Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | May 01, 2024 | |
Document And Entity Information (Abstract) | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-38282 | |
Entity Registrant Name | Metropolitan Bank Holding Corp. | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 13-4042724 | |
Entity Address, Postal Zip Code | 10016 | |
Entity Address, Address Line One | 99 Park Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
City Area Code | 212 | |
Local Phone Number | 659-0600 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | MCB | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 11,192,936 | |
Entity Central Index Key | 0001476034 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 34,037 | $ 31,973 |
Overnight deposits | 500,366 | 237,492 |
Total cash and cash equivalents | 534,403 | 269,465 |
Investment securities available-for-sale, at fair value | 497,789 | 461,207 |
Investment securities held-to-maturity (estimated fair value of $393.2 million and $404.3 million at March 31, 2024 and December 31, 2023, respectively) | 460,249 | 468,860 |
Equity investment securities, at fair value | 2,115 | 2,123 |
Total securities | 960,153 | 932,190 |
Other investments | 32,669 | 38,966 |
Loans, net of deferred fees and costs | 5,719,218 | 5,624,797 |
Allowance for credit losses | (58,538) | (57,965) |
Net loans | 5,660,680 | 5,566,832 |
Receivable from global payments business, net | 93,852 | 87,648 |
Other assets | 171,614 | 172,571 |
Total assets | 7,453,371 | 7,067,672 |
Deposits | ||
Noninterest-bearing demand deposits | 1,927,629 | 1,837,874 |
Interest-bearing deposits | 4,309,913 | 3,899,418 |
Total deposits | 6,237,542 | 5,737,292 |
Federal funds purchased | 99,000 | |
Federal Home Loan Bank of New York advances | 300,000 | 440,000 |
Trust preferred securities | 20,620 | 20,620 |
Secured and other borrowings | 107,549 | 7,585 |
Prepaid third-party debit cardholder balances | 18,685 | 10,178 |
Other liabilities | 95,434 | 93,976 |
Total liabilities | 6,779,830 | 6,408,651 |
Stockholders' equity: | ||
Common stock, $0.01 par value, 25,000,000 shares authorized, 11,191,958 and 11,062,729 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 112 | 111 |
Additional paid in capital | 393,341 | 395,871 |
Retained earnings | 332,178 | 315,975 |
Accumulated other comprehensive income (loss), net of tax | (52,090) | (52,936) |
Total stockholders' equity | 673,541 | 659,021 |
Total liabilities and stockholders' equity | $ 7,453,371 | $ 7,067,672 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (unaudited) | ||
Securities held to maturity | $ 393.2 | $ 404.3 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 11,191,958 | 11,062,729 |
Common stock, shares outstanding | 11,191,958 | 11,062,729 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest and dividend income | ||
Loans, including fees | $ 102,381 | $ 75,960 |
Securities | 5,144 | 4,495 |
Overnight deposits | 4,154 | 2,484 |
Other interest and dividends | 656 | 324 |
Total interest income | 112,335 | 83,263 |
Interest expense | ||
Deposits | 46,886 | 22,373 |
Borrowed funds | 5,361 | 2,026 |
Trust preferred securities | 379 | 330 |
Total interest expense | 52,626 | 24,729 |
Net interest income | 59,709 | 58,534 |
Provision for credit losses | 528 | 646 |
Net interest income after provision for credit losses | 59,181 | 57,888 |
Non-interest income | ||
Non-interest income | 7,027 | 6,948 |
Other income | 1,072 | 668 |
Total non-interest income | 7,004 | 6,974 |
Non-interest expense | ||
Compensation and benefits | 19,827 | 16,255 |
Bank premises and equipment | 2,343 | 2,344 |
Professional fees | 5,972 | 4,187 |
Technology costs | 3,011 | 1,313 |
Licensing fees | 3,276 | 2,662 |
FDIC assessments | 2,925 | 2,814 |
Regulatory settlement reserve | (2,500) | |
Other expenses | 4,546 | 3,950 |
Total non-interest expense | 41,900 | 31,025 |
Net income before income tax expense | 24,285 | 33,837 |
Income tax expense | 8,082 | 8,761 |
Net income | $ 16,203 | $ 25,076 |
Earnings per common share | ||
Basic earnings (in dollars per share) | $ 1.46 | $ 2.26 |
Diluted earnings (in dollars per share) | $ 1.46 | $ 2.25 |
Service charges on deposit accounts | ||
Non-interest income | ||
Non-interest income | $ 1,863 | $ 1,456 |
Revenue, Product and Service [Extensible List] | Service charges on deposit accounts | Service charges on deposit accounts |
Global Payments Group revenue | ||
Non-interest income | ||
Non-interest income | $ 4,069 | $ 4,850 |
Revenue, Product and Service [Extensible List] | Global Payments Group revenue | Global Payments Group revenue |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) | ||
Net income | $ 16,203 | $ 25,076 |
Other comprehensive income: | ||
Unrealized gain (loss) arising during the period | (4,488) | 8,233 |
Tax effect | 1,921 | (2,514) |
Net of tax | (2,567) | 5,719 |
Cash flow hedges: | ||
Unrealized gain (loss) arising during the period | 6,087 | (1,006) |
Reclassification adjustment for gains included in net income | (1,251) | (1,235) |
Tax effect | (1,423) | 688 |
Net of tax | 3,413 | (1,553) |
Total other comprehensive income (loss) | 846 | 4,166 |
Comprehensive Income (Loss) | $ 17,049 | $ 29,242 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | AOCI (Loss), Net | Cumulative Effect, Period of Adoption, Adjustment | Total |
Balance at Dec. 31, 2022 | $ 109 | $ 389,276 | $ 240,810 | $ (54,298) | $ 575,897 | ||
Balance (in shares) at Dec. 31, 2022 | 10,949,965 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock under stock compensation plans | $ 3 | 3,962 | 3,965 | ||||
Issuance of common stock under stock compensation plans (in shares) | 285,190 | ||||||
Employee and non-employee stock-based compensation | 2,222 | 2,222 | |||||
Redemption of common stock for exercise of stock options and tax withholdings for restricted stock vesting | (1,336) | (1,336) | |||||
Redemption of common stock for exercise of stock options and tax withholdings for restricted stock vesting (in shares) | (23,881) | ||||||
Net income | 25,076 | 25,076 | |||||
Other comprehensive income (loss) | 4,166 | 4,166 | |||||
Balance at Mar. 31, 2023 | $ 112 | 394,124 | $ (2,103) | 263,783 | (50,132) | $ (2,103) | 607,887 |
Balance (in shares) at Mar. 31, 2023 | 11,211,274 | ||||||
Balance at Dec. 31, 2023 | $ 111 | 395,871 | 315,975 | (52,936) | 659,021 | ||
Balance (in shares) at Dec. 31, 2023 | 11,062,729 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock under stock compensation plans | $ 1 | 1 | |||||
Issuance of common stock under stock compensation plans (in shares) | 215,273 | ||||||
Employee and non-employee stock-based compensation | 1,926 | 1,926 | |||||
Redemption of common stock for exercise of stock options and tax withholdings for restricted stock vesting | (4,456) | (4,456) | |||||
Redemption of common stock for exercise of stock options and tax withholdings for restricted stock vesting (in shares) | (86,044) | ||||||
Net income | 16,203 | 16,203 | |||||
Other comprehensive income (loss) | 846 | 846 | |||||
Balance at Mar. 31, 2024 | $ 112 | $ 393,341 | $ 332,178 | $ (52,090) | $ 673,541 | ||
Balance (in shares) at Mar. 31, 2024 | 11,191,958 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income | $ 16,203 | $ 25,076 |
Adjustments to reconcile net income to net cash: | ||
Net depreciation, amortization, and accretion | (3,193) | 1,234 |
Provision for credit losses | 528 | 646 |
Stock-based compensation | 1,926 | 2,222 |
Other, net | 8 | (39) |
Net change in: | ||
Receivable from global payments, net | (6,204) | 1,818 |
Third-party debit cardholder balances | 8,507 | 523 |
Other assets | 4,784 | (2,645) |
Other liabilities | 2,437 | 10,193 |
Net cash provided by (used in) operating activities | 24,996 | 39,028 |
Cash flows from investing activities | ||
Loan originations, purchases and payments, net | (90,473) | (11,433) |
Redemptions of FRB and FHLB Stock | 6,300 | 53,998 |
Purchases of FRB and FHLB Stock | (3) | (58,488) |
Purchase of securities available-for-sale | (53,306) | |
Proceeds from paydowns and maturities of securities available-for-sale | 12,314 | 9,751 |
Proceeds from paydowns and maturities of securities held-to-maturity | 8,463 | 8,741 |
Purchase of premises and equipment, net | (111) | (980) |
Net cash provided by (used in) investing activities | (116,816) | 1,589 |
Cash flows from financing activities | ||
Proceeds from (repayments of) federal funds purchased | (99,000) | 45,000 |
Proceeds from (repayments of) FHLB advances, net | (140,000) | |
Proceeds from (repayments of) FHLB advances, net | 100,000 | |
Proceeds from exercise of stock options | 3,964 | |
Redemption of common stock for tax withholdings for restricted stock vesting | (4,456) | (1,336) |
Proceeds from (repayments of) secured and other borrowings, net | 99,964 | (36) |
Net increase (decrease) in deposits | 500,250 | (146,124) |
Net cash provided by (used in) financing activities | 356,758 | 1,468 |
Increase (decrease) in cash and cash equivalents | 264,938 | 42,085 |
Cash and cash equivalents at the beginning of the period | 269,465 | 257,418 |
Cash and cash equivalents at the end of the period | 534,403 | 299,503 |
Cash paid for: | ||
Interest | 51,874 | 24,768 |
Income Taxes | $ 11,367 | $ 3,192 |
ORGANIZATION
ORGANIZATION | 3 Months Ended |
Mar. 31, 2024 | |
ORGANIZATION | |
ORGANIZATION | N OTE 1 — ORGANIZATION Metropolitan Bank Holding Corp., a New York corporation (the “Company”), is a bank holding company whose principal activity is the ownership and management of Metropolitan Commercial Bank (the “Bank”), its wholly-owned subsidiary. The Company’s primary market is the New York metropolitan area. The Company provides a broad range of business, commercial and retail banking products and services to small businesses, middle-market enterprises, public entities and affluent individuals. See the “Glossary of Common Terms and Acronyms” for the definition of certain terms and acronyms used throughout this Form 10-Q. The Company’s primary lending products are CRE loans (including multi-family loans) and C&I loans. Substantially all loans are secured by specific items of collateral including business assets, consumer assets, and commercial and residential real estate. Commercial loans are expected to be repaid from cash flows from the operations of businesses. The Company’s primary deposit products are checking, savings, and term deposit accounts, all of which are insured by the FDIC up to the maximum amounts allowed by law. The Company and the Bank are subject to the regulations of certain state and federal agencies and, accordingly, are periodically examined by those regulatory authorities. The Company’s business is affected by state and federal legislation and regulations. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2024 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | NOTE 2 — BASIS OF PRESENTATION The accounting and reporting policies of the Company conform with GAAP and predominant practices within the U.S. banking industry. The Unaudited Consolidated Financial Statements (“unaudited financial statements”) include the accounts of the Company and the Bank. All intercompany balances and transactions have been eliminated. The unaudited financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q, Article 8 of Regulation S-X and predominant practices within the U.S. banking industry. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The unaudited financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim unaudited financial statements in conformity with GAAP, management has made estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods, and actual results could differ from those estimated. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, inflation and its related effects and changes in the financial condition of borrowers. Some items in the prior year financial statements may have been reclassified to conform to the current presentation. Reclassification had no effect on prior year net income or stockholders’ equity. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or for any other period. The unaudited financial statements presented in this report should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC. |
SUMMARY OF RECENT ACCOUNTING PR
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS | |
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS | NOTE 3 — SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASC 326”), which requires the measurement of all expected credit losses for financial assets held at amortized cost to be based on historical experience, current condition, and reasonable and supportable forecasts. ASC 326 requires that financial institutions and other organizations will use forward-looking information to better inform their credit loss estimates. This guidance also amends the accounting for credit losses on AFS debt securities and purchased financial assets with credit deterioration. The Company adopted this guidance effective January 1, 2023 using a modified retrospective approach. The Company recorded a cumulative effect adjustment that increased the allowance for credit losses for loans and loan commitments by $3.0 million, increased deferred tax assets by $777,000 and decreased retained earnings by $2.1 million, net of tax. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (ASC 848): Deferral of Sunset Date of Topic 848, which deferred the sunset date of ASC 848 from December 31, 2022, to December 31, 2024 because the current relief in ASC 848 did not cover the June 30, 2023 cessation date for the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR. The Company’s LIBOR-based instruments included loans and trust preferred security liabilities. The required transition has been implemented successfully and LIBOR is no longer offered to clients as a floating rate loan index. The trust preferred securities have transitioned to SOFR. |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2024 | |
INVESTMENT SECURITIES | |
INVESTMENT SECURITIES | NOTE 4 — INVESTMENT SECURITIES The following tables summarize the amortized cost and fair value of AFS and HTM debt securities and equity investments and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses recognized in earnings (in thousands): Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At March 31, 2024 Cost Gains Losses Fair Value Available-for-Sale Securities: U.S. Government agency securities $ 67,998 $ — $ (6,319) $ 61,679 U.S. State and Municipal securities 11,458 — (1,870) 9,588 Residential MBS 451,171 653 (71,812) 380,012 Commercial MBS 46,266 — (2,873) 43,393 Asset-backed securities 3,167 — (50) 3,117 Total securities available-for-sale $ 580,060 $ 653 $ (82,924) $ 497,789 Held-to-Maturity Securities: U.S. Treasury securities $ 29,906 $ — $ (1,330) $ 28,576 U.S. State and Municipal securities 15,507 — (1,746) 13,761 Residential MBS 406,752 — (62,921) 343,831 Commercial MBS 8,084 — (1,072) 7,012 Total securities held-to-maturity $ 460,249 $ — $ (67,069) $ 393,180 Equity Investments: CRA Mutual Fund $ 2,425 $ — $ (310) $ 2,115 Total equity investment securities $ 2,425 $ — $ (310) $ 2,115 Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At December 31, 2023 Cost Gains Losses Fair Value Available-for-Sale Securities: U.S. Government agency securities $ 67,997 $ — $ (6,222) $ 61,775 U.S. State and Municipal securities 11,496 — (1,797) 9,699 Residential MBS 419,331 1,198 (68,609) 351,920 Commercial MBS 36,879 71 (2,366) 34,584 Asset-backed securities 3,287 — (58) 3,229 Total securities available-for-sale $ 538,990 $ 1,269 $ (79,052) $ 461,207 Held-to-Maturity Securities: U.S. Treasury securities $ 29,895 $ — $ (1,412) $ 28,483 U.S. State and Municipal securities 15,569 — (1,574) 13,995 Residential MBS 415,306 — (60,556) 354,750 Commercial MBS 8,090 — (1,066) 7,024 Total securities held-to-maturity $ 468,860 $ — $ (64,608) $ 404,252 Equity Investments: CRA Mutual Fund $ 2,410 $ — $ (287) $ 2,123 Total equity investment securities $ 2,410 $ — $ (287) $ 2,123 There were no proceeds from sales or calls of AFS securities for the three months ended March 31, 2024 and 2023. The tables below summarize, by contractual maturity, the amortized cost and fair value of debt securities. The tables do not include the effect of principal repayments or scheduled principal amortization. Equity securities, primarily investments in mutual funds, have been excluded from the table. