Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 01, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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 | 130,485,099 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001178970 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 290,528 | $ 180,241 |
Short-term investments | 33 | 14 |
Total cash and cash equivalents | 290,561 | 180,255 |
Available for sale debt securities, at fair value | 2,626,783 | 1,690,112 |
Held to maturity debt securities, net (fair value of $332,691 as of June 30, 2024 (unaudited) and $352,601 as of December 31, 2023) | 350,528 | 363,080 |
Equity securities, at fair value | 19,250 | 1,270 |
Federal Home Loan Bank stock | 100,068 | 79,217 |
Loans held for sale | 4,450 | 1,785 |
Loans held for investment | 18,759,330 | 10,871,916 |
Less allowance for credit losses | 188,331 | 107,200 |
Net loans | 18,575,449 | 10,766,501 |
Foreclosed assets, net | 11,119 | 11,651 |
Banking premises and equipment, net | 127,396 | 70,998 |
Accrued interest receivable | 93,843 | 58,966 |
Intangible assets | 851,507 | 457,942 |
Bank-owned life insurance | 404,605 | 243,050 |
Other assets | 619,358 | 287,768 |
Total assets | 24,070,467 | 14,210,810 |
Deposits: | ||
Demand deposits | 13,526,094 | 8,020,889 |
Savings deposits | 1,745,158 | 1,175,683 |
Certificates of deposit of $250,000 or more | 871,842 | 218,549 |
Other time deposits | 2,210,150 | 877,393 |
Total deposits | 18,353,244 | 10,292,514 |
Mortgage escrow deposits | 50,694 | 36,838 |
Borrowed funds | 2,302,058 | 1,970,033 |
Subordinated debentures | 412,766 | 10,695 |
Other liabilities | 396,059 | 210,134 |
Total liabilities | 21,514,821 | 12,520,214 |
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, 137,565,966 shares issued and 130,380,393 shares outstanding as of June 30, 2024 and 75,537,186 outstanding as of December 31, 2023 | 1,376 | 832 |
Additional paid-in capital | 1,868,643 | 989,058 |
Retained earnings | 957,979 | 974,542 |
Accumulated other comprehensive (loss) income | (139,964) | (141,115) |
Treasury stock | (129,115) | (127,825) |
Unallocated common stock held by the Employee Stock Ownership Plan | (3,273) | (4,896) |
Common stock acquired by deferred compensation plans | (2,398) | (2,694) |
Deferred compensation plans | 2,398 | 2,694 |
Total stockholders’ equity | 2,555,646 | 1,690,596 |
Total liabilities and stockholders’ equity | $ 24,070,467 | $ 14,210,810 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Held-to-maturity, debt securities | $ 332,691 | $ 352,601 |
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) | 137,565,966 | 137,565,966 |
Common stock, shares outstanding (in shares) | 130,380,393 | 75,537,186 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest and dividend income: | ||||
Real estate secured loans | $ 156,318 | $ 99,302 | $ 263,774 | $ 195,290 |
Commercial loans | 58,532 | 31,426 | 94,632 | 60,109 |
Consumer loans | 8,351 | 4,431 | 12,874 | 8,673 |
Available for sale debt securities, equity securities and Federal Home Loan Bank stock | 20,394 | 11,432 | 32,724 | 22,862 |
Held to maturity debt securities | 2,357 | 2,357 | 4,625 | 4,725 |
Due from banks, Federal funds sold and other short-term investments | 1,859 | 948 | 3,041 | 1,793 |
Total interest income | 247,811 | 149,896 | 411,670 | 293,452 |
Interest expense: | ||||
Deposits | 81,058 | 36,447 | 133,592 | 63,957 |
Borrowed funds | 20,566 | 14,088 | 37,949 | 21,564 |
Subordinated debt | 4,681 | 255 | 4,953 | 501 |
Total interest expense | 106,305 | 50,790 | 176,494 | 86,022 |
Net interest income | 141,506 | 99,106 | 235,176 | 207,430 |
Provision charge for credit losses | 69,705 | 9,750 | 69,385 | 16,490 |
Net interest income after provision charge for credit losses | 71,801 | 89,356 | 165,791 | 190,940 |
Non-interest income: | ||||
Fees | 8,699 | 5,775 | 14,611 | 12,162 |
Wealth management income | 7,769 | 6,919 | 15,257 | 13,834 |
Insurance agency income | 4,488 | 3,847 | 9,281 | 7,950 |
Bank-owned life insurance | 3,323 | 1,534 | 5,140 | 3,018 |
Net (loss) gain on securities transactions | (2,973) | 29 | (2,974) | 24 |
Other income | 969 | 1,283 | 1,766 | 4,552 |
Total non-interest income | 22,275 | 19,387 | 43,081 | 41,540 |
Non-interest expense: | ||||
Compensation and employee benefits | 54,888 | 35,283 | 94,936 | 74,021 |
Net occupancy expense | 11,142 | 7,949 | 19,662 | 16,360 |
Data processing expense | 8,433 | 5,716 | 15,217 | 11,224 |
FDIC insurance | 3,100 | 2,125 | 5,372 | 4,061 |
Amortization of intangibles | 6,483 | 749 | 7,188 | 1,511 |
Advertising and promotion expense | 1,171 | 1,379 | 2,137 | 2,589 |
Merger-related expenses | 18,915 | 1,960 | 21,117 | 3,060 |
Other operating expenses | 11,262 | 9,949 | 21,592 | 21,032 |
Total non-interest expense | 115,394 | 65,110 | 187,221 | 133,858 |
(Loss) Income before income tax expense | (21,318) | 43,633 | 21,651 | 98,622 |
Income tax (benefit) expense | (9,833) | 11,630 | 1,055 | 26,083 |
Net (loss) income | $ (11,485) | $ 32,003 | $ 20,596 | $ 72,539 |
Basic earnings per share (usd per share) | $ (0.11) | $ 0.43 | $ 0.23 | $ 0.97 |
Weighted average basic shares outstanding (in shares) | 102,957,521 | 74,823,272 | 89,108,775 | 74,734,795 |
Diluted earnings per share (usd per share) | $ (0.11) | $ 0.43 | $ 0.23 | $ 0.97 |
Weighted average diluted shares outstanding (in shares) | 102,957,521 | 74,830,187 | 89,116,590 | 74,766,848 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss) income | $ (11,485) | $ 32,003 | $ 20,596 | $ 72,539 |
Unrealized gains and losses on available for sale debt securities: | ||||
Net unrealized gains (losses) arising during the period | 11,561 | (14,726) | 1,604 | 6,138 |
Reclassification adjustment for losses included in net income | 2,056 | 0 | 2,056 | 0 |
Total | 13,617 | (14,726) | 3,660 | 6,138 |
Unrealized gains and losses on derivatives: | ||||
Net unrealized gains arising during the period | 941 | 3,650 | 4,144 | 3,033 |
Reclassification adjustment for (gains) included in net income | (2,582) | (3,010) | (5,469) | (6,089) |
Total | (1,641) | 640 | (1,325) | (3,056) |
Amortization related to post-retirement obligations | (355) | (261) | (1,184) | (530) |
Total other comprehensive income (loss) | 11,621 | (14,347) | 1,151 | 2,552 |
Total comprehensive income | $ 136 | $ 17,656 | $ 21,747 | $ 75,091 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | COMMON STOCK | ADDITIONAL PAID-IN CAPITAL | RETAINED EARNINGS | RETAINED EARNINGS Cumulative Effect, Period of Adoption, Adjustment | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | TREASURYSTOCK | UNALLOCATED ESOP SHARES | COMMON STOCK ACQUIRED BY DEFERRED COMP PLANS | DEFERRED COMPENSATION PLANS |
Beginning balance at Dec. 31, 2022 | $ 1,597,703 | $ 433 | $ 832 | $ 981,138 | $ 918,158 | $ 433 | $ (165,045) | $ (127,154) | $ (10,226) | $ (3,427) | $ 3,427 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net (loss) income | 72,539 | 72,539 | |||||||||
Other comprehensive loss, net of tax | 2,552 | 2,552 | |||||||||
Cash dividends paid | $ (36,727) | (36,727) | |||||||||
Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02, net of tax | Accounting Standards Update 2022-02 [Member] | ||||||||||
Distributions from deferred comp plans | $ 79 | 79 | 277 | (277) | |||||||
Purchases of treasury stock | 0 | ||||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,671) | (1,671) | |||||||||
Stock option exercises | 790 | (217) | 1,007 | ||||||||
Allocation of ESOP shares | 1,866 | 243 | 1,623 | ||||||||
Allocation of SAP shares | 4,830 | 4,830 | |||||||||
Allocation of stock options | 77 | 77 | |||||||||
Ending balance at Jun. 30, 2023 | 1,642,471 | 832 | 986,150 | 954,403 | (162,493) | (127,818) | (8,603) | (3,150) | 3,150 | ||
Beginning balance at Mar. 31, 2023 | 1,640,080 | 832 | 984,089 | 940,533 | (148,146) | (127,814) | (9,414) | (3,289) | 3,289 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net (loss) income | 32,003 | 32,003 | |||||||||
Other comprehensive loss, net of tax | (14,347) | (14,347) | |||||||||
Cash dividends paid | (18,133) | (18,133) | |||||||||
Distributions from deferred comp plans | 32 | 32 | 139 | (139) | |||||||
Purchases of treasury stock | 0 | ||||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (4) | (4) | |||||||||
Stock option exercises | 0 | ||||||||||
Allocation of ESOP shares | 810 | (1) | 811 | ||||||||
Allocation of SAP shares | 1,997 | 1,997 | |||||||||
Allocation of stock options | 33 | 33 | |||||||||
Ending balance at Jun. 30, 2023 | 1,642,471 | 832 | 986,150 | 954,403 | (162,493) | (127,818) | (8,603) | (3,150) | 3,150 | ||
Beginning balance at Dec. 31, 2023 | 1,690,596 | 832 | 989,058 | 974,542 | (141,115) | (127,825) | (4,896) | (2,694) | 2,694 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net (loss) income | 20,596 | 20,596 | |||||||||
Other comprehensive loss, net of tax | 1,151 | 1,151 | |||||||||
Cash dividends paid | (37,159) | (37,159) | |||||||||
Distributions from deferred comp plans | 63 | 63 | 296 | (296) | |||||||
Purchase of employee restricted shares to fund statutory tax withholding | (1,290) | (1,290) | |||||||||
Stock option exercises | 0 | ||||||||||
Allocation of ESOP shares | 1,442 | (181) | 1,623 | ||||||||
Allocation of SAP shares | 3,425 | 3,425 | |||||||||
Shares issued due to acquisition | 876,778 | 544 | 876,234 | ||||||||
Allocation of stock options | 44 | 44 | |||||||||
Ending balance at Jun. 30, 2024 | 2,555,646 | 1,376 | 1,868,643 | 957,979 | (139,964) | (129,115) | (3,273) | (2,398) | 2,398 | ||
Beginning balance at Mar. 31, 2024 | 1,695,162 | 832 | 990,582 | 988,480 | (151,585) | (129,062) | (4,085) | (2,546) | 2,546 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net (loss) income | (11,485) | (11,485) | |||||||||
Other comprehensive loss, net of tax | 11,621 | 11,621 | |||||||||
Cash dividends paid | (19,016) | (19,016) | |||||||||
Distributions from deferred comp plans | 30 | 30 | 148 | (148) | |||||||
Purchases of treasury stock | 0 | ||||||||||
Purchase of employee restricted shares to fund statutory tax withholding | (53) | (53) | |||||||||
Stock option exercises | 0 | ||||||||||
Allocation of ESOP shares | 689 | (123) | 812 | ||||||||
Allocation of SAP shares | 1,904 | 1,904 | |||||||||
Shares issued due to acquisition | 876,778 | 544 | 876,234 | ||||||||
Allocation of stock options | 16 | 16 | |||||||||
Ending balance at Jun. 30, 2024 | $ 2,555,646 | $ 1,376 | $ 1,868,643 | $ 957,979 | $ (139,964) | $ (129,115) | $ (3,273) | $ (2,398) | $ 2,398 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 20,596,000 | $ 72,539,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization of intangibles | 12,346,000 | 5,953,000 |
Provision charge for credit losses | 69,385,000 | 16,490,000 |
Deferred tax benefit | (1,020,000) | (2,332,000) |
Amortization of operating lease right-of-use assets | 6,398,000 | 5,257,000 |
Income on Bank-owned life insurance | (5,140,000) | (3,018,000) |
Net amortization of premiums and discounts on securities | 694,000 | 4,012,000 |
Accretion of net deferred loan fees | (3,611,000) | (4,691,000) |
Amortization of premiums on purchased loans, net | 100,000 | 120,000 |
Originations of loans held for sale | (5,285,000) | (11,490,000) |
Proceeds from sales of loans originated for sale | 3,005,000 | 11,938,000 |
ESOP expense | 1,442,000 | 1,866,000 |
Allocation of stock award expense | 3,425,000 | 4,830,000 |
Allocation of stock option expense | 44,000 | 77,000 |
Net gain on sale of loans | (385,000) | (972,000) |
Net loss (gain) on securities transactions | 2,974,000 | (24,000) |
Net gain on sale of premises and equipment | 0 | (197,000) |
Net gain on sale of foreclosed assets | (203,000) | (2,789,000) |
Increase in accrued interest receivable | (7,634,000) | (1,942,000) |
(Increase) decrease in other assets | (27,968,000) | 7,490,000 |
Increase (decrease) in other liabilities | 48,748,000 | (17,719,000) |
Net cash provided by operating activities | 117,911,000 | 85,398,000 |
Cash flows from investing activities: | ||
Net decrease (increase) in loans | 5,236,000 | (285,500,000) |
Purchases of loans | 0 | (3,394,000) |
Proceeds from sales of foreclosed assets | 426,000 | 3,485,000 |
Proceeds from maturities, calls and paydowns of held to maturity debt securities | 22,908,000 | 17,545,000 |
Purchases of investment securities held to maturity | (15,122,000) | (9,130,000) |
Proceeds from sales of available for sale debt securities | 568,360,000 | 0 |
Proceeds from maturities, calls and paydowns of available for sale debt securities | 122,363,000 | 92,681,000 |
Purchases of available for sale debt securities | (60,338,000) | (34,802,000) |
Proceeds from redemption of Federal Home Loan Bank stock | 121,738,000 | 112,279,000 |
Purchases of Federal Home Loan Bank stock | (142,589,000) | (137,055,000) |
Cash received, net of cash consideration paid for acquisition | 194,548,000 | 0 |
BOLI claim benefits received | 1,356,000 | 2,347,000 |
Proceeds from sales of premises and equipment | 0 | 62,000 |
Purchases of premises and equipment | (1,513,000) | (2,959,000) |
Net cash provided by (used in) investing activities | 817,373,000 | (244,441,000) |
Cash flows from financing activities: | ||
Net decrease in deposits | (562,194,000) | (301,904,000) |
Increase in mortgage escrow deposits | 8,324,000 | 8,575,000 |
Cash dividends paid to stockholders | (37,159,000) | (36,727,000) |
Purchase of treasury stock | 0 | 0 |
Purchase of employee restricted shares to fund statutory tax withholding | (1,290,000) | (1,671,000) |
Stock options exercised | 0 | 790,000 |
Proceeds from subordinated debentures and long-term borrowings | 221,243,000 | 446,531,000 |
Payments on long-term borrowings | 0 | (32,500,000) |
Net (decrease) increase in short-term borrowings | (453,902,000) | 98,313,000 |
Net cash (use in) provided by financing activities | (824,978,000) | 181,407,000 |
Net increase in cash and cash equivalents | 110,306,000 | 22,364,000 |
Cash and cash equivalents at beginning of period | 180,185,000 | 186,438,000 |
Restricted cash at beginning of period | 70,000 | 70,000 |
Total cash and cash equivalents | 290,561,000 | 208,872,000 |
Cash and cash equivalents at end of period | 290,491,000 | 208,802,000 |
Restricted cash at end of period | 70,000 | 70,000 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 137,204,000 | 81,490,000 |
Income taxes | 18,419,000 | 26,591,000 |
Non-cash investing activities: | ||
Initial recognition of operating lease right-of-use assets | 14,742,000 | 0 |
Initial recognition of operating lease liabilities | 14,742,000 | 0 |
Transfer of loans receivable to foreclosed assets | 0 | 12,341,000 |
Non-cash assets acquired at fair value: | ||
Investment securities | 1,632,107,000 | 0 |
Loans held for sale | 1,494,000 | |
Loans held for investment | 7,889,138,000 | 0 |
Bank-owned life insurance | 160,646,000 | 0 |
Goodwill and other intangible assets | 400,773,000 | 0 |
Bank premises and equipment | 60,578,000 | 0 |
Other assets | 269,251,000 | 0 |
Total non-cash assets acquired at fair value | 10,413,987,000 | 0 |
Liabilities assumed | ||
Deposits | 8,622,924,000 | 0 |
Borrowings | 785,927,000 | 0 |
Subordinated debentures | 180,198,000 | 0 |
Other Liabilities | 142,708,000 | 0 |
Total liabilities assumed | 9,731,757,000 | 0 |
Common stock issued for acquisitions | $ 876,778,000 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
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. (the "Company") and its wholly owned subsidiary, Provident Bank (the “Bank") and its wholly owned subsidiaries. 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 is a material estimate that is 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 and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for all of 2024. 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. Additionally, certain comparative balances on the interim unaudited consolidated financial statements have been reclassified to conform to the current year’s presentation. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2023 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 and six months ended June 30, 2024 and 2023 (dollars in thousands, except per share amounts): Three months ended June 30, 2024 2023 Net Weighted Per Net Weighted Per Net (loss) income $ (11,485) $ 32,003 Basic earnings per share: (Loss) Income available to common stockholders $ (11,485) 102,957,521 $ (0.11) $ 32,003 74,823,272 $ 0.43 Dilutive shares — 6,915 Diluted earnings per share: (Loss) Income available to common stockholders $ (11,485) 102,957,521 $ (0.11) $ 32,003 74,830,187 $ 0.43 Six months ended June 30, 2024 2023 Net Weighted Per Net Weighted Per Net income $ 20,596 $ 72,539 Basic earnings per share: Income available to common stockholders $ 20,596 89,108,775 $ 0.23 $ 72,539 74,734,795 $ 0.97 Dilutive shares 7,815 32,053 Diluted earnings per share: Income available to common stockholders $ 20,596 89,116,590 $ 0.23 $ 72,539 74,766,848 $ 0.97 Anti-dilutive stock options and awards as of June 30, 2024 and 2023, totaling 1.5 million shares and 1.3 million shares, respectively, were excluded from the earnings per share calculations. C. Loans Receivable and Allowance for Credit Losses The impact of utilizing the current expected credit loss ("CECL") methodology approach to calculate the allowance for credit losses on loans is significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and six months ended June 30, 2024, an initial CECL provision for credit losses on loans and commitments to extend credit of $65.2 million was recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. See Notes 4 and 10 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans and off-balance sheet credit exposures. D. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. Goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment at least once a year. The Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its most recent annual goodwill impairment test as of July 1, 2024. The Company performed a qualitative analysis of goodwill and concluded that no triggering events were identified and therefore a test for impairment between annual tests was not required. Accounting Pronouncements Not Yet Adopted In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in this ASU require improved annual income tax disclosures surrounding rate reconciliation, income taxes paid, and other disclosures. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2024, with early adoption in the interim period permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Business Combinations | Business Combinations Lakeland Bancorp, Inc. - Merger Agreement On May 16, 2024, the Company completed its merger with Lakeland Bancorp, Inc. ("Lakeland"), which added $10.91 billion to total assets, $7.91 billion to total loans, $8.62 billion to total deposits and 68 full-service banking offices in New Jersey and New York. The Company expects to close 13 of the acquired Lakeland banking offices and nine legacy Bank branches in the third quarter of 2024 due to geographic overlap. Under the merger agreement, each share of Lakeland common stock was converted into the right to receive 0.8319 shares of the Company's common stock, a total of 54,356,954 shares converted, plus cash in lieu of fractional shares. The total consideration paid for the acquisition of Lakeland was $876.8 million. In connection with the acquisition, Lakeland Bank, a wholly owned subsidiary of Lakeland, was merged with and into the Bank. The acquisition was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax. The excess of consideration paid over the estimated fair value of the net assets acquired totaled $190.9 million and was recorded as goodwill. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the merger date, net of cash consideration paid (in thousands): As of May 16, 2024 Assets acquired: Cash and cash equivalents, net $ 194,548 Available for sale debt securities 1,585,993 Federal Home Loan Bank stock 46,113 Loans held for sale 1,494 Loans held for investment 7,906,326 Allowance for credit losses on PCD loans (17,188) Loans, net 7,889,138 Bank-owned life insurance 160,646 Banking premises and equipment 60,578 Accrued interest receivable 27,241 Goodwill 190,858 Other intangibles assets 209,915 Other assets 242,011 Total assets acquired $ 10,608,535 Liabilities assumed: Deposits 8,622,924 Mortgage escrow deposits 5,532 Borrowed funds 785,927 Subordinated debentures 180,198 Other liabilities 137,176 Total liabilities assumed $ 9,731,757 Net assets acquired $ 876,778 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 and goodwill may be required. 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 Lakeland 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 agency and municipal bonds carried on Lakeland'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. A fair value discount of $249.7 million was recorded on the investments. Loans Loans acquired from Lakeland were recorded at fair value, and there was no carryover related allowance for loan and lease losses. The fair values of loans acquired from Lakeland 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 had a gross amortized cost basis of $7.91 billion. For loans acquired without evidence of more-than-insignificant deterioration in credit quality since origination, the Company recorded 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 discount of $297.2 million. The Company used historical annual average charge-off percentages for banking institutions identified as peers of the Company and Lakeland combined as a market-participant proxy to develop the life-of-loan loss rates per loan type for the Non-PCD loans. The default and loss rates were then applied to the principal balance to arrive at the projected credit losses for each period, which resulted in a credit fair value discount of $82.4 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) modifications for borrowers experiencing financial difficulty; (3) risk ratings of watch, special mention, substandard or doubtful; and (4) loans greater than 59 days past due. At the acquisition date, an estimate of expected credit losses was made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This estimate of credit losses was calculated using management's best estimate of projected losses over the remaining life of the loans. 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 forecasts. The expected lifetime losses were calculated using historical losses observed at the Bank, Lakeland and peer banks. A $17.2 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. The table below illustrates the fair value adjustments made to the amortized cost basis in order to present the fair value of the loans acquired (in thousands): Gross amortized cost basis as of May 16, 2024 $ 8,323,589 Interest rate fair value adjustment on all loans (330,540) Credit fair value adjustment on non-PCD loans (82,359) Charge-offs on PCD Loans at acquisition (4,364) Allowance for credit losses on PCD loans (17,188) Fair value of acquired loans, net, as of May 16, 2024 $ 7,889,138 The table below is a summary of the PCD loans that were acquired from Lakeland as of the closing date (in thousands): Gross amortized cost basis as of May 16, 2024 $ 564,147 Charge-offs on PCD Loans at acquisition (4,364) Interest component of expected cash flows (accretable difference) (33,365) Allowance for credit losses on PCD loans (17,188) Net PCD loans $ 509,230 Banking Premises and Equipment The Company acquired 68 branches from Lakeland, 29 of which were owned premises. The Company expects to close 13 of the acquired banking offices in the third quarter of 2024. The fair value of Lakeland’s premises was determined based upon independent third-party appraisals performed by licensed appraisers in the market in which the premises are located. Core Deposit Intangible The fair value of the core deposit intangible was measured using a discounted cash flow approach by comparing the all-in cost of less rate sensitive deposits against an alternative funding source. The discounted cash flow approach is used because there is no reliable market participant data to support a market approach nor is there an effective measure to utilize the cost approach. To calculate the value of core deposits, deposit account servicing costs (net of deposit fee income) and interest expense on deposits were compared to the cost of alternative funding sources by using an average of Federal Home Loan Bank of New York ("FHLBNY") advance rates and brokered CD rates as disclosed by market sources. The projected cash flows were developed using projected deposit attrition rates. The discount rate was calculated using the Capital Assets Pricing Model. The core deposit intangible totaled $209.2 million and is being amortized over its estimated life of approximately 10 years based on dollar weighted deposit runoff on an annualized basis. The core deposit intangible will be evaluated annually for impairment. Bank Owned Life Insurance ("BOLI") Lakeland's BOLI cash surrender value was $160.6 million with no fair value adjustment required. 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 $1.2 million is being amortized into income on a level yield basis over the contractual life of the deposits. Borrowings The fair value of FHLBNY advances was determined based on a discounted cash flow analysis using a discount rate derived from FHLBNY rates as of May 16, 2024. The cash flows of the advances were projected based on the scheduled payments of each advance. Subordinated Debentures At the valuation date, Lakeland had three outstanding trust preferred issuances and a subordinated debt issuance with an aggregate balance of $180.2 million, all of which was assumed by the Company on May 16, 2024 . 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. Merger-Related Expenses Merger-related expenses, which is a separate line in non-interest expense on the Consolidated Statements of Income, totaled $18.9 million and $21.1 million for the three and six months ended June 30, 2024, respectively, compared with $2.0 million and $3.1 million for the three and six months ended June 30, 2023. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities As of June 30, 2024, the Company had $2.63 billion and $350.5 million in available for sale debt securities and held to maturity debt securities, respectively. The total number of available for sale and held to maturity debt securities in an unrealized loss position as of June 30, 2024 totaled 1,168, compared with 808 as of December 31, 2023. The increase in the number of securities in an unrealized loss position as of June 30, 2024, was due to the addition of Lakeland securities, combined with higher current market interest rates compared to rates as of December 31, 2023. 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 as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Amortized Gross Gross Fair U.S. Treasury obligations $ 358,744 2 (23,715) 335,031 Government-agency obligations 164,690 1,672 (160) 166,202 Mortgage-backed securities 2,032,733 7,058 (190,607) 1,849,184 Asset-backed securities 52,470 807 (224) 53,053 State and municipal obligations 136,407 309 (10,158) 126,558 Corporate obligations 99,474 1,609 (4,328) 96,755 $ 2,844,518 11,457 (229,192) 2,626,783 December 31, 2023 Amortized Gross Gross Fair U.S. Treasury obligations $ 276,618 — (22,740) 253,878 Government-agency obligations 26,310 1,188 — 27,498 Mortgage-backed securities 1,462,159 377 (176,927) 1,285,609 Asset-backed securities 31,809 594 (168) 32,235 State and municipal obligations 64,454 — (7,870) 56,584 Corporate obligations 40,448 — (6,140) 34,308 $ 1,901,798 2,159 (213,845) 1,690,112 Accrued interest on available for sale debt securities, which is excluded from the amortized cost, totaled $9.2 million and $4.9 million as of June 30, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. The amortized cost and fair value of available for sale debt securities as of June 30, 2024, 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. June 30, 2024 Amortized Fair Due in one year or less $ 56,503 57,494 Due after one year through five years 361,811 337,043 Due after five years through ten years 115,803 112,705 Due after ten years 110,821 102,936 $ 644,938 610,178 Investments which pay principal on a periodic basis totaling $2.20 billion at amortized cost and $2.02 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 and six months ended June 30, 2024, proceeds from sales on securities in the available for sale debt securities portfolio totaled $568.4 million, with no gains and $3.0 million of losses recognized. For the three and six months ended June 30, 2023, there were no sales of securities from the available for sale debt securities portfolio. For the three and six months ended June 30, 2024 and 2023, there were no proceeds from calls on securities in the available for sale debt securities portfolio. The number of available for sale debt securities in an unrealized loss position as of June 30, 2024 totaled 620, compared with 436 as of December 31, 2023. The increase in the number of securities in an unrealized loss position as of June 30, 2024, was primarily due to the addition of Lakeland, combined with higher current market interest rates compared to rates as of December 31, 2023. All securities in an unrealized loss position were investment grade as of June 30, 2024. Held to Maturity Debt Securities The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities, excluding allowances for credit losses of $15,000 and $31,000, as of June 30, 2024 and December 31, 2023, respectively (in thousands): June 30, 2024 Amortized Gross Gross Fair Treasury obligations $ 6,984 — — 6,984 Government-agency obligations 9,998 — (550) 9,448 State and municipal obligations 327,006 694 (17,671) 310,029 Corporate obligations 6,556 — (326) 6,230 $ 350,544 694 (18,547) 332,691 December 31, 2023 Amortized Gross Gross Fair Treasury obligations $ 5,146 1 — 5,147 Government-agency obligations 11,058 — (652) 10,406 State and municipal obligations 339,816 244 (9,700) 330,360 Corporate obligations 7,091 — (403) 6,688 $ 363,111 245 (10,755) 352,601 Accrued interest on held to maturity debt securities, which is excluded from the amortized cost, totaled $3.0 million and $3.1 million as of June 30, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. 