Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35791 | ||
Entity Registrant Name | Northfield Bancorp, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 80-0882592 | ||
Entity Address, Address Line One | 581 Main Street, | ||
Entity Address, City or Town | Woodbridge, | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07095 | ||
City Area Code | 732 | ||
Local Phone Number | 499-7200 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | NFBK | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 766.5 | ||
Entity Common Stock, Shares Outstanding | 48,935,337 | ||
Documents Incorporated by Reference | Certain portions of the registrant’s Definitive Proxy Statement (the 2022 Proxy Statement) for the 2022 Annual Meeting of the Stockholders to be held May 26, 2022, will be incorporated by reference in Part III. The 2022 Proxy Statement will be filed within 120 days of December 31, 2021. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001493225 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | KPMG, LLP |
Auditor Location | Short Hills, New Jersey |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS: | ||
Cash and due from banks | $ 18,191 | $ 16,115 |
Interest-bearing deposits in other financial institutions | 72,877 | 71,429 |
Total cash and cash equivalents | 91,068 | 87,544 |
Trading securities | 13,461 | 12,291 |
Debt securities available-for-sale, at estimated fair value (and no allowance for credit losses at December 31, 2021) | 1,208,237 | 1,264,805 |
Debt securities held-to-maturity, at amortized cost (estimated fair value of $5,475 at December 31, 2021, and $7,574 at December 31, 2020) | 5,283 | 7,234 |
Equity securities | 5,342 | 253 |
Loans held-for-sale | 0 | 19,895 |
Total loans held-for-investment, net | 3,806,617 | 3,823,238 |
Allowance for credit losses | (38,973) | (37,607) |
Net loans held-for-investment | 3,767,644 | 3,785,631 |
Accrued interest receivable | 14,572 | 14,690 |
Bank-owned life insurance | 164,500 | 161,924 |
Federal Home Loan Bank ("FHLB") of New York stock, at cost | 22,336 | 28,641 |
Operating lease right-of-use assets | 33,943 | 36,741 |
Premises and equipment, net | 25,937 | 28,188 |
Goodwill | 41,012 | 41,320 |
Other assets | 37,207 | 25,387 |
Total assets | 5,430,542 | 5,514,544 |
LIABILITIES: | ||
Deposits | 4,169,334 | 4,076,551 |
Securities sold under agreements to repurchase | 50,000 | 75,000 |
FHLB advances and other borrowings | 371,755 | 516,789 |
Operating lease liabilities | 39,851 | 42,734 |
Advance payments by borrowers for taxes and insurance | 24,909 | 19,677 |
Accrued expenses and other liabilities | 34,810 | 29,812 |
Total liabilities | 4,690,659 | 4,760,563 |
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, $0.01 par value; 25,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value; 150,000,000 shares authorized, 64,770,875 shares issued at December 31, 2021 and 2020, respectively, 49,266,733 and 52,209,897 shares outstanding at December 31, 2021 and 2020, respectively | 648 | 648 |
Additional paid-in-capital | 589,972 | 590,506 |
Unallocated common stock held by employee stock ownership plan | (17,058) | (18,529) |
Retained earnings | 381,361 | 338,093 |
Accumulated other comprehensive income | 2,063 | 13,160 |
Treasury stock at cost; 15,504,142 and 12,560,978 shares at December 31, 2021 and 2020, respectively | (217,103) | (169,897) |
Total stockholders’ equity | 739,883 | 753,981 |
Total liabilities and stockholders’ equity | $ 5,430,542 | $ 5,514,544 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Debt securities, held-to-maturity | $ 5,475 | $ 7,574 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (shares) | 64,770,875 | 64,770,875 |
Common stock, shares outstanding (shares) | 49,266,733 | 52,209,897 |
Treasury stock, shares (shares) | 15,504,142 | 12,560,978 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income: | |||
Loans | $ 158,217 | $ 146,570 | $ 136,133 |
Mortgage-backed securities | 10,640 | 16,572 | 19,710 |
Other securities | 1,965 | 2,871 | 6,331 |
FHLB of New York dividends | 1,279 | 1,825 | 1,618 |
Deposits in other financial institutions | 197 | 307 | 1,351 |
Total interest income | 172,298 | 168,145 | 165,143 |
Interest expense: | |||
Deposits | 6,207 | 25,230 | 41,328 |
Borrowings | 10,442 | 13,107 | 12,030 |
Total interest expense | 16,649 | 38,337 | 53,358 |
Net interest income | 155,649 | 129,808 | 111,785 |
(Benefit)/provision for credit losses | (6,184) | 12,742 | 22 |
Net interest income after (benefit)/provision for credit losses | 161,833 | 117,066 | 111,763 |
Non-interest income: | |||
Fees and service charges for customer services | 5,394 | 3,967 | 4,881 |
Income on bank-owned life insurance | 4,103 | 3,774 | 7,023 |
Gains on available-for-sale debt securities, net | 1,495 | 327 | 514 |
Gains on trading securities, net | 1,703 | 1,601 | 1,988 |
Gains on sale of loans | 1,401 | 665 | 0 |
Other | 357 | 1,138 | 402 |
Total non-interest income | 14,453 | 11,472 | 14,808 |
Non-interest expense: | |||
Compensation and employee benefits | 43,677 | 41,437 | 39,571 |
Occupancy | 13,956 | 15,152 | 13,676 |
Furniture and equipment | 1,737 | 1,519 | 1,085 |
Data processing | 6,784 | 8,123 | 5,679 |
Professional fees | 3,596 | 4,141 | 3,545 |
Advertising | 2,358 | 2,088 | 3,442 |
Federal Deposit Insurance Corporation (FDIC) insurance | 1,365 | 885 | 563 |
Other | 5,686 | 5,168 | 5,988 |
Total non-interest expense | 79,159 | 78,513 | 73,549 |
Income before income tax expense | 97,127 | 50,025 | 53,022 |
Income tax expense | 26,473 | 13,037 | 12,787 |
Net income | $ 70,654 | $ 36,988 | $ 40,235 |
Net income per common share: | |||
Basic (usd per share) | $ 1.46 | $ 0.76 | $ 0.86 |
Diluted (usd per share) | $ 1.45 | $ 0.76 | $ 0.85 |
Basic weighted average shares outstanding (in shares) | 48,416,495 | 48,721,504 | 46,783,442 |
Diluted weighted average shares outstanding (in shares) | 48,754,263 | 48,785,963 | 47,163,804 |
Net income | $ 70,654 | $ 36,988 | $ 40,235 |
Unrealized (losses) gains on debt securities available-for-sale: | |||
Net unrealized holding (losses) gains | (13,916) | 12,077 | 19,666 |
Less: reclassification adjustment for net gains included in net income | (1,495) | (327) | (514) |
Net unrealized (losses) gains | (15,411) | 11,750 | 19,152 |
Post-retirement benefits adjustment | 0 | 0 | 77 |
Other comprehensive (loss) income, before tax | (15,411) | 11,750 | 19,229 |
Income tax benefit (expense) related to net unrealized holding (losses) gains on debt securities available-for-sale | 3,895 | (3,380) | (5,505) |
Income tax expense related to reclassification adjustment for gains included in net income | 419 | 91 | 144 |
Income tax expense related to post-retirement benefits adjustment | 0 | 0 | (22) |
Other comprehensive (loss) income, net of tax | (11,097) | 8,461 | 13,846 |
Comprehensive income | $ 59,557 | $ 45,449 | $ 54,081 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in Capital | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Unallocated Common Stock Held by the Employee Stock Ownership Plan | Unallocated Common Stock Held by the Employee Stock Ownership PlanCumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (loss) Net of tax | Accumulated Other Comprehensive Income (loss) Net of taxCumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock | Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance |
Beginning Balance (in shares) at Dec. 31, 2018 | 49,635,673 | |||||||||||||||
Beginning Balance at Dec. 31, 2018 | $ 666,439 | $ 609 | $ 546,219 | $ (20,992) | $ 302,544 | $ (9,147) | $ (152,794) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 40,235 | 40,235 | ||||||||||||||
Other comprehensive (loss) income, net of tax | 13,846 | 13,846 | ||||||||||||||
ESOP shares allocated or committed to be released | 2,340 | 1,088 | 1,252 | |||||||||||||
Stock compensation expense | 3,236 | 3,236 | ||||||||||||||
Net forfeitures of restricted stock (in shares) | (8,000) | |||||||||||||||
Net forfeitures of restricted stock | 0 | 118 | (118) | |||||||||||||
Exercise of stock options (in shares) | 583,574 | |||||||||||||||
Exercise of stock options, net | 5,770 | (2,175) | 7,945 | |||||||||||||
Cash dividends declared | (20,198) | (20,198) | ||||||||||||||
Treasury stock (in shares) | (1,035,900) | |||||||||||||||
Treasury stock | (15,815) | (15,815) | ||||||||||||||
Ending Balance (in shares) at Dec. 31, 2019 | 49,175,347 | |||||||||||||||
Ending Balance at Dec. 31, 2019 | $ 695,853 | $ 609 | 548,486 | (19,740) | 322,581 | 4,699 | (160,782) | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 | |||||||||||||||
Net income | $ 36,988 | 36,988 | ||||||||||||||
Other comprehensive (loss) income, net of tax | 8,461 | 8,461 | ||||||||||||||
ESOP shares allocated or committed to be released | 1,780 | 569 | 1,211 | |||||||||||||
Stock compensation expense | 1,432 | 1,432 | ||||||||||||||
Net issuance of restricted stock (in shares) | 83,744 | |||||||||||||||
Net issuance of restricted stock | 0 | (1,145) | 1,145 | |||||||||||||
Net forfeitures of restricted stock (in shares) | (3,573) | |||||||||||||||
Net forfeitures of restricted stock | $ 0 | 34 | (34) | |||||||||||||
Exercise of stock options (in shares) | 13,000 | 13,000 | ||||||||||||||
Exercise of stock options, net | $ 175 | (4) | 179 | |||||||||||||
Cash dividends declared | (21,476) | (21,476) | ||||||||||||||
Issuance of stock for VSB Bancorp, Inc. acquisition (in shares) | 3,837,168 | |||||||||||||||
Issuance of stock for VSB Bancorp, Inc. acquisition | 41,173 | $ 39 | 41,134 | |||||||||||||
Treasury stock (in shares) | (3,342,700) | |||||||||||||||
Treasury stock | (10,405) | (53,321) | ||||||||||||||
Ending Balance (in shares) at Dec. 31, 2020 | 52,209,897 | 52,209,897 | ||||||||||||||
Ending Balance at Dec. 31, 2020 | 753,981 | $ (3,087) | $ 750,894 | $ 648 | $ 648 | 590,506 | $ 590,506 | (18,529) | $ (18,529) | 338,093 | $ (3,087) | $ 335,006 | 13,160 | $ 13,160 | (169,897) | $ (169,897) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Net income | 70,654 | 70,654 | ||||||||||||||
Other comprehensive (loss) income, net of tax | (11,097) | (11,097) | ||||||||||||||
ESOP shares allocated or committed to be released | 2,649 | 1,178 | 1,471 | |||||||||||||
Stock compensation expense | 994 | 994 | ||||||||||||||
Net issuance of restricted stock (in shares) | 147,315 | |||||||||||||||
Net issuance of restricted stock | 0 | (1,821) | 1,821 | |||||||||||||
Net forfeitures of restricted stock (in shares) | (13,280) | |||||||||||||||
Net forfeitures of restricted stock | $ 0 | 178 | (178) | |||||||||||||
Exercise of stock options (in shares) | 394,045 | 265,501 | ||||||||||||||
Exercise of stock options, net | $ 3,409 | (1,063) | 4,472 | |||||||||||||
Cash dividends declared | (24,299) | (24,299) | ||||||||||||||
Treasury stock | (53,321) | |||||||||||||||
Ending Balance (in shares) at Dec. 31, 2021 | 49,266,733 | |||||||||||||||
Ending Balance at Dec. 31, 2021 | $ 739,883 | $ 648 | $ 589,972 | $ (17,058) | $ 381,361 | $ 2,063 | $ (217,103) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (usd per share) | $ 0.50 | $ 0.44 | $ 0.43 |
Average cost of treasury stock (usd per share) | $ 15.91 | $ 11.59 | $ 15.26 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 70,654 | $ 36,988 | $ 40,235 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Benefit)/provision for credit losses | (6,184) | 12,742 | 22 |
ESOP and stock compensation expense | 3,643 | 3,212 | 5,576 |
Depreciation | 3,889 | 3,878 | 3,569 |
Amortization of premiums, and deferred loan costs, net of (accretion) of discounts, and deferred loan fees | 2,587 | 4,073 | 4,344 |
Amortization of intangible assets | 200 | 229 | 265 |
Amortization of mortgage servicing rights | 4,395 | 4,586 | 5,069 |
Income on bank-owned life insurance | (4,103) | (3,774) | (7,023) |
Net gain on sale of loans | (1,401) | (665) | 0 |
Gains on available-for-sale debt securities, net | (1,495) | (327) | (514) |
Gains on trading securities, net | (1,703) | (1,601) | (1,988) |
Net sales (purchases) of trading securities | 533 | 532 | (266) |
Decrease (increase) in accrued interest receivable | 118 | 1,334 | (1,650) |
(Increase) decrease in other assets | (14,531) | 1,294 | 2,679 |
Deferred taxes | 3,159 | (3,058) | (177) |
Increase (decrease) in accrued expenses and other liabilities | 4,998 | (4,229) | 1,011 |
Net cash used in operating activities | 64,759 | 55,214 | 51,152 |
Cash flows from investing activities: | |||
Net increase in loans receivable | (105,455) | (276,616) | (147,507) |
Purchase of loans | 0 | 0 | (44,918) |
Proceeds from sale of loans | 151,559 | 48,165 | 0 |
Purchase of FHLB of New York stock | (220) | (10,497) | (38,546) |
Redemption of FHLB of New York stock | 6,525 | 21,735 | 21,488 |
Purchases of debt securities available-for-sale | (746,967) | (572,342) | (635,898) |
Purchases of equity securities | (5,089) | (27) | (2,061) |
Principal payments and maturities on debt securities available-for-sale | 454,414 | 556,920 | 243,374 |
Principal payments and maturities on debt securities held-to-maturity | 1,879 | 1,462 | 709 |
Proceeds from sale of debt securities available-for-sale | 328,966 | 23,628 | 79,255 |
Proceeds from sale of equity securities | 0 | 3,115 | 0 |
Proceeds from bank-owned life insurance | 1,021 | 2,716 | 5,002 |
Purchases and improvements of premises and equipment | (1,638) | (3,059) | (3,623) |
Net cash acquired in business combinations | 0 | 72,875 | 0 |
Net cash provided by (used in) investing activities | 84,995 | (131,925) | (522,725) |
Cash flows from financing activities: | |||
Net increase in deposits | 92,783 | 313,726 | 121,721 |
Dividends paid | (24,299) | (21,476) | (20,198) |
Exercise of stock options | 3,409 | 175 | 5,770 |
Purchase of treasury stock | (53,321) | (10,405) | (15,815) |
Increase (decrease) in advance payments by borrowers for taxes and insurance | 5,232 | (368) | 2,038 |
Repayments under capital lease obligations | 0 | 0 | (44) |
Proceeds from securities sold under agreements to repurchase and other borrowings | 0 | 370,785 | 1,206,659 |
Repayments related to securities sold under agreements to repurchase and other borrowings | (170,034) | (636,000) | (758,502) |
Net cash (used in) provided by financing activities | (146,230) | 16,437 | 541,629 |
Net increase (decrease) in cash and cash equivalents | 3,524 | (60,274) | 70,056 |
Cash and cash equivalents at beginning of year | 87,544 | 147,818 | 77,762 |
Cash and cash equivalents at end of year | 91,068 | 87,544 | 147,818 |
Supplemental cash flow information: | |||
Interest | 17,451 | 39,584 | 51,634 |
Income taxes | 28,476 | 15,169 | 11,092 |
Non-cash transactions: | |||
Loans charged-off (recovered), net | 2,803 | 3,842 | (1,189) |
Initial recognition of operating lease right-of-use assets | 0 | 0 | 43,560 |
Initial recognition of operating lease liabilities | 0 | 0 | 47,328 |
Transfers of loans held-for-investment to loans held-for-sale, at fair value | 131,883 | 67,395 | 0 |
Transfers of loans held-for-sale at fair value to loans held-for-investment | 1,612 | 0 | 0 |
Transfers of loans held-for-investment to loans to other real estate owned | 100 | 0 | 0 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 1,596 | 3,568 | 1,013 |
Securities available-for-sale | 0 | 126,931 | 0 |
Loans | 0 | 180,431 | 0 |
Accrued interest receivable | 0 | 1,415 | 0 |
Bank-owned life insurance | 0 | 5,714 | 0 |
Premises and equipment | 0 | 7,789 | 0 |
Goodwill and other intangible assets | 0 | 2,909 | 0 |
Other assets | 0 | 4,702 | 0 |
Total non-cash assets acquired | 0 | 329,891 | 0 |
Deposits | 0 | 354,592 | 0 |
Other liabilities | 0 | 7,001 | 0 |
Total non-cash liabilities assumed | 0 | 361,593 | 0 |
Net non-cash liabilities assumed | 0 | (31,702) | 0 |
Net cash and cash equivalents acquired | 0 | 72,875 | 0 |
Common stock issued in acquisition | $ 0 | $ 41,173 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The following significant accounting and reporting policies of Northfield Bancorp, Inc. and subsidiaries (collectively, the “Company”), conform to U.S. generally accepted accounting principles (“U.S. GAAP”), and are used in preparing and presenting these consolidated financial statements. (a) Basis of Presentation The consolidated financial statements are comprised of the accounts of Northfield Bancorp, Inc. and its wholly owned subsidiaries, Northfield Investment, Inc. and Northfield Bank (the “Bank”), and the Bank’s wholly-owned significant subsidiaries, NSB Services Corp. and NSB Realty Trust. All significant intercompany accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and revenues and expenses during the reporting periods. Actual results may differ significantly from those estimates and assumptions. A material estimate that is particularly susceptible to significant change in the near term is the allowance for credit losses. In connection with the determination of this allowance, management generally obtains independent appraisals for significant properties. In addition, judgments related to the amount and timing of expected cash flows from purchased credit-deteriorated (“PCD”, or, previously, purchased credit-impaired “PCI”) loans, goodwill, securities valuation and impairment, and deferred income taxes, involve a higher degree of complexity and subjectivity and require estimates and assumptions about uncertain matters. Actual results may differ from the estimates and assumptions. Certain prior year amounts have been reclassified to conform to the current year presentation. (b) Adoption of New Accounting Standards ASU No. 2016-03. In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance was subsequently amended by ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”; ASU No. 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief”; and ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. ASU No. 2016-13 and its subsequent updates are collectively known as “CECL”. CECL replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. For available-for-sale debt securities where fair value is less than cost, credit-related impairment would be recognized in an allowance for credit losses and adjusted in each subsequent period for changes in credit risk. CECL also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for credit losses. ASU 2016-13 and its related amendments were initially effective for financial statements for fiscal years and interim periods beginning after December 15, 2019. The Company elected to defer the adoption of the CECL methodology permitted by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, signed into law on March 27, 2020, which provided financial institutions with the option to defer adoption of ASU 2016-13 until the earlier of the end of the pandemic or December 31, 2020. This relief was further extended by the Consolidations Appropriations Act enacted on December 27, 2020, to the earlier of the first day of an entity's fiscal year after the date the national emergency terminates or January 1, 2022. The Company adopted ASU 2016-13 and its related amendments on January 1, 2021, using a modified retrospective approach. At adoption, the Company recorded an $11.1 million increase to its allowance for credit losses, including reserves of $10.4 million related to loans and $737,000 related to unfunded credit commitments. Of the $10.4 million increase in loan reserves, $6.8 million represents PCD loan-related reserves which were recognized through a gross-up that increases the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore results in no impact to shareholders' equity. The non-PCD loan related increase to the allowance for credit losses of $4.3 million, including the reserves for unfunded loan commitments, was offset in shareholders' equity and deferred tax assets. For further details on the adoption of CECL see Note 6 - Loans Note 7 - Allowance for Credit Losses on Loans ASU No. 2019-12. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU No. 2019-12 simplifies accounting for income taxes by removing specific technical exceptions in ASC 740 related to the incremental approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted ASU 2019-12 on January 1, 2021, which did not have a material impact on the Company's financial condition or results of operations. ASU No. 2018-15. In August 2018, the FASB issued ASU No. 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” This guidance aligns the accounting for implementation costs related to a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, where a cloud computing arrangement includes a license to internal-use software, the software license is accounted for by the customer in accordance with Subtopic 350-40, “Intangibles - Goodwill and Other-Internal-Use Software”. ASU No. 2018-15 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU No. 2018-15 on January 1, 2020, and it did not have an impact on the Company's financial condition or results of operation. ASU No. 2018-13. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 was effective for interim and annual reporting periods beginning after December 15, 2019. The Company adopted ASU No. 2018-13 on January 1, 2020, and it did not have an impact on the Company's financial condition or results of operation. ASU No 2017-04. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The ASU eliminates Step 2 from the goodwill impairment test and also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company adopted ASU No. 2017-04 on January 1, 2020, and it did not have an impact on the Company's financial condition or results of operation. ASU No. 2016-02 . In February 2016, the FASB issued ASU No. 2016-02, Leases (“Topic 842” ), which requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date for leases classified as operating leases as well as finance leases. Under this guidance, lessor accounting is largely unchanged. This ASU became effective for annual and interim periods for the Company on January 1, 2019. The Company adopted the standard by applying the alternative transition method whereby comparative periods were not restated, and no cumulative effect adjustment to the opening balance of retained earnings was recognized as of January 1, 2019. The Company also elected the ASU’s package of three practical expedients, which allowed the Company to forego a reassessment of (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) the initial direct costs for any existing leases. The Company also elected not to apply the recognition requirements of the ASU to any short-term leases (as defined by related accounting guidance) and will account for lease and non-lease components separately because such amounts are readily determinable under most lease contracts. The adoption of this standard resulted in the Company recognizing operating lease right-of-use assets and related operating lease liabilities totaling $43.6 million and $47.3 million respectively, as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s consolidated results of operations. ASU No. 2017-08 . In March 2017, the FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in this update require the premium on callable debt securities to be amortized to the earliest call date rather than the maturity date; however, securities held at a discount continue to be amortized to maturity. The amendments apply only to debt securities purchased at a premium that are callable at fixed prices and on preset dates. The amendments more closely align interest income recorded on debt securities held at a premium or discount with the economics of the underlying instrument. This ASU became effective for the Company on January 1, 2019, and did not have a material impact on the Company's consolidated financial statements. ASU No. 2018-07 . In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which is intended to align the accounting for share-based payment awards issued to employees and nonemployees. The guidance applies to nonemployee awards issued in exchange for goods or services used or consumed in an entity’s own operations and to awards granted by an investor to employees and nonemployees of an equity method investee for goods or services used or consumed in the investee’s operations. There are no new disclosure requirements. This ASU became effective for the Company on January 1, 2019. Adoption of this ASU did not have an impact on the Company's consolidated financial statements, as share-based payment awards to nonemployee directors are accounted for in the same manner as share-based payment awards for employees. (c) Business The Company, through its principal subsidiary, the Bank, provides a full range of banking services primarily to individuals and corporate customers in Richmond and Kings counties in New York, and Hunterdon, Mercer, Union and Middlesex counties in New Jersey. The Company is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. (d) Cash Equivalents Cash equivalents consist of cash on hand, due from banks, and interest-bearing deposits in other financial institutions with an original term of three months or less. (e) Securities Securities are classified at the time of purchase, based on management’s intention, as debt securities held-to-maturity, debt securities available-for-sale, trading account securities or equity securities. Debt securities held-to-maturity are those that management has the positive intent and ability to hold until maturity. Debt securities held-to-maturity are carried at amortized cost, adjusted for amortization of premiums and accretion of discounts using the level-yield method over the contractual term of the securities, adjusted for actual prepayments. Debt securities available-for-sale represents all securities not classified as either held-to-maturity, trading, or equity. Debt securities available-for-sale are carried at estimated fair value with unrealized holding gains and losses (net of related tax effects) on such securities excluded from earnings, but included as a separate component of stockholders’ equity, titled “Accumulated other comprehensive income (loss).” The cost of securities sold is determined using the specific-identification method. Security transactions are recorded on a trade-date basis. For securities available for sale, ASU 2016-13 eliminates the concept of other than temporary impairment and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component in the form of write-offs or recoveries is recognized as part of the allowance for credit losses on securities available for sale. Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. All of the held-to-maturity securities in the Company's portfolio are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S government and therefore the expectation of nonpayment is zero. Therefore the Company is not required to estimate an allowance for credit losses related to these securities. Prior to the adoption of ASU 2016-13, our evaluation of other-than-temporary impairment considered our assessments of the reason for the decline in value, the duration and severity of the impairment, our intent and ability to hold the securities (as well as the likelihood of a near-term recovery), and our intent to sell the securities and whether it was more likely than not that we would be required to sell the securities before the recovery of their amortized cost basis. If a determination was made that a debt security was other-than-temporarily impaired, the Company would estimate the amount of the unrealized loss that was attributable to credit and all other non-credit related factors. If we intended to hold securities in an unrealized loss position until the loss was recovered, which may be at maturity, the credit related component was recognized as an other-than-temporary impairment charge in non-interest income. The non-credit related component was recorded as an adjustment to accumulated other comprehensive income (loss), net of tax. The estimated fair value of debt securities, including mortgage-backed securities and corporate debt obligations is furnished by an independent third-party pricing service. The third-party pricing service primarily utilizes pricing models and methodologies that incorporate observable market inputs, including among other things, benchmark yields, reported trades, and projected prepayment and default rates. Management reviews the data and assumptions used in pricing the securities by its third-party provider for reasonableness. The Company has made the accounting policy election to exclude accrued interest receivable on securities from the estimate of credit losses. Accrued interest receivable totaled $2.5 million at December 31, 2021 and is reported in accrued interest receivable on the consolidated balance sheet. Trading securities are securities that are bought and may be held for the purpose of selling them in the near term. Trading securities are reported at estimated fair value, using quoted prices in active markets, with unrealized holding gains and losses reported as a component of gain (loss) on securities, net in non-interest income. Equity securities with readily determinable fair values are stated at fair value with unrealized gains and losses reported as a component of gain (loss) on securities, net in non-interest income. Equity securities without readily determinable fair values are recorded at net asset value less any impairment, if any. (f) Loans and Allowance for Credit Losses The accounting and reporting for PCD loans and loans classified as held-for-sale differs substantially from those loans classified by the Company as held-for-investment. For purposes of reporting, discussion and analysis, management has classified its loan portfolio into three categories: (1) loans originated by the Company and held-for-sale, which are carried at the lower of aggregate cost or estimated fair value, less costs to sell, and therefore have no associated allowance for loan losses, (2) PCD loans, which are held-for-investment, and initially valued at estimated fair value on the date of acquisition, with no initial related allowance for credit losses, and (3) Loans held-for-investment, which include originated loans carried at amortized cost, and acquired loans, with no evidence of credit deterioration, initially valued at fair value on the date of acquisition, less net charge-offs and the allowance for credit losses. Net loans held-for-investment are stated at unpaid principal balance, adjusted by unamortized premiums and unearned discounts, deferred origination fees and certain direct origination costs, and the allowance for credit losses. Interest income on loans is accrued and credited to income as earned. Net loan origination fees/costs are deferred and accreted/amortized to interest income over the loan’s contractual life using the level-yield method, adjusted for actual prepayments. Generally, loans held-for-sale are designated at time of origination and generally consist of newly originated fixed rate residential loans and are recorded at the lower of aggregate cost or estimated fair value in the aggregate. During 2021 and 2020, the Company transferred from held-for-investment to held-for-sale certain performing and nonperforming loans. Transfers of loans from held-for-investment to held-for-sale are infrequent and occur at fair value less costs to sell, with any charge-off to allowance for credit losses. Gains are recognized on a settlement-date basis and are determined by the difference between the net sales proceeds and the carrying value of the loans, including any net deferred fees or costs. Net loans held-for-investment are deemed impaired when it is probable, based on current information, that the Company will not collect all amounts due in accordance with the contractual terms of the loan agreement. The Company has defined the population of impaired loans to be all non-accrual loans held-for-investment with an outstanding balance of $500,000 or greater and all loans restructured in troubled debt restructurings (“TDRs”). Loan held-for-investment are individually assessed to determine that the loan’s carrying value is not in excess of the expected future cash flows, discounted at the loan's original effective interest rate, or the fair value of the underlying collateral (less estimated costs to sell) if the loan is collateral dependent. Impairments, if any, are recognized through a charge to the allowance for credit losses on loans for the amount that the loan’s carrying value exceeds the discounted cash flow analysis or estimated fair value of collateral (less estimated costs to sell) if the loan is collateral dependent. Such amounts are charged-off when considered appropriate. Allowance for Credit Losses on Loans As noted previously, the Company adopted ASU 2016-13 on January 1, 2021, and thus 2021 follows the current expected credit losses methodology. Prior periods have been reported in accordance with previously applicable GAAP, which followed the incurred credit losses methodology. Under ASU 2016-13 the Company determines the allowance for credit losses on loans based upon a consideration of its historical portfolio loss experience, current borrower-specific risk characteristics, current conditions, forecasts of future economic conditions, reversion period, prepayments, and qualitative adjustments. The allowance is measured on a collective (loan segment) basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. Accrued interest on loans is excluded from the calculation of the allowance for credit losses due to the Company's non-accrual policy which results in the reversal of uncollectible accrued interest on non-accrual loans against interest income in a timely manner. Accrued interest receivable on loans held-for-investment totaled $9.4 million at December 31, 2021, and is reported in accrued interest receivable on the consolidated balance sheet. Allowance for Collectively Evaluated Loans Held-for-Investment . In estimating the quantitative component of the allowance on a collective basis, the Company uses a risk rating migration model which calculates an expected life of loan loss percentage for each loan by generating probability of default and loss given default metrics. These metrics are multiplied by the exposure at default, taking into consideration prepayments, to calculate the quantitative component of the allowance. The metrics are based on the migration of loans from performing to loss by credit risk rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses incurred using the Company's own historical loss experience and comparable peer data loss history. The model's expected losses based on loss history are adjusted for qualitative adjustments to address risks that may not be adequately represented in the risk rating migration model. Among other things, these adjustments include and account for differences in: (i) changes in lending policies and procedures; (ii) changes in local, regional, national, and international economic and business conditions and developments that affect the collectability of our portfolio, including the condition of various market segments; (iii) changes in the experience, ability and depth of lending management and other relevant staff; (iv) changes in the quality of our loan review system; (v) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (vi) the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio. The Company utilizes a two-year reasonable and supportable forecast period after which estimated losses revert to historical loss experience immediately for the remaining life of the loan. In establishing its estimate of expected credit losses, the Company utilizes five externally-sourced forward-looking economic scenarios developed by Moody's Analytics (“Moody's”). Management utilizes five different Moody's scenarios so as to incorporate uncertainties related to the economic environment arising from the COVID-19 pandemic. These scenarios, which range from more benign to more severe economic outlooks, include a ‘most likely outcome’ (the “Baseline” scenario) and four less likely scenarios referred to as the “Upside” and “Downside” scenarios. Each scenario is assigned a weighting with a majority of the weighting placed on the Baseline scenario and lower weights placed on both the Upside and Downside scenarios. The weighting assigned by management is based on the economic outlook and available information at the reporting date. The model projects economic variables under each scenario based on detailed statistical analyses. The Company has identified and selected key variables that most closely correlated to its historical credit performance, which include: Gross domestic product, unemployment, and three collateral indices: the Commercial Property Price Index, the Commercial Property Price Apartment Index and the Case-Shiller Home Price Index. Allowance for Individually Evaluated Loans. The Company measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of all TDRs and non-accrual loans with an outstanding balance of $500,000 or greater. Loans individually evaluated for impairment are assessed to determine that the loan’s carrying value is not in excess of the estimated fair value of the collateral less cost to sell, if the loan is collateral-dependent, or the present value of the expected future cash flows, if the loan is not collateral-dependent. Management performs an evaluation of each impaired loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair values down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining the estimated fair value of underlying collateral (and related costs to sell) can be difficult in illiquid real estate markets and is subject to significant assumptions and estimates. Management employs an independent third-party management firm that specializes in appraisal preparation and review to ascertain the reasonableness of updated appraisals. Projecting the expected cash flows under troubled debt restructurings which are not collateral-dependent is inherently subjective and requires, among other things, an evaluation of the borrower’s current and projected financial condition. Individually impaired loans that have no impairment losses are not considered for collective allowances described above. The Company elected to exclude accrued interest on loans from the amortized cost of loans held for investment. The accrued interest is reported in accrued interest receivable on the consolidated balance shee t and totaled $9.4 million at December 31, 2021. PCD/PCI Loans The Company adopted CECL using the prospective transition approach for PCD loans that were previously classified as PCI loans and accounted for under Accounting Standards Codification (“ASC”) Subtopic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” . In accordance with the standard, management did not reassess whether PCI loans met the criteria of PCD loans as of the date of adoption. On January 1, 2021, the amortized cost basis of the PCD assets was adjusted to reflect the addition of the $6.8 million of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis)will be accreted into interest income at the effective interest rate as of January 1, 2021. Upon adoption of CECL, the Company elected to maintain pools of loans that were previously accounted for under ASC Subtopic 310-30 and will continue to account for these pools as a unit of account. Loans are only removed from existing pools if they are written off, paid off, or sold. Upon adoption of CECL, the allowance for credit losses was determined for each pool and added to the pool's carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the noncredit premium or discount which will be amortized into interest income over the remaining life of the pool. Changes to the allowance for credit losses after adoption are recorded through provision expense. The Company also maintains a reserve for estimated losses on off-balance sheet credit risks related to loan commitments and stand-by letters of credit. The reserve for off-balance sheet exposures is determined using the CECL reserve factor in the related funded loan segment, adjusted for an average historical funding rate. The allowance for credit losses for off-balance sheet credit exposures is recorded in other liabilities on the consolidated balance sheets and the corresponding provision is included in other non-interest expense. While management uses available information to estimate credit losses on loans, future additions may be necessary based on changes in conditions, including changes in economic conditions and forecasts, particularly in Richmond and Kings counties in New York, and Hunterdon, Mercer, Union and Middlesex counties in New Jersey and to a lesser extent eastern Pennsylvania. Accordingly, as with most financial institutions in the market area, the ultimate collectability of a substantial portion of the Company’s loan portfolio is susceptible to changes in conditions in the Company’s marketplace. In addition, future changes in laws and regulations could make it more difficult for the Company to collect all contractual amounts due on its loans and mortgage-backed securities. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. TDRs are loans where terms have been modified because of deterioration in the financial condition of the borrower. Modifications could include extension of the repayment terms of the loan, reduced interest rates, or forgiveness of accrued interest and/or principal. Once an obligation has been restructured because of such credit problems, it continues to be considered restructured until paid in full or, if the obligation yields a market rate (a rate equal to the rate the Company was willing to accept at the time of the restructuring for a new loan with comparable risk), until the year subsequent to the year in which the restructuring takes place, provided the borrower has performed under the modified terms for a consecutive six-month period. The Company records an impairment charge equal to the difference between the present value of estimated future cash flows under the restructured terms discounted at the original loan’s effective interest rate, or the underlying collateral value, less estimated costs to sell, if the loan is collateral dependent. Changes in present values attributable to the passage of time are recorded as a component of the provision for loan losses. The CARES Act includes provisions that provide temporary relief from TDR accounting for certain types of modifications. Under these provisions, modifications deemed to be Coronavirus (“COVID-19”) related would not be considered a TDR if the loan was not more than 30 days past due as of December 31, 2019 and the deferral was executed between March 1, 2020 and the earlier of 60 days after the date of termination of the COVID-19 national emergency or December 31, 2020. The termination of these provisions was extended, to the earlier of 60 days after the COVID-19 national emergency date or January 1, 2022, with the Consolidated Appropriations Act of 2021. The banking regulators issued similar guidance, which also clarified that a COVID- |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations On July 1, 2020, the Company completed its acquisition of VSB Bancorp, Inc. (“Victory”), parent company of Victory State Bank, in a stock transaction, which after purchase accounting adjustments added $402.8 million to total assets, including $180.4 million to loans, and $354.6 million to deposits, and six branch offices in Staten Island, New York. Under the terms of the merger agreement, each share of Victory common stock was exchanged for 2.0463 shares of Northfield common stock with fractional shares paid out in cash. The transaction was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax, as of July 1, 2020, and results of operations have been included in the Company's consolidated statements of income from that date forward. The excess of consideration paid over the fair value of the net assets acquired has been recorded as goodwill. Direct costs related to the acquisition were expensed as incurred. During the year ended December 31, 2020, the Company incurred $4.3 million, respectively, of merger-related expenses, pre-tax, which are included in non-interest expense in the Company's consolidated statement of income. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition for Victory (in thousands): At July 1, 2020 Fair Value Total Purchase Price $ 41,173 Assets acquired: Cash and cash equivalents $ 72,875 Debt securities available-for-sale 126,931 Loans 180,431 Accrued interest receivable 1,415 Bank-owned life insurance 5,714 Premises and equipment 7,789 Other assets 5,010 Total assets acquired 400,165 Liabilities assumed: Deposits 354,592 Other liabilities 7,001 Total liabilities assumed 361,593 Net assets acquired $ 38,572 Goodwill recorded in the merger $ 2,601 The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information that existed as of the acquisition date estimates and uncertainties become available. As of June 30, 2021, the Company finalized its review of the acquired assets and liabilities and recorded an adjustment to the carrying value of goodwill and a corresponding adjustment to deferred tax assets of $304,000. Fair Value Measurement of Assets Assumed and Liabilities Assumed Described below are the methods used to determine the fair value of the significant assets acquired and liabilities assumed in the Victory acquisition. Cash and cash equivalents. The estimated fair values of cash and cash equivalents approximate their stated face amounts, as these financial instruments are either due on demand or have short-term maturities. Debt securities Available-for-Sale. The estimated fair values of the securities were calculated utilizing Level 2 inputs. Prices for the securities were obtained from an independent nationally recognized third-party pricing service. Loans. The acquired loan portfolio was valued based on current guidance which defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Level 3 inputs were utilized to value the portfolio and included the use of present value techniques employing cash flow estimates and the incorporated assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information was not available, the Company used its own assumptions in an effort to determine reasonable fair value. Specifically, management utilized three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used were: 1) interest rate loan fair value analysis; 2) general credit fair value adjustment; and 3) specific credit fair value adjustment. To prepare the interest rate fair value analysis, loans were grouped by characteristics such as loan type, term, collateral and rate. Market rates for similar loans were obtained from various external data sources and reviewed by Company management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value adjustment. The general credit fair value adjustment was calculated using a two-part general credit fair value analysis: 1) expected credit losses; and 2) estimated fair value adjustment for qualitative adjustments. The expected credit losses were calculated using an average of historical losses of the acquired bank and industry bench mark loss rates observed for loans with similar underlying characteristics. The adjustment related to qualitative adjustments was impacted by general economic conditions and the risk related to lack of familiarity with the originator's underwriting process. To calculate the specific credit fair value adjustment, management reviewed the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting this definition were reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value resulted in an accretable yield amount. The accretable yield amount will be recognized over the life of the loans on a level yield basis as an adjustment to yield. The following is a summary of the credit impaired loans acquired in the Victory acquisition as of the closing date (in thousands): July 1, 2020 Contractually required principal and interest $ 7,809 Contractual cash flows not expected to be collected (non-accretable discount) 3,315 Expected cash flows to be collected at acquisition 4,494 Interest component of expected cash flows (accretable yield) (599) Fair value of acquired loans $ 3,895 Leases. Five lease obligations were added as part of the acquisition, and the Company recorded a $2.5 million operating lease right-of-use asset and operating lease liability for these lease obligations. |
