |
Unrealized gains (losses) on derivatives (cash flow hedges) | (1,605) | 1,984 |
Amortization related to post-retirement obligations | 41 | (28) |
Total other comprehensive (loss) income | 1,628 | (3,861) |
Unrealized gains and losses on available for sale debt securities: | ||
Net unrealized (losses) gains arising during the period | (9,019) | 16,746 |
Reclassification adjustment for gains included in net income | (171) | 0 |
Total | (9,190) | 16,746 |
Unrealized gains (losses) on derivatives (cash flow hedges) | 4,621 | (5,713) |
Amortization related to post-retirement obligations | (109) | 84 |
Total other comprehensive (loss) income | $ (4,678) | $ 11,117 |
Other Comprehensive Income (C_2
Other Comprehensive Income (Components of AOCI) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 1,619,797 | $ 1,413,840 |
Current - period other comprehensive (loss) income | (4,678) | 11,117 |
Ending Balance | 1,647,231 | 1,412,589 |
Unrealized Gains (Losses) on Available for Sale Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 23,690 | 8,746 |
Current - period other comprehensive (loss) income | (9,190) | 16,746 |
Ending Balance | 14,500 | 25,492 |
Post- Retirement Obligations | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (1,081) | (5,240) |
Current - period other comprehensive (loss) income | (109) | 84 |
Ending Balance | (1,190) | (5,156) |
Unrealized (Losses) Gains on Derivatives (cash flow hedges) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (4,954) | 315 |
Current - period other comprehensive (loss) income | 4,621 | (5,713) |
Ending Balance | (333) | (5,398) |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 17,655 | 3,821 |
Current - period other comprehensive (loss) income | (4,678) | 11,117 |
Ending Balance | $ 12,977 | $ 14,938 |
Other Comprehensive Income (Rec
Other Comprehensive Income (Reclassifications Out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net gain on securities transactions | $ (197) | $ (11) |
Income tax expense | 16,226 | 5,257 |
Total reclassification | (48,559) | (14,931) |
Compensation and employee benefits | 35,312 | 31,195 |
Unrealized Gains (Losses) on Available for Sale Debt Securities | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net gain on securities transactions | 230 | 0 |
Income tax expense | (59) | 0 |
Total reclassification | 171 | 0 |
Reclassification adjustment | Post-retirement obligations | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income tax expense | 41 | (28) |
Total reclassification | (109) | 84 |
Compensation and employee benefits | $ (150) | $ 112 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)counterpartyinstrument | Dec. 31, 2020USD ($)instrument | |
Derivative [Line Items] | ||
Derivative instruments in accumulated other comprehensive income reclassified to interest expense | $ 3,500 | |
Derivative liability, notional amount | $ 600,000 | |
Number of counterparties | counterparty | 4 | |
Counterparty in liability position | counterparty | 4 | |
Derivative liabilities | $ 38,500 | |
Collateral against obligations | 42,000 | |
Derivatives Not Designated as a Hedging Instruments | ||
Derivative [Line Items] | ||
Credit derivatives, fair value | $ 96 | $ 97 |
Derivatives Not Designated as a Hedging Instruments | Interest rate products | ||
Derivative [Line Items] | ||
Number of derivative instruments held (in instrument) | instrument | 174 | 172 |
Derivative notional amount | $ 2,620,000 | $ 2,630,000 |
Derivatives Not Designated as a Hedging Instruments | Credit contracts | ||
Derivative [Line Items] | ||
Number of derivative instruments held (in instrument) | instrument | 13 | |
Derivative notional amount | $ 131,400 | $ 121,700 |
Amount of collateral | $ 650 | |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of outstanding derivatives | instrument | 14 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities (Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives Not Designated as a Hedging Instruments | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | $ 74,764 | $ 107,749 |
Liability derivatives | 75,740 | 109,148 |
Derivatives Not Designated as a Hedging Instruments | Other Assets | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 74,668 | 107,652 |
Derivatives Not Designated as a Hedging Instruments | Other Assets | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 96 | 97 |
Derivatives Not Designated as a Hedging Instruments | Other Liabilities | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 75,740 | 109,148 |
Derivatives Not Designated as a Hedging Instruments | Other Liabilities | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | 0 | 0 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 1,778 | (6,671) |
Liability derivatives | 2,488 | 0 |
Designated as Hedging Instrument | Other Assets | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Asset derivatives | 1,778 | (6,671) |
Designated as Hedging Instrument | Other Liabilities | Interest rate products | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ 2,488 | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities (Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivatives Not Designated as a Hedging Instruments | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | $ 423 | $ (820) |
Derivatives Not Designated as a Hedging Instruments | Interest rate products | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | 400 | (819) |
Derivatives Not Designated as a Hedging Instruments | Credit contracts | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | 23 | (1) |
Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | 879 | 106 |
Designated as Hedging Instrument | Interest rate products | Other income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) recognized in Income on derivatives | $ 879 | $ 106 |
Revenue Recognition (Summary of
Revenue Recognition (Summary of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Percentage of total revenue excluded from adoption of 606 | 82.30% | 84.00% |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 14,136 | $ 10,438 |
Total out-of-scope non-interest income | 7,501 | 6,553 |
Total non-interest income | 21,637 | 16,991 |
Wealth management fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 7,134 | 6,251 |
Insurance agency income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2,727 | 0 |
Service charges on deposit accounts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2,497 | 2,977 |
Debit card and ATM fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,778 | 1,210 |
Total banking service charges and other fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 4,275 | $ 4,187 |
Leases (Additional Information)
Leases (Additional Information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 40,960 | $ 41,142 |
Operating lease liabilities | $ 42,323 | $ 42,042 |
Weighted-average remaining lease term | 8 years 9 months 18 days | |
Weighted-average discount rate | 3.14% |
Leases (Supplemental Balance Sh
Leases (Supplemental Balance Sheet Information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 40,960 | $ 41,142 |
Operating lease liabilities | $ 42,323 | $ 42,042 |
Operating lease, right-of-use asset, statement of financial position [Extensible List] | Other assets | Other assets |
Operating lease, liability, statement of financial position [Extensible List] | Other liabilities | Other liabilities |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow and Lease Cost Information) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Operating lease cost | $ 2,812 | $ 2,130 |
Variable lease cost | 803 | 607 |
Total Lease Cost | 3,615 | 2,737 |
Operating cash flows from operating leases | $ 2,345 | $ 2,125 |
Leases (Future Minimum Payments
Leases (Future Minimum Payments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remainder of 2021 | $ 6,472 | |
2022 | 6,391 | |
2023 | 5,878 | |
2024 | 5,475 | |
2025 | 4,887 | |
Thereafter | 20,027 | |
Total future minimum lease payments | 49,130 | |
Amounts representing interest | 6,807 | |
Present value of net future minimum lease payments | $ 42,323 | $ 42,042 |