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 and six months ended June 30, 2024 and 2023. For the three and six months ended June 30, 2024, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $1.2 million and $2.4 million, respectively. As to these calls on securities, for the three months ended June 30, 2024, there were no gross gains or gross losses, while for the six months ended June 30, 2024, there were no gross gains, while gross losses totaled $1,200. For the three and six months ended June 30, 2023, proceeds from calls on securities in the held to maturity debt securities portfolio totaled $3.5 million and $6.6 million, respectively. As to these calls on securities, for the three months ended June 30, 2023, gross gains totaled $28,000, with no gross losses, while for the six months ended June 30, 2023, gross gains totaled $24,000, with no gross losses. The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio by contractual maturity, excluding an allowance for credit losses of $15,000, as of June 30, 2024 are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. June 30, 2024 Amortized Fair Due in one year or less $ 39,389 39,125 Due after one year through five years 180,001 174,525 Due after five years through ten years 107,966 100,776 Due after ten years 23,188 18,265 $ 350,544 332,691 The number of held to maturity debt securities in an unrealized loss position as of June 30, 2024 totaled 548, compared with 372 as of December 31, 2023. The increase in the number of securities in an unrealized loss position as of June 30, 2024, was due to higher current market interest rates compared to rates as of December 31, 2023. 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: • Government-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 credit ratings from the rating agencies as of June 30, 2024 that were no lower than an A rating and the Company had no securities rated BBB or worse by Moody’s Ratings ("Moody's"). Credit Quality Indicators. The following table provides the amortized cost of held to maturity debt securities by credit rating as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Total Portfolio AAA AA A BBB Not Rated Total Treasury obligations $ 6,984 — — — — 6,984 Government-agency obligations 9,998 — — — — 9,998 State and municipal obligations 45,709 249,553 30,051 — 1,693 327,006 Corporate obligations 502 2,485 3,544 25 6,556 $ 63,193 252,038 33,595 — 1,718 350,544 December 31, 2023 Total Portfolio AAA AA A BBB Not Rated Total Treasury obligations $ 5,146 — — — — 5,146 Government-agency obligations 11,058 — — — — 11,058 State and municipal obligations 43,749 156,438 137,231 — 2,398 339,816 Corporate obligations 504 2,510 4,052 — 25 7,091 $ 60,457 158,948 141,283 — 2,423 363,111 Credit quality indicators are metrics that provide information regarding the relative credit risk of debt securities. As of June 30, 2024, the held to maturity debt securities portfolio was comprised of 18% rated AAA, 72% rated AA, 10% rated A, and less than 1% either below an A rating or not rated by Moody’s or Standard and Poor’s. Securities not explicitly rated, such as U.S. government issued mortgage-backed securities, 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 | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses Loans receivable as of June 30, 2024 and December 31, 2023 are summarized as follows (in thousands): June 30, 2024 December 31, 2023 Mortgage loans: Commercial $ 7,337,742 4,512,411 Multi-family 3,189,808 1,812,500 Construction 970,244 653,246 Residential 2,024,027 1,164,956 Total mortgage loans 13,521,821 8,143,113 Commercial loans 4,617,232 2,440,621 Consumer loans 626,016 299,164 Total gross loans 18,765,069 10,882,898 Premiums on purchased loans 1,410 1,474 Net deferred fees (7,149) (12,456) Total loans $ 18,759,330 10,871,916 Accrued interest on loans totaled $81.6 million and $50.9 million as of June 30, 2024 and December 31, 2023, respectively, and is presented within total accrued interest receivable on the consolidated statements of financial condition. The following tables summarize the aging of loans receivable by portfolio segment and class of loans (in thousands): June 30, 2024 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Commercial $ 1,707 1,231 3,588 — 6,526 7,331,216 7,337,742 3,588 Multi-family — — 7,276 — 7,276 3,182,532 3,189,808 7,276 Construction — — 11,698 — 11,698 958,546 970,244 11,698 Residential 1,714 2,193 4,447 — 8,354 2,015,673 2,024,027 4,447 Total mortgage loans 3,421 3,424 27,009 — 33,854 13,487,967 13,521,821 27,009 Commercial loans 3,444 1,146 39,715 — 44,305 4,572,927 4,617,232 28,675 Consumer loans 2,891 648 1,144 — 4,683 621,333 626,016 1,144 Total gross loans $ 9,756 5,218 67,868 — 82,842 18,682,227 18,765,069 56,828 December 31, 2023 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Commercial $ 825 — 5,151 — 5,976 4,506,435 4,512,411 5,151 Multi-family 3,815 1,635 744 — 6,194 1,806,306 1,812,500 744 Construction — — 771 — 771 652,475 653,246 771 Residential 3,429 1,208 853 — 5,490 1,159,466 1,164,956 853 Total mortgage loans 8,069 2,843 7,519 — 18,431 8,124,682 8,143,113 7,519 Commercial loans 998 198 41,487 — 42,683 2,397,938 2,440,621 36,281 Consumer loans 875 275 633 — 1,783 297,381 299,164 633 Total gross loans $ 9,942 3,316 49,639 — 62,897 10,820,001 10,882,898 44,433 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 $67.9 million and $49.6 million as of June 30, 2024 and December 31, 2023, respectively. Included in non-accrual loans were $9.4 million and $23.2 million of loans which were less than 90 days past due as of June 30, 2024 and December 31, 2023, respectively. There were no loans 90 days or greater past due and still accruing interest as of June 30, 2024 and December 31, 2023. The amount of cash basis interest income that was recognized on impaired loans for the three and six months ended June 30, 2024 was not material. The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands): Three months ended June 30, Mortgage loans Commercial loans Consumer loans Total 2024 Balance at beginning of period $ 65,890 38,292 2,247 106,429 Initial allowance on credit loans related to PCD loans 10,628 6,070 490 17,188 Provision charge to operations 58,790 5,038 2,226 66,054 Recoveries of loans previously charged-off 4 825 134 963 Loans charged-off — (2,222) (81) (2,303) Balance at end of period $ 135,312 48,003 5,016 188,331 2023 Balance at beginning of period $ 63,195 27,117 2,446 92,758 Provision charge (benefit) to operations 6,742 3,769 (111) 10,400 Recoveries of loans previously charged-off 3 134 173 310 Loans charged-off — (1,313) (82) (1,395) Balance at end of period $ 69,940 29,707 2,426 102,073 Six months ended June 30, Mortgage loans Commercial loans Consumer loans Total 2024 Balance at beginning of period $ 73,407 31,475 2,318 107,200 Initial allowance on credit loans related to PCD loans 10,628 6,070 490 17,188 Provision charge to operations 51,210 12,963 2,081 66,254 Recoveries of loans previously charged-off 67 1,512 279 1,858 Loans charged-off — (4,017) (152) (4,169) Balance at end of period $ 135,312 48,003 5,016 188,331 2023 Balance at beginning of period $ 58,218 27,413 2,392 88,023 Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02 (510) (43) (41) (594) Provision charge (benefit) charge to operations 12,954 3,461 (15) 16,400 Recoveries of loans previously charged-off 6 301 258 565 Loans charged-off (728) (1,425) (168) (2,321) Balance at end of period $ 69,940 29,707 2,426 102,073 For the three and six months ended June 30, 2024, the Company recorded a $66.1 million and a $66.3 million provision for credit losses on loans, respectively. The increases in provision for both periods was primarily attributable to an initial CECL provision for credit losses on loans of $60.1 million recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. For the three months ended June 30, 2024, net charge-offs totaled $1.3 million, which was primarily attributable to one commercial loan. For the six months ended June 30, 2024, net charge-offs totaled $2.3 million, which was primarily attributable to two commercial loans. The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2024 by year of origination (in thousands): 2024 2023 2022 2021 2020 Prior to 2020 Total Loans Commercial loans $ — — 157 2,046 — 18 2,222 Consumer loans (1) 7 — — — — — 7 Total gross loans $ 7 — 157 2,046 — 17 2,229 (1) During the three months ended June 30, 2024, charge-offs on consumer overdraft accounts totaled $74,000, which are not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2024 by year of origination (in thousands): 2024 2023 2022 2021 2020 Prior to 2020 Total Loans Commercial loans $ — — 158 2,047 1,606 206 4,017 Consumer loans (1) 13 — — — — 1 14 Total gross loans $ 13 — 158 2,047 1,606 207 4,031 (1) During the six months ended June 30, 2024, charge-offs on consumer overdraft accounts totaled $138,000, which are not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2023 by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Total Loans Commercial loans $ — — — — — 1,313 1,313 Consumer loans (1) 4 — — — — 3 7 Total gross loans $ 4 — — — — 1,316 1,320 (1) During the three months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $75,000, which is not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2023 by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Total Loans Mortgage loans: Commercial $ — — — — — 707 707 Residential — — — — — 21 21 Total mortgage loans — — — — — 728 728 Commercial loans — — — — — 1,425 1,425 Consumer loans (1) 9 — — — — 13 22 Total gross loans $ 9 — — — — 2,166 2,175 (1) During the six months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $146,000, which is not included in the table above. The Company defines a loan individually evaluated for impairment as a non-homogeneous loan greater than $1.0 million, for which, based on current information, it is not expected to collect all amounts due under the contractual terms of the loan agreement. As of June 30, 2024, there were 18 loans totaling $54.6 million, compared to 17 loans totaling $42.3 million as of December 31, 2023, that were individually evaluated for impairment. 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 collateral’s fair value 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. 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. 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 not been any significant time lapses since the receipt of the most recent appraisals. As of June 30, 2024 and December 31, 2023, the Company had collateral-dependent loans with fair values of $18.4 million and $24.1 million secured by commercial real estate, respectively. Loan modifications to borrowers experiencing financial difficulty may include interest rate reductions, principal or interest forgiveness, forbearance, term extensions, and other actions intended to minimize economic loss and to avoid foreclosure or repossession of collateral. 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 illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02: Loan Classes Modification types Commercial Term extension, interest rate reductions, payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or otherwise delay payments during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term. Residential Mortgage/ Home Equity Forbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term as well as term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement. Direct Installment Term extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement. In 2023, the Company adopted ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (“ASU 2022-02”), which eliminated the accounting guidance for troubled debt restructurings while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a modified retrospective basis. Upon adoption of this guidance, the Company no longer establishes a specific reserve for loan modifications to borrowers experiencing financial difficulty. Instead, these loan modifications are included in their respective pool and a projected loss rate is applied to the current loan balance to arrive at the quantitative and qualitative baseline portion of the allowance for credit losses. At adoption, the Company recorded a $594,000 reduction to the allowance for credit losses, which resulted in a $433,000 cumulative effect adjustment increase, net of tax, to retained earnings. The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 (in thousands): For the three months ended June 30, 2024 Term Extension Interest Rate Reduction Interest Rate Reduction and Term Extension % of Total Class of Loans and Leases Commercial loans — — 1,609 0.03 % Total gross loans $ — — 1,609 0.01 % For the six months ended June 30, 2024 Term Extension Interest Rate Reduction Interest Rate Reduction and Term Extension % of Total Class of Loans and Leases Commercial loans — — 8,796 0.19 % Total gross loans $ — — 8,796 0.05 % There were no loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2023. The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Term Extension Interest Rate Reduction Interest Rate Reduction and Term Extension % of Total Class of Loans and Leases Commercial loans $ 3,771 — 1,250 0.21 % Total gross loans $ 3,771 — 1,250 0.05 % The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2024 (in thousands): Weighted-Average Months of Term Extension Weighted-Average Rate Increase Commercial loans 3 1.25 % Total gross loans 3 1.25 % The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2024 (in thousands): Weighted-Average Months of Term Extension Weighted-Average Rate Increase Commercial loans 1 1.63 % Total gross loans 1 1.63 % The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Weighted-Average Months of Term Extension Weighted-Average Rate Change Commercial loans 10 0.28 % Total gross loans 10 0.28 % There were no loan modifications made to borrowers experiencing financial difficulty that subsequently defaulted during the three and six months ended June 30, 2024 and June 30, 2023, respectively. The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2024 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total Commercial loans 1,609 — — — — 1,609 Total gross loans $ 1,609 — — — — 1,609 The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2024 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total Commercial loans 8,796 — — — — 8,796 Total gross loans $ 8,796 — — — — 8,796 The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total Commercial loans $ 5,021 — — — — 5,021 Total gross loans $ 5,021 — — — — 5,021 Loans acquired by the Company that experienced more-than-insignificant deterioration in credit quality after origination, are classified as PCD loans. As of June 30, 2024, the balance of PCD loans totaled $697.9 million with a related allowance for credit losses of $16.4 million. The balance of PCD loans as of December 31, 2023 was $165.1 million with a related allowance for credit losses of $1.7 million. In connection with the Lakeland merger, 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) modifications for borrowers experiencing financial difficulty; (3) risk ratings of watch, special mention, substandard or doubtful; and (4) loans greater than 59 days past due. 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. 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 forecasts inclusive of related fiscal and regulatory interventions. The expected lifetime losses were calculated using historical losses observed at the Bank, Lakeland and peer banks. A $17.2 million allowance for credit losses was recorded on PCD loans acquired from Lakeland. The interest rate fair value adjustment related to PCD loans will be substantially recognized as interest income on a level yield or straight line method over the expected life of the loans. The table below is a summary of the PCD loans that were acquired from Lakeland as of the closing date (in thousands): Gross amortized cost basis as of May 16, 2024 $ 564,147 Charge-offs on PCD Loans at acquisition (4,364) Interest component of expected cash flows (accretable difference) (33,365) Allowance for credit losses on PCD loans (17,188) Net PCD loans $ 509,230 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 reviewed periodically through loan review examinations which are currently performed by independent third-parties. Reports by the independent third-parties are presented to the Audit Committee of the Board of Directors. The following table summarizes the Company's gross loans held for investment by year of origination and internally assigned credit grades as of June 30, 2024 and December 31, 2023 (in thousands): Gross Loans Held for Investment by Year of Origination as of June 30, 2024 2024 2023 2022 2021 2020 Prior to 2020 Revolving Loans Revolving loans to term loans Total Loans Commercial Mortgage Special mention $ — 2,184 12,781 3,238 35,431 48,972 4,500 — 107,106 Substandard 3,072 — 7,360 — — 42,195 434 — 53,061 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 3,072 2,184 20,141 3,238 35,431 91,167 4,934 — 160,167 Pass/Watch 217,583 786,479 1,515,112 1,111,743 929,400 2,500,179 105,543 11,536 7,177,575 Total Commercial Mortgage $ 220,655 788,663 1,535,253 1,114,981 964,831 2,591,346 110,477 11,536 7,337,742 Multi-family Special mention $ — — — — 553 19,105 — — 19,658 Substandard — 1,611 — 1,059 — 5,008 — — 7,678 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 1,611 — 1,059 553 24,113 — — 27,336 Pass/Watch 83,575 409,575 497,184 518,177 520,320 1,116,174 15,884 1,583 3,162,472 Total Multi-Family $ 83,575 411,186 497,184 519,236 520,873 1,140,287 15,884 1,583 3,189,808 Construction Special mention $ — — — 10,000 — — — — 10,000 Substandard — — — 11,698 — — — — 11,698 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 21,698 — — — — 21,698 Pass/Watch 35,709 187,663 475,357 181,357 48,243 16,565 3,652 — 948,546 Gross Loans Held for Investment by Year of Origination as of June 30, 2024 2024 2023 2022 2021 2020 Prior to 2020 Revolving Loans Revolving loans to term loans Total Loans Total Construction $ 35,709 187,663 475,357 203,055 48,243 16,565 3,652 — 970,244 Residential (1) Special mention $ 412 731 — — — 1,050 — — 2,193 Substandard — — 347 1,139 378 2,583 — — 4,447 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 412 731 347 1,139 378 3,633 — — 6,640 Pass/Watch 77,447 355,651 441,901 346,991 286,120 509,277 — — 2,017,387 Total Residential $ 77,859 356,382 442,248 348,130 286,498 512,910 — — 2,024,027 Total Mortgage Special mention $ 412 2,915 12,781 13,238 35,984 69,127 4,500 — 138,957 Substandard 3,072 1,611 7,707 13,896 378 49,786 434 — 76,884 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 3,484 4,526 20,488 27,134 36,362 118,913 4,934 — 215,841 Pass/Watch 414,314 1,739,368 2,929,554 2,158,268 1,784,083 4,142,195 125,079 13,119 13,305,980 Total Mortgage $ 417,798 1,743,894 2,950,042 2,185,402 1,820,445 4,261,108 130,013 13,119 13,521,821 Commercial Special mention $ — — 20,042 5,055 1,250 34,059 16,102 2,560 79,068 Substandard 967 860 53,072 64,141 26,250 24,684 23,554 1,286 194,814 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 967 860 73,114 69,196 27,500 58,743 39,656 3,846 273,882 Pass/Watch 284,428 441,563 706,947 463,399 321,207 975,241 1,069,999 80,566 4,343,350 Total Commercial $ 285,395 442,423 780,061 532,595 348,707 1,033,984 1,109,655 84,412 4,617,232 Consumer (1) Special mention $ — — — — — 28 596 19 643 Substandard — — — 9 — 826 277 33 1,145 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 9 — 854 873 52 1,788 Pass/Watch 19,664 49,608 63,199 42,791 10,017 91,384 334,965 12,600 624,228 Total Consumer $ 19,664 49,608 63,199 42,800 10,017 92,238 335,838 12,652 626,016 Total Loans Special mention $ 412 2,915 32,823 18,293 37,234 103,214 21,198 2,579 218,668 Substandard 4,039 2,471 60,779 78,046 26,628 75,296 24,265 1,319 272,843 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 4,451 5,386 93,602 96,339 63,862 178,510 45,463 3,898 491,511 Gross Loans Held for Investment by Year of Origination as of June 30, 2024 2024 2023 2022 2021 2020 Prior to 2020 Revolving Loans Revolving loans to term loans Total Loans Pass/Watch 718,406 2,230,539 3,699,700 2,664,458 2,115,307 5,208,820 1,530,043 106,285 18,273,558 Total Gross Loans $ 722,857 2,235,925 3,793,302 2,760,797 2,179,169 5,387,330 1,575,506 110,183 18,765,069 (1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. Gross Loans Held for Investment by Year of Origination as of December 31, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Commercial Mortgage Special mention $ — 10,926 3,048 28,511 10,558 24,598 4,500 — 82,141 Substandard 482 — — — — 9,599 434 — 10,515 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 482 10,926 3,048 28,511 10,558 34,197 4,934 — 92,656 Pass/Watch 628,709 883,149 677,464 470,257 470,971 1,166,205 90,760 32,240 4,419,755 Total Commercial Mortgage $ 629,191 894,075 680,512 498,768 481,529 1,200,402 95,694 32,240 4,512,411 Multi-family Special mention $ — — — — — 9,500 — — 9,500 Substandard 3,253 — — — — — — — 3,253 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 3,253 — — — — 9,500 — — 12,753 Pass/Watch 340,842 172,244 184,136 271,878 230,456 592,470 6,115 1,606 1,799,747 Total Multi-Family $ 344,095 172,244 184,136 271,878 230,456 601,970 6,115 1,606 1,812,500 Construction Special mention $ — — — — — — — — — Substandard — — — — — 771 — — 771 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 771 — — 771 Pass/Watch 41,209 342,890 185,034 68,603 1,339 13,400 — — 652,475 Total Construction $ 41,209 342,890 185,034 68,603 1,339 14,171 — — 653,246 Residential (1) Special mention $ — — — — — 1,208 — — 1,208 Substandard — — — — — 1,285 — — 1,285 Doubtful — — — — — — — — — Gross Loans Held for Investment by Year of Origination as of December 31, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Loss — — — — — — — — — Total criticized and classified — — — — — 2,493 — — 2,493 Pass/Watch 96,259 141,683 200,111 195,964 89,654 438,792 — — 1,162,463 Total Residential $ 96,259 141,683 200,111 195,964 89,654 441,285 — — 1,164,956 Total Mortgage Special mention $ — 10,926 3,048 28,511 10,558 35,306 4,500 — 92,849 Substandard 3,735 — — — — 11,655 434 — 15,824 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 3,735 10,926 3,048 28,511 10,558 46,961 4,934 — 108,673 Pass/Watch 1,107,019 1,539,966 1,246,745 1,006,702 792,420 2,210,867 96,875 33,846 8,034,440 Total Mortgage $ 1,110,754 1,550,892 1,249,793 1,035,213 802,978 2,257,828 101,809 33,846 8,143,113 Commercial Special mention $ 450 17,008 9,338 2,409 152 22,752 23,333 687 76,129 Substandard 686 — 20,262 9,235 2,034 11,313 10,736 508 54,774 Doubtful 7,011 — — — — — — — 7,011 Loss — — — — — — — — — Total criticized and classified 8,147 17,008 29,600 11,644 2,186 34,065 34,069 1,195 137,914 Pass/Watch 358,578 316,015 318,416 131,647 143,677 491,406 471,962 71,006 2,302,707 Total Commercial $ 366,725 333,023 348,016 143,291 145,863 525,471 506,031 72,201 2,440,621 Consumer (1) Special mention $ — — — — — 97 178 — 275 Substandard — — — — 9 146 389 90 634 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — 9 243 567 90 909 Pass/Watch 29,083 26,098 18,101 3,459 14,375 85,383 108,431 13,325 298,255 Total Consumer $ 29,083 26,098 18,101 3,459 14,384 85,626 108,998 13,415 299,164 Total Loans Special mention $ 450 27,934 12,386 30,920 10,710 58,155 28,011 687 169,253 Substandard 4,421 — 20,262 9,235 2,043 23,114 11,559 598 71,232 Doubtful 7,011 — — — — — — — 7,011 Loss — — — — — — — — — Total criticized and classified 11,882 27,934 32,648 40,155 12,753 81,269 39,570 1,285 247,496 Pass/Watch 1,494,680 1,882,079 1,583,262 1,141,808 950,472 2,787,656 677,268 118,177 10,635,402 Gross Loans Held for Investment by Year of Origination as of December 31, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Total Gross Loans $ 1,506,562 1,910,013 1,615,910 1,181,963 963,225 2,868,925 716,838 119,462 10,882,898 (1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2024 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Deposits | Deposits Deposits as of June 30, 2024 and December 31, 2023 are summarized as follows (in thousands): June 30, 2024 December 31, 2023 Savings $ 1,745,158 1,175,683 Money market 3,443,081 2,325,364 NOW (1) 6,370,433 3,492,184 Non-interest bearing 3,712,580 2,203,341 Certificates of deposit (2) 3,081,992 1,095,942 Total deposits $ 18,353,244 10,292,514 (1) The Bank's insured cash sweep product totaled $1.15 billion and $512.2 million as of June 30, 2024 and December 31, 2023, respectively, and are reported within NOW accounts. (2) Time deposits equal to or in excess of $250,000, were $871.8 million and $218.5 million as of June 30, 2024 and December 31, 2023, respectively. Additionally, the Bank's reciprocal Certificate of Deposit Account Registry Service product totaled $3.7 million and $3.3 million as of June 30, 2024 and December 31, 2023, respectively. |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Borrowed funds as of June 30, 2024 and December 31, 2023 are summarized as follows (in thousands): June 30, 2024 December 31, 2023 Securities sold under repurchase agreements $ 108,307 72,161 FHLBNY line of credit 282,000 148,000 FHLBNY advances (1) 1,356,931 1,299,872 FRBNY BTFP Borrowing 550,000 450,000 Total borrowed funds $ 2,297,239 1,970,033 (1) The balance at June 30, 2024 for FHLBNY advances does not include $4.8 million of purchase accounting adjustments resulting from the Lakeland acquisition. Total long-term borrowings totaled $539.7 million and $534.8 million as of June 30, 2024 and December 31, 2023, respectively, while total short-term borrowings totaled $1.76 billion and $1.44 billion for the same periods. As of June 30, 2024, FHLBNY advances were at fixed rates and mature between July 2024 and September 2027, and as of December 31, 2023, FHLBNY advances were at fixed rates with maturities between January 2024 and September 2027. These advances are secured by loans receivable under a blanket collateral agreement. In March 2023, the Company established a facility under the Bank Term Funding Program ("BTFP" or "Program") with the Federal Reserve Bank of New York ("FRBNY"). As of June 30, 2024, the Company had $550.0 million of advances under the Program. The Company elected to participate in the BTFP due to significant cost savings compared to other wholesale funding sources. The funding was used to pay off existing wholesale borrowings. The ability to prepay at any time without penalty also enhances our ability to manage our interest rate risk position. Scheduled maturities of FHLBNY advances and lines of credit as of June 30, 2024 are as follows (in thousands): 2024 Due in one year or less $ 1,404,036 Due after one year through two years 152,451 Due after two years through three years 282,445 Due after three years through four years 350,000 Thereafter — Total FHLBNY advances and overnight borrowings $ 2,188,932 Scheduled maturities of securities sold under repurchase agreements as of June 30, 2024 are as follows (in thousands): 2024 Due in one year or less $ 108,307 Thereafter — Total securities sold under repurchase agreements $ 108,307 The following tables set forth certain information as to borrowed funds for the periods ended June 30, 2024 and December 31, 2023 (in thousands): Maximum balance Average balance Weighted average interest rate June 30, 2024 Securities sold under repurchase agreements $ 108,589 89,209 1.97 % FHLBNY overnight borrowings 567,000 110,698 5.63 FHLBNY advances 1,469,152 1,304,015 3.28 FRBNY BTFP Borrowing 550,000 544,395 4.77 December 31, 2023 Securities sold under repurchase agreements $ 99,669 87,227 1.69 % FHLBNY overnight borrowings 500,000 262,289 5.29 FHLBNY advances 1,592,277 1,282,124 3.14 FRBNY BTFP Borrowing 450,000 4,932 4.83 Securities sold under repurchase agreements include arrangements with deposit customers of the Bank to sweep funds into short-term borrowings. The Bank uses available for sale debt securities to pledge as collateral for the repurchase agreements. As of June 30, 2024 and December 31, 2023, the fair value of securities pledged to secure public deposits, repurchase agreements, lines of credit and FHLBNY advances, totaled $1.08 billion and $924.6 million, respectively. Additionally, as of June 30, 2024 and December 31, 2023, the par value of securities pledged to secure BTFP borrowings was $569.4 million and $589.1 million. |
