Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 22, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-38456 | ||
Entity Registrant Name | COLUMBIA FINANCIAL, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 22-3504946 | ||
Entity Address, Address Line One | 19-01 Route 208 North, | ||
Entity Address, City or Town | Fair Lawn, | ||
Entity Address, State or Province | NJ | ||
Entity Address, Postal Zip Code | 07410 | ||
City Area Code | 800 | ||
Local Phone Number | 522-4167 | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | CLBK | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Filer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 657 | ||
Entity Common Stock, Shares Outstanding (in shares) | 107,965,113 | ||
Documents Incorporated by Reference | Portions of the Registrant’s Proxy Statement for the 2023 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. | ||
Entity Central Index Key | 0001723596 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Firm ID | 185 |
Auditor Location | Short Hills, New Jersey |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 179,097 | $ 70,702 |
Short-term investments | 131 | 261 |
Total cash and cash equivalents | 179,228 | 70,963 |
Debt securities available for sale, at fair value | 1,328,634 | 1,703,847 |
Debt securities held to maturity, at amortized cost (fair value of $370,391 and $434,789 at December 31, 2022 and 2021, respectively) | 421,523 | 429,734 |
Equity securities, at fair value | 3,384 | 2,710 |
Federal Home Loan Bank stock | 58,114 | 23,141 |
Loans receivable | 7,677,564 | 6,360,601 |
Less: allowance for credit losses | 52,803 | 62,689 |
Loans receivable, net | 7,624,761 | 6,297,912 |
Accrued interest receivable | 33,898 | 28,300 |
Office properties and equipment, net | 83,877 | 78,708 |
Bank-owned life insurance ("BOLI") | 264,854 | 247,474 |
Goodwill and intangible assets | 125,142 | 91,693 |
Other assets | 284,754 | 249,615 |
Total assets | 10,408,169 | 9,224,097 |
Liabilities: | ||
Deposits | 8,001,159 | 7,570,216 |
Borrowings | 1,127,047 | 377,309 |
Advance payments by borrowers for taxes and insurance | 45,460 | 36,471 |
Accrued expenses and other liabilities | 180,908 | 161,020 |
Total liabilities | 9,354,574 | 8,145,016 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at December 31, 2022 and 2021 | 0 | 0 |
Common stock, $0.01 par value. 500,000,000 shares authorized; 130,900,673 shares issued and 108,970,476 shares outstanding at December 31, 2022, and 124,630,738 shares issued and 107,442,453 shares outstanding at December 31, 2021 | 1,309 | 1,246 |
Additional paid-in capital | 781,165 | 667,906 |
Retained earnings | 857,518 | 765,133 |
Accumulated other comprehensive loss | (179,296) | (45,919) |
Treasury stock, at cost; 21,930,197 shares at December 31, 2022 and 17,188,285 shares at December 31, 2021 | (371,708) | (271,647) |
Common stock held by the Employee Stock Ownership Plan | (34,750) | (37,026) |
Stock held by Rabbi Trust | (3,149) | (2,425) |
Deferred compensation obligations | 2,506 | 1,813 |
Total stockholders' equity | 1,053,595 | 1,079,081 |
Total liabilities and stockholders' equity | $ 10,408,169 | $ 9,224,097 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Debt securities held to maturity | $ 370,391 | $ 434,789 |
Stockholders' equity: | ||
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) | 130,900,673 | 124,630,738 |
Common stock, shares outstanding (in shares) | 108,970,476 | 107,442,453 |
Treasury stock, shares (in shares) | 21,930,197 | 17,188,285 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest income: | ||||
Loans receivable | $ 263,559 | $ 228,841 | $ 255,236 | |
Debt securities available for sale and equity securities | 34,221 | 30,211 | 28,376 | |
Debt securities held to maturity | 9,694 | 8,632 | 8,025 | |
Federal funds and interest-earning deposits | 474 | 430 | 413 | |
Federal Home Loan Bank stock dividends | 1,722 | 2,036 | 3,661 | |
Total interest income | 309,670 | 270,150 | 295,711 | |
Interest expense: | ||||
Deposits | 27,878 | 29,109 | 55,246 | |
Borrowings | 15,015 | 7,907 | 18,892 | |
Total interest expense | 42,893 | 37,016 | 74,138 | |
Net interest income | 266,777 | 233,134 | 221,573 | |
Provision for (reversal of) credit losses | [1] | 5,485 | (9,953) | 18,447 |
Net interest income after provision for (reversal of) credit losses | 261,292 | 243,087 | 203,126 | |
Non-interest income: | ||||
Bank-owned life insurance | 7,393 | 5,994 | 6,620 | |
Gain on securities transactions | 210 | 2,025 | 370 | |
Change in fair value of equity securities | (401) | (1,792) | 767 | |
Gain on sale of loans | 178 | 10,790 | 5,444 | |
Other non-interest income | 10,380 | 8,940 | 6,983 | |
Total non-interest income (loss) | 30,400 | 38,831 | 31,270 | |
Non-interest expense: | ||||
Compensation and employee benefits | 116,926 | 99,534 | 100,687 | |
Occupancy | 22,589 | 20,071 | 19,170 | |
Federal deposit insurance premiums | 2,591 | 2,374 | 1,901 | |
Advertising | 2,865 | 2,358 | 2,641 | |
Professional fees | 8,158 | 7,363 | 5,810 | |
Data processing and software expenses | 13,362 | 11,497 | 10,285 | |
Merger-related expenses | 2,810 | 822 | 1,931 | |
Loss on extinguishment of debt | 0 | 2,851 | 1,158 | |
Other non-interest expense | 5,515 | 8,867 | 14,556 | |
Total non-interest expense | 174,816 | 155,737 | 158,139 | |
Income before income tax expense | 116,876 | 126,181 | 76,257 | |
Income tax expense | 30,703 | 34,132 | 18,654 | |
Net income | $ 86,173 | $ 92,049 | $ 57,603 | |
Earnings per share - basic (in dollars per share) | $ 0.82 | $ 0.88 | $ 0.52 | |
Earnings per share - diluted (in dollars per share) | $ 0.81 | $ 0.88 | $ 0.52 | |
Weighted average shares outstanding - basic (in shares) | 105,580,823 | 104,156,112 | 109,755,924 | |
Weighted average shares outstanding - diluted (in shares) | 106,193,161 | 104,156,112 | 109,755,924 | |
Demand deposit account fees | ||||
Non-interest income: | ||||
Revenue | $ 5,293 | $ 3,803 | $ 3,633 | |
Title insurance fees | ||||
Non-interest income: | ||||
Revenue | 3,423 | 6,088 | 5,034 | |
Loan fees and service charges | ||||
Non-interest income: | ||||
Revenue | $ 3,924 | $ 2,983 | $ 2,419 | |
[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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 86,173 | $ 92,049 | $ 57,603 |
Other comprehensive income (loss), net of tax: | |||
Unrealized (loss) gain on debt securities available for sale | (137,255) | (30,979) | 21,236 |
Accretion of unrealized (loss) gain on debt securities reclassified as held to maturity | (22) | (3) | 126 |
Reclassification adjustment for gain included in net income | 151 | 1,598 | 289 |
Total other comprehensive (loss) income, available-for-sale securities and held-to-maturity adjustments, net of tax | (137,126) | (29,384) | 21,651 |
Derivatives, net of tax: | |||
Unrealized gain (loss) on swap contracts accounted for as cash flow hedges | 5,421 | 11,939 | (8,382) |
Total derivative, net of tax | 5,421 | 11,939 | (8,382) |
Employee benefit plans, net of tax: | |||
Amortization of prior service cost included in net income | (41) | (39) | (44) |
Reclassification adjustment of actuarial net (loss) included in net income | (1,928) | (2,915) | (3,384) |
Change in funded status of retirement obligations | 297 | 44,105 | (10,731) |
Total employee benefit plans, net of tax | (1,672) | 41,151 | (14,159) |
Total other comprehensive income (loss) | (133,377) | 23,706 | (890) |
Total comprehensive income (loss), net of tax | $ (47,204) | $ 115,755 | $ 56,713 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Restricted Stock | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | 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 Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | 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, 2019 | $ 982,517 | $ 1,173 | $ 531,667 | $ 615,481 | $ (68,735) | $ (54,950) | $ (41,564) | $ (1,520) | $ 965 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||
Net income | 57,603 | 57,603 | |||||||||||||||||||||
Other comprehensive income (loss) | (890) | (890) | |||||||||||||||||||||
Issuance of common stock | 68,530 | 47 | 68,483 | ||||||||||||||||||||
Treasury stock allocated to restricted stock award grants | 0 | (481) | 481 | ||||||||||||||||||||
Stock based compensation | 8,790 | 8,790 | |||||||||||||||||||||
Purchase of treasury stock shares | (108,166) | (108,166) | |||||||||||||||||||||
Restricted stock forfeitures | (24) | 175 | (199) | ||||||||||||||||||||
Repurchase shares for taxes | (174) | 7 | (181) | ||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 3,161 | 890 | 2,271 | ||||||||||||||||||||
Funding of deferred compensation obligations | (60) | (355) | 295 | ||||||||||||||||||||
Balance at end of year 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 | 92,049 | 92,049 | |||||||||||||||||||||
Other comprehensive income (loss) | 23,706 | 23,706 | |||||||||||||||||||||
Issuance of common stock | 47,260 | 26 | 47,234 | ||||||||||||||||||||
Treasury stock allocated to restricted stock award grants | 0 | (733) | 733 | ||||||||||||||||||||
Stock based compensation | 8,880 | 8,880 | |||||||||||||||||||||
Purchase of treasury stock shares | (107,774) | (107,774) | |||||||||||||||||||||
Exercise of stock options | (25) | (25) | |||||||||||||||||||||
Restricted stock forfeitures | 0 | 1,234 | (1,234) | ||||||||||||||||||||
Repurchase shares for taxes | (357) | (357) | |||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 4,052 | 1,785 | 2,267 | ||||||||||||||||||||
Funding of deferred compensation obligations | 3 | (550) | 553 | ||||||||||||||||||||
Balance at end of year 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] | Accounting Standards Update 2016-13 | ||||||||||||||||||||||
Net income | $ 86,173 | 86,173 | |||||||||||||||||||||
Other comprehensive income (loss) | (133,377) | (133,377) | |||||||||||||||||||||
Issuance of common stock | 102,250 | $ 0 | 61 | $ 2 | 102,189 | $ (2) | |||||||||||||||||
Stock based compensation | 7,440 | 7,440 | |||||||||||||||||||||
Purchase of treasury stock shares | (93,996) | (93,996) | |||||||||||||||||||||
Exercise of stock options | (393) | (393) | |||||||||||||||||||||
Restricted stock forfeitures | 0 | 1,451 | (1,451) | ||||||||||||||||||||
Repurchase shares for taxes | (4,614) | (4,614) | |||||||||||||||||||||
Employee Stock Ownership Plan shares committed to be released | 4,850 | 2,574 | 2,276 | ||||||||||||||||||||
Funding of deferred compensation obligations | (31) | (724) | 693 | ||||||||||||||||||||
Balance at end of year at Dec. 31, 2022 | $ 1,053,595 | $ 1,309 | $ 781,165 | $ 857,518 | $ (179,296) | $ (371,708) | $ (34,750) | $ (3,149) | $ 2,506 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Issuance of common stock (in shares) | 6,086,314 | 2,591,007 | 4,759,048 |
Treasury stock, shares purchased (in shares) | 4,464,405 | 6,055,119 | 7,587,142 |
Exercise of stock options (in shares) | 315,703 | 28,522 | 0 |
Restricted stock, shares forfeited (in shares) | 68,677 | 65,509 | 17,247 |
Repurchased shares for taxes (in shares) | 208,830 | 19,820 | 13,453 |
Restricted Stock | |||
Issuance of common stock (in shares) | 51,746 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash flows from operating activities: | ||||
Net income | $ 86,173,000 | $ 92,049,000 | $ 57,603,000 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Amortization of deferred loan costs, fees and purchased premiums and discounts | 6,063,000 | 2,121,000 | (1,464,000) | |
Net amortization of premiums and discounts on securities | 2,771,000 | 4,482,000 | 2,508,000 | |
Net amortization of mortgage servicing rights | 233,000 | 266,000 | 130,000 | |
Amortization of intangible assets | 1,980,000 | 1,025,000 | 1,048,000 | |
Depreciation and amortization of office properties and equipment | 7,317,000 | 6,718,000 | 6,543,000 | |
Amortization of operating lease right-of-use assets | 3,821,000 | 3,633,000 | 2,641,000 | |
Loss on extinguishment of debt | 0 | 2,851,000 | 1,158,000 | |
Provision for (reversal of) credit losses | [1] | 5,485,000 | (9,953,000) | 18,447,000 |
Gain on securities transactions | (210,000) | (2,025,000) | (370,000) | |
Change in fair value of equity securities | 401,000 | 1,792,000 | (767,000) | |
Gain on securitizations | 0 | (2,259,000) | (3,544,000) | |
Gain on sale of loans, net | (178,000) | (8,531,000) | (1,900,000) | |
Net loss on disposal of office properties and equipment | 242,000 | 95,000 | 734,000 | |
Loss on write-down of office properties and equipment | 0 | 0 | 114,000 | |
Loss on write-down of mortgage servicing rights | 0 | 0 | 75,000 | |
Deferred tax expense | 12,769,000 | 17,709,000 | 9,738,000 | |
(Increase) decrease in accrued interest receivable | (4,689,000) | 2,023,000 | (6,685,000) | |
(Increase) in other assets | (9,884,000) | (22,159,000) | (75,127,000) | |
Increase in accrued expenses and other liabilities | 24,998,000 | 1,926,000 | 32,891,000 | |
Income on bank-owned life insurance | (7,393,000) | (5,994,000) | (6,620,000) | |
Employee stock ownership plan expense | 4,850,000 | 4,052,000 | 3,161,000 | |
Stock based compensation | 7,440,000 | 8,880,000 | 8,790,000 | |
(Decrease) increase in deferred compensation obligations under Rabbi Trust | (31,000) | 3,000 | (60,000) | |
Net cash provided by operating activities | 142,158,000 | 98,704,000 | 49,044,000 | |
Cash flows from investing activities: | ||||
Proceeds from sales of debt securities available for sale | 126,772,000 | 90,339,000 | 20,761,000 | |
Proceeds from sales of equity securities | 0 | 1,390,000 | 0 | |
Proceeds from paydown/maturities/calls of debt securities available for sale | 281,959,000 | 368,249,000 | 247,908,000 | |
Proceeds from paydown/maturities/calls of debt securities held to maturity | 31,151,000 | 36,103,000 | 48,640,000 | |
Purchases of debt securities available for sale | (147,181,000) | (667,015,000) | (292,809,000) | |
Purchases of debt securities held to maturity | (23,298,000) | (203,779,000) | (12,815,000) | |
Purchases of equity securities | 0 | (91,000) | 0 | |
Proceeds from sales of loans held-for-sale | 9,639,000 | 302,039,000 | 111,764,000 | |
Proceeds from sales of loans receivable | 0 | 0 | 35,613,000 | |
Purchases of loans receivable | (8,315,000) | (85,382,000) | 0 | |
Net increase in loans receivable | (987,753,000) | (325,917,000) | (80,498,000) | |
Proceeds from bank-owned life insurance death benefits | 1,031,000 | 5,000 | 627,000 | |
Proceeds from redemptions of Federal Home Loan Bank stock | 77,362,000 | 28,448,000 | 50,374,000 | |
Purchases of Federal Home Loan Bank stock | (111,429,000) | (4,798,000) | (22,544,000) | |
Proceeds from sales of office properties and equipment | 1,772,000 | 1,879,000 | 0 | |
Additions to office properties and equipment | (7,204,000) | (5,492,000) | (4,624,000) | |
Net cash acquired in acquisitions | 140,769,000 | 20,417,000 | 155,248,000 | |
Net cash (used in) provided by investing activities | (614,725,000) | (443,605,000) | 257,645,000 | |
Cash flows from financing activities: | ||||
Net (decrease) increase in deposits | (71,789,000) | 581,475,000 | 799,548,000 | |
Proceeds from long-term borrowings | 335,893,000 | 37,120,000 | 90,000,000 | |
Payments from long-term borrowings | (38,725,000) | (306,752,000) | (343,939,000) | |
Net increase (decrease) in short-term borrowings | 446,808,000 | (244,027,000) | (376,005,000) | |
Proceeds from term note | 0 | 29,841,000 | 0 | |
Payment of subordinated debt | 0 | 0 | (16,600,000) | |
Increase (decrease) in advance payments by borrowers for taxes and insurance | 7,648,000 | 3,406,000 | (3,919,000) | |
Purchase of treasury stock | (93,996,000) | (107,774,000) | (108,166,000) | |
Exercise of stock options | (393,000) | (25,000) | 0 | |
Restricted stock forfeitures | 0 | 0 | (24,000) | |
Repurchase of shares for taxes | (4,614,000) | (357,000) | (174,000) | |
Net cash provided by (used in) financing activities | 580,832,000 | (7,093,000) | 40,721,000 | |
Net increase (decrease) in cash and cash equivalents | 108,265,000 | (351,994,000) | 347,410,000 | |
Cash and cash equivalents at beginning of year | 70,963,000 | 422,957,000 | 75,547,000 | |
Cash and cash equivalents at end of year | 179,228,000 | 70,963,000 | 422,957,000 | |
Cash paid during the period for: | ||||
Interest on deposits and borrowings | 41,077,000 | 37,906,000 | 75,557,000 | |
Income tax payments, net of refunds | 15,729,000 | 16,262,000 | 10,526,000 | |
Non-cash investing and financing activities: | ||||
Transfer of loans receivable to loans held-for-sale | 9,461,000 | 289,362,000 | 114,171,000 | |
Securitization of loans | 0 | 99,603,000 | 117,259,000 | |
Initial recognition of operating lease right-of-use asset | 0 | 0 | 22,218,000 | |
Initial recognition of operating lease liabilities | 0 | 0 | 23,290,000 | |
Non-cash assets acquired: | ||||
Debt securities available for sale | 79,024,000 | 118,017,000 | 51,479,000 | |
Debt securities held to maturity | 0 | 0 | 13,418,000 | |
Equity securities | 1,075,000 | 0 | 1,796,000 | |
Federal Home Loan Bank stock | 906,000 | 3,032,000 | 2,010,000 | |
Loans receivable | 335,501,000 | 158,912,000 | 171,593,000 | |
Accrued interest receivable | 910,000 | 867,000 | 679,000 | |
Office properties and equipment, net | 7,296,000 | 5,934,000 | 5,774,000 | |
Bank-owned life insurance | 13,033,000 | 8,661,000 | 17,245,000 | |
Goodwill and intangibles | 9,780,000 | 42,000 | 0 | |
Other assets | 6,356,000 | 616,000 | 7,964,000 | |
Total non-cash assets acquired | 453,881,000 | 296,081,000 | 271,958,000 | |
Liabilities assumed: | ||||
Deposits | 502,732,000 | 210,117,000 | 333,234,000 | |
Borrowings | 5,762,000 | 59,908,000 | 37,728,000 | |
Advance payments by borrowers for taxes and insurance | 1,341,000 | 495,000 | 982,000 | |
Accrued expenses and other liabilities | 10,568,000 | 4,822,000 | 5,400,000 | |
Total liabilities assumed | 520,403,000 | 275,342,000 | 377,344,000 | |
Net non-cash (liabilities assumed) assets acquired | (66,522,000) | 20,739,000 | (105,386,000) | |
Net cash and cash equivalents acquired in acquisitions | $ 140,769,000 | $ 20,417,000 | $ 155,248,000 | |
[1] (1) The Company adopted ASU 2016-13 as of January 1, 2022. Prior year periods have not been restated. |
Business
Business | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | Business On April 1, 2020, the Company completed its acquisition of RSB Bancorp, MHC, RSB Bancorp, Inc. and Roselle Bank (collectively, the "Roselle Entities" or "Roselle"). Pursuant to the terms of the Merger Agreement, RSB Bancorp, MHC merged with and into the MHC, with the MHC as the surviving entity; RSB Bancorp, Inc. merged with and into Columbia Financial, with Columbia Financial as the surviving entity; and Roselle Bank merged with and into the Bank, with the Bank as the surviving institution. Under the terms of the merger agreement, depositors of Roselle Bank became depositors of the Bank and have the same rights and privileges in the MHC as if their accounts had been established at the Bank on the date established at Roselle Bank. The Company issued 4,759,048 shares of its common stock to the MHC, representing an amount equal to the fair value of the Roselle Entities as determined by an independent appraiser, at the effective time of the merger. On December 1, 2021, the Company completed its acquisition of Freehold Bancorp, MHC, Freehold Bancorp, Inc. and Freehold Bank (collectively, the "Freehold Entities" or "Freehold"). 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 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 the effective time of the holding company mergers. On May 1, 2022, the Company completed its acquisition of RSI Bancorp, MHC, 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of Columbia Financial, Inc., its wholly-owned subsidiaries, Columbia Bank ("Columbia"), Freehold Bank ("Freehold"), and Highlander Investment Co. (inactive), 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., and RSI Insurance Agency, Inc., (collectively, the “Company”). The accounts of the MHC are not consolidated in the consolidated financial statements of the Company. In consolidation, all intercompany accounts and transactions are eliminated. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. The Bank's wholly owned subsidiary, Stewardship Realty, LLC, incorporated as a New Jersey corporation in 2005 was acquired in the Company's merger with Stewardship in November 2019. It is a service corporation originally organized to hold and manage property in Midland Park which was previously occupied by Atlantic Stewardship Bank. The Company also owns 100% of the common stock of Stewardship Statutory Trust I, which is a trust incorporated in Delaware which was also acquired in the Company's merger with Stewardship in November 2019. In accordance with ASC Topic 810, Consolidation, this Trust was classified as a variable interest entity and did not satisfy the conditions for consolidation. Accordingly, this Trust, which owns $7.0 million of trust preferred securities, which represents 100% of the assets, is treated as an unconsolidated subsidiary. (2) Summary of Significant Accounting Policies (continued) Basis of Financial Statement Presentation The consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant intercompany accounts and transactions during consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the 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 goodwill for impairment, evaluation of other-than-temporary impairment on securities, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits, among others. These estimates and assumptions are evaluated on an ongoing basis using factors, including the current economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets, volatile securities markets, and declines in the housing market and the economy generally have combined to increase the uncertainty inherent in such estimates and assumptions. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing deposits at other financial institutions and short-term investments. Securities Securities are classified as available for sale and held to maturity. Management determines the appropriate classification of securities at the time of purchase. Securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Securities not classified as held to maturity are classified as available for sale and carried at estimated fair value, with unrealized holding gains or losses, net of taxes, reported as a separate component of accumulated other comprehensive income or loss ("OCI") included in stockholders' equity. Effective January 1, 2022, the Company adopted the provisions of ASC 326 and modified its accounting policy for the assessment of available for sale securities for impairment. Under ASC 326 for available for sale securities, the Company first 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 fair values of these securities are based on market quotations or matrix pricing as discussed in note 17. The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. In this evaluation, if such declines were deemed other-than temporary, management would measure the total credit-related component of the unrealized loss, and recognize that portion of the loss as a charge to current period earnings. The remaining portion of the unrealized loss would be recognized as an adjustment to OCI. The fair value of the securities portfolio is significantly affected by changes in interest rates. In general, as interest rates rise, the fair value of fixed-rate securities decreases and as interest rates fall, the fair value of fixed-rate securities increases. The Company determines if it has the intent to sell securities or if it more likely than not that the Company would be required to sell the securities before the anticipated recovery. If either exists, the decline in value is considered other-than-temporary and would be recognized in current period earnings. Premiums and discounts on securities are generally amortized and accreted to income over the contractual lives of the securities using the level-yield method. Premiums on callable securities are amortized to the earliest call date. Dividend and interest income are recognized when earned. Realized gains and losses are recognized when securities are sold or called based on the specific identification method. In the ordinary course of business, securities are pledged as collateral in conjunction with the Company’s borrowings, lines of credit, and public funds on deposit. (2) Summary of Significant Accounting Policies (continued) Federal Home Loan Bank Stock The Banks, as members of the Federal Home Loan Bank of New York (the "FHLB"), are required to hold shares of capital stock of the FHLB based on its activities, primarily its outstanding borrowings. The investment is carried at cost, or par value, which approximates fair value. Cash dividends are reported as income. Loans Held-for-Sale Loans held-for-sale consists of loans intended for sale in the secondary market. These loans are carried at the lower of cost or estimated fair value, less costs to sell, as determined on an individual loan basis. Net unrealized losses, if any, are recognized in a valuation allowance through a charge to earnings. Origination fees and costs on loans held-for-sale are deferred and recognized on settlement dates as a component of the gain or loss on sale. Loans held-for-sale are generally sold with loan servicing rights retained by Columbia Bank. Loans Receivable Loans receivable are carried at unpaid principal balances adjusted by unamortized premiums and unearned discounts, net deferred origination fees and costs, purchase accounting fair value adjustments and the allowance for credit losses. The Company defers loan origination fees and certain direct loan origination costs and accretes such amounts as an adjustment to the yield over the expected lives of the related loans using the level-yield method. Interest income on loans is accrued on unpaid principal balances and credited to income as earned. Premiums and discounts on loans purchased are amortized or accreted as an adjustment to yield over the contractual lives of the related loans using methodologies which approximate the level-yield method. A loan is considered delinquent when payment has not been received within 30 days of its contractual due date. Generally, a loan in designated as a non-accrual loan when the payment of interest is 90 days or more in arrears of its contractual due date. When a loan is placed on non-accrual status, any interest accrued but not received is reversed against interest income. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. Non-accruing loans are returned to accrual status after there has been a sustained period of repayment performance (generally six consecutive months of payment) 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. On a case-by-case basis, the Company may evaluate individual loans for which it is probable, based on current information, that the Company will not collect all amounts due under the contractual terms of the loan agreement. The Company considers the population of loans in its analysis to include all multifamily and commercial real estate, construction, and commercial business loans with an outstanding balance greater than $500,000 and not accruing interest, and loans modified in a troubled debt restructuring. The Company also considers residential real estate, and home equity loans and advances that are not accruing or modified in a troubled debt restructuring. Other loans may be included in the population of loans to be evaluated if management has specific information of a collateral shortfall. Loans individually analyzed are 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. Payments received on individually analyzed loans are recognized on a cash basis. Purchased Credit-Deteriorated ("PCD") Loans Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased with credit deterioration (“PCD”) loans. The Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; and (4) delinquency status. At the acquisition date, an estimate of expected credit losses was made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed PCD at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. (2) Summary of Significant Accounting Policies (continued) Allowance for Credit Losses on Loans Receivable The calculation of the allowance for credit losses (“ACL”) on loans is a critical accounting policy of the Company because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the economic environment that could result in changes to the ACL amount of the recorded allowance. The ACL is maintained at a level management considers adequate to provide for estimated losses and impairment based upon an evaluation of known and inherent risk in the loan portfolio. The ACL consists of two elements: (1) identification of loans that must be individually analyzed for impairment and (2) establishment of an ACL for loans collectively analyzed. Portfolio segments are 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 losses based on the type of borrower and collateral which is generally based upon federal call report segmentation. The segments have been combined or sub-segments have been added as needed to ensure loans of similar risk profiles are appropriately pooled. We maintain a loan review system that provides a periodic review of the loan portfolio and the identification of individually analyzed loans. The ACL for individually analyzed loans is based on the fair value of collateral or cash flows. While management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. The ACL quantitative allowance for each segment is measured using a discounted cash flow methodology incorporating an econometric, probability of default (“PD”) and loss given default (“LGD”) with distinct segment-specific multi-variant regression models applied. Expected credit losses are estimated over the 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 the modeled cash flows, adjusted for model defaults and expected prepayments and discounted at the loan-level effective interest rate. The contractual term excludes expected extensions, renewals, and modifications. Management estimates the ACL using relevant and reliable 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 its segment-specific peers provide the basis for the estimate of expected credit losses. Credit losses over a defined period are converted to PD rate curves through the use of segment-specific LGD 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 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 a single economic forecast of macroeconomic variables (i.e. unemployment, gross domestic product, vacancy, and home price index). 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 reverts to long-term average historical loss rates using a straight-line, time-based methodology. The Company's current forecast period is six quarters, with a four-quarter reversion period to long-term average historical loss rates. After quantitative considerations, management applies additional qualitative adjustments that consider the expected impact of certain factors not fully captured in the quantitative reserve. Qualitative adjustments include but are not limited to concentrations of large loan balances, delinquency trends, change in collateral values within segments, and other considerations. The ACL is established through the provision for credit losses that are charged to income, which is based upon an evaluation of estimated losses in the current loan portfolio, including the evaluation of individually analyzed loans. Charge-offs against the ACL 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 ACL. Although we believe we have established and maintained the ACL on loans at appropriate levels, changes in reserves may be necessary if actual economic and other conditions differ substantially from the forecast used in estimating the ACL. (2) Summary of Significant Accounting Policies (continued) Allowance for Credit Losses on Loans Receivable (continued) Our financial results are affected by the changes in and the level of the ACL. This process involves our analysis of internal and external variables, and it requires that we exercise judgment to estimate an appropriate ACL. As a result of the uncertainty associated with this subjectivity, we cannot assure the precision of the amount reserved, should we experience sizable loan losses in any particular period and/or significant changes in assumptions or economic condition. We believe the primary risks inherent in the portfolio are a general decline in the economy, a decline in real estate market values, rising unemployment, increasing vacancy rates, and increases in interest rates in the absence of economic improvement or any other such factors. 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, we have recorded loan credit losses at a level which is estimated to represent the current risk in its loan portfolio. Most of our non-performing assets are collateral dependent loans which are written down to the fair value of the collateral less estimated costs to sell. We continue to assess the collateral of these loans and update our appraisals on these loans on an annual basis. To the extent the property values decline, there could be additional losses on these non-performing assets, which may be material. Management considered these market conditions in deriving the estimated ACL. Should economic difficulties occur, the ultimate amount of loss could vary from our current estimate. Allowance for Credit Losses on Unfunded Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance for credit loss 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 utilization rate for each segment. The allowance for credit losses for off-balance-sheet exposures is reported in other liabilities in the Consolidated Statements of Financial Condition. The liability represents an estimate of expected credit losses arising from off-balance-sheet exposures such as unfunded commitments. Troubled Debt Restructurings Troubled debt restructured loans are those loans where the Company has granted a concession it would not otherwise consider because of economic or legal reasons pertaining to a debtor’s financial difficulties. A concession could include a reduced interest rate below a market rate, an extension of the term of the loan, or a combination of the two methods, but generally does not result in the forgiveness of principal or accrued interest. Not all concessions granted by the Company constitute a troubled debt restructuring. Once an obligation has been restructured and designated as a troubled debt restructuring, it continues to be designed as a restructured loan until paid in full. The Company records an impairment charge equal to the difference between the present value of expected future cash flows under the restructured terms discounted at the loan’s original effective interest rate, and the loan’s carrying value. Restructured loans that were accruing prior to the restructuring, where income was reasonably assured subsequent to the restructuring, maintain their accrual status. Restructured loans for which collectability was not reasonably assured are placed on non-accrual status, interest accruals cease, and uncollected accrued interest is reversed and charged against current income. Non-accruing restructured loans may be returned to accrual status when there is a sustained period of repayment performance (generally six consecutive months of payments), and both principal and interest are deemed collectible. In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporations issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. 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 Banks each 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. (2) Summary of Significant Accounting Policies (continued) Troubled Debt Restructurings (continued) 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. Loans Sold and Serviced The Company has entered into Guarantor Swaps with Freddie Mac to improve its liquidity. In these types of transactions, the Company sells mortgage loans in exchange for Freddie Mac Mortgage Participation Certificates backed exclusively by the loans sold. The Company retains the servicing of these loans. The Company also periodically sells loans to investors and continues to service such loans for a fee. Gains or losses on the sale of loans are recorded on trade date using the specific-identification method. Office Properties and Equipment Land is carried at cost. Office properties, land and building improvements, furniture and equipment, and leasehold improvements are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization of office properties and equipment is computed on a straight-line basis over their estimated useful lives (generally 40 years for buildings, 10 years to 20 years for land and building improvements, 3 years to 10 years for furniture and equipment). Leasehold improvements, carried at cost, net of accumulated depreciation, are amortized over the terms of the related leases or the estimated useful lives of the assets, whichever is shorter. Major improvements are capitalized, while repairs and maintenance costs are charged to expense as incurred. Upon retirement or sale, any gain or loss is recognized as incurred. Bank-owned Life Insurance ("BOLI") Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. The change in the net asset value is recorded as a component of non-interest income. A deferred liability has been recorded for the estimated cost of post-retirement life insurance benefits accruing to applicable employees and directors covered by an endorsement split-dollar life insurance arrangement. Goodwill and Intangible Assets Intangible assets of the Company consist of goodwill, core deposit intangibles and mortgage servicing rights. Goodwill represents the excess of the purchase price over the fair value of net assets acquired in purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of December 31, 2022 based upon its qualitative assessment of goodwill and concluded that goodwill was not impaired and no further quantitative analysis was warranted. Core deposit intangibles represent the intangible value of depositor relationships acquired by the Company through purchase acquisitions of Stewardship, Freehold and RSI. The premiums ascribed to these deposits are amortized over their estimated useful lives. Mortgage servicing rights are recorded when purchased or when originated mortgage loans are sold, with servicing rights retained. Mortgage servicing rights are amortized on an accelerated method based upon the estimated lives of the related loans, and generally adjusted for prepayments. Mortgage servicing rights are carried at the lower of amortized cost or fair value. Leases The Company determines if an arrangement is a lease at inception. The Company's leases primarily relate to real estate property for branches and office space. All the Company's leases are classified as operating leases and the related right-of-use asset ("ROU") and lease liability are included in other assets and other liabilities (2) Summary of Significant Accounting Policies (continued) Leases (continued) ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangements. The calculated amounts of the ROU 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. As the Company's leases do not provide an implicit rate, the discount rate used in determining the lease liability for each individual lease is the Company's incremental borrowing rate. The present value of the lease liability may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options provided in the lease terms. Lease expense is recognized on a straight-line basis over the expected lease term. Lease agreements that include lease and non-lease components, such as common area maintenance charges, are accounted for separately. Post-retirement Benefits 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. Through the acquisition of the RSI Entities, the Company acquired a non-funded post-retirement plan. The defined benefit post-retirement healthcare plan covers substantially all retirees and employees. Employee Benefit 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 policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income (loss), net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The assets of the plan are primarily invested in fixed income and equity funds. Through the acquisition of the RSI Entities on May 1, 2022, the Company acquired a funded pension plan The benefits are based on years of service and the employee’s compensation, as defined. The Plan was amended effective March 31, 2011, to freeze the Plan so that no employee shall commence or recommence participation in the Plan, that there shall be no further benefit accruals under the Plan, and that compensation received after the effective date shall not be recognized for any purpose under the Plan. 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). Columbia Bank and Freehold Bank each have a 401(k) plan covering substantially all employees. Columbia Bank may match a percentage of the first 3.00% to 4.50% contributed by participants. Columbia's matching contribution, if any, is determined by their Board of Directors in its sole discretion. Freehold does not presently match any portion of employee contribution, but may provide an annual match determined by their Board of Directors in its sole discretion. Columbia Bank has an Employee Stock Ownership Plan ("ESOP"). The funds borrowed by the ESOP from the Company to purchase the Company's common stock are being repaid from Columbia Bank's contributions over a period of 20 years. The Company's common stock not allocated to participants is recorded as a reduction of stockholders' equity at cost. Compensation expense for the ESOP is based on the average price of the Company's stock and the amount of shares committed to be allocated during each period. (2) Summary of Significant Accounting Policies (continued) Employee Benefit Plans (continued) Columbia Bank has a |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Roselle Bank On April 1, 2020, the Company completed its acquisition of RSB Bancorp, MHC, RSB Bancorp, Inc. and Roselle Bank (collectively, the "Roselle Entities" or "Roselle"). Pursuant to the terms of the Merger Agreement, RSB Bancorp, MHC merged with and into the MHC, with the MHC as the surviving entity; RSB Bancorp, Inc. merged with and into Columbia Financial, with Columbia Financial as the surviving entity; and Roselle Bank merged with and into the Bank, with the Bank as the surviving institution. Under the terms of the merger agreement, depositors of Roselle Bank became depositors of the Bank and have the same rights and privileges in the MHC as if their accounts had been established at the Bank on the date established at Roselle Bank. The Company issued 4,759,048 shares of its common stock to the MHC, representing an amount equal to the fair value of the Roselle 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 Entities totaled $597,000 for the year ended December 31, 2020. There were no merger expenses recorded for the years ended December 31, 2022 and 2021. The following table sets forth assets acquired and liabilities assumed in the acquisition of the Roselle Entities , at their estimated fair values as of the closing date of the transaction: April 1, 2020 Assets acquired: (In thousands) Cash and cash equivalents $ 155,248 Debt securities available for sale 51,479 Debt securities held to maturity 13,418 Equity securities 1,796 Federal Home Loan Bank stock 2,010 Loans receivable 171,593 Accrued interest receivable 679 Office properties and equipment, net 5,774 Bank-owned life insurance 17,245 Deferred tax assets, net 1,334 Other assets 1,489 Total assets acquired $ 422,065 Liabilities assumed: Deposits $ 333,234 Borrowings 37,728 Advance payments by borrowers for taxes and insurance 982 Accrued expenses and other liabilities 5,400 Total liabilities assumed $ 377,344 Net assets acquired $ 44,721 Fair market value of stock issued to Columbia Bank MHC for purchase 68,530 Goodwill recorded at merger $ 23,809 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 April 1, 2020, and resulted in the recognition of goodwill of $23.8 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 quarter ended March 31, 2021, the Company recorded a final adjustment of $1.1 million to deferred income taxes, net, and a corresponding decrease in goodwill. At December 31, 2022, goodwill related to the Roselle acquisition totaled $17.6 million. (3) Acquisitions (continued) 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" or "Freehold"). 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 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 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 Freehold acquisition totaled $11,000 and $350,000 for the year ended December 31, 2022 and 2021, respectively. There were no merger expenses recorded for the year ended December 31, 2020. The following table sets forth assets acquired and liabilities assumed in the acquisition of Freehold, at their estimated fair values as of the closing date of the transaction: December 1, 2021 Assets acquired: (In thousands) Cash and cash equivalents $ 20,417 Debt securities available for sale 118,017 Federal Home Loan Bank stock 3,032 Loans receivable 158,912 Accrued interest receivable 867 Office properties and equipment, net 5,934 Bank-owned life insurance 8,661 Deferred tax assets, net 454 Core deposit intangibles 42 Other assets 162 Total assets acquired $ 316,498 Liabilities assumed: Deposits $ 210,117 Borrowings 59,908 Advance payments by borrowers for taxes and insurance 495 Accrued expenses and other liabilities 4,822 Total liabilities assumed $ 275,342 Net assets acquired $ 41,156 Fair market value of stock issued to Columbia Bank MHC for purchase 47,260 Goodwill recorded at merger $ 6,104 (3) Acquisitions (continued) Freehold Bank (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 December 1, 2021, and resulted in the recognition of goodwill of $6.1 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 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. At December 31, 2022, goodwill related to the Freehold acquisition totaled $6.0 million. 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 $2.8 million and $196,000 for the year ended December 31, 2022 and 2021, respectively. There were no merger expenses recorded for the year ended December 31, 2020. (3) Acquisitions (continued) RSI Bank (continued) 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 Assets acquired: (In thousands) 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 assets, 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 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. During the fourth quarter of, 2022, the Company recorded an adjustment of $490,922 to the original discounted fair value, which resulted in a decrease in additional paid-in-capital, 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. However, management does not expect significant future adjustments to the recorded amounts. At December 31, 2022, goodwill related to the acquisition of the RSI Entities totaled $25.5 million. (3) Acquisitions (continued) 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 in the Roselle, Freehold and RSI acquisitions (if applicable): 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 or held for maturity. The estimated fair values of the debt securities were calculated mostly 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 Bank-owned life insurance. Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. 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. 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 deposits) 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. |