Debt Securities Available-for-S
Debt Securities Available-for-Sale | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Available-for-Sale | Debt Securities Available-for-Sale The following is a comparative summary of mortgage-backed securities and other debt securities available-for-sale at December 31, 2021 and 2020 (in thousands): December 31, 2021 Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value U.S. Government agency securities $ 2,344 $ — $ (54) $ 2,290 Mortgage-backed securities: Pass-through certificates: Government sponsored enterprises ("GSEs") 579,035 5,233 (2,862) 581,406 Real estate mortgage investment conduits ("REMICs"): GSE 390,755 2,398 (1,443) 391,710 969,790 7,631 (4,305) 973,116 Other debt securities: Municipal bonds 71 1 — 72 Corporate bonds 233,311 192 (744) 232,759 233,382 193 (744) 232,831 Total debt securities available-for-sale $ 1,205,516 $ 7,824 $ (5,103) $ 1,208,237 December 31, 2020 Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value U.S. Government agency securities $ 3,168 $ — $ (10) $ 3,158 Mortgage-backed securities: Pass-through certificates: GSE 270,867 10,720 (244) 281,343 REMICs: GSE 884,414 7,027 (476) 890,965 Non-GSE 4 — — 4 1,155,285 17,747 (720) 1,172,312 Other debt securities: Municipal bonds 122 1 — 123 Corporate bonds 87,319 1,099 — 88,418 Asset-backed securities 779 15 — 794 88,220 1,115 — 89,335 Total debt securities available-for-sale $ 1,246,673 $ 18,862 $ (730) $ 1,264,805 The following is a summary of the expected maturity distribution of debt securities available-for-sale other than mortgage-backed securities at December 31, 2021 (in thousands): Available-for-sale Amortized cost Estimated fair value Due in one year or less $ 57,299 $ 57,295 Due after one year through five years 161,074 160,835 Due after five years through ten years 17,353 16,991 $ 235,726 $ 235,121 Contractual maturities for mortgage-backed securities are not included above, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Certain securities available-for-sale are pledged or encumbered to secure borrowings under Pledge Agreements and Repurchase Agreements and for other purposes required by law. At December 31, 2021, and December 31, 2020, the fair value of debt securities available-for-sale that were pledged to secure borrowings and deposits was $522.1 million and $542.1 million, respectively. See Note 10 - “Borrowings” for further discussion regarding securities pledged or encumbered for borrowings. For the year ended December 31, 2021, the Company had gross proceeds of $329.0 million on sales of securities available-for-sale with gross realized gains of $1.5 million and no gross realized losses. For the year ended December 31, 2020, the Company had gross proceeds of $23.6 million on sales of securities available-for-sale with gross realized gains of $350,000 and gross realized losses of $23,000. For the year ended December 31, 2019, the Company had gross proceeds of $79.3 million on sales of securities available-for-sale with gross realized gains of $514,000 and no gross realized losses. The Company recognized net gains of $1.7 million, $1.6 million, and $2.0 million on its trading securities portfolio during the years ended December 31, 2021 and December 31, 2020, and December 31, 2019 respectively. The Company routinely sells securities when market pricing presents, in management’s assessment, an economic benefit that outweighs holding such security, and when smaller balance securities become cost prohibitive to carry. Gross unrealized losses on mortgage-backed securities and other debt securities available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021 and 2020, were as follows (in thousands): December 31, 2021 Less than 12 months 12 months or more Total Unrealized Estimated Unrealized Estimated Unrealized Estimated losses fair value losses fair value losses fair value U.S. Government agency securities $ — $ — $ (54) $ 2,290 $ (54) $ 2,290 Mortgage-backed securities: Pass-through certificates: GSE (2,543) 417,291 (318) 14,625 (2,861) 431,916 REMICs: GSE (1,350) 125,725 (94) 4,413 (1,444) 130,138 Other debt securities: Corporate bonds (744) 146,853 — — (744) 146,853 Total $ (4,637) $ 689,869 $ (466) $ 21,328 $ (5,103) $ 711,197 December 31, 2020 Less than 12 months 12 months or more Total Unrealized Estimated Unrealized Estimated Unrealized Estimated losses fair value losses fair value losses fair value U.S. Government agency securities $ (10) $ 3,158 $ — $ — $ (10) $ 3,158 Mortgage-backed securities: Pass-through certificates: GSE (233) 28,419 (11) 459 (244) 28,878 REMICs: GSE (476) 210,569 — — (476) 210,569 Total $ (719) $ 242,146 $ (11) $ 459 $ (730) $ 242,605 The Company held 15 pass-through mortgage-backed securities issued or guaranteed by GSEs, 20 REMIC mortgage-backed securities issued or guaranteed by GSEs, and one U.S. Government agency security that were in a continuous unrealized loss position of twelve months or greater at December 31, 2021. There were 27 pass-through mortgage-backed securities issued or guaranteed by GSEs, 28 REMIC mortgage-backed securities issued or guaranteed by GSEs, and 21 corporate bonds that were in an unrealized loss position of less than twelve months at December 31, 2021. All securities referred to above were rated investment grade at December 31, 2021. Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, the Company considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The Company did not recognize any allowance for credit losses on its available-for-sale debt securities during the year ended December 31, 2021. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. The Company also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If the Company intends to sell an available for sale debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivable associated with debt securities available-for-sale totaling $2.5 million at December 31, 2021 was reported in accrued interest receivable on the consolidated balance sheet. |
Debt Securities Held-to-Maturit
Debt Securities Held-to-Maturity | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Held-to-Maturity | Debt Securities Held-to-Maturity The following is a summary of mortgage-backed securities held-to-maturity at December 31, 2021 and 2020 (in thousands): December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Mortgage-backed securities: Pass-through certificates: GSEs $ 5,283 $ 192 $ — $ 5,475 Total securities held-to-maturity $ 5,283 $ 192 $ — $ 5,475 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Mortgage-backed securities: Pass-through certificates: GSEs $ 7,234 $ 340 $ — $ 7,574 Total securities held-to-maturity $ 7,234 $ 340 $ — $ 7,574 Contractual maturities for mortgage-backed securities are not presented, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. There were no sales of held-to-maturity securities for the years ended December 31, 2021, 2020 and 2019. At December 31, 2021, and December 31, 2020, debt securities held-to-maturity with a carrying value of $2.1 million and $5.9 million, respectively, were pledged to secure repurchase agreements and deposits. See Note 10 - “Borrowings” for further discussion regarding securities pledged or encumbered for borrowings. At December 31, 2021 and 2020, there were no debt securities held-to-maturity in an unrealized loss position. The Company's held-to-maturity securities are residential mortgage-backed securities issued by Ginnie Mae, Freddie Mac and Fannie Mae, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. Government. Accordingly, no allowance for credit losses has been recorded for these securities. The Company has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. Accrued interest receivable associated with held-to-maturity securities totaling $16,000 at December 31, 2021 was reported in accrued interest receivable on the consolidated balance sheet. |
Equity Securities
Equity Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Equity Securities | Debt Securities Available-for-Sale The following is a comparative summary of mortgage-backed securities and other debt securities available-for-sale at December 31, 2021 and 2020 (in thousands): December 31, 2021 Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value U.S. Government agency securities $ 2,344 $ — $ (54) $ 2,290 Mortgage-backed securities: Pass-through certificates: Government sponsored enterprises ("GSEs") 579,035 5,233 (2,862) 581,406 Real estate mortgage investment conduits ("REMICs"): GSE 390,755 2,398 (1,443) 391,710 969,790 7,631 (4,305) 973,116 Other debt securities: Municipal bonds 71 1 — 72 Corporate bonds 233,311 192 (744) 232,759 233,382 193 (744) 232,831 Total debt securities available-for-sale $ 1,205,516 $ 7,824 $ (5,103) $ 1,208,237 December 31, 2020 Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value U.S. Government agency securities $ 3,168 $ — $ (10) $ 3,158 Mortgage-backed securities: Pass-through certificates: GSE 270,867 10,720 (244) 281,343 REMICs: GSE 884,414 7,027 (476) 890,965 Non-GSE 4 — — 4 1,155,285 17,747 (720) 1,172,312 Other debt securities: Municipal bonds 122 1 — 123 Corporate bonds 87,319 1,099 — 88,418 Asset-backed securities 779 15 — 794 88,220 1,115 — 89,335 Total debt securities available-for-sale $ 1,246,673 $ 18,862 $ (730) $ 1,264,805 The following is a summary of the expected maturity distribution of debt securities available-for-sale other than mortgage-backed securities at December 31, 2021 (in thousands): Available-for-sale Amortized cost Estimated fair value Due in one year or less $ 57,299 $ 57,295 Due after one year through five years 161,074 160,835 Due after five years through ten years 17,353 16,991 $ 235,726 $ 235,121 Contractual maturities for mortgage-backed securities are not included above, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Certain securities available-for-sale are pledged or encumbered to secure borrowings under Pledge Agreements and Repurchase Agreements and for other purposes required by law. At December 31, 2021, and December 31, 2020, the fair value of debt securities available-for-sale that were pledged to secure borrowings and deposits was $522.1 million and $542.1 million, respectively. See Note 10 - “Borrowings” for further discussion regarding securities pledged or encumbered for borrowings. For the year ended December 31, 2021, the Company had gross proceeds of $329.0 million on sales of securities available-for-sale with gross realized gains of $1.5 million and no gross realized losses. For the year ended December 31, 2020, the Company had gross proceeds of $23.6 million on sales of securities available-for-sale with gross realized gains of $350,000 and gross realized losses of $23,000. For the year ended December 31, 2019, the Company had gross proceeds of $79.3 million on sales of securities available-for-sale with gross realized gains of $514,000 and no gross realized losses. The Company recognized net gains of $1.7 million, $1.6 million, and $2.0 million on its trading securities portfolio during the years ended December 31, 2021 and December 31, 2020, and December 31, 2019 respectively. The Company routinely sells securities when market pricing presents, in management’s assessment, an economic benefit that outweighs holding such security, and when smaller balance securities become cost prohibitive to carry. Gross unrealized losses on mortgage-backed securities and other debt securities available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021 and 2020, were as follows (in thousands): December 31, 2021 Less than 12 months 12 months or more Total Unrealized Estimated Unrealized Estimated Unrealized Estimated losses fair value losses fair value losses fair value U.S. Government agency securities $ — $ — $ (54) $ 2,290 $ (54) $ 2,290 Mortgage-backed securities: Pass-through certificates: GSE (2,543) 417,291 (318) 14,625 (2,861) 431,916 REMICs: GSE (1,350) 125,725 (94) 4,413 (1,444) 130,138 Other debt securities: Corporate bonds (744) 146,853 — — (744) 146,853 Total $ (4,637) $ 689,869 $ (466) $ 21,328 $ (5,103) $ 711,197 December 31, 2020 Less than 12 months 12 months or more Total Unrealized Estimated Unrealized Estimated Unrealized Estimated losses fair value losses fair value losses fair value U.S. Government agency securities $ (10) $ 3,158 $ — $ — $ (10) $ 3,158 Mortgage-backed securities: Pass-through certificates: GSE (233) 28,419 (11) 459 (244) 28,878 REMICs: GSE (476) 210,569 — — (476) 210,569 Total $ (719) $ 242,146 $ (11) $ 459 $ (730) $ 242,605 The Company held 15 pass-through mortgage-backed securities issued or guaranteed by GSEs, 20 REMIC mortgage-backed securities issued or guaranteed by GSEs, and one U.S. Government agency security that were in a continuous unrealized loss position of twelve months or greater at December 31, 2021. There were 27 pass-through mortgage-backed securities issued or guaranteed by GSEs, 28 REMIC mortgage-backed securities issued or guaranteed by GSEs, and 21 corporate bonds that were in an unrealized loss position of less than twelve months at December 31, 2021. All securities referred to above were rated investment grade at December 31, 2021. Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, the Company considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The Company did not recognize any allowance for credit losses on its available-for-sale debt securities during the year ended December 31, 2021. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. The Company also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If the Company intends to sell an available for sale debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivable associated with debt securities available-for-sale totaling $2.5 million at December 31, 2021 was reported in accrued interest receivable on the consolidated balance sheet. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans | Loans On January 1, 2021, the Company adopted the CECL standard for measuring credit losses, which replaced the incurred loss methodology. As a result of adopting CECL, the Company combined its originated loan portfolio and the acquired loan portfolio into the respective portfolio segments. Other than to combine the originated and non-PCD acquired loan portfolios, the Company's portfolio segments and loan classes remain unchanged following the adoption of the CECL standard. Prior period disclosures have been revised to conform to current period presentation (by combining originated and acquired portfolio segments), however, the Company did not recast comparative financial information and that is still presented in accordance with previous applicable provisions of U.S. GAAP. The following table summarizes the Company's loans held-for-investment, net, (in thousands): December 31, 2021 2020 Real estate loans: Multifamily $ 2,518,065 $ 2,509,310 Commercial mortgage 808,597 716,973 One-to-four family residential mortgage 183,665 210,817 Home equity and lines of credit 109,956 91,126 Construction and land 27,495 74,318 Total real estate loans 3,647,778 3,602,544 Commercial and industrial loans (1) 141,005 194,352 Other loans 2,015 3,029 Total commercial and industrial and other loans 143,020 197,381 Deferred origination loan fees, net (2) — 4,795 Loans held-for-investment, net (excluding PCD/PCI) 3,790,798 3,804,720 PCD/PCI Loans 15,819 18,518 Total loans held-for-investment, net 3,806,617 3,823,238 Allowance for credit losses (38,973) (37,607) Net loans held-for-investment $ 3,767,644 $ 3,785,631 (1) Included in commercial and industrial loans at December 31, 2021 and 2020 are PPP loans totaling $40.5 million and $126.5 million, respectively. (2) Under CECL, origination deferred fees, deferred fees on acquired loans, and purchase accounting adjustments in connection with loans acquired are included in loans by respective portfolio. The Company had no loans held-for-sale at December 31, 2021. At December 31, 2020, loans held-for-sale totaled $19.9 million. In addition to originating loans, the Company may acquire loans through portfolio purchases or acquisitions of other companies. Purchased loans that have evidence of more than insignificant credit deterioration since origination are deemed PCD loans. In accordance with ASU 2016-13, with its adoption of the CECL standard, the Company did not reassess whether previously recognized PCI loans accounted for under prior accounting guidance met the criteria of a PCD loan as of the date of adoption. All loans considered to be PCI prior to the adoption of CECL were converted to PCD upon adoption. For PCD loans, each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. PCD loans totaled $15.8 million at December 31, 2021, as compared to $18.5 million at December 31, 2020. The majority of the PCD loan balance was attributable to those loans acquired as part of a FDIC-assisted transaction. At December 31, 2021, PCD loans consisted of approximately 16% one-to-four family residential loans, 25% commercial real estate loans, and 48% commercial and industrial loans, with the remaining balance in construction and land and home equity loans. At December 31, 2020, PCD loans consisted of approximately 22% one-to-four family residential loans, 23% commercial real estate loans, and 40% commercial and industrial loans, with the remaining balance in construction and land and home equity loans. Credit Quality Indicators The Company monitors the credit quality of its loan portfolio on a regular basis. Credit quality is monitored by reviewing certain credit quality indicators. Management has determined that loan-to-value ratios (at period end) and internally assigned credit risk ratings by loan type are the key credit quality indicators that best measure the credit quality of the Company’s loan receivables. Loan-to-value (“LTV”) ratios used by management in monitoring credit quality are based on current period loan balances and original appraised values at the time of origination (unless a current appraisal has been obtained as a result of the loan being deemed impaired). The Company maintains a credit risk rating system as part of the risk assessment of its loan portfolio. The Company’s lending officers are required to assign a credit risk rating to each loan in their portfolio at origination. This risk rating is reviewed periodically and adjusted if necessary. Monthly, management presents monitored assets to the loan committee. In addition, the Company engages a third-party independent loan reviewer that performs semi-annual reviews of a sample of loans, validating the credit risk ratings assigned to such loans. The credit risk ratings play an important role in the establishment of the provision for credit losses on loans and the allowance for credit losses for loans held-for-investment. After determining the loss factor for each portfolio segment held-for-investment, the collectively evaluated for impairment balance of the held-for-investment portfolio is multiplied by the collectively evaluated for impairment loss factor for the respective portfolio segment in order to determine the allowance for loans collectively evaluated for impairment. When assigning a credit risk rating to a loan, management utilizes the Bank’s internal nine-point credit risk rating system. 1. Strong 2. Good 3. Acceptable 4. Adequate 5. Watch 6. Special Mention 7. Substandard 8. Doubtful 9. Loss Loans rated 1 to 5 are considered pass ratings. An asset is classified substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets have well defined weaknesses based on objective evidence, and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable based on current circumstances. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets is not warranted. Assets which do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses, are required to be designated special mention. The following table presents the Company’s loans held-for-investment, excluding PCD loans, by loan class, credit risk ratings and year of origination, at December 31, 2021 (in thousands): December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Total Real Estate: Multifamily Pass $ 723,029 $ 525,078 $ 322,067 $ 238,692 $ 231,647 $ 461,834 $ 184 $ 2,502,531 Special mention — — — — — 425 — 425 Substandard — — 1,724 5,401 — 7,984 — 15,109 Total multifamily 723,029 525,078 323,791 244,093 231,647 470,243 184 2,518,065 Commercial Pass 153,803 72,718 97,228 99,165 65,750 274,195 2,589 765,448 Special mention — — 505 — 1,095 8,559 — 10,159 Substandard 10,881 — 7,866 — 2,854 11,389 — 32,990 Total commercial 164,684 72,718 105,599 99,165 69,699 294,143 2,589 808,597 One-to-four family residential Pass 12,095 9,040 11,244 13,299 10,232 120,693 1,004 177,607 Special mention — — 467 — — 2,336 — 2,803 Substandard — — 517 — — 2,738 — 3,255 Total one-to-four family residential 12,095 9,040 12,228 13,299 10,232 125,767 1,004 183,665 Home equity and lines of credit Pass 18,449 12,244 7,347 6,031 2,592 11,162 51,494 109,319 Special mention — — — — — 103 — 103 Substandard — — 96 50 — 388 — 534 Total home equity and lines of credit 18,449 12,244 7,443 6,081 2,592 11,653 51,494 109,956 Construction and land Pass 9,883 5,755 2,039 4,062 1,809 3,467 480 27,495 Total construction and land 9,883 5,755 2,039 4,062 1,809 3,467 480 27,495 Total real estate loans 928,140 624,835 451,100 366,700 315,979 905,273 55,751 3,647,778 Commercial and industrial Pass 45,426 10,087 4,378 2,316 640 9,298 61,728 133,873 Special mention — — 166 — 132 224 50 572 Substandard — 361 154 595 — 726 4,724 6,560 Total commercial and industrial 45,426 10,448 4,698 2,911 772 10,248 66,502 141,005 Other Pass 1,715 156 19 26 — 49 50 2,015 Total other 1,715 156 19 26 — 49 50 2,015 Total loans held-for-investment, net $ 975,281 $ 635,439 $ 455,817 $ 369,637 $ 316,751 $ 915,570 $ 122,303 $ 3,790,798 The following table details the recorded investment of loans held-for-investment, excluding PCI loans, net of deferred fees and costs, by loan type and credit quality indicator at December 31, 2020 (in thousands): December 31, 2020 Real Estate Multifamily Commercial One-to-Four Family Home Equity and Lines of Credit Construction and Land Commercial and Industrial Other Total Internal Risk Rating Pass $ 2,497,556 $ 667,568 $ 207,633 $ 92,385 $ 74,351 $ 189,372 $ 3,026 $ 3,731,891 Special Mention 458 20,422 2,456 311 — 498 — 24,145 Substandard 14,920 29,576 2,133 441 — 1,611 3 48,684 Total loans held-for-investment, net $ 2,512,934 $ 717,566 $ 212,222 $ 93,137 $ 74,351 $ 191,481 $ 3,029 $ 3,804,720 Past Due and Non-Accrual Loans Included in loans receivable held-for-investment are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The recorded investment of these non-accrual loans was $7.6 million and $8.5 million at December 31, 2021, and December 31, 2020, respectively. Generally, originated loans are placed on non-accrual status when they become 90 days or more delinquent, or sooner if considered appropriate by management, and remain on non-accrual status until they are brought current, have six consecutive months of performance under the loan terms, and factors indicating reasonable doubt about the timely collection of payments no longer exist. Therefore, loans may be current in accordance with their loan terms, or may be less than 90 days delinquent and still be on a non-accruing status. When an individual loan no longer demonstrates the similar credit risk characteristics as other loans within its current segment, the Company evaluates each for expected credit losses on an individual basis. All non-accrual loans $500,000 and above and all loans designated as TDRs are individually evaluated. The non-accrual amounts included in loans individually evaluated for impairment were $4.2 million and $5.5 million at December 31, 2021, and December 31, 2020, respectively. Loans on non-accrual status with principal balances less than $500,000, and therefore not meeting the Company’s definition of an impaired loan, amounted to $3.4 million at December 31, 2021, and $3.0 million at December 31, 2020. Loans past due 90 days or more and still accruing interest were $384,000 and $1.1 million at December 31, 2021, and December 31, 2020, respectively, and consisted of loans that are well secured and in the process of collection. The Company had no loans held-for-sale at December 31, 2021. At December 31, 2020, the Company had $19.9 million in loans held-for-sale. At December 31, 2020, the loans held-for-sale were comprised of high risk commercial real estate and multifamily loans, primarily accommodation (hotel or motel) loans that were modified in the form of interest and/or principal payment deferrals due to COVID-19 related hardships, and have not returned to contractual payments after 180 days of relief. The sale of these loans was completed in the first quarter of 2021. The following tables set forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due 90 days or more and still accruing), net of deferred fees and costs, at December 31, 2021, and December 31, 2020, excluding PCD/PCI loans (in thousands): December 31, 2021 Total Non-Performing Loans Non-Accruing Loans Current 30-89 Days Past Due 90 Days or More Past Due Total 90 Days or More Past Due and Accruing Total Non-Performing Loans Loans held-for-investment: Real estate loans: Multifamily Substandard $ — $ 280 $ 1,602 $ 1,882 $ — $ 1,882 Total multifamily — 280 1,602 1,882 — 1,882 Commercial Special Mention — — 280 280 — 280 Substandard 2,944 — 1,893 4,837 147 4,984 Total commercial 2,944 — 2,173 5,117 147 5,264 One-to-four family residential Substandard — — 314 314 165 479 Total one-to-four family residential — — 314 314 165 479 Home equity and lines of credit Substandard — — 281 281 — 281 Total home equity and lines of credit — — 281 281 — 281 Total real estate 2,944 280 4,370 7,594 312 7,906 Commercial and industrial loans Pass — — — — 72 72 Substandard 28 — — 28 — 28 Total commercial and industrial loans 28 — — 28 72 100 Total non-performing loans $ 2,972 $ 280 $ 4,370 $ 7,622 $ 384 $ 8,006 December 31, 2020 Total Non-Performing Loans Non-Accruing Loans Current 30-89 Days Past Due 90 Days or More Past Due Total 90 Days or More Past Due and Accruing Total Non-Performing Loans Loans held-for-investment: Real estate loans: Multifamily Substandard $ — $ — $ 1,153 $ 1,153 $ — $ 1,153 Total multifamily — — 1,153 1,153 — 1,153 Commercial Pass — — — — 500 500 Substandard 2,829 537 2,863 6,229 — 6,229 Total commercial 2,829 537 2,863 6,229 500 6,729 One-to-four family residential Substandard 413 — 493 906 174 1,080 Total one-to-four family residential 413 — 493 906 174 1,080 Home equity and lines of credit Substandard 60 — 131 191 — 191 Total home equity and lines of credit 60 — 131 191 — 191 Total real estate 3,302 537 4,640 8,479 674 9,153 Commercial and industrial loans Pass — — — — 101 101 Special mention — — — — 85 85 Substandard — — 37 37 250 287 Total commercial and industrial loans — — 37 37 436 473 Other loans Pass — — — — 3 3 Total other — — — — 3 3 Total non-performing loans $ 3,302 $ 537 $ 4,677 $ 8,516 $ 1,113 $ 9,629 The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD/PCI loans, net of deferred fees and costs, at December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 Past Due Loans 30-89 Days Past Due 90 Days or More Past Due 90 Days or More Past Due and Accruing Total Past Due Current Total Loans Receivable, net Loans held-for-investment: Real estate loans: Multifamily Pass $ — $ — $ — $ — $ 2,502,531 $ 2,502,531 Special mention — — — — 425 425 Substandard 280 1,602 — 1,882 13,227 15,109 Total multifamily 280 1,602 — 1,882 2,516,183 2,518,065 Commercial Pass 77 — — 77 765,371 765,448 Special mention 67 280 — 347 9,812 10,159 Substandard — 1,893 147 2,040 30,950 32,990 Total commercial 144 2,173 147 2,464 806,133 808,597 One-to-four family residential Pass 206 — — 206 177,401 177,607 Special mention 387 — — 387 2,416 2,803 Substandard — 314 165 479 2,776 3,255 Total one-to-four family residential 593 314 165 1,072 182,593 183,665 Home equity and lines of credit Pass 316 — — 316 109,003 109,319 Special mention — — — — 103 103 Substandard 96 281 — 377 157 534 Total home equity and lines of credit 412 281 — 693 109,263 109,956 Construction and land Pass — — — — 27,495 27,495 Total construction and land — — — — 27,495 27,495 Total real estate 1,429 4,370 312 6,111 3,641,667 3,647,778 Commercial and industrial Pass 2 — 72 74 133,799 133,873 Special mention — — — — 572 572 Substandard — — — — 6,560 6,560 Total commercial and industrial 2 — 72 74 140,931 141,005 Other loans Pass 15 — — 15 2,000 2,015 Total other loans 15 — — 15 2,000 2,015 Total loans held-for-investment $ 1,446 $ 4,370 $ 384 $ 6,200 $ 3,784,598 $ 3,790,798 December 31, 2020 Past Due Loans 30-89 Days Past Due 90 Days or More Past Due 90 Days or More Past Due and Accruing Total Past Due Current Total Loans Receivable, net Loans held-for-investment: Real estate loans: Multifamily Pass $ 1,283 $ — $ — $ 1,283 $ 2,496,273 $ 2,497,556 Special mention — — — — 458 458 Substandard 610 1,153 — 1,763 13,157 14,920 Total multifamily 1,893 1,153 — 3,046 2,509,888 2,512,934 Commercial Pass 6,072 — 500 6,572 660,996 667,568 Special mention 72 — — 72 20,350 20,422 Substandard 3,185 2,863 — 6,048 23,528 29,576 Total commercial 9,329 2,863 500 12,692 704,874 717,566 One-to-four family residential Pass 282 — — 282 207,351 207,633 Special mention 870 — — 870 1,586 2,456 Substandard — 493 174 667 1,466 2,133 Total one-to-four family residential 1,152 493 174 1,819 210,403 212,222 Home equity and lines of credit Pass 80 — — 80 92,305 92,385 Special mention 200 — — 200 111 311 Substandard 100 131 — 231 210 441 Total home equity and lines of credit 380 131 — 511 92,626 93,137 Construction and land Pass 994 — — 994 73,357 74,351 Total construction and land 994 — — 994 73,357 74,351 Total real estate 13,748 4,640 674 19,062 3,591,148 3,610,210 Commercial and industrial Pass 632 — 101 733 188,639 189,372 Special mention 61 — 85 146 352 498 Substandard 67 37 250 354 1,257 1,611 Total commercial and industrial 760 37 436 1,233 190,248 191,481 Other loans Pass 11 — 3 14 3,012 3,026 Substandard — — — — 3 3 Total other loans 11 — 3 14 3,015 3,029 Total loans held-for-investment $ 14,519 $ 4,677 $ 1,113 $ 20,309 $ 3,784,411 $ 3,804,720 The following tables summarize information on non-accrual loans, excluding PCD loans, at December 31, 2021 (in thousands): For the Year Ended December 31, 2021 December 31, 2021 Recorded Investment Unpaid Principal Balance With No Related Allowance Interest Income Real estate loans: Multifamily $ 1,882 $ 1,891 $ 512 $ 70 Commercial 5,117 5,627 3,729 85 One-to-four family residential 314 346 — 10 Home equity and lines of credit 281 530 — 2 Commercial and industrial 28 349 — 8 Total non-accrual loans $ 7,622 $ 8,743 $ 4,241 $ 175 The following table summarizes impaired loans, excluding PCI loans, at December 31, 2020 (in thousands): December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance With No Allowance Recorded: Real estate loans: Multifamily $ 626 $ 1,097 $ — Commercial 8,838 10,076 — One-to-four family residential 1,903 2,032 — Home equity and lines of credit 15 15 — Total real estate 11,382 13,220 — With a Related Allowance Recorded: Real estate loans: Commercial 1,812 2,244 (66) Home equity and lines of credit 32 32 (3) Total real estate 1,844 2,276 (69) Commercial and industrial loans 16 16 (4) Total: Real estate loans Multifamily 626 1,097 — Commercial 10,650 12,320 (66) One-to-four family residential 1,903 2,032 — Home equity and lines of credit 47 47 (3) Commercial and industrial loans 16 16 (4) $ 13,242 $ 15,512 $ (73) Included in the table above at December 31, 2020, are impaired loans with carrying balances of $7.8 million that were not written down by charge-offs or for which there are no specific reserves in our allowance for credit losses. Loans not written down by charge-offs or specific reserves at December 31, 2020, are considered to have sufficient collateral values, less costs to sell, to support the carrying balances of the loans. The following table summarizes the average recorded investment in impaired loans, excluding PCI loans, and interest income recognized as of, and for, the year ended December 31, 2020 (in thousands): For the Year Ended December 31, 2020 Average Recorded Investment Interest Income With No Allowance Recorded: Real estate loans: Multifamily $ 808 $ 50 Commercial 13,299 400 One-to-four family residential 2,134 94 Home equity and lines of credit 19 1 Commercial and industrial loans 30 — With a Related Allowance Recorded: Real estate loans: Commercial 2,374 107 One-to-four family residential 104 — Home equity and lines of credit 32 1 Commercial and industrial loans 17 1 Total: Real estate loans Multifamily 808 50 Commercial 15,673 507 One-to-four family residential 2,238 94 Home equity and lines of credit 51 2 Commercial and industrial loans 47 1 $ 18,817 $ 654 Collateral-Dependent Loans Loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral are considered to be collateral-dependent loans. Collateral can have a significant financial effect in mitigating exposure to credit risk and, where there is sufficient collateral, an allowance for credit losses is not recognized or is minimal. For collateral-dependent loans, the allowance for credit losses is individually assessed based on the fair value of the collateral less estimated costs of sale. The Company's collateral-dependent loans are secured by real estate. Collateral values are generally based on appraisals which are adjusted for changes in market indices. As of December 31, 2021, and December 31, 2020, the Company had $7.4 million and $10.2 million of collateral-dependent impaired loans, respectively. The collateral-dependent loans at December 31, 2021 consisted of $5.9 million of commercial real estate loans, $1.1 million of multifamily loans, and $365,000 of one-to-four family residential loans. For the year ended December 31, 2021, there was no significant deterioration or changes in the collateral securing these loans. Troubled Debt Restructured Loans The following tables summarize loans that were modified in a TDR during the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 Number of Relationships Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (1) (Dollars in thousands) Troubled Debt Restructurings Commercial and industrial 2 $ 96 $ 96 Total Troubled Debt Restructurings 2 $ 96 $ 96 (1) Amounts are at time of modification. Year Ended December 31, 2020 Number of Relationships Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (1) (Dollars in thousands) Troubled Debt Restructurings Residential 1 $ 187 $ 187 Commercial Real Estate 2 544 544 Total Troubled Debt Restructurings 3 $ 731 $ 731 (1) Amounts are at time of modification. There were four commercial and industrial loans to two borrowers modified as TDRs during the year ended December 31, 2021, which were modified to reduce the interest rate, extend the maturity date, and restructure payment terms of the loans. There were four loans (to three borrowers) in the second table above, that requested COVID-19 relief and were modified as TDRs during the year ended December 31, 2020, all of which were modified to restructure payment terms. All four of the loans were delinquent and on non-accrual status prior to the implementation of our COVID-19 customer relief program (discussed further below) and were therefore considered to be TDRs. In response to the COVID-19 pandemic and its economic impact to customers, a short-term modification program that complied with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus was implemented to provide temporary payment relief to those borrowers directly impacted by COVID-19. The program allows for deferral of payments for 90 days, which may extend for an additional 90 day period, with modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment. As of December 31, 2021, substantially all of the borrowers who had requested relief have returned to contractual payments. Two borrowers, with loans totaling $774,000, did not return to their contractual status; however, they are making partial payments. Loans in deferment status (“COVID-19 Modified Loans”) have continued to accrue interest during the deferment period unless otherwise classified as non-performing. COVID-19 Modified Loans are required to make escrow payments for real estate taxes and insurance, if applicable. The COVID-19 Modified Loan agreements also require loans to be brought back to their fully contractual terms within 12 to 18 months and include covenants that prohibit distributions, bonuses, or payments of management fees to related entities until all deferred payments are made. Consistent with industry regulatory guidance, borrowers who were otherwise current on loan payments and were granted COVID-19 related financial hardship payment deferrals will continue to be reported as current loans throughout the agreed upon deferral period. Borrowers who were delinquent in their payments to the Bank prior to requesting a COVID-19 related financial hardship payment deferral are reviewed on a case by case basis for TDR classification and non-performing loan status. At December 31, 2021 and 2020, the Company had TDRs of $9.0 million and $12.1 million, respectively. Management classifies all TDRs as loans individually evaluated for impairment. Loans individually evaluated for impairment are assessed to determine that the loan’s carrying value is not in excess of the estimated fair value of the collateral less cost to sell, if the loan is collateral-dependent, or the present value of the expected future cash flows, if the loan is not collateral-dependent. Management performs an evaluation of each impaired loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair values down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining the estimated fair value of underlying collateral (and related costs to sell) can be difficult in illiquid real estate markets and is subject to significant assumptions and estimates. Management employs an independent third-party management firm that specializes in appraisal preparation and review to ascertain the reasonableness of updated appraisals. Projecting the expected cash flows under TDRs which are not collateral-dependent is inherently subjective and requires, among other things, an evaluation of the borrower’s current and projected financial condition. Actual results may be significantly different than our projections and our established allowance for credit losses on these loans, which could have a material effect on our financial results. There were no loans modified in the year December 31, 2021 that subsequently defaulted. Two commercial real estate loans modified during the year ended December 31, 2020, totaling $462,500 subsequently defaulted and were 90 days or more past due at December 31, 2020. |
Allowance for Credit Losses (_A
Allowance for Credit Losses (“ACL”) on Loans | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Allowance for Credit Losses (“ACL”) on Loans | Allowance for Credit Losses ("ACL") on Loans On January 1, 2021, the Company adopted the CECL standard, which requires the measurement of expected credit losses for financial assets measured at amortized cost, including loans, and certain off-balance-sheet credit exposures. As a result of the adoption of CECL, the Company recorded a $10.4 million increase to its allowance for credit losses on loans, including $6.8 million related to PCD loans. For PCD loans, the allowance for credit losses recorded is recognized through a gross-up that increases the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore results in no impact to shareholders' equity. Under the CECL standard, the Company determines the ACL on loans based upon a consideration of its historical portfolio loss experience, current borrower-specific risk characteristics, current conditions, forecasts of future economic conditions, reversion period, prepayments, and qualitative adjustments. The allowance is measured on a collective (loan segment) basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. Accrued interest on loans is excluded from the calculation of the ACL due to the Company's non-accrual policy which results in the reversal of uncollectible accrued interest on non-accrual loans against interest income in a timely manner. Accrued interest receivable on loans held-for-investment totaled $9.4 million at December 31, 2021, and is reported in accrued interest receivable on the consolidated balance sheet. The Company’s loan portfolio segmentation includes: multifamily, commercial real estate, one-to-four family residential mortgage, home equity and lines of credit, construction, commercial and industrial, and other consumer loans. Allowance for Collectively Evaluated Loans Held-for-Investment In estimating the quantitative component of the allowance on a collective basis, the Company uses a risk rating migration model which calculates an expected life of loan loss percentage for each loan by generating probability of default and loss given default metrics. These metrics are multiplied by the exposure at default, taking into consideration prepayments, to calculate the quantitative component of the ACL. The metrics are based on the migration of loans from performing to loss by credit risk rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses incurred using the Company's own historical loss experience and comparable peer data loss history. The model's expected losses based on loss history are adjusted for qualitative adjustments to address risks that may not be adequately represented in the risk rating migration model. Among other things, these adjustments include and account for differences in: (i) changes in lending policies and procedures; (ii) changes in local, regional, national, and international economic and business conditions and developments that affect the collectability of our portfolio, including the condition of various market segments; (iii) changes in the experience, ability and depth of lending management and other relevant staff; (iv) changes in the quality of our loan review system; (v) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (vi) the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio. The Company utilizes a two-year reasonable and supportable forecast period after which estimated losses revert to historical loss experience immediately for the remaining life of the loan. In establishing its estimate of expected credit losses, the Company utilizes five externally-sourced forward-looking economic scenarios developed by Moody's Analytics (“Moody's”). Management utilizes five different Moody's scenarios so as to incorporate uncertainties related to the economic environment arising from the COVID-19 pandemic. These scenarios, which range from more benign to more severe economic outlooks, include a ‘most likely outcome’ (the “Baseline” scenario) and four less likely scenarios referred to as the “Upside” and “Downside” scenarios. Each scenario is assigned a weighting with a majority of the weighting placed on the Baseline scenario and lower weights placed on both the Upside and Downside scenarios. The weighting assigned by management is based on the economic outlook and available information at the reporting date. The model projects economic variables under each scenario based on detailed statistical analyses. The Company has identified and selected key variables that most closely correlated to its historical credit performance, which include: Gross domestic product, unemployment, and three collateral indices: the Commercial Property Price Index, the Commercial Property Price Apartment Index and the Case-Shiller Home Price Index. Allowance for Individually Evaluated Loans The Company measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of all TDRs and non-accrual loans with an outstanding balance of $500,000 or greater. Loans individually evaluated for impairment are assessed to determine that the loan’s carrying value is not in excess of the estimated fair value of the collateral less cost to sell, if the loan is collateral-dependent, or the present value of the expected future cash flows, if the loan is not collateral-dependent. Management performs an evaluation of each impaired loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair values down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining the estimated fair value of underlying collateral (and related costs to sell) can be difficult in illiquid real estate markets and is subject to significant assumptions and estimates. Management employs an independent third-party management firm that specializes in appraisal preparation and review to ascertain the reasonableness of updated appraisals. Projecting the expected cash flows under troubled debt restructurings which are not collateral-dependent is inherently subjective and requires, among other things, an evaluation of the borrower’s current and projected financial condition. Actual results may be significantly different than our projections and our established allowance for credit losses on these loans, which could have a material effect on our financial results. Individually impaired loans that have no impairment losses are not considered for collective allowances described earlier. At December 31, 2021 and December 31, 2020, the ACL for loans individually evaluated for impairment was $30,200 and $73,000, respectively. PCD Loans The Company adopted CECL using the prospective transition approach for PCD loans that were previously classified as PCI loans and accounted for under Accounting Standards Codification (“ASC”) Subtopic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” . In accordance with the standard, management did not reassess whether PCI loans met the criteria of PCD loans as of the date of adoption. On January 1, 2021, the amortized cost basis of the PCD assets was adjusted to reflect the addition of the $6.8 million of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis)will be accreted into interest income at the effective interest rate as of January 1, 2021. Upon adoption of CECL, the Company elected to maintain pools of loans that were previously accounted for under ASC Subtopic 310-30 and will continue to account for these pools as a unit of account. Loans are only removed from existing pools if they are written off, paid off, or sold. Upon adoption of CECL, the allowance for credit losses was determined for each pool and added to the pool's carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the noncredit premium or discount which will be amortized into interest income over the remaining life of the pool. Changes to the allowance for credit losses