Subordinated Debentures
Subordinated Debentures | 6 Months Ended |
Jun. 30, 2024 | |
Broker-Dealer [Abstract] | |
Subordinated Debentures | Subordinated Debentures On May 9, 2024, the Company issued $225.0 million of 9.00% Fixed-to-Floating Rate subordinated notes (the "Notes") due 2034, resulting in net proceeds of $221.2 million. The notes bear interest at an initial rate of 9.00% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2024. The last interest payment date for the fixed rate period will be May 15, 2029. From and including May 15, 2029 to, but excluding May 15, 2034 or the date of earlier redemption, the Notes will bear interest at a floating rate per annum equal to the Benchmark rate (which is expected to be three-Month term Secured Overnight Financing Rate ("SOFR")), each as defined in and subject to the provisions of the Indenture, plus 476.5 basis points, payable quarterly in arrears on February 15, May 15, August 15, and November 15 of each year, commencing on August 15, 2029. The debt is included in Tier 2 capital for the Company. Debt issuance costs totaled $3.8 million and are being amortized to maturity. On May 16, 2024, the Company assumed Lakeland’s obligations with respect to $150.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due September 15, 2031. The notes bear interest at a rate of 2.875% until September 15, 2026, and will then reset quarterly to the then current Benchmark rate, which is expected to be the three-month term SOFR plus a spread of 220 basis points. 1st Constitution Capital Trust II, a non-consolidated subsidiary of the Company acquired as part of the Lakeland acquisition and a Delaware statutory business trust established on June 15, 2006, issued $18.0 million of variable rate capital trust pass-through securities to investors. In accordance with FASB ASC 810, Consolidation, 1st Constitution Capital Trust II is not included in our consolidated financial statements. Lakeland Bancorp Capital Trust II, a non-consolidated subsidiary of the Company acquired as part of the Lakeland acquisition and a Delaware statutory business trust established in June 2003, issued $20.0 million of variable rate capital trust pass-through securities to investors. In accordance with FASB ASC 810, Consolidation, Lakeland Bancorp Capital Trust II is not included in our consolidated financial statements. Lakeland Bancorp Capital Trust IV, a non-consolidated subsidiary of the Company acquired as part of the Lakeland acquisition and a Delaware statutory business trust established in May 2007, issued $20.0 million of variable rate capital trust pass-through securities to investors. In accordance with FASB ASC 810, Consolidation, Lakeland Bancorp Capital Trust IV is not included in our consolidated financial statements. On August 3, 2015, Lakeland acquired and extinguished $10.0 million of Lakeland Bancorp Capital Trust IV debentures. |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024 and 2023 includes the following components (in thousands): Three months ended June 30, Six months ended June 30, Pension benefits Other post-retirement benefits Pension benefits Other post-retirement benefits 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ — — 3 3 $ — — 6 6 Interest cost 289 302 135 150 578 604 270 300 Expected return on plan assets (778) (706) — — (1,556) (1,412) — — Amortization of prior service cost — — — — — — — — Amortization of the net loss (gain) 14 177 (530) (533) 28 354 (1,060) (1,066) Net periodic (decrease) increase in benefit cost $ (475) (227) (392) (380) $ (950) (454) (784) (760) In its consolidated financial statements for the year ended December 31, 2023, the Company previously disclosed that it does not expect to contribute to the pension plan in 2024. As of June 30, 2024, no contributions have been made to the pension plan. The changes in net periodic benefit cost for pension benefits and other post-retirement benefits for the three and six months ended June 30, 2024 were calculated using the January 1, 2023 pension and other post-retirement benefits actuarial valuations. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies The Company is involved in various litigation and claims arising in the normal course of business. On May 2, 2022, a purported class action complaint was filed against the Bank in the Superior Court of New Jersey, which alleges that the Bank wrongfully assessed overdraft fees related to debit card transactions. The complaint asserted claims for breach of contract and breach of the covenant of good faith and fair dealing as well as an alleged violation of the New Jersey Consumer Fraud Act. Plaintiff sought to represent a proposed class of all the Bank's checking account customers who were charged overdraft fees on transactions that were authorized into a positive available balance. The parties mediated the matter on May 28, 2024, and agreed in principle to a settlement resolving the dispute with the Bank contributing $1.85 million to a settlement fund. The motion for preliminary approval is due to the Court on September 6, 2024. |
Allowance for Credit Losses on
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | 6 Months Ended |
Jun. 30, 2024 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Off-Balance Sheet Credit Exposures 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 that may default includes an estimated drawdown of unused credit based on historical credit utilization factors and current loss factors. For the three and six months ended June 30, 2024, the Company recorded a $3.7 million and a $3.1 million provision charge for credit losses for off-balance sheet credit exposures, respectively. For the three and six months ended June 30, 2023, the Company recorded a $647,000 provision benefit for credit losses for off-balance sheet credit exposures and a $92,000 provision charge for credit losses for off-balance sheet credit exposures, respectively. The $4.3 million increase and the $3.1 million increase in the provision for the three and six months ended June 30, 2024, compared to the same period in 2023, primarily related to the establishment of an allowance for credit losses on commitments to extend credit acquired from Lakeland. The allowance for credit losses for off-balance sheet credit exposures was $6.6 million as of June 30, 2024 and $3.4 million as of December 31, 2023, and are included in other liabilities on the Consolidated Statements of Financial Condition. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The 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 June 30, 2024 and December 31, 2023. 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 by benchmarking 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. The Company also holds debt instruments issued by the U.S. government that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. 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 these 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 and brokered demand deposits. The change in the fair value of these derivatives is recorded in accumulated other comprehensive income (loss), and is subsequently reclassified into earnings in the period that the forecasted transactions affect 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 June 30, 2024 and December 31, 2023. 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 June 30, 2024 or December 31, 2023. The following tables present the assets and liabilities reported on the consolidated statements of financial condition at their fair values as of June 30, 2024 and December 31, 2023, by level within the fair value hierarchy (in thousands): Fair Value Measurements at Reporting Date Using: June 30, 2024 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: U.S. Treasury obligations $ 335,031 335,031 — — Government-agency obligations 166,202 114,369 51,833 — Mortgage-backed securities 1,849,184 — 1,849,184 — Asset-backed securities 53,053 — 53,053 — State and municipal obligations 126,558 — 126,558 — Corporate obligations 96,755 — 96,755 — Total available for sale debt securities 2,626,783 449,400 2,177,383 — Equity securities 19,250 19,250 — — Derivative assets 208,316 — 208,316 — $ 2,854,349 468,650 2,385,699 — Derivative liabilities $ 193,670 — 193,670 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 18,413 — — 18,413 Foreclosed assets 11,119 — — 11,119 $ 29,532 — — 29,532 Fair Value Measurements at Reporting Date Using: December 31, 2023 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: U.S. Treasury obligations $ 253,878 253,878 — — Government-agency obligations 27,498 — 27,498 — Mortgage-backed securities 1,285,609 — 1,285,609 — Asset-backed securities 32,235 — 32,235 — State and municipal obligations 56,584 — 56,584 — Corporate obligations 34,308 — 34,308 — Total available for sale debt securities 1,690,112 253,878 1,436,234 — Equity Securities 1,270 1,270 — — Derivative assets 101,754 — 101,754 — $ 1,793,136 255,148 1,537,988 — Derivative liabilities $ 88,835 — 88,835 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 24,139 — — 24,139 Foreclosed assets 11,651 — — 11,651 $ 35,790 — — 35,790 There were no transfers into or out of Level 3 during the three and six months ended June 30, 2024. 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. As of June 30, 2024 and December 31, 2023, $70,000 was included in cash and cash equivalents, representing cash collateral pledged to secure loan level swaps and risk participation agreements. 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 by benchmarking 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-sponsored 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 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. Subordinated Debentures The fair value of borrowed funds was estimated based on bid/ask prices from brokers for similar types of instruments 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. The Company classifies these commitments as Level 3 within the fair value hierarchy. 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 June 30, 2024 and December 31, 2023. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements as of June 30, 2024 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 $ 290,561 290,561 290,561 — — Available for sale debt securities: U.S. Treasury obligations $ 335,031 335,031 335,031 — — Government-agency obligations 166,202 166,202 114,369 51,833 — Mortgage-backed securities 1,849,184 1,849,184 — 1,849,184 — Asset-backed securities 53,053 53,053 — 53,053 — State and municipal obligations 126,558 126,558 — 126,558 — Corporate obligations 96,755 96,755 — 96,755 — Total available for sale debt securities $ 2,626,783 2,626,783 449,400 2,177,383 — Held to maturity debt securities, net of allowance for credit losses: U.S. Treasury obligations $ 6,984 6,984 6,984 — — Government-agency obligations 9,998 9,448 — 9,448 — State and municipal obligations 326,996 310,029 — 310,029 — Corporate obligations 6,550 6,230 — 6,230 — Total held to maturity debt securities, net of allowance for credit losses $ 350,528 332,691 6,984 325,707 — FHLBNY stock 100,068 100,068 100,068 — — Equity Securities 19,250 19,250 19,250 — — Loans, net of allowance for credit losses 18,575,449 18,228,528 — — 18,228,528 Derivative assets 208,316 208,316 — 208,316 — Financial liabilities: Deposits other than certificates of deposits $ 15,271,252 15,271,252 15,271,252 — — Certificates of deposit 3,081,992 3,076,618 — 3,076,618 — Total deposits $ 18,353,244 18,347,870 15,271,252 3,076,618 — Borrowings 2,302,058 2,289,206 — 2,289,206 — Subordinated debentures 412,766 394,729 — 394,729 — Derivative liabilities 193,670 193,670 — 193,670 — Fair Value Measurements as of December 31, 2023 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 $ 180,255 180,255 180,255 — — Available for sale debt securities: U.S. Treasury obligations $ 253,878 253,878 253,878 — — Government-agency obligations 27,498 27,498 — 27,498 — Mortgage-backed securities 1,285,609 1,285,609 — 1,285,609 — Asset-backed securities 32,235 32,235 — 32,235 — State and municipal obligations 56,584 56,584 — 56,584 — Corporate obligations 34,308 34,308 — 34,308 — Total available for sale debt securities $ 1,690,112 1,690,112 253,878 1,436,234 — Held to maturity debt securities: US Treasury obligations $ 5,146 5,147 5,147 — — Government-agency obligations 11,058 10,406 10,406 — — State and municipal obligations 339,789 330,360 — 330,360 — Corporate obligations 7,087 6,688 — 6,688 — Total held to maturity debt securities $ 363,080 352,601 15,553 337,048 — FHLBNY stock 79,217 79,217 79,217 — — Equity Securities 1,270 1,270 1,270 — — Loans, net of allowance for credit losses 10,766,501 10,437,204 — — 10,437,204 Derivative assets 101,754 101,754 — 101,754 — Financial liabilities: Deposits other than certificates of deposits $ 9,196,572 9,196,572 9,196,572 — — Certificates of deposit 1,095,942 1,093,125 — 1,093,125 — Total deposits $ 10,292,514 10,289,697 9,196,572 1,093,125 — Borrowings 1,970,033 1,960,174 — 1,960,174 — Subordinated debentures 10,695 9,198 — 9,198 — Derivative liabilities 88,835 88,835 — 88,835 — |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2024 and 2023 (in thousands): Three months ended June 30, 2024 2023 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized gains (losses) arising during the period $ 16,718 (5,157) 11,561 (20,178) 5,452 (14,726) Reclassification adjustment for losses included in net income 2,973 (917) 2,056 — — — Total 19,691 (6,074) 13,617 (20,178) 5,452 (14,726) Unrealized gains and losses on derivatives (cash flow hedges): Net unrealized gains arising during the period 1,361 (420) 941 5,002 (1,352) 3,650 Reclassification adjustment for (gains) included in net income (3,734) 1,152 (2,582) (4,124) 1,114 (3,010) Total (2,373) 732 (1,641) 878 (238) 640 Amortization related to post-retirement obligations (514) 159 (355) (358) 97 (261) Total other comprehensive income (loss) $ 16,804 (5,183) 11,621 (19,658) 5,311 (14,347) Six months ended June 30, 2024 2023 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized gains arising during the period $ 2,319 (715) 1,604 7,641 (1,503) 6,138 Reclassification adjustment for losses included in net income 2,973 (917) 2,056 — — — Total 5,292 (1,632) 3,660 7,641 (1,503) 6,138 Unrealized gains and losses on derivatives (cash flow hedges): Net unrealized gains arising during the period 5,993 (1,849) 4,144 4,219 (1,186) 3,033 Reclassification adjustment for (gains) included in net income (7,909) 2,440 (5,469) (8,343) 2,254 (6,089) Total (1,916) 591 (1,325) (4,124) 1,068 (3,056) Amortization related to post-retirement obligations (1,712) 528 (1,184) (727) 197 (530) Total other comprehensive income (loss) $ 1,664 (513) 1,151 2,790 (238) 2,552 The following tables present the changes in the components of accumulated other comprehensive (loss), net of tax, for the three and six months ended June 30, 2024 and 2023 (in thousands): Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the three months ended June 30, 2024 2023 Unrealized Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Unrealized Losses on Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Balance as of $ (164,446) 3,108 9,753 (151,585) (165,750) 1,303 16,301 (148,146) Current - period other comprehensive income (loss) 13,617 (355) (1,641) 11,621 (14,726) (261) 640 (14,347) Balance as of June 30, $ (150,829) 2,753 8,112 (139,964) (180,476) 1,042 16,941 (162,493) Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the six months ended June 30, 2024 2023 Unrealized Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Unrealized Losses on Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Balance as of December 31, $ (154,489) 3,937 9,437 (141,115) (186,614) 1,572 19,997 (165,045) Current - period other comprehensive income (loss) 3,660 (1,184) (1,325) 1,151 6,138 (530) (3,056) 2,552 Balance as of June 30, $ (150,829) 2,753 8,112 (139,964) (180,476) 1,042 16,941 (162,493) The following tables summarize the reclassifications from accumulated other comprehensive (loss) to the consolidated statements of income for the three and six months ended June 30, 2024 and 2023 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended June 30, Affected line item in the Consolidated 2024 2023 Details of AOCI: Available for sale debt securities: Realized net losses on the sale of securities available for sale $ 2,973 — Net loss on securities transactions (917) — Income tax expense $ 2,056 — Net of tax Cash flow hedges: Realized net gains on derivatives $ (3,734) (4,124) Interest expense 1,152 1,114 Income tax expense $ (2,582) (3,010) Post-retirement obligations: Amortization of actuarial gains $ (514) (356) Compensation and employee benefits (1) 159 96 Income tax expense $ (355) (260) Net of tax Total reclassifications $ (881) (3,270) Net of tax Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the six months ended June 30, Affected line item in the Consolidated 2024 2023 Details of AOCI: Available for sale debt securities: Realized net losses on the sale of securities available for sale $ 2,973 — Net loss on securities transactions (917) — Income tax expense $ 2,056 — Net of tax Cash flow hedges: Realized net gains on derivatives $ (7,909) (8,343) Interest expense 2,440 2,254 Income tax expense $ (5,469) (6,089) Post-retirement obligations: Amortization of actuarial gains $ (1,030) (712) Compensation and employee benefits (1) 318 192 Income tax expense $ (712) (520) Net of tax Total reclassifications $ (4,125) (6,609) Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 8. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2024 | |
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. As of June 30, 2024 and December 31, 2023, the Company had 321 and 154 loan related interest rate swaps with aggregate notional amounts of $4.64 billion and $2.30 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 $70,000 against the potential risk of default by the borrower under these agreements. For June 30, 2024 and December 31, 2023, the Company had 8 and 12 credit derivatives, respectively, with aggregate notional amounts of $87.7 million and $142.8 million, respectively, from participations in interest rate swaps as part of these loan participation arrangements. As of June 30, 2024, both the asset and liability positions of these fair value credit derivatives were insignificant, compared to $17,000 and $8,000, respectively, as of December 31, 2023. 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 (loss) income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and six months ended June 30, 2024 and 2023, such derivatives were used to hedge the variable cash outflows associated with FHLBNY borrowings and brokered demand deposits. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s borrowings or demand deposits. During the next twelve months, the Company estimates that $9.9 million will be reclassified as a reduction to interest expense. As of June 30, 2024, the Company had 7 outstanding interest rate derivatives with an aggregate notional amount of $375.0 million that were each designated as a cash flow hedge of interest rate risk, compared to 9 outstanding interest rate derivatives with an aggregate notional amount of $455.0 million, as of December 31, 2023. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of cash or marketable investment securities, is posted by or received from the counterparty with net liability or asset positions, respectively, in accordance with contract thresholds. Master repurchase agreements which include “right of set-off” provisions generally have a legally enforceable right to offset recognized amounts. In such cases, the collateral would be used to settle the fair value of the swap or repurchase agreement should the Company be in default. Total amount of collateral held or pledged cannot exceed the net derivative fair values with the counterparty. The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition as of June 30, 2024 and December 31, 2023 (in thousands). Fair Values of Derivative Instruments as of June 30, 2024 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (1) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 2,320,802 Other assets $ 197,311 $ 2,320,802 Other liabilities $ 197,395 Credit contracts 11,796 Other assets — 75,909 Other liabilities — Total derivatives not designated as a hedging instrument 197,311 197,395 Derivatives designated as a hedging instrument: Interest rate products 375,000 Other assets 11,837 — Other liabilities — Total gross derivative amounts recognized on the balance sheet 209,148 197,395 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 209,148 197,395 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties 201,390 — Net derivatives not offset $ 7,758 197,395 Fair Values of Derivative Instruments as of December 31, 2023 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (1) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,152,200 Other assets $ 89,261 $ 1,152,200 Other liabilities $ 89,461 Credit contracts 46,359 Other assets 17 96,462 Other liabilities 8 Total derivatives not designated as a hedging instrument 89,278 89,469 Derivatives designated as a hedging instrument: Interest rate products 330,000 Other assets 15,886 125,000 Other liabilities 1,365 Total gross derivative amounts recognized on the balance sheet 105,164 90,834 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 105,164 90,834 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties 101,328 — Net derivatives not offset $ 3,836 90,834 (1) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2024 and December 31, 2023. The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income during the three and six months ended June 30, 2024 and 2023 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income June 30, 2024 June 30, 2023 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 21 126 Credit contracts Other income (6) (8) Total $ 15 118 Derivatives designated as a hedging instrument: Interest rate products Interest (benefit) expense $ (3,734) (4,124) Total $ (3,734) (4,124) Gain (loss) recognized in income on derivatives for the six months ended Consolidated Statements of Income June 30, 2024 June 30, 2023 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 117 52 Credit contracts Other income (9) (4) Total $ 108 48 Derivatives designated as a hedging instrument: Interest rate products Interest (benefit) expense $ (7,909) (8,343) Total $ (7,909) (8,343) 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. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
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 both the three and six months ended June 30, 2024, the out-of-scope revenue related to financial instruments was 91.8% and 90.5% of the Company's total revenue, compared to 88.5% and 87.6% for the three and six months ended June 30, 2023, respectively. Revenue-generating activities that are within the scope of Topic 606, are components of non-interest income. These revenue streams are generally classified into three categories: 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 and six months ended June 30, 2024 and 2023 (in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Non-interest income In-scope of Topic 606: Wealth management fees $ 7,769 6,919 15,257 13,834 Insurance agency income 4,488 3,847 9,281 7,950 Banking service charges and other fees: Service charges on deposit accounts 4,208 3,050 7,524 6,413 Debit card and ATM fees 1,174 761 1,861 1,466 Total banking service charges and other fees 5,382 3,811 9,385 7,879 Total in-scope non-interest income 17,639 14,577 33,923 29,663 Total out-of-scope non-interest income 4,636 4,810 9,158 11,877 Total non-interest income $ 22,275 19,387 43,081 41,540 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 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 is 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 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 is 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 the 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 | 6 Months Ended |
Jun. 30, 2024 | |
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 as of June 30, 2024 and December 31, 2023 (in thousands): Classification June 30, 2024 December 31, 2023 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 67,943 56,907 Lease Liabilities: Operating lease liabilities Other liabilities $ 71,320 60,039 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. 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 2046. As of June 30, 2024, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 7.6 years and 2.06%, 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 June 30, 2024 Three months ended June 30, 2023 Lease Costs Operating lease cost $ 3,771 2,629 Variable lease cost 705 842 Total lease cost $ 4,476 3,471 Six months ended June 30, 2024 Six months ended June 30, 2023 Lease Costs Operating lease cost $ 6,398 5,257 Variable lease cost 1,491 1,722 Total lease cost $ 7,889 6,979 Cash paid for amounts included in the measurement of lease liabilities: Six months ended June 30, 2024 Six months ended June 30, 2023 Operating cash flows from operating leases $ 5,698 4,776 During the three and six months ended June 30, 2024, the Company added 39 new lease obligations related to the Lakeland merger. The Company recorded a $14.7 million right-of-use asset and lease liability for these lease obligations. Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2024, were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2024 $ 7,064 2025 13,403 2026 11,718 2027 10,153 2028 8,655 Thereafter 29,641 Total future minimum lease payments 80,634 Amounts representing interest 9,314 Present value of net future minimum lease payments $ 71,320 |
Leases | Leases The following table represents the consolidated statements of financial condition classification of the Company’s right-of use-assets and lease liabilities as of June 30, 2024 and December 31, 2023 (in thousands): Classification June 30, 2024 December 31, 2023 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 67,943 56,907 Lease Liabilities: Operating lease liabilities Other liabilities $ 71,320 60,039 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. 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 2046. As of June 30, 2024, the weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases were 7.6 years and 2.06%, 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 June 30, 2024 Three months ended June 30, 2023 Lease Costs Operating lease cost $ 3,771 2,629 Variable lease cost 705 842 Total lease cost $ 4,476 3,471 Six months ended June 30, 2024 Six months ended June 30, 2023 Lease Costs Operating lease cost $ 6,398 5,257 Variable lease cost 1,491 1,722 Total lease cost $ 7,889 6,979 Cash paid for amounts included in the measurement of lease liabilities: Six months ended June 30, 2024 Six months ended June 30, 2023 Operating cash flows from operating leases $ 5,698 4,776 During the three and six months ended June 30, 2024, the Company added 39 new lease obligations related to the Lakeland merger. The Company recorded a $14.7 million right-of-use asset and lease liability for these lease obligations. Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2024, were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2024 $ 7,064 2025 13,403 2026 11,718 2027 10,153 2028 8,655 Thereafter 29,641 Total future minimum lease payments 80,634 Amounts representing interest 9,314 Present value of net future minimum lease payments $ 71,320 |
Impact of Recent Accounting Pro