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): Held-to-Maturity Available-for-Sale At March 31, 2024 Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ 20,021 $ 19,299 $ — $ — After 1 year through 5 years 17,969 16,289 72,958 67,179 After 5 years through 10 years 1,046 974 19,320 17,724 After 10 years 421,213 356,618 487,782 412,886 Total Securities $ 460,249 $ 393,180 $ 580,060 $ 497,789 Held-to-Maturity Available-for-Sale At December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ — $ — $ — $ — After 1 year through 5 years 37,984 35,507 65,822 60,757 After 5 years through 10 years 1,112 1,044 22,163 21,174 After 10 years 429,764 367,701 451,005 379,276 Total Securities $ 468,860 $ 404,252 $ 538,990 $ 461,207 At March 31, 2024, there was $180.9 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $68.1 million was encumbered. At December 31, 2023, there was $845.7 million of securities pledged to support wholesale funding, and to a lesser extent certain other types of deposits, of which $60.0 million was encumbered. At March 31, 2024 and December 31, 2023, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. At March 31, 2024 and December 31, 2023, all of the residential MBS and commercial MBS held by the Company were issued by U.S. Government-sponsored entities and agencies. Debt securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands): Less than 12 Months 12 Months or More Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At March 31, 2024 Fair Value Losses Fair Value Losses Fair Value Losses Available-for-Sale Securities: U.S. Government agency securities $ — $ — $ 61,679 $ (6,319) $ 61,679 $ (6,319) U.S. State and Municipal securities — — 9,588 (1,870) 9,588 (1,870) Residential MBS 51,236 (656) 281,826 (71,156) 333,062 (71,812) Commercial MBS 30,291 (612) 13,102 (2,261) 43,393 (2,873) Asset-backed securities — — 3,117 (50) 3,117 (50) Total securities available-for-sale $ 81,527 $ (1,268) $ 369,312 $ (81,656) $ 450,839 $ (82,924) Held-to-Maturity Securities: U.S. Treasury securities $ — $ — $ 28,576 $ (1,330) $ 28,576 $ (1,330) U.S. State and Municipal securities — — 13,761 (1,746) 13,761 (1,746) Residential MBS — — 343,831 (62,921) 343,831 (62,921) Commercial MBS — — 7,012 (1,072) 7,012 (1,072) Total securities held-to-maturity $ — $ — $ 393,180 $ (67,069) $ 393,180 $ (67,069) Less than 12 Months 12 Months or More Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At December 31, 2023 Fair Value Losses Fair Value Losses Fair Value Losses Available-for-Sale Securities: U.S. Government agency securities $ — $ — $ 61,775 $ (6,222) $ 61,775 $ (6,222) U.S. State and Municipal securities — — 9,699 (1,797) 9,699 (1,797) Residential MBS — — 292,970 (68,609) 292,970 (68,609) Commercial MBS 10,873 (198) 13,322 (2,168) 24,195 (2,366) Asset-backed securities — — 3,229 (58) 3,229 (58) Total securities available-for-sale $ 10,873 $ (198) $ 380,995 $ (78,854) $ 391,868 $ (79,052) Held-to-Maturity Securities: U.S. Treasury securities $ — $ — $ 28,483 $ (1,412) $ 28,483 $ (1,412) U.S. State and Municipal securities — — 13,995 (1,574) 13,995 (1,574) Residential MBS — — 354,750 (60,556) 354,750 (60,556) Commercial MBS — — 7,024 (1,066) 7,024 (1,066) Total securities held-to-maturity $ — $ — $ 404,252 $ (64,608) $ 404,252 $ (64,608) Except for U.S. State and Municipal securities, the Company has a zero loss expectation for its HTM securities portfolio, and therefore has no ACL related to these securities. At March 31, 2024 and December 31, 2023, Obligations of U.S. State and Municipal securities were rated investment grade and the associated ACL was immaterial. AFS securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. The unrealized losses on AFS securities are primarily due to the changes in market interest rates subsequent to purchase. In addition, the Company does not intend, nor would it be required, to sell these investments until there is a full recovery of the unrealized loss, which may be at maturity. As a result, no ACL was recognized during the three months ended March 31, 2024 and 2023. |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 3 Months Ended |
Mar. 31, 2024 | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | NOTE 5 — LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans, net of deferred costs and fees, consist of the following (in thousands): At At March 31, December 31, 2024 2023 Real estate Commercial $ 3,951,071 $ 3,857,711 Construction 150,257 153,512 Multi-family 467,979 467,536 One-to four-family 93,264 94,704 Total real estate loans 4,662,571 4,573,463 Commercial and industrial 1,057,488 1,051,463 Consumer 16,069 17,086 Total loans 5,736,128 5,642,012 Deferred fees, net of origination costs (16,910) (17,215) Loans, net of deferred fees and costs 5,719,218 5,624,797 Allowance for credit losses (58,538) (57,965) Net loans $ 5,660,680 $ 5,566,832 Included in C&I loans at March 31, 2024 and December 31, 2023 were $44,000 and $54,000, respectively, of PPP loans. At March 31, 2024, $3.7 billion of loans were pledged to support wholesale funding, of which $411.9 million were encumbered. At December 31, 2023, $3.3 billion of loans were pledged to support wholesale funding, of which $548.6 million were encumbered. The following tables present the activity in the ACL for funded loans by segment. The portfolio segments represent the categories that the Company uses to determine its ACL (in thousands): Multi- One-to four- Three months ended March 31, 2024 CRE C&I Construction family family Consumer Total Allowance for credit losses: Beginning balance $ 35,635 $ 11,207 $ 1,765 $ 8,215 $ 663 $ 480 $ 57,965 Provision/(credit) for credit losses 1,068 (270) (53) (44) (142) 15 574 Loans charged-off — — — — — (3) (3) Recoveries 1 — — — — 1 2 Total ending allowance balance $ 36,704 $ 10,937 $ 1,712 $ 8,171 $ 521 $ 493 $ 58,538 Multi- One-to four- Three months ended March 31, 2023 CRE C&I Construction family family Consumer Total Allowance for credit losses: Beginning balance $ 29,496 $ 10,274 $ 1,983 $ 2,823 $ 105 $ 195 $ 44,876 Cumulative effect of changes in accounting principle 48 471 424 705 181 421 2,250 Provision/(credit) for credit losses 2,292 12 (1,146) (657) 121 104 726 Loans charged-off — — — — — (100) (100) Recoveries — — — — — — — Total ending allowance balance $ 31,836 $ 10,757 $ 1,261 $ 2,871 $ 407 $ 620 $ 47,752 Net charge-offs for the three months ended March 31, 2024 and 2023 were $1,000 and $100,000, respectively. The following tables present the activity in the ACL for unfunded loan commitments (in thousands): Three months ended March 31, 2024 2023 Balance at the beginning of period $ 1,181 $ 180 Cumulative effect of changes in accounting principle — 777 Provision/(credit) for credit losses (46) (80) Total ending allowance balance $ 1,135 $ 877 The following tables present the balance in the ACL and the recorded investment in loans by portfolio segment based on allowance measurement methodology (in thousands): One-to four- At March 31, 2024 CRE C&I Construction Multi-family family Consumer Total Allowance for credit losses: Individually assessed $ — $ — $ — $ 5,002 $ — $ 190 $ 5,192 Collectively assessed 36,704 10,937 1,712 3,169 521 303 53,346 Total ending allowance balance $ 36,704 $ 10,937 $ 1,712 $ 8,171 $ 521 $ 493 $ 58,538 Loans: Individually assessed $ 24,000 $ 6,989 $ — $ 51,239 $ — $ 251 $ 82,479 Collectively assessed 3,927,071 1,050,499 150,257 416,740 93,264 15,818 5,653,649 Total ending loan balance $ 3,951,071 $ 1,057,488 $ 150,257 $ 467,979 $ 93,264 $ 16,069 $ 5,736,128 One-to four- At December 31, 2023 CRE C&I Construction Multi-family family Consumer Total Allowance for credit losses: Individually assessed $ — $ — $ — $ 5,002 $ — $ 64 $ 5,066 Collectively assessed 35,635 11,207 1,765 3,213 663 416 52,899 Total ending allowance balance $ 35,635 $ 11,207 $ 1,765 $ 8,215 $ 663 $ 480 $ 57,965 Loans: Individually assessed $ 40,955 $ 6,934 $ — $ 20,939 $ — $ 104 $ 68,932 Collectively assessed 3,816,756 1,044,529 153,512 446,597 94,704 16,982 5,573,080 Total ending loan balance $ 3,857,711 $ 1,051,463 $ 153,512 $ 467,536 $ 94,704 $ 17,086 $ 5,642,012 The following tables present the recorded investment in non-accrual loans and loans past due over 90 days and still accruing, by class of loans (in thousands): Non-accrual Loans Past Due Without an Over 90 Days At March 31, 2024 Non-accrual ACL Still Accruing Commercial real estate $ 24,000 $ 24,000 $ — Commercial & industrial 6,989 6,989 — Multi-family 20,939 — — Consumer — — 145 Total $ 51,928 $ 30,989 $ 145 Non-accrual Loans Past Due Without an Over 90 Days At December 31, 2023 Non-accrual ACL Still Accruing Commercial real estate $ 24,000 $ 24,000 $ — Commercial & industrial 6,934 6,934 — Multi-family 20,939 — — Consumer 24 — — Total $ 51,897 $ 30,934 $ — Interest income on non-accrual loans recognized on a cash basis for the three months ended March 31, 2024 and 2023 was immaterial. The following tables present the aging of the recorded investment in past due loans by class of loans (in thousands): 90 30-59 60-89 Days and Total past Current At March 31, 2024 Days Days greater due loans Total Commercial real estate $ 4,915 $ — $ 24,000 $ 28,915 $ 3,922,156 $ 3,951,071 Commercial & industrial 13 — 6,989 7,002 1,050,486 1,057,488 Construction — — — — 150,257 150,257 Multi-family — — 20,939 20,939 447,040 467,979 One-to four-family 608 2,092 — 2,700 90,564 93,264 Consumer — — 145 145 15,924 16,069 Total $ 5,536 $ 2,092 $ 52,073 $ 59,701 $ 5,676,427 $ 5,736,128 90 30-59 60-89 Days and Total past Current At December 31, 2023 Days Days greater due loans Total Commercial real estate $ — $ — $ 24,000 $ 24,000 $ 3,833,711 $ 3,857,711 Commercial & industrial 20 18 6,934 6,973 1,044,490 1,051,463 Construction — — — — 153,512 153,512 Multi-family — — 20,939 20,939 446,597 467,536 One-to four-family 612 — — 612 94,092 94,704 Consumer — — 24 24 17,062 17,086 Total $ 632 $ 18 $ 51,897 $ 52,548 $ 5,589,464 $ 5,642,012 Credit Quality Indicators The Company aggregates loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. Except for one-to four-family loans and consumer loans, the Company analyzes loans individually by classifying the loans as to credit risk ratings at least annually. For one-to four-family loans and consumer loans, the Company evaluates credit quality based on the aging status of the loan. An analysis is performed on a quarterly basis for loans classified as special mention, substandard or doubtful. The Company uses the following definitions for risk ratings. Loans not meeting the criteria below are considered to be pass-rated loans. Special Mention - Substandard - Doubtful - The following table presents loan balances by credit quality indicator and year of origination at March 31, 2024 (in thousands): 2019 2024 2023 2022 2021 2020 & Prior Revolving Total CRE Pass $ 396,529 $ 1,381,085 $ 1,239,785 $ 421,698 $ 127,352 $ 235,302 $ 34,618 $ 3,836,369 Special Mention — 24,500 38,834 14,484 300 12,584 — 90,702 Substandard — — 24,000 — — — — 24,000 Total $ 396,529 $ 1,405,585 $ 1,302,619 $ 436,182 $ 127,652 $ 247,886 $ 34,618 $ 3,951,071 Construction Pass $ 19,416 $ 52,463 $ 61,125 $ — $ — $ — $ 17,253 $ 150,257 Total $ 19,416 $ 52,463 $ 61,125 $ — $ — $ — $ 17,253 $ 150,257 Multi-family Pass $ 44,275 $ 111,697 $ 82,500 $ 61,549 $ 23,539 $ 86,820 $ 6,361 $ 416,741 Substandard — — 30,299 20,939 — — — 51,238 Total $ 44,275 $ 111,697 $ 112,799 $ 82,488 $ 23,539 $ 86,820 $ 6,361 $ 467,979 One-to four-family Current $ — $ 45,000 $ 3,680 $ — $ 9,715 $ 34,869 $ — $ 93,264 Total $ — $ 45,000 $ 3,680 $ — $ 9,715 $ 34,869 $ — $ 93,264 C&I Pass $ 40,553 $ 160,593 $ 225,846 $ 87,368 $ 21,310 $ 17,814 $ 430,030 $ 983,514 Special Mention — 3,840 33,668 — 2,080 — 27,397 66,985 Substandard — 3,803 — — — — 3,186 6,989 Total $ 40,553 $ 168,236 $ 259,514 $ 87,368 $ 23,390 $ 17,814 $ 460,613 $ 1,057,488 Consumer Current $ — $ — $ — $ — $ — $ 15,924 $ — $ 15,924 Past due — — — — — 145 — 145 Total $ — $ — $ — $ — $ — $ 16,069 $ — $ 16,069 Total Pass/Current $ 500,773 $ 1,750,838 $ 1,612,936 $ 570,615 $ 181,916 $ 390,729 $ 488,262 $ 5,496,069 Special Mention — 28,340 72,502 14,484 2,380 12,584 27,397 157,687 Substandard/Past due — 3,803 54,299 20,939 — 145 3,186 82,372 Total $ 500,773 $ 1,782,981 $ 1,739,737 $ 606,038 $ 184,296 $ 403,458 $ 518,845 $ 5,736,128 Charge-offs C&I $ — $ — $ — $ — $ — $ — $ — $ — Consumer — — — — — — 3 3 $ — $ — $ — $ — $ — $ — $ 3 $ 3 At March 31, 2024, there were $51.2 million and $24.0 million of Multi-family and CRE substandard classified collateral dependent loans, respectively. During the three months ended March 31, 2024, there were $7.0 million of C&I loans modified where the borrower was experiencing financial difficulty. The modifications resulted in term extensions of between 11 to 12 months and interest rate reductions of 4%. All loans to borrowers experiencing financial difficulty that have been modified during the three months ended March 31, 2024, were in compliance with their modified terms. At March 31, 2024, there were no additional commitments to lend to borrowers experiencing financial difficulty whose loans have been modified. There were no modifications where the borrower was experiencing financial difficulty during the three months ended March 31, 2023. The following table presents loan balances by credit quality indicator and year of origination at December 31, 2023 (in thousands): 2018 2023 2022 2021 2020 2019 & Prior Revolving Total CRE Pass $ 1,500,873 $ 1,268,550 $ 512,497 $ 128,320 $ 200,304 $ 83,309 $ 44,672 $ 3,738,525 Special Mention 24,500 38,867 14,561 304 — — — 78,232 Substandard — 40,954 — — — — — 40,954 Total $ 1,525,373 $ 1,348,371 $ 527,058 $ 128,624 $ 200,304 $ 83,309 $ 44,672 $ 3,857,711 Construction Pass $ 84,881 $ 56,065 $ — $ — $ — $ — $ 12,566 $ 153,512 Total $ 84,881 $ 56,065 $ — $ — $ — $ — $ 12,566 $ 153,512 Multi-family Pass $ 115,761 $ 114,652 $ 51,768 $ 23,655 $ 34,533 $ 69,510 $ 6,415 $ 416,294 Special Mention — 30,303 — — — — — 30,303 Substandard — — 20,939 — — — — 20,939 Total $ 115,761 $ 144,955 $ 72,707 $ 23,655 $ 34,533 $ 69,510 $ 6,415 $ 467,536 One-to four-family Current $ 45,000 $ 4,081 $ — $ 9,784 $ 12,157 $ 23,682 $ — $ 94,704 Total $ 45,000 $ 4,081 $ — $ 9,784 $ 12,157 $ 23,682 $ — $ 94,704 C&I Pass $ 178,814 $ 252,359 $ 98,753 $ 23,943 $ 14,390 $ 5,904 $ 402,247 $ 976,410 Special Mention 3,840 33,918 — 2,080 — — 28,281 68,119 Substandard 3,435 — — — — — 3,499 6,934 Total $ 186,089 $ 286,277 $ 98,753 $ 26,023 $ 14,390 $ 5,904 $ 434,027 $ 1,051,463 Consumer Current $ — $ — $ — $ — $ — $ 17,062 $ — $ 17,062 Past due — — — — — 24 — 24 Total $ — $ — $ — $ — $ — $ 17,086 $ — $ 17,086 Total Pass/Current $ 1,925,329 $ 1,695,707 $ 663,018 $ 185,702 $ 261,384 $ 199,467 $ 465,900 $ 5,396,507 Special Mention 28,340 103,088 14,561 2,384 — — 28,281 176,654 Substandard/Past due 3,435 40,954 20,939 — — 24 3,499 68,851 Total $ 1,957,104 $ 1,839,749 $ 698,518 $ 188,086 $ 261,384 $ 199,491 $ 497,680 $ 5,642,012 Charge-offs C&I $ — $ — $ 915 $ — $ — $ 31 $ — $ 946 Consumer — — — — — 273 — 273 $ — $ — $ 915 $ — $ — $ 304 $ — $ 1,219 At December 31, 2023, there were $41.0 million and $20.9 million of CRE and Multi-family substandard classified collateral dependent loans, respectively. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2024 | |
BORROWINGS | |
BORROWINGS | NOTE 6 — BORROWINGS Borrowings consisted of the following (in thousands): Interest Expense At March 31, At December 31, Three Months Ended March 31, 2024 2023 2024 2023 Federal funds purchased and securities sold under agreements to repurchase $ — $ 99,000 $ 151 $ 1,369 Federal Home Loan Bank of New York advances $ 300,000 $ 440,000 $ 4,129 $ 657 Secured and other borrowings: Secured borrowings $ 7,549 $ 7,585 $ N.A. $ N.A. Federal Reserve Bank term loan $ 100,000 $ — $ 1,081 $ — N.A. – not applicable The FHLBNY advances are generally short-term transactions and at March 31, 2024, had a weighted average interest rate of 5.49%. Secured borrowings are loan participation agreements with counterparties where the transfer of the participation interest did not qualify for sale treatment under GAAP. The Federal Reserve established the Bank Term Funding Program (“BTFP”) on March 12, 2023 as a funding source for eligible depository institutions. The BTFP provides short-term liquidity (up to one year) against the par value of certain high-quality collateral, such as U.S. Treasury securities. The BTFP ceased making new loans as scheduled on March 11, 2024. At March 31, 2024, the Company had a $100.0 million FRB term loan under the BTFP that matures in January 2025 and has an interest rate of 4.87%. At March 31, 2024, the Company had cash on deposit with the Federal Reserve Bank of New York and available secured wholesale funding borrowing capacity of $3.4 billion. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | NOTE 7 — EARNINGS PER SHARE The Company uses the two-class method in the calculation of basic and diluted earnings per share. Under the two-class method, earnings available to common shareholders for the period are allocated between common shareholders and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings. The factors used in the earnings per share calculation are as follows (in thousands, except per share data). Three months ended March 31, 2024 2023 Basic Net income per consolidated statements of income $ 16,203 $ 25,076 Less: Earnings allocated to participating securities — (84) Net income available to common stockholders $ 16,203 $ 24,992 Weighted average common shares outstanding including participating securities 11,132,989 11,081,924 Less: Weighted average participating securities — (37,300) Weighted average common shares outstanding 11,132,989 11,044,624 Basic earnings per common share $ 1.46 $ 2.26 Diluted Net income allocated to common stockholders $ 16,203 $ 24,992 Weighted average common shares outstanding for basic earnings per common share 11,132,989 11,044,624 Add: Dilutive effects of assumed exercise of stock options — — Add: Dilutive effects of assumed vesting of performance based restricted stock — 58,384 Add: Dilutive effects of assumed vesting of restricted stock units — — Average shares and dilutive potential common shares 11,132,989 11,103,008 Dilutive earnings per common share $ 1.46 $ 2.25 For the three months ended March 31, 2024, 294,744 of restricted stock units were not considered in the calculation of diluted earnings per share as their inclusion would be anti-dilutive. There were no outstanding stock options and performance restricted stock units |