after adoption are recorded through provision expense. Allowance for Credit Losses – Off-Balance Sheet Exposures An ACL for off-balance-sheet exposures represents an estimate of expected credit losses arising from off-balance sheet exposures such as loan commitments, standby letters of credit and unused lines of credit (loans on books already). Commitments to fund unused lines of credit are agreements to lend additional funds to customers as long as there have been no violations of any of the conditions established in the agreements (original or restructured). Commitments to originate loans generally have a fixed expiration or other termination clauses, which may require payment of a fee. Since some of these loan commitments are expected to expire without being drawn upon, total commitments do not necessarily represent future cash requirements. The reserve for off-balance sheet exposures is determined using the CECL reserve factor in the related funded loan segment, adjusted for an average historical funding rate. The allowance for credit losses for off-balance sheet credit exposures is recorded in other liabilities on the consolidated balance sheets and the corresponding provision is included in other non-interest expense. The table below summarizes the allowance for credit losses for off-balance sheet credit exposures (in thousands): Year Ended December 31, 2021 Balance at beginning of period $ 808 Impact of CECL adoption 737 Balance at beginning of period 1,545 Provision for credit losses 307 Balance at end of period $ 1,852 A summary of changes in the allowance for credit losses for the years ended December 31, 2021, 2020, and 2019 follows (in thousands): December 31, 2021 2020 2019 Balance at beginning of year $ 37,607 $ 28,707 $ 27,497 Impact of CECL adoption 10,353 — — Balance at January 1 47,960 28,707 27,497 (Benefit)/provision for credit losses (6,184) 12,742 22 Recoveries 278 465 2,175 Charge-offs (3,081) (4,307) (987) Balance at end of year $ 38,973 $ 37,607 $ 28,707 The following tables set forth activity in our allowance for credit losses by loan type, as of, and for the years ended, December 31, 2021, and December 31, 2020. The following tables also detail the amount of loans receivable held-for-investment, net of deferred loan fees and costs, that are evaluated, individually and collectively, for impairment, and the related portion of allowance for credit losses that is allocated to each loan portfolio segment (in thousands): December 31, 2021 Real Estate Commercial (1) One-to-Four Family Home Equity and Lines of Credit Construction and Land Commercial and Industrial Other Total Loans (excluding PCD) PCD Total Allowance for credit losses: Beginning balance $ 33,005 $ 207 $ 260 $ 1,214 $ 1,842 $ 198 $ 36,726 $ 881 $ 37,607 Impact of CECL adoption (1,949) 5,233 419 (921) 947 (188) 3,541 6,812 10,353 Balance at January 1, 2021 31,056 5,440 679 293 2,789 10 40,267 7,693 47,960 Charge-offs — (21) — — (646) (3) (670) (2,411) (3,081) Recoveries 60 29 26 — 39 5 159 119 278 Provisions (credit) (4,331) (1,903) (145) (124) 991 (3) (5,515) (669) (6,184) Ending balance $ 26,785 $ 3,545 $ 560 $ 169 $ 3,173 $ 9 $ 34,241 $ 4,732 $ 38,973 Ending balance: individually evaluated for impairment $ 25 $ 2 $ 2 $ — $ 1 $ — $ 30 $ — $ 30 Ending balance: collectively evaluated for impairment $ 26,760 $ 3,543 $ 558 $ 169 $ 3,172 $ 9 $ 34,211 $ — $ 34,211 Ending balance: PCD loans evaluated for impairment (2) $ — $ — $ — $ — $ — $ — $ — $ 4,732 $ 4,732 Loans, net: Ending balance $ 3,326,662 $ 183,665 $ 109,956 $ 27,495 $ 141,005 $ 2,015 $ 3,790,798 $ 15,819 $ 3,806,617 Ending balance: individually evaluated for impairment $ 8,352 $ 1,562 $ 38 $ — $ 34 $ — $ 9,986 $ — $ 9,986 Ending balance: collectively evaluated for impairment $ 3,318,310 $ 182,103 $ 109,918 $ 27,495 $ 100,454 $ 2,015 $ 3,740,295 $ — $ 3,740,295 Ending balance: PCD loans evaluated for impairment (2) $ — $ — $ — $ — $ — $ — $ — $ 15,819 $ 15,819 PPP loans not evaluated for impairment (3) $ — $ — $ — $ — $ 40,517 $ — $ 40,517 $ — $ 40,517 (1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties. (2) Upon adoption of CECL, the Company elected to maintain pools of PCD loans that were previously accounted for under ASC 310-30, and will continue to evaluate PCD loans under this guidance. (3) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for credit losses. The allowance for credit losses on loans increased to $39.0 million at December 31, 2021, compared to $37.6 million at December 31, 2020, primarily due to the adoption of ASU 2016-13, partially offset by an improvement in the economic forecast, specifically an improvement in the forecast for unemployment and gross domestic product, as well as an improvement in asset quality. The improvement in asset quality is primarily attributable to an improvement in risk ratings as loans previously modified for COVID-19 relief returned to consistent payment status. December 31, 2020 Real Estate Commercial Multifamily One-to-Four Family Home Equity and Lines of Credit Construction and Land Commercial and Industrial Other Total Loans (excluding PCI) PCI Total Allowance for credit losses: Beginning balance $ 4,891 $ 20,203 $ 180 $ 317 $ 536 $ 1,640 $ 151 $ 27,918 $ 789 $ 28,707 Charge-offs (4,213) — — — — (94) — (4,307) — (4,307) Recoveries 414 — 5 27 — 13 6 465 — 465 Provisions (credit) 4,918 6,792 22 (84) 678 283 41 12,650 92 12,742 Ending balance $ 6,010 $ 26,995 $ 207 $ 260 $ 1,214 $ 1,842 $ 198 $ 36,726 $ 881 $ 37,607 Ending balance: individually evaluated for impairment $ 66 $ — $ — $ 3 $ — $ 4 $ — $ 73 $ — $ 73 Ending balance: collectively evaluated for impairment $ 5,944 $ 26,995 $ 207 $ 257 $ 1,214 $ 1,838 $ 198 $ 36,653 $ 881 $ 37,534 Loans, net: Ending balance $ 717,566 $ 2,512,934 $ 212,222 $ 93,137 $ 74,351 $ 191,481 $ 3,029 $ 3,804,720 $ 18,518 $ 3,823,238 Ending balance: individually evaluated for impairment $ 10,650 $ 626 $ 1,903 $ 47 $ — $ 16 $ — 13,242 $ — $ 13,242 Ending balance: collectively evaluated for impairment $ 706,916 $ 2,512,308 $ 210,319 $ 93,090 $ 74,351 $ 64,930 $ 3,029 $ 3,664,943 $ 18,518 $ 3,683,461 PPP loans not evaluated for impairment (1) $ — $ — $ — $ — $ — $ 126,535 $ — $ 126,535 $ — $ 126,535 (1) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for credit losses. |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment, Net | Premises and Equipment, Net At December 31, 2021 and 2020, premises and equipment, less accumulated depreciation and amortization, consists of the following (in thousands): December 31, 2021 2020 At cost: Land $ 5,156 $ 5,156 Buildings and improvements 13,150 13,078 Capital leases 2,600 2,600 Furniture, fixtures, and equipment 31,269 29,880 Leasehold improvements 28,148 27,971 80,323 78,685 Accumulated depreciation and amortization (54,386) (50,497) Premises and equipment, net $ 25,937 $ 28,188 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits Deposit account balances are summarized as follows (dollars in thousands): As of December 31, 2021 2020 Amount Weighted Average Rate Amount Weighted Average Rate Transaction: Negotiable orders of withdrawal and interest-bearing checking $ 1,112,292 0.06 % $ 905,208 0.11 % Non-interest bearing checking 898,490 — % 695,831 — % Total transaction 2,010,782 0.03 % 1,601,039 0.06 % Savings: Money market 609,430 0.07 % 813,168 0.10 % Savings 1,166,761 0.10 % 1,140,717 0.19 % Total savings 1,776,191 0.09 % 1,953,885 0.15 % Certificates of deposit: Under $100,000 154,320 0.59 % 241,862 1.05 % $100,000 or more 228,041 0.75 % 279,765 0.71 % Total certificates of deposit 382,361 0.69 % 521,627 0.87 % Total deposits $ 4,169,334 0.12 % $ 4,076,551 0.21 % The Company had brokered deposits (included in certificates of deposit in the table above) of $31.0 million and $47.8 million at December 31, 2021 and 2020, respectively. Additionally included in the table above are $100.0 million of brokered money market deposits held as of December 31, 2020. Scheduled maturities of certificates of deposit are summarized as follows (in thousands): December 31, 2021 2022 $ 295,838 2023 51,691 2024 16,765 2025 13,363 2026 4,704 Total $ 382,361 Interest expense on deposits is summarized as follows (in thousands): December 31, 2021 2020 2019 Transaction $ 805 $ 2,372 $ 4,623 Savings and money market 2,226 7,869 15,850 Certificates of deposit 3,176 14,989 20,855 $ 6,207 $ 25,230 $ 41,328 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Borrowings consisted of FHLB advances, securities sold under agreements to repurchase (repurchase agreements), and floating rate advances and are summarized as follows (in thousands): December 31, 2021 2020 Repurchase agreements $ 50,000 $ 75,000 Other borrowings: FHLB advances 365,000 510,000 Floating rate advances 6,755 6,789 $ 421,755 $ 591,789 FHLB advances are secured by a blanket lien on unencumbered securities and the Company’s FHLB capital stock. At December 31, 2021 and 2020, FHLB advances and repurchase agreements had contractual maturities as follows (in thousands): December 31, 2021 FHLB Repurchase Advances Agreements 2022 $ 95,000 $ 25,000 2023 87,500 — 2024 25,000 25,000 2025 112,500 — Thereafter 45,000 — $ 365,000 $ 50,000 December 31, 2020 FHLB Repurchase Advances Agreements 2021 $ 145,000 $ 25,000 2022 95,000 25,000 2023 87,500 — 2024 25,000 25,000 2025 112,500 — Thereafter 45,000 — $ 510,000 $ 75,000 Further information regarding FHLB advances and repurchase agreements is summarized as follows (in thousands): December 31, 2021 2020 2021 2020 FHLB Advances Repurchase Agreements Average balance during year $ 434,422 $ 562,467 $ 60,068 $ 75,000 Maximum outstanding at any month end $ 510,000 $ 695,000 $ 75,000 $ 75,000 Weighted average interest rate at end of year 2.10 % 2.05 % 2.36 % 2.30 % Weighted average interest rate during year 2.08 % 2.01 % 2.36 % 2.35 % All of the repurchase agreements mature after more than 90 days. The repurchase agreements were secured primarily by mortgage-backed securities with an amortized cost of $52.6 million and a fair value of $53.8 million as of December 31, 2021. At December 31, 2020, the repurchase agreements were secured primarily by mortgage-backed securities with an amortized cost of $88.9 million and a fair value of $91.4 million. The Company has the ability to obtain additional funding from the FHLB and Federal Reserve Bank discount window of approximately $2.09 billion, utilizing unencumbered and unpledged securities of $647.5 million and multifamily loans of $1.44 billion at December 31, 2021. The Company expects to have sufficient funds available to meet current commitments in the normal course of business. Interest expense on borrowings is summarized as follows (in thousands): December 31, 2021 2020 2019 Repurchase agreements $ 1,416 $ 1,762 $ 1,065 FHLB advances 9,026 11,323 10,795 Floating rate advances — 22 170 $ 10,442 $ 13,107 $ 12,030 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) consists of the following (in thousands): December 31, 2021 2020 2019 Federal tax expense (benefit): Current $ 15,313 $ 11,270 $ 8,543 Deferred 3,107 (2,391) 376 18,420 8,879 8,919 State and local tax expense (benefit): Current 8,001 4,825 4,067 Deferred 52 (667) (199) 8,053 4,158 3,868 Total income tax expense $ 26,473 $ 13,037 $ 12,787 Reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate for the years ended December 31, 2021, 2020, and 2019, is as follows (dollars in thousands): December 31, 2021 2020 2019 Tax expense at statutory rate $ 20,397 $ 10,505 $ 11,135 Applicable statutory federal income tax rate 21 % 21 % 21 % Increase (decrease) in taxes resulting from: State tax, net of federal income tax 6,362 3,285 3,056 Bank owned life insurance (862) (793) (1,475) ESOP fair market value adjustment 102 42 187 Incentive stock options 6 18 81 Merger related costs — 147 — Excess tax benefits from employee share based payments — — (110) Other, net 468 (167) (87) Income tax expense $ 26,473 $ 13,037 $ 12,787 New Jersey State Taxation On July 1, 2018, the State of New Jersey enacted new legislation which established a 2.5% surtax on businesses that have New Jersey allocated net income in excess of $1.0 million. As originally enacted, the surtax was effective as of January 1, 2018 and continued through 2019, and was scheduled to decrease to 1.5% for 2020 and 2021, and expired beginning on or after January 1, 2022. New legislation enacted on September 29, 2020, extended the surtax rate of 2.5% through December 31, 2023, to be applied retrospectively to January 1, 2020. In addition, effective for taxable years beginning on or after January 1, 2019, banks are required to file combined reports of taxable income including their parent holding company. In May 2019, the State of New Jersey issued a tax technical bulletin, subsequently revised in December 2019, which gives guidance on the treatment of real estate investment trusts in connection with the combined reporting for New Jersey corporate business tax purposes. Real estate investment trusts and investment companies will be excluded from the combined group and will continue to file separate New Jersey tax returns. As a result of this guidance, the Company recorded an additional $889,000 of state tax expense net of federal benefit for the year ended December 31, 2019. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020, are as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Allowance for credit losses $ 11,057 $ 10,348 Deferred compensation 3,145 3,233 Accrued salaries 1,338 775 Postretirement benefits 354 346 Equity awards 2,051 2,170 Straight-line leases adjustment 1,713 1,533 Asset retirement obligation 68 71 Reserve for accrued interest receivable 620 675 Reserve for loan commitments 537 226 Employee Stock Ownership Plan 645 647 Other 317 293 Depreciation 3,229 2,798 Fair value adjustments of acquired loans 1,440 4,967 Fair value adjustments of pension benefit obligations 139 140 Total gross deferred tax assets 26,653 28,222 Deferred tax liabilities: Unrealized gains on securities – AFS 761 5,083 Unrealized actuarial gains on post retirement benefits 15 15 Fair value adjustments of acquired securities 580 825 Fair value adjustments of deposit liabilities 28 3 Deferred loan fees 2,010 1,387 Other 23 26 Total gross deferred tax liabilities 3,417 7,339 Net deferred tax asset $ 23,236 $ 20,883 Net deferred tax assets are included in other assets on the consolidated balance sheets. On January 1, 2021, the Company recorded $1.2 million of deferred tax assets as a result of the adoption of CECL. In 2020, the Company recorded net deferred tax assets of approximately $1.4 million as a result of the Victory acquisition. The Company has determined that it is not required to establish a valuation reserve for the deferred tax asset since it is “more likely than not” that the deferred tax asset will be realized through future reversals of existing taxable temporary differences. The conclusion that it is “more likely than not” that the deferred tax asset will be realized is based on the history of earnings and the prospects for continued profitability. Management will continue to review the tax criteria related to the recognition of deferred tax assets. As a savings institution, the Bank is subject to a special federal tax provision regarding its frozen tax bad debt reserve. At December 31, 2021 and December 31, 2020, the Bank’s federal tax bad debt base-year reserve was $5.9 million, with a related net deferred tax liability of $2.8 million, which has not been recognized since the Bank does not expect that this reserve will become taxable in the foreseeable future. Events that would result in taxation of this reserve include redemptions of the Bank’s stock or certain excess distributions by the Bank to the Company. A reconciliation of the Company’s uncertain tax positions are as follows (in thousands): December 31, 2021 2020 2019 Beginning balance $ 157 $ 190 $ 530 Settlements based on tax positions related to prior years (125) (33) (530) Additions based on tax positions related to prior years 109 — 190 Ending balance $ 141 $ 157 $ 190 The Company recognizes interest and penalties on income taxes in income tax expense. The following years are open for examination or under examination: • Federal tax filings for 2018 through present. • New York State tax filings 2015 through present. The 2015 through 2017 filings are currently under examination. • New York City tax filings 2018 through present. The 2018 and 2019 filings are currently under examination. • State of New Jersey 2017 through present. |
Retirement Benefits
Retirement Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Benefits | Retirement Benefits The Company has a 401(k) plan for its employees, which grants eligible employees (those salaried employees with at least three months of service) the opportunity to invest from 2% to 100% (subject to certain IRS limitations) of their base compensation in certain investment alternatives. The Company contributes an amount equal to 25% of employee contributions on the first 6% of base compensation contributed by eligible employees for the first three years of participation. Subsequent years of participation in excess of three years will increase the Company matching contribution from 25% to 50% of an employee’s contributions, on the first 6% of base compensation contributed by eligible employees. A member becomes fully vested in the Company’s contributions upon (a) completion of five years of service, or (b) normal retirement, early retirement, permanent disability, or death. The Company’s contribution to this plan amounted to approximately $515,000, $508,000, and $426,000 for the years ended December 31, 2021, 2020, and 2019, respectively. The Company maintains the Northfield Bank ESOP. The ESOP is a tax-qualified plan designed to invest primarily in the Company’s common stock. The ESOP provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. The ESOP purchased 2,463,884 shares of the Company’s common stock in the Company’s initial public offering at a price of $7.13 per share, as adjusted. This purchase was funded with a loan from Northfield Bancorp, Inc. to the ESOP. The outstanding balance at December 31, 2021 and 2020 was $8.5 million and $9.5 million, respectively. The shares of the Company’s common stock purchased in the initial public offering are pledged as collateral for the loan. Shares are released for allocation to participants as loan payments are made. A total of 123,460 and 92,769 shares were released and allocated to participants of the ESOP for the years ended December 31, 2021 and 2020, respectively. Cash dividends on unallocated shares are utilized to satisfy required debt payments. Dividends on allocated shares are utilized to prepay debt which releases additional shares to participants. Upon completion of the Company’s second-step conversion, a second ESOP was established for employees in 2013, which purchased 1,422,357 shares of the Company’s common stock at a price of $10.00 per share. The purchase was funded with a loan from Northfield Bancorp, Inc. to the second ESOP. The outstanding balance at December 31, 2021 and 2020 was $10.8 million and $11.3 million, respectively. The shares of the Company’s common stock purchased in the second-step conversion are pledged as collateral for the loan. Shares are released for allocation to participants as loan payments are made. A total of 59,064 and 54,986 shares were released and allocated to participants of the second ESOP for the years ended December 31, 2021 and 2020, respectively. Cash dividends on unallocated shares are utilized to satisfy required debt payments. Dividends on allocated shares are utilized to prepay debt which releases additional shares to participants. ESOP compensation expense for both plans for the years ended December 31, 2021, 2020, and 2019 was $1.9 million, $1.4 million, and $1.9 million, respectively. The Company maintains a Supplemental Employee Stock Ownership Plan (the "SESOP"), a non-qualified plan, that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the ESOP’s benefit formula due to tax law limits for tax-qualified plans. The supplemental payments for the SESOP consist of cash payments representing the value of Company shares that cannot be allocated to participants under the ESOP due to legal limitations imposed on tax-qualified plans. The Company's required contributions to the SESOP plan were $41,000, $57,000, and $41,000 for the years ended December 31, 2021, 2020, and 2019, respectively. The Company provides post-retirement medical and life insurance to a limited number of retired individuals. The Company also provides retiree life insurance benefits to all qualified employees, up to certain limits. The following tables set forth the funded status and components of postretirement benefit costs at December 31 measurement dates (in thousands): 2021 2020 2019 Accumulated postretirement benefit obligation beginning of year $ 1,133 $ 1,241 $ 1,359 Service cost — — 9 Interest cost 22 33 52 Actuarial gain (77) (44) (76) Benefits paid (99) (97) (103) Accumulated postretirement benefit obligation end of year 979 1,133 1,241 Accrued liability (included in accrued expenses and other liabilities) $ 979 $ 1,133 $ 1,241 The following table sets forth the amounts recognized in accumulated other comprehensive income (loss) (in thousands): December 31, 2021 2020 Net loss $ 11 $ 87 Prior service credit (152) (171) Loss recognized in accumulated other comprehensive income (loss) $ (141) $ (84) The estimated net loss and prior service credit that will be amortized from accumulated other comprehensive income (loss) into net periodic cost in 2022, are $0 and $19,000, respectively. The following table sets forth the components of net periodic postretirement benefit costs for the years ended December 31, 2021, 2020, and 2019 (in thousands): December 31, 2021 2020 2019 Service cost $ — $ — $ 9 Interest cost 22 33 52 Amortization of prior service credits (20) (20) — Amortization of unrecognized loss — 1 2 Net postretirement benefit cost included in compensation and employee benefits $ 2 $ 14 $ 63 The assumed discount rate related to plan obligations reflects the weighted average of published market rates for high-quality corporate bonds with terms similar to those of the plans expected benefit payments, rounded to the nearest quarter percentage point. The Company’s discount rate and rate of compensation increase used in accounting for the plan are as follows: 2021 2020 2019 Assumptions used to determine benefit obligation at period end: Discount rate 2.50 % 2.00 % 2.75 % Rate of increase in compensation (1) N/A N/A 4.00 % Assumptions used to determine net periodic benefit cost for the year: Discount rate 2.00 % 2.75 % 4.00 % Rate of increase in compensation (1) N/A N/A 4.00 % (1) For 2021 and 2020, since the covered population is only retirees, a compensation rate increase assumption was not used. At December 31, 2021, a medical cost trend rate of 8.75% decreasing 0.50% per year thereafter until an ultimate rate of 4.75% is reached, was used in the plan’s valuation. The Company’s healthcare cost trend rates are based, among other things, on the Company’s own experience and third-party analysis of recent and projected healthcare cost trends. A one percentage-point change in assumed healthcare cost trends would have the following effects (in thousands): One Percentage Point Increase One Percentage Point Decrease 2021 2020 2021 2020 Effect on benefits earned and interest cost $ 2 $ 3 $ (2) $ (2) Effect on accumulated postretirement benefit obligation 78 97 (68) (84) A one percentage-point change in assumed healthcare cost trends would have the following effects (in thousands): One Percentage Point Increase One Percentage Point Decrease 2021 2020 2019 2021 2020 2019 Aggregate of service and interest $ 2 $ 3 $ 4 $ (2) $ (2) $ (4) Benefit payments of approximately $99,000, $97,000, and $103,000 were made in 2021, 2020, and 2019, respectively. The benefits expected to be paid under the postretirement health benefits plan for the next five years are as follows: $92,000 in 2022; $92,000 in 2023; $76,000 in 2024; $74,000 in 2025; and $71,000 in 2026. The benefit payments expected to be paid in the aggregate for the years 2027 through 2031 are $306,000. The expected benefits are based on the same assumptions used to measure the Company’s benefit obligation at December 31, 2021, and include estimated future employee service. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plan | Equity Incentive Plans On May 22, 2019, the Northfield Bancorp, Inc. 2019 Equity Incentive Plan (the “2019 EIP”) was approved by stockholders of the Company. Under the 2019 EIP, the maximum number of shares of stock that may be delivered to participants in the form of stock options and stock appreciation rights (“SARs”) is 6,000,000. To the extent an equity award is issued in the form of a restricted stock grant, or restricted stock unit, the number of stock options/SARs that can be granted is reduced by 4.5. The maximum number of shares of stock that may be delivered to participants in the form of restricted stock awards and restricted stock units is 1,333,333 shares. As of December 31, 2021, a total of 4,737,701 stock options, SARs and restricted stock awards or restricted stock units remained available for issuance under the 2019 EIP, of which the maximum number of restricted stock awards and restricted stock units available for issuance was 1,052,822. Prior to May 22, 2019, the Company also maintained the Northfield Bancorp, Inc. 2014 Equity Incentive Plan (the “2014 EIP”) which allowed the Company to grant common stock or options to purchase common stock at specific prices to directors and employees of the Company. The 2014 EIP provided for the issuance or delivery of up to 4,978,249 shares (1,422,357 restricted shares and 3,555,892 stock options) of Northfield Bancorp, Inc. common stock subject to certain plan limitations. Upon approval of the 2019 EIP, the 2014 EIP was frozen and equity awards that would otherwise have been available for issuance were no longer available for grant, however, options previously granted under the 2014 EIP still remain outstanding and exercisable. There were no stock options granted in 2021, 2020 or 2019. During the years ended December 31, 2021, 2020, and 2019, the Company recorded, $994,000, $1.4 million, and $3.2 million of stock-based compensation, respectively. The following table is a summary of the Company’s stock options as of December 31, 2021, and changes therein during the year then ended: Number of Stock Options Weighted Average Grant Date Fair Value Weighted Average Exercise Price Weighted Average Contractual Life (years) Outstanding- December 31, 2019 2,227,193 $ 4.01 $ 13.93 4.96 Exercised (13,000) 3.93 13.38 — Outstanding- December 31, 2020 2,214,193 4.01 13.94 3.96 Forfeited (50,169) 13.62 Exercised (394,045) 3.96 13.90 — Outstanding- December 31, 2021 1,769,979 4.02 13.95 2.95 Exercisable- December 31, 2021 1,769,979 $ 4.02 $ 13.95 2.95 There was no remaining future stock option expense related to the options outstanding as of December 31, 2021, as all are vested. On January 29, 2021, the Company granted to directors and employees, under the 2019 Equity Incentive Plan, 147,315 restricted stock units with a total grant-date fair value of $1.8 million. Of these grants, 32,769 vest one year from the date of grant and 114,546 vest in equal installments over a five-year period beginning one year from the date of grant. The Company also issued 29,615 performance-based restricted stock units to its executive officers with a total grant date fair value of $366,041. Vesting of the performance-based restricted stock units will be based on achievement of certain levels of Core Return on Average Assets and will cliff-vest after a three-year measurement period ended January 29, 2024, based on the Company's performance relative to a peer group as determined by the Compensation Committee of the Board. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 225% of target amounts. On February 17, 2020, the Company granted to directors and employees, under the 2019 EIP, 83,744 restricted stock units with a total grant-date fair value of $1.3 million. Of these grants, 28,460 vest one year from the date of grant and 55,284 vest in equal installments over a five-year period beginning one year from the date of grant. The Company also issued 19,837 performance-based restricted stock units to its executive officers with a total grant date fair value of $313,623. Vesting of the performance-based restricted stock units will be based on achievement of certain levels of Core Return on Average Assets and will cliff-vest after a three-year measurement period ended December 31, 2022, based on the Company's performance relative to a peer group as determined by the Compensation Committee of the Board. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 225% of target amounts. The following is a summary of the status of the Company’s restricted shares as of December 31, 2021, and changes therein during the year then ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at December 31, 2019 71,102 $ 15.36 Granted 103,581 15.81 Vested (67,100) 15.18 Forfeited (3,573) 15.81 Non-vested at December 31, 2020 104,010 15.91 Granted 176,930 12.36 Vested (42,470) 16.06 Forfeited (15,626) 13.80 Non-vested at December 31, 2021 222,844 $ 13.21 Expected future stock award expense related to the non-vested restricted awards as of December 31, 2021, is $1.7 million over an average period of 3.42 years. Upon the exercise of stock options, management expects to utilize treasury stock as the source of issuance for these shares. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company, in the normal course of business, is party to commitments that involve, to varying degrees, elements of risk in excess of the amounts recognized in the consolidated financial statements. These commitments include unused lines of credit and commitments to extend credit. At December 31, 2021 and 2020, the following commitment and contingent liabilities existed that are not reflected in the accompanying consolidated financial statements (in thousands): December 31, 2021 2020 Commitments to extend credit $ 159,403 $ 81,288 Unused lines of credit 245,860 153,960 Standby letters of credit 3,266 3,313 The Company’s maximum exposure to credit losses in the event of nonperformance by the other party to these commitments is represented by the contractual amount. The Company uses the same credit policies in granting commitments and conditional obligations as it does for amounts recorded in the consolidated balance sheets. These commitments and obligations do not necessarily represent future cash flow requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, is based on management’s assessment of risk. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third-party. The guarantees generally extend for a term of up to one year and are fully collateralized. For each guarantee issued, if the customer defaults on a payment to the third-party, the Company would have to perform under the guarantee. The unamortized fee on standby letters of credit approximates their fair value; such fees were insignificant at both December 31, 2021 and 2020. The Company maintains an allowance for credit losses on commitments to extend credit in other liabilities. The reserve for off-balance sheet exposures is determined using the CECL reserve factor in the related funded loan segment, adjusted for an average historical funding rate. At December 31, 2021 and 2020, the allowance was $1.9 million and $808,000, respectively, and is recorded in other liabilities on the consolidated balance sheets. The corresponding provision is included in other non-interest expense. For further details on the allowance for credit losses on off-balance sheet exposures refer to Note 7 - “Allowance for Credit Losses (“ACL”) on Loans.” At December 31, 2021, the Company was obligated under non-cancelable operating leases on property used for banking purposes. Most leases contain escalation clauses and renewal options which provide for increased rentals as well as for increases in certain property costs including real estate taxes, common area maintenance, and insurance. For further details on leases see Note 20 - “Leases.” In the normal course of business, the Company may be a party to various outstanding legal proceedings and claims. In the opinion of management, the consolidated financial statements will not be materially affected by the outcome of such legal proceedings and claims. |
Regulatory Requirements
Regulatory Requirements | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Requirements [Abstract] | |
Regulatory Requirements | Regulatory Requirements Federal regulations require federally insured depository institutions to meet several minimum capital standards: a common equity Tier 1 capital to risk-based assets ratio of 4.5%, a Tier 1 capital to risk-based assets ratio of 6.0%, a total capital to risk-based assets of 8.0%, and a 4.0% Tier 1 capital to total assets leverage ratio. Under prompt corrective action regulations, the OCC is required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution. Such actions could have a direct material effect on the institution’s financial statements. The regulations establish a framework for the classification of savings institutions into five categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Generally, an institution is considered well capitalized if it has a leverage (Tier 1) ratio of 5.0% or greater, a common equity Tier 1 ratio of 6.5% or greater, a Tier 1 risk-based capital ratio of 8.0% or greater, and a total risk-based capital ratio of 10.0% or greater. The foregoing capital ratios are based in part on specific quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. Capital amounts and classifications also are subject to qualitative judgments by the regulators about capital components, risk weighting, and other factors. Under the U.S. Basel III capital framework, both Northfield Bank and the Company must maintain minimum capital requirements which include: (i) a common equity Tier 1 capital to risk-based assets ratio of 4.5%; (ii) a Tier 1 capital to risk-based assets ratio of 6%; (iii) a total capital to risk-based assets of 8%; and (iv) a Tier 1 capital to total assets leverage ratio of 4%. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a “capital conservation buffer” consisting of 2.5% of common equity Tier 1 capital to risk-weighted assets in addition to the amount necessary to meet its minimum risk-based capital requirements. The capital conservation buffer requirement was phased in beginning January 1, 2016, at 0.625% of risk-weighted assets and increased each year until it was fully implemented at 2.5% on January 1, 2019. As a result of the Economic Growth, Regulatory Relief, and Consumer Protection Act, the federal banking agencies developed a “Community Bank Leverage Ratio” (“CBLR”) (the ratio of a bank’s tangible equity capital to average total consolidated assets) for financial institutions with assets of less than $10 billion. A qualifying community bank that exceeds this ratio will be deemed to be in compliance with all other capital and leverage requirements, including the capital requirements to be considered “well capitalized” under Prompt Corrective Action statutes. The federal banking agencies approved 9% as the minimum capital for the CBLR. Effective March 31, 2020, a financial institution could elect to be subject to this new definition. Northfield Bank and Northfield Bancorp have elected to opt into the “CBLR” framework, beginning with the Call Reports filed for the first quarter of 2020. The CBLR replaced the risk-based and leverage capital requirements in the generally applicable capital rules. On April 6, 2020, the federal banking regulators, implementing the applicable provisions of the CARES Act, modified the CBLR framework so that the minimum CBLR was 8% beginning in the second quarter and for the remainder of calendar year 2020, 8.5% for calendar year 2021, and 9% thereafter. At December 31, 2021, and 2020, as set forth in the following tables, both Northfield Bank and the Company exceeded all of the regulatory capital requirements to which they were subject at such dates. The following is a summary of Northfield Bank’s regulatory capital amounts and ratios compared to the regulatory requirements as of December 31, 2021 and 2020, for classification as a well-capitalized institution and minimum capital (dollars in thousands): For Well For Capital Capitalized Adequacy Under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: CBLR $ 659,522 12.24 % $ 457,872 8.50 % $ 457,872 8.50 % As of December 31, 2020: CBLR $ 656,324 11.96 % $ 439,124 8.00 % $ 439,124 8.00 % The following is a summary of the Company's regulatory capital amounts and ratios compared to the regulatory requirements as of December 31, 2021 and 2020, for classification as well-capitalized and minimum capital (dollars in thousands). For Well For Capital Capitalized Adequacy Under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: CBLR $ 696,368 12.93 % $ 457,751 8.50 % $ 457,751 8.50 % As of December 31, 2020: CBLR $ 698,864 12.73 % $ 439,219 8.00 % $ 439,219 8.00 % |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of December 31, 2021 and 2020, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification ("ASC"). Financial assets and liabilities are classified in their entirety based on the level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: • Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means. • Level 3 Inputs – Significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Fair Value Measurements at December 31, 2021 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Significant Unobservable (in thousands) Measured on a recurring basis: Assets: Investment securities: Debt securities available-for-sale: U.S. Government agency securities $ 2,290 $ — $ 2,290 $ — Mortgage-backed securities: Pass-through certificates: GSE 581,406 — 581,406 — REMICs: GSE 391,710 — 391,710 — 973,116 — 973,116 — Other debt securities: Municipal bonds 72 — 72 — Corporate bonds 232,759 — 232,759 — 232,831 — 232,831 — Total debt securities available-for-sale 1,208,237 — 1,208,237 — Trading securities 13,461 13,461 — — Equity securities (1) 328 328 — — Total $ 1,222,026 $ 13,789 $ 1,208,237 $ — Measured on a non-recurring basis: Assets: Loans individually evaluated for impairment: Real estate loans: Commercial real estate $ 3,599 $ — $ — $ 3,599 One-to-four family residential mortgage 169 — — 169 Home equity and lines of credit 27 — — 27 Total individually evaluated real estate loans 3,795 — — 3,795 Commercial and industrial loans 12 — — 12 Other real estate owned 100 — — 100 Total $ 3,907 $ — $ — $ 3,907 (1) Excludes investment measured at net asset value of $5.0 million at December 31, 2021, which has not been classified in the fair value hierarchy. Fair Value Measurements at December 31, 2020 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Significant Unobservable (in thousands) Measured on a recurring basis: Assets: Investment securities: Debt securities available-for-sale: U.S Government agency securities $ 3,158 $ — $ 3,158 $ — Mortgage-backed securities Pass-through certificate GSE 281,343 — 281,343 — REMICs: GSE 890,965 $ — 890,965 — Non-GSE 4 — 4 — 1,172,312 — 1,172,312 — Other debt securities: Municipal bonds 123 — 123 — Corporate bonds 88,418 — 88,418 — Asset-backed securities 794 — 794 — 89,335 — 89,335 — Total debt securities available-for sale 1,264,805 — 1,264,805 — Trading securities 12,291 12,291 — — Equity securities 253 253 — — Total $ 1,277,349 $ 12,544 $ 1,264,805 $ — Measured on a non-recurring basis: Assets: Impaired loans: Real estate loans: Commercial real estate $ 5,268 $ — $ — $ 5,268 Multifamily 16 — — 16 Home equity and lines of credit 28 — — 28 Total impaired real estate loans 5,312 — — 5,312 Commercial and industrial loans 13 — — 13 Total $ 5,325 $ — $ — $ 5,325 The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2021 (dollars in thousands): Fair Value Valuation Methodology Unobservable Inputs Range of Inputs (in thousands) Individually evaluated loans $ 3,807 Appraisals Discount for costs to sell 7.0% Discount for quick sale 10.0% Discounted cash flows Interest rates 4.88% - 6.25% Other real estate owned 100 Appraisals Discount for costs to sell 7.0% The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2020 (dollars in thousands): Fair Value Valuation Methodology Unobservable Inputs Range of Inputs (in thousands) Impaired loans $ 5,325 Appraisals Discount for costs to sell 7.0% Discount for quick sale 10.0% Discounted cash flows Interest rates 4.88% - 6.25% The valuation techniques described below were used to measure fair value of financial instruments in the tables below on a recurring and non-recurring basis as of December 31, 2021 and 2020. Debt Securities Available-for-Sale: The estimated fair values for mortgage-backed securities, corporate, and other debt securities are obtained from an independent nationally recognized third-party pricing service. The estimated fair values are derived primarily from cash flow models, which include assumptions for interest rates, credit losses, and prepayment speeds. Broker/dealer quotes are utilized as well, when such quotes are available and deemed representative of the market. The significant inputs utilized in the cash flow models are based on market data obtained from sources independent of the Company (Observable Inputs), and are therefore classified as Level 2 within the fair value hierarchy. There were no transfers of securities between Level 1 and Level 2 during the years ended December 31, 2021 and 2020. Trading Securities: Fair values are derived from quoted market prices in active markets. The assets consist of publicly traded mutual funds. Equity Securities: Fair values of equity securities consisting of publicly traded mutual funds are derived from quoted market prices in active markets. Loans Individually Evaluated for Impairment: At December 31, 2021, and December 31, 2020, the Company had loans individually evaluated for impairment (excluding PCD/PCI loans) with outstanding principal balances of $5.8 million and $7.4 million, respectively, which were recorded at their estimated fair value of $3.8 million and $5.3 million, respectively. The Company recorded net decreases in the specific reserve for impaired loans of $43,000 and $69,000 for the years ended December 31, 2021 and 2020, respectively. The Company recorded net charge-offs of $2.8 million for the year ended December 31, 2021, as compared to net charge-offs of $3.8 million for the year ended December 31, 2020, utilizing Level 3 inputs. For purposes of estimating the fair value of impaired loans, management utilizes independent appraisals, if the loan is collateral-dependent, adjusted downward by management, as necessary, for changes in relevant valuation factors subsequent to the appraisal date, or the present value of expected future cash flows for non-collateral-dependent loans and TDRs. Other Real Estate Owned: At December 31, 2021, the Company had assets acquired through foreclosure of $100,000, recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Estimated fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience, and are considered Level 3 inputs. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for credit losses. If the estimated fair value of the asset declines, a write-down is recorded through non-interest expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in the economic conditions. In addition, the Company may be required, from time to time, to measure the fair value of certain other financial assets on a non-recurring basis in accordance with U.S. GAAP. The adjustments to fair value usually result from the application of lower-of-cost-or-market accounting or write downs of individual assets. Fair Value of Financial Instruments The FASB ASC Topic for Financial Instruments requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The following methods and assumptions were used to estimate the fair value of other financial assets and financial liabilities not already discussed above: (a) Cash and Cash Equivalents Cash and cash equivalents are short-term in nature with original maturities of three months or less; the carrying amount approximates fair value. Certificates of deposit having original terms of six-months or less; the carrying value generally approximates fair value. Certificates of deposit with an original maturity of six months or greater; the fair value is derived from discounted cash flows. (b) Debt Securities (Held-to-Maturity) The estimated fair values for substantially all of our securities are obtained from an independent, nationally recognized pricing service. The independent pricing service utilizes market prices of same or similar securities whenever such prices are available. Prices involving distressed sellers are not utilized in determining fair value. Where necessary, the independent third-party pricing service estimates fair value using models employing techniques such as discounted cash flow analysis. The assumptions used in these models typically include assumptions for interest rates, credit losses, and prepayments, utilizing market observable data where available. (c) Investments in Equity Securities at Net Asset Value Per Share The Company uses net asset value as a practical expedient to record its investment in a private SBA Loan Fund since the shares in the fund are not publicly traded, do not have a readily determinable fair value, and the net asset value per share is calculated in a manner consistent with the measurement principles of an investment company. (d) FHLBNY Stock The fair value for FHLBNY stock is its carrying value, since this is the amount for which it could be redeemed and there is no active market for this stock. (e) Loans (Held-for-Investment) Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as originated and purchased, and further segregated by residential mortgage, construction, land, multifamily, commercial and consumer. Each loan category is further segmented into amortizing and non-amortizing and fixed and adjustable rate interest terms and by performing and non-performing categories. The fair value of loans is estimated using a discounted cash flow analysis. The discount rates used to determine fair value use interest rate spreads that reflect factors such as liquidity, credit, and non-performance risk of the loans. (f) Loans (Held-for-Sale) Held-for-sale loans are carried at the lower of aggregate cost or estimated fair value, less costs to sell, and therefore fair value is equal to carrying value. (g) Deposits The fair value of deposits with no stated maturity, such as interest and non-interest-bearing demand deposits, savings, NOW and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. (h) Commitments to Extend Credit and Standby Letters of Credit The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of off-balance-sheet commitments is insignificant and therefore not included in the following table. (i) Borrowings The fair value of borrowed funds is estimated by discounting future cash flows based on rates currently available for debt with similar terms and remaining maturity. (j) Advance Payments by Borrowers for Taxes and Insurance Advance payments by borrowers for taxes and insurance have no stated maturity; the fair value is equal to the amount currently payable. (k) Derivatives The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. The estimated fair values of the Company’s significant financial instruments at December 31, 2021 and 2020, are presented in the following tables (in thousands): December 31, 2021 Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 91,068 $ 91,068 $ — $ — $ 91,068 Trading securities 13,461 13,461 — — 13,461 Debt securities available-for-sale 1,208,237 — 1,208,237 — 1,208,237 Debt securities held-to-maturity 5,283 — 5,475 — 5,475 Equity securities (1) 328 328 — — 328 FHLBNY stock, at cost 22,336 — 22,336 — 22,336 Net loans held-for-investment 3,767,644 — — 3,904,026 3,904,026 Derivative assets 923 — 923 — 923 Financial liabilities: Deposits $ 4,169,334 $ — $ 4,172,125 $ — $ 4,172,125 Borrowed funds 421,755 — 426,235 — 426,235 Advance payments by borrowers for taxes and insurance 24,909 — 24,909 — 24,909 Derivative liabilities 925 — 925 — 925 (1) Excludes investments measured at net asset value in the amount of $5.0 million at December 31, 2021, which have not been classified in the fair value hierarchy. December 31, 2020 Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 87,544 $ 87,544 $ — $ — $ 87,544 Trading securities 12,291 12,291 — — 12,291 Debt securities available-for-sale 1,264,805 — 1,264,805 — 1,264,805 Debt securities held-to-maturity 7,234 — 7,574 — 7,574 Equity securities 253 253 — — 253 FHLBNY stock, at cost 28,641 — 28,641 — 28,641 Loans held-for-sale 19,895 — — 19,895 19,895 Net loans held-for-investment 3,785,631 — — 3,842,054 3,842,054 Derivative assets 1,498 — 1,498 — 1,498 Financial liabilities: Deposits $ 4,076,551 $ — $ 4,082,538 $ — $ 4,082,538 Borrowed funds 591,789 — 609,900 — 609,900 Advance payments by borrowers for taxes and insurance 19,677 — 19,677 — 19,677 Derivative liabilities 1,502 — 1,502 — 1,502 Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a summary of the Company’s earnings per share calculations and reconciliation of basic to diluted earnings per share for the periods indicated (in thousands, except share and per share data): December 31, 2021 2020 2019 Net income available to common stockholders $ 70,654 $ 36,988 $ 40,235 Weighted average shares outstanding-basic 48,416,495 48,721,504 46,783,442 Effect of non-vested restricted stock and stock options outstanding 337,768 64,459 380,362 Weighted average shares outstanding-diluted 48,754,263 48,785,963 47,163,804 Earnings per share-basic $ 1.46 $ 0.76 $ 0.86 Earnings per share-diluted $ 1.45 $ 0.76 $ 0.85 Anti-dilutive shares 323,466 1,972,136 546,120 |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program On April 24, 2019, and March 18, 2021, the Company's Board of Directors approved stock repurchase programs of $37.2 million and $54.2 million, respectively. Under the stock repurchase programs, the Company is authorized to repurchase shares and anticipates conducting such repurchases in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The timing of the repurchases will depend on certain factors, including but not limited to, market conditions and prices, the Company’s liquidity and capital requirements, and alternative uses of capital. Any repurchased shares will be held as treasury stock and will be available for general corporate purposes. The repurchases may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Company is not obligated to purchase any particular number of shares. During the year ended December 31, 2021, the Company repurchased 3,342,700 shares of its common stock outstanding at an average price of $15.91 for a total of $53.2 million pursuant to the stock repurchase plan. At December 31, 2021, the maximum dollar value of shares remaining for repurchase under the plan was $8.3 million. During the year ended December 31, 2020, the Company repurchased 885,535 shares of its common stock outstanding at an average price of $11.59 for a total of $10.3 million, pursuant to the stock repurchase plan. At December 31, 2020, there were 564,488 shares remaining for repurchase. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company records revenue from contracts with customers in accordance with ASU 2014-09, Revenue from Contracts with Customers ("Topic 606") . The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities, which comprise the majority of the Company’s revenue. The Company’s revenue streams that are within the scope of Topic 606 include service charges on deposit accounts, ATM and card interchange fees, investment services fees, and other miscellaneous income. Fees and service charges for customer services include: (i) service charges on deposit accounts, including account maintenance fees, overdraft fees, insufficient funds fees, wire fees, and other deposit related fees; (ii) ATM and card interchange fees, which include fees generated when a Bank cardholder uses a non-Bank ATM or a non-Bank cardholder uses a Bank ATM, and fees earned whenever the Bank's debit cards are processed through card payment networks such as Visa; and (iii) investment services fees earned through partnering with a third-party investment and brokerage service firm to provide insurance and investment products to customers. The Company's performance obligation for fees and service charges is satisfied and related revenue recognized immediately or in the month of performance of services. For the year ended December 31, 2021, other income primarily included rental income from subleasing one of the Company's branches to a third party and loan servicing fees. In prior years, other income primarily included fee income on interest rate swaps, rental income from subleasing one of the Company's branches to a third party and income and gains or losses, net, related to other real estate owned. The following table summarizes non-interest income for the periods indicated (in thousands): December 31, 2021 2020 2019 Fees and service charges for customer services: Service charges $ 3,075 $ 2,356 $ 3,309 ATM and card interchange fees 1,893 1,326 1,310 Investment fees 426 285 262 Total fees and service charges for customer services 5,394 3,967 4,881 Income on bank-owned life insurance (1) 4,103 3,774 7,023 Gains on available-for-sale debt securities, net (1) 1,495 327 514 Gains on trading securities, net (1) 1,703 1,601 1,988 Gains on sale of loans (1) 1,401 665 — Other (1) 357 1,138 402 Total non-interest income $ 14,453 $ 11,472 $ 14,808 (1) Not within the scope of Topic 606 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Leases The Company’s leases primarily relate to real estate property for branches and office space with terms extending from one month up to 33.5 years. At December 31, 2021, all of the Company's leases are classified as operating leases, which are required to be recognized on the consolidated statements of financial condition as a right-of-use asset and a corresponding lease liability. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities in the consolidated balance sheets. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recorded at the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate, at lease inception, over a similar term in determining the present value of lease payments. Certain leases include options to renew, with one or more renewal terms ranging from five At December 31, 2021, the Company’s operating lease right-of-use assets and operating lease liabilities included in the consolidated balance sheet were $33.9 million and $39.9 million, respectively. At December 31, 2020, the Company’s operating lease right-of-use assets and operating lease liabilities included in the consolidated balance sheet were $36.7 million and $42.7 million, respectively. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are recognized as incurred. Variable lease payments include common area maintenance charges, real estate taxes, repairs and maintenance costs and utilities. Operating and variable lease expenses are recorded in occupancy expense in the consolidated statements of comprehensive income. Supplemental lease information at or for the years ended December 31, 2021 and 2020 is as follows (dollars in thousands): At or for the Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Operating lease cost $ 5,797 $ 6,160 $ 6,119 Variable lease cost 4,092 3,276 2,813 Net lease cost $ 9,889 $ 9,436 $ 8,932 Cash paid for amounts included in measurement of operating lease liabilities $ 6,538 $ 6,490 $ 5,901 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,596 $ 3,568 $ 1,013 Weighted average remaining lease term (in years) 11.84 years 12.28 years 12.77 years Weighted average discount rate 3.55 % 3.60 % 3.62 % The following table summarizes lease payment obligations for each of the next five years and thereafter in addition to a reconcilement to the Company's current lease liability (dollars in thousands): Year Amount 2022 $ 5,923 2023 5,803 2024 5,372 2025 5,024 2026 4,253 Thereafter 24,128 Total lease payments 50,503 Less: imputed interest (10,652) Present value of lease liabilities $ 39,851 Net rental expense included in occupancy expense was approximately $5.9 million, $8.0 million, and $6.8 million for the years ended December 31, 2021, 2020, and 2019, respectively. Included in rental expense for the years ended December 31, 2020 and 2019 is approximately $1.8 million and $579,000 of accelerated rental expense related to the branch consolidations. As of December 31, 2021, the Company had not entered into any leases that have not yet commenced. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in a loan-related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The interest rate swap agreement which the Company executes with the commercial borrower is collateralized by the borrower’s commercial real estate financed by the Company. The collateral exceeds the maximum potential amount of future payments under the credit derivative. As these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. At December 31, 2021, the Company had seven interest rate swaps with a notional amount of $38.1 million. At December 31, 2020, the Company had seven interest rate swaps with a notional amount of $39.2 million. For the years ended December 31, 2021 and 2020, the Company recorded fee income of approximately $0 and $797,000, respectively. The table below presents the fair value of derivatives as well as their location on the consolidated balance sheets (in thousands): Fair Value December 31, Balance Sheet Location 2021 2020 Other assets $ 923 $ 1,498 Other liabilities 925 1,502 |
Parent-only Financial Informati
Parent-only Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent-only Financial Information | Parent-only Financial Information The following condensed parent company-only financial information reflects Northfield Bancorp, Inc.’s investment in its wholly-owned consolidated subsidiary, Northfield Bank, using the equity method of accounting. Northfield Bancorp, Inc. Condensed Balance Sheets December 31, 2021 2020 (in thousands) Assets Cash in Northfield Bank $ 14,411 $ 21,456 Interest-earning deposits in other financial institutions — 21 Investment in Northfield Bank 703,036 711,441 ESOP loan receivable 19,283 20,836 Other assets 3,412 474 Total assets $ 740,142 $ 754,228 Liabilities and Stockholders' Equity Total liabilities $ 259 $ 247 Total stockholders' equity 739,883 753,981 Total liabilities and stockholders' equity $ 740,142 $ 754,228 Northfield Bancorp, Inc. Condensed Statements of Comprehensive Income Years Ended December 31, 2021 2020 2019 (in thousands) Interest on ESOP loan $ 677 $ 1,043 $ 1,263 Interest income on deposits in other financial institutions 18 129 229 Gains on securities, net — — 10 Undistributed earnings of Northfield Bank 70,956 37,544 40,012 Total income 71,651 38,716 41,514 Other expenses 831 1,647 863 Income tax expense 166 81 416 Total expenses 997 1,728 1,279 Net income $ 70,654 $ 36,988 $ 40,235 Comprehensive income: Net income $ 70,654 $ 36,988 $ 40,235 Other comprehensive (loss) income, net of tax (11,097) 8,461 13,846 Comprehensive income $ 59,557 $ 45,449 $ 54,081 Northfield Bancorp, Inc. Condensed Statements of Cash Flows December 31, 2021 2020 2019 (in thousands) Cash flows from operating activities Net income $ 70,654 $ 36,988 $ 40,235 Adjustments to reconcile net income to net cash used in operating activities: Increase in other assets (4,034) (1,008) (1,073) Gains on securities, net — — (10) Increase (decrease) in other liabilities 12 (1,499) (36) Undistributed earnings of Northfield Bank (70,956) (37,544) (40,012) Net cash used in operating activities (4,324) (3,063) (896) Cash flows from investing activities Cash and cash equivalents acquired in business acquisition — 5,903 — Dividends from Northfield Bank 69,916 16,174 41,277 Net cash provided by investing activities 69,916 22,077 41,277 Cash flows from financing activities Principal payments on ESOP loan receivable 1,553 1,061 1,065 Purchase of treasury stock (53,321) (10,405) (15,815) Dividends paid (24,299) (21,476) (20,198) Exercise of stock options 3,409 175 5,770 Net cash used in financing activities (72,658) (30,645) (29,178) Net (decrease) increase in cash and cash equivalents (7,066) (11,631) 11,203 Cash and cash equivalents at beginning of year 21,477 33,108 21,905 Cash and cash equivalents at end of year $ 14,411 $ 21,477 $ 33,108 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following tables are a summary of certain quarterly financial data for the years ended December 31, 2021 and 2020 : 2021 Quarter Ended March 31 June 30 September 30 December 31 (Dollars in thousands, except per share data) Selected Operating Data: Interest income $ 45,067 $ 43,236 $ 42,146 $ 41,849 Interest expense 4,891 4,549 3,729 3,480 Net interest income 40,176 38,687 38,417 38,369 (Benefit)/provision for credit losses (2,374) (3,701) (148) 39 Net interest income after (benefit)/provision for credit losses 42,550 42,388 38,565 38,330 Other income 2,636 4,916 2,628 4,273 Other expenses 19,563 19,871 19,035 20,690 Income before income tax expense 25,623 27,433 22,158 21,913 Income tax expense 6,946 7,639 6,078 5,810 Net income $ 18,677 $ 19,794 $ 16,080 $ 16,103 Net income per basic common share $ 0.38 $ 0.40 $ 0.33 $ 0.34 Net income per diluted common share $ 0.38 $ 0.40 $ 0.33 $ 0.34 2020 Quarter Ended March 31 June 30 September 30 December 31 (Dollars in thousands, except per share data) Selected Operating Data: Interest income $ 42,732 $ 40,911 $ 41,457 $ 43,045 Interest expense 12,799 10,681 8,849 6,008 Net interest income 29,933 30,230 32,608 37,037 Provision for loan losses 8,183 1,921 165 2,473 Net interest income after provision for loan losses 21,750 28,309 32,443 34,564 Other income 108 4,238 3,022 4,104 Other expenses 15,682 17,855 23,788 21,188 Income before income tax expense 6,176 14,692 11,677 17,480 Income tax expense 1,625 3,899 3,095 4,418 Net income $ 4,551 $ 10,793 $ 8,582 $ 13,062 Net income per basic common share $ 0.10 $ 0.23 $ 0.17 $ 0.26 Net income per diluted common share $ 0.10 $ 0.23 $ 0.17 $ 0.26 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements are comprised of the accounts of Northfield Bancorp, Inc. and its wholly owned subsidiaries, Northfield Investment, Inc. and Northfield Bank (the “Bank”), and the Bank’s wholly-owned significant subsidiaries, NSB Services Corp. and NSB Realty Trust. All significant intercompany accounts and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and revenues and expenses during the reporting periods. Actual results may differ significantly from those estimates and assumptions. A material estimate that is particularly susceptible to significant change in the near term is the allowance for credit losses. In connection with the determination of this allowance, management generally obtains independent appraisals for significant properties. In addition, judgments related to the amount and timing of expected cash flows from purchased credit-deteriorated (“PCD”, or, previously, purchased credit-impaired “PCI”) loans, goodwill, securities valuation and impairment, and deferred income taxes, involve a higher degree of complexity and subjectivity and require estimates and assumptions about uncertain matters. Actual results may differ from the estimates and assumptions. Certain prior year amounts have been reclassified to conform to the current year presentation. (b) Adoption of New Accounting Standards |
Adoption of New Accounting Standards | ASU No. 2016-03. In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance was subsequently amended by ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”; ASU No. 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief”; and ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. ASU No. 2016-13 and its subsequent updates are collectively known as “CECL”. CECL replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. For available-for-sale debt securities where fair value is less than cost, credit-related impairment would be recognized in an allowance for credit losses and adjusted in each subsequent period for changes in credit risk. CECL also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for credit losses. ASU 2016-13 and its related amendments were initially effective for financial statements for fiscal years and interim periods beginning after December 15, 2019. The Company elected to defer the adoption of the CECL methodology permitted by the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, signed into law on March 27, 2020, which provided financial institutions with the option to defer adoption of ASU 2016-13 until the earlier of the end of the pandemic or December 31, 2020. This relief was further extended by the Consolidations Appropriations Act enacted on December 27, 2020, to the earlier of the first day of an entity's fiscal year after the date the national emergency terminates or January 1, 2022. The Company adopted ASU 2016-13 and its related amendments on January 1, 2021, using a modified retrospective approach. At adoption, the Company recorded an $11.1 million increase to its allowance for credit losses, including reserves of $10.4 million related to loans and $737,000 related to unfunded credit commitments. Of the $10.4 million increase in loan reserves, $6.8 million represents PCD loan-related reserves which were recognized through a gross-up that increases the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore results in no impact to shareholders' equity. The non-PCD loan related increase to the allowance for credit losses of $4.3 million, including the reserves for unfunded loan commitments, was offset in shareholders' equity and deferred tax assets. For further details on the adoption of CECL see Note 6 - Loans Note 7 - Allowance for Credit Losses on Loans ASU No. 2019-12. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU No. 2019-12 simplifies accounting for income taxes by removing specific technical exceptions in ASC 740 related to the incremental approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted ASU 2019-12 on January 1, 2021, which did not have a material impact on the Company's financial condition or results of operations. ASU No. 2018-15. In August 2018, the FASB issued ASU No. 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract.” This guidance aligns the accounting for implementation costs related to a hosting arrangement that is a service contract with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, where a cloud computing arrangement includes a license to internal-use software, the software license is accounted for by the customer in accordance with Subtopic 350-40, “Intangibles - Goodwill and Other-Internal-Use Software”. ASU No. 2018-15 is effective for fiscal years beginning after December 15, 2019, with early adoption permitted. The Company adopted ASU No. 2018-15 on January 1, 2020, and it did not have an impact on the Company's financial condition or results of operation. ASU No. 2018-13. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU eliminates, adds and modifies certain disclosure requirements for fair value measurements. Among the changes, entities will no longer be required to disclose the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, but will be required to disclose the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU No. 2018-13 was effective for interim and annual reporting periods beginning after December 15, 2019. The Company adopted ASU No. 2018-13 on January 1, 2020, and it did not have an impact on the Company's financial condition or results of operation. ASU No 2017-04. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” The ASU eliminates Step 2 from the goodwill impairment test and also eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The ASU is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The Company adopted ASU No. 2017-04 on January 1, 2020, and it did not have an impact on the Company's financial condition or results of operation. ASU No. 2016-02 . In February 2016, the FASB issued ASU No. 2016-02, Leases (“Topic 842” ), which requires all lessees to recognize a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date for leases classified as operating leases as well as finance leases. Under this guidance, lessor accounting is largely unchanged. This ASU became effective for annual and interim periods for the Company on January 1, 2019. The Company adopted the standard by applying the alternative transition method whereby comparative periods were not restated, and no cumulative effect adjustment to the opening balance of retained earnings was recognized as of January 1, 2019. The Company also elected the ASU’s package of three practical expedients, which allowed the Company to forego a reassessment of (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) the initial direct costs for any existing leases. The Company also elected not to apply the recognition requirements of the ASU to any short-term leases (as defined by related accounting guidance) and will account for lease and non-lease components separately because such amounts are readily determinable under most lease contracts. The adoption of this standard resulted in the Company recognizing operating lease right-of-use assets and related operating lease liabilities totaling $43.6 million and $47.3 million respectively, as of January 1, 2019. The adoption of this ASU did not have a material impact on the Company’s consolidated results of operations. ASU No. 2017-08 . In March 2017, the FASB issued ASU No. 2017-08, Receivables-Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in this update require the premium on callable debt securities to be amortized to the earliest call date rather than the maturity date; however, securities held at a discount continue to be amortized to maturity. The amendments apply only to debt securities purchased at a premium that are callable at fixed prices and on preset dates. The amendments more closely align interest income recorded on debt securities held at a premium or discount with the economics of the underlying instrument. This ASU became effective for the Company on January 1, 2019, and did not have a material impact on the Company's consolidated financial statements. ASU No. 2018-07 . In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which is intended to align the accounting for share-based payment awards issued to employees and nonemployees. The guidance applies to nonemployee awards issued in exchange for goods or services used or consumed in an entity’s own operations and to awards granted by an investor to employees and nonemployees of an equity method investee for goods or services used or consumed in the investee’s operations. There are no new disclosure requirements. This ASU became effective for the Company on January 1, 2019. Adoption of this ASU did not have an impact on the Company's consolidated financial statements, as share-based payment awards to nonemployee directors are accounted for in the same manner as share-based payment awards for employees. |
Business | Business The Company, through its principal subsidiary, the Bank, provides a full range of banking services primarily to individuals and corporate customers in Richmond and Kings counties in New York, and Hunterdon, Mercer, Union and Middlesex counties in New Jersey. The Company is subject to competition from other financial institutions and to the regulations of certain federal and state agencies, and undergoes periodic examinations by those regulatory authorities. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of cash on hand, due from banks, and interest-bearing deposits in other financial institutions with an original term of three months or less. |
Securities | Securities Securities are classified at the time of purchase, based on management’s intention, as debt securities held-to-maturity, debt securities available-for-sale, trading account securities or equity securities. Debt securities held-to-maturity are those that management has the positive intent and ability to hold until maturity. Debt securities held-to-maturity are carried at amortized cost, adjusted for amortization of premiums and accretion of discounts using the level-yield method over the contractual term of the securities, adjusted for actual prepayments. Debt securities available-for-sale represents all securities not classified as either held-to-maturity, trading, or equity. Debt securities available-for-sale are carried at estimated fair value with unrealized holding gains and losses (net of related tax effects) on such securities excluded from earnings, but included as a separate component of stockholders’ equity, titled “Accumulated other comprehensive income (loss).” The cost of securities sold is determined using the specific-identification method. Security transactions are recorded on a trade-date basis. For securities available for sale, ASU 2016-13 eliminates the concept of other than temporary impairment and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. Subsequent activity related to the credit loss component in the form of write-offs or recoveries is recognized as part of the allowance for credit losses on securities available for sale. Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. All of the held-to-maturity securities in the Company's portfolio are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S government and therefore the expectation of nonpayment is zero. Therefore the Company is not required to estimate an allowance for credit losses related to these securities. Prior to the adoption of ASU 2016-13, our evaluation of other-than-temporary impairment considered our assessments of the reason for the decline in value, the duration and severity of the impairment, our intent and ability to hold the securities (as well as the likelihood of a near-term recovery), and our intent to sell the securities and whether it was more likely than not that we would be required to sell the securities before the recovery of their amortized cost basis. If a determination was made that a debt security was other-than-temporarily impaired, the Company would estimate the amount of the unrealized loss that was attributable to credit and all other non-credit related factors. If we intended to hold securities in an unrealized loss position until the loss was recovered, which may be at maturity, the credit related component was recognized as an other-than-temporary impairment charge in non-interest income. The non-credit related component was recorded as an adjustment to accumulated other comprehensive income (loss), net of tax. The estimated fair value of debt securities, including mortgage-backed securities and corporate debt obligations is furnished by an independent third-party pricing service. The third-party pricing service primarily utilizes pricing models and methodologies that incorporate observable market inputs, including among other things, benchmark yields, reported trades, and projected prepayment and default rates. Management reviews the data and assumptions used in pricing the securities by its third-party provider for reasonableness. The Company has made the accounting policy election to exclude accrued interest receivable on securities from the estimate of credit losses. Accrued interest receivable totaled $2.5 million at December 31, 2021 and is reported in accrued interest receivable on the consolidated balance sheet. Trading securities are securities that are bought and may be held for the purpose of selling them in the near term. Trading securities are reported at estimated fair value, using quoted prices in active markets, with unrealized holding gains and losses reported as a component of gain (loss) on securities, net in non-interest income. |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses The accounting and reporting for PCD loans and loans classified as held-for-sale differs substantially from those loans classified by the Company as held-for-investment. For purposes of reporting, discussion and analysis, management has classified its loan portfolio into three categories: (1) loans originated by the Company and held-for-sale, which are carried at the lower of aggregate cost or estimated fair value, less costs to sell, and therefore have no associated allowance for loan losses, (2) PCD loans, which are held-for-investment, and initially valued at estimated fair value on the date of acquisition, with no initial related allowance for credit losses, and (3) Loans held-for-investment, which include originated loans carried at amortized cost, and acquired loans, with no evidence of credit deterioration, initially valued at fair value on the date of acquisition, less net charge-offs and the allowance for credit losses. Net loans held-for-investment are stated at unpaid principal balance, adjusted by unamortized premiums and unearned discounts, deferred origination fees and certain direct origination costs, and the allowance for credit losses. Interest income on loans is accrued and credited to income as earned. Net loan origination fees/costs are deferred and accreted/amortized to interest income over the loan’s contractual life using the level-yield method, adjusted for actual prepayments. Generally, loans held-for-sale are designated at time of origination and generally consist of newly originated fixed rate residential loans and are recorded at the lower of aggregate cost or estimated fair value in the aggregate. During 2021 and 2020, the Company transferred from held-for-investment to held-for-sale certain performing and nonperforming loans. Transfers of loans from held-for-investment to held-for-sale are infrequent and occur at fair value less costs to sell, with any charge-off to allowance for credit losses. Gains are recognized on a settlement-date basis and are determined by the difference between the net sales proceeds and the carrying value of the loans, including any net deferred fees or costs. Net loans held-for-investment are deemed impaired when it is probable, based on current information, that the Company will not collect all amounts due in accordance with the contractual terms of the loan agreement. The Company has defined the population of impaired loans to be all non-accrual loans held-for-investment with an outstanding balance of $500,000 or greater and all loans restructured in troubled debt restructurings (“TDRs”). Loan held-for-investment are individually assessed to determine that the loan’s carrying value is not in excess of the expected future cash flows, discounted at the loan's original effective interest rate, or the fair value of the underlying collateral (less estimated costs to sell) if the loan is collateral dependent. Impairments, if any, are recognized through a charge to the allowance for credit losses on loans for the amount that the loan’s carrying value exceeds the discounted cash flow analysis or estimated fair value of collateral (less estimated costs to sell) if the loan is collateral dependent. Such amounts are charged-off when considered appropriate. Allowance for Credit Losses on Loans As noted previously, the Company adopted ASU 2016-13 on January 1, 2021, and thus 2021 follows the current expected credit losses methodology. Prior periods have been reported in accordance with previously applicable GAAP, which followed the incurred credit losses methodology. Under ASU 2016-13 the Company determines the allowance for credit losses on loans based upon a consideration of its historical portfolio loss experience, current borrower-specific risk characteristics, current conditions, forecasts of future economic conditions, reversion period, prepayments, and qualitative adjustments. The allowance is measured on a collective (loan segment) basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. Accrued interest on loans is excluded from the calculation of the allowance for credit losses due to the Company's non-accrual policy which results in the reversal of uncollectible accrued interest on non-accrual loans against interest income in a timely manner. Accrued interest receivable on loans held-for-investment totaled $9.4 million at December 31, 2021, and is reported in accrued interest receivable on the consolidated balance sheet. Allowance for Collectively Evaluated Loans Held-for-Investment . In estimating the quantitative component of the allowance on a collective basis, the Company uses a risk rating migration model which calculates an expected life of loan loss percentage for each loan by generating probability of default and loss given default metrics. These metrics are multiplied by the exposure at default, taking into consideration prepayments, to calculate the quantitative component of the allowance. The metrics are based on the migration of loans from performing to loss by credit risk rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses incurred using the Company's own historical loss experience and comparable peer data loss history. The model's expected losses based on loss history are adjusted for qualitative adjustments to address risks that may not be adequately represented in the risk rating migration model. Among other things, these adjustments include and account for differences in: (i) changes in lending policies and procedures; (ii) changes in local, regional, national, and international economic and business conditions and developments that affect the collectability of our portfolio, including the condition of various market segments; (iii) changes in the experience, ability and depth of lending management and other relevant staff; (iv) changes in the quality of our loan review system; (v) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (vi) the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio. The Company utilizes a two-year reasonable and supportable forecast period after which estimated losses revert to historical loss experience immediately for the remaining life of the loan. In establishing its estimate of expected credit losses, the Company utilizes five externally-sourced forward-looking economic scenarios developed by Moody's Analytics (“Moody's”). Management utilizes five different Moody's scenarios so as to incorporate uncertainties related to the economic environment arising from the COVID-19 pandemic. These scenarios, which range from more benign to more severe economic outlooks, include a ‘most likely outcome’ (the “Baseline” scenario) and four less likely scenarios referred to as the “Upside” and “Downside” scenarios. Each scenario is assigned a weighting with a majority of the weighting placed on the Baseline scenario and lower weights placed on both the Upside and Downside scenarios. The weighting assigned by management is based on the economic outlook and available information at the reporting date. The model projects economic variables under each scenario based on detailed statistical analyses. The Company has identified and selected key variables that most closely correlated to its historical credit performance, which include: Gross domestic product, unemployment, and three collateral indices: the Commercial Property Price Index, the Commercial Property Price Apartment Index and the Case-Shiller Home Price Index. Allowance for Individually Evaluated Loans. The Company measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of all TDRs and non-accrual loans with an outstanding balance of $500,000 or greater. Loans individually evaluated for impairment are assessed to determine that the loan’s carrying value is not in excess of the estimated fair value of the collateral less cost to sell, if the loan is collateral-dependent, or the present value of the expected future cash flows, if the loan is not collateral-dependent. Management performs an evaluation of each impaired loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair values down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining the estimated fair value of underlying collateral (and related costs to sell) can be difficult in illiquid real estate markets and is subject to significant assumptions and estimates. Management employs an independent third-party management firm that specializes in appraisal preparation and review to ascertain the reasonableness of updated appraisals. Projecting the expected cash flows under troubled debt restructurings which are not collateral-dependent is inherently subjective and requires, among other things, an evaluation of the borrower’s current and projected financial condition. Individually impaired loans that have no impairment losses are not considered for collective allowances described above. The Company elected to exclude accrued interest on loans from the amortized cost of loans held for investment. The accrued interest is reported in accrued interest receivable on the consolidated balance shee t and totaled $9.4 million at December 31, 2021. PCD/PCI Loans The Company adopted CECL using the prospective transition approach for PCD loans that were previously classified as PCI loans and accounted for under Accounting Standards Codification (“ASC”) Subtopic 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality,” . In accordance with the standard, management did not reassess whether PCI loans met the criteria of PCD loans as of the date of adoption. On January 1, 2021, the amortized cost basis of the PCD assets was adjusted to reflect the addition of the $6.8 million of the allowance for credit losses. The remaining noncredit discount (based on the adjusted amortized cost basis)will be accreted into interest income at the effective interest rate as of January 1, 2021. Upon adoption of CECL, the Company elected to maintain pools of loans that were previously accounted for under ASC Subtopic 310-30 and will continue to account for these pools as a unit of account. Loans are only removed from existing pools if they are written off, paid off, or sold. Upon adoption of CECL, the allowance for credit losses was determined for each pool and added to the pool's carrying amount to establish a new amortized cost basis. The difference between the unpaid principal balance of the pool and the new amortized cost basis is the noncredit premium or discount which will be amortized into interest income over the remaining life of the pool. Changes to the allowance for credit losses after adoption are recorded through provision expense. The Company also maintains a reserve for estimated losses on off-balance sheet credit risks related to loan commitments and stand-by letters of credit. The reserve for off-balance sheet exposures is determined using the CECL reserve factor in the related funded loan segment, adjusted for an average historical funding rate. The allowance for credit losses for off-balance sheet credit exposures is recorded in other liabilities on the consolidated balance sheets and the corresponding provision is included in other non-interest expense. While management uses available information to estimate credit losses on loans, future additions may be necessary based on changes in conditions, including changes in economic conditions and forecasts, particularly in Richmond and Kings counties in New York, and Hunterdon, Mercer, Union and Middlesex counties in New Jersey and to a lesser extent eastern Pennsylvania. Accordingly, as with most financial institutions in the market area, the ultimate collectability of a substantial portion of the Company’s loan portfolio is susceptible to changes in conditions in the Company’s marketplace. In addition, future changes in laws and regulations could make it more difficult for the Company to collect all contractual amounts due on its loans and mortgage-backed securities. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Company’s allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the time of their examination. TDRs are loans where terms have been modified because of deterioration in the financial condition of the borrower. Modifications could include extension of the repayment terms of the loan, reduced interest rates, or forgiveness of accrued interest and/or principal. Once an obligation has been restructured because of such credit problems, it continues to be considered restructured until paid in full or, if the obligation yields a market rate (a rate equal to the rate the Company was willing to accept at the time of the restructuring for a new loan with comparable risk), until the year subsequent to the year in which the restructuring takes place, provided the borrower has performed under the modified terms for a consecutive six-month period. The Company records an impairment charge equal to the difference between the present value of estimated future cash flows under the restructured terms discounted at the original loan’s effective interest rate, or the underlying collateral value, less estimated costs to sell, if the loan is collateral dependent. Changes in present values attributable to the passage of time are recorded as a component of the provision for loan losses. The CARES Act includes provisions that provide temporary relief from TDR accounting for certain types of modifications. Under these provisions, modifications deemed to be Coronavirus (“COVID-19”) related would not be considered a TDR if the loan was not more than 30 days past due as of December 31, 2019 and the deferral was executed between March 1, 2020 and the earlier of 60 days after the date of termination of the COVID-19 national emergency or December 31, 2020. The termination of these provisions was extended, to the earlier of 60 days after the COVID-19 national emergency date or January 1, 2022, with the Consolidated Appropriations Act of 2021. The banking regulators issued similar guidance, which also clarified that a COVID-19-related modification should not be considered a TDR if the borrower was current on payments at the time the underlying loan modification program was implemented and if the modification is considered to be short-term. The provisions include short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. The Company implemented a short-term loan modification program in late March 2020 to provide temporary payment relief to borrowers impacted by COVID-19. The program allows for a deferral of payments typically for 90 days, which may be extended for an additional 90 days, for a maximum of 180 days on a cumulative basis. Additionally, loans with deferrals granted due to COVID-19 are not generally reported as past due or non-accrual. A loan is considered past due when it is not paid in accordance with its contractual terms. The accrual of income on loans, including impaired loans held-for-investment, and other loans in the process of foreclosure, is generally discontinued when a loan becomes 90 days or more delinquent, or sooner when certain factors indicate that the ultimate collection of principal and interest is in doubt. Loans on which the accrual of income has been discontinued are designated as non-accrual loans. All previously accrued interest is reversed against interest income, and income is recognized subsequently only in the period that cash is received, provided no principal payments are due and the remaining principal balance outstanding is deemed collectible. A non-accrual loan is not returned to accrual status until both principal and interest payments are brought current and factors indicating doubtful collection no longer exist, including performance by the borrower under the loan terms for a consecutive six-month period. |
Federal Home Loan Bank ("FHLB") Stock | Federal Home Loan Bank (“FHLB”) Stock The Bank, as a member of the FHLB of New York (“FHLBNY”), is required to hold shares of capital stock in the FHLB as a condition to both becoming a member and engaging in certain transactions with the FHLB. The minimum investment requirement is determined by a “membership” investment component and an “activity-based” investment component. The membership investment component is the greater of 0.125% of the Bank’s mortgage-related assets, as defined by the FHLB, or $1,000. The activity-based investment component is equal to 4.5% of the Bank’s outstanding advances with the FHLB. The activity-based investment component also considers other transactions, including assets originated for or sold to the FHLB, and delivery commitments issued by the FHLB. The Company currently does not enter into these other types of transactions with the FHLB. On at least a quarterly basis, we perform our other-than-temporary impairment analysis of FHLB stock, we evaluate, among other things, (i) its earnings performance, including the significance of any decline in net assets of the FHLB as compared to the regulatory capital amount of the FHLB, (ii) the commitment by the FHLB to continue dividend payments, and (iii) the liquidity position of the FHLB. We did not consider our investment in FHLB stock to be other-than-temporarily impaired at December 31, 2021 and 2020. |
Operating Leases | During the normal course of business, the Company enters into agreements, and at inception it determines if a particular agreement is a lease. The Company's operating lease agreements relate primarily to its corporate offices and bank branch offices. The agreements are recorded as operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheets. Operating lease right of use assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term, and represent the right to use an underlying asset for the lease term and the obligation to make lease payments arising from the lease. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate in determining the present value of lease payments. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. |
Premises and Equipment, Net | Premises and Equipment, Net Premises and equipment, including leasehold improvements, are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization of premises and equipment, including capital leases, are computed on a straight-line basis over the estim1ted useful lives of the related assets. The estimated useful lives of significant classes of assets are generally as follows: buildings - forty years; furniture and equipment - five |
Bank Owned Life Insurance | Bank-Owned Life Insurance The Company has purchased bank-owned life insurance contracts to help fund its obligations for certain employee benefit costs. The Company’s investment in such insurance contracts has been reported in the consolidated balance sheets at their cash surrender values. Changes in cash surrender values and death benefit proceeds received in excess of the related cash surrender values are recorded as non-interest income. |