Debt Securities Available for S
Debt Securities Available for Sale | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Available for Sale | Debt Securities Available for Sale Debt s ecurities available for sale at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 67,771 $ — $ (4,205) $ 63,566 Mortgage-backed securities and collateralized mortgage obligations 1,351,929 135 (170,337) 1,181,727 Municipal obligations 3,697 — (122) 3,575 Corporate debt securities 92,544 6 (12,784) 79,766 $ 1,515,941 $ 141 $ (187,448) $ 1,328,634 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 Trust preferred securities — — — — $ 1,701,379 $ 16,943 $ (14,475) $ 1,703,847 The amortized cost and fair value of debt securities available for sale at December 31, 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. December 31, 2022 Amortized Cost Fair Value (In thousands) One year or less $ 921 $ 906 More than one year to five years 84,351 79,080 More than five years to ten years 78,740 66,921 $ 164,012 $ 146,907 Mortgage-backed securities and collateralized mortgage obligations 1,351,929 1,181,727 $ 1,515,941 $ 1,328,634 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. (4) Debt Securities Available for Sale (continued) During the year ended December 31, 2022, proceeds from the sale of debt securities available for sale totaled $126.8 million, resulting in gross gains of $710,000 and $500,000 of gross losses. There were no calls and $915,000 in maturities of debt securities available for sale during the ended December 31, 2022. During the year ended December 31, 2021, proceeds from the sale of debt securities available for sale totaled $90.3 million, resulting in gross gains of $2.1 million and gross losses of $439,000. 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. During the year ended December 31, 2020, proceeds from the sale of debt securities available for sale totaled $20.8 million, resulting in gross gains of $369,000 and no gross losses. Proceeds from called debt securities available for sale totaled $11.6 million resulting in gross gains of $1,000 and no gross losses. Proceeds from matured debt securities available for sale totaled $10.9 million. Debt securities available for sale having a carrying value of $724.0 million and $587.7 million, at December 31, 2022 and 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 $28.3 million and $44.1 million, at December 31, 2022 and 2021, 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 December 31, 2022 and 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: December 31, 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 $ 47,956 $ (2,359) $ 15,610 $ (1,846) $ 63,566 $ (4,205) Mortgage-backed securities and collateralized mortgage obligations 424,328 (29,013) 741,515 (141,324) 1,165,843 (170,337) Municipal obligations 3,574 (122) — — 3,574 (122) Corporate debt securities 46,751 (5,792) 31,008 (6,992) 77,759 (12,784) $ 522,609 $ (37,286) $ 788,133 $ (150,162) $ 1,310,742 $ (187,448) 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) (4) Debt Securities Available for Sale (continued) The number of securities in an unrealized loss position at December 31, 2022 totaled 455, compared with 219 at December 31, 2021. All temporarily impaired securities were investment grade as of December 31, 2022 and 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 year ended December 31, 2022: December 31, 2022 (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 December 31, 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 Debt securities held to maturity at December 31, 2022 and 2021 are summarized as follows: December 31, 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 $ — $ (7,304) $ — $ 42,567 Mortgage-backed securities and collateralized mortgage obligations 371,652 — (43,828) — 327,824 $ 421,523 $ — $ (51,132) $ — $ 370,391 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 December 31, 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. December 31, 2022 Amortized Cost Fair Value (In thousands) More than one year to five years $ 19,875 $ 18,399 More than five years to ten years 19,996 16,703 More than ten years 10,000 7,465 49,871 42,567 Mortgage-backed securities and collateralized mortgage obligations 371,652 327,824 $ 421,523 $ 370,391 Mortgage-backed securities and collateralized mortgage obligations totaling $371.7 million at amortized cost, and $327.8 million at fair value at December 31, 2022, 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 year ended December 31, 2022, there were no sales, calls or maturities of debt securities held to maturity. During the years ended December 31, 2021 and 2020, there were no sales of debt securities held to maturity. During the year ended December 31, 2021, proceeds from called debt securities held to maturity totaled $5.1 million, resulting in no gross gains or losses. During the year ended December 31, 2020, proceeds from called debt securities held to maturity totaled $20.0 million, resulting in no gross gains or losses. (5) Debt Securities Held to Maturity (continued) Debt securities held to maturity having a carrying value of $228.8 million and $252.4 million, at December 31, 2022 and 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 December 31, 2022 and 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: December 31, 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 $ 4,956 $ (44) $ 37,611 $ (7,260) $ 42,567 $ (7,304) Mortgage-backed securities and collateralized mortgage obligations 275,107 (33,000) 52,717 (10,828) 327,824 (43,828) $ 280,063 $ (33,044) $ 90,328 $ (18,088) $ 370,391 $ (51,132) 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 December 31, 2022 totaled 116, compared with 25 at December 31, 2021. All temporarily impaired securities were investment grade as of December 31, 2022 and 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 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 December 31, 2022 and 2021 was $3.4 million and $2.7 million, respectively. The Company recorded a net decrease in the fair value of equity securities of $401,000 and $1.8 million during the years ended December 31, 2022 and 2021, respectively, as a component of non-interest income. |
Debt Securities Held to Maturit
Debt Securities Held to Maturity | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Held to Maturity | Debt Securities Available for Sale Debt s ecurities available for sale at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 67,771 $ — $ (4,205) $ 63,566 Mortgage-backed securities and collateralized mortgage obligations 1,351,929 135 (170,337) 1,181,727 Municipal obligations 3,697 — (122) 3,575 Corporate debt securities 92,544 6 (12,784) 79,766 $ 1,515,941 $ 141 $ (187,448) $ 1,328,634 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 Trust preferred securities — — — — $ 1,701,379 $ 16,943 $ (14,475) $ 1,703,847 The amortized cost and fair value of debt securities available for sale at December 31, 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. December 31, 2022 Amortized Cost Fair Value (In thousands) One year or less $ 921 $ 906 More than one year to five years 84,351 79,080 More than five years to ten years 78,740 66,921 $ 164,012 $ 146,907 Mortgage-backed securities and collateralized mortgage obligations 1,351,929 1,181,727 $ 1,515,941 $ 1,328,634 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. (4) Debt Securities Available for Sale (continued) During the year ended December 31, 2022, proceeds from the sale of debt securities available for sale totaled $126.8 million, resulting in gross gains of $710,000 and $500,000 of gross losses. There were no calls and $915,000 in maturities of debt securities available for sale during the ended December 31, 2022. During the year ended December 31, 2021, proceeds from the sale of debt securities available for sale totaled $90.3 million, resulting in gross gains of $2.1 million and gross losses of $439,000. 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. During the year ended December 31, 2020, proceeds from the sale of debt securities available for sale totaled $20.8 million, resulting in gross gains of $369,000 and no gross losses. Proceeds from called debt securities available for sale totaled $11.6 million resulting in gross gains of $1,000 and no gross losses. Proceeds from matured debt securities available for sale totaled $10.9 million. Debt securities available for sale having a carrying value of $724.0 million and $587.7 million, at December 31, 2022 and 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 $28.3 million and $44.1 million, at December 31, 2022 and 2021, 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 December 31, 2022 and 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: December 31, 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 $ 47,956 $ (2,359) $ 15,610 $ (1,846) $ 63,566 $ (4,205) Mortgage-backed securities and collateralized mortgage obligations 424,328 (29,013) 741,515 (141,324) 1,165,843 (170,337) Municipal obligations 3,574 (122) — — 3,574 (122) Corporate debt securities 46,751 (5,792) 31,008 (6,992) 77,759 (12,784) $ 522,609 $ (37,286) $ 788,133 $ (150,162) $ 1,310,742 $ (187,448) 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) (4) Debt Securities Available for Sale (continued) The number of securities in an unrealized loss position at December 31, 2022 totaled 455, compared with 219 at December 31, 2021. All temporarily impaired securities were investment grade as of December 31, 2022 and 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 year ended December 31, 2022: December 31, 2022 (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 December 31, 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 Debt securities held to maturity at December 31, 2022 and 2021 are summarized as follows: December 31, 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 $ — $ (7,304) $ — $ 42,567 Mortgage-backed securities and collateralized mortgage obligations 371,652 — (43,828) — 327,824 $ 421,523 $ — $ (51,132) $ — $ 370,391 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 December 31, 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. December 31, 2022 Amortized Cost Fair Value (In thousands) More than one year to five years $ 19,875 $ 18,399 More than five years to ten years 19,996 16,703 More than ten years 10,000 7,465 49,871 42,567 Mortgage-backed securities and collateralized mortgage obligations 371,652 327,824 $ 421,523 $ 370,391 Mortgage-backed securities and collateralized mortgage obligations totaling $371.7 million at amortized cost, and $327.8 million at fair value at December 31, 2022, 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 year ended December 31, 2022, there were no sales, calls or maturities of debt securities held to maturity. During the years ended December 31, 2021 and 2020, there were no sales of debt securities held to maturity. During the year ended December 31, 2021, proceeds from called debt securities held to maturity totaled $5.1 million, resulting in no gross gains or losses. During the year ended December 31, 2020, proceeds from called debt securities held to maturity totaled $20.0 million, resulting in no gross gains or losses. (5) Debt Securities Held to Maturity (continued) Debt securities held to maturity having a carrying value of $228.8 million and $252.4 million, at December 31, 2022 and 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 December 31, 2022 and 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: December 31, 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 $ 4,956 $ (44) $ 37,611 $ (7,260) $ 42,567 $ (7,304) Mortgage-backed securities and collateralized mortgage obligations 275,107 (33,000) 52,717 (10,828) 327,824 (43,828) $ 280,063 $ (33,044) $ 90,328 $ (18,088) $ 370,391 $ (51,132) 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 December 31, 2022 totaled 116, compared with 25 at December 31, 2021. All temporarily impaired securities were investment grade as of December 31, 2022 and 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 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 December 31, 2022 and 2021 was $3.4 million and $2.7 million, respectively. The Company recorded a net decrease in the fair value of equity securities of $401,000 and $1.8 million during the years ended December 31, 2022 and 2021, respectively, as a component of non-interest income. |
Equity Securities at Fair Value
Equity Securities at Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Equity Securities at Fair Value | Debt Securities Available for Sale Debt s ecurities available for sale at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 67,771 $ — $ (4,205) $ 63,566 Mortgage-backed securities and collateralized mortgage obligations 1,351,929 135 (170,337) 1,181,727 Municipal obligations 3,697 — (122) 3,575 Corporate debt securities 92,544 6 (12,784) 79,766 $ 1,515,941 $ 141 $ (187,448) $ 1,328,634 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 Trust preferred securities — — — — $ 1,701,379 $ 16,943 $ (14,475) $ 1,703,847 The amortized cost and fair value of debt securities available for sale at December 31, 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. December 31, 2022 Amortized Cost Fair Value (In thousands) One year or less $ 921 $ 906 More than one year to five years 84,351 79,080 More than five years to ten years 78,740 66,921 $ 164,012 $ 146,907 Mortgage-backed securities and collateralized mortgage obligations 1,351,929 1,181,727 $ 1,515,941 $ 1,328,634 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. (4) Debt Securities Available for Sale (continued) During the year ended December 31, 2022, proceeds from the sale of debt securities available for sale totaled $126.8 million, resulting in gross gains of $710,000 and $500,000 of gross losses. There were no calls and $915,000 in maturities of debt securities available for sale during the ended December 31, 2022. During the year ended December 31, 2021, proceeds from the sale of debt securities available for sale totaled $90.3 million, resulting in gross gains of $2.1 million and gross losses of $439,000. 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. During the year ended December 31, 2020, proceeds from the sale of debt securities available for sale totaled $20.8 million, resulting in gross gains of $369,000 and no gross losses. Proceeds from called debt securities available for sale totaled $11.6 million resulting in gross gains of $1,000 and no gross losses. Proceeds from matured debt securities available for sale totaled $10.9 million. Debt securities available for sale having a carrying value of $724.0 million and $587.7 million, at December 31, 2022 and 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 $28.3 million and $44.1 million, at December 31, 2022 and 2021, 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 December 31, 2022 and 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: December 31, 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 $ 47,956 $ (2,359) $ 15,610 $ (1,846) $ 63,566 $ (4,205) Mortgage-backed securities and collateralized mortgage obligations 424,328 (29,013) 741,515 (141,324) 1,165,843 (170,337) Municipal obligations 3,574 (122) — — 3,574 (122) Corporate debt securities 46,751 (5,792) 31,008 (6,992) 77,759 (12,784) $ 522,609 $ (37,286) $ 788,133 $ (150,162) $ 1,310,742 $ (187,448) 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) (4) Debt Securities Available for Sale (continued) The number of securities in an unrealized loss position at December 31, 2022 totaled 455, compared with 219 at December 31, 2021. All temporarily impaired securities were investment grade as of December 31, 2022 and 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 year ended December 31, 2022: December 31, 2022 (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 December 31, 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 Debt securities held to maturity at December 31, 2022 and 2021 are summarized as follows: December 31, 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 $ — $ (7,304) $ — $ 42,567 Mortgage-backed securities and collateralized mortgage obligations 371,652 — (43,828) — 327,824 $ 421,523 $ — $ (51,132) $ — $ 370,391 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 December 31, 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. December 31, 2022 Amortized Cost Fair Value (In thousands) More than one year to five years $ 19,875 $ 18,399 More than five years to ten years 19,996 16,703 More than ten years 10,000 7,465 49,871 42,567 Mortgage-backed securities and collateralized mortgage obligations 371,652 327,824 $ 421,523 $ 370,391 Mortgage-backed securities and collateralized mortgage obligations totaling $371.7 million at amortized cost, and $327.8 million at fair value at December 31, 2022, 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 year ended December 31, 2022, there were no sales, calls or maturities of debt securities held to maturity. During the years ended December 31, 2021 and 2020, there were no sales of debt securities held to maturity. During the year ended December 31, 2021, proceeds from called debt securities held to maturity totaled $5.1 million, resulting in no gross gains or losses. During the year ended December 31, 2020, proceeds from called debt securities held to maturity totaled $20.0 million, resulting in no gross gains or losses. (5) Debt Securities Held to Maturity (continued) Debt securities held to maturity having a carrying value of $228.8 million and $252.4 million, at December 31, 2022 and 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 December 31, 2022 and 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: December 31, 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 $ 4,956 $ (44) $ 37,611 $ (7,260) $ 42,567 $ (7,304) Mortgage-backed securities and collateralized mortgage obligations 275,107 (33,000) 52,717 (10,828) 327,824 (43,828) $ 280,063 $ (33,044) $ 90,328 $ (18,088) $ 370,391 $ (51,132) 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 December 31, 2022 totaled 116, compared with 25 at December 31, 2021. All temporarily impaired securities were investment grade as of December 31, 2022 and 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 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 December 31, 2022 and 2021 was $3.4 million and $2.7 million, respectively. The Company recorded a net decrease in the fair value of equity securities of $401,000 and $1.8 million during the years ended December 31, 2022 and 2021, respectively, as a component of non-interest income. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses Loans receivable at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 (In thousands) Real estate loans: One-to-four family $ 2,860,184 $ 2,092,317 Multifamily 1,239,207 1,041,108 Commercial real estate 2,413,394 2,170,236 Construction 336,553 295,047 Commercial business loans 497,469 452,232 Consumer loans: Home equity loans and advances 274,302 276,563 Other consumer loans 3,425 1,428 Total gross loans 7,624,534 6,328,931 Purchased credit-deteriorated loans 17,059 6,791 Net deferred loan costs, fees and purchased premiums and discounts 35,971 24,879 Loans receivable $ 7,677,564 $ 6,360,601 The Company had no loans held-for-sale at December 31, 2022 and 2021. During the year ended December 31, 2022, the Company sold $2.7 million, $2.8 million, and $4.1 million of one-to-four family real estate loans, SBA loans included in the commercial business loans, and construction loans held-for sale, respectively, resulting in gross gains of $242,000 and gross losses of $64,000. During the year ended December 31, 2021, the Company sold $18.5 million, $19.1 million, $6.4 million, and $258.1 million of one-to-four family real estate loans and home equity loans, commercial real estate loans, construction loans, and commercial business and SBA loans held-for-sale, respectively, resulting in gross gains of $8.6 million and gross losses of $24,000. During the year ended December 31, 2020, the Company sold $111.8 million of one-to-four family real estate loans held-for-sale, resulting gross gains of $1.7 million and no gross losses. During the years ended December 31, 2022 and 2021, no loans included in loans receivable were sold by the Company. During the year ended December 31, 2020, the Company sold $15.1 million, $13.0 million, and $7.6 million of one-to-four family real estate loans and home equity loans, construction loans, and commercial business loans, respectively, included in loans receivable, resulting in gross gains of $161,000 and no gross losses. During the year ended December 31, 2022, the Company purchased $8.3 million of one-to-four family real estate loans from third parties. During the year ended December 31, 2021 the Company purchased $11.8 million of one-to-four family real estate loans and $73.6 million of commercial real estate loans from third parties. During the year ended December 31, 2020 there were no loans purchased by the Company. At December 31, 2022 and 2021, commercial business loans included $1.6 million, and $44.9 million, respectively, in SBA Payroll Protection Program ("PPP") loans and net deferred fees related to these loans totaling $13,000 and $1.2 million, respectively. At December 31, 2022 and 2021, the carrying value of loans serviced by the Company for investors was $497.1 million and $519.5 million, respectively. These loans are not included in the Consolidated Statements of Financial Condition. Servicing income totaled $1.3 million, $1.5 million, and $1.4 million for the years ended December 31, 2022, 2021 and 2020. The Company has entered into guarantor swaps with Freddie Mac which results in improved liquidity. During the year ended December 31, 2022, no loans were exchanged for Freddie Mac mortgage participation certificates. During the year ended December 31, 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. During the year ended December 31, 2020, the Company exchanged $117.3 million of loans for a Freddie Mac mortgage participation certificates, resulting in gross gains of $3.5 million gross gains and no gross losses. The Company retained servicing of these loans. (7) Loans Receivable and Allowance for Credit Losses (continued) The Company has granted loans to certain officers and directors of the Company and its subsidiaries and to their associates. At December 31, 2022 and 2021, such loans totaled approximately $9.3 million and $8.9 million, respectively. During the years ended December 31, 2022, 2021 and 2020 the Columbia Bank granted two new loans to a related party totaling $751,000, one new loan to a related party for $522,700, and.one new loan to a related party for $300,000, respectively. These loans are performing in accordance with their original terms. The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCD loans, at December 31, 2022 and 2021: December 31, 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 $ 4,063 $ 1,149 $ 1,808 $ 7,020 $ 2,730 $ 2,853,164 $ 2,860,184 Multifamily — — — — — 1,239,207 1,239,207 Commercial real estate — 853 2,892 3,745 2,892 2,409,649 2,413,394 Construction 5,218 — — 5,218 — 331,335 336,553 Commercial business loans 220 — 474 694 801 496,775 497,469 Consumer loans: Home equity loans and advances 465 33 286 784 286 273,518 274,302 Other consumer loans 3 1 12 16 12 3,409 3,425 Total loans $ 9,969 $ 2,036 $ 5,472 $ 17,477 $ 6,721 $ 7,607,057 $ 7,624,534 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 an 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 December 31, 2022 and 2021, non-accrual loans totaled $6.7 million and $3.9 million, respectively. Included in non-accrual loans at December 31, 2022 and 2021, are 7 and 10 loans totaling $1.2 million and $1.7 million which are less than 90 days in arrears. (7) Loans Receivable and Allowance for Credit Losses (continued) If non-accrual loans had performed in accordance with their original terms, interest income would have increased by $392,000, $190,000, and $426,000 for the years ended December 31, 2022, 2021 and 2020, respectively. The amount of cash basis interest income that was recognized on these loans during the years ended December 31, 2022, 2021 and 2020, was $161,000, $242,000, and $410,000, respectively. At December 31, 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 forbearance 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 December 31, 2022 and 2021, loans acquired in the Stewardship Financial Corporation acquisition totaled $2.0 million and $2.7 million, respectively, PCD loans acquired in the Roselle Bank acquisition totaled $184,000 at both dates, and PCD loans acquired in the Freehold Bank acquisition totaled $3.7 million and $3.9 million, respectively. At December 31, 2022, loans acquired in the RSI Bank acquisition totaled $11.3 million. An initial allowance for credit losses of $633,000 was recorded through a gross-up adjustment to fair values of PCD loans related to the loans acquired in connection with the RSI Bank acquisition. We may obtain physical possession of real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. At December 31, 2022 and 2021, the Company had no real estate owned. At December 31, 2022 and 2021, we had two home equity loans and one residential mortgage loans, respectively, with carrying values of $81,000 and $87,000, respectively, collateralized by residential real estate which were in the process of foreclosure. 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 period ended December 31, 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 Although management believes that the Company has established and maintained the allowance for credit losses at appropriate levels, reserve levels may change if future economic, organizational, and portfolio conditions differ from the forecast. Management evaluates its estimates and assumptions on an ongoing basis, and the estimates and assumptions are adjusted when facts and circumstances necessitate a re-valuation of the estimate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Although management uses the best information available, the level of the allowance for credit losses remains an estimate that is subject to significant judgment. (7) Loans Receivable and Allowance for Credit Losses (continued) The following tables summarize loans receivable (including PCD loans) and allowance for credit losses (previously the allowance for loan losses) by portfolio segment and impairment method at December 31, 2022 and 2021: December 31, 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 analyzed loans $ 201 $ 3 $ 99 $ — $ 10 $ 26 $ — $ 339 Collectively analyzed loans 11,591 7,874 17,961 6,415 6,876 1,654 10 52,381 Loans acquired with deteriorated credit quality 10 — 51 10 11 1 — 83 Total $ 11,802 $ 7,877 $ 18,111 $ 6,425 $ 6,897 $ 1,681 $ 10 $ 52,803 Total loans: Individually analyzed loans $ 4,164 $ 457 $ 16,729 $ — $ 1,173 $ 697 $ — $ 23,220 Collectively analyzed loans 2,856,020 1,238,750 2,396,665 336,553 496,296 273,605 3,425 7,601,314 Loans acquired with deteriorated credit quality 2,158 — 13,116 1,040 496 249 — 17,059 Total loans $ 2,862,342 $ 1,239,207 $ 2,426,510 $ 337,593 $ 497,965 $ 274,551 $ 3,425 $ 7,641,593 (7) 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 analyzed loans $ 258 $ — $ 97 $ — $ 16 $ 7 $ — $ 378 Collectively analyzed loans 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 analyzed loans $ 5,184 $ 762 $ 15,830 $ — $ 1,806 $ 705 $ — $ 24,287 Collectively analyzed loans 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,” allows 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 troubled debt restructurings during the short-term modification period if the loan was not in arrears at December 31, 2019. Furthermore, based on current evaluations, generally, we have 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. (7) Loans Receivable and Allowance for Credit Losses (continued) The following tables present the number of loans modified as TDRs during the years ended December 31, 2022, 2021 and 2020, 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 Years Ended December 31, 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 real estate — — — 1 192 211 Consumer loans: Home equity loans and advances 1 119 119 — — — Total restructured loans 1 $ 119 $ 119 3 $ 477 $ 599 For the Year Ended December 31, 2020 No. of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars in thousands) Troubled Debt Restructurings Real estate loans: Commercial real estate 5 $ 17,022 $ 17,022 Commercial business loans 2 11,507 12,802 Total restructured loans 7 $ 28,529 $ 29,824 (7) Loans Receivable and Allowance for Credit Losses (continued) The activity in the allowance for credit losses on loans for the years ended December 31, 2022, 2021 and 2020, are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of period $ 62,689 $ 74,676 $ 61,709 Impact of Adopting ASU No. 2016-13 ("CECL") effective January 1, 2022 (16,443) — — Initial allowance related to PCD loans 633 — — Provision for (reversal of) credit losses 5,969 (9,953) 18,447 Recoveries 593 1,530 823 Charge-offs (638) (3,564) (6,303) Balance at end of period $ 52,803 $ 62,689 $ 74,676 The decrease in the reserves was primarily attributable to the impact of the adoption of ASU 2016-13, offset by an increase in loan balances and consideration of current and projected economic conditions. The activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2022, 2021 and 2020, are as follows: For the Year Ended December 31, 2022 One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Total (In thousands) Balance at beginning of period $ 8,798 $ 7,741 $ 16,114 $ 8,943 $ 20,214 $ 873 $ 6 $ 62,689 Impact of adopting ASU No. 2016-13 (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 5,225 2,166 5,750 (175) (8,052) 1,019 36 5,969 Recoveries 338 — — — 208 45 2 593 Charge-offs (382) — — — (190) (33) (33) (638) Balance at end of period $ 11,802 $ 7,877 $ 18,111 $ 6,425 $ 6,897 $ 1,681 $ 10 $ 52,803 (7) Loans Receivable and Allowance for Credit Losses (continued) For the Year Ended 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) Balance at beginning of period $ 13,586 $ 8,799 $ 21,882 $ 11,271 $ 17,384 $ 1,748 $ 6 $ 74,676 Provision for (reversal of) credit losses (4,037) (978) (6,376) (2,330) 4,384 (623) 7 (9,953) Recoveries 22 216 1,015 2 219 56 — 1,530 Charge-offs (773) (296) (407) — (1,773) (308) (7) (3,564) Balance at end of period $ 8,798 $ 7,741 $ 16,114 $ 8,943 $ 20,214 $ 873 $ 6 $ 62,689 For the Year Ended December 31, 2020 One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Total (In thousands) Balance at beginning of period $ 13,780 $ 6,434 $ 16,546 $ 7,435 $ 15,836 $ 1,669 $ 9 $ 61,709 Provision for (reversal of) credit losses 1,299 2,365 5,348 3,835 5,360 239 1 18,447 Recoveries 438 — 16 1 308 60 — 823 Charge-offs (1,931) — (28) — (4,120) (220) (4) (6,303) Balance at end of period $ 13,586 $ 8,799 $ 21,882 $ 11,271 $ 17,384 $ 1,748 $ 6 $ 74,676 (7) Loans Receivable and Allowance for Credit Losses (continued) The following tables present individually analyzed loans by segment, excluding PCD loans, at December 31, 2022 and 2021: At December 31, 2022 Recorded Investment Unpaid Principal Balance Specific Allowance (In thousands) With no allowance recorded: Real estate loans: One-to-four family $ 1,296 $ 1,644 $ — Multifamily 59 63 — Commercial real estate 14,836 15,699 — Commercial business loans 143 400 — Consumer loans: Home equity loans and advances 223 315 — 16,557 18,121 — With a specific allowance recorded: Real estate loans: One-to-four family 2,868 2,887 201 Multifamily 398 397 3 Commercial real estate 1,893 1,896 99 Commercial business loans 1,030 1,030 10 Consumer loans: Home equity loans and advances 474 474 26 6,663 6,684 339 Total: Real estate loans: One-to-four family 4,164 4,531 201 Multifamily 457 460 3 Commercial real estate 16,729 17,595 99 Commercial business loans 1,173 1,430 10 Consumer loans: Home equity loans and advances 697 789 26 Total loans $ 23,220 $ 24,805 $ 339 (7) 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 Total loans $ 24,287 $ 25,681 $ 378 Specific allocations of the allowance for credit losses attributable to individually analyzed loans totaled $339,000 and $378,000 at December 31, 2022 and 2021, respectively. At December 31, 2022 and 2021, impaired loans for which there was no related allowance for credit losses totaled $16.6 million and $17.3 million, respectively. (7) Loans Receivable and Allowance for Credit Losses (continued) The following table presents interest income recognized for individually analyzed loans by loan segment, excluding PCD loans, for the years ended December 31, 2022, 2021 and 2020: For the Years Ended December 31, 2022 2021 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Real estate loans: One-to-four family $ 4,385 $ 203 $ 5,738 $ 285 $ 7,946 $ 305 Multifamily 598 28 8,420 371 — — Commercial real estate 16,479 733 16,913 467 23,701 1,091 Commercial business loans 1,289 88 2,121 139 4,963 216 Consumer loans: Home equity loans and advances 785 39 1,119 43 1,909 100 Totals $ 23,536 $ 1,091 $ 34,311 $ 1,305 $ 38,519 $ 1,712 The recorded investment in TDRs totaled $19.9 million at December 31, 2022, of which one loan with a balance of $23,000 was over 90 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, 2022. The recorded investment in TDRs totaled $21.3 million at December 31, 2021, of which no loans were over 90 days past due, and 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. Management prepares an analysis each quarter that categorizes the entire loan portfolio by certain risk characteristics such as loan type (residential mortgage, commercial mortgage, construction, commercial business, etc.) and loan risk rating. The categorization of loans into risk categories is based upon relevant information about the borrower's ability to service their debt. 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. (7) 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 December 31, 2022 and 2021: Loans by Year of Origination at December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) One-to-Four Family Pass $ 829,363 $ 836,355 $ 294,721 $ 177,114 $ 125,057 $ 595,097 $ — $ — $ 2,857,707 Special mention — — — — — — — — — Substandard — 641 — 681 320 835 — — 2,477 Total One-to-Four Family 829,363 836,996 294,721 177,795 125,377 595,932 — — 2,860,184 Multifamily Pass 315,157 309,611 167,955 205,608 38,849 197,489 — — 1,234,669 Special mention — — — — — 4,538 — — 4,538 Substandard — — — — — — — — — Total Multifamily 315,157 309,611 167,955 205,608 38,849 202,027 — — 1,239,207 Commercial Real Estate Pass 448,313 392,689 170,125 260,268 231,868 852,104 — — 2,355,367 Special mention — 478 1,843 892 15,498 20,939 — — 39,650 Substandard — — 1,286 1,607 — 15,484 — — 18,377 Total Commercial Real Estate 448,313 393,167 173,254 262,767 247,366 888,527 — — 2,413,394 Construction Pass 159,751 104,339 28,058 14,216 870 29,319 — — 336,553 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Construction $ 159,751 $ 104,339 $ 28,058 $ 14,216 $ 870 $ 29,319 $ — $ — $ 336,553 (7) Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) Commercial Business Pass $ 58,631 $ 32,880 $ 32,788 $ 20,705 $ 24,634 $ 27,277 $ 280,857 $ — $ 477,772 Special mention — 110 63 1,137 1,030 38 10,761 — 13,139 Substandard — 224 60 — 2,085 315 3,874 — 6,558 Total Commercial Business 58,631 33,214 32,911 21,842 27,749 27,630 295,492 — 497,469 Home Equity Loans and Advances Pass 22,903 20,476 13,770 12,070 11,126 88,251 105,005 457 274,058 Special mention — — — — — — — — — Substandard — — — — — 188 56 — 244 Total Home Equity Loans and Advances 22,903 20,476 13,770 12,070 11,126 88,439 105,061 457 274,302 Other Consumer Loans Pass 2,669 87 100 102 30 96 341 — 3,425 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Other Consumer Loans 2,669 87 100 102 30 96 341 — 3,425 Total Loans $ 1,836,787 $ 1,697,890 $ 710,769 $ 694,400 $ 451,367 $ 1,831,970 $ 400,894 $ 457 $ 7,624,534 (7) 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 (7) 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 |
Office Properties and Equipment
Office Properties and Equipment, net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Office Properties and Equipment, net | Office Properties and Equipment, net Office properties and equipment less accumulated depreciation at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 (In thousands) Land $ 16,534 $ 12,900 Buildings 39,097 36,897 Land and building improvements 40,501 36,683 Leasehold improvements 23,555 22,636 Furniture and equipment 34,747 36,157 154,434 145,273 Less accumulated depreciation and amortization (70,557) (66,565) Total office properties and equipment, net $ 83,877 $ 78,708 Land and building improvements at December 31, 2022 and 2021 included $4.5 million and $923,000, respectively, in construction in progress for the renovation of various office facilities. During the year ended December 31, 2022, the Bank acquired and sold $1.7 million included in buildings classified as held-for-sale. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases The Company leases real estate property for branches and office space. At December 31, 2022 and 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 December 31, 2022 and 2021, the weighted average remaining lease term for operating leases was 6.5 years and 7.0 years, respectively, and the weighted average discount rate used in the measurement of operating lease liabilities was 2.35% 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 years ended December 31, 2022 and 2021, operating and variable lease expenses totaled approximately $2.7 million and $2.4 million, respectively. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the years ended December 31, 2022 and 2021. At December 31, 2022, the Company had no leases which had not yet commenced. The following table summarizes lease payment obligations for each of the next five years and thereafter as follows: Lease Payment Obligations at December 31, 2022 2021 (In thousands) One year or less $ 4,290 $ 4,198 After one year to two years 3,745 3,950 After two years to three years 3,075 3,150 After three years to four years 2,773 2,479 After four years to five years 2,000 2,177 Thereafter 4,345 5,340 Total undiscounted cash flows 20,228 21,294 Discount on cash flows (1,613) (1,709) Total lease liability $ 18,615 $ 19,585 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Intangible assets at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 (In thousands) Goodwill $ 110,715 $ 85,324 Core deposit intangibles 13,505 5,214 Mortgage servicing rights 922 1,155 $ 125,142 $ 91,693 Mortgage servicing rights' amortization expense for the years ended December 31, 2022, 2021, and 2020 amounted to $233,000, $266,000, and $130,000, respectively. Core deposit intangible amortization expense for the years ended December 31, 2022, 2021, and 2020 amounted to $2.0 million, $1.0 million and $1.0 million, respectively. Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: Year Ended December 31, Core Deposit Intangible Amortization (In thousands) 2023 $ 2,350 2024 2,190 2025 2,018 2026 1,829 2027 1,615 Thereafter 3,503 Total $ 13,505 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 Balance Weighted Average Rate Balance Weighted Average Rate (Dollars in thousands) Non-interest-bearing demand $ 1,806,152 — % $ 1,712,061 — % Interest-bearing demand 2,592,884 0.75 2,599,987 0.25 Money market accounts 718,524 0.93 657,156 0.22 Savings and club deposits 913,738 0.06 822,833 0.06 Certificates of deposit 1,969,861 2.16 1,778,179 0.73 Total deposits $ 8,001,159 0.86 % $ 7,570,216 0.28 % 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 December 31, 2022 and 2021, respectively. Scheduled maturities of certificates of deposit accounts at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 (In thousands) One year or less $ 1,189,826 $ 1,087,631 After one year to two years 610,965 418,515 After two years to three years 92,120 143,950 After three years to four years 48,981 36,277 After four years 27,969 91,806 $ 1,969,861 $ 1,778,179 Interest expense on deposits for the years ended December 31, 2022, 2021, and 2020 are summarized as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Demand (including money market accounts) $ 13,900 $ 10,077 $ 15,556 Savings and club deposits 466 731 1,023 Certificates of deposit 13,512 18,301 38,667 $ 27,878 $ 29,109 $ 55,246 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings Borrowings at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 2022 2021 Balance Weighted Average Interest Rate (In thousands) FHLB advances $ 1,090,159 $ 340,495 4.37 % 1.17 % Notes payable 29,894 29,841 3.35 3.35 Junior subordinated debentures 6,994 6,973 7.69 3.07 $ 1,127,047 $ 377,309 4.36 % 1.38 % At December 31, 2022 and 2021, the Company had no outstanding overnight lines of credit with the FHLB. Interest expense on overnight advances for the years ended December 31, 2022, 2021, and 2020, were $1.9 million, $7,000, and $425,000, respectively. At December 31, 2022, each of the Banks could borrow funds from the FHLB under an overnight advance program up to the Bank's maximum borrowing capacities based on their ability to collateralize such borrowings. Members in good standing can borrow up to 50% of their asset size as long as they have qualifying collateral to support the advance and purchase of FHLB capital. Additionally, at both December 31, 2022 and 2021, Columbia Bank had unused correspondent bank lines of credit with an aggregate overnight borrowing capacity of $339.0 million and $250.0 million, respectively, and Freehold Bank had an unused correspondent line of credit with an aggregate overnight borrowing capacity of $15.0 million. At December 31, 2022, FHLB advances were at fixed rates with maturities between January 2023 and August 2027 and at December 31, 2021, FHLB advances were at fixed rates with maturities between January 2022 and August 2027. At December 31, 2022 and 2021, FHLB advances were collateralized by FHLB capital stock owned by each of the banks, and Columbia Bank loans with carrying values totaling $1.6 billion and $1.9 billion, respectively. At December 31, 2022 and 2021, FHLB advances were collateralized with Freehold loans with carrying values totaling $35.0 million and $25.1 million, respectively. Loans securing advances consists of one-to-four family, multifamily and commercial and home equity real estate loans. At December 31, 2022 and 2021, FHLB advances were also collateralized by Columbia securities with carrying values totaling $87.7 million and $148.1 million, respectively. At December 31, 2022 and 2021, FHLB advances were also collateralized by Freehold securities with carrying values totaling $28.3 million and $44.1 million, respectively. Interest expense on fixed rate FHLB advances for the years ended December 31, 2022, 2021, and 2020, were $11.5 million, $7.6 million, and $17.7 million, respectively. At December 31, 2022 and 2021, short-term FHLB advances totaling $290.0 million and $190.0 million, respectively, were designated as hedged items as part of a cash flow hedging program. See note 21 for information regarding these transactions. Scheduled maturities of FHLB advances at December 31, 2022 are summarized as follows: Year Ended December 31, 2022 (In thousands) One year or less $ 676,420 After one year to two years 335,036 After two years to three years 67,454 After three years to four years 7,140 After four years 4,109 Total FHLB advances $ 1,090,159 (12) Borrowings (continued) During 2021, the Company entered into a $30.0 million unsecured term note with a third party at a fixed interest rate of 3.35% and a maturity date of December 21, 2024. At December 31, 2022 the carrying value of a term note was $29.9 million. Interest expense on the term note, for the years ended December 31, 2022 and 2021 were $1.1 million and $25,000, respectively. During 2021, the Company also established a $30.0 million unsecured revolving credit facility with a third party at a variable rate indexed to the prime rate as published by the Wall Street Journal. During 2022, the Company utilized $6.5 million of the line and repaid in full as of December 31, 2022. Interest expense on the revolving credit facility for the year ended December 31, 2022 was $122,000. The Company did not draw on this facility during 2021. At both December 31, 2022 and 2021, the carrying value of junior subordinated debt balances was $7.0 million. The balance outstanding at December 31, 2022 and 2021 represents debentures issued in 2003 by Stewardship Statutory Trust (the "Trust"), a statutory business trust that was acquired in the Stewardship merger. These floating rate debentures mature on September 17, 2033 and adjust quarterly at a rate of three month LIBOR plus 2.95%. At December 31, 2022 and 2021 the rate of interest was 7.69% and 3.07%, respectively. Interest expense for the years ended December 31, 2022, 2021, and 2020 were $370,000, $245,000, $295,000, respectively. The balance of subordinated notes acquired in the Stewardship merger were prepaid in September 2020. The subordinated notes had a maturity date of August 25, 2025, and included a right of prepayment, without penalty, on or after August 28, 2020. Interest expense for the year ended December 31, 2020 was $448,000. There was no interest expense for the years ended December 31, 2022 and 2021. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Regulatory Capital The Company and its subsidiary banks (Columbia Bank and Freehold Bank) are subject to various regulatory capital requirements administered by the federal banking regulators, including a risk-based capital measure. The Federal Reserve establishes capital requirements, including well capitalized standards, for the consolidated financial holding company, and the Office of the Comptroller of the Currency (the "OCC") has similar requirements for the Company's subsidiary banks. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company's Consolidated Statements of Financial Condition. Federal regulators require federally insured depository institutions to meet several minimum capital standards: (1) total capital to risk-weighted assets of 8.0%; (2) tier 1 capital to risk-weighted assets of 6.0%; (3) common equity tier 1 capital to risk-weighted assets of 4.5%; and (4) tier 1 capital to adjusted total assets of 4.0%. In addition to establishing the minimum regulatory capital requirements, the regulations limit capital distributions and certain discretionary bonus payments to management if the institution does not hold a "capital conservation buffer" consisting of 2.5% of common equity tier 1 capital to risk-weighted assets above the amount necessary to meet its minimum risk-based capital requirements. The regulators established a framework for the classification of savings institutions into five categories: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized. Generally, an institution is considered well capitalized if it has: a total capital to risk-weighted assets ratio of at least 10.0%, a tier 1 capital to risk-weighted assets ratio of at least 8.0%, a common tier 1 capital to risk-weighted assets ratio of at least 6.5%, and a tier 1 capital to adjusted total assets ratio of at least 5.0%. As of December 31, 2022 and 2021, each of the Company and the banks exceeded all capital adequacy requirements to which it is subject. Based upon most recent notification from federal banking regulators, the banks were categorized as well capitalized under the regulatory framework for prompt corrective action. There are no conditions existing or events which have occurred since notification that management believes have changed the Bank's category. The following tables present the Company's, Columbia Bank's and Freehold Bank's actual capital amounts and ratios at December 31, 2022 and 2021 compared to the Federal Reserve Bank minimum capital adequacy requirements and the Federal Reserve Bank requirements for classification as a well-capitalized institution: (13) Stockholders' Equity (continued) Regulatory Capital (continued) Actual Minimum Capital Adequacy Requirements Minimum Capital Adequacy Requirements With Capital Conservation Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio Company (In thousands, except ratio data) At December 31, 2022: Total capital (to risk-weighted assets) $ 1,145,331 15.39 % $ 595,313 8.00 % $ 781,348 10.50 % N/A N/A Tier 1 capital (to risk-weighted assets) 1,085,665 14.59 446,484 6.00 632,520 8.50 N/A N/A Common equity tier 1 capital (to risk-weighted assets) 1,078,448 14.49 334,863 4.50 520,899 7.00 N/A N/A Tier 1 capital (to adjusted total assets) 1,085,665 10.68 406,643 4.00 406,643 4.00 N/A N/A At December 31, 2021: Total capital (to risk-weighted assets) $ 1,104,863 17.13 % $ 515,924 8.00 % $ 677,151 10.50 % N/A N/A Tier 1 capital (to risk-weighted assets) 1,041,650 16.15 386,943 6.00 548,170 8.50 N/A N/A Common equity tier 1 capital (to risk-weighted assets) 1,034,433 16.04 290,207 4.50 451,434 7.00 N/A N/A Tier 1 capital (to adjusted total assets) 1,041,650 11.23 370,909 4.00 370,909 4.00 N/A N/A Columbia Bank At December 31, 2022: Total capital (to risk-weighted assets) $ 1,019,850 14.12 % $ 577,656 8.00 % $ 758,173 10.50 % $ 722,070 10.00 % Tier 1 capital (to risk-weighted assets) 961,613 13.32 433,242 6.00 613,759 8.50 577,656 8.00 Common equity tier 1 capital (to risk-weighted assets) 961,613 13.32 324,931 4.50 505,449 7.00 469,345 6.50 Tier 1 capital (to adjusted total assets) 961,613 9.74 394,968 4.00 394,968 4.00 493,711 5.00 At December 31, 2021: Total capital (to risk-weighted assets) $ 962,137 15.39 % $ 500,127 8.00 % $ 656,417 10.50 % $ 625,159 10.00 % Tier 1 capital (to risk-weighted assets) 898,935 14.38 375,095 6.00 531,385 8.50 500,127 8.00 Common equity tier 1 capital (to risk-weighted assets) 898,935 14.38 281,322 4.50 437,611 7.00 406,353 6.50 Tier 1 capital (to adjusted total assets) 898,935 9.80 366,961 4.00 366,961 4.00 458,701 5.00 (13) Stockholders' Equity (continued) Regulatory Capital (continued) Actual Minimum Capital Adequacy Requirements Minimum Capital Adequacy Requirements With Capital Conservation Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio Freehold Bank (In thousands, except ratio data) At December 31, 2022: Total capital (to risk-weighted assets) $ 44,725 22.92 % $ 15,609 8.00 % $ 20,486 10.50 % $ 19,511 10.00 % Tier 1 capital (to risk-weighted assets) 43,298 22.19 11,706 6.00 16,584 8.50 15,609 8.00 Common equity tier 1 capital (to risk-weighted assets) 43,298 22.19 8,780 4.50 13,657 7.00 12,682 6.50 Tier 1 capital (to adjusted total assets) 43,298 15.19 11,399 4.00 11,399 4.00 14,249 5.00 At December 31, 2021: Total capital (to risk-weighted assets) $ 41,549 22.87 % $ 14,534 8.00 % $ 19,076 10.50 % $ 18,168 10.00 % Tier 1 capital (to risk-weighted assets) 41,537 22.86 10,901 6.00 15,443 8.50 14,534 8.00 Common equity tier 1 capital (to risk-weighted assets) 41,537 22.86 8,176 4.50 12,717 7.00 11,809 6.50 Tier 1 capital (to adjusted total assets) 41,537 13.71 12,118 4.00 12,118 4.00 15,147 5.00 Stoc k 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 then 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 the completion of the Company's second stock repurchase program. On December 21, 2021, the Company completed the repurchases under the third stock repurchase program. 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. As of December 31, 2022, there were 349,534 shares remaining to be repurchased under this program. On December 14, 2022 the Company announced that its Board of Directors authorized the Company's fifth stock repurchase program to acquire up to 3,000,000 shares, or approximately 2.7%, of the Company's then issued and outstanding common stock, commencing upon the completion of the Company’s fourth stock repurchase program. As of December 31, 2022, no shares have been purchased under this program. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan"), Post-retirement Plan, 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's policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income (loss), net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The assets of the plan are primarily invested in fixed income and equity funds. 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 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 employees’ 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. The Company also provides life insurance benefits to eligible employees under an endorsement split-dollar life insurance program. The Company recognizes a liability for future benefits applicable to endorsement split-dollar life insurance arrangements that provide death benefits post-retirement. Through its mergers, the Company recognized additional liability for future benefits applicable to endorsement split-dollar life insurance arrangements that provide death benefits post-retirement under those respective Bank's program. (14) Employee Benefit Plans (continued) Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd) The following table sets forth information regarding the Pension, RIM, Post-retirement and Split-Dollar Life Insurance Plans at December 31, 2022 and 2021: At December 31, 2022 2021 2022 2021 2022 2021 2022 2021 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 310,416 $ 312,440 $ 15,650 $ 16,530 $ 26,335 $ 30,621 $ 20,140 $ 19,981 Acquired — — — — — — 1,503 — Service cost 6,466 8,044 372 398 346 520 511 562 Interest cost 9,510 7,317 389 343 600 562 612 500 Actuarial gain (88,943) (9,023) (3,505) (1,292) (6,849) (4,805) (6,534) (903) Benefits paid (15,317) (8,362) (296) (329) (649) (563) (255) — Benefit obligation at end of year 222,132 310,416 12,610 15,650 19,783 26,335 15,977 20,140 Change in plan assets: Fair value of plan assets at beginning of year 492,132 411,907 — — — — — — Actuarial (loss) return on plan assets (83,063) 53,587 — — — — — — Employer contributions 10,000 35,000 296 329 649 563 255 — Benefits paid (15,317) (8,362) (296) (329) (649) (563) (255) — Fair value of plan assets at end of year 403,752 492,132 — — — — — — Funded status at end of year $ 181,620 $ 181,716 $ (12,610) $ (15,650) $ (19,783) $ (26,335) $ (15,977) $ (20,140) At December 31, 2022 and 2021, the unfunded liability for the RIM Plan and Post-retirement Plan of $12.6 million and $19.8 million, and $15.7 million and $26.3 million, respectively, were included in other liabilities in the Consolidated Statements of Financial Condition, and the over-funded pension benefits associated with the Pension Plan totaling $181.6 million and $181.7 million respectively, were included in other assets in the Consolidated Statements of Financial Condition. The significant increase in actuarial gains related to the change in benefit obligations for the year ended December 31, 2022 resulted from a substantial increase in discount rates. (14) Employee Benefit Plans (continued) Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd) The components of accumulated other comprehensive income related to the Pension Plan, RIM Plan, and Post-retirement Plan and Split-Dollar Life Insurance Plans on a pre-tax basis, at December 31, 2022, 2021, and 2020, are summarized in the following table: At December 31, 2022 2021 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance (In thousands) Unrecognized prior service costs $ — $ — $ — $ 294 $ — $ — $ — $ 350 Unrecognized net actuarial loss (income) 60,970 1,781 (161) (65) 38,909 5,730 6,999 7,071 Total accumulated other comprehensive loss (income) $ 60,970 $ 1,781 $ (161) $ 229 $ 38,909 $ 5,730 $ 6,999 $ 7,421 At December 31, 2020 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance (In thousands) Unrecognized prior service costs $ — $ — $ — $ 405 Unrecognized net actuarial loss 76,686 7,686 12,417 8,741 Total accumulated other comprehensive loss $ 76,686 $ 7,686 $ 12,417 $ 9,146 Net periodic (income) benefit cost for the Pension Plan, RIM Plan, Post-retirement Plan and Split-Dollar Life Insurance plan benefits for the years ended December 31, 2022 and 2021, and 2020, includes the following components: For the Year Ended December 31, 2022 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 6,466 $ 372 $ 346 $ 511 Compensation and employee benefits Interest cost 9,510 389 600 612 Other non-interest expense Expected return on plan assets (29,262) — — — Other non-interest expense Amortization: Prior service cost — — — 56 Other non-interest expense Net loss 1,320 444 311 602 Other non-interest expense Net periodic (income) benefit cost $ (11,966) $ 1,205 $ 1,257 $ 1,781 (14) Employee Benefit Plans (continued) Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd) For the Year Ended December 31, 2021 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 8,044 $ 398 $ 520 $ 562 Compensation and employee benefits Interest cost 7,317 343 562 500 Other non-interest expense Expected return on plan assets (26,833) — — — Other non-interest expense Amortization: Prior service cost — — — 56 Other non-interest expense Net loss 2,001 664 613 765 Other non-interest expense Net periodic (income) benefit cost $ (9,471) $ 1,405 $ 1,695 $ 1,883 For the Year Ended December 31, 2020 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 7,985 $ 267 $ 394 $ 467 Compensation and employee benefits Interest cost 7,608 405 683 507 Other non-interest expense Expected return on plan assets (23,375) — — — Other non-interest expense Amortization: Prior service cost — — — 56 Other non-interest expense Net loss 4,902 397 309 454 Other non-interest expense Net periodic (income) benefit cost $ (2,880) $ 1,069 $ 1,386 $ 1,484 (14) Employee Benefit Plans (continued) Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd) The weighted average actuarial assumptions used in the plan determinations at and for the years ended December 31, 2022, 2021, and 2020 were as follows: At and For the Years Ended December 31, 2022 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Weighted average assumptions used to determine benefit obligation: Discount rate 5.260 % 5.210 % 5.180 % 5.310 % Rate of compensation increase 3.750 3.750 N/A 3.750 Weighted average assumptions used to determine net periodic benefit cost: Discount Rates: Benefit obligation 3.140 % 2.970 % 2.900 % 3.300 % Remeasurement rate 4.860 N/A N/A N/A Service cost 3.320 3.160 3.190 3.490 Remeasurement rate 4.950 N/A N/A N/A Interest cost 2.660 2.520 2.340 2.950 Remeasurement rate 4.580 N/A N/A N/A Expected rate of return on plan assets 6.200 N/A N/A N/A Remeasurement rate 7.000 N/A N/A N/A Rate of compensation increase 3.750 3.750 N/A 3.750 At and For the Years Ended December 31, 2021 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Weighted average assumptions used to determine benefit obligation: Discount rate 3.140 % 2.970 % 2.900 % 3.220 % Rate of compensation increase 3.750 3.750 N/A 3.750 Weighted average assumptions used to determine net periodic benefit cost: Discount Rates: Benefit obligation 2.920 % 2.670 % 2.590 % 3.010 % Remeasurement rate 3.200 N/A N/A N/A Service cost 3.210 2.930 2.960 3.260 Remeasurement rate 3.460 N/A N/A N/A Interest cost 2.280 2.100 1.880 2.530 Remeasurement rate 2.550 N/A N/A N/A Expected rate of return on plan assets 6.200 N/A N/A N/A Rate of compensation increase 3.750 3.750 N/A 3.750 (14) Employee Benefit Plans (continued) Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd) At and For the Years Ended December 31, 2020 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Weighted average assumptions used to determine benefit obligation: Discount rate 2.920 % 2.670 % 2.590 % 3.010 % Rate of compensation increase 3.750 3.750 N/A 3.750 Weighted average assumptions used to determine net periodic benefit cost: Discount Rates: Benefit obligation 3.490 % 3.330 % 3.270 % 3.540 % Remeasurement rate 2.740 N/A N/A N/A Service cost 3.660 3.460 3.520 3.710 Remeasurement rate 2.970 N/A N/A N/A Interest cost 3.120 3.000 2.850 3.280 Remeasurement rate 2.220 N/A N/A N/A Expected rate of return on plan assets 6.500 N/A N/A N/A Rate of compensation increase 3.500 3.500 N/A 3.500 The Company provides its actuaries with certain rate assumptions used in measuring the respective benefit obligations. The most significant of these is the discount rate used to calculate the period-end present value of the benefit obligations, and the expense to be included in the following year's consolidated financial statements. A lower discount rate will result in a higher benefit obligation and expense, while a higher discount rate will result in a lower benefit obligation and expense. The discount rate assumption was determined based on a cash flow-yield curve model specific to the Company's pension and post-retirement plans. The Company compares this rate to certain market indices, such as long-term treasury bonds, or pension liability indices, for reasonableness. The Company's expected return on plan assets assumption is based on historical investment return rate experience, evaluation of input from the trustee managing the pension plan's assets and Columbia Bank's Pension Committee which has responsibility for managing these assets. The expected return on pension plan assets is also impacted by the target allocation of assets, which is based on the Company's goal of earning the highest rate of return while maintaining risk at acceptable levels. Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years and thereafter are as follows: For the Year Ended December 31, Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance (In thousands) 2023 $ 9,842 $ 431 $ 1,325 $ 427 2024 10,610 604 1,390 463 2025 11,331 735 1,458 508 2026 11,989 795 1,527 566 2027 12,653 829 1,571 624 2028 - 2032 73,758 4,628 7,683 3,774 (14) Employee Benefit Plans (continued) Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd) The weighted average asset allocation of pension assets at December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Domestic equities 38.4 % 44.2 % Foreign equities 11.1 12.2 Fixed income 49.0 40.7 Real estate — 2.4 Cash 1.5 0.5 Total 100.0 % 100.0 % Management, under the direction of Columbia Bank's Pension Committee, strives to have pension assets sufficiently diversified so that adverse or unexpected results from one security class will not have a significant detrimental impact on the entire portfolio. The target allocation of assets and acceptable ranges around the targets are as follows: Allowable Range Equities 35-70% Fixed income 40-60% Real estate 0-10% Cash 0-15% Columbia Bank's Pension Committee engages an investment management advisory firm to regularly monitor the performance of the asset managers and ensure they are within compliance with policy. The maximum and minimum of the range for each class is based on the fair value of the assets in the fund. If changes in fair value should lead to allocations outside these boundaries, management shall adjust exposure back to the established guidelines within 90 days or reevaluate the guidelines. (14) Employee Benefit Plans (continued) Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd) The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the Statements of Net Assets Available for Plan Benefits at December 31, 2022 and 2021, respectively. A financial instrument's level within the fair value hierarchy's is based on the lowest level of input that is significant to the fair value measurement. December 31, 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) Money market mutual funds $ 6,247 $ 6,247 $ — $ — Mutual funds - value stock fund 32,764 32,764 — — Mutual funds - fixed income 197,680 197,680 — — Mutual funds - international stock 44,833 44,833 — — Mutual funds - institutional stock index 122,228 122,228 — — $ 403,752 $ 403,752 $ — $ — 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) Money market mutual funds $ 2,537 $ 2,537 $ — $ — Mutual funds - value stock fund 36,477 36,477 — — Mutual funds - fixed income 200,349 200,349 — — Mutual funds - international stock 60,042 60,042 — — Mutual funds - institutional stock index 181,013 181,013 — — Commingled real estate funds 11,714 — 11,714 — $ 492,132 $ 480,418 $ 11,714 $ — Money market and other mutual funds are reported at fair value in the tables above utilizing exchange quoted prices in active markets for identical instruments (Level 1 inputs). The commingled real estate funds are reported at their respective net asset values (Level 2 inputs). (14) Employee Benefit Plans (continued) Pension Plan and Post-retirement Plan Acquired-RSI Through the acquisition of the RSI Entities on May 1, 2022, the Company acquired a funded pension plan and a non-funded post-retirement plan. The benefits are based on years of service and the employee’s compensation, as defined. The Plan was amended effective March 31, 2011, to freeze the Plan so that no employee shall commence or recommence participation in the Plan, that there shall be no further benefit accruals under the Plan, and that compensation received after the effective date shall not be recognized for any purpose under the Plan. The defined benefit post-retirement healthcare plan covers substantially all retirees and employees. The following table sets forth information regarding the Pension Plan and Post-retirement Plan at December 31, 2022: At December 31, 2022 2022 Pension Plan Post-retirement Plan (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ — $ — Acquired 7,202 3,163 Service cost — 93 Interest cost 198 93 Actuarial gain (1,009) (1,298) Benefits paid (129) (4) Settlements (205) — Benefit obligation at end of year 6,057 2,047 Change in plan assets: Fair value of plan assets at beginning of year — — Acquired 7,819 — Actuarial return on plan assets (424) — Employer contributions — 4 Benefits paid (129) (4) Settlements (205) — Fair value of plan assets at end of year 7,061 — Funded status at end of year $ 1,004 $ (2,047) At December 31, 2022, the unfunded liability for the Post-retirement Plan of $2.0 million was included in other liabilities in the Consolidated Statements of Financial Condition, and the over-funded pension benefits associated with the Pension Plan totaling $1.0 million, was included in other assets in the Consolidated Statements of Financial Condition. (14) Employee Benefit Plans (continued) Pension Plan and Post-retirement Plan Acquired-RSI (cont'd) The components of accumulated other comprehensive income related to the Pension Plan and Post-retirement Plan on a pre-tax basis, at December 31, 2022 are summarized in the following table: At December 31, 2022 Pension Plan Post-retirement Plan (In thousands) Unrecognized prior service costs $ — $ — Unrecognized net actuarial (income) (281) (868) Total accumulated other comprehensive (income) $ (281) $ (868) Net periodic (income) benefit cost for the Pension Plan and Post-retirement Plan for the year ended December 31, 2022 includes the following components: For the Year Ended December 31, 2022 Pension Plan Post-retirement Plan Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ — $ 93 Compensation and employee benefits Interest cost 198 93 Other non-interest expense Expected return on plan assets (295) — Other non-interest expense Settlements/curtailments (10) (430) Other non-interest expense Net periodic (income) benefit cost $ (107) $ (244) The weighted average actuarial assumptions used in the assumed determinations at and for the year ended December 31, 2022 were as follows: At and For the Years Ended December 31, 2022 Pension Plan RIM Plan Weighted average assumptions used to determine benefit obligation: Discount rate 5.240 % 5.360 % Rate of compensation increase N/A N/A Weighted average assumptions used to determine net periodic benefit cost: Discount Rates: Benefit obligation 4.210 % 4.580 % Expected rate of return on plan assets 5.750 % N/A (14) Employee Benefit Plans (continued) Pension Plan and Post-retirement Plan Acquired-RSI (cont'd) Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years and thereafter are as follows: For the Year Ended December 31, Pension Plan Post-retirement Plan (In thousands) 2023 $ 209 $ 15 2024 224 27 2025 237 37 2026 260 45 2027 308 54 2028 - 2032 2,058 407 The weighted average asset allocation of pension assets at December 31, 2022 were as follows: December 31, 2022 Equities 66.8 % Fixed income 32.2 Cash 1.0 Total 100.0 % The long-term investment objectives of the plan are to maintain plan assets at a level that will sufficiently cover long-term obligations and to generate a return on plan assets that will meet or exceed the rate at which long-term obligations will grow. A broadly diversified combination of equity and fixed income portfolios and various risk management techniques are used to help achieve these objectives. The Plan's asset allocation targets are as follows: Targets Equities 65 % Fixed income 34 % Cash 1 % The investment goal is to achieve investment results that will contribute to the proper funding of the pension plan by exceeding the rate of inflation over the long-term. In addition, investment managers for the trust are expected to provide above average performance when compared to their peer managers. Performance volatility is also monitored. Risk / volatility is further managed by the distinct investment objectives of each of the trust funds and the diversification within each fund. The long-term rate-of-return-on-assets assumption was based on historical returns earned by equities and fixed income securities, adjusted to reflect expectations of future returns as applied to the Plan’s target allocation of asset classes. The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the Statements of Net Assets Available for Plan Benefits at December 31, 2022. A financial instrument's level within the fair value hierarchy's is based on the lowest level of input that is significant to the fair value measurement. (14) Employee Benefit Plans (continued) Pension Plan and Post-retirement Plan Acquired-RSI (cont'd) December 31, 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) Money market mutual fund $ 70 $ 70 $ — $ — Equities - long term growth 4,720 — 4,720 — Fixed income - long duration 2,271 — 2,271 — $ 7,061 $ 70 $ 6,991 $ — Money market funds are reported at fair value in the table above utilizing exchange quoted prices in active markets for identical instruments (Level 1 inputs). The other investments are reported at their respective net asset values (Level 2 inputs). Bank-owned life insurance ("BOLI") The Company has BOLI which is a tax-advantaged transaction that is used to partially fund obligations associated with employee compensation and benefit programs. Policies are purchased insuring officers of the Company using a single premium method of payment. BOLI is accounted for using the cash surrender value and the increase in cash surrender value is included in non-interest income in the Consolidated Statements of Income. At December 31, 2022 and 2021, the Company had $264.9 million and $247.5 million, respectively, in BOLI. BOLI income for the years ended December 31, 2022, 2021, and 2020 was $7.4 million, $6.0 million, and $6.6 million, respectively. Savings Income Maintenance Deferred Compensation Plan (the "SIM Plan") Columbia Bank also maintains a non-qualified defined contribution plan that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan under tax law limits for tax-qualified plans. The contribution expense for the years ended December 31, 2022, 2021, and 2020 was approximately $73,000, $12,000, and $4,000, respectively. 401(k) Plans Columbia Bank and Freehold Bank both have a 401(k) plan covering substantially all employees of each Bank. Columbia Bank may match a percentage of the first 3.00% to 4.50% contributed by participants. Columbia’s matching contribution, if any, is determined by the Board of Directors in its sole discretion. Freehold does not presently match any portion, but provided an annual match, as determined by their Board Directors, of $204,000 and $213,000 for the years ended December 31, 2022 and 2021. The Company expense for the years ended December 31, 2022, 2021, and 2020 was approximately $2.4 million, $2.1 million, and $1.7 million, respectively. (14) Employee Benefit Plans (continued) Employee Stock Ownership Plan ("ESOP") Effective upon the consummation of the Company's reorganization in April 2018, an ESOP was established for all eligible employees. The ESOP used $45.4 million in proceeds from a 20 years term loan obtained from the Company to purchase 4,542,855 shares of Company common stock. The term loan principal is payable in installments through April 2038. Interest on the term loan is fixed at a rate of 4.75%. Each year, Columbia Bank makes discretionary contributions to the ESOP, which are equal to principal and interest payments required on the term loan. Shares purchased with the loan proceeds were initially pledged as collateral for the term loan and is held in a suspense account for future allocation among participants. Contributions to the ESOP and shares released form the suspense account are allocated among the participants on the basis of compensation, as described by the ESOP in the year of allocation. The ESOP shares pledged as collateral are reported as unearned ESOP shares in the Consolidated Statements of Financial Condition. As shares are committed to be released from collateral, the Company reports compensation expense equal to the average market price of the shares during the year, and the shares become outstanding for basic net income per common share computations. ESOP compensation expense for the years ended December 31, 2022, 2021, and 2020 was $4.9 million, $4.1 million and $3.2 million, respectively. The ESOP shares were as follows: At December 31, 2022 2021 (In thousands) Allocated shares 1,005 802 Unearned shares 3,475 3,702 Total ESOP shares 4,480 4,504 Fair value of unearned ESOP shares $ 75,129 $ 77,226 SERP Plans Columbia Bank has a SERP, which is a non-qualified plan which provides supplemental retirement benefits to eligible officers (those designated by the Board of Directors) of the Company who are prevented from receiving the full benefits contemplated by the ESOP's benefit formulas under tax law limits for tax-qualified plans. SERP compensation expense for the years ended December 31, 2022, 2021, and 2020 was $455,000, $348,000, and $215,000, respectively. Through the acquisition of Roselle, the Company acquired a non-contributory defined benefit supplemental executive retirement plan with the only participant being the former president of Roselle Bank. For the years ended December 31, 2022, 2021, and 2020 the Company recorded a net periodic benefit cost of $12,000, $9,000, and $11,000, 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 years ended December 31, 2022 and 2021, the Company recorded a net periodic benefit cost of $8,000 and $1,000 in connection with this plan. Through the acquisition of RSI Bank, the Company acquired a non-contributory defined benefit supplemental executive retirement plan with the only participant being the former president of RSI Bank. For the year ended December 31, 2022, the Company recorded a net periodic benefit cost of $38,000. 14) Employee Benefit Plans (continued) Director Retirement Income Plan Freehold Bank maintains a Director Retirement Income Plan, which provides directors a benefit equal to $12,000 per annum, payable in equal installments over 120 months when the director reaches Emeritus Age as defined by the plan. At December 31, 2022 and 2021, the Company had an accrued liability of $390,000 and $459,000, respectively, related to this plan. For the years ended December 31, 2022 and 2021, the net periodic benefit cost recorded in connection with this plan was $9,000 and $1,000, respectively. Director Deferred Retirement Plan Freehold Bank maintains a Director Deferred Retirement Plan, which provides directors a portion of their deferred director fees and a 10% return on all deferrals, payable in monthly installments over 120 months, when the director reaches benefit eligibility age as defined by the plan. At December 31, 2022 and 2021, the Company had an accrued liability of $399,000 and $765,000, respectively, related to this plan. For the years ended December 31, 2022 and 2021, there was no expense recorded under this plan. Executive Incentive Retirement Plan Through the acquisition of RSI, the Company acquired an executive incentive retirement plan. At December 31, 2022, the Company had an accrued liability of $257,000, related to this plan. For the year ended December 31, 2022, the expense recorded in connection with this plan was $7,000. Board of Directors and Executive Deferred Compensation Plan and Key Life Insurance Plan Through the acquisition of RSI, the Company acquired a deferred compensation plan for the former Board of Directors and executives. Under the terms of the plan, for directors who elected not to receive directors fees for a period of five years, their fees were used to purchase Key insurance on the life of each director in the amount calculated to meet the Company's obligations under the plan. Benefits payable under the plan, which accrue in accordance with a ten-year schedule, consist of monthly payments commencing at age 65 or five years from the date the plan was implemented for those participants who already reached age 65. At December 31, 2022, the Company had an accrued liability of $351,000, related to this plan. For the year ended December 31, 2022, the expense recorded in connection with this plan was $8,000. Stock Based Deferral Plan and Directors Deferred Compensation Plan In addition, Columbia Bank maintains a stock based deferral plan for certain executives and directors, and a cash based deferred compensation plan for directors. The Company records a deferred compensation equity account and corresponding contra-equity account for the cost of the shares held by the Stock Based Deferral Plan. Periodic adjustments to market are not required as participants do not have the option to take the distribution in cash. The Company records a liability for the amount deferred under the Directors Deferred Compensation Plan. There were no expenses recorded under these plans. 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. On March 22, 2021, 50,203 shares of restricted stock were awarded, with a grant 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 unissued shares. On October 31, 2022, 38,730 shares of restricted stock were awarded, with a grant date fair value of $20.54 per share. To fund the grant of restricted common stock, the Company issued shares from authorized unissued shares. On November 21, 2022, 13,722 shares of restricted stock were awarded, with a grant date fair value of $21.86 per share. To fund the grant of restricted common stock, the Company issued shares from authorized unissued shares. 14) Employee Benefit Plans (continued) Stock Based Compensation (continued) On December 19, 2022, 18,984 shares of restricted stock were awarded, with a grant date fair value of $21.07 per share. To fund the grant of restricted common stock, the Company issued shares from authorized unissued shares. Restricted shares granted under the 2019 Plan generally vest in equal installments, over the performance or service periods ranging from 1 year to 5 years, beginning 1 year from the date of grant. A portion of restricted shares previously awarded were performance awards, which vested upon the satisfactory attainment of certain corporate financial targets during the year ended December 31, 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 years ended December 31, 2022, 2021, and 2020, approximately $4.3 million, $5.7 million, and $5.6 million, respectively, in expense was recognized in regard to these awards. The expected future compensation expense related to the 430,954 non-vested restricted shares outstanding at December 31, 2022 is approximately $6.0 million over a weighted average period of 1.8 years. The following is a summary of the Company's restricted stock activity during the years ended December 31, 2022 and 2021: Number of Restricted Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2021 1,263,169 $ |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense for the years ended December 31, 2022, 2021, and 2020 are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Current: Federal $ 13,253 $ 12,443 $ 5,072 State 4,681 3,980 3,844 Total current 17,934 16,423 8,916 Deferred: Federal 9,222 12,594 9,847 State 3,547 5,115 (109) Total deferred 12,769 17,709 9,738 Total income tax expense $ 30,703 $ 34,132 $ 18,654 The Company reported deferred tax expense (benefit) of $53.4 million, $8.0 million, and $(5.6) million for the years ended December 31, 2022, 2021, and 2020, respectively, related to the unrealized gains (losses) on securities available for sale, which is reported in accumulated other comprehensive income (loss), net of tax. Additionally, the Company recorded a deferred tax (benefit) expense of $749,000, $1.1 million, and $900,000, respectively, related to the reclassification adjustment of actuarial net (loss) gain on employee benefit obligations, which is reported in accumulated other comprehensive income, net of tax. Deferred tax assets and/or liabilities for the years ended December 31, 2022, 2021, and 2020 also includes $9.6 million, $1.5 million, and $5.4 million respectively, recorded as a result of purchase accounting related to the RSI, Freehold, Roselle and Stewardship acquisitions. Deferred tax assets for the year ended December 31, 2022 also includes $2.4 million related to the adoption of CECL on January 1, 2022. A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory federal income tax rate of 21% is as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Tax expense at applicable statutory rate $ 24,544 $ 26,498 $ 16,013 Increase (decrease) in taxes resulting from: State tax, net of federal income tax benefit 6,449 7,185 2,951 ESOP fair market value adjustment 540 375 187 Tax exempt interest income (31) (15) (11) Income from Bank-owned life insurance (1,179) (863) (1,075) Dividend received deduction (10) (14) (9) Non-deductible merger-related expenses 40 53 42 Other, net 350 913 556 Total income tax expense $ 30,703 $ 34,132 $ 18,654 (15) Income Taxes (continued) The net deferred tax asset/liability is included in other assets/liabilities in the Consolidated Statements of Financial Condition. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021 are as follows: At December 31, 2022 2021 (In thousands) Deferred tax assets: Allowance for credit losses $ 14,990 $ 17,486 Post-retirement benefits 6,002 5,974 Deferred compensation 3,619 3,519 Retirement Income Maintenance plan 3,062 2,767 ESOP 990 810 Stock-based compensation 2,386 2,288 Reserve for uncollected interest 35 28 Net unrealized losses on debt securities and defined benefit plans 70,060 17,809 Federal and State NOLs 13,333 9,667 Alternative minimum assessment carryforwards 2,156 2,156 Charitable contribution carryforward 3,514 4,529 Purchase accounting 2,805 1,551 Lease liability 5,264 5,462 Other items 7,002 4,077 Gross deferred tax assets 135,218 78,123 Valuation allowance (1,965) (1,965) 133,253 76,158 Deferred tax liabilities: Pension expense 68,825 61,530 Depreciation 5,945 6,655 Deferred loan costs 14,724 10,630 Intangible assets 1,616 1,594 Lease right-of-use asset 4,958 5,191 Other items 286 307 Total gross deferred tax liabilities 96,354 85,907 Net deferred tax asset (liability) $ 36,899 $ (9,749) Retained earnings at December 31, 2022 and 2021 includes approximately $21.5 million for which no provision for income tax has been made. This amount represents an allocation of income to bad debt deductions for tax purposes only. Events that would result in taxation of these reserves include the failure to qualify as a bank for tax purposes, distributions in complete or partial liquidation, stock redemptions and excess distributions to stockholders. Management believes that not all existing net deductible temporary differences that comprise the net deferred tax asset will reverse during periods in which the Company generates sufficient net taxable income. Accordingly, management has established a valuation allowance. Significant changes in the Company's operations and or economic conditions could affect the benefits of the recognized net deferred tax assets. Management believes, based on current facts, that it is more likely than not that there will be sufficient taxable income in future years to realize federal deferred tax assets and that it is more likely than not that the benefits from certain state temporary differences will not be realized, and therefore, a valuation allowance was established for the portion of the state tax benefit that is not more likely than not to be realized. At both December 31, 2022 and 2021, the Company's valuation allowance totaled $2.0 million. Based upon projections of future taxable income and the ability to carryforward net operating losses indefinitely, management believes it is more likely than not the Company will realize the remaining deferred tax assets. (15) Income Taxes (continued) The Company had federal net operating losses from the acquisition of Roselle of approximately $7.8 million and $9.9 million at December 31, 2022 and 2021, respectively. Roselle net operating losses are subject to a 20 year carryforward. The Company also had federal net operating losses from the acquisition of RSI of approximately $8.6 million at December 31, 2022. RSI net operating losses have an indefinite carryover subject to an 80% taxable income utilization. These net operating losses are subject to an annual limitation under Code Section 382 and will begin to expire in 2036 if not used. The Company had New Jersey net operating loss carryforwards of $147.0 million and $116.1 million, respectively, at December 31, 2022 and 2021. If not utilized, these carryforwards will expire periodically through 2042. At both December 31, 2022 and 2021, the Company had approximately $2.2 million of New Jersey AMA Tax Credits. These credits do not expire. The Company files income tax returns in the United States federal jurisdiction and in the states of New Jersey, New York and Pennsylvania. At December 31, 2022, the Company is no longer subject to federal income tax examination for the years prior to 2019. Columbia Bank MHC and its subsidiaries' New York returns are currently under audit for the tax years 2016 through 2019. The Company is open for examination by the State of New Jersey for years after 2018 and by the State of Pennsylvania for years after 2017. |
Financial Transactions with Off
