Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
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 | 07140 | |
City Area Code | 800 | |
Local Phone Number | 522-4167 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | CLBK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 104,727,144 | |
Entity Central Index Key | 0001723596 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period | Q2 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 391,004 | $ 423,140 |
Short-term investments | 110 | 109 |
Total cash and cash equivalents | 391,114 | 423,249 |
Debt securities available for sale, at fair value | 1,263,459 | 1,093,557 |
Debt securities held to maturity, at amortized cost (fair value of $365,344 and $357,177 at June 30, 2024 and December 31, 2023, respectively) | 411,300 | 401,154 |
Equity securities, at fair value | 4,531 | 4,079 |
Federal Home Loan Bank stock | 87,618 | 81,022 |
Loans receivable | 7,819,011 | 7,874,537 |
Less: allowance for credit losses | 57,062 | 55,096 |
Loans receivable, net | 7,761,949 | 7,819,441 |
Accrued interest receivable | 41,338 | 39,345 |
Office properties and equipment, net | 82,547 | 83,577 |
Bank-owned life insurance ("BOLI") | 271,300 | 268,362 |
Goodwill and intangible assets | 122,102 | 123,350 |
Other real estate owned | 1,974 | 0 |
Other assets | 324,358 | 308,432 |
Total assets | 10,763,590 | 10,645,568 |
Liabilities: | ||
Deposits | 7,781,547 | 7,846,556 |
Borrowings | 1,683,899 | 1,528,695 |
Advance payments by borrowers for taxes and insurance | 47,842 | 43,509 |
Accrued expenses and other liabilities | 203,568 | 186,473 |
Total liabilities | 9,716,856 | 9,605,233 |
Stockholders' equity: | ||
Preferred stock, $0.01 par value. 10,000,000 shares authorized; none issued and outstanding at June 30, 2024 and December 31, 2023 | 0 | 0 |
Common stock, $0.01 par value. 500,000,000 shares authorized; 131,370,633 shares issued and 104,755,270 shares outstanding at June 30, 2024 and 131,155,268 shares issued and 104,918,905 shares outstanding at December 31, 2023 | 1,314 | 1,312 |
Additional paid-in capital | 796,432 | 791,450 |
Retained earnings | 896,989 | 893,604 |
Accumulated other comprehensive loss | (155,482) | (158,735) |
Treasury stock, at cost; 26,615,363 shares at June 30, 2024 and 26,236,363 shares at December 31, 2023 | (460,291) | (454,128) |
Common stock held by the Employee Stock Ownership Plan | (31,349) | (32,478) |
Stock held by Rabbi Trust | (3,106) | (2,955) |
Deferred compensation obligations | 2,227 | 2,265 |
Total stockholders' equity | 1,046,734 | 1,040,335 |
Total liabilities and stockholders' equity | $ 10,763,590 | $ 10,645,568 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Debt securities held to maturity | $ 365,344 | $ 357,177 |
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) | 131,370,633 | 131,155,268 |
Common stock, shares outstanding (in shares) | 104,755,270 | 104,918,905 |
Treasury stock, shares (in shares) | 26,615,363 | 26,236,363 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest income: | ||||
Loans receivable | $ 95,252 | $ 84,188 | $ 188,201 | $ 164,478 |
Debt securities available for sale and equity securities | 9,241 | 6,445 | 17,026 | 14,896 |
Debt securities held to maturity | 2,502 | 2,447 | 4,871 | 4,904 |
Federal funds and interest-earning deposits | 4,459 | 1,801 | 8,022 | 2,613 |
Federal Home Loan Bank stock dividends | 1,832 | 1,262 | 3,793 | 2,132 |
Total interest income | 113,286 | 96,143 | 221,913 | 189,023 |
Interest expense: | ||||
Deposits | 49,826 | 28,727 | 98,244 | 45,815 |
Borrowings | 19,380 | 16,265 | 37,389 | 31,193 |
Total interest expense | 69,206 | 44,992 | 135,633 | 77,008 |
Net interest income | 44,080 | 51,151 | 86,280 | 112,015 |
Provision for credit losses | 2,194 | 1,078 | 7,472 | 1,253 |
Net interest income after provision for credit losses | 41,886 | 50,073 | 78,808 | 110,762 |
Non-interest income: | ||||
Bank-owned life insurance | 1,804 | 1,675 | 3,584 | 3,656 |
Loan fees and service charges | 1,378 | 1,325 | 2,339 | 2,397 |
Loss on securities transactions | 0 | (9,552) | (1,256) | (10,847) |
Change in fair value of equity securities | 101 | 162 | 452 | 330 |
Gain on sale of loans | 181 | (128) | 366 | 663 |
Other non-interest income | 3,382 | 4,057 | 6,897 | 7,651 |
Total non-interest income | 9,180 | (546) | 16,632 | 7,528 |
Non-interest expense: | ||||
Compensation and employee benefits | 27,659 | 32,460 | 55,172 | 63,618 |