STOCK COMPENSATION PLAN
STOCK COMPENSATION PLAN | 3 Months Ended |
Mar. 31, 2024 | |
STOCK COMPENSATION PLAN | |
STOCK COMPENSATION PLAN | NOTE 8 — STOCK COMPENSATION PLAN Equity Incentive Plan At March 31, 2024, the Company maintained three stock compensation plans, the 2022 Equity Incentive Plan (the “2022 EIP”), the 2019 Equity Incentive Plan (the “2019 EIP”) and the 2009 Equity Incentive Plan (the “2009 EIP”). The 2019 EIP expired on May 31, 2022 but has outstanding restricted stock awards subject to vesting schedules. The 2009 EIP has also expired but had outstanding stock options that were exercised in 2023. The 2022 EIP was approved on May 31, 2022 by stockholders of the Company. Under the 2022 EIP, the remaining maximum number of shares of stock that may be delivered to participants in the form of restricted stock, restricted stock units and stock options, including ISOs and non-qualified stock options is 3,133 at March 31, 2024, subject to adjustment as set forth in the 2022 EIP, plus any awards that are forfeited under the 2019 EIP after March 15, 2022. Stock Options At March 31, 2024 no stock options were outstanding. There was no compensation cost related to stock options during the three months ended March 31, 2024 and 2023. There was no unrecognized compensation cost related to stock options at March 31, 2024 and December 31, 2023. Restricted Stock Awards and Restricted Stock Units The Company issued restricted stock awards and restricted stock units under the 2022 EIP, 2019 EIP and the 2009 EIP (collectively, “restricted stock grants”) to certain key personnel. Each restricted stock grant vests based on the vesting schedule outlined in the restricted stock grant agreement. Restricted stock grants are subject to forfeiture if the holder is not employed by the Company on the vesting date. In the first quarter of 2024 and 2023, 168,469 and 170,998 restricted stock grants were issued to certain key personnel, respectively. One-third In January 2024, 27,500 restricted shares were granted to members of the Board of Directors. These shares vest in January 2025. In January 2023, 27,500 restricted shares were granted to members of the Board of Directors. These shares vested in January 2024. Total expense for the awards granted to members of the Board of Directors was $337,000 and $388,000 for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, total unrecognized expense for these awards was $1.0 million. The following table summarizes the changes in the Company’s restricted stock grants: Three months ended March 31, 2024 Weighted Average Grant Date Number of Fair Value Shares per Share Outstanding, beginning of period 233,852 $ 63.98 Granted 195,969 42.28 Forfeited (9,804) 58.32 Vested (125,273) 61.88 Outstanding at end of period 294,744 $ 50.63 Performance-Based Stock Units During the second quarter of 2021, the Company established a long-term incentive award program under the 2019 EIP. Under the program, 90,000 PRSUs were awarded. During the second quarter of 2022, 20,800 PRSUs were forfeited and reissued pursuant to the 2022 EIP. The weighted average service inception date fair value of the outstanding awarded shares was $6.0 million. At the beginning of 2024, 2023, and 2022, 30,800, 29,200 and 30,000 PRSUs, respectively, vested as all performance criteria were met. All 90,000 vested shares were delivered in the first quarter of 2024. Total compensation cost that has been charged against income for the PRSUs was $0 and $538,000 for the three months ended March 31, 2024 and 2023, respectively. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 9 — FAIR VALUE OF FINANCIAL INSTRUMENTS The Company uses fair value measurements to record fair value adjustments to certain assets and derivative contracts, and to determine fair value disclosures. Other than derivative contracts, the Company did not have any liabilities that were measured at fair value at March 31, 2024 and December 31, 2023. AFS securities are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets or liabilities on a non-recurring basis, such as certain loans where the carrying value is based on the fair value of the underlying collateral. These non-recurring fair value adjustments generally involve the write-down of individual assets due to impairment losses. Accounting guidance establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect a reporting entity’s own judgments about the assumptions that market participants would use in pricing an asset or liability. Assets and Liabilities Measured on a Recurring Basis Assets measured on a recurring basis are limited to the Company’s AFS securities portfolio, equity investments, and derivative contracts. The AFS portfolio is carried at estimated fair value with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income or loss in shareholders’ equity. Equity investments are carried at estimated fair value with changes in fair value reported as “unrealized gain/(loss)” on the statements of operations. Outstanding derivative contracts designated as cash flow hedges are carried at estimated fair value with changes in fair value reported as accumulated other comprehensive income or loss in shareholders’ equity. Outstanding derivatives not designated as hedges are carried at estimated fair value with changes in fair value reported as non-interest income. The fair values for substantially all of these assets are obtained monthly from an independent nationally recognized pricing service. On a quarterly basis, the Company assesses the reasonableness of the fair values obtained for the AFS portfolio by reference to a second independent nationally recognized pricing service. Based on the nature of these securities, the Company’s independent pricing service provides prices which are categorized as Level 2 since quoted prices in active markets for identical assets are generally not available for the majority of securities in the Company’s portfolio. Various modeling techniques are used to determine pricing for the Company’s mortgage-backed securities, including option pricing and discounted cash flow models. The inputs to these models include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. On an annual basis, the Company obtains the models, inputs and assumptions utilized by its pricing service and reviews them for reasonableness. Other than derivative contracts, the Company does not have any liabilities that were measured at fair value on a recurring basis. Assets measured at fair value on a recurring basis are summarized below (in thousands): Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At March 31, 2024 U.S. Government agency securities $ 61,679 $ — $ 61,679 $ — U.S. State and Municipal securities 9,588 — 9,588 — Residential mortgage securities 380,012 — 380,012 — Commercial mortgage securities 43,393 — 43,393 — Asset-backed securities 3,117 — 3,117 — CRA Mutual Fund 2,115 2,115 — — Derivative assets 4,553 — 4,553 — Derivative liabilities 1,816 — 1,816 — Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At December 31, 2023 U.S. Government agency securities $ 61,775 $ — $ 61,775 $ — U.S. State and Municipal securities 9,699 — 9,699 — Residential mortgage securities 351,920 — 351,920 — Commercial mortgage securities 34,584 — 34,584 — Asset-backed securities 3,229 — 3,229 — CRA Mutual Fund 2,123 2,123 — — Derivative assets 2,687 — 2,687 — Derivative liabilities 6,037 — 6,037 — There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2024 and 2023. Assets and Liabilities Not Measured on a Recurring Basis The Company has engaged independent pricing service providers to provide the fair values of its financial assets and liabilities not measured at fair value. These providers follow FASB’s exit pricing guidelines, as required by ASC 820 Fair Value Measurement, when calculating the fair market value. Cash and cash equivalents include cash and due from banks and overnight deposits. The estimated fair values of cash and cash equivalents are assumed to equal their carrying values, as these financial instruments are either due on demand or have short-term maturities. For securities and the disability fund, if quoted market prices are not available for a specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows. These pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices, and credit spreads. The estimated fair value of loans are measured at amortized cost using an exit price notion. Ownership in equity securities of the FRB and FHLB is generally restricted and there is no established liquid market for their resale. The fair values of deposit liabilities with no stated maturity (i.e., money market and savings deposits, and non-interest-bearing demand deposits) are equal to the carrying amounts payable on demand. Time deposits are valued using a replacement cost of funds approach. Trust preferred securities are valued using a replacement cost of funds approach. For all other assets and liabilities it is assumed that the carrying value equals their current fair value. There were no material assets measured at fair value on a non-recurring basis at March 31, 2024 and December 31, 2023. Carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows (in thousands): Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At March 31, 2024 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 34,037 $ 34,037 $ — $ — $ 34,037 Overnight deposits 500,366 500,366 — — 500,366 Securities held-to-maturity 460,249 — 393,180 — 393,180 Loans, net 5,660,680 — — 5,517,142 5,517,142 Other investments FRB Stock 11,410 N/A N/A N/A N/A FHLB Stock 19,261 N/A N/A N/A N/A Disability Fund 1,500 — 1,500 — 1,500 Time deposits at banks 498 498 — — 498 Receivable from global payments business, net 93,852 — — 93,852 93,852 Accrued interest receivable 33,196 — 1,922 31,274 33,196 Financial Liabilities: Non-interest-bearing demand deposits $ 1,927,629 $ 1,927,629 $ — $ — $ 1,927,629 Money market and savings deposits 4,271,827 4,271,827 — — 4,271,827 Time deposits 38,086 — 37,720 — 37,720 Federal funds purchased — — — — — Federal Home Loan Bank of New York advances 300,000 — 300,000 — 300,000 Trust preferred securities payable 20,620 — — 20,009 20,009 Prepaid debit cardholder balances 18,685 — — 18,685 18,685 Accrued interest payable 2,646 692 1,563 391 2,646 Secured and other borrowings 107,549 — 7,549 99,907 107,456 Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At December 31, 2023 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 31,973 $ 31,973 $ — $ — $ 31,973 Overnight deposits 237,492 237,492 — — 237,492 Securities held-to-maturity 468,860 — 404,252 — 404,252 Loans, net 5,566,832 — — 5,474,238 5,474,238 Other investments FRB Stock 11,410 N/A N/A N/A N/A FHLB Stock 25,558 N/A N/A N/A N/A Disability Fund 1,500 — 1,500 — 1,500 Time deposits at banks 498 498 — — 498 Receivable from global payments business, net 87,648 — — 87,648 87,648 Accrued interest receivable 31,948 — 2,007 29,941 31,948 Financial Liabilities: Non-interest-bearing demand deposits $ 1,837,874 $ 1,837,874 $ — $ — $ 1,837,874 Money market and savings deposits 3,864,018 3,864,018 — — 3,864,018 Time deposits 35,400 — 35,011 — 35,011 Federal funds purchased 99,000 — 99,000 — 99,000 Federal Home Loan Bank of New York advances 440,000 — 440,000 — 440,000 Trust preferred securities payable 20,620 — — 20,007 20,007 Prepaid debit cardholder balances 10,178 — — 10,178 10,178 Accrued interest payable 1,894 1,028 475 391 1,894 Secured and other borrowings 7,585 — 7,585 — 7,585 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2024 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 10 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes in Accumulated Other Comprehensive Income (Loss) balances, net of tax effects at the dates indicated (in thousands): Total Accumulated Other AFS Cash Flow Comprehensive Securities Hedge Income (Loss) Balance at January 1, 2024 $ (54,684) $ 1,748 $ (52,936) Unrealized gain (loss) arising during the period, net of tax (2,567) 4,280 1,713 Reclassification adjustment for gain included in net income, net of tax — (867) (867) Other comprehensive income (loss), net of tax (2,567) 3,413 846 Balance at March 31, 2024 $ (57,251) $ 5,161 $ (52,090) Balance at January 1, 2023 $ (61,833) $ 7,535 $ (54,298) Unrealized gain (loss) arising during the period, net of tax 5,719 (695) 5,024 Reclassification adjustment for gain included in net income, net of tax — (858) (858) Other comprehensive income (loss), net of tax 5,719 (1,553) 4,166 Balance at March 31, 2023 $ (56,114) $ 5,982 $ (50,132) The following table presents the tax effects allocated to each component of Accumulated Other Comprehensive Income (Loss) at the dates indicated (in thousands): Gross Tax Amount Component Total At March 31, 2024 Unrealized gain (loss) on AFS Securities $ (82,271) $ 25,020 $ (57,251) Unrealized gain (loss) on Cash Flow Hedges 7,409 (2,248) 5,161 Total ending other comprehensive income (loss) $ (74,862) $ 22,772 $ (52,090) At December 31, 2023 Unrealized gain (loss) on AFS Securities $ (77,783) $ 23,098 $ (54,685) Unrealized gain (loss) on Cash Flow Hedges 2,574 (825) 1,749 Total ending other comprehensive income (loss) $ (75,209) $ 22,273 $ (52,936) The following table shows the amounts reclassified out of AOCI for the sale and/or calls of AFS securities and realized gain on cash flow hedges (in thousands): Affected line item in Three months ended the Consolidated Statements March 31, of Operations 2024 2023 Realized gain (loss) on cash flow hedges $ 1,251 $ 1,235 Licensing fees Income tax (expense) benefit (384) (377) Income tax expense Total reclassifications, net of income tax $ 867 $ 858 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | NOTE 11 — COMMITMENTS AND CONTINGENCIES Financial instruments with off-balance-sheet risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its clients. These financial instruments include commitments to extend credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. The Company’s exposure to credit loss in the event of non-performance by the counterparty to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. The following off-balance-sheet financial instruments, whose contract amounts represent credit risk, are outstanding (in thousands): At March 31, 2024 At December 31, 2023 Fixed Variable Fixed Variable Rate Rate Rate Rate Unused commitments $ 64,935 $ 534,372 $ 67,418 $ 527,730 Standby and commercial letters of credit 40,126 — 59,532 — $ 105,061 $ 534,372 $ 126,950 $ 527,730 A commitment to extend credit is a legally binding agreement to lend to a client as long as there is no violation of any condition established in the contract. Commitments generally expire within two years. At March 31, 2024, the Company’s fixed rate loan commitments had interest rates ranging from 3.0% to 9.5% and the Company’s variable rate loan commitments had interest rates ranging from 6.0% to 12.5%. At December 31, 2023, the Company’s fixed rate loan commitments had interest rates ranging from 3.0% to 9.5% and the Company’s variable rate loan commitments had interest rates ranging from 6.0% to 12.5%. The amount of collateral obtained, if any, by the Company upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but may include mortgages on commercial and residential real estate, security interests in business assets, equipment, deposit accounts with the Company or other financial institutions and securities. The Company’s stand-by letters of credit amounted to $40.1 million and $59.5 million as of March 31, 2024 and December 31, 2023, respectively. The Company’s stand-by letters of credit are collateralized by interest-bearing accounts of $31.3 million and $36.2 million as of March 31, 2024 and December 31, 2023, respectively. Legal and Regulatory Proceedings There have been and continue to be ongoing investigations by governmental entities concerning a prepaid debit card product program that was offered by GPG. During the early stages of the COVID-19 pandemic, third parties used this prepaid debit card product to establish unauthorized accounts and to receive unauthorized government benefits payments, including unemployment insurance benefits payments made pursuant to the Coronavirus Aid, Relief, and Economic Security Act from many states. The Company ceased accepting new accounts from this program manager in July 2020 and exited its relationship with this program manager in August 2020. The Company has cooperated and continues to cooperate in these investigations and continues to review this matter. In 2023, the Bank entered into separate consensual resolutions with each of the FRB and the NYSDFS with respect to their investigations, each of which is now closed as a result of such orders. In addition to the matters described above, the Company is subject to various other pending and threatened legal actions relating to the conduct of its business activities, as well as inquiries and investigations from regulators. While the future outcome of litigation or regulatory matters cannot be determined at this time, in the opinion of management, as of March 31, 2024, the aggregate liability, if any, arising out of any such other pending or threatened matters are not expected to be material to the Company’s financial condition, results of operations, and liquidity. |