Financial Transactions with Off-Balance-Sheet Risk and Concentrations of Credit Risk | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Transactions with Off-Balance-Sheet Risk and Concentrations of Credit Risk | Financial Transactions with Off-Balance-Sheet Risk and Concentrations of Credit Risk The Company is a party to financial instruments with off-balance-sheet risk in the normal course of business in order to meet the financing needs of its customers. These financial instruments consist of commitments to extend credit and involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the Consolidated Statements of Financial Condition. At December 31, 2022 and 2021, the following commitments existed which are not reflected in the Consolidated Statements of Financial Condition: December 31, 2022 2021 (In thousands) Loan commitments: Residential real estate $ 55,852 $ 115,998 Multifamily real estate 50,175 19,770 Commercial real estate 17,621 54,178 Commercial business 24,846 27,773 Construction 100,430 58,069 Consumer including home equity loans and advances 5,477 9,154 Total loan commitments $ 254,401 $ 284,942 Unused lines of credit consisting of home equity lines, and undisbursed business and construction lines totaled approximately $1.2 billion and $899.2 million as of December 31, 2022 and 2021, respectively. Amounts drawn on the unused lines of credit are predominantly assessed interest at rates that fluctuate with the base rate. The Company uses the same credit policies and collateral requirements in making commitments and conditional obligations as it does for on-balance-sheet loans. Commitments to extend credit are agreements to lend to customers as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management's credit evaluation of the borrower. The Company principally grants residential real estate loans, multifamily real estate loans, commercial real estate loans, construction loans, commercial business loans, home equity loans and advances and other consumer loans to borrowers primarily throughout New Jersey, New York and Pennsylvania, and to a much lesser extent in a few other east coast states. Its borrowers' abilities to repay their obligations are dependent upon various factors, including the borrowers' income and net worth, cash flows generated by the underlying collateral, if any, or from business operations, value of the underlying collateral and priority of the Company's lien on the property. These factors are dependent on various economic conditions and circumstances beyond the Company's control, and as a result, the Company is subject to the risk of loss. The Company believes that its lending policies and procedures adequately minimize the potential exposure to such risks and adequate provisions for loan losses are provided for all probable and estimable losses. In the normal course of business, the Company sells residential real estate loans to third parties. These loan sales are subject to customary representations and warranties. In the event that the Company is found to be in breach of these representations and warranties, it may be obligated to repurchase certain of these loans. The Company has entered into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's borrowings. These derivatives were used to hedge the variability in cash flows associated with certain short-term funding transactions. The fair value of the derivatives as of December 31, 2022 and 2021 was a net liability of $684,000 and $7.9 million, respectively, net of accrued interest and variation margin posted in accordance with the Chicago Mercantile Exchange. (16) Financial Transactions with Off-Balance-Sheet Risk and Concentrations of Credit Risk (continued) In connection with its mortgage banking activities, at December 31, 2022 and 2021 the Company had no commitments to sell loans, and no commitments classified as held-for-sale. The Company is also a party to standby letters of credit, which are conditional commitments issued to guarantee the performance of a customer to a third party. These guarantees generally extend for a term of up to one year and may be secured or unsecured. The balance of standby letters of credit totaled $20.4 million and $12.9 million at December 31, 2022 and 2021, respectively. The FHLB also has issued an irrevocable standby letter of credit totaling $600,000 at December 31, 2022 and 2021, respectively, for the purposes of collateralizing Freehold Bank's retention of New Jersey public funds on deposit as required by the New Jersey Governmental Unit Deposit Protection Act. This letter is renewable on an annual basis and is securitized by Freehold Bank's available borrowing line at the FHLB. The Company and its subsidiaries are also party to litigation which arises primarily in the ordinary course of business. In the opinion of management, these legal actions and claims are not expected to have a material adverse impact on the consolidated financial position of the Company. 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 utilization rate for each segment. The allowance for credit losses on off-balance-sheet exposures is reported in other liabilities in the Consolidated Statements of Financial Condition. The liability represents an estimate of expected credit losses arising from off-balance-sheet exposures such as unfunded commitments. At December 31, 2022, the balance of the allowance for credit losses on unfunded commitments, included in other liabilities, totaled $7.0 million. The Company recorded a reversal of provision for credit losses on unfunded commitments, included in other non-interest expense in the Consolidated Statements of Income, of $1.2 million for the year ended December 31, 2022. The following table presents the activity in the allowance for credit losses on off-balance-sheet exposures for year ended December 31, 2022: Year Ended December 31, 2022 (In thousands) Allowance for Credit Losses: Balance at January 1, 2022 $ 524 Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2022 7,674 (Reversal of) provision for credit losses (1,228) Balance at December 31, 2022 $ 6,970 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 the 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 as of December 31, 2022 and 2021. 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 ("ACBB") 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. (17) Fair Value Measurements (continued) Derivatives The Company records all derivatives included in other assets liabilities The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. The following tables present the assets and liabilities reported in the Consolidated Statements of Financial Condition at their fair values as of December 31, 2022 and 2021, by level within the fair value hierarchy: December 31, 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 $ 63,566 $ 55,178 $ 8,388 $ — Mortgage-backed securities and collateralized mortgage obligations 1,181,727 — 1,181,727 — Municipal obligations 3,575 — 897 2,678 Corporate debt securities 79,766 — 70,321 9,445 Total debt securities available for sale 1,328,634 55,178 1,261,333 12,123 Equity securities 3,384 3,053 331 — Derivative assets 19,756 — 19,756 — $ 1,351,774 $ 58,231 1,281,420 $ 12,123 Derivative liabilities $ 19,072 $ — $ 19,072 $ — (17) Fair Value Measurements (continued) 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 $ — The table below provides activity of assets reported as Level 3 for the period ended December 31, 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 Maturity of Level 3 asset (914) Change in fair value of Level 3 assets (502) Balance of recurring Level 3 assets - December 31, 2022 $ 12,123 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 year ended December 31, 2022. There were no transfers to Level 3 assets during the year ended December 31, 2021. (17) Fair Value Measurements (continued) Private placement debt security cash flows were discounted to a market yield of 8.75% (weighted average is 8.75%), and the cash flows for private placement municipal obligations were discounted to a market yield ranging from 3.25% to 3.64% (weighted average is 3.39%). 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 as of December 31, 2022 and 2021. Individually Analyzed Collateral Dependent Loans/Impaired Loans The fair value of collateral dependent loans that are individually analyzed or were previously deemed impaired 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 individually analyzed 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% and 8%. For non-collateral dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable. The Company classifies these loans as Level 3 within the fair value hierarchy. 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 in the Consolidated Statements of Financial Condition at their fair values on a non-recurring basis at December 31, 2022 and 2021, by level within the fair value hierarchy: December 31, 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 $ 2,107 $ — $ — $ 2,107 $ 2,107 $ — $ — $ 2,107 (17) Fair Value Measurements (continued) 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 December 31, 2022 and 2021: December 31, 2022 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average (Dollars in thousands) Mortgage servicing rights $ 2,107 Discounted cash flow Prepayment speeds and discount rates (1) 5.5% - 27.1% 8.6 % December 31, 2021 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average (Dollars in thousands) Impaired loans $ 1,213 Estimated cash flow 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 14.50%. (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. (17) Fair Value Measurements (continued) 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 benchmark or to compare 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. 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. (17) Fair Value Measurements (continued) 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. The following tables present the assets and liabilities reported in the Consolidated Statements of Financial Condition at their fair values as of December 31, 2022 and 2021: December 31, 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 $ 179,228 $ 179,228 $ 179,228 $ — $ — Debt securities available for sale 1,328,634 1,328,634 55,178 1,261,333 12,123 Debt securities held to maturity 421,523 370,391 — 370,391 — Equity securities 3,384 3,384 3,053 331 Federal Home Loan Bank stock 58,114 58,114 — 58,114 — Loans receivable, net 7,624,761 6,771,095 — — 6,771,095 Derivative assets 19,756 19,756 — 19,756 — Financial liabilities: Deposits $ 8,001,159 $ 7,942,782 $ — $ 7,942,782 $ — Borrowings 1,127,047 1,146,265 — 1,146,265 — Derivative liabilities 19,072 19,072 — 19,072 — (17) Fair Value Measurements (continued) 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 — 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. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022, 2021,and 2020: December 31, 2022 2021 2020 (In thousands, except per share data) Net income $ 86,173 $ 92,049 $ 57,603 Shares: Weighted average shares outstanding - basic 105,580,823 104,156,112 109,755,924 Weighted average dilutive shares outstanding 612,338 — — Weighted average shares outstanding - diluted 106,193,161 104,156,112 109,755,924 Earnings per share: Basic $ 0.82 $ 0.88 $ 0.52 Diluted $ 0.81 $ 0.88 $ 0.52 For the years ended December 31, 2022, 2021, and 2020, 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 129,049, 3,726,249, and 3,757,530 respectively. |
Parent-only Financial Informati
Parent-only Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent-only Financial Information | Parent-only Financial Information The condensed financial statements of Columbia Financial, Inc. (parent company) are presented below: Statements of Financial Condition December 31, 2022 2021 (In thousands) Assets Cash and due from banks $ 59,754 $ 77,077 Short-term investments 131 261 Total cash and cash equivalents 59,885 77,338 Equity securities, at fair value 201 216 Investment in subsidiaries 979,841 981,922 Loan receivable from Columbia Bank 38,187 39,862 Other assets 13,760 15,608 Total assets $ 1,091,874 $ 1,114,946 Liabilities and Stockholders' Equity Liabilities: Borrowings $ 36,888 $ 36,815 Accrued expenses and other liabilities 1,391 2,301 Total liabilities 38,279 39,116 Stockholders' equity 1,053,595 1,075,830 Total liabilities and stockholders' equity $ 1,091,874 $ 1,114,946 (19) Parent-only Financial Information (continued) Statements of Income and Comprehensive Income Years Ended December 31, 2022 2021 2020 (In thousands) Dividends from subsidiary $ 80,000 $ 65,000 $ 50,000 Interest income: Loans receivable 1,893 1,969 2,047 Debt securities available for sale and equity securities 10 43 51 Interest-earning deposits 7 — 1 Total interest income 81,910 67,012 52,099 Interest expense on borrowings 1,600 427 863 Net interest income 80,310 66,585 51,236 Equity earnings (loss) in subsidiaries 9,132 27,652 8,027 Non-interest income: Gain on securities transactions — 383 2 Change in fair value of equity securities (15) (35) (115) Other non-interest income 650 — — Total non-interest income (loss) 635 348 (113) Non-interest expense: Merger-related expenses 522 546 280 Other non-interest expense 2,861 2,203 1,377 Total non-interest expense 3,383 2,749 1,657 Income before income tax (benefit) 86,694 91,836 57,493 Income tax (benefit) 521 (213) 110 Net income 86,173 92,049 57,603 Other comprehensive income (loss) (133,377) 23,706 (890) Comprehensive income (loss) $ (47,204) $ 115,755 $ 56,713 (19) Parent-only Financial Information (continued) Statements of Cash Flows Years Ended December 31, 2022 2021 2020 (In thousands) Cash flows from operating activities: Net income $ 86,173 $ 92,049 $ 57,603 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of intangible assets 73 21 (278) Gain on securities transactions — (383) (2) Change in fair value of equity securities 15 35 115 Deferred tax expense 2,463 1,830 1,411 ( Increase) in other assets (642) (7,721) (2,675) (Decrease) increase in accrued expenses and other liabilities (997) 691 (647) Equity in undistributed (earnings)of subsidiaries (9,132) (27,652) (8,027) Net cash provided by operating activities $ 77,953 $ 58,870 $ 47,500 Cash flows from investing activities: Proceeds from sales of equity securities — 1,390 — Proceeds from paydowns/maturities/calls of debt securities available for sale — — 1,498 Purchases of equity securities — (91) — Repayment of loan receivable from Columbia Bank 1,675 1,599 1,521 Net cash acquired in acquisition 31 — — Net cash provided by investing activities $ 1,706 $ 2,898 $ 3,019 Cash flows from financing activities: Payments of subordinated debt and trust preferred securities $ — $ — $ (16,600) Net proceeds from note payable — 29,841 — Purchase of treasury stock (93,996) (107,774) (108,166) Exercise of options 325 (25) — Issuance of common stock allocated to restricted stock award grants 2,624 — — Restricted stock forfeitures (1,451) (1,234) (199) Repurchase of shares for taxes (4,614) (357) (181) Issuance of treasury stock allocated to restricted stock award grants — 896 481 Net cash (used in) financing activities $ (97,112) $ (78,653) $ (124,665) (19) Parent-only Financial Information (continued) Statements of Cash Flows Years Ended December 31, 2022 2021 2020 (In thousands) Net (decrease) in cash and cash equivalents $ (17,453) $ (16,885) $ (74,146) Cash and cash equivalents at beginning of year 77,338 94,223 168,369 Cash and cash equivalents at end of period 59,885 77,338 94,223 Acquisition: Net cash and cash equivalents acquired in acquisition $ 31 $ — $ — |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022, 2021, and 2020: For the Years Ended December 31, 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: $ (190,682) $ 53,427 $ (137,255) $ (39,000) $ 8,021 $ (30,979) Accretion of unrealized (loss) on debt securities reclassified as held to maturity (31) 9 (22) (28) 25 (3) Reclassification adjustment for gain included in net income 210 (59) 151 2,025 (427) 1,598 (190,503) 53,377 (137,126) (37,003) 7,619 (29,384) Derivatives: Unrealized gain on swap contracts accounted for as cash flow hedges 7,524 (2,103) 5,421 14,514 (2,575) 11,939 Employee benefit plans: Amortization of prior service cost included in net income (56) 15 (41) (55) 16 (39) Reclassification adjustment of actuarial net (loss) included in net income (2,677) 749 (1,928) (4,044) 1,129 (2,915) Change in funded status of retirement obligations 345 (48) 297 50,999 (6,894) 44,105 (2,388) 716 (1,672) 46,900 (5,749) 41,151 Total other comprehensive income (loss) $ (185,367) $ 51,990 $ (133,377) $ 24,411 $ (705) $ 23,706 (20) Other Comprehensive Income (Loss) (continued) For the Year Ended December 31, 2020 Before Tax Tax Effect After Tax (In thousands) Components of other comprehensive income (loss): Unrealized gain on debt securities available for sale: $ 26,876 $ (5,640) $ 21,236 Accretion of unrealized gain on debt securities reclassified as held to maturity 160 (34) 126 Reclassification adjustment for gain included in net income 370 (81) 289 27,406 (5,755) 21,651 Derivatives: Unrealized (loss) on swap contracts accounted for as cash flow hedges (10,605) 2,223 (8,382) Employee benefit plans: Amortization of prior service cost included in net income (56) 12 (44) Reclassification adjustment of actuarial net (loss) included in net income (4,284) 900 (3,384) Change in funded status of retirement obligations (13,583) 2,852 (10,731) (17,923) 3,764 (14,159) Total other comprehensive income (loss) $ (1,122) $ 232 $ (890) (20) 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 years ended December 31, 2022, 2021, and 2020: For the Years Ended December 31, 2022 2021 Unrealized (Losses) on Debt Securities Available for Sale Unrealized Gains (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 income (loss) (137,126) 5,421 (1,672) (133,377) (29,384) 11,939 41,151 23,706 Total other comprehensive income (loss) $ (135,482) $ 504 $ (44,318) $ (179,296) $ 1,644 $ (4,917) $ (42,646) $ (45,919) For the Year Ended December 31, 2020 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 $ 9,377 $ (8,474) $ (69,638) $ (68,735) Current period changes in other comprehensive income (loss) 21,651 (8,382) (14,159) (890) Total other comprehensive income (loss) $ 31,028 $ (16,856) $ (83,797) $ (69,625) (20) Other Comprehensive Income (Loss) (continued) The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) in the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the years ended December 31, 2022, 2021, and 2020: Accumulated Other Comprehensive Income (Loss) Components For the Years Ended December 31, Affected Line Items in the Consolidated Statements of Income 2022 2021 2020 (In thousands) Reclassification adjustment for gain included in net income $ 210 $ 2,025 $ 370 Gain on securities transactions Reclassification adjustment of actuarial net (loss) included in net income (2,677) (4,044) (4,284) Other non-interest expense Total before tax (2,467) (2,019) (3,914) Income tax benefit 690 702 819 Net of tax $ (1,777) $ (1,317) $ (3,095) |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 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 risks 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 December 31, 2022 and 2021, the Company had no currency forward contracts in place with commercial banking customers. Interest Rate Swaps. At December 31, 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 December 31, 2022 and 2021, the Company had 20 and 14 interest rate swaps with notional amounts of $290.0 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 exchanges of the underlying notional amount. For the year ended December 31, 2021, interest rate swaps with notional amounts totaling $210.0 million were discontinued relative to the hedge, which resulted in a $996,000 loss on the early extinguishment of debt. At December 31, 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 years ended December 31, 2022, 2021, and 2020, the Company did not record any hedge ineffectiveness associated with these contracts. (21) 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 December 31, 2022 and 2021: December 31, 2022 Asset Derivative Liability Derivative Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value (In thousands) Derivatives: Interest rate products - designated hedges Other Assets $ 4,290 Other Liabilities $ 3,918 Interest rate products - non-designated hedges Other Assets 15,466 Other Liabilities 15,154 Total derivative instruments $ 19,756 $ 19,072 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 products - designated hedges Other Assets $ — Other Liabilities $ 7,696 Interest rate products - non-designated hedges Other Assets 9,492 Other Liabilities 9,670 Total derivative instruments $ 9,492 $ 17,366 For the years ended December 31, 2022, 2021, and 2020 gains (losses) of $489,000, $115,000, and $(306,000) respectively, were recorded for changes in fair value of interest rate swaps with third parties. At December 31, 2022 and 2021, accrued interest was $22,000 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 | 12 Months Ended |
Dec. 31, 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. The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the years ended December 31, 2022, 2021, and 2020. For the Years Ended December 31, 2022 2021 2020 (In thousands) Non-interest income In-scope of Topic 606: Demand deposit account fees $ 5,293 $ 3,803 $ 3,633 Title insurance fees 3,423 6,088 5,034 Insurance agency income 141 — — Other non-interest income 8,666 7,600 6,472 Total in-scope non-interest income 17,523 17,491 15,139 Total out-of-scope non-interest income 12,877 21,340 16,131 Total non-interest income $ 30,400 $ 38,831 $ 31,270 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 on 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 | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company has evaluated events subsequent to December 31, 2022 and through the financial statement issuance date of March 1, 2023, and concluded that no material events occurred that would require disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Columbia Financial, Inc., its wholly-owned subsidiaries, Columbia Bank ("Columbia"), Freehold Bank ("Freehold"), and Highlander Investment Co. (inactive), 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., and RSI Insurance Agency, Inc., (collectively, the “Company”). The accounts of the MHC are not consolidated in the consolidated financial statements of the Company. In consolidation, all intercompany accounts and transactions are eliminated. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. The Bank's wholly owned subsidiary, Stewardship Realty, LLC, incorporated as a New Jersey corporation in 2005 was acquired in the Company's merger with Stewardship in November 2019. It is a service corporation originally organized to hold and manage property in Midland Park which was previously occupied by Atlantic Stewardship Bank. The Company also owns 100% of the common stock of Stewardship Statutory Trust I, which is a trust incorporated in Delaware which was also acquired in the Company's merger with Stewardship in November 2019. In accordance with ASC Topic 810, Consolidation, this Trust was classified as a variable interest entity and did not satisfy the conditions for consolidation. Accordingly, this Trust, which owns $7.0 million of trust preferred securities, which represents 100% of the assets, is treated as an unconsolidated subsidiary. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), including the elimination of all significant intercompany accounts and transactions during consolidation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the 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 goodwill for impairment, evaluation of other-than-temporary impairment on securities, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits, among others. These estimates and assumptions are evaluated on an ongoing basis using factors, including the current economic environment, which management believes to be reasonable under the circumstances. Such estimates and assumptions are adjusted when facts and circumstances dictate. Illiquid credit markets, volatile securities markets, and declines in the housing market and the economy generally have combined to increase the uncertainty inherent in such estimates and assumptions. Changes in estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks, interest-bearing deposits at other financial institutions and short-term investments. |
Securities | Securities Securities are classified as available for sale and held to maturity. Management determines the appropriate classification of securities at the time of purchase. Securities that management has the positive intent and ability to hold to maturity are classified as held to maturity and reported at amortized cost. Securities not classified as held to maturity are classified as available for sale and carried at estimated fair value, with unrealized holding gains or losses, net of taxes, reported as a separate component of accumulated other comprehensive income or loss ("OCI") included in stockholders' equity. Effective January 1, 2022, the Company adopted the provisions of ASC 326 and modified its accounting policy for the assessment of available for sale securities for impairment. Under ASC 326 for available for sale securities, the Company first 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 fair values of these securities are based on market quotations or matrix pricing as discussed in note 17. The Company evaluates securities for other-than-temporary impairment at each reporting period and more frequently when economic or market conditions warrant such evaluation. In this evaluation, if such declines were deemed other-than temporary, management would measure the total credit-related component of the unrealized loss, and recognize that portion of the loss as a charge to current period earnings. The remaining portion of the unrealized loss would be recognized as an adjustment to OCI. The fair value of the securities portfolio is significantly affected by changes in interest rates. In general, as interest rates rise, the fair value of fixed-rate securities decreases and as interest rates fall, the fair value of fixed-rate securities increases. The Company determines if it has the intent to sell securities or if it more likely than not that the Company would be required to sell the securities before the anticipated recovery. If either exists, the decline in value is considered other-than-temporary and would be recognized in current period earnings. Premiums and discounts on securities are generally amortized and accreted to income over the contractual lives of the securities using the level-yield method. Premiums on callable securities are amortized to the earliest call date. Dividend and interest income are recognized when earned. Realized gains and losses are recognized when securities are sold or called based on the specific identification method. In the ordinary course of business, securities are pledged as collateral in conjunction with the Company’s borrowings, lines of credit, and public funds on deposit. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The Banks, as members of the Federal Home Loan Bank of New York (the "FHLB"), are required to hold shares of capital stock of the FHLB based on its activities, primarily its outstanding borrowings. The investment is carried at cost, or par value, which approximates fair value. Cash dividends are reported as income. |
Loans Held-for-Sale | Loans Held-for-SaleLoans held-for-sale consists of loans intended for sale in the secondary market. These loans are carried at the lower of cost or estimated fair value, less costs to sell, as determined on an individual loan basis. Net unrealized losses, if any, are recognized in a valuation allowance through a charge to earnings. Origination fees and costs on loans held-for-sale are deferred and recognized on settlement dates as a component of the gain or loss on sale. Loans held-for-sale are generally sold with loan servicing rights retained by Columbia Bank. |
Loans Receivable and Purchased Credit-Deteriorated ("PCD") Loans | Loans Receivable Loans receivable are carried at unpaid principal balances adjusted by unamortized premiums and unearned discounts, net deferred origination fees and costs, purchase accounting fair value adjustments and the allowance for credit losses. The Company defers loan origination fees and certain direct loan origination costs and accretes such amounts as an adjustment to the yield over the expected lives of the related loans using the level-yield method. Interest income on loans is accrued on unpaid principal balances and credited to income as earned. Premiums and discounts on loans purchased are amortized or accreted as an adjustment to yield over the contractual lives of the related loans using methodologies which approximate the level-yield method. A loan is considered delinquent when payment has not been received within 30 days of its contractual due date. Generally, a loan in designated as a non-accrual loan when the payment of interest is 90 days or more in arrears of its contractual due date. When a loan is placed on non-accrual status, any interest accrued but not received is reversed against interest income. Payments received on a non-accrual loan are either applied to the outstanding principal balance or recorded as interest income, depending on an assessment of the ability to collect the loan. Non-accruing loans are returned to accrual status after there has been a sustained period of repayment performance (generally six consecutive months of payment) 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. On a case-by-case basis, the Company may evaluate individual loans for which it is probable, based on current information, that the Company will not collect all amounts due under the contractual terms of the loan agreement. The Company considers the population of loans in its analysis to include all multifamily and commercial real estate, construction, and commercial business loans with an outstanding balance greater than $500,000 and not accruing interest, and loans modified in a troubled debt restructuring. The Company also considers residential real estate, and home equity loans and advances that are not accruing or modified in a troubled debt restructuring. Other loans may be included in the population of loans to be evaluated if management has specific information of a collateral shortfall. Loans individually analyzed are 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. Payments received on individually analyzed loans are recognized on a cash basis. Purchased Credit-Deteriorated ("PCD") Loans Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased with credit deterioration (“PCD”) loans. The Company evaluated acquired loans for deterioration in credit quality based on any of, but not limited to, the following: (1) non-accrual status; (2) troubled debt restructured designation; (3) risk ratings of special mention, substandard or doubtful; and (4) delinquency status. At the acquisition date, an estimate of expected credit losses was made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed PCD at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. |
Allowance for Credit Losses on Loans Receivable | Allowance for Credit Losses on Loans Receivable The calculation of the allowance for credit losses (“ACL”) on loans is a critical accounting policy of the Company because of the high degree of judgment involved, the subjectivity of the assumptions used, and the potential for changes in the economic environment that could result in changes to the ACL amount of the recorded allowance. The ACL is maintained at a level management considers adequate to provide for estimated losses and impairment based upon an evaluation of known and inherent risk in the loan portfolio. The ACL consists of two elements: (1) identification of loans that must be individually analyzed for impairment and (2) establishment of an ACL for loans collectively analyzed. Portfolio segments are 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 losses based on the type of borrower and collateral which is generally based upon federal call report segmentation. The segments have been combined or sub-segments have been added as needed to ensure loans of similar risk profiles are appropriately pooled. We maintain a loan review system that provides a periodic review of the loan portfolio and the identification of individually analyzed loans. The ACL for individually analyzed loans is based on the fair value of collateral or cash flows. While management uses the best information available to make such evaluations, future adjustments to the allowance may be necessary if economic conditions differ substantially from the assumptions used in making the evaluations. The ACL quantitative allowance for each segment is measured using a discounted cash flow methodology incorporating an econometric, probability of default (“PD”) and loss given default (“LGD”) with distinct segment-specific multi-variant regression models applied. Expected credit losses are estimated over the 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 the modeled cash flows, adjusted for model defaults and expected prepayments and discounted at the loan-level effective interest rate. The contractual term excludes expected extensions, renewals, and modifications. Management estimates the ACL using relevant and reliable 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 its segment-specific peers provide the basis for the estimate of expected credit losses. Credit losses over a defined period are converted to PD rate curves through the use of segment-specific LGD 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 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 a single economic forecast of macroeconomic variables (i.e. unemployment, gross domestic product, vacancy, and home price index). 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 reverts to long-term average historical loss rates using a straight-line, time-based methodology. The Company's current forecast period is six quarters, with a four-quarter reversion period to long-term average historical loss rates. After quantitative considerations, management applies additional qualitative adjustments that consider the expected impact of certain factors not fully captured in the quantitative reserve. Qualitative adjustments include but are not limited to concentrations of large loan balances, delinquency trends, change in collateral values within segments, and other considerations. The ACL is established through the provision for credit losses that are charged to income, which is based upon an evaluation of estimated losses in the current loan portfolio, including the evaluation of individually analyzed loans. Charge-offs against the ACL 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 ACL. Although we believe we have established and maintained the ACL on loans at appropriate levels, changes in reserves may be necessary if actual economic and other conditions differ substantially from the forecast used in estimating the ACL. (2) Summary of Significant Accounting Policies (continued) Allowance for Credit Losses on Loans Receivable (continued) Our financial results are affected by the changes in and the level of the ACL. This process involves our analysis of internal and external variables, and it requires that we exercise judgment to estimate an appropriate ACL. As a result of the uncertainty associated with this subjectivity, we cannot assure the precision of the amount reserved, should we experience sizable loan losses in any particular period and/or significant changes in assumptions or economic condition. We believe the primary risks inherent in the portfolio are a general decline in the economy, a decline in real estate market values, rising unemployment, increasing vacancy rates, and increases in interest rates in the absence of economic improvement or any other such factors. 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, we have recorded loan credit losses at a level which is estimated to represent the current risk in its loan portfolio. Most of our non-performing assets are collateral dependent loans which are written down to the fair value of the collateral less estimated costs to sell. We continue to assess the collateral of these loans and update our appraisals on these loans on an annual basis. To the extent the property values decline, there could be additional losses on these non-performing assets, which may be material. Management considered these market conditions in deriving the estimated ACL. Should economic difficulties occur, the ultimate amount of loss could vary from our current estimate. Allowance for Credit Losses on Unfunded Commitments The Company is required to include unfunded commitments that are expected to be funded in the future within the allowance for credit loss 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 utilization rate for each segment. The allowance for credit losses for off-balance-sheet exposures is reported in other liabilities in the Consolidated Statements of Financial Condition. The liability represents an estimate of expected credit losses arising from off-balance-sheet exposures such as unfunded commitments. |
Troubled Debt Restructurings | Troubled Debt Restructurings Troubled debt restructured loans are those loans where the Company has granted a concession it would not otherwise consider because of economic or legal reasons pertaining to a debtor’s financial difficulties. A concession could include a reduced interest rate below a market rate, an extension of the term of the loan, or a combination of the two methods, but generally does not result in the forgiveness of principal or accrued interest. Not all concessions granted by the Company constitute a troubled debt restructuring. Once an obligation has been restructured and designated as a troubled debt restructuring, it continues to be designed as a restructured loan until paid in full. The Company records an impairment charge equal to the difference between the present value of expected future cash flows under the restructured terms discounted at the loan’s original effective interest rate, and the loan’s carrying value. Restructured loans that were accruing prior to the restructuring, where income was reasonably assured subsequent to the restructuring, maintain their accrual status. Restructured loans for which collectability was not reasonably assured are placed on non-accrual status, interest accruals cease, and uncollected accrued interest is reversed and charged against current income. Non-accruing restructured loans may be returned to accrual status when there is a sustained period of repayment performance (generally six consecutive months of payments), and both principal and interest are deemed collectible. In March 2020, various regulatory agencies, including the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporations issued an interagency statement on loan modifications and reporting for financial institutions working with customers affected by COVID-19. The interagency statement was effective immediately and impacted accounting for loan modifications. 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 Banks each 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. (2) Summary of Significant Accounting Policies (continued) Troubled Debt Restructurings (continued) |
Loans Sold and Serviced | Loans Sold and Serviced The Company has entered into Guarantor Swaps with Freddie Mac to improve its liquidity. In these types of transactions, the Company sells mortgage loans in exchange for Freddie Mac Mortgage Participation Certificates backed exclusively by the loans sold. The Company retains the servicing of these loans. The Company also periodically sells loans to investors and continues to service such loans for a fee. Gains or losses on the sale of loans are recorded on trade date using the specific-identification method. |
Office Properties and Equipment | Office Properties and EquipmentLand is carried at cost. Office properties, land and building improvements, furniture and equipment, and leasehold improvements are carried at cost, less accumulated depreciation and amortization. Depreciation and amortization of office properties and equipment is computed on a straight-line basis over their estimated useful lives (generally 40 years for buildings, 10 years to 20 years for land and building improvements, 3 years to 10 years for furniture and equipment). Leasehold improvements, carried at cost, net of accumulated depreciation, are amortized over the terms of the related leases or the estimated useful lives of the assets, whichever is shorter. Major improvements are capitalized, while repairs and maintenance costs are charged to expense as incurred. Upon retirement or sale, any gain or loss is recognized as incurred. |
Bank-owned Life Insurance | Bank-owned Life Insurance ("BOLI")Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. The change in the net asset value is recorded as a component of non-interest income. A deferred liability has been recorded for the estimated cost of post-retirement life insurance benefits accruing to applicable employees and directors covered by an endorsement split-dollar life insurance arrangement. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Intangible assets of the Company consist of goodwill, core deposit intangibles and mortgage servicing rights. Goodwill represents the excess of the purchase price over the fair value of net assets acquired in purchase acquisitions. In accordance with GAAP, goodwill with an indefinite useful life is not amortized, but is evaluated for impairment on an annual basis, or more frequently if events or changes in circumstances indicate potential impairment between annual measurement dates. As permitted by GAAP, the Company prepares a qualitative assessment in determining whether goodwill may be impaired. The factors considered in the assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Company, among others. The Company completed its annual goodwill impairment test as of December 31, 2022 based upon its qualitative assessment of goodwill and concluded that goodwill was not impaired and no further quantitative analysis was warranted. Core deposit intangibles represent the intangible value of depositor relationships acquired by the Company through purchase acquisitions of Stewardship, Freehold and RSI. The premiums ascribed to these deposits are amortized over their estimated useful lives. Mortgage servicing rights are recorded when purchased or when originated mortgage loans are sold, with servicing rights retained. Mortgage servicing rights are amortized on an accelerated method based upon the estimated lives of the related loans, and generally adjusted for prepayments. Mortgage servicing rights are carried at the lower of amortized cost or fair value. |
Leases | Leases The Company determines if an arrangement is a lease at inception. The Company's leases primarily relate to real estate property for branches and office space. All the Company's leases are classified as operating leases and the related right-of-use asset ("ROU") and lease liability are included in other assets and other liabilities (2) Summary of Significant Accounting Policies (continued) Leases (continued) ROU assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease arrangements. The calculated amounts of the ROU 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. As the Company's leases do not provide an implicit rate, the discount rate used in determining the lease liability for each individual lease is the Company's incremental borrowing rate. The present value of the lease liability may include the impact of options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options provided in the lease terms. Lease expense is recognized on a straight-line basis over the expected lease term. Lease agreements that include lease and non-lease components, such as common area maintenance charges, are accounted for separately. |
Post-retirement Benefits | Post-retirement Benefits 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. Through the acquisition of the RSI Entities, the Company acquired a non-funded post-retirement plan. The defined benefit post-retirement healthcare plan covers substantially all retirees and employees. |
Employee Benefits Plans | Employee Benefit 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 policy is to fund at least the minimum contribution required by the Employee Retirement Income Security Act of 1974. GAAP requires an employer to: (a) recognize in its statement of financial position the over-funded or under-funded status of a defined benefit post-retirement plan measured as the difference between the fair value of plan assets and the benefit obligation; (b) measure a plan’s assets and its obligations that determine its funded status at the end of the employer’s fiscal year (with limited exceptions); and (c) recognize as a component of other comprehensive income (loss), net of tax, the actuarial gains and losses and the prior service costs and credits that arise during the period. The assets of the plan are primarily invested in fixed income and equity funds. Through the acquisition of the RSI Entities on May 1, 2022, the Company acquired a funded pension plan The benefits are based on years of service and the employee’s compensation, as defined. The Plan was amended effective March 31, 2011, to freeze the Plan so that no employee shall commence or recommence participation in the Plan, that there shall be no further benefit accruals under the Plan, and that compensation received after the effective date shall not be recognized for any purpose under the Plan. 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). Columbia Bank and Freehold Bank each have a 401(k) plan covering substantially all employees. Columbia Bank may match a percentage of the first 3.00% to 4.50% contributed by participants. Columbia's matching contribution, if any, is determined by their Board of Directors in its sole discretion. Freehold does not presently match any portion of employee contribution, but may provide an annual match determined by their Board of Directors in its sole discretion. Columbia Bank has an Employee Stock Ownership Plan ("ESOP"). The funds borrowed by the ESOP from the Company to purchase the Company's common stock are being repaid from Columbia Bank's contributions over a period of 20 years. The Company's common stock not allocated to participants is recorded as a reduction of stockholders' equity at cost. Compensation expense for the ESOP is based on the average price of the Company's stock and the amount of shares committed to be allocated during each period. (2) Summary of Significant Accounting Policies (continued) Employee Benefit Plans (continued) Columbia Bank has a Supplemental Executive Retirement Plan ("SERP"). The SERP is a non-qualified plan which provides supplemental retirement benefits to eligible officers (those designated by the Board of Directors) of the Company who are prevented from receiving the full benefits contemplated by the ESOP's benefit formulas under tax law limits for tax-qualified plans. In addition, the Company maintains a stock based deferral plan (the "Stock Based Deferral Plan") for certain executives and directors. The Company records a deferred compensation equity account and corresponding contra-equity account for the cost of the shares held by the Stock Based Deferral and SERP Plans. Columbia Bank also maintains a non-qualified savings income maintenance deferred compensation plan (the "SIM Plan") that provides supplemental benefits to certain executives who are prevented from receiving the full benefits contemplated by the 401(k) Plan under tax law limits for tax-qualified plans, and a Deferred Compensation Plan for directors. Freehold Bank also sponsors a directors retirement plan, a director and executive deferred compensation plan, and a supplemental executive retirement plan for certain current and former directors and officers of the Bank. |
Derivatives | Derivatives 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 risks 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. |
Income Taxes | Income Taxes The Company and its subsidiaries file consolidated federal income tax returns. Federal income taxes are allocated to each entity based on their respective contributions to taxable income of the consolidated income tax returns. Separate state income taxes are filed for the Company and its subsidiaries on either a consolidated or unconsolidated basis as required by each jurisdiction. The Company records income taxes in accordance with ASC Topic 740, Income Taxes , using the asset and liability method. Federal and state income taxes have been provided on the basis of the Company's income or loss as reported in accordance with GAAP. The amounts reflected on the Company's federal and state income tax returns differ from these provisions due principally to temporary differences in the reporting of certain items for consolidated financial statement reporting and income tax reporting purposes. Accordingly, deferred tax assets and liabilities: (i) are recognized for the estimated future tax consequences of events that have been recognized in the financial statements or tax returns; (ii) are attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases; and (iii) are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Where applicable, deferred tax assets are reduced by a valuation allowance for any portions determined not likely to be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income tax expense in the period that includes the enactment date. The valuation allowance is adjusted, by a charge or credit to income tax expense, as changes in facts and circumstances warrant. The Company did not have any liabilities for uncertain tax positions or any known unrecognized tax benefits at December 31, 2022 and 2021. The Company policy is to recognize interest and penalties related to unrecognized tax benefits in income tax expense in the Consolidated Statements of Income. The Company did not recognize any interest and penalties during the years ended December 31, 2022, 2021 and 2020. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other comprehensive income (loss). Other comprehensive income (loss) includes items recorded in equity, such as unrealized gains and losses on debt securities available for sale, the noncredit component of other than temporary impairment losses on debt securities, unrealized gains and losses on derivatives, and the unfunded status and reclassification of actuarial net (loss) gain associated with the Company's benefit plans. Comprehensive income is presented in a separate Consolidated Statement of Comprehensive Income (Loss). |