Occupancy | 6,054 | 5,738 | 12,027 | 11,492 |
Federal deposit insurance premiums | 1,879 | 1,734 | 4,234 | 2,423 |
Advertising | 661 | 786 | 1,287 | 1,473 |
Professional fees | 4,509 | 2,376 | 9,143 | 4,251 |
Data processing and software expenses | 3,914 | 3,601 | 7,881 | 7,426 |
Merger-related expenses | 692 | 266 | 714 | 266 |
Other non-interest expense, net | 879 | 645 | 1,447 | 559 |
Total non-interest expense | 46,247 | 47,606 | 91,905 | 91,508 |
Income before income tax expense | 4,819 | 1,921 | 3,535 | 26,782 |
Income tax expense | 279 | 257 | 150 | 6,395 |
Net of tax | $ 4,540 | $ 1,664 | $ 3,385 | $ 20,387 |
Earnings per share - basic (in dollars per share) | $ 0.04 | $ 0.02 | $ 0.03 | $ 0.20 |
Earnings per share - diluted (in dollars per share) | $ 0.04 | $ 0.02 | $ 0.03 | $ 0.20 |
Weighted average shares outstanding - basic (in shares) | 101,651,511 | 102,409,035 | 101,699,126 | 103,514,169 |
Weighted average shares outstanding - diluted (in shares) | 101,651,511 | 102,517,584 | 101,804,386 | 103,835,235 |
Demand deposit account fees | ||||
Non-interest income: | ||||
Revenue from contract with customer | $ 1,590 | $ 1,291 | $ 3,003 | $ 2,467 |
Title insurance fees | ||||
Non-interest income: | ||||
Revenue from contract with customer | $ 744 | $ 624 | $ 1,247 | $ 1,211 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 4,540 | $ 1,664 | $ 3,385 | $ 20,387 |
Other comprehensive income (loss), net of tax: | ||||
Unrealized (loss) gain on debt securities available for sale | (450) | 3,165 | (5,442) | 16,234 |
Accretion of unrealized gain (loss) on debt securities reclassified as held to maturity | 2 | (1) | 6 | (9) |
Reclassification adjustment for (loss) gain included in net income | 0 | (6,851) | (903) | (7,779) |
Total other comprehensive (loss) income, net of tax | (448) | (3,687) | (6,339) | 8,446 |
Derivatives, net of tax: | ||||
Unrealized gain (loss) on swap contracts accounted for as cash flow hedges | 298 | 2,883 | 4,058 | 2,018 |
Total derivative, net of tax | 298 | 2,883 | 4,058 | 2,018 |
Employee benefit plans, net of tax: | ||||
Amortization of prior service cost included in net income | (10) | (10) | (20) | (20) |
Reclassification adjustment of actuarial net (loss) gain included in net income | (394) | 1 | (778) | 1 |
Change in funded status of retirement obligations | 5,909 | 2,500 | 6,332 | 2,680 |
Total employee benefit plans, net of tax | 5,505 | 2,491 | 5,534 | 2,661 |
Total other comprehensive income | 5,355 | 1,687 | 3,253 | 13,125 |
Total comprehensive income, net of tax | $ 9,895 | $ 3,351 | $ 6,638 | $ 33,512 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) - USD ($) $ in Thousands | Total | Restricted Stock | Common Stock | Common Stock Restricted Stock | Additional Paid-in Capital | Additional Paid-in Capital Restricted Stock | Retained Earnings | Accumulated Other Comprehensive (Loss) | Treasury Stock | Common Stock Held by the Employee Stock Ownership Plan | Stock Held by Rabbi Trust | Deferred Compensation Obligations |
Balance at beginning of period at Dec. 31, 2022 | $ 1,053,595 | $ 1,309 | $ 781,165 | $ 857,518 | $ (179,296) | $ (371,708) | $ (34,750) | $ (3,149) | $ 2,506 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 20,387 | 20,387 | ||||||||||
Other comprehensive income (loss) | 13,125 | 13,125 | ||||||||||
Issuance of common stock allocated to restricted stock award grants | $ 9 | $ 2 | $ 7 | |||||||||
Stock based compensation | 3,873 | 3,873 | ||||||||||
Purchase of treasury stock | (69,321) | (69,321) | ||||||||||
Exercise of stock options | (22) | (22) | ||||||||||
Restricted stock forfeitures | 0 | 225 | (225) | |||||||||
Repurchase shares for taxes | (133) | (133) | ||||||||||
Excise tax on net stock repurchases | (697) | |||||||||||
Employee Stock Ownership Plan shares committed to be released | 2,127 | 1,000 | 1,127 | |||||||||
Funding of deferred compensation obligations | (155) | 369 | (524) | |||||||||
Balance at end of year at Jun. 30, 2023 | 1,022,788 | 1,311 | 786,248 | 877,905 | (166,171) | (442,084) | (33,623) | (2,780) | 1,982 | |||
Balance at beginning of period at Mar. 31, 2023 | 1,038,890 | 1,309 | 783,642 | 876,241 | (167,858) | (419,678) | (34,190) | (2,668) | 2,092 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 1,664 | 1,664 | ||||||||||
Other comprehensive income (loss) | 1,687 | 1,687 | ||||||||||