Impact of Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Impact of Recent Accounting Pronouncements | 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. (the "Company") and its wholly owned subsidiary, Provident Bank (the “Bank") and its wholly owned subsidiaries. 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 is a material estimate that is 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 and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for all of 2024. 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. Additionally, certain comparative balances on the interim unaudited consolidated financial statements have been reclassified to conform to the current year’s presentation. These unaudited consolidated financial statements should be read in conjunction with the December 31, 2023 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 and six months ended June 30, 2024 and 2023 (dollars in thousands, except per share amounts): Three months ended June 30, 2024 2023 Net Weighted Per Net Weighted Per Net (loss) income $ (11,485) $ 32,003 Basic earnings per share: (Loss) Income available to common stockholders $ (11,485) 102,957,521 $ (0.11) $ 32,003 74,823,272 $ 0.43 Dilutive shares — 6,915 Diluted earnings per share: (Loss) Income available to common stockholders $ (11,485) 102,957,521 $ (0.11) $ 32,003 74,830,187 $ 0.43 Six months ended June 30, 2024 2023 Net Weighted Per Net Weighted Per Net income $ 20,596 $ 72,539 Basic earnings per share: Income available to common stockholders $ 20,596 89,108,775 $ 0.23 $ 72,539 74,734,795 $ 0.97 Dilutive shares 7,815 32,053 Diluted earnings per share: Income available to common stockholders $ 20,596 89,116,590 $ 0.23 $ 72,539 74,766,848 $ 0.97 Anti-dilutive stock options and awards as of June 30, 2024 and 2023, totaling 1.5 million shares and 1.3 million shares, respectively, were excluded from the earnings per share calculations. C. Loans Receivable and Allowance for Credit Losses The impact of utilizing the current expected credit loss ("CECL") methodology approach to calculate the allowance for credit losses on loans is significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and six months ended June 30, 2024, an initial CECL provision for credit losses on loans and commitments to extend credit of $65.2 million was recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. See Notes 4 and 10 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans and off-balance sheet credit exposures. D. Goodwill Goodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. Goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment at least once a year. The Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its most recent annual goodwill impairment test as of July 1, 2024. The Company performed a qualitative analysis of goodwill and concluded that no triggering events were identified and therefore a test for impairment between annual tests was not required. Accounting Pronouncements Not Yet Adopted In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in this ASU require improved annual income tax disclosures surrounding rate reconciliation, income taxes paid, and other disclosures. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2024, with early adoption in the interim period permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net (loss) income | $ (11,485) | $ 32,003 | $ 20,596 | $ 72,539 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
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. (the "Company") and its wholly owned subsidiary, Provident Bank (the “Bank") and its wholly owned subsidiaries. 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 is a material estimate that is 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 and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for all of 2024. |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses The impact of utilizing the current expected credit loss ("CECL") methodology approach to calculate the allowance for credit losses on loans is significantly influenced by the composition, characteristics and quality of the Company’s loan portfolio, as well as the prevailing economic conditions and forecast utilized. Material changes to these and other relevant factors may result in greater volatility to the allowance for credit losses, and therefore, greater volatility to the Company’s reported earnings. For the three and six months ended June 30, 2024, an initial CECL provision for credit losses on loans and commitments to extend credit of $65.2 million was recorded as part of the Lakeland merger in accordance with GAAP requirements for accounting for business combinations. See Notes 4 and 10 to the Consolidated Financial Statements for more information on the allowance for credit losses on loans and off-balance sheet credit exposures. |
Goodwill | GoodwillGoodwill represents the excess of the purchase price over the estimated fair value of identifiable net assets acquired through purchase acquisitions. Goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. Goodwill is analyzed for impairment at least once a year. The Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its most recent annual goodwill impairment test as of July 1, 2024. The Company performed a qualitative analysis of goodwill and concluded that no triggering events were identified and therefore a test for impairment between annual tests was not required. |
Fair Value Measurements | The 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 June 30, 2024 and December 31, 2023. 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 by benchmarking 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. The Company also holds debt instruments issued by the U.S. government that are traded in active markets with readily accessible quoted market prices that are considered Level 1 within the fair value hierarchy. 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 these 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 and brokered demand deposits. The change in the fair value of these derivatives is recorded in accumulated other comprehensive income (loss), and is subsequently reclassified into earnings in the period that the forecasted transactions affect 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 June 30, 2024 and December 31, 2023. 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. |
Revenue Recognition | 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 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 is 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 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 is 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 the 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. |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In December 2023, FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. The amendments in this ASU require improved annual income tax disclosures surrounding rate reconciliation, income taxes paid, and other disclosures. This update will be effective for financial statements issued for fiscal years beginning after December 15, 2024, with early adoption in the interim period permitted. The Company is currently evaluating the impact of this standard on the consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 and six months ended June 30, 2024 and 2023 (dollars in thousands, except per share amounts): Three months ended June 30, 2024 2023 Net Weighted Per Net Weighted Per Net (loss) income $ (11,485) $ 32,003 Basic earnings per share: (Loss) Income available to common stockholders $ (11,485) 102,957,521 $ (0.11) $ 32,003 74,823,272 $ 0.43 Dilutive shares — 6,915 Diluted earnings per share: (Loss) Income available to common stockholders $ (11,485) 102,957,521 $ (0.11) $ 32,003 74,830,187 $ 0.43 Six months ended June 30, 2024 2023 Net Weighted Per Net Weighted Per Net income $ 20,596 $ 72,539 Basic earnings per share: Income available to common stockholders $ 20,596 89,108,775 $ 0.23 $ 72,539 74,734,795 $ 0.97 Dilutive shares 7,815 32,053 Diluted earnings per share: Income available to common stockholders $ 20,596 89,116,590 $ 0.23 $ 72,539 74,766,848 $ 0.97 |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Estimated Fair Values of the Assets Acquired and the Liabilities Assumed | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the merger date, net of cash consideration paid (in thousands): As of May 16, 2024 Assets acquired: Cash and cash equivalents, net $ 194,548 Available for sale debt securities 1,585,993 Federal Home Loan Bank stock 46,113 Loans held for sale 1,494 Loans held for investment 7,906,326 Allowance for credit losses on PCD loans (17,188) Loans, net 7,889,138 Bank-owned life insurance 160,646 Banking premises and equipment 60,578 Accrued interest receivable 27,241 Goodwill 190,858 Other intangibles assets 209,915 Other assets 242,011 Total assets acquired $ 10,608,535 Liabilities assumed: Deposits 8,622,924 Mortgage escrow deposits 5,532 Borrowed funds 785,927 Subordinated debentures 180,198 Other liabilities 137,176 Total liabilities assumed $ 9,731,757 Net assets acquired $ 876,778 |
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 the fair value of the loans acquired (in thousands): Gross amortized cost basis as of May 16, 2024 $ 8,323,589 Interest rate fair value adjustment on all loans (330,540) Credit fair value adjustment on non-PCD loans (82,359) Charge-offs on PCD Loans at acquisition (4,364) Allowance for credit losses on PCD loans (17,188) Fair value of acquired loans, net, as of May 16, 2024 $ 7,889,138 The table below is a summary of the PCD loans that were acquired from Lakeland as of the closing date (in thousands): Gross amortized cost basis as of May 16, 2024 $ 564,147 Charge-offs on PCD Loans at acquisition (4,364) Interest component of expected cash flows (accretable difference) (33,365) Allowance for credit losses on PCD loans (17,188) Net PCD loans $ 509,230 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
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 as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Amortized Gross Gross Fair U.S. Treasury obligations $ 358,744 2 (23,715) 335,031 Government-agency obligations 164,690 1,672 (160) 166,202 Mortgage-backed securities 2,032,733 7,058 (190,607) 1,849,184 Asset-backed securities 52,470 807 (224) 53,053 State and municipal obligations 136,407 309 (10,158) 126,558 Corporate obligations 99,474 1,609 (4,328) 96,755 $ 2,844,518 11,457 (229,192) 2,626,783 December 31, 2023 Amortized Gross Gross Fair U.S. Treasury obligations $ 276,618 — (22,740) 253,878 Government-agency obligations 26,310 1,188 — 27,498 Mortgage-backed securities 1,462,159 377 (176,927) 1,285,609 Asset-backed securities 31,809 594 (168) 32,235 State and municipal obligations 64,454 — (7,870) 56,584 Corporate obligations 40,448 — (6,140) 34,308 $ 1,901,798 2,159 (213,845) 1,690,112 |
Investment Securities Classified by Contractual Maturity | The amortized cost and fair value of available for sale debt securities as of June 30, 2024, 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. June 30, 2024 Amortized Fair Due in one year or less $ 56,503 57,494 Due after one year through five years 361,811 337,043 Due after five years through ten years 115,803 112,705 Due after ten years 110,821 102,936 $ 644,938 610,178 The amortized cost and fair value of investment securities in the held to maturity debt securities portfolio by contractual maturity, excluding an allowance for credit losses of $15,000, as of June 30, 2024 are shown below (in thousands). Expected maturities may differ from contractual maturities due to prepayment or early call privileges of the issuer. June 30, 2024 Amortized Fair Due in one year or less $ 39,389 39,125 Due after one year through five years 180,001 174,525 Due after five years through ten years 107,966 100,776 Due after ten years 23,188 18,265 $ 350,544 332,691 |
Investment Securities Held to Maturity | The following tables present the amortized cost, gross unrealized gains, gross unrealized losses and the estimated fair value for held to maturity debt securities, excluding allowances for credit losses of $15,000 and $31,000, as of June 30, 2024 and December 31, 2023, respectively (in thousands): June 30, 2024 Amortized Gross Gross Fair Treasury obligations $ 6,984 — — 6,984 Government-agency obligations 9,998 — (550) 9,448 State and municipal obligations 327,006 694 (17,671) 310,029 Corporate obligations 6,556 — (326) 6,230 $ 350,544 694 (18,547) 332,691 December 31, 2023 Amortized Gross Gross Fair Treasury obligations $ 5,146 1 — 5,147 Government-agency obligations 11,058 — (652) 10,406 State and municipal obligations 339,816 244 (9,700) 330,360 Corporate obligations 7,091 — (403) 6,688 $ 363,111 245 (10,755) 352,601 |
Amortized Cost of held To Maturity Debt Securities by Year of Originations and Credit Rating | The following table provides the amortized cost of held to maturity debt securities by credit rating as of June 30, 2024 and December 31, 2023 (in thousands): June 30, 2024 Total Portfolio AAA AA A BBB Not Rated Total Treasury obligations $ 6,984 — — — — 6,984 Government-agency obligations 9,998 — — — — 9,998 State and municipal obligations 45,709 249,553 30,051 — 1,693 327,006 Corporate obligations 502 2,485 3,544 25 6,556 $ 63,193 252,038 33,595 — 1,718 350,544 December 31, 2023 Total Portfolio AAA AA A BBB Not Rated Total Treasury obligations $ 5,146 — — — — 5,146 Government-agency obligations 11,058 — — — — 11,058 State and municipal obligations 43,749 156,438 137,231 — 2,398 339,816 Corporate obligations 504 2,510 4,052 — 25 7,091 $ 60,457 158,948 141,283 — 2,423 363,111 |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Summarized Loans Receivable | Loans receivable as of June 30, 2024 and December 31, 2023 are summarized as follows (in thousands): June 30, 2024 December 31, 2023 Mortgage loans: Commercial $ 7,337,742 4,512,411 Multi-family 3,189,808 1,812,500 Construction 970,244 653,246 Residential 2,024,027 1,164,956 Total mortgage loans 13,521,821 8,143,113 Commercial loans 4,617,232 2,440,621 Consumer loans 626,016 299,164 Total gross loans 18,765,069 10,882,898 Premiums on purchased loans 1,410 1,474 Net deferred fees (7,149) (12,456) Total loans $ 18,759,330 10,871,916 |
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): June 30, 2024 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Non-accrual loans with no related allowance Mortgage loans: Commercial $ 1,707 1,231 3,588 — 6,526 7,331,216 7,337,742 3,588 Multi-family — — 7,276 — 7,276 3,182,532 3,189,808 7,276 Construction — — 11,698 — 11,698 958,546 970,244 11,698 Residential 1,714 2,193 4,447 — 8,354 2,015,673 2,024,027 4,447 Total mortgage loans 3,421 3,424 27,009 — 33,854 13,487,967 13,521,821 27,009 Commercial loans 3,444 1,146 39,715 — 44,305 4,572,927 4,617,232 28,675 Consumer loans 2,891 648 1,144 — 4,683 621,333 626,016 1,144 Total gross loans $ 9,756 5,218 67,868 — 82,842 18,682,227 18,765,069 56,828 December 31, 2023 30-59 Days 60-89 Days Non-accrual Recorded Total Past Current Total Loans Receivable Non-accrual loans with no related allowance Mortgage loans: Commercial $ 825 — 5,151 — 5,976 4,506,435 4,512,411 5,151 Multi-family 3,815 1,635 744 — 6,194 1,806,306 1,812,500 744 Construction — — 771 — 771 652,475 653,246 771 Residential 3,429 1,208 853 — 5,490 1,159,466 1,164,956 853 Total mortgage loans 8,069 2,843 7,519 — 18,431 8,124,682 8,143,113 7,519 Commercial loans 998 198 41,487 — 42,683 2,397,938 2,440,621 36,281 Consumer loans 875 275 633 — 1,783 297,381 299,164 633 Total gross loans $ 9,942 3,316 49,639 — 62,897 10,820,001 10,882,898 44,433 |
Allowance for Loan Losses by Portfolio Segment and Impairment Classification | The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2024 and 2023 was as follows (in thousands): Three months ended June 30, Mortgage loans Commercial loans Consumer loans Total 2024 Balance at beginning of period $ 65,890 38,292 2,247 106,429 Initial allowance on credit loans related to PCD loans 10,628 6,070 490 17,188 Provision charge to operations 58,790 5,038 2,226 66,054 Recoveries of loans previously charged-off 4 825 134 963 Loans charged-off — (2,222) (81) (2,303) Balance at end of period $ 135,312 48,003 5,016 188,331 2023 Balance at beginning of period $ 63,195 27,117 2,446 92,758 Provision charge (benefit) to operations 6,742 3,769 (111) 10,400 Recoveries of loans previously charged-off 3 134 173 310 Loans charged-off — (1,313) (82) (1,395) Balance at end of period $ 69,940 29,707 2,426 102,073 Six months ended June 30, Mortgage loans Commercial loans Consumer loans Total 2024 Balance at beginning of period $ 73,407 31,475 2,318 107,200 Initial allowance on credit loans related to PCD loans 10,628 6,070 490 17,188 Provision charge to operations 51,210 12,963 2,081 66,254 Recoveries of loans previously charged-off 67 1,512 279 1,858 Loans charged-off — (4,017) (152) (4,169) Balance at end of period $ 135,312 48,003 5,016 188,331 2023 Balance at beginning of period $ 58,218 27,413 2,392 88,023 Cumulative effect of adopting Accounting Standards Update ("ASU") No. 2022-02 (510) (43) (41) (594) Provision charge (benefit) charge to operations 12,954 3,461 (15) 16,400 Recoveries of loans previously charged-off 6 301 258 565 Loans charged-off (728) (1,425) (168) (2,321) Balance at end of period $ 69,940 29,707 2,426 102,073 |
Loan Modifications | The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2024 by year of origination (in thousands): 2024 2023 2022 2021 2020 Prior to 2020 Total Loans Commercial loans $ — — 157 2,046 — 18 2,222 Consumer loans (1) 7 — — — — — 7 Total gross loans $ 7 — 157 2,046 — 17 2,229 (1) During the three months ended June 30, 2024, charge-offs on consumer overdraft accounts totaled $74,000, which are not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2024 by year of origination (in thousands): 2024 2023 2022 2021 2020 Prior to 2020 Total Loans Commercial loans $ — — 158 2,047 1,606 206 4,017 Consumer loans (1) 13 — — — — 1 14 Total gross loans $ 13 — 158 2,047 1,606 207 4,031 (1) During the six months ended June 30, 2024, charge-offs on consumer overdraft accounts totaled $138,000, which are not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the three months ended June 30, 2023 by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Total Loans Commercial loans $ — — — — — 1,313 1,313 Consumer loans (1) 4 — — — — 3 7 Total gross loans $ 4 — — — — 1,316 1,320 (1) During the three months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $75,000, which is not included in the table above. The following table summarizes the Company's gross charge-offs recorded during the six months ended June 30, 2023 by year of origination (in thousands): 2023 2022 2021 2020 2019 Prior to 2019 Total Loans Mortgage loans: Commercial $ — — — — — 707 707 Residential — — — — — 21 21 Total mortgage loans — — — — — 728 728 Commercial loans — — — — — 1,425 1,425 Consumer loans (1) 9 — — — — 13 22 Total gross loans $ 9 — — — — 2,166 2,175 (1) During the six months ended June 30, 2023, charge-offs on consumer overdraft accounts totaled $146,000, which is not included in the table above. The following illustrates the most common loan modifications by loan classes offered by the Company that are required to be disclosed pursuant to the requirements of ASU 2022-02: Loan Classes Modification types Commercial Term extension, interest rate reductions, payment delay, or combination thereof. These modifications extend the term of the loan, lower the payment amount, or otherwise delay payments during a defined period for the purpose of providing borrowers additional time to return to compliance with the original loan term. Residential Mortgage/ Home Equity Forbearance period greater than six months. These modifications require reduced or no payments during the forbearance period for the purpose of providing borrowers additional time to return to compliance with the original loan term as well as term extension and rate adjustment. These modifications extend the term of the loan and provides for an adjustment to the interest rate, which reduces the monthly payment requirement. Direct Installment Term extension greater than three months. These modifications extend the term of the loan, which reduces the monthly payment requirement. The following tables present the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 (in thousands): For the three months ended June 30, 2024 Term Extension Interest Rate Reduction Interest Rate Reduction and Term Extension % of Total Class of Loans and Leases Commercial loans — — 1,609 0.03 % Total gross loans $ — — 1,609 0.01 % For the six months ended June 30, 2024 Term Extension Interest Rate Reduction Interest Rate Reduction and Term Extension % of Total Class of Loans and Leases Commercial loans — — 8,796 0.19 % Total gross loans $ — — 8,796 0.05 % There were no loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2023. The following table presents the amortized cost basis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Term Extension Interest Rate Reduction Interest Rate Reduction and Term Extension % of Total Class of Loans and Leases Commercial loans $ 3,771 — 1,250 0.21 % Total gross loans $ 3,771 — 1,250 0.05 % The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2024 (in thousands): Weighted-Average Months of Term Extension Weighted-Average Rate Increase Commercial loans 3 1.25 % Total gross loans 3 1.25 % The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2024 (in thousands): Weighted-Average Months of Term Extension Weighted-Average Rate Increase Commercial loans 1 1.63 % Total gross loans 1 1.63 % The following table presents the financial effect of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Weighted-Average Months of Term Extension Weighted-Average Rate Change Commercial loans 10 0.28 % Total gross loans 10 0.28 % The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the three months ended June 30, 2024 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total Commercial loans 1,609 — — — — 1,609 Total gross loans $ 1,609 — — — — 1,609 The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2024 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total Commercial loans 8,796 — — — — 8,796 Total gross loans $ 8,796 — — — — 8,796 The following table presents the aging analysis of loan modifications made to borrowers experiencing financial difficulty during the six months ended June 30, 2023 (in thousands): Current 30-59 Days Past Due 60-89 Days Past Due 90 days or more Past Due Non- Accrual Total Commercial loans $ 5,021 — — — — 5,021 Total gross loans $ 5,021 — — — — 5,021 |
Fair Value of Loans Acquired in Acquisition | The table below is a summary of the PCD loans that were acquired from Lakeland as of the closing date (in thousands): Gross amortized cost basis as of May 16, 2024 $ 564,147 Charge-offs on PCD Loans at acquisition (4,364) Interest component of expected cash flows (accretable difference) (33,365) Allowance for credit losses on PCD loans (17,188) Net PCD loans $ 509,230 |
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 as of June 30, 2024 and December 31, 2023 (in thousands): Gross Loans Held for Investment by Year of Origination as of June 30, 2024 2024 2023 2022 2021 2020 Prior to 2020 Revolving Loans Revolving loans to term loans Total Loans Commercial Mortgage Special mention $ — 2,184 12,781 3,238 35,431 48,972 4,500 — 107,106 Substandard 3,072 — 7,360 — — 42,195 434 — 53,061 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 3,072 2,184 20,141 3,238 35,431 91,167 4,934 — 160,167 Pass/Watch 217,583 786,479 1,515,112 1,111,743 929,400 2,500,179 105,543 11,536 7,177,575 Total Commercial Mortgage $ 220,655 788,663 1,535,253 1,114,981 964,831 2,591,346 110,477 11,536 7,337,742 Multi-family Special mention $ — — — — 553 19,105 — — 19,658 Substandard — 1,611 — 1,059 — 5,008 — — 7,678 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — 1,611 — 1,059 553 24,113 — — 27,336 Pass/Watch 83,575 409,575 497,184 518,177 520,320 1,116,174 15,884 1,583 3,162,472 Total Multi-Family $ 83,575 411,186 497,184 519,236 520,873 1,140,287 15,884 1,583 3,189,808 Construction Special mention $ — — — 10,000 — — — — 10,000 Substandard — — — 11,698 — — — — 11,698 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 21,698 — — — — 21,698 Pass/Watch 35,709 187,663 475,357 181,357 48,243 16,565 3,652 — 948,546 Gross Loans Held for Investment by Year of Origination as of June 30, 2024 2024 2023 2022 2021 2020 Prior to 2020 Revolving Loans Revolving loans to term loans Total Loans Total Construction $ 35,709 187,663 475,357 203,055 48,243 16,565 3,652 — 970,244 Residential (1) Special mention $ 412 731 — — — 1,050 — — 2,193 Substandard — — 347 1,139 378 2,583 — — 4,447 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 412 731 347 1,139 378 3,633 — — 6,640 Pass/Watch 77,447 355,651 441,901 346,991 286,120 509,277 — — 2,017,387 Total Residential $ 77,859 356,382 442,248 348,130 286,498 512,910 — — 2,024,027 Total Mortgage Special mention $ 412 2,915 12,781 13,238 35,984 69,127 4,500 — 138,957 Substandard 3,072 1,611 7,707 13,896 378 49,786 434 — 76,884 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 3,484 4,526 20,488 27,134 36,362 118,913 4,934 — 215,841 Pass/Watch 414,314 1,739,368 2,929,554 2,158,268 1,784,083 4,142,195 125,079 13,119 13,305,980 Total Mortgage $ 417,798 1,743,894 2,950,042 2,185,402 1,820,445 4,261,108 130,013 13,119 13,521,821 Commercial Special mention $ — — 20,042 5,055 1,250 34,059 16,102 2,560 79,068 Substandard 967 860 53,072 64,141 26,250 24,684 23,554 1,286 194,814 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 967 860 73,114 69,196 27,500 58,743 39,656 3,846 273,882 Pass/Watch 284,428 441,563 706,947 463,399 321,207 975,241 1,069,999 80,566 4,343,350 Total Commercial $ 285,395 442,423 780,061 532,595 348,707 1,033,984 1,109,655 84,412 4,617,232 Consumer (1) Special mention $ — — — — — 28 596 19 643 Substandard — — — 9 — 826 277 33 1,145 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — 9 — 854 873 52 1,788 Pass/Watch 19,664 49,608 63,199 42,791 10,017 91,384 334,965 12,600 624,228 Total Consumer $ 19,664 49,608 63,199 42,800 10,017 92,238 335,838 12,652 626,016 Total Loans Special mention $ 412 2,915 32,823 18,293 37,234 103,214 21,198 2,579 218,668 Substandard 4,039 2,471 60,779 78,046 26,628 75,296 24,265 1,319 272,843 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 4,451 5,386 93,602 96,339 63,862 178,510 45,463 3,898 491,511 Gross Loans Held for Investment by Year of Origination as of June 30, 2024 2024 2023 2022 2021 2020 Prior to 2020 Revolving Loans Revolving loans to term loans Total Loans Pass/Watch 718,406 2,230,539 3,699,700 2,664,458 2,115,307 5,208,820 1,530,043 106,285 18,273,558 Total Gross Loans $ 722,857 2,235,925 3,793,302 2,760,797 2,179,169 5,387,330 1,575,506 110,183 18,765,069 (1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. Gross Loans Held for Investment by Year of Origination as of December 31, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Commercial Mortgage Special mention $ — 10,926 3,048 28,511 10,558 24,598 4,500 — 82,141 Substandard 482 — — — — 9,599 434 — 10,515 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 482 10,926 3,048 28,511 10,558 34,197 4,934 — 92,656 Pass/Watch 628,709 883,149 677,464 470,257 470,971 1,166,205 90,760 32,240 4,419,755 Total Commercial Mortgage $ 629,191 894,075 680,512 498,768 481,529 1,200,402 95,694 32,240 4,512,411 Multi-family Special mention $ — — — — — 9,500 — — 9,500 Substandard 3,253 — — — — — — — 3,253 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 3,253 — — — — 9,500 — — 12,753 Pass/Watch 340,842 172,244 184,136 271,878 230,456 592,470 6,115 1,606 1,799,747 Total Multi-Family $ 344,095 172,244 184,136 271,878 230,456 601,970 6,115 1,606 1,812,500 Construction Special mention $ — — — — — — — — — Substandard — — — — — 771 — — 771 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — — 771 — — 771 Pass/Watch 41,209 342,890 185,034 68,603 1,339 13,400 — — 652,475 Total Construction $ 41,209 342,890 185,034 68,603 1,339 14,171 — — 653,246 Residential (1) Special mention $ — — — — — 1,208 — — 1,208 Substandard — — — — — 1,285 — — 1,285 Doubtful — — — — — — — — — Gross Loans Held for Investment by Year of Origination as of December 31, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Loss — — — — — — — — — Total criticized and classified — — — — — 2,493 — — 2,493 Pass/Watch 96,259 141,683 200,111 195,964 89,654 438,792 — — 1,162,463 Total Residential $ 96,259 141,683 200,111 195,964 89,654 441,285 — — 1,164,956 Total Mortgage Special mention $ — 10,926 3,048 28,511 10,558 35,306 4,500 — 92,849 Substandard 3,735 — — — — 11,655 434 — 15,824 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified 3,735 10,926 3,048 28,511 10,558 46,961 4,934 — 108,673 Pass/Watch 1,107,019 1,539,966 1,246,745 1,006,702 792,420 2,210,867 96,875 33,846 8,034,440 Total Mortgage $ 1,110,754 1,550,892 1,249,793 1,035,213 802,978 2,257,828 101,809 33,846 8,143,113 Commercial Special mention $ 450 17,008 9,338 2,409 152 22,752 23,333 687 76,129 Substandard 686 — 20,262 9,235 2,034 11,313 10,736 508 54,774 Doubtful 7,011 — — — — — — — 7,011 Loss — — — — — — — — — Total criticized and classified 8,147 17,008 29,600 11,644 2,186 34,065 34,069 1,195 137,914 Pass/Watch 358,578 316,015 318,416 131,647 143,677 491,406 471,962 71,006 2,302,707 Total Commercial $ 366,725 333,023 348,016 143,291 145,863 525,471 506,031 72,201 2,440,621 Consumer (1) Special mention $ — — — — — 97 178 — 275 Substandard — — — — 9 146 389 90 634 Doubtful — — — — — — — — — Loss — — — — — — — — — Total criticized and classified — — — — 9 243 567 90 909 Pass/Watch 29,083 26,098 18,101 3,459 14,375 85,383 108,431 13,325 298,255 Total Consumer $ 29,083 26,098 18,101 3,459 14,384 85,626 108,998 13,415 299,164 Total Loans Special mention $ 450 27,934 12,386 30,920 10,710 58,155 28,011 687 169,253 Substandard 4,421 — 20,262 9,235 2,043 23,114 11,559 598 71,232 Doubtful 7,011 — — — — — — — 7,011 Loss — — — — — — — — — Total criticized and classified 11,882 27,934 32,648 40,155 12,753 81,269 39,570 1,285 247,496 Pass/Watch 1,494,680 1,882,079 1,583,262 1,141,808 950,472 2,787,656 677,268 118,177 10,635,402 Gross Loans Held for Investment by Year of Origination as of December 31, 2023 2023 2022 2021 2020 2019 Prior to 2019 Revolving Loans Revolving loans to term loans Total Loans Total Gross Loans $ 1,506,562 1,910,013 1,615,910 1,181,963 963,225 2,868,925 716,838 119,462 10,882,898 (1) For residential and consumer loans, the Company assigns internal credit grades based on the delinquency status of each loan. |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Deposits Liabilities | Deposits as of June 30, 2024 and December 31, 2023 are summarized as follows (in thousands): June 30, 2024 December 31, 2023 Savings $ 1,745,158 1,175,683 Money market 3,443,081 2,325,364 NOW (1) 6,370,433 3,492,184 Non-interest bearing 3,712,580 2,203,341 Certificates of deposit (2) 3,081,992 1,095,942 Total deposits $ 18,353,244 10,292,514 (1) The Bank's insured cash sweep product totaled $1.15 billion and $512.2 million as of June 30, 2024 and December 31, 2023, respectively, and are reported within NOW accounts. (2) Time deposits equal to or in excess of $250,000, were $871.8 million and $218.5 million as of June 30, 2024 and December 31, 2023, respectively. Additionally, the Bank's reciprocal Certificate of Deposit Account Registry Service product totaled $3.7 million and $3.3 million as of June 30, 2024 and December 31, 2023, respectively. |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed funds as of June 30, 2024 and December 31, 2023 are summarized as follows (in thousands): June 30, 2024 December 31, 2023 Securities sold under repurchase agreements $ 108,307 72,161 FHLBNY line of credit 282,000 148,000 FHLBNY advances (1) 1,356,931 1,299,872 FRBNY BTFP Borrowing 550,000 450,000 Total borrowed funds $ 2,297,239 1,970,033 (1) The balance at June 30, 2024 for FHLBNY advances does not include $4.8 million of purchase accounting adjustments resulting from the Lakeland acquisition. |
