Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity Registrant Name | Columbia Financial, Inc. | |
Entity File Number | 001-38456 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, State or Province | NJ | |
Entity Address, Address Line One | 19-01 Route 208 North, | |
Entity Address, City or Town | Fair Lawn, | |
Entity Address, Postal Zip Code | 07140 | |
Entity Tax Identification Number | 22-3504946 | |
City Area Code | 800 | |
Local Phone Number | 522-4167 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | CLBK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 109,575,472 | |
Entity Central Index Key | 0001723596 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period | Q3 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and due from banks | $ 101,917 | $ 70,702 | |
Short-term investments | 131 | 261 | |
Total cash and cash equivalents | 102,048 | 70,963 | |
Debt securities available for sale, at fair value | 1,371,721 | 1,703,847 | |
Debt securities held to maturity, at amortized cost (fair value of $373,494 and $434,789 at September 30, 2022 and December 31, 2021, respectively) | 425,077 | 429,734 | |
Equity securities, at fair value | 3,453 | 2,710 | |
Federal Home Loan Bank stock | 37,726 | 23,141 | |
Loans receivable | 7,326,223 | 6,360,601 | |
Less: allowance for credit losses | [1] | 51,891 | 62,689 |
Loans receivable, net | 7,274,332 | 6,297,912 | |
Accrued interest receivable | 30,152 | 28,300 | |
Office properties and equipment, net | 84,255 | 78,708 | |
Bank-owned life insurance ("BOLI") | 263,217 | 247,474 | |
Goodwill and intangible assets | 126,296 | 91,693 | |
Other assets | 293,894 | 249,615 | |
Total assets | 10,012,171 | 9,224,097 | |
Liabilities: | |||
Deposits | 8,064,893 | 7,570,216 | |
Borrowings | 674,018 | 377,309 | |
Advance payments by borrowers for taxes and insurance | 44,463 | 36,471 | |
Accrued expenses and other liabilities | 199,152 | 161,020 | |
Total liabilities | 8,982,526 | 8,145,016 | |
Stockholders' equity: | |||
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at September 30, 2022 and December 31, 2021 | 0 | 0 | |
Common stock, $0.01 par value. 500,000,000 shares authorized; 130,789,496 shares issued and 109,907,943 shares outstanding at September 30, 2022 and 124,630,738 shares issued and 107,442,453 shares outstanding at December 31, 2021 | 1,308 | 1,246 | |
Additional paid-in capital | 779,294 | 667,906 | |
Retained earnings | 835,627 | 765,133 | |
Accumulated other comprehensive loss | (201,149) | (45,919) | |
Treasury stock, at cost; 20,881,553 shares at September 30, 2022 and 17,188,285 shares at December 31, 2021 | (349,373) | (271,647) | |
Common stock held by the Employee Stock Ownership Plan | (35,322) | (37,026) | |
Stock held by Rabbi Trust | (3,010) | (2,425) | |
Deferred compensation obligations | 2,270 | 1,813 | |
Total stockholders' equity | 1,029,645 | 1,079,081 | |
Total liabilities and stockholders' equity | $ 10,012,171 | $ 9,224,097 | |
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated. |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Debt securities held to maturity | $ 373,494 | $ 434,789 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 130,789,496 | 124,630,738 |
Common stock, shares outstanding (in shares) | 109,907,943 | 107,442,453 |
Treasury stock, shares (in shares) | 20,881,553 | 17,188,285 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Interest income: | |||||
Loans receivable | $ 68,516 | $ 55,451 | $ 187,400 | $ 171,902 | |
Debt securities available for sale and equity securities | 8,434 | 7,622 | 25,741 | 21,521 | |
Debt securities held to maturity | 2,440 | 2,353 | 7,223 | 6,256 | |
Federal funds and interest-earning deposits | 151 | 167 | 245 | 310 | |
Federal Home Loan Bank stock dividends | 384 | 460 | 1,129 | 1,582 | |
Total interest income | 79,925 | 66,053 | 221,738 | 201,571 | |
Interest expense: | |||||
Deposits | 6,968 | 6,673 | 16,326 | 23,403 | |
Borrowings | 3,806 | 2,028 | 7,028 | 5,996 | |
Total interest expense | 10,774 | 8,701 | 23,354 | 29,399 | |
Net interest income | 69,151 | 57,352 | 198,384 | 172,172 | |
Provision for (reversal of) credit losses | [1] | 1,516 | 480 | 4,514 | (2,561) |
Net interest income after provision for (reversal of) credit losses | 67,635 | 56,872 | 193,870 | 174,733 | |
Non-interest income: | |||||
Bank-owned life insurance | 1,633 | 1,504 | 5,501 | 4,475 | |
Loan fees and service charges | 1,432 | 844 | 2,928 | 2,209 | |
Gain on securities transactions | 0 | 2,296 | 210 | 2,015 | |
Change in fair value of equity securities | (264) | (443) | (332) | (1,809) | |
(Loss) gain on sale of loans | (1) | 140 | 109 | 10,814 | |
Other non-interest income | 3,058 | 2,116 | 7,541 | 6,920 | |
Total non-interest income | 8,164 | 8,874 | 22,874 | 31,860 | |
Non-interest expense: | |||||
Compensation and employee benefits | 31,523 | 24,512 | 86,393 | 71,506 | |
Occupancy | 5,973 | 4,846 | 16,838 | 14,912 | |
Federal deposit insurance premiums | 645 | 604 | 1,922 | 1,751 | |
Advertising | 771 | 662 | 2,215 | 1,860 | |
Professional fees | 2,134 | 1,766 | 5,727 | 5,207 | |
Data processing and software expenses | 3,670 | 2,798 | 10,036 | 8,181 | |
Merger-related expenses | 1,198 | 55 | 2,676 | 130 | |
Loss on extinguishment of debt | 0 | 0 | 0 | 742 | |
Other non-interest expense, net | 1,925 | 1,809 | 4,501 | 8,076 | |
Total non-interest expense | 47,839 | 37,052 | 130,308 | 112,365 | |
Income before income tax expense | 27,960 | 28,694 | 86,436 | 94,228 | |
Income tax expense | 7,041 | 7,712 | 22,154 | 25,513 | |
Net income | $ 20,919 | $ 20,982 | $ 64,282 | $ 68,715 | |
Earnings per share - basic (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.61 | $ 0.66 | |
Earnings per share - diluted (in dollars per share) | $ 0.19 | $ 0.20 | $ 0.61 | $ 0.66 | |
Weighted average shares outstanding - basic (in shares) | 106,926,864 | 102,977,254 | 105,440,345 | 104,486,520 | |
Weighted average shares outstanding - diluted (in shares) | 107,534,498 | 102,977,254 | 106,040,240 | 104,486,520 | |
Demand deposit account fees | |||||
Non-interest income: | |||||
Revenue from contract with customer | $ 1,510 | $ 986 | $ 4,129 | $ 2,682 | |
Title insurance fees | |||||
Non-interest income: | |||||
Revenue from contract with customer | $ 796 | $ 1,431 | $ 2,788 | $ 4,554 | |
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 20,919 | $ 20,982 | $ 64,282 | $ 68,715 |
Other comprehensive (loss) income, net of tax: | ||||
Unrealized (loss) on debt securities available for sale | (47,155) | (9,943) | (142,643) | (22,189) |
Accretion of unrealized (loss) on debt securities reclassified as held to maturity | (13) | (2) | (21) | 0 |
Reclassification adjustment for gain included in net income | 0 | 1,791 | 151 | 1,589 |
Total other comprehensive (loss) income, net of tax | (47,168) | (8,154) | (142,513) | (20,600) |
Derivatives, net of tax: | ||||
Unrealized gain on swap contracts accounted for as cash flow hedges | 1,182 | 1,467 | 5,167 | 8,098 |
Total derivative, net of tax | 1,182 | 1,467 | 5,167 | 8,098 |
Employee benefit plans, net of tax: | ||||
Amortization of prior service cost included in net income | (11) | (10) | (31) | (31) |
Reclassification adjustment of actuarial net (loss) included in net income | (244) | (1,089) | (732) | (3,267) |
Change in funded status of retirement obligations | 937 | 2,198 | (17,121) | 36,570 |
Total employee benefit plans, net of tax | 682 | 1,099 | (17,884) | 33,272 |
Total other comprehensive (loss) income | (45,304) | (5,588) | (155,230) | 20,770 |
Total comprehensive (loss) income, net of tax | $ (24,385) | $ 15,394 | $ (90,948) | $ 89,485 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) - USD ($) $ in Thousands | Total | Restricted Stock | Effect of adopting ASU No. 2016-13 ("CECL") | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common Stock Restricted Stock | Common Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in Capital | Additional Paid-in Capital Restricted Stock | Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained Earnings Effect of adopting ASU No. 2016-13 ("CECL") | Retained Earnings Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive (Loss) | Accumulated Other Comprehensive (Loss) Cumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock | Treasury Stock Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock Held by the Employee Stock Ownership Plan | Common Stock Held by the Employee Stock Ownership Plan Cumulative Effect, Period of Adoption, Adjusted Balance | Stock Held by Rabbi Trust | Stock Held by Rabbi Trust Cumulative Effect, Period of Adoption, Adjusted Balance | Deferred Compensation Obligations | Deferred Compensation Obligations Cumulative Effect, Period of Adoption, Adjusted Balance |
Balance at beginning of period at Dec. 31, 2020 | $ 1,011,287 | $ 1,220 | $ 609,531 | $ 673,084 | $ (69,625) | $ (163,015) | $ (39,293) | $ (1,875) | $ 1,260 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 68,715 | 68,715 | |||||||||||||||||||||
Other comprehensive income (loss) | 20,770 | 20,770 | |||||||||||||||||||||
Treasury stock allocated to restricted stock award grants | 0 | (733) | 733 | ||||||||||||||||||||
Stock based compensation | 6,743 | 6,743 | |||||||||||||||||||||
Purchase of treasury stock | (79,090) | (79,090) | |||||||||||||||||||||
Exercise of options (26,861 shares) | (25) | (25) | |||||||||||||||||||||
Restricted stock forfeitures | 0 | 783 | (783) | ||||||||||||||||||||
Repurchase shares for taxes | (292) | (292) | |||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 2,945 | 1,249 | 1,696 | ||||||||||||||||||||
Funding of deferred compensation obligations | (177) | (424) | 247 | ||||||||||||||||||||
Balance at end of year at Sep. 30, 2021 | 1,030,876 | 1,220 | 617,548 | 741,799 | (48,855) | (242,447) | (37,597) | (2,299) | 1,507 | ||||||||||||||
Balance at beginning of period at Jun. 30, 2021 | 1,033,046 | 1,220 | 614,381 | 720,817 | (43,267) | (221,072) | (38,169) | (2,205) | 1,341 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 20,982 | 20,982 | |||||||||||||||||||||
Other comprehensive income (loss) | (5,588) | (5,588) | |||||||||||||||||||||
Stock based compensation | 2,203 | 2,203 | |||||||||||||||||||||
Purchase of treasury stock | (20,544) | (20,544) | |||||||||||||||||||||
Exercise of options (26,861 shares) | (26) | (26) | |||||||||||||||||||||
Restricted stock forfeitures | 0 | 539 | (539) | ||||||||||||||||||||
Repurchase shares for taxes | (292) | (292) | |||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 1,023 | 451 | 572 | ||||||||||||||||||||
Funding of deferred compensation obligations | 72 | (94) | 166 | ||||||||||||||||||||
Balance at end of year at Sep. 30, 2021 | 1,030,876 | 1,220 | 617,548 | 741,799 | (48,855) | (242,447) | (37,597) | (2,299) | 1,507 | ||||||||||||||
Balance at beginning of period at Dec. 31, 2021 | $ 1,079,081 | $ 6,212 | $ 1,085,293 | 1,246 | $ 1,246 | 667,906 | $ 667,906 | 765,133 | $ 6,212 | $ 771,345 | (45,919) | $ (45,919) | (271,647) | $ (271,647) | (37,026) | $ (37,026) | (2,425) | $ (2,425) | 1,813 | $ 1,813 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Accounting Standards Update [Extensible List] | ASU 2016-13 | ||||||||||||||||||||||
Balance at beginning of period at Dec. 31, 2021 | $ 1,079,081 | $ 6,212 | $ 1,085,293 | 1,246 | $ 1,246 | 667,906 | $ 667,906 | 765,133 | $ 6,212 | $ 771,345 | (45,919) | $ (45,919) | (271,647) | $ (271,647) | (37,026) | $ (37,026) | (2,425) | $ (2,425) | 1,813 | $ 1,813 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 64,282 | 64,282 | |||||||||||||||||||||
Other comprehensive income (loss) | (155,230) | (155,230) | |||||||||||||||||||||
Issuance of common stock | 102,741 | $ 0 | 61 | $ 1 | 102,680 | $ (1) | |||||||||||||||||
Stock based compensation | 5,787 | 5,787 | |||||||||||||||||||||
Purchase of treasury stock | (71,766) | (71,766) | |||||||||||||||||||||
Exercise of options (26,861 shares) | (445) | (445) | |||||||||||||||||||||
Restricted stock forfeitures | 0 | 1,448 | (1,448) | ||||||||||||||||||||
Repurchase shares for taxes | (4,512) | (4,512) | |||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 3,623 | 1,919 | 1,704 | ||||||||||||||||||||
Funding of deferred compensation obligations | (128) | (585) | 457 | ||||||||||||||||||||
Balance at end of year at Sep. 30, 2022 | 1,029,645 | 1,308 | 779,294 | 835,627 | (201,149) | (349,373) | (35,322) | (3,010) | 2,270 | ||||||||||||||
Balance at beginning of period at Jun. 30, 2022 | 1,074,284 | 1,308 | 776,542 | 814,708 | (155,845) | (325,723) | (35,895) | (2,878) | 2,067 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 20,919 | 20,919 | |||||||||||||||||||||
Other comprehensive income (loss) | (45,304) | (45,304) | |||||||||||||||||||||
Stock based compensation | 1,680 | 1,680 | |||||||||||||||||||||
Purchase of treasury stock | (18,590) | (18,590) | |||||||||||||||||||||
Exercise of options (26,861 shares) | (253) | (253) | |||||||||||||||||||||
Restricted stock forfeitures | 0 | 661 | (661) | ||||||||||||||||||||
Repurchase shares for taxes | (4,399) | (4,399) | |||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 1,237 | 664 | 573 | ||||||||||||||||||||
Funding of deferred compensation obligations | 71 | (132) | 203 | ||||||||||||||||||||
Balance at end of year at Sep. 30, 2022 | $ 1,029,645 | $ 1,308 | $ 779,294 | $ 835,627 | $ (201,149) | $ (349,373) | $ (35,322) | $ (3,010) | $ 2,270 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) (Parenthetical) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Issuance of common stock (in shares) | 51,746 | |||
Treasury stock, shares purchased (in shares) | 874,080 | 1,163,500 | 3,420,747 | 4,633,540 |
Exercise of stock options (in shares) | 87,025 | 26,861 | 155,296 | 28,522 |
Restricted stock, shares forfeited (in shares) | 31,796 | 29,882 | 68,548 | 43,856 |
Repurchased shares for taxes (in shares) | 198,794 | 16,599 | 203,973 | 16,599 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Cash flows from operating activities: | |||
Net income | $ 64,282,000 | $ 68,715,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of deferred loan costs, fees and purchased premiums and discounts | 4,748,000 | 16,000 | |
Net amortization of premiums and discounts on securities | 2,219,000 | 3,497,000 | |
Net amortization of mortgage servicing rights | 181,000 | 200,000 | |
Amortization of intangible assets | 1,369,000 | 774,000 | |
Depreciation and amortization of office properties and equipment | 5,456,000 | 5,019,000 | |
Amortization of operating lease right-of-use assets | 2,865,000 | 2,720,000 | |
Loss on extinguishment of debt | 0 | 742,000 | |
Provision for (reversal of) credit losses | [1] | 4,514,000 | (2,561,000) |
Gain on securities transactions | (210,000) | (2,015,000) | |
Change in fair value of equity securities | 332,000 | 1,809,000 | |
Gain on securitizations | 0 | (2,259,000) | |
Gain on sale of loans, net | (109,000) | (8,555,000) | |
Net loss on disposal of office properties and equipment | 147,000 | 61,000 | |
Deferred tax (benefit) expense | (3,487,000) | 10,515,000 | |
(Increase) decrease in accrued interest receivable | (942,000) | 1,599,000 | |
Decrease (increase) in other assets | 2,114,000 | (12,891,000) | |
Increase (decrease) in accrued expenses and other liabilities | 24,951,000 | (4,941,000) | |
Income on bank-owned life insurance | (5,501,000) | (4,475,000) | |
Employee stock ownership plan expense | 3,623,000 | 2,945,000 | |
Stock based compensation | 5,787,000 | 6,743,000 | |
Decrease in deferred compensation obligations under Rabbi Trust | (128,000) | (177,000) | |
Net cash provided by operating activities | 112,211,000 | 67,481,000 | |
Cash flows from investing activities: | |||
Proceeds from sales of debt securities available for sale | 126,772,000 | 27,249,000 | |
Proceeds from sales of equity securities | 0 | 1,260,000 | |
Proceeds from paydowns/maturities/calls of debt securities available for sale | 226,887,000 | 257,347,000 | |
Proceeds from paydowns/maturities/calls of debt securities held to maturity | 27,645,000 | 29,616,000 | |
Purchases of debt securities available for sale | (142,181,000) | (659,015,000) | |
Purchases of debt securities held to maturity | (23,298,000) | (175,491,000) | |
Purchases of equity securities | 0 | (91,000) | |
Proceeds from sales of loans held-for-sale | 6,187,000 | 293,005,000 | |
Purchases of loans receivable | 0 | (74,232,000) | |
Net increase in loans receivable | (639,970,000) | (208,260,000) | |
Proceeds from bank-owned life insurance death benefits | 776,000 | 5,000 | |
Proceeds from redemptions of Federal Home Loan Bank stock | 60,176,000 | 7,661,000 | |
Purchases of Federal Home Loan Bank stock | (73,855,000) | (4,793,000) | |
Proceeds from sales of office properties and equipment | 1,009,000 | 685,000 | |
Additions to office properties and equipment | (4,863,000) | (4,217,000) | |
Net cash acquired in acquisition | 140,769,000 | 0 | |
Net cash (used in) investing activities | (293,946,000) | (509,271,000) | |
Cash flows from financing activities: | |||
Net (decrease) increase in deposits | (8,055,000) | 443,734,000 | |
Proceeds from long-term borrowings | 35,893,000 | 37,120,000 | |
Payments on long-term borrowings | 0 | (54,168,000) | |
Net increase (decrease) in short-term borrowings | 255,054,000 | (33,427,000) | |
Increase in advance payments by borrowers for taxes and insurance | 6,651,000 | 3,469,000 | |
Exercise of stock options | (445,000) | (25,000) | |
Purchase of treasury stock | (71,766,000) | (79,090,000) | |
Repurchase of shares for taxes | (4,512,000) | (292,000) | |
Net cash provided by financing activities | 212,820,000 | 317,321,000 | |
Net increase (decrease) in cash and cash equivalents | 31,085,000 | (124,469,000) | |
Cash and cash equivalents at beginning of year | 70,963,000 | 422,957,000 | |
Cash and cash equivalents at end of period | 102,048,000 | 298,488,000 | |
Cash paid during the period for: | |||
Interest on deposits and borrowings | 23,316,000 | 29,544,000 | |
Income tax payments, net of (refunds) | 13,229,000 | 13,203,000 | |
Non-cash investing and financing activities: | |||
Transfer of loans receivable to loans held-for-sale | 6,078,000 | 280,304,000 | |
Securitization of loans | 0 | 99,603,000 | |
Non-cash assets acquired: | |||
Debt securities available for sale | 79,024,000 | 0 | |
Equity securities | 1,075,000 | 0 | |
Federal Home Loan Bank stock | 906,000 | 0 | |
Loans receivable | 335,501,000 | 0 | |
Accrued interest receivable | 910,000 | 0 | |
Office properties and equipment, net | 7,296,000 | 0 | |
Goodwill and intangibles | 38,274,000 | 0 | |
Deferred tax asset, net | 3,633,000 | 0 | |
Bank-owned life insurance | 13,033,000 | 0 | |
Other assets | 2,723,000 | 0 | |
Total non-cash assets acquired | 482,375,000 | 0 | |
Liabilities assumed: | |||
Deposits | 502,732,000 | 0 | |
Borrowings | 5,762,000 | 0 | |
Advance payments by borrowers for taxes and insurance | 1,341,000 | 0 | |
Accrued expenses and other liabilities | 10,568,000 | 0 | |
Total liabilities assumed | 520,403,000 | 0 | |
Net non-cash liabilities assumed | (38,028,000) | 0 | |
Net cash and cash equivalents acquired in acquisition | $ 140,769,000 | $ 0 | |
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated. |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying consolidated financial statements include the accounts of Columbia Financial, Inc. ("Columbia Financial"), its wholly-owned subsidiaries, Columbia Bank ("Columbia") and Freehold Bank ("Freehold") and Columbia's wholly-owned subsidiaries, Columbia Investment Services, Inc., 2500 Broadway Corp., 1901 Residential Management Co. LLC, Plaza Financial Services, Inc., First Jersey Title Services, Inc., Real Estate Management Corp. LLC, 1901 Commercial Management Co. LLC, Stewardship Realty LLC, CSB Realty Corp., RSI Insurance Agency, Inc., RSI Investment Corporation, and Highlander Investment Company (collectively, the “Company”). In consolidation, all intercompany accounts and transactions are eliminated. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC (the "MHC"). The accounts of the MHC are not consolidated in the accompanying consolidated financial statements of the Company. In preparing the interim unaudited consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the Consolidated Statements of Financial Condition and Consolidated Statements of Income for the periods presented. Actual results could differ from these estimates. Material estimates that are particularly susceptible to change are the determination of the adequacy of the allowance for credit losses, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits. These estimates and assumptions are evaluated on an ongoing basis and are adjusted when facts and circumstances dictate. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and nine month periods ended September 30, 2022 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or any other period. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. The interim unaudited consolidated financial statements of the Company presented herein have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and U.S. generally accepted accounting principles (“GAAP”). Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions Freehold Bank On December 1, 2021, the Company completed its acquisition of Freehold Bancorp, MHC, Freehold Bancorp, Inc. and Freehold Bank (collectively, the "Freehold Entities"). Pursuant to the terms of the merger agreement, Freehold Bancorp, MHC merged with and into the MHC, with the MHC as the surviving entity; and Freehold Bancorp, Inc. merged with and into Columbia Financial, with Columbia Financial as the surviving entity. In connection with the merger, Freehold Bank converted to a federal savings bank and will operate as a wholly-owned subsidiary of Columbia Financial until November 6, 2023, the effective date of the merger of Freehold Bank into Columbia Bank. Under the terms of the merger agreement, depositors of Freehold Bank became depositors of the Columbia Bank and have the same rights and privileges in the MHC as if their accounts had been established at Columbia Bank on the date established at Freehold Bank. The Company issued 2,591,007 shares of its common stock to the MHC, representing an amount equal to the fair value of the Freehold Entities as determined by an independent appraiser, at December 1, 2021, the effective time of the holding company mergers. Merger-related expenses are recorded in the Consolidated Statements of Income and are expensed as incurred. Direct acquisition and other charges incurred in connection with the acquisition of the Freehold Entities totaled $4,000 and $11,000 during the three and nine months ended September 30, 2022, respectively. Merger expenses recorded during the three and nine months ended September 30, 2021 totaled $55,000 and $130,000, respectively. During the third quarter of 2022, the Company completed all tax returns related to the operations of Freehold Bank and its impact on the Company's income taxes, which resulted in an adjustment of $82,000 to deferred income taxes, net, and a corresponding decrease in goodwill. 2. Acquisitions (continued) RSI Bank On May 1, 2022, the Company completed its acquisition of RSI Bancorp, M.H.C., RSI Bancorp, Inc. and RSI Bank (collectively, the “RSI Entities”). Pursuant to the terms of the merger agreement, RSI Bancorp, M.H.C. merged with and into the MHC, with the MHC as the surviving entity; RSI Bancorp, Inc. merged with and into Columbia Financial, with Columbia Financial as the surviving entity; and RSI Bank merged with and into Columbia Bank, with Columbia Bank as the surviving institution. Under the terms of the merger agreement, depositors of RSI Bank became depositors of Columbia Bank and have the same rights and privileges in the MHC as if their accounts had been established at Columbia Bank on the date established at RSI Bank. The Company issued 6,086,314 shares of its common stock to the MHC, representing an amount equal to the discounted fair value of the RSI Entities as determined by an independent appraiser, at the effective time of the merger. Merger-related expenses are recorded in the Consolidated Statements of Income and are expensed as incurred. Direct acquisition and other charges incurred in connection with the acquisition of the RSI Entities totaled $1.2 million and $2.7 million, respectively, during the three and nine months ended September 30, 2022. There were no merger expenses recorded during the three and nine months ended September 30, 2021. The following table sets forth assets acquired and liabilities assumed in the acquisition of the RSI Entities, at their estimated fair values as of the closing date of the transaction: May 1, 2022 (In thousands) Assets acquired: Cash and cash equivalents $ 140,769 Debt securities available for sale 79,024 Equity securities 1,075 Federal Home Loan Bank Stock 906 Loans receivable 335,501 Accrued interest receivable 910 Office properties and equipment, net 7,296 Bank-owned life insurance 13,033 Deferred tax asset, net 3,633 Core deposit intangibles 10,271 Other assets 2,723 Total assets acquired $ 595,141 Liabilities assumed: Deposits $ 502,732 Borrowings 5,762 Advance payments by borrowers for taxes and insurance 1,341 Accrued expenses and other liabilities 10,568 Total liabilities assumed $ 520,403 Net assets acquired $ 74,738 Fair market value of stock issued to Columbia Bank MHC for purchase 102,741 Goodwill recorded at merger $ 28,003 2. Acquisitions (continued) The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities were recorded at their fair values as of May 1, 2022, and resulted in the recognition of goodwill of $28.0 million. The determination of the fair value of assets acquired and liabilities assumed required management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and subject to change. During the third quarter of 2022, the Company completed all tax returns related to the operation of RSI Bank and its impact on the Company's income taxes, which resulted in a $2.0 million adjustment to deferred income taxes, net, and a corresponding decrease in goodwill. The fair value estimates are subject to change for up to one year after the closing date of the transaction if additional information (existing at the date of closing) relative to closing date fair values becomes available. As the Company continues to analyze the acquired assets and assumed liabilities, there may be additional adjustments to the recorded carrying values. At September 30, 2022, goodwill related to the acquisition of the RSI Entities totaled $26.0 million. Fair Value Measurement of Assets Acquired and Liabilities Assumed Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed: 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 debt securities were calculated utilizing Level 2 inputs. The majority of the acquired securities were fixed income instruments that are not quoted on an exchange, but are traded in active markets. The prices for these instruments are obtained through an independent pricing service when available, or dealer market participants with whom the Company has historically transacted with for both purchases and sales of securities. The prices are derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, and the bond's terms and conditions, among other things. Management reviewed the data and assumptions used in pricing securities by its third party provider to ensure the highest level of significant inputs are derived from market observable data. Loans receivable . The acquired loan portfolio was segregated into pools for valuation purposes primarily based on loan type, non-accrual status, and credit risk rating. The estimated fair values were computed by discounting the expected cash flows from the respective pools. Cash flows were estimated by using valuation models that incorporated estimates of current key assumptions such as prepayment speeds, default rates, and loss severity rates. The process included: (1) projecting monthly principal and/or interest cash flows based on the contractual terms of the loans, including both maturity and contractual amortization; (2) adjusting projected cash flows for expected losses and prepayments, where appropriate; (3) developing a discount rate based on the relative risk of the cash flows, considering the loan type, liquidity risk, the maturity of the loans, servicing costs, and a required return on capital; and (4) discounting the projected cash flows to a present value, to arrive at the calculated value of the loans. The methods used to estimate the fair values of loans are extremely sensitive to the assumptions and estimates used. While management attempted to use assumptions and estimates that best reflected the acquired loan portfolios and current market conditions, a greater degree of subjectivity is inherent in the values than in those determined in active markets. Office properties and equipment, net . The fair value of land and buildings was estimated using current appraisals. Acquired equipment was not material. Buildings are amortized over their estimated useful lives. Equipment is amortized or depreciated over their estimated useful lives usually ranging from three Goodwill . Goodwill is not amortized for book purposes: however, it is reviewed at least annually for impairment and is not deductible for tax purposes. Core deposit intangibles . Core deposit intangibles ("CDI") are the measure of the value of non-maturity deposits in a business combination. The fair value of the CDI was calculated utilizing the cost savings approach, the expected cost savings attributable to the core deposits funding relative to an alternative source of funding, using a discounted cash flow present value methodology. Key inputs and assumptions utilized in the discounted cash flow present value methodology include core deposit balances and rates paid, the cost of an additional funding source, the aggregate life of deposits and truncation points, non-interest deposit costs, and the immediate deposit outflow assumption. 2. Acquisitions (continued) Deposits . The fair values of deposit liabilities with no stated maturity (i.e., non-interest bearing and interest-bearing demand deposit accounts, money market and savings and club accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represent contractual cash flows, discounted to present value using interest rates currently offered on deposits with similar characteristics and remaining maturities. Borrowings . The fair values of borrowings consisting of FHLB advances were estimated by discounting future cash flows using market discount rates for borrowings with similar characteristics, terms and remaining maturities. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock. Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 (Dollars in thousands, except per share data) Net income $ 20,919 $ 20,982 $ 64,282 $ 68,715 Shares: Weighted average shares outstanding - basic 106,926,864 102,977,254 105,440,345 104,486,520 Effect of dilutive securities 607,634 — 599,895 — Weighted average shares outstanding - diluted 107,534,498 102,977,254 106,040,240 104,486,520 Earnings per share: Basic $ 0.20 $ 0.20 $ 0.61 $ 0.66 Diluted $ 0.19 $ 0.20 $ 0.61 $ 0.66 During the three and nine months ended September 30, 2022, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 121,935 and 89,990, respectively. During the three and nine months ended September 30, 2021, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 3,731,901 and 3,741,138, respectively. |
Stock Repurchase Program
Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase Program On September 10, 2020, the Company announced that its Board of Directors authorized the Company's second stock repurchase program for the purchase of up to 5,000,000 shares, or approximately 4.3%, of the Company's issued and outstanding common stock, commencing on September 15, 2020. On February 5, 2021, the Company completed the repurchases under the second stock repurchase program. On February 1, 2021, the Company announced that its Board of Directors authorized the Company's third stock repurchase program to acquire up to 5,000,000 shares, or approximately 4.5%, of the Company's then issued and outstanding common stock, commencing upon completion of the Company's second stock repurchase program. 4. Stock Repurchase Program (continued) On December 6, 2021, the Company announced that its Board of Directors authorized the Company's fourth stock repurchase program to acquire up to 5,000,000 shares, or approximately 4.6%, of the Company's then issued and outstanding common stock, commencing upon the completion of the Company's third stock repurchase program. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Accounting Pronouncement Adopted in 2022 In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL") , further amended by ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . Topic 326 pertains to the measurement of credit losses on financial instruments. This update requires the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better determine their credit loss estimates. This update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This update was effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. The Company elected to defer the adoption of the CECL methodology until December 31, 2020 as permitted by the enacted Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). In late December 2020, the Consolidated Appropriations Act, 2021 was enacted, and extended certain provisions of the CARES Act, which allowed the Company to extend the adoption of CECL until January 1, 2022. The Company elected to extend its adoption of CECL in accordance with this legislation, and adopted the above mentioned ASUs related to Financial Instruments -Credit Losses (Topic 326) using a modified retrospective approach. The Company adopted ASU 2016-13 on January 1, 2022 for all financial assets measured at amortized cost and off balance sheet credit exposures. Results for the three months ended March 31, 2022 are presented under Accounting Standards Codification 326, Financial Instruments - Credit Losses , while prior period amounts continue to be reported with previously applicable GAAP and have not been restated. Effective January 1, 2022, the Company recorded a $12.1 million decrease in the allowance for credit losses on loans (previously allowance for loan losses), established a $353,000 allowance for credit losses on debt securities available for sale, and recorded a $5.5 million increase in the liability for off balance sheet credit exposures, which resulted in a total cumulative effect adjustment of $6.2 million, net of tax, and an increase to retained earnings. Accounting Pronouncement Not Yet Adopted In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures . ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, this ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. |