Segment Reporting | Segment Reporting The Company’s operations are substantially in the financial services industry and include providing traditional banking and other financial services to its customers. The Company operates primarily in New Jersey. Management makes operating decisions and assesses performance based on an ongoing review of the Company’s consolidated financial results. Therefore, the Company has a single operating segment for financial reporting purposes. |
Earnings Per Share | Earnings Per Share ("EPS") Basic 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. |
Stock Compensation Plans | Stock Compensation Plans Compensation expense related to stock options and non-vested restricted stock awards is based on the fair value of the award on the measurement date with expense recognized on a straight line basis over the requisite performance or service period. The fair value of stock options is estimated utilizing the Black-Scholes option pricing model. The fair value of non-vested restricted stock awards is generally the closing market price of the Company's common stock on the date of grant. The Company accounts for forfeitures as they occur. |
Pending Accounting Pronouncements and Accounting Pronouncements Adopted | Pending Accounting Pronouncements 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 adopted this pronouncement effective January 1, 2023. The update will be applied on a prospective basis to disclosures and did not have a significant impact on the Company's consolidated financial statements. Accounting Pronouncements Adopted 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 year ended December 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. In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans by removing disclosures that no longer are considered cost beneficial, clarifying the specific requirements of disclosures, and adding disclosure requirements identified as relevant. Among other changes, the ASU adds disclosure requirements to Topic 715-20 for the weighted-average interest crediting rates for cash balance plans and other plans with promised interest crediting rates and an explanation of the reasons for significant gains and losses related to changes in benefit obligation for the period. The amendments remove disclosure requirements for the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year, the amount and timing of plan assets expected to be returned to the employer, and the effects of a one-percentage-point change in assumed health care cost trend rates on the (a) aggregate of the service (2) Summary of Significant Accounting Policies (continued) Accounting Pronouncements Adopted (continued) |
Business Combinations Policy | Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed in the Roselle, Freehold and RSI acquisitions (if applicable): 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 or held for maturity. The estimated fair values of the debt securities were calculated mostly 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 Bank-owned life insurance. Bank-owned life insurance is accounted for using the cash surrender value method and is recorded at its net realizable value. 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. 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 deposits) 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. |
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 period ended December 31, 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 Although management believes that the Company has established and maintained the allowance for credit losses at appropriate levels, reserve levels may change if future economic, organizational, and portfolio conditions differ from the forecast. Management evaluates its estimates and assumptions on an ongoing basis, and the estimates and assumptions are adjusted when facts and circumstances necessitate a re-valuation of the estimate. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Although management uses the best information available, the level of the allowance for credit losses remains an estimate that is subject to significant judgment. |
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 ("ACBB") 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. (17) Fair Value Measurements (continued) Derivatives The Company records all derivatives included in other assets liabilities 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. Individually Analyzed Collateral Dependent Loans/Impaired Loans The fair value of collateral dependent loans that are individually analyzed or were previously deemed impaired 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 individually analyzed 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% and 8%. For non-collateral dependent loans, management estimates fair value using discounted cash flows based on inputs that are largely unobservable. The Company classifies these loans as Level 3 within the fair value hierarchy. 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. (17) Fair Value Measurements (continued) 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 benchmark or to compare 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. 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. (17) Fair Value Measurements (continued) 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. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [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 Roselle Entities , at their estimated fair values as of the closing date of the transaction: April 1, 2020 Assets acquired: (In thousands) Cash and cash equivalents $ 155,248 Debt securities available for sale 51,479 Debt securities held to maturity 13,418 Equity securities 1,796 Federal Home Loan Bank stock 2,010 Loans receivable 171,593 Accrued interest receivable 679 Office properties and equipment, net 5,774 Bank-owned life insurance 17,245 Deferred tax assets, net 1,334 Other assets 1,489 Total assets acquired $ 422,065 Liabilities assumed: Deposits $ 333,234 Borrowings 37,728 Advance payments by borrowers for taxes and insurance 982 Accrued expenses and other liabilities 5,400 Total liabilities assumed $ 377,344 Net assets acquired $ 44,721 Fair market value of stock issued to Columbia Bank MHC for purchase 68,530 Goodwill recorded at merger $ 23,809 The following table sets forth assets acquired and liabilities assumed in the acquisition of Freehold, at their estimated fair values as of the closing date of the transaction: December 1, 2021 Assets acquired: (In thousands) Cash and cash equivalents $ 20,417 Debt securities available for sale 118,017 Federal Home Loan Bank stock 3,032 Loans receivable 158,912 Accrued interest receivable 867 Office properties and equipment, net 5,934 Bank-owned life insurance 8,661 Deferred tax assets, net 454 Core deposit intangibles 42 Other assets 162 Total assets acquired $ 316,498 Liabilities assumed: Deposits $ 210,117 Borrowings 59,908 Advance payments by borrowers for taxes and insurance 495 Accrued expenses and other liabilities 4,822 Total liabilities assumed $ 275,342 Net assets acquired $ 41,156 Fair market value of stock issued to Columbia Bank MHC for purchase 47,260 Goodwill recorded at merger $ 6,104 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 Assets acquired: (In thousands) 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 assets, 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 |
Debt Securities Available for_2
Debt Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt securities, available-for-sale | Debt securities available for sale at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 67,771 $ — $ (4,205) $ 63,566 Mortgage-backed securities and collateralized mortgage obligations 1,351,929 135 (170,337) 1,181,727 Municipal obligations 3,697 — (122) 3,575 Corporate debt securities 92,544 6 (12,784) 79,766 $ 1,515,941 $ 141 $ (187,448) $ 1,328,634 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 Trust preferred securities — — — — $ 1,701,379 $ 16,943 $ (14,475) $ 1,703,847 |
Investments classified by contractual maturity date | The amortized cost and fair value of debt securities available for sale at December 31, 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. December 31, 2022 Amortized Cost Fair Value (In thousands) One year or less $ 921 $ 906 More than one year to five years 84,351 79,080 More than five years to ten years 78,740 66,921 $ 164,012 $ 146,907 Mortgage-backed securities and collateralized mortgage obligations 1,351,929 1,181,727 $ 1,515,941 $ 1,328,634 December 31, 2022 Amortized Cost Fair Value (In thousands) More than one year to five years $ 19,875 $ 18,399 More than five years to ten years 19,996 16,703 More than ten years 10,000 7,465 49,871 42,567 Mortgage-backed securities and collateralized mortgage obligations 371,652 327,824 $ 421,523 $ 370,391 |
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 December 31, 2022 and 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: December 31, 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 $ 47,956 $ (2,359) $ 15,610 $ (1,846) $ 63,566 $ (4,205) Mortgage-backed securities and collateralized mortgage obligations 424,328 (29,013) 741,515 (141,324) 1,165,843 (170,337) Municipal obligations 3,574 (122) — — 3,574 (122) Corporate debt securities 46,751 (5,792) 31,008 (6,992) 77,759 (12,784) $ 522,609 $ (37,286) $ 788,133 $ (150,162) $ 1,310,742 $ (187,448) 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 year ended December 31, 2022: December 31, 2022 (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 December 31, 2022 $ — |
Debt Securities Held to Matur_2
Debt Securities Held to Maturity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt securities, held-to-maturity | Debt securities held to maturity at December 31, 2022 and 2021 are summarized as follows: December 31, 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 $ — $ (7,304) $ — $ 42,567 Mortgage-backed securities and collateralized mortgage obligations 371,652 — (43,828) — 327,824 $ 421,523 $ — $ (51,132) $ — $ 370,391 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 |
Investments classified by contractual maturity date | The amortized cost and fair value of debt securities available for sale at December 31, 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. December 31, 2022 Amortized Cost Fair Value (In thousands) One year or less $ 921 $ 906 More than one year to five years 84,351 79,080 More than five years to ten years 78,740 66,921 $ 164,012 $ 146,907 Mortgage-backed securities and collateralized mortgage obligations 1,351,929 1,181,727 $ 1,515,941 $ 1,328,634 December 31, 2022 Amortized Cost Fair Value (In thousands) More than one year to five years $ 19,875 $ 18,399 More than five years to ten years 19,996 16,703 More than ten years 10,000 7,465 49,871 42,567 Mortgage-backed securities and collateralized mortgage obligations 371,652 327,824 $ 421,523 $ 370,391 |
Schedule of unrealized loss on investments | The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at December 31, 2022 and 2021 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: December 31, 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 $ 4,956 $ (44) $ 37,611 $ (7,260) $ 42,567 $ (7,304) Mortgage-backed securities and collateralized mortgage obligations 275,107 (33,000) 52,717 (10,828) 327,824 (43,828) $ 280,063 $ (33,044) $ 90,328 $ (18,088) $ 370,391 $ (51,132) 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) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of loans receivable | Loans receivable at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 (In thousands) Real estate loans: One-to-four family $ 2,860,184 $ 2,092,317 Multifamily 1,239,207 1,041,108 Commercial real estate 2,413,394 2,170,236 Construction 336,553 295,047 Commercial business loans 497,469 452,232 Consumer loans: Home equity loans and advances 274,302 276,563 Other consumer loans 3,425 1,428 Total gross loans 7,624,534 6,328,931 Purchased credit-deteriorated loans 17,059 6,791 Net deferred loan costs, fees and purchased premiums and discounts 35,971 24,879 Loans receivable $ 7,677,564 $ 6,360,601 |
Schedule of aging of loans receivable by portfolio segment | The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCD loans, at December 31, 2022 and 2021: December 31, 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 $ 4,063 $ 1,149 $ 1,808 $ 7,020 $ 2,730 $ 2,853,164 $ 2,860,184 Multifamily — — — — — 1,239,207 1,239,207 Commercial real estate — 853 2,892 3,745 2,892 2,409,649 2,413,394 Construction 5,218 — — 5,218 — 331,335 336,553 Commercial business loans 220 — 474 694 801 496,775 497,469 Consumer loans: Home equity loans and advances 465 33 286 784 286 273,518 274,302 Other consumer loans 3 1 12 16 12 3,409 3,425 Total loans $ 9,969 $ 2,036 $ 5,472 $ 17,477 $ 6,721 $ 7,607,057 $ 7,624,534 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 |
Schedule of loans receivable by portfolio segment and impairment method | The following tables summarize loans receivable (including PCD loans) and allowance for credit losses (previously the allowance for loan losses) by portfolio segment and impairment method at December 31, 2022 and 2021: December 31, 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 analyzed loans $ 201 $ 3 $ 99 $ — $ 10 $ 26 $ — $ 339 Collectively analyzed loans 11,591 7,874 17,961 6,415 6,876 1,654 10 52,381 Loans acquired with deteriorated credit quality 10 — 51 10 11 1 — 83 Total $ 11,802 $ 7,877 $ 18,111 $ 6,425 $ 6,897 $ 1,681 $ 10 $ 52,803 Total loans: Individually analyzed loans $ 4,164 $ 457 $ 16,729 $ — $ 1,173 $ 697 $ — $ 23,220 Collectively analyzed loans 2,856,020 1,238,750 2,396,665 336,553 496,296 273,605 3,425 7,601,314 Loans acquired with deteriorated credit quality 2,158 — 13,116 1,040 496 249 — 17,059 Total loans $ 2,862,342 $ 1,239,207 $ 2,426,510 $ 337,593 $ 497,965 $ 274,551 $ 3,425 $ 7,641,593 (7) 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 analyzed loans $ 258 $ — $ 97 $ — $ 16 $ 7 $ — $ 378 Collectively analyzed loans 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 analyzed loans $ 5,184 $ 762 $ 15,830 $ — $ 1,806 $ 705 $ — $ 24,287 Collectively analyzed loans 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 on loans for the years ended December 31, 2022, 2021 and 2020, are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Balance at beginning of period $ 62,689 $ 74,676 $ 61,709 Impact of Adopting ASU No. 2016-13 ("CECL") effective January 1, 2022 (16,443) — — Initial allowance related to PCD loans 633 — — Provision for (reversal of) credit losses 5,969 (9,953) 18,447 Recoveries 593 1,530 823 Charge-offs (638) (3,564) (6,303) Balance at end of period $ 52,803 $ 62,689 $ 74,676 The activity in the allowance for credit losses by portfolio segment for the years ended December 31, 2022, 2021 and 2020, are as follows: For the Year Ended December 31, 2022 One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Total (In thousands) Balance at beginning of period $ 8,798 $ 7,741 $ 16,114 $ 8,943 $ 20,214 $ 873 $ 6 $ 62,689 Impact of adopting ASU No. 2016-13 (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 5,225 2,166 5,750 (175) (8,052) 1,019 36 5,969 Recoveries 338 — — — 208 45 2 593 Charge-offs (382) — — — (190) (33) (33) (638) Balance at end of period $ 11,802 $ 7,877 $ 18,111 $ 6,425 $ 6,897 $ 1,681 $ 10 $ 52,803 (7) Loans Receivable and Allowance for Credit Losses (continued) For the Year Ended 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) Balance at beginning of period $ 13,586 $ 8,799 $ 21,882 $ 11,271 $ 17,384 $ 1,748 $ 6 $ 74,676 Provision for (reversal of) credit losses (4,037) (978) (6,376) (2,330) 4,384 (623) 7 (9,953) Recoveries 22 216 1,015 2 219 56 — 1,530 Charge-offs (773) (296) (407) — (1,773) (308) (7) (3,564) Balance at end of period $ 8,798 $ 7,741 $ 16,114 $ 8,943 $ 20,214 $ 873 $ 6 $ 62,689 For the Year Ended December 31, 2020 One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Total (In thousands) Balance at beginning of period $ 13,780 $ 6,434 $ 16,546 $ 7,435 $ 15,836 $ 1,669 $ 9 $ 61,709 Provision for (reversal of) credit losses 1,299 2,365 5,348 3,835 5,360 239 1 18,447 Recoveries 438 — 16 1 308 60 — 823 Charge-offs (1,931) — (28) — (4,120) (220) (4) (6,303) Balance at end of period $ 13,586 $ 8,799 $ 21,882 $ 11,271 $ 17,384 $ 1,748 $ 6 $ 74,676 |
Schedule of troubled debt restructuring | The following tables present the number of loans modified as TDRs during the years ended December 31, 2022, 2021 and 2020, 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 Years Ended December 31, 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 real estate — — — 1 192 211 Consumer loans: Home equity loans and advances 1 119 119 — — — Total restructured loans 1 $ 119 $ 119 3 $ 477 $ 599 For the Year Ended December 31, 2020 No. of Loans Pre-modification Recorded Investment Post-modification Recorded Investment (Dollars in thousands) Troubled Debt Restructurings Real estate loans: Commercial real estate 5 $ 17,022 $ 17,022 Commercial business loans 2 11,507 12,802 Total restructured loans 7 $ 28,529 $ 29,824 |
Schedule of loans individually evaluated for impairment | The following tables present individually analyzed loans by segment, excluding PCD loans, at December 31, 2022 and 2021: At December 31, 2022 Recorded Investment Unpaid Principal Balance Specific Allowance (In thousands) With no allowance recorded: Real estate loans: One-to-four family $ 1,296 $ 1,644 $ — Multifamily 59 63 — Commercial real estate 14,836 15,699 — Commercial business loans 143 400 — Consumer loans: Home equity loans and advances 223 315 — 16,557 18,121 — With a specific allowance recorded: Real estate loans: One-to-four family 2,868 2,887 201 Multifamily 398 397 3 Commercial real estate 1,893 1,896 99 Commercial business loans 1,030 1,030 10 Consumer loans: Home equity loans and advances 474 474 26 6,663 6,684 339 Total: Real estate loans: One-to-four family 4,164 4,531 201 Multifamily 457 460 3 Commercial real estate 16,729 17,595 99 Commercial business loans 1,173 1,430 10 Consumer loans: Home equity loans and advances 697 789 26 Total loans $ 23,220 $ 24,805 $ 339 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 Total loans $ 24,287 $ 25,681 $ 378 The following table presents interest income recognized for individually analyzed loans by loan segment, excluding PCD loans, for the years ended December 31, 2022, 2021 and 2020: For the Years Ended December 31, 2022 2021 2020 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Real estate loans: One-to-four family $ 4,385 $ 203 $ 5,738 $ 285 $ 7,946 $ 305 Multifamily 598 28 8,420 371 — — Commercial real estate 16,479 733 16,913 467 23,701 1,091 Commercial business loans 1,289 88 2,121 139 4,963 216 Consumer loans: Home equity loans and advances 785 39 1,119 43 1,909 100 Totals $ 23,536 $ 1,091 $ 34,311 $ 1,305 $ 38,519 $ 1,712 |
Schedule of loans receivable by credit quality risk | The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating, excluding PCD loans, at December 31, 2022 and 2021: Loans by Year of Origination at December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) One-to-Four Family Pass $ 829,363 $ 836,355 $ 294,721 $ 177,114 $ 125,057 $ 595,097 $ — $ — $ 2,857,707 Special mention — — — — — — — — — Substandard — 641 — 681 320 835 — — 2,477 Total One-to-Four Family 829,363 836,996 294,721 177,795 125,377 595,932 — — 2,860,184 Multifamily Pass 315,157 309,611 167,955 205,608 38,849 197,489 — — 1,234,669 Special mention — — — — — 4,538 — — 4,538 Substandard — — — — — — — — — Total Multifamily 315,157 309,611 167,955 205,608 38,849 202,027 — — 1,239,207 Commercial Real Estate Pass 448,313 392,689 170,125 260,268 231,868 852,104 — — 2,355,367 Special mention — 478 1,843 892 15,498 20,939 — — 39,650 Substandard — — 1,286 1,607 — 15,484 — — 18,377 Total Commercial Real Estate 448,313 393,167 173,254 262,767 247,366 888,527 — — 2,413,394 Construction Pass 159,751 104,339 28,058 14,216 870 29,319 — — 336,553 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Construction $ 159,751 $ 104,339 $ 28,058 $ 14,216 $ 870 $ 29,319 $ — $ — $ 336,553 (7) Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at December 31, 2022 2022 2021 2020 2019 2018 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) Commercial Business Pass $ 58,631 $ 32,880 $ 32,788 $ 20,705 $ 24,634 $ 27,277 $ 280,857 $ — $ 477,772 Special mention — 110 63 1,137 1,030 38 10,761 — 13,139 Substandard — 224 60 — 2,085 315 3,874 — 6,558 Total Commercial Business 58,631 33,214 32,911 21,842 27,749 27,630 295,492 — 497,469 Home Equity Loans and Advances Pass 22,903 20,476 13,770 12,070 11,126 88,251 105,005 457 274,058 Special mention — — — — — — — — — Substandard — — — — — 188 56 — 244 Total Home Equity Loans and Advances 22,903 20,476 13,770 12,070 11,126 88,439 105,061 457 274,302 Other Consumer Loans Pass 2,669 87 100 102 30 96 341 — 3,425 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Other Consumer Loans 2,669 87 100 102 30 96 341 — 3,425 Total Loans $ 1,836,787 $ 1,697,890 $ 710,769 $ 694,400 $ 451,367 $ 1,831,970 $ 400,894 $ 457 $ 7,624,534 (7) 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 (7) 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 |
Office Properties and Equipme_2
Office Properties and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Office Properties and Equipment | Office properties and equipment less accumulated depreciation at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 (In thousands) Land $ 16,534 $ 12,900 Buildings 39,097 36,897 Land and building improvements 40,501 36,683 Leasehold improvements 23,555 22,636 Furniture and equipment 34,747 36,157 154,434 145,273 Less accumulated depreciation and amortization (70,557) (66,565) Total office properties and equipment, net $ 83,877 $ 78,708 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 2021 (In thousands) One year or less $ 4,290 $ 4,198 After one year to two years 3,745 3,950 After two years to three years 3,075 3,150 After three years to four years 2,773 2,479 After four years to five years 2,000 2,177 Thereafter 4,345 5,340 Total undiscounted cash flows 20,228 21,294 Discount on cash flows (1,613) (1,709) Total lease liability $ 18,615 $ 19,585 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill and Intangible Assets | Intangible assets at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 (In thousands) Goodwill $ 110,715 $ 85,324 Core deposit intangibles 13,505 5,214 Mortgage servicing rights 922 1,155 $ 125,142 $ 91,693 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Scheduled amortization of core deposit intangibles for each of the next five years and thereafter is as follows: Year Ended December 31, Core Deposit Intangible Amortization (In thousands) 2023 $ 2,350 2024 2,190 2025 2,018 2026 1,829 2027 1,615 Thereafter 3,503 Total $ 13,505 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 Balance Weighted Average Rate Balance Weighted Average Rate (Dollars in thousands) Non-interest-bearing demand $ 1,806,152 — % $ 1,712,061 — % Interest-bearing demand 2,592,884 0.75 2,599,987 0.25 Money market accounts 718,524 0.93 657,156 0.22 Savings and club deposits 913,738 0.06 822,833 0.06 Certificates of deposit 1,969,861 2.16 1,778,179 0.73 Total deposits $ 8,001,159 0.86 % $ 7,570,216 0.28 % |
Schedule of Certificate Accounts by Maturity | Scheduled maturities of certificates of deposit accounts at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 (In thousands) One year or less $ 1,189,826 $ 1,087,631 After one year to two years 610,965 418,515 After two years to three years 92,120 143,950 After three years to four years 48,981 36,277 After four years 27,969 91,806 $ 1,969,861 $ 1,778,179 Interest expense on deposits for the years ended December 31, 2022, 2021, and 2020 are summarized as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Demand (including money market accounts) $ 13,900 $ 10,077 $ 15,556 Savings and club deposits 466 731 1,023 Certificates of deposit 13,512 18,301 38,667 $ 27,878 $ 29,109 $ 55,246 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of borrowed funds | Borrowings at December 31, 2022 and 2021 are summarized as follows: December 31, 2022 2021 2022 2021 Balance Weighted Average Interest Rate (In thousands) FHLB advances $ 1,090,159 $ 340,495 4.37 % 1.17 % Notes payable 29,894 29,841 3.35 3.35 Junior subordinated debentures 6,994 6,973 7.69 3.07 $ 1,127,047 $ 377,309 4.36 % 1.38 % |
Schedule of borrowed funds contractual maturity | Scheduled maturities of FHLB advances at December 31, 2022 are summarized as follows: Year Ended December 31, 2022 (In thousands) One year or less $ 676,420 After one year to two years 335,036 After two years to three years 67,454 After three years to four years 7,140 After four years 4,109 Total FHLB advances $ 1,090,159 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Public Utilities General Disclosures | The following tables present the Company's, Columbia Bank's and Freehold Bank's actual capital amounts and ratios at December 31, 2022 and 2021 compared to the Federal Reserve Bank minimum capital adequacy requirements and the Federal Reserve Bank requirements for classification as a well-capitalized institution: (13) Stockholders' Equity (continued) Regulatory Capital (continued) Actual Minimum Capital Adequacy Requirements Minimum Capital Adequacy Requirements With Capital Conservation Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio Company (In thousands, except ratio data) At December 31, 2022: Total capital (to risk-weighted assets) $ 1,145,331 15.39 % $ 595,313 8.00 % $ 781,348 10.50 % N/A N/A Tier 1 capital (to risk-weighted assets) 1,085,665 14.59 446,484 6.00 632,520 8.50 N/A N/A Common equity tier 1 capital (to risk-weighted assets) 1,078,448 14.49 334,863 4.50 520,899 7.00 N/A N/A Tier 1 capital (to adjusted total assets) 1,085,665 10.68 406,643 4.00 406,643 4.00 N/A N/A At December 31, 2021: Total capital (to risk-weighted assets) $ 1,104,863 17.13 % $ 515,924 8.00 % $ 677,151 10.50 % N/A N/A Tier 1 capital (to risk-weighted assets) 1,041,650 16.15 386,943 6.00 548,170 8.50 N/A N/A Common equity tier 1 capital (to risk-weighted assets) 1,034,433 16.04 290,207 4.50 451,434 7.00 N/A N/A Tier 1 capital (to adjusted total assets) 1,041,650 11.23 370,909 4.00 370,909 4.00 N/A N/A Columbia Bank At December 31, 2022: Total capital (to risk-weighted assets) $ 1,019,850 14.12 % $ 577,656 8.00 % $ 758,173 10.50 % $ 722,070 10.00 % Tier 1 capital (to risk-weighted assets) 961,613 13.32 433,242 6.00 613,759 8.50 577,656 8.00 Common equity tier 1 capital (to risk-weighted assets) 961,613 13.32 324,931 4.50 505,449 7.00 469,345 6.50 Tier 1 capital (to adjusted total assets) 961,613 9.74 394,968 4.00 394,968 4.00 493,711 5.00 At December 31, 2021: Total capital (to risk-weighted assets) $ 962,137 15.39 % $ 500,127 8.00 % $ 656,417 10.50 % $ 625,159 10.00 % Tier 1 capital (to risk-weighted assets) 898,935 14.38 375,095 6.00 531,385 8.50 500,127 8.00 Common equity tier 1 capital (to risk-weighted assets) 898,935 14.38 281,322 4.50 437,611 7.00 406,353 6.50 Tier 1 capital (to adjusted total assets) 898,935 9.80 366,961 4.00 366,961 4.00 458,701 5.00 (13) Stockholders' Equity (continued) Regulatory Capital (continued) Actual Minimum Capital Adequacy Requirements Minimum Capital Adequacy Requirements With Capital Conservation Buffer To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio Freehold Bank (In thousands, except ratio data) At December 31, 2022: Total capital (to risk-weighted assets) $ 44,725 22.92 % $ 15,609 8.00 % $ 20,486 10.50 % $ 19,511 10.00 % Tier 1 capital (to risk-weighted assets) 43,298 22.19 11,706 6.00 16,584 8.50 15,609 8.00 Common equity tier 1 capital (to risk-weighted assets) 43,298 22.19 8,780 4.50 13,657 7.00 12,682 6.50 Tier 1 capital (to adjusted total assets) 43,298 15.19 11,399 4.00 11,399 4.00 14,249 5.00 At December 31, 2021: Total capital (to risk-weighted assets) $ 41,549 22.87 % $ 14,534 8.00 % $ 19,076 10.50 % $ 18,168 10.00 % Tier 1 capital (to risk-weighted assets) 41,537 22.86 10,901 6.00 15,443 8.50 14,534 8.00 Common equity tier 1 capital (to risk-weighted assets) 41,537 22.86 8,176 4.50 12,717 7.00 11,809 6.50 Tier 1 capital (to adjusted total assets) 41,537 13.71 12,118 4.00 12,118 4.00 15,147 5.00 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following table sets forth information regarding the Pension, RIM, Post-retirement and Split-Dollar Life Insurance Plans at December 31, 2022 and 2021: At December 31, 2022 2021 2022 2021 2022 2021 2022 2021 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ 310,416 $ 312,440 $ 15,650 $ 16,530 $ 26,335 $ 30,621 $ 20,140 $ 19,981 Acquired — — — — — — 1,503 — Service cost 6,466 8,044 372 398 346 520 511 562 Interest cost 9,510 7,317 389 343 600 562 612 500 Actuarial gain (88,943) (9,023) (3,505) (1,292) (6,849) (4,805) (6,534) (903) Benefits paid (15,317) (8,362) (296) (329) (649) (563) (255) — Benefit obligation at end of year 222,132 310,416 12,610 15,650 19,783 26,335 15,977 20,140 Change in plan assets: Fair value of plan assets at beginning of year 492,132 411,907 — — — — — — Actuarial (loss) return on plan assets (83,063) 53,587 — — — — — — Employer contributions 10,000 35,000 296 329 649 563 255 — Benefits paid (15,317) (8,362) (296) (329) (649) (563) (255) — Fair value of plan assets at end of year 403,752 492,132 — — — — — — Funded status at end of year $ 181,620 $ 181,716 $ (12,610) $ (15,650) $ (19,783) $ (26,335) $ (15,977) $ (20,140) The following table sets forth information regarding the Pension Plan and Post-retirement Plan at December 31, 2022: At December 31, 2022 2022 Pension Plan Post-retirement Plan (In thousands) Change in benefit obligation: Benefit obligation at beginning of year $ — $ — Acquired 7,202 3,163 Service cost — 93 Interest cost 198 93 Actuarial gain (1,009) (1,298) Benefits paid (129) (4) Settlements (205) — Benefit obligation at end of year 6,057 2,047 Change in plan assets: Fair value of plan assets at beginning of year — — Acquired 7,819 — Actuarial return on plan assets (424) — Employer contributions — 4 Benefits paid (129) (4) Settlements (205) — Fair value of plan assets at end of year 7,061 — Funded status at end of year $ 1,004 $ (2,047) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income related to the Pension Plan, RIM Plan, and Post-retirement Plan and Split-Dollar Life Insurance Plans on a pre-tax basis, at December 31, 2022, 2021, and 2020, are summarized in the following table: At December 31, 2022 2021 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance (In thousands) Unrecognized prior service costs $ — $ — $ — $ 294 $ — $ — $ — $ 350 Unrecognized net actuarial loss (income) 60,970 1,781 (161) (65) 38,909 5,730 6,999 7,071 Total accumulated other comprehensive loss (income) $ 60,970 $ 1,781 $ (161) $ 229 $ 38,909 $ 5,730 $ 6,999 $ 7,421 At December 31, 2020 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance (In thousands) Unrecognized prior service costs $ — $ — $ — $ 405 Unrecognized net actuarial loss 76,686 7,686 12,417 8,741 Total accumulated other comprehensive loss $ 76,686 $ 7,686 $ 12,417 $ 9,146 The weighted average actuarial assumptions used in the plan determinations at and for the years ended December 31, 2022, 2021, and 2020 were as follows: At and For the Years Ended December 31, 2022 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Weighted average assumptions used to determine benefit obligation: Discount rate 5.260 % 5.210 % 5.180 % 5.310 % Rate of compensation increase 3.750 3.750 N/A 3.750 Weighted average assumptions used to determine net periodic benefit cost: Discount Rates: Benefit obligation 3.140 % 2.970 % 2.900 % 3.300 % Remeasurement rate 4.860 N/A N/A N/A Service cost 3.320 3.160 3.190 3.490 Remeasurement rate 4.950 N/A N/A N/A Interest cost 2.660 2.520 2.340 2.950 Remeasurement rate 4.580 N/A N/A N/A Expected rate of return on plan assets 6.200 N/A N/A N/A Remeasurement rate 7.000 N/A N/A N/A Rate of compensation increase 3.750 3.750 N/A 3.750 At and For the Years Ended December 31, 2021 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Weighted average assumptions used to determine benefit obligation: Discount rate 3.140 % 2.970 % 2.900 % 3.220 % Rate of compensation increase 3.750 3.750 N/A 3.750 Weighted average assumptions used to determine net periodic benefit cost: Discount Rates: Benefit obligation 2.920 % 2.670 % 2.590 % 3.010 % Remeasurement rate 3.200 N/A N/A N/A Service cost 3.210 2.930 2.960 3.260 Remeasurement rate 3.460 N/A N/A N/A Interest cost 2.280 2.100 1.880 2.530 Remeasurement rate 2.550 N/A N/A N/A Expected rate of return on plan assets 6.200 N/A N/A N/A Rate of compensation increase 3.750 3.750 N/A 3.750 (14) Employee Benefit Plans (continued) Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd) At and For the Years Ended December 31, 2020 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Weighted average assumptions used to determine benefit obligation: Discount rate 2.920 % 2.670 % 2.590 % 3.010 % Rate of compensation increase 3.750 3.750 N/A 3.750 Weighted average assumptions used to determine net periodic benefit cost: Discount Rates: Benefit obligation 3.490 % 3.330 % 3.270 % 3.540 % Remeasurement rate 2.740 N/A N/A N/A Service cost 3.660 3.460 3.520 3.710 Remeasurement rate 2.970 N/A N/A N/A Interest cost 3.120 3.000 2.850 3.280 Remeasurement rate 2.220 N/A N/A N/A Expected rate of return on plan assets 6.500 N/A N/A N/A Rate of compensation increase 3.500 3.500 N/A 3.500 The components of accumulated other comprehensive income related to the Pension Plan and Post-retirement Plan on a pre-tax basis, at December 31, 2022 are summarized in the following table: At December 31, 2022 Pension Plan Post-retirement Plan (In thousands) Unrecognized prior service costs $ — $ — Unrecognized net actuarial (income) (281) (868) Total accumulated other comprehensive (income) $ (281) $ (868) The weighted average actuarial assumptions used in the assumed determinations at and for the year ended December 31, 2022 were as follows: At and For the Years Ended December 31, 2022 Pension Plan RIM Plan Weighted average assumptions used to determine benefit obligation: Discount rate 5.240 % 5.360 % Rate of compensation increase N/A N/A Weighted average assumptions used to determine net periodic benefit cost: Discount Rates: Benefit obligation 4.210 % 4.580 % Expected rate of return on plan assets 5.750 % N/A |
Schedule of Net Benefit Costs | Net periodic (income) benefit cost for the Pension Plan, RIM Plan, Post-retirement Plan and Split-Dollar Life Insurance plan benefits for the years ended December 31, 2022 and 2021, and 2020, includes the following components: For the Year Ended December 31, 2022 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 6,466 $ 372 $ 346 $ 511 Compensation and employee benefits Interest cost 9,510 389 600 612 Other non-interest expense Expected return on plan assets (29,262) — — — Other non-interest expense Amortization: Prior service cost — — — 56 Other non-interest expense Net loss 1,320 444 311 602 Other non-interest expense Net periodic (income) benefit cost $ (11,966) $ 1,205 $ 1,257 $ 1,781 (14) Employee Benefit Plans (continued) Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, Split-Dollar Life Insurance Plans (cont'd) For the Year Ended December 31, 2021 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 8,044 $ 398 $ 520 $ 562 Compensation and employee benefits Interest cost 7,317 343 562 500 Other non-interest expense Expected return on plan assets (26,833) — — — Other non-interest expense Amortization: Prior service cost — — — 56 Other non-interest expense Net loss 2,001 664 613 765 Other non-interest expense Net periodic (income) benefit cost $ (9,471) $ 1,405 $ 1,695 $ 1,883 For the Year Ended December 31, 2020 Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 7,985 $ 267 $ 394 $ 467 Compensation and employee benefits Interest cost 7,608 405 683 507 Other non-interest expense Expected return on plan assets (23,375) — — — Other non-interest expense Amortization: Prior service cost — — — 56 Other non-interest expense Net loss 4,902 397 309 454 Other non-interest expense Net periodic (income) benefit cost $ (2,880) $ 1,069 $ 1,386 $ 1,484 Net periodic (income) benefit cost for the Pension Plan and Post-retirement Plan for the year ended December 31, 2022 includes the following components: For the Year Ended December 31, 2022 Pension Plan Post-retirement Plan Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ — $ 93 Compensation and employee benefits Interest cost 198 93 Other non-interest expense Expected return on plan assets (295) — Other non-interest expense Settlements/curtailments (10) (430) Other non-interest expense Net periodic (income) benefit cost $ (107) $ (244) |
Schedule of Expected Benefit Payments | Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years and thereafter are as follows: For the Year Ended December 31, Pension Plan RIM Plan Post-retirement Plan Split-Dollar Life Insurance (In thousands) 2023 $ 9,842 $ 431 $ 1,325 $ 427 2024 10,610 604 1,390 463 2025 11,331 735 1,458 508 2026 11,989 795 1,527 566 2027 12,653 829 1,571 624 2028 - 2032 73,758 4,628 7,683 3,774 Estimated future benefit payments, which reflect expected future service, as appropriate for the next five years and thereafter are as follows: For the Year Ended December 31, Pension Plan Post-retirement Plan (In thousands) 2023 $ 209 $ 15 2024 224 27 2025 237 37 2026 260 45 2027 308 54 2028 - 2032 2,058 407 |
Schedule of Allocation of Plan Assets | The weighted average asset allocation of pension assets at December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Domestic equities 38.4 % 44.2 % Foreign equities 11.1 12.2 Fixed income 49.0 40.7 Real estate — 2.4 Cash 1.5 0.5 Total 100.0 % 100.0 % Allowable Range Equities 35-70% Fixed income 40-60% Real estate 0-10% Cash 0-15% The following tables present the assets that are measured at fair value on a recurring basis by level within the U.S. GAAP fair value hierarchy as reported on the Statements of Net Assets Available for Plan Benefits at December 31, 2022 and 2021, respectively. A financial instrument's level within the fair value hierarchy's is based on the lowest level of input that is significant to the fair value measurement. December 31, 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) Money market mutual funds $ 6,247 $ 6,247 $ — $ — Mutual funds - value stock fund 32,764 32,764 — — Mutual funds - fixed income 197,680 197,680 — — Mutual funds - international stock 44,833 44,833 — — Mutual funds - institutional stock index 122,228 122,228 — — $ 403,752 $ 403,752 $ — $ — 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) Money market mutual funds $ 2,537 $ 2,537 $ — $ — Mutual funds - value stock fund 36,477 36,477 — — Mutual funds - fixed income 200,349 200,349 — — Mutual funds - international stock 60,042 60,042 — — Mutual funds - institutional stock index 181,013 181,013 — — Commingled real estate funds 11,714 — 11,714 — $ 492,132 $ 480,418 $ 11,714 $ — The weighted average asset allocation of pension assets at December 31, 2022 were as follows: December 31, 2022 Equities 66.8 % Fixed income 32.2 Cash 1.0 Total 100.0 % Targets Equities 65 % Fixed income 34 % Cash 1 % (14) Employee Benefit Plans (continued) Pension Plan and Post-retirement Plan Acquired-RSI (cont'd) December 31, 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) Money market mutual fund $ 70 $ 70 $ — $ — Equities - long term growth 4,720 — 4,720 — Fixed income - long duration 2,271 — 2,271 — $ 7,061 $ 70 $ 6,991 $ — |
Employee Stock Ownership Plan (ESOP) Disclosures | The ESOP shares were as follows: At December 31, 2022 2021 (In thousands) Allocated shares 1,005 802 Unearned shares 3,475 3,702 Total ESOP shares 4,480 4,504 Fair value of unearned ESOP shares $ 75,129 $ 77,226 |
Nonvested Restricted Stock Shares Activity | The following is a summary of the Company's restricted stock activity during the years ended December 31, 2022 and 2021: 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 Vested (193,528) 15.58 Forfeited (65,509) 15.62 Non-vested at December 31, 2021 1,054,335 $ 15.78 Grants 123,182 21.29 Vested (677,886) 15.73 Forfeited (68,677) 16.54 Non-vested at December 31, 2022 430,954 $ 17.31 |
Share-based Payment Arrangement, Option, Activity | The following is a summary of the Company's option activity during the years ended December 31, 2022 and 2021: 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 — — Exercised (28,522) 15.60 — — Expired (20,894) 15.60 — — Forfeited (131,324) 15.66 — — Outstanding, December 31, 2021 3,637,542 $ 15.78 7.6 $ 18,654,905 Granted 363,629 21.08 — — Exercised (315,703) 15.76 — — Expired (10,116) 15.60 — — Forfeited (238,483) 16.20 — — Outstanding, December 31, 2022 3,436,869 $ 16.26 6.9 $ 18,435,239 Options exercisable at December 31, 2022 1,812,871 $ 15.68 6.6 $ 10,767,256 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense for the years ended December 31, 2022, 2021, and 2020 are as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Current: Federal $ 13,253 $ 12,443 $ 5,072 State 4,681 3,980 3,844 Total current 17,934 16,423 8,916 Deferred: Federal 9,222 12,594 9,847 State 3,547 5,115 (109) Total deferred 12,769 17,709 9,738 Total income tax expense $ 30,703 $ 34,132 $ 18,654 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation between the amount of reported total income tax expense and the amount computed by multiplying the applicable statutory federal income tax rate of 21% is as follows: Years Ended December 31, 2022 2021 2020 (In thousands) Tax expense at applicable statutory rate $ 24,544 $ 26,498 $ 16,013 Increase (decrease) in taxes resulting from: State tax, net of federal income tax benefit 6,449 7,185 2,951 ESOP fair market value adjustment 540 375 187 Tax exempt interest income (31) (15) (11) Income from Bank-owned life insurance (1,179) (863) (1,075) Dividend received deduction (10) (14) (9) Non-deductible merger-related expenses 40 53 42 Other, net 350 913 556 Total income tax expense $ 30,703 $ 34,132 $ 18,654 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2022 and 2021 are as follows: At December 31, 2022 2021 (In thousands) Deferred tax assets: Allowance for credit losses $ 14,990 $ 17,486 Post-retirement benefits 6,002 5,974 Deferred compensation 3,619 3,519 Retirement Income Maintenance plan 3,062 2,767 ESOP 990 810 Stock-based compensation 2,386 2,288 Reserve for uncollected interest 35 28 Net unrealized losses on debt securities and defined benefit plans 70,060 17,809 Federal and State NOLs 13,333 9,667 Alternative minimum assessment carryforwards 2,156 2,156 Charitable contribution carryforward 3,514 4,529 Purchase accounting 2,805 1,551 Lease liability 5,264 5,462 Other items 7,002 4,077 Gross deferred tax assets 135,218 78,123 Valuation allowance (1,965) (1,965) 133,253 76,158 Deferred tax liabilities: Pension expense 68,825 61,530 Depreciation 5,945 6,655 Deferred loan costs 14,724 10,630 Intangible assets 1,616 1,594 Lease right-of-use asset 4,958 5,191 Other items 286 307 Total gross deferred tax liabilities 96,354 85,907 Net deferred tax asset (liability) $ 36,899 $ (9,749) |
Financial Transactions with O_2
Financial Transactions with Off-Balance-Sheet risk and Concentrations of Credit risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | At December 31, 2022 and 2021, the following commitments existed which are not reflected in the Consolidated Statements of Financial Condition: December 31, 2022 2021 (In thousands) Loan commitments: Residential real estate $ 55,852 $ 115,998 Multifamily real estate 50,175 19,770 Commercial real estate 17,621 54,178 Commercial business 24,846 27,773 Construction 100,430 58,069 Consumer including home equity loans and advances 5,477 9,154 Total loan commitments $ 254,401 $ 284,942 |
Schedule of Fair Value, off-Balance-Sheet Risks | The following table presents the activity in the allowance for credit losses on off-balance-sheet exposures for year ended December 31, 2022: Year Ended December 31, 2022 (In thousands) Allowance for Credit Losses: Balance at January 1, 2022 $ 524 Impact of adopting ASU 2016-13 ("CECL") effective January 1, 2022 7,674 (Reversal of) provision for credit losses (1,228) Balance at December 31, 2022 $ 6,970 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 in the Consolidated Statements of Financial Condition at their fair values as of December 31, 2022 and 2021, by level within the fair value hierarchy: December 31, 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 $ 63,566 $ 55,178 $ 8,388 $ — Mortgage-backed securities and collateralized mortgage obligations 1,181,727 — 1,181,727 — Municipal obligations 3,575 — 897 2,678 Corporate debt securities 79,766 — 70,321 9,445 Total debt securities available for sale 1,328,634 55,178 1,261,333 12,123 Equity securities 3,384 3,053 331 — Derivative assets 19,756 — 19,756 — $ 1,351,774 $ 58,231 1,281,420 $ 12,123 Derivative liabilities $ 19,072 $ — $ 19,072 $ — (17) Fair Value Measurements (continued) 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 December 31, 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 Maturity of Level 3 asset (914) Change in fair value of Level 3 assets (502) Balance of recurring Level 3 assets - December 31, 2022 $ 12,123 |