Goodwill | Goodwill Intangible assets resulting from acquisitions under the purchase method of accounting consist of goodwill and other intangible assets. Goodwill is not amortized and is subject to an annual assessment for impairment. The goodwill impairment analysis was generally a two-step test. However, on January 1, 2020, we adopted Accounting Standards Update (“ASU”) 2017-04, “Simplifying the Test for Goodwill Impairment” which simplifies how an entity is required to test goodwill for impairment. The guidance removed step two of the goodwill impairment test, which had required a hypothetical purchase price allocation. The ASU does not change the optional qualitative assessment which allows companies to assess qualitative factors to determine whether it is more likely than not that the carrying amount of a reporting unit exceeds its fair value, commonly referred to as the qualitative assessment or step 0. Goodwill is allocated to Northfield’s reporting unit at the date goodwill is actually recorded. As of December 31, 2021, the carrying value of goodwill totaled $41.0 million. The Company qualitatively assessed the current economic environment, including the estimated impact of the COVID-19 pandemic on macroeconomic variables and economic forecasts, and on the Company's stock price which has experienced a decline in value, and how these might impact the fair value of its reporting unit. After consideration of the results of the annual 2021 impairment test and the results for the year ended December 31, 2021, the Company determined that it was more-likely-than-not that the fair value of its reporting unit was above its book value as of December 31, 2021, which did not indicate impairment for our reporting unit, nor was our reporting unit at risk. The Company will test goodwill for impairment between annual test dates if an event occurs or circumstances change that would indicate the fair value of the reporting unit is below its carrying amount. No events have occurred and no circumstances have changed since the annual impairment test date that would indicate the fair value of the reporting unit is below its carrying amount. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply in the year in which those temporary differences are expected to be recovered or settled. When applicable, deferred tax assets are reduced by a valuation allowance for any portions determined not likely to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Income tax benefits are recognized and measured based upon a two-step model: 1) a tax position must be more-likely-than-not to be sustained based solely on its technical merits in order to be recognized, and 2) the benefit is measured as the largest dollar amount of that position that is more-likely-than-not to be sustained upon settlement. The difference between the benefit recognized and the tax benefit claimed on a tax return is referred to as an unrecognized tax benefit. The Company records income tax-related interest and penalties, if applicable, within income tax expense. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted (and without interest) net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less estimated costs to sell. |
Securities Sold Under Agreements to Repurchase and Other Borrowings | Securities Sold Under Agreements to Repurchase and Other Borrowings The Company enters into sales of securities under agreements to repurchase (Repurchase Agreements) and collateral pledge agreements (Pledge Agreements) with selected dealers and banks. Such agreements are accounted for as secured financing transactions since the Company maintains effective control over the transferred or pledged securities and the transfer meets the other accounting and recognition criteria as required by the transfer and servicing topic of the Financial Accounting Standards Board (“FASB”) Accounting Standards. Obligations under these agreements are reflected as a liability in the consolidated balance sheets. Securities underlying the agreements are maintained at selected dealers and banks as collateral for each transaction executed and may be sold or pledged by the counterparty. Collateral underlying Repurchase Agreements that permit the counterparty to sell or pledge the underlying collateral is disclosed on the consolidated balance sheets as “encumbered.” The Company retains the right under all Repurchase Agreements and Pledge Agreements to substitute acceptable collateral throughout the terms of the agreement. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) includes net income and the change in unrealized holding gains and losses on debt securities available-for-sale, change in actuarial gains and losses on other post-retirement benefits, and change in service cost on other postretirement benefits, net of taxes. Comprehensive income (loss) and its components is presented in the Consolidated Statements of Comprehensive Income. |
Benefits | Benefits The Company sponsors a defined postretirement benefit plan that provides for medical and life insurance coverage to a limited number of retirees, as well as life insurance to all qualifying employees of the Company. The estimated cost of postretirement benefits earned is accrued during an individual’s estimated service period to the Company. The Company recognizes in its balance sheet the over-funded or under-funded status of a defined benefit postretirement plan measured as the difference between the fair value of plan assets and the benefit obligation at the end of our calendar year. The actuarial gains and losses and the prior service costs and credits that arise during the period are recognized as a component of other comprehensive income (loss), net of tax. Funds borrowed by the Employee Stock Ownership Plan (the “ESOP”) from the Company to purchase the Company’s common stock are being repaid from the Bank’s contributions over a period of up to 30 years. The Company’s common stock not yet allocated to participants is recorded as a reduction of stockholders’ equity at cost. The Company records compensation expense related to the ESOP at an amount equal to the shares committed to be released by the ESOP multiplied by the average fair value of our common stock during the reporting period. The Company recognizes the grant-date fair value of stock based awards issued to participants' as compensation cost in the consolidated statements of comprehensive income. The fair value of common stock awards is based on the closing price of our common stock as reported on the NASDAQ Stock Market on the grant date. The expense related to stock options is based on the estimated fair value of the options at the date of the grant using the Black-Scholes pricing model. The awards are fixed in nature and compensation cost related to stock based awards is recognized on a straight-line basis over the requisite service periods. The Company accounts for forfeitures as they occur. |
Segment Reporting | Segment Reporting As a community-focused financial institution, substantially all of the Company’s operations involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of these community banking operations, which constitute the Company’s only operating segment for financial reporting purposes. |
Net Income per Common Share | Net Income per Common Share Net income per common share-basic is computed by dividing the net income available to common stockholders by the weighted average number of common shares outstanding, excluding unallocated ESOP shares and unearned common stock award shares. The weighted average common shares outstanding includes the average number of shares of common stock outstanding, including shares allocated or committed to be released ESOP shares. Net income per common share-diluted is computed using the same method as basic earnings per share, but reflects the potential dilution that could occur if stock options and unvested shares of restricted stock were exercised and converted into common stock. These potentially dilutive shares are included in the weighted average number of shares outstanding for the period using the treasury stock method. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, a new standard that simplifies certain aspects of accounting for share-based payments. The Company adopted ASU No. 2016-09 effective January 1, 2017. The update amended the diluted earnings per share calculation in that excess tax benefits are no longer included in assumed proceeds when determining average diluted shares outstanding under the treasury stock method. This guidance was applied prospectively upon adoption. When applying the treasury stock method for the years ended December 31, 2018 and 2017, we added the assumed proceeds from option exercises and the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divided this sum by our average stock price for the period to calculate assumed shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per share. For the year ended December 31, 2016, we added (1) the assumed proceeds from option exercises; (2) the tax benefit that would have been credited to additional paid-in capital assuming exercise of non-qualified stock options and vesting of shares of restricted stock; and (3) the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divided this sum by our average stock price for the period to calculate assumed shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per share. |
Other Real Estate Owned | Other Real Estate Owned Assets acquired through loan foreclosure, or deed-in-lieu of, are held for sale and are initially recorded at estimated fair value, less estimated selling costs, when acquired, thus establishing a new cost basis. Costs after acquisition are generally expensed. If the estimated fair value of the asset subsequently declines, a write-down is recorded through other non-interest expense. |
Advertising Costs | Advertising costs are expensed in the period they are incurred. (u) Derivatives |
Derivatives | The Company records all derivatives on the Consolidated Balance Sheets at fair value. The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in a loan related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. As such, all changes in fair value of the Company’s interest rate derivatives are recognized directly in earnings. The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. |
Fair Value Measurement | The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of December 31, 2021 and 2020, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification ("ASC"). Financial assets and liabilities are classified in their entirety based on the level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: • Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means. • Level 3 Inputs – Significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The FASB ASC Topic for Financial Instruments requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The following methods and assumptions were used to estimate the fair value of other financial assets and financial liabilities not already discussed above: (a) Cash and Cash Equivalents Cash and cash equivalents are short-term in nature with original maturities of three months or less; the carrying amount approximates fair value. Certificates of deposit having original terms of six-months or less; the carrying value generally approximates fair value. Certificates of deposit with an original maturity of six months or greater; the fair value is derived from discounted cash flows. (b) Debt Securities (Held-to-Maturity) The estimated fair values for substantially all of our securities are obtained from an independent, nationally recognized pricing service. The independent pricing service utilizes market prices of same or similar securities whenever such prices are available. Prices involving distressed sellers are not utilized in determining fair value. Where necessary, the independent third-party pricing service estimates fair value using models employing techniques such as discounted cash flow analysis. The assumptions used in these models typically include assumptions for interest rates, credit losses, and prepayments, utilizing market observable data where available. (c) Investments in Equity Securities at Net Asset Value Per Share The Company uses net asset value as a practical expedient to record its investment in a private SBA Loan Fund since the shares in the fund are not publicly traded, do not have a readily determinable fair value, and the net asset value per share is calculated in a manner consistent with the measurement principles of an investment company. (d) FHLBNY Stock The fair value for FHLBNY stock is its carrying value, since this is the amount for which it could be redeemed and there is no active market for this stock. (e) Loans (Held-for-Investment) Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as originated and purchased, and further segregated by residential mortgage, construction, land, multifamily, commercial and consumer. Each loan category is further segmented into amortizing and non-amortizing and fixed and adjustable rate interest terms and by performing and non-performing categories. The fair value of loans is estimated using a discounted cash flow analysis. The discount rates used to determine fair value use interest rate spreads that reflect factors such as liquidity, credit, and non-performance risk of the loans. (f) Loans (Held-for-Sale) Held-for-sale loans are carried at the lower of aggregate cost or estimated fair value, less costs to sell, and therefore fair value is equal to carrying value. (g) Deposits The fair value of deposits with no stated maturity, such as interest and non-interest-bearing demand deposits, savings, NOW and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. (h) Commitments to Extend Credit and Standby Letters of Credit The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of off-balance-sheet commitments is insignificant and therefore not included in the following table. (i) Borrowings The fair value of borrowed funds is estimated by discounting future cash flows based on rates currently available for debt with similar terms and remaining maturity. (j) Advance Payments by Borrowers for Taxes and Insurance Advance payments by borrowers for taxes and insurance have no stated maturity; the fair value is equal to the amount currently payable. (k) Derivatives The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition for Victory (in thousands): At July 1, 2020 Fair Value Total Purchase Price $ 41,173 Assets acquired: Cash and cash equivalents $ 72,875 Debt securities available-for-sale 126,931 Loans 180,431 Accrued interest receivable 1,415 Bank-owned life insurance 5,714 Premises and equipment 7,789 Other assets 5,010 Total assets acquired 400,165 Liabilities assumed: Deposits 354,592 Other liabilities 7,001 Total liabilities assumed 361,593 Net assets acquired $ 38,572 Goodwill recorded in the merger $ 2,601 |
Schedule of Credit Impaired Loans Acquired in Acquisition | The following is a summary of the credit impaired loans acquired in the Victory acquisition as of the closing date (in thousands): July 1, 2020 Contractually required principal and interest $ 7,809 Contractual cash flows not expected to be collected (non-accretable discount) 3,315 Expected cash flows to be collected at acquisition 4,494 Interest component of expected cash flows (accretable yield) (599) Fair value of acquired loans $ 3,895 |
Debt Securities Available-for_2
Debt Securities Available-for-Sale (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Comparative Summary Of Mortgage-Backed Securities And Other Securities Available-for-Sale | The following is a comparative summary of mortgage-backed securities and other debt securities available-for-sale at December 31, 2021 and 2020 (in thousands): December 31, 2021 Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value U.S. Government agency securities $ 2,344 $ — $ (54) $ 2,290 Mortgage-backed securities: Pass-through certificates: Government sponsored enterprises ("GSEs") 579,035 5,233 (2,862) 581,406 Real estate mortgage investment conduits ("REMICs"): GSE 390,755 2,398 (1,443) 391,710 969,790 7,631 (4,305) 973,116 Other debt securities: Municipal bonds 71 1 — 72 Corporate bonds 233,311 192 (744) 232,759 233,382 193 (744) 232,831 Total debt securities available-for-sale $ 1,205,516 $ 7,824 $ (5,103) $ 1,208,237 December 31, 2020 Gross Gross Estimated Amortized unrealized unrealized fair cost gains losses value U.S. Government agency securities $ 3,168 $ — $ (10) $ 3,158 Mortgage-backed securities: Pass-through certificates: GSE 270,867 10,720 (244) 281,343 REMICs: GSE 884,414 7,027 (476) 890,965 Non-GSE 4 — — 4 1,155,285 17,747 (720) 1,172,312 Other debt securities: Municipal bonds 122 1 — 123 Corporate bonds 87,319 1,099 — 88,418 Asset-backed securities 779 15 — 794 88,220 1,115 — 89,335 Total debt securities available-for-sale $ 1,246,673 $ 18,862 $ (730) $ 1,264,805 |
Summary Of Expected Maturity Distribution Of Debt Securities Available-for-Sale, Other Than Mortgage-Backed Securities | The following is a summary of the expected maturity distribution of debt securities available-for-sale other than mortgage-backed securities at December 31, 2021 (in thousands): Available-for-sale Amortized cost Estimated fair value Due in one year or less $ 57,299 $ 57,295 Due after one year through five years 161,074 160,835 Due after five years through ten years 17,353 16,991 $ 235,726 $ 235,121 |
Gross Unrealized Losses On Mortgage-Backed Securities | Gross unrealized losses on mortgage-backed securities and other debt securities available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2021 and 2020, were as follows (in thousands): December 31, 2021 Less than 12 months 12 months or more Total Unrealized Estimated Unrealized Estimated Unrealized Estimated losses fair value losses fair value losses fair value U.S. Government agency securities $ — $ — $ (54) $ 2,290 $ (54) $ 2,290 Mortgage-backed securities: Pass-through certificates: GSE (2,543) 417,291 (318) 14,625 (2,861) 431,916 REMICs: GSE (1,350) 125,725 (94) 4,413 (1,444) 130,138 Other debt securities: Corporate bonds (744) 146,853 — — (744) 146,853 Total $ (4,637) $ 689,869 $ (466) $ 21,328 $ (5,103) $ 711,197 December 31, 2020 Less than 12 months 12 months or more Total Unrealized Estimated Unrealized Estimated Unrealized Estimated losses fair value losses fair value losses fair value U.S. Government agency securities $ (10) $ 3,158 $ — $ — $ (10) $ 3,158 Mortgage-backed securities: Pass-through certificates: GSE (233) 28,419 (11) 459 (244) 28,878 REMICs: GSE (476) 210,569 — — (476) 210,569 Total $ (719) $ 242,146 $ (11) $ 459 $ (730) $ 242,605 |
Debt Securities Held-to-Matur_2
Debt Securities Held-to-Maturity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary Of Mortgage-Backed Securities Held-to-Maturity | The following is a summary of mortgage-backed securities held-to-maturity at December 31, 2021 and 2020 (in thousands): December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Mortgage-backed securities: Pass-through certificates: GSEs $ 5,283 $ 192 $ — $ 5,475 Total securities held-to-maturity $ 5,283 $ 192 $ — $ 5,475 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Mortgage-backed securities: Pass-through certificates: GSEs $ 7,234 $ 340 $ — $ 7,574 Total securities held-to-maturity $ 7,234 $ 340 $ — $ 7,574 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Net Loans Held-For-Investment | The following table summarizes the Company's loans held-for-investment, net, (in thousands): December 31, 2021 2020 Real estate loans: Multifamily $ 2,518,065 $ 2,509,310 Commercial mortgage 808,597 716,973 One-to-four family residential mortgage 183,665 210,817 Home equity and lines of credit 109,956 91,126 Construction and land 27,495 74,318 Total real estate loans 3,647,778 3,602,544 Commercial and industrial loans (1) 141,005 194,352 Other loans 2,015 3,029 Total commercial and industrial and other loans 143,020 197,381 Deferred origination loan fees, net (2) — 4,795 Loans held-for-investment, net (excluding PCD/PCI) 3,790,798 3,804,720 PCD/PCI Loans 15,819 18,518 Total loans held-for-investment, net 3,806,617 3,823,238 Allowance for credit losses (38,973) (37,607) Net loans held-for-investment $ 3,767,644 $ 3,785,631 (1) Included in commercial and industrial loans at December 31, 2021 and 2020 are PPP loans totaling $40.5 million and $126.5 million, respectively. |
Investment Of Originated Loans Held-For-Investment, Net Of Deferred Fees And Costs, By Loan Type And Credit Quality Indicator | The following table presents the Company’s loans held-for-investment, excluding PCD loans, by loan class, credit risk ratings and year of origination, at December 31, 2021 (in thousands): December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Total Real Estate: Multifamily Pass $ 723,029 $ 525,078 $ 322,067 $ 238,692 $ 231,647 $ 461,834 $ 184 $ 2,502,531 Special mention — — — — — 425 — 425 Substandard — — 1,724 5,401 — 7,984 — 15,109 Total multifamily 723,029 525,078 323,791 244,093 231,647 470,243 184 2,518,065 Commercial Pass 153,803 72,718 97,228 99,165 65,750 274,195 2,589 765,448 Special mention — — 505 — 1,095 8,559 — 10,159 Substandard 10,881 — 7,866 — 2,854 11,389 — 32,990 Total commercial 164,684 72,718 105,599 99,165 69,699 294,143 2,589 808,597 One-to-four family residential Pass 12,095 9,040 11,244 13,299 10,232 120,693 1,004 177,607 Special mention — — 467 — — 2,336 — 2,803 Substandard — — 517 — — 2,738 — 3,255 Total one-to-four family residential 12,095 9,040 12,228 13,299 10,232 125,767 1,004 183,665 Home equity and lines of credit Pass 18,449 12,244 7,347 6,031 2,592 11,162 51,494 109,319 Special mention — — — — — 103 — 103 Substandard — — 96 50 — 388 — 534 Total home equity and lines of credit 18,449 12,244 7,443 6,081 2,592 11,653 51,494 109,956 Construction and land Pass 9,883 5,755 2,039 4,062 1,809 3,467 480 27,495 Total construction and land 9,883 5,755 2,039 4,062 1,809 3,467 480 27,495 Total real estate loans 928,140 624,835 451,100 366,700 315,979 905,273 55,751 3,647,778 Commercial and industrial Pass 45,426 10,087 4,378 2,316 640 9,298 61,728 133,873 Special mention — — 166 — 132 224 50 572 Substandard — 361 154 595 — 726 4,724 6,560 Total commercial and industrial 45,426 10,448 4,698 2,911 772 10,248 66,502 141,005 Other Pass 1,715 156 19 26 — 49 50 2,015 Total other 1,715 156 19 26 — 49 50 2,015 Total loans held-for-investment, net $ 975,281 $ 635,439 $ 455,817 $ 369,637 $ 316,751 $ 915,570 $ 122,303 $ 3,790,798 The following table details the recorded investment of loans held-for-investment, excluding PCI loans, net of deferred fees and costs, by loan type and credit quality indicator at December 31, 2020 (in thousands): December 31, 2020 Real Estate Multifamily Commercial One-to-Four Family Home Equity and Lines of Credit Construction and Land Commercial and Industrial Other Total Internal Risk Rating Pass $ 2,497,556 $ 667,568 $ 207,633 $ 92,385 $ 74,351 $ 189,372 $ 3,026 $ 3,731,891 Special Mention 458 20,422 2,456 311 — 498 — 24,145 Substandard 14,920 29,576 2,133 441 — 1,611 3 48,684 Total loans held-for-investment, net $ 2,512,934 $ 717,566 $ 212,222 $ 93,137 $ 74,351 $ 191,481 $ 3,029 $ 3,804,720 |
Estimated Expected Future Cash Flows Of Each PCI Loan Pool | The following tables set forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due 90 days or more and still accruing), net of deferred fees and costs, at December 31, 2021, and December 31, 2020, excluding PCD/PCI loans (in thousands): December 31, 2021 Total Non-Performing Loans Non-Accruing Loans Current 30-89 Days Past Due 90 Days or More Past Due Total 90 Days or More Past Due and Accruing Total Non-Performing Loans Loans held-for-investment: Real estate loans: Multifamily Substandard $ — $ 280 $ 1,602 $ 1,882 $ — $ 1,882 Total multifamily — 280 1,602 1,882 — 1,882 Commercial Special Mention — — 280 280 — 280 Substandard 2,944 — 1,893 4,837 147 4,984 Total commercial 2,944 — 2,173 5,117 147 5,264 One-to-four family residential Substandard — — 314 314 165 479 Total one-to-four family residential — — 314 314 165 479 Home equity and lines of credit Substandard — — 281 281 — 281 Total home equity and lines of credit — — 281 281 — 281 Total real estate 2,944 280 4,370 7,594 312 7,906 Commercial and industrial loans Pass — — — — 72 72 Substandard 28 — — 28 — 28 Total commercial and industrial loans 28 — — 28 72 100 Total non-performing loans $ 2,972 $ 280 $ 4,370 $ 7,622 $ 384 $ 8,006 December 31, 2020 Total Non-Performing Loans Non-Accruing Loans Current 30-89 Days Past Due 90 Days or More Past Due Total 90 Days or More Past Due and Accruing Total Non-Performing Loans Loans held-for-investment: Real estate loans: Multifamily Substandard $ — $ — $ 1,153 $ 1,153 $ — $ 1,153 Total multifamily — — 1,153 1,153 — 1,153 Commercial Pass — — — — 500 500 Substandard 2,829 537 2,863 6,229 — 6,229 Total commercial 2,829 537 2,863 6,229 500 6,729 One-to-four family residential Substandard 413 — 493 906 174 1,080 Total one-to-four family residential 413 — 493 906 174 1,080 Home equity and lines of credit Substandard 60 — 131 191 — 191 Total home equity and lines of credit 60 — 131 191 — 191 Total real estate 3,302 537 4,640 8,479 674 9,153 Commercial and industrial loans Pass — — — — 101 101 Special mention — — — — 85 85 Substandard — — 37 37 250 287 Total commercial and industrial loans — — 37 37 436 473 Other loans Pass — — — — 3 3 Total other — — — — 3 3 Total non-performing loans $ 3,302 $ 537 $ 4,677 $ 8,516 $ 1,113 $ 9,629 |
Detail and Delinquency Status of Originated Loans Held-For-Investment, Net Of Deferred Fees and Costs, By Performing And Non-Performing Loans | The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD/PCI loans, net of deferred fees and costs, at December 31, 2021 and December 31, 2020 (in thousands): December 31, 2021 Past Due Loans 30-89 Days Past Due 90 Days or More Past Due 90 Days or More Past Due and Accruing Total Past Due Current Total Loans Receivable, net Loans held-for-investment: Real estate loans: Multifamily Pass $ — $ — $ — $ — $ 2,502,531 $ 2,502,531 Special mention — — — — 425 425 Substandard 280 1,602 — 1,882 13,227 15,109 Total multifamily 280 1,602 — 1,882 2,516,183 2,518,065 Commercial Pass 77 — — 77 765,371 765,448 Special mention 67 280 — 347 9,812 10,159 Substandard — 1,893 147 2,040 30,950 32,990 Total commercial 144 2,173 147 2,464 806,133 808,597 One-to-four family residential Pass 206 — — 206 177,401 177,607 Special mention 387 — — 387 2,416 2,803 Substandard — 314 165 479 2,776 3,255 Total one-to-four family residential 593 314 165 1,072 182,593 183,665 Home equity and lines of credit Pass 316 — — 316 109,003 109,319 Special mention — — — — 103 103 Substandard 96 281 — 377 157 534 Total home equity and lines of credit 412 281 — 693 109,263 109,956 Construction and land Pass — — — — 27,495 27,495 Total construction and land — — — — 27,495 27,495 Total real estate 1,429 4,370 312 6,111 3,641,667 3,647,778 Commercial and industrial Pass 2 — 72 74 133,799 133,873 Special mention — — — — 572 572 Substandard — — — — 6,560 6,560 Total commercial and industrial 2 — 72 74 140,931 141,005 Other loans Pass 15 — — 15 2,000 2,015 Total other loans 15 — — 15 2,000 2,015 Total loans held-for-investment $ 1,446 $ 4,370 $ 384 $ 6,200 $ 3,784,598 $ 3,790,798 December 31, 2020 Past Due Loans 30-89 Days Past Due 90 Days or More Past Due 90 Days or More Past Due and Accruing Total Past Due Current Total Loans Receivable, net Loans held-for-investment: Real estate loans: Multifamily Pass $ 1,283 $ — $ — $ 1,283 $ 2,496,273 $ 2,497,556 Special mention — — — — 458 458 Substandard 610 1,153 — 1,763 13,157 14,920 Total multifamily 1,893 1,153 — 3,046 2,509,888 2,512,934 Commercial Pass 6,072 — 500 6,572 660,996 667,568 Special mention 72 — — 72 20,350 20,422 Substandard 3,185 2,863 — 6,048 23,528 29,576 Total commercial 9,329 2,863 500 12,692 704,874 717,566 One-to-four family residential Pass 282 — — 282 207,351 207,633 Special mention 870 — — 870 1,586 2,456 Substandard — 493 174 667 1,466 2,133 Total one-to-four family residential 1,152 493 174 1,819 210,403 212,222 Home equity and lines of credit Pass 80 — — 80 92,305 92,385 Special mention 200 — — 200 111 311 Substandard 100 131 — 231 210 441 Total home equity and lines of credit 380 131 — 511 92,626 93,137 Construction and land Pass 994 — — 994 73,357 74,351 Total construction and land 994 — — 994 73,357 74,351 Total real estate 13,748 4,640 674 19,062 3,591,148 3,610,210 Commercial and industrial Pass 632 — 101 733 188,639 189,372 Special mention 61 — 85 146 352 498 Substandard 67 37 250 354 1,257 1,611 Total commercial and industrial 760 37 436 1,233 190,248 191,481 Other loans Pass 11 — 3 14 3,012 3,026 Substandard — — — — 3 3 Total other loans 11 — 3 14 3,015 3,029 Total loans held-for-investment $ 14,519 $ 4,677 $ 1,113 $ 20,309 $ 3,784,411 $ 3,804,720 |
Financing Receivable, Nonaccrual | The following tables summarize information on non-accrual loans, excluding PCD loans, at December 31, 2021 (in thousands): For the Year Ended December 31, 2021 December 31, 2021 Recorded Investment Unpaid Principal Balance With No Related Allowance Interest Income Real estate loans: Multifamily $ 1,882 $ 1,891 $ 512 $ 70 Commercial 5,117 5,627 3,729 85 One-to-four family residential 314 346 — 10 Home equity and lines of credit 281 530 — 2 Commercial and industrial 28 349 — 8 Total non-accrual loans $ 7,622 $ 8,743 $ 4,241 $ 175 |
Summary of Impaired Loans | The following table summarizes impaired loans, excluding PCI loans, at December 31, 2020 (in thousands): December 31, 2020 Recorded Investment Unpaid Principal Balance Related Allowance With No Allowance Recorded: Real estate loans: Multifamily $ 626 $ 1,097 $ — Commercial 8,838 10,076 — One-to-four family residential 1,903 2,032 — Home equity and lines of credit 15 15 — Total real estate 11,382 13,220 — With a Related Allowance Recorded: Real estate loans: Commercial 1,812 2,244 (66) Home equity and lines of credit 32 32 (3) Total real estate 1,844 2,276 (69) Commercial and industrial loans 16 16 (4) Total: Real estate loans Multifamily 626 1,097 — Commercial 10,650 12,320 (66) One-to-four family residential 1,903 2,032 — Home equity and lines of credit 47 47 (3) Commercial and industrial loans 16 16 (4) $ 13,242 $ 15,512 $ (73) The following table summarizes the average recorded investment in impaired loans, excluding PCI loans, and interest income recognized as of, and for, the year ended December 31, 2020 (in thousands): For the Year Ended December 31, 2020 Average Recorded Investment Interest Income With No Allowance Recorded: Real estate loans: Multifamily $ 808 $ 50 Commercial 13,299 400 One-to-four family residential 2,134 94 Home equity and lines of credit 19 1 Commercial and industrial loans 30 — With a Related Allowance Recorded: Real estate loans: Commercial 2,374 107 One-to-four family residential 104 — Home equity and lines of credit 32 1 Commercial and industrial loans 17 1 Total: Real estate loans Multifamily 808 50 Commercial 15,673 507 One-to-four family residential 2,238 94 Home equity and lines of credit 51 2 Commercial and industrial loans 47 1 $ 18,817 $ 654 |
Troubled Debt Restructurings on Financing Receivables | The following tables summarize loans that were modified in a TDR during the years ended December 31, 2021 and 2020: Year Ended December 31, 2021 Number of Relationships Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (1) (Dollars in thousands) Troubled Debt Restructurings Commercial and industrial 2 $ 96 $ 96 Total Troubled Debt Restructurings 2 $ 96 $ 96 (1) Amounts are at time of modification. Year Ended December 31, 2020 Number of Relationships Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment (1) (Dollars in thousands) Troubled Debt Restructurings Residential 1 $ 187 $ 187 Commercial Real Estate 2 544 544 Total Troubled Debt Restructurings 3 $ 731 $ 731 (1) Amounts are at time of modification. |
Allowance for Credit Losses (_2
Allowance for Credit Losses (“ACL”) on Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Credit Loss [Abstract] | |
Schedule of Allowance for Credit Losses for Off-Balance Sheet credit Exposures | The table below summarizes the allowance for credit losses for off-balance sheet credit exposures (in thousands): Year Ended December 31, 2021 Balance at beginning of period $ 808 Impact of CECL adoption 737 Balance at beginning of period 1,545 Provision for credit losses 307 Balance at end of period $ 1,852 A summary of changes in the allowance for credit losses for the years ended December 31, 2021, 2020, and 2019 follows (in thousands): December 31, 2021 2020 2019 Balance at beginning of year $ 37,607 $ 28,707 $ 27,497 Impact of CECL adoption 10,353 — — Balance at January 1 47,960 28,707 27,497 (Benefit)/provision for credit losses (6,184) 12,742 22 Recoveries 278 465 2,175 Charge-offs (3,081) (4,307) (987) Balance at end of year $ 38,973 $ 37,607 $ 28,707 |
Activity In Allowance For Loan Losses | The following tables set forth activity in our allowance for credit losses by loan type, as of, and for the years ended, December 31, 2021, and December 31, 2020. The following tables also detail the amount of loans receivable held-for-investment, net of deferred loan fees and costs, that are evaluated, individually and collectively, for impairment, and the related portion of allowance for credit losses that is allocated to each loan portfolio segment (in thousands): December 31, 2021 Real Estate Commercial (1) One-to-Four Family Home Equity and Lines of Credit Construction and Land Commercial and Industrial Other Total Loans (excluding PCD) PCD Total Allowance for credit losses: Beginning balance $ 33,005 $ 207 $ 260 $ 1,214 $ 1,842 $ 198 $ 36,726 $ 881 $ 37,607 Impact of CECL adoption (1,949) 5,233 419 (921) 947 (188) 3,541 6,812 10,353 Balance at January 1, 2021 31,056 5,440 679 293 2,789 10 40,267 7,693 47,960 Charge-offs — (21) — — (646) (3) (670) (2,411) (3,081) Recoveries 60 29 26 — 39 5 159 119 278 Provisions (credit) (4,331) (1,903) (145) (124) 991 (3) (5,515) (669) (6,184) Ending balance $ 26,785 $ 3,545 $ 560 $ 169 $ 3,173 $ 9 $ 34,241 $ 4,732 $ 38,973 Ending balance: individually evaluated for impairment $ 25 $ 2 $ 2 $ — $ 1 $ — $ 30 $ — $ 30 Ending balance: collectively evaluated for impairment $ 26,760 $ 3,543 $ 558 $ 169 $ 3,172 $ 9 $ 34,211 $ — $ 34,211 Ending balance: PCD loans evaluated for impairment (2) $ — $ — $ — $ — $ — $ — $ — $ 4,732 $ 4,732 Loans, net: Ending balance $ 3,326,662 $ 183,665 $ 109,956 $ 27,495 $ 141,005 $ 2,015 $ 3,790,798 $ 15,819 $ 3,806,617 Ending balance: individually evaluated for impairment $ 8,352 $ 1,562 $ 38 $ — $ 34 $ — $ 9,986 $ — $ 9,986 Ending balance: collectively evaluated for impairment $ 3,318,310 $ 182,103 $ 109,918 $ 27,495 $ 100,454 $ 2,015 $ 3,740,295 $ — $ 3,740,295 Ending balance: PCD loans evaluated for impairment (2) $ — $ — $ — $ — $ — $ — $ — $ 15,819 $ 15,819 PPP loans not evaluated for impairment (3) $ — $ — $ — $ — $ 40,517 $ — $ 40,517 $ — $ 40,517 (1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties. (2) Upon adoption of CECL, the Company elected to maintain pools of PCD loans that were previously accounted for under ASC 310-30, and will continue to evaluate PCD loans under this guidance. (3) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for credit losses. December 31, 2020 Real Estate Commercial Multifamily One-to-Four Family Home Equity and Lines of Credit Construction and Land Commercial and Industrial Other Total Loans (excluding PCI) PCI Total Allowance for credit losses: Beginning balance $ 4,891 $ 20,203 $ 180 $ 317 $ 536 $ 1,640 $ 151 $ 27,918 $ 789 $ 28,707 Charge-offs (4,213) — — — — (94) — (4,307) — (4,307) Recoveries 414 — 5 27 — 13 6 465 — 465 Provisions (credit) 4,918 6,792 22 (84) 678 283 41 12,650 92 12,742 Ending balance $ 6,010 $ 26,995 $ 207 $ 260 $ 1,214 $ 1,842 $ 198 $ 36,726 $ 881 $ 37,607 Ending balance: individually evaluated for impairment $ 66 $ — $ — $ 3 $ — $ 4 $ — $ 73 $ — $ 73 Ending balance: collectively evaluated for impairment $ 5,944 $ 26,995 $ 207 $ 257 $ 1,214 $ 1,838 $ 198 $ 36,653 $ 881 $ 37,534 Loans, net: Ending balance $ 717,566 $ 2,512,934 $ 212,222 $ 93,137 $ 74,351 $ 191,481 $ 3,029 $ 3,804,720 $ 18,518 $ 3,823,238 Ending balance: individually evaluated for impairment $ 10,650 $ 626 $ 1,903 $ 47 $ — $ 16 $ — 13,242 $ — $ 13,242 Ending balance: collectively evaluated for impairment $ 706,916 $ 2,512,308 $ 210,319 $ 93,090 $ 74,351 $ 64,930 $ 3,029 $ 3,664,943 $ 18,518 $ 3,683,461 PPP loans not evaluated for impairment (1) $ — $ — $ — $ — $ — $ 126,535 $ — $ 126,535 $ — $ 126,535 (1) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for credit losses. |
Premises and Equipment, Net (Ta
Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises And Equipment Less Accumulated Depreciation And Amortization | At December 31, 2021 and 2020, premises and equipment, less accumulated depreciation and amortization, consists of the following (in thousands): December 31, 2021 2020 At cost: Land $ 5,156 $ 5,156 Buildings and improvements 13,150 13,078 Capital leases 2,600 2,600 Furniture, fixtures, and equipment 31,269 29,880 Leasehold improvements 28,148 27,971 80,323 78,685 Accumulated depreciation and amortization (54,386) (50,497) Premises and equipment, net $ 25,937 $ 28,188 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposit Account Balances | Deposit account balances are summarized as follows (dollars in thousands): As of December 31, 2021 2020 Amount Weighted Average Rate Amount Weighted Average Rate Transaction: Negotiable orders of withdrawal and interest-bearing checking $ 1,112,292 0.06 % $ 905,208 0.11 % Non-interest bearing checking 898,490 — % 695,831 — % Total transaction 2,010,782 0.03 % 1,601,039 0.06 % Savings: Money market 609,430 0.07 % 813,168 0.10 % Savings 1,166,761 0.10 % 1,140,717 0.19 % Total savings 1,776,191 0.09 % 1,953,885 0.15 % Certificates of deposit: Under $100,000 154,320 0.59 % 241,862 1.05 % $100,000 or more 228,041 0.75 % 279,765 0.71 % Total certificates of deposit 382,361 0.69 % 521,627 0.87 % Total deposits $ 4,169,334 0.12 % $ 4,076,551 0.21 % |
Maturities Of Certificates Of Deposit | Scheduled maturities of certificates of deposit are summarized as follows (in thousands): December 31, 2021 2022 $ 295,838 2023 51,691 2024 16,765 2025 13,363 2026 4,704 Total $ 382,361 |
Interest Expense On Deposits | Interest expense on deposits is summarized as follows (in thousands): December 31, 2021 2020 2019 Transaction $ 805 $ 2,372 $ 4,623 Savings and money market 2,226 7,869 15,850 Certificates of deposit 3,176 14,989 20,855 $ 6,207 $ 25,230 $ 41,328 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Borrowings | Borrowings consisted of FHLB advances, securities sold under agreements to repurchase (repurchase agreements), and floating rate advances and are summarized as follows (in thousands): December 31, 2021 2020 Repurchase agreements $ 50,000 $ 75,000 Other borrowings: FHLB advances 365,000 510,000 Floating rate advances 6,755 6,789 $ 421,755 $ 591,789 |
Contractual Maturities Repurchase Agreements And FHLB Advances | At December 31, 2021 and 2020, FHLB advances and repurchase agreements had contractual maturities as follows (in thousands): December 31, 2021 FHLB Repurchase Advances Agreements 2022 $ 95,000 $ 25,000 2023 87,500 — 2024 25,000 25,000 2025 112,500 — Thereafter 45,000 — $ 365,000 $ 50,000 December 31, 2020 FHLB Repurchase Advances Agreements 2021 $ 145,000 $ 25,000 2022 95,000 25,000 2023 87,500 — 2024 25,000 25,000 2025 112,500 — Thereafter 45,000 — $ 510,000 $ 75,000 Further information regarding FHLB advances and repurchase agreements is summarized as follows (in thousands): December 31, 2021 2020 2021 2020 FHLB Advances Repurchase Agreements Average balance during year $ 434,422 $ 562,467 $ 60,068 $ 75,000 Maximum outstanding at any month end $ 510,000 $ 695,000 $ 75,000 $ 75,000 Weighted average interest rate at end of year 2.10 % 2.05 % 2.36 % 2.30 % Weighted average interest rate during year 2.08 % 2.01 % 2.36 % 2.35 % |
Summary of Interest Expense on Borrowings | Interest expense on borrowings is summarized as follows (in thousands): December 31, 2021 2020 2019 Repurchase agreements $ 1,416 $ 1,762 $ 1,065 FHLB advances 9,026 11,323 10,795 Floating rate advances — 22 170 $ 10,442 $ 13,107 $ 12,030 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense (Benefit) | Income tax expense (benefit) consists of the following (in thousands): December 31, 2021 2020 2019 Federal tax expense (benefit): Current $ 15,313 $ 11,270 $ 8,543 Deferred 3,107 (2,391) 376 18,420 8,879 8,919 State and local tax expense (benefit): Current 8,001 4,825 4,067 Deferred 52 (667) (199) 8,053 4,158 3,868 Total income tax expense $ 26,473 $ 13,037 $ 12,787 |
Reconciliation Between The Amount Of Reported Total Income Tax Expense And The Amount Computed By Multiplying The Applicable Statutory Income Tax Rate | Reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory income tax rate for the years ended December 31, 2021, 2020, and 2019, is as follows (dollars in thousands): December 31, 2021 2020 2019 Tax expense at statutory rate $ 20,397 $ 10,505 $ 11,135 Applicable statutory federal income tax rate 21 % 21 % 21 % Increase (decrease) in taxes resulting from: State tax, net of federal income tax 6,362 3,285 3,056 Bank owned life insurance (862) (793) (1,475) ESOP fair market value adjustment 102 42 187 Incentive stock options 6 18 81 Merger related costs — 147 — Excess tax benefits from employee share based payments — — (110) Other, net 468 (167) (87) Income tax expense $ 26,473 $ 13,037 $ 12,787 |
Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of The Deferred Tax Assets And Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020, are as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Allowance for credit losses $ 11,057 $ 10,348 Deferred compensation 3,145 3,233 Accrued salaries 1,338 775 Postretirement benefits 354 346 Equity awards 2,051 2,170 Straight-line leases adjustment 1,713 1,533 Asset retirement obligation 68 71 Reserve for accrued interest receivable 620 675 Reserve for loan commitments 537 226 Employee Stock Ownership Plan 645 647 Other 317 293 Depreciation 3,229 2,798 Fair value adjustments of acquired loans 1,440 4,967 Fair value adjustments of pension benefit obligations 139 140 Total gross deferred tax assets 26,653 28,222 Deferred tax liabilities: Unrealized gains on securities – AFS 761 5,083 Unrealized actuarial gains on post retirement benefits 15 15 Fair value adjustments of acquired securities 580 825 Fair value adjustments of deposit liabilities 28 3 Deferred loan fees 2,010 1,387 Other 23 26 Total gross deferred tax liabilities 3,417 7,339 Net deferred tax asset $ 23,236 $ 20,883 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the Company’s uncertain tax positions are as follows (in thousands): December 31, 2021 2020 2019 Beginning balance $ 157 $ 190 $ 530 Settlements based on tax positions related to prior years (125) (33) (530) Additions based on tax positions related to prior years 109 — 190 Ending balance $ 141 $ 157 $ 190 |
Retirement Benefits (Tables)
Retirement Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Funded Status and Components of Postretirement Benefit Costs | The following tables set forth the funded status and components of postretirement benefit costs at December 31 measurement dates (in thousands): 2021 2020 2019 Accumulated postretirement benefit obligation beginning of year $ 1,133 $ 1,241 $ 1,359 Service cost — — 9 Interest cost 22 33 52 Actuarial gain (77) (44) (76) Benefits paid (99) (97) (103) Accumulated postretirement benefit obligation end of year 979 1,133 1,241 Accrued liability (included in accrued expenses and other liabilities) $ 979 $ 1,133 $ 1,241 |
Amounts Recognized In Accumulated Other Comprehensive Income (Loss) | The following table sets forth the amounts recognized in accumulated other comprehensive income (loss) (in thousands): December 31, 2021 2020 Net loss $ 11 $ 87 Prior service credit (152) (171) Loss recognized in accumulated other comprehensive income (loss) $ (141) $ (84) |
Components Of Net Periodic Postretirement Benefit Cost | The following table sets forth the components of net periodic postretirement benefit costs for the years ended December 31, 2021, 2020, and 2019 (in thousands): December 31, 2021 2020 2019 Service cost $ — $ — $ 9 Interest cost 22 33 52 Amortization of prior service credits (20) (20) — Amortization of unrecognized loss — 1 2 Net postretirement benefit cost included in compensation and employee benefits $ 2 $ 14 $ 63 |
Assumptions Used In Accounting For The Plan | The Company’s discount rate and rate of compensation increase used in accounting for the plan are as follows: 2021 2020 2019 Assumptions used to determine benefit obligation at period end: Discount rate 2.50 % 2.00 % 2.75 % Rate of increase in compensation (1) N/A N/A 4.00 % Assumptions used to determine net periodic benefit cost for the year: Discount rate 2.00 % 2.75 % 4.00 % Rate of increase in compensation (1) N/A N/A 4.00 % |
Schedule of Defined Benefit Plans Disclosures | A one percentage-point change in assumed healthcare cost trends would have the following effects (in thousands): One Percentage Point Increase One Percentage Point Decrease 2021 2020 2021 2020 Effect on benefits earned and interest cost $ 2 $ 3 $ (2) $ (2) Effect on accumulated postretirement benefit obligation 78 97 (68) (84) A one percentage-point change in assumed healthcare cost trends would have the following effects (in thousands): One Percentage Point Increase One Percentage Point Decrease 2021 2020 2019 2021 2020 2019 Aggregate of service and interest $ 2 $ 3 $ 4 $ (2) $ (2) $ (4) |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options Outstanding | The following table is a summary of the Company’s stock options as of December 31, 2021, and changes therein during the year then ended: Number of Stock Options Weighted Average Grant Date Fair Value Weighted Average Exercise Price Weighted Average Contractual Life (years) Outstanding- December 31, 2019 2,227,193 $ 4.01 $ 13.93 4.96 Exercised (13,000) 3.93 13.38 — Outstanding- December 31, 2020 2,214,193 4.01 13.94 3.96 Forfeited (50,169) 13.62 Exercised (394,045) 3.96 13.90 — Outstanding- December 31, 2021 1,769,979 4.02 13.95 2.95 Exercisable- December 31, 2021 1,769,979 $ 4.02 $ 13.95 2.95 |
Status of the Company's Restricted Share Awards | The following is a summary of the status of the Company’s restricted shares as of December 31, 2021, and changes therein during the year then ended: Number of Shares Awarded Weighted Average Grant Date Fair Value Non-vested at December 31, 2019 71,102 $ 15.36 Granted 103,581 15.81 Vested (67,100) 15.18 Forfeited (3,573) 15.81 Non-vested at December 31, 2020 104,010 15.91 Granted 176,930 12.36 Vested (42,470) 16.06 Forfeited (15,626) 13.80 Non-vested at December 31, 2021 222,844 $ 13.21 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment And Contingent Liabilities Not Reflected In Consolidated Financial Statements | At December 31, 2021 and 2020, the following commitment and contingent liabilities existed that are not reflected in the accompanying consolidated financial statements (in thousands): December 31, 2021 2020 Commitments to extend credit $ 159,403 $ 81,288 Unused lines of credit 245,860 153,960 Standby letters of credit 3,266 3,313 |
Regulatory Requirements (Tables