Debt Securities Available for S
Debt Securities Available for Sale | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Available for Sale | Debt Securities Available for Sale D ebt securities available for sale at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 67,491 $ — $ (4,210) $ 63,281 Mortgage-backed securities and collateralized mortgage obligations 1,399,397 122 (175,867) 1,223,652 Municipal obligations 3,698 — (141) 3,557 Corporate debt securities 88,565 6 (7,340) 81,231 $ 1,559,151 $ 128 $ (187,558) $ 1,371,721 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 34,711 $ 404 $ (236) $ 34,879 Mortgage-backed securities and collateralized mortgage obligations 1,553,491 14,141 (13,273) 1,554,359 Municipal obligations 4,159 20 — 4,179 Corporate debt securities 109,018 2,378 (966) 110,430 $ 1,701,379 $ 16,943 $ (14,475) $ 1,703,847 The amortized cost and fair value of debt securities available for sale at September 30, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. September 30, 2022 Amortized Cost Fair Value (In thousands) One year or less $ 919 $ 901 More than one year to five years 68,971 65,791 More than five years to ten years 89,864 81,377 $ 159,754 $ 148,069 Mortgage-backed securities and collateralized mortgage obligations 1,399,397 1,223,652 $ 1,559,151 $ 1,371,721 6. Debt Securities Available for Sale (continued) Mortgage-backed securities and collateralized mortgage obligations totaling $1.4 billion at amortized cost, and $1.2 billion at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three months ended September 30, 2022, there were no proceeds from the sale of debt securities available for sale. During the nine months ended September 30, 2022, proceeds from the sales of debt securities available for sale totaled $126.8 million, resulting in gross gains of $210,000 and no gross losses. There were no calls and $915,000 in maturities of debt securities available for sale during three and nine months ended September 30, 2022. During the three months ended September 30, 2021, proceeds from the sale of debt securities available for sale totaled $22.5 million, resulting in gross gains of $2.0 million and no gross losses. Proceeds from called debt securities available for sale totaled $9.0 million, resulting in no gross gains or losses. No debt securities available for sale matured during the quarter. During the nine months ended September 30, 2021, proceeds from the sale of debt securities available for sale totaled $27.2 million, resulting in gross gains of $2.0 million and gross losses of $281,000. Proceeds from called debt securities available for sale totaled $14.0 million, resulting in no gross gains or losses. Proceeds from matured debt securities available for sale totaled $210,000. Debt securities available for sale having a carrying value of $636.0 million and $587.7 million, at September 30, 2022 and December 31, 2021, respectively, were pledged as security for public funds on deposit at Columbia Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. Debt securities available for sale having a carrying value of $30.1 million and $44.1 million, at September 30, 2022 and December 31, 2021, respectively, were pledged by Freehold Bank for outstanding borrowings at the Federal Home Loan Bank, and for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at September 30, 2022 and December 31, 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: September 30, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 54,464 $ (3,104) $ 8,817 $ (1,106) $ 63,281 $ (4,210) Mortgage-backed securities and collateralized mortgage obligations 696,364 (72,154) 504,328 (103,713) 1,200,692 (175,867) Municipal obligations 3,557 (141) — — 3,557 (141) Corporate debt securities 70,286 (6,300) 8,960 (1,040) 79,246 (7,340) $ 824,671 $ (81,699) $ 522,105 $ (105,859) $ 1,346,776 $ (187,558) 6. Debt Securities Available for Sale (continued) December 31, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 14,488 $ (236) $ — $ — $ 14,488 $ (236) Mortgage-backed securities and collateralized mortgage obligations 820,746 (11,892) 62,407 (1,381) 883,153 (13,273) Corporate debt securities 29,221 (671) 4,705 (295) 33,926 (966) $ 864,455 $ (12,799) $ 67,112 $ (1,676) $ 931,567 $ (14,475) The number of securities in an unrealized loss position at September 30, 2022 totaled 439, compared with 219 at December 31, 2021. All temporarily impaired securities were investment grade as of September 30, 2022 and December 31, 2021. For available for sale securities, the Company assesses whether a loss is from credit or other factors and 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, a credit loss would be recorded through an allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis. The following table presents the activity in the allowance for credit losses on debt securities available for sale for the three and nine months ended September 30, 2022: Three Months Ended September 30, 2022 Nine Months Ended (In thousands) Allowance for Credit Losses: Beginning balance $ — $ — Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 — 490 (Reversal of ) credit losses — (490) Balance at September 30, 2022 $ — $ — The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities available for sale. Accrued interest receivable on debt securities available for sale is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $3.1 million at September 30, 2022, and is excluded from the estimate of credit losses. Debt securities held to maturity at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value (In thousands) U.S. government and agency obligations $ 49,871 $ — $ (7,587) $ — $ 42,284 Mortgage-backed securities and collateralized mortgage obligations 375,206 — (43,996) — 331,210 $ 425,077 $ — $ (51,583) $ — $ 373,494 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 44,870 $ — $ (759) $ 44,111 Mortgage-backed securities and collateralized mortgage obligations 384,864 6,741 (927) 390,678 $ 429,734 $ 6,741 $ (1,686) $ 434,789 The amortized cost and fair value of debt securities held to maturity at September 30, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. September 30, 2022 Amortized Cost Fair Value (In thousands) More than one year to five years $ 19,875 $ 18,282 More than five years to ten years 19,996 16,479 More than ten years 10,000 7,523 49,871 42,284 Mortgage-backed securities and collateralized mortgage obligations 375,206 331,210 $ 425,077 $ 373,494 Mortgage-backed securities and collateralized mortgage obligations totaling $375.2 million at amortized cost, and $331.2 million at fair value at September 30, 2022, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three and nine months ended September 30, 2022, there were no sales, calls or maturities of debt securities held to maturity. During the three and nine months ended September 30, 2021, there were no sales or maturities of debt securities held to maturity. During the three months ended September 30, 2021 there were no calls of debt securities held to maturity. During the nine months ended September 30, 2021, proceeds from called debt securities held to maturity totaled $5.1 million, resulting in no gross gains or losses. 7. Debt Securities Held to Maturity (continued) Debt securities held to maturity having a carrying value of $230.9 million and $252.4 million, at September 30, 2022 and December 31, 2021, respectively, were pledged as security for public funds on deposit at Columbia Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at September 30, 2022 and December 31, 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: September 30, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 4,967 $ (32) $ 37,316 $ (7,555) $ 42,283 $ (7,587) Mortgage-backed securities and collateralized mortgage obligations 322,117 (41,399) 9,093 (2,597) 331,210 (43,996) $ 327,084 $ (41,431) $ 46,409 $ (10,152) $ 373,493 $ (51,583) December 31, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 44,111 $ (759) $ — $ — $ 44,111 $ (759) Mortgage-backed securities and collateralized mortgage obligations 79,036 (927) — — 79,036 (927) $ 123,147 $ (1,686) $ — $ — $ 123,147 $ (1,686) The number of securities in an unrealized loss position at September 30, 2022 totaled 117, compared with 25 at December 31, 2021. All temporarily impaired securities were investment grade as of September 30, 2022 and December 31, 2021. For held to maturity securities, management measures expected credit losses on a collective basis by major security type. All of the mortgage-backed securities are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses and, therefore, the expectation of non-payment is zero and the Company is not required to estimate an allowance for credit losses on these securities under the CECL standard. All these securities reflect a credit quality rating of AAA by Moody's Investors Service. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities held to maturity. Accrued interest receivable on debt securities held to maturity is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $820,000 at September 30, 2022, and is excluded from the estimate of credit losses. The Company has an equity securities portfolio which consists of stock in other financial institutions, a payment technology company, a community bank correspondent services company, preferred stock in U.S. Government agencies, and a community reinvestment act qualifying bond fund which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at September 30, 2022 and December 31, 2021 was $3.5 million and $2.7 million, respectively. The Company recorded a net decrease in the fair value of equity securities of $264,000 and $443,000, during the three months ended September 30, 2022 and 2021, respectively, as a component of non-interest income. During the nine months ended September 30, 2022 and 2021, the Company recorded a net decrease in the fair value of equity securities of $332,000 and $1.8 million, respectively, as a component of non-interest income. |
Debt Securities Held to Maturit
Debt Securities Held to Maturity | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Held to Maturity | Debt Securities Available for Sale D ebt securities available for sale at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 67,491 $ — $ (4,210) $ 63,281 Mortgage-backed securities and collateralized mortgage obligations 1,399,397 122 (175,867) 1,223,652 Municipal obligations 3,698 — (141) 3,557 Corporate debt securities 88,565 6 (7,340) 81,231 $ 1,559,151 $ 128 $ (187,558) $ 1,371,721 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 34,711 $ 404 $ (236) $ 34,879 Mortgage-backed securities and collateralized mortgage obligations 1,553,491 14,141 (13,273) 1,554,359 Municipal obligations 4,159 20 — 4,179 Corporate debt securities 109,018 2,378 (966) 110,430 $ 1,701,379 $ 16,943 $ (14,475) $ 1,703,847 The amortized cost and fair value of debt securities available for sale at September 30, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. September 30, 2022 Amortized Cost Fair Value (In thousands) One year or less $ 919 $ 901 More than one year to five years 68,971 65,791 More than five years to ten years 89,864 81,377 $ 159,754 $ 148,069 Mortgage-backed securities and collateralized mortgage obligations 1,399,397 1,223,652 $ 1,559,151 $ 1,371,721 6. Debt Securities Available for Sale (continued) Mortgage-backed securities and collateralized mortgage obligations totaling $1.4 billion at amortized cost, and $1.2 billion at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three months ended September 30, 2022, there were no proceeds from the sale of debt securities available for sale. During the nine months ended September 30, 2022, proceeds from the sales of debt securities available for sale totaled $126.8 million, resulting in gross gains of $210,000 and no gross losses. There were no calls and $915,000 in maturities of debt securities available for sale during three and nine months ended September 30, 2022. During the three months ended September 30, 2021, proceeds from the sale of debt securities available for sale totaled $22.5 million, resulting in gross gains of $2.0 million and no gross losses. Proceeds from called debt securities available for sale totaled $9.0 million, resulting in no gross gains or losses. No debt securities available for sale matured during the quarter. During the nine months ended September 30, 2021, proceeds from the sale of debt securities available for sale totaled $27.2 million, resulting in gross gains of $2.0 million and gross losses of $281,000. Proceeds from called debt securities available for sale totaled $14.0 million, resulting in no gross gains or losses. Proceeds from matured debt securities available for sale totaled $210,000. Debt securities available for sale having a carrying value of $636.0 million and $587.7 million, at September 30, 2022 and December 31, 2021, respectively, were pledged as security for public funds on deposit at Columbia Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. Debt securities available for sale having a carrying value of $30.1 million and $44.1 million, at September 30, 2022 and December 31, 2021, respectively, were pledged by Freehold Bank for outstanding borrowings at the Federal Home Loan Bank, and for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at September 30, 2022 and December 31, 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: September 30, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 54,464 $ (3,104) $ 8,817 $ (1,106) $ 63,281 $ (4,210) Mortgage-backed securities and collateralized mortgage obligations 696,364 (72,154) 504,328 (103,713) 1,200,692 (175,867) Municipal obligations 3,557 (141) — — 3,557 (141) Corporate debt securities 70,286 (6,300) 8,960 (1,040) 79,246 (7,340) $ 824,671 $ (81,699) $ 522,105 $ (105,859) $ 1,346,776 $ (187,558) 6. Debt Securities Available for Sale (continued) December 31, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 14,488 $ (236) $ — $ — $ 14,488 $ (236) Mortgage-backed securities and collateralized mortgage obligations 820,746 (11,892) 62,407 (1,381) 883,153 (13,273) Corporate debt securities 29,221 (671) 4,705 (295) 33,926 (966) $ 864,455 $ (12,799) $ 67,112 $ (1,676) $ 931,567 $ (14,475) The number of securities in an unrealized loss position at September 30, 2022 totaled 439, compared with 219 at December 31, 2021. All temporarily impaired securities were investment grade as of September 30, 2022 and December 31, 2021. For available for sale securities, the Company assesses whether a loss is from credit or other factors and 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, a credit loss would be recorded through an allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis. The following table presents the activity in the allowance for credit losses on debt securities available for sale for the three and nine months ended September 30, 2022: Three Months Ended September 30, 2022 Nine Months Ended (In thousands) Allowance for Credit Losses: Beginning balance $ — $ — Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 — 490 (Reversal of ) credit losses — (490) Balance at September 30, 2022 $ — $ — The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities available for sale. Accrued interest receivable on debt securities available for sale is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $3.1 million at September 30, 2022, and is excluded from the estimate of credit losses. Debt securities held to maturity at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value (In thousands) U.S. government and agency obligations $ 49,871 $ — $ (7,587) $ — $ 42,284 Mortgage-backed securities and collateralized mortgage obligations 375,206 — (43,996) — 331,210 $ 425,077 $ — $ (51,583) $ — $ 373,494 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 44,870 $ — $ (759) $ 44,111 Mortgage-backed securities and collateralized mortgage obligations 384,864 6,741 (927) 390,678 $ 429,734 $ 6,741 $ (1,686) $ 434,789 The amortized cost and fair value of debt securities held to maturity at September 30, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. September 30, 2022 Amortized Cost Fair Value (In thousands) More than one year to five years $ 19,875 $ 18,282 More than five years to ten years 19,996 16,479 More than ten years 10,000 7,523 49,871 42,284 Mortgage-backed securities and collateralized mortgage obligations 375,206 331,210 $ 425,077 $ 373,494 Mortgage-backed securities and collateralized mortgage obligations totaling $375.2 million at amortized cost, and $331.2 million at fair value at September 30, 2022, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three and nine months ended September 30, 2022, there were no sales, calls or maturities of debt securities held to maturity. During the three and nine months ended September 30, 2021, there were no sales or maturities of debt securities held to maturity. During the three months ended September 30, 2021 there were no calls of debt securities held to maturity. During the nine months ended September 30, 2021, proceeds from called debt securities held to maturity totaled $5.1 million, resulting in no gross gains or losses. 7. Debt Securities Held to Maturity (continued) Debt securities held to maturity having a carrying value of $230.9 million and $252.4 million, at September 30, 2022 and December 31, 2021, respectively, were pledged as security for public funds on deposit at Columbia Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at September 30, 2022 and December 31, 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: September 30, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 4,967 $ (32) $ 37,316 $ (7,555) $ 42,283 $ (7,587) Mortgage-backed securities and collateralized mortgage obligations 322,117 (41,399) 9,093 (2,597) 331,210 (43,996) $ 327,084 $ (41,431) $ 46,409 $ (10,152) $ 373,493 $ (51,583) December 31, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 44,111 $ (759) $ — $ — $ 44,111 $ (759) Mortgage-backed securities and collateralized mortgage obligations 79,036 (927) — — 79,036 (927) $ 123,147 $ (1,686) $ — $ — $ 123,147 $ (1,686) The number of securities in an unrealized loss position at September 30, 2022 totaled 117, compared with 25 at December 31, 2021. All temporarily impaired securities were investment grade as of September 30, 2022 and December 31, 2021. For held to maturity securities, management measures expected credit losses on a collective basis by major security type. All of the mortgage-backed securities are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses and, therefore, the expectation of non-payment is zero and the Company is not required to estimate an allowance for credit losses on these securities under the CECL standard. All these securities reflect a credit quality rating of AAA by Moody's Investors Service. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities held to maturity. Accrued interest receivable on debt securities held to maturity is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $820,000 at September 30, 2022, and is excluded from the estimate of credit losses. The Company has an equity securities portfolio which consists of stock in other financial institutions, a payment technology company, a community bank correspondent services company, preferred stock in U.S. Government agencies, and a community reinvestment act qualifying bond fund which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at September 30, 2022 and December 31, 2021 was $3.5 million and $2.7 million, respectively. The Company recorded a net decrease in the fair value of equity securities of $264,000 and $443,000, during the three months ended September 30, 2022 and 2021, respectively, as a component of non-interest income. During the nine months ended September 30, 2022 and 2021, the Company recorded a net decrease in the fair value of equity securities of $332,000 and $1.8 million, respectively, as a component of non-interest income. |
Equity Securities at Fair Value
Equity Securities at Fair Value | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Equity Securities at Fair Value | Debt Securities Available for Sale D ebt securities available for sale at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 67,491 $ — $ (4,210) $ 63,281 Mortgage-backed securities and collateralized mortgage obligations 1,399,397 122 (175,867) 1,223,652 Municipal obligations 3,698 — (141) 3,557 Corporate debt securities 88,565 6 (7,340) 81,231 $ 1,559,151 $ 128 $ (187,558) $ 1,371,721 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 34,711 $ 404 $ (236) $ 34,879 Mortgage-backed securities and collateralized mortgage obligations 1,553,491 14,141 (13,273) 1,554,359 Municipal obligations 4,159 20 — 4,179 Corporate debt securities 109,018 2,378 (966) 110,430 $ 1,701,379 $ 16,943 $ (14,475) $ 1,703,847 The amortized cost and fair value of debt securities available for sale at September 30, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. September 30, 2022 Amortized Cost Fair Value (In thousands) One year or less $ 919 $ 901 More than one year to five years 68,971 65,791 More than five years to ten years 89,864 81,377 $ 159,754 $ 148,069 Mortgage-backed securities and collateralized mortgage obligations 1,399,397 1,223,652 $ 1,559,151 $ 1,371,721 6. Debt Securities Available for Sale (continued) Mortgage-backed securities and collateralized mortgage obligations totaling $1.4 billion at amortized cost, and $1.2 billion at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three months ended September 30, 2022, there were no proceeds from the sale of debt securities available for sale. During the nine months ended September 30, 2022, proceeds from the sales of debt securities available for sale totaled $126.8 million, resulting in gross gains of $210,000 and no gross losses. There were no calls and $915,000 in maturities of debt securities available for sale during three and nine months ended September 30, 2022. During the three months ended September 30, 2021, proceeds from the sale of debt securities available for sale totaled $22.5 million, resulting in gross gains of $2.0 million and no gross losses. Proceeds from called debt securities available for sale totaled $9.0 million, resulting in no gross gains or losses. No debt securities available for sale matured during the quarter. During the nine months ended September 30, 2021, proceeds from the sale of debt securities available for sale totaled $27.2 million, resulting in gross gains of $2.0 million and gross losses of $281,000. Proceeds from called debt securities available for sale totaled $14.0 million, resulting in no gross gains or losses. Proceeds from matured debt securities available for sale totaled $210,000. Debt securities available for sale having a carrying value of $636.0 million and $587.7 million, at September 30, 2022 and December 31, 2021, respectively, were pledged as security for public funds on deposit at Columbia Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. Debt securities available for sale having a carrying value of $30.1 million and $44.1 million, at September 30, 2022 and December 31, 2021, respectively, were pledged by Freehold Bank for outstanding borrowings at the Federal Home Loan Bank, and for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at September 30, 2022 and December 31, 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: September 30, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 54,464 $ (3,104) $ 8,817 $ (1,106) $ 63,281 $ (4,210) Mortgage-backed securities and collateralized mortgage obligations 696,364 (72,154) 504,328 (103,713) 1,200,692 (175,867) Municipal obligations 3,557 (141) — — 3,557 (141) Corporate debt securities 70,286 (6,300) 8,960 (1,040) 79,246 (7,340) $ 824,671 $ (81,699) $ 522,105 $ (105,859) $ 1,346,776 $ (187,558) 6. Debt Securities Available for Sale (continued) December 31, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 14,488 $ (236) $ — $ — $ 14,488 $ (236) Mortgage-backed securities and collateralized mortgage obligations 820,746 (11,892) 62,407 (1,381) 883,153 (13,273) Corporate debt securities 29,221 (671) 4,705 (295) 33,926 (966) $ 864,455 $ (12,799) $ 67,112 $ (1,676) $ 931,567 $ (14,475) The number of securities in an unrealized loss position at September 30, 2022 totaled 439, compared with 219 at December 31, 2021. All temporarily impaired securities were investment grade as of September 30, 2022 and December 31, 2021. For available for sale securities, the Company assesses whether a loss is from credit or other factors and 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, a credit loss would be recorded through an allowance for credit losses, limited by the amount that the fair value is less than the amortized cost basis. The following table presents the activity in the allowance for credit losses on debt securities available for sale for the three and nine months ended September 30, 2022: Three Months Ended September 30, 2022 Nine Months Ended (In thousands) Allowance for Credit Losses: Beginning balance $ — $ — Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 — 490 (Reversal of ) credit losses — (490) Balance at September 30, 2022 $ — $ — The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities available for sale. Accrued interest receivable on debt securities available for sale is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $3.1 million at September 30, 2022, and is excluded from the estimate of credit losses. Debt securities held to maturity at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value (In thousands) U.S. government and agency obligations $ 49,871 $ — $ (7,587) $ — $ 42,284 Mortgage-backed securities and collateralized mortgage obligations 375,206 — (43,996) — 331,210 $ 425,077 $ — $ (51,583) $ — $ 373,494 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 44,870 $ — $ (759) $ 44,111 Mortgage-backed securities and collateralized mortgage obligations 384,864 6,741 (927) 390,678 $ 429,734 $ 6,741 $ (1,686) $ 434,789 The amortized cost and fair value of debt securities held to maturity at September 30, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. September 30, 2022 Amortized Cost Fair Value (In thousands) More than one year to five years $ 19,875 $ 18,282 More than five years to ten years 19,996 16,479 More than ten years 10,000 7,523 49,871 42,284 Mortgage-backed securities and collateralized mortgage obligations 375,206 331,210 $ 425,077 $ 373,494 Mortgage-backed securities and collateralized mortgage obligations totaling $375.2 million at amortized cost, and $331.2 million at fair value at September 30, 2022, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three and nine months ended September 30, 2022, there were no sales, calls or maturities of debt securities held to maturity. During the three and nine months ended September 30, 2021, there were no sales or maturities of debt securities held to maturity. During the three months ended September 30, 2021 there were no calls of debt securities held to maturity. During the nine months ended September 30, 2021, proceeds from called debt securities held to maturity totaled $5.1 million, resulting in no gross gains or losses. 7. Debt Securities Held to Maturity (continued) Debt securities held to maturity having a carrying value of $230.9 million and $252.4 million, at September 30, 2022 and December 31, 2021, respectively, were pledged as security for public funds on deposit at Columbia Bank as required and permitted by law, pledged for outstanding borrowings at the Federal Home Loan Bank, and pledged for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at September 30, 2022 and December 31, 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: September 30, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 4,967 $ (32) $ 37,316 $ (7,555) $ 42,283 $ (7,587) Mortgage-backed securities and collateralized mortgage obligations 322,117 (41,399) 9,093 (2,597) 331,210 (43,996) $ 327,084 $ (41,431) $ 46,409 $ (10,152) $ 373,493 $ (51,583) December 31, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 44,111 $ (759) $ — $ — $ 44,111 $ (759) Mortgage-backed securities and collateralized mortgage obligations 79,036 (927) — — 79,036 (927) $ 123,147 $ (1,686) $ — $ — $ 123,147 $ (1,686) The number of securities in an unrealized loss position at September 30, 2022 totaled 117, compared with 25 at December 31, 2021. All temporarily impaired securities were investment grade as of September 30, 2022 and December 31, 2021. For held to maturity securities, management measures expected credit losses on a collective basis by major security type. All of the mortgage-backed securities are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses and, therefore, the expectation of non-payment is zero and the Company is not required to estimate an allowance for credit losses on these securities under the CECL standard. All these securities reflect a credit quality rating of AAA by Moody's Investors Service. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities held to maturity. Accrued interest receivable on debt securities held to maturity is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $820,000 at September 30, 2022, and is excluded from the estimate of credit losses. The Company has an equity securities portfolio which consists of stock in other financial institutions, a payment technology company, a community bank correspondent services company, preferred stock in U.S. Government agencies, and a community reinvestment act qualifying bond fund which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at September 30, 2022 and December 31, 2021 was $3.5 million and $2.7 million, respectively. The Company recorded a net decrease in the fair value of equity securities of $264,000 and $443,000, during the three months ended September 30, 2022 and 2021, respectively, as a component of non-interest income. During the nine months ended September 30, 2022 and 2021, the Company recorded a net decrease in the fair value of equity securities of $332,000 and $1.8 million, respectively, as a component of non-interest income. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses On January 1, 2022, the Company adopted CECL (ASC Topic 326), which replaced the historical incurred loss methodology with an expected loss methodology. The loan portfolio segmentation was expanded to seven portfolio segments taking into consideration common loan attributes and risk characteristics, as well as historical reporting metrics and data availability. Disclosures at and for the periods ended December 31, 2021 and September 30, 2021, are presented in accordance with the expanded segmentation adopted in conjunction with CECL, when appropriate. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans receivable. Accrued interest receivable on loans receivable is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $26.3 million at September 30, 2022, and is excluded from the estimate of credit losses. The allowance for credit losses is a valuation account that reflects management’s evaluation of the current expected credit losses in the loan portfolio. The Company maintains the allowance for credit losses through provisions for credit losses that are charged to income. Charge-offs against the allowance for credit losses are taken on loans where management determines that the collection of loan principal and interest is unlikely. Recoveries made on loans that have been charged-off are credited to the allowance for credit losses. Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience for both the Company and peers provides the basis for the estimation of expected credit losses, where observed credit losses are converted to probability of default rate through the use of segment-specific loss given default risk factors that convert default rates to loss severity based on industry-level, observed relationships between the two variables for each segment, primarily due to the nature of the underlying collateral. These risk factors were assessed for reasonableness against the Company’s own loss experience and adjusted in certain cases when the relationship between the Company’s historical default and loss severity deviate from that of the wider industry. The historical probability of default ("PD") curves, together with corresponding economic conditions, establish a quantitative relationship between economic conditions and loan performance through an economic cycle. Using the historical relationship between economic conditions and loan performance, management’s expectation of future loan performance is incorporated using an externally developed economic forecast. This forecast is applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line, time-based methodology. The Company's current forecast period is six quarters, with a four quarter reversion period to historical average macroeconomic factors. The allowance for credit losses is measured on a collective (pool) basis, with both a quantitative and qualitative analysis that is applied on a quarterly basis, when similar risk characteristics exist. The respective quantitative allowance for each segment is measured using an economic forecast, discounted cash flow modeling methodology in which distinct, segment-specific multi-variate regression models are applied to an external economic forecast. Under the discounted cash flows methodology, expected credit losses are estimated over the effective life of the loans by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for 9. Loans Receivable and Allowance for Credit Losses (continued) modeled defaults and expected prepayments and discounted at the loan-level effective interest rate. The contractual term excludes expected extensions, renewals, and modifications. After quantitative considerations, management applies additional qualitative adjustments so that the allowance for credit loss is reflective of the estimate of lifetime losses that exist in the loan portfolio at the balance sheet date. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management developed segments for estimating loss based on type of borrower and collateral, which is generally based upon federal call report segmentation. The segments have been combined or sub-segmented as needed to ensure loans of similar risk profiles are appropriately pooled. The allowance for credit losses on loans individually evaluated for impairment is based upon loans that have been identified through the Company’s loan monitoring process. This process includes the review of delinquent, restructured, and charged-off loans. Management believes the primary risks inherent in the portfolio are a general decline in the economy, a decline in real estate market values, rising unemployment, and increases in interest rates in the absence of economic improvement. Any one or a combination of these events may adversely affect a borrower's ability to repay its loan, resulting in increased delinquencies and loan losses. Accordingly, the Company has recorded loan losses at a level which is estimated to represent the current risk in its loan portfolio. Management considers it important to maintain the ratio of the allowance for credit losses to total loans at an acceptable level considering the current composition of the loan portfolio. Loans receivable at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, 2022 2021 (In thousands) Real estate loans: One-to-four family $ 2,706,114 $ 2,092,317 Multifamily 1,142,459 1,041,108 Commercial real estate 2,354,786 2,170,236 Construction 289,650 295,047 Commercial business loans 497,478 452,232 Consumer loans: Home equity loans and advances 279,824 276,563 Other consumer loans 2,214 1,428 Total gross loans 7,272,525 6,328,931 Purchased credit-deteriorated ("PCD") loans 19,771 6,791 Net deferred loan costs, fees and purchased premiums and discounts 33,927 24,879 Loans receivable $ 7,326,223 $ 6,360,601 The Company had no loans held-for-sale at September 30, 2022 and December 31, 2021. During the three months ended September 30, 2022, the Company sold $1.8 million, $685,000, and $510,000 of one-to-four family real estate loans, SBA loans included in commercial business loans, and construction loans held-for-sale, respectively, resulting in gross gains of $63,000 and gross losses of $64,000. During the nine months ended September 30, 2022, the Company sold $2.4 million, $2.0 million, and $1.8 million, of one-to-four family real estate loans, SBA loans included in commercial business loans, and construction loans held-for-sale, respectively, resulting in gross gains of $173,000 and gross losses of $64,000. During the three months ended September 30, 2021, the Company sold $1.8 million, $15.0 million, and $1.2 million of one-to-four family real estate loans and home equity loans, commercial real estate loans, and SBA loans held-for-sale included in commercial business loans, respectively, resulting in gross gains of $140,000 and no gross losses. During the nine months ended September 30, 2021, the Company sold $17.4 million, $19.1 million, $250.1 million, and $6.4 million of one-to-four family real estate loans and home equity loans, commercial real estate loans, commercial business and SBA loans, and construction loans held-for-sale, respectively, resulting in gross gains of $8.6 million and no gross losses. 9. Loans Receivable and Allowance for Credit Losses (continued) During the three and nine months ended September 30, 2022, no loans were purchased by the Company. During the three months ended September 30, 2021, the Company purchased $678,000 of one-to-four family real estate loans and $2.0 million of commercial real estate loans from third parties. During the nine months ended September 30, 2021, the Company purchased $678,000 of one-to-four family real estate loans and $73.6 million of commercial real estate loans from third parties. At September 30, 2022 and December 31, 2021, commercial business loans included $2.2 million and $44.9 million, respectively, in SBA Payroll Protection Program ("PPP") loans and net deferred fees related to these loans totaling $44,000 and $1.2 million, respectively. The Company has entered into guarantor swaps with Freddie Mac which results in improved liquidity. During the three and nine months ended September 30, 2022, and three months ended September 30, 2021, no loans were exchanged for Freddie Mac mortgage participation certificates. During the nine months ended September 30, 2021, the Company exchanged $99.6 million of loans for Freddie Mac mortgage participation certificates, resulting in gross gains of $2.3 million and no gross losses. The Company retained the servicing of these loans. At September 30, 2022 and December 31, 2021, the carrying value of loans serviced by the Company for investors was $507.6 million and $519.5 million, respectively. These loans are not included in the Consolidated Statements of Financial Condition. The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCD loans at September 30, 2022 and December 31, 2021: September 30, 2022 30-59 Days 60-89 Days 90 Days or More Total Past Due Non-accrual Current Total (In thousands) Real estate loans: One-to-four family $ 5,101 $ 1,883 $ 1,257 $ 8,241 $ 2,518 $ 2,697,873 $ 2,706,114 Multifamily 1,092 — — 1,092 — 1,141,367 1,142,459 Commercial real estate 1,436 — 2,892 4,328 3,373 2,350,458 2,354,786 Construction 544 — — 544 — 289,106 289,650 Commercial business loans — — 840 840 906 496,638 497,478 Consumer loans: Home equity loans and advances 1,425 40 159 1,624 199 278,200 279,824 Other consumer loans — 15 — 15 — 2,199 2,214 Total loans $ 9,598 $ 1,938 $ 5,148 $ 16,684 $ 6,996 $ 7,255,841 $ 7,272,525 9. Loans Receivable and Allowance for Credit Losses (continued) December 31, 2021 30-59 Days 60-89 Days 90 Days or More Total Past Due Non-accrual Current Total (In thousands) Real estate loans: One-to-four family $ 3,131 $ 1,976 $ 373 $ 5,480 $ 1,416 $ 2,086,837 $ 2,092,317 Multifamily — — — — — 1,041,108 1,041,108 Commercial real estate 2,189 — 1,561 3,750 1,561 2,166,486 2,170,236 Construction — — — — — 295,047 295,047 Commercial business loans 412 — 203 615 761 451,617 452,232 Consumer loans: Home equity loans and advances 108 53 81 242 201 276,321 276,563 Other consumer loans — 4 — 4 — 1,424 1,428 Total loans $ 5,840 $ 2,033 $ 2,218 $ 10,091 $ 3,939 $ 6,318,840 $ 6,328,931 The Company considers a loan to be delinquent when we have not received a payment within 30 days of its contractual due date. Generally, a loan is designated as a non-accrual loan when the payment of interest is 90 days or more in arrears of its contractual due date. Non-accruing loans are returned to accrual status after there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The Company identifies loans that may need to be charged-off as a loss, by reviewing all delinquent loans, classified loans and other loans that management may have concerns about collectability. At September 30, 2022 and December 31, 2021, non-accrual loans totaled $7.0 million and $3.9 million, respectively. Included in non-accrual loans at September 30, 2022 and December 31, 2021, are 11 and 10 loans totaling $1.8 million and $1.7 million, respectively, which are less than 90 days in arrears. At September 30, 2022 there were no loans past due 90 days or more still accruing interest. At December 31, 2021, there were no loans past due 90 days or more still accruing interest other than COVID-19 related loan forbearances and deferrals. In accordance with the CARES Act, these loans were not included in the aging of loans receivable by portfolio segment in the table above, and the Company continued to accrue interest income during the forbearance or deferral period. Purchased credit impaired loans ("PCI") were loans acquired at a discount primarily due to deteriorated credit quality. These loans were initially recorded at fair value at acquisition, based upon the present value of expected future cash flows, with no related allowance for credit losses. In connection with the adoption of CECL on January 1, 2022, all loans considered PCI loans prior to that date were converted to purchase credit-deteriorated ("PCD") loans. Loans acquired in a business combination after January 1, 2022 are recorded in accordance with ASC Topic 326, which requires loans as of the acquisition date, that have experienced a more than insignificant deterioration in credit quality since origination to be classified as PCD loans. At September 30, 2022 and December 31, 2021, PCD loans acquired in the Stewardship Financial Corporation ("Stewardship") acquisition totaled $2.0 million and $2.7 million, respectively, PCD loans acquired in the Roselle Bank acquisition totaled $184,000 and $184,000, respectively, and PCD loans acquired in the Freehold Bank acquisition totaled $3.7 million and $3.9 million, respectively. At September 30, 2022, PCD loans acquired in the RSI Bank acquisition totaled $13.9 million. We may obtain physical possession of real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. At September 30, 2022 and December 31, 2021, the Company had no real estate owned. At September 30, 2022 we had no residential mortgage loans in the process of foreclosure. At December 31, 2021, we had one residential mortgage loan with a carrying value of $87,000 collateralized by residential real estate which was in the process of foreclosure. 9. Loans Receivable and Allowance for Credit Losses (continued) The following tables summarize loans receivable (including PCD loans) and allowance for credit losses by portfolio segment and impairment method at September 30, 2022 and December 31, 2021: September 30, 2022 One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Total (In thousands) Allowance for credit losses: Individually evaluated for impairment $ 213 $ 3 $ 98 $ — $ 10 $ 6 $ — $ 330 Collectively evaluated for impairment 11,725 7,246 17,540 5,630 7,463 1,861 9 51,474 Loans acquired with deteriorated credit quality 8 — 61 10 7 1 — 87 Total $ 11,946 $ 7,249 $ 17,699 $ 5,640 $ 7,480 $ 1,868 $ 9 $ 51,891 Total loans: Individually evaluated for impairment $ 4,223 $ 475 $ 16,836 $ — $ 1,237 $ 695 $ — $ 23,466 Collectively evaluated for impairment 2,701,891 1,141,984 2,337,950 289,650 496,241 279,129 2,214 7,249,059 Loans acquired with deteriorated credit quality 2,179 — 15,738 1,040 662 152 — 19,771 Total loans $ 2,708,293 $ 1,142,459 $ 2,370,524 $ 290,690 $ 498,140 $ 279,976 $ 2,214 $ 7,292,296 9. Loans Receivable and Allowance for Credit Losses (continued) December 31, 2021 One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Total (In thousands) Allowance for credit losses: Individually evaluated for impairment $ 258 $ — $ 97 $ — $ 16 $ 7 $ — $ 378 Collectively evaluated for impairment 8,540 7,741 16,017 8,943 20,198 866 6 62,311 Loans acquired with deteriorated credit quality — — — — — — — — Total $ 8,798 $ 7,741 $ 16,114 $ 8,943 $ 20,214 $ 873 $ 6 $ 62,689 Total loans: Individually evaluated for impairment $ 5,184 $ 762 $ 15,830 $ — $ 1,806 $ 705 $ — $ 24,287 Collectively evaluated for impairment 2,087,133 1,040,346 2,154,406 295,047 450,426 275,858 1,428 6,304,644 Loans acquired with deteriorated credit quality 431 — 5,426 — 934 — — 6,791 Total loans $ 2,092,748 $ 1,041,108 $ 2,175,662 $ 295,047 $ 453,166 $ 276,563 $ 1,428 $ 6,335,722 Loan modifications to borrowers experiencing financial difficulties that are considered troubled debt restructurings ("TDRs") primarily involve the lowering of the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. These modifications generally do not result in the forgiveness of principal or accrued interest. In addition, the Company attempts to obtain additional collateral or guarantor support when modifying such loans. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. Section 4013 of the CARES Act, “Temporary Relief from Troubled Debt Restructurings,” allowed banks to temporarily suspend certain requirements under GAAP related to TDRs for a limited period of time to account for the effects of COVID-19. The Company elected to account for modifications on certain loans under Section 4013 of the CARES Act or, if the loan modification was not eligible under Section 4013, used the criteria in the COVID-19 guidance to determine when the loan modification was not a TDR in accordance with ASC 310-40. Guidance noted that modification or deferral programs mandated by the federal or a state government related to COVID-19 would not be in the scope of ASC 310-40, such as a state program that requires all institutions within that state to suspend mortgage payments for a specified period. These short-term loan modifications were not treated as a troubled debt restructuring during the short-term modification period if the loan was not in arrears at December 31, 2019. Furthermore, based on current evaluations, generally, we continued the accrual of interest on these loans during the short-term modification period. The Consolidated Appropriations Act, 2021, which was enacted in late December 2020, extended certain provisions of the CARES Act through January 1, 2022, including provisions permitting loan deferral extension requests to not be treated as troubled debt restructurings. Subsequent modifications to these loans are evaluated for troubled debt restructuring accounting treatment. 9. Loans Receivable and Allowance for Credit Losses (continued) The following tables present the number of loans modified as TDRs during the three and nine months ended September 30, 2022 and 2021, along with their balances immediately prior to the modification date and post-modification. Post-modification recorded investment represents the net book balance immediately following modification. For the Three Months Ended September 30, 2022 2021 No. of Loans Pre-modification Recorded Investment Post-modification Recorded Investment No. of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars in thousands) Troubled Debt Restructurings Real Estate loans: One-to-four family — $ — $ — 1 $ 64 $ 66 Total restructured loans — $ — $ — 1 $ 64 $ 66 For the Nine Months Ended September 30, 2022 2021 No. of Loans Pre-modification Recorded Investment Post-modification Recorded Investment No. of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars in thousands) Troubled Debt Restructurings Real Estate loans: One-to-four family — $ — $ — 2 $ 285 $ 388 Commercial — — — 1 192 211 Consumer loans: Home equity loans and advances 1 119 119 — — — Total restructured loans 1 $ 119 $ 119 3 $ 477 $ 599 9. Loans Receivable and Allowance for Credit Losses (continued) The activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2022 and 2021 are as follows: For the Three Months Ended September 30, One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Totals (In thousands) 2022 Balance at beginning of period $ 10,836 $ 10,932 $ 14,480 $ 5,570 $ 7,284 $ 1,471 $ 10 $ 50,583 Provision for (reversal of) credit losses 1,394 (3,683) 3,219 70 120 385 11 1,516 Recoveries — — — — 76 18 — 94 Charge-offs (284) — — — — (6) (12) (302) Balance at end of period $ 11,946 $ 7,249 $ 17,699 $ 5,640 $ 7,480 $ 1,868 $ 9 $ 51,891 2021 Balance at beginning of period $ 17,108 $ 8,442 $ 17,814 $ 9,160 $ 15,898 $ 1,471 $ 5 $ 69,898 Provision for (reversal of) credit losses (2,218) (146) (171) 322 2,854 (165) 4 480 Recoveries 4 217 77 — 42 7 — 347 Charge-offs (106) — — — (69) (221) (3) (399) Balance at end of period $ 14,788 $ 8,513 $ 17,720 $ 9,482 $ 18,725 $ 1,092 $ 6 $ 70,326 9. Loans Receivable and Allowance for Credit Losses (continued) For the Nine Months Ended September 30, One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Totals (In thousands) 2022 Balance at beginning of period $ 8,798 $ 7,741 $ 16,114 $ 8,943 $ 20,214 $ 873 $ 6 $ 62,689 Effect of adopting ASU No. 2016-13 ("CECL") (2,308) (2,030) (4,227) (2,346) (5,302) (229) (1) (16,443) Initial allowance related to PCD loans 131 — 474 3 19 6 — 633 Provision for (reversal of) credit losses 5,364 1,538 5,338 (960) (7,520) 1,225 19 5,004 Recoveries 338 — — — 131 26 — 495 Charge-offs (377) — — — (62) (33) (15) (487) Balance at end of period $ 11,946 $ 7,249 $ 17,699 $ 5,640 $ 7,480 $ 1,868 $ 9 $ 51,891 2021 Balance at beginning of period $ 13,586 $ 8,897 $ 21,784 $ 11,271 $ 17,384 $ 1,748 $ 6 $ 74,676 Provision for (reversal of) credit losses 1,796 (305) (4,812) (1,790) 2,945 (400) 5 (2,561) Recoveries 18 217 1,014 1 169 52 — 1,471 Charge-offs (612) (296) (266) — (1,773) (308) (5) (3,260) Balance at end of period $ 14,788 $ 8,513 $ 17,720 $ 9,482 $ 18,725 $ 1,092 $ 6 $ 70,326 9. Loans Receivable and Allowance for Credit Losses (continued) The following tables present loans individually evaluated for impairment by loan segment, excluding PCD loans, at September 30, 2022 and December 31, 2021: At September 30, 2022 Recorded Investment Unpaid Principal Balance Specific Allowance (In thousands) With no allowance recorded: Real estate loans: One-to-four family $ 1,319 $ 1,667 $ — Multifamily 62 65 — Commercial real estate 14,924 15,612 — Commercial business loans 156 412 — Consumer loans: Home equity loans and advances 236 328 — 16,697 18,084 — With a specific allowance recorded: Real estate loans: One-to-four family 2,904 2,922 213 Multifamily 413 413 3 Commercial real estate 1,912 1,915 98 Commercial business loans 1,081 1,081 10 Consumer loans: Home equity loans and advances 459 459 6 6,769 6,790 330 Total: Real estate loans: One-to-four family 4,223 4,589 213 Multifamily 475 478 3 Commercial real estate 16,836 17,527 98 Commercial business loans 1,237 1,493 10 Consumer loans: Home equity loans and advances 695 787 6 Total loans $ 23,466 $ 24,874 $ 330 9. Loans Receivable and Allowance for Credit Losses (continued) At December 31, 2021 Recorded Investment Unpaid Principal Balance Specific Allowance (In thousands) With no allowance recorded: Real estate loans: One-to-four family $ 1,882 $ 2,421 $ — Multifamily 762 765 — Commercial real estate 13,861 14,586 — Commercial business loans 573 573 — Consumer loans: Home equity loans and advances 202 308 — 17,280 18,653 — With a specific allowance recorded: Real estate loans: One-to-four family 3,302 3,321 258 Commercial real estate 1,969 1,971 97 Commercial business loans 1,233 1,233 16 Consumer loans: Home equity loans and advances 503 503 7 7,007 7,028 378 Total: Real estate loans: One-to-four family 5,184 5,742 258 Multifamily 762 765 — Commercial real estate 15,830 16,557 97 Commercial business loans 1,806 1,806 16 Consumer loans: Home equity loans and advances 705 811 7 $ 24,287 $ 25,681 $ 378 Specific allocations of the allowance for credit losses attributable to impaired loans totaled $330,000 and $378,000 at September 30, 2022 and December 31, 2021, respectively. At September 30, 2022 and December 31, 2021, impaired loans for which there was no related allowance for credit losses totaled $16.7 million and $17.3 million, respectively. The recorded investment in TDRs totaled $20.1 million at September 30, 2022, of which two loans with an aggregate balance of $353,000 were 60-89 days past due. The remaining loans modified were current at the time of restructuring and have complied with the terms of their restructure agreement at September 30, 2022. The recorded investment in TDRs totaled $22.4 million at December 31, 2021, of which one loan with a balance of $36,000 was 30-59 days past due. The remaining loans modified were current at the time of restructuring and have complied with the terms of their restructure agreement at December 31, 2021. 9. Loans Receivable and Allowance for Credit Losses (continued) The following tables present interest income recognized for loans individually evaluated for impairment, by loan segment, excluding PCD loans for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, 2022 2021 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Real estate loans: One-to-four family $ 4,251 $ 45 $ 5,569 $ 64 Multifamily 598 6 8,626 10 Commercial real estate 16,086 163 17,477 217 Commercial business loans 1,269 22 2,106 36 Consumer loans: Home equity loans and advances 777 9 1,101 11 Total loans $ 22,981 $ 245 $ 34,879 $ 338 For the Nine Months Ended September 30, 2022 2021 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Real estate loans: One-to-four family $ 4,640 $ 146 $ 5,923 $ 229 Multifamily 675 28 11,246 359 Commercial real estate 16,254 568 17,000 329 Commercial business loans 1,447 66 2,226 106 Consumer loans: Home equity loans and advances 787 29 1,257 32 Total loans $ 23,803 $ 837 $ 37,652 $ 1,055 The Company utilizes an eight-point risk rating system to summarize its loan portfolio into categories with similar risk characteristics. Loans deemed to be “acceptable quality” are rated 1 through 4 (Pass), with a rating of 1 established for loans with minimal risk. Loans that are deemed to be of “questionable quality” are rated 5 (Special Mention) or 6 (Substandard). Loans with adverse classifications are rated 7 (Doubtful) or 8 (Loss). The risk ratings are also confirmed through periodic loan review examinations which are currently performed by both an independent third-party and the Company's credit risk review department. The Company requires an annual review be performed above certain dollar thresholds, depending on loan type, to help determine the appropriate risk ratings. Results from examinations are presented to the Audit Committee of the Board of Directors. 9. Loans Receivable and Allowance for Credit Losses (continued) The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating, excluding PCD loans at September 30, 2022 and December 31, 2021: Loans by Year of Origination at September 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) One-to-Four Family Pass $ 628,998 $ 844,780 $ 299,287 $ 181,706 $ 127,773 $ 620,689 $ — $ — $ 2,703,233 Special mention — — — — — — — — — Substandard — 643 — 687 322 1,229 — — 2,881 Total One-to-Four Family 628,998 845,423 299,287 182,393 128,095 621,918 — — 2,706,114 Multifamily Pass 177,878 306,208 184,752 208,321 43,451 217,307 — — 1,137,917 Special mention — — — — — 4,542 — — 4,542 Substandard — — — — — — — — — Total Multifamily 177,878 306,208 184,752 208,321 43,451 221,849 — — 1,142,459 Commercial Real Estate Pass 303,030 398,505 179,623 263,603 233,911 906,137 — — 2,284,809 Special mention — — — 1,065 15,750 34,248 — — 51,063 Substandard — 481 1,286 1,607 — 15,540 — — 18,914 Total Commercial Real Estate 303,030 398,986 180,909 266,275 249,661 955,925 — — 2,354,786 Construction Pass 103,263 107,388 31,126 14,216 6,313 27,344 — — 289,650 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Construction $ 103,263 $ 107,388 $ 31,126 $ 14,216 $ 6,313 $ 27,344 $ — $ — $ 289,650 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at September 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) Commercial Business Pass $ 47,082 $ 35,305 $ 34,044 $ 25,527 $ 27,075 $ 39,171 $ 274,439 $ — $ 482,643 Special mention — — 57 1,230 1,081 41 3,241 — 5,650 Substandard — 355 63 207 2,688 348 5,524 — 9,185 Total Commercial Business 47,082 35,660 34,164 26,964 30,844 39,560 283,204 — 497,478 Home Equity Loans and Advances Pass 21,064 22,599 15,021 13,668 12,226 92,482 102,070 442 279,572 Special mention — — — — — — — — — Substandard — — — — 20 196 36 — 252 Total Home Equity Loans and Advances 21,064 22,599 15,021 13,668 12,246 92,678 102,106 442 279,824 Other Consumer Loans Pass 1,388 97 114 122 36 121 336 — 2,214 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Other Consumer Loans 1,388 97 114 122 36 121 336 — 2,214 Total Loans $ 1,282,703 $ 1,716,361 $ 745,373 $ 711,959 $ 470,646 $ 1,959,395 $ 385,646 $ 442 $ 7,272,525 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) One-to-Four Family Pass $ 793,848 $ 298,815 $ 196,244 $ 138,215 $ 134,811 $ 525,615 $ — $ — $ 2,087,548 Special mention — — — — — 203 — — 203 Substandard — — 1,463 1,420 360 1,323 — — 4,566 Total One-to-Four family 793,848 298,815 197,707 139,635 135,171 527,141 — — 2,092,317 Multifamily Pass 312,738 181,285 231,252 47,024 131,169 137,640 — — 1,041,108 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Multifamily 312,738 181,285 231,252 47,024 131,169 137,640 — — 1,041,108 Commercial Real Estate Pass 381,222 161,136 278,581 241,669 222,752 803,945 — — 2,089,305 Special mention — — 1,303 16,070 1,885 34,788 — — 54,046 Substandard — 386 — 1,561 1,276 23,662 — — 26,885 Total Commercial Real Estate 381,222 161,522 279,884 259,300 225,913 862,395 — — 2,170,236 Construction Pass 107,070 77,549 37,498 41,591 28,814 2,418 — — 294,940 Special mention — — 107 — — — — — 107 Substandard — — — — — — — — — Total Construction $ 107,070 $ 77,549 $ 37,605 $ 41,591 $ 28,814 $ 2,418 $ — $ — $ 295,047 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) Commercial Business Pass $ 84,113 $ 36,115 $ 25,156 $ 30,670 $ 21,762 $ 26,515 $ 210,597 $ — $ 434,928 Special mention 246 15 1,729 1,369 18 46 3,291 — 6,714 Substandard 192 71 352 1,084 371 609 7,911 — 10,590 Total Commercial Business 84,551 36,201 27,237 33,123 22,151 27,170 221,799 — 452,232 Home Equity Loans and Advances Pass 22,393 15,977 15,906 13,146 12,023 100,870 95,484 426 276,225 Special mention — — — — — — — — — Substandard — — — — — 246 92 — 338 Total Home Equity Loans and Advances 22,393 15,977 15,906 13,146 12,023 101,116 95,576 426 276,563 Other Consumer Loans Pass 659 58 284 60 9 5 353 — 1,428 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Other Consumer Loans 659 58 284 60 9 5 353 — 1,428 Total Loans $ 1,702,481 $ 771,407 $ 789,875 $ 533,879 $ 555,250 $ 1,657,885 $ 317,728 $ 426 $ 6,328,931 9. Loans Receivable and Allowance for Credit Losses (continued) The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance calculation, other than those that are unconditionally cancellable. To arrive at that reserve, the reserve percentage for each applicable segment is applied to the unused portion of the expected commitment balance and is multiplied by the expected funding rate. To determine the expected funding rate, the Company uses a historical |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company's leases real estate property for branches and office space. At September 30, 2022 and December 31, 2021, all of the Company's leases are classified as operating leases. The Company determines if an arrangement is a lease at inception. Topic 842 requires lessees to recognize a right-of-use asset and a lease liability, measured at the present value of the future minimum lease payments, at the lease commencement date. The calculated amount of the right-of-use asset and lease liabilities are impacted by the length of the lease term and the discount rate used to calculate the present value of minimum lease payments. At September 30, 2022 and December 31, 2021, the weighted average remaining lease term for operating leases was 6.6 years and 7.0 years, respectively, and the weighted average discount rate used in the measurement of operating lease liabilities was 2.34% and 2.13%, respectively. The Company elected to account for the lease and non-lease components separately since such amounts are readily determinable under the Company's lease contracts. 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 Income. During the three months ended September 30, 2022 and 2021, operating and variable lease expenses totaled approximately $668,000 and $504,000, respectively. During the nine months ended September 30, 2022 and 2021, operating and variable lease expenses totaled approximately $2.0 million and $1.7 million, respectively. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the three and nine months ended September 30, 2022 and 2021. At September 30, 2022, the Company had not entered into any leases which had not yet commenced. 10. Leases (continued) The following table summarizes lease payment obligations for each of the next five years and thereafter as follows: Lease Payment Obligations at September 30, 2022 December 31, 2021 (In thousands) One year or less $ 1,068 $ 4,198 After one year to two years 4,288 3,950 After two years to three years 3,748 3,150 After three years to four years 3,079 2,479 After four years to five years 2,777 2,177 Thereafter 6,360 5,340 Total undiscounted cash flows 21,320 21,294 Discount on cash flows (1,727) (1,709) Total lease liability $ 19,593 $ 19,585 |
Deposits
Deposits | 9 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, 2022 2021 (In thousands) Non-interest-bearing demand $ 1,746,668 $ 1,712,061 Interest-bearing demand 2,701,551 2,599,987 Money market accounts 712,900 657,156 Savings and club deposits 960,547 822,833 Certificates of deposit 1,943,227 1,778,179 Total deposits $ 8,064,893 $ 7,570,216 Included in the above balance at December 31, 2021 are certificates of deposit obtained through brokers totaling $5.0 million that were acquired from Stewardship. The aggregate amount of certificates of deposit that meet or exceed $100,000 totaled approximately $1.1 billion and $932.4 million at September 30, 2022 and December 31, 2021, respectively. Interest expense on deposits for the three months ended September 30, 2022 and 2021 totaled $7.0 million and $6.7 million, respectively. Interest expense on deposits for the nine months ended September 30, 2022 and 2021 totaled $16.3 million and $23.4 million, respectively. 11. Deposits (continued) Scheduled maturities of certificates of deposit accounts at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, 2022 2021 (In thousands) One year or less $ 1,032,732 $ 1,087,631 After one year to two years 690,540 418,515 After two years to three years 116,000 143,950 After three years to four years 64,870 36,277 After four years 39,085 91,806 $ 1,943,227 $ 1,778,179 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation At the Company's annual meeting of stockholders held on June 6, 2019, stockholders approved the Columbia Financial, Inc. 2019 Equity Incentive Plan ("2019 Plan") which provides for the issuance of up to 7,949,996 shares (2,271,427 restricted stock awards and 5,678,569 stock options) of common stock. At September 30, 2022, there were 867,610 shares remaining available for future restricted stock awards and 2,128,741 shares remaining available for future stock option grants under the 2019 plan On March 22, 2021, 50,203 shares of restricted stock were awarded, with a grant date fair value of $17.86 per share. To fund the grant of restricted common stock, the Company reissued shares from treasury stock. On March 2, 2022, 51,746 shares of restricted stock were awarded, with a grant date fair value of $21.79 per share. To fund the grant of restricted common stock, the Company issued shares from authorized but unissued shares. Restricted shares granted under the 2019 Plan generally vest in equal installments, over performance or service periods ranging from 1 year to 5 years, beginning 1 year from the date of grant. A portion of restricted shares awarded were performance awards, which vested upon the satisfactory attainment of certain corporate financial targets during the three months ended September 30, 2022. Management recognizes compensation expense for the fair value of restricted shares on a straight line basis over the requisite performance or service period. During the three months ended September 30, 2022 and 2021, approximately $901,000 and $1.4 million in expense was recognized in regard to these awards. The expected future compensation expense related to the 373,807 non-vested restricted shares outstanding at September 30, 2022 is approximately $5.8 million over a weighted average period of 2.1 years. During the nine months ended September 30, 2022 and 2021, approximately $3.4 million and $4.3 million in expense was recognized in regard to these awards. 12. Stock Based Compensation (continued) The following is a summary of the Company's restricted stock activity during the three and nine months ended September 30, 2022 and 2021: Number of Restricted Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2022 1,054,335 $ 15.78 Grants 51,746 21.79 Vested (27,775) 17.86 Forfeited (31,570) 16.91 Non-vested at March 31, 2022 1,046,736 $ 15.98 Forfeited (5,182) 18.34 Non-vested at June 30, 2022 1,041,554 $ 15.97 Vested (635,951) 15.62 Forfeited (31,796) 15.87 Non-vested at September 30, 2022 373,807 $ 16.58 Number of Restricted Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2021 1,263,169 $ 15.66 Grants 50,203 17.86 Forfeited (13,846) 15.60 Non-vested at March 31, 2021 1,299,526 $ 15.74 Forfeited (128) 15.60 Non-vested at June 30, 2021 1,299,398 $ 15.74 Vested (163,882) 15.61 Forfeited (29,882) 15.63 Non-vested at September 30, 2021 1,105,634 $ 15.76 On March 22, 2021, options to purchase 109,654 shares of Company common stock were awarded with a grant date fair value of $4.91 per option. These stock options granted under the 2019 Plan on such date, vest in equal installments over the service period of three years beginning one year from the date of grant. These stock options were granted at an exercise price of $17.86, which represents the fair value of the Company's common stock price on the grant date based on the closing market price, and have an expiration period of approximately 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6.0 years, risk-free rate of return of 1.11%, volatility of 25.98%, and a dividend yield of 0.00%. On March 21, 2022, options to purchase 130,951 shares of Company common stock were awarded with a grant date fair value of $6.51 per option. These stock options granted under the 2019 Plan on such date, vest in equal installments over the service period of three years beginning one year from the date of grant. These stock options were granted at an exercise price of $21.79, which represents the fair value of the Company's common stock price on the grant date based on the closing market price, and have an expiration period of approximately 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of six years risk-free rate of return of 2.34%, volatility of 25.31%, and a dividend yield of 0.00%. 12. Stock Based Compensation (continued) The expected life of the options represents the period of time that stock options are expected to be outstanding and is estimated using the simplified approach, which assumes that all outstanding options will be exercised at the midpoint of the vesting date and full contractual term. The risk-free rate of return is based on the rates on the grant date of a U.S. Treasury Note with a term equal to the expected option life. Since the Company recently became a public company and does not have sufficient historical price data, the expected volatility is based on the historical daily stock prices of Company stock plus a peer group of similar entities based on factors such as industry, stage of life cycle, size and financial leverage. The Company has not paid any cash dividends on its common stock. Management recognizes expense for the fair value of these awards on a straight line basis over the requisite service period. During the three months ended September 30, 2022 and 2021, approximately $778,000 and $822,000 in expense was recognized in regard to these awards. The expected future compensation expense related to the 1,400,750 non-vested options outstanding at September 30, 2022 is $5.0 million over a weighted average period of 1.7 years. During the nine months ended September 30, 2022 and 2021, approximately $2.3 million and $2.4 million in expense was recognized in regard to these awards. The following is a summary of the Company's option activity during the three and nine months ended September 30, 2022 and 2021: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2022 3,637,542 $ 15.78 7.6 $ 18,654,905 Granted 130,951 21.79 — — Exercised (62,859) 16.42 — — Expired (1,412) 15.60 — — Forfeited (61,961) 16.84 — — Outstanding, March 31, 2022 3,642,261 $ 15.92 7.5 $ 20,401,381 Exercised (5,412) 15.60 — — Forfeited (21,801) 17.78 — — Outstanding, June 30, 2022 3,615,048 $ 15.91 7.2 $ 21,335,939 Exercised (87,025) 15.60 — — Expired (8,704) 15.60 — — Forfeited (153,309) 15.72 — — Outstanding, September 30, 2022 3,366,010 $ 15.93 6.9 $ 17,598,873 Options exercisable at September 30, 2022 1,965,260 $ 15.67 6.4 $ 10,732,855 12. Stock Based Compensation (continued) Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2021 3,708,628 $ 15.66 8.6 $ — Granted 109,654 17.86 — — Expired (2,029) 15.60 — — Forfeited (30,118) 15.60 — — Outstanding, March 31, 2021 3,786,135 $ 15.73 8.4 $ 6,673,328 Exercised (1,661) 15.60 — $ — Expired (7,529) 15.60 — — Forfeited (1,412) 15.60 — — Outstanding, June 30, 2021 3,775,533 $ 15.73 8.1 $ 5,700,258 Exercised (26,861) 15.60 — $ — Expired (353) 15.60 — Forfeited (58,287) 15.73 — — Outstanding, September 30, 2021 3,690,032 $ 15.73 7.9 $ 10,222,527 Options exercisable at September 30, 2021 1,411,976 $ 15.64 7.8 $ 4,036,196 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, the difference between the Company's closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options. |