REVENUE FROM CONTRACTS WITH CUS
REVENUE FROM CONTRACTS WITH CUSTOMERS | 3 Months Ended |
Mar. 31, 2024 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | NOTE 12 — REVENUE FROM CONTRACTS WITH CUSTOMERS All of the Company’s revenue from contracts with customers that are in the scope of ASC 606, Revenue from Contracts with Customers , Three months ended March 31, 2024 2023 Service charges on deposit accounts $ 1,863 $ 1,456 Global Payments Group revenue 4,069 4,850 Other service charges and fees 1,095 642 Total $ 7,027 $ 6,948 A description of the Company’s revenue streams accounted for under the accounting guidance is as follows: Service charges on deposit accounts The Company offers business and personal retail products and services, which include, but are not limited to, online banking, mobile banking, Automated Clearing House (“ACH”) transactions, and remote deposit capture. A standard deposit contract exists between the Company and all deposit clients. The Company earns fees from its deposit clients for transaction-based services (such as ATM use fees, stop payment charges, statement rendering, and ACH fees), account maintenance, and overdraft services. Transaction-based fees are recognized at the time the transaction is executed as that is the point in time the Company fulfills the client’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. Overdraft fees are recognized at the point in time that the overdraft occurs. Service charges on deposits are withdrawn from the client’s account balance. Global payment group revenue The Company offers corporate cash management and retail banking services and, through its global payments business, provides services to non-bank financial service companies. The Company earns initial set-up fees for these programs as well as fees for transactions processed. The Company receives transaction data at the end of each month for services rendered, at which time revenue is recognized. Additionally, service charges specific to GPG clients’ deposits are recognized within GPG revenue. Other service charges The primary component of other service charges relates to letter of credit fees and FX conversion fees. The Company outsources FX conversion for foreign currency transactions to correspondent banks. The Company earns a portion of an FX conversion fee that the client charges to process an FX conversion transaction. Revenue is recognized at the end of the month once the client has remitted the transaction information to the Company. |
DERIVATIVES
DERIVATIVES | 3 Months Ended |
Mar. 31, 2024 | |
DERIVATIVES | |
DERIVATIVES | NOTE 13 — DERIVATIVES On occasion, the Company enters into derivative contracts as a part of its asset liability management strategy to help manage its interest rate risk position. At March 31, 2024, these derivatives had a notional amount of $700.0 million and contractual maturities ranging from August 1, 2025 to March 23, 2026. The notional amount of the derivatives does not represent the amount exchanged by the parties. The derivatives were designated as cash flow hedges of certain deposit liabilities and borrowings of the Company. The hedges were determined to be highly effective during the three months ended March 31, 2024. The Company expects the hedges to remain highly effective during the remaining term of the derivatives. In addition, the Company periodically enters into certain commercial loan interest rate swap agreements to provide commercial loan clients the ability to convert loans from variable to fixed interest rates. Under these agreements, the Company enters into a variable-rate loan agreement with a client in addition to a swap agreement. This swap agreement effectively converts the client’s variable rate loan into a fixed rate loan. The Company then enters into a corresponding swap agreement with a third party to offset its exposure on the variable and fixed components of the client agreement. As the interest rate swap agreements with the clients and third parties are not designated as hedges, the instruments are marked to market in earnings. At March 31, 2024, these interest rate swaps have a notional amount of $69.0 million and a contractual maturity of August 15, 2028. The following tables reflect the derivatives recorded on the balance sheet (in thousands): Fair Value Notional Other Other Amount Assets Liabilities At March 31, 2024 Derivatives designated as hedges: Interest rate swaps related to client deposits and borrowings $ 700,000 $ 4,137 $ 1,400 Derivatives not designated as hedges: Interest rate swaps $ 69,000 $ 416 $ 416 At December 31, 2023 Derivatives designated as hedges: Interest rate swaps related to client deposits and borrowings $ 700,000 $ 1,530 $ 4,880 Derivatives not designated as hedges: Interest rate swaps $ 69,000 $ 1,157 $ 1,157 The effect of cash flow hedge accounting on accumulated other comprehensive income is as follows (in thousands): Three months ended March 31, 2024 2023 Interest rate swaps and caps related to client deposits and borrowings Amount of gain (loss) recognized in OCI, net of tax $ 4,279 $ (1,553) Amount of gain (loss) reclassified from OCI into income $ 1,251 $ 1,235 Location of gain (loss) reclassified from OCI into income Licensing fees Licensing fees N/A - not applicable |
SUMMARY OF RECENT ACCOUNTING _2
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS | |
BASIS OF PRESENTATION | The accounting and reporting policies of the Company conform with GAAP and predominant practices within the U.S. banking industry. The Unaudited Consolidated Financial Statements (“unaudited financial statements”) include the accounts of the Company and the Bank. All intercompany balances and transactions have been eliminated. The unaudited financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q, Article 8 of Regulation S-X and predominant practices within the U.S. banking industry. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The unaudited financial statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim unaudited financial statements in conformity with GAAP, management has made estimates and assumptions based on available information. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods, and actual results could differ from those estimated. Information available which could affect these judgments include, but are not limited to, changes in interest rates, changes in the performance of the economy, inflation and its related effects and changes in the financial condition of borrowers. Some items in the prior year financial statements may have been reclassified to conform to the current presentation. Reclassification had no effect on prior year net income or stockholders’ equity. The results of operations for the three months ended March 31, 2024 and 2023 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or for any other period. The unaudited financial statements presented in this report should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as filed with the SEC. |
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS | In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (“ASC 326”), which requires the measurement of all expected credit losses for financial assets held at amortized cost to be based on historical experience, current condition, and reasonable and supportable forecasts. ASC 326 requires that financial institutions and other organizations will use forward-looking information to better inform their credit loss estimates. This guidance also amends the accounting for credit losses on AFS debt securities and purchased financial assets with credit deterioration. The Company adopted this guidance effective January 1, 2023 using a modified retrospective approach. The Company recorded a cumulative effect adjustment that increased the allowance for credit losses for loans and loan commitments by $3.0 million, increased deferred tax assets by $777,000 and decreased retained earnings by $2.1 million, net of tax. In March 2022, the FASB issued ASU 2022-02, Financial Instruments - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (ASC 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provided optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (ASC 848): Deferral of Sunset Date of Topic 848, which deferred the sunset date of ASC 848 from December 31, 2022, to December 31, 2024 because the current relief in ASC 848 did not cover the June 30, 2023 cessation date for the overnight 1-, 3-, 6-, and 12-month tenors of USD LIBOR. The Company’s LIBOR-based instruments included loans and trust preferred security liabilities. The required transition has been implemented successfully and LIBOR is no longer offered to clients as a floating rate loan index. The trust preferred securities have transitioned to SOFR. |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
INVESTMENT SECURITIES | |
Schedule of amortized cost and fair value of securities available-for-sale and securities held-to-maturity | The following tables summarize the amortized cost and fair value of AFS and HTM debt securities and equity investments and the corresponding amounts of gross unrealized gains and losses recognized in accumulated other comprehensive income (loss) and gross unrecognized gains and losses recognized in earnings (in thousands): Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At March 31, 2024 Cost Gains Losses Fair Value Available-for-Sale Securities: U.S. Government agency securities $ 67,998 $ — $ (6,319) $ 61,679 U.S. State and Municipal securities 11,458 — (1,870) 9,588 Residential MBS 451,171 653 (71,812) 380,012 Commercial MBS 46,266 — (2,873) 43,393 Asset-backed securities 3,167 — (50) 3,117 Total securities available-for-sale $ 580,060 $ 653 $ (82,924) $ 497,789 Held-to-Maturity Securities: U.S. Treasury securities $ 29,906 $ — $ (1,330) $ 28,576 U.S. State and Municipal securities 15,507 — (1,746) 13,761 Residential MBS 406,752 — (62,921) 343,831 Commercial MBS 8,084 — (1,072) 7,012 Total securities held-to-maturity $ 460,249 $ — $ (67,069) $ 393,180 Equity Investments: CRA Mutual Fund $ 2,425 $ — $ (310) $ 2,115 Total equity investment securities $ 2,425 $ — $ (310) $ 2,115 Gross Gross Unrealized/ Unrealized/ Amortized Unrecognized Unrecognized At December 31, 2023 Cost Gains Losses Fair Value Available-for-Sale Securities: U.S. Government agency securities $ 67,997 $ — $ (6,222) $ 61,775 U.S. State and Municipal securities 11,496 — (1,797) 9,699 Residential MBS 419,331 1,198 (68,609) 351,920 Commercial MBS 36,879 71 (2,366) 34,584 Asset-backed securities 3,287 — (58) 3,229 Total securities available-for-sale $ 538,990 $ 1,269 $ (79,052) $ 461,207 Held-to-Maturity Securities: U.S. Treasury securities $ 29,895 $ — $ (1,412) $ 28,483 U.S. State and Municipal securities 15,569 — (1,574) 13,995 Residential MBS 415,306 — (60,556) 354,750 Commercial MBS 8,090 — (1,066) 7,024 Total securities held-to-maturity $ 468,860 $ — $ (64,608) $ 404,252 Equity Investments: CRA Mutual Fund $ 2,410 $ — $ (287) $ 2,123 Total equity investment securities $ 2,410 $ — $ (287) $ 2,123 |
Schedule of amortized cost and fair value of debt securities classified by contractual maturity | The tables below summarize, by contractual maturity, the amortized cost and fair value of debt securities. The tables do not include the effect of principal repayments or scheduled principal amortization. Equity securities, primarily investments in mutual funds, have been excluded from the table. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): Held-to-Maturity Available-for-Sale At March 31, 2024 Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ 20,021 $ 19,299 $ — $ — After 1 year through 5 years 17,969 16,289 72,958 67,179 After 5 years through 10 years 1,046 974 19,320 17,724 After 10 years 421,213 356,618 487,782 412,886 Total Securities $ 460,249 $ 393,180 $ 580,060 $ 497,789 Held-to-Maturity Available-for-Sale At December 31, 2023 Amortized Cost Fair Value Amortized Cost Fair Value Due within 1 year $ — $ — $ — $ — After 1 year through 5 years 37,984 35,507 65,822 60,757 After 5 years through 10 years 1,112 1,044 22,163 21,174 After 10 years 429,764 367,701 451,005 379,276 Total Securities $ 468,860 $ 404,252 $ 538,990 $ 461,207 |
Schedule of securities with unrealized/unrecognized losses | Debt securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, are as follows (in thousands): Less than 12 Months 12 Months or More Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At March 31, 2024 Fair Value Losses Fair Value Losses Fair Value Losses Available-for-Sale Securities: U.S. Government agency securities $ — $ — $ 61,679 $ (6,319) $ 61,679 $ (6,319) U.S. State and Municipal securities — — 9,588 (1,870) 9,588 (1,870) Residential MBS 51,236 (656) 281,826 (71,156) 333,062 (71,812) Commercial MBS 30,291 (612) 13,102 (2,261) 43,393 (2,873) Asset-backed securities — — 3,117 (50) 3,117 (50) Total securities available-for-sale $ 81,527 $ (1,268) $ 369,312 $ (81,656) $ 450,839 $ (82,924) Held-to-Maturity Securities: U.S. Treasury securities $ — $ — $ 28,576 $ (1,330) $ 28,576 $ (1,330) U.S. State and Municipal securities — — 13,761 (1,746) 13,761 (1,746) Residential MBS — — 343,831 (62,921) 343,831 (62,921) Commercial MBS — — 7,012 (1,072) 7,012 (1,072) Total securities held-to-maturity $ — $ — $ 393,180 $ (67,069) $ 393,180 $ (67,069) Less than 12 Months 12 Months or More Total Unrealized/ Unrealized/ Unrealized/ Estimated Unrecognized Estimated Unrecognized Estimated Unrecognized At December 31, 2023 Fair Value Losses Fair Value Losses Fair Value Losses Available-for-Sale Securities: U.S. Government agency securities $ — $ — $ 61,775 $ (6,222) $ 61,775 $ (6,222) U.S. State and Municipal securities — — 9,699 (1,797) 9,699 (1,797) Residential MBS — — 292,970 (68,609) 292,970 (68,609) Commercial MBS 10,873 (198) 13,322 (2,168) 24,195 (2,366) Asset-backed securities — — 3,229 (58) 3,229 (58) Total securities available-for-sale $ 10,873 $ (198) $ 380,995 $ (78,854) $ 391,868 $ (79,052) Held-to-Maturity Securities: U.S. Treasury securities $ — $ — $ 28,483 $ (1,412) $ 28,483 $ (1,412) U.S. State and Municipal securities — — 13,995 (1,574) 13,995 (1,574) Residential MBS — — 354,750 (60,556) 354,750 (60,556) Commercial MBS — — 7,024 (1,066) 7,024 (1,066) Total securities held-to-maturity $ — $ — $ 404,252 $ (64,608) $ 404,252 $ (64,608) |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans and Leases Receivable Disclosure [Line Items] | |
Schedule of net loans | Loans, net of deferred costs and fees, consist of the following (in thousands): At At March 31, December 31, 2024 2023 Real estate Commercial $ 3,951,071 $ 3,857,711 Construction 150,257 153,512 Multi-family 467,979 467,536 One-to four-family 93,264 94,704 Total real estate loans 4,662,571 4,573,463 Commercial and industrial 1,057,488 1,051,463 Consumer 16,069 17,086 Total loans 5,736,128 5,642,012 Deferred fees, net of origination costs (16,910) (17,215) Loans, net of deferred fees and costs 5,719,218 5,624,797 Allowance for credit losses (58,538) (57,965) Net loans $ 5,660,680 $ 5,566,832 |
Schedule of changes in the allowance for loan losses by portfolio segment | The following tables present the activity in the ACL for funded loans by segment. The portfolio segments represent the categories that the Company uses to determine its ACL (in thousands): Multi- One-to four- Three months ended March 31, 2024 CRE C&I Construction family family Consumer Total Allowance for credit losses: Beginning balance $ 35,635 $ 11,207 $ 1,765 $ 8,215 $ 663 $ 480 $ 57,965 Provision/(credit) for credit losses 1,068 (270) (53) (44) (142) 15 574 Loans charged-off — — — — — (3) (3) Recoveries 1 — — — — 1 2 Total ending allowance balance $ 36,704 $ 10,937 $ 1,712 $ 8,171 $ 521 $ 493 $ 58,538 Multi- One-to four- Three months ended March 31, 2023 CRE C&I Construction family family Consumer Total Allowance for credit losses: Beginning balance $ 29,496 $ 10,274 $ 1,983 $ 2,823 $ 105 $ 195 $ 44,876 Cumulative effect of changes in accounting principle 48 471 424 705 181 421 2,250 Provision/(credit) for credit losses 2,292 12 (1,146) (657) 121 104 726 Loans charged-off — — — — — (100) (100) Recoveries — — — — — — — Total ending allowance balance $ 31,836 $ 10,757 $ 1,261 $ 2,871 $ 407 $ 620 $ 47,752 |
Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment | The following tables present the balance in the ACL and the recorded investment in loans by portfolio segment based on allowance measurement methodology (in thousands): One-to four- At March 31, 2024 CRE C&I Construction Multi-family family Consumer Total Allowance for credit losses: Individually assessed $ — $ — $ — $ 5,002 $ — $ 190 $ 5,192 Collectively assessed 36,704 10,937 1,712 3,169 521 303 53,346 Total ending allowance balance $ 36,704 $ 10,937 $ 1,712 $ 8,171 $ 521 $ 493 $ 58,538 Loans: Individually assessed $ 24,000 $ 6,989 $ — $ 51,239 $ — $ 251 $ 82,479 Collectively assessed 3,927,071 1,050,499 150,257 416,740 93,264 15,818 5,653,649 Total ending loan balance $ 3,951,071 $ 1,057,488 $ 150,257 $ 467,979 $ 93,264 $ 16,069 $ 5,736,128 One-to four- At December 31, 2023 CRE C&I Construction Multi-family family Consumer Total Allowance for credit losses: Individually assessed $ — $ — $ — $ 5,002 $ — $ 64 $ 5,066 Collectively assessed 35,635 11,207 1,765 3,213 663 416 52,899 Total ending allowance balance $ 35,635 $ 11,207 $ 1,765 $ 8,215 $ 663 $ 480 $ 57,965 Loans: Individually assessed $ 40,955 $ 6,934 $ — $ 20,939 $ — $ 104 $ 68,932 Collectively assessed 3,816,756 1,044,529 153,512 446,597 94,704 16,982 5,573,080 Total ending loan balance $ 3,857,711 $ 1,051,463 $ 153,512 $ 467,536 $ 94,704 $ 17,086 $ 5,642,012 |