Maturities of FHLB Advances | Scheduled maturities of FHLBNY advances and lines of credit as of June 30, 2024 are as follows (in thousands): 2024 Due in one year or less $ 1,404,036 Due after one year through two years 152,451 Due after two years through three years 282,445 Due after three years through four years 350,000 Thereafter — Total FHLBNY advances and overnight borrowings $ 2,188,932 |
Maturities of Sold Under Repurchase Agreements | Scheduled maturities of securities sold under repurchase agreements as of June 30, 2024 are as follows (in thousands): 2024 Due in one year or less $ 108,307 Thereafter — Total securities sold under repurchase agreements $ 108,307 |
Debt Disclosure by Year | The following tables set forth certain information as to borrowed funds for the periods ended June 30, 2024 and December 31, 2023 (in thousands): Maximum balance Average balance Weighted average interest rate June 30, 2024 Securities sold under repurchase agreements $ 108,589 89,209 1.97 % FHLBNY overnight borrowings 567,000 110,698 5.63 FHLBNY advances 1,469,152 1,304,015 3.28 FRBNY BTFP Borrowing 550,000 544,395 4.77 December 31, 2023 Securities sold under repurchase agreements $ 99,669 87,227 1.69 % FHLBNY overnight borrowings 500,000 262,289 5.29 FHLBNY advances 1,592,277 1,282,124 3.14 FRBNY BTFP Borrowing 450,000 4,932 4.83 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Net Periodic (Benefit) Increase Cost | Net periodic (benefit) increase cost for pension benefits and other post-retirement benefits for the three and six months ended June 30, 2024 and 2023 includes the following components (in thousands): Three months ended June 30, Six months ended June 30, Pension benefits Other post-retirement benefits Pension benefits Other post-retirement benefits 2024 2023 2024 2023 2024 2023 2024 2023 Service cost $ — — 3 3 $ — — 6 6 Interest cost 289 302 135 150 578 604 270 300 Expected return on plan assets (778) (706) — — (1,556) (1,412) — — Amortization of prior service cost — — — — — — — — Amortization of the net loss (gain) 14 177 (530) (533) 28 354 (1,060) (1,066) Net periodic (decrease) increase in benefit cost $ (475) (227) (392) (380) $ (950) (454) (784) (760) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023, by level within the fair value hierarchy (in thousands): Fair Value Measurements at Reporting Date Using: June 30, 2024 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: U.S. Treasury obligations $ 335,031 335,031 — — Government-agency obligations 166,202 114,369 51,833 — Mortgage-backed securities 1,849,184 — 1,849,184 — Asset-backed securities 53,053 — 53,053 — State and municipal obligations 126,558 — 126,558 — Corporate obligations 96,755 — 96,755 — Total available for sale debt securities 2,626,783 449,400 2,177,383 — Equity securities 19,250 19,250 — — Derivative assets 208,316 — 208,316 — $ 2,854,349 468,650 2,385,699 — Derivative liabilities $ 193,670 — 193,670 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 18,413 — — 18,413 Foreclosed assets 11,119 — — 11,119 $ 29,532 — — 29,532 Fair Value Measurements at Reporting Date Using: December 31, 2023 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: U.S. Treasury obligations $ 253,878 253,878 — — Government-agency obligations 27,498 — 27,498 — Mortgage-backed securities 1,285,609 — 1,285,609 — Asset-backed securities 32,235 — 32,235 — State and municipal obligations 56,584 — 56,584 — Corporate obligations 34,308 — 34,308 — Total available for sale debt securities 1,690,112 253,878 1,436,234 — Equity Securities 1,270 1,270 — — Derivative assets 101,754 — 101,754 — $ 1,793,136 255,148 1,537,988 — Derivative liabilities $ 88,835 — 88,835 — Measured on a non-recurring basis: Loans measured for impairment based on the fair value of the underlying collateral $ 24,139 — — 24,139 Foreclosed assets 11,651 — — 11,651 $ 35,790 — — 35,790 |
Financial Instruments at Carrying and Fair Values | The following tables present the Company’s financial instruments at their carrying and fair values as of June 30, 2024 and December 31, 2023. Fair values are presented by level within the fair value hierarchy. Fair Value Measurements as of June 30, 2024 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 $ 290,561 290,561 290,561 — — Available for sale debt securities: U.S. Treasury obligations $ 335,031 335,031 335,031 — — Government-agency obligations 166,202 166,202 114,369 51,833 — Mortgage-backed securities 1,849,184 1,849,184 — 1,849,184 — Asset-backed securities 53,053 53,053 — 53,053 — State and municipal obligations 126,558 126,558 — 126,558 — Corporate obligations 96,755 96,755 — 96,755 — Total available for sale debt securities $ 2,626,783 2,626,783 449,400 2,177,383 — Held to maturity debt securities, net of allowance for credit losses: U.S. Treasury obligations $ 6,984 6,984 6,984 — — Government-agency obligations 9,998 9,448 — 9,448 — State and municipal obligations 326,996 310,029 — 310,029 — Corporate obligations 6,550 6,230 — 6,230 — Total held to maturity debt securities, net of allowance for credit losses $ 350,528 332,691 6,984 325,707 — FHLBNY stock 100,068 100,068 100,068 — — Equity Securities 19,250 19,250 19,250 — — Loans, net of allowance for credit losses 18,575,449 18,228,528 — — 18,228,528 Derivative assets 208,316 208,316 — 208,316 — Financial liabilities: Deposits other than certificates of deposits $ 15,271,252 15,271,252 15,271,252 — — Certificates of deposit 3,081,992 3,076,618 — 3,076,618 — Total deposits $ 18,353,244 18,347,870 15,271,252 3,076,618 — Borrowings 2,302,058 2,289,206 — 2,289,206 — Subordinated debentures 412,766 394,729 — 394,729 — Derivative liabilities 193,670 193,670 — 193,670 — Fair Value Measurements as of December 31, 2023 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 $ 180,255 180,255 180,255 — — Available for sale debt securities: U.S. Treasury obligations $ 253,878 253,878 253,878 — — Government-agency obligations 27,498 27,498 — 27,498 — Mortgage-backed securities 1,285,609 1,285,609 — 1,285,609 — Asset-backed securities 32,235 32,235 — 32,235 — State and municipal obligations 56,584 56,584 — 56,584 — Corporate obligations 34,308 34,308 — 34,308 — Total available for sale debt securities $ 1,690,112 1,690,112 253,878 1,436,234 — Held to maturity debt securities: US Treasury obligations $ 5,146 5,147 5,147 — — Government-agency obligations 11,058 10,406 10,406 — — State and municipal obligations 339,789 330,360 — 330,360 — Corporate obligations 7,087 6,688 — 6,688 — Total held to maturity debt securities $ 363,080 352,601 15,553 337,048 — FHLBNY stock 79,217 79,217 79,217 — — Equity Securities 1,270 1,270 1,270 — — Loans, net of allowance for credit losses 10,766,501 10,437,204 — — 10,437,204 Derivative assets 101,754 101,754 — 101,754 — Financial liabilities: Deposits other than certificates of deposits $ 9,196,572 9,196,572 9,196,572 — — Certificates of deposit 1,095,942 1,093,125 — 1,093,125 — Total deposits $ 10,292,514 10,289,697 9,196,572 1,093,125 — Borrowings 1,970,033 1,960,174 — 1,960,174 — Subordinated debentures 10,695 9,198 — 9,198 — Derivative liabilities 88,835 88,835 — 88,835 — |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Components of Other Comprehensive Income (Loss) | The following table presents the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2024 and 2023 (in thousands): Three months ended June 30, 2024 2023 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized gains (losses) arising during the period $ 16,718 (5,157) 11,561 (20,178) 5,452 (14,726) Reclassification adjustment for losses included in net income 2,973 (917) 2,056 — — — Total 19,691 (6,074) 13,617 (20,178) 5,452 (14,726) Unrealized gains and losses on derivatives (cash flow hedges): Net unrealized gains arising during the period 1,361 (420) 941 5,002 (1,352) 3,650 Reclassification adjustment for (gains) included in net income (3,734) 1,152 (2,582) (4,124) 1,114 (3,010) Total (2,373) 732 (1,641) 878 (238) 640 Amortization related to post-retirement obligations (514) 159 (355) (358) 97 (261) Total other comprehensive income (loss) $ 16,804 (5,183) 11,621 (19,658) 5,311 (14,347) Six months ended June 30, 2024 2023 Before Tax After Before Tax After Components of Other Comprehensive Income: Unrealized gains and losses on available for sale debt securities: Net unrealized gains arising during the period $ 2,319 (715) 1,604 7,641 (1,503) 6,138 Reclassification adjustment for losses included in net income 2,973 (917) 2,056 — — — Total 5,292 (1,632) 3,660 7,641 (1,503) 6,138 Unrealized gains and losses on derivatives (cash flow hedges): Net unrealized gains arising during the period 5,993 (1,849) 4,144 4,219 (1,186) 3,033 Reclassification adjustment for (gains) included in net income (7,909) 2,440 (5,469) (8,343) 2,254 (6,089) Total (1,916) 591 (1,325) (4,124) 1,068 (3,056) Amortization related to post-retirement obligations (1,712) 528 (1,184) (727) 197 (530) Total other comprehensive income (loss) $ 1,664 (513) 1,151 2,790 (238) 2,552 |
Components of Accumulated Other Comprehensive Income, Net of Tax | The following tables present the changes in the components of accumulated other comprehensive (loss), net of tax, for the three and six months ended June 30, 2024 and 2023 (in thousands): Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the three months ended June 30, 2024 2023 Unrealized Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Unrealized Losses on Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Balance as of $ (164,446) 3,108 9,753 (151,585) (165,750) 1,303 16,301 (148,146) Current - period other comprehensive income (loss) 13,617 (355) (1,641) 11,621 (14,726) (261) 640 (14,347) Balance as of June 30, $ (150,829) 2,753 8,112 (139,964) (180,476) 1,042 16,941 (162,493) Changes in Accumulated Other Comprehensive (Loss) by Component, net of tax for the six months ended June 30, 2024 2023 Unrealized Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Unrealized Losses on Post- Retirement Unrealized Gains on Derivatives (cash flow hedges) Accumulated Balance as of December 31, $ (154,489) 3,937 9,437 (141,115) (186,614) 1,572 19,997 (165,045) Current - period other comprehensive income (loss) 3,660 (1,184) (1,325) 1,151 6,138 (530) (3,056) 2,552 Balance as of June 30, $ (150,829) 2,753 8,112 (139,964) (180,476) 1,042 16,941 (162,493) |
Reclassifications Out of Accumulated Other Comprehensive Income | The following tables summarize the reclassifications from accumulated other comprehensive (loss) to the consolidated statements of income for the three and six months ended June 30, 2024 and 2023 (in thousands): Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the three months ended June 30, Affected line item in the Consolidated 2024 2023 Details of AOCI: Available for sale debt securities: Realized net losses on the sale of securities available for sale $ 2,973 — Net loss on securities transactions (917) — Income tax expense $ 2,056 — Net of tax Cash flow hedges: Realized net gains on derivatives $ (3,734) (4,124) Interest expense 1,152 1,114 Income tax expense $ (2,582) (3,010) Post-retirement obligations: Amortization of actuarial gains $ (514) (356) Compensation and employee benefits (1) 159 96 Income tax expense $ (355) (260) Net of tax Total reclassifications $ (881) (3,270) Net of tax Reclassifications From Accumulated Other Comprehensive Amount reclassified from AOCI for the six months ended June 30, Affected line item in the Consolidated 2024 2023 Details of AOCI: Available for sale debt securities: Realized net losses on the sale of securities available for sale $ 2,973 — Net loss on securities transactions (917) — Income tax expense $ 2,056 — Net of tax Cash flow hedges: Realized net gains on derivatives $ (7,909) (8,343) Interest expense 2,440 2,254 Income tax expense $ (5,469) (6,089) Post-retirement obligations: Amortization of actuarial gains $ (1,030) (712) Compensation and employee benefits (1) 318 192 Income tax expense $ (712) (520) Net of tax Total reclassifications $ (4,125) (6,609) Net of tax (1) This item is included in the computation of net periodic benefit cost. See Note 8. Components of Net Periodic Benefit Cost. |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting Assets | The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition as of June 30, 2024 and December 31, 2023 (in thousands). Fair Values of Derivative Instruments as of June 30, 2024 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (1) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 2,320,802 Other assets $ 197,311 $ 2,320,802 Other liabilities $ 197,395 Credit contracts 11,796 Other assets — 75,909 Other liabilities — Total derivatives not designated as a hedging instrument 197,311 197,395 Derivatives designated as a hedging instrument: Interest rate products 375,000 Other assets 11,837 — Other liabilities — Total gross derivative amounts recognized on the balance sheet 209,148 197,395 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 209,148 197,395 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties 201,390 — Net derivatives not offset $ 7,758 197,395 Fair Values of Derivative Instruments as of December 31, 2023 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (1) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,152,200 Other assets $ 89,261 $ 1,152,200 Other liabilities $ 89,461 Credit contracts 46,359 Other assets 17 96,462 Other liabilities 8 Total derivatives not designated as a hedging instrument 89,278 89,469 Derivatives designated as a hedging instrument: Interest rate products 330,000 Other assets 15,886 125,000 Other liabilities 1,365 Total gross derivative amounts recognized on the balance sheet 105,164 90,834 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 105,164 90,834 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties 101,328 — Net derivatives not offset $ 3,836 90,834 (1) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2024 and December 31, 2023. |
Offsetting Liabilities | The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s financial instruments that are eligible for offset in the Consolidated Statements of Condition as of June 30, 2024 and December 31, 2023 (in thousands). Fair Values of Derivative Instruments as of June 30, 2024 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (1) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 2,320,802 Other assets $ 197,311 $ 2,320,802 Other liabilities $ 197,395 Credit contracts 11,796 Other assets — 75,909 Other liabilities — Total derivatives not designated as a hedging instrument 197,311 197,395 Derivatives designated as a hedging instrument: Interest rate products 375,000 Other assets 11,837 — Other liabilities — Total gross derivative amounts recognized on the balance sheet 209,148 197,395 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 209,148 197,395 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties 201,390 — Net derivatives not offset $ 7,758 197,395 Fair Values of Derivative Instruments as of December 31, 2023 Asset Derivatives Liability Derivatives Notional Amount Consolidated Statements of Financial Condition Fair value (1) Notional Amount Consolidated Statements of Financial Condition Fair value (2) Derivatives not designated as a hedging instrument: Interest rate products $ 1,152,200 Other assets $ 89,261 $ 1,152,200 Other liabilities $ 89,461 Credit contracts 46,359 Other assets 17 96,462 Other liabilities 8 Total derivatives not designated as a hedging instrument 89,278 89,469 Derivatives designated as a hedging instrument: Interest rate products 330,000 Other assets 15,886 125,000 Other liabilities 1,365 Total gross derivative amounts recognized on the balance sheet 105,164 90,834 Gross amounts offset on the balance sheet — — Net derivative amounts presented on the balance sheet $ 105,164 90,834 Gross amounts not offset on the balance sheet: Financial instruments - institutional counterparties $ — — Cash collateral - institutional counterparties 101,328 — Net derivatives not offset $ 3,836 90,834 (1) The fair values related to interest rate products in the above net derivative tables show the total value of assets and liabilities, which include accrued interest receivable and accrued interest payable for the periods ended June 30, 2024 and December 31, 2023. |
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 and six months ended June 30, 2024 and 2023 (in thousands). Gain (loss) recognized in income on derivatives for the three months ended Consolidated Statements of Income June 30, 2024 June 30, 2023 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 21 126 Credit contracts Other income (6) (8) Total $ 15 118 Derivatives designated as a hedging instrument: Interest rate products Interest (benefit) expense $ (3,734) (4,124) Total $ (3,734) (4,124) Gain (loss) recognized in income on derivatives for the six months ended Consolidated Statements of Income June 30, 2024 June 30, 2023 Derivatives not designated as a hedging instrument: Interest rate products Other income $ 117 52 Credit contracts Other income (9) (4) Total $ 108 48 Derivatives designated as a hedging instrument: Interest rate products Interest (benefit) expense $ (7,909) (8,343) Total $ (7,909) (8,343) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Non-Interest Income, Segregated by Revenue | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2024 and 2023 (in thousands): Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Non-interest income In-scope of Topic 606: Wealth management fees $ 7,769 6,919 15,257 13,834 Insurance agency income 4,488 3,847 9,281 7,950 Banking service charges and other fees: Service charges on deposit accounts 4,208 3,050 7,524 6,413 Debit card and ATM fees 1,174 761 1,861 1,466 Total banking service charges and other fees 5,382 3,811 9,385 7,879 Total in-scope non-interest income 17,639 14,577 33,923 29,663 Total out-of-scope non-interest income 4,636 4,810 9,158 11,877 Total non-interest income $ 22,275 19,387 43,081 41,540 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 as of June 30, 2024 and December 31, 2023 (in thousands): Classification June 30, 2024 December 31, 2023 Lease Right-of-Use Assets: Operating lease right-of-use assets Other assets $ 67,943 56,907 Lease Liabilities: Operating lease liabilities Other liabilities $ 71,320 60,039 |
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 June 30, 2024 Three months ended June 30, 2023 Lease Costs Operating lease cost $ 3,771 2,629 Variable lease cost 705 842 Total lease cost $ 4,476 3,471 Six months ended June 30, 2024 Six months ended June 30, 2023 Lease Costs Operating lease cost $ 6,398 5,257 Variable lease cost 1,491 1,722 Total lease cost $ 7,889 6,979 Cash paid for amounts included in the measurement of lease liabilities: Six months ended June 30, 2024 Six months ended June 30, 2023 Operating cash flows from operating leases $ 5,698 4,776 |
Future Minimum Payments | Future minimum payments for operating leases with initial or remaining terms of one year or more as of June 30, 2024, were as follows (in thousands): Operating leases Twelve months ended: Remainder of 2024 $ 7,064 2025 13,403 2026 11,718 2027 10,153 2028 8,655 Thereafter 29,641 Total future minimum lease payments 80,634 Amounts representing interest 9,314 Present value of net future minimum lease payments $ 71,320 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | ||||
Net (loss) income | $ (11,485) | $ 32,003 | $ 20,596 | $ 72,539 |
Basic earnings per share: | ||||
(Loss) Income available to common stockholders, basic | $ (11,485) | $ 32,003 | $ 20,596 | $ 72,539 |
Weighted average common shares outstanding, basic (in shares) | 102,957,521 | 74,823,272 | 89,108,775 | 74,734,795 |
(Loss) Income available to common stockholders, per share amount, basic (usd per share) | $ (0.11) | $ 0.43 | $ 0.23 | $ 0.97 |
Dilutive shares (in shares) | 0 | 6,915 | 7,815 | 32,053 |
Diluted earnings per share: | ||||
(Loss) Income available to common stockholders, diluted | $ (11,485) | $ 32,003 | $ 20,596 | $ 72,539 |
Weighted average common shares outstanding, diluted (in shares) | 102,957,521 | 74,830,187 | 89,116,590 | 74,766,848 |
(Loss) Income available to common stockholders, per share amount, diluted (usd per share) | $ (0.11) | $ 0.43 | $ 0.23 | $ 0.97 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accounting Policies [Abstract] | |||
Anti-dilutive stock options and awards excluded from computation of earnings per share (in shares) | 1.5 | 1.3 | |
Provision for credit losses on loans and commitments | $ 65.2 | $ 65.2 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
May 16, 2024 USD ($) office branch numberOfIssuances shares | Sep. 30, 2024 branch office | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) branch | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |||||||
Total assets | $ 24,070,467 | $ 24,070,467 | $ 14,210,810 | ||||
Total loans | 18,575,449 | 18,575,449 | 10,766,501 | ||||
Bank-owned life insurance | 404,605 | 404,605 | $ 243,050 | ||||
Merger-related expenses | 18,915 | $ 1,960 | 21,117 | $ 3,060 | |||
Lakeland Bancorp, Inc. - Merger Agreement | |||||||
Business Acquisition [Line Items] | |||||||
Total assets | $ 10,910,000 | ||||||
Total loans | 7,910,000 | ||||||
Total deposits | $ 8,620,000 | ||||||
Number of full-service banking offices | office | 68 | ||||||
Exchange conversion ratio | 0.8319 | ||||||
Total common stock issued (in shares) | shares | 54,356,954 | ||||||
Total cost of acquisition | $ 876,800 | ||||||
Goodwill | 190,858 | 190,900 | $ 190,900 | ||||
Fair value discount | 249,700 | ||||||
Fair value of the acquired loans receivable | 7,910,000 | ||||||
Interest rate fair value discount | 297,200 | ||||||
Credit fair value discount | 82,359 | ||||||
Allowance for credit losses on PCD loans | $ 17,188 | ||||||
Number of branches acquired | branch | 68 | ||||||
Number of branches owned | branch | 29 | ||||||
Other intangibles assets | $ 209,915 | ||||||
Bank-owned life insurance | 160,600 | ||||||
Time deposit discount | $ 1,200 | ||||||
Number of outstanding trust preferred issuances | numberOfIssuances | 3 | ||||||
Subordinated debentures | $ 180,198 | ||||||
Merger-related expenses | $ 18,900 | $ 2,000 | $ 21,100 | $ 3,100 | |||
Lakeland Bancorp, Inc. - Merger Agreement | Forecast | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches expected to close | branch | 13 | ||||||
Number of legacy provident banking offices | office | 9 | ||||||
Lakeland Bancorp, Inc. - Merger Agreement | Core Deposits | |||||||
Business Acquisition [Line Items] | |||||||
Other intangibles assets | $ 209,200 | ||||||
Estimated useful life (in years) | 10 years |
Business Combinations - Estimat
Business Combinations - Estimated Fair Values of the Assets Acquired and the Liabilities Assumed (Details) - Lakeland Bancorp, Inc. - Merger Agreement - USD ($) $ in Thousands | Jun. 30, 2024 | May 16, 2024 |
Assets acquired: | ||
Cash and cash equivalents, net | $ 194,548 | |
Available for sale debt securities | 1,585,993 | |
Federal Home Loan Bank stock | 46,113 | |
Loans held for sale | 1,494 | |
Loans held for investment | 7,906,326 | |
Allowance for credit losses on PCD loans | (17,188) | |
Loans, net | 7,889,138 | |
Bank-owned life insurance | 160,646 | |
Banking premises and equipment | 60,578 | |
Accrued interest receivable | 27,241 | |
Goodwill | $ 190,900 | 190,858 |
Other intangibles assets | 209,915 | |
Other assets | 242,011 | |
Total assets acquired | 10,608,535 | |
Liabilities assumed: | ||
Deposits | 8,622,924 | |
Mortgage escrow deposits | 5,532 | |
Borrowed funds | 785,927 | |
Subordinated debentures | 180,198 | |
Other liabilities | 137,176 | |
Total liabilities assumed | 9,731,757 | |
Net assets acquired | $ 876,778 |
Business Combinations - Fair Va
Business Combinations - Fair Value Adjustments Made to the Amortized Cost (Details) - Lakeland Bancorp, Inc. - Merger Agreement $ in Thousands | May 16, 2024 USD ($) |
Business Acquisition [Line Items] | |
Gross amortized cost basis as of May 16, 2024 | $ 8,323,589 |
Interest rate fair value adjustment on all loans | (330,540) |
Credit fair value adjustment on non-PCD loans | (82,359) |
Charge-offs on PCD Loans at acquisition | (4,364) |
Allowance for credit losses on PCD loans | (17,188) |
Loans, net | $ 7,889,138 |
Business Combinations - PCD Loa
Business Combinations - PCD Loans (Details) - Lakeland Bancorp, Inc. - Merger Agreement $ in Thousands | May 16, 2024 USD ($) |
Business Acquisition [Line Items] | |
Gross amortized cost basis as of May 16, 2024 | $ 564,147 |
Charge-offs on PCD Loans at acquisition | (4,364) |
Interest component of expected cash flows (accretable difference) | (33,365) |
Allowance for credit losses on PCD loans | (17,188) |
Net PCD loans | $ 509,230 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) security position | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) security position | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) security position | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Available for sale debt securities, at fair value | $ 2,626,783,000 | $ 2,626,783,000 | $ 1,690,112,000 | ||
Held to maturity debt securities | $ 350,528,000 | $ 350,528,000 | $ 363,080,000 | ||
Total number of all held to maturity and available for sale securities in an unrealized loss position | security | 1,168 | 1,168 | 808 | ||
Accrued interest on available for sale debt securities | $ 9,200,000 | $ 9,200,000 | $ 4,900,000 | ||
Investments which pay principal on periodic basis, amortized cost | 2,200,000,000 | 2,200,000,000 | |||
Investments which pay principal on periodic basis, fair value | 2,020,000,000 | 2,020,000,000 | |||
Proceeds from sales of available for sale debt securities | 568,400,000 | $ 0 | 568,360,000 | $ 0 | |
Gain recognized on sale of securities | 0 | 0 | |||
Loss recognized on sale of securities | 3,000,000 | 3,000,000 | |||
Proceeds from calls on securities | $ 0 | 0 | $ 0 | 0 | |
Securities available for sale, number of securities in an unrealized loss position | position | 620 | 620 | 436 | ||
Accrued interest on held to maturity debt securities | $ 3,000,000 | $ 3,000,000 | $ 3,100,000 | ||
Proceeds from sale of held-to-maturity securities | 0 | 0 | 0 | 0 | |
Held to maturity securities, proceeds from calls | 1,200,000 | 3,500,000 | 2,400,000 | 6,600,000 | |
Held to maturity securities, recognized gain on calls | 0 | 28,000 | 0 | 24,000 | |
Held to maturity securities, recognized loss on calls | $ 0 | $ 0 | $ 1,200 | $ 0 | |
Number of securities in an unrealized loss position | security | 548 | 548 | 372 | ||
AAA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amount of total portfolio | 18% | ||||
AA | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amount of total portfolio | 72% | ||||
A | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amount of total portfolio | 10% | ||||
A rated or not rated | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amount of total portfolio | 1% |
Investment Securities - Securit
Investment Securities - Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | $ 2,844,518 | $ 1,901,798 |
Gross unrealized gains | 11,457 | 2,159 |
Gross unrealized losses | (229,192) | (213,845) |
Fair value | 2,626,783 | 1,690,112 |
U.S. Treasury obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 358,744 | 276,618 |
Gross unrealized gains | 2 | 0 |
Gross unrealized losses | (23,715) | (22,740) |
Fair value | 335,031 | 253,878 |
Government-agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 164,690 | 26,310 |
Gross unrealized gains | 1,672 | 1,188 |
Gross unrealized losses | (160) | 0 |
Fair value | 166,202 | 27,498 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 2,032,733 | 1,462,159 |
Gross unrealized gains | 7,058 | 377 |
Gross unrealized losses | (190,607) | (176,927) |
Fair value | 1,849,184 | 1,285,609 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 52,470 | 31,809 |
Gross unrealized gains | 807 | 594 |
Gross unrealized losses | (224) | (168) |
Fair value | 53,053 | 32,235 |
State and municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 136,407 | 64,454 |
Gross unrealized gains | 309 | 0 |
Gross unrealized losses | (10,158) | (7,870) |
Fair value | 126,558 | 56,584 |
Corporate obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized cost | 99,474 | 40,448 |
Gross unrealized gains | 1,609 | 0 |
Gross unrealized losses | (4,328) | (6,140) |
Fair value | $ 96,755 | $ 34,308 |
Investment Securities - Availab
Investment Securities - Available for Sale by Contractual Maturity (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, amortized cost | $ 56,503 |
Due after one year through five years, amortized cost | 361,811 |
Due after five years through ten years, amortized cost | 115,803 |
Due after ten years, amortized cost | 110,821 |
Amortized cost | 644,938 |
Due in one year or less, fair value | 57,494 |
Due after one year through five years, fair value | 337,043 |
Due after five years through ten years, fair value | 112,705 |
Due after ten years, fair value | 102,936 |
Fair value | $ 610,178 |
Investment Securities - Held to
Investment Securities - Held to Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 350,544 | $ 363,111 |
Gross unrealized gains | 694 | 245 |
Gross unrealized losses | (18,547) | (10,755) |
Fair value | 332,691 | 352,601 |
Held-to-maturity, debt securities, allowance | 15 | 31 |
Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 6,984 | 5,146 |
Gross unrealized gains | 0 | 1 |
Gross unrealized losses | 0 | 0 |
Fair value | 6,984 | 5,147 |
Government-agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,998 | 11,058 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (550) | (652) |
Fair value | 9,448 | 10,406 |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 327,006 | 339,816 |
Gross unrealized gains | 694 | 244 |
Gross unrealized losses | (17,671) | (9,700) |
Fair value | 310,029 | 330,360 |
Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 6,556 | 7,091 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (326) | (403) |
Fair value | $ 6,230 | $ 6,688 |
Investment Securities - Secur_2
Investment Securities - Securities Held to Maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, amortized cost | $ 39,389 | |
Due after one year through five years, amortized cost | 180,001 | |
Due after five years through ten years, amortized cost | 107,966 | |
Due after ten years, amortized cost | 23,188 | |
Amortized cost | 350,544 | |
Due in one year or less, fair value | 39,125 | |
Due after one year through five years, fair value | 174,525 | |
Due after five years through ten years, fair value | 100,776 | |
Due after ten years, fair value | 18,265 | |
Fair value | 332,691 | |
Held-to-maturity, debt securities, allowance | $ 15 | $ 31 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost of held to Maturity Debt Securities by Year of Originations and Credit Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 350,544 | $ 363,111 |
U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 6,984 | 5,146 |
Government-agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,998 | 11,058 |
State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 327,006 | 339,816 |
Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 6,556 | 7,091 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 63,193 | 60,457 |
AAA | U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 6,984 | 5,146 |
AAA | Government-agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 9,998 | 11,058 |
AAA | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 45,709 | 43,749 |
AAA | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 502 | 504 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 252,038 | 158,948 |
AA | U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
AA | Government-agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
AA | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 249,553 | 156,438 |
AA | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 2,485 | 2,510 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 33,595 | 141,283 |
A | U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
A | Government-agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
A | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 30,051 | 137,231 |
A | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 3,544 | 4,052 |
BBB | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
BBB | U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
BBB | Government-agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
BBB | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
BBB | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | |
Not Rated | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 1,718 | 2,423 |
Not Rated | U.S. Treasury obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
Not Rated | Government-agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 0 | 0 |
Not Rated | State and municipal obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | 1,693 | 2,398 |
Not Rated | Corporate obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized cost | $ 25 | $ 25 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses - Summarized Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 18,765,069 | $ 10,882,898 |
Premiums on purchased loans | 1,410 | 1,474 |
Net deferred fees | (7,149) | (12,456) |
Total loans | 18,759,330 | 10,871,916 |
Commercial | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 7,337,742 | 4,512,411 |
Multi-family | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 3,189,808 | 1,812,500 |
Construction | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 970,244 | 653,246 |
Residential | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 2,024,027 | 1,164,956 |
Mortgage loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 13,521,821 | 8,143,113 |
Mortgage loans | Commercial | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 7,337,742 | 4,512,411 |
Mortgage loans | Multi-family | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 3,189,808 | 1,812,500 |
Mortgage loans | Construction | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 970,244 | 653,246 |
Mortgage loans | Residential | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 2,024,027 | 1,164,956 |
Commercial loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | 4,617,232 | 2,440,621 |
Consumer loans | ||
Servicing Liability at Amortized Cost [Line Items] | ||
Total gross loans | $ 626,016 | $ 299,164 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses - Aging Loans Receivable by Portfolio Segment and Class (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 18,765,069 | $ 10,882,898 |
Non-accrual | 67,868 | 49,639 |
Non-accrual loans with no related allowance | 56,828 | 44,433 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 7,337,742 | 4,512,411 |
Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,189,808 | 1,812,500 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 970,244 | 653,246 |
Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,024,027 | 1,164,956 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 82,842 | 62,897 |
30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 9,756 | 9,942 |
60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 5,218 | 3,316 |
90 days or more Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 18,682,227 | 10,820,001 |
Mortgage loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 13,521,821 | 8,143,113 |
Non-accrual | 27,009 | 7,519 |
Non-accrual loans with no related allowance | 27,009 | 7,519 |
Mortgage loans | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 7,337,742 | 4,512,411 |
Non-accrual | 3,588 | 5,151 |
Non-accrual loans with no related allowance | 3,588 | 5,151 |
Mortgage loans | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,189,808 | 1,812,500 |
Non-accrual | 7,276 | 744 |
Non-accrual loans with no related allowance | 7,276 | 744 |
Mortgage loans | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 970,244 | 653,246 |
Non-accrual | 11,698 | 771 |
Non-accrual loans with no related allowance | 11,698 | 771 |
Mortgage loans | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,024,027 | 1,164,956 |
Non-accrual | 4,447 | 853 |
Non-accrual loans with no related allowance | 4,447 | 853 |
Mortgage loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 33,854 | 18,431 |
Mortgage loans | Total Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 6,526 | 5,976 |
Mortgage loans | Total Past Due | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 7,276 | 6,194 |
Mortgage loans | Total Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 11,698 | 771 |
Mortgage loans | Total Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 8,354 | 5,490 |
Mortgage loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,421 | 8,069 |
Mortgage loans | 30-59 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,707 | 825 |
Mortgage loans | 30-59 Days Past Due | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 3,815 |
Mortgage loans | 30-59 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage loans | 30-59 Days Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,714 | 3,429 |
Mortgage loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,424 | 2,843 |
Mortgage loans | 60-89 Days Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,231 | 0 |
Mortgage loans | 60-89 Days Past Due | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 1,635 |
Mortgage loans | 60-89 Days Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage loans | 60-89 Days Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,193 | 1,208 |
Mortgage loans | 90 days or more Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage loans | 90 days or more Past Due | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage loans | 90 days or more Past Due | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage loans | 90 days or more Past Due | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage loans | 90 days or more Past Due | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Mortgage loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 13,487,967 | 8,124,682 |
Mortgage loans | Current | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 7,331,216 | 4,506,435 |
Mortgage loans | Current | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,182,532 | 1,806,306 |
Mortgage loans | Current | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 958,546 | 652,475 |
Mortgage loans | Current | Residential | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,015,673 | 1,159,466 |
Commercial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,617,232 | 2,440,621 |
Non-accrual | 39,715 | 41,487 |
Non-accrual loans with no related allowance | 28,675 | 36,281 |
Commercial loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 44,305 | 42,683 |
Commercial loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 3,444 | 998 |
Commercial loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 1,146 | 198 |
Commercial loans | 90 days or more Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Commercial loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,572,927 | 2,397,938 |
Consumer loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 626,016 | 299,164 |
Non-accrual | 1,144 | 633 |
Non-accrual loans with no related allowance | 1,144 | 633 |
Consumer loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 4,683 | 1,783 |
Consumer loans | 30-59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 2,891 | 875 |
Consumer loans | 60-89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 648 | 275 |
Consumer loans | 90 days or more Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Consumer loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total gross loans | $ 621,333 | $ 297,381 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
May 16, 2024 USD ($) | Jun. 30, 2024 USD ($) loan | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) loan | Jun. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) loan | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Accrued interest on loans | $ 81,600 | $ 81,600 | $ 50,900 | ||||||
Non-accrual | $ 67,868 | $ 67,868 | $ 49,639 | ||||||
Number of loans 90 days past due and still accruing | loan | 0 | 0 | 0 | ||||||
Provision charge (benefit) to operations | $ 66,054 | $ 10,400 | $ 66,254 | $ 16,400 | |||||
Allowance for credit losses | (188,331) | (102,073) | (188,331) | (102,073) | $ (106,429) | $ (107,200) | $ (92,758) | $ (88,023) | |
Impaired loan defined floor limit (greater than) | $ 1,000 | $ 1,000 | |||||||
Impaired loans number | loan | 18 | 18 | 17 | ||||||
Impaired loans | $ 54,600 | $ 54,600 | $ 42,300 | ||||||
Effect of adopting accounting standards updates | 2,555,646 | 1,642,471 | 2,555,646 | 1,642,471 | 1,695,162 | 1,690,596 | 1,640,080 | 1,597,703 | |
Total loans | 18,759,330 | 18,759,330 | 10,871,916 | ||||||
Lakeland Bancorp, Inc. - Merger Agreement | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Allowance for credit losses | (60,100) | (60,100) | |||||||
Allowance for credit losses on PCD loans | $ 17,188 | ||||||||
Purchased Credit-Impaired (PCI) Loans | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Allowance for credit losses | (16,400) | (16,400) | (1,700) | ||||||
Total loans | 697,900 | 697,900 | 165,100 | ||||||
Retained Earnings | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Effect of adopting accounting standards updates | 957,979 | 954,403 | 957,979 | 954,403 | 988,480 | 974,542 | 940,533 | 918,158 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Allowance for credit losses | 594 | ||||||||
Effect of adopting accounting standards updates | 433 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Effect of adopting accounting standards updates | 433 | ||||||||
Business Assets | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 18,400 | 18,400 | |||||||
Real Estate | Commercial Loan | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Loans measured for impairment based on the fair value of the underlying collateral | 24,100 | ||||||||
Commercial loans | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Non-accrual | 39,715 | 39,715 | 41,487 | ||||||
Provision charge (benefit) to operations | 5,038 | 3,769 | 12,963 | 3,461 | |||||
Allowance for credit losses | (48,003) | $ (29,707) | (48,003) | $ (29,707) | $ (38,292) | (31,475) | $ (27,117) | (27,413) | |
Net chargeoff | 1,300 | 2,300 | |||||||
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Allowance for credit losses | $ 43 | ||||||||
Less than 90 days Past Due | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Non-accrual | $ 9,400 | $ 9,400 | $ 23,200 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 106,429 | $ 92,758 | $ 107,200 | $ 88,023 |
Initial allowance on credit loans related to PCD loans | 17,188 | 17,188 | ||
Provision charge (benefit) to operations | 66,054 | 10,400 | 66,254 | 16,400 |
Recoveries of loans previously charged-off | 963 | 310 | 1,858 | 565 |
Loans charged-off | (2,303) | (1,395) | (4,169) | (2,321) |
Balance at end of period | 188,331 | 102,073 | 188,331 | 102,073 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | (594) | |||
Mortgage loans | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 65,890 | 63,195 | 73,407 | 58,218 |
Initial allowance on credit loans related to PCD loans | 10,628 | 10,628 | ||
Provision charge (benefit) to operations | 58,790 | 6,742 | 51,210 | 12,954 |
Recoveries of loans previously charged-off | 4 | 3 | 67 | 6 |
Loans charged-off | 0 | 0 | 0 | (728) |
Balance at end of period | 135,312 | 69,940 | 135,312 | 69,940 |
Mortgage loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | (510) | |||
Commercial loans | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 38,292 | 27,117 | 31,475 | 27,413 |
Initial allowance on credit loans related to PCD loans | 6,070 | 6,070 | ||
Provision charge (benefit) to operations | 5,038 | 3,769 | 12,963 | 3,461 |
Recoveries of loans previously charged-off | 825 | 134 | 1,512 | 301 |
Loans charged-off | (2,222) | (1,313) | (4,017) | (1,425) |
Balance at end of period | 48,003 | 29,707 | 48,003 | 29,707 |
Commercial loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | (43) | |||
Consumer loans | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 2,247 | 2,446 | 2,318 | 2,392 |
Initial allowance on credit loans related to PCD loans | 490 | 490 | ||
Provision charge (benefit) to operations | 2,226 | (111) | 2,081 | (15) |
Recoveries of loans previously charged-off | 134 | 173 | 279 | 258 |
Loans charged-off | (81) | (82) | (152) | (168) |
Balance at end of period | $ 5,016 | $ 2,426 | $ 5,016 | 2,426 |
Consumer loans | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ (41) |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses - Charge Offs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans | $ 2,303 | $ 1,395 | $ 4,169 | $ 2,321 |
Mortgage loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2024 | 0 | |||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
Prior to 2020 | 728 | |||
Total Loans | 0 | 0 | 0 | 728 |
Mortgage loans | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2024 | 0 | |||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
Prior to 2020 | 707 | |||
Total Loans | 707 | |||
Mortgage loans | Residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2024 | 0 | |||
2023 | 0 | |||
2022 | 0 | |||
2021 | 0 | |||
2020 | 0 | |||
Prior to 2020 | 21 | |||
Total Loans | 21 | |||
Commercial loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2024 | 0 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 | 0 |
2022 | 157 | 0 | 158 | 0 |
2021 | 2,046 | 0 | 2,047 | 0 |
2020 | 0 | 0 | 1,606 | 0 |
Prior to 2020 | 18 | 1,313 | 206 | 1,425 |
Total Loans | 2,222 | 1,313 | 4,017 | 1,425 |
Consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2024 | 7 | 4 | 13 | 9 |
2023 | 0 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 | 0 |
2021 | 0 | 0 | 0 | 0 |
2020 | 0 | 0 | 0 | 0 |
Prior to 2020 | 0 | 3 | 1 | 13 |
Total Loans | 7 | 7 | 14 | 22 |
Total gross loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
2024 | 7 | 4 | 13 | 9 |
2023 | 0 | 0 | 0 | 0 |
2022 | 157 | 0 | 158 | 0 |
2021 | 2,046 | 0 | 2,047 | 0 |
2020 | 0 | 0 | 1,606 | 0 |
Prior to 2020 | 17 | 1,316 | 207 | 2,166 |
Total Loans | 2,229 | 1,320 | 4,031 | 2,175 |
Consumer loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans | 81 | 82 | 152 | 168 |
Consumer loans | Consumer Loans, Overdraft Accounts | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total Loans | $ 74 | $ 75 | $ 138 | $ 146 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses - Amortized Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | $ 1,609 | $ 8,796 | $ 5,021 |
% of Total Class of Loans and Leases | 0.01% | 0.05% | 0.05% |
Commercial loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | $ 1,609 | $ 8,796 | $ 5,021 |
% of Total Class of Loans and Leases | 0.03% | 0.19% | 0.21% |
Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | $ 0 | $ 0 | $ 3,771 |
Term Extension | Commercial loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 0 | 0 | 3,771 |
Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 0 | 0 | 0 |
Interest Rate Reduction | Commercial loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 0 | 0 | 0 |
Interest Rate Reduction and Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 1,609 | 8,796 | 1,250 |
Interest Rate Reduction and Term Extension | Commercial loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | $ 1,609 | $ 8,796 | $ 1,250 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses - Financial Effect (Details) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Months of Term Extension | 3 months | 1 month | 10 months |
Weighted-Average Rate Increase | 1.25% | 1.63% | 0.28% |
Commercial loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Weighted-Average Months of Term Extension | 3 months | 1 month | 10 months |
Weighted-Average Rate Increase | 1.25% | 1.63% | 0.28% |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses - Aging Analysis (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | $ 1,609 | $ 8,796 | $ 5,021 |
Non- Accrual | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 0 | 0 | 0 |
Current | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 1,609 | 8,796 | 5,021 |
30-59 Days Past Due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 0 | 0 | 0 |
60-89 Days Past Due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 0 | 0 | 0 |
90 days or more Past Due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 0 | 0 | 0 |
Commercial loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 1,609 | 8,796 | 5,021 |
Commercial loans | Non- Accrual | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 0 | 0 | 0 |
Commercial loans | Current | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 1,609 | 8,796 | 5,021 |
Commercial loans | 30-59 Days Past Due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 0 | 0 | 0 |
Commercial loans | 60-89 Days Past Due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | 0 | 0 | 0 |
Commercial loans | 90 days or more Past Due | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Modified period amount | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses - PCD Loans (Details) - Lakeland Bancorp, Inc. - Merger Agreement $ in Thousands | May 16, 2024 USD ($) |
Business Acquisition [Line Items] | |
Gross amortized cost basis as of May 16, 2024 | $ 564,147 |
Charge-offs on PCD Loans at acquisition | (4,364) |
Interest component of expected cash flows (accretable difference) | (33,365) |
Allowance for credit losses on PCD loans | (17,188) |
Net PCD loans | $ 509,230 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses - Loans Receivable by Credit Quality Risk Rating Indicator- Current Year (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | $ 722,857 | $ 1,506,562 |
2023 | 2,235,925 | 1,910,013 |
2022 | 3,793,302 | 1,615,910 |
2021 | 2,760,797 | 1,181,963 |
2020 | 2,179,169 | 963,225 |
Prior to 2020 | 5,387,330 | 2,868,925 |
Revolving Loans | 1,575,506 | 716,838 |
Revolving loans to term loans | 110,183 | 119,462 |
Total Loans | 18,765,069 | 10,882,898 |
Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 4,451 | 11,882 |
2023 | 5,386 | 27,934 |
2022 | 93,602 | 32,648 |
2021 | 96,339 | 40,155 |
2020 | 63,862 | 12,753 |
Prior to 2020 | 178,510 | 81,269 |
Revolving Loans | 45,463 | 39,570 |
Revolving loans to term loans | 3,898 | 1,285 |
Total Loans | 491,511 | 247,496 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 412 | 450 |
2023 | 2,915 | 27,934 |
2022 | 32,823 | 12,386 |
2021 | 18,293 | 30,920 |
2020 | 37,234 | 10,710 |
Prior to 2020 | 103,214 | 58,155 |
Revolving Loans | 21,198 | 28,011 |
Revolving loans to term loans | 2,579 | 687 |
Total Loans | 218,668 | 169,253 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 4,039 | 4,421 |
2023 | 2,471 | 0 |
2022 | 60,779 | 20,262 |
2021 | 78,046 | 9,235 |
2020 | 26,628 | 2,043 |
Prior to 2020 | 75,296 | 23,114 |
Revolving Loans | 24,265 | 11,559 |
Revolving loans to term loans | 1,319 | 598 |
Total Loans | 272,843 | 71,232 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 7,011 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 7,011 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 718,406 | 1,494,680 |
2023 | 2,230,539 | 1,882,079 |
2022 | 3,699,700 | 1,583,262 |
2021 | 2,664,458 | 1,141,808 |
2020 | 2,115,307 | 950,472 |
Prior to 2020 | 5,208,820 | 2,787,656 |
Revolving Loans | 1,530,043 | 677,268 |
Revolving loans to term loans | 106,285 | 118,177 |
Total Loans | 18,273,558 | 10,635,402 |
Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 417,798 | 1,110,754 |
2023 | 1,743,894 | 1,550,892 |
2022 | 2,950,042 | 1,249,793 |
2021 | 2,185,402 | 1,035,213 |
2020 | 1,820,445 | 802,978 |
Prior to 2020 | 4,261,108 | 2,257,828 |
Revolving Loans | 130,013 | 101,809 |
Revolving loans to term loans | 13,119 | 33,846 |
Total Loans | 13,521,821 | 8,143,113 |
Mortgage loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 3,484 | 3,735 |
2023 | 4,526 | 10,926 |
2022 | 20,488 | 3,048 |
2021 | 27,134 | 28,511 |
2020 | 36,362 | 10,558 |
Prior to 2020 | 118,913 | 46,961 |
Revolving Loans | 4,934 | 4,934 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 215,841 | 108,673 |
Mortgage loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 412 | 0 |
2023 | 2,915 | 10,926 |
2022 | 12,781 | 3,048 |
2021 | 13,238 | 28,511 |
2020 | 35,984 | 10,558 |
Prior to 2020 | 69,127 | 35,306 |
Revolving Loans | 4,500 | 4,500 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 138,957 | 92,849 |
Mortgage loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 3,072 | 3,735 |
2023 | 1,611 | 0 |
2022 | 7,707 | 0 |
2021 | 13,896 | 0 |
2020 | 378 | 0 |
Prior to 2020 | 49,786 | 11,655 |
Revolving Loans | 434 | 434 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 76,884 | 15,824 |
Mortgage loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Mortgage loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Mortgage loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 414,314 | 1,107,019 |
2023 | 1,739,368 | 1,539,966 |
2022 | 2,929,554 | 1,246,745 |
2021 | 2,158,268 | 1,006,702 |
2020 | 1,784,083 | 792,420 |
Prior to 2020 | 4,142,195 | 2,210,867 |
Revolving Loans | 125,079 | 96,875 |
Revolving loans to term loans | 13,119 | 33,846 |
Total Loans | 13,305,980 | 8,034,440 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 285,395 | 366,725 |
2023 | 442,423 | 333,023 |
2022 | 780,061 | 348,016 |
2021 | 532,595 | 143,291 |
2020 | 348,707 | 145,863 |
Prior to 2020 | 1,033,984 | 525,471 |
Revolving Loans | 1,109,655 | 506,031 |
Revolving loans to term loans | 84,412 | 72,201 |
Total Loans | 4,617,232 | 2,440,621 |
Commercial loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 967 | 8,147 |
2023 | 860 | 17,008 |
2022 | 73,114 | 29,600 |
2021 | 69,196 | 11,644 |
2020 | 27,500 | 2,186 |
Prior to 2020 | 58,743 | 34,065 |
Revolving Loans | 39,656 | 34,069 |
Revolving loans to term loans | 3,846 | 1,195 |
Total Loans | 273,882 | 137,914 |
Commercial loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 450 |
2023 | 0 | 17,008 |
2022 | 20,042 | 9,338 |
2021 | 5,055 | 2,409 |
2020 | 1,250 | 152 |
Prior to 2020 | 34,059 | 22,752 |
Revolving Loans | 16,102 | 23,333 |
Revolving loans to term loans | 2,560 | 687 |
Total Loans | 79,068 | 76,129 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 967 | 686 |
2023 | 860 | 0 |
2022 | 53,072 | 20,262 |
2021 | 64,141 | 9,235 |
2020 | 26,250 | 2,034 |
Prior to 2020 | 24,684 | 11,313 |
Revolving Loans | 23,554 | 10,736 |
Revolving loans to term loans | 1,286 | 508 |
Total Loans | 194,814 | 54,774 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 7,011 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 7,011 |
Commercial loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Commercial loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 284,428 | 358,578 |
2023 | 441,563 | 316,015 |
2022 | 706,947 | 318,416 |
2021 | 463,399 | 131,647 |
2020 | 321,207 | 143,677 |
Prior to 2020 | 975,241 | 491,406 |
Revolving Loans | 1,069,999 | 471,962 |
Revolving loans to term loans | 80,566 | 71,006 |
Total Loans | 4,343,350 | 2,302,707 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 19,664 | 29,083 |
2023 | 49,608 | 26,098 |
2022 | 63,199 | 18,101 |
2021 | 42,800 | 3,459 |
2020 | 10,017 | 14,384 |
Prior to 2020 | 92,238 | 85,626 |
Revolving Loans | 335,838 | 108,998 |
Revolving loans to term loans | 12,652 | 13,415 |
Total Loans | 626,016 | 299,164 |
Consumer loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 9 | 0 |
2020 | 0 | 9 |
Prior to 2020 | 854 | 243 |
Revolving Loans | 873 | 567 |
Revolving loans to term loans | 52 | 90 |
Total Loans | 1,788 | 909 |
Consumer loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 28 | 97 |
Revolving Loans | 596 | 178 |