Fair Value Measurements, Nonrecurring | The following tables present the assets and liabilities reported in the Consolidated Statements of Financial Condition at their fair values on a non-recurring basis at December 31, 2022 and 2021, by level within the fair value hierarchy: December 31, 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 $ 2,107 $ — $ — $ 2,107 $ 2,107 $ — $ — $ 2,107 (17) Fair Value Measurements (continued) 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 December 31, 2022 and 2021: December 31, 2022 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average (Dollars in thousands) Mortgage servicing rights $ 2,107 Discounted cash flow Prepayment speeds and discount rates (1) 5.5% - 27.1% 8.6 % December 31, 2021 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average (Dollars in thousands) Impaired loans $ 1,213 Estimated cash flow 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 14.50%. (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 in the Consolidated Statements of Financial Condition at their fair values as of December 31, 2022 and 2021: December 31, 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 $ 179,228 $ 179,228 $ 179,228 $ — $ — Debt securities available for sale 1,328,634 1,328,634 55,178 1,261,333 12,123 Debt securities held to maturity 421,523 370,391 — 370,391 — Equity securities 3,384 3,384 3,053 331 Federal Home Loan Bank stock 58,114 58,114 — 58,114 — Loans receivable, net 7,624,761 6,771,095 — — 6,771,095 Derivative assets 19,756 19,756 — 19,756 — Financial liabilities: Deposits $ 8,001,159 $ 7,942,782 $ — $ 7,942,782 $ — Borrowings 1,127,047 1,146,265 — 1,146,265 — Derivative liabilities 19,072 19,072 — 19,072 — (17) Fair Value Measurements (continued) 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 — |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022, 2021,and 2020: December 31, 2022 2021 2020 (In thousands, except per share data) Net income $ 86,173 $ 92,049 $ 57,603 Shares: Weighted average shares outstanding - basic 105,580,823 104,156,112 109,755,924 Weighted average dilutive shares outstanding 612,338 — — Weighted average shares outstanding - diluted 106,193,161 104,156,112 109,755,924 Earnings per share: Basic $ 0.82 $ 0.88 $ 0.52 Diluted $ 0.81 $ 0.88 $ 0.52 |
Parent-only Financial Informa_2
Parent-only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | The condensed financial statements of Columbia Financial, Inc. (parent company) are presented below: Statements of Financial Condition December 31, 2022 2021 (In thousands) Assets Cash and due from banks $ 59,754 $ 77,077 Short-term investments 131 261 Total cash and cash equivalents 59,885 77,338 Equity securities, at fair value 201 216 Investment in subsidiaries 979,841 981,922 Loan receivable from Columbia Bank 38,187 39,862 Other assets 13,760 15,608 Total assets $ 1,091,874 $ 1,114,946 Liabilities and Stockholders' Equity Liabilities: Borrowings $ 36,888 $ 36,815 Accrued expenses and other liabilities 1,391 2,301 Total liabilities 38,279 39,116 Stockholders' equity 1,053,595 1,075,830 Total liabilities and stockholders' equity $ 1,091,874 $ 1,114,946 |
Condensed Statement of Income and Comprehensive Income | Statements of Income and Comprehensive Income Years Ended December 31, 2022 2021 2020 (In thousands) Dividends from subsidiary $ 80,000 $ 65,000 $ 50,000 Interest income: Loans receivable 1,893 1,969 2,047 Debt securities available for sale and equity securities 10 43 51 Interest-earning deposits 7 — 1 Total interest income 81,910 67,012 52,099 Interest expense on borrowings 1,600 427 863 Net interest income 80,310 66,585 51,236 Equity earnings (loss) in subsidiaries 9,132 27,652 8,027 Non-interest income: Gain on securities transactions — 383 2 Change in fair value of equity securities (15) (35) (115) Other non-interest income 650 — — Total non-interest income (loss) 635 348 (113) Non-interest expense: Merger-related expenses 522 546 280 Other non-interest expense 2,861 2,203 1,377 Total non-interest expense 3,383 2,749 1,657 Income before income tax (benefit) 86,694 91,836 57,493 Income tax (benefit) 521 (213) 110 Net income 86,173 92,049 57,603 Other comprehensive income (loss) (133,377) 23,706 (890) Comprehensive income (loss) $ (47,204) $ 115,755 $ 56,713 |
Condensed Cash Flow Statement | Statements of Cash Flows Years Ended December 31, 2022 2021 2020 (In thousands) Cash flows from operating activities: Net income $ 86,173 $ 92,049 $ 57,603 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of intangible assets 73 21 (278) Gain on securities transactions — (383) (2) Change in fair value of equity securities 15 35 115 Deferred tax expense 2,463 1,830 1,411 ( Increase) in other assets (642) (7,721) (2,675) (Decrease) increase in accrued expenses and other liabilities (997) 691 (647) Equity in undistributed (earnings)of subsidiaries (9,132) (27,652) (8,027) Net cash provided by operating activities $ 77,953 $ 58,870 $ 47,500 Cash flows from investing activities: Proceeds from sales of equity securities — 1,390 — Proceeds from paydowns/maturities/calls of debt securities available for sale — — 1,498 Purchases of equity securities — (91) — Repayment of loan receivable from Columbia Bank 1,675 1,599 1,521 Net cash acquired in acquisition 31 — — Net cash provided by investing activities $ 1,706 $ 2,898 $ 3,019 Cash flows from financing activities: Payments of subordinated debt and trust preferred securities $ — $ — $ (16,600) Net proceeds from note payable — 29,841 — Purchase of treasury stock (93,996) (107,774) (108,166) Exercise of options 325 (25) — Issuance of common stock allocated to restricted stock award grants 2,624 — — Restricted stock forfeitures (1,451) (1,234) (199) Repurchase of shares for taxes (4,614) (357) (181) Issuance of treasury stock allocated to restricted stock award grants — 896 481 Net cash (used in) financing activities $ (97,112) $ (78,653) $ (124,665) (19) Parent-only Financial Information (continued) Statements of Cash Flows Years Ended December 31, 2022 2021 2020 (In thousands) Net (decrease) in cash and cash equivalents $ (17,453) $ (16,885) $ (74,146) Cash and cash equivalents at beginning of year 77,338 94,223 168,369 Cash and cash equivalents at end of period 59,885 77,338 94,223 Acquisition: Net cash and cash equivalents acquired in acquisition $ 31 $ — $ — |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022, 2021, and 2020: For the Years Ended December 31, 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: $ (190,682) $ 53,427 $ (137,255) $ (39,000) $ 8,021 $ (30,979) Accretion of unrealized (loss) on debt securities reclassified as held to maturity (31) 9 (22) (28) 25 (3) Reclassification adjustment for gain included in net income 210 (59) 151 2,025 (427) 1,598 (190,503) 53,377 (137,126) (37,003) 7,619 (29,384) Derivatives: Unrealized gain on swap contracts accounted for as cash flow hedges 7,524 (2,103) 5,421 14,514 (2,575) 11,939 Employee benefit plans: Amortization of prior service cost included in net income (56) 15 (41) (55) 16 (39) Reclassification adjustment of actuarial net (loss) included in net income (2,677) 749 (1,928) (4,044) 1,129 (2,915) Change in funded status of retirement obligations 345 (48) 297 50,999 (6,894) 44,105 (2,388) 716 (1,672) 46,900 (5,749) 41,151 Total other comprehensive income (loss) $ (185,367) $ 51,990 $ (133,377) $ 24,411 $ (705) $ 23,706 (20) Other Comprehensive Income (Loss) (continued) For the Year Ended December 31, 2020 Before Tax Tax Effect After Tax (In thousands) Components of other comprehensive income (loss): Unrealized gain on debt securities available for sale: $ 26,876 $ (5,640) $ 21,236 Accretion of unrealized gain on debt securities reclassified as held to maturity 160 (34) 126 Reclassification adjustment for gain included in net income 370 (81) 289 27,406 (5,755) 21,651 Derivatives: Unrealized (loss) on swap contracts accounted for as cash flow hedges (10,605) 2,223 (8,382) Employee benefit plans: Amortization of prior service cost included in net income (56) 12 (44) Reclassification adjustment of actuarial net (loss) included in net income (4,284) 900 (3,384) Change in funded status of retirement obligations (13,583) 2,852 (10,731) (17,923) 3,764 (14,159) Total other comprehensive income (loss) $ (1,122) $ 232 $ (890) |
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 years ended December 31, 2022, 2021, and 2020: For the Years Ended December 31, 2022 2021 Unrealized (Losses) on Debt Securities Available for Sale Unrealized Gains (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 income (loss) (137,126) 5,421 (1,672) (133,377) (29,384) 11,939 41,151 23,706 Total other comprehensive income (loss) $ (135,482) $ 504 $ (44,318) $ (179,296) $ 1,644 $ (4,917) $ (42,646) $ (45,919) For the Year Ended December 31, 2020 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 $ 9,377 $ (8,474) $ (69,638) $ (68,735) Current period changes in other comprehensive income (loss) 21,651 (8,382) (14,159) (890) Total other comprehensive income (loss) $ 31,028 $ (16,856) $ (83,797) $ (69,625) |
Reclassification out of AOCI | The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) in the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the years ended December 31, 2022, 2021, and 2020: Accumulated Other Comprehensive Income (Loss) Components For the Years Ended December 31, Affected Line Items in the Consolidated Statements of Income 2022 2021 2020 (In thousands) Reclassification adjustment for gain included in net income $ 210 $ 2,025 $ 370 Gain on securities transactions Reclassification adjustment of actuarial net (loss) included in net income (2,677) (4,044) (4,284) Other non-interest expense Total before tax (2,467) (2,019) (3,914) Income tax benefit 690 702 819 Net of tax $ (1,777) $ (1,317) $ (3,095) |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021: December 31, 2022 Asset Derivative Liability Derivative Consolidated Statements of Financial Condition Fair Value Consolidated Statements of Financial Condition Fair Value (In thousands) Derivatives: Interest rate products - designated hedges Other Assets $ 4,290 Other Liabilities $ 3,918 Interest rate products - non-designated hedges Other Assets 15,466 Other Liabilities 15,154 Total derivative instruments $ 19,756 $ 19,072 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 products - designated hedges Other Assets $ — Other Liabilities $ 7,696 Interest rate products - non-designated hedges Other Assets 9,492 Other Liabilities 9,670 Total derivative instruments $ 9,492 $ 17,366 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022, 2021, and 2020. For the Years Ended December 31, 2022 2021 2020 (In thousands) Non-interest income In-scope of Topic 606: Demand deposit account fees $ 5,293 $ 3,803 $ 3,633 Title insurance fees 3,423 6,088 5,034 Insurance agency income 141 — — Other non-interest income 8,666 7,600 6,472 Total in-scope non-interest income 17,523 17,491 15,139 Total out-of-scope non-interest income 12,877 21,340 16,131 Total non-interest income $ 30,400 $ 38,831 $ 31,270 |
Business (Details)
Business (Details) - shares | May 01, 2022 | Dec. 01, 2021 | Apr. 01, 2020 |
Roselle Entities | |||
Subsidiary, Sale of Stock [Line Items] | |||
Business, acquisition, equity interest issued or issuable (in shares) | 4,759,048 | ||
Freehold Entities | |||
Subsidiary, Sale of Stock [Line Items] | |||
Business, acquisition, equity interest issued or issuable (in shares) | 2,591,007 | ||
RSI Entities | |||
Subsidiary, Sale of Stock [Line Items] | |||
Business, acquisition, equity interest issued or issuable (in shares) | 6,086,314 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Apr. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2022 | Dec. 31, 2019 | Nov. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Assets | $ 10,408,169,000 | $ 9,224,097,000 | |||||
Loan threshold for individual evaluation for impairment | $ 500,000 | ||||||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other Liabilities | Other Liabilities | |||||
Years of employment benefits are based upon | 5 years | ||||||
Unrecognized tax benefits | $ 0 | $ 0 | |||||
Income tax penalties and interest expense | 0 | 0 | $ 0 | ||||
Allowance for credit losses on loans | 52,803,000 | 62,689,000 | 74,676,000 | $ 61,709,000 | |||
Allowance for credit losses on debt securities available for sale | 0 | 0 | |||||
Off-balance sheet, credit loss, liability | 6,970,000 | 524,000 | |||||
Stockholders' equity | 1,053,595,000 | 1,079,081,000 | 1,011,287,000 | 982,517,000 | |||
Variable Interest Entity, Not Primary Beneficiary | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Assets | $ 7,000,000 | ||||||
Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Allowance for credit losses on loans | (16,443,000) | 0 | 0 | ||||
Allowance for credit losses on debt securities available for sale | 490,000 | ||||||
Stockholders' equity | 6,212,000 | ||||||
Retained Earnings | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Stockholders' equity | $ 857,518,000 | 765,133,000 | $ 673,084,000 | $ 615,481,000 | |||
Retained Earnings | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Stockholders' equity | $ 6,212,000 | ||||||
Buildings | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Property, plant and equipment, useful life | 40 years | ||||||
Minimum | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Defined contribution plan, employer matching contribution, percent of match | 3% | ||||||
Minimum | Land and building improvements | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Property, plant and equipment, useful life | 10 years | ||||||
Minimum | Furniture and equipment | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Property, plant and equipment, useful life | 3 years | ||||||
Maximum | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Defined contribution plan, employer matching contribution, percent of match | 4.50% | ||||||
Maximum | Land and building improvements | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Property, plant and equipment, useful life | 20 years | ||||||
Maximum | Furniture and equipment | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Property, plant and equipment, useful life | 10 years | ||||||
Accounting Standards Update 2016-13 | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Allowance for credit losses on loans | $ (12,100,000) | ||||||
Allowance for credit losses on debt securities available for sale | 353,000 | ||||||
Off-balance sheet, credit loss, liability | $ 7,674,000 | 5,500,000 | |||||
Accounting Standards Update 2016-13 | Retained Earnings | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Stockholders' equity | $ 6,200,000 | ||||||
Stewardship Statutory Trust I | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Ownership percentage by parent | 100% | ||||||
Columbia Bank Employee Stock Ownership Plan | |||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||
Loan term | 20 years | 20 years |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
May 01, 2022 | Dec. 01, 2021 | Apr. 01, 2020 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||||||||
Merger-related expenses | $ 2,810,000 | $ 822,000 | $ 1,931,000 | ||||||
Goodwill | $ 110,715,000 | 110,715,000 | 85,324,000 | ||||||
Roselle Entities | |||||||||
Business Acquisition [Line Items] | |||||||||
Business, acquisition, equity interest issued or issuable (in shares) | 4,759,048 | ||||||||
Merger-related expenses | 0 | 0 | 597,000 | ||||||
Goodwill | $ 23,809,000 | 17,600,000 | 17,600,000 | ||||||
Goodwill, decrease from subsequent recognition of deferred tax asset | $ 1,100,000 | ||||||||
Freehold Entities | |||||||||
Business Acquisition [Line Items] | |||||||||
Business, acquisition, equity interest issued or issuable (in shares) | 2,591,007 | ||||||||
Merger-related expenses | 11,000 | 350,000 | 0 | ||||||
Goodwill | $ 6,104,000 | 6,000,000 | 6,000,000 | ||||||
Goodwill, decrease from subsequent recognition of deferred tax asset | $ 82,000 | ||||||||
RSI Entities | |||||||||
Business Acquisition [Line Items] | |||||||||
Business, acquisition, equity interest issued or issuable (in shares) | 6,086,314 | ||||||||
Merger-related expenses | 2,800,000 | $ 196,000 | $ 0 | ||||||
Goodwill | $ 28,003,000 | 25,500,000 | $ 25,500,000 | ||||||
Goodwill, decrease from subsequent recognition of deferred tax asset | $ 2,000,000 | ||||||||
Goodwill, purchase accounting adjustments | $ 490,922 | ||||||||
Minimum | RSI Entities | Equipment | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, plant and equipment, useful life | 3 years | ||||||||
Maximum | RSI Entities | Equipment | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, plant and equipment, useful life | 15 years |
Acquisitions - Schedule of Reco
Acquisitions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | May 01, 2022 | Dec. 01, 2021 | Apr. 01, 2020 | Dec. 31, 2022 | Dec. 31, 2021 |
Liabilities assumed: | |||||
Goodwill recorded at merger | $ 110,715 | $ 85,324 | |||
Roselle Entities | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ 155,248 | ||||
Debt securities available for sale | 51,479 | ||||
Debt securities held to maturity | 13,418 | ||||
Equity securities | 1,796 | ||||
Federal Home Loan Bank stock | 2,010 | ||||
Loans receivable | 171,593 | ||||
Accrued interest receivable | 679 | ||||
Office properties and equipment, net | 5,774 | ||||
Bank-owned life insurance | 17,245 | ||||
Deferred tax assets, net | 1,334 | ||||
Other assets | 1,489 | ||||
Total assets acquired | 422,065 | ||||
Liabilities assumed: | |||||
Deposits | 333,234 | ||||
Borrowings | 37,728 | ||||
Advance payments by borrowers for taxes and insurance | 982 | ||||
Accrued expenses and other liabilities | 5,400 | ||||
Total liabilities assumed | 377,344 | ||||
Net assets acquired | 44,721 | ||||
Fair market value of stock issued to Columbia Bank MHC for purchase | 68,530 | ||||
Goodwill recorded at merger | $ 23,809 | 17,600 | |||
Freehold Entities | |||||
Assets acquired: | |||||
Cash and cash equivalents | $ 20,417 | ||||
Debt securities available for sale | 118,017 | ||||
Federal Home Loan Bank stock | 3,032 | ||||
Loans receivable | 158,912 | ||||
Accrued interest receivable | 867 | ||||
Office properties and equipment, net | 5,934 | ||||
Bank-owned life insurance | 8,661 | ||||
Deferred tax assets, net | 454 | ||||
Core deposit intangibles | 42 | ||||
Other assets | 162 | ||||
Total assets acquired | 316,498 | ||||
Liabilities assumed: | |||||
Deposits | 210,117 | ||||
Borrowings | 59,908 | ||||
Advance payments by borrowers for taxes and insurance | 495 | ||||
Accrued expenses and other liabilities | 4,822 | ||||
Total liabilities assumed | 275,342 | ||||
Net assets acquired | 41,156 | ||||
Fair market value of stock issued to Columbia Bank MHC for purchase | 47,260 | ||||
Goodwill recorded at merger | $ 6,104 | 6,000 | |||
RSI Entities | |||||
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 assets, 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 | $ 25,500 |
Debt Securities Available for_3
Debt Securities Available for Sale - Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,515,941 | $ 1,701,379 |
Gross Unrealized Gains | 141 | 16,943 |
Gross Unrealized (Losses) | (187,448) | (14,475) |
Fair Value | 1,328,634 | 1,703,847 |
U.S. government and agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 67,771 | 34,711 |
Gross Unrealized Gains | 0 | 404 |
Gross Unrealized (Losses) | (4,205) | (236) |
Fair Value | 63,566 | 34,879 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,351,929 | 1,553,491 |
Gross Unrealized Gains | 135 | 14,141 |
Gross Unrealized (Losses) | (170,337) | (13,273) |
Fair Value | 1,181,727 | 1,554,359 |
Municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,697 | 4,159 |
Gross Unrealized Gains | 0 | 20 |
Gross Unrealized (Losses) | (122) | 0 |
Fair Value | 3,575 | 4,179 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 92,544 | 109,018 |
Gross Unrealized Gains | 6 | 2,378 |
Gross Unrealized (Losses) | (12,784) | (966) |
Fair Value | $ 79,766 | 110,430 |
Trust preferred securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized (Losses) | 0 | |
Fair Value | $ 0 |
Debt Securities Available for_4
Debt Securities Available for Sale - Expected Maturities of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
One year or less | $ 921 | |
More than one year to five years | 84,351 | |
More than five years to ten years | 78,740 | |
Available-for-sale debt securities, allocated and single maturity date, total | 164,012 | |
Mortgage-backed securities and collateralized mortgage obligations | 1,351,929 | |
Amortized Cost | 1,515,941 | $ 1,701,379 |
Fair Value | ||
One year or less | 906 | |
More than one year to five years | 79,080 | |
More than five years to ten years | 66,921 | |
Available-for-sale debt securities, allocated and single maturity date, total | 146,907 | |
Mortgage-backed securities and collateralized mortgage obligations | 1,181,727 | |
Debt securities available for sale, at fair value | $ 1,328,634 | $ 1,703,847 |
Debt Securities Available for_5
Debt Securities Available for Sale - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | Dec. 31, 2020 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |||
Mortgage-backed securities and collateralized mortgage obligations, amortized cost | $ 1,351,929,000 | ||
Mortgage-backed securities and collateralized mortgage obligations, fair value | 1,181,727,000 | ||
Proceeds from sales of debt securities available for sale | 126,772,000 | $ 90,339,000 | $ 20,761,000 |
Debt securities, available-for-sale securities, gross realized gains | 710,000 | 2,100,000 | 369,000 |
Debt securities, available-for-sale, realized loss | 500,000 | 439,000 | 0 |
Proceeds from calls of debt securities available for sale | 0 | 14,000,000 | 11,600,000 |
Proceeds from maturities of debt securities, available-for-sale | 915,000 | 210,000 | 10,900,000 |
Calls of debt securities, available-for-sale, realized gain | 0 | 1,000 | |
Calls of debt securities, available-for-sale, unrealized loss | 0 | $ 0 | |
Debt securities, available-for-sale, restricted | $ 724,000,000 | $ 587,700,000 | |
Number of unrealized loss positions | security | 455 | 219 | |
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | ||
Accrued interest receivable on debt securities available for sale | $ 3,200,000 | ||
Subsidiaries | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities, available-for-sale, restricted | $ 28,300,000 | $ 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Less Than 12 Months | ||
Fair Value | $ 522,609 | $ 864,455 |
Gross Unrealized (Losses) | (37,286) | (12,799) |
12 Months or Longer | ||
Fair Value | 788,133 | 67,112 |
Gross Unrealized (Losses) | (150,162) | (1,676) |
Total | ||
Fair Value | 1,310,742 | 931,567 |
Gross Unrealized (Losses) | (187,448) | (14,475) |
U.S. government and agency obligations | ||
Less Than 12 Months | ||
Fair Value | 47,956 | 14,488 |
Gross Unrealized (Losses) | (2,359) | (236) |
12 Months or Longer | ||
Fair Value | 15,610 | 0 |
Gross Unrealized (Losses) | (1,846) | 0 |
Total | ||
Fair Value | 63,566 | 14,488 |
Gross Unrealized (Losses) | (4,205) | (236) |
Mortgage-backed securities and collateralized mortgage obligations | ||
Less Than 12 Months | ||
Fair Value | 424,328 | 820,746 |
Gross Unrealized (Losses) | (29,013) | (11,892) |
12 Months or Longer | ||
Fair Value | 741,515 | 62,407 |
Gross Unrealized (Losses) | (141,324) | (1,381) |
Total | ||
Fair Value | 1,165,843 | 883,153 |
Gross Unrealized (Losses) | (170,337) | (13,273) |
Municipal obligations | ||
Less Than 12 Months | ||
Fair Value | 3,574 | |
Gross Unrealized (Losses) | (122) | |
12 Months or Longer | ||
Fair Value | 0 | |
Gross Unrealized (Losses) | 0 | |
Total | ||
Fair Value | 3,574 | |
Gross Unrealized (Losses) | (122) | |
Corporate debt securities | ||
Less Than 12 Months | ||
Fair Value | 46,751 | 29,221 |
Gross Unrealized (Losses) | (5,792) | (671) |
12 Months or Longer | ||
Fair Value | 31,008 | 4,705 |
Gross Unrealized (Losses) | (6,992) | (295) |
Total | ||
Fair Value | 77,759 | 33,926 |
Gross Unrealized (Losses) | $ (12,784) | $ (966) |
Debt Securities Available for_7
Debt Securities Available for Sale - Debt Securities, Available-for-sale, Allowance for Credit Loss (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |
Beginning balance | $ 0 |
(Reversal of) credit losses | (490) |
Ending balance | 0 |
Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Line Items] | |
Beginning balance | $ 490 |
Debt Securities Held-to-Maturit
Debt Securities Held-to-Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 421,523 | $ 429,734 |
Gross Unrealized Gains | 0 | 6,741 |
Gross Unrealized (Losses) | (51,132) | (1,686) |
Allowance for Credit Losses | 0 | |
Fair Value | 370,391 | 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) | (7,304) | (759) |
Allowance for Credit Losses | 0 | |
Fair Value | 42,567 | 44,111 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 371,652 | 384,864 |
Gross Unrealized Gains | 0 | 6,741 |
Gross Unrealized (Losses) | (43,828) | (927) |
Allowance for Credit Losses | 0 | |
Fair Value | $ 327,824 | $ 390,678 |
Debt Securities Held to Matur_3
Debt Securities Held to Maturity - Expected Maturities of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 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 | 371,652 | |
Amortized Cost | 421,523 | $ 429,734 |
Fair Value | ||
More than one year to five years | 18,399 | |
More than five years to ten years | 16,703 | |
More than ten years | 7,465 | |
Held-to-maturity debt securities, allocated and single maturity date, total | 42,567 | |
Mortgage-backed securities and collateralized mortgage obligations | 327,824 | |
Debt securities held to maturity | 370,391 | 434,789 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Amortized Cost | ||
Amortized Cost | 371,652 | 384,864 |
Fair Value | ||
Debt securities held to maturity | 327,824 | 390,678 |
U.S. government and agency obligations | ||
Amortized Cost | ||
Amortized Cost | 49,871 | 44,870 |
Fair Value | ||
Debt securities held to maturity | $ 42,567 | $ 44,111 |
Debt Securities Held to Matur_4
Debt Securities Held to Maturity - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | Dec. 31, 2020 USD ($) | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | $ 421,523,000 | $ 429,734,000 | |
Debt securities held to maturity | 370,391,000 | 434,789,000 | |
Proceeds from sale and maturity of held-to-maturity securities | 0 | ||
Proceeds from sale of held-to-maturity securities | 0 | $ 0 | |
Proceeds from calls of debt securities, held-to-maturity | 5,100,000 | 20,000,000 | |
Debt securities, held-to-maturity, realized gain (loss) | 0 | $ 0 | |
Securities available-for-sale sold under agreements | $ 228,800,000 | $ 252,400,000 | |
Number of unrealized loss positions | security | 116 | 25 | |
Debt Securities, Held-to-Maturity, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | ||
Accrued interest receivable on debt securities held-to-maturity | $ 1,000,000 | ||
Mortgage-backed securities and collateralized mortgage obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 371,652,000 | $ 384,864,000 | |
Debt securities held to maturity | $ 327,824,000 | $ 390,678,000 |
Debt Securities Held to Matur_5
Debt Securities Held to Maturity - Continuous Unrealized Loss Position of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Less Than 12 Months | ||
Fair Value | $ 280,063 | $ 123,147 |
Gross Unrealized (Losses) | (33,044) | (1,686) |
12 Months or Longer | ||
Fair Value | 90,328 | 0 |
Gross Unrealized (Losses) | (18,088) | 0 |
Total | ||
Fair Value | 370,391 | 123,147 |
Gross Unrealized (Losses) | (51,132) | (1,686) |
U.S. government and agency obligations | ||
Less Than 12 Months | ||
Fair Value | 4,956 | 44,111 |
Gross Unrealized (Losses) | (44) | (759) |
12 Months or Longer | ||
Fair Value | 37,611 | 0 |
Gross Unrealized (Losses) | (7,260) | 0 |
Total | ||
Fair Value | 42,567 | 44,111 |
Gross Unrealized (Losses) | (7,304) | (759) |
Mortgage-backed securities and collateralized mortgage obligations | ||
Less Than 12 Months | ||
Fair Value | 275,107 | 79,036 |
Gross Unrealized (Losses) | (33,000) | (927) |
12 Months or Longer | ||
Fair Value | 52,717 | 0 |
Gross Unrealized (Losses) | (10,828) | 0 |
Total | ||
Fair Value | 327,824 | 79,036 |
Gross Unrealized (Losses) | $ (43,828) | $ (927) |
Equity Securities at Fair Val_2
Equity Securities at Fair Value - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity securities, at fair value | $ 3,384,000 | $ 2,710,000 | |
Change in fair value of equity securities | (401,000) | (1,792,000) | $ 767,000 |
Proceeds from sales of equity securities | $ 0 | 1,390,000 | $ 0 |
Gross realized gain in equity securities | 383,000 | ||
Gross realized losses in equity securities | $ 0 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses - Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | $ 7,641,593 | $ 6,335,722 |
Net deferred loan costs, fees and purchased premiums and discounts | 35,971 | 24,879 |
Loans receivable | 7,677,564 | 6,360,601 |
Real estate loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,862,342 | 2,092,748 |
Real estate loans | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 1,239,207 | 1,041,108 |
Real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 2,426,510 | 2,175,662 |
Real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 337,593 | 295,047 |
Commercial business loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 497,965 | 453,166 |
Consumer loans | Home equity loans and advances | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 274,551 | 276,563 |
Consumer loans | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 3,425 | 1,428 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 7,624,534 | 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 | 2,860,184 | 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 | 1,239,207 | 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 | 2,413,394 | 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 | 336,553 | 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 | 497,469 | 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 | 274,302 | 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 | 3,425 | 1,428 |
Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans | 17,059 | 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 | 2,158 | 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 | 13,116 | 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 | 496 | 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 | 249 | 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_4
Loans Receivable and Allowance for Credit Losses - Narrative (Details) | 12 Months Ended | |||
May 01, 2022 USD ($) | Dec. 31, 2022 USD ($) segment loan | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans held-for-sale | $ 0 | |||
Proceeds from sales of loans held-for-sale | 9,639,000 | $ 302,039,000 | $ 111,764,000 | |
Gain on sale of loans held-for-sale | 242,000 | 8,600,000 | 1,700,000 | |
Loss on sale of loans held-for-sale | 64,000 | 24,000 | 0 | |
Proceeds from sale of loans held-for-investment | 0 | 0 | ||
Gain on sale of loans held-for-investment | 161,000 | |||
Loss on sale of loans held-for-investment | 0 | |||
Purchases and grants of loans receivable | 8,315,000 | 85,382,000 | 0 | |
Loans receivable | 7,677,564,000 | 6,360,601,000 | ||
Carrying value of servicing liability | 497,100,000 | 519,500,000 | ||
Servicing income | 1,300,000 | 1,500,000 | 1,400,000 | |
Proceeds from sales of loans receivable | $ 0 | $ 0 | 35,613,000 | |
Threshold period, past due status of financing receivables | 30 days | |||
Threshold period, past due for nonperforming status of financing receivables | 90 days | 90 days | ||
Non-accrual loans | $ 6,700,000 | $ 3,900,000 | ||
Increase in interest income if non-accrual had performed in line with their original terms | 392,000 | 190,000 | 426,000 | |
Cash basis interest income on non-accrual loans | 161,000 | 242,000 | $ 410,000 | |
Loans past due | 0 | 0 | ||
Property acquired through foreclosure | $ 0 | $ 0 | ||
Number of loans in the process of foreclosure | loan | 2 | 1 | ||
Loans in process of foreclosure | $ 81,000 | $ 87,000 | ||
Number of loan portfolio segments | segment | 7 | |||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration] | Accrued interest receivable | |||
Accrued interest receivable on loans receivable | $ 29,400,000 | |||
Specific allowance for loan losses attributable to impaired loans | 339,000 | 378,000 | ||
Impaired loans for which there are no related allowance for loan losses | 16,557,000 | 17,280,000 | ||
Investment in troubled debt restructuring | $ 19,900,000 | $ 21,300,000 | ||
Number of loans | loan | 1 | 3 | 7 | |
Stewardship Financial Corporation | Financial Asset Acquired with Credit Deterioration | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | $ 2,000,000 | $ 2,700,000 | ||
Roselle Entities | Financial Asset Acquired with Credit Deterioration | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 184,000 | 184,000 | ||
Freehold Entities | Financial Asset Acquired with Credit Deterioration | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 3,700,000 | 3,900,000 | ||
RSI Entities | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing receivable, purchased with credit deterioration, allowance for credit loss at acquisition date | $ 633,000 | |||
RSI Entities | Financial Asset Acquired with Credit Deterioration | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 11,300,000 | |||
Less Than 90 Days | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Non-accrual loans | $ 1,200,000 | $ 1,700,000 | ||
Number of loans in non-accrual status | loan | 7 | 10 | ||
90 Days or More | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment in troubled debt restructuring | $ 23,000 | |||
Number of loans | loan | 1 | 0 | ||
30-59 Days | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Investment in troubled debt restructuring | $ 36,000 | |||
Number of loans | loan | 1 | |||
Related Parties | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Purchases and grants of loans receivable | $ 751,000 | $ 522,700 | $ 300,000 | |
Loans receivable | $ 9,300,000 | $ 8,900,000 | ||
Number of loans granted to related party | loan | 2 | 1 | 1 | |
Freddie Mac | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sales of loans receivable | $ 0 | $ 99,600,000 | $ 117,300,000 | |
Gain on sale of loans receivable | 2,300,000 | 3,500,000 | ||
Loss on sale of loans receivable | 0 | 0 | ||
Real estate loans | One-to-four family | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sales of loans held-for-sale | 2,700,000 | 18,500,000 | 111,800,000 | |
Proceeds from sale of loans held-for-investment | 15,100,000 | |||
Purchases and grants of loans receivable | 8,300,000 | 11,800,000 | ||
Specific allowance for loan losses attributable to impaired loans | 201,000 | 258,000 | ||
Impaired loans for which there are no related allowance for loan losses | $ 1,296,000 | $ 1,882,000 | ||
Number of loans | loan | 0 | 2 | ||
Real estate loans | Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sales of loans held-for-sale | $ 4,100,000 | $ 6,400,000 | ||
Proceeds from sale of loans held-for-investment | $ 13,000,000 | |||
Real estate loans | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sales of loans held-for-sale | 19,100,000 | |||
Purchases and grants of loans receivable | 73,600,000 | |||
Specific allowance for loan losses attributable to impaired loans | 99,000 | 97,000 | ||
Impaired loans for which there are no related allowance for loan losses | $ 14,836,000 | $ 13,861,000 | ||
Number of loans | loan | 0 | 1 | 5 | |
Commercial business loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sales of loans held-for-sale | $ 2,800,000 | $ 258,100,000 | ||
Proceeds from sale of loans held-for-investment | $ 7,600,000 | |||
Specific allowance for loan losses attributable to impaired loans | 10,000 | 16,000 | ||
Impaired loans for which there are no related allowance for loan losses | 143,000 | 573,000 | ||
Number of loans | loan | 2 | |||
Commercial business loans | Paycheck Protection Program | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivable | 1,600,000 | 44,900,000 | ||
Financing receivable, unamortized loan cost (fee) | $ (13,000) | $ (1,200,000) |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses - Aging of Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | $ 6,700 | $ 3,900 |
Total gross loans | 7,641,593 | 6,335,722 |
Real estate loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 2,862,342 | 2,092,748 |
Real estate loans | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 1,239,207 | 1,041,108 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 2,426,510 | 2,175,662 |
Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 337,593 | 295,047 |
Commercial business loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 497,965 | 453,166 |
Consumer loans | Home equity loans and advances | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 274,551 | 276,563 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 3,425 | 1,428 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 6,721 | 3,939 |
Total gross loans | 7,624,534 | 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 | 17,477 | 10,091 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | 30-59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 9,969 | 5,840 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | 60-89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total gross loans | 2,036 | 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 | 5,472 | 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 | 7,607,057 | 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 | 2,730 | 1,416 |
Total gross loans | 2,860,184 | 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 | 7,020 | 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 | 4,063 | 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 | 1,149 | 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 | 1,808 | 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 | 2,853,164 | 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 | 1,239,207 | 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 | 0 | 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 | 0 | 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 | 1,239,207 | 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 | 2,892 | 1,561 |
Total gross loans | 2,413,394 | 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 | 3,745 | 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 | 0 | 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 | 853 | 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 | 2,409,649 | 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 | 336,553 | 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 | 5,218 | 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 | 5,218 | 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 | 331,335 | 295,047 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 801 | 761 |
Total gross loans | 497,469 | 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 | 694 | 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 | 220 | 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 | 474 | 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 | 496,775 | 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 | 286 | 201 |
Total gross loans | 274,302 | 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 | 784 | 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 | 465 | 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 | 33 | 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 | 286 | 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 | 273,518 | 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 | 12 | 0 |
Total gross loans | 3,425 | 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 | 16 | 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 | 3 | 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 | 1 | 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 | 12 | 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 | $ 3,409 | $ 1,424 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses - Allowance for Loan Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for credit losses: | ||||
Total | $ 52,803 | $ 62,689 | $ 74,676 | $ 61,709 |
Total loans: | ||||
Total | 7,641,593 | 6,335,722 | ||
Real estate loans | One-to-four family | ||||
Allowance for credit losses: | ||||
Total | 11,802 | 8,798 | 13,586 | 13,780 |
Total loans: | ||||
Total | 2,862,342 | 2,092,748 | ||
Real estate loans | Multifamily | ||||
Allowance for credit losses: | ||||
Total | 7,877 | 7,741 | 8,799 | 6,434 |
Total loans: | ||||
Total | 1,239,207 | 1,041,108 | ||
Real estate loans | Commercial real estate | ||||
Allowance for credit losses: | ||||
Total | 18,111 | 16,114 | 21,882 | 16,546 |
Total loans: | ||||
Total | 2,426,510 | 2,175,662 | ||
Real estate loans | Construction | ||||
Allowance for credit losses: | ||||
Total | 6,425 | 8,943 | 11,271 | 7,435 |
Total loans: | ||||
Total | 337,593 | 295,047 | ||
Commercial business loans | ||||
Allowance for credit losses: | ||||
Total | 6,897 | 20,214 | 17,384 | 15,836 |
Total loans: | ||||
Total | 497,965 | 453,166 | ||
Consumer loans | Home equity loans and advances | ||||
Allowance for credit losses: | ||||
Total | 1,681 | 873 | 1,748 | 1,669 |
Total loans: | ||||
Total | 274,551 | 276,563 | ||
Consumer loans | Other consumer loans | ||||
Allowance for credit losses: | ||||
Total | 10 | 6 | $ 6 | $ 9 |
Total loans: | ||||
Total | 3,425 | 1,428 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||
Allowance for credit losses: | ||||
Individually analyzed loans | 339 | 378 | ||
Collectively analyzed loans | 52,381 | 62,311 | ||
Total loans: | ||||
Individually analyzed loans | 23,220 | 24,287 | ||
Collectively analyzed loans | 7,601,314 | 6,304,644 | ||
Total | 7,624,534 | 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 analyzed loans | 201 | 258 | ||
Collectively analyzed loans | 11,591 | 8,540 | ||
Total loans: | ||||
Individually analyzed loans | 4,164 | 5,184 | ||
Collectively analyzed loans | 2,856,020 | 2,087,133 | ||
Total | 2,860,184 | 2,092,317 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||||
Allowance for credit losses: | ||||
Individually analyzed loans | 3 | 0 | ||
Collectively analyzed loans | 7,874 | 7,741 | ||
Total loans: | ||||
Individually analyzed loans | 457 | 762 | ||
Collectively analyzed loans | 1,238,750 | 1,040,346 | ||
Total | 1,239,207 | 1,041,108 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||||
Allowance for credit losses: | ||||
Individually analyzed loans | 99 | 97 | ||
Collectively analyzed loans | 17,961 | 16,017 | ||
Total loans: | ||||
Individually analyzed loans | 16,729 | 15,830 | ||
Collectively analyzed loans | 2,396,665 | 2,154,406 | ||
Total | 2,413,394 | 2,170,236 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||||
Allowance for credit losses: | ||||
Individually analyzed loans | 0 | 0 | ||
Collectively analyzed loans | 6,415 | 8,943 | ||
Total loans: | ||||
Individually analyzed loans | 0 | 0 | ||
Collectively analyzed loans | 336,553 | 295,047 | ||
Total | 336,553 | 295,047 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||||
Allowance for credit losses: | ||||
Individually analyzed loans | 10 | 16 | ||
Collectively analyzed loans | 6,876 | 20,198 | ||
Total loans: | ||||
Individually analyzed loans | 1,173 | 1,806 | ||
Collectively analyzed loans | 496,296 | 450,426 | ||
Total | 497,469 | 452,232 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||||
Allowance for credit losses: | ||||
Individually analyzed loans | 26 | 7 | ||
Collectively analyzed loans | 1,654 | 866 | ||
Total loans: | ||||
Individually analyzed loans | 697 | 705 | ||
Collectively analyzed loans | 273,605 | 275,858 | ||
Total | 274,302 | 276,563 | ||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||||
Allowance for credit losses: | ||||
Individually analyzed loans | 0 | 0 | ||
Collectively analyzed loans | 10 | 6 | ||
Total loans: | ||||
Individually analyzed loans | 0 | 0 | ||
Collectively analyzed loans | 3,425 | 1,428 | ||
Total | 3,425 | 1,428 | ||
Financial Asset Acquired with Credit Deterioration | ||||
Allowance for credit losses: | ||||
Total | 83 | 0 | ||
Total loans: | ||||
Total | 17,059 | 6,791 | ||
Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||||
Allowance for credit losses: | ||||
Total | 10 | 0 | ||
Total loans: | ||||
Total | 2,158 | 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 | 51 | 0 | ||
Total loans: | ||||
Total | 13,116 | 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 | 11 | 0 | ||
Total loans: | ||||
Total | 496 | 934 | ||
Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||||
Allowance for credit losses: | ||||
Total | 1 | 0 | ||
Total loans: | ||||
Total | 249 | 0 | ||
Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||||
Allowance for credit losses: | ||||
Total | 0 | 0 | ||
Total loans: | ||||
Total | $ 0 | $ 0 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses - Troubled Debt Restructuring (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
No. of Loans | loan | 1 | 3 | 7 |
Pre-modification Recorded Investment | $ 119 | $ 477 | $ 28,529 |
Post-modification Recorded Investment | $ 119 | $ 599 | $ 29,824 |
Real estate loans | One-to-four family | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
No. of Loans | loan | 0 | 2 | |
Pre-modification Recorded Investment | $ 0 | $ 285 | |
Post-modification Recorded Investment | $ 0 | $ 388 | |
Real estate loans | Commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
No. of Loans | loan | 0 | 1 | 5 |
Pre-modification Recorded Investment | $ 0 | $ 192 | $ 17,022 |
Post-modification Recorded Investment | $ 0 | $ 211 | $ 17,022 |
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 | |
Commercial business loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
No. of Loans | loan | 2 | ||
Pre-modification Recorded Investment | $ 11,507 | ||
Post-modification Recorded Investment | $ 12,802 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses - Rollforward of Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for loan losses: | |||
Balance at beginning of period | $ 62,689 | $ 74,676 | $ 61,709 |
Initial allowance related to PCD loans | 633 | 0 | 0 |
Provision for (reversal of) credit losses | 5,969 | (9,953) | 18,447 |
Recoveries | 593 | 1,530 | 823 |
Charge-offs | (638) | (3,564) | (6,303) |
Balance at end of period | 52,803 | 62,689 | 74,676 |
Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||
Allowance for loan losses: | |||
Balance at beginning of period | (16,443) | 0 | 0 |
Balance at end of period | (16,443) | 0 | |
Real estate loans | One-to-four family | |||
Allowance for loan losses: | |||
Balance at beginning of period | 8,798 | 13,586 | 13,780 |
Initial allowance related to PCD loans | 131 | ||
Provision for (reversal of) credit losses | 5,225 | (4,037) | 1,299 |
Recoveries | 338 | 22 | 438 |
Charge-offs | (382) | (773) | (1,931) |
Balance at end of period | 11,802 | 8,798 | 13,586 |
Real estate loans | One-to-four family | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||