Schedule of recorded investment in non-accrual loans, loans past due over 90 days and still accruing by class of loans | The following tables present the recorded investment in non-accrual loans and loans past due over 90 days and still accruing, by class of loans (in thousands): Non-accrual Loans Past Due Without an Over 90 Days At March 31, 2024 Non-accrual ACL Still Accruing Commercial real estate $ 24,000 $ 24,000 $ — Commercial & industrial 6,989 6,989 — Multi-family 20,939 — — Consumer — — 145 Total $ 51,928 $ 30,989 $ 145 Non-accrual Loans Past Due Without an Over 90 Days At December 31, 2023 Non-accrual ACL Still Accruing Commercial real estate $ 24,000 $ 24,000 $ — Commercial & industrial 6,934 6,934 — Multi-family 20,939 — — Consumer 24 — — Total $ 51,897 $ 30,934 $ — |
Schedule of aging of the recorded investment in past due loans by class of loans | The following tables present the aging of the recorded investment in past due loans by class of loans (in thousands): 90 30-59 60-89 Days and Total past Current At March 31, 2024 Days Days greater due loans Total Commercial real estate $ 4,915 $ — $ 24,000 $ 28,915 $ 3,922,156 $ 3,951,071 Commercial & industrial 13 — 6,989 7,002 1,050,486 1,057,488 Construction — — — — 150,257 150,257 Multi-family — — 20,939 20,939 447,040 467,979 One-to four-family 608 2,092 — 2,700 90,564 93,264 Consumer — — 145 145 15,924 16,069 Total $ 5,536 $ 2,092 $ 52,073 $ 59,701 $ 5,676,427 $ 5,736,128 90 30-59 60-89 Days and Total past Current At December 31, 2023 Days Days greater due loans Total Commercial real estate $ — $ — $ 24,000 $ 24,000 $ 3,833,711 $ 3,857,711 Commercial & industrial 20 18 6,934 6,973 1,044,490 1,051,463 Construction — — — — 153,512 153,512 Multi-family — — 20,939 20,939 446,597 467,536 One-to four-family 612 — — 612 94,092 94,704 Consumer — — 24 24 17,062 17,086 Total $ 632 $ 18 $ 51,897 $ 52,548 $ 5,589,464 $ 5,642,012 |
Schedule of risk category of loans by class of loans | The following table presents loan balances by credit quality indicator and year of origination at March 31, 2024 (in thousands): 2019 2024 2023 2022 2021 2020 & Prior Revolving Total CRE Pass $ 396,529 $ 1,381,085 $ 1,239,785 $ 421,698 $ 127,352 $ 235,302 $ 34,618 $ 3,836,369 Special Mention — 24,500 38,834 14,484 300 12,584 — 90,702 Substandard — — 24,000 — — — — 24,000 Total $ 396,529 $ 1,405,585 $ 1,302,619 $ 436,182 $ 127,652 $ 247,886 $ 34,618 $ 3,951,071 Construction Pass $ 19,416 $ 52,463 $ 61,125 $ — $ — $ — $ 17,253 $ 150,257 Total $ 19,416 $ 52,463 $ 61,125 $ — $ — $ — $ 17,253 $ 150,257 Multi-family Pass $ 44,275 $ 111,697 $ 82,500 $ 61,549 $ 23,539 $ 86,820 $ 6,361 $ 416,741 Substandard — — 30,299 20,939 — — — 51,238 Total $ 44,275 $ 111,697 $ 112,799 $ 82,488 $ 23,539 $ 86,820 $ 6,361 $ 467,979 One-to four-family Current $ — $ 45,000 $ 3,680 $ — $ 9,715 $ 34,869 $ — $ 93,264 Total $ — $ 45,000 $ 3,680 $ — $ 9,715 $ 34,869 $ — $ 93,264 C&I Pass $ 40,553 $ 160,593 $ 225,846 $ 87,368 $ 21,310 $ 17,814 $ 430,030 $ 983,514 Special Mention — 3,840 33,668 — 2,080 — 27,397 66,985 Substandard — 3,803 — — — — 3,186 6,989 Total $ 40,553 $ 168,236 $ 259,514 $ 87,368 $ 23,390 $ 17,814 $ 460,613 $ 1,057,488 Consumer Current $ — $ — $ — $ — $ — $ 15,924 $ — $ 15,924 Past due — — — — — 145 — 145 Total $ — $ — $ — $ — $ — $ 16,069 $ — $ 16,069 Total Pass/Current $ 500,773 $ 1,750,838 $ 1,612,936 $ 570,615 $ 181,916 $ 390,729 $ 488,262 $ 5,496,069 Special Mention — 28,340 72,502 14,484 2,380 12,584 27,397 157,687 Substandard/Past due — 3,803 54,299 20,939 — 145 3,186 82,372 Total $ 500,773 $ 1,782,981 $ 1,739,737 $ 606,038 $ 184,296 $ 403,458 $ 518,845 $ 5,736,128 Charge-offs C&I $ — $ — $ — $ — $ — $ — $ — $ — Consumer — — — — — — 3 3 $ — $ — $ — $ — $ — $ — $ 3 $ 3 The following table presents loan balances by credit quality indicator and year of origination at December 31, 2023 (in thousands): 2018 2023 2022 2021 2020 2019 & Prior Revolving Total CRE Pass $ 1,500,873 $ 1,268,550 $ 512,497 $ 128,320 $ 200,304 $ 83,309 $ 44,672 $ 3,738,525 Special Mention 24,500 38,867 14,561 304 — — — 78,232 Substandard — 40,954 — — — — — 40,954 Total $ 1,525,373 $ 1,348,371 $ 527,058 $ 128,624 $ 200,304 $ 83,309 $ 44,672 $ 3,857,711 Construction Pass $ 84,881 $ 56,065 $ — $ — $ — $ — $ 12,566 $ 153,512 Total $ 84,881 $ 56,065 $ — $ — $ — $ — $ 12,566 $ 153,512 Multi-family Pass $ 115,761 $ 114,652 $ 51,768 $ 23,655 $ 34,533 $ 69,510 $ 6,415 $ 416,294 Special Mention — 30,303 — — — — — 30,303 Substandard — — 20,939 — — — — 20,939 Total $ 115,761 $ 144,955 $ 72,707 $ 23,655 $ 34,533 $ 69,510 $ 6,415 $ 467,536 One-to four-family Current $ 45,000 $ 4,081 $ — $ 9,784 $ 12,157 $ 23,682 $ — $ 94,704 Total $ 45,000 $ 4,081 $ — $ 9,784 $ 12,157 $ 23,682 $ — $ 94,704 C&I Pass $ 178,814 $ 252,359 $ 98,753 $ 23,943 $ 14,390 $ 5,904 $ 402,247 $ 976,410 Special Mention 3,840 33,918 — 2,080 — — 28,281 68,119 Substandard 3,435 — — — — — 3,499 6,934 Total $ 186,089 $ 286,277 $ 98,753 $ 26,023 $ 14,390 $ 5,904 $ 434,027 $ 1,051,463 Consumer Current $ — $ — $ — $ — $ — $ 17,062 $ — $ 17,062 Past due — — — — — 24 — 24 Total $ — $ — $ — $ — $ — $ 17,086 $ — $ 17,086 Total Pass/Current $ 1,925,329 $ 1,695,707 $ 663,018 $ 185,702 $ 261,384 $ 199,467 $ 465,900 $ 5,396,507 Special Mention 28,340 103,088 14,561 2,384 — — 28,281 176,654 Substandard/Past due 3,435 40,954 20,939 — — 24 3,499 68,851 Total $ 1,957,104 $ 1,839,749 $ 698,518 $ 188,086 $ 261,384 $ 199,491 $ 497,680 $ 5,642,012 Charge-offs C&I $ — $ — $ 915 $ — $ — $ 31 $ — $ 946 Consumer — — — — — 273 — 273 $ — $ — $ 915 $ — $ — $ 304 $ — $ 1,219 |
Unfunded loan commitment | |
Loans and Leases Receivable Disclosure [Line Items] | |
Schedule of allowance for loan losses and the recorded investment in loans by portfolio segment | The following tables present the activity in the ACL for unfunded loan commitments (in thousands): Three months ended March 31, 2024 2023 Balance at the beginning of period $ 1,181 $ 180 Cumulative effect of changes in accounting principle — 777 Provision/(credit) for credit losses (46) (80) Total ending allowance balance $ 1,135 $ 877 |
BORROWINGS (Tables)
BORROWINGS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
BORROWINGS | |
Schedule of federal funds purchased and FHLBNY advances | Borrowings consisted of the following (in thousands): Interest Expense At March 31, At December 31, Three Months Ended March 31, 2024 2023 2024 2023 Federal funds purchased and securities sold under agreements to repurchase $ — $ 99,000 $ 151 $ 1,369 Federal Home Loan Bank of New York advances $ 300,000 $ 440,000 $ 4,129 $ 657 Secured and other borrowings: Secured borrowings $ 7,549 $ 7,585 $ N.A. $ N.A. Federal Reserve Bank term loan $ 100,000 $ — $ 1,081 $ — |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
EARNINGS PER SHARE | |
Schedule of earnings per share | The factors used in the earnings per share calculation are as follows (in thousands, except per share data). Three months ended March 31, 2024 2023 Basic Net income per consolidated statements of income $ 16,203 $ 25,076 Less: Earnings allocated to participating securities — (84) Net income available to common stockholders $ 16,203 $ 24,992 Weighted average common shares outstanding including participating securities 11,132,989 11,081,924 Less: Weighted average participating securities — (37,300) Weighted average common shares outstanding 11,132,989 11,044,624 Basic earnings per common share $ 1.46 $ 2.26 Diluted Net income allocated to common stockholders $ 16,203 $ 24,992 Weighted average common shares outstanding for basic earnings per common share 11,132,989 11,044,624 Add: Dilutive effects of assumed exercise of stock options — — Add: Dilutive effects of assumed vesting of performance based restricted stock — 58,384 Add: Dilutive effects of assumed vesting of restricted stock units — — Average shares and dilutive potential common shares 11,132,989 11,103,008 Dilutive earnings per common share $ 1.46 $ 2.25 |
STOCK COMPENSATION PLAN (Tables
STOCK COMPENSATION PLAN (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
STOCK COMPENSATION PLAN | |
Schedule of changes in the non-vested restricted stock awards | Three months ended March 31, 2024 Weighted Average Grant Date Number of Fair Value Shares per Share Outstanding, beginning of period 233,852 $ 63.98 Granted 195,969 42.28 Forfeited (9,804) 58.32 Vested (125,273) 61.88 Outstanding at end of period 294,744 $ 50.63 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of assets and liabilities measured at fair value on a recurring basis | Assets measured at fair value on a recurring basis are summarized below (in thousands): Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At March 31, 2024 U.S. Government agency securities $ 61,679 $ — $ 61,679 $ — U.S. State and Municipal securities 9,588 — 9,588 — Residential mortgage securities 380,012 — 380,012 — Commercial mortgage securities 43,393 — 43,393 — Asset-backed securities 3,117 — 3,117 — CRA Mutual Fund 2,115 2,115 — — Derivative assets 4,553 — 4,553 — Derivative liabilities 1,816 — 1,816 — Fair Value Measurement using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) At December 31, 2023 U.S. Government agency securities $ 61,775 $ — $ 61,775 $ — U.S. State and Municipal securities 9,699 — 9,699 — Residential mortgage securities 351,920 — 351,920 — Commercial mortgage securities 34,584 — 34,584 — Asset-backed securities 3,229 — 3,229 — CRA Mutual Fund 2,123 2,123 — — Derivative assets 2,687 — 2,687 — Derivative liabilities 6,037 — 6,037 — |
Schedule of assets and liabilities measured on a non-recurring basis | There were no material assets measured at fair value on a non-recurring basis at March 31, 2024 and December 31, 2023. Carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows (in thousands): Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At March 31, 2024 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 34,037 $ 34,037 $ — $ — $ 34,037 Overnight deposits 500,366 500,366 — — 500,366 Securities held-to-maturity 460,249 — 393,180 — 393,180 Loans, net 5,660,680 — — 5,517,142 5,517,142 Other investments FRB Stock 11,410 N/A N/A N/A N/A FHLB Stock 19,261 N/A N/A N/A N/A Disability Fund 1,500 — 1,500 — 1,500 Time deposits at banks 498 498 — — 498 Receivable from global payments business, net 93,852 — — 93,852 93,852 Accrued interest receivable 33,196 — 1,922 31,274 33,196 Financial Liabilities: Non-interest-bearing demand deposits $ 1,927,629 $ 1,927,629 $ — $ — $ 1,927,629 Money market and savings deposits 4,271,827 4,271,827 — — 4,271,827 Time deposits 38,086 — 37,720 — 37,720 Federal funds purchased — — — — — Federal Home Loan Bank of New York advances 300,000 — 300,000 — 300,000 Trust preferred securities payable 20,620 — — 20,009 20,009 Prepaid debit cardholder balances 18,685 — — 18,685 18,685 Accrued interest payable 2,646 692 1,563 391 2,646 Secured and other borrowings 107,549 — 7,549 99,907 107,456 Fair Value Measurement Using: Quoted Prices in Active Significant Markets Other Significant Carrying For Identical Observable Unobservable Total Fair At December 31, 2023 Amount Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Value Financial Assets: Cash and due from banks $ 31,973 $ 31,973 $ — $ — $ 31,973 Overnight deposits 237,492 237,492 — — 237,492 Securities held-to-maturity 468,860 — 404,252 — 404,252 Loans, net 5,566,832 — — 5,474,238 5,474,238 Other investments FRB Stock 11,410 N/A N/A N/A N/A FHLB Stock 25,558 N/A N/A N/A N/A Disability Fund 1,500 — 1,500 — 1,500 Time deposits at banks 498 498 — — 498 Receivable from global payments business, net 87,648 — — 87,648 87,648 Accrued interest receivable 31,948 — 2,007 29,941 31,948 Financial Liabilities: Non-interest-bearing demand deposits $ 1,837,874 $ 1,837,874 $ — $ — $ 1,837,874 Money market and savings deposits 3,864,018 3,864,018 — — 3,864,018 Time deposits 35,400 — 35,011 — 35,011 Federal funds purchased 99,000 — 99,000 — 99,000 Federal Home Loan Bank of New York advances 440,000 — 440,000 — 440,000 Trust preferred securities payable 20,620 — — 20,007 20,007 Prepaid debit cardholder balances 10,178 — — 10,178 10,178 Accrued interest payable 1,894 1,028 475 391 1,894 Secured and other borrowings 7,585 — 7,585 — 7,585 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |
Schedule of changes in accumulated other comprehensive income (loss), net of tax | The following table summarizes the changes in Accumulated Other Comprehensive Income (Loss) balances, net of tax effects at the dates indicated (in thousands): Total Accumulated Other AFS Cash Flow Comprehensive Securities Hedge Income (Loss) Balance at January 1, 2024 $ (54,684) $ 1,748 $ (52,936) Unrealized gain (loss) arising during the period, net of tax (2,567) 4,280 1,713 Reclassification adjustment for gain included in net income, net of tax — (867) (867) Other comprehensive income (loss), net of tax (2,567) 3,413 846 Balance at March 31, 2024 $ (57,251) $ 5,161 $ (52,090) Balance at January 1, 2023 $ (61,833) $ 7,535 $ (54,298) Unrealized gain (loss) arising during the period, net of tax 5,719 (695) 5,024 Reclassification adjustment for gain included in net income, net of tax — (858) (858) Other comprehensive income (loss), net of tax 5,719 (1,553) 4,166 Balance at March 31, 2023 $ (56,114) $ 5,982 $ (50,132) The following table presents the tax effects allocated to each component of Accumulated Other Comprehensive Income (Loss) at the dates indicated (in thousands): Gross Tax Amount Component Total At March 31, 2024 Unrealized gain (loss) on AFS Securities $ (82,271) $ 25,020 $ (57,251) Unrealized gain (loss) on Cash Flow Hedges 7,409 (2,248) 5,161 Total ending other comprehensive income (loss) $ (74,862) $ 22,772 $ (52,090) At December 31, 2023 Unrealized gain (loss) on AFS Securities $ (77,783) $ 23,098 $ (54,685) Unrealized gain (loss) on Cash Flow Hedges 2,574 (825) 1,749 Total ending other comprehensive income (loss) $ (75,209) $ 22,273 $ (52,936) |
Schedule of reclassifications out of accumulated other comprehensive income | Gross Tax Amount Component Total At March 31, 2024 Unrealized gain (loss) on AFS Securities $ (82,271) $ 25,020 $ (57,251) Unrealized gain (loss) on Cash Flow Hedges 7,409 (2,248) 5,161 Total ending other comprehensive income (loss) $ (74,862) $ 22,772 $ (52,090) At December 31, 2023 Unrealized gain (loss) on AFS Securities $ (77,783) $ 23,098 $ (54,685) Unrealized gain (loss) on Cash Flow Hedges 2,574 (825) 1,749 Total ending other comprehensive income (loss) $ (75,209) $ 22,273 $ (52,936) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of off-balance-sheet financial instruments | The following off-balance-sheet financial instruments, whose contract amounts represent credit risk, are outstanding (in thousands): At March 31, 2024 At December 31, 2023 Fixed Variable Fixed Variable Rate Rate Rate Rate Unused commitments $ 64,935 $ 534,372 $ 67,418 $ 527,730 Standby and commercial letters of credit 40,126 — 59,532 — $ 105,061 $ 534,372 $ 126,950 $ 527,730 |
REVENUE FROM CONTRACTS WITH C_2
REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | |
Schedule of Company's sources of non-interest income | The following table presents the Company’s revenue from contracts with customers (in thousands): Three months ended March 31, 2024 2023 Service charges on deposit accounts $ 1,863 $ 1,456 Global Payments Group revenue 4,069 4,850 Other service charges and fees 1,095 642 Total $ 7,027 $ 6,948 |
DERIVATIVES (Tables)
DERIVATIVES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
DERIVATIVES | |
Schedule of notional amount and fair value | The following tables reflect the derivatives recorded on the balance sheet (in thousands): Fair Value Notional Other Other Amount Assets Liabilities At March 31, 2024 Derivatives designated as hedges: Interest rate swaps related to client deposits and borrowings $ 700,000 $ 4,137 $ 1,400 Derivatives not designated as hedges: Interest rate swaps $ 69,000 $ 416 $ 416 At December 31, 2023 Derivatives designated as hedges: Interest rate swaps related to client deposits and borrowings $ 700,000 $ 1,530 $ 4,880 Derivatives not designated as hedges: Interest rate swaps $ 69,000 $ 1,157 $ 1,157 |
Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income | The effect of cash flow hedge accounting on accumulated other comprehensive income is as follows (in thousands): Three months ended March 31, 2024 2023 Interest rate swaps and caps related to client deposits and borrowings Amount of gain (loss) recognized in OCI, net of tax $ 4,279 $ (1,553) Amount of gain (loss) reclassified from OCI into income $ 1,251 $ 1,235 Location of gain (loss) reclassified from OCI into income Licensing fees Licensing fees N/A - not applicable |
SUMMARY OF RECENT ACCOUNTING _3
SUMMARY OF RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