Revolving loans to term loans | 19 | 0 |
Total Loans | 643 | 275 |
Consumer loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 9 | 0 |
2020 | 0 | 9 |
Prior to 2020 | 826 | 146 |
Revolving Loans | 277 | 389 |
Revolving loans to term loans | 33 | 90 |
Total Loans | 1,145 | 634 |
Consumer loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Consumer loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Consumer loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 19,664 | 29,083 |
2023 | 49,608 | 26,098 |
2022 | 63,199 | 18,101 |
2021 | 42,791 | 3,459 |
2020 | 10,017 | 14,375 |
Prior to 2020 | 91,384 | 85,383 |
Revolving Loans | 334,965 | 108,431 |
Revolving loans to term loans | 12,600 | 13,325 |
Total Loans | 624,228 | 298,255 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 220,655 | 629,191 |
2023 | 788,663 | 894,075 |
2022 | 1,535,253 | 680,512 |
2021 | 1,114,981 | 498,768 |
2020 | 964,831 | 481,529 |
Prior to 2020 | 2,591,346 | 1,200,402 |
Revolving Loans | 110,477 | 95,694 |
Revolving loans to term loans | 11,536 | 32,240 |
Total Loans | 7,337,742 | 4,512,411 |
Commercial | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 3,072 | 482 |
2023 | 2,184 | 10,926 |
2022 | 20,141 | 3,048 |
2021 | 3,238 | 28,511 |
2020 | 35,431 | 10,558 |
Prior to 2020 | 91,167 | 34,197 |
Revolving Loans | 4,934 | 4,934 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 160,167 | 92,656 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 2,184 | 10,926 |
2022 | 12,781 | 3,048 |
2021 | 3,238 | 28,511 |
2020 | 35,431 | 10,558 |
Prior to 2020 | 48,972 | 24,598 |
Revolving Loans | 4,500 | 4,500 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 107,106 | 82,141 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 3,072 | 482 |
2023 | 0 | 0 |
2022 | 7,360 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 42,195 | 9,599 |
Revolving Loans | 434 | 434 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 53,061 | 10,515 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Commercial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Commercial | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 217,583 | 628,709 |
2023 | 786,479 | 883,149 |
2022 | 1,515,112 | 677,464 |
2021 | 1,111,743 | 470,257 |
2020 | 929,400 | 470,971 |
Prior to 2020 | 2,500,179 | 1,166,205 |
Revolving Loans | 105,543 | 90,760 |
Revolving loans to term loans | 11,536 | 32,240 |
Total Loans | 7,177,575 | 4,419,755 |
Commercial | Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 7,337,742 | 4,512,411 |
Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 83,575 | 344,095 |
2023 | 411,186 | 172,244 |
2022 | 497,184 | 184,136 |
2021 | 519,236 | 271,878 |
2020 | 520,873 | 230,456 |
Prior to 2020 | 1,140,287 | 601,970 |
Revolving Loans | 15,884 | 6,115 |
Revolving loans to term loans | 1,583 | 1,606 |
Total Loans | 3,189,808 | 1,812,500 |
Multi-family | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 3,253 |
2023 | 1,611 | 0 |
2022 | 0 | 0 |
2021 | 1,059 | 0 |
2020 | 553 | 0 |
Prior to 2020 | 24,113 | 9,500 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 27,336 | 12,753 |
Multi-family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 553 | 0 |
Prior to 2020 | 19,105 | 9,500 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 19,658 | 9,500 |
Multi-family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 3,253 |
2023 | 1,611 | 0 |
2022 | 0 | 0 |
2021 | 1,059 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 5,008 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 7,678 | 3,253 |
Multi-family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Multi-family | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Multi-family | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 83,575 | 340,842 |
2023 | 409,575 | 172,244 |
2022 | 497,184 | 184,136 |
2021 | 518,177 | 271,878 |
2020 | 520,320 | 230,456 |
Prior to 2020 | 1,116,174 | 592,470 |
Revolving Loans | 15,884 | 6,115 |
Revolving loans to term loans | 1,583 | 1,606 |
Total Loans | 3,162,472 | 1,799,747 |
Multi-family | Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 3,189,808 | 1,812,500 |
Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 35,709 | 41,209 |
2023 | 187,663 | 342,890 |
2022 | 475,357 | 185,034 |
2021 | 203,055 | 68,603 |
2020 | 48,243 | 1,339 |
Prior to 2020 | 16,565 | 14,171 |
Revolving Loans | 3,652 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 970,244 | 653,246 |
Construction | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 21,698 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 771 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 21,698 | 771 |
Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 10,000 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 10,000 | 0 |
Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 11,698 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 771 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 11,698 | 771 |
Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Construction | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 35,709 | 41,209 |
2023 | 187,663 | 342,890 |
2022 | 475,357 | 185,034 |
2021 | 181,357 | 68,603 |
2020 | 48,243 | 1,339 |
Prior to 2020 | 16,565 | 13,400 |
Revolving Loans | 3,652 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 948,546 | 652,475 |
Construction | Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 970,244 | 653,246 |
Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 77,859 | 96,259 |
2023 | 356,382 | 141,683 |
2022 | 442,248 | 200,111 |
2021 | 348,130 | 195,964 |
2020 | 286,498 | 89,654 |
Prior to 2020 | 512,910 | 441,285 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 2,024,027 | 1,164,956 |
Residential | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 412 | 0 |
2023 | 731 | 0 |
2022 | 347 | 0 |
2021 | 1,139 | 0 |
2020 | 378 | 0 |
Prior to 2020 | 3,633 | 2,493 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 6,640 | 2,493 |
Residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 412 | 0 |
2023 | 731 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 1,050 | 1,208 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 2,193 | 1,208 |
Residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 347 | 0 |
2021 | 1,139 | 0 |
2020 | 378 | 0 |
Prior to 2020 | 2,583 | 1,285 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 4,447 | 1,285 |
Residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 0 | 0 |
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
Prior to 2020 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Residential | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2024 | 77,447 | 96,259 |
2023 | 355,651 | 141,683 |
2022 | 441,901 | 200,111 |
2021 | 346,991 | 195,964 |
2020 | 286,120 | 89,654 |
Prior to 2020 | 509,277 | 438,792 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 2,017,387 | 1,162,463 |
Residential | Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 2,024,027 | $ 1,164,956 |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Credit Losses - Loans Receivable by Credit Quality Risk Rating Indicator-Prior Year (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 722,857 | $ 1,506,562 |
2022 | 2,235,925 | 1,910,013 |
2021 | 3,793,302 | 1,615,910 |
2020 | 2,760,797 | 1,181,963 |
2019 | 2,179,169 | 963,225 |
Prior to 2019 | 5,387,330 | 2,868,925 |
Revolving Loans | 1,575,506 | 716,838 |
Revolving loans to term loans | 110,183 | 119,462 |
Total Loans | 18,765,069 | 10,882,898 |
Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 4,451 | 11,882 |
2022 | 5,386 | 27,934 |
2021 | 93,602 | 32,648 |
2020 | 96,339 | 40,155 |
2019 | 63,862 | 12,753 |
Prior to 2019 | 178,510 | 81,269 |
Revolving Loans | 45,463 | 39,570 |
Revolving loans to term loans | 3,898 | 1,285 |
Total Loans | 491,511 | 247,496 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 412 | 450 |
2022 | 2,915 | 27,934 |
2021 | 32,823 | 12,386 |
2020 | 18,293 | 30,920 |
2019 | 37,234 | 10,710 |
Prior to 2019 | 103,214 | 58,155 |
Revolving Loans | 21,198 | 28,011 |
Revolving loans to term loans | 2,579 | 687 |
Total Loans | 218,668 | 169,253 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 4,039 | 4,421 |
2022 | 2,471 | 0 |
2021 | 60,779 | 20,262 |
2020 | 78,046 | 9,235 |
2019 | 26,628 | 2,043 |
Prior to 2019 | 75,296 | 23,114 |
Revolving Loans | 24,265 | 11,559 |
Revolving loans to term loans | 1,319 | 598 |
Total Loans | 272,843 | 71,232 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 7,011 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 7,011 |
Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 718,406 | 1,494,680 |
2022 | 2,230,539 | 1,882,079 |
2021 | 3,699,700 | 1,583,262 |
2020 | 2,664,458 | 1,141,808 |
2019 | 2,115,307 | 950,472 |
Prior to 2019 | 5,208,820 | 2,787,656 |
Revolving Loans | 1,530,043 | 677,268 |
Revolving loans to term loans | 106,285 | 118,177 |
Total Loans | 18,273,558 | 10,635,402 |
Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 417,798 | 1,110,754 |
2022 | 1,743,894 | 1,550,892 |
2021 | 2,950,042 | 1,249,793 |
2020 | 2,185,402 | 1,035,213 |
2019 | 1,820,445 | 802,978 |
Prior to 2019 | 4,261,108 | 2,257,828 |
Revolving Loans | 130,013 | 101,809 |
Revolving loans to term loans | 13,119 | 33,846 |
Total Loans | 13,521,821 | 8,143,113 |
Mortgage loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,484 | 3,735 |
2022 | 4,526 | 10,926 |
2021 | 20,488 | 3,048 |
2020 | 27,134 | 28,511 |
2019 | 36,362 | 10,558 |
Prior to 2019 | 118,913 | 46,961 |
Revolving Loans | 4,934 | 4,934 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 215,841 | 108,673 |
Mortgage loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 412 | 0 |
2022 | 2,915 | 10,926 |
2021 | 12,781 | 3,048 |
2020 | 13,238 | 28,511 |
2019 | 35,984 | 10,558 |
Prior to 2019 | 69,127 | 35,306 |
Revolving Loans | 4,500 | 4,500 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 138,957 | 92,849 |
Mortgage loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,072 | 3,735 |
2022 | 1,611 | 0 |
2021 | 7,707 | 0 |
2020 | 13,896 | 0 |
2019 | 378 | 0 |
Prior to 2019 | 49,786 | 11,655 |
Revolving Loans | 434 | 434 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 76,884 | 15,824 |
Mortgage loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Mortgage loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Mortgage loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 414,314 | 1,107,019 |
2022 | 1,739,368 | 1,539,966 |
2021 | 2,929,554 | 1,246,745 |
2020 | 2,158,268 | 1,006,702 |
2019 | 1,784,083 | 792,420 |
Prior to 2019 | 4,142,195 | 2,210,867 |
Revolving Loans | 125,079 | 96,875 |
Revolving loans to term loans | 13,119 | 33,846 |
Total Loans | 13,305,980 | 8,034,440 |
Commercial loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 285,395 | 366,725 |
2022 | 442,423 | 333,023 |
2021 | 780,061 | 348,016 |
2020 | 532,595 | 143,291 |
2019 | 348,707 | 145,863 |
Prior to 2019 | 1,033,984 | 525,471 |
Revolving Loans | 1,109,655 | 506,031 |
Revolving loans to term loans | 84,412 | 72,201 |
Total Loans | 4,617,232 | 2,440,621 |
Commercial loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 967 | 8,147 |
2022 | 860 | 17,008 |
2021 | 73,114 | 29,600 |
2020 | 69,196 | 11,644 |
2019 | 27,500 | 2,186 |
Prior to 2019 | 58,743 | 34,065 |
Revolving Loans | 39,656 | 34,069 |
Revolving loans to term loans | 3,846 | 1,195 |
Total Loans | 273,882 | 137,914 |
Commercial loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 450 |
2022 | 0 | 17,008 |
2021 | 20,042 | 9,338 |
2020 | 5,055 | 2,409 |
2019 | 1,250 | 152 |
Prior to 2019 | 34,059 | 22,752 |
Revolving Loans | 16,102 | 23,333 |
Revolving loans to term loans | 2,560 | 687 |
Total Loans | 79,068 | 76,129 |
Commercial loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 967 | 686 |
2022 | 860 | 0 |
2021 | 53,072 | 20,262 |
2020 | 64,141 | 9,235 |
2019 | 26,250 | 2,034 |
Prior to 2019 | 24,684 | 11,313 |
Revolving Loans | 23,554 | 10,736 |
Revolving loans to term loans | 1,286 | 508 |
Total Loans | 194,814 | 54,774 |
Commercial loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 7,011 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 7,011 |
Commercial loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Commercial loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 284,428 | 358,578 |
2022 | 441,563 | 316,015 |
2021 | 706,947 | 318,416 |
2020 | 463,399 | 131,647 |
2019 | 321,207 | 143,677 |
Prior to 2019 | 975,241 | 491,406 |
Revolving Loans | 1,069,999 | 471,962 |
Revolving loans to term loans | 80,566 | 71,006 |
Total Loans | 4,343,350 | 2,302,707 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 19,664 | 29,083 |
2022 | 49,608 | 26,098 |
2021 | 63,199 | 18,101 |
2020 | 42,800 | 3,459 |
2019 | 10,017 | 14,384 |
Prior to 2019 | 92,238 | 85,626 |
Revolving Loans | 335,838 | 108,998 |
Revolving loans to term loans | 12,652 | 13,415 |
Total Loans | 626,016 | 299,164 |
Consumer loans | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 9 | 0 |
2019 | 0 | 9 |
Prior to 2019 | 854 | 243 |
Revolving Loans | 873 | 567 |
Revolving loans to term loans | 52 | 90 |
Total Loans | 1,788 | 909 |
Consumer loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 28 | 97 |
Revolving Loans | 596 | 178 |
Revolving loans to term loans | 19 | 0 |
Total Loans | 643 | 275 |
Consumer loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 9 | 0 |
2019 | 0 | 9 |
Prior to 2019 | 826 | 146 |
Revolving Loans | 277 | 389 |
Revolving loans to term loans | 33 | 90 |
Total Loans | 1,145 | 634 |
Consumer loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Consumer loans | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Consumer loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 19,664 | 29,083 |
2022 | 49,608 | 26,098 |
2021 | 63,199 | 18,101 |
2020 | 42,791 | 3,459 |
2019 | 10,017 | 14,375 |
Prior to 2019 | 91,384 | 85,383 |
Revolving Loans | 334,965 | 108,431 |
Revolving loans to term loans | 12,600 | 13,325 |
Total Loans | 624,228 | 298,255 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 220,655 | 629,191 |
2022 | 788,663 | 894,075 |
2021 | 1,535,253 | 680,512 |
2020 | 1,114,981 | 498,768 |
2019 | 964,831 | 481,529 |
Prior to 2019 | 2,591,346 | 1,200,402 |
Revolving Loans | 110,477 | 95,694 |
Revolving loans to term loans | 11,536 | 32,240 |
Total Loans | 7,337,742 | 4,512,411 |
Commercial | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,072 | 482 |
2022 | 2,184 | 10,926 |
2021 | 20,141 | 3,048 |
2020 | 3,238 | 28,511 |
2019 | 35,431 | 10,558 |
Prior to 2019 | 91,167 | 34,197 |
Revolving Loans | 4,934 | 4,934 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 160,167 | 92,656 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 2,184 | 10,926 |
2021 | 12,781 | 3,048 |
2020 | 3,238 | 28,511 |
2019 | 35,431 | 10,558 |
Prior to 2019 | 48,972 | 24,598 |
Revolving Loans | 4,500 | 4,500 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 107,106 | 82,141 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 3,072 | 482 |
2022 | 0 | 0 |
2021 | 7,360 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 42,195 | 9,599 |
Revolving Loans | 434 | 434 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 53,061 | 10,515 |
Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Commercial | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Commercial | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 217,583 | 628,709 |
2022 | 786,479 | 883,149 |
2021 | 1,515,112 | 677,464 |
2020 | 1,111,743 | 470,257 |
2019 | 929,400 | 470,971 |
Prior to 2019 | 2,500,179 | 1,166,205 |
Revolving Loans | 105,543 | 90,760 |
Revolving loans to term loans | 11,536 | 32,240 |
Total Loans | 7,177,575 | 4,419,755 |
Commercial | Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 7,337,742 | 4,512,411 |
Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 83,575 | 344,095 |
2022 | 411,186 | 172,244 |
2021 | 497,184 | 184,136 |
2020 | 519,236 | 271,878 |
2019 | 520,873 | 230,456 |
Prior to 2019 | 1,140,287 | 601,970 |
Revolving Loans | 15,884 | 6,115 |
Revolving loans to term loans | 1,583 | 1,606 |
Total Loans | 3,189,808 | 1,812,500 |
Multi-family | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 3,253 |
2022 | 1,611 | 0 |
2021 | 0 | 0 |
2020 | 1,059 | 0 |
2019 | 553 | 0 |
Prior to 2019 | 24,113 | 9,500 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 27,336 | 12,753 |
Multi-family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 553 | 0 |
Prior to 2019 | 19,105 | 9,500 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 19,658 | 9,500 |
Multi-family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 3,253 |
2022 | 1,611 | 0 |
2021 | 0 | 0 |
2020 | 1,059 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 5,008 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 7,678 | 3,253 |
Multi-family | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Multi-family | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Multi-family | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 83,575 | 340,842 |
2022 | 409,575 | 172,244 |
2021 | 497,184 | 184,136 |
2020 | 518,177 | 271,878 |
2019 | 520,320 | 230,456 |
Prior to 2019 | 1,116,174 | 592,470 |
Revolving Loans | 15,884 | 6,115 |
Revolving loans to term loans | 1,583 | 1,606 |
Total Loans | 3,162,472 | 1,799,747 |
Multi-family | Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 3,189,808 | 1,812,500 |
Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 35,709 | 41,209 |
2022 | 187,663 | 342,890 |
2021 | 475,357 | 185,034 |
2020 | 203,055 | 68,603 |
2019 | 48,243 | 1,339 |
Prior to 2019 | 16,565 | 14,171 |
Revolving Loans | 3,652 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 970,244 | 653,246 |
Construction | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 21,698 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 771 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 21,698 | 771 |
Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 10,000 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 10,000 | 0 |
Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 11,698 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 771 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 11,698 | 771 |
Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Construction | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Construction | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 35,709 | 41,209 |
2022 | 187,663 | 342,890 |
2021 | 475,357 | 185,034 |
2020 | 181,357 | 68,603 |
2019 | 48,243 | 1,339 |
Prior to 2019 | 16,565 | 13,400 |
Revolving Loans | 3,652 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 948,546 | 652,475 |
Construction | Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | 970,244 | 653,246 |
Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 77,859 | 96,259 |
2022 | 356,382 | 141,683 |
2021 | 442,248 | 200,111 |
2020 | 348,130 | 195,964 |
2019 | 286,498 | 89,654 |
Prior to 2019 | 512,910 | 441,285 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 2,024,027 | 1,164,956 |
Residential | Total classified and criticized | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 412 | 0 |
2022 | 731 | 0 |
2021 | 347 | 0 |
2020 | 1,139 | 0 |
2019 | 378 | 0 |
Prior to 2019 | 3,633 | 2,493 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 6,640 | 2,493 |
Residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 412 | 0 |
2022 | 731 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 1,050 | 1,208 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 2,193 | 1,208 |
Residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 347 | 0 |
2020 | 1,139 | 0 |
2019 | 378 | 0 |
Prior to 2019 | 2,583 | 1,285 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 4,447 | 1,285 |
Residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Residential | Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | 0 |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
Prior to 2019 | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 0 | 0 |
Residential | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 77,447 | 96,259 |
2022 | 355,651 | 141,683 |
2021 | 441,901 | 200,111 |
2020 | 346,991 | 195,964 |
2019 | 286,120 | 89,654 |
Prior to 2019 | 509,277 | 438,792 |
Revolving Loans | 0 | 0 |
Revolving loans to term loans | 0 | 0 |
Total Loans | 2,017,387 | 1,162,463 |
Residential | Mortgage loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total Loans | $ 2,024,027 | $ 1,164,956 |
Deposits - Deposits Liabilities
Deposits - Deposits Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Banking and Thrift, Other Disclosure [Abstract] | ||
Savings | $ 1,745,158 | $ 1,175,683 |
Money market | 3,443,081 | 2,325,364 |
NOW | 6,370,433 | 3,492,184 |
Non-interest bearing | 3,712,580 | 2,203,341 |
Certificates of deposit | 3,081,992 | 1,095,942 |
Total deposits | 18,353,244 | 10,292,514 |
Time deposits, insured cash sweep | 1,150,000 | 512,200 |
Time deposits, at or above FDIC insurance limit | 871,800 | 218,500 |
Certificate of deposit account registry service, time deposit | $ (3,700) | $ (3,300) |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | ||
Time deposits, brokered | $ 149.8 | $ 165.7 |
Borrowed Funds - Borrowed Funds
Borrowed Funds - Borrowed Funds (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Debt Disclosure [Abstract] | ||
Securities sold under repurchase agreements | $ 108,307 | $ 72,161 |
FHLBNY line of credit | 282,000 | 148,000 |
FHLBNY advances | 1,356,931 | 1,299,872 |
FRBNY BTFP Borrowing | 550,000 | 450,000 |
Total borrowed funds | 2,297,239 | $ 1,970,033 |
Purchase accounting adjustments | $ 4,800 |
Borrowed Funds - Narrative (Det
Borrowed Funds - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||||
Total long-term borrowings | $ 539,700 | $ 539,700 | $ 534,800 | ||
Total short-term borrowings | 1,760,000 | 1,760,000 | 1,440,000 | ||
FRBNY BTFP Borrowing | 550,000 | 550,000 | 450,000 | ||
Available for sale debt securities, at fair value | 2,626,783 | 2,626,783 | 1,690,112 | ||
Interest expense, borrowings | 20,800 | $ 14,100 | 38,200 | $ 21,600 | |
Amortization related to purchase accounting on FHLB advances | 276 | 276 | |||
Asset Pledged as Collateral | Securities Sold under Agreements to Repurchase | |||||
Debt Instrument [Line Items] | |||||
Available for sale debt securities, at fair value | 1,080,000 | 1,080,000 | 924,600 | ||
Asset Pledged as Collateral | Federal Funds Purchased | |||||
Debt Instrument [Line Items] | |||||
Available for sale debt securities, at fair value | $ 569,400 | $ 569,400 | $ 589,100 |
Borrowed Funds - FHLB Advances
Borrowed Funds - FHLB Advances (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Debt Disclosure [Abstract] | |
Due in one year or less | $ 1,404,036 |
Due after one year through two years | 152,451 |
Due after two years through three years | 282,445 |
Due after three years through four years | 350,000 |
Thereafter | 0 |
Total FHLBNY advances and overnight borrowings | $ 2,188,932 |
Borrowed Funds - Securities Sol
Borrowed Funds - Securities Sold Under Repurchase Agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total securities sold under repurchase agreements | $ 108,307 | $ 72,161 |
Securities Loaned or Sold under Agreements to Repurchase | ||
Debt Instrument [Line Items] | ||
Due in one year or less | 108,307 | |
Thereafter | 0 | |
Total securities sold under repurchase agreements | $ 108,307 |
Borrowed Funds - Debt Disclosur
Borrowed Funds - Debt Disclosure by Year (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Maximum balance | ||
Securities sold under repurchase agreements | $ 108,589,000 | $ 99,669,000 |
FHLBNY overnight borrowings | 567,000,000 | 500,000,000 |
FHLBNY advances | 1,469,152,000 | 1,592,277,000 |
FRBNY BTFP Borrowing | 550,000,000 | 450,000,000 |
Average balance | ||
Securities sold under repurchase agreements | 89,209,000 | 87,227,000 |
FHLBNY overnight borrowings | 110,698,000 | 262,289,000 |
FHLBNY advances | 1,304,015,000 | 1,282,124,000 |
FRBNY BTFP Borrowing | $ 544,395,000 | $ 4,932,000 |
Weighted average interest rate | ||
Securities sold under repurchase agreements | 1.97% | 1.69% |
FHLBNY overnight borrowings | 5.63% | 5.29% |
FHLBNY advances | 3.28% | 3.14% |
FRBNY BTFP Borrowing | 4.77% | 4.83% |
Subordinated Debentures (Detail
Subordinated Debentures (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
May 16, 2024 | May 09, 2024 | Aug. 03, 2015 | Jun. 30, 2024 | Jun. 30, 2023 | |
Subordinated Borrowing [Line Items] | |||||
Proceeds from subordinated debentures and long-term borrowings | $ 221,243 | $ 446,531 | |||
Subordinated Debt | Lakeland Bancorp Capital Trust IV | |||||
Subordinated Borrowing [Line Items] | |||||
Extinguishment of debt | $ 10,000 | ||||
Fixed-To-Floating Rate Subordinated Notes Due 2034 | Subordinated Debt | |||||
Subordinated Borrowing [Line Items] | |||||
Principal amount | $ 225,000 | ||||
Interest rate (in percent) | 9% | ||||
Proceeds from subordinated debentures and long-term borrowings | $ 221,200 | ||||
Basis spread on variable rate | 4.765% | ||||
Debt issuance costs | $ 3,800 | ||||
Fixed-To-Floating Rate Subordinated Notes Due September 2031 | Subordinated Debt | |||||
Subordinated Borrowing [Line Items] | |||||
Principal amount | $ 150,000 | ||||
Interest rate (in percent) | 2.875% | ||||
Basis spread on variable rate | 2.20% | ||||
Variable Rate Capital Trust Pass Through Securities, Established June 2006 | Subordinated Debt | First Constitution Capital Trust II | |||||
Subordinated Borrowing [Line Items] | |||||
Principal amount | $ 18,000 | ||||
Variable Rate Capital Trust Pass Through Securities, Established June 2003 | Subordinated Debt | Lakeland Bancorp Capital Trust II | |||||
Subordinated Borrowing [Line Items] | |||||
Principal amount | 20,000 | ||||
Variable Rate Capital Trust Pass Through Securities, Established May 2007 | Subordinated Debt | Lakeland Bancorp Capital Trust IV | |||||
Subordinated Borrowing [Line Items] | |||||
Principal amount | 20,000 | ||||
Variable Rate Capital Trust Pass Through Securities, Established June 2007 | Subordinated Debt | Sussex Capital Trust II | |||||
Subordinated Borrowing [Line Items] | |||||
Principal amount | $ 12,500 |
Components of Net Periodic Be_3
Components of Net Periodic Benefit Cost - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2006 | Jun. 30, 2024 | Dec. 31, 2002 | |
Retirement Benefits [Abstract] | |||
Service period for employees of coverage age, years (at least) | 1 year | ||
Defined benefit plan, percentage vested | 100% | ||
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 - Net Periodic (Benefit) Increase Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension benefits | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | $ 0 | $ 0 | $ 0 | $ 0 |
Interest cost | 289 | 302 | 578 | 604 |
Expected return on plan assets | (778) | (706) | (1,556) | (1,412) |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss (gain) | 14 | 177 | 28 | 354 |
Net periodic (decrease) increase in benefit cost | (475) | (227) | (950) | (454) |
Other post-retirement benefits | ||||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ||||
Service cost | 3 | 3 | 6 | 6 |
Interest cost | 135 | 150 | 270 | 300 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of prior service cost | 0 | 0 | 0 | 0 |
Amortization of the net loss (gain) | (530) | (533) | (1,060) | (1,066) |
Net periodic (decrease) increase in benefit cost | $ (392) | $ (380) | $ (784) | $ (760) |
Contingencies (Details)
Contingencies (Details) $ in Thousands | May 28, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Settlement fund | $ 1,850 |
Allowance for Credit Losses o_2
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Credit Loss [Abstract] | |||||
Provision charge (benefit) for credit losses on off-balance sheet credit exposures | $ 3,700 | $ (647) | $ 3,100 | $ 92 | |
Increase (decrease) in provision | 4,300 | 3,100 | |||
Provision for credit losses for off-balance sheet credit exposure | $ 6,600 | $ 6,600 | $ 3,400 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | Jun. 30, 2024 USD ($) security | Dec. 31, 2023 USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash | $ | $ 70 | $ 70 |
Minimum | Measurement Input, Cost to Sell | Valuation, Market Approach | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.05 | |
Foreclosed assets, measurement input | 0.05 | |
Maximum | Measurement Input, Cost to Sell | Valuation, Market Approach | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired loans, measurement input | 0.10 | |
Foreclosed assets, measurement input | 0.10 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | $ 2,626,783 | $ 1,690,112 |
Equity securities | 19,250 | 1,270 |
Derivative assets | 209,148 | 105,164 |
Derivative liabilities | 197,395 | 90,834 |
Foreclosed assets | 11,119 | 11,651 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 449,400 | 253,878 |
Equity securities | 19,250 | 1,270 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 2,177,383 | 1,436,234 |
Equity securities | 0 | 0 |
Derivative assets | 208,316 | 101,754 |
Derivative liabilities | 193,670 | 88,835 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
U.S. Treasury obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 335,031 | 253,878 |