Allowance for loan losses: | |||
Balance at beginning of period | (2,308) | ||
Balance at end of period | (2,308) | ||
Real estate loans | Multifamily | |||
Allowance for loan losses: | |||
Balance at beginning of period | 7,741 | 8,799 | 6,434 |
Initial allowance related to PCD loans | 0 | ||
Provision for (reversal of) credit losses | 2,166 | (978) | 2,365 |
Recoveries | 0 | 216 | 0 |
Charge-offs | 0 | (296) | 0 |
Balance at end of period | 7,877 | 7,741 | 8,799 |
Real estate loans | Multifamily | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||
Allowance for loan losses: | |||
Balance at beginning of period | (2,030) | ||
Balance at end of period | (2,030) | ||
Real estate loans | Commercial real estate | |||
Allowance for loan losses: | |||
Balance at beginning of period | 16,114 | 21,882 | 16,546 |
Initial allowance related to PCD loans | 474 | ||
Provision for (reversal of) credit losses | 5,750 | (6,376) | 5,348 |
Recoveries | 0 | 1,015 | 16 |
Charge-offs | 0 | (407) | (28) |
Balance at end of period | 18,111 | 16,114 | 21,882 |
Real estate loans | Commercial real estate | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||
Allowance for loan losses: | |||
Balance at beginning of period | (4,227) | ||
Balance at end of period | (4,227) | ||
Real estate loans | Construction | |||
Allowance for loan losses: | |||
Balance at beginning of period | 8,943 | 11,271 | 7,435 |
Initial allowance related to PCD loans | 3 | ||
Provision for (reversal of) credit losses | (175) | (2,330) | 3,835 |
Recoveries | 0 | 2 | 1 |
Charge-offs | 0 | 0 | 0 |
Balance at end of period | 6,425 | 8,943 | 11,271 |
Real estate loans | Construction | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||
Allowance for loan losses: | |||
Balance at beginning of period | (2,346) | ||
Balance at end of period | (2,346) | ||
Commercial business loans | |||
Allowance for loan losses: | |||
Balance at beginning of period | 20,214 | 17,384 | 15,836 |
Initial allowance related to PCD loans | 19 | ||
Provision for (reversal of) credit losses | (8,052) | 4,384 | 5,360 |
Recoveries | 208 | 219 | 308 |
Charge-offs | (190) | (1,773) | (4,120) |
Balance at end of period | 6,897 | 20,214 | 17,384 |
Commercial business loans | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||
Allowance for loan losses: | |||
Balance at beginning of period | (5,302) | ||
Balance at end of period | (5,302) | ||
Consumer loans | Home equity loans and advances | |||
Allowance for loan losses: | |||
Balance at beginning of period | 873 | 1,748 | 1,669 |
Initial allowance related to PCD loans | 6 | ||
Provision for (reversal of) credit losses | 1,019 | (623) | 239 |
Recoveries | 45 | 56 | 60 |
Charge-offs | (33) | (308) | (220) |
Balance at end of period | 1,681 | 873 | 1,748 |
Consumer loans | Home equity loans and advances | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||
Allowance for loan losses: | |||
Balance at beginning of period | (229) | ||
Balance at end of period | (229) | ||
Consumer loans | Other consumer loans | |||
Allowance for loan losses: | |||
Balance at beginning of period | 6 | 6 | 9 |
Initial allowance related to PCD loans | 0 | ||
Provision for (reversal of) credit losses | 36 | 7 | 1 |
Recoveries | 2 | 0 | 0 |
Charge-offs | (33) | (7) | (4) |
Balance at end of period | 10 | 6 | $ 6 |
Consumer loans | Other consumer loans | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||
Allowance for loan losses: | |||
Balance at beginning of period | $ (1) | ||
Balance at end of period | $ (1) |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Recorded Investment | ||
With no allowance recorded | $ 16,557 | $ 17,280 |
With a specific allowance recorded | 6,663 | 7,007 |
Recorded investment | 23,220 | 24,287 |
Unpaid Principal Balance | ||
With no allowance recorded | 18,121 | 18,653 |
With a specific allowance recorded | 6,684 | 7,028 |
Unpaid principal balance | 24,805 | 25,681 |
Specific Allowance | ||
Specific allowance | 339 | 378 |
Real estate loans | One-to-four family | ||
Recorded Investment | ||
With no allowance recorded | 1,296 | 1,882 |
With a specific allowance recorded | 2,868 | 3,302 |
Recorded investment | 4,164 | 5,184 |
Unpaid Principal Balance | ||
With no allowance recorded | 1,644 | 2,421 |
With a specific allowance recorded | 2,887 | 3,321 |
Unpaid principal balance | 4,531 | 5,742 |
Specific Allowance | ||
Specific allowance | 201 | 258 |
Real estate loans | Multifamily | ||
Recorded Investment | ||
With no allowance recorded | 59 | 762 |
With a specific allowance recorded | 398 | |
Recorded investment | 457 | 762 |
Unpaid Principal Balance | ||
With no allowance recorded | 63 | 765 |
With a specific allowance recorded | 397 | |
Unpaid principal balance | 460 | 765 |
Specific Allowance | ||
Specific allowance | 3 | 0 |
Real estate loans | Commercial real estate | ||
Recorded Investment | ||
With no allowance recorded | 14,836 | 13,861 |
With a specific allowance recorded | 1,893 | 1,969 |
Recorded investment | 16,729 | 15,830 |
Unpaid Principal Balance | ||
With no allowance recorded | 15,699 | 14,586 |
With a specific allowance recorded | 1,896 | 1,971 |
Unpaid principal balance | 17,595 | 16,557 |
Specific Allowance | ||
Specific allowance | 99 | 97 |
Commercial business loans | ||
Recorded Investment | ||
With no allowance recorded | 143 | 573 |
With a specific allowance recorded | 1,030 | 1,233 |
Recorded investment | 1,173 | 1,806 |
Unpaid Principal Balance | ||
With no allowance recorded | 400 | 573 |
With a specific allowance recorded | 1,030 | 1,233 |
Unpaid principal balance | 1,430 | 1,806 |
Specific Allowance | ||
Specific allowance | 10 | 16 |
Consumer loans | Home equity loans and advances | ||
Recorded Investment | ||
With no allowance recorded | 223 | 202 |
With a specific allowance recorded | 474 | 503 |
Recorded investment | 697 | 705 |
Unpaid Principal Balance | ||
With no allowance recorded | 315 | 308 |
With a specific allowance recorded | 474 | 503 |
Unpaid principal balance | 789 | 811 |
Specific Allowance | ||
Specific allowance | $ 26 | $ 7 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses - Interest Income on Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Recorded Investment | |||
Average Recorded Investment | $ 23,536 | $ 34,311 | $ 38,519 |
Interest Income Recognized | 1,091 | 1,305 | 1,712 |
Real estate loans | One-to-four family | |||
Recorded Investment | |||
Average Recorded Investment | 4,385 | 5,738 | 7,946 |
Interest Income Recognized | 203 | 285 | 305 |
Real estate loans | Multifamily | |||
Recorded Investment | |||
Average Recorded Investment | 598 | 8,420 | 0 |
Interest Income Recognized | 28 | 371 | 0 |
Real estate loans | Commercial real estate | |||
Recorded Investment | |||
Average Recorded Investment | 16,479 | 16,913 | 23,701 |
Interest Income Recognized | 733 | 467 | 1,091 |
Commercial business loans | |||
Recorded Investment | |||
Average Recorded Investment | 1,289 | 2,121 | 4,963 |
Interest Income Recognized | 88 | 139 | 216 |
Consumer loans | Home equity loans and advances | |||
Recorded Investment | |||
Average Recorded Investment | 785 | 1,119 | 1,909 |
Interest Income Recognized | $ 39 | $ 43 | $ 100 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 7,641,593 | $ 6,335,722 |
Real estate loans | One-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,862,342 | 2,092,748 |
Real estate loans | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,239,207 | 1,041,108 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,426,510 | 2,175,662 |
Real estate loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 337,593 | 295,047 |
Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 497,965 | 453,166 |
Consumer loans | Home equity loans and advances | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 274,551 | 276,563 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 3,425 | 1,428 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 1,836,787 | 1,702,481 |
2021 | 1,697,890 | 771,407 |
2020 | 710,769 | 789,875 |
2019 | 694,400 | 533,879 |
2018 | 451,367 | 555,250 |
Prior | 1,831,970 | 1,657,885 |
Revolving Loans | 400,894 | 317,728 |
Revolving Loans to Term Loans | 457 | 426 |
Total | 7,624,534 | 6,328,931 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 829,363 | 793,848 |
2021 | 836,996 | 298,815 |
2020 | 294,721 | 197,707 |
2019 | 177,795 | 139,635 |
2018 | 125,377 | 135,171 |
Prior | 595,932 | 527,141 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,860,184 | 2,092,317 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 829,363 | 793,848 |
2021 | 836,355 | 298,815 |
2020 | 294,721 | 196,244 |
2019 | 177,114 | 138,215 |
2018 | 125,057 | 134,811 |
Prior | 595,097 | 525,615 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,857,707 | 2,087,548 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | Special mention | ||
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 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 641 | 0 |
2020 | 0 | 1,463 |
2019 | 681 | 1,420 |
2018 | 320 | 360 |
Prior | 835 | 1,323 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,477 | 4,566 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 315,157 | 312,738 |
2021 | 309,611 | 181,285 |
2020 | 167,955 | 231,252 |
2019 | 205,608 | 47,024 |
2018 | 38,849 | 131,169 |
Prior | 202,027 | 137,640 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 1,239,207 | 1,041,108 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 315,157 | 312,738 |
2021 | 309,611 | 181,285 |
2020 | 167,955 | 231,252 |
2019 | 205,608 | 47,024 |
2018 | 38,849 | 131,169 |
Prior | 197,489 | 137,640 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 1,234,669 | 1,041,108 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 4,538 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 4,538 | 0 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | Substandard | ||
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 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 448,313 | 381,222 |
2021 | 393,167 | 161,522 |
2020 | 173,254 | 279,884 |
2019 | 262,767 | 259,300 |
2018 | 247,366 | 225,913 |
Prior | 888,527 | 862,395 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,413,394 | 2,170,236 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 448,313 | 381,222 |
2021 | 392,689 | 161,136 |
2020 | 170,125 | 278,581 |
2019 | 260,268 | 241,669 |
2018 | 231,868 | 222,752 |
Prior | 852,104 | 803,945 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 2,355,367 | 2,089,305 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 478 | 0 |
2020 | 1,843 | 1,303 |
2019 | 892 | 16,070 |
2018 | 15,498 | 1,885 |
Prior | 20,939 | 34,788 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 39,650 | 54,046 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 386 |
2020 | 1,286 | 0 |
2019 | 1,607 | 1,561 |
2018 | 0 | 1,276 |
Prior | 15,484 | 23,662 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 18,377 | 26,885 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 159,751 | 107,070 |
2021 | 104,339 | 77,549 |
2020 | 28,058 | 37,605 |
2019 | 14,216 | 41,591 |
2018 | 870 | 28,814 |
Prior | 29,319 | 2,418 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 336,553 | 295,047 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 159,751 | 107,070 |
2021 | 104,339 | 77,549 |
2020 | 28,058 | 37,498 |
2019 | 14,216 | 41,591 |
2018 | 870 | 28,814 |
Prior | 29,319 | 2,418 |
Revolving Loans | 0 | 0 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 336,553 | 294,940 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | Special mention | ||
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 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | Substandard | ||
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 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 58,631 | 84,551 |
2021 | 33,214 | 36,201 |
2020 | 32,911 | 27,237 |
2019 | 21,842 | 33,123 |
2018 | 27,749 | 22,151 |
Prior | 27,630 | 27,170 |
Revolving Loans | 295,492 | 221,799 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 497,469 | 452,232 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 58,631 | 84,113 |
2021 | 32,880 | 36,115 |
2020 | 32,788 | 25,156 |
2019 | 20,705 | 30,670 |
2018 | 24,634 | 21,762 |
Prior | 27,277 | 26,515 |
Revolving Loans | 280,857 | 210,597 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 477,772 | 434,928 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 246 |
2021 | 110 | 15 |
2020 | 63 | 1,729 |
2019 | 1,137 | 1,369 |
2018 | 1,030 | 18 |
Prior | 38 | 46 |
Revolving Loans | 10,761 | 3,291 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 13,139 | 6,714 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 192 |
2021 | 224 | 71 |
2020 | 60 | 352 |
2019 | 0 | 1,084 |
2018 | 2,085 | 371 |
Prior | 315 | 609 |
Revolving Loans | 3,874 | 7,911 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 6,558 | 10,590 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 22,903 | 22,393 |
2021 | 20,476 | 15,977 |
2020 | 13,770 | 15,906 |
2019 | 12,070 | 13,146 |
2018 | 11,126 | 12,023 |
Prior | 88,439 | 101,116 |
Revolving Loans | 105,061 | 95,576 |
Revolving Loans to Term Loans | 457 | 426 |
Total | 274,302 | 276,563 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 22,903 | 22,393 |
2021 | 20,476 | 15,977 |
2020 | 13,770 | 15,906 |
2019 | 12,070 | 13,146 |
2018 | 11,126 | 12,023 |
Prior | 88,251 | 100,870 |
Revolving Loans | 105,005 | 95,484 |
Revolving Loans to Term Loans | 457 | 426 |
Total | 274,058 | 276,225 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | Special mention | ||
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 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 188 | 246 |
Revolving Loans | 56 | 92 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 244 | 338 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,669 | 659 |
2021 | 87 | 58 |
2020 | 100 | 284 |
2019 | 102 | 60 |
2018 | 30 | 9 |
Prior | 96 | 5 |
Revolving Loans | 341 | 353 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 3,425 | 1,428 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2022 | 2,669 | 659 |
2021 | 87 | 58 |
2020 | 100 | 284 |
2019 | 102 | 60 |
2018 | 30 | 9 |
Prior | 96 | 5 |
Revolving Loans | 341 | 353 |
Revolving Loans to Term Loans | 0 | 0 |
Total | 3,425 | 1,428 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | Special mention | ||
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 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | Substandard | ||
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 |
Office Properties and Equipme_3
Office Properties and Equipment, net - Schedule of Office Properties and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Office property and equipment, gross | $ 154,434 | $ 145,273 |
Less accumulated depreciation and amortization | (70,557) | (66,565) |
Total office properties and equipment, net | 83,877 | 78,708 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Office property and equipment, gross | 16,534 | 12,900 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Office property and equipment, gross | 39,097 | 36,897 |
Land and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Office property and equipment, gross | 40,501 | 36,683 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Office property and equipment, gross | 23,555 | 22,636 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Office property and equipment, gross | $ 34,747 | $ 36,157 |
Office Properties and Equipme_4
Office Properties and Equipment, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Proceeds from sale of property held-for-sale | $ 1,700 | ||
Payments to acquire property, plant, and equipment | 7,204 | $ 5,492 | $ 4,624 |
Depreciation and amortization | 7,300 | 6,700 | $ 6,500 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
Property, Plant and Equipment [Line Items] | |||
Payments to acquire property, plant, and equipment | 1,700 | ||
Land and building improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant and equipment, additions | $ 4,500 | $ 923 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease, weighted average remaining lease term | 6 years 6 months | 7 years |
Operating lease, weighted average discount rate | 2.35% | 2.13% |
Lease, cost | $ 2.7 | $ 2.4 |
Leases - Operating Lease Paymen
Leases - Operating Lease Payment Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
One year or less | $ 4,290 | $ 4,198 |
After one year to two years | 3,745 | 3,950 |
After two years to three years | 3,075 | 3,150 |
After three years to four years | 2,773 | 2,479 |
After four years to five years | 2,000 | 2,177 |
Thereafter | 4,345 | 5,340 |
Total undiscounted cash flows | 20,228 | 21,294 |
Discount on cash flows | (1,613) | (1,709) |
Total lease liability | $ 18,615 | $ 19,585 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 110,715 | $ 85,324 |
Goodwill and intangible assets | 125,142 | 91,693 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets | 13,505 | 5,214 |
Mortgage servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-lived intangible assets | $ 922 | $ 1,155 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 1,980 | $ 1,025 | $ 1,048 |
Mortgage servicing rights | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 233 | 266 | 130 |
Core deposit intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 2,000 | $ 1,000 | $ 1,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Amortization of Core Deposit Intangibles (Details) - Core deposit intangibles - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
2023 | $ 2,350 | |
2024 | 2,190 | |
2025 | 2,018 | |
2026 | 1,829 | |
2027 | 1,615 | |
Thereafter | 3,503 | |
Total | $ 13,505 | $ 5,214 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Balance | ||
Non-interest-bearing demand | $ 1,806,152 | $ 1,712,061 |
Interest-bearing demand | 2,592,884 | 2,599,987 |
Money market accounts | 718,524 | 657,156 |
Savings and club deposits | 913,738 | 822,833 |
Certificates of deposit | 1,969,861 | 1,778,179 |
Total deposits | $ 8,001,159 | $ 7,570,216 |
Weighted Average Rate | ||
Interest-bearing demand | 0.75% | 0.25% |
Money market accounts | 0.93% | 0.22% |
Savings and club deposits | 0.06% | 0.06% |
Certificates of deposit | 2.16% | 0.73% |
Total deposits | 0.86% | 0.28% |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposit Liability [Line Items] | ||
Certificates of deposit | $ 1,969,861 | $ 1,778,179 |
Aggregate amount of certificates of deposit exceeding threshold amount | $ 1,100,000 | 932,400 |
Stewardship Financial Corporation | ||
Deposit Liability [Line Items] | ||
Certificates of deposit | $ 5,000 |
Deposits - Schedule of Deposit
Deposits - Schedule of Deposit Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
One year or less | $ 1,189,826 | $ 1,087,631 |
After one year to two years | 610,965 | 418,515 |
After two years to three years | 92,120 | 143,950 |
After three years to four years | 48,981 | 36,277 |
After four years | 27,969 | 91,806 |
Total term certificate accounts | $ 1,969,861 | $ 1,778,179 |
Deposits - Interest Expense on
Deposits - Interest Expense on Deposits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Interest expense on deposits | $ 27,878 | $ 29,109 | $ 55,246 |
Demand (including money market accounts) | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Interest expense on deposits | 13,900 | 10,077 | 15,556 |
Savings and club deposits | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Interest expense on deposits | 466 | 731 | 1,023 |
Certificates of deposit | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Interest expense on deposits | $ 13,512 | $ 18,301 | $ 38,667 |
Borrowings - Schedule of borrow
Borrowings - Schedule of borrowed funds (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Balance | $ 1,127,047 | $ 377,309 |
Weighted Average Interest Rate | 4.36% | 1.38% |
FHLB advances | ||
Debt Instrument [Line Items] | ||
Balance | $ 1,090,159 | $ 340,495 |
Weighted Average Interest Rate | 4.37% | 1.17% |
Notes payable | ||
Debt Instrument [Line Items] | ||
Balance | $ 29,894 | $ 29,841 |
Weighted Average Interest Rate | 3.35% | 3.35% |
Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Balance | $ 6,994 | $ 6,973 |
Weighted Average Interest Rate | 7.69% | 3.07% |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Balance | $ 1,127,047,000 | $ 377,309,000 | |
Unused line of credit | 339,000,000 | 250,000,000 | |
Advances from federal home loan banks | $ 1,600,000,000 | $ 1,900,000,000 | |
Weighted average interest rate | 4.36% | 1.38% | |
Proceeds from long-term borrowings | $ 335,893,000 | $ 37,120,000 | $ 90,000,000 |
Subsidiaries | |||
Debt Instrument [Line Items] | |||
Unused line of credit | 15,000,000 | 15,000,000 | |
Advances from federal home loan banks | 35,000,000 | 25,100,000 | |
Line of Credit | |||
Debt Instrument [Line Items] | |||
Balance | 0 | 0 | |
Interest expense, debt | 1,900,000 | 7,000 | 425,000 |
Line of Credit | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Interest expense, debt | 122,000 | ||
Line of credit facility, maximum borrowing capacity | 30,000,000 | ||
Proceeds from long-term borrowings | 6,500,000 | 0 | |
Repayments of long-term debt | 6,500,000 | ||
Securities sold under agreements to repurchase | |||
Debt Instrument [Line Items] | |||
Advances from federal home loan banks | 87,700,000 | 148,100,000 | |
Securities sold under agreements to repurchase | Subsidiaries | |||
Debt Instrument [Line Items] | |||
Advances from federal home loan banks | 28,300,000 | 44,100,000 | |
FHLB advances | |||
Debt Instrument [Line Items] | |||
Balance | 1,090,159,000 | 340,495,000 | |
Interest expense, debt | $ 11,500,000 | $ 7,600,000 | 17,700,000 |
Weighted average interest rate | 4.37% | 1.17% | |
Notes payable | |||
Debt Instrument [Line Items] | |||
Balance | $ 29,894,000 | $ 29,841,000 | |
Interest expense, debt | $ 1,100,000 | 25,000 | |
Debt instrument, face amount | $ 30,000,000 | ||
Weighted average interest rate | 3.35% | 3.35% | |
Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Balance | $ 6,994,000 | $ 6,973,000 | |
Interest expense, debt | $ 370,000 | $ 245,000 | 295,000 |
Weighted average interest rate | 7.69% | 3.07% | |
Interest rate, effective percentage | 7.69% | 3.07% | |
Subordinated notes | |||
Debt Instrument [Line Items] | |||
Interest expense, debt | $ 0 | $ 0 | $ 448,000 |
Interest Rate Swap | FHLB advances | |||
Debt Instrument [Line Items] | |||
Notional amount of derivative | $ 290,000,000 | $ 190,000,000 | |
London Interbank Offered Rate (LIBOR) | Junior subordinated debt | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.95% |
Borrowings - Schedule of contra
Borrowings - Schedule of contractual maturity of borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total FHLB advances | $ 1,127,047 | $ 377,309 |
Line of Credit and FHLB Advances | ||
Debt Instrument [Line Items] | ||
One year or less | 676,420 | |
After one year to two years | 335,036 | |
After two years to three years | 67,454 | |
After three years to four years | 7,140 | |
After four years | 4,109 | |
Total FHLB advances | $ 1,090,159 |
Stockholders' Equity - Actual C
Stockholders' Equity - Actual Capital Amounts and Ratios (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Parent Company | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer, ratio | 2.50% | |
Actual, Amount | ||
Total capital | $ 1,145,331 | $ 1,104,863 |
Tier one capital | 1,085,665 | 1,041,650 |
Common equity tier one capital | 1,078,448 | 1,034,433 |
Tier one leverage capital | $ 1,085,665 | $ 1,041,650 |
Ratio, Actual | ||
Capital to risk weighted assets | 0.1539 | 0.1713 |
Tier one risk based capital to risk weighted assets | 0.1459 | 0.1615 |
Common equity tier one capital | 0.1449 | 0.1604 |
Tier one leverage capital to average assets | 0.1068 | 0.1123 |
Minimum Capital Adequacy Requirements, Amount | ||
Capital required for capital adequacy | $ 595,313 | $ 515,924 |
Tier one risk based capital required for capital adequacy | 446,484 | 386,943 |
Common equity tier one capital required for capital adequacy | 334,863 | 290,207 |
Tier one leverage capital required for capital adequacy | $ 406,643 | $ 370,909 |
Minimum Capital Adequacy Requirements, Ratio | ||
Capital required for capital adequacy to risk weighted assets | 0.080 | 0.0800 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.060 | 0.0600 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 0.0450 | 0.0450 |
Tier one leverage capital required for capital adequacy to average assets | 0.040 | 0.0400 |
Minimum Capital Adequacy Requirements With Capital Conservation Buffer, Amount | ||
Capital required for capital adequacy with capital buffer | $ 781,348 | $ 677,151 |
Tier one risk based capital required for capital adequacy with capital buffer | 632,520 | 548,170 |
Common equity tier one risk based capital required for capital adequacy with capital buffer | 520,899 | 451,434 |
Tier one leverage capital required for capital adequacy with capital buffer to average assets | $ 406,643 | $ 370,909 |
Minimum Capital Adequacy Requirements With Capital Conservation Buffer, Ratio | ||
Capital required for capital adequacy with capital buffer to risk weighted assets | 0.1050 | 0.1050 |
Tier one risk based capital required for capital adequacy with capital buffer to risk weighted assets | 0.0850 | 0.0850 |
Common equity tier one risk based capital requirement for capital adequacy with capital buffer to risk weighted assets | 0.0700 | 0.0700 |
Tier one leverage capital requirement for capital adequacy with capital buffer to average assets | 4% | 4% |
Columbia Bank | ||
Actual, Amount | ||
Total capital | $ 1,019,850 | $ 962,137 |
Tier one capital | 961,613 | 898,935 |
Common equity tier one capital | 961,613 | 898,935 |
Tier one leverage capital | $ 961,613 | $ 898,935 |
Ratio, Actual | ||
Capital to risk weighted assets | 0.1412 | 0.1539 |
Tier one risk based capital to risk weighted assets | 0.1332 | 0.1438 |
Common equity tier one capital | 0.1332 | 0.1438 |
Tier one leverage capital to average assets | 0.0974 | 0.0980 |
Minimum Capital Adequacy Requirements, Amount | ||
Capital required for capital adequacy | $ 577,656 | $ 500,127 |
Tier one risk based capital required for capital adequacy | 433,242 | 375,095 |
Common equity tier one capital required for capital adequacy | 324,931 | 281,322 |
Tier one leverage capital required for capital adequacy | $ 394,968 | $ 366,961 |
Minimum Capital Adequacy Requirements, Ratio | ||
Capital required for capital adequacy to risk weighted assets | 0.0800 | 0.0800 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.0600 | 0.0600 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 0.0450 | 0.0450 |
Tier one leverage capital required for capital adequacy to average assets | 0.0400 | 0.0400 |
Minimum Capital Adequacy Requirements With Capital Conservation Buffer, Amount | ||
Capital required for capital adequacy with capital buffer | $ 758,173 | $ 656,417 |
Tier one risk based capital required for capital adequacy with capital buffer | 613,759 | 531,385 |
Common equity tier one risk based capital required for capital adequacy with capital buffer | 505,449 | 437,611 |
Tier one leverage capital required for capital adequacy with capital buffer to average assets | $ 394,968 | $ 366,961 |
Minimum Capital Adequacy Requirements With Capital Conservation Buffer, Ratio | ||
Capital required for capital adequacy with capital buffer to risk weighted assets | 0.1050 | 0.1050 |
Tier one risk based capital required for capital adequacy with capital buffer to risk weighted assets | 0.0850 | 0.0850 |
Common equity tier one risk based capital requirement for capital adequacy with capital buffer to risk weighted assets | 0.0700 | 0.0700 |
Tier one leverage capital requirement for capital adequacy with capital buffer to average assets | 4% | 4% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | ||
Capital required to be well capitalized, amount | $ 722,070 | $ 625,159 |
Tier one risk based capital required to be well capitalized, amount | 577,656 | 500,127 |
Common equity tier one capital required to be well-capitalized, amount | 469,345 | 406,353 |
Tier one leverage capital required to be well capitalized, amount | $ 493,711 | $ 458,701 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | ||
Capital required to be well capitalized to risk weighted assets, ratio | 0.1000 | 0.1000 |
Tier one risk based capital required to be well capitalized to risk weighted assets, ratio | 0.0800 | 0.0800 |
Common equity tier one capital required to be well-capitalized to risk weighted assets, ratio | 0.0650 | 0.0650 |
Tier one leverage capital required to be well capitalized to average assets, ratio | 0.0500 | 0.0500 |
Freehold Bank | ||
Actual, Amount | ||
Total capital | $ 44,725 | $ 41,549 |
Tier one capital | 43,298 | 41,537 |
Common equity tier one capital | 43,298 | 41,537 |
Tier one leverage capital | $ 43,298 | $ 41,537 |
Ratio, Actual | ||
Capital to risk weighted assets | 0.2292 | 0.2287 |
Tier one risk based capital to risk weighted assets | 0.2219 | 0.2286 |
Common equity tier one capital | 0.2219 | 0.2286 |
Tier one leverage capital to average assets | 0.1519 | 0.1371 |
Minimum Capital Adequacy Requirements, Amount | ||
Capital required for capital adequacy | $ 15,609 | $ 14,534 |
Tier one risk based capital required for capital adequacy | 11,706 | 10,901 |
Common equity tier one capital required for capital adequacy | 8,780 | 8,176 |
Tier one leverage capital required for capital adequacy | $ 11,399 | $ 12,118 |
Minimum Capital Adequacy Requirements, Ratio | ||
Capital required for capital adequacy to risk weighted assets | 0.0800 | 0.0800 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.0600 | 0.0600 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 0.0450 | 0.0450 |
Tier one leverage capital required for capital adequacy to average assets | 0.0400 | 0.0400 |
Minimum Capital Adequacy Requirements With Capital Conservation Buffer, Amount | ||
Capital required for capital adequacy with capital buffer | $ 20,486 | $ 19,076 |
Tier one risk based capital required for capital adequacy with capital buffer | 16,584 | 15,443 |
Common equity tier one risk based capital required for capital adequacy with capital buffer | 13,657 | 12,717 |
Tier one leverage capital required for capital adequacy with capital buffer to average assets | $ 11,399 | $ 12,118 |
Minimum Capital Adequacy Requirements With Capital Conservation Buffer, Ratio | ||
Capital required for capital adequacy with capital buffer to risk weighted assets | 0.1050 | 0.1050 |
Tier one risk based capital required for capital adequacy with capital buffer to risk weighted assets | 0.0850 | 0.0850 |
Common equity tier one risk based capital requirement for capital adequacy with capital buffer to risk weighted assets | 0.0700 | 0.0700 |
Tier one leverage capital requirement for capital adequacy with capital buffer to average assets | 4% | 4% |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | ||
Capital required to be well capitalized, amount | $ 19,511 | $ 18,168 |
Tier one risk based capital required to be well capitalized, amount | 15,609 | 14,534 |
Common equity tier one capital required to be well-capitalized, amount | 12,682 | 11,809 |
Tier one leverage capital required to be well capitalized, amount | $ 14,249 | $ 15,147 |
To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | ||
Capital required to be well capitalized to risk weighted assets, ratio | 0.1000 | 0.1000 |
Tier one risk based capital required to be well capitalized to risk weighted assets, ratio | 0.0800 | 0.0800 |
Common equity tier one capital required to be well-capitalized to risk weighted assets, ratio | 0.0650 | 0.0650 |
Tier one leverage capital required to be well capitalized to average assets, ratio | 0.0500 | 0.0500 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 14, 2022 | Dec. 06, 2021 | Feb. 01, 2021 | Sep. 10, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Number of shares authorized to be repurchased (in shares) | 3,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | |||
Stock repurchase program, percent of common stock | 2.70% | 4.60% | 4.50% | 4.30% | |||
Stock repurchase program, remaining number of shares authorized to be repurchased | 349,534 | ||||||
Treasury stock, shares purchased (in shares) | 4,464,405 | 6,055,119 | 7,587,142 | ||||
Cost method of shares repurchase | $ 93,996 | $ 107,774 | $ 108,166 | ||||
Cost method of shares repurchased (in dollars per share) | $ 21.05 | $ 17.80 | $ 14.26 | ||||
Fifth Stock Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Treasury stock, shares purchased (in shares) | 0 |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Change in Benefit Obligation and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | $ 310,416 | $ 312,440 | |
Acquired | 0 | 0 | |
Service cost | 6,466 | 8,044 | $ 7,985 |
Interest cost | 9,510 | 7,317 | 7,608 |
Actuarial gain | (88,943) | (9,023) | |
Benefits paid | (15,317) | (8,362) | |
Benefit obligation, ending balance | 222,132 | 310,416 | 312,440 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 492,132 | 411,907 | |
Actuarial (loss) return on plan assets | (83,063) | 53,587 | |
Employer contributions | 10,000 | 35,000 | |
Benefits paid | (15,317) | (8,362) | |
Fair value of plan assets, ending balance | 403,752 | 492,132 | 411,907 |
Funded status at end of year | 181,620 | 181,716 | |
Pension Plan | Acquired RSI Plan | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | 0 | ||
Acquired | 7,202 | ||
Service cost | 0 | ||
Interest cost | 198 | ||
Actuarial gain | (1,009) | ||
Benefits paid | (129) | ||
Settlements | (205) | ||
Benefit obligation, ending balance | 6,057 | 0 | |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 0 | ||
Acquired | 7,819 | ||
Actuarial (loss) return on plan assets | (424) | ||
Employer contributions | 0 | ||
Benefits paid | (129) | ||
Settlements | (205) | ||
Fair value of plan assets, ending balance | 7,061 | 0 | |
Funded status at end of year | 1,004 | ||
RIM Plan | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | 15,650 | 16,530 | |
Acquired | 0 | 0 | |
Service cost | 372 | 398 | 267 |
Interest cost | 389 | 343 | 405 |
Actuarial gain | (3,505) | (1,292) | |
Benefits paid | (296) | (329) | |
Benefit obligation, ending balance | 12,610 | 15,650 | 16,530 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 0 | 0 | |
Actuarial (loss) return on plan assets | 0 | 0 | |
Employer contributions | 296 | 329 | |
Benefits paid | (296) | (329) | |
Fair value of plan assets, ending balance | 0 | 0 | 0 |
Funded status at end of year | (12,610) | (15,650) | |
Post-retirement Plan | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | 26,335 | 30,621 | |
Acquired | 0 | 0 | |
Service cost | 346 | 520 | 394 |
Interest cost | 600 | 562 | 683 |
Actuarial gain | (6,849) | (4,805) | |
Benefits paid | (649) | (563) | |
Benefit obligation, ending balance | 19,783 | 26,335 | 30,621 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 0 | 0 | |
Actuarial (loss) return on plan assets | 0 | 0 | |
Employer contributions | 649 | 563 | |
Benefits paid | (649) | (563) | |
Fair value of plan assets, ending balance | 0 | 0 | 0 |
Funded status at end of year | (19,783) | (26,335) | |
Post-retirement Plan | Acquired RSI Plan | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | 0 | ||
Acquired | 3,163 | ||
Service cost | 93 | ||
Interest cost | 93 | ||
Actuarial gain | (1,298) | ||
Benefits paid | (4) | ||
Settlements | 0 | ||
Benefit obligation, ending balance | 2,047 | 0 | |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 0 | ||
Acquired | 0 | ||
Actuarial (loss) return on plan assets | 0 | ||
Employer contributions | 4 | ||
Benefits paid | (4) | ||
Settlements | 0 | ||
Fair value of plan assets, ending balance | 0 | 0 | |
Funded status at end of year | (2,047) | ||
Split-Dollar Life Insurance | |||
Change in benefit obligation: | |||
Benefit obligation, beginning balance | 20,140 | 19,981 | |
Acquired | 1,503 | 0 | |
Service cost | 511 | 562 | 467 |
Interest cost | 612 | 500 | 507 |
Actuarial gain | (6,534) | (903) | |
Benefits paid | (255) | 0 | |
Benefit obligation, ending balance | 15,977 | 20,140 | 19,981 |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | 0 | 0 | |
Actuarial (loss) return on plan assets | 0 | 0 | |
Employer contributions | 255 | 0 | |
Benefits paid | (255) | 0 | |
Fair value of plan assets, ending balance | 0 | 0 | $ 0 |
Funded status at end of year | $ (15,977) | $ (20,140) |
Employee Benefit Plans - Narrat
Employee Benefit Plans - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2018 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Years of employment benefits are based upon | 5 years | ||||
Bank-owned life insurance ("BOLI") | $ 264,854,000 | $ 247,474,000 | |||
Bank-owned life insurance income | $ 6,600,000 | 7,393,000 | 5,994,000 | $ 6,620,000 | |
Defined contribution plan, cost | 2,400,000 | ||||
Defined contribution plan, employer discretionary contribution amount | 204,000 | 213,000 | |||
Employee stock ownership plan, compensation expense | 4,850,000 | 4,052,000 | 3,161,000 | ||
RIM Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, funded (unfunded) status of plan | (12,610,000) | (15,650,000) | |||
Defined contribution plan, cost | 73,000 | 12,000 | 4,000 | ||
Employee stock ownership plan, compensation expense | 455,000 | 348,000 | 215,000 | ||
Defined benefit plan, net periodic benefit cost (credit) | 1,205,000 | 1,405,000 | 1,069,000 | ||
RIM Plan | Acquired Roselle Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, net periodic benefit cost (credit) | 12,000 | 9,000 | 11,000 | ||
RIM Plan | Acquired Freehold Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, net periodic benefit cost (credit) | 8,000 | 1,000 | |||
RIM Plan | Acquired RSI Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, net periodic benefit cost (credit) | 38,000 | ||||
Post-retirement Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, funded (unfunded) status of plan | (19,783,000) | (26,335,000) | |||
Defined benefit plan, net periodic benefit cost (credit) | 1,257,000 | 1,695,000 | 1,386,000 | ||
Post-retirement Plan | Acquired RSI Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, funded (unfunded) status of plan | (2,047,000) | ||||
Defined benefit plan, net periodic benefit cost (credit) | (244,000) | ||||
Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, funded (unfunded) status of plan | 181,620,000 | 181,716,000 | |||
Defined contribution plan, cost | 2,100,000 | 1,700,000 | |||
Defined benefit plan, net periodic benefit cost (credit) | (11,966,000) | (9,471,000) | (2,880,000) | ||
Pension Plan | Acquired RSI Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, funded (unfunded) status of plan | 1,004,000 | ||||
Defined benefit plan, net periodic benefit cost (credit) | (107,000) | ||||
Other Pension, Postretirement and Supplemental Plans | Acquired Freehold Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, net periodic benefit cost (credit) | 9,000 | 1,000 | |||
Defined benefit plan, annual benefit payment amount | $ 12,000 | ||||
Defined benefit plan, benefit payment installment period | 120 months | ||||
Liability, defined benefit plan | $ 390,000 | 459,000 | |||
Other Pension, Postretirement and Supplemental Plans | Acquired RSI Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Liability, defined benefit plan | 257,000 | ||||
Defined benefit plan, expense | $ 7,000 | ||||
Postemployment Retirement Benefits | Acquired Freehold Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, benefit payment installment period | 120 months | ||||
Defined benefit plan, percent return on deferrals | 10% | ||||
Liability, defined benefit plan | $ 399,000 | 765,000 | |||
Defined benefit plan, expense | 0 | 0 | |||
Postemployment Retirement Benefits | Acquired RSI Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Liability, defined benefit plan | 351,000 | ||||
Defined benefit plan, expense | $ 8,000 | ||||
Defined benefit plan, period directors elected not to receive director fees | 5 years | ||||
Defined benefit plan, benefit payable accrual period | 10 years | ||||
Defined benefit plan, payment commencement age | 65 years | ||||
Defined benefit plan, payment commencement period from plan implementation | 5 years | ||||
Maximum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution, percent of match | 4.50% | ||||
Maximum | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution, percent of match | 4.50% | ||||
Minimum | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution, percent of match | 3% | ||||
Minimum | Pension Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution, percent of match | 3% | ||||
Columbia Bank Employee Stock Ownership Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Proceeds from repayments of loans by employee stock ownership plans | $ 45,400,000 | ||||
Loan term | 20 years | 20 years | |||
Shares contributed to ESOP (in shares) | 4,542,855 | ||||
Fixed interest rate | 4.75% | ||||
Employee stock ownership plan, compensation expense | $ 4,900,000 | $ 4,100,000 | $ 3,200,000 |
Employee Benefit Plans - Sche_2
Employee Benefit Plans - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized prior service costs | $ 0 | $ 0 | $ 0 |
Unrecognized net actuarial loss (income) | 60,970 | 38,909 | 76,686 |
Total accumulated other comprehensive (income) loss | 60,970 | 38,909 | 76,686 |
Pension Plan | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized prior service costs | 0 | ||
Unrecognized net actuarial loss (income) | (281) | ||
Total accumulated other comprehensive (income) loss | (281) | ||
RIM Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized prior service costs | 0 | 0 | 0 |
Unrecognized net actuarial loss (income) | 1,781 | 5,730 | 7,686 |
Total accumulated other comprehensive (income) loss | 1,781 | 5,730 | 7,686 |
Post-retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized prior service costs | 0 | 0 | 0 |
Unrecognized net actuarial loss (income) | (161) | 6,999 | 12,417 |
Total accumulated other comprehensive (income) loss | (161) | 6,999 | 12,417 |
Post-retirement Plan | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized prior service costs | 0 | ||
Unrecognized net actuarial loss (income) | (868) | ||
Total accumulated other comprehensive (income) loss | (868) | ||
Split-Dollar Life Insurance | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized prior service costs | 294 | 350 | 405 |
Unrecognized net actuarial loss (income) | (65) | 7,071 | 8,741 |
Total accumulated other comprehensive (income) loss | $ 229 | $ 7,421 | $ 9,146 |
Employee Benefit Plans - Sche_3
Employee Benefit Plans - Schedule of Net Periodic Benefit Cost (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | $ 6,466 | $ 8,044 | $ 7,985 |
Interest cost | 9,510 | 7,317 | 7,608 |
Expected return on plan assets | (29,262) | (26,833) | (23,375) |
Amortization of Prior service cost | 0 | 0 | 0 |
Amortization of Net loss | 1,320 | 2,001 | 4,902 |
Net periodic (income) benefit cost | (11,966) | (9,471) | (2,880) |
Pension Plan | Acquired RSI Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 0 | ||
Interest cost | 198 | ||
Expected return on plan assets | (295) | ||
Settlements/curtailments | (10) | ||
Net periodic (income) benefit cost | (107) | ||
RIM Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 372 | 398 | 267 |
Interest cost | 389 | 343 | 405 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of Prior service cost | 0 | 0 | 0 |
Amortization of Net loss | 444 | 664 | 397 |
Net periodic (income) benefit cost | 1,205 | 1,405 | 1,069 |
RIM Plan | Acquired RSI Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net periodic (income) benefit cost | 38 | ||
Post-retirement Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 346 | 520 | 394 |
Interest cost | 600 | 562 | 683 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of Prior service cost | 0 | 0 | 0 |
Amortization of Net loss | 311 | 613 | 309 |
Net periodic (income) benefit cost | 1,257 | 1,695 | 1,386 |
Post-retirement Plan | Acquired RSI Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 93 | ||
Interest cost | 93 | ||
Expected return on plan assets | 0 | ||
Settlements/curtailments | (430) | ||
Net periodic (income) benefit cost | (244) | ||
Split-Dollar Life Insurance | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Service cost | 511 | 562 | 467 |
Interest cost | 612 | 500 | 507 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of Prior service cost | 56 | 56 | 56 |
Amortization of Net loss | 602 | 765 | 454 |
Net periodic (income) benefit cost | $ 1,781 | $ 1,883 | $ 1,484 |
Employee Benefit Plans - Sche_4
Employee Benefit Plans - Schedule of Weighted Average Actuarial Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.26% | 3.14% | 2.92% |
Rate of compensation increase | 3.75% | 3.75% | 3.75% |
Benefit obligation | 3.14% | 2.92% | 3.49% |
Benefit obligation remeasurement rate | 4.86% | 3.20% | 2.74% |
Service cost | 3.32% | 3.21% | 3.66% |
Service cost remeasurement rate | 4.95% | 3.46% | 2.97% |
Interest cost | 2.66% | 2.28% | 3.12% |
Interest cost remeasurement rate | 4.58% | 2.55% | 2.22% |
Expected rate of return on plan assets | 6.20% | 6.20% | 6.50% |
Expected rate of return on plan assets remeasurement rate | 7% | ||
Rate of compensation increase | 3.75% | 3.75% | 3.50% |
Pension Plan | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.24% | ||
Benefit obligation | 4.21% | ||
Expected rate of return on plan assets | 5.75% | ||
RIM Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.21% | 2.97% | 2.67% |
Rate of compensation increase | 3.75% | 3.75% | 3.75% |
Benefit obligation | 2.97% | 2.67% | 3.33% |
Service cost | 3.16% | 2.93% | 3.46% |
Interest cost | 2.52% | 2.10% | 3% |
Rate of compensation increase | 3.75% | 3.75% | 3.50% |
RIM Plan | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.36% | ||
Benefit obligation | 4.58% | ||
Post-retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.18% | 2.90% | 2.59% |
Benefit obligation | 2.90% | 2.59% | 3.27% |
Service cost | 3.19% | 2.96% | 3.52% |
Interest cost | 2.34% | 1.88% | 2.85% |
Split-Dollar Life Insurance | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.31% | 3.22% | 3.01% |
Rate of compensation increase | 3.75% | 3.75% | 3.75% |
Benefit obligation | 3.30% | 3.01% | 3.54% |
Service cost | 3.49% | 3.26% | 3.71% |
Interest cost | 2.95% | 2.53% | 3.28% |
Rate of compensation increase | 3.75% | 3.75% | 3.50% |
Employee Benefit Plans - Sche_5