Regulatory Requirements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Requirements [Abstract] | |
Bank's Regulatory Capital Amounts And Ratios Compared To Regulatory Requirements | The following is a summary of Northfield Bank’s regulatory capital amounts and ratios compared to the regulatory requirements as of December 31, 2021 and 2020, for classification as a well-capitalized institution and minimum capital (dollars in thousands): For Well For Capital Capitalized Adequacy Under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: CBLR $ 659,522 12.24 % $ 457,872 8.50 % $ 457,872 8.50 % As of December 31, 2020: CBLR $ 656,324 11.96 % $ 439,124 8.00 % $ 439,124 8.00 % The following is a summary of the Company's regulatory capital amounts and ratios compared to the regulatory requirements as of December 31, 2021 and 2020, for classification as well-capitalized and minimum capital (dollars in thousands). For Well For Capital Capitalized Adequacy Under Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio As of December 31, 2021: CBLR $ 696,368 12.93 % $ 457,751 8.50 % $ 457,751 8.50 % As of December 31, 2020: CBLR $ 698,864 12.73 % $ 439,219 8.00 % $ 439,219 8.00 % |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Significant Fair Value Of Assets And Liabilities Measured On Recurring And Non Recurring Basis | Fair Value Measurements at December 31, 2021 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Significant Unobservable (in thousands) Measured on a recurring basis: Assets: Investment securities: Debt securities available-for-sale: U.S. Government agency securities $ 2,290 $ — $ 2,290 $ — Mortgage-backed securities: Pass-through certificates: GSE 581,406 — 581,406 — REMICs: GSE 391,710 — 391,710 — 973,116 — 973,116 — Other debt securities: Municipal bonds 72 — 72 — Corporate bonds 232,759 — 232,759 — 232,831 — 232,831 — Total debt securities available-for-sale 1,208,237 — 1,208,237 — Trading securities 13,461 13,461 — — Equity securities (1) 328 328 — — Total $ 1,222,026 $ 13,789 $ 1,208,237 $ — Measured on a non-recurring basis: Assets: Loans individually evaluated for impairment: Real estate loans: Commercial real estate $ 3,599 $ — $ — $ 3,599 One-to-four family residential mortgage 169 — — 169 Home equity and lines of credit 27 — — 27 Total individually evaluated real estate loans 3,795 — — 3,795 Commercial and industrial loans 12 — — 12 Other real estate owned 100 — — 100 Total $ 3,907 $ — $ — $ 3,907 (1) Excludes investment measured at net asset value of $5.0 million at December 31, 2021, which has not been classified in the fair value hierarchy. Fair Value Measurements at December 31, 2020 Using: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Significant Unobservable (in thousands) Measured on a recurring basis: Assets: Investment securities: Debt securities available-for-sale: U.S Government agency securities $ 3,158 $ — $ 3,158 $ — Mortgage-backed securities Pass-through certificate GSE 281,343 — 281,343 — REMICs: GSE 890,965 $ — 890,965 — Non-GSE 4 — 4 — 1,172,312 — 1,172,312 — Other debt securities: Municipal bonds 123 — 123 — Corporate bonds 88,418 — 88,418 — Asset-backed securities 794 — 794 — 89,335 — 89,335 — Total debt securities available-for sale 1,264,805 — 1,264,805 — Trading securities 12,291 12,291 — — Equity securities 253 253 — — Total $ 1,277,349 $ 12,544 $ 1,264,805 $ — Measured on a non-recurring basis: Assets: Impaired loans: Real estate loans: Commercial real estate $ 5,268 $ — $ — $ 5,268 Multifamily 16 — — 16 Home equity and lines of credit 28 — — 28 Total impaired real estate loans 5,312 — — 5,312 Commercial and industrial loans 13 — — 13 Total $ 5,325 $ — $ — $ 5,325 |
Level 3 Assets Measured At Fair Value On A Non-Recurring Basis | The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at December 31, 2021 (dollars in thousands): Fair Value Valuation Methodology Unobservable Inputs Range of Inputs (in thousands) Individually evaluated loans $ 3,807 Appraisals Discount for costs to sell 7.0% Discount for quick sale 10.0% Discounted cash flows Interest rates 4.88% - 6.25% Other real estate owned 100 Appraisals Discount for costs to sell 7.0% Fair Value Valuation Methodology Unobservable Inputs Range of Inputs (in thousands) Impaired loans $ 5,325 Appraisals Discount for costs to sell 7.0% Discount for quick sale 10.0% Discounted cash flows Interest rates 4.88% - 6.25% |
Estimated Fair Values Of Significant Financial Instruments | The estimated fair values of the Company’s significant financial instruments at December 31, 2021 and 2020, are presented in the following tables (in thousands): December 31, 2021 Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 91,068 $ 91,068 $ — $ — $ 91,068 Trading securities 13,461 13,461 — — 13,461 Debt securities available-for-sale 1,208,237 — 1,208,237 — 1,208,237 Debt securities held-to-maturity 5,283 — 5,475 — 5,475 Equity securities (1) 328 328 — — 328 FHLBNY stock, at cost 22,336 — 22,336 — 22,336 Net loans held-for-investment 3,767,644 — — 3,904,026 3,904,026 Derivative assets 923 — 923 — 923 Financial liabilities: Deposits $ 4,169,334 $ — $ 4,172,125 $ — $ 4,172,125 Borrowed funds 421,755 — 426,235 — 426,235 Advance payments by borrowers for taxes and insurance 24,909 — 24,909 — 24,909 Derivative liabilities 925 — 925 — 925 (1) Excludes investments measured at net asset value in the amount of $5.0 million at December 31, 2021, which have not been classified in the fair value hierarchy. December 31, 2020 Estimated Fair Value Carrying Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 87,544 $ 87,544 $ — $ — $ 87,544 Trading securities 12,291 12,291 — — 12,291 Debt securities available-for-sale 1,264,805 — 1,264,805 — 1,264,805 Debt securities held-to-maturity 7,234 — 7,574 — 7,574 Equity securities 253 253 — — 253 FHLBNY stock, at cost 28,641 — 28,641 — 28,641 Loans held-for-sale 19,895 — — 19,895 19,895 Net loans held-for-investment 3,785,631 — — 3,842,054 3,842,054 Derivative assets 1,498 — 1,498 — 1,498 Financial liabilities: Deposits $ 4,076,551 $ — $ 4,082,538 $ — $ 4,082,538 Borrowed funds 591,789 — 609,900 — 609,900 Advance payments by borrowers for taxes and insurance 19,677 — 19,677 — 19,677 Derivative liabilities 1,502 — 1,502 — 1,502 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Calculations And Reconciliation | The following is a summary of the Company’s earnings per share calculations and reconciliation of basic to diluted earnings per share for the periods indicated (in thousands, except share and per share data): December 31, 2021 2020 2019 Net income available to common stockholders $ 70,654 $ 36,988 $ 40,235 Weighted average shares outstanding-basic 48,416,495 48,721,504 46,783,442 Effect of non-vested restricted stock and stock options outstanding 337,768 64,459 380,362 Weighted average shares outstanding-diluted 48,754,263 48,785,963 47,163,804 Earnings per share-basic $ 1.46 $ 0.76 $ 0.86 Earnings per share-diluted $ 1.45 $ 0.76 $ 0.85 Anti-dilutive shares 323,466 1,972,136 546,120 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Non-Interest Income | The following table summarizes non-interest income for the periods indicated (in thousands): December 31, 2021 2020 2019 Fees and service charges for customer services: Service charges $ 3,075 $ 2,356 $ 3,309 ATM and card interchange fees 1,893 1,326 1,310 Investment fees 426 285 262 Total fees and service charges for customer services 5,394 3,967 4,881 Income on bank-owned life insurance (1) 4,103 3,774 7,023 Gains on available-for-sale debt securities, net (1) 1,495 327 514 Gains on trading securities, net (1) 1,703 1,601 1,988 Gains on sale of loans (1) 1,401 665 — Other (1) 357 1,138 402 Total non-interest income $ 14,453 $ 11,472 $ 14,808 (1) Not within the scope of Topic 606 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost | Supplemental lease information at or for the years ended December 31, 2021 and 2020 is as follows (dollars in thousands): At or for the Year Ended December 31, 2021 December 31, 2020 December 31, 2019 Operating lease cost $ 5,797 $ 6,160 $ 6,119 Variable lease cost 4,092 3,276 2,813 Net lease cost $ 9,889 $ 9,436 $ 8,932 Cash paid for amounts included in measurement of operating lease liabilities $ 6,538 $ 6,490 $ 5,901 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,596 $ 3,568 $ 1,013 Weighted average remaining lease term (in years) 11.84 years 12.28 years 12.77 years Weighted average discount rate 3.55 % 3.60 % 3.62 % |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes lease payment obligations for each of the next five years and thereafter in addition to a reconcilement to the Company's current lease liability (dollars in thousands): Year Amount 2022 $ 5,923 2023 5,803 2024 5,372 2025 5,024 2026 4,253 Thereafter 24,128 Total lease payments 50,503 Less: imputed interest (10,652) Present value of lease liabilities $ 39,851 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Liabilities at Fair Value | The table below presents the fair value of derivatives as well as their location on the consolidated balance sheets (in thousands): Fair Value December 31, Balance Sheet Location 2021 2020 Other assets $ 923 $ 1,498 Other liabilities 925 1,502 |
Schedule of Derivative Assets at Fair Value | The table below presents the fair value of derivatives as well as their location on the consolidated balance sheets (in thousands): Fair Value December 31, Balance Sheet Location 2021 2020 Other assets $ 923 $ 1,498 Other liabilities 925 1,502 |
Parent-only Financial Informa_2
Parent-only Financial Information (Tables) - Parent Company | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Balance Sheets | Northfield Bancorp, Inc. Condensed Balance Sheets December 31, 2021 2020 (in thousands) Assets Cash in Northfield Bank $ 14,411 $ 21,456 Interest-earning deposits in other financial institutions — 21 Investment in Northfield Bank 703,036 711,441 ESOP loan receivable 19,283 20,836 Other assets 3,412 474 Total assets $ 740,142 $ 754,228 Liabilities and Stockholders' Equity Total liabilities $ 259 $ 247 Total stockholders' equity 739,883 753,981 Total liabilities and stockholders' equity $ 740,142 $ 754,228 |
Condensed Statements of Comprehensive Income | Northfield Bancorp, Inc. Condensed Statements of Comprehensive Income Years Ended December 31, 2021 2020 2019 (in thousands) Interest on ESOP loan $ 677 $ 1,043 $ 1,263 Interest income on deposits in other financial institutions 18 129 229 Gains on securities, net — — 10 Undistributed earnings of Northfield Bank 70,956 37,544 40,012 Total income 71,651 38,716 41,514 Other expenses 831 1,647 863 Income tax expense 166 81 416 Total expenses 997 1,728 1,279 Net income $ 70,654 $ 36,988 $ 40,235 Comprehensive income: Net income $ 70,654 $ 36,988 $ 40,235 Other comprehensive (loss) income, net of tax (11,097) 8,461 13,846 Comprehensive income $ 59,557 $ 45,449 $ 54,081 |
Condensed Statements of Cash Flows | Northfield Bancorp, Inc. Condensed Statements of Cash Flows December 31, 2021 2020 2019 (in thousands) Cash flows from operating activities Net income $ 70,654 $ 36,988 $ 40,235 Adjustments to reconcile net income to net cash used in operating activities: Increase in other assets (4,034) (1,008) (1,073) Gains on securities, net — — (10) Increase (decrease) in other liabilities 12 (1,499) (36) Undistributed earnings of Northfield Bank (70,956) (37,544) (40,012) Net cash used in operating activities (4,324) (3,063) (896) Cash flows from investing activities Cash and cash equivalents acquired in business acquisition — 5,903 — Dividends from Northfield Bank 69,916 16,174 41,277 Net cash provided by investing activities 69,916 22,077 41,277 Cash flows from financing activities Principal payments on ESOP loan receivable 1,553 1,061 1,065 Purchase of treasury stock (53,321) (10,405) (15,815) Dividends paid (24,299) (21,476) (20,198) Exercise of stock options 3,409 175 5,770 Net cash used in financing activities (72,658) (30,645) (29,178) Net (decrease) increase in cash and cash equivalents (7,066) (11,631) 11,203 Cash and cash equivalents at beginning of year 21,477 33,108 21,905 Cash and cash equivalents at end of year $ 14,411 $ 21,477 $ 33,108 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Parent Company | |
Selected Quarterly Financial Data (Unaudited) | The following tables are a summary of certain quarterly financial data for the years ended December 31, 2021 and 2020 : 2021 Quarter Ended March 31 June 30 September 30 December 31 (Dollars in thousands, except per share data) Selected Operating Data: Interest income $ 45,067 $ 43,236 $ 42,146 $ 41,849 Interest expense 4,891 4,549 3,729 3,480 Net interest income 40,176 38,687 38,417 38,369 (Benefit)/provision for credit losses (2,374) (3,701) (148) 39 Net interest income after (benefit)/provision for credit losses 42,550 42,388 38,565 38,330 Other income 2,636 4,916 2,628 4,273 Other expenses 19,563 19,871 19,035 20,690 Income before income tax expense 25,623 27,433 22,158 21,913 Income tax expense 6,946 7,639 6,078 5,810 Net income $ 18,677 $ 19,794 $ 16,080 $ 16,103 Net income per basic common share $ 0.38 $ 0.40 $ 0.33 $ 0.34 Net income per diluted common share $ 0.38 $ 0.40 $ 0.33 $ 0.34 2020 Quarter Ended March 31 June 30 September 30 December 31 (Dollars in thousands, except per share data) Selected Operating Data: Interest income $ 42,732 $ 40,911 $ 41,457 $ 43,045 Interest expense 12,799 10,681 8,849 6,008 Net interest income 29,933 30,230 32,608 37,037 Provision for loan losses 8,183 1,921 165 2,473 Net interest income after provision for loan losses 21,750 28,309 32,443 34,564 Other income 108 4,238 3,022 4,104 Other expenses 15,682 17,855 23,788 21,188 Income before income tax expense 6,176 14,692 11,677 17,480 Income tax expense 1,625 3,899 3,095 4,418 Net income $ 4,551 $ 10,793 $ 8,582 $ 13,062 Net income per basic common share $ 0.10 $ 0.23 $ 0.17 $ 0.26 Net income per diluted common share $ 0.10 $ 0.23 $ 0.17 $ 0.26 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Schedule Of Significant Accounting Policies [Line Items] | |||||
Allowance for estimated losses on commitments | $ 38,973 | $ 37,607 | $ 28,707 | $ 27,497 | |
Unfounded credit commitment | 1,852 | 808 | |||
Operating lease right-of-use assets | 33,943 | 36,741 | $ 43,600 | ||
Operating lease liabilities | 39,851 | 42,734 | $ 47,300 | ||
Accrued interest receivable associated with debt securities available-for-sale | 2,500 | ||||
Ending balance: individually evaluated for impairment | 9,986 | 13,242 | |||
Financing receivable, accrued interest receivable | $ 9,400 | ||||
Threshold of membership investment component, percentage | 0.125% | ||||
Threshold of membership investment component | $ 1 | ||||
Activity based investment component as a percentage of outstanding advances | 4.50% | ||||
Goodwill | $ 41,012 | $ 41,320 | |||
ESOP repayment period (years) | 30 years | ||||
Effect of non-vested restricted stock and stock options outstanding (in shares) | 337,768 | 64,459 | 380,362 | ||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Increase in allowance for credit losses | $ 11,100 | ||||
Allowance for estimated losses on commitments | $ 10,400 | 10,353 | $ 0 | $ 0 | |
Unfounded credit commitment | 737 | ||||
PCD loan related reserves | $ 6,800 | 6,800 | |||
Non-PCD loan related reserves | $ 4,300 | ||||
COVID-19 | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Loan modification program, payment deferral period | 90 days | ||||
Loan modification program, extension for payment deferral period | 90 days | ||||
Loan modification program, maximum deferral period | 180 days | ||||
Minimum | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Ending balance: individually evaluated for impairment | $ 500 | ||||
Building | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of significant classes of assets (years) | 40 years | ||||
Furniture And Equipment | Minimum | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of significant classes of assets (years) | 5 years | ||||
Furniture And Equipment | Maximum | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of significant classes of assets (years) | 7 years | ||||
Software | |||||
Schedule Of Significant Accounting Policies [Line Items] | |||||
Estimated useful lives of significant classes of assets (years) | 3 years |
Business Combinations - Additio
Business Combinations - Additional Information (Details) $ in Thousands | Jul. 01, 2020USD ($)lease_obligationbranchshares | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2021USD ($) | Jan. 01, 2019USD ($) |
Business Acquisition [Line Items] | |||||
Total assets | $ 5,514,544 | $ 5,430,542 | |||
Net loans held-for-investment | 3,785,631 | 3,767,644 | |||
Deposits | 4,076,551 | 4,169,334 | |||
Operating lease right-of-use assets | 36,741 | 33,943 | $ 43,600 | ||
Operating lease liabilities | 42,734 | $ 39,851 | $ 47,300 | ||
Victory | |||||
Business Acquisition [Line Items] | |||||
Total assets | $ 402,800 | ||||
Net loans held-for-investment | 180,400 | ||||
Deposits | $ 354,600 | ||||
Number of branches | branch | 6 | ||||
Victory | |||||
Business Acquisition [Line Items] | |||||
Common stock exchange rate (shares) | shares | 2.0463 | ||||
Merger-related expenses | $ 4,300 | ||||
Adjustment to the carrying value of goodwill | $ 304 | ||||
Adjustment to deferred tax assets | $ 304 | ||||
Number of lease obligations | lease_obligation | 5 | ||||
Operating lease right-of-use assets | $ 2,500 | ||||
Operating lease liabilities | $ 2,500 |
Business Combinations - Fair Va
Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2020 |
Liabilities assumed: | |||
Goodwill recorded in the merger | $ 41,012 | $ 41,320 | |
Victory | |||
Business Acquisition [Line Items] | |||
Total Purchase Price | $ 41,173 | ||
Assets acquired: | |||
Cash and cash equivalents | 72,875 | ||
Debt securities available-for-sale | 126,931 | ||
Loans | 180,431 | ||
Accrued interest receivable | 1,415 | ||
Bank-owned life insurance | 5,714 | ||
Premises and equipment | 7,789 | ||
Other assets | 5,010 | ||
Total assets acquired | 400,165 | ||
Liabilities assumed: | |||
Deposits | 354,592 | ||
Other liabilities | 7,001 | ||
Total liabilities assumed | 361,593 | ||
Net assets acquired | 38,572 | ||
Goodwill recorded in the merger | $ 2,601 |
Business Combinations - Summary
Business Combinations - Summary of Credit Impaired Loans Acquired (Details) - Victory $ in Thousands | Jul. 01, 2020USD ($) |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest | $ 7,809 |
Contractual cash flows not expected to be collected (non-accretable discount) | 3,315 |
Expected cash flows to be collected at acquisition | 4,494 |
Interest component of expected cash flows (accretable yield) | (599) |
Fair value of acquired loans | $ 3,895 |
Debt Securities Available-for_3
Debt Securities Available-for-Sale - Comparative Summary Of Mortgage-Backed Securities And Other Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 1,205,516 | $ 1,246,673 |
Gross unrealized gains | 7,824 | 18,862 |
Gross unrealized losses | (5,103) | (730) |
Estimated fair value | 1,208,237 | 1,264,805 |
U.S. Government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,344 | 3,168 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | (54) | (10) |
Estimated fair value | 2,290 | 3,158 |
Pass-through certificates | GSE | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 579,035 | 270,867 |
Gross unrealized gains | 5,233 | 10,720 |
Gross unrealized losses | (2,862) | (244) |
Estimated fair value | 581,406 | 281,343 |
Real estate mortgage investment conduits (REMICs) | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 969,790 | 1,155,285 |
Gross unrealized gains | 7,631 | 17,747 |
Gross unrealized losses | (4,305) | (720) |
Estimated fair value | 973,116 | 1,172,312 |
Real estate mortgage investment conduits (REMICs) | GSE | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 390,755 | 884,414 |
Gross unrealized gains | 2,398 | 7,027 |
Gross unrealized losses | (1,443) | (476) |
Estimated fair value | 391,710 | 890,965 |
Real estate mortgage investment conduits (REMICs) | Non-GSE | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 4 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 0 | |
Estimated fair value | 4 | |
Other debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 233,382 | 88,220 |
Gross unrealized gains | 193 | 1,115 |
Gross unrealized losses | (744) | 0 |
Estimated fair value | 232,831 | 89,335 |
Other debt securities | Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 71 | 122 |
Gross unrealized gains | 1 | 1 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 72 | 123 |
Other debt securities | Corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 233,311 | 87,319 |
Gross unrealized gains | 192 | 1,099 |
Gross unrealized losses | (744) | 0 |
Estimated fair value | $ 232,759 | 88,418 |
Other debt securities | Asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 779 | |
Gross unrealized gains | 15 | |
Gross unrealized losses | 0 | |
Estimated fair value | $ 794 |
Debt Securities Available-for_4
Debt Securities Available-for-Sale - Summary Of Expected Maturity Distribution Of Debt Securities Available-For-Sale, Other Than Mortgage-Backed Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized cost | ||
Amortized cost | $ 1,205,516 | $ 1,246,673 |
Estimated fair value | ||
Estimated fair value | 1,208,237 | $ 1,264,805 |
Other Than Mortgage Backed Securities | ||
Amortized cost | ||
Due in one year or less | 57,299 | |
Due after one year through five years | 161,074 | |
Due after five years through ten years | 17,353 | |
Amortized cost | 235,726 | |
Estimated fair value | ||
Due in one year or less | 57,295 | |
Due after one year through five years | 160,835 | |
Due after five years through ten years | 16,991 | |
Estimated fair value | $ 235,121 |
Debt Securities Available-for_5
Debt Securities Available-for-Sale - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)securityinstrument | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||
Carrying value of securities available-for-sale | $ 522,100 | $ 542,100 | |
Gross proceeds on sales of securities | 328,966 | 23,628 | $ 79,255 |
Debt securities, available-for-sale, realized gain | 1,500 | 350 | 514 |
Debt securities, available-for-sale, realized loss | 0 | 23 | 0 |
Debt securities, trading, realized gain (loss) | 1,700 | $ 1,600 | $ 2,000 |
Accrued interest receivable associated with debt securities available-for-sale | $ 2,500 | ||
Continuous Unrealized Loss Position Less Than 12 Months | REMIC | Non-pass through certificates | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of debt securities, unrealized loss position less than 12 months | security | 28 | ||
GSE | REMIC | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of debt securities, unrealized loss position less than 12 months | instrument | 1 | ||
GSE | Continuous Unrealized Loss Position 12 Months Or Longer | REMIC | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of debt securities, unrealized loss position longer than 12 months | security | 20 | ||
GSE | Continuous Unrealized Loss Position 12 Months Or Longer | REMIC | Pass-through certificates | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of debt securities, unrealized loss position longer than 12 months | security | 15 | ||
GSE | Continuous Unrealized Loss Position Less Than 12 Months | REMIC | Pass-through certificates | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of debt securities, unrealized loss position less than 12 months | security | 27 | ||
Municipal Bonds | REMIC | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Number of debt securities, unrealized loss position less than 12 months | instrument | 21 |
Debt Securities Available-for_6
Debt Securities Available-for-Sale - Gross Unrealized Losses On Mortgage-Backed Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (4,637) | $ (719) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 689,869 | 242,146 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (466) | (11) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 21,328 | 459 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | (5,103) | (730) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 711,197 | 242,605 |
U.S. Government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (10) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 3,158 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (54) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,290 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | (54) | (10) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,290 | 3,158 |
Pass-through certificates | GSE | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,543) | (233) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 417,291 | 28,419 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (318) | (11) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 14,625 | 459 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | (2,861) | (244) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 431,916 | 28,878 |
REMICs | GSE | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,350) | (476) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 125,725 | 210,569 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (94) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 4,413 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | (1,444) | (476) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 130,138 | $ 210,569 |
Other debt securities | Corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (744) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 146,853 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss, Total | (744) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 146,853 |
Debt Securities Held-to-Matur_3
Debt Securities Held-to-Maturity - Summary of Mortgage-Backed Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 5,283 | $ 7,234 |
Gross Unrealized Gains | 192 | 340 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 5,475 | 7,574 |
Mortgage-Backed Securities, Pass-Through Certificates | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,283 | 7,234 |
Gross Unrealized Gains | 192 | 340 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 5,475 | $ 7,574 |
Debt Securities Held-to-Matur_4
Debt Securities Held-to-Maturity - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security | Dec. 31, 2019USD ($) | |
Schedule of Investments [Abstract] | |||
Held-to-maturity securities sold | $ 0 | $ 0 | $ 0 |
Held-to-maturity securities pledged to secure borrowings and deposits | $ 2,100,000 | $ 5,900,000 | |
Held-to-maturity securities unrealized loss position | security | 0 | 0 | |
Accrued interest receivable associated with held-to-maturity securities | $ 16,000 |
Equity Securities (Details)
Equity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity securities | $ 5,342 | $ 253 |
Equity securities, fair value | 328 | 253 |
Money Market Funds | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity securities, fair value | 328 | 253 |
SBA Loan Fund | ||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||
Equity securities without readily determinable fair value | $ 5,000 | $ 0 |
Loans - Net Loans Held-for-Inve
Loans - Net Loans Held-for-Investment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | $ 3,806,617 | $ 3,823,238 | ||
Allowance for credit losses | (38,973) | (37,607) | $ (28,707) | $ (27,497) |
Net loans held-for-investment | 3,767,644 | 3,785,631 | ||
Financial Asset Originated | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Deferred origination loan fees, net | 0 | 4,795 | ||
Total loans held-for-investment, net | 3,790,798 | 3,804,720 | ||
PCD/PCI Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | 15,819 | 18,518 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | 3,790,798 | 3,804,720 | ||
Allowance for credit losses | (34,241) | (36,726) | (27,918) | |
Real Estate | Financial Asset Originated | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 3,647,778 | 3,602,544 | ||
Real Estate | Financial Asset Originated | Multifamily | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 2,518,065 | 2,509,310 | ||
Real Estate | Financial Asset Originated | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 808,597 | 716,973 | ||
Real Estate | Financial Asset Originated | One-to-four family residential mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 183,665 | 210,817 | ||
Real Estate | Financial Asset Originated | Home Equity and Lines of Credit | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 109,956 | 91,126 | ||
Real Estate | Financial Asset Originated | Construction and land | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 27,495 | 74,318 | ||
Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | 3,647,778 | 3,610,210 | ||
Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Multifamily | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | 2,518,065 | 2,512,934 | ||
Allowance for credit losses | (26,995) | (20,203) | ||
Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | 808,597 | 717,566 | ||
Allowance for credit losses | (6,010) | (4,891) | ||
Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | One-to-four family residential mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | 183,665 | 212,222 | ||
Allowance for credit losses | (3,545) | (207) | (180) | |
Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Home Equity and Lines of Credit | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | 109,956 | 93,137 | ||
Allowance for credit losses | (560) | (260) | (317) | |
Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Construction and land | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | 27,495 | 74,351 | ||
Allowance for credit losses | (169) | (1,214) | (536) | |
Commercial and Industrial and Other Portfolio Segment | Financial Asset Originated | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 143,020 | 197,381 | ||
Commercial and Industrial | Financial Asset Originated | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 141,005 | 194,352 | ||
Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | 141,005 | 191,481 | ||
Allowance for credit losses | (3,173) | (1,842) | (1,640) | |
Other loans | Financial Asset Originated | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | 2,015 | 3,029 | ||
Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Total loans held-for-investment, net | 2,015 | 3,029 | ||
Allowance for credit losses | (9) | (198) | $ (151) | |
Paycheck Protection Program | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 40,500 | $ 126,500 |
Loans - Narrative, Net Loans He
Loans - Narrative, Net Loans Held-for-Investment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable held-for-sale, amount | $ 0 | $ 19,895 |
PCI loans | 3,806,617 | 3,823,238 |
Purchased Credit-Impaired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans | $ 15,819 | $ 18,518 |
One-to-Four Family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit-impaired (PCI) loan percent | 16.00% | 22.00% |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit-impaired (PCI) loan percent | 25.00% | 23.00% |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Purchased credit-impaired (PCI) loan percent | 48.00% | 40.00% |
Loans - Loans Held-for-Investme
Loans - Loans Held-for-Investment, Excluding PCD Loans, Net of Deferred Fees and Costs (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held-for-investment, net | $ 3,806,617 | $ 3,823,238 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 975,281 | |
2020 | 635,439 | |
2019 | 455,817 | |
2018 | 369,637 | |
2017 | 316,751 | |
Prior | 915,570 | |
Revolving Loans | 122,303 | |
Loans held-for-investment, net | 3,790,798 | 3,804,720 |
Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held-for-investment, net | 3,731,891 | |
Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held-for-investment, net | 24,145 | |
Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held-for-investment, net | 48,684 | |
Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 928,140 | |
2020 | 624,835 | |
2019 | 451,100 | |
2018 | 366,700 | |
2017 | 315,979 | |
Prior | 905,273 | |
Revolving Loans | 55,751 | |
Loans held-for-investment, net | 3,647,778 | 3,610,210 |
Real Estate | Multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 723,029 | |
2020 | 525,078 | |
2019 | 323,791 | |
2018 | 244,093 | |
2017 | 231,647 | |
Prior | 470,243 | |
Revolving Loans | 184 | |
Loans held-for-investment, net | 2,518,065 | 2,512,934 |
Real Estate | Multifamily | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 723,029 | |
2020 | 525,078 | |
2019 | 322,067 | |
2018 | 238,692 | |
2017 | 231,647 | |
Prior | 461,834 | |
Revolving Loans | 184 | |
Loans held-for-investment, net | 2,502,531 | 2,497,556 |
Real Estate | Multifamily | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 425 | |
Revolving Loans | 0 | |
Loans held-for-investment, net | 425 | 458 |
Real Estate | Multifamily | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 1,724 | |
2018 | 5,401 | |
2017 | 0 | |
Prior | 7,984 | |
Revolving Loans | 0 | |
Loans held-for-investment, net | 15,109 | 14,920 |
Real Estate | Commercial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 164,684 | |
2020 | 72,718 | |
2019 | 105,599 | |
2018 | 99,165 | |
2017 | 69,699 | |
Prior | 294,143 | |
Revolving Loans | 2,589 | |
Loans held-for-investment, net | 808,597 | 717,566 |
Real Estate | Commercial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 153,803 | |
2020 | 72,718 | |
2019 | 97,228 | |
2018 | 99,165 | |
2017 | 65,750 | |
Prior | 274,195 | |
Revolving Loans | 2,589 | |
Loans held-for-investment, net | 765,448 | 667,568 |
Real Estate | Commercial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 505 | |
2018 | 0 | |
2017 | 1,095 | |
Prior | 8,559 | |
Revolving Loans | 0 | |
Loans held-for-investment, net | 10,159 | 20,422 |
Real Estate | Commercial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 10,881 | |
2020 | 0 | |
2019 | 7,866 | |
2018 | 0 | |
2017 | 2,854 | |
Prior | 11,389 | |
Revolving Loans | 0 | |
Loans held-for-investment, net | 32,990 | 29,576 |
Real Estate | One-to-four family residential mortgage | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 12,095 | |
2020 | 9,040 | |
2019 | 12,228 | |
2018 | 13,299 | |
2017 | 10,232 | |
Prior | 125,767 | |
Revolving Loans | 1,004 | |
Loans held-for-investment, net | 183,665 | 212,222 |
Real Estate | One-to-four family residential mortgage | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 12,095 | |
2020 | 9,040 | |
2019 | 11,244 | |
2018 | 13,299 | |
2017 | 10,232 | |
Prior | 120,693 | |
Revolving Loans | 1,004 | |
Loans held-for-investment, net | 177,607 | 207,633 |
Real Estate | One-to-four family residential mortgage | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 467 | |
2018 | 0 | |
2017 | 0 | |
Prior | 2,336 | |
Revolving Loans | 0 | |
Loans held-for-investment, net | 2,803 | 2,456 |
Real Estate | One-to-four family residential mortgage | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 517 | |
2018 | 0 | |
2017 | 0 | |
Prior | 2,738 | |
Revolving Loans | 0 | |
Loans held-for-investment, net | 3,255 | 2,133 |
Real Estate | Home Equity and Lines of Credit | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 18,449 | |
2020 | 12,244 | |
2019 | 7,443 | |
2018 | 6,081 | |
2017 | 2,592 | |
Prior | 11,653 | |
Revolving Loans | 51,494 | |
Loans held-for-investment, net | 109,956 | 93,137 |
Real Estate | Home Equity and Lines of Credit | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 18,449 | |
2020 | 12,244 | |
2019 | 7,347 | |
2018 | 6,031 | |
2017 | 2,592 | |
Prior | 11,162 | |
Revolving Loans | 51,494 | |
Loans held-for-investment, net | 109,319 | 92,385 |
Real Estate | Home Equity and Lines of Credit | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 103 | |
Revolving Loans | 0 | |
Loans held-for-investment, net | 103 | 311 |
Real Estate | Home Equity and Lines of Credit | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 96 | |
2018 | 50 | |
2017 | 0 | |
Prior | 388 | |
Revolving Loans | 0 | |
Loans held-for-investment, net | 534 | 441 |
Real Estate | Construction and Land | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 9,883 | |
2020 | 5,755 | |
2019 | 2,039 | |
2018 | 4,062 | |
2017 | 1,809 | |
Prior | 3,467 | |
Revolving Loans | 480 | |
Loans held-for-investment, net | 27,495 | 74,351 |
Real Estate | Construction and Land | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 9,883 | |
2020 | 5,755 | |
2019 | 2,039 | |
2018 | 4,062 | |
2017 | 1,809 | |
Prior | 3,467 | |
Revolving Loans | 480 | |
Loans held-for-investment, net | 27,495 | 74,351 |
Real Estate | Construction and Land | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held-for-investment, net | 0 | |
Real Estate | Construction and Land | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held-for-investment, net | 0 | |
Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 45,426 | |
2020 | 10,448 | |
2019 | 4,698 | |
2018 | 2,911 | |
2017 | 772 | |
Prior | 10,248 | |
Revolving Loans | 66,502 | |
Loans held-for-investment, net | 141,005 | 191,481 |
Commercial and Industrial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 45,426 | |
2020 | 10,087 | |
2019 | 4,378 | |
2018 | 2,316 | |
2017 | 640 | |
Prior | 9,298 | |
Revolving Loans | 61,728 | |
Loans held-for-investment, net | 133,873 | 189,372 |
Commercial and Industrial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 166 | |
2018 | 0 | |
2017 | 132 | |
Prior | 224 | |
Revolving Loans | 50 | |
Loans held-for-investment, net | 572 | 498 |
Commercial and Industrial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 0 | |
2020 | 361 | |
2019 | 154 | |
2018 | 595 | |
2017 | 0 | |
Prior | 726 | |
Revolving Loans | 4,724 | |
Loans held-for-investment, net | 6,560 | 1,611 |
Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 1,715 | |
2020 | 156 | |
2019 | 19 | |
2018 | 26 | |
2017 | 0 | |
Prior | 49 | |
Revolving Loans | 50 | |
Loans held-for-investment, net | 2,015 | 3,029 |
Other loans | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
2021 | 1,715 | |
2020 | 156 | |
2019 | 19 | |
2018 | 26 | |
2017 | 0 | |
Prior | 49 | |
Revolving Loans | 50 | |
Loans held-for-investment, net | $ 2,015 | 3,026 |
Other loans | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held-for-investment, net | 0 | |
Other loans | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans held-for-investment, net | $ 3 |
Loans - Investment of Originate
Loans - Investment of Originated Loans Held-for-Investment by Loan Type and Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | $ 3,806,617 | $ 3,823,238 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 3,790,798 | 3,804,720 |
Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 3,647,778 | 3,610,210 |
Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 141,005 | 191,481 |
Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 2,015 | 3,029 |
Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 3,731,891 | |
Pass | Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 133,873 | 189,372 |
Pass | Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 2,015 | 3,026 |
Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 24,145 | |
Special Mention | Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 572 | 498 |
Special Mention | Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 48,684 | |
Substandard | Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 6,560 | 1,611 |
Substandard | Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 3 | |
Multifamily | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 2,518,065 | 2,512,934 |
Multifamily | Pass | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 2,502,531 | 2,497,556 |
Multifamily | Special Mention | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 425 | 458 |
Multifamily | Substandard | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 15,109 | 14,920 |
Commercial | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 808,597 | 717,566 |
Commercial | Pass | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 765,448 | 667,568 |
Commercial | Special Mention | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 10,159 | 20,422 |
Commercial | Substandard | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 32,990 | 29,576 |
One-to-Four Family | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 183,665 | 212,222 |
One-to-Four Family | Pass | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 177,607 | 207,633 |
One-to-Four Family | Special Mention | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 2,803 | 2,456 |
One-to-Four Family | Substandard | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 3,255 | 2,133 |
Home Equity and Lines of Credit | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 109,956 | 93,137 |
Home Equity and Lines of Credit | Pass | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 109,319 | 92,385 |
Home Equity and Lines of Credit | Special Mention | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 103 | 311 |
Home Equity and Lines of Credit | Substandard | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 534 | 441 |
Construction and Land | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 27,495 | 74,351 |
Construction and Land | Pass | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | $ 27,495 | 74,351 |
Construction and Land | Special Mention | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Construction and Land | Substandard | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total loans held-for-investment, net | $ 0 |
Loans - Narrative, Past Due and
Loans - Narrative, Past Due and Non-Accrual Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Investment in non accrual loans | $ 7,600 | $ 8,500 |
Delinquent status classification term | 90 days | 90 days |
Principal balance of loans on non accrual status | $ 500 | |
Impairment of loans | 4,200 | $ 5,500 |
Loans on non accrual status with principal balances below threshold definition of an impaired loan | 3,400 | 3,000 |
Loans past 90 days and still accruing | 384 | 1,100 |
Loans receivable held-for-sale, amount | 0 | 19,895 |
Impaired loans not written down by charge-offs | $ 7,800 | |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Principal balance of loans on non accrual status | $ 500 |
Loans - Details and Delinquency
Loans - Details and Delinquency Status of Nonperforming Loans (detail, and delinquency status, of non-performing loans (Non-Accrual Loans and Loans Past Due 90 Days or More and Still Accruing) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | $ 3,806,617 | $ 3,823,238 |
Non-accrual loans | 7,622 | |
90 Days or More Past Due and Accruing | 384 | 1,100 |
Real Estate | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 1,882 | |
Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 5,117 | |
Real Estate | One-to-four family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 314 | |
Real Estate | Home equity and lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 281 | |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual loans | 28 | |
Non-Performing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 8,006 | 9,629 |
Non-accrual loans | 7,622 | 8,516 |
90 Days or More Past Due and Accruing | 384 | 1,113 |
Non-Performing Loans | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 7,906 | 9,153 |
Non-accrual loans | 7,594 | 8,479 |
90 Days or More Past Due and Accruing | 312 | 674 |
Non-Performing Loans | Real Estate | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,882 | 1,153 |
Non-accrual loans | 1,882 | 1,153 |
90 Days or More Past Due and Accruing | 0 | 0 |
Non-Performing Loans | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 5,264 | 6,729 |
Non-accrual loans | 5,117 | 6,229 |
90 Days or More Past Due and Accruing | 147 | 500 |
Non-Performing Loans | Real Estate | One-to-four family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 479 | 1,080 |
Non-accrual loans | 314 | 906 |
90 Days or More Past Due and Accruing | 165 | 174 |
Non-Performing Loans | Real Estate | Home equity and lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 281 | 191 |
Non-accrual loans | 281 | 191 |
90 Days or More Past Due and Accruing | 0 | 0 |
Non-Performing Loans | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 100 | 473 |
Non-accrual loans | 28 | 37 |
90 Days or More Past Due and Accruing | 72 | 436 |
Non-Performing Loans | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 3 | |
Non-accrual loans | 0 | |
90 Days or More Past Due and Accruing | 3 | |
Non-Performing Loans | Substandard | Real Estate | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,882 | 1,153 |
Non-accrual loans | 1,882 | 1,153 |
90 Days or More Past Due and Accruing | 0 | 0 |
Non-Performing Loans | Substandard | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 4,984 | 6,229 |
Non-accrual loans | 4,837 | 6,229 |
90 Days or More Past Due and Accruing | 147 | 0 |
Non-Performing Loans | Substandard | Real Estate | One-to-four family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 479 | 1,080 |
Non-accrual loans | 314 | 906 |
90 Days or More Past Due and Accruing | 165 | 174 |
Non-Performing Loans | Substandard | Real Estate | Home equity and lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 281 | 191 |
Non-accrual loans | 281 | 191 |
90 Days or More Past Due and Accruing | 0 | 0 |
Non-Performing Loans | Substandard | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 28 | 287 |
Non-accrual loans | 28 | 37 |
90 Days or More Past Due and Accruing | 0 | 250 |
Non-Performing Loans | Special Mention | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 280 | |
Non-accrual loans | 280 | |
90 Days or More Past Due and Accruing | 0 | |
Non-Performing Loans | Special Mention | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 85 | |
Non-accrual loans | 0 | |
90 Days or More Past Due and Accruing | 85 | |
Non-Performing Loans | Pass | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 500 | |
Non-accrual loans | 0 | |
90 Days or More Past Due and Accruing | 500 | |
Non-Performing Loans | Pass | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 72 | 101 |
Non-accrual loans | 0 | 0 |
90 Days or More Past Due and Accruing | 72 | 101 |
Non-Performing Loans | Pass | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 3 | |
Non-accrual loans | 0 | |
90 Days or More Past Due and Accruing | 3 | |
Non-Performing Loans | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,972 | 3,302 |
Non-Performing Loans | Current | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,944 | 3,302 |
Non-Performing Loans | Current | Real Estate | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Non-Performing Loans | Current | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,944 | 2,829 |
Non-Performing Loans | Current | Real Estate | One-to-four family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 413 |
Non-Performing Loans | Current | Real Estate | Home equity and lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 60 |
Non-Performing Loans | Current | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 28 | 0 |
Non-Performing Loans | Current | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | Current | Substandard | Real Estate | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Non-Performing Loans | Current | Substandard | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,944 | 2,829 |
Non-Performing Loans | Current | Substandard | Real Estate | One-to-four family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 413 |
Non-Performing Loans | Current | Substandard | Real Estate | Home equity and lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 60 |