U.S. Treasury obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 335,031 | 253,878 |
U.S. Treasury obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
U.S. Treasury obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Government-agency obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 166,202 | 27,498 |
Government-agency obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 114,369 | 0 |
Government-agency obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 51,833 | 27,498 |
Government-agency obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 1,849,184 | 1,285,609 |
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total 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] | ||
Total available for sale debt securities | 1,849,184 | 1,285,609 |
Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Asset-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 53,053 | 32,235 |
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 53,053 | 32,235 |
Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
State and municipal obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 126,558 | 56,584 |
State and municipal obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total 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] | ||
Total available for sale debt securities | 126,558 | 56,584 |
State and municipal obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Corporate obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 96,755 | 34,308 |
Corporate obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total 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] | ||
Total available for sale debt securities | 96,755 | 34,308 |
Corporate obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Measured on a Recurring Basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 2,626,783 | 1,690,112 |
Equity securities | 19,250 | 1,270 |
Derivative assets | 208,316 | 101,754 |
Total assets, fair value disclosure | 2,854,349 | 1,793,136 |
Derivative liabilities | 193,670 | 88,835 |
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] | ||
Total available for sale debt securities | 449,400 | 253,878 |
Equity securities | 19,250 | 1,270 |
Derivative assets | 0 | 0 |
Total assets, fair value disclosure | 468,650 | 255,148 |
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] | ||
Total available for sale debt securities | 2,177,383 | 1,436,234 |
Equity securities | 0 | 0 |
Derivative assets | 208,316 | 101,754 |
Total assets, fair value disclosure | 2,385,699 | 1,537,988 |
Derivative liabilities | 193,670 | 88,835 |
Measured on a Recurring Basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets, fair value disclosure | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on a Recurring Basis | U.S. Treasury obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 335,031 | 253,878 |
Measured on a Recurring Basis | U.S. Treasury obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 335,031 | 253,878 |
Measured on a Recurring Basis | U.S. Treasury obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Measured on a Recurring Basis | U.S. Treasury obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Measured on a Recurring Basis | Government-agency obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 166,202 | 27,498 |
Measured on a Recurring Basis | Government-agency obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 114,369 | 0 |
Measured on a Recurring Basis | Government-agency obligations | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 51,833 | 27,498 |
Measured on a Recurring Basis | Government-agency obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Measured on a Recurring Basis | Mortgage-backed securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 1,849,184 | 1,285,609 |
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] | ||
Total 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] | ||
Total available for sale debt securities | 1,849,184 | 1,285,609 |
Measured on a Recurring Basis | Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total 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] | ||
Total available for sale debt securities | 53,053 | 32,235 |
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] | ||
Total available for sale debt securities | 0 | 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] | ||
Total available for sale debt securities | 53,053 | 32,235 |
Measured on a Recurring Basis | Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Measured on a Recurring Basis | State and municipal obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 126,558 | 56,584 |
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] | ||
Total 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] | ||
Total available for sale debt securities | 126,558 | 56,584 |
Measured on a Recurring Basis | State and municipal obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 0 | 0 |
Measured on a Recurring Basis | Corporate obligations | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale debt securities | 96,755 | 34,308 |
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] | ||
Total 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] | ||
Total available for sale debt securities | 96,755 | 34,308 |
Measured on a Recurring Basis | Corporate obligations | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total 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, fair value disclosure | 29,532 | 35,790 |
Loans measured for impairment based on the fair value of the underlying collateral | 18,413 | 24,139 |
Foreclosed assets | 11,119 | 11,651 |
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, fair value disclosure | 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, fair value disclosure | 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, fair value disclosure | 29,532 | 35,790 |
Loans measured for impairment based on the fair value of the underlying collateral | 18,413 | 24,139 |
Foreclosed assets | $ 11,119 | $ 11,651 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Financial assets: | ||||
Cash and cash equivalents | $ 290,491 | $ 180,185 | $ 208,802 | $ 186,438 |
Total available for sale debt securities | 2,626,783 | 1,690,112 | ||
Investment securities held to maturity, fair value | 332,691 | 352,601 | ||
FHLBNY stock | 100,068 | 79,217 | ||
Equity securities | 19,250 | 1,270 | ||
Loans, net of allowance for credit losses | 18,575,449 | 10,766,501 | ||
Derivative assets | 209,148 | 105,164 | ||
Financial liabilities: | ||||
Certificates of deposit | 3,081,992 | 1,095,942 | ||
Total deposits | 18,353,244 | 10,292,514 | ||
Borrowings | 2,302,058 | 1,970,033 | ||
Subordinated debentures | 412,766 | 10,695 | ||
Derivative liabilities | 197,395 | 90,834 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Cash and cash equivalents | 290,561 | 180,255 | ||
Total available for sale debt securities | 449,400 | 253,878 | ||
Investment securities held to maturity, fair value | 6,984 | 15,553 | ||
FHLBNY stock | 100,068 | 79,217 | ||
Equity securities | 19,250 | 1,270 | ||
Loans, net of allowance for credit losses | 0 | 0 | ||
Derivative assets | 0 | 0 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 15,271,252 | 9,196,572 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 15,271,252 | 9,196,572 | ||
Borrowings | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Total available for sale debt securities | 2,177,383 | 1,436,234 | ||
Investment securities held to maturity, fair value | 325,707 | 337,048 | ||
FHLBNY stock | 0 | 0 | ||
Equity securities | 0 | 0 | ||
Loans, net of allowance for credit losses | 0 | 0 | ||
Derivative assets | 208,316 | 101,754 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 3,076,618 | 1,093,125 | ||
Total deposits | 3,076,618 | 1,093,125 | ||
Borrowings | 2,289,206 | 1,960,174 | ||
Subordinated debentures | 394,729 | 9,198 | ||
Derivative liabilities | 193,670 | 88,835 | ||
Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Total available for sale debt securities | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
FHLBNY stock | 0 | 0 | ||
Equity securities | 0 | 0 | ||
Loans, net of allowance for credit losses | 18,228,528 | 10,437,204 | ||
Derivative assets | 0 | 0 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 0 | 0 | ||
Certificates of deposit | 0 | 0 | ||
Total deposits | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Subordinated debentures | 0 | 0 | ||
Derivative liabilities | 0 | 0 | ||
U.S. Treasury obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 335,031 | 253,878 | ||
Investment securities held to maturity, fair value | 6,984 | 5,147 | ||
U.S. Treasury obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Total available for sale debt securities | 335,031 | 253,878 | ||
Investment securities held to maturity, fair value | 6,984 | 5,147 | ||
U.S. Treasury obligations | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
U.S. Treasury obligations | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
Government-agency obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 166,202 | 27,498 | ||
Investment securities held to maturity, fair value | 9,448 | 10,406 | ||
Government-agency obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Total available for sale debt securities | 114,369 | 0 | ||
Investment securities held to maturity, fair value | 0 | 10,406 | ||
Government-agency obligations | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Total available for sale debt securities | 51,833 | 27,498 | ||
Investment securities held to maturity, fair value | 9,448 | 0 | ||
Government-agency obligations | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
Mortgage-backed securities | ||||
Financial assets: | ||||
Total available for sale debt securities | 1,849,184 | 1,285,609 | ||
Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Total available for sale debt securities | 1,849,184 | 1,285,609 | ||
Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
Asset-backed securities | ||||
Financial assets: | ||||
Total available for sale debt securities | 53,053 | 32,235 | ||
Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Total available for sale debt securities | 53,053 | 32,235 | ||
Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
State and municipal obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 126,558 | 56,584 | ||
Investment securities held to maturity, fair value | 310,029 | 330,360 | ||
State and municipal obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
State and municipal obligations | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Total available for sale debt securities | 126,558 | 56,584 | ||
Investment securities held to maturity, fair value | 310,029 | 330,360 | ||
State and municipal obligations | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
Corporate obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 96,755 | 34,308 | ||
Investment securities held to maturity, fair value | 6,230 | 6,688 | ||
Corporate obligations | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
Corporate obligations | Significant Other Observable Inputs (Level 2) | ||||
Financial assets: | ||||
Total available for sale debt securities | 96,755 | 34,308 | ||
Investment securities held to maturity, fair value | 6,230 | 6,688 | ||
Corporate obligations | Significant Unobservable Inputs (Level 3) | ||||
Financial assets: | ||||
Total available for sale debt securities | 0 | 0 | ||
Investment securities held to maturity, fair value | 0 | 0 | ||
Carrying Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 290,561 | 180,255 | ||
Total available for sale debt securities | 2,626,783 | 1,690,112 | ||
Investment securities held to maturity, fair value | 350,528 | 363,080 | ||
FHLBNY stock | 100,068 | 79,217 | ||
Equity securities | 19,250 | 1,270 | ||
Loans, net of allowance for credit losses | 18,575,449 | 10,766,501 | ||
Derivative assets | 208,316 | 101,754 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 15,271,252 | 9,196,572 | ||
Certificates of deposit | 3,081,992 | 1,095,942 | ||
Total deposits | 18,353,244 | 10,292,514 | ||
Borrowings | 2,302,058 | 1,970,033 | ||
Subordinated debentures | 412,766 | 10,695 | ||
Derivative liabilities | 193,670 | 88,835 | ||
Carrying Value | U.S. Treasury obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 335,031 | 253,878 | ||
Investment securities held to maturity, fair value | 6,984 | 5,146 | ||
Carrying Value | Government-agency obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 166,202 | 27,498 | ||
Investment securities held to maturity, fair value | 9,998 | 11,058 | ||
Carrying Value | Mortgage-backed securities | ||||
Financial assets: | ||||
Total available for sale debt securities | 1,849,184 | 1,285,609 | ||
Carrying Value | Asset-backed securities | ||||
Financial assets: | ||||
Total available for sale debt securities | 53,053 | 32,235 | ||
Carrying Value | State and municipal obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 126,558 | 56,584 | ||
Investment securities held to maturity, fair value | 326,996 | 339,789 | ||
Carrying Value | Corporate obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 96,755 | 34,308 | ||
Investment securities held to maturity, fair value | 6,550 | 7,087 | ||
Fair Value | ||||
Financial assets: | ||||
Cash and cash equivalents | 290,561 | 180,255 | ||
Total available for sale debt securities | 2,626,783 | 1,690,112 | ||
Investment securities held to maturity, fair value | 332,691 | 352,601 | ||
FHLBNY stock | 100,068 | 79,217 | ||
Equity securities | 19,250 | 1,270 | ||
Loans, net of allowance for credit losses | 18,228,528 | 10,437,204 | ||
Derivative assets | 208,316 | 101,754 | ||
Financial liabilities: | ||||
Deposits other than certificates of deposits | 15,271,252 | 9,196,572 | ||
Certificates of deposit | 3,076,618 | 1,093,125 | ||
Total deposits | 18,347,870 | 10,289,697 | ||
Borrowings | 2,289,206 | 1,960,174 | ||
Subordinated debentures | 394,729 | 9,198 | ||
Derivative liabilities | 193,670 | 88,835 | ||
Fair Value | U.S. Treasury obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 335,031 | 253,878 | ||
Investment securities held to maturity, fair value | 6,984 | 5,147 | ||
Fair Value | Government-agency obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 166,202 | 27,498 | ||
Investment securities held to maturity, fair value | 9,448 | 10,406 | ||
Fair Value | Mortgage-backed securities | ||||
Financial assets: | ||||
Total available for sale debt securities | 1,849,184 | 1,285,609 | ||
Fair Value | Asset-backed securities | ||||
Financial assets: | ||||
Total available for sale debt securities | 53,053 | 32,235 | ||
Fair Value | State and municipal obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 126,558 | 56,584 | ||
Investment securities held to maturity, fair value | 310,029 | 330,360 | ||
Fair Value | Corporate obligations | ||||
Financial assets: | ||||
Total available for sale debt securities | 96,755 | 34,308 | ||
Investment securities held to maturity, fair value | $ 6,230 | $ 6,688 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Components of OCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Before Tax | ||||
Total other comprehensive income (loss) | $ 16,804 | $ (19,658) | $ 1,664 | $ 2,790 |
Tax Effect | ||||
Total | (5,183) | 5,311 | (513) | (238) |
After Tax | ||||
Total other comprehensive income (loss) | 11,621 | (14,347) | 1,151 | 2,552 |
Unrealized Losses on Available for Sale Debt Securities | ||||
Before Tax | ||||
Net unrealized gains (losses) arising during the period | 16,718 | (20,178) | 2,319 | 7,641 |
Reclassification adjustment for losses (gains) included in net income | 2,973 | 0 | 2,973 | 0 |
Total other comprehensive income (loss) | 19,691 | (20,178) | 5,292 | 7,641 |
Tax Effect | ||||
Net unrealized gains (losses) arising during the period | (5,157) | 5,452 | (715) | (1,503) |
Reclassification adjustment for losses (gains) included in net income | (917) | 0 | (917) | 0 |
Total | (6,074) | 5,452 | (1,632) | (1,503) |
After Tax | ||||
Net unrealized gains (losses) arising during the period | 11,561 | (14,726) | 1,604 | 6,138 |
Reclassification adjustment for losses (gains) included in net income | 2,056 | 0 | 2,056 | 0 |
Total other comprehensive income (loss) | 13,617 | (14,726) | 3,660 | 6,138 |
Unrealized Gains on Derivatives (cash flow hedges) | ||||
Before Tax | ||||
Net unrealized gains (losses) arising during the period | 1,361 | 5,002 | 5,993 | 4,219 |
Reclassification adjustment for losses (gains) included in net income | (3,734) | (4,124) | (7,909) | (8,343) |
Total other comprehensive income (loss) | (2,373) | 878 | (1,916) | (4,124) |
Tax Effect | ||||
Net unrealized gains (losses) arising during the period | (420) | (1,352) | (1,849) | (1,186) |
Reclassification adjustment for losses (gains) included in net income | 1,152 | 1,114 | 2,440 | 2,254 |
Total | 732 | (238) | 591 | 1,068 |
After Tax | ||||
Net unrealized gains (losses) arising during the period | 941 | 3,650 | 4,144 | 3,033 |
Reclassification adjustment for losses (gains) included in net income | (2,582) | (3,010) | (5,469) | (6,089) |
Total other comprehensive income (loss) | (1,641) | 640 | (1,325) | (3,056) |
Post- Retirement Obligations | ||||
Before Tax | ||||
Total other comprehensive income (loss) | (514) | (358) | (1,712) | (727) |
Tax Effect | ||||
Total | 159 | 97 | 528 | 197 |
After Tax | ||||
Total other comprehensive income (loss) | $ (355) | $ (261) | $ (1,184) | $ (530) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 1,695,162 | $ 1,640,080 | $ 1,690,596 | $ 1,597,703 |
Current - period other comprehensive income (loss) | 11,621 | (14,347) | 1,151 | 2,552 |
Ending balance | 2,555,646 | 1,642,471 | 2,555,646 | 1,642,471 |
Accumulated Other Comprehensive (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (151,585) | (148,146) | (141,115) | (165,045) |
Current - period other comprehensive income (loss) | 11,621 | (14,347) | 1,151 | 2,552 |
Ending balance | (139,964) | (162,493) | (139,964) | (162,493) |
Unrealized Losses on Available for Sale Debt Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (164,446) | (165,750) | (154,489) | (186,614) |
Current - period other comprehensive income (loss) | 13,617 | (14,726) | 3,660 | 6,138 |
Ending balance | (150,829) | (180,476) | (150,829) | (180,476) |
Post- Retirement Obligations | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 3,108 | 1,303 | 3,937 | 1,572 |
Current - period other comprehensive income (loss) | (355) | (261) | (1,184) | (530) |
Ending balance | 2,753 | 1,042 | 2,753 | 1,042 |
Unrealized Gains on Derivatives (cash flow hedges) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 9,753 | 16,301 | 9,437 | 19,997 |
Current - period other comprehensive income (loss) | (1,641) | 640 | (1,325) | (3,056) |
Ending balance | $ 8,112 | $ 16,941 | $ 8,112 | $ 16,941 |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) - Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net loss on securities transactions | $ (2,973) | $ 29 | $ (2,974) | $ 24 |
Income tax expense | 9,833 | (11,630) | (1,055) | (26,083) |
Interest expense | (106,305) | (50,790) | (176,494) | (86,022) |
Compensation and employee benefits | (54,888) | (35,283) | (94,936) | (74,021) |
Total reclassifications | (11,485) | 32,003 | 20,596 | 72,539 |
Reclassification adjustment | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total reclassifications | (881) | (3,270) | (4,125) | (6,609) |
Reclassification adjustment | Available for sale debt securities: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net loss on securities transactions | 2,973 | 0 | 2,973 | 0 |
Income tax expense | (917) | 0 | (917) | 0 |
Total reclassifications | 2,056 | 0 | 2,056 | 0 |
Reclassification adjustment | Cash flow hedges: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax expense | 1,152 | 1,114 | 2,440 | 2,254 |
Interest expense | (3,734) | (4,124) | (7,909) | (8,343) |
Total reclassifications | (2,582) | (3,010) | (5,469) | (6,089) |
Reclassification adjustment | Post-retirement obligations: | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Income tax expense | 159 | 96 | 318 | 192 |
Compensation and employee benefits | (514) | (356) | (1,030) | (712) |
Total reclassifications | $ (355) | $ (260) | $ (712) | $ (520) |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 USD ($) instrument counterparty | Dec. 31, 2023 USD ($) instrument | |
Derivative [Line Items] | ||
Amount of collateral | $ 0 | $ 0 |
Derivative assets | 209,148 | 105,164 |
Derivative liabilities | 197,395 | 90,834 |
Derivative instruments in accumulated other comprehensive income (loss) reclassified to interest expense | 9,900 | |
Notional amount | $ 375,000 | 455,000 |
Number of counterparties | counterparty | 5 | |
Derivatives Not Designated as a Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | $ 89,469 | |
Derivatives Not Designated as a Hedging Instrument | Interest rate products | ||
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 321 | 154 |
Derivative notional amount | $ 4,640,000 | $ 2,300,000 |
Notional amount | $ 2,320,802 | $ 1,152,200 |
Derivatives Not Designated as a Hedging Instrument | Credit contracts | ||
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 8 | 12 |
Derivative notional amount | $ 87,700 | $ 142,800 |
Amount of collateral | 70 | |
Derivative assets | 17 | |
Derivative liabilities | 8 | |
Notional amount | $ 75,909 | $ 96,462 |
Derivatives Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Number of outstanding derivatives | instrument | 7 | 9 |
Derivatives Designated as Hedging Instrument | Interest rate products | ||
Derivative [Line Items] | ||
Notional amount | $ 0 | $ 125,000 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Offset Fair Value and Notional Amount (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Offsetting Derivative Assets [Abstract] | ||
Total gross derivative amounts recognized on the balance sheet | $ 209,148 | $ 105,164 |
Gross amounts offset on the balance sheet | 0 | 0 |
Net derivative amounts presented on the balance sheet | 209,148 | 105,164 |
Financial instruments - institutional counterparties | 0 | 0 |
Cash collateral - institutional counterparties | 201,390 | 101,328 |
Net derivatives not offset | 7,758 | 3,836 |
Liability Derivatives | ||
Notional Amount | 375,000 | 455,000 |
Total gross derivative amounts recognized on the balance sheet | 197,395 | 90,834 |
Gross amounts offset on the balance sheet | 0 | 0 |
Net derivative amounts presented on the balance sheet | 197,395 | 90,834 |
Financial instruments - institutional counterparties | 0 | 0 |
Cash collateral - institutional counterparties | 0 | 0 |
Net derivatives not offset | 197,395 | 90,834 |
Derivatives Not Designated as a Hedging Instrument | ||
Offsetting Derivative Assets [Abstract] | ||
Total gross derivative amounts recognized on the balance sheet | 197,311 | 89,278 |
Liability Derivatives | ||
Notional Amount | 89,469 | |
Total gross derivative amounts recognized on the balance sheet | 197,395 | |
Derivatives Not Designated as a Hedging Instrument | Interest rate products | ||
Offsetting Derivative Assets [Abstract] | ||
Notional Amount | 2,320,802 | 1,152,200 |
Liability Derivatives | ||
Notional Amount | 2,320,802 | 1,152,200 |
Derivatives Not Designated as a Hedging Instrument | Credit contracts | ||
Offsetting Derivative Assets [Abstract] | ||
Notional Amount | 11,796 | 46,359 |
Net derivative amounts presented on the balance sheet | 17 | |
Liability Derivatives | ||
Notional Amount | 75,909 | 96,462 |
Net derivative amounts presented on the balance sheet | 8 | |
Cash collateral - institutional counterparties | 70 | |
Derivatives Designated as Hedging Instrument | Interest rate products | ||
Offsetting Derivative Assets [Abstract] | ||
Notional Amount | 375,000 | 330,000 |
Liability Derivatives | ||
Notional Amount | 0 | 125,000 |
Other assets | Derivatives Not Designated as a Hedging Instrument | Interest rate products | ||
Offsetting Derivative Assets [Abstract] | ||
Total gross derivative amounts recognized on the balance sheet | 197,311 | 89,261 |
Other assets | Derivatives Not Designated as a Hedging Instrument | Credit contracts | ||
Offsetting Derivative Assets [Abstract] | ||
Total gross derivative amounts recognized on the balance sheet | 0 | 17 |
Other assets | Derivatives Designated as Hedging Instrument | Interest rate products | ||
Offsetting Derivative Assets [Abstract] | ||
Total gross derivative amounts recognized on the balance sheet | 11,837 | 15,886 |
Other liabilities | Derivatives Not Designated as a Hedging Instrument | Interest rate products | ||
Liability Derivatives | ||
Notional Amount | 89,461 | |
Total gross derivative amounts recognized on the balance sheet | 197,395 | |
Other liabilities | Derivatives Not Designated as a Hedging Instrument | Credit contracts | ||
Liability Derivatives | ||
Notional Amount | 8 | |
Total gross derivative amounts recognized on the balance sheet | 0 | |
Other liabilities | Derivatives Designated as Hedging Instrument | Interest rate products | ||
Liability Derivatives | ||
Notional Amount | $ 1,365 | |
Total gross derivative amounts recognized on the balance sheet | $ 0 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Operating and Nonoperating, Other income | Interest Expense, Operating and Nonoperating, Other income | Interest Expense, Operating and Nonoperating, Other income | Interest Expense, Operating and Nonoperating, Other income |
Derivatives Not Designated as a Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | $ 15 | $ 118 | $ 108 | $ 48 |
Derivatives Not Designated as a Hedging Instrument | Interest rate products | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | 21 | 126 | 117 | 52 |
Derivatives Not Designated as a Hedging Instrument | Credit contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | (6) | (8) | (9) | (4) |
Derivatives Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | (3,734) | (4,124) | (7,909) | (8,343) |
Derivatives Designated as Hedging Instrument | Interest rate products | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) recognized in Income on derivatives | $ (3,734) | $ (4,124) | $ (7,909) | $ (8,343) |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 17,639 | $ 14,577 | $ 33,923 | $ 29,663 |
Total out-of-scope non-interest income | 4,636 | 4,810 | 9,158 | 11,877 |
Total non-interest income | $ 22,275 | $ 19,387 | $ 43,081 | $ 41,540 |
Revenue Not From Contracts With Customer | Product Concentration Risk | Revenue Benchmark | ||||
Disaggregation of Revenue [Line Items] | ||||
Concentration risk percentage | 91.80% | 88.50% | 90.50% | 87.60% |
Wealth management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 7,769 | $ 6,919 | $ 15,257 | $ 13,834 |
Insurance agency income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 4,488 | 3,847 | 9,281 | 7,950 |
Banking service charges and other fees: | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 5,382 | 3,811 | 9,385 | 7,879 |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | 4,208 | 3,050 | 7,524 | 6,413 |
Debit card and ATM fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from contract with customer | $ 1,174 | $ 761 | $ 1,861 | $ 1,466 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 67,943 | $ 56,907 |
Operating lease, right-of-use asset, statement of financial position [Extensible List] | Other assets | Other assets |
Operating lease liabilities | $ 71,320 | $ 60,039 |
Operating lease, liability, statement of financial position [Extensible List] | Other liabilities | Other liabilities |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2024 USD ($) obligation | Jun. 30, 2024 USD ($) obligation | Dec. 31, 2023 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Weighted-average remaining lease term (in years) | 7 years 7 months 6 days | 7 years 7 months 6 days | |
Weighted-average discount rate (as a percent) | 2.06% | 2.06% | |
Operating lease liabilities | $ 71,320 | $ 71,320 | $ 60,039 |
Operating lease right-of-use assets | $ 67,943 | $ 67,943 | $ 56,907 |
Lakeland Bancorp, Inc. - Merger Agreement | |||
Lessee, Lease, Description [Line Items] | |||
Number of new lease obligations | obligation | 39 | 39 | |
Operating lease liabilities | $ 14,700 | $ 14,700 | |
Operating lease right-of-use assets | $ 14,700 | $ 14,700 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow and Lease Cost Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease cost | $ 3,771 | $ 2,629 | $ 6,398 | $ 5,257 |
Variable lease cost | 705 | 842 | 1,491 | 1,722 |
Total lease cost | $ 4,476 | $ 3,471 | 7,889 | 6,979 |
Operating cash flows from operating leases | $ 5,698 | $ 4,776 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Remainder of 2024 | $ 7,064 | |
2025 | 13,403 | |
2026 | 11,718 | |
2027 | 10,153 | |
2028 | 8,655 | |
Thereafter | 29,641 | |
Total future minimum lease payments | 80,634 | |
Amounts representing interest | 9,314 | |
Present value of net future minimum lease payments | $ 71,320 | $ 60,039 |