Components of Net Periodic Bene
Components of Net Periodic Benefit Costs | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Components of Periodic Benefit Costs | Components of Net Periodic Benefit Cost Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, and Split-Dollar Life Insurance Plans The Company maintains a single employer, tax-qualified defined benefit pension plan (the "Pension Plan") which covers full-time employees that satisfy the Pension Plan's eligibility requirements. The benefits are based on years of service and the employee's average compensation for the highest five The Company also maintains a Retirement Income Maintenance Plan (the "RIM Plan") which is a non-qualified defined benefit plan which provides benefits to all employees of the Company if their benefits under the Pension Plan are limited by Internal Revenue Code Sections 415 and 401(a)(17). In addition, the Company provides certain health care and life insurance benefits to eligible retired employees under a Post-retirement Plan. The Company accrues the cost of retiree health care and other benefits during the employee's period of active service. Effective January 1, 2019, the Post-retirement Plan has been closed to new hires. The Company also provides life insurance benefits to eligible employees under an endorsement split-dollar life insurance program. Through the acquisition of the RSI Entities, the Company acquired a funded pension plan, a non-funded post-retirement plan, and a split-dollar life insurance plan which are included in the tables below, based on benefit valuations as of the acquisition date. 13. Components of Net Periodic Benefit Cost (continued) Net periodic benefit (income) cost for the Pension Plan, RIM Plan, Post-retirement Plan and Split-Dollar Life Insurance plan benefits for the three and nine months ended September 30, 2022 and 2021, includes the following components: For the Three Months Ended September 30, Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance 2022 2021 2022 2021 2022 2021 2022 2021 Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 1,267 $ 1,872 $ 93 $ 100 $ 122 $ 130 $ 130 $ 141 Compensation and employee benefits Interest cost 2,799 1,902 97 86 185 141 158 125 Other non-interest expense Expected return on plan assets (7,183) (6,661) — — — — — — Other non-interest expense Amortization: Prior service cost — — — — — — 14 14 Other non-interest expense Net loss 660 — 111 166 78 153 151 191 Other non-interest expense Net periodic (income) benefit cost $ (2,457) $ (2,887) $ 301 $ 352 $ 385 $ 424 $ 453 $ 471 For the Nine Months Ended September 30, Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance 2022 2021 2022 2021 2022 2021 2022 2021 Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 5,199 $ 6,172 $ 279 $ 300 $ 319 $ 390 $ 383 $ 423 Compensation and employee benefits Interest cost 6,911 5,414 291 258 508 423 453 375 Other non-interest expense Expected return on plan assets (22,375) (19,297) — — — — — — Other non-interest expense Amortization: Prior service cost — — — — — — 42 42 Other non-interest expense Net loss 660 2,000 333 498 234 459 453 573 Other non-interest expense Net periodic (income) benefit cost $ (9,605) $ (5,711) $ 903 $ 1,056 $ 1,061 $ 1,272 $ 1,331 $ 1,413 For the three and nine months ended September 30, 2022, Columbia Bank made a $10.0 million contribution to the Pension Plan. The net periodic (income) cost for pension benefits, other post-retirement and split-dollar life insurance benefits for the three and nine months ended September 30, 2022, was calculated using the most recent available benefit valuations. 13. Components of Net Periodic Benefit Cost (continued) Through the acquisition of the Roselle Entities, the Company acquired a non-contributory defined benefit supplemental executive retirement plan with the only participant being a former president of Roselle Bank. For the three and nine months ended September 30, 2022 and 2021, the Company recorded a net periodic benefit cost of $3,000 and $9,000, and $2,000 and $6,000 respectively, in connection with this plan. Freehold Bank has a non-contributory defined benefit supplemental executive plan with the only participant being the former president of Freehold Bank. For the three and nine months ended September 30, 2022, the Company recorded a net periodic benefit cost of $2,000 and $6,000, respectively, in connection with this plan. In addition, through the acquisition of the RSI Entities, the Company acquired a non-contributory defined benefit supplemental executive retirement plan with the only participant being a former president of RSI Bank. For the three and nine months ended September 30, 2022, the Company recorded a net periodic benefit cost of $16,000 and $27,000, respectively, in connection with this plan. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, the Company utilizes various valuation techniques to estimate fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access on the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in markets that are active or not active, or inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require unobservable inputs that are both significant to the fair value measurement and unobservable (i.e., supported by minimal or no market activity). Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured at Fair Value on a Recurring Basis The methods described below were used to measure fair value of financial instruments as reflected in the tables below on a recurring basis at September 30, 2022 and December 31, 2021. 14. Fair Value Measurements (continued) Debt Securities Available for Sale, at Fair Value For debt securities available for sale, fair value was estimated using a market approach. The majority of these securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations, matrix pricing and discounted cash flow pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. Discounted cash flows, a Level 3 input, is estimated by discounting the expected future cash flows using the current rates for securities with similar credit ratings and similar remaining maturities. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company may hold debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. The Company classifies the estimated fair value of its loan portfolio as Level 3. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. A trust preferred security that is not traded in an active market and Federal Home Loan Mortgage Corporation ("FHLMC") and Federal National Mortgage Association ("FNMA") preferred stock are considered Level 2 instruments. In addition, Level 2 instruments include Atlantic Community Bankers Bank ("ACCB") stock, which is based on redemption at par value and can only be sold to the issuing ACBB or another institution that holds ACBB stock. Derivatives The Company records all derivatives included in other assets and liabilities on the Consolidated Statements of Financial Condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. See note 16 for disclosures related to the accounting treatment for 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. 14. Fair Value Measurements (continued) The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at September 30, 2022 and December 31, 2021, by level within the fair value hierarchy: September 30, 2022 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Debt securities available for sale: U.S. government and agency obligations $ 63,281 $ 54,771 $ 8,510 $ — Mortgage-backed securities and collateralized mortgage obligations 1,223,652 — 1,223,652 — Municipal obligations 3,557 — 887 2,670 Corporate debt securities 81,231 — 71,532 9,699 Total debt securities available for sale 1,371,721 54,771 1,304,581 12,369 Equity securities 3,453 3,115 338 — Derivative assets 19,897 — 19,897 — $ 1,395,071 $ 57,886 $ 1,324,816 $ 12,369 Derivative liabilities 19,511 $ — $ 19,511 $ — December 31, 2021 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Debt securities available for sale: U.S. government and agency obligations $ 34,879 $ 34,879 $ — $ — Mortgage-backed securities and collateralized mortgage obligations 1,554,359 — 1,554,359 — Municipal obligations 4,179 — 4,179 — Corporate debt securities 110,430 — 110,430 — Total debt securities available for sale 1,703,847 34,879 1,668,968 — Equity securities 2,710 2,364 346 Derivative assets 9,492 — 9,492 — $ 1,716,049 $ 37,243 $ 1,678,806 $ — Derivative liabilities $ 17,366 $ — $ 17,366 $ — 14. Fair Value Measurements (continued) The table below provides activity of assets reported as Level 3 for the period ended September 30, 2022: Significant Unobservable Inputs (Level 3) (In thousands) Debt securities available for sale: Balance of recurring Level 3 assets -December 31, 2021 $ — Transfers into Level 3 assets 13,539 Balance of recurring Level 3 assets - June 30, 2022 13,539 Maturity of Level 3 asset (914) Change in fair value of Level 3 assets (256) Balance of recurring Level 3 assets - September 30, 2022 $ 12,369 The fair value of investments placed in Level 3 is estimated by discounting the expected future cash flows using reasonably available current rates for comparable new issue securities with similar structure, including original maturity, call date, and assumptions about risk. Discounted cash flow estimated valuations are subsequently validated against comparable structures as an approximation of value. Expected cash flows were projected based on contractual cash flows. Two private placement corporate debt securities classified as available for sale and four private placement municipal obligations classified as available for sale were transferred from Level 2 to Level 3 during the nine months ended September 30, 2022. There were no transfers to Level 3 assets during the three months ended September 30, 2022. Private placement debt security cash flows were discounted to a market yield of 8.00% (weighted average is 8.00%), and the cash flows for private placement municipal obligations were discounted to a market yield ranging from 3.02% to 3.05% (weighted average is 3.04%). The period end valuations were support by an analysis prepared by an independent third party market participant and approved by management. There were no Level 3 assets measured at fair value on a recurring basis at December 31, 2021. Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis at September 30, 2022 and December 31, 2021. Impaired Loans Loans which meet certain criteria are evaluated individually for impairment. Loan impairment is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 6.0% and 8.0%. The Company classifies these loans as Level 3 within the fair value hierarchy. 14. Fair Value Measurements (continued) Mortgage Servicing Rights, Net ("MSR's") Mortgage servicing rights are carried at the lower of cost or estimated fair value. The estimated fair value of MSRs is obtained through an analysis of future cash flows, incorporating assumptions that market participants would use in determining fair value including market discount rates, prepayments speeds, servicing income, servicing costs, default rates and other market driven data, including the market's perception of future interest rate movements. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. A significant degree of judgment is involved in valuing the mortgage servicing rights using Level 3 inputs. The use of different assumptions could have a significant effect on this fair value estimate. The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values on a non-recurring basis at September 30, 2022 and December 31, 2021, by level within the fair value hierarchy: September 30, 2022 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Mortgage servicing rights $ 2,309 $ — $ — $ 2,309 $ 2,309 $ — $ — $ 2,309 December 31, 2021 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Impaired loans $ 1,213 $ — $ — $ 1,213 Mortgage servicing rights 1,906 — — 1,906 $ 3,119 $ — $ — $ 3,119 The following table presents information for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2022 and December 31, 2021: September 30, 2022 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average (Dollars in thousands) Mortgage servicing rights $ 2,309 Discounted cash flow Prepayment speeds and discount rates (1) 4.2% - 21.1% 6.9 % 14. Fair Value Measurements (continued) December 31, 2021 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average (Dollars in thousands) Impaired loans $ 1,213 Other Contracted sales price of collateral — % — % Mortgage servicing rights $ 1,906 Discounted cash flow Prepayment speeds and discount rates (2) 7.5% - 24.9% 12.7 % (1) Value of SBA servicing rights based on a discount rate of 13.25%. (2) Value of SBA servicing rights based on a discount rate of 10.25%. Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. A description of the valuation methodologies used for those assets and liabilities not recorded at fair value on a recurring or non-recurring basis are set forth below. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value due to their nature and short-term maturities. Debt Securities Held to Maturity For debt securities held to maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs within the fair value hierarchy. Federal Home Loan Bank Stock ("FHLB") The fair value of FHLB stock is based on redemption at par value and can only be sold to the issuing FHLB, to other FHLBs, or to other member banks. As such, the Company's FHLB stock is recorded at cost, or par value, and is evaluated for impairment each reporting period by considering the ultimate recoverability of the investment rather than temporary declines in value. The Company classifies the estimated fair value as Level 2 within the fair value hierarchy. 14. Fair Value Measurements (continued) Loans Receivable Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction, and consumer and other. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company's current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as demand, money market, and savings and club deposits are payable on demand at each reporting date and classified as Level 2. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowings The fair value of borrowings was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counter-parties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. 14. Fair Value Measurements (continued) The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at September 30, 2022 and December 31, 2021: September 30, 2022 Fair Value Measurements Carrying Value Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Financial assets: Cash and cash equivalents $ 102,048 $ 102,048 $ 102,048 $ — $ — Debt securities available for sale 1,371,721 1,371,721 54,771 1,304,581 12,369 Debt securities held to maturity 425,077 373,494 — 373,494 — Equity securities 3,453 3,453 3,115 338 — Federal Home Loan Bank stock 37,726 37,726 — 37,726 — Loans receivable, net 7,274,332 6,441,458 — — 6,441,458 Derivative assets 19,897 19,897 — 19,897 — Financial liabilities: Deposits $ 8,064,893 $ 8,001,656 $ — $ 8,001,656 $ — Borrowings 674,018 667,380 — 667,380 — Derivative liabilities 19,511 19,511 — 19,511 — December 31, 2021 Fair Value Measurements Carrying Value Total Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Financial assets: Cash and cash equivalents $ 70,963 $ 70,963 $ 70,963 $ — $ — Debt securities available for sale 1,703,847 1,703,847 34,879 1,668,968 — Debt securities held to maturity 429,734 434,789 — 434,789 — Equity securities 2,710 2,710 2,364 346 — Federal Home Loan Bank stock 23,141 23,141 — 23,141 — Loans receivable, net 6,297,912 6,457,766 — — 6,457,766 Derivative assets 9,492 9,492 — 9,492 — Financial liabilities: Deposits $ 7,570,216 $ 7,564,210 $ — $ 7,564,210 $ — Borrowings 377,309 378,810 — 378,810 — Derivative liabilities 17,366 17,366 — 17,366 — 14. Fair Value Measurements (continued) 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 limited markets exist for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets or liabilities include goodwill and intangibles assets, deferred tax assets, office properties and equipment, and bank-owned life insurance. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, 2022 2021 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of other comprehensive income (loss): Unrealized (loss) on debt securities available for sale: $ (65,744) $ 18,589 $ (47,155) $ (13,609) $ 3,666 $ (9,943) Accretion of unrealized (loss) on debt securities reclassified as held to maturity (19) 6 (13) (3) 1 (2) Reclassification adjustment for gain included in net income — — — 2,296 (505) 1,791 (65,763) 18,595 (47,168) (11,316) 3,162 (8,154) Derivatives: Unrealized gain on swap contracts accounted for as cash flow hedges 1,639 (457) 1,182 2,035 (568) 1,467 1,639 (457) 1,182 2,035 (568) 1,467 Employee benefit plans: Amortization of prior service cost included in net income (14) 3 (11) (14) 4 (10) Reclassification adjustment of actuarial net (loss) included in net income (339) 95 (244) (1,511) 422 (1,089) Change in funded status of retirement obligations 1,148 (211) 937 3,050 (852) 2,198 795 (113) 682 1,525 (426) 1,099 Total other comprehensive (loss) $ (63,329) $ 18,025 $ (45,304) $ (7,756) $ 2,168 $ (5,588) 15. Other Comprehensive Income (Loss) (continued) For the Nine Months Ended September 30, 2022 2021 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of other comprehensive income (loss): Unrealized (loss) on debt securities available for sale: $ (198,171) $ 55,528 $ (142,643) $ (26,804) $ 4,615 $ (22,189) Accretion of unrealized (loss) on debt securities reclassified as held to maturity (28) 7 (21) (24) 24 — Reclassification adjustment for gain included in net income 210 (59) 151 2,015 (426) 1,589 (197,989) 55,476 (142,513) (24,813) 4,213 (20,600) Derivatives: Unrealized gain on swap contracts accounted for as cash flow hedges 7,171 (2,004) 5,167 9,182 (1,084) 8,098 7,171 (2,004) 5,167 9,182 (1,084) 8,098 Employee benefit plans: Amortization of prior service cost included in net income (42) 11 (31) (42) 11 (31) Reclassification adjustment of actuarial net (loss) included in net income (1,017) 285 (732) (4,533) 1,266 (3,267) Change in funded status of retirement obligations (23,851) 6,730 (17,121) 40,541 (3,971) 36,570 (24,910) 7,026 (17,884) 35,966 (2,694) 33,272 Total other comprehensive (loss) income $ (215,728) $ 60,498 $ (155,230) $ 20,335 $ 435 $ 20,770 15. Other Comprehensive Income (Loss) (continued) The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, 2022 2021 Unrealized (Losses) on Debt Securities Available for Sale Unrealized (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) Unrealized Gains on Debt Securities Available for Sale Unrealized (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) (In thousands) Balance at beginning of period $ (93,701) $ (932) $ (61,212) $ (155,845) $ 18,582 $ (10,225) $ (51,624) $ (43,267) Current period changes in other comprehensive (loss) income (47,168) 1,182 682 (45,304) (8,154) 1,467 1,099 (5,588) Total other comprehensive (loss) income $ (140,869) $ 250 $ (60,530) $ (201,149) $ 10,428 $ (8,758) $ (50,525) $ (48,855) For the Nine Months Ended September 30, 2022 2021 Unrealized (Losses) on Debt Securities Available for Sale Unrealized (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) Unrealized Gains on Debt Securities Available for Sale Unrealized (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) (In thousands) Balance at beginning of period $ 1,644 $ (4,917) $ (42,646) $ (45,919) $ 31,028 $ (16,856) $ (83,797) $ (69,625) Current period changes in other comprehensive (loss) income (142,513) 5,167 (17,884) (155,230) (20,600) 8,098 33,272 20,770 Total other comprehensive (loss) income $ (140,869) $ 250 $ (60,530) $ (201,149) $ 10,428 $ (8,758) $ (50,525) $ (48,855) 15. Other Comprehensive Income (Loss) (continued) The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) to the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the three and nine months ended September 30, 2022 and 2021: Accumulated Other Comprehensive Income (Loss) Components For the Three Months Ended September 30, Affected Line Items in the Consolidated Statements of Income 2022 2021 (In thousands) Reclassification adjustment for gain included in net income $ — $ 2,296 Gain on securities transactions Reclassification adjustment of actuarial net (loss) included in net income (339) (1,511) Other non-interest expense Total before tax (339) 785 Income tax benefit 95 (83) Net of tax $ (244) $ 702 Accumulated Other Comprehensive Income (Loss) Components For the Nine Months Ended September 30, Affected Line Items in the Consolidated Statements of Income 2022 2021 (In thousands) Reclassification adjustment for gain included in net income $ 210 $ 2,015 Gain on securities transactions Reclassification adjustment of actuarial net (loss) included in net income (1,017) (4,533) Other non-interest expense Total before tax (807) (2,518) Income tax benefit 226 840 Net of tax $ (581) $ (1,678) |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses derivative financial instruments as components of its market risk management, principally to manage interest rate risk. Certain derivatives are entered into in connection with transactions with commercial customers. Derivatives are not used for speculative purposes. All derivatives are recognized as either assets or liabilities in the Consolidated Statements of Financial Condition, reported at fair value and presented on a gross basis. Until a derivative is settled, a favorable change in fair value results in an unrealized gain that is recognized as an asset, while an unfavorable change in fair value results in an unrealized loss that is recognized as a liability. The Company generally applies hedge accounting to its derivatives used for market risk management purposes. Hedge accounting is permitted only if specific criteria are met, including a requirement that a highly effective relationship exists between the derivative instrument and the hedged item, both at inception of the hedge and on an ongoing basis. Changes in the fair value of effective fair value hedges are recognized in current earnings (with the change in fair value of the hedged asset or liability also recognized in earnings). Changes in the fair value of effective cash flow hedges are recognized in other comprehensive income (loss) until earnings are affected by the variability in cash flows of the designated hedged item. Ineffective portions of hedge results are recognized in current earnings. Changes in the fair value of derivatives for which hedge accounting is not applied are recognized in current earnings. The Company formally documents at inception all relationships between the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. This process includes linking all derivatives that are designated as hedges to specific assets and liabilities, or to specific firm commitments. The Company also formally assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair values or cash flows of the hedged items. If it is determined that a derivative is not highly effective or has ceased to be a highly effective hedge, the Company would discontinue hedge accounting prospectively. Gains or losses resulting from the termination of a derivative accounted for as a cash flow hedge remain in other comprehensive income (loss) and is (accreted) amortized to earnings over the remaining period of the former hedging relationship. Certain derivative financial instruments are offered to certain commercial banking customers to manage their risk of exposure and risk management strategies. These derivative instruments consist primarily of currency forward contracts and interest rate swap contracts. The risk associated with these transactions is mitigated by simultaneously entering into similar transactions having essentially offsetting terms with a third party. In addition, the Company executes interest rate swaps with third parties in order to hedge the interest rate risk of short-term FHLB advances. Currency Forward Contracts. At September 30, 2022 and December 31, 2021, the Company had no currency forward contracts in place with commercial banking customers. Interest Rate Swaps. At September 30, 2022 and December 31, 2021, the Company had 54 and 52 interest rate swaps in place with commercial banking customers executed by offsetting interest rate swaps with third parties, with aggregated notional amounts of $205.0 million and $183.4 million, respectively. These derivatives are not designated as hedges and are not speculative. These interest rate swaps do not meet hedge accounting requirements. At September 30, 2022 and December 31, 2021, the Company had 10 and 14 interest rate swaps with notional amounts of $140.0 million and $190.0 million, respectively, hedging certain FHLB advances. These interest rate swaps meet the cash flow hedge accounting requirements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counter-party in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. At September 30, 2022, the Company had two interest rate swaps hedged against pools of floating rate commercial loans with notional amounts totaling $100.0 million. These swaps meet the cash flow hedge accounting requirements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counter-party in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. At December 31, 2021, the Company had no interest rate swaps hedged against pools of floating rate commercial loans. For the three and nine months ended September 30, 2022 and 2021, the Company did not record any hedge ineffectiveness associated with these contracts. 16. Derivatives and Hedging Activities (continued) The tables below present the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Statements of Financial Condition at September 30, 2022 and December 31, 2021: September 30, 2022 Asset Derivative Liability Derivative Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value (In thousands) Derivatives: Interest rate swaps Other Assets $ 19,897 Other Liabilities $ 19,511 Total derivative instruments $ 19,897 $ 19,511 December 31, 2021 Asset Derivative Liability Derivative Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value (In thousands) Derivatives: Interest rate swaps Other Assets $ 9,492 Other Liabilities $ 17,366 Total derivative instruments $ 9,492 $ 17,366 For the three months ended September 30, 2022 and 2021, gains of $118,000 and losses of $12,000, respectively, were recorded for changes in fair value of interest rate swaps with third parties. For the nine months ended September 30, 2022 and 2021, gains of $594,000 and $189,000, respectively, were recorded for changes in fair value of interest rate swaps with third parties. At September 30, 2022 and December 31, 2021, accrued interest was $71,000 and $567,000. The Company has agreements with counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default of its derivative obligations. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company's revenue includes net interest income on financial instruments and non-interest income. Most of the Company's revenue is not within the scope of Accounting Standards Codification Topic 606 which does not apply to revenue associated with financial instruments, including interest income on loans and securities, which comprise the majority of the Company's revenue. Revenue-generating activities that are within the scope of this guidance are components of non-interest income. These revenue streams can generally be classified as demand deposit account fees, title insurance fees, insurance agency income and other fees. 17. Revenue Recognition (continued) The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended September 30, 2022 and 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 (In thousands) Non-interest income In-scope of Topic 606: Demand deposit account fees $ 1,510 $ 986 $ 4,129 $ 2,682 Title insurance fees 796 1,431 2,788 4,554 Insurance agency income 38 — 83 — Other non-interest income 2,194 1,934 6,334 5,633 Total in-scope non-interest income 4,538 4,351 13,334 12,869 Total out-of-scope non-interest income 3,626 4,523 9,540 18,991 Total non-interest income $ 8,164 $ 8,874 $ 22,874 $ 31,860 Demand deposit account fees include monthly maintenance fees and service charges. These fees are generally derived as a result of either transaction-based or serviced-based services. The Company's performance obligation for these services is generally satisfied, and revenue recognized, at the time the transaction is completed or the service rendered. Fees for these services are generally received from the customer either at the time of the transaction or monthly. Title insurance fees are generally recognized at the time the transaction closes or when the service is rendered. RSI Insurance Agency, Inc. performs the function of an insurance intermediary, by introducing the policyholder and insurer for life and health, and property and casualty insurance, and is compensated by a commission fee for placement of an insurance policy. Commission and fees are generally recognized as of the effective date of the insurance policy. Commission revenues related to installment billings are recognized on the invoice date. Subsequent commission adjustments are recognized upon the receipt of notification from insurance companies concerning matters necessitating such adjustments. Other non-interest income includes check printing fees, traveler's check fees, gift card fees, branch service fees, overdraft fees, account analysis fees, other deposit related fees, wealth management related fee income which includes annuity fees, brokerage commissions, and asset management fees. Wealth management related fee income represent fees earned from customers as consideration for asset management and investment advisory services provided by a third party. The Company's performance obligation is generally satisfied monthly and the resulting fees are recognized monthly based upon the month-end market value of the assets under management and the applicable fee rate. The Company does not earn performance-based incentives. The Company's performance obligation for these transaction-based services are generally satisfied, and related revenue recognized, at the time the transaction closes or when the service is rendered or a point in time when the service is completed. Also included in other fees are debit card and ATM fees which are transaction-based. Debit card revenue is primarily comprised of interchange fees earned when a customer's Company card is processed through a card payment network. ATM fees are largely generated when a Company cardholder uses a non-Company ATM, or a non-Company cardholder uses a Company ATM. The Company's performance obligation for these services is satisfied when the service is rendered. Payment is generally received at time of transaction or monthly. Out-of-scope non-interest income primarily consists of income from bank-owned life insurance, loan prepayment and servicing fees, net fees loan level swaps, gains and losses on the sale of loans and securities, credit card interchange income, changes in the fair value of equity securities, and proceeds from an insurance settlement. None of these revenue streams are subject to the requirements of Topic 606. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events subsequent to September 30, 2022 and through the financial statement issuance date of November 9, 2022, and concluded that no material events occurred that would require disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Acquisitions | Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed: 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 debt securities were calculated utilizing Level 2 inputs. The majority of the acquired securities were fixed income instruments that are not quoted on an exchange, but are traded in active markets. The prices for these instruments are obtained through an independent pricing service when available, or dealer market participants with whom the Company has historically transacted with for both purchases and sales of securities. The prices are derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, and the bond's terms and conditions, among other things. Management reviewed the data and assumptions used in pricing securities by its third party provider to ensure the highest level of significant inputs are derived from market observable data. Loans receivable . The acquired loan portfolio was segregated into pools for valuation purposes primarily based on loan type, non-accrual status, and credit risk rating. The estimated fair values were computed by discounting the expected cash flows from the respective pools. Cash flows were estimated by using valuation models that incorporated estimates of current key assumptions such as prepayment speeds, default rates, and loss severity rates. The process included: (1) projecting monthly principal and/or interest cash flows based on the contractual terms of the loans, including both maturity and contractual amortization; (2) adjusting projected cash flows for expected losses and prepayments, where appropriate; (3) developing a discount rate based on the relative risk of the cash flows, considering the loan type, liquidity risk, the maturity of the loans, servicing costs, and a required return on capital; and (4) discounting the projected cash flows to a present value, to arrive at the calculated value of the loans. The methods used to estimate the fair values of loans are extremely sensitive to the assumptions and estimates used. While management attempted to use assumptions and estimates that best reflected the acquired loan portfolios and current market conditions, a greater degree of subjectivity is inherent in the values than in those determined in active markets. Office properties and equipment, net . The fair value of land and buildings was estimated using current appraisals. Acquired equipment was not material. Buildings are amortized over their estimated useful lives. Equipment is amortized or depreciated over their estimated useful lives usually ranging from three Goodwill . Goodwill is not amortized for book purposes: however, it is reviewed at least annually for impairment and is not deductible for tax purposes. Core deposit intangibles . Core deposit intangibles ("CDI") are the measure of the value of non-maturity deposits in a business combination. The fair value of the CDI was calculated utilizing the cost savings approach, the expected cost savings attributable to the core deposits funding relative to an alternative source of funding, using a discounted cash flow present value methodology. Key inputs and assumptions utilized in the discounted cash flow present value methodology include core deposit balances and rates paid, the cost of an additional funding source, the aggregate life of deposits and truncation points, non-interest deposit costs, and the immediate deposit outflow assumption. 2. Acquisitions (continued) Deposits . The fair values of deposit liabilities with no stated maturity (i.e., non-interest bearing and interest-bearing demand deposit accounts, money market and savings and club accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represent contractual cash flows, discounted to present value using interest rates currently offered on deposits with similar characteristics and remaining maturities. Borrowings . The fair values of borrowings consisting of FHLB advances were estimated by discounting future cash flows using market discount rates for borrowings with similar characteristics, terms and remaining maturities. |
Recent Accounting Pronouncements | Accounting Pronouncement Adopted in 2022 In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("CECL") , further amended by ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . Topic 326 pertains to the measurement of credit losses on financial instruments. This update requires the measurement of all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better determine their credit loss estimates. This update is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. This update was effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2019. The Company elected to defer the adoption of the CECL methodology until December 31, 2020 as permitted by the enacted Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). In late December 2020, the Consolidated Appropriations Act, 2021 was enacted, and extended certain provisions of the CARES Act, which allowed the Company to extend the adoption of CECL until January 1, 2022. The Company elected to extend its adoption of CECL in accordance with this legislation, and adopted the above mentioned ASUs related to Financial Instruments -Credit Losses (Topic 326) using a modified retrospective approach. The Company adopted ASU 2016-13 on January 1, 2022 for all financial assets measured at amortized cost and off balance sheet credit exposures. Results for the three months ended March 31, 2022 are presented under Accounting Standards Codification 326, Financial Instruments - Credit Losses , while prior period amounts continue to be reported with previously applicable GAAP and have not been restated. Effective January 1, 2022, the Company recorded a $12.1 million decrease in the allowance for credit losses on loans (previously allowance for loan losses), established a $353,000 allowance for credit losses on debt securities available for sale, and recorded a $5.5 million increase in the liability for off balance sheet credit exposures, which resulted in a total cumulative effect adjustment of $6.2 million, net of tax, and an increase to retained earnings. Accounting Pronouncement Not Yet Adopted In March 2022, the FASB issued ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures . ASU 2022-02 addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the CECL model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancing and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. For entities that have adopted ASU 2016-13, this ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements. |
Loans Receivable and Allowance for Credit Losses | On January 1, 2022, the Company adopted CECL (ASC Topic 326), which replaced the historical incurred loss methodology with an expected loss methodology. The loan portfolio segmentation was expanded to seven portfolio segments taking into consideration common loan attributes and risk characteristics, as well as historical reporting metrics and data availability. Disclosures at and for the periods ended December 31, 2021 and September 30, 2021, are presented in accordance with the expanded segmentation adopted in conjunction with CECL, when appropriate. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of loans receivable. Accrued interest receivable on loans receivable is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $26.3 million at September 30, 2022, and is excluded from the estimate of credit losses. The allowance for credit losses is a valuation account that reflects management’s evaluation of the current expected credit losses in the loan portfolio. The Company maintains the allowance for credit losses through provisions for credit losses that are charged to income. Charge-offs against the allowance for credit losses are taken on loans where management determines that the collection of loan principal and interest is unlikely. Recoveries made on loans that have been charged-off are credited to the allowance for credit losses. Management estimates the allowance balance using relevant available information, from internal and external sources, related to past events, current conditions, and a reasonable and supportable forecast. Historical credit loss experience for both the Company and peers provides the basis for the estimation of expected credit losses, where observed credit losses are converted to probability of default rate through the use of segment-specific loss given default risk factors that convert default rates to loss severity based on industry-level, observed relationships between the two variables for each segment, primarily due to the nature of the underlying collateral. These risk factors were assessed for reasonableness against the Company’s own loss experience and adjusted in certain cases when the relationship between the Company’s historical default and loss severity deviate from that of the wider industry. The historical probability of default ("PD") curves, together with corresponding economic conditions, establish a quantitative relationship between economic conditions and loan performance through an economic cycle. Using the historical relationship between economic conditions and loan performance, management’s expectation of future loan performance is incorporated using an externally developed economic forecast. This forecast is applied over a period that management has determined to be reasonable and supportable. Beyond the period over which management can develop or source a reasonable and supportable forecast, the model will revert to long-term average economic conditions using a straight-line, time-based methodology. The Company's current forecast period is six quarters, with a four quarter reversion period to historical average macroeconomic factors. The allowance for credit losses is measured on a collective (pool) basis, with both a quantitative and qualitative analysis that is applied on a quarterly basis, when similar risk characteristics exist. The respective quantitative allowance for each segment is measured using an economic forecast, discounted cash flow modeling methodology in which distinct, segment-specific multi-variate regression models are applied to an external economic forecast. Under the discounted cash flows methodology, expected credit losses are estimated over the effective life of the loans by measuring the difference between the net present value of modeled cash flows and amortized cost basis. Contractual cash flows over the contractual life of the loans are the basis for modeled cash flows, adjusted for 9. Loans Receivable and Allowance for Credit Losses (continued) modeled defaults and expected prepayments and discounted at the loan-level effective interest rate. The contractual term excludes expected extensions, renewals, and modifications. After quantitative considerations, management applies additional qualitative adjustments so that the allowance for credit loss is reflective of the estimate of lifetime losses that exist in the loan portfolio at the balance sheet date. Portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses. Management developed segments for estimating loss based on type of borrower and collateral, which is generally based upon federal call report segmentation. The segments have been combined or sub-segmented as needed to ensure loans of similar risk profiles are appropriately pooled. The allowance for credit losses on loans individually evaluated for impairment is based upon loans that have been identified through the Company’s loan monitoring process. This process includes the review of delinquent, restructured, and charged-off loans. |
Fair Value Measurements | Debt Securities Available for Sale, at Fair Value For debt securities available for sale, fair value was estimated using a market approach. The majority of these securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations, matrix pricing and discounted cash flow pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. Discounted cash flows, a Level 3 input, is estimated by discounting the expected future cash flows using the current rates for securities with similar credit ratings and similar remaining maturities. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company may hold debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. The Company classifies the estimated fair value of its loan portfolio as Level 3. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. A trust preferred security that is not traded in an active market and Federal Home Loan Mortgage Corporation ("FHLMC") and Federal National Mortgage Association ("FNMA") preferred stock are considered Level 2 instruments. In addition, Level 2 instruments include Atlantic Community Bankers Bank ("ACCB") stock, which is based on redemption at par value and can only be sold to the issuing ACBB or another institution that holds ACBB stock. Derivatives The Company records all derivatives included in other assets and liabilities on the Consolidated Statements of Financial Condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. See note 16 for disclosures related to the accounting treatment for 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. Impaired Loans Loans which meet certain criteria are evaluated individually for impairment. Loan impairment is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral if the loan is collateral dependent. For loans measured for impairment based on the fair value of the underlying collateral, fair value was estimated using a market approach. The Company measures the fair value of collateral underlying impaired loans primarily through obtaining independent appraisals that rely upon quoted market prices for similar assets in active markets. These appraisals include adjustments, on an individual case-by-case basis, to comparable assets based on the appraisers’ market knowledge and experience, as well as adjustments for estimated costs to sell between 6.0% and 8.0%. The Company classifies these loans as Level 3 within the fair value hierarchy. 14. Fair Value Measurements (continued) Mortgage Servicing Rights, Net ("MSR's") Mortgage servicing rights are carried at the lower of cost or estimated fair value. The estimated fair value of MSRs is obtained through an analysis of future cash flows, incorporating assumptions that market participants would use in determining fair value including market discount rates, prepayments speeds, servicing income, servicing costs, default rates and other market driven data, including the market's perception of future interest rate movements. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. A significant degree of judgment is involved in valuing the mortgage servicing rights using Level 3 inputs. The use of different assumptions could have a significant effect on this fair value estimate. Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. A description of the valuation methodologies used for those assets and liabilities not recorded at fair value on a recurring or non-recurring basis are set forth below. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value due to their nature and short-term maturities. Debt Securities Held to Maturity For debt securities held to maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs within the fair value hierarchy. Federal Home Loan Bank Stock ("FHLB") The fair value of FHLB stock is based on redemption at par value and can only be sold to the issuing FHLB, to other FHLBs, or to other member banks. As such, the Company's FHLB stock is recorded at cost, or par value, and is evaluated for impairment each reporting period by considering the ultimate recoverability of the investment rather than temporary declines in value. The Company classifies the estimated fair value as Level 2 within the fair value hierarchy. 14. Fair Value Measurements (continued) Loans Receivable Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction, and consumer and other. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company's current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as demand, money market, and savings and club deposits are payable on demand at each reporting date and classified as Level 2. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowings The fair value of borrowings was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counter-parties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. 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 limited markets exist for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets or liabilities include goodwill and intangibles assets, deferred tax assets, office properties and equipment, and bank-owned life insurance. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of recognized identified assets acquired and liabilities assumed | The following table sets forth assets acquired and liabilities assumed in the acquisition of the RSI Entities, at their estimated fair values as of the closing date of the transaction: May 1, 2022 (In thousands) Assets acquired: Cash and cash equivalents $ 140,769 Debt securities available for sale 79,024 Equity securities 1,075 Federal Home Loan Bank Stock 906 Loans receivable 335,501 Accrued interest receivable 910 Office properties and equipment, net 7,296 Bank-owned life insurance 13,033 Deferred tax asset, net 3,633 Core deposit intangibles 10,271 Other assets 2,723 Total assets acquired $ 595,141 Liabilities assumed: Deposits $ 502,732 Borrowings 5,762 Advance payments by borrowers for taxes and insurance 1,341 Accrued expenses and other liabilities 10,568 Total liabilities assumed $ 520,403 Net assets acquired $ 74,738 Fair market value of stock issued to Columbia Bank MHC for purchase 102,741 Goodwill recorded at merger $ 28,003 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 (Dollars in thousands, except per share data) Net income $ 20,919 $ 20,982 $ 64,282 $ 68,715 Shares: Weighted average shares outstanding - basic 106,926,864 102,977,254 105,440,345 104,486,520 Effect of dilutive securities 607,634 — 599,895 — Weighted average shares outstanding - diluted 107,534,498 102,977,254 106,040,240 104,486,520 Earnings per share: Basic $ 0.20 $ 0.20 $ 0.61 $ 0.66 Diluted $ 0.19 $ 0.20 $ 0.61 $ 0.66 |
Debt Securities Available for_2
Debt Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and the fair value of securities available-for-sale | Debt securities available for sale at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 67,491 $ — $ (4,210) $ 63,281 Mortgage-backed securities and collateralized mortgage obligations 1,399,397 122 (175,867) 1,223,652 Municipal obligations 3,698 — (141) 3,557 Corporate debt securities 88,565 6 (7,340) 81,231 $ 1,559,151 $ 128 $ (187,558) $ 1,371,721 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 34,711 $ 404 $ (236) $ 34,879 Mortgage-backed securities and collateralized mortgage obligations 1,553,491 14,141 (13,273) 1,554,359 Municipal obligations 4,159 20 — 4,179 Corporate debt securities 109,018 2,378 (966) 110,430 $ 1,701,379 $ 16,943 $ (14,475) $ 1,703,847 |
Schedule of securities by contractual maturity | The amortized cost and fair value of debt securities available for sale at September 30, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. September 30, 2022 Amortized Cost Fair Value (In thousands) One year or less $ 919 $ 901 More than one year to five years 68,971 65,791 More than five years to ten years 89,864 81,377 $ 159,754 $ 148,069 Mortgage-backed securities and collateralized mortgage obligations 1,399,397 1,223,652 $ 1,559,151 $ 1,371,721 The amortized cost and fair value of debt securities held to maturity at September 30, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. September 30, 2022 Amortized Cost Fair Value (In thousands) More than one year to five years $ 19,875 $ 18,282 More than five years to ten years 19,996 16,479 More than ten years 10,000 7,523 49,871 42,284 Mortgage-backed securities and collateralized mortgage obligations 375,206 331,210 $ 425,077 $ 373,494 |
Debt securities, available-for-sale, unrealized loss position, fair value | The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at September 30, 2022 and December 31, 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: September 30, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 54,464 $ (3,104) $ 8,817 $ (1,106) $ 63,281 $ (4,210) Mortgage-backed securities and collateralized mortgage obligations 696,364 (72,154) 504,328 (103,713) 1,200,692 (175,867) Municipal obligations 3,557 (141) — — 3,557 (141) Corporate debt securities 70,286 (6,300) 8,960 (1,040) 79,246 (7,340) $ 824,671 $ (81,699) $ 522,105 $ (105,859) $ 1,346,776 $ (187,558) 6. Debt Securities Available for Sale (continued) December 31, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 14,488 $ (236) $ — $ — $ 14,488 $ (236) Mortgage-backed securities and collateralized mortgage obligations 820,746 (11,892) 62,407 (1,381) 883,153 (13,273) Corporate debt securities 29,221 (671) 4,705 (295) 33,926 (966) $ 864,455 $ (12,799) $ 67,112 $ (1,676) $ 931,567 $ (14,475) |
Debt Securities, Available-for-sale, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses on debt securities available for sale for the three and nine months ended September 30, 2022: Three Months Ended September 30, 2022 Nine Months Ended (In thousands) Allowance for Credit Losses: Beginning balance $ — $ — Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 — 490 (Reversal of ) credit losses — (490) Balance at September 30, 2022 $ — $ — |
Debt Securities Held to Matur_2
Debt Securities Held to Maturity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and the fair value of securities held-to-maturity | Debt securities held to maturity at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value (In thousands) U.S. government and agency obligations $ 49,871 $ — $ (7,587) $ — $ 42,284 Mortgage-backed securities and collateralized mortgage obligations 375,206 — (43,996) — 331,210 $ 425,077 $ — $ (51,583) $ — $ 373,494 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 44,870 $ — $ (759) $ 44,111 Mortgage-backed securities and collateralized mortgage obligations 384,864 6,741 (927) 390,678 $ 429,734 $ 6,741 $ (1,686) $ 434,789 |
Schedule of securities by contractual maturity | The amortized cost and fair value of debt securities available for sale at September 30, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. September 30, 2022 Amortized Cost Fair Value (In thousands) One year or less $ 919 $ 901 More than one year to five years 68,971 65,791 More than five years to ten years 89,864 81,377 $ 159,754 $ 148,069 Mortgage-backed securities and collateralized mortgage obligations 1,399,397 1,223,652 $ 1,559,151 $ 1,371,721 The amortized cost and fair value of debt securities held to maturity at September 30, 2022, by contractual final maturity, is shown below. Expected maturities may differ from contractual maturities due to prepayment or early call options exercised by the issuer. September 30, 2022 Amortized Cost Fair Value (In thousands) More than one year to five years $ 19,875 $ 18,282 More than five years to ten years 19,996 16,479 More than ten years 10,000 7,523 49,871 42,284 Mortgage-backed securities and collateralized mortgage obligations 375,206 331,210 $ 425,077 $ 373,494 |
Schedule of held-to-maturity securities reported in a continuous unrealized loss position | The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at September 30, 2022 and December 31, 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: September 30, 2022 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 4,967 $ (32) $ 37,316 $ (7,555) $ 42,283 $ (7,587) Mortgage-backed securities and collateralized mortgage obligations 322,117 (41,399) 9,093 (2,597) 331,210 (43,996) $ 327,084 $ (41,431) $ 46,409 $ (10,152) $ 373,493 $ (51,583) December 31, 2021 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) Fair Value Gross Unrealized (Losses) (In thousands) U.S. government and agency obligations $ 44,111 $ (759) $ — $ — $ 44,111 $ (759) Mortgage-backed securities and collateralized mortgage obligations 79,036 (927) — — 79,036 (927) $ 123,147 $ (1,686) $ — $ — $ 123,147 $ (1,686) |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans receivable at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, 2022 2021 (In thousands) Real estate loans: One-to-four family $ 2,706,114 $ 2,092,317 Multifamily 1,142,459 1,041,108 Commercial real estate 2,354,786 2,170,236 Construction 289,650 295,047 Commercial business loans 497,478 452,232 Consumer loans: Home equity loans and advances 279,824 276,563 Other consumer loans 2,214 1,428 Total gross loans 7,272,525 6,328,931 Purchased credit-deteriorated ("PCD") loans 19,771 6,791 Net deferred loan costs, fees and purchased premiums and discounts 33,927 24,879 Loans receivable $ 7,326,223 $ 6,360,601 |
Financing Receivable, Past Due | The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCD loans at September 30, 2022 and December 31, 2021: September 30, 2022 30-59 Days 60-89 Days 90 Days or More Total Past Due Non-accrual Current Total (In thousands) Real estate loans: One-to-four family $ 5,101 $ 1,883 $ 1,257 $ 8,241 $ 2,518 $ 2,697,873 $ 2,706,114 Multifamily 1,092 — — 1,092 — 1,141,367 1,142,459 Commercial real estate 1,436 — 2,892 4,328 3,373 2,350,458 2,354,786 Construction 544 — — 544 — 289,106 289,650 Commercial business loans — — 840 840 906 496,638 497,478 Consumer loans: Home equity loans and advances 1,425 40 159 1,624 199 278,200 279,824 Other consumer loans — 15 — 15 — 2,199 2,214 Total loans $ 9,598 $ 1,938 $ 5,148 $ 16,684 $ 6,996 $ 7,255,841 $ 7,272,525 9. Loans Receivable and Allowance for Credit Losses (continued) December 31, 2021 30-59 Days 60-89 Days 90 Days or More Total Past Due Non-accrual Current Total (In thousands) Real estate loans: One-to-four family $ 3,131 $ 1,976 $ 373 $ 5,480 $ 1,416 $ 2,086,837 $ 2,092,317 Multifamily — — — — — 1,041,108 1,041,108 Commercial real estate 2,189 — 1,561 3,750 1,561 2,166,486 2,170,236 Construction — — — — — 295,047 295,047 Commercial business loans 412 — 203 615 761 451,617 452,232 Consumer loans: Home equity loans and advances 108 53 81 242 201 276,321 276,563 Other consumer loans — 4 — 4 — 1,424 1,428 Total loans $ 5,840 $ 2,033 $ 2,218 $ 10,091 $ 3,939 $ 6,318,840 $ 6,328,931 |
Financing Receivable, Allowance for Credit Loss | The following tables summarize loans receivable (including PCD loans) and allowance for credit losses by portfolio segment and impairment method at September 30, 2022 and December 31, 2021: September 30, 2022 One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Total (In thousands) Allowance for credit losses: Individually evaluated for impairment $ 213 $ 3 $ 98 $ — $ 10 $ 6 $ — $ 330 Collectively evaluated for impairment 11,725 7,246 17,540 5,630 7,463 1,861 9 51,474 Loans acquired with deteriorated credit quality 8 — 61 10 7 1 — 87 Total $ 11,946 $ 7,249 $ 17,699 $ 5,640 $ 7,480 $ 1,868 $ 9 $ 51,891 Total loans: Individually evaluated for impairment $ 4,223 $ 475 $ 16,836 $ — $ 1,237 $ 695 $ — $ 23,466 Collectively evaluated for impairment 2,701,891 1,141,984 2,337,950 289,650 496,241 279,129 2,214 7,249,059 Loans acquired with deteriorated credit quality 2,179 — 15,738 1,040 662 152 — 19,771 Total loans $ 2,708,293 $ 1,142,459 $ 2,370,524 $ 290,690 $ 498,140 $ 279,976 $ 2,214 $ 7,292,296 9. Loans Receivable and Allowance for Credit Losses (continued) December 31, 2021 One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Total (In thousands) Allowance for credit losses: Individually evaluated for impairment $ 258 $ — $ 97 $ — $ 16 $ 7 $ — $ 378 Collectively evaluated for impairment 8,540 7,741 16,017 8,943 20,198 866 6 62,311 Loans acquired with deteriorated credit quality — — — — — — — — Total $ 8,798 $ 7,741 $ 16,114 $ 8,943 $ 20,214 $ 873 $ 6 $ 62,689 Total loans: Individually evaluated for impairment $ 5,184 $ 762 $ 15,830 $ — $ 1,806 $ 705 $ — $ 24,287 Collectively evaluated for impairment 2,087,133 1,040,346 2,154,406 295,047 450,426 275,858 1,428 6,304,644 Loans acquired with deteriorated credit quality 431 — 5,426 — 934 — — 6,791 Total loans $ 2,092,748 $ 1,041,108 $ 2,175,662 $ 295,047 $ 453,166 $ 276,563 $ 1,428 $ 6,335,722 The activity in the allowance for credit losses by portfolio segment for the three and nine months ended September 30, 2022 and 2021 are as follows: For the Three Months Ended September 30, One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Totals (In thousands) 2022 Balance at beginning of period $ 10,836 $ 10,932 $ 14,480 $ 5,570 $ 7,284 $ 1,471 $ 10 $ 50,583 Provision for (reversal of) credit losses 1,394 (3,683) 3,219 70 120 385 11 1,516 Recoveries — — — — 76 18 — 94 Charge-offs (284) — — — — (6) (12) (302) Balance at end of period $ 11,946 $ 7,249 $ 17,699 $ 5,640 $ 7,480 $ 1,868 $ 9 $ 51,891 2021 Balance at beginning of period $ 17,108 $ 8,442 $ 17,814 $ 9,160 $ 15,898 $ 1,471 $ 5 $ 69,898 Provision for (reversal of) credit losses (2,218) (146) (171) 322 2,854 (165) 4 480 Recoveries 4 217 77 — 42 7 — 347 Charge-offs (106) — — — (69) (221) (3) (399) Balance at end of period $ 14,788 $ 8,513 $ 17,720 $ 9,482 $ 18,725 $ 1,092 $ 6 $ 70,326 9. Loans Receivable and Allowance for Credit Losses (continued) For the Nine Months Ended September 30, One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Totals (In thousands) 2022 Balance at beginning of period $ 8,798 $ 7,741 $ 16,114 $ 8,943 $ 20,214 $ 873 $ 6 $ 62,689 Effect of adopting ASU No. 2016-13 ("CECL") (2,308) (2,030) (4,227) (2,346) (5,302) (229) (1) (16,443) Initial allowance related to PCD loans 131 — 474 3 19 6 — 633 Provision for (reversal of) credit losses 5,364 1,538 5,338 (960) (7,520) 1,225 19 5,004 Recoveries 338 — — — 131 26 — 495 Charge-offs (377) — — — (62) (33) (15) (487) Balance at end of period $ 11,946 $ 7,249 $ 17,699 $ 5,640 $ 7,480 $ 1,868 $ 9 $ 51,891 2021 Balance at beginning of period $ 13,586 $ 8,897 $ 21,784 $ 11,271 $ 17,384 $ 1,748 $ 6 $ 74,676 Provision for (reversal of) credit losses 1,796 (305) (4,812) (1,790) 2,945 (400) 5 (2,561) Recoveries 18 217 1,014 1 169 52 — 1,471 Charge-offs (612) (296) (266) — (1,773) (308) (5) (3,260) Balance at end of period $ 14,788 $ 8,513 $ 17,720 $ 9,482 $ 18,725 $ 1,092 $ 6 $ 70,326 The following table presents the activity in the allowance for credit losses on off balance sheet exposures for the three and nine months ended September 30, 2022: Three Months Ended September 30, 2022 Nine Months Ended (In thousands) Allowance for Credit Losses: Beginning balance $ 8,358 $ 524 Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2022 — 7,674 (Reversal of) provision for credit losses (1,747) (1,587) Balance at September 30, 2022 $ 6,611 $ 6,611 |
Financing Receivable, Troubled Debt Restructuring | The following tables present the number of loans modified as TDRs during the three and nine months ended September 30, 2022 and 2021, along with their balances immediately prior to the modification date and post-modification. Post-modification recorded investment represents the net book balance immediately following modification. For the Three Months Ended September 30, 2022 2021 No. of Loans Pre-modification Recorded Investment Post-modification Recorded Investment No. of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars in thousands) Troubled Debt Restructurings Real Estate loans: One-to-four family — $ — $ — 1 $ 64 $ 66 Total restructured loans — $ — $ — 1 $ 64 $ 66 For the Nine Months Ended September 30, 2022 2021 No. of Loans Pre-modification Recorded Investment Post-modification Recorded Investment No. of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars in thousands) Troubled Debt Restructurings Real Estate loans: One-to-four family — $ — $ — 2 $ 285 $ 388 Commercial — — — 1 192 211 Consumer loans: Home equity loans and advances 1 119 119 — — — Total restructured loans 1 $ 119 $ 119 3 $ 477 $ 599 |