Decrease in retained earnings | $ 332,178,000 | $ 315,975,000 | |||
Cumulative effect of changes in accounting principle | $ 58,538,000 | $ 57,965,000 | $ 47,752,000 | $ 44,876,000 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||
Cumulative effect of changes in accounting principle | $ 2,250,000 | ||||
ASU 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||
Decrease in retained earnings | $ (2,100,000) | ||||
Deferred tax assets | 777,000 | ||||
Cumulative effect of changes in accounting principle | $ 3,000,000 |
INVESTMENT SECURITIES (Schedule
INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities available-for-sale) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Securities | ||
Investment securities available-for-sale, at fair value | $ 497,789 | $ 461,207 |
Available-for-sale Securities. | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 580,060 | 538,990 |
Gross Unrealized/Unrecognized Gains | 653 | 1,269 |
Gross Unrealized/Unrecognized Losses | (82,924) | (79,052) |
Investment securities available-for-sale, at fair value | 497,789 | 461,207 |
Available-for-sale Securities. | U.S. Government agency securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 67,998 | 67,997 |
Gross Unrealized/Unrecognized Gains | 0 | |
Gross Unrealized/Unrecognized Losses | (6,319) | (6,222) |
Investment securities available-for-sale, at fair value | 61,679 | 61,775 |
Available-for-sale Securities. | U.S. State and Municipal securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 11,458 | 11,496 |
Gross Unrealized/Unrecognized Gains | 0 | |
Gross Unrealized/Unrecognized Losses | (1,870) | (1,797) |
Investment securities available-for-sale, at fair value | 9,588 | 9,699 |
Available-for-sale Securities. | Residential MBS | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 451,171 | 419,331 |
Gross Unrealized/Unrecognized Gains | 653 | 1,198 |
Gross Unrealized/Unrecognized Losses | (71,812) | (68,609) |
Investment securities available-for-sale, at fair value | 380,012 | 351,920 |
Available-for-sale Securities. | Commercial MBS | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 46,266 | 36,879 |
Gross Unrealized/Unrecognized Gains | 71 | |
Gross Unrealized/Unrecognized Losses | (2,873) | (2,366) |
Investment securities available-for-sale, at fair value | 43,393 | 34,584 |
Available-for-sale Securities. | Asset-backed Securities | ||
Schedule of Available-for-sale Securities | ||
Amortized Cost | 3,167 | 3,287 |
Gross Unrealized/Unrecognized Gains | 0 | |
Gross Unrealized/Unrecognized Losses | (50) | (58) |
Investment securities available-for-sale, at fair value | $ 3,117 | $ 3,229 |
INVESTMENT SECURITIES (Schedu_2
INVESTMENT SECURITIES (Schedule of amortized cost and fair value of securities held-to-maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities | ||
Amortized Cost | $ 460,249 | $ 468,860 |
Total Securities | 393,200 | 404,300 |
Held-to-maturity Securities | ||
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 460,249 | 468,860 |
Gross Unrealized/Unrecognized Gains | 0 | |
Gross Unrealized/Unrecognized Losses | (67,069) | (64,608) |
Total Securities | 393,180 | 404,252 |
Held-to-maturity Securities | US Treasury Securities | ||
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 29,906 | 29,895 |
Gross Unrealized/Unrecognized Gains | 0 | |
Gross Unrealized/Unrecognized Losses | (1,330) | (1,412) |
Total Securities | 28,576 | 28,483 |
Held-to-maturity Securities | U.S. State and Municipal securities | ||
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 15,507 | 15,569 |
Gross Unrealized/Unrecognized Gains | 0 | |
Gross Unrealized/Unrecognized Losses | (1,746) | (1,574) |
Total Securities | 13,761 | 13,995 |
Held-to-maturity Securities | Residential MBS | ||
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 406,752 | 415,306 |
Gross Unrealized/Unrecognized Gains | 0 | |
Gross Unrealized/Unrecognized Losses | (62,921) | (60,556) |
Total Securities | 343,831 | 354,750 |
Held-to-maturity Securities | Commercial MBS | ||
Schedule of Held-to-maturity Securities | ||
Amortized Cost | 8,084 | 8,090 |
Gross Unrealized/Unrecognized Gains | 0 | |
Gross Unrealized/Unrecognized Losses | (1,072) | (1,066) |
Total Securities | $ 7,012 | $ 7,024 |
INVESTMENT SECURITIES (Schedu_3
INVESTMENT SECURITIES (Schedule of amortized cost and fair value of marketable equity securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Marketable Securities | |||
Amortized Cost | $ 2,425 | $ 2,410 | |
Gross Unrealized/Unrecognized Gains | 0 | ||
Gross Unrealized/Unrecognized Losses | (310) | (287) | |
Fair Value | 2,115 | 2,123 | |
Proceeds | 0 | $ 0 | |
CRA mutual fund | |||
Marketable Securities | |||
Amortized Cost | 2,425 | 2,410 | |
Gross Unrealized/Unrecognized Gains | 0 | ||
Gross Unrealized/Unrecognized Losses | (310) | (287) | |
Fair Value | $ 2,115 | $ 2,123 |
INVESTMENT SECURITIES (Schedu_4
INVESTMENT SECURITIES (Schedule of Amortized Cost and Fair Value of Securities Classified by Contractual Maturity) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Held-to-maturity Securities, Amortized Cost | ||
Due within 1 year | $ 20,021 | |
After 1 year through 5 years | 17,969 | $ 37,984 |
After 5 years though 10 years | 1,046 | 1,112 |
After 10 years | 421,213 | 429,764 |
Amortized Cost, total | 460,249 | 468,860 |
Held-to-maturity Securities, Fair Value | ||
Due within 1 year | 19,299 | |
After 1 year through 5 years | 16,289 | 35,507 |
After 5 years though 10 years | 974 | 1,044 |
After 10 years | 356,618 | 367,701 |
Fair Value, total | 393,180 | 404,252 |
Available-for-sale Securities, Amortized Cost | ||
After 1 year through 5 years | 72,958 | 65,822 |
After 5 years though 10 years | 19,320 | 22,163 |
After 10 years | 487,782 | 451,005 |
Amortized Cost, total | 580,060 | 538,990 |
Available-for-sale Securities, Fair Value | ||
After 1 year through 5 years | 67,179 | 60,757 |
After 5 years though 10 years | 17,724 | 21,174 |
After 10 years | 412,886 | 379,276 |
Fair Value, total | 497,789 | 461,207 |
Securities pledged | 180,900 | 845,700 |
Securities encumbered | $ 68,100 | $ 60,000 |
INVESTMENT SECURITIES (Schedu_5
INVESTMENT SECURITIES (Schedule of Securities with Unrealized Losses) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) item | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) item | |
Held-to-maturity Securities | |||
Number of securities of one issuer | item | 0 | 0 | |
Impairment loss | $ 0 | $ 0 | |
Available-for-sale Securities. | |||
Available-for-sale Securities | |||
Less than 12 Months, Estimated Fair Value | 81,527 | $ 10,873 | |
Less than 12 Months, Unrealized/Unrecognized Losses | (1,268) | (198) | |
12 months or more, Estimated Fair Value | 369,312 | 380,995 | |
12 months or more, Unrealized/Unrecognized Losses | (81,656) | (78,854) | |
Total, Estimated Fair Value | 450,839 | 391,868 | |
Total, Unrealized/Unrecognized Losses | (82,924) | (79,052) | |
Held-to-maturity Securities | |||
Held-to-maturity Securities | |||
Less than 12 Months, Estimated Fair Value | 0 | 0 | |
Less than 12 Months, Unrealized/Unrecognized Losses | 0 | 0 | |
12 months or more, Estimated Fair Value | 393,180 | 404,252 | |
12 months or more, Unrealized/Unrecognized Losses | (67,069) | (64,608) | |
Total, Estimated Fair Value | 393,180 | 404,252 | |
Total, Unrealized Losses | (67,069) | (64,608) | |
U.S. Government agency securities | Available-for-sale Securities. | |||
Available-for-sale Securities | |||
Less than 12 Months, Estimated Fair Value | 0 | 0 | |
Less than 12 Months, Unrealized/Unrecognized Losses | 0 | 0 | |
12 months or more, Estimated Fair Value | 61,679 | 61,775 | |
12 months or more, Unrealized/Unrecognized Losses | (6,319) | (6,222) | |
Total, Estimated Fair Value | 61,679 | 61,775 | |
Total, Unrealized/Unrecognized Losses | (6,319) | (6,222) | |
U.S. State and Municipal securities | Available-for-sale Securities. | |||
Available-for-sale Securities | |||
Less than 12 Months, Estimated Fair Value | 0 | 0 | |
Less than 12 Months, Unrealized/Unrecognized Losses | 0 | 0 | |
12 months or more, Estimated Fair Value | 9,588 | 9,699 | |
12 months or more, Unrealized/Unrecognized Losses | (1,870) | (1,797) | |
Total, Estimated Fair Value | 9,588 | 9,699 | |
Total, Unrealized/Unrecognized Losses | (1,870) | (1,797) | |
U.S. State and Municipal securities | Held-to-maturity Securities | |||
Held-to-maturity Securities | |||
Less than 12 Months, Estimated Fair Value | 0 | 0 | |
Less than 12 Months, Unrealized/Unrecognized Losses | 0 | 0 | |
12 months or more, Estimated Fair Value | 13,761 | 13,995 | |
12 months or more, Unrealized/Unrecognized Losses | (1,746) | (1,574) | |
Total, Estimated Fair Value | 13,761 | 13,995 | |
Total, Unrealized Losses | (1,746) | (1,574) | |
Residential MBS | Available-for-sale Securities. | |||
Available-for-sale Securities | |||
Less than 12 Months, Estimated Fair Value | 51,236 | 0 | |
Less than 12 Months, Unrealized/Unrecognized Losses | (656) | 0 | |
12 months or more, Estimated Fair Value | 281,826 | 292,970 | |
12 months or more, Unrealized/Unrecognized Losses | (71,156) | (68,609) | |
Total, Estimated Fair Value | 333,062 | 292,970 | |
Total, Unrealized/Unrecognized Losses | (71,812) | (68,609) | |
Residential MBS | Held-to-maturity Securities | |||
Held-to-maturity Securities | |||
Less than 12 Months, Estimated Fair Value | 0 | 0 | |
Less than 12 Months, Unrealized/Unrecognized Losses | 0 | 0 | |
12 months or more, Estimated Fair Value | 343,831 | 354,750 | |
12 months or more, Unrealized/Unrecognized Losses | (62,921) | (60,556) | |
Total, Estimated Fair Value | 343,831 | 354,750 | |
Total, Unrealized Losses | (62,921) | (60,556) | |
Commercial MBS | Available-for-sale Securities. | |||
Available-for-sale Securities | |||
Less than 12 Months, Estimated Fair Value | 30,291 | 10,873 | |
Less than 12 Months, Unrealized/Unrecognized Losses | (612) | (198) | |
12 months or more, Estimated Fair Value | 13,102 | 13,322 | |
12 months or more, Unrealized/Unrecognized Losses | (2,261) | (2,168) | |
Total, Estimated Fair Value | 43,393 | 24,195 | |
Total, Unrealized/Unrecognized Losses | (2,873) | (2,366) | |
Commercial MBS | Held-to-maturity Securities | |||
Held-to-maturity Securities | |||
Less than 12 Months, Estimated Fair Value | 0 | 0 | |
Less than 12 Months, Unrealized/Unrecognized Losses | 0 | 0 | |
12 months or more, Estimated Fair Value | 7,012 | 7,024 | |
12 months or more, Unrealized/Unrecognized Losses | (1,072) | (1,066) | |
Total, Estimated Fair Value | 7,012 | 7,024 | |
Total, Unrealized Losses | (1,072) | (1,066) | |
Asset-backed Securities | Available-for-sale Securities. | |||
Available-for-sale Securities | |||
Less than 12 Months, Estimated Fair Value | 0 | 0 | |
Less than 12 Months, Unrealized/Unrecognized Losses | 0 | 0 | |
12 months or more, Estimated Fair Value | 3,117 | 3,229 | |
12 months or more, Unrealized/Unrecognized Losses | (50) | (58) | |
Total, Estimated Fair Value | 3,117 | 3,229 | |
Total, Unrealized/Unrecognized Losses | (50) | (58) | |
US Treasury Securities | Held-to-maturity Securities | |||
Held-to-maturity Securities | |||
Less than 12 Months, Estimated Fair Value | 0 | 0 | |
Less than 12 Months, Unrealized/Unrecognized Losses | 0 | 0 | |
12 months or more, Estimated Fair Value | 28,576 | 28,483 | |
12 months or more, Unrealized/Unrecognized Losses | (1,330) | (1,412) | |
Total, Estimated Fair Value | 28,576 | 28,483 | |
Total, Unrealized Losses | $ (1,330) | $ (1,412) |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Loan Receivables) (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | $ 5,736,128,000 | $ 5,642,012,000 | ||
Deferred fees, net of origination costs | (16,910,000) | (17,215,000) | ||
Loans, net of deferred fees and costs | 5,719,218,000 | 5,624,797,000 | ||
Allowance for credit losses | (58,538,000) | (57,965,000) | $ (47,752,000) | $ (44,876,000) |
Net loans | 5,660,680,000 | 5,566,832,000 | ||
loan encumbered | 68,100,000 | 60,000,000 | ||
Asset Pledged as Collateral | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loan pledged | 3,700,000,000 | 3,300,000,000 | ||
Real Estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 4,662,571,000 | 4,573,463,000 | ||
Commercial & industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 1,057,488,000 | 1,051,463,000 | ||
Allowance for credit losses | (10,937,000) | (11,207,000) | (10,757,000) | (10,274,000) |
loan encumbered | 411,900,000 | 548,600,000 | ||
Commercial & industrial | Paycheck Protection Program loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Net loans | 44,000 | 54,000 | ||
Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 16,069,000 | 17,086,000 | ||
Allowance for credit losses | (493,000) | (480,000) | (620,000) | (195,000) |
Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 3,951,071,000 | 3,857,711,000 | ||
Commercial | Real Estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 3,951,071,000 | 3,857,711,000 | ||
Allowance for credit losses | (36,704,000) | (35,635,000) | (31,836,000) | (29,496,000) |
Construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 150,257,000 | 153,512,000 | ||
Construction | Real Estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 150,257,000 | 153,512,000 | ||
Allowance for credit losses | (1,712,000) | (1,765,000) | (1,261,000) | (1,983,000) |
Multi-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 467,979,000 | 467,536,000 | ||
Multi-family | Real Estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 467,979,000 | 467,536,000 | ||
Allowance for credit losses | (8,171,000) | (8,215,000) | (2,871,000) | (2,823,000) |
One-to-four-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 93,264,000 | 94,704,000 | ||
One-to-four-family | Real Estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans | 93,264,000 | 94,704,000 | ||
Allowance for credit losses | $ (521,000) | $ (663,000) | $ (407,000) | $ (105,000) |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Activity in the Allowance for Loan Losses by Segment) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | $ 57,965,000 | $ 44,876,000 | $ 44,876,000 |
Provision/(credit) for credit losses | 574,000 | 726,000 | |
Loans charged-off | (3,000) | (100,000) | |
Recoveries | 2,000 | ||
Total ending allowance balance | 58,538,000 | 47,752,000 | 57,965,000 |
Net charge-offs | (1,000) | (100,000) | |
Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 2,250,000 | 2,250,000 | |
Real Estate | Commercial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 35,635,000 | 29,496,000 | 29,496,000 |
Provision/(credit) for credit losses | 1,068,000 | 2,292,000 | |
Recoveries | 1,000 | ||
Total ending allowance balance | 36,704,000 | 31,836,000 | 35,635,000 |
Real Estate | Commercial | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 48,000 | 48,000 | |
Real Estate | Construction | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 1,765,000 | 1,983,000 | 1,983,000 |
Provision/(credit) for credit losses | (53,000) | (1,146,000) | |
Total ending allowance balance | 1,712,000 | 1,261,000 | 1,765,000 |
Real Estate | Construction | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 424,000 | 424,000 | |
Real Estate | Multi-family | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 8,215,000 | 2,823,000 | 2,823,000 |
Provision/(credit) for credit losses | (44,000) | (657,000) | |
Total ending allowance balance | 8,171,000 | 2,871,000 | 8,215,000 |
Real Estate | Multi-family | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 705,000 | 705,000 | |
Real Estate | One-to-four-family | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 663,000 | 105,000 | 105,000 |
Provision/(credit) for credit losses | (142,000) | 121,000 | |
Total ending allowance balance | 521,000 | 407,000 | 663,000 |
Real Estate | One-to-four-family | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 181,000 | 181,000 | |
Commercial & industrial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 11,207,000 | 10,274,000 | 10,274,000 |
Provision/(credit) for credit losses | (270,000) | 12,000 | |
Total ending allowance balance | 10,937,000 | 10,757,000 | 11,207,000 |
Commercial & industrial | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 471,000 | 471,000 | |
Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | 480,000 | 195,000 | 195,000 |
Provision/(credit) for credit losses | 15,000 | 104,000 | |
Loans charged-off | (3,000) | (100,000) | |
Recoveries | 1,000 | ||
Total ending allowance balance | $ 493,000 | 620,000 | 480,000 |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance at the beginning of period | $ 421,000 | $ 421,000 |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Unfunded loan commitment allowances activity) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Activity in the ACL for unfunded loan commitments | ||
Balance at the beginning of period | $ 57,965 | $ 44,876 |
Provision/(credit) for credit losses | 574 | 726 |
Total ending allowance balance | 58,538 | 47,752 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Activity in the ACL for unfunded loan commitments | ||
Balance at the beginning of period | 2,250 | |
Unfunded loan commitment | ||
Activity in the ACL for unfunded loan commitments | ||
Balance at the beginning of period | 1,181 | 180 |
Provision/(credit) for credit losses | (46) | (80) |
Total ending allowance balance | $ 1,135 | 877 |