Employee Benefit Plans - Schedule of Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 9,842 |
2024 | 10,610 |
2025 | 11,331 |
2026 | 11,989 |
2027 | 12,653 |
2028 - 2032 | 73,758 |
Pension Plan | Acquired RSI Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 209 |
2024 | 224 |
2025 | 237 |
2026 | 260 |
2027 | 308 |
2028 - 2032 | 2,058 |
RIM Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 431 |
2024 | 604 |
2025 | 735 |
2026 | 795 |
2027 | 829 |
2028 - 2032 | 4,628 |
Post-retirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 1,325 |
2024 | 1,390 |
2025 | 1,458 |
2026 | 1,527 |
2027 | 1,571 |
2028 - 2032 | 7,683 |
Post-retirement Plan | Acquired RSI Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 15 |
2024 | 27 |
2025 | 37 |
2026 | 45 |
2027 | 54 |
2028 - 2032 | 407 |
Split-Dollar Life Insurance | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 427 |
2024 | 463 |
2025 | 508 |
2026 | 566 |
2027 | 624 |
2028 - 2032 | $ 3,774 |
Employee Benefit Plans - Sche_6
Employee Benefit Plans - Schedule of Weighted Average and Target Allocations of Pension Assets (Details) - Pension Plan | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average assets allocations, percentage | 100% | 100% |
Acquired RSI Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average assets allocations, percentage | 100% | |
Equities | Acquired RSI Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average assets allocations, percentage | 66.80% | |
Plan assets, target allocation, percent | 65% | |
Domestic equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average assets allocations, percentage | 38.40% | 44.20% |
Foreign equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average assets allocations, percentage | 11.10% | 12.20% |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average assets allocations, percentage | 49% | 40.70% |
Fixed income | Acquired RSI Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average assets allocations, percentage | 32.20% | |
Plan assets, target allocation, percent | 34% | |
Commingled real estate funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average assets allocations, percentage | 0% | 2.40% |
Money market mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average assets allocations, percentage | 1.50% | 0.50% |
Money market mutual funds | Acquired RSI Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted average assets allocations, percentage | 1% | |
Plan assets, target allocation, percent | 1% | |
Minimum | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation, percent | 35% | |
Minimum | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation, percent | 40% | |
Minimum | Commingled real estate funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation, percent | 0% | |
Minimum | Money market mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation, percent | 0% | |
Maximum | Equities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation, percent | 70% | |
Maximum | Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation, percent | 60% | |
Maximum | Commingled real estate funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation, percent | 10% | |
Maximum | Money market mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan assets, target allocation, percent | 15% |
Employee Benefit Plans - Sche_7
Employee Benefit Plans - Schedule of Fair Value of Plan Assets (Details) - Pension Plan - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 403,752 | $ 492,132 | $ 411,907 |
Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 7,061 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 403,752 | 480,418 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 70 | ||
Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 11,714 | |
Significant Other Observable Inputs (Level 2) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,991 | ||
Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Money market mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,247 | 2,537 | |
Money market mutual funds | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 70 | ||
Money market mutual funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 6,247 | 2,537 | |
Money market mutual funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 70 | ||
Money market mutual funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Money market mutual funds | Significant Other Observable Inputs (Level 2) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Money market mutual funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Money market mutual funds | Significant Unobservable Inputs (Level 3) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Mutual funds - value stock fund | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,764 | 36,477 | |
Mutual funds - value stock fund | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 32,764 | 36,477 | |
Mutual funds - value stock fund | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mutual funds - value stock fund | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 197,680 | 200,349 | |
Fixed income | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,271 | ||
Fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 197,680 | 200,349 | |
Fixed income | Quoted Prices in Active Markets for Identical Assets (Level 1) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Fixed income | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income | Significant Other Observable Inputs (Level 2) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2,271 | ||
Fixed income | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Fixed income | Significant Unobservable Inputs (Level 3) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Mutual funds - international stock | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44,833 | 60,042 | |
Mutual funds - international stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 44,833 | 60,042 | |
Mutual funds - international stock | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mutual funds - international stock | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mutual funds - institutional stock index | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 122,228 | 181,013 | |
Mutual funds - institutional stock index | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 122,228 | 181,013 | |
Mutual funds - institutional stock index | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Mutual funds - institutional stock index | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | 0 | |
Commingled real estate funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,714 | ||
Commingled real estate funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Commingled real estate funds | Significant Other Observable Inputs (Level 2) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 11,714 | ||
Commingled real estate funds | Significant Unobservable Inputs (Level 3) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 | ||
Equities | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,720 | ||
Equities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 0 | ||
Equities | Significant Other Observable Inputs (Level 2) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 4,720 | ||
Equities | Significant Unobservable Inputs (Level 3) | Acquired RSI Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 0 |
Employee Benefit Plans - Sche_8
Employee Benefit Plans - Schedule of Employee Stock Ownership Plan (Details) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Retirement Benefits [Abstract] | ||
Allocated shares (in shares) | 1,005 | 802 |
Unearned shares (in shares) | 3,475 | 3,702 |
Total ESOP shares (in shares) | 4,480 | 4,504 |
Fair value of unearned ESOP shares | $ 75,129 | $ 77,226 |
Employee Benefit Plans - Stock
Employee Benefit Plans - Stock Based Compensation Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||
Dec. 19, 2022 | Nov. 21, 2022 | Oct. 31, 2022 | Mar. 21, 2022 | Mar. 02, 2022 | Mar. 22, 2021 | Dec. 31, 2022 | Dec. 31, 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 | |||||||||
Grants in period (in shares) | 58,912 | 173,766 | 130,951 | 109,654 | 363,629 | 109,654 | ||||
Grants in period (in dollars per share) | $ 6.79 | $ 7.22 | $ 6.51 | $ 4.91 | ||||||
Grants in period (in dollars per share) | $ 20.54 | $ 21.79 | $ 17.86 | $ 21.08 | $ 17.86 | |||||
Options exercised in period, intrinsic value | $ 1,800 | $ 59,991 | ||||||||
Exercises in period (in shares) | 315,703 | 28,522 | 0 | |||||||
Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares authorized (in shares) | 2,271,427 | |||||||||
Equity instruments other than options, grants in period (in shares) | 18,984 | 13,722 | 38,730 | 51,746 | 50,203 | 123,182 | 50,203 | |||
Equity instruments other than options, grants in period (in dollars per share) | $ 21.07 | $ 21.86 | $ 20.54 | $ 21.79 | $ 17.86 | $ 21.29 | $ 17.86 | |||
Share-based payment expense | $ 4,300 | $ 5,700 | $ 5,600 | |||||||
Equity instrument other than options, nonvested (in shares) | 430,954 | 1,054,335 | 1,263,169 | |||||||
Nonvested award, excluding option, cost not yet recognized | $ 6,000 | |||||||||
Cost not yet recognized, period for recognition | 1 year 9 months 18 days | |||||||||
Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares authorized (in shares) | 5,678,569 | |||||||||
Award vesting period (in years) | 1 year | 3 years | 3 years | 3 years | ||||||
Share-based payment expense | $ 3,200 | $ 3,200 | $ 3,200 | |||||||
Equity instrument other than options, nonvested (in shares) | 1,623,998 | |||||||||
Nonvested award, excluding option, cost not yet recognized | $ 6,400 | |||||||||
Cost not yet recognized, period for recognition | 2 years 7 months 6 days | |||||||||
Expiration period (in years) | 10 years | 10 years | 10 years | 10 years | ||||||
Expected term | 5 years 6 months | 6 years | 7 years | 6 years | ||||||
Risk free interest rate | 3.71% | 4.19% | 2.34% | 1.11% | ||||||
Expected volatility rate | 26.11% | 26.25% | 25.31% | 25.98% | ||||||
Expected dividend rate | 0% | 0% | 0% | 0% | ||||||
Minimum | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 1 year | |||||||||
Maximum | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 5 years | |||||||||
Share-based Payment Arrangement, Tranche One | Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 1 year | |||||||||
Share-based Payment Arrangement, Tranche One | Stock Option | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 1 year | 1 year | 1 year | 1 year |
Employee Benefit Plans - Restri
Employee Benefit Plans - Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||||||
Dec. 19, 2022 | Nov. 21, 2022 | Oct. 31, 2022 | Mar. 02, 2022 | Mar. 22, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Restricted Shares | |||||||
Beginning balance (in shares) | 1,054,335 | 1,263,169 | |||||
Granted (in shares) | 18,984 | 13,722 | 38,730 | 51,746 | 50,203 | 123,182 | 50,203 |
Vested (in shares) | (677,886) | (193,528) | |||||
Forfeited (in shares) | (68,677) | (65,509) | |||||
Ending balance (in shares) | 430,954 | 1,054,335 | |||||
Weighted Average Grant Date Fair Value | |||||||
Beginning balance (in dollars per share) | $ 15.78 | $ 15.66 | |||||
Granted (in dollars per share) | $ 21.07 | $ 21.86 | $ 20.54 | $ 21.79 | $ 17.86 | 21.29 | 17.86 |
Vested (in dollars per share) | 15.73 | 15.58 | |||||
Forfeited (in dollars per share) | 16.54 | 15.62 | |||||
Ending balance (in dollars per share) | $ 17.31 | $ 15.78 |
Employee Benefit Plans - Stoc_2
Employee Benefit Plans - Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 19, 2022 | Oct. 31, 2022 | Mar. 21, 2022 | Mar. 22, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Stock Options | |||||||
Beginning balance (in shares) | 3,637,542 | 3,708,628 | |||||
Granted (in shares) | 58,912 | 173,766 | 130,951 | 109,654 | 363,629 | 109,654 | |
Exercised (in shares) | (315,703) | (28,522) | 0 | ||||
Expired (in shares) | (10,116) | (20,894) | |||||
Forfeited (in shares) | (238,483) | (131,324) | |||||
Ending balance (in shares) | 3,436,869 | 3,637,542 | 3,708,628 | ||||
Options exercisable (in shares) | 1,812,871 | ||||||
Weighted Average Exercise Price | |||||||
Beginning balance (in dollars per share) | $ 15.78 | $ 15.66 | |||||
Granted (in dollars per share) | $ 20.54 | $ 21.79 | $ 17.86 | 21.08 | 17.86 | ||
Exercised (in dollars per share) | 15.76 | 15.60 | |||||
Expired (in dollars per share) | 15.60 | 15.60 | |||||
Forfeited (in dollars per share) | 16.20 | 15.66 | |||||
Ending balance (in dollars per share) | 16.26 | $ 15.78 | $ 15.66 | ||||
Options exercisable (in dollars per share) | $ 15.68 | ||||||
Weighted Average Remaining Contractual Term (in years) | |||||||
Outstanding | 6 years 10 months 24 days | 7 years 7 months 6 days | 8 years 7 months 6 days | ||||
Options exercisable | 6 years 7 months 6 days | ||||||
Aggregate Intrinsic Value | |||||||
Outstanding | $ 18,435,239 | $ 18,654,905 | $ 0 | ||||
Options exercisable | $ 10,767,256 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Contingency [Line Items] | |||
Deferred income tax expense (benefit), related to unrealized gain (losses) on available-for-sale securities | $ 53,400 | $ 8,000 | $ (5,600) |
Reclassification adjustment of actuarial net (loss) gain included in net income | 749 | 1,100 | 900 |
Deferred tax expense | 12,769 | 17,709 | 9,738 |
Deferred tax assets | 36,899 | ||
Included in retained earnings, no provision for income tax | 21,500 | 21,500 | |
Valuation allowance | 1,965 | 1,965 | |
Operating loss carryforwards | 147,000 | 116,100 | |
Accounting Standards Update 2016-13 | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |||
Income Tax Contingency [Line Items] | |||
Deferred tax assets | 2,400 | ||
RSI, Freehold, Roselle, And Stewardship Acquisitions | |||
Income Tax Contingency [Line Items] | |||
Deferred tax expense | 9,600 | 1,500 | $ 5,400 |
Roselle Entities | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 7,800 | 9,900 | |
RSI Entities | |||
Income Tax Contingency [Line Items] | |||
Operating loss carryforwards | 8,600 | ||
New Jersey Division of Taxation | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforward, amount | $ 2,200 | $ 2,200 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 13,253 | $ 12,443 | $ 5,072 |
State | 4,681 | 3,980 | 3,844 |
Total current | 17,934 | 16,423 | 8,916 |
Deferred: | |||
Federal | 9,222 | 12,594 | 9,847 |
State | 3,547 | 5,115 | (109) |
Total deferred | 12,769 | 17,709 | 9,738 |
Total income tax expense | $ 30,703 | $ 34,132 | $ 18,654 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Tax expense at applicable statutory rate | $ 24,544 | $ 26,498 | $ 16,013 |
Increase (decrease) in taxes resulting from: | |||
State tax, net of federal income tax benefit | 6,449 | 7,185 | 2,951 |
ESOP fair market value adjustment | 540 | 375 | 187 |
Tax exempt interest income | (31) | (15) | (11) |
Income from Bank-owned life insurance | (1,179) | (863) | (1,075) |
Dividend received deduction | (10) | (14) | (9) |
Non-deductible merger-related expenses | 40 | 53 | 42 |
Other, net | 350 | 913 | 556 |
Total income tax expense | $ 30,703 | $ 34,132 | $ 18,654 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowance for credit losses | $ 14,990 | $ 17,486 |
Post-retirement benefits | 6,002 | 5,974 |
Deferred compensation | 3,619 | 3,519 |
Retirement Income Maintenance plan | 3,062 | 2,767 |
ESOP | 990 | 810 |
Stock-based compensation | 2,386 | 2,288 |
Reserve for uncollected interest | 35 | 28 |
Net unrealized losses on debt securities and defined benefit plans | 70,060 | 17,809 |
Federal and State NOLs | 13,333 | 9,667 |
Alternative minimum assessment carryforwards | 2,156 | 2,156 |
Charitable contribution carryforward | 3,514 | 4,529 |
Purchase accounting | 2,805 | 1,551 |
Lease liability | 5,264 | 5,462 |
Other items | 7,002 | 4,077 |
Gross deferred tax assets | 135,218 | 78,123 |
Valuation allowance | (1,965) | (1,965) |
Total deferred tax assets, net | 133,253 | 76,158 |
Deferred tax liabilities: | ||
Pension expense | 68,825 | 61,530 |
Depreciation | 5,945 | 6,655 |
Deferred loan costs | 14,724 | 10,630 |
Intangible assets | 1,616 | 1,594 |
Lease right-of-use asset | 4,958 | 5,191 |
Other items | 286 | 307 |
Total gross deferred tax liabilities | 96,354 | 85,907 |
Net deferred tax asset (liability) | $ 36,899 | |
Net deferred tax asset (liability) | $ (9,749) |
Financial Transactions with O_3
Financial Transactions with Off-Balance-Sheet Risk and Concentrations of Credit Risk - Schedule of Loan Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Concentration Risk [Line Items] | ||
Loan commitments | $ 254,401 | $ 284,942 |
Residential real estate | ||
Concentration Risk [Line Items] | ||
Loan commitments | 55,852 | 115,998 |
Multifamily | ||
Concentration Risk [Line Items] | ||
Loan commitments | 50,175 | 19,770 |
Commercial real estate | ||
Concentration Risk [Line Items] | ||
Loan commitments | 17,621 | 54,178 |
Commercial business | ||
Concentration Risk [Line Items] | ||
Loan commitments | 24,846 | 27,773 |
Construction | ||
Concentration Risk [Line Items] | ||
Loan commitments | 100,430 | 58,069 |
Home equity loans and advances | ||
Concentration Risk [Line Items] | ||
Loan commitments | $ 5,477 | $ 9,154 |
Financial Transactions with O_4
Financial Transactions with Off-Balance-Sheet Risk and Concentrations of Credit Risk - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Derivative liabilities, at fair value, net | $ 684,000 | $ 7,900,000 |
Off-balance sheet, credit loss, liability | 6,970,000 | 524,000 |
(Reversal of) provision for credit losses | (1,228,000) | |
Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Loss Contingencies [Line Items] | ||
Fair value disclosure, off-balance sheet risk, amount, liability | 0 | |
Unused lines of Credit | ||
Loss Contingencies [Line Items] | ||
Fair value disclosure, off-balance sheet risk, amount, liability | 1,200,000,000 | 899,200,000 |
Mortgages | ||
Loss Contingencies [Line Items] | ||
Fair value disclosure, off-balance sheet risk, amount, liability | 0 | |
Letter of Credit | ||
Loss Contingencies [Line Items] | ||
Fair value disclosure, off-balance sheet risk, amount, liability | 20,400,000 | 12,900,000 |
Letter of Credit | New Jersey Governmental Unit Deposit Protection Act | ||
Loss Contingencies [Line Items] | ||
Fair value disclosure, off-balance sheet risk, amount, liability | $ 600,000 | $ 600,000 |
Financial Transactions with O_5
Financial Transactions with Off-Balance-Sheet Risk and Concentrations of Credit Risk - Schedule of Fair Value, off-Balance-Sheet Risks (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward] | |
Beginning balance | $ 524 |
(Reversal of) provision for credit losses | (1,228) |
Ending balance | 6,970 |
Accounting Standards Update 2016-13 | Impact of adopting ASU 2016-13 (CECL) effective January 1, 2022 | |
Off-Balance-Sheet, Credit Loss, Liability [Roll Forward] | |
Ending balance | $ 7,674 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2022 security | Dec. 31, 2021 security | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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 |
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 | Significant Unobservable Inputs (Level 3) | Measurement Input, Market Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0875 | |
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 | Significant Unobservable Inputs (Level 3) | Measurement Input, Market Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0325 | |
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 | Significant Unobservable Inputs (Level 3) | Measurement Input, Market Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0364 | |
Weighted Average | Measured on recurring basis | Corporate debt securities | Significant Unobservable Inputs (Level 3) | Measurement Input, Market Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0875 | |
Weighted Average | Measured on recurring basis | Municipal obligations | Significant Unobservable Inputs (Level 3) | Measurement Input, Market Yield | Valuation Technique, Discounted Cash Flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0339 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | $ 1,328,634 | $ 1,703,847 |
Equity securities, at fair value | 3,384 | 2,710 |
U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 63,566 | 34,879 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 1,181,727 | 1,554,359 |
Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 3,575 | 4,179 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 79,766 | 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] | ||
Debt securities available for sale, at fair value | 55,178 | 34,879 |
Equity securities, at fair value | 3,053 | 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] | ||
Debt securities available for sale, at fair value | 1,261,333 | 1,668,968 |
Equity securities, at fair value | 331 | 346 |
Derivative assets | 19,756 | 9,492 |
Derivative liabilities | 19,072 | 17,366 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 12,123 | 0 |
Equity securities, at fair value | 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] | ||
Debt securities available for sale, at fair value | 1,328,634 | 1,703,847 |
Equity securities, at fair value | 3,384 | 2,710 |
Derivative assets | 19,756 | 9,492 |
Assets | 1,351,774 | 1,716,049 |
Derivative liabilities | 19,072 | 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] | ||
Debt securities available for sale, at fair value | 63,566 | 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] | ||
Debt securities available for sale, at fair value | 1,181,727 | 1,554,359 |
Measured on recurring basis | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 3,575 | 4,179 |
Measured on recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 79,766 | 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] | ||
Debt securities available for sale, at fair value | 55,178 | 34,879 |
Equity securities, at fair value | 3,053 | 2,364 |
Derivative assets | 0 | 0 |
Assets | 58,231 | 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] | ||
Debt securities available for sale, at fair value | 55,178 | 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] | ||
Debt securities available for sale, at fair value | 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] | ||
Debt securities available for sale, at fair value | 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] | ||
Debt securities available for sale, at fair value | 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] | ||
Debt securities available for sale, at fair value | 1,261,333 | 1,668,968 |
Equity securities, at fair value | 331 | 346 |
Derivative assets | 19,756 | 9,492 |
Assets | 1,281,420 | 1,678,806 |
Derivative liabilities | 19,072 | 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] | ||
Debt securities available for sale, at fair value | 8,388 | 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] | ||
Debt securities available for sale, at fair value | 1,181,727 | 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] | ||
Debt securities available for sale, at fair value | 897 | 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] | ||
Debt securities available for sale, at fair value | 70,321 | 110,430 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities available for sale, at fair value | 12,123 | 0 |
Equity securities, at fair value | 0 | 0 |
Derivative assets | 0 | 0 |
Assets | 12,123 | 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] | ||
Debt securities available for sale, at fair value | 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] | ||
Debt securities available for sale, at fair value | 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] | ||
Debt securities available for sale, at fair value | 2,678 | 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] | ||
Debt securities available for sale, at fair value | $ 9,445 | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Debt securities available for sale: | |
Maturity of Level 3 asset | $ (914) |
Change in fair value of Level 3 assets | $ (502) |
FairValueRecurringBasisUnobservableInputReconciliationAssetGainLossStatementOfIncomeExtensibleListNotDisclosedFlag | Change in fair value of Level 3 assets |
Significant Unobservable Inputs (Level 3) | Measured on recurring basis | |
Debt securities available for sale: | |
Beginning balance | $ 0 |
Transfers into Level 3 assets | 13,539 |
Ending balance | $ 12,123 |
Fair Value Measurements - Ass_3
Fair Value Measurements - Assets and Liabilities Measured on Non-Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 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] | ||
Loans held-for-sale, at fair value | $ 0 | $ 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, at fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, at fair value | 6,771,095 | 6,457,766 |
Measured on non-recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held-for-sale, at fair value | 1,213 | |
Mortgage servicing rights | 2,107 | 1,906 |
Assets | 2,107 | 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] | ||
Loans held-for-sale, at fair value | 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] | ||
Loans held-for-sale, at fair value | 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] | ||
Loans held-for-sale, at fair value | 1,213 | |
Mortgage servicing rights | 2,107 | 1,906 |
Assets | $ 2,107 | $ 3,119 |
Fair Value Measurements - Quali
Fair Value Measurements - Qualitative Valuation (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Measured on non-recurring basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Loans held-for-sale, at fair value | $ 1,213 | |
Mortgage servicing rights | $ 2,107 | 1,906 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Loans held-for-sale, at fair value | 6,771,095 | 6,457,766 |
Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Loans held-for-sale, at fair value | 1,213 | |
Mortgage servicing rights | $ 2,107 | $ 1,906 |
Significant Unobservable Inputs (Level 3) | Discount Rate | Measured on non-recurring basis | Estimated Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Impaired financing receivable, measurement input | 0 | |
Significant Unobservable Inputs (Level 3) | Discount Rate | Measured on non-recurring basis | Weighted Average | Estimated Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Impaired financing receivable, measurement input | 0 | |
Servicing asset, measurement input | 0.1450 | 0.1025 |
Significant Unobservable Inputs (Level 3) | Prepayments Speeds and Discount Rates | Measured on non-recurring basis | Minimum | Estimated Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Servicing asset, measurement input | 0.055 | 0.075 |
Significant Unobservable Inputs (Level 3) | Prepayments Speeds and Discount Rates | Measured on non-recurring basis | Maximum | Estimated Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Servicing asset, measurement input | 0.271 | 0.249 |
Significant Unobservable Inputs (Level 3) | Prepayments Speeds and Discount Rates | Measured on non-recurring basis | Weighted Average | Estimated Cash Flow | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] (Deprecated 2018-01-31) | ||
Servicing asset, measurement input | 0.086 | 0.127 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value on Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Debt securities available for sale, at fair value | $ 1,328,634 | $ 1,703,847 |
Debt securities held to maturity | 370,391 | 434,789 |
Equity securities, at fair value | 3,384 | 2,710 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 179,228 | 70,963 |
Debt securities available for sale, at fair value | 55,178 | 34,879 |
Debt securities held to maturity | 0 | 0 |
Equity securities, at fair value | 3,053 | 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, at fair value | 1,261,333 | 1,668,968 |
Debt securities held to maturity | 370,391 | 434,789 |
Equity securities, at fair value | 331 | 346 |
Federal Home Loan Bank stock | 58,114 | 23,141 |
Loans receivable, net | 0 | 0 |
Derivative assets | 19,756 | 9,492 |
Financial liabilities: | ||
Deposits | 7,942,782 | 7,564,210 |
Borrowings | 1,146,265 | 378,810 |
Derivative liabilities | 19,072 | 17,366 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale, at fair value | 12,123 | 0 |
Debt securities held to maturity | 0 | 0 |
Equity securities, at fair value | 0 | |
Federal Home Loan Bank stock | 0 | 0 |
Loans receivable, net | 6,771,095 | 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 | 179,228 | 70,963 |
Debt securities available for sale, at fair value | 1,328,634 | 1,703,847 |
Debt securities held to maturity | 421,523 | 429,734 |
Equity securities, at fair value | 3,384 | 2,710 |
Federal Home Loan Bank stock | 58,114 | 23,141 |
Loans receivable, net | 7,624,761 | 6,297,912 |
Derivative assets | 19,756 | 9,492 |
Financial liabilities: | ||
Deposits | 8,001,159 | 7,570,216 |
Borrowings | 1,127,047 | 377,309 |
Derivative liabilities | 19,072 | 17,366 |
Total Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 179,228 | 70,963 |
Debt securities available for sale, at fair value | 1,328,634 | 1,703,847 |
Debt securities held to maturity | 370,391 | 434,789 |
Equity securities, at fair value | 3,384 | 2,710 |
Federal Home Loan Bank stock | 58,114 | 23,141 |
Loans receivable, net | 6,771,095 | 6,457,766 |
Derivative assets | 19,756 | 9,492 |
Financial liabilities: | ||
Deposits | 7,942,782 | 7,564,210 |
Borrowings | 1,146,265 | 378,810 |
Derivative liabilities | $ 19,072 | $ 17,366 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income | $ 86,173 | $ 92,049 | $ 57,603 |
Shares: | |||
Weighted average shares outstanding - basic (in shares) | 105,580,823 | 104,156,112 | 109,755,924 |
Weighted average dilutive shares outstanding (in shares) | 612,338 | 0 | 0 |
Weighted average shares outstanding - diluted (in shares) | 106,193,161 | 104,156,112 | 109,755,924 |
Earnings per share: | |||
Basic (in dollars per share) | $ 0.82 | $ 0.88 | $ 0.52 |
Diluted (in dollars per share) | $ 0.81 | $ 0.88 | $ 0.52 |
Earnings per Share - Narrative
Earnings per Share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share (in shares) | 129,049 | 3,726,249 | 3,757,530 |
Parent-only Financial Informa_3
Parent-only Financial Information - Statement of Financial Condition (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Cash and due from banks | $ 179,097 | $ 70,702 | ||
Short-term investments | 131 | 261 | ||
Total cash and cash equivalents | 179,228 | 70,963 | ||
Equity securities, at fair value | 3,384 | 2,710 | ||
Other assets | 284,754 | 249,615 | ||
Total assets | 10,408,169 | 9,224,097 | ||
Liabilities: | ||||
Balance | 1,127,047 | 377,309 | ||
Accrued expenses and other liabilities | 180,908 | 161,020 | ||
Total liabilities | 9,354,574 | 8,145,016 | ||
Stockholders' equity | 1,053,595 | 1,079,081 | $ 1,011,287 | $ 982,517 |
Total liabilities and stockholders' equity | 10,408,169 | 9,224,097 | ||
Parent Company | ||||
Assets | ||||
Cash and due from banks | 59,754 | 77,077 | ||
Short-term investments | 131 | 261 | ||
Total cash and cash equivalents | 59,885 | 77,338 | ||
Equity securities, at fair value | 201 | 216 | ||
Investment in subsidiaries | 979,841 | 981,922 | ||
Loans receivable, net | 38,187 | 39,862 | ||
Other assets | 13,760 | 15,608 | ||
Total assets | 1,091,874 | 1,114,946 | ||
Liabilities: | ||||
Balance | 36,888 | 36,815 | ||
Accrued expenses and other liabilities | 1,391 | 2,301 | ||
Total liabilities | 38,279 | 39,116 | ||
Stockholders' equity | 1,053,595 | 1,075,830 | ||
Total liabilities and stockholders' equity | $ 1,091,874 | $ 1,114,946 |
Parent-only Financial Informa_4
Parent-only Financial Information - Statement of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income: | |||
Loans receivable | $ 263,559 | $ 228,841 | $ 255,236 |
Unrealized (loss) gain on debt securities available for sale | (137,255) | (30,979) | 21,236 |
Interest expense on borrowings | 15,015 | 7,907 | 18,892 |
Net interest income | 266,777 | 233,134 | 221,573 |
Non-interest income: | |||
Gain on securities transactions | 210 | 2,025 | 370 |
Gain on sale of loans | 178 | 10,790 | 5,444 |
Other non-interest income | 10,380 | 8,940 | 6,983 |
Total non-interest income (loss) | 30,400 | 38,831 | 31,270 |
Non-interest expense: | |||
Merger-related expenses | 2,810 | 822 | 1,931 |
Other non-interest expense | 5,515 | 8,867 | 14,556 |
Total non-interest expense | 174,816 | 155,737 | 158,139 |
Income before income tax expense | 116,876 | 126,181 | 76,257 |
Income tax expense | 30,703 | 34,132 | 18,654 |
Net income | 86,173 | 92,049 | 57,603 |
Other comprehensive income (loss) | (133,377) | 23,706 | (890) |
Total comprehensive income (loss), net of tax | (47,204) | 115,755 | 56,713 |
Parent Company | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiary | 80,000 | 65,000 | 50,000 |
Interest income: | |||
Loans receivable | 1,893 | 1,969 | 2,047 |
Unrealized (loss) gain on debt securities available for sale | 10 | 43 | 51 |
Interest-earning deposits | 7 | 0 | 1 |
Total interest income | 81,910 | 67,012 | 52,099 |
Interest expense on borrowings | 1,600 | 427 | 863 |
Net interest income | 80,310 | 66,585 | 51,236 |
Equity earnings (loss) in subsidiaries | 9,132 | 27,652 | 8,027 |
Non-interest income: | |||
Gain on securities transactions | 0 | 383 | 2 |
Gain on sale of loans | (15) | (35) | (115) |
Other non-interest income | 650 | 0 | 0 |
Total non-interest income (loss) | 635 | 348 | (113) |
Non-interest expense: | |||
Merger-related expenses | 522 | 546 | 280 |
Other non-interest expense | 2,861 | 2,203 | 1,377 |
Total non-interest expense | 3,383 | 2,749 | 1,657 |
Income before income tax expense | 86,694 | 91,836 | 57,493 |
Income tax expense | 521 | (213) | (110) |
Net income | 86,173 | 92,049 | 57,603 |
Other comprehensive income (loss) | (133,377) | 23,706 | (890) |
Total comprehensive income (loss), net of tax | $ (47,204) | $ 115,755 | $ 56,713 |
Parent-only Financial Informa_5
Parent-only Financial Information - Statement of Cash Flows (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 86,173,000 | $ 92,049,000 | $ 57,603,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of intangible assets | 1,980,000 | 1,025,000 | 1,048,000 |
Gain on securities transactions | (210,000) | (2,025,000) | (370,000) |
Change in fair value of equity securities | 401,000 | 1,792,000 | (767,000) |
Deferred tax expense | 12,769,000 | 17,709,000 | 9,738,000 |
(Increase) in other assets | (9,884,000) | (22,159,000) | (75,127,000) |
Increase in accrued expenses and other liabilities | 24,998,000 | 1,926,000 | 32,891,000 |
Net cash provided by operating activities | 142,158,000 | 98,704,000 | 49,044,000 |
Cash flows from investing activities: | |||
Proceeds from sales of equity securities | 0 | 1,390,000 | 0 |
Proceeds from paydown/maturities/calls of debt securities available for sale | 281,959,000 | 368,249,000 | 247,908,000 |
Purchases of equity securities | 0 | (91,000) | 0 |
Repayment of loan receivable from Columbia Bank | 0 | 0 | 35,613,000 |
Net cash acquired in acquisitions | 140,769,000 | 20,417,000 | 155,248,000 |
Net cash (used in) provided by investing activities | (614,725,000) | (443,605,000) | 257,645,000 |
Cash flows from financing activities: | |||
Payment of subordinated debt | 0 | 0 | (16,600,000) |
Proceeds from term note | 0 | 29,841,000 | 0 |
Purchase of treasury stock | (93,996,000) | (107,774,000) | (108,166,000) |
Restricted stock forfeitures | 0 | 0 | (24,000) |
Repurchase of shares for taxes | (4,614,000) | (357,000) | (174,000) |
Net cash provided by (used in) financing activities | 580,832,000 | (7,093,000) | 40,721,000 |
Net increase (decrease) in cash and cash equivalents | 108,265,000 | (351,994,000) | 347,410,000 |
Cash and cash equivalents at beginning of year | 70,963,000 | 422,957,000 | 75,547,000 |
Cash and cash equivalents at end of year | 179,228,000 | 70,963,000 | 422,957,000 |
Acquisition: | |||
Net cash and cash equivalents acquired in acquisition | 140,769,000 | 20,417,000 | 155,248,000 |
Parent Company | |||
Cash flows from operating activities: | |||
Net income | 86,173,000 | 92,049,000 | 57,603,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Amortization of intangible assets | 73,000 | 21,000 | (278,000) |
Gain on securities transactions | 0 | (383,000) | (2,000) |
Change in fair value of equity securities | 15,000 | 35,000 | 115,000 |
Deferred tax expense | 2,463,000 | 1,830,000 | 1,411,000 |
(Increase) in other assets | (642,000) | (7,721,000) | (2,675,000) |
Increase in accrued expenses and other liabilities | (997,000) | 691,000 | (647,000) |
Equity in undistributed (earnings)of subsidiaries | (9,132,000) | (27,652,000) | (8,027,000) |
Net cash provided by operating activities | 77,953,000 | 58,870,000 | 47,500,000 |
Cash flows from investing activities: | |||
Proceeds from sales of equity securities | 0 | 1,390,000 | 0 |
Proceeds from paydown/maturities/calls of debt securities available for sale | 0 | 0 | 1,498,000 |
Purchases of equity securities | 0 | (91,000) | 0 |
Repayment of loan receivable from Columbia Bank | 1,675,000 | 1,599,000 | 1,521,000 |
Net cash acquired in acquisitions | 31,000 | 0 | 0 |
Net cash (used in) provided by investing activities | 1,706,000 | 2,898,000 | 3,019,000 |
Cash flows from financing activities: | |||
Payment of subordinated debt | 0 | 0 | (16,600,000) |
Proceeds from term note | 0 | 29,841,000 | 0 |
Purchase of treasury stock | (93,996,000) | (107,774,000) | (108,166,000) |
Exercise of stock options | 325,000 | (25,000) | 0 |
Issuance of common stock allocated to restricted stock award grants | 2,624,000 | 0 | 0 |
Restricted stock forfeitures | (1,451,000) | (1,234,000) | (199,000) |
Repurchase of shares for taxes | (4,614,000) | (357,000) | (181,000) |
Issuance of treasury stock allocated to restricted stock award grants | 0 | 896,000 | 481,000 |
Net cash provided by (used in) financing activities | (97,112,000) | (78,653,000) | (124,665,000) |
Net increase (decrease) in cash and cash equivalents | (17,453,000) | (16,885,000) | (74,146,000) |
Cash and cash equivalents at beginning of year | 77,338,000 | 94,223,000 | 168,369,000 |
Cash and cash equivalents at end of year | 59,885,000 | 77,338,000 | 94,223,000 |
Acquisition: | |||
Net cash and cash equivalents acquired in acquisition | $ 31,000 | $ 0 | $ 0 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Tax effects of components in other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Before Tax | |||
Other comprehensive income (loss) | $ (185,367) | $ 24,411 | $ (1,122) |
Tax Effect | |||
Other comprehensive income (loss) | 51,990 | (705) | 232 |
After Tax | |||
Total other comprehensive income (loss) | (133,377) | 23,706 | (890) |
Unrealized (Losses) on Debt Securities Available for Sale | |||
Before Tax | |||
Other comprehensive income (loss), before reclassifications | (190,682) | (39,000) | 26,876 |
Other comprehensive income (loss) | (190,503) | (37,003) | 27,406 |
Tax Effect | |||
Other comprehensive income (loss), before reclassifications | 53,427 | 8,021 | (5,640) |
Other comprehensive income (loss) | 53,377 | 7,619 | (5,755) |
After Tax | |||
Other comprehensive income (loss), before reclassifications | (137,255) | (30,979) | 21,236 |
Total other comprehensive income (loss) | (137,126) | (29,384) | 21,651 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Accretion Of Unrealized Gains (Losses), Parent | |||
Before Tax | |||
Reclassification from AOCI, current period | (31) | (28) | 160 |
Tax Effect | |||
Reclassification from AOCI, current period | 9 | 25 | (34) |
After Tax | |||
Reclassification from AOCI, current period | (22) | (3) | 126 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Other Reclassifications, Parent | |||
Before Tax | |||
Reclassification from AOCI, current period | 210 | 2,025 | 370 |
Tax Effect | |||
Reclassification from AOCI, current period | (59) | (427) | (81) |
After Tax | |||
Reclassification from AOCI, current period | 151 | 1,598 | 289 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Before Tax | |||
Other comprehensive income (loss), before reclassifications | 7,524 | 14,514 | (10,605) |
Tax Effect | |||
Other comprehensive income (loss), before reclassifications | (2,103) | (2,575) | 2,223 |
After Tax | |||
Other comprehensive income (loss), before reclassifications | 5,421 | 11,939 | (8,382) |
Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent | |||
Before Tax | |||
Reclassification from AOCI, current period | (56) | (55) | (56) |
Tax Effect | |||
Reclassification from AOCI, current period | 15 | 16 | 12 |
After Tax | |||
Reclassification from AOCI, current period | (41) | (39) | (44) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent | |||
Before Tax | |||
Reclassification from AOCI, current period | (2,677) | (4,044) | (4,284) |
Tax Effect | |||
Reclassification from AOCI, current period | 749 | 1,129 | 900 |
After Tax | |||
Reclassification from AOCI, current period | (1,928) | (2,915) | (3,384) |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | |||
Before Tax | |||
Other comprehensive income (loss), before reclassifications | 345 | 50,999 | (13,583) |
Other comprehensive income (loss) | (2,388) | 46,900 | (17,923) |
Tax Effect | |||
Other comprehensive income (loss), before reclassifications | (48) | (6,894) | 2,852 |
Other comprehensive income (loss) | 716 | (5,749) | 3,764 |
After Tax | |||
Other comprehensive income (loss), before reclassifications | 297 | 44,105 | (10,731) |
Total other comprehensive income (loss) | $ (1,672) | $ 41,151 | $ (14,159) |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Changes in components of other comprehensive income (loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 1,079,081 | $ 1,011,287 | $ 982,517 |
Current period changes in other comprehensive income (loss) | (133,377) | 23,706 | (890) |
Balance at end of year | 1,053,595 | 1,079,081 | 1,011,287 |
Accumulated Other Comprehensive (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (45,919) | (69,625) | (68,735) |
Current period changes in other comprehensive income (loss) | (133,377) | 23,706 | (890) |
Balance at end of year | (179,296) | (45,919) | (69,625) |
Unrealized (Losses) on Debt Securities Available for Sale | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 1,644 | 31,028 | 9,377 |
Current period changes in other comprehensive income (loss) | (137,126) | (29,384) | 21,651 |
Balance at end of year | (135,482) | 1,644 | 31,028 |
Unrealized Gains (Losses) on Swaps | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (4,917) | (16,856) | (8,474) |
Current period changes in other comprehensive income (loss) | 5,421 | 11,939 | (8,382) |
Balance at end of year | 504 | (4,917) | (16,856) |
Employee Benefit Plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (42,646) | (83,797) | (69,638) |
Current period changes in other comprehensive income (loss) | (1,672) | 41,151 | (14,159) |
Balance at end of year | $ (44,318) | $ (42,646) | $ (83,797) |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Gain on securities transactions | $ 210 | $ 2,025 | $ 370 |
Other non-interest expense | 5,515 | 8,867 | 14,556 |
Total before tax | 116,876 | 126,181 | 76,257 |
Income tax benefit | (30,703) | (34,132) | (18,654) |
Net income | 86,173 | 92,049 | 57,603 |
Accumulated Other Comprehensive Income (Loss) Components | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total before tax | (2,467) | (2,019) | (3,914) |
Income tax benefit | 690 | 702 | 819 |
Net income | (1,777) | (1,317) | (3,095) |
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 | 210 | 2,025 | 370 |
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 | $ (2,677) | $ (4,044) | $ (4,284) |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) swap | Dec. 31, 2021 USD ($) swap | Dec. 31, 2020 USD ($) | |
Derivative [Line Items] | |||
Loss on extinguishment of debt | $ 0 | $ (2,851,000) | $ (1,158,000) |
Accrued interest on derivative, at fair value | 22,000 | 567,000 | |
Net liability position | 684,000 | ||
Collateral against obligations | 760,000 | ||
Interest Rate Swap | |||
Derivative [Line Items] | |||
Derivative gains (losses) recorded in the Statements of Income | 489,000 | 115,000 | $ (306,000) |
FHLB advances | Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amount of derivative | 290,000,000 | 190,000,000 | |
Not Designated as Hedging Instrument | Currency forward contract - non-designated hedge | |||
Derivative [Line Items] | |||
Notional amount of derivative | 0 | 0 | |
Not Designated as Hedging Instrument | Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 205,000,000 | $ 183,400,000 | |
Number of commercial banking customers | swap | 54 | 52 | |
Designated as Hedging Instrument | FHLB advances | Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 290,000,000 | $ 190,000,000 | |
Number of interest rate derivatives held | swap | 20 | 14 | |
Derivatives, notional amount discontinued relative to the hedge | $ 210,000,000 | ||
Loss on extinguishment of debt | $ 996,000 | ||
Designated as Hedging Instrument | Commercial Loan | Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amount of derivative | $ 100,000,000 | ||
Number of interest rate derivatives held | swap | 2 | 0 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Interest Rate Swap | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 4,290 | $ 0 |
Derivative liabilities | 3,918 | 7,696 |
Interest Rate Swap | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 15,466 | 9,492 |
Derivative liabilities | 15,154 | 9,670 |
Carrying Value | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 19,756 | 9,492 |
Derivative liabilities | $ 19,072 | $ 17,366 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total out-of-scope non-interest income | $ 12,877 | $ 21,340 | $ 16,131 |
Total non-interest income (loss) | 30,400 | 38,831 | 31,270 |
Deposit Account, Title Insurance And Other Non-Interest Income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 17,523 | 17,491 | 15,139 |
Demand deposit account fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 5,293 | 3,803 | 3,633 |
Title insurance fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,423 | 6,088 | 5,034 |
Insurance agency income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 141 | 0 | 0 |
Other non-interest income | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 8,666 | $ 7,600 | $ 6,472 |