Impaired Financing Receivables | The following tables present loans individually evaluated for impairment by loan segment, excluding PCD loans, at September 30, 2022 and December 31, 2021: At September 30, 2022 Recorded Investment Unpaid Principal Balance Specific Allowance (In thousands) With no allowance recorded: Real estate loans: One-to-four family $ 1,319 $ 1,667 $ — Multifamily 62 65 — Commercial real estate 14,924 15,612 — Commercial business loans 156 412 — Consumer loans: Home equity loans and advances 236 328 — 16,697 18,084 — With a specific allowance recorded: Real estate loans: One-to-four family 2,904 2,922 213 Multifamily 413 413 3 Commercial real estate 1,912 1,915 98 Commercial business loans 1,081 1,081 10 Consumer loans: Home equity loans and advances 459 459 6 6,769 6,790 330 Total: Real estate loans: One-to-four family 4,223 4,589 213 Multifamily 475 478 3 Commercial real estate 16,836 17,527 98 Commercial business loans 1,237 1,493 10 Consumer loans: Home equity loans and advances 695 787 6 Total loans $ 23,466 $ 24,874 $ 330 9. Loans Receivable and Allowance for Credit Losses (continued) At December 31, 2021 Recorded Investment Unpaid Principal Balance Specific Allowance (In thousands) With no allowance recorded: Real estate loans: One-to-four family $ 1,882 $ 2,421 $ — Multifamily 762 765 — Commercial real estate 13,861 14,586 — Commercial business loans 573 573 — Consumer loans: Home equity loans and advances 202 308 — 17,280 18,653 — With a specific allowance recorded: Real estate loans: One-to-four family 3,302 3,321 258 Commercial real estate 1,969 1,971 97 Commercial business loans 1,233 1,233 16 Consumer loans: Home equity loans and advances 503 503 7 7,007 7,028 378 Total: Real estate loans: One-to-four family 5,184 5,742 258 Multifamily 762 765 — Commercial real estate 15,830 16,557 97 Commercial business loans 1,806 1,806 16 Consumer loans: Home equity loans and advances 705 811 7 $ 24,287 $ 25,681 $ 378 For the Three Months Ended September 30, 2022 2021 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Real estate loans: One-to-four family $ 4,251 $ 45 $ 5,569 $ 64 Multifamily 598 6 8,626 10 Commercial real estate 16,086 163 17,477 217 Commercial business loans 1,269 22 2,106 36 Consumer loans: Home equity loans and advances 777 9 1,101 11 Total loans $ 22,981 $ 245 $ 34,879 $ 338 For the Nine Months Ended September 30, 2022 2021 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Real estate loans: One-to-four family $ 4,640 $ 146 $ 5,923 $ 229 Multifamily 675 28 11,246 359 Commercial real estate 16,254 568 17,000 329 Commercial business loans 1,447 66 2,226 106 Consumer loans: Home equity loans and advances 787 29 1,257 32 Total loans $ 23,803 $ 837 $ 37,652 $ 1,055 |
Financing Receivable Credit Quality Indicators | The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating, excluding PCD loans at September 30, 2022 and December 31, 2021: Loans by Year of Origination at September 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) One-to-Four Family Pass $ 628,998 $ 844,780 $ 299,287 $ 181,706 $ 127,773 $ 620,689 $ — $ — $ 2,703,233 Special mention — — — — — — — — — Substandard — 643 — 687 322 1,229 — — 2,881 Total One-to-Four Family 628,998 845,423 299,287 182,393 128,095 621,918 — — 2,706,114 Multifamily Pass 177,878 306,208 184,752 208,321 43,451 217,307 — — 1,137,917 Special mention — — — — — 4,542 — — 4,542 Substandard — — — — — — — — — Total Multifamily 177,878 306,208 184,752 208,321 43,451 221,849 — — 1,142,459 Commercial Real Estate Pass 303,030 398,505 179,623 263,603 233,911 906,137 — — 2,284,809 Special mention — — — 1,065 15,750 34,248 — — 51,063 Substandard — 481 1,286 1,607 — 15,540 — — 18,914 Total Commercial Real Estate 303,030 398,986 180,909 266,275 249,661 955,925 — — 2,354,786 Construction Pass 103,263 107,388 31,126 14,216 6,313 27,344 — — 289,650 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Construction $ 103,263 $ 107,388 $ 31,126 $ 14,216 $ 6,313 $ 27,344 $ — $ — $ 289,650 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at September 30, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) Commercial Business Pass $ 47,082 $ 35,305 $ 34,044 $ 25,527 $ 27,075 $ 39,171 $ 274,439 $ — $ 482,643 Special mention — — 57 1,230 1,081 41 3,241 — 5,650 Substandard — 355 63 207 2,688 348 5,524 — 9,185 Total Commercial Business 47,082 35,660 34,164 26,964 30,844 39,560 283,204 — 497,478 Home Equity Loans and Advances Pass 21,064 22,599 15,021 13,668 12,226 92,482 102,070 442 279,572 Special mention — — — — — — — — — Substandard — — — — 20 196 36 — 252 Total Home Equity Loans and Advances 21,064 22,599 15,021 13,668 12,246 92,678 102,106 442 279,824 Other Consumer Loans Pass 1,388 97 114 122 36 121 336 — 2,214 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Other Consumer Loans 1,388 97 114 122 36 121 336 — 2,214 Total Loans $ 1,282,703 $ 1,716,361 $ 745,373 $ 711,959 $ 470,646 $ 1,959,395 $ 385,646 $ 442 $ 7,272,525 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) One-to-Four Family Pass $ 793,848 $ 298,815 $ 196,244 $ 138,215 $ 134,811 $ 525,615 $ — $ — $ 2,087,548 Special mention — — — — — 203 — — 203 Substandard — — 1,463 1,420 360 1,323 — — 4,566 Total One-to-Four family 793,848 298,815 197,707 139,635 135,171 527,141 — — 2,092,317 Multifamily Pass 312,738 181,285 231,252 47,024 131,169 137,640 — — 1,041,108 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Multifamily 312,738 181,285 231,252 47,024 131,169 137,640 — — 1,041,108 Commercial Real Estate Pass 381,222 161,136 278,581 241,669 222,752 803,945 — — 2,089,305 Special mention — — 1,303 16,070 1,885 34,788 — — 54,046 Substandard — 386 — 1,561 1,276 23,662 — — 26,885 Total Commercial Real Estate 381,222 161,522 279,884 259,300 225,913 862,395 — — 2,170,236 Construction Pass 107,070 77,549 37,498 41,591 28,814 2,418 — — 294,940 Special mention — — 107 — — — — — 107 Substandard — — — — — — — — — Total Construction $ 107,070 $ 77,549 $ 37,605 $ 41,591 $ 28,814 $ 2,418 $ — $ — $ 295,047 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at December 31, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) Commercial Business Pass $ 84,113 $ 36,115 $ 25,156 $ 30,670 $ 21,762 $ 26,515 $ 210,597 $ — $ 434,928 Special mention 246 15 1,729 1,369 18 46 3,291 — 6,714 Substandard 192 71 352 1,084 371 609 7,911 — 10,590 Total Commercial Business 84,551 36,201 27,237 33,123 22,151 27,170 221,799 — 452,232 Home Equity Loans and Advances Pass 22,393 15,977 15,906 13,146 12,023 100,870 95,484 426 276,225 Special mention — — — — — — — — — Substandard — — — — — 246 92 — 338 Total Home Equity Loans and Advances 22,393 15,977 15,906 13,146 12,023 101,116 95,576 426 276,563 Other Consumer Loans Pass 659 58 284 60 9 5 353 — 1,428 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Other Consumer Loans 659 58 284 60 9 5 353 — 1,428 Total Loans $ 1,702,481 $ 771,407 $ 789,875 $ 533,879 $ 555,250 $ 1,657,885 $ 317,728 $ 426 $ 6,328,931 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | The following table summarizes lease payment obligations for each of the next five years and thereafter as follows: Lease Payment Obligations at September 30, 2022 December 31, 2021 (In thousands) One year or less $ 1,068 $ 4,198 After one year to two years 4,288 3,950 After two years to three years 3,748 3,150 After three years to four years 3,079 2,479 After four years to five years 2,777 2,177 Thereafter 6,360 5,340 Total undiscounted cash flows 21,320 21,294 Discount on cash flows (1,727) (1,709) Total lease liability $ 19,593 $ 19,585 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, 2022 2021 (In thousands) Non-interest-bearing demand $ 1,746,668 $ 1,712,061 Interest-bearing demand 2,701,551 2,599,987 Money market accounts 712,900 657,156 Savings and club deposits 960,547 822,833 Certificates of deposit 1,943,227 1,778,179 Total deposits $ 8,064,893 $ 7,570,216 |
Schedule of Certificate Accounts by Maturity | Scheduled maturities of certificates of deposit accounts at September 30, 2022 and December 31, 2021 are summarized as follows: September 30, December 31, 2022 2021 (In thousands) One year or less $ 1,032,732 $ 1,087,631 After one year to two years 690,540 418,515 After two years to three years 116,000 143,950 After three years to four years 64,870 36,277 After four years 39,085 91,806 $ 1,943,227 $ 1,778,179 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following is a summary of the Company's restricted stock activity during the three and nine months ended September 30, 2022 and 2021: Number of Restricted Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2022 1,054,335 $ 15.78 Grants 51,746 21.79 Vested (27,775) 17.86 Forfeited (31,570) 16.91 Non-vested at March 31, 2022 1,046,736 $ 15.98 Forfeited (5,182) 18.34 Non-vested at June 30, 2022 1,041,554 $ 15.97 Vested (635,951) 15.62 Forfeited (31,796) 15.87 Non-vested at September 30, 2022 373,807 $ 16.58 Number of Restricted Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2021 1,263,169 $ 15.66 Grants 50,203 17.86 Forfeited (13,846) 15.60 Non-vested at March 31, 2021 1,299,526 $ 15.74 Forfeited (128) 15.60 Non-vested at June 30, 2021 1,299,398 $ 15.74 Vested (163,882) 15.61 Forfeited (29,882) 15.63 Non-vested at September 30, 2021 1,105,634 $ 15.76 |
Share-based Payment Arrangement, Option, Activity | The following is a summary of the Company's option activity during the three and nine months ended September 30, 2022 and 2021: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2022 3,637,542 $ 15.78 7.6 $ 18,654,905 Granted 130,951 21.79 — — Exercised (62,859) 16.42 — — Expired (1,412) 15.60 — — Forfeited (61,961) 16.84 — — Outstanding, March 31, 2022 3,642,261 $ 15.92 7.5 $ 20,401,381 Exercised (5,412) 15.60 — — Forfeited (21,801) 17.78 — — Outstanding, June 30, 2022 3,615,048 $ 15.91 7.2 $ 21,335,939 Exercised (87,025) 15.60 — — Expired (8,704) 15.60 — — Forfeited (153,309) 15.72 — — Outstanding, September 30, 2022 3,366,010 $ 15.93 6.9 $ 17,598,873 Options exercisable at September 30, 2022 1,965,260 $ 15.67 6.4 $ 10,732,855 12. Stock Based Compensation (continued) Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2021 3,708,628 $ 15.66 8.6 $ — Granted 109,654 17.86 — — Expired (2,029) 15.60 — — Forfeited (30,118) 15.60 — — Outstanding, March 31, 2021 3,786,135 $ 15.73 8.4 $ 6,673,328 Exercised (1,661) 15.60 — $ — Expired (7,529) 15.60 — — Forfeited (1,412) 15.60 — — Outstanding, June 30, 2021 3,775,533 $ 15.73 8.1 $ 5,700,258 Exercised (26,861) 15.60 — $ — Expired (353) 15.60 — Forfeited (58,287) 15.73 — — Outstanding, September 30, 2021 3,690,032 $ 15.73 7.9 $ 10,222,527 Options exercisable at September 30, 2021 1,411,976 $ 15.64 7.8 $ 4,036,196 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Costs (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs | Net periodic benefit (income) cost for the Pension Plan, RIM Plan, Post-retirement Plan and Split-Dollar Life Insurance plan benefits for the three and nine months ended September 30, 2022 and 2021, includes the following components: For the Three Months Ended September 30, Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance 2022 2021 2022 2021 2022 2021 2022 2021 Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 1,267 $ 1,872 $ 93 $ 100 $ 122 $ 130 $ 130 $ 141 Compensation and employee benefits Interest cost 2,799 1,902 97 86 185 141 158 125 Other non-interest expense Expected return on plan assets (7,183) (6,661) — — — — — — Other non-interest expense Amortization: Prior service cost — — — — — — 14 14 Other non-interest expense Net loss 660 — 111 166 78 153 151 191 Other non-interest expense Net periodic (income) benefit cost $ (2,457) $ (2,887) $ 301 $ 352 $ 385 $ 424 $ 453 $ 471 For the Nine Months Ended September 30, Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance 2022 2021 2022 2021 2022 2021 2022 2021 Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 5,199 $ 6,172 $ 279 $ 300 $ 319 $ 390 $ 383 $ 423 Compensation and employee benefits Interest cost 6,911 5,414 291 258 508 423 453 375 Other non-interest expense Expected return on plan assets (22,375) (19,297) — — — — — — Other non-interest expense Amortization: Prior service cost — — — — — — 42 42 Other non-interest expense Net loss 660 2,000 333 498 234 459 453 573 Other non-interest expense Net periodic (income) benefit cost $ (9,605) $ (5,711) $ 903 $ 1,056 $ 1,061 $ 1,272 $ 1,331 $ 1,413 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at September 30, 2022 and December 31, 2021, by level within the fair value hierarchy: September 30, 2022 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Debt securities available for sale: U.S. government and agency obligations $ 63,281 $ 54,771 $ 8,510 $ — Mortgage-backed securities and collateralized mortgage obligations 1,223,652 — 1,223,652 — Municipal obligations 3,557 — 887 2,670 Corporate debt securities 81,231 — 71,532 9,699 Total debt securities available for sale 1,371,721 54,771 1,304,581 12,369 Equity securities 3,453 3,115 338 — Derivative assets 19,897 — 19,897 — $ 1,395,071 $ 57,886 $ 1,324,816 $ 12,369 Derivative liabilities 19,511 $ — $ 19,511 $ — December 31, 2021 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Debt securities available for sale: U.S. government and agency obligations $ 34,879 $ 34,879 $ — $ — Mortgage-backed securities and collateralized mortgage obligations 1,554,359 — 1,554,359 — Municipal obligations 4,179 — 4,179 — Corporate debt securities 110,430 — 110,430 — Total debt securities available for sale 1,703,847 34,879 1,668,968 — Equity securities 2,710 2,364 346 Derivative assets 9,492 — 9,492 — $ 1,716,049 $ 37,243 $ 1,678,806 $ — Derivative liabilities $ 17,366 $ — $ 17,366 $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below provides activity of assets reported as Level 3 for the period ended September 30, 2022: Significant Unobservable Inputs (Level 3) (In thousands) Debt securities available for sale: Balance of recurring Level 3 assets -December 31, 2021 $ — Transfers into Level 3 assets 13,539 Balance of recurring Level 3 assets - June 30, 2022 13,539 Maturity of Level 3 asset (914) Change in fair value of Level 3 assets (256) Balance of recurring Level 3 assets - September 30, 2022 $ 12,369 |
Fair Value Measurements, Nonrecurring | The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values on a non-recurring basis at September 30, 2022 and December 31, 2021, by level within the fair value hierarchy: September 30, 2022 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Mortgage servicing rights $ 2,309 $ — $ — $ 2,309 $ 2,309 $ — $ — $ 2,309 December 31, 2021 Fair Value Measurements Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Impaired loans $ 1,213 $ — $ — $ 1,213 Mortgage servicing rights 1,906 — — 1,906 $ 3,119 $ — $ — $ 3,119 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | The following table presents information for Level 3 assets measured at fair value on a non-recurring basis at September 30, 2022 and December 31, 2021: September 30, 2022 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average (Dollars in thousands) Mortgage servicing rights $ 2,309 Discounted cash flow Prepayment speeds and discount rates (1) 4.2% - 21.1% 6.9 % 14. Fair Value Measurements (continued) December 31, 2021 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average (Dollars in thousands) Impaired loans $ 1,213 Other Contracted sales price of collateral — % — % Mortgage servicing rights $ 1,906 Discounted cash flow Prepayment speeds and discount rates (2) 7.5% - 24.9% 12.7 % (1) Value of SBA servicing rights based on a discount rate of 13.25%. (2) Value of SBA servicing rights based on a discount rate of 10.25%. |
Fair Value, by Balance Sheet Grouping | The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at September 30, 2022 and December 31, 2021: September 30, 2022 Fair Value Measurements Carrying Value Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (In thousands) Financial assets: Cash and cash equivalents $ 102,048 $ 102,048 $ 102,048 $ — $ — Debt securities available for sale 1,371,721 1,371,721 54,771 1,304,581 12,369 Debt securities held to maturity 425,077 373,494 — 373,494 — Equity securities 3,453 3,453 3,115 338 — Federal Home Loan Bank stock 37,726 37,726 — 37,726 — Loans receivable, net 7,274,332 6,441,458 — — 6,441,458 Derivative assets 19,897 19,897 — 19,897 — Financial liabilities: Deposits $ 8,064,893 $ 8,001,656 $ — $ 8,001,656 $ — Borrowings 674,018 667,380 — 667,380 — Derivative liabilities 19,511 19,511 — 19,511 — December 31, 2021 Fair Value Measurements Carrying Value Total Fair Value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (In thousands) Financial assets: Cash and cash equivalents $ 70,963 $ 70,963 $ 70,963 $ — $ — Debt securities available for sale 1,703,847 1,703,847 34,879 1,668,968 — Debt securities held to maturity 429,734 434,789 — 434,789 — Equity securities 2,710 2,710 2,364 346 — Federal Home Loan Bank stock 23,141 23,141 — 23,141 — Loans receivable, net 6,297,912 6,457,766 — — 6,457,766 Derivative assets 9,492 9,492 — 9,492 — Financial liabilities: Deposits $ 7,570,216 $ 7,564,210 $ — $ 7,564,210 $ — Borrowings 377,309 378,810 — 378,810 — Derivative liabilities 17,366 17,366 — 17,366 — |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Other Comprehensive Income (Loss) | The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, 2022 2021 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of other comprehensive income (loss): Unrealized (loss) on debt securities available for sale: $ (65,744) $ 18,589 $ (47,155) $ (13,609) $ 3,666 $ (9,943) Accretion of unrealized (loss) on debt securities reclassified as held to maturity (19) 6 (13) (3) 1 (2) Reclassification adjustment for gain included in net income — — — 2,296 (505) 1,791 (65,763) 18,595 (47,168) (11,316) 3,162 (8,154) Derivatives: Unrealized gain on swap contracts accounted for as cash flow hedges 1,639 (457) 1,182 2,035 (568) 1,467 1,639 (457) 1,182 2,035 (568) 1,467 Employee benefit plans: Amortization of prior service cost included in net income (14) 3 (11) (14) 4 (10) Reclassification adjustment of actuarial net (loss) included in net income (339) 95 (244) (1,511) 422 (1,089) Change in funded status of retirement obligations 1,148 (211) 937 3,050 (852) 2,198 795 (113) 682 1,525 (426) 1,099 Total other comprehensive (loss) $ (63,329) $ 18,025 $ (45,304) $ (7,756) $ 2,168 $ (5,588) 15. Other Comprehensive Income (Loss) (continued) For the Nine Months Ended September 30, 2022 2021 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of other comprehensive income (loss): Unrealized (loss) on debt securities available for sale: $ (198,171) $ 55,528 $ (142,643) $ (26,804) $ 4,615 $ (22,189) Accretion of unrealized (loss) on debt securities reclassified as held to maturity (28) 7 (21) (24) 24 — Reclassification adjustment for gain included in net income 210 (59) 151 2,015 (426) 1,589 (197,989) 55,476 (142,513) (24,813) 4,213 (20,600) Derivatives: Unrealized gain on swap contracts accounted for as cash flow hedges 7,171 (2,004) 5,167 9,182 (1,084) 8,098 7,171 (2,004) 5,167 9,182 (1,084) 8,098 Employee benefit plans: Amortization of prior service cost included in net income (42) 11 (31) (42) 11 (31) Reclassification adjustment of actuarial net (loss) included in net income (1,017) 285 (732) (4,533) 1,266 (3,267) Change in funded status of retirement obligations (23,851) 6,730 (17,121) 40,541 (3,971) 36,570 (24,910) 7,026 (17,884) 35,966 (2,694) 33,272 Total other comprehensive (loss) income $ (215,728) $ 60,498 $ (155,230) $ 20,335 $ 435 $ 20,770 |
Components of Other Comprehensive Income (Loss) | The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three and nine months ended September 30, 2022 and 2021: For the Three Months Ended September 30, 2022 2021 Unrealized (Losses) on Debt Securities Available for Sale Unrealized (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) Unrealized Gains on Debt Securities Available for Sale Unrealized (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) (In thousands) Balance at beginning of period $ (93,701) $ (932) $ (61,212) $ (155,845) $ 18,582 $ (10,225) $ (51,624) $ (43,267) Current period changes in other comprehensive (loss) income (47,168) 1,182 682 (45,304) (8,154) 1,467 1,099 (5,588) Total other comprehensive (loss) income $ (140,869) $ 250 $ (60,530) $ (201,149) $ 10,428 $ (8,758) $ (50,525) $ (48,855) For the Nine Months Ended September 30, 2022 2021 Unrealized (Losses) on Debt Securities Available for Sale Unrealized (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) Unrealized Gains on Debt Securities Available for Sale Unrealized (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) (In thousands) Balance at beginning of period $ 1,644 $ (4,917) $ (42,646) $ (45,919) $ 31,028 $ (16,856) $ (83,797) $ (69,625) Current period changes in other comprehensive (loss) income (142,513) 5,167 (17,884) (155,230) (20,600) 8,098 33,272 20,770 Total other comprehensive (loss) income $ (140,869) $ 250 $ (60,530) $ (201,149) $ 10,428 $ (8,758) $ (50,525) $ (48,855) |
Reclassification out of AOCI | The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) to the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the three and nine months ended September 30, 2022 and 2021: Accumulated Other Comprehensive Income (Loss) Components For the Three Months Ended September 30, Affected Line Items in the Consolidated Statements of Income 2022 2021 (In thousands) Reclassification adjustment for gain included in net income $ — $ 2,296 Gain on securities transactions Reclassification adjustment of actuarial net (loss) included in net income (339) (1,511) Other non-interest expense Total before tax (339) 785 Income tax benefit 95 (83) Net of tax $ (244) $ 702 Accumulated Other Comprehensive Income (Loss) Components For the Nine Months Ended September 30, Affected Line Items in the Consolidated Statements of Income 2022 2021 (In thousands) Reclassification adjustment for gain included in net income $ 210 $ 2,015 Gain on securities transactions Reclassification adjustment of actuarial net (loss) included in net income (1,017) (4,533) Other non-interest expense Total before tax (807) (2,518) Income tax benefit 226 840 Net of tax $ (581) $ (1,678) |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative financial instruments on the Consolidated Balance Sheets | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification in the Consolidated Statements of Financial Condition at September 30, 2022 and December 31, 2021: September 30, 2022 Asset Derivative Liability Derivative Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value (In thousands) Derivatives: Interest rate swaps Other Assets $ 19,897 Other Liabilities $ 19,511 Total derivative instruments $ 19,897 $ 19,511 December 31, 2021 Asset Derivative Liability Derivative Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value (In thousands) Derivatives: Interest rate swaps Other Assets $ 9,492 Other Liabilities $ 17,366 Total derivative instruments $ 9,492 $ 17,366 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and nine months ended September 30, 2022 and 2021. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 (In thousands) Non-interest income In-scope of Topic 606: Demand deposit account fees $ 1,510 $ 986 $ 4,129 $ 2,682 Title insurance fees 796 1,431 2,788 4,554 Insurance agency income 38 — 83 — Other non-interest income 2,194 1,934 6,334 5,633 Total in-scope non-interest income 4,538 4,351 13,334 12,869 Total out-of-scope non-interest income 3,626 4,523 9,540 18,991 Total non-interest income $ 8,164 $ 8,874 $ 22,874 $ 31,860 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
May 01, 2022 | Dec. 01, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||||
Merger-related expenses | $ 1,198,000 | $ 55,000 | $ 2,676,000 | $ 130,000 | ||
Freehold Entities | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, equity interest issued or issuable (in shares) | 2,591,007,000 | |||||
Merger-related expenses | 4,000 | 55,000 | 11,000 | 130,000 | ||
Business combination, provisional information, initial accounting incomplete, adjustment, deferred tax assets | 82,000 | |||||
Goodwill, subsequent recognition of deferred tax asset | 82,000 | |||||
RSI Entites | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, equity interest issued or issuable (in shares) | 6,086,314 | |||||
Merger-related expenses | 1,200,000 | $ 0 | 2,700,000 | $ 0 | ||
Business combination, provisional information, initial accounting incomplete, adjustment, deferred tax assets | 2,000,000 | |||||
Goodwill, subsequent recognition of deferred tax asset | 2,000,000 | |||||
Goodwill | $ 28,003,000 | $ 26,000,000 | $ 26,000,000 | |||
RSI Entites | Minimum | Equipment | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant and equipment, useful life | 3 years | |||||
RSI Entites | Maximum | Equipment | ||||||
Business Acquisition [Line Items] | ||||||
Property, plant and equipment, useful life | 15 years |
Acquisitions - Assets Acquired
Acquisitions - Assets Acquired and Liabilities Assumed in Acquisition (Details) - RSI Entites - USD ($) $ in Thousands | May 01, 2022 | Sep. 30, 2022 |
Assets acquired: | ||
Cash and cash equivalents | $ 140,769 | |
Debt securities available for sale | 79,024 | |
Equity securities | 1,075 | |
Federal Home Loan Bank Stock | 906 | |
Loans receivable | 335,501 | |
Accrued interest receivable | 910 | |
Office properties and equipment, net | 7,296 | |
Bank-owned life insurance | 13,033 | |
Deferred tax asset, net | 3,633 | |
Core deposit intangibles | 10,271 | |
Other assets | 2,723 | |
Total assets acquired | 595,141 | |
Liabilities assumed: | ||
Deposits | 502,732 | |
Borrowings | 5,762 | |
Advance payments by borrowers for taxes and insurance | 1,341 | |
Accrued expenses and other liabilities | 10,568 | |
Total liabilities assumed | 520,403 | |
Net assets acquired | 74,738 | |
Fair market value of stock issued to Columbia Bank MHC for purchase | 102,741 | |
Goodwill recorded at merger | $ 28,003 | $ 26,000 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 20,919 | $ 20,982 | $ 64,282 | $ 68,715 |
Shares: | ||||
Weighted average shares outstanding - basic (in shares) | 106,926,864 | 102,977,254 | 105,440,345 | 104,486,520 |
Effect of dilutive common stock equivalents (in shares) | 607,634 | 0 | 599,895 | 0 |
Weighted average shares outstanding - diluted (in shares) | 107,534,498 | 102,977,254 | 106,040,240 | 104,486,520 |
Earnings per share: | ||||
Earnings per share - basic (in dollars per share) | $ 0.20 | $ 0.20 | $ 0.61 | $ 0.66 |
Earnings per share - diluted (in dollars per share) | $ 0.19 | $ 0.20 | $ 0.61 | $ 0.66 |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 121,935 | 3,731,901 | 89,990 | 3,741,138 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Dec. 06, 2021 | Feb. 01, 2021 | Sep. 10, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Stock repurchase program, percent of common stock | 4.60% | 4.50% | 4.30% | ||||
Shares repurchased, number of shares (in shares) | 874,080 | 1,163,500 | 3,420,747 | 4,633,540 | |||
Shares repurchased, value | $ 18,590 | $ 20,544 | $ 71,766 | $ 79,090 | |||
Share Repurchase Programs | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Shares repurchased, number of shares (in shares) | 874,080 | 1,163,500 | 3,420,747 | 4,633,540 | |||
Shares repurchased, value | $ 18,600 | $ 20,500 | $ 71,800 | $ 79,100 | |||
Shares repurchased, price per share (in dollars per share) | $ 21.27 | $ 17.66 | $ 20.98 | $ 17.07 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Jan. 01, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Allowance for credit losses on loans | $ 51,891 | [1] | $ 50,583 | $ 62,689 | [1] | $ 70,326 | $ 69,898 | $ 74,676 | |
Allowance for credit losses on debt securities available for sale | 0 | 0 | 0 | ||||||
Off-balance sheet, credit loss, liability | 6,611 | 8,358 | 524 | ||||||
Stockholders' equity attributable to parent | 1,029,645 | 1,074,284 | 1,079,081 | 1,030,876 | 1,033,046 | 1,011,287 | |||
Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders' equity attributable to parent | $ 835,627 | 814,708 | 765,133 | $ 741,799 | $ 720,817 | $ 673,084 | |||
Effect of adopting ASU No. 2016-13 ("CECL") | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Allowance for credit losses on loans | (16,443) | ||||||||
Allowance for credit losses on debt securities available for sale | 0 | 490 | |||||||
Off-balance sheet, credit loss, liability | $ 0 | 7,674 | |||||||
Stockholders' equity attributable to parent | 6,212 | ||||||||
Effect of adopting ASU No. 2016-13 ("CECL") | Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders' equity attributable to parent | $ 6,212 | ||||||||
ASU 2016-13 | Effect of adopting ASU No. 2016-13 ("CECL") | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Allowance for credit losses on loans | $ (12,100) | ||||||||
Allowance for credit losses on debt securities available for sale | 353 | ||||||||
Off-balance sheet, credit loss, liability | 5,500 | ||||||||
ASU 2016-13 | Effect of adopting ASU No. 2016-13 ("CECL") | Retained Earnings | |||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||
Stockholders' equity attributable to parent | $ 6,200 | ||||||||
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated. |
Debt Securities Available for_3
Debt Securities Available for Sale - Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | $ 1,559,151 | $ 1,701,379 | |
Gross Unrealized Gains | 128 | 16,943 | |
Gross Unrealized (Losses) | (187,558) | (14,475) | |
Allowance for Credit Losses | 0 | $ 0 | 0 |
Debt securities available for sale | 1,371,721 | 1,703,847 | |
U.S. government and agency obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 67,491 | 34,711 | |
Gross Unrealized Gains | 0 | 404 | |
Gross Unrealized (Losses) | (4,210) | (236) | |
Debt securities available for sale | 63,281 | 34,879 | |
Mortgage-backed securities and collateralized mortgage obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 1,399,397 | 1,553,491 | |
Gross Unrealized Gains | 122 | 14,141 | |
Gross Unrealized (Losses) | (175,867) | (13,273) | |
Debt securities available for sale | 1,223,652 | 1,554,359 | |
Municipal obligations | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 3,698 | 4,159 | |
Gross Unrealized Gains | 0 | 20 | |
Gross Unrealized (Losses) | (141) | 0 | |
Debt securities available for sale | 3,557 | 4,179 | |
Corporate debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Amortized Cost | 88,565 | 109,018 | |
Gross Unrealized Gains | 6 | 2,378 | |
Gross Unrealized (Losses) | (7,340) | (966) | |
Debt securities available for sale | $ 81,231 | $ 110,430 |
Debt Securities Available for_4
Debt Securities Available for Sale - Expected Maturities of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
One year or less | $ 919 | |
More than one year to five years | 68,971 | |
More than five years to ten years | 89,864 | |
Available-for-sale debt securities, allocated and single maturity date, total | 159,754 | |
Mortgage-backed securities and collateralized mortgage obligations | 1,399,397 | |
Amortized Cost | 1,559,151 | $ 1,701,379 |
Fair Value | ||
One year or less | 901 | |
More than one year to five years | 65,791 | |
More than five years to ten years | 81,377 | |
Available-for-sale debt securities, allocated and single maturity date, total | 148,069 | |
Mortgage-backed securities and collateralized mortgage obligations | 1,223,652 | |
Fair Value | $ 1,371,721 | $ 1,703,847 |
Debt Securities Available for_5
Debt Securities Available for Sale - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) security | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) security | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) security | |
Debt Securities, Available-for-sale [Line Items] | |||||
Mortgage-backed securities and collateralized mortgage obligations | $ 1,399,397,000 | $ 1,399,397,000 | |||
Mortgage-backed securities and collateralized mortgage obligations | 1,223,652,000 | 1,223,652,000 | |||
Proceeds from sales of debt securities available for sale | 0 | $ 22,500,000 | 126,772,000 | $ 27,249,000 | |
Gross gains on sale of available-for-sale securities | 2,000,000 | 210,000 | 2,000,000 | ||
Gross losses on sale of available-for-sale securities | 0 | 0 | 281,000 | ||
Proceeds from calls of debt securities available for sale | 0 | 9,000,000 | 0 | 14,000,000 | |
Proceeds from maturities of debt securities, available-for-sale | 915,000 | 0 | 915,000 | 210,000 | |
Calls of debt securities, available-for-sale, realized gain | 0 | 0 | |||
Calls of debt securities, available-for-sale, unrealized loss | $ 0 | $ 0 | |||
Debt securities, available-for-sale, restricted | $ 636,000,000 | $ 636,000,000 | $ 587,700,000 | ||
Number of securities in unrealized loss position | security | 439 | 439 | 219 | ||
Accrued interest receivable on debt securities available for sale | $ 3,100,000 | $ 3,100,000 | |||
Subsidiaries | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities, available-for-sale, restricted | $ 30,100,000 | $ 30,100,000 | $ 44,100,000 |
Debt Securities Available for_6
Debt Securities Available for Sale - Continuous Unrealized Loss Position of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value | ||
Less Than 12 Months | $ 824,671 | $ 864,455 |
12 Months or Longer | 522,105 | 67,112 |
Total | 1,346,776 | 931,567 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (81,699) | (12,799) |
12 Months or Longer | (105,859) | (1,676) |
Total | (187,558) | (14,475) |
U.S. government and agency obligations | ||
Fair Value | ||
Less Than 12 Months | 54,464 | 14,488 |
12 Months or Longer | 8,817 | 0 |
Total | 63,281 | 14,488 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (3,104) | (236) |
12 Months or Longer | (1,106) | 0 |
Total | (4,210) | (236) |
Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less Than 12 Months | 696,364 | 820,746 |
12 Months or Longer | 504,328 | 62,407 |
Total | 1,200,692 | 883,153 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (72,154) | (11,892) |
12 Months or Longer | (103,713) | (1,381) |
Total | (175,867) | (13,273) |
Municipal obligations | ||
Fair Value | ||
Less Than 12 Months | 3,557 | |
12 Months or Longer | 0 | |
Total | 3,557 | |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (141) | |
12 Months or Longer | 0 | |
Total | (141) | |
Corporate debt securities | ||
Fair Value | ||
Less Than 12 Months | 70,286 | 29,221 |
12 Months or Longer | 8,960 | 4,705 |
Total | 79,246 | 33,926 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (6,300) | (671) |
12 Months or Longer | (1,040) | (295) |
Total | $ (7,340) | $ (966) |
Debt Securities Available for_7
Debt Securities Available for Sale - Debt Securities, Available-for-sale, Allowance for Credit Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 0 | $ 0 |
(Reversal of ) credit losses | 0 | (490) |
Ending balance | 0 | 0 |
Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | ||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 0 | $ 490 |
Debt Securities Held to Matur_3
Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 425,077 | $ 429,734 |
Gross Unrealized Gains | 0 | 6,741 |
Gross Unrealized (Losses) | (51,583) | (1,686) |
Allowance for Credit Losses | 0 | |
Fair Value | 373,494 | 434,789 |
U.S. government and agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 49,871 | 44,870 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (7,587) | (759) |
Allowance for Credit Losses | 0 | |
Fair Value | 42,284 | 44,111 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 375,206 | 384,864 |
Gross Unrealized Gains | 0 | 6,741 |
Gross Unrealized (Losses) | (43,996) | (927) |
Allowance for Credit Losses | 0 | |
Fair Value | $ 331,210 | $ 390,678 |
Debt Securities Held to Matur_4
Debt Securities Held to Maturity - Expected Maturities of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
More than one year to five years | $ 19,875 | |
More than five years to ten years | 19,996 | |
More than ten years | 10,000 | |
Held-to-maturity debt securities, allocated and single maturity date, total | 49,871 | |
Mortgage-backed securities and collateralized mortgage obligations | 375,206 | |
Amortized Cost | 425,077 | $ 429,734 |
Fair Value | ||
More than one year to five years | 18,282 | |
More than five years to ten years | 16,479 | |
More than ten years | 7,523 | |
Held-to-maturity debt securities, allocated and single maturity date, total | 42,284 | |
Mortgage-backed securities and collateralized mortgage obligations | 331,210 | |
Debt securities held to maturity | $ 373,494 | $ 434,789 |
Debt Securities Held to Matur_5
Debt Securities Held to Maturity - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) security | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) security | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) security | |
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | $ 425,077,000 | $ 425,077,000 | $ 429,734,000 | ||
Fair Value | 373,494,000 | 373,494,000 | 434,789,000 | ||
Proceeds from sale and maturity of held-to-maturity securities | 0 | $ 0 | 0 | $ 0 | |
Proceeds from calls of debt securities, held-to-maturity | $ 0 | 5,100,000 | |||
Debt securities, held-to-maturity, sold, realized gain (loss) | $ 0 | ||||
Fair value of securities sold under agreements to repurchase | $ 230,900,000 | $ 230,900,000 | $ 252,400,000 | ||
Number of positions | security | 117 | 117 | 25 | ||
Accrued interest receivable on debt securities held-to-maturity | $ 820,000 | $ 820,000 | |||
Mortgage-backed securities and collateralized mortgage obligations | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Amortized Cost | 375,206,000 | 375,206,000 | $ 384,864,000 | ||
Fair Value | $ 331,210,000 | $ 331,210,000 | $ 390,678,000 |
Debt Securities Held to Matur_6
Debt Securities Held to Maturity - Continuous Unrealized Loss Position on Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value | ||
Less Than 12 Months | $ 327,084 | $ 123,147 |
12 Months or Longer | 46,409 | 0 |
Total | 373,493 | 123,147 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (41,431) | (1,686) |
12 Months or Longer | (10,152) | 0 |
Total | (51,583) | (1,686) |
U.S. government and agency obligations | ||
Fair Value | ||
Less Than 12 Months | 4,967 | 44,111 |
12 Months or Longer | 37,316 | 0 |
Total | 42,283 | 44,111 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (32) | (759) |
12 Months or Longer | (7,555) | 0 |
Total | (7,587) | (759) |
Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less Than 12 Months | 322,117 | 79,036 |
12 Months or Longer | 9,093 | 0 |
Total | 331,210 | 79,036 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (41,399) | (927) |
12 Months or Longer | (2,597) | 0 |
Total | $ (43,996) | $ (927) |
Equity Securities at Fair Val_2
Equity Securities at Fair Value (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Equity securities | $ 3,453,000 | $ 3,453,000 | $ 2,710,000 | ||
Change in fair value of equity securities | (264,000) | $ (443,000) | (332,000) | $ (1,809,000) | |
Proceeds from sale of equity securities | $ 0 | 1,300,000 | $ 0 | 1,300,000 | |
Equity securities, realized gain | 344,000 | 344,000 | |||
Equity securities, realized loss | $ 0 | $ 0 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Dec. 31, 2021 USD ($) loan | Jun. 30, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Accrued interest receivable on loans receivable | $ 26,300,000 | $ 26,300,000 | ||||
Loans held-for-sale | 0 | 0 | $ 0 | |||
Proceeds from sales of loans held-for-sale | 6,187,000 | $ 293,005,000 | ||||
Gain on sale of loans held-for-sale | 63,000 | 173,000 | 8,600,000 | |||
Loss on sale of loans held-for-sale | 64,000 | 64,000 | 0 | |||
Purchases of loans receivable | 0 | 0 | $ 74,232,000 | |||
Financing receivable, excluding accrued interest, before allowance for credit loss | 7,326,223,000 | 7,326,223,000 | 6,360,601,000 | |||
Carrying value of servicing liability | $ 507,600,000 | $ 507,600,000 | $ 519,500,000 | |||
Threshold period, past due status of financial receivables | 30 days | |||||
Threshold period, past due for nonperforming status of financial receivables | 90 days | 90 days | 90 days | |||
Non-accrual | $ 7,000,000 | $ 7,000,000 | $ 3,900,000 | |||
Financing receivable, excluding accrued interest, 90 days or more past due, still accruing | 0 | 0 | 0 | |||
Real estate owned | $ 0 | $ 0 | 0 | |||
Number of loans | loan | 0 | 1 | 1 | 3 | ||
Mortgage loans in process of foreclosure, amount | 87,000 | |||||
Specific allowance for loan losses attributable to impaired loans | $ 330,000 | $ 330,000 | 378,000 | |||
Impaired loans for which there are no related allowance for loan losses | 16,697,000 | 16,697,000 | 17,280,000 | |||
Financing receivable, modifications, recorded investment | 20,100,000 | 20,100,000 | 22,400,000 | |||
Off-balance sheet, credit loss, liability | 6,611,000 | 6,611,000 | 524,000 | $ 8,358,000 | ||
Off-balance sheet, credit loss, liability, credit loss expense (reversal) | (1,747,000) | (1,587,000) | ||||
Real estate loans | One-to-four family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds from sales of loans held-for-sale | $ 1,800,000 | $ 1,800,000 | $ 2,400,000 | $ 17,400,000 | ||
Purchases of loans receivable | $ 678,000 | $ 678,000 | ||||
Number of loans | loan | 0 | 1 | 0 | 2 | ||
Specific allowance for loan losses attributable to impaired loans | $ 213,000 | $ 213,000 | 258,000 | |||
Impaired loans for which there are no related allowance for loan losses | 1,319,000 | 1,319,000 | 1,882,000 | |||
Real estate loans | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds from sales of loans held-for-sale | 510,000 | $ 1,800,000 | $ 6,400,000 | |||
Real estate loans | Multifamily And Commercial Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds from sales of loans held-for-sale | 19,100,000 | |||||
Real estate loans | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Purchases of loans receivable | $ 2,000,000 | $ 73,600,000 | ||||
Number of loans | loan | 0 | 1 | ||||
Specific allowance for loan losses attributable to impaired loans | 98,000 | $ 98,000 | 97,000 | |||
Impaired loans for which there are no related allowance for loan losses | 14,924,000 | 14,924,000 | 13,861,000 | |||
Commercial business loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds from sales of loans held-for-sale | 685,000 | 1,200,000 | 2,000,000 | $ 250,100,000 | ||
Gain on sale of loans held-for-sale | 140,000 | |||||
Loss on sale of loans held-for-sale | 0 | |||||
Specific allowance for loan losses attributable to impaired loans | 10,000 | 10,000 | 16,000 | |||
Impaired loans for which there are no related allowance for loan losses | 156,000 | 156,000 | 573,000 | |||
Commercial business loans | Multifamily And Commercial Real Estate Loan | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds from sales of loans held-for-sale | 15,000,000 | |||||
Less Than 90 Days | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Non-accrual | $ 1,800,000 | $ 1,800,000 | $ 1,700,000 | |||
Financial receivable, number of loans in nonaccrual status | loan | 11 | 11 | 10 | |||
60-89 Days | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of loans | loan | 2 | |||||
Financing receivable, modifications, recorded investment | $ 353,000 | $ 353,000 | ||||
30-59 Days | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Number of loans | loan | 0 | 1 | ||||
Financing receivable, modifications, recorded investment | $ 36,000 | |||||
Freddie Mac | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Proceeds from Sale of Loans Receivable | 0 | $ 0 | $ 0 | |||
Gain on sale of loans receivable | 2,300,000 | |||||
Loss on sale of loans receivable | 0 | |||||
Proceeds from securitizations of loans held-for-investment | $ 99,600,000 | |||||
Stewardship Financial Corporation | Financial Asset Acquired with Credit Deterioration | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,000,000 | 2,000,000 | 2,700,000 | |||
Roselle Entities | Financial Asset Acquired with Credit Deterioration | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable, excluding accrued interest, before allowance for credit loss | 184,000 | 184,000 | 184,000 | |||
Freehold Entities | Financial Asset Acquired with Credit Deterioration | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable, excluding accrued interest, before allowance for credit loss | 3,700,000 | 3,700,000 | 3,900,000 | |||
RSI Entites | Financial Asset Acquired with Credit Deterioration | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable, excluding accrued interest, before allowance for credit loss | 13,900,000 | 13,900,000 | ||||
Paycheck Protection Program | Commercial business loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Financing receivable, excluding accrued interest, before allowance for credit loss | 2,200,000 | 2,200,000 | 44,900,000 | |||
Financing receivable, unamortized loan fee | $ 44,000 | $ 44,000 | $ 1,200,000 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses - Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | $ 7,292,296 | $ 6,335,722 |
Net deferred loan costs, fees and purchased premiums and discounts | 33,927 | 24,879 |
Loans receivable | 7,326,223 | 6,360,601 |
Real estate loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,708,293 | 2,092,748 |
Real estate loans | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,142,459 | 1,041,108 |
Real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,370,524 | 2,175,662 |
Real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 290,690 | 295,047 |
Commercial business loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 498,140 | 453,166 |
Consumer loans | Home equity loans and advances | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 279,976 | 276,563 |
Consumer loans | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,214 | 1,428 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 7,272,525 | 6,328,931 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,706,114 | 2,092,317 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,142,459 | 1,041,108 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,354,786 | 2,170,236 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 289,650 | 295,047 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 497,478 | 452,232 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 279,824 | 276,563 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,214 | 1,428 |
Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 19,771 | 6,791 |
Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,179 | 431 |
Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 0 | 0 |
Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 15,738 | 5,426 |
Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,040 | 0 |
Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 662 | 934 |
Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 152 | 0 |
Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | $ 0 | $ 0 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses - Aging of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | $ 7,000 | $ 3,900 |
Total gross loans | 7,292,296 | 6,335,722 |
Real estate loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 2,708,293 | 2,092,748 |
Real estate loans | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,142,459 | 1,041,108 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 2,370,524 | 2,175,662 |
Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 290,690 | 295,047 |
Commercial business loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 498,140 | 453,166 |
Consumer loans | Home equity loans and advances | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 279,976 | 276,563 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 2,214 | 1,428 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 6,996 | 3,939 |
Total gross loans | 7,272,525 | 6,328,931 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 16,684 | 10,091 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 9,598 | 5,840 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,938 | 2,033 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 5,148 | 2,218 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 7,255,841 | 6,318,840 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 2,518 | 1,416 |
Total gross loans | 2,706,114 | 2,092,317 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 8,241 | 5,480 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 5,101 | 3,131 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,883 | 1,976 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,257 | 373 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 2,697,873 | 2,086,837 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
Total gross loans | 1,142,459 | 1,041,108 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,092 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,092 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,141,367 | 1,041,108 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 3,373 | 1,561 |
Total gross loans | 2,354,786 | 2,170,236 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 4,328 | 3,750 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,436 | 2,189 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 2,892 | 1,561 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 2,350,458 | 2,166,486 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
Total gross loans | 289,650 | 295,047 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 544 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 544 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 289,106 | 295,047 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 906 | 761 |
Total gross loans | 497,478 | 452,232 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 840 | 615 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 0 | 412 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 840 | 203 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 496,638 | 451,617 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 199 | 201 |
Total gross loans | 279,824 | 276,563 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,624 | 242 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,425 | 108 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 40 | 53 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 159 | 81 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 278,200 | 276,321 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
Total gross loans | 2,214 | 1,428 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 15 | 4 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 15 | 4 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | 90 Days or More | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 0 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | $ 2,199 | $ 1,424 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | ||
Allowance for credit losses: | ||||||||
Total | $ 51,891 | [1] | $ 50,583 | $ 62,689 | [1] | $ 70,326 | $ 69,898 | $ 74,676 |
Total loans: | ||||||||
Total | 7,292,296 | 6,335,722 | ||||||
Real estate loans | One-to-four family | ||||||||
Allowance for credit losses: | ||||||||
Total | 11,946 | 10,836 | 8,798 | 14,788 | 17,108 | 13,586 | ||
Total loans: | ||||||||
Total | 2,708,293 | 2,092,748 | ||||||
Real estate loans | Multifamily | ||||||||
Allowance for credit losses: | ||||||||
Total | 7,249 | 10,932 | 7,741 | 8,513 | 8,442 | 8,897 | ||
Total loans: | ||||||||
Total | 1,142,459 | 1,041,108 | ||||||
Real estate loans | Commercial real estate | ||||||||
Allowance for credit losses: | ||||||||
Total | 17,699 | 14,480 | 16,114 | 17,720 | 17,814 | 21,784 | ||
Total loans: | ||||||||
Total | 2,370,524 | 2,175,662 | ||||||
Real estate loans | Construction | ||||||||
Allowance for credit losses: | ||||||||
Total | 5,640 | 5,570 | 8,943 | 9,482 | 9,160 | 11,271 | ||
Total loans: | ||||||||
Total | 290,690 | 295,047 | ||||||
Commercial business loans | ||||||||
Allowance for credit losses: | ||||||||
Total | 7,480 | 7,284 | 20,214 | 18,725 | 15,898 | 17,384 | ||
Total loans: | ||||||||
Total | 498,140 | 453,166 | ||||||
Consumer loans | Home equity loans and advances | ||||||||
Allowance for credit losses: | ||||||||
Total | 1,868 | 1,471 | 873 | 1,092 | 1,471 | 1,748 | ||
Total loans: | ||||||||
Total | 279,976 | 276,563 | ||||||
Consumer loans | Other consumer loans | ||||||||
Allowance for credit losses: | ||||||||
Total | 9 | $ 10 | 6 | $ 6 | $ 5 | $ 6 | ||
Total loans: | ||||||||
Total | 2,214 | 1,428 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||||||
Allowance for credit losses: | ||||||||
Individually evaluated for impairment | 330 | 378 | ||||||
Collectively evaluated for impairment | 51,474 | 62,311 | ||||||
Total loans: | ||||||||
Individually evaluated for impairment | 23,466 | 24,287 | ||||||
Collectively evaluated for impairment | 7,249,059 | 6,304,644 | ||||||
Total | 7,272,525 | 6,328,931 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||||||||
Allowance for credit losses: | ||||||||
Individually evaluated for impairment | 213 | 258 | ||||||
Collectively evaluated for impairment | 11,725 | 8,540 | ||||||
Total loans: | ||||||||
Individually evaluated for impairment | 4,223 | 5,184 | ||||||
Collectively evaluated for impairment | 2,701,891 | 2,087,133 | ||||||
Total | 2,706,114 | 2,092,317 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||||||||
Allowance for credit losses: | ||||||||
Individually evaluated for impairment | 3 | 0 | ||||||
Collectively evaluated for impairment | 7,246 | 7,741 | ||||||
Total loans: | ||||||||
Individually evaluated for impairment | 475 | 762 | ||||||
Collectively evaluated for impairment | 1,141,984 | 1,040,346 | ||||||
Total | 1,142,459 | 1,041,108 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||||||||
Allowance for credit losses: | ||||||||
Individually evaluated for impairment | 98 | 97 | ||||||
Collectively evaluated for impairment | 17,540 | 16,017 | ||||||
Total loans: | ||||||||
Individually evaluated for impairment | 16,836 | 15,830 | ||||||
Collectively evaluated for impairment | 2,337,950 | 2,154,406 | ||||||
Total | 2,354,786 | 2,170,236 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||||||||
Allowance for credit losses: | ||||||||
Individually evaluated for impairment | 0 | 0 | ||||||
Collectively evaluated for impairment | 5,630 | 8,943 | ||||||
Total loans: | ||||||||
Individually evaluated for impairment | 0 | 0 | ||||||
Collectively evaluated for impairment | 289,650 | 295,047 | ||||||
Total | 289,650 | 295,047 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||||||||
Allowance for credit losses: | ||||||||
Individually evaluated for impairment | 10 | 16 | ||||||
Collectively evaluated for impairment | 7,463 | 20,198 | ||||||
Total loans: | ||||||||
Individually evaluated for impairment | 1,237 | 1,806 | ||||||
Collectively evaluated for impairment | 496,241 | 450,426 | ||||||
Total | 497,478 | 452,232 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||||||||
Allowance for credit losses: | ||||||||
Individually evaluated for impairment | 6 | 7 | ||||||
Collectively evaluated for impairment | 1,861 | 866 | ||||||
Total loans: | ||||||||
Individually evaluated for impairment | 695 | 705 | ||||||
Collectively evaluated for impairment | 279,129 | 275,858 | ||||||
Total | 279,824 | 276,563 | ||||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||||||||
Allowance for credit losses: | ||||||||
Individually evaluated for impairment | 0 | 0 | ||||||
Collectively evaluated for impairment | 9 | 6 | ||||||
Total loans: | ||||||||
Individually evaluated for impairment | 0 | 0 | ||||||
Collectively evaluated for impairment | 2,214 | 1,428 | ||||||
Total | 2,214 | 1,428 | ||||||
Financial Asset Acquired with Credit Deterioration | ||||||||
Allowance for credit losses: | ||||||||
Total | 87 | 0 | ||||||
Total loans: | ||||||||
Total | 19,771 | 6,791 | ||||||
Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||||||||
Allowance for credit losses: | ||||||||
Total | 8 | 0 | ||||||
Total loans: | ||||||||
Total | 2,179 | 431 | ||||||
Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||||||||
Allowance for credit losses: | ||||||||
Total | 0 | 0 | ||||||
Total loans: | ||||||||
Total | 0 | 0 | ||||||
Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||||||||
Allowance for credit losses: | ||||||||
Total | 61 | 0 | ||||||
Total loans: | ||||||||
Total | 15,738 | 5,426 | ||||||
Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||||||||
Allowance for credit losses: | ||||||||
Total | 10 | 0 | ||||||
Total loans: | ||||||||
Total | 1,040 | 0 | ||||||
Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||||||||
Allowance for credit losses: | ||||||||
Total | 7 | 0 | ||||||
Total loans: | ||||||||
Total | 662 | 934 | ||||||
Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||||||||
Allowance for credit losses: | ||||||||
Total | 1 | 0 | ||||||
Total loans: | ||||||||
Total | 152 | 0 | ||||||
Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||||||||
Allowance for credit losses: | ||||||||
Total | 0 | 0 | ||||||
Total loans: | ||||||||
Total | $ 0 | $ 0 | ||||||
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated. |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
No. of Loans | loan | 0 | 1 | 1 | 3 |
Pre-modification Recorded Investment | $ 0 | $ 64 | $ 119 | $ 477 |
Post-modification Recorded Investment | $ 0 | $ 66 | $ 119 | $ 599 |
Real estate loans | One-to-four family | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
No. of Loans | loan | 0 | 1 | 0 | 2 |
Pre-modification Recorded Investment | $ 0 | $ 64 | $ 0 | $ 285 |
Post-modification Recorded Investment | $ 0 | $ 66 | $ 0 | $ 388 |
Real estate loans | Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
No. of Loans | loan | 0 | 1 | ||
Pre-modification Recorded Investment | $ 0 | $ 192 | ||
Post-modification Recorded Investment | $ 0 | $ 211 | ||
Consumer loans | Home equity loans and advances | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
No. of Loans | loan | 1 | 0 | ||
Pre-modification Recorded Investment | $ 119 | $ 0 | ||
Post-modification Recorded Investment | $ 119 | $ 0 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | $ 50,583 | $ 69,898 | $ 62,689 | [1] | $ 74,676 | |
Initial allowance related to PCD loans | 633 | |||||
Provision for (reversal of) credit losses | 1,516 | 480 | 5,004 | (2,561) | ||
Recoveries | 94 | 347 | 495 | 1,471 | ||
Charge-offs | (302) | (399) | (487) | (3,260) | ||
Balance at end of period | 51,891 | [1] | 70,326 | 51,891 | [1] | 70,326 |
Effect of adopting ASU No. 2016-13 ("CECL") | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | (16,443) | |||||
Real estate loans | One-to-four family | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 10,836 | 17,108 | 8,798 | 13,586 | ||
Initial allowance related to PCD loans | 131 | |||||
Provision for (reversal of) credit losses | 1,394 | (2,218) | 5,364 | 1,796 | ||
Recoveries | 0 | 4 | 338 | 18 | ||
Charge-offs | (284) | (106) | (377) | (612) | ||
Balance at end of period | 11,946 | 14,788 | 11,946 | 14,788 | ||
Real estate loans | One-to-four family | Effect of adopting ASU No. 2016-13 ("CECL") | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | (2,308) | |||||
Real estate loans | Multifamily | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 10,932 | 8,442 | 7,741 | 8,897 | ||
Initial allowance related to PCD loans | 0 | |||||
Provision for (reversal of) credit losses | (3,683) | (146) | 1,538 | (305) | ||
Recoveries | 0 | 217 | 0 | 217 | ||
Charge-offs | 0 | 0 | 0 | (296) | ||
Balance at end of period | 7,249 | 8,513 | 7,249 | 8,513 | ||
Real estate loans | Multifamily | Effect of adopting ASU No. 2016-13 ("CECL") | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | (2,030) | |||||
Real estate loans | Commercial real estate | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 14,480 | 17,814 | 16,114 | 21,784 | ||
Initial allowance related to PCD loans | 474 | |||||
Provision for (reversal of) credit losses | 3,219 | (171) | 5,338 | (4,812) | ||
Recoveries | 0 | 77 | 0 | 1,014 | ||
Charge-offs | 0 | 0 | 0 | (266) | ||
Balance at end of period | 17,699 | 17,720 | 17,699 | 17,720 | ||
Real estate loans | Commercial real estate | Effect of adopting ASU No. 2016-13 ("CECL") | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | (4,227) | |||||
Real estate loans | Construction | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 5,570 | 9,160 | 8,943 | 11,271 | ||
Initial allowance related to PCD loans | 3 | |||||
Provision for (reversal of) credit losses | 70 | 322 | (960) | (1,790) | ||
Recoveries | 0 | 0 | 0 | 1 | ||
Charge-offs | 0 | 0 | 0 | 0 | ||
Balance at end of period | 5,640 | 9,482 | 5,640 | 9,482 | ||
Real estate loans | Construction | Effect of adopting ASU No. 2016-13 ("CECL") | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | (2,346) | |||||
Commercial business loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 7,284 | 15,898 | 20,214 | 17,384 | ||
Initial allowance related to PCD loans | 19 | |||||
Provision for (reversal of) credit losses | 120 | 2,854 | (7,520) | 2,945 | ||
Recoveries | 76 | 42 | 131 | 169 | ||
Charge-offs | 0 | (69) | (62) | (1,773) | ||
Balance at end of period | 7,480 | 18,725 | 7,480 | 18,725 | ||
Commercial business loans | Effect of adopting ASU No. 2016-13 ("CECL") | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | (5,302) | |||||
Consumer loans | Home equity loans and advances | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 1,471 | 1,471 | 873 | 1,748 | ||
Initial allowance related to PCD loans | 6 | |||||
Provision for (reversal of) credit losses | 385 | (165) | 1,225 | (400) | ||
Recoveries | 18 | 7 | 26 | 52 | ||
Charge-offs | (6) | (221) | (33) | (308) | ||
Balance at end of period | 1,868 | 1,092 | 1,868 | 1,092 | ||
Consumer loans | Home equity loans and advances | Effect of adopting ASU No. 2016-13 ("CECL") | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | (229) | |||||
Consumer loans | Other consumer loans | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | 10 | 5 | 6 | 6 | ||
Initial allowance related to PCD loans | 0 | |||||
Provision for (reversal of) credit losses | 11 | 4 | 19 | 5 | ||
Recoveries | 0 | 0 | 0 | 0 | ||
Charge-offs | (12) | (3) | (15) | (5) | ||
Balance at end of period | $ 9 | $ 6 | 9 | $ 6 | ||
Consumer loans | Other consumer loans | Effect of adopting ASU No. 2016-13 ("CECL") | ||||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||||
Balance at beginning of period | $ (1) | |||||
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated. |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | $ 16,697 | $ 17,280 |
With no allowance recorded: Unpaid principal balance | 18,084 | 18,653 |
With a specific allowance recorded: Recorded investment | 6,769 | 7,007 |
With a specific allowance recorded: Unpaid principal balance | 6,790 | 7,028 |
Recorded Investment | 23,466 | 24,287 |
Unpaid Principal Balance | 24,874 | 25,681 |
Specific Allowance | 330 | 378 |
Real estate loans | One-to-four family | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 1,319 | 1,882 |
With no allowance recorded: Unpaid principal balance | 1,667 | 2,421 |
With a specific allowance recorded: Recorded investment | 2,904 | 3,302 |
With a specific allowance recorded: Unpaid principal balance | 2,922 | 3,321 |
Recorded Investment | 4,223 | 5,184 |
Unpaid Principal Balance | 4,589 | 5,742 |
Specific Allowance | 213 | 258 |
Real estate loans | Multifamily | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 62 | 762 |
With no allowance recorded: Unpaid principal balance | 65 | 765 |
With a specific allowance recorded: Recorded investment | 413 | |
With a specific allowance recorded: Unpaid principal balance | 413 | |
Recorded Investment | 475 | 762 |
Unpaid Principal Balance | 478 | 765 |
Specific Allowance | 3 | 0 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 14,924 | 13,861 |
With no allowance recorded: Unpaid principal balance | 15,612 | 14,586 |
With a specific allowance recorded: Recorded investment | 1,912 | 1,969 |
With a specific allowance recorded: Unpaid principal balance | 1,915 | 1,971 |
Recorded Investment | 16,836 | 15,830 |
Unpaid Principal Balance | 17,527 | 16,557 |
Specific Allowance | 98 | 97 |
Commercial business loans | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 156 | 573 |
With no allowance recorded: Unpaid principal balance | 412 | 573 |
With a specific allowance recorded: Recorded investment | 1,081 | 1,233 |
With a specific allowance recorded: Unpaid principal balance | 1,081 | 1,233 |
Recorded Investment | 1,237 | 1,806 |
Unpaid Principal Balance | 1,493 | 1,806 |
Specific Allowance | 10 | 16 |
Consumer loans | Home equity loans and advances | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 236 | 202 |
With no allowance recorded: Unpaid principal balance | 328 | 308 |
With a specific allowance recorded: Recorded investment | 459 | 503 |
With a specific allowance recorded: Unpaid principal balance | 459 | 503 |
Recorded Investment | 695 | 705 |
Unpaid Principal Balance | 787 | 811 |
Specific Allowance | $ 6 | $ 7 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses - Interest Income on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 22,981 | $ 34,879 | $ 23,803 | $ 37,652 |
Interest Income Recognized | 245 | 338 | 837 | 1,055 |
Real estate loans | One-to-four family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 4,251 | 5,569 | 4,640 | 5,923 |
Interest Income Recognized | 45 | 64 | 146 | 229 |
Real estate loans | Multifamily | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 598 | 8,626 | 675 | 11,246 |
Interest Income Recognized | 6 | 10 | 28 | 359 |
Real estate loans | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 16,086 | 17,477 | 16,254 | 17,000 |
Interest Income Recognized | 163 | 217 | 568 | 329 |
Commercial business loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,269 | 2,106 | 1,447 | 2,226 |
Interest Income Recognized | 22 | 36 | 66 | 106 |
Consumer loans | Home equity loans and advances | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 777 | 1,101 | 787 | 1,257 |
Interest Income Recognized | $ 9 | $ 11 | $ 29 | $ 32 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 7,292,296 | $ 6,335,722 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,282,703 | 1,702,481 |
2021 | 1,716,361 | 771,407 |
2020 | 745,373 | 789,875 |
2019 | 711,959 | 533,879 |
2018 | 470,646 | 555,250 |
Prior | 1,959,395 | 1,657,885 |
Revolving Loans | 385,646 | 317,728 |
Revolving Loans to Term Loans | 442 | 426 |
Total | 7,272,525 | 6,328,931 |
Real estate loans | One-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,708,293 | 2,092,748 |
Real estate loans | One-to-four family | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 628,998 | 793,848 |
2021 | 845,423 | 298,815 |
2020 | 299,287 | 197,707 |
2019 | 182,393 | 139,635 |
2018 | 128,095 | 135,171 |
Prior | 621,918 | 527,141 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,706,114 | 2,092,317 |
Real estate loans | One-to-four family | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 628,998 | 793,848 |
2021 | 844,780 | 298,815 |
2020 | 299,287 | 196,244 |
2019 | 181,706 | 138,215 |
2018 | 127,773 | 134,811 |
Prior | 620,689 | 525,615 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,703,233 | 2,087,548 |
Real estate loans | One-to-four family | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 203 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 0 | 203 |
Real estate loans | One-to-four family | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 643 | 0 |
2020 | 0 | 1,463 |
2019 | 687 | 1,420 |
2018 | 322 | 360 |
Prior | 1,229 | 1,323 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,881 | 4,566 |
Real estate loans | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,142,459 | 1,041,108 |
Real estate loans | Multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 177,878 | 312,738 |
2021 | 306,208 | 181,285 |
2020 | 184,752 | 231,252 |
2019 | 208,321 | 47,024 |
2018 | 43,451 | 131,169 |
Prior | 221,849 | 137,640 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 1,142,459 | 1,041,108 |
Real estate loans | Multifamily | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 177,878 | 312,738 |
2021 | 306,208 | 181,285 |
2020 | 184,752 | 231,252 |
2019 | 208,321 | 47,024 |
2018 | 43,451 | 131,169 |
Prior | 217,307 | 137,640 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 1,137,917 | 1,041,108 |
Real estate loans | Multifamily | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 4,542 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 4,542 | 0 |
Real estate loans | Multifamily | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 0 | 0 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,370,524 | 2,175,662 |
Real estate loans | Commercial real estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 303,030 | 381,222 |
2021 | 398,986 | 161,522 |
2020 | 180,909 | 279,884 |
2019 | 266,275 | 259,300 |
2018 | 249,661 | 225,913 |