Non-Performing Loans | Current | Substandard | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 28 | 0 |
Non-Performing Loans | Current | Special Mention | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | Current | Special Mention | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | Current | Pass | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | Current | Pass | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Non-Performing Loans | Current | Pass | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | 30-89 Days Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 280 | 537 |
Non-Performing Loans | 30-89 Days Past Due | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 280 | 537 |
Non-Performing Loans | 30-89 Days Past Due | Real Estate | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 280 | 0 |
Non-Performing Loans | 30-89 Days Past Due | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 537 |
Non-Performing Loans | 30-89 Days Past Due | Real Estate | One-to-four family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Non-Performing Loans | 30-89 Days Past Due | Real Estate | Home equity and lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Non-Performing Loans | 30-89 Days Past Due | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Non-Performing Loans | 30-89 Days Past Due | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | 30-89 Days Past Due | Substandard | Real Estate | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 280 | 0 |
Non-Performing Loans | 30-89 Days Past Due | Substandard | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 537 |
Non-Performing Loans | 30-89 Days Past Due | Substandard | Real Estate | One-to-four family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Non-Performing Loans | 30-89 Days Past Due | Substandard | Real Estate | Home equity and lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Non-Performing Loans | 30-89 Days Past Due | Substandard | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Non-Performing Loans | 30-89 Days Past Due | Special Mention | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | 30-89 Days Past Due | Special Mention | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | 30-89 Days Past Due | Pass | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | 30-89 Days Past Due | Pass | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Non-Performing Loans | 30-89 Days Past Due | Pass | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | 90 Days or More Past Due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 4,370 | 4,677 |
Non-Performing Loans | 90 Days or More Past Due | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 4,370 | 4,640 |
Non-Performing Loans | 90 Days or More Past Due | Real Estate | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,602 | 1,153 |
Non-Performing Loans | 90 Days or More Past Due | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,173 | 2,863 |
Non-Performing Loans | 90 Days or More Past Due | Real Estate | One-to-four family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 314 | 493 |
Non-Performing Loans | 90 Days or More Past Due | Real Estate | Home equity and lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 281 | 131 |
Non-Performing Loans | 90 Days or More Past Due | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 37 |
Non-Performing Loans | 90 Days or More Past Due | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | 90 Days or More Past Due | Substandard | Real Estate | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,602 | 1,153 |
Non-Performing Loans | 90 Days or More Past Due | Substandard | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,893 | 2,863 |
Non-Performing Loans | 90 Days or More Past Due | Substandard | Real Estate | One-to-four family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 314 | 493 |
Non-Performing Loans | 90 Days or More Past Due | Substandard | Real Estate | Home equity and lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 281 | 131 |
Non-Performing Loans | 90 Days or More Past Due | Substandard | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 37 |
Non-Performing Loans | 90 Days or More Past Due | Special Mention | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 280 | |
Non-Performing Loans | 90 Days or More Past Due | Special Mention | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | 90 Days or More Past Due | Pass | Real Estate | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Non-Performing Loans | 90 Days or More Past Due | Pass | Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | $ 0 | 0 |
Non-Performing Loans | 90 Days or More Past Due | Pass | Other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | $ 0 |
Loans - Detail and Delinquency
Loans - Detail and Delinquency Status of Loans Held-for-Investment, Excluding PCD/PCI Loans, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | $ 3,806,617 | $ 3,823,238 |
90 Days or More Past Due and Accruing | 384 | 1,100 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 3,790,798 | 3,804,720 |
90 Days or More Past Due and Accruing | 384 | 1,113 |
Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 3,731,891 | |
Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 24,145 | |
Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 48,684 | |
Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 3,647,778 | 3,610,210 |
90 Days or More Past Due and Accruing | 312 | 674 |
Real Estate | Multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,518,065 | 2,512,934 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Multifamily | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,502,531 | 2,497,556 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Multifamily | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 425 | 458 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Multifamily | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 15,109 | 14,920 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Commercial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 808,597 | 717,566 |
90 Days or More Past Due and Accruing | 147 | 500 |
Real Estate | Commercial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 765,448 | 667,568 |
90 Days or More Past Due and Accruing | 0 | 500 |
Real Estate | Commercial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 10,159 | 20,422 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Commercial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 32,990 | 29,576 |
90 Days or More Past Due and Accruing | 147 | 0 |
Real Estate | One-to-four family residential mortgage | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 183,665 | 212,222 |
90 Days or More Past Due and Accruing | 165 | 174 |
Real Estate | One-to-four family residential mortgage | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 177,607 | 207,633 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | One-to-four family residential mortgage | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,803 | 2,456 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | One-to-four family residential mortgage | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 3,255 | 2,133 |
90 Days or More Past Due and Accruing | 165 | 174 |
Real Estate | Home Equity and Lines of Credit | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 109,956 | 93,137 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Home Equity and Lines of Credit | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 109,319 | 92,385 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Home Equity and Lines of Credit | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 103 | 311 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Home Equity and Lines of Credit | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 534 | 441 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Construction and land | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 27,495 | 74,351 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Construction and land | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 27,495 | 74,351 |
90 Days or More Past Due and Accruing | 0 | 0 |
Real Estate | Construction and land | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Real Estate | Construction and land | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 141,005 | 191,481 |
90 Days or More Past Due and Accruing | 72 | 436 |
Commercial and Industrial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 133,873 | 189,372 |
90 Days or More Past Due and Accruing | 72 | 101 |
Commercial and Industrial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 572 | 498 |
90 Days or More Past Due and Accruing | 0 | 85 |
Commercial and Industrial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 6,560 | 1,611 |
90 Days or More Past Due and Accruing | 0 | 250 |
Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,015 | 3,029 |
90 Days or More Past Due and Accruing | 0 | 3 |
Other loans | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,015 | 3,026 |
90 Days or More Past Due and Accruing | 0 | 3 |
Other loans | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Other loans | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 3 | |
90 Days or More Past Due and Accruing | 0 | |
30-89 Days Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,446 | 14,519 |
30-89 Days Past Due | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,429 | 13,748 |
30-89 Days Past Due | Real Estate | Multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 280 | 1,893 |
30-89 Days Past Due | Real Estate | Multifamily | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 1,283 |
30-89 Days Past Due | Real Estate | Multifamily | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
30-89 Days Past Due | Real Estate | Multifamily | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 280 | 610 |
30-89 Days Past Due | Real Estate | Commercial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 144 | 9,329 |
30-89 Days Past Due | Real Estate | Commercial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 77 | 6,072 |
30-89 Days Past Due | Real Estate | Commercial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 67 | 72 |
30-89 Days Past Due | Real Estate | Commercial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 3,185 |
30-89 Days Past Due | Real Estate | One-to-four family residential mortgage | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 593 | 1,152 |
30-89 Days Past Due | Real Estate | One-to-four family residential mortgage | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 206 | 282 |
30-89 Days Past Due | Real Estate | One-to-four family residential mortgage | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 387 | 870 |
30-89 Days Past Due | Real Estate | One-to-four family residential mortgage | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
30-89 Days Past Due | Real Estate | Home Equity and Lines of Credit | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 412 | 380 |
30-89 Days Past Due | Real Estate | Home Equity and Lines of Credit | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 316 | 80 |
30-89 Days Past Due | Real Estate | Home Equity and Lines of Credit | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 200 |
30-89 Days Past Due | Real Estate | Home Equity and Lines of Credit | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 96 | 100 |
30-89 Days Past Due | Real Estate | Construction and land | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 994 |
30-89 Days Past Due | Real Estate | Construction and land | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 994 |
30-89 Days Past Due | Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2 | 760 |
30-89 Days Past Due | Commercial and Industrial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2 | 632 |
30-89 Days Past Due | Commercial and Industrial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 61 |
30-89 Days Past Due | Commercial and Industrial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 67 |
30-89 Days Past Due | Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 15 | 11 |
30-89 Days Past Due | Other loans | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 15 | 11 |
30-89 Days Past Due | Other loans | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
90 Days or More Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 4,370 | 4,677 |
90 Days or More Past Due | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 4,370 | 4,640 |
90 Days or More Past Due | Real Estate | Multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,602 | 1,153 |
90 Days or More Past Due | Real Estate | Multifamily | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Real Estate | Multifamily | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Real Estate | Multifamily | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,602 | 1,153 |
90 Days or More Past Due | Real Estate | Commercial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,173 | 2,863 |
90 Days or More Past Due | Real Estate | Commercial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Real Estate | Commercial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 280 | 0 |
90 Days or More Past Due | Real Estate | Commercial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,893 | 2,863 |
90 Days or More Past Due | Real Estate | One-to-four family residential mortgage | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 314 | 493 |
90 Days or More Past Due | Real Estate | One-to-four family residential mortgage | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Real Estate | One-to-four family residential mortgage | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Real Estate | One-to-four family residential mortgage | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 314 | 493 |
90 Days or More Past Due | Real Estate | Home Equity and Lines of Credit | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 281 | 131 |
90 Days or More Past Due | Real Estate | Home Equity and Lines of Credit | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Real Estate | Home Equity and Lines of Credit | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Real Estate | Home Equity and Lines of Credit | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 281 | 131 |
90 Days or More Past Due | Real Estate | Construction and land | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Real Estate | Construction and land | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 37 |
90 Days or More Past Due | Commercial and Industrial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Commercial and Industrial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Commercial and Industrial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 37 |
90 Days or More Past Due | Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Other loans | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
90 Days or More Past Due | Other loans | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Total Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 6,200 | 20,309 |
Total Past Due | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 6,111 | 19,062 |
Total Past Due | Real Estate | Multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,882 | 3,046 |
Total Past Due | Real Estate | Multifamily | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 1,283 |
Total Past Due | Real Estate | Multifamily | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 0 |
Total Past Due | Real Estate | Multifamily | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,882 | 1,763 |
Total Past Due | Real Estate | Commercial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,464 | 12,692 |
Total Past Due | Real Estate | Commercial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 77 | 6,572 |
Total Past Due | Real Estate | Commercial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 347 | 72 |
Total Past Due | Real Estate | Commercial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,040 | 6,048 |
Total Past Due | Real Estate | One-to-four family residential mortgage | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 1,072 | 1,819 |
Total Past Due | Real Estate | One-to-four family residential mortgage | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 206 | 282 |
Total Past Due | Real Estate | One-to-four family residential mortgage | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 387 | 870 |
Total Past Due | Real Estate | One-to-four family residential mortgage | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 479 | 667 |
Total Past Due | Real Estate | Home Equity and Lines of Credit | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 693 | 511 |
Total Past Due | Real Estate | Home Equity and Lines of Credit | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 316 | 80 |
Total Past Due | Real Estate | Home Equity and Lines of Credit | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 200 |
Total Past Due | Real Estate | Home Equity and Lines of Credit | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 377 | 231 |
Total Past Due | Real Estate | Construction and land | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 994 |
Total Past Due | Real Estate | Construction and land | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 994 |
Total Past Due | Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 74 | 1,233 |
Total Past Due | Commercial and Industrial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 74 | 733 |
Total Past Due | Commercial and Industrial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 146 |
Total Past Due | Commercial and Industrial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | 354 |
Total Past Due | Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 15 | 14 |
Total Past Due | Other loans | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 15 | 14 |
Total Past Due | Other loans | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 0 | |
Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 3,784,598 | 3,784,411 |
Current | Real Estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 3,641,667 | 3,591,148 |
Current | Real Estate | Multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,516,183 | 2,509,888 |
Current | Real Estate | Multifamily | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,502,531 | 2,496,273 |
Current | Real Estate | Multifamily | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 425 | 458 |
Current | Real Estate | Multifamily | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 13,227 | 13,157 |
Current | Real Estate | Commercial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 806,133 | 704,874 |
Current | Real Estate | Commercial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 765,371 | 660,996 |
Current | Real Estate | Commercial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 9,812 | 20,350 |
Current | Real Estate | Commercial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 30,950 | 23,528 |
Current | Real Estate | One-to-four family residential mortgage | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 182,593 | 210,403 |
Current | Real Estate | One-to-four family residential mortgage | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 177,401 | 207,351 |
Current | Real Estate | One-to-four family residential mortgage | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,416 | 1,586 |
Current | Real Estate | One-to-four family residential mortgage | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,776 | 1,466 |
Current | Real Estate | Home Equity and Lines of Credit | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 109,263 | 92,626 |
Current | Real Estate | Home Equity and Lines of Credit | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 109,003 | 92,305 |
Current | Real Estate | Home Equity and Lines of Credit | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 103 | 111 |
Current | Real Estate | Home Equity and Lines of Credit | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 157 | 210 |
Current | Real Estate | Construction and land | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 27,495 | 73,357 |
Current | Real Estate | Construction and land | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 27,495 | 73,357 |
Current | Commercial and Industrial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 140,931 | 190,248 |
Current | Commercial and Industrial | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 133,799 | 188,639 |
Current | Commercial and Industrial | Special Mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 572 | 352 |
Current | Commercial and Industrial | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 6,560 | 1,257 |
Current | Other loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | 2,000 | 3,015 |
Current | Other loans | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | $ 2,000 | 3,012 |
Current | Other loans | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans held-for-investment, net | $ 3 |
Loans - Non-Accrual Loans, Excl
Loans - Non-Accrual Loans, Excluding PCD Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment | $ 7,622 |
Unpaid Principal Balance | 8,743 |
With No Related Allowance | 4,241 |
Interest Income | 175 |
Real Estate | Multifamily | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment | 1,882 |
Unpaid Principal Balance | 1,891 |
With No Related Allowance | 512 |
Interest Income | 70 |
Real Estate | Commercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment | 5,117 |
Unpaid Principal Balance | 5,627 |
With No Related Allowance | 3,729 |
Interest Income | 85 |
Real Estate | One-to-Four Family | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment | 314 |
Unpaid Principal Balance | 346 |
With No Related Allowance | 0 |
Interest Income | 10 |
Real Estate | Home Equity and Lines of Credit | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment | 281 |
Unpaid Principal Balance | 530 |
With No Related Allowance | 0 |
Interest Income | 2 |
Commercial and Industrial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Recorded Investment | 28 |
Unpaid Principal Balance | 349 |
With No Related Allowance | 0 |
Interest Income | $ 8 |
Loans - Impaired Loans, Excludi
Loans - Impaired Loans, Excluding PCI Loans (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Recorded Investment | |
Impaired Financing Receivable, Recorded Investment, Total | $ 13,242 |
Unpaid Principal Balance | |
Unpaid Principal Balance | 15,512 |
Related Allowance | (73) |
Real Estate | |
Recorded Investment | |
With No Allowance Recorded | 11,382 |
With a Related Allowance Recorded | 1,844 |
Unpaid Principal Balance | |
With No Allowance Recorded | 13,220 |
With a Related Allowance Recorded | 2,276 |
Related Allowance | (69) |
Real Estate | Multifamily | |
Recorded Investment | |
With No Allowance Recorded | 626 |
Impaired Financing Receivable, Recorded Investment, Total | 626 |
Unpaid Principal Balance | |
With No Allowance Recorded | 1,097 |
Unpaid Principal Balance | 1,097 |
Related Allowance | 0 |
Real Estate | Commercial | |
Recorded Investment | |
With No Allowance Recorded | 8,838 |
With a Related Allowance Recorded | 1,812 |
Impaired Financing Receivable, Recorded Investment, Total | 10,650 |
Unpaid Principal Balance | |
With No Allowance Recorded | 10,076 |
With a Related Allowance Recorded | 2,244 |
Unpaid Principal Balance | 12,320 |
Related Allowance | (66) |
Real Estate | One-to-four family residential mortgage | |
Recorded Investment | |
With No Allowance Recorded | 1,903 |
Impaired Financing Receivable, Recorded Investment, Total | 1,903 |
Unpaid Principal Balance | |
With No Allowance Recorded | 2,032 |
Unpaid Principal Balance | 2,032 |
Related Allowance | 0 |
Real Estate | Home equity and lines of credit | |
Recorded Investment | |
With No Allowance Recorded | 15 |
With a Related Allowance Recorded | 32 |
Impaired Financing Receivable, Recorded Investment, Total | 47 |
Unpaid Principal Balance | |
With No Allowance Recorded | 15 |
With a Related Allowance Recorded | 32 |
Unpaid Principal Balance | 47 |
Related Allowance | (3) |
Commercial and Industrial | |
Recorded Investment | |
With a Related Allowance Recorded | 16 |
Impaired Financing Receivable, Recorded Investment, Total | 16 |
Unpaid Principal Balance | |
With a Related Allowance Recorded | 16 |
Unpaid Principal Balance | 16 |
Related Allowance | $ (4) |
Loans - Average Recorded Invest
Loans - Average Recorded Investment in Impaired Loans, Excluding PCI Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Average Recorded Investment | |
Average Recorded Investment | $ 18,817 |
Interest Income | |
Interest Income | 654 |
Real Estate | Multifamily | |
Average Recorded Investment | |
Average Recorded Investment With No Allowance Recorded | 808 |
Average Recorded Investment | 808 |
Interest Income | |
Interest Income With No Allowance Recorded | 50 |
Interest Income | 50 |
Real Estate | Commercial | |
Average Recorded Investment | |
Average Recorded Investment With No Allowance Recorded | 13,299 |
With a Related Allowance Recorded | 2,374 |
Average Recorded Investment | 15,673 |
Interest Income | |
Interest Income With No Allowance Recorded | 400 |
Interest Income With a Related Allowance Recorded | 107 |
Interest Income | 507 |
Real Estate | One-to-four family residential mortgage | |
Average Recorded Investment | |
Average Recorded Investment With No Allowance Recorded | 2,134 |
With a Related Allowance Recorded | 104 |
Average Recorded Investment | 2,238 |
Interest Income | |
Interest Income With No Allowance Recorded | 94 |
Interest Income With a Related Allowance Recorded | 0 |
Interest Income | 94 |
Real Estate | Home Equity and Lines of Credit | |
Average Recorded Investment | |
Average Recorded Investment With No Allowance Recorded | 19 |
With a Related Allowance Recorded | 32 |
Average Recorded Investment | 51 |
Interest Income | |
Interest Income With No Allowance Recorded | 1 |
Interest Income With a Related Allowance Recorded | 1 |
Interest Income | 2 |
Commercial and Industrial | |
Average Recorded Investment | |
Average Recorded Investment With No Allowance Recorded | 30 |
With a Related Allowance Recorded | 17 |
Average Recorded Investment | 47 |
Interest Income | |
Interest Income With No Allowance Recorded | 0 |
Interest Income With a Related Allowance Recorded | 1 |
Interest Income | $ 1 |
Loans - Narrative, Collateral-D
Loans - Narrative, Collateral-Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collateral-dependent impaired loans | $ 7,400 | $ 10,200 |
Real Estate | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collateral-dependent impaired loans | 5,900 | |
Real Estate | Multifamily | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collateral-dependent impaired loans | 1,100 | |
Real Estate | One-to-Four Family | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Collateral-dependent impaired loans | $ 365 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructuring Loans (Details) | 12 Months Ended | |||||
Dec. 31, 2021USD ($)borrowerloan | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020USD ($)loan | Dec. 31, 2020USD ($)contract | Dec. 31, 2020USD ($)borrower | |
Financing Receivable, Modifications [Line Items] | ||||||
Number of Relationships | 2 | 4 | 3 | |||
Pre-Modification Outstanding Recorded Investment | $ 96,000 | $ 731,000 | ||||
Post-Modification Outstanding Recorded Investment | $ 96,000 | 731,000 | ||||
Number of borrowers | borrower | 2 | 3 | ||||
Net loans held-for-investment | $ 3,767,644,000 | $ 3,785,631,000 | 3,785,631,000 | $ 3,785,631,000 | $ 3,785,631,000 | $ 3,785,631,000 |
Troubled debt restructurings | $ 9,000,000 | $ 12,100,000 | 12,100,000 | $ 12,100,000 | $ 12,100,000 | $ 12,100,000 |
Number of loans modified as TDR that subsequently defaulted | loan | 0 | |||||
Delinquent status classification term | 90 days | 90 days | ||||
COVID-19 | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Relationships | loan | 4 | |||||
Number of borrowers | borrower | 2 | |||||
Loan modification program, payment deferral period | 90 days | |||||
Loan modification program, extension for payment deferral period | 90 days | |||||
Net loans held-for-investment | $ 774,000 | |||||
Residential | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Relationships | loan | 2 | |||||
Pre-Modification Outstanding Recorded Investment | $ 96,000 | |||||
Post-Modification Outstanding Recorded Investment | $ 96,000 | |||||
One-to-four family residential mortgage | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Relationships | contract | 1 | |||||
Pre-Modification Outstanding Recorded Investment | 187,000 | |||||
Post-Modification Outstanding Recorded Investment | 187,000 | |||||
Commercial Mortgage Backed Securities | ||||||
Financing Receivable, Modifications [Line Items] | ||||||
Number of Relationships | 4 | 2 | ||||
Pre-Modification Outstanding Recorded Investment | 544,000 | |||||
Post-Modification Outstanding Recorded Investment | 544,000 | |||||
Number of loans modified as TDR that subsequently defaulted | loan | 2 | |||||
Defaulted troubled debt restructuring loans | $ 462,500 | |||||
Delinquent status classification term | 90 days |
Allowance for Credit Losses (_3
Allowance for Credit Losses (“ACL”) on Loans - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit loss | $ 38,973,000 | $ 37,607,000 | $ 28,707,000 | $ 27,497,000 |
Financing receivable, accrued interest receivable | 9,400,000 | |||
Individually evaluated for impairment threshold | 500,000 | |||
Individually evaluated for impairment | 30,200 | 73,000 | ||
Accounting Standards Update 2016-13 | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Increase in allowance for credit loss | 39,000,000 | 37,600,000 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit loss | 10,400,000 | 10,353,000 | $ 0 | $ 0 |
PCD loan related reserves | $ 6,800,000 | $ 6,800,000 |
Allowance for Credit Losses (_4
Allowance for Credit Losses (“ACL”) on Loans - Allowance for Credit Losses for Off-Balance Sheet Credit (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |
Beginning balance | $ 808 |
Provision for credit losses | 307 |
Ending balance | 1,852 |
Cumulative Effect, Period of Adoption, Adjustment | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |
Beginning balance | 737 |
Cumulative Effect, Period of Adoption, Adjusted Balance | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |
Beginning balance | $ 1,545 |
Allowance for Credit Losses (_5
Allowance for Credit Losses (“ACL”) on Loans - Changes in Allowance For Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||||||
Beginning Balance | $ 37,607 | $ 28,707 | $ 37,607 | $ 28,707 | $ 27,497 | ||||||
(Benefit)/provision for credit losses | $ 39 | $ (148) | $ (3,701) | (2,374) | $ 2,473 | $ 165 | $ 1,921 | 8,183 | (6,184) | 12,742 | 22 |
Recoveries | 278 | 465 | 2,175 | ||||||||
Charge-offs | (3,081) | (4,307) | (987) | ||||||||
Ending Balance | 38,973 | 37,607 | 38,973 | 37,607 | 28,707 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||||||
Beginning Balance | 10,353 | 0 | 10,353 | 0 | 0 | ||||||
Ending Balance | $ 10,400 | 10,353 | 10,400 | 10,353 | 0 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||||||||
Beginning Balance | $ 47,960 | $ 28,707 | $ 47,960 | 28,707 | 27,497 | ||||||
Ending Balance | $ 47,960 | $ 47,960 | $ 28,707 |
Allowance for Credit Losses (_6
Allowance for Credit Losses (“ACL”) on Loans - Amount of Loans Receivable Held-for-Investment and Related Allowances Per Loan Portfolio Segment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | $ 37,607,000 | $ 28,707,000 | $ 37,607,000 | $ 28,707,000 | $ 27,497,000 | ||||||
Charge-offs | (3,081,000) | (4,307,000) | (987,000) | ||||||||
Recoveries | 278,000 | 465,000 | 2,175,000 | ||||||||
Provisions (credit) | $ 39,000 | $ (148,000) | $ (3,701,000) | (2,374,000) | $ 2,473,000 | $ 165,000 | $ 1,921,000 | 8,183,000 | (6,184,000) | 12,742,000 | 22,000 |
Ending Balance | 38,973,000 | 37,607,000 | 38,973,000 | 37,607,000 | 28,707,000 | ||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 30,200 | 73,000 | 30,200 | 73,000 | |||||||
Ending balance: collectively evaluated for impairment | 34,211,000 | 37,534,000 | 34,211,000 | 37,534,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 4,732,000 | 4,732,000 | |||||||||
Loans held-for-investment, net | 3,806,617,000 | 3,823,238,000 | 3,806,617,000 | 3,823,238,000 | |||||||
Ending balance: individually evaluated for impairment | 9,986,000 | 13,242,000 | 9,986,000 | 13,242,000 | |||||||
Ending balance: collectively evaluated for impairment | 3,740,295,000 | 3,683,461,000 | 3,740,295,000 | 3,683,461,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 15,819,000 | 15,819,000 | |||||||||
PPP loans not evaluated for impairment | 40,517,000 | 126,535,000 | 40,517,000 | 126,535,000 | |||||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 10,353,000 | 0 | 10,353,000 | 0 | 0 | ||||||
Ending Balance | 10,400,000 | 10,353,000 | 10,400,000 | 10,353,000 | 0 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 47,960,000 | 28,707,000 | 47,960,000 | 28,707,000 | 27,497,000 | ||||||
Ending Balance | 47,960,000 | 47,960,000 | 28,707,000 | ||||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 36,726,000 | 27,918,000 | 36,726,000 | 27,918,000 | |||||||
Charge-offs | (670,000) | (4,307,000) | |||||||||
Recoveries | 159,000 | 465,000 | |||||||||
Provisions (credit) | (5,515,000) | 12,650,000 | |||||||||
Ending Balance | 34,241,000 | 36,726,000 | 34,241,000 | 36,726,000 | 27,918,000 | ||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 30,000 | 73,000 | 30,000 | 73,000 | |||||||
Ending balance: collectively evaluated for impairment | 34,211,000 | 36,653,000 | 34,211,000 | 36,653,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
Loans held-for-investment, net | 3,790,798,000 | 3,804,720,000 | 3,790,798,000 | 3,804,720,000 | |||||||
Ending balance: individually evaluated for impairment | 9,986,000 | 13,242,000 | 9,986,000 | 13,242,000 | |||||||
Ending balance: collectively evaluated for impairment | 3,740,295,000 | 3,664,943,000 | 3,740,295,000 | 3,664,943,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
PPP loans not evaluated for impairment | 40,517,000 | 126,535,000 | 40,517,000 | 126,535,000 | |||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real Estate | |||||||||||
Originated Loans Net | |||||||||||
Loans held-for-investment, net | 3,647,778,000 | 3,610,210,000 | 3,647,778,000 | 3,610,210,000 | |||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial and Industrial | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 1,842,000 | 1,640,000 | 1,842,000 | 1,640,000 | |||||||
Charge-offs | (646,000) | (94,000) | |||||||||
Recoveries | 39,000 | 13,000 | |||||||||
Provisions (credit) | 991,000 | 283,000 | |||||||||
Ending Balance | 3,173,000 | 1,842,000 | 3,173,000 | 1,842,000 | 1,640,000 | ||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 1,000 | 4,000 | 1,000 | 4,000 | |||||||
Ending balance: collectively evaluated for impairment | 3,172,000 | 1,838,000 | 3,172,000 | 1,838,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
Loans held-for-investment, net | 141,005,000 | 191,481,000 | 141,005,000 | 191,481,000 | |||||||
Ending balance: individually evaluated for impairment | 34,000 | 16,000 | 34,000 | 16,000 | |||||||
Ending balance: collectively evaluated for impairment | 100,454,000 | 64,930,000 | 100,454,000 | 64,930,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
PPP loans not evaluated for impairment | 40,517,000 | 126,535,000 | 40,517,000 | 126,535,000 | |||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Other loans | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 198,000 | 151,000 | 198,000 | 151,000 | |||||||
Charge-offs | (3,000) | 0 | |||||||||
Recoveries | 5,000 | 6,000 | |||||||||
Provisions (credit) | (3,000) | 41,000 | |||||||||
Ending Balance | 9,000 | 198,000 | 9,000 | 198,000 | 151,000 | ||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Ending balance: collectively evaluated for impairment | 9,000 | 198,000 | 9,000 | 198,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
Loans held-for-investment, net | 2,015,000 | 3,029,000 | 2,015,000 | 3,029,000 | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Ending balance: collectively evaluated for impairment | 2,015,000 | 3,029,000 | 2,015,000 | 3,029,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
PPP loans not evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjustment | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 3,541,000 | 3,541,000 | |||||||||
Ending Balance | 3,541,000 | 3,541,000 | |||||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjustment | Commercial and Industrial | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 947,000 | 947,000 | |||||||||
Ending Balance | 947,000 | 947,000 | |||||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjustment | Other loans | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | (188,000) | (188,000) | |||||||||
Ending Balance | (188,000) | (188,000) | |||||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 40,267,000 | 40,267,000 | |||||||||
Ending Balance | 40,267,000 | 40,267,000 | |||||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjusted Balance | Commercial and Industrial | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 2,789,000 | 2,789,000 | |||||||||
Ending Balance | 2,789,000 | 2,789,000 | |||||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjusted Balance | Other loans | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 10,000 | 10,000 | |||||||||
Ending Balance | 10,000 | 10,000 | |||||||||
Purchased Credit-Impaired | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 881,000 | 789,000 | 881,000 | 789,000 | |||||||
Charge-offs | (2,411,000) | 0 | |||||||||
Recoveries | 119,000 | 0 | |||||||||
Provisions (credit) | (669,000) | 92,000 | |||||||||
Ending Balance | 4,732,000 | 881,000 | 4,732,000 | 881,000 | 789,000 | ||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Ending balance: collectively evaluated for impairment | 0 | 881,000 | 0 | 881,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 4,732,000 | 4,732,000 | |||||||||
Loans held-for-investment, net | 15,819,000 | 18,518,000 | 15,819,000 | 18,518,000 | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Ending balance: collectively evaluated for impairment | 0 | 18,518,000 | 0 | 18,518,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 15,819,000 | 15,819,000 | |||||||||
PPP loans not evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Purchased Credit-Impaired | Cumulative Effect, Period of Adoption, Adjustment | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 6,812,000 | 6,812,000 | |||||||||
Ending Balance | 6,812,000 | 6,812,000 | |||||||||
Purchased Credit-Impaired | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 7,693,000 | 7,693,000 | |||||||||
Ending Balance | 7,693,000 | 7,693,000 | |||||||||
Commercial and multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 33,005,000 | 33,005,000 | |||||||||
Charge-offs | 0 | ||||||||||
Recoveries | 60,000 | ||||||||||
Provisions (credit) | (4,331,000) | ||||||||||
Ending Balance | 26,785,000 | 33,005,000 | 26,785,000 | 33,005,000 | |||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 25,000 | 25,000 | |||||||||
Ending balance: collectively evaluated for impairment | 26,760,000 | 26,760,000 | |||||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
Loans held-for-investment, net | 3,326,662,000 | 3,326,662,000 | |||||||||
Ending balance: individually evaluated for impairment | 8,352,000 | 8,352,000 | |||||||||
Ending balance: collectively evaluated for impairment | 3,318,310,000 | 3,318,310,000 | |||||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
PPP loans not evaluated for impairment | 0 | 0 | |||||||||
Commercial and multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjustment | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | (1,949,000) | (1,949,000) | |||||||||
Ending Balance | (1,949,000) | (1,949,000) | |||||||||
Commercial and multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjusted Balance | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 31,056,000 | 31,056,000 | |||||||||
Ending Balance | 31,056,000 | 31,056,000 | |||||||||
Commercial | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 6,010,000 | 4,891,000 | 6,010,000 | 4,891,000 | |||||||
Charge-offs | (4,213,000) | ||||||||||
Recoveries | 414,000 | ||||||||||
Provisions (credit) | 4,918,000 | ||||||||||
Ending Balance | 6,010,000 | 6,010,000 | 4,891,000 | ||||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 66,000 | 66,000 | |||||||||
Ending balance: collectively evaluated for impairment | 5,944,000 | 5,944,000 | |||||||||
Loans held-for-investment, net | 808,597,000 | 717,566,000 | 808,597,000 | 717,566,000 | |||||||
Ending balance: individually evaluated for impairment | 10,650,000 | 10,650,000 | |||||||||
Ending balance: collectively evaluated for impairment | 706,916,000 | 706,916,000 | |||||||||
PPP loans not evaluated for impairment | 0 | 0 | |||||||||
Multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 26,995,000 | 20,203,000 | 26,995,000 | 20,203,000 | |||||||
Charge-offs | 0 | ||||||||||
Recoveries | 0 | ||||||||||
Provisions (credit) | 6,792,000 | ||||||||||
Ending Balance | 26,995,000 | 26,995,000 | 20,203,000 | ||||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 0 | 0 | |||||||||
Ending balance: collectively evaluated for impairment | 26,995,000 | 26,995,000 | |||||||||
Loans held-for-investment, net | 2,518,065,000 | 2,512,934,000 | 2,518,065,000 | 2,512,934,000 | |||||||
Ending balance: individually evaluated for impairment | 626,000 | 626,000 | |||||||||
Ending balance: collectively evaluated for impairment | 2,512,308,000 | 2,512,308,000 | |||||||||
PPP loans not evaluated for impairment | 0 | 0 | |||||||||
One-to-four family residential mortgage | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 207,000 | 180,000 | 207,000 | 180,000 | |||||||
Charge-offs | (21,000) | 0 | |||||||||
Recoveries | 29,000 | 5,000 | |||||||||
Provisions (credit) | (1,903,000) | 22,000 | |||||||||
Ending Balance | 3,545,000 | 207,000 | 3,545,000 | 207,000 | 180,000 | ||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 2,000 | 0 | 2,000 | 0 | |||||||
Ending balance: collectively evaluated for impairment | 3,543,000 | 207,000 | 3,543,000 | 207,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
Loans held-for-investment, net | 183,665,000 | 212,222,000 | 183,665,000 | 212,222,000 | |||||||
Ending balance: individually evaluated for impairment | 1,562,000 | 1,903,000 | 1,562,000 | 1,903,000 | |||||||
Ending balance: collectively evaluated for impairment | 182,103,000 | 210,319,000 | 182,103,000 | 210,319,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
PPP loans not evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
One-to-four family residential mortgage | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjustment | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 5,233,000 | 5,233,000 | |||||||||
Ending Balance | 5,233,000 | 5,233,000 | |||||||||
One-to-four family residential mortgage | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjusted Balance | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 5,440,000 | 5,440,000 | |||||||||
Ending Balance | 5,440,000 | 5,440,000 | |||||||||
Home Equity and Lines of Credit | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 260,000 | 317,000 | 260,000 | 317,000 | |||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 26,000 | 27,000 | |||||||||
Provisions (credit) | (145,000) | (84,000) | |||||||||
Ending Balance | 560,000 | 260,000 | 560,000 | 260,000 | 317,000 | ||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 2,000 | 3,000 | 2,000 | 3,000 | |||||||
Ending balance: collectively evaluated for impairment | 558,000 | 257,000 | 558,000 | 257,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
Loans held-for-investment, net | 109,956,000 | 93,137,000 | 109,956,000 | 93,137,000 | |||||||
Ending balance: individually evaluated for impairment | 38,000 | 47,000 | 38,000 | 47,000 | |||||||
Ending balance: collectively evaluated for impairment | 109,918,000 | 93,090,000 | 109,918,000 | 93,090,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
PPP loans not evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Home Equity and Lines of Credit | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjustment | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 419,000 | 419,000 | |||||||||
Ending Balance | 419,000 | 419,000 | |||||||||
Home Equity and Lines of Credit | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjusted Balance | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 679,000 | 679,000 | |||||||||
Ending Balance | 679,000 | 679,000 | |||||||||
Construction and Land | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | 1,214,000 | $ 536,000 | 1,214,000 | 536,000 | |||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 0 | |||||||||
Provisions (credit) | (124,000) | 678,000 | |||||||||
Ending Balance | 169,000 | 1,214,000 | 169,000 | 1,214,000 | $ 536,000 | ||||||
Originated Loans Net | |||||||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Ending balance: collectively evaluated for impairment | 169,000 | 1,214,000 | 169,000 | 1,214,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
Loans held-for-investment, net | 27,495,000 | 74,351,000 | 27,495,000 | 74,351,000 | |||||||
Ending balance: individually evaluated for impairment | 0 | 0 | 0 | 0 | |||||||
Ending balance: collectively evaluated for impairment | 27,495,000 | 74,351,000 | 27,495,000 | 74,351,000 | |||||||
Ending balance: PCD loans evaluated for impairment | 0 | 0 | |||||||||
PPP loans not evaluated for impairment | $ 0 | 0 | 0 | 0 | |||||||
Construction and Land | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjustment | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | (921,000) | (921,000) | |||||||||
Ending Balance | (921,000) | (921,000) | |||||||||
Construction and Land | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Cumulative Effect, Period of Adoption, Adjusted Balance | Real Estate | |||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||
Beginning Balance | $ 293,000 | $ 293,000 | |||||||||
Ending Balance | $ 293,000 | $ 293,000 |
Premises and Equipment, Net - P
Premises and Equipment, Net - Premises and Equipment Less Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 80,323 | $ 78,685 |
Accumulated depreciation and amortization | (54,386) | (50,497) |
Premises and equipment, net | 25,937 | 28,188 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 5,156 | 5,156 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 13,150 | 13,078 |
Capital leases | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 2,600 | 2,600 |
Furniture, fixtures, and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 31,269 | 29,880 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 28,148 | $ 27,971 |
Premises and Equipment, Net - N
Premises and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 3,900 | $ 3,900 | $ 3,600 |
Sales of premises and equipment | $ 0 | 0 | 0 |
Capital leases | |||
Property, Plant and Equipment [Line Items] | |||
Impairment on finite-lived intangible assets | $ 303 | $ 470 |
Deposits - Deposit Account Bala
Deposits - Deposit Account Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amount | ||
Negotiable orders of withdrawal and interest-bearing checking | $ 1,112,292 | $ 905,208 |
Non-interest bearing checking | 898,490 | 695,831 |