Unfunded loan commitment | Cumulative Effect, Period of Adoption, Adjustment | ||
Activity in the ACL for unfunded loan commitments | ||
Total ending allowance balance | $ 777 |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Loans by Allowance measurement Method) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually assessed, Allowance for credit losses | $ 5,192 | $ 5,066 | ||
Collectively assessed, Allowance for credit losses | 53,346 | 52,899 | ||
Total ending allowance balance | 58,538 | 57,965 | $ 47,752 | $ 44,876 |
Individually assessed, Loans | 82,479 | 68,932 | ||
Collectively assessed, Loans | 5,653,649 | 5,573,080 | ||
Total ending loan balance | 5,736,128 | 5,642,012 | ||
Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total ending loan balance | 3,951,071 | 3,857,711 | ||
Construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total ending loan balance | 150,257 | 153,512 | ||
Multi-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total ending loan balance | 467,979 | 467,536 | ||
One-to-four-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total ending loan balance | 93,264 | 94,704 | ||
Real Estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total ending loan balance | 4,662,571 | 4,573,463 | ||
Real Estate | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Collectively assessed, Allowance for credit losses | 36,704 | 35,635 | ||
Total ending allowance balance | 36,704 | 35,635 | 31,836 | 29,496 |
Individually assessed, Loans | 24,000 | 40,955 | ||
Collectively assessed, Loans | 3,927,071 | 3,816,756 | ||
Total ending loan balance | 3,951,071 | 3,857,711 | ||
Real Estate | Construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Collectively assessed, Allowance for credit losses | 1,712 | 1,765 | ||
Total ending allowance balance | 1,712 | 1,765 | 1,261 | 1,983 |
Collectively assessed, Loans | 150,257 | 153,512 | ||
Total ending loan balance | 150,257 | 153,512 | ||
Real Estate | Multi-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually assessed, Allowance for credit losses | 5,002 | 5,002 | ||
Collectively assessed, Allowance for credit losses | 3,169 | 3,213 | ||
Total ending allowance balance | 8,171 | 8,215 | 2,871 | 2,823 |
Individually assessed, Loans | 51,239 | 20,939 | ||
Collectively assessed, Loans | 416,740 | 446,597 | ||
Total ending loan balance | 467,979 | 467,536 | ||
Real Estate | One-to-four-family | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Collectively assessed, Allowance for credit losses | 521 | 663 | ||
Total ending allowance balance | 521 | 663 | 407 | 105 |
Collectively assessed, Loans | 93,264 | 94,704 | ||
Total ending loan balance | 93,264 | 94,704 | ||
Commercial & industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Collectively assessed, Allowance for credit losses | 10,937 | 11,207 | ||
Total ending allowance balance | 10,937 | 11,207 | 10,757 | 10,274 |
Individually assessed, Loans | 6,989 | 6,934 | ||
Collectively assessed, Loans | 1,050,499 | 1,044,529 | ||
Total ending loan balance | 1,057,488 | 1,051,463 | ||
Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Individually assessed, Allowance for credit losses | 190 | 64 | ||
Collectively assessed, Allowance for credit losses | 303 | 416 | ||
Total ending allowance balance | 493 | 480 | $ 620 | $ 195 |
Individually assessed, Loans | 251 | 104 | ||
Collectively assessed, Loans | 15,818 | 16,982 | ||
Total ending loan balance | $ 16,069 | $ 17,086 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Non-accrual Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual | $ 51,928 | $ 51,897 |
Nonaccrual without an ACL | 30,989 | 30,934 |
Loans Past Due Over 90 Days Still Accruing | 145 | |
Real Estate | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual | 24,000 | 24,000 |
Nonaccrual without an ACL | 24,000 | 24,000 |
Loans Past Due Over 90 Days Still Accruing | 0 | |
Commercial & industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual | 6,989 | 6,934 |
Nonaccrual without an ACL | 6,989 | 6,934 |
Loans Past Due Over 90 Days Still Accruing | 0 | |
Multi-family | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual | 20,939 | 20,939 |
Loans Past Due Over 90 Days Still Accruing | 0 | |
Consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Nonaccrual | 0 | $ 24 |
Loans Past Due Over 90 Days Still Accruing | $ 145 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Schedule of Past Due Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 5,736,128 | $ 5,642,012 |
30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 5,536 | 632 |
60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 2,092 | 18 |
90 days and greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 52,073 | 51,897 |
Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 59,701 | 52,548 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 5,676,427 | 5,589,464 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,951,071 | 3,857,711 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 150,257 | 153,512 |
Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 467,979 | 467,536 |
One-to-four-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 93,264 | 94,704 |
One-to-four-family | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 93,264 | 94,704 |
Real Estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,662,571 | 4,573,463 |
Real Estate | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,951,071 | 3,857,711 |
Real Estate | Commercial | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 4,915 | |
Real Estate | Commercial | 90 days and greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 24,000 | 24,000 |
Real Estate | Commercial | Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 28,915 | 24,000 |
Real Estate | Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 3,922,156 | 3,833,711 |
Real Estate | Construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 150,257 | 153,512 |
Real Estate | Construction | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 150,257 | 153,512 |
Real Estate | Multi-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 467,979 | 467,536 |
Real Estate | Multi-family | 90 days and greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 20,939 | 20,939 |
Real Estate | Multi-family | Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 20,939 | 20,939 |
Real Estate | Multi-family | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 447,040 | 446,597 |
Real Estate | One-to-four-family | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 93,264 | 94,704 |
Real Estate | One-to-four-family | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 608 | 612 |
Real Estate | One-to-four-family | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 2,092 | |
Real Estate | One-to-four-family | Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 2,700 | 612 |
Real Estate | One-to-four-family | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 90,564 | 94,092 |
Commercial & industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,057,488 | 1,051,463 |
Commercial & industrial | 30 - 59 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 13 | 20 |
Commercial & industrial | 60 - 89 Days | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 18 | |
Commercial & industrial | 90 days and greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 6,989 | 6,934 |
Commercial & industrial | Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 7,002 | 6,973 |
Commercial & industrial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,050,486 | 1,044,490 |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 16,069 | 17,086 |
Consumer | 90 days and greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 145 | 24 |
Consumer | Past Due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 145 | 24 |
Consumer | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 15,924 | $ 17,062 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Credit Quality Indicator) (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 loan | Dec. 31, 2023 USD ($) | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | $ 500,773 | $ 1,957,104 | |
2023/2022 | 1,782,981 | 1,839,749 | |
2022/2021 | 1,739,737 | 698,518 | |
2021/2020 | 606,038 | 188,086 | |
2020/2019 | 184,296 | 261,384 | |
2019/2018 & Prior | 403,458 | 199,491 | |
Revolving | 518,845 | 497,680 | |
Total loans | 5,736,128 | 5,642,012 | |
Number of TDR loans during the period | loan | 0 | ||
Past Due | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 59,701 | 52,548 | |
Current | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 5,676,427 | 5,589,464 | |
Real Estate | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 4,662,571 | 4,573,463 | |
Commercial & industrial | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 40,553 | 186,089 | |
2023/2022 | 168,236 | 286,277 | |
2022/2021 | 259,514 | 98,753 | |
2021/2020 | 87,368 | 26,023 | |
2020/2019 | 23,390 | 14,390 | |
2019/2018 & Prior | 17,814 | 5,904 | |
Revolving | 460,613 | 434,027 | |
Total loans | 1,057,488 | 1,051,463 | |
Loans modified | $ 7,000 | ||
Interest rate reductions (in percentage) | 4% | ||
Commercial & industrial | Minimum | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Loan term extension | 11 months | ||
Commercial & industrial | Maximum | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Loan term extension | 12 months | ||
Commercial & industrial | Past Due | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | $ 7,002 | 6,973 | |
Commercial & industrial | Current | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 1,050,486 | 1,044,490 | |
Consumer | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2019/2018 & Prior | 16,069 | 17,086 | |
Total loans | 16,069 | 17,086 | |
Consumer | Past Due | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2019/2018 & Prior | 145 | 24 | |
Total loans | 145 | 24 | |
Consumer | Current | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2019/2018 & Prior | 15,924 | 17,062 | |
Total loans | 15,924 | 17,062 | |
Commercial | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 396,529 | 1,525,373 | |
2023/2022 | 1,405,585 | 1,348,371 | |
2022/2021 | 1,302,619 | 527,058 | |
2021/2020 | 436,182 | 128,624 | |
2020/2019 | 127,652 | 200,304 | |
2019/2018 & Prior | 247,886 | 83,309 | |
Revolving | 34,618 | 44,672 | |
Total loans | 3,951,071 | 3,857,711 | |
Commercial | Commercial | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 24,000 | 41,000 | |
Commercial | Real Estate | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 3,951,071 | 3,857,711 | |
Commercial | Real Estate | Past Due | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 28,915 | 24,000 | |
Commercial | Real Estate | Current | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 3,922,156 | 3,833,711 | |
Construction | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 19,416 | 84,881 | |
2023/2022 | 52,463 | 56,065 | |
2022/2021 | 61,125 | ||
Revolving | 17,253 | 12,566 | |
Total loans | 150,257 | 153,512 | |
Construction | Real Estate | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 150,257 | 153,512 | |
Construction | Real Estate | Current | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 150,257 | 153,512 | |
Multi-family | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 44,275 | 115,761 | |
2023/2022 | 111,697 | 144,955 | |
2022/2021 | 112,799 | 72,707 | |
2021/2020 | 82,488 | 23,655 | |
2020/2019 | 23,539 | 34,533 | |
2019/2018 & Prior | 86,820 | 69,510 | |
Revolving | 6,361 | 6,415 | |
Total loans | 467,979 | 467,536 | |
Multi-family | Multi-family | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 51,200 | 20,900 | |
Multi-family | Real Estate | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 467,979 | 467,536 | |
Multi-family | Real Estate | Past Due | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 20,939 | 20,939 | |
Multi-family | Real Estate | Current | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 447,040 | 446,597 | |
One-to-four-family | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 45,000 | ||
2023/2022 | 45,000 | 4,081 | |
2022/2021 | 3,680 | ||
2021/2020 | 9,784 | ||
2020/2019 | 9,715 | 12,157 | |
2019/2018 & Prior | 34,869 | 23,682 | |
Total loans | 93,264 | 94,704 | |
One-to-four-family | Current | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 45,000 | ||
2023/2022 | 45,000 | 4,081 | |
2022/2021 | 3,680 | ||
2021/2020 | 9,784 | ||
2020/2019 | 9,715 | 12,157 | |
2019/2018 & Prior | 34,869 | 23,682 | |
Total loans | 93,264 | 94,704 | |
One-to-four-family | Real Estate | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 93,264 | 94,704 | |
One-to-four-family | Real Estate | Past Due | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 2,700 | 612 | |
One-to-four-family | Real Estate | Current | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
Total loans | 90,564 | 94,092 | |
Charge-offs | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2022/2021 | 915 | ||
2019/2018 & Prior | 304 | ||
Revolving | 3 | ||
Total loans | 3 | 1,219 | |
Charge-offs | Commercial & industrial | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2022/2021 | 915 | ||
2019/2018 & Prior | 31 | ||
Total loans | 946 | ||
Charge-offs | Consumer | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2019/2018 & Prior | 273 | ||
Revolving | 3 | ||
Total loans | 3 | 273 | |
Pass/Current | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 500,773 | 1,925,329 | |
2023/2022 | 1,750,838 | 1,695,707 | |
2022/2021 | 1,612,936 | 663,018 | |
2021/2020 | 570,615 | 185,702 | |
2020/2019 | 181,916 | 261,384 | |
2019/2018 & Prior | 390,729 | 199,467 | |
Revolving | 488,262 | 465,900 | |
Total loans | 5,496,069 | 5,396,507 | |
Pass/Current | Commercial & industrial | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 40,553 | 178,814 | |
2023/2022 | 160,593 | 252,359 | |
2022/2021 | 225,846 | 98,753 | |
2021/2020 | 87,368 | 23,943 | |
2020/2019 | 21,310 | 14,390 | |
2019/2018 & Prior | 17,814 | 5,904 | |
Revolving | 430,030 | 402,247 | |
Total loans | 983,514 | 976,410 | |
Pass/Current | Commercial | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 396,529 | 1,500,873 | |
2023/2022 | 1,381,085 | 1,268,550 | |
2022/2021 | 1,239,785 | 512,497 | |
2021/2020 | 421,698 | 128,320 | |
2020/2019 | 127,352 | 200,304 | |
2019/2018 & Prior | 235,302 | 83,309 | |
Revolving | 34,618 | 44,672 | |
Total loans | 3,836,369 | 3,738,525 | |
Pass/Current | Construction | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 19,416 | 84,881 | |
2023/2022 | 52,463 | 56,065 | |
2022/2021 | 61,125 | ||
Revolving | 17,253 | 12,566 | |
Total loans | 150,257 | 153,512 | |
Pass/Current | Multi-family | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 44,275 | 115,761 | |
2023/2022 | 111,697 | 114,652 | |
2022/2021 | 82,500 | 51,768 | |
2021/2020 | 61,549 | 23,655 | |
2020/2019 | 23,539 | 34,533 | |
2019/2018 & Prior | 86,820 | 69,510 | |
Revolving | 6,361 | 6,415 | |
Total loans | 416,741 | 416,294 | |
Special Mention | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 28,340 | ||
2023/2022 | 28,340 | 103,088 | |
2022/2021 | 72,502 | 14,561 | |
2021/2020 | 14,484 | 2,384 | |
2020/2019 | 2,380 | ||
2019/2018 & Prior | 12,584 | ||
Revolving | 27,397 | 28,281 | |
Total loans | 157,687 | 176,654 | |
Special Mention | Commercial & industrial | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 3,840 | ||
2023/2022 | 3,840 | 33,918 | |
2022/2021 | 33,668 | ||
2021/2020 | 2,080 | ||
2020/2019 | 2,080 | ||
Revolving | 27,397 | 28,281 | |
Total loans | 66,985 | 68,119 | |
Special Mention | Commercial | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 24,500 | ||
2023/2022 | 24,500 | 38,867 | |
2022/2021 | 38,834 | 14,561 | |
2021/2020 | 14,484 | 304 | |
2020/2019 | 300 | ||
2019/2018 & Prior | 12,584 | ||
Total loans | 90,702 | 78,232 | |
Special Mention | Multi-family | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2023/2022 | 30,303 | ||
Total loans | 30,303 | ||
Substandard/Past due | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 3,435 | ||
2023/2022 | 3,803 | 40,954 | |
2022/2021 | 54,299 | 20,939 | |
2021/2020 | 20,939 | ||
2019/2018 & Prior | 145 | 24 | |
Revolving | 3,186 | 3,499 | |
Total loans | 82,372 | 68,851 | |
Substandard/Past due | Commercial & industrial | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2024/2023 | 3,435 | ||
2023/2022 | 3,803 | ||
Revolving | 3,186 | 3,499 | |
Total loans | 6,989 | 6,934 | |
Substandard/Past due | Commercial | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2023/2022 | 40,954 | ||
2022/2021 | 24,000 | ||
Total loans | 24,000 | 40,954 | |
Substandard/Past due | Multi-family | |||
LOANS AND ALLOWANCE FOR CREDIT LOSSES | |||
2022/2021 | 30,299 | 20,939 | |
2021/2020 | 20,939 | ||
Total loans | $ 51,238 | $ 20,939 |
BORROWINGS (Details)
BORROWINGS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Federal Home Loan Bank, Advances [Line Items] | |||
Federal funds purchased and securities sold under agreements to repurchase | $ 99,000 | ||
Federal Home Loan Bank of New York advances | $ 300,000 | 440,000 | |
Secured borrowings | 107,549 | 7,585 | |
Interest expense, Federal funds purchased and securities sold under agreements to repurchase | 151 | $ 1,369 | |
Interest Expense, Federal home loan bank of New York advance | 4,129 | $ 657 | |
Interest Expense, Federal Reserve Bank Term Loan | 1,081 | ||
Available borrowing capacity from the FHLB | 3,400,000 | ||