Prior | 955,925 | 862,395 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,354,786 | 2,170,236 |
Real estate loans | Commercial real estate | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 303,030 | 381,222 |
2021 | 398,505 | 161,136 |
2020 | 179,623 | 278,581 |
2019 | 263,603 | 241,669 |
2018 | 233,911 | 222,752 |
Prior | 906,137 | 803,945 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,284,809 | 2,089,305 |
Real estate loans | Commercial real estate | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 1,303 |
2019 | 1,065 | 16,070 |
2018 | 15,750 | 1,885 |
Prior | 34,248 | 34,788 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 51,063 | 54,046 |
Real estate loans | Commercial real estate | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 481 | 386 |
2020 | 1,286 | 0 |
2019 | 1,607 | 1,561 |
2018 | 0 | 1,276 |
Prior | 15,540 | 23,662 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 18,914 | 26,885 |
Real estate loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 290,690 | 295,047 |
Real estate loans | Construction | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 103,263 | 107,070 |
2021 | 107,388 | 77,549 |
2020 | 31,126 | 37,605 |
2019 | 14,216 | 41,591 |
2018 | 6,313 | 28,814 |
Prior | 27,344 | 2,418 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 289,650 | 295,047 |
Real estate loans | Construction | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 103,263 | 107,070 |
2021 | 107,388 | 77,549 |
2020 | 31,126 | 37,498 |
2019 | 14,216 | 41,591 |
2018 | 6,313 | 28,814 |
Prior | 27,344 | 2,418 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 289,650 | 294,940 |
Real estate loans | Construction | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 107 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 0 | 107 |
Real estate loans | Construction | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 0 | 0 |
Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 498,140 | 453,166 |
Commercial business loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 47,082 | 84,551 |
2021 | 35,660 | 36,201 |
2020 | 34,164 | 27,237 |
2019 | 26,964 | 33,123 |
2018 | 30,844 | 22,151 |
Prior | 39,560 | 27,170 |
Revolving Loans | 283,204 | 221,799 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 497,478 | 452,232 |
Commercial business loans | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 47,082 | 84,113 |
2021 | 35,305 | 36,115 |
2020 | 34,044 | 25,156 |
2019 | 25,527 | 30,670 |
2018 | 27,075 | 21,762 |
Prior | 39,171 | 26,515 |
Revolving Loans | 274,439 | 210,597 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 482,643 | 434,928 |
Commercial business loans | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 246 |
2021 | 0 | 15 |
2020 | 57 | 1,729 |
2019 | 1,230 | 1,369 |
2018 | 1,081 | 18 |
Prior | 41 | 46 |
Revolving Loans | 3,241 | 3,291 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 5,650 | 6,714 |
Commercial business loans | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 192 |
2021 | 355 | 71 |
2020 | 63 | 352 |
2019 | 207 | 1,084 |
2018 | 2,688 | 371 |
Prior | 348 | 609 |
Revolving Loans | 5,524 | 7,911 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 9,185 | 10,590 |
Consumer loans | Home equity loans and advances | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 279,976 | 276,563 |
Consumer loans | Home equity loans and advances | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 21,064 | 22,393 |
2021 | 22,599 | 15,977 |
2020 | 15,021 | 15,906 |
2019 | 13,668 | 13,146 |
2018 | 12,246 | 12,023 |
Prior | 92,678 | 101,116 |
Revolving Loans | 102,106 | 95,576 |
Revolving Loans to Term Loans | 442 | 426 |
Total | 279,824 | 276,563 |
Consumer loans | Home equity loans and advances | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 21,064 | 22,393 |
2021 | 22,599 | 15,977 |
2020 | 15,021 | 15,906 |
2019 | 13,668 | 13,146 |
2018 | 12,226 | 12,023 |
Prior | 92,482 | 100,870 |
Revolving Loans | 102,070 | 95,484 |
Revolving Loans to Term Loans | 442 | 426 |
Total | 279,572 | 276,225 |
Consumer loans | Home equity loans and advances | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 0 | 0 |
Consumer loans | Home equity loans and advances | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 20 | 0 |
Prior | 196 | 246 |
Revolving Loans | 36 | 92 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 252 | 338 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,214 | 1,428 |
Consumer loans | Other consumer loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,388 | 659 |
2021 | 97 | 58 |
2020 | 114 | 284 |
2019 | 122 | 60 |
2018 | 36 | 9 |
Prior | 121 | 5 |
Revolving Loans | 336 | 353 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,214 | 1,428 |
Consumer loans | Other consumer loans | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,388 | 659 |
2021 | 97 | 58 |
2020 | 114 | 284 |
2019 | 122 | 60 |
2018 | 36 | 9 |
Prior | 121 | 5 |
Revolving Loans | 336 | 353 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,214 | 1,428 |
Consumer loans | Other consumer loans | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 0 | 0 |
Consumer loans | Other consumer loans | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | $ 0 | $ 0 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses on Off Balance Sheet Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning balance | $ 8,358 | $ 524 |
(Reversal of) provision for credit losses | (1,747) | (1,587) |
Ending balance | 6,611 | 6,611 |
Effect of adopting ASU No. 2016-13 ("CECL") | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Beginning balance | $ 0 | $ 7,674 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Leases [Abstract] | |||||
Operating lease, weighted average remaining lease term | 6 years 7 months 6 days | 6 years 7 months 6 days | 7 years | ||
Operating lease, weighted average discount rate | 2.34% | 2.34% | 2.13% | ||
Lease, cost | $ 668 | $ 504 | $ 2,000 | $ 1,700 |
Leases - Operating Lease Paymen
Leases - Operating Lease Payment Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
One year or less | $ 1,068 | $ 4,198 |
After one year to two years | 4,288 | 3,950 |
After two years to three years | 3,748 | 3,150 |
After three years to four years | 3,079 | 2,479 |
After four years to five years | 2,777 | 2,177 |
Thereafter | 6,360 | 5,340 |
Total undiscounted cash flows | 21,320 | 21,294 |
Discount on cash flows | (1,727) | (1,709) |
Total lease liability | $ 19,593 | $ 19,585 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 1,746,668 | $ 1,712,061 |
Interest-bearing demand | 2,701,551 | 2,599,987 |
Money market accounts | 712,900 | 657,156 |
Savings and club deposits | 960,547 | 822,833 |
Certificates of deposit | 1,943,227 | 1,778,179 |
Total deposits | $ 8,064,893 | $ 7,570,216 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Interest-bearing demand | $ 2,701,551 | $ 2,701,551 | $ 2,599,987 | ||
Aggregate amount of certificates of deposit exceeding threshold amount | 1,100,000 | 1,100,000 | 932,400 | ||
Interest expense on deposits | $ 6,968 | $ 6,673 | $ 16,326 | $ 23,403 | |
Stewardship Financial Corporation | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Interest-bearing demand | $ 5,000 |
Deposits - Schedule of Deposit
Deposits - Schedule of Deposit Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
One year or less | $ 1,032,732 | $ 1,087,631 |
After one year to two years | 690,540 | 418,515 |
After two years to three years | 116,000 | 143,950 |
After three years to four years | 64,870 | 36,277 |
After four years | 39,085 | 91,806 |
Total term certificate accounts | $ 1,943,227 | $ 1,778,179 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||||||
Mar. 21, 2022 | Mar. 02, 2022 | Mar. 22, 2021 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 06, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares authorized (in shares) | 7,949,996 | |||||||||||||
Granted (in shares) | 130,951 | 109,654 | 130,951 | 109,654 | ||||||||||
Grants in period (in dollars per share) | $ 6.51 | $ 4.91 | ||||||||||||
Granted (in dollars per share) | $ 21.79 | $ 17.86 | $ 21.79 | $ 17.86 | ||||||||||
Non-vested options outstanding (in shares) | 1,400,750 | 1,400,750 | ||||||||||||
Non-vested options, cost not yet recognized, amount | $ 5,000,000 | $ 5,000,000 | ||||||||||||
Exercises in period, aggregate intrinsic value | $ 507,000 | $ 56,186 | $ 896,000 | $ 59,991 | ||||||||||
Restricted Stock | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares authorized (in shares) | 2,271,427 | |||||||||||||
Number of shares available for grant (in shares) | 867,610 | 867,610 | ||||||||||||
Granted (in shares) | 51,746 | 50,203 | 51,746 | 50,203 | ||||||||||
Granted (in dollars per share) | $ 21.79 | $ 17.86 | $ 21.79 | $ 17.86 | ||||||||||
Stock based compensation | $ 901,000 | $ 1,400,000 | $ 3,400,000 | $ 4,300,000 | ||||||||||
Non-vested restricted shares outstanding (in shares) | 373,807 | 1,046,736 | 1,105,634 | 1,299,526 | 373,807 | 1,105,634 | 1,041,554 | 1,054,335 | 1,299,398 | 1,263,169 | ||||
Non-vested restricted shares outstanding, amount | $ 5,800,000 | $ 5,800,000 | ||||||||||||
Period for recognition (in years) | 2 years 1 month 6 days | |||||||||||||
Restricted Stock | Minimum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period (in years) | 1 year | |||||||||||||
Restricted Stock | Maximum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period (in years) | 5 years | |||||||||||||
Employee Stock Option | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares authorized (in shares) | 5,678,569 | |||||||||||||
Number of shares available for grant (in shares) | 2,128,741 | 2,128,741 | ||||||||||||
Award vesting period (in years) | 3 years | 3 years | ||||||||||||
Stock based compensation | $ 778,000 | $ 822,000 | $ 2,300,000 | $ 2,400,000 | ||||||||||
Period for recognition (in years) | 1 year 8 months 12 days | |||||||||||||
Expiration period (in years) | 10 years | 10 years | ||||||||||||
Expected term | 6 years | 6 years | ||||||||||||
Risk free interest rate | 2.34% | 1.11% | ||||||||||||
Expected volatility rate | 25.31% | 25.98% | ||||||||||||
Expected dividend rate | 0% | 0% | ||||||||||||
Tranche One | Restricted Stock | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period (in years) | 1 year | |||||||||||||
Tranche One | Employee Stock Option | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Award vesting period (in years) | 1 year | 1 year |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 3 Months Ended | |||||||
Mar. 02, 2022 | Mar. 22, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Number of Restricted Shares | ||||||||
Beginning balance (in shares) | 1,041,554 | 1,046,736 | 1,054,335 | 1,299,398 | 1,299,526 | 1,263,169 | ||
Granted (in shares) | 51,746 | 50,203 | 51,746 | 50,203 | ||||
Vested (in shares) | (635,951) | (27,775) | (163,882) | |||||
Forfeited (in shares) | (31,796) | (5,182) | (31,570) | (29,882) | (128) | (13,846) | ||
Ending balance (in shares) | 373,807 | 1,041,554 | 1,046,736 | 1,105,634 | 1,299,398 | 1,299,526 | ||
Weighted Average Grant Date Fair Value | ||||||||
Beginning balance (in dollars per share) | $ 15.97 | $ 15.98 | $ 15.78 | $ 15.74 | $ 15.74 | $ 15.66 | ||
Granted (in dollars per share) | $ 21.79 | $ 17.86 | 21.79 | 17.86 | ||||
Vested (in dollars per share) | 15.62 | 17.86 | 15.61 | |||||
Forfeited (in dollars per share) | 15.87 | 18.34 | 16.91 | 15.63 | 15.60 | 15.60 | ||
Ending balance (in dollars per share) | $ 16.58 | $ 15.97 | $ 15.98 | $ 15.76 | $ 15.74 | $ 15.74 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Mar. 21, 2022 | Mar. 22, 2021 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Stock Options | ||||||||||||
Beginning balance (in shares) | 3,615,048 | 3,642,261 | 3,637,542 | 3,775,533 | 3,786,135 | 3,708,628 | 3,637,542 | 3,708,628 | 3,708,628 | |||
Granted (in shares) | 130,951 | 109,654 | 130,951 | 109,654 | ||||||||
Exercises (in shares) | (87,025) | (5,412) | (62,859) | (26,861) | (1,661) | (155,296) | (28,522) | |||||
Expired (in shares) | (8,704) | (1,412) | (353) | (7,529) | (2,029) | |||||||
Forfeited (in shares) | (153,309) | (21,801) | (61,961) | (58,287) | (1,412) | (30,118) | ||||||
Ending balance (in shares) | 3,366,010 | 3,615,048 | 3,642,261 | 3,690,032 | 3,775,533 | 3,786,135 | 3,366,010 | 3,690,032 | 3,637,542 | 3,708,628 | ||
Options exercisable (in shares) | 1,965,260 | 1,411,976 | 1,965,260 | 1,411,976 | ||||||||
Weighted Average Exercise Price | ||||||||||||
Beginning balance (in dollars per share) | $ 15.91 | $ 15.92 | $ 15.78 | $ 15.73 | $ 15.73 | $ 15.66 | $ 15.78 | $ 15.66 | $ 15.66 | |||
Granted (in dollars per share) | $ 21.79 | $ 17.86 | 21.79 | 17.86 | ||||||||
Exercised (in dollars per share) | 15.60 | 15.60 | 16.42 | 15.60 | 15.60 | |||||||
Expired (in dollars per share) | 15.60 | 15.60 | 15.60 | 15.60 | 15.60 | |||||||
Forfeited (in dollars per share) | 15.72 | 17.78 | 16.84 | 15.73 | 15.60 | 15.60 | ||||||
Ending balance (in dollars per share) | 15.93 | $ 15.91 | $ 15.92 | 15.73 | $ 15.73 | $ 15.73 | 15.93 | 15.73 | $ 15.78 | $ 15.66 | ||
Options exercisable (in dollars per share) | $ 15.67 | $ 15.64 | $ 15.67 | $ 15.64 | ||||||||
Weighted Average Remaining Contractual Term (in years) | ||||||||||||
Options outstanding | 6 years 10 months 24 days | 7 years 2 months 12 days | 7 years 6 months | 7 years 10 months 24 days | 8 years 1 month 6 days | 8 years 4 months 24 days | 7 years 7 months 6 days | 8 years 7 months 6 days | ||||
Options exercisable | 6 years 4 months 24 days | 7 years 9 months 18 days | ||||||||||
Aggregate Intrinsic Value | ||||||||||||
Options outstanding | $ 17,598,873 | $ 21,335,939 | $ 20,401,381 | $ 10,222,527 | $ 5,700,258 | $ 6,673,328 | $ 17,598,873 | $ 10,222,527 | $ 18,654,905 | $ 0 | ||
Options exercisable | $ 10,732,855 | $ 4,036,196 | $ 10,732,855 | $ 4,036,196 |
Components of Net Periodic Be_3
Components of Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Retirement Benefits [Abstract] | ||||
Years of employment benefits are based upon | 5 years | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan, employer contribution amount | $ 10,000 | $ 10,000 | ||
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 1,267 | $ 1,872 | 5,199 | $ 6,172 |
Interest cost | 2,799 | 1,902 | 6,911 | 5,414 |
Expected return on plan assets | (7,183) | (6,661) | (22,375) | (19,297) |
Amortization of Prior service cost | 0 | 0 | 0 | 0 |
Amortization of Net loss | 660 | 0 | 660 | 2,000 |
Net periodic (income) benefit cost | (2,457) | (2,887) | (9,605) | (5,711) |
RIM Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 93 | 100 | 279 | 300 |
Interest cost | 97 | 86 | 291 | 258 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of Prior service cost | 0 | 0 | 0 | 0 |
Amortization of Net loss | 111 | 166 | 333 | 498 |
Net periodic (income) benefit cost | 301 | 352 | 903 | 1,056 |
Post-retirement Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 122 | 130 | 319 | 390 |
Interest cost | 185 | 141 | 508 | 423 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of Prior service cost | 0 | 0 | 0 | 0 |
Amortization of Net loss | 78 | 153 | 234 | 459 |
Net periodic (income) benefit cost | 385 | 424 | 1,061 | 1,272 |
Split-Dollar Life Insurance | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 130 | 141 | 383 | 423 |
Interest cost | 158 | 125 | 453 | 375 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Amortization of Prior service cost | 14 | 14 | 42 | 42 |
Amortization of Net loss | 151 | 191 | 453 | 573 |
Net periodic (income) benefit cost | 453 | 471 | 1,331 | 1,413 |
Former Roselle Bank President | RIM Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic (income) benefit cost | 3 | $ 2 | 9 | $ 6 |
Former Freehold Bank President | RIM Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic (income) benefit cost | 2 | 6 | ||
Former RSI Bank President | RIM Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Net periodic (income) benefit cost | $ 16 | $ 27 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | $ 1,371,721 | $ 1,703,847 |
Equity securities | 3,453 | 2,710 |
U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 63,281 | 34,879 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 1,223,652 | 1,554,359 |
Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 3,557 | 4,179 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 81,231 | 110,430 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 54,771 | 34,879 |
Equity securities | 3,115 | 2,364 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 1,304,581 | 1,668,968 |
Equity securities | 338 | 346 |
Derivative assets | 19,897 | 9,492 |
Derivative liabilities | 19,511 | 17,366 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 12,369 | 0 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 1,371,721 | 1,703,847 |
Equity securities | 3,453 | 2,710 |
Derivative assets | 19,897 | 9,492 |
Assets | 1,395,071 | 1,716,049 |
Derivative liabilities | 19,511 | 17,366 |
Measured on recurring basis | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 63,281 | 34,879 |
Measured on recurring basis | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 1,223,652 | 1,554,359 |
Measured on recurring basis | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 3,557 | 4,179 |
Measured on recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 81,231 | 110,430 |
Measured on 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 debt securities available for sale | 54,771 | 34,879 |
Equity securities | 3,115 | 2,364 |
Derivative assets | 0 | 0 |
Assets | 57,886 | 37,243 |
Derivative liabilities | 0 | 0 |
Measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 54,771 | 34,879 |
Measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 0 | 0 |
Measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 0 | 0 |
Measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 0 | 0 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 1,304,581 | 1,668,968 |
Equity securities | 338 | 346 |
Derivative assets | 19,897 | 9,492 |
Assets | 1,324,816 | 1,678,806 |
Derivative liabilities | 19,511 | 17,366 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 8,510 | 0 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 1,223,652 | 1,554,359 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 887 | 4,179 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 71,532 | 110,430 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 12,369 | 0 |
Equity securities | 0 | |
Derivative assets | 0 | 0 |
Assets | 12,369 | 0 |
Derivative liabilities | 0 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 0 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 0 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 2,670 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | $ 9,699 | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Sep. 30, 2022 | Jun. 30, 2022 | |
Debt securities available for sale: | ||
Maturity of Level 3 asset | $ (914) | |
Change in fair value of Level 3 assets | (256) | |
Significant Unobservable Inputs (Level 3) | Measured on recurring basis | ||
Debt securities available for sale: | ||
Beginning balance | 13,539 | $ 0 |
Transfers into Level 3 assets | 13,539 | |
Ending balance | $ 12,369 | $ 13,539 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 security | Sep. 30, 2022 security | |
Measured on recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of assets transferred from level 2 into level 3 | 0 | |
Measured on recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of assets transferred from level 2 into level 3 | 2 | |
Measured on recurring basis | Corporate debt securities | Measurement Input, Market Yield | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0800 | 0.0800 |
Measured on recurring basis | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of assets transferred from level 2 into level 3 | 4 | |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustments for estimated costs to sell collateral dependent impaired loans | 6% | |
Minimum | Measured on recurring basis | Municipal obligations | Measurement Input, Market Yield | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0302 | 0.0302 |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustments for estimated costs to sell collateral dependent impaired loans | 8% | |
Maximum | Measured on recurring basis | Municipal obligations | Measurement Input, Market Yield | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0305 | 0.0305 |
Weighted Average | Measured on recurring basis | Corporate debt securities | Measurement Input, Market Yield | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0800 | 0.0800 |
Weighted Average | Measured on recurring basis | Municipal obligations | Measurement Input, Market Yield | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0304 | 0.0304 |
Fair Value Measurements - Ass_3
Fair Value Measurements - Assets and Liabilities Measured on Non-Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 0 | $ 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 6,441,458 | 6,457,766 |
Measured on non-recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,213 | |
Mortgage servicing rights | 2,309 | 1,906 |
Assets | 2,309 | 3,119 |
Measured on 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] | ||
Impaired loans | 0 | |
Mortgage servicing rights | 0 | 0 |
Assets | 0 | 0 |
Measured on non-recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | |
Mortgage servicing rights | 0 | 0 |
Assets | 0 | 0 |
Measured on non-recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 1,213 | |
Mortgage servicing rights | 2,309 | 1,906 |
Assets | $ 2,309 | $ 3,119 |
Fair Value Measurements - Quali
Fair Value Measurements - Qualitative Valuation (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Measured on non-recurring basis | ||
Fair Value | ||
Impaired loans | $ 1,213 | |
Mortgage servicing rights | $ 2,309 | 1,906 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value | ||
Impaired loans | 6,441,458 | 6,457,766 |
Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | ||
Fair Value | ||
Impaired loans | 1,213 | |
Mortgage servicing rights | $ 2,309 | $ 1,906 |
Significant Unobservable Inputs (Level 3) | Discount rate | Measured on non-recurring basis | Estimated Cash Flow | ||
Unobservable Inputs | ||
Impaired loans | 0 | |
Significant Unobservable Inputs (Level 3) | Discount rate | Measured on non-recurring basis | Weighted Average | Estimated Cash Flow | ||
Unobservable Inputs | ||
Impaired loans | 0 | |
Significant Unobservable Inputs (Level 3) | Discount rate | Measured on non-recurring basis | Weighted Average | Discounted cash flow | ||
Unobservable Inputs | ||
Mortgage servicing rights | 0.1325 | 0.1025 |
Significant Unobservable Inputs (Level 3) | Prepayment speeds and discount rates | Measured on non-recurring basis | Minimum | Discounted cash flow | ||
Unobservable Inputs | ||
Mortgage servicing rights | 0.042 | 0.075 |
Significant Unobservable Inputs (Level 3) | Prepayment speeds and discount rates | Measured on non-recurring basis | Maximum | Discounted cash flow | ||
Unobservable Inputs | ||
Mortgage servicing rights | 0.211 | 0.249 |
Significant Unobservable Inputs (Level 3) | Prepayment speeds and discount rates | Measured on non-recurring basis | Weighted Average | Discounted cash flow | ||
Unobservable Inputs | ||
Mortgage servicing rights | 0.069 | 0.127 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value on Balance Sheet (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Debt securities available for sale | $ 1,371,721 | $ 1,703,847 |
Debt securities held to maturity | 373,494 | 434,789 |
Equity securities | 3,453 | 2,710 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 102,048 | 70,963 |
Debt securities available for sale | 54,771 | 34,879 |
Debt securities held to maturity | 0 | 0 |
Equity securities | 3,115 | 2,364 |
Federal Home Loan Bank stock | 0 | 0 |
Loans receivable, net | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 1,304,581 | 1,668,968 |
Debt securities held to maturity | 373,494 | 434,789 |
Equity securities | 338 | 346 |
Federal Home Loan Bank stock | 37,726 | 23,141 |
Loans receivable, net | 0 | 0 |
Derivative assets | 19,897 | 9,492 |
Financial liabilities: | ||
Deposits | 8,001,656 | 7,564,210 |
Borrowings | 667,380 | 378,810 |
Derivative liabilities | 19,511 | 17,366 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 12,369 | 0 |
Debt securities held to maturity | 0 | 0 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans receivable, net | 6,441,458 | 6,457,766 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 102,048 | 70,963 |
Debt securities available for sale | 1,371,721 | 1,703,847 |
Debt securities held to maturity | 425,077 | 429,734 |
Equity securities | 3,453 | 2,710 |
Federal Home Loan Bank stock | 37,726 | 23,141 |
Loans receivable, net | 7,274,332 | 6,297,912 |
Derivative assets | 19,897 | 9,492 |
Financial liabilities: | ||
Deposits | 8,064,893 | 7,570,216 |
Borrowings | 674,018 | 377,309 |
Derivative liabilities | 19,511 | 17,366 |
Total Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 102,048 | 70,963 |
Debt securities available for sale | 1,371,721 | 1,703,847 |
Debt securities held to maturity | 373,494 | 434,789 |
Equity securities | 3,453 | 2,710 |
Federal Home Loan Bank stock | 37,726 | 23,141 |
Loans receivable, net | 6,441,458 | 6,457,766 |
Derivative assets | 19,897 | 9,492 |
Financial liabilities: | ||
Deposits | 8,001,656 | 7,564,210 |
Borrowings | 667,380 | 378,810 |
Derivative liabilities | $ 19,511 | $ 17,366 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Tax Effects of Components in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Before Tax | ||||
Other comprehensive (loss) income | $ (63,329) | $ (7,756) | $ (215,728) | $ 20,335 |
Tax Effect | ||||
Other comprehensive (loss) income | 18,025 | 2,168 | 60,498 | 435 |
After Tax | ||||
Total other comprehensive (loss) income | (45,304) | (5,588) | (155,230) | 20,770 |
Unrealized (Losses) on Debt Securities Available for Sale | ||||
Before Tax | ||||
Other comprehensive income (loss), before reclassifications | (65,744) | (13,609) | (198,171) | (26,804) |
Other comprehensive (loss) income | (65,763) | (11,316) | (197,989) | (24,813) |
Tax Effect | ||||
Other comprehensive income (loss), before reclassifications | 18,589 | 3,666 | 55,528 | 4,615 |
Other comprehensive (loss) income | 18,595 | 3,162 | 55,476 | 4,213 |
After Tax | ||||
Other comprehensive income (loss), before reclassifications | (47,155) | (9,943) | (142,643) | (22,189) |
Total other comprehensive (loss) income | (47,168) | (8,154) | (142,513) | (20,600) |
AOCI, Accumulated Gain (Loss), Debt Securities Available-for-sale, Accretion of Unrealized Gains (Losses), Parent | ||||
Before Tax | ||||
Reclassification from AOCI, current period | (19) | (3) | (28) | (24) |
Tax Effect | ||||
Reclassification from AOCI, current period | 6 | 1 | 7 | 24 |
After Tax | ||||
Reclassification from AOCI, current period | (13) | (2) | (21) | 0 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Other Reclassifications, Parent | ||||
Before Tax | ||||
Reclassification from AOCI, current period | 0 | 2,296 | 210 | 2,015 |
Tax Effect | ||||
Reclassification from AOCI, current period | 0 | (505) | (59) | (426) |
After Tax | ||||
Reclassification from AOCI, current period | 0 | 1,791 | 151 | 1,589 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||||
Before Tax | ||||
Other comprehensive income (loss), before reclassifications | 1,639 | 2,035 | 7,171 | 9,182 |
Tax Effect | ||||
Other comprehensive income (loss), before reclassifications | (457) | (568) | (2,004) | (1,084) |
After Tax | ||||
Other comprehensive income (loss), before reclassifications | 1,182 | 1,467 | 5,167 | 8,098 |
Total other comprehensive (loss) income | 1,182 | 1,467 | 5,167 | 8,098 |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent | ||||
Before Tax | ||||
Reclassification from AOCI, current period | (14) | (14) | (42) | (42) |
Tax Effect | ||||
Reclassification from AOCI, current period | 3 | 4 | 11 | 11 |
After Tax | ||||
Reclassification from AOCI, current period | (11) | (10) | (31) | (31) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | ||||
Before Tax | ||||
Reclassification from AOCI, current period | (339) | (1,511) | (1,017) | (4,533) |
Tax Effect | ||||
Reclassification from AOCI, current period | 95 | 422 | 285 | 1,266 |
After Tax | ||||
Reclassification from AOCI, current period | (244) | (1,089) | (732) | (3,267) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | ||||
Before Tax | ||||
Other comprehensive income (loss), before reclassifications | 1,148 | 3,050 | (23,851) | 40,541 |
Other comprehensive (loss) income | 795 | 1,525 | (24,910) | 35,966 |
Tax Effect | ||||
Other comprehensive income (loss), before reclassifications | (211) | (852) | 6,730 | (3,971) |
Other comprehensive (loss) income | (113) | (426) | 7,026 | (2,694) |
After Tax | ||||
Other comprehensive income (loss), before reclassifications | 937 | 2,198 | (17,121) | 36,570 |
Total other comprehensive (loss) income | $ 682 | $ 1,099 | $ (17,884) | $ 33,272 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Changes in Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 1,074,284 | $ 1,033,046 | $ 1,079,081 | $ 1,011,287 |
Current period changes in other comprehensive (loss) income | (45,304) | (5,588) | (155,230) | 20,770 |
Balance at end of year | 1,029,645 | 1,030,876 | 1,029,645 | 1,030,876 |
Accumulated Other Comprehensive (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (155,845) | (43,267) | (45,919) | (69,625) |
Current period changes in other comprehensive (loss) income | (45,304) | (5,588) | (155,230) | 20,770 |
Balance at end of year | (201,149) | (48,855) | (201,149) | (48,855) |
Unrealized (Losses) on Debt Securities Available for Sale | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (93,701) | 18,582 | 1,644 | 31,028 |
Current period changes in other comprehensive (loss) income | (47,168) | (8,154) | (142,513) | (20,600) |
Balance at end of year | (140,869) | 10,428 | (140,869) | 10,428 |
Unrealized (Losses) on Swaps | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (932) | (10,225) | (4,917) | (16,856) |
Current period changes in other comprehensive (loss) income | 1,182 | 1,467 | 5,167 | 8,098 |
Balance at end of year | 250 | (8,758) | 250 | (8,758) |
Employee Benefit Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (61,212) | (51,624) | (42,646) | (83,797) |
Current period changes in other comprehensive (loss) income | 682 | 1,099 | (17,884) | 33,272 |
Balance at end of year | $ (60,530) | $ (50,525) | $ (60,530) | $ (50,525) |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total before tax | $ 27,960 | $ 28,694 | $ 86,436 | $ 94,228 |
Income tax benefit | (7,041) | (7,712) | (22,154) | (25,513) |
Net of tax | 20,919 | 20,982 | 64,282 | 68,715 |
Accumulated Other Comprehensive Income (Loss) Components | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Total before tax | (339) | 785 | (807) | (2,518) |
Income tax benefit | 95 | (83) | 226 | 840 |
Net of tax | (244) | 702 | (581) | (1,678) |
Accumulated Other Comprehensive Income (Loss) Components | Reclassification adjustment for gain included in net income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Gain on securities transactions | 0 | 2,296 | 210 | 2,015 |
Accumulated Other Comprehensive Income (Loss) Components | Reclassification adjustment of actuarial net (loss) included in net income | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other non-interest expense, net | $ (339) | $ (1,511) | $ (1,017) | $ (4,533) |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) swap | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) swap | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) swap | |
Derivative [Line Items] | |||||
Accrued interest on derivatives, at fair value | $ 71,000 | $ 71,000 | $ 567,000 | ||
Derivative, net liability position, aggregate fair value | 315,000 | 315,000 | |||
Derivative, collateral, right to reclaim cash | 482,000 | 482,000 | |||
Currency forward contract - non-designated hedge | Not-designated hedge | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | 0 | 0 | 0 | ||
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative, gain (loss) on derivative, net | 118,000 | $ (12,000) | 594,000 | $ 189,000 | |
Interest Rate Swap | Not-designated hedge | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | $ 205,000,000 | $ 205,000,000 | $ 183,400,000 | ||
Number of interest rate swaps in place with commercial banking customers | swap | 54 | 54 | 52 | ||
Interest Rate Swap | Designated as Hedging Instrument | Federal Home Loan Bank Advances | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | $ 140,000,000 | $ 140,000,000 | $ 190,000,000 | ||
Number of interest rate derivatives held | swap | 10 | 10 | 14 | ||
Interest Rate Swap | Designated as Hedging Instrument | Commercial Loan | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | $ 100,000,000 | $ 100,000,000 | |||
Number of interest rate derivatives held | swap | 2 | 2 | 0 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Interest rate swaps | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 19,897 | $ 9,492 |
Derivative liabilities | 19,511 | 17,366 |
Reported Value Measurement | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 19,897 | 9,492 |
Derivative liabilities | $ 19,511 | $ 17,366 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Total out-of-scope non-interest income | $ 3,626 | $ 4,523 | $ 9,540 | $ 18,991 |
Total non-interest income | 8,164 | 8,874 | 22,874 | 31,860 |
Deposit Account, Title Insurance, Insurance Agency and Other Non-Interest Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 4,538 | 4,351 | 13,334 | 12,869 |
Demand deposit account fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,510 | 986 | 4,129 | 2,682 |
Title insurance fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 796 | 1,431 | 2,788 | 4,554 |
Insurance agency income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 38 | 0 | 83 | 0 |
Other non-interest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,194 | $ 1,934 | $ 6,334 | $ 5,633 |