Total transaction | 2,010,782 | 1,601,039 |
Money market | 609,430 | 813,168 |
Savings | 1,166,761 | 1,140,717 |
Total savings | 1,776,191 | 1,953,885 |
Under $100,000 | 154,320 | 241,862 |
$100,000 or more | 228,041 | 279,765 |
Total certificates of deposit | 382,361 | 521,627 |
Total deposits | $ 4,169,334 | $ 4,076,551 |
Weighted Average Rate | ||
Negotiable orders of withdrawal and interest-bearing checking | 0.06% | 0.11% |
Total transaction | 0.03% | 0.06% |
Money market | 0.07% | 0.10% |
Savings | 0.10% | 0.19% |
Total savings | 0.09% | 0.15% |
Under $100,000 | 0.59% | 1.05% |
$100,000 or more | 0.75% | 0.71% |
Total certificates of deposit | 0.69% | 0.87% |
Total deposits | 0.12% | 0.21% |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Certificates of Deposit | ||
Deposit Liability [Line Items] | ||
Brokered deposits | $ 31 | $ 47.8 |
Money Market Funds | ||
Deposit Liability [Line Items] | ||
Brokered deposits | $ 100 |
Deposits - Maturities Of Certif
Deposits - Maturities Of Certificates Of Deposit (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
2022 | $ 295,838 | |
2023 | 51,691 | |
2024 | 16,765 | |
2025 | 13,363 | |
2026 | 4,704 | |
Total certificates of deposit | $ 382,361 | $ 521,627 |
Deposits - Interest Expense On
Deposits - Interest Expense On Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Deposits [Abstract] | |||
Transaction | $ 805 | $ 2,372 | $ 4,623 |
Savings and money market | 2,226 | 7,869 | 15,850 |
Certificates of deposit | 3,176 | 14,989 | 20,855 |
Total interest expense on deposits | $ 6,207 | $ 25,230 | $ 41,328 |
Borrowings - Summary Of Borrowi
Borrowings - Summary Of Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Repurchase agreements | $ 50,000 | $ 75,000 |
Other borrowings: | ||
FHLB advances | 365,000 | 510,000 |
Floating rate advances | 6,755 | 6,789 |
Total long term debt | $ 421,755 | $ 591,789 |
Borrowings - Contractual Maturi
Borrowings - Contractual Maturities Repurchase Agreements and FHLB Advances for 2020 (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
Total long term debt | $ 421,755 | $ 591,789 |
Repurchase agreements | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2022 | 25,000 | 25,000 |
2023 | 0 | 25,000 |
2024 | 25,000 | 0 |
2025 | 0 | 25,000 |
Thereafter | 0 | 0 |
Total long term debt | 50,000 | 75,000 |
FHLB Advances | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2022 | 95,000 | 145,000 |
2023 | 87,500 | 95,000 |
2024 | 25,000 | 87,500 |
2025 | 112,500 | 25,000 |
Thereafter | 45,000 | 45,000 |
Total long term debt | $ 365,000 | $ 510,000 |
Borrowings - Contractual Matu_2
Borrowings - Contractual Maturities Repurchase Agreements and FHLB Advances for 2019 (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
Total long term debt | $ 421,755 | $ 591,789 |
Repurchase agreements | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2021 | 25,000 | 25,000 |
2022 | 0 | 25,000 |
2023 | 25,000 | 0 |
2024 | 0 | 25,000 |
2025 | 0 | |
Thereafter | 0 | 0 |
Total long term debt | 50,000 | 75,000 |
FHLB advances | ||
Long Term Debt Maturities Repayments Of Principal [Line Items] | ||
2021 | 95,000 | 145,000 |
2022 | 87,500 | 95,000 |
2023 | 25,000 | 87,500 |
2024 | 112,500 | 25,000 |
2025 | 112,500 | |
Thereafter | 45,000 | 45,000 |
Total long term debt | $ 365,000 | $ 510,000 |
Borrowings - Summary of FHLB an
Borrowings - Summary of FHLB and Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
FHLB advances | ||
Short-term Debt [Line Items] | ||
Average balance during year | $ 434,422 | $ 562,467 |
Maximum outstanding at any month end | $ 510,000 | $ 695,000 |
Weighted average interest rate at end of year | 2.10% | 2.05% |
Weighted average interest rate during year | 2.08% | 2.01% |
Repurchase Agreements | ||
Short-term Debt [Line Items] | ||
Average balance during year | $ 60,068 | $ 75,000 |
Maximum outstanding at any month end | $ 75,000 | $ 75,000 |
Weighted average interest rate at end of year | 2.36% | 2.30% |
Weighted average interest rate during year | 2.36% | 2.35% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Short Term And Long Term Debt [Line Items] | ||
FHLB advances | $ 2,090 | |
Unencumbered securities | 647.5 | |
Multifamily loans held as collateral | 1,440 | |
Repurchase agreements | Mortgage-backed securities | ||
Schedule Of Short Term And Long Term Debt [Line Items] | ||
Mortgage-backed securities amortized cost | 52.6 | $ 88.9 |
Mortgage-backed securities held for sale fair value | $ 53.8 | $ 91.4 |
Borrowings - Summary Of Interes
Borrowings - Summary Of Interest Expense On Borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Expense [Line Items] | |||
Interest expense | $ 10,442 | $ 13,107 | $ 12,030 |
FHLB advances | |||
Interest Expense [Line Items] | |||
Interest expense | 9,026 | 11,323 | 10,795 |
Floating rate advances | |||
Interest Expense [Line Items] | |||
Interest expense | 0 | 22 | 170 |
Repurchase agreements | |||
Interest Expense [Line Items] | |||
Interest expense | $ 1,416 | $ 1,762 | $ 1,065 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal tax expense (benefit): | |||||||||||
Current | $ 15,313 | $ 11,270 | $ 8,543 | ||||||||
Deferred | 3,107 | (2,391) | 376 | ||||||||
Federal tax expense (benefit) | 18,420 | 8,879 | 8,919 | ||||||||
State and local tax expense (benefit): | |||||||||||
Current | 8,001 | 4,825 | 4,067 | ||||||||
Deferred | 52 | (667) | (199) | ||||||||
State and local tax expense (benefit) | 8,053 | 4,158 | 3,868 | ||||||||
Income tax expense | $ 5,810 | $ 6,078 | $ 7,639 | $ 6,946 | $ 4,418 | $ 3,095 | $ 3,899 | $ 1,625 | $ 26,473 | $ 13,037 | $ 12,787 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between The Amount Of Reported Total Income Tax Expense And The Amount Computed By Multiplying The Applicable Statutory Income Tax Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax expense at statutory rate | $ 20,397 | $ 10,505 | $ 11,135 | ||||||||
Applicable statutory federal income tax rate | 21.00% | 21.00% | 21.00% | ||||||||
Increase (decrease) in taxes resulting from: | |||||||||||
State tax, net of federal income tax | $ 6,362 | $ 3,285 | $ 3,056 | ||||||||
Bank owned life insurance | (862) | (793) | (1,475) | ||||||||
ESOP fair market value adjustment | 102 | 42 | 187 | ||||||||
Incentive stock options | 6 | 18 | 81 | ||||||||
Merger related costs | 0 | 147 | 0 | ||||||||
Excess tax benefits from employee share based payments | 0 | 0 | (110) | ||||||||
Other, net | 468 | (167) | (87) | ||||||||
Income tax expense | $ 5,810 | $ 6,078 | $ 7,639 | $ 6,946 | $ 4,418 | $ 3,095 | $ 3,899 | $ 1,625 | $ 26,473 | $ 13,037 | $ 12,787 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
State tax, net of federal income tax | $ 6,362 | $ 3,285 | $ 3,056 |
Net deferred tax asset | 23,236 | 20,883 | |
Bad debt base year reserve | 5,900 | 5,900 | |
Federal tax bad debt deferred tax liability | 2,800 | 2,800 | |
Accounting Standards Update 2016-13 | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets | $ 1,200 | ||
New Jersey Division of Taxation | |||
Operating Loss Carryforwards [Line Items] | |||
State tax, net of federal income tax | 889 | ||
Victory | |||
Operating Loss Carryforwards [Line Items] | |||
Net deferred tax asset | $ 1,400 |
Income Taxes - Tax Effects Of T
Income Taxes - Tax Effects Of Temporary Differences That Give Rise To Significant Portions Of The Deferred Tax Assets And Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for credit losses | $ 11,057 | $ 10,348 |
Deferred compensation | 3,145 | 3,233 |
Accrued salaries | 1,338 | 775 |
Postretirement benefits | 354 | 346 |
Equity awards | 2,051 | 2,170 |
Straight-line leases adjustment | 1,713 | 1,533 |
Asset retirement obligation | 68 | 71 |
Reserve for accrued interest receivable | 620 | 675 |
Reserve for loan commitments | 537 | 226 |
Employee Stock Ownership Plan | 645 | 647 |
Other | 317 | 293 |
Depreciation | 3,229 | 2,798 |
Fair value adjustments of acquired loans | 1,440 | 4,967 |
Fair value adjustments of pension benefit obligations | 139 | 140 |
Total gross deferred tax assets | 26,653 | 28,222 |
Deferred tax liabilities: | ||
Unrealized gains on securities – AFS | 761 | 5,083 |
Unrealized actuarial gains on post retirement benefits | 15 | 15 |
Fair value adjustments of acquired securities | 580 | 825 |
Fair value adjustments of deposit liabilities | 28 | 3 |
Deferred loan fees | 2,010 | 1,387 |
Other | 23 | 26 |
Total gross deferred tax liabilities | 3,417 | 7,339 |
Net deferred tax asset | $ 23,236 | $ 20,883 |
Income Taxes - Reconciliation O
Income Taxes - Reconciliation Of Uncertain Tax Position (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 157 | $ 190 | $ 530 |
Settlements based on tax positions related to prior years | (125) | (33) | (530) |
Additions based on tax positions related to prior years | 109 | 0 | 190 |
Ending balance | $ 141 | $ 157 | $ 190 |
Retirement Benefits - Narrative
Retirement Benefits - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Requisite service period for employees to be eligible for 401(k) plan | 3 months | ||
Percent of employer match on employee contributions | 25.00% | ||
Percent of base compensation contributed by eligible employees | 6.00% | ||
Contribution plan participation period (years) | 3 years | ||
Contribution plan subsequent participation period (years) | 3 years | ||
Requisite service period for members to become fully vested | 5 years | ||
Company contribution amount | $ 515 | $ 508 | $ 426 |
ESOP compensation expense | 1,900 | 1,400 | 1,900 |
Estimated loss that will be amortized from accumulated other comprehensive income (loss) into net periodic cost | 0 | ||
Prior service cost (credit) that will be amortized from accumulated other comprehensive income (loss) into net periodic cost | $ (19) | ||
Medical cost trend rate | 8.75% | ||
Medical cost trend rate reduction percent per year | 0.50% | ||
Medical cost trend rate ultimate rate | 4.75% | ||
Benefits paid | $ 99 | 97 | 103 |
Benefits expected to be paid under the postretirement health benefits plan in 2022 | 92 | ||
Benefits expected to be paid under the postretirement health benefits plan in 2023 | 92 | ||
Benefits expected to be paid under the postretirement health benefits plan in 2024 | 76 | ||
Benefits expected to be paid under the postretirement health benefits plan in 2025 | 74 | ||
Benefits expected to be paid under the postretirement health benefits plan in 2026 | 71 | ||
Benefits expected to be paid under the postretirement health benefits plan in 2027 through 2031 | 306 | ||
Supplemental Employee Retirement Plans, Defined Benefit | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation | 16,500 | 15,500 | |
Net postretirement benefit cost included in compensation and employee benefits | $ 1,700 | 1,600 | 2,000 |
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of compensation employees can invest in 401(k) plan | 2.00% | ||
Matching contribution percent | 25.00% | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Percent of compensation employees can invest in 401(k) plan | 100.00% | ||
Matching contribution percent | 50.00% | ||
First ESOP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee stock ownership plan, shares authorized and purchased (in shares) | 2,463,884 | ||
Initial public offering price (usd per share) | $ 7.13 | ||
Outstanding loan balance | $ 8,500 | $ 9,500 | |
Shares released and allocated to participants (in shares) | 123,460 | 92,769 | |
Second ESOP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Employee stock ownership plan, shares authorized and purchased (in shares) | 1,422,357 | ||
Initial public offering price (usd per share) | $ 10 | ||
Outstanding loan balance | $ 10,800 | $ 11,300 | |
Shares released and allocated to participants (in shares) | 59,064 | 54,986 | |
Supplemental ESOP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contribution to SESOP plan | $ 41 | $ 57 | $ 41 |
Retirement Benefits - Funded St
Retirement Benefits - Funded Status And Components Of Post Retirement Benefit Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefits paid | $ (99) | $ (97) | $ (103) |
Other Pension Plans, Defined Benefit | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Accumulated postretirement benefit obligation beginning of year | 1,133 | 1,241 | 1,359 |
Service cost | 0 | 0 | 9 |
Interest cost | 22 | 33 | 52 |
Actuarial gain | (77) | (44) | (76) |
Benefits paid | (99) | (97) | (103) |
Accumulated postretirement benefit obligation end of year | 979 | 1,133 | 1,241 |
Accrued liability (included in accrued expenses and other liabilities) | $ 979 | $ 1,133 | $ 1,241 |
Retirement Benefits - Amounts R
Retirement Benefits - Amounts Recognized In Accumulated Other Comprehensive Income (Loss) (Details) - Other Pension Plans, Defined Benefit - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | $ 11 | $ 87 |
Prior service credit | (152) | (171) |
Loss recognized in accumulated other comprehensive income (loss) | $ (141) | $ (84) |
Retirement Benefits - Component
Retirement Benefits - Components Of Net Periodic Post Retirement Benefit Cost (Details) - Other Pension Plans, Defined Benefit - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 0 | $ 0 | $ 9 |
Interest cost | 22 | 33 | 52 |
Amortization of prior service credits | (20) | (20) | 0 |
Amortization of unrecognized loss | 0 | 1 | 2 |
Net postretirement benefit cost included in compensation and employee benefits | $ 2 | $ 14 | $ 63 |
Retirement Benefits - Defined B
Retirement Benefits - Defined Benefit Plan, Assumptions Used In Accounting For The Plan (Details) - Other Pension Plans, Defined Benefit | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assumptions used to determine benefit obligation at period end: | |||
Discount rate | 2.50% | 2.00% | 2.75% |
Rate of increase in compensation | 4.00% | ||
Assumptions used to determine net periodic benefit cost for the year: | |||
Discount rate | 2.00% | 2.75% | 4.00% |
Rate of increase in compensation | 4.00% |
Retirement Benefits - Summary O
Retirement Benefits - Summary Of Percentage Point Change In Assumed Health Care Cost Trends (Details) - Other Pension Plans, Defined Benefit - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Aggregate of service and interest components of net periodic cost (benefit), one percentage point increase | $ 2 | $ 3 | $ 4 |
Aggregate of service and interest components of net periodic cost (benefit), one percentage point decrease | (2) | (2) | $ (4) |
Effect on accumulated postretirement benefit obligation, one percentage point increase | 78 | 97 | |
Effect on accumulated postretirement benefit obligation, one percentage point decrease | $ (68) | $ (84) |
Equity Incentive Plan - Narrati
Equity Incentive Plan - Narrative (Details) | Jan. 29, 2021USD ($)shares | Feb. 17, 2020USD ($)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | May 22, 2019shares | Feb. 22, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted (in shares) | 0 | 0 | 0 | ||||
Allocated stock-based compensation expense | $ | $ 994,000 | $ 1,400,000 | $ 3,200,000 | ||||
Granted (shares) | 176,930 | 103,581 | |||||
Two Thousand Nineteen Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity incentive plan (in shares) | 4,737,701 | 6,000,000 | |||||
Number of shares authorized, issued in form of restricted stock reduction multiplier | 4.5 | ||||||
2014 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity incentive plan (in shares) | 4,978,249 | ||||||
Restricted Stock And Restricted Stock Units (RSUs) | Two Thousand Nineteen Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity incentive plan (in shares) | 1,052,822 | 1,333,333 | |||||
Restricted Stock | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected future stock-based compensation expense | $ | $ 1,700,000 | ||||||
Average period of expected future stock option expense | 3 years 5 months 1 day | ||||||
Restricted Stock | 2014 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity incentive plan (in shares) | 1,422,357 | ||||||
Stock Options | 2014 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares authorized under equity incentive plan (in shares) | 3,555,892 | ||||||
Restricted Stock Units (RSUs) | Two Thousand Nineteen Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (shares) | 147,315 | 83,744 | |||||
Grant date value | $ | $ 1,800,000 | $ 1,300,000 | |||||
Restricted Stock Units (RSUs) | Two Thousand Nineteen Equity Incentive Plan | Share-based Payment Arrangement, Tranche One | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (shares) | 32,769 | 28,460 | |||||
Vesting period (years) | 1 year | 1 year | |||||
Restricted Stock Units (RSUs) | Two Thousand Nineteen Equity Incentive Plan | Share-based Payment Arrangement, Tranche Two | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (shares) | 114,546 | 55,284 | |||||
Vesting period (years) | 5 years | 5 years | |||||
Beginning of vesting period (years) | 1 year | ||||||
Period after grant date to begin vesting period | 1 year | ||||||
Performance Shares | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of shares issuable based on threshold performance | 0.00% | 0.00% | |||||
Performance Shares | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of shares issuable based on threshold performance | 225.00% | 225.00% | |||||
Performance Shares | Two Thousand Nineteen Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted (shares) | 29,615 | 19,837 | |||||
Grant date value | $ | $ 366,041 | $ 313,623 | |||||
Vesting period (years) | 3 years | 3 years |
Equity Incentive Plan - Stock O
Equity Incentive Plan - Stock Options Outstanding (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of Stock Options | |||
Outstanding (shares) - Beginning Balance | 2,214,193 | 2,227,193 | |
Forfeited (in shares) | (50,169) | ||
Exercised (shares) | (394,045) | (13,000) | |
Outstanding (shares) - Ending Balance | 1,769,979 | 2,214,193 | 2,227,193 |
Exercisable (shares) | 1,769,979 | ||
Weighted Average Grant Date Fair Value | |||
Outstanding (usd per share) - Beginning Balance | $ 4.01 | $ 4.01 | |
Forfeited (usd per share) | |||
Exercised (usd per share) | 3.96 | 3.93 | |
Outstanding (usd per share) - Ending Balance | 4.02 | 4.01 | $ 4.01 |
Exercisable (usd per share) | 4.02 | ||
Weighted Average Exercise Price | |||
Outstanding (usd per share) - Beginning Balance | 13.94 | 13.93 | |
Forfeited (usd per share) | 13.62 | ||
Exercised (usd per share) | 13.90 | 13.38 | |
Outstanding (usd per share) - Ending Balance | 13.95 | $ 13.94 | $ 13.93 |
Exercisable (usd per share) | $ 13.95 | ||
Outstanding, weighted average contractual life (years) | 2 years 11 months 12 days | 3 years 11 months 15 days | 4 years 11 months 15 days |
Exercisable, weighted average contractual life (years) | 2 years 11 months 12 days |
Equity Incentive Plan - Status
Equity Incentive Plan - Status Of The Company's Restricted Share Awards (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Shares Awarded | ||
Non-vested (shares) - Beginning Balance | 104,010 | 71,102 |
Granted (shares) | 176,930 | 103,581 |
Vested (shares) | (42,470) | (67,100) |
Forfeited (shares) | (15,626) | (3,573) |
Non-vested (shares) - Ending Balance | 222,844 | 104,010 |
Weighted Average Grant Date Fair Value | ||
Non-vested (usd per share) - Beginning Balance | $ 15.91 | $ 15.36 |
Granted (usd per share) | 12.36 | 15.81 |
Vested (usd per share) | 16.06 | 15.18 |
Forfeited (usd per share) | 13.80 | 15.81 |
Non-vested (usd per share) - Ending Balance | $ 13.21 | $ 15.91 |
Commitments and Contingencies -
Commitments and Contingencies - Commitment and Contingent Liabilities Not Reflected in Consolidated Financial Statements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments to extend credit | ||
Commitments and contingent liabilities | $ 159,403 | $ 81,288 |
Unused lines of credit | ||
Commitments and contingent liabilities | 245,860 | 153,960 |
Standby letters of credit | ||
Commitments and contingent liabilities | $ 3,266 | $ 3,313 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Guarantees extend term period (years) | 1 year | |
Allowance for estimated losses | $ 1,900 | $ 808 |
Agreements term (years) | 3 years |
Regulatory Requirements - Narra
Regulatory Requirements - Narrative (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 | Jan. 01, 2016 |
Regulatory Requirements [Abstract] | ||||
Common equity Tier 1 capital (to risk-weighted assets), for capital adequacy purposes ratio | 4.50% | 8.00% | ||
Tier 1 capital (to risk-weighted assets), for capital adequacy purposes ratio | 0.06 | |||
Total capital (to risk-weighted assets), for capital adequacy purposes ratio | 0.080 | |||
Tier 1 capital (core) (to adjusted total assets), for capital adequacy purposes ratio | 0.040 | |||
Tier 1 capital (core) (to adjusted total assets), for well capitalized under prompt corrective action provisions ratio | 0.050 | |||
Common equity Tier 1 capital (to risk-weighted assets), for well capitalized under prompt corrective action provisions ratio | 6.50% | 8.00% | ||
Tier 1 risk-based capital ratio | 0.080 | |||
Total capital (to risk-weighted assets), for well capitalized under prompt corrective action provisions ratio | 0.100 | |||
Tier 1 risk-based capital required for capital adequacy to risk-weighted assets, higher risk weight | 2.50% | 2.50% | ||
Capital conservation buffer | 0.625% |
Regulatory Requirements - Regul
Regulatory Requirements - Regulatory Capital Amounts And Ratios Compared To Regulatory Requirements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CBLR, amount | $ 696,368 | |
CBLR, ratio | 12.93% | |
CBLR, for capital adequacy purposes amount | $ 457,751 | |
CBLR, for capital adequacy purposes ratio | 8.50% | |
CBLR, for well capitalized under prompt corrective action provisions amount | $ 457,751 | |
CBLR, for well capitalized under prompt corrective action provisions ratio | 8.50% | |
Common Equity Tier 1 Capital (to risk-weighted assets), amount | $ 698,864 | |
Common Equity Tier 1 Capital (to risk-weighted assets), ratio | 12.73% | |
Common Equity Tier 1 Capital (to risk-weighted assets), for capital adequacy purposes amount | $ 439,219 | |
Common Equity Tier 1 Capital (to risk-weighted assets), for capital adequacy purposes ratio | 4.50% | 8.00% |
Common Equity Tier 1 Capital (to risk-weighted assets), for well capitalized under prompt corrective action provisions amount | $ 439,219 | |
Common Equity Tier 1 Capital (to risk-weighted assets), for well capitalized under prompt corrective action provisions ratio | 6.50% | 8.00% |
Subsidiaries | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CBLR, amount | $ 659,522 | |
CBLR, ratio | 12.24% | |
CBLR, for capital adequacy purposes amount | $ 457,872 | |
CBLR, for capital adequacy purposes ratio | 8.50% | |
CBLR, for well capitalized under prompt corrective action provisions amount | $ 457,872 | |
CBLR, for well capitalized under prompt corrective action provisions ratio | 8.50% | |
Common Equity Tier 1 Capital (to risk-weighted assets), amount | $ 656,324 | |
Common Equity Tier 1 Capital (to risk-weighted assets), ratio | 11.96% | |
Common Equity Tier 1 Capital (to risk-weighted assets), for capital adequacy purposes amount | $ 439,124 | |
Common Equity Tier 1 Capital (to risk-weighted assets), for capital adequacy purposes ratio | 8.00% | |
Common Equity Tier 1 Capital (to risk-weighted assets), for well capitalized under prompt corrective action provisions amount | $ 439,124 | |
Common Equity Tier 1 Capital (to risk-weighted assets), for well capitalized under prompt corrective action provisions ratio | 8.00% |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | $ 1,208,237 | $ 1,264,805 |
Trading securities | 13,461 | 12,291 |
Equity securities | 328 | 253 |
Individually evaluated loans | 3,807 | 5,325 |
Investment measured at fair value | 5,000 | |
Measured on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 1,208,237 | 1,264,805 |
Trading securities | 13,461 | 12,291 |
Equity securities | 328 | 253 |
Total | 1,222,026 | 1,277,349 |
Measured on a recurring basis | U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 2,290 | 3,158 |
Measured on a recurring basis | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 973,116 | 1,172,312 |
Measured on a recurring basis | Mortgage-backed securities, Pass-through certificates, GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 581,406 | 281,343 |
Measured on a recurring basis | Mortgage-backed securities, REMICs, GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 391,710 | 890,965 |
Measured on a recurring basis | Mortgage-backed securities, REMICs, Non-GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 4 | |
Measured on a recurring basis | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 72 | 123 |
Measured on a recurring basis | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 232,759 | 88,418 |
Measured on a recurring basis | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 794 | |
Measured on a recurring basis | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 232,831 | 89,335 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Trading securities | 13,461 | 12,291 |
Equity securities | 328 | 253 |
Total | 13,789 | 12,544 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities, Pass-through certificates, GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities, REMICs, GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities, REMICs, Non-GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | |
Measured on a recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 1,208,237 | 1,264,805 |
Trading securities | 0 | 0 |
Equity securities | 0 | 0 |
Total | 1,208,237 | 1,264,805 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 2,290 | 3,158 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 973,116 | 1,172,312 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities, Pass-through certificates, GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 581,406 | 281,343 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities, REMICs, GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 391,710 | 890,965 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities, REMICs, Non-GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 4 | |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 72 | 123 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 232,759 | 88,418 |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 794 | |
Measured on a recurring basis | Significant Other Observable Inputs (Level 2) | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 232,831 | 89,335 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Trading securities | 0 | 0 |
Equity securities | 0 | 0 |
Total | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | U.S. Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities: | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities, Pass-through certificates, GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities, REMICs, GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities, REMICs, Non-GSE | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Municipal bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | |
Measured on a recurring basis | Significant Unobservable Inputs (Level 3) | Other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available-for-sale | 0 | 0 |
Measured on a non-recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 3,907 | 5,325 |
Measured on a non-recurring basis | Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 3,795 | 5,312 |
Measured on a non-recurring basis | Real Estate | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 3,599 | 5,268 |
Measured on a non-recurring basis | Real Estate | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 16 | |
Measured on a non-recurring basis | Real Estate | Home Equity and Lines of Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 27 | 28 |
Measured on a non-recurring basis | Real Estate | One-to-Four Family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 169 | |
Measured on a non-recurring basis | Commercial and Industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 12 | 13 |
Measured on a non-recurring basis | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 100 | |
Measured on a non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Measured on a non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Measured on a non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Real Estate | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Measured on a non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Real Estate | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | |
Measured on a non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Real Estate | Home Equity and Lines of Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Measured on a non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Real Estate | One-to-Four Family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | |
Measured on a non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and Industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Measured on a non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | |
Measured on a non-recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Measured on a non-recurring basis | Significant Other Observable Inputs (Level 2) | Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Measured on a non-recurring basis | Significant Other Observable Inputs (Level 2) | Real Estate | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Measured on a non-recurring basis | Significant Other Observable Inputs (Level 2) | Real Estate | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | |
Measured on a non-recurring basis | Significant Other Observable Inputs (Level 2) | Real Estate | Home Equity and Lines of Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Measured on a non-recurring basis | Significant Other Observable Inputs (Level 2) | Real Estate | One-to-Four Family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | |
Measured on a non-recurring basis | Significant Other Observable Inputs (Level 2) | Commercial and Industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | 0 |
Measured on a non-recurring basis | Significant Other Observable Inputs (Level 2) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 0 | |
Measured on a non-recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 3,907 | 5,325 |
Measured on a non-recurring basis | Significant Unobservable Inputs (Level 3) | Real Estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 3,795 | 5,312 |
Measured on a non-recurring basis | Significant Unobservable Inputs (Level 3) | Real Estate | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 3,599 | 5,268 |
Measured on a non-recurring basis | Significant Unobservable Inputs (Level 3) | Real Estate | Multifamily | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 16 | |
Measured on a non-recurring basis | Significant Unobservable Inputs (Level 3) | Real Estate | Home Equity and Lines of Credit | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 27 | 28 |
Measured on a non-recurring basis | Significant Unobservable Inputs (Level 3) | Real Estate | One-to-Four Family | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 169 | |
Measured on a non-recurring basis | Significant Unobservable Inputs (Level 3) | Commercial and Industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | 12 | $ 13 |
Measured on a non-recurring basis | Significant Unobservable Inputs (Level 3) | Other real estate owned | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually evaluated loans | $ 100 |
Fair Value Measurement - Qualit
Fair Value Measurement - Qualitative Information For Level 3 Assets Measured At Fair Value On A Non-Recurring Basis (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Individually evaluated loans | $ 3,807 | $ 5,325 |
Other real estate owned | $ 100 | |
Appraisals | Discount for costs to sell | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans receivable | 0.070 | 0.070 |
Other real estate owned inputs | 0.070 | |
Appraisals | Discount for quick sale | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans receivable | 0.100 | 0.100 |
Discounted cash flows | Interest rates | Minimum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans receivable | 0.0488 | 0.0488 |
Discounted cash flows | Interest rates | Maximum | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Loans receivable | 0.0625 | 0.0625 |
Fair Value Measurement - Narrat
Fair Value Measurement - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |||
Impaired loans held-for-investment and held-for-sale with outstanding principal balances | $ 5,800 | $ 7,400 | |
Estimated fair value of impaired loans held-for-investment and held-for-sale | 3,800 | 5,300 | |
Decrease in reserve for impaired loans | 43 | 69 | |
Net impairment charge-offs | 2,800 | 3,800 | |
Assets acquired through foreclosure | $ 100 | $ 0 | $ 0 |
Fair Value Measurement - Estima
Fair Value Measurement - Estimated Fair Values Of The Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Cash and cash equivalents | $ 91,068 | $ 87,544 |
Trading securities | 13,461 | 12,291 |
Debt securities available-for-sale | 1,208,237 | 1,264,805 |
Debt securities held-to-maturity | 5,475 | 7,574 |
Equity securities | 328 | 253 |
FHLBNY stock, at cost | 22,336 | 28,641 |
Loans held-for-sale | 19,895 | |
Net loans held-for-investment | 3,904,026 | 3,842,054 |
Derivative assets | 923 | 1,498 |
Financial liabilities: | ||
Deposits | 4,172,125 | 4,082,538 |
Borrowed funds | 426,235 | 609,900 |
Advance payments by borrowers for taxes and insurance | 24,909 | 19,677 |
Derivative liabilities | 925 | 1,502 |
Investment measured at fair value | 5,000 | |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 91,068 | 87,544 |
Trading securities | 13,461 | 12,291 |
Debt securities available-for-sale | 1,208,237 | 1,264,805 |
Debt securities held-to-maturity | 5,283 | 7,234 |
Equity securities | 328 | 253 |
FHLBNY stock, at cost | 22,336 | 28,641 |
Loans held-for-sale | 19,895 | |
Net loans held-for-investment | 3,767,644 | 3,785,631 |
Derivative assets | 923 | 1,498 |
Financial liabilities: | ||
Deposits | 4,169,334 | 4,076,551 |
Borrowed funds | 591,789 | |
Advance payments by borrowers for taxes and insurance | 24,909 | 19,677 |
Derivative liabilities | 925 | 1,502 |
Estimated Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 91,068 | 87,544 |
Trading securities | 13,461 | 12,291 |
Debt securities available-for-sale | 0 | 0 |
Debt securities held-to-maturity | 0 | 0 |
Equity securities | 328 | 253 |
FHLBNY stock, at cost | 0 | 0 |
Loans held-for-sale | 0 | |
Net loans held-for-investment | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Advance payments by borrowers for taxes and insurance | 0 | 0 |
Derivative liabilities | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Trading securities | 0 | 0 |
Debt securities available-for-sale | 1,208,237 | 1,264,805 |
Debt securities held-to-maturity | 5,475 | 7,574 |
Equity securities | 0 | 0 |
FHLBNY stock, at cost | 22,336 | 28,641 |
Loans held-for-sale | 0 | |
Net loans held-for-investment | 0 | 0 |
Derivative assets | 923 | 1,498 |
Financial liabilities: | ||
Deposits | 4,172,125 | 4,082,538 |
Borrowed funds | 426,235 | 609,900 |
Advance payments by borrowers for taxes and insurance | 24,909 | 19,677 |
Derivative liabilities | 925 | 1,502 |
Estimated Fair Value | Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Trading securities | 0 | 0 |
Debt securities available-for-sale | 0 | 0 |
Debt securities held-to-maturity | 0 | 0 |
Equity securities | 0 | 0 |
FHLBNY stock, at cost | 0 | 0 |
Loans held-for-sale | 19,895 | |
Net loans held-for-investment | 3,904,026 | 3,842,054 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Advance payments by borrowers for taxes and insurance | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net income available to common stockholders | $ 16,103 | $ 16,080 | $ 19,794 | $ 18,677 | $ 13,062 | $ 8,582 | $ 10,793 | $ 4,551 | $ 70,654 | $ 36,988 | $ 40,235 |
Weighted average shares outstanding-basic (in shares) | 48,416,495 | 48,721,504 | 46,783,442 | ||||||||
Effect of non-vested restricted stock and stock options outstanding (in shares) | 337,768 | 64,459 | 380,362 | ||||||||
Weighted average shares outstanding-diluted (in shares) | 48,754,263 | 48,785,963 | 47,163,804 | ||||||||
Earnings per share-basic (usd per share) | $ 0.34 | $ 0.33 | $ 0.40 | $ 0.38 | $ 0.26 | $ 0.17 | $ 0.23 | $ 0.10 | $ 1.46 | $ 0.76 | $ 0.86 |
Earnings per share-diluted (usd per share) | $ 0.34 | $ 0.33 | $ 0.40 | $ 0.38 | $ 0.26 | $ 0.17 | $ 0.23 | $ 0.10 | $ 1.45 | $ 0.76 | $ 0.85 |
Anti-dilutive shares (in shares) | 323,466 | 1,972,136 | 546,120 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 18, 2021 | Apr. 24, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Average cost of treasury stock (usd per share) | $ 15.91 | $ 11.59 | $ 15.26 | ||
Treasury stock acquired | $ 53,321 | $ 10,405 | $ 15,815 | ||
April 2019 Stock Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 37,200 | ||||
Repurchased common stock acquired (in shares) | 885,535 | ||||
Average cost of treasury stock (usd per share) | $ 11.59 | ||||
Treasury stock acquired | $ 10,300 | ||||
Common shares remaining for repurchase (in shares) | 564,488 | ||||
March 2021 Stock Repurchase Program | |||||
Equity, Class of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount | $ 54,200 | ||||
Repurchased common stock acquired (in shares) | 3,342,700 | ||||
Average cost of treasury stock (usd per share) | $ 15.91 | ||||
Treasury stock acquired | $ 53,200 | ||||
Maximum value of shares remaining for repurchases | $ 8,300 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total fees and service charges for customer services | $ 5,394 | $ 3,967 | $ 4,881 | ||||||||
Income on bank owned life insurance | 4,103 | 3,774 | 7,023 | ||||||||
Gains on available-for-sale debt securities, net | 1,495 | 327 | 514 | ||||||||
Gains on trading securities, net | 1,703 | 1,601 | 1,988 | ||||||||
Gains on sale of loans | 1,401 | 665 | 0 | ||||||||
Other | 357 | 1,138 | 402 | ||||||||
Total non-interest income | $ 4,273 | $ 2,628 | $ 4,916 | $ 2,636 | $ 4,104 | $ 3,022 | $ 4,238 | $ 108 | 14,453 | 11,472 | 14,808 |
Service charges | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total fees and service charges for customer services | 3,075 | 2,356 | 3,309 | ||||||||
ATM and card interchange fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total fees and service charges for customer services | 1,893 | 1,326 | 1,310 | ||||||||
Investment fees | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total fees and service charges for customer services | $ 426 | $ 285 | $ 262 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use assets | $ 33,943 | $ 36,741 | $ 43,600 | |
Operating lease liabilities | 39,851 | 42,734 | $ 47,300 | |
Operating lease, rent expense | 5,900 | 8,000 | $ 6,800 | |
Operating lease, accelerated rent expense | $ 1,800 | $ 579 | ||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Term of lease | 1 month | |||
Renewal term | 5 years | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Term of lease | 33 years 6 months | |||
Renewal term | 10 years |
Leases - Supplemental Lease Inf
Leases - Supplemental Lease Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease cost | $ 5,797 | $ 6,160 | $ 6,119 |
Variable lease cost | 4,092 | 3,276 | 2,813 |
Net lease cost | 9,889 | 9,436 | 8,932 |
Cash paid for amounts included in measurement of operating lease liabilities | 6,538 | 6,490 | 5,901 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,596 | $ 3,568 | $ 1,013 |
Weighted average remaining lease term (in years) | 11 years 10 months 2 days | 12 years 3 months 10 days | 12 years 9 months 7 days |
Weighted average discount rate | 3.55% | 3.60% | 3.62% |
Leases - Lease Payments Obligat
Leases - Lease Payments Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Leases [Abstract] | |||
2022 | $ 5,923 | ||
2023 | 5,803 | ||
2024 | 5,372 | ||
2025 | 5,024 | ||
2026 | 4,253 | ||
Thereafter | 24,128 | ||
Total lease payments | 50,503 | ||
Less: imputed interest | (10,652) | ||
Present value of lease liabilities | $ 39,851 | $ 42,734 | $ 47,300 |
Derivatives - Additional Inform
Derivatives - Additional Information (Details) - Interest Rate Swap $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)instrument | Dec. 31, 2020USD ($)instrument | |
Derivative [Line Items] | ||
Number of derivative instruments held | instrument | 7 | 7 |
Derivative, notional amount | $ 38,100 | $ 39,200 |
Derivative assets (liabilities), at fair value | $ 0 | $ 797 |
Derivatives - Fair Value of Der
Derivatives - Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other assets | ||
Derivative [Line Items] | ||
Fair value of derivative asset | $ 923 | $ 1,498 |
Other liabilities | ||
Derivative [Line Items] | ||
Fair value of derivative liability | $ 925 | $ 1,502 |
Parent-only Financial Informa_3
Parent-only Financial Information - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS: | ||||
Interest-earning deposits in other financial institutions | $ 72,877 | $ 71,429 | ||
Other assets | 37,207 | 25,387 | ||
Total assets | 5,430,542 | 5,514,544 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||
Total liabilities | 4,690,659 | 4,760,563 | ||
Total stockholders' equity | 739,883 | 753,981 | $ 695,853 | $ 666,439 |
Total liabilities and stockholders' equity | 5,430,542 | 5,514,544 | ||
Parent Company | ||||
ASSETS: | ||||
Cash in Northfield Bank | 14,411 | 21,456 | ||
Interest-earning deposits in other financial institutions | 0 | 21 | ||
Investment in Northfield Bank | 703,036 | 711,441 | ||
ESOP loan receivable | 19,283 | 20,836 | ||
Other assets | 3,412 | 474 | ||
Total assets | 740,142 | 754,228 | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||
Total liabilities | 259 | 247 | ||
Total stockholders' equity | 739,883 | 753,981 | ||
Total liabilities and stockholders' equity | $ 740,142 | $ 754,228 |
Parent-only Financial Informa_4
Parent-only Financial Information - Condensed Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income tax expense | $ 5,810 | $ 6,078 | $ 7,639 | $ 6,946 | $ 4,418 | $ 3,095 | $ 3,899 | $ 1,625 | $ 26,473 | $ 13,037 | $ 12,787 |
Net income | $ 16,103 | $ 16,080 | $ 19,794 | $ 18,677 | $ 13,062 | $ 8,582 | $ 10,793 | $ 4,551 | 70,654 | 36,988 | 40,235 |
Other comprehensive (loss) income, net of tax | (11,097) | 8,461 | 13,846 | ||||||||
Comprehensive income | 59,557 | 45,449 | 54,081 | ||||||||
Parent Company | |||||||||||
Interest on ESOP loan | 677 | 1,043 | 1,263 | ||||||||
Interest income on deposits in other financial institutions | 18 | 129 | 229 | ||||||||
Gains on securities, net | 0 | 0 | 10 | ||||||||
Undistributed earnings of Northfield Bank | 70,956 | 37,544 | 40,012 | ||||||||
Total income | 71,651 | 38,716 | 41,514 | ||||||||
Other expenses | 831 | 1,647 | 863 | ||||||||
Income tax expense | 166 | 81 | 416 | ||||||||
Total expenses | 997 | 1,728 | 1,279 | ||||||||
Net income | 70,654 | 36,988 | 40,235 | ||||||||
Other comprehensive (loss) income, net of tax | (11,097) | 8,461 | 13,846 | ||||||||
Comprehensive income | $ 59,557 | $ 45,449 | $ 54,081 |
Parent-only Financial Informa_5
Parent-only Financial Information - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||||||||||
Net income | $ 16,103 | $ 16,080 | $ 19,794 | $ 18,677 | $ 13,062 | $ 8,582 | $ 10,793 | $ 4,551 | $ 70,654 | $ 36,988 | $ 40,235 |
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Increase in other assets | (14,531) | 1,294 | 2,679 | ||||||||
Net cash used in operating activities | 64,759 | 55,214 | 51,152 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash acquired in business combinations | 0 | 72,875 | 0 | ||||||||
Net cash provided by (used in) investing activities | 84,995 | (131,925) | (522,725) | ||||||||
Cash flows from financing activities: | |||||||||||
Exercise of stock options | 3,409 | 175 | 5,770 | ||||||||
Net cash (used in) provided by financing activities | (146,230) | 16,437 | 541,629 | ||||||||
Net (decrease) increase in cash and cash equivalents | 3,524 | (60,274) | 70,056 | ||||||||
Cash and cash equivalents at beginning of year | 87,544 | 147,818 | 87,544 | 147,818 | 77,762 | ||||||
Cash and cash equivalents at end of year | 91,068 | 87,544 | 91,068 | 87,544 | 147,818 | ||||||
Parent Company | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 70,654 | 36,988 | 40,235 | ||||||||
Adjustments to reconcile net income to net cash used in operating activities: | |||||||||||
Increase in other assets | (4,034) | (1,008) | (1,073) | ||||||||
Gains on securities, net | 0 | 0 | (10) | ||||||||
Increase (decrease) in other liabilities | 12 | (1,499) | (36) | ||||||||
Undistributed earnings of Northfield Bank | (70,956) | (37,544) | (40,012) | ||||||||
Net cash used in operating activities | (4,324) | (3,063) | (896) | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash acquired in business combinations | 0 | 5,903 | 0 | ||||||||
Dividends from Northfield Bank | 69,916 | 16,174 | 41,277 | ||||||||
Net cash provided by (used in) investing activities | 69,916 | 22,077 | 41,277 | ||||||||
Cash flows from financing activities: | |||||||||||
Principal payments on ESOP loan receivable | 1,553 | 1,061 | 1,065 | ||||||||
Purchase of treasury stock | (53,321) | (10,405) | (15,815) | ||||||||
Dividends paid | (24,299) | (21,476) | (20,198) | ||||||||
Exercise of stock options | 3,409 | 175 | 5,770 | ||||||||
Net cash (used in) provided by financing activities | (72,658) | (30,645) | (29,178) | ||||||||
Net (decrease) increase in cash and cash equivalents | (7,066) | (11,631) | 11,203 | ||||||||
Cash and cash equivalents at beginning of year | $ 21,477 | $ 33,108 | 21,477 | 33,108 | 21,905 | ||||||
Cash and cash equivalents at end of year | $ 14,411 | $ 21,477 | $ 14,411 | $ 21,477 | $ 33,108 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income | $ 41,849 | $ 42,146 | $ 43,236 | $ 45,067 | $ 43,045 | $ 41,457 | $ 40,911 | $ 42,732 | $ 172,298 | $ 168,145 | $ 165,143 |
Interest expense | 3,480 | 3,729 | 4,549 | 4,891 | 6,008 | 8,849 | 10,681 | 12,799 | 16,649 | 38,337 | 53,358 |
Net interest income | 38,369 | 38,417 | 38,687 | 40,176 | 37,037 | 32,608 | 30,230 | 29,933 | 155,649 | 129,808 | 111,785 |
(Benefit)/provision for credit losses | 39 | (148) | (3,701) | (2,374) | 2,473 | 165 | 1,921 | 8,183 | (6,184) | 12,742 | 22 |
Net interest income after (benefit)/provision for credit losses | 38,330 | 38,565 | 42,388 | 42,550 | 34,564 | 32,443 | 28,309 | 21,750 | 161,833 | 117,066 | 111,763 |
Other income | 4,273 | 2,628 | 4,916 | 2,636 | 4,104 | 3,022 | 4,238 | 108 | 14,453 | 11,472 | 14,808 |
Other expenses | 20,690 | 19,035 | 19,871 | 19,563 | 21,188 | 23,788 | 17,855 | 15,682 | 79,159 | 78,513 | 73,549 |
Income before income tax expense | 21,913 | 22,158 | 27,433 | 25,623 | 17,480 | 11,677 | 14,692 | 6,176 | 97,127 | 50,025 | 53,022 |
Income tax expense | 5,810 | 6,078 | 7,639 | 6,946 | 4,418 | 3,095 | 3,899 | 1,625 | 26,473 | 13,037 | 12,787 |
Net income | $ 16,103 | $ 16,080 | $ 19,794 | $ 18,677 | $ 13,062 | $ 8,582 | $ 10,793 | $ 4,551 | $ 70,654 | $ 36,988 | $ 40,235 |
Net income per basic common share (usd per share) | $ 0.34 | $ 0.33 | $ 0.40 | $ 0.38 | $ 0.26 | $ 0.17 | $ 0.23 | $ 0.10 | $ 1.46 | $ 0.76 | $ 0.86 |
Net income per diluted common share (usd per share) | $ 0.34 | $ 0.33 | $ 0.40 | $ 0.38 | $ 0.26 | $ 0.17 | $ 0.23 | $ 0.10 | $ 1.45 | $ 0.76 | $ 0.85 |
Parent Company | |||||||||||
Income tax expense | $ 166 | $ 81 | $ 416 | ||||||||
Net income | $ 70,654 | $ 36,988 | $ 40,235 |