Secured borrowings | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Secured borrowings | 7,549 | $ 7,585 | |
FRB | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Federal Reserve Bank Term Loan | $ 100,000 | ||
Weighted average Interest rate | 5.49% | ||
Interest rate | 4.87% |
EARNINGS PER SHARE (Computation
EARNINGS PER SHARE (Computation of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Basic | |||
Net Income (Loss) | $ 16,203 | $ 25,076 | |
Less: Earnings allocated to participating securities | (84) | ||
Net income available to common stockholders | $ 16,203 | $ 24,992 | |
Weighted average common shares outstanding including participating securities | 11,132,989 | 11,081,924 | |
Less: Weighted average participating securities | (37,300) | ||
Weighted average common shares outstanding | 11,132,989 | 11,044,624 | |
Basic earnings (in dollars per share) | $ 1.46 | $ 2.26 | |
Diluted | |||
Net income allocated to common shareholders | $ 16,203 | $ 24,992 | |
Weighted average common shares outstanding for basic earnings per common share | 11,132,989 | 11,044,624 | |
Average shares and dilutive potential common shares | 11,132,989 | 11,103,008 | |
Diluted earnings (in dollars per share) | $ 1.46 | $ 2.25 | |
Employee Stock Option | |||
Calculations of basic and diluted earnings per share | |||
Outstanding stock options | 0 | ||
Performance-Based Restricted Stock Units (PRSUs) | |||
Diluted | |||
Add: Dilutive effects of assumed vesting units | 58,384 | ||
Performance restricted stock units | 0 | ||
Restricted stock awards | |||
Diluted | |||
Performance restricted stock units | 294,744 | 233,852 | |
Restricted stock units | |||
Calculations of basic and diluted earnings per share | |||
Number of antidilutive shares not considered in computing diluted earnings per share | 294,744 |
STOCK COMPENSATION PLAN (Detail
STOCK COMPENSATION PLAN (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Jan. 31, 2024 | Jan. 31, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Remaining unrecognized compensation expense recognition period (in years) | 2 years 2 months 1 day | ||||||
Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding stock options | 0 | ||||||
Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense recognized | $ 0 | $ 538,000 | |||||
Restricted stock awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost related to non-vested awards | 12,600,000 | ||||||
Compensation cost related to stock awards | $ 1,600,000 | $ 1,400,000 | |||||
Number of shares, Granted (in shares) | 195,969 | ||||||
Number of PRSUs forfeited (in shares) | 9,804 | ||||||
Restricted stock awards | Key Personnel | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares issued (in shares) | 168,469 | 170,998 | |||||
Vesting percentage | 33.33% | ||||||
Vesting period (in years) | 3 years | ||||||
Restricted stock awards | Non-employee directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation cost related to non-vested awards | $ 1,000,000 | ||||||
Compensation cost related to stock awards | 337,000 | $ 388,000 | |||||
Number of shares, Granted (in shares) | 27,500 | ||||||
Restricted stock awards | Members of the Board of Directors | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares, Granted (in shares) | 27,500 | ||||||
Performance-Based Restricted Stock Units (PRSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average service inception date fair value of award share in amount | $ 6,000,000 | ||||||
Equity Incentive Plan 2019 | Performance-Based Restricted Stock Units (PRSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of PRSUs awarded (in shares) | 90,000 | ||||||
Equity Incentive Plan 2022 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based payment award, shares authorized, maximum | 3,133 | ||||||
Compensation cost related to stock awards | $ 0 | $ 0 | |||||
Equity Incentive Plan 2022 | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Outstanding stock options | 0 | ||||||
Unrecognized compensation cost related to non-vested awards | $ 0 | $ 0 | |||||
Equity Incentive Plan 2022 | Performance-Based Restricted Stock Units (PRSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of PRSUs forfeited (in shares) | 20,800 | ||||||
Vested accelerated shares (in shares) | 30,000 | ||||||
Equity Incentive Plan 2023 | Performance-Based Restricted Stock Units (PRSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vested accelerated shares (in shares) | 29,200 | ||||||
Equity Incentive Plan 2024 | Performance-Based Restricted Stock Units (PRSUs) | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vested shares | 90,000 | ||||||
Vested accelerated shares (in shares) | 30,800 |
STOCK COMPENSATION PLAN (Summar
STOCK COMPENSATION PLAN (Summary of Non-Vested Restricted Stock Awards) (Details) - Restricted stock awards | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Restricted stock awards - Number of shares (Roll-forward): | |
Number of shares, Outstanding, beginning of period | shares | 233,852 |
Number of shares, Granted (in shares) | shares | 195,969 |
Number of shares, Forfeited | shares | (9,804) |
Number of shares, Vested | shares | (125,273) |
Number of shares, Outstanding at end of period | shares | 294,744 |
Restricted stock awards - Weighted Average Grant Date Fair Value (Roll-Forward): | |
Weighted Average Grant Date fair Value, beginning of period | $ / shares | $ 63.98 |
Weighted Average Grant Date fair Value, Granted | $ / shares | 42.28 |
Weighted Average Grant Date fair Value, Forfeited | $ / shares | 58.32 |
Weighted Average Grant Date fair Value, Vested | $ / shares | 61.88 |
Weighted Average Grant Date fair Value, at end of period | $ / shares | $ 50.63 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | $ 960,153 | $ 932,190 | |
Assets amount transfer from level 1 to level 2 | 0 | $ 0 | |
Assets amount transfer from level 2 to level 1 | 0 | 0 | |
Liabilities amount transfer from level 1 to level 2 | 0 | 0 | |
Liabilities amount transfer from level 2 to level 1 | 0 | $ 0 | |
Fair value assets measured at fair value on a non-recurring basis | 0 | 0 | |
Carrying Amount | U.S. Government agency securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 61,679 | 61,775 | |
Carrying Amount | U.S. State and Municipal securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 9,588 | 9,699 | |
Carrying Amount | Residential MBS | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 380,012 | 351,920 | |
Carrying Amount | Commercial MBS | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 43,393 | 34,584 | |
Carrying Amount | Asset-backed Securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 3,117 | 3,229 | |
Carrying Amount | CRA mutual fund | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 2,115 | 2,123 | |
Carrying Amount | Derivatives assets | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 4,553 | 2,687 | |
Carrying Amount | Derivative liabilities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | 1,816 | 6,037 | |
Fair Value, Inputs, Level 1 | CRA mutual fund | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 2,115 | 2,123 | |
Fair Value, Inputs, Level 2 | U.S. Government agency securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 61,679 | 61,775 | |
Fair Value, Inputs, Level 2 | U.S. State and Municipal securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 9,588 | 9,699 | |
Fair Value, Inputs, Level 2 | Residential MBS | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 380,012 | 351,920 | |
Fair Value, Inputs, Level 2 | Commercial MBS | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 43,393 | 34,584 | |
Fair Value, Inputs, Level 2 | Asset-backed Securities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair value | 3,117 | 3,229 | |
Fair Value, Inputs, Level 2 | Derivatives assets | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative assets | 4,553 | 2,687 | |
Fair Value, Inputs, Level 2 | Derivative liabilities | Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | $ 1,816 | $ 6,037 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Carrying Amount and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Securities held to maturity | $ 393,200 | $ 404,300 |
Equity investments | 2,115 | 2,123 |
Other investments | ||
Receivable from global payments business, net | 93,852 | 87,648 |
Financial liabilities: | ||
Non-interest-bearing demand deposits | 1,927,629 | 1,837,874 |
Federal funds purchased | 99,000 | |
Federal Home Loan Bank of New York advances | 300,000 | 440,000 |
Carrying Amount | ||
Financial assets: | ||
Cash and due from banks | 34,037 | 31,973 |
Overnight deposits | 500,366 | 237,492 |
Securities held to maturity | 460,249 | 468,860 |
Loans, net | 5,660,680 | 5,566,832 |
Other investments | ||
FRB Stock | 11,410 | 11,410 |
FHLB Stock | 19,261 | 25,558 |
Disability Fund | 1,500 | 1,500 |
Time deposits at banks | 498 | 498 |
Receivable from global payments business, net | 93,852 | 87,648 |
Accrued interest receivable | 33,196 | 31,948 |
Financial liabilities: | ||
Non-interest-bearing demand deposits | 1,927,629 | 1,837,874 |
Money market and savings deposits | 4,271,827 | 3,864,018 |
Time deposits | 38,086 | 35,400 |
Federal funds purchased | 99,000 | |
Federal Home Loan Bank of New York advances | 300,000 | 440,000 |
Trust preferred securities payable | 20,620 | 20,620 |
Prepaid debit cardholder balances | 18,685 | 10,178 |
Accrued interest payable | 2,646 | 1,894 |
Secured and other borrowings | 107,549 | 7,585 |
Total Fair Value | ||
Financial assets: | ||
Cash and due from banks | 34,037 | 31,973 |
Overnight deposits | 500,366 | 237,492 |
Securities held to maturity | 393,180 | 404,252 |
Loans, net | 5,517,142 | 5,474,238 |
Other investments | ||
Disability Fund | 1,500 | 1,500 |
Time deposits at banks | 498 | 498 |
Receivable from global payments business, net | 93,852 | 87,648 |
Accrued interest receivable | 33,196 | 31,948 |
Financial liabilities: | ||
Non-interest-bearing demand deposits | 1,927,629 | 1,837,874 |
Money market and savings deposits | 4,271,827 | 3,864,018 |
Time deposits | 37,720 | 35,011 |
Federal funds purchased | 99,000 | |
Federal Home Loan Bank of New York advances | 300,000 | 440,000 |
Trust preferred securities payable | 20,009 | 20,007 |
Prepaid debit cardholder balances | 18,685 | 10,178 |
Accrued interest payable | 2,646 | 1,894 |
Secured and other borrowings | 107,456 | 7,585 |
Fair Value, Inputs, Level 1 | ||
Financial assets: | ||
Cash and due from banks | 34,037 | 31,973 |
Overnight deposits | 500,366 | 237,492 |
Other investments | ||
Time deposits at banks | 498 | 498 |
Financial liabilities: | ||
Non-interest-bearing demand deposits | 1,927,629 | 1,837,874 |
Money market and savings deposits | 4,271,827 | 3,864,018 |
Accrued interest payable | 692 | 1,028 |
Fair Value, Inputs, Level 2 | ||
Financial assets: | ||
Securities held to maturity | 393,180 | 404,252 |
Other investments | ||
Disability Fund | 1,500 | 1,500 |
Accrued interest receivable | 1,922 | 2,007 |
Financial liabilities: | ||
Time deposits | 37,720 | 35,011 |
Federal funds purchased | 99,000 | |
Federal Home Loan Bank of New York advances | 300,000 | 440,000 |
Accrued interest payable | 1,563 | 475 |
Secured and other borrowings | 7,549 | 7,585 |
Fair Value, Inputs, Level 3 | ||
Financial assets: | ||
Loans, net | 5,517,142 | 5,474,238 |
Other investments | ||
Receivable from global payments business, net | 93,852 | 87,648 |
Accrued interest receivable | 31,274 | 29,941 |
Financial liabilities: | ||
Trust preferred securities payable | 20,009 | 20,007 |
Prepaid debit cardholder balances | 18,685 | 10,178 |
Accrued interest payable | 391 | $ 391 |
Secured and other borrowings | $ 99,907 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Changes in Accumulated Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | $ 659,021 | $ 575,897 |
Other comprehensive income (loss), net of tax | 846 | 4,166 |
Balance | 673,541 | 607,887 |
AOCI (Loss), Net | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | (52,936) | (54,298) |
Unrealized gain (loss) arising during the period, net of tax | 1,713 | 5,024 |
Reclassification adjustment for gain included in net income, net of tax | (867) | (858) |
Other comprehensive income (loss), net of tax | 846 | 4,166 |
Balance | (52,090) | (50,132) |
AFS Securities | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | (54,684) | (61,833) |
Unrealized gain (loss) arising during the period, net of tax | (2,567) | 5,719 |
Other comprehensive income (loss), net of tax | (2,567) | 5,719 |
Balance | (57,251) | (56,114) |
Cash Flow Hedges | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||
Balance | 1,748 | 7,535 |
Unrealized gain (loss) arising during the period, net of tax | 4,280 | (695) |
Reclassification adjustment for gain included in net income, net of tax | (867) | (858) |
Other comprehensive income (loss), net of tax | 3,413 | (1,553) |
Balance | $ 5,161 | $ 5,982 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Components of Accumulated Comprehensive Income Loss) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), Gross Amount | $ (74,862) | $ (75,209) |
Other Comprehensive Income (Loss), Tax Component | 22,772 | 22,273 |
Other Comprehensive Income (Loss), Total | (52,090) | (52,936) |
AFS Securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), Gross Amount | (82,271) | (77,783) |
Other Comprehensive Income (Loss), Tax Component | 25,020 | 23,098 |
Other Comprehensive Income (Loss), Total | (57,251) | (54,685) |
Cash Flow Hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), Gross Amount | 7,409 | 2,574 |
Other Comprehensive Income (Loss), Tax Component | (2,248) | (825) |
Other Comprehensive Income (Loss), Total | $ 5,161 | $ 1,749 |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclassifications Out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Licensing fees | $ (3,276) | $ (2,662) |
Income tax (expense) benefit | (8,082) | (8,761) |
Total reclassifications, net of income tax | 16,203 | 25,076 |
Reclassifications out of accumulated other comprehensive (loss) income | Cash Flow Hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Licensing fees | 1,251 | 1,235 |
Income tax (expense) benefit | (384) | (377) |
Total reclassifications, net of income tax | $ 867 | $ 858 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Outstanding following off-balance-sheet financial instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | $ 105,061 | $ 126,950 |
Variable Rate | 534,372 | 527,730 |
Unused commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 64,935 | 67,418 |
Variable Rate | 534,372 | 527,730 |
Standby and commercial letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed Rate | 40,126 | 59,532 |
Variable Rate | $ 0 | $ 0 |
COMMITMENTS AND CONTINGENCIES_3
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Amount of off-balance-sheet financial instruments | $ 105,061 | $ 126,950 |
Minimum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed interest rate off-balance-sheet financial instruments | 3% | 3% |
Variable interest rate off-balance-sheet financial instrument | 6% | 6% |
Maximum | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed interest rate off-balance-sheet financial instruments | 9.50% | 9.50% |
Variable interest rate off-balance-sheet financial instrument | 12.50% | 12.50% |
Commitments term | 2 years | |
Standby and commercial letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Amount of off-balance-sheet financial instruments | $ 40,126 | $ 59,532 |
Amount of off-balance-sheet financial instruments collateral received | $ 31,300 | $ 36,200 |
REVENUE FROM CONTRACTS WITH C_3
REVENUE FROM CONTRACTS WITH CUSTOMERS (Schedule of non-interest income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Non-interest income | $ 7,027 | $ 6,948 |
Service charges on deposit accounts | ||
Non-interest income | 1,863 | 1,456 |
Global Payments Group revenue | ||
Non-interest income | 4,069 | 4,850 |
Other service charges and fees | ||
Non-interest income | $ 1,095 | $ 642 |
DERIVATIVES - (Derivative posit
DERIVATIVES - (Derivative position) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives designated as hedges | Interest rate swaps related to client deposits and borrowings | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount, derivative asset | $ 700,000 | $ 700,000 |
Fair Value, Other Assets | 4,137 | 1,530 |
Fair Value, Other Liabilities | 1,400 | 4,880 |
Derivatives not designated as hedges | Interest rate swaps | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount, derivative asset | 69,000 | 69,000 |
Fair Value, Other Assets | 416 | 1,157 |
Fair Value, Other Liabilities | $ 416 | $ 1,157 |
DERIVATIVES (Cash flow hedge ac
DERIVATIVES (Cash flow hedge accounting) (Details) - Derivatives designated as hedges - Interest rate swaps and caps related to client deposits and borrowings - Cash flow hedge - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of gain (loss) recognized in OCI, net of tax | $ 4,279 | $ (1,553) |
Amount of gain (loss) reclassified from OCI into income | $ 1,251 | $ 1,235 |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Licensing Fees | Licensing Fees |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 16,203 | $ 25,076 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 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 |