Issuance of common stock allocated to restricted stock award grants | 9 | 2 | 7 | |||||||||
Stock based compensation | 2,028 | 2,028 | ||||||||||
Purchase of treasury stock | (21,998) | (21,998) | ||||||||||
Exercise of stock options | (33) | (33) | ||||||||||
Restricted stock forfeitures | 0 | 186 | (186) | |||||||||
Excise tax on net stock repurchases | (222) | (222) | ||||||||||
Employee Stock Ownership Plan shares committed to be released | 985 | 418 | 567 | |||||||||
Funding of deferred compensation obligations | (222) | (112) | (110) | |||||||||
Balance at end of year at Jun. 30, 2023 | 1,022,788 | 1,311 | 786,248 | 877,905 | (166,171) | (442,084) | (33,623) | (2,780) | 1,982 | |||
Balance at beginning of period at Dec. 31, 2023 | 1,040,335 | 1,312 | 791,450 | 893,604 | (158,735) | (454,128) | (32,478) | (2,955) | 2,265 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 3,385 | 3,385 | ||||||||||
Other comprehensive income (loss) | 3,253 | 3,253 | ||||||||||
Issuance of common stock allocated to restricted stock award grants | $ 0 | $ 2 | $ (2) | |||||||||
Stock based compensation | 4,270 | 4,270 | ||||||||||
Purchase of treasury stock | (5,894) | (5,894) | ||||||||||
Exercise of stock options | (49) | (49) | ||||||||||
Restricted stock forfeitures | 0 | 30 | (30) | |||||||||
Repurchase shares for taxes | (195) | (195) | ||||||||||
Excise tax on net stock repurchases | (44) | |||||||||||
Employee Stock Ownership Plan shares committed to be released | 1,862 | 733 | 1,129 | |||||||||
Funding of deferred compensation obligations | (189) | (151) | (38) | |||||||||
Balance at end of year at Jun. 30, 2024 | 1,046,734 | 1,314 | 796,432 | 896,989 | (155,482) | (460,291) | (31,349) | (3,106) | 2,227 | |||
Balance at beginning of period at Mar. 31, 2024 | 1,038,025 | 1,314 | 793,878 | 892,449 | (160,837) | (455,948) | (31,914) | (3,041) | 2,124 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 4,540 | 4,540 | ||||||||||
Other comprehensive income (loss) | 5,355 | 5,355 | ||||||||||
Stock based compensation | 2,241 | 2,241 | ||||||||||
Purchase of treasury stock | (4,242) | (4,242) | ||||||||||
Restricted stock forfeitures | 0 | 3 | (3) | |||||||||
Repurchase shares for taxes | (56) | (56) | ||||||||||
Excise tax on net stock repurchases | (42) | (42) | ||||||||||
Employee Stock Ownership Plan shares committed to be released | 875 | 310 | 565 | |||||||||
Funding of deferred compensation obligations | 38 | (65) | 103 | |||||||||
Balance at end of year at Jun. 30, 2024 | $ 1,046,734 | $ 1,314 | $ 796,432 | $ 896,989 | $ (155,482) | $ (460,291) | $ (31,349) | $ (3,106) | $ 2,227 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholder's Equity (Unaudited) (Parenthetical) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Issuance of common stock (in shares) | 226,574 | |||
Purchase of treasury stock (in shares) | 263,600 | 1,207,100 | 365,116 | 3,585,534 |
Exercise of stock options (in shares) | 37,234 | 28,051 | 40,852 | |
Restricted stock forfeitures (in shares) | 150 | 10,425 | 1,695 | 12,354 |
Repurchased shares for taxes (in shares) | 3,786 | 12,189 | 7,068 | |
Restricted Stock | ||||
Issuance of common stock (in shares) | 226,574 | 212,441 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 3,385,000 | $ 20,387,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Amortization of deferred loan costs, fees and purchased premiums and discounts | 2,095,000 | 2,777,000 |
Net amortization of premiums and discounts on securities | (216,000) | 1,090,000 |
Net amortization of mortgage servicing rights | 134,000 | 112,000 |
Amortization of intangible assets | 1,116,000 | 1,194,000 |
Depreciation and amortization of office properties and equipment | 4,078,000 | 3,823,000 |
Amortization of operating lease right-of-use assets | 1,958,000 | 1,954,000 |
Provision for credit losses | 7,472,000 | 1,253,000 |
Loss on securities transactions | 1,256,000 | 10,847,000 |
Change in fair value of equity securities | (452,000) | (330,000) |
Gain on sale of loans, net | (366,000) | (663,000) |
Net loss on disposal of office properties and equipment | 0 | 25,000 |
Deferred tax expense (benefit) | 1,688,000 | (2,762,000) |
Increase in accrued interest receivable | (1,993,000) | (1,261,000) |
Increase in other assets | (8,123,000) | (10,226,000) |
Increase (decrease) in accrued expenses and other liabilities | 18,319,000 | (483,000) |
Bank-owned life insurance | (3,584,000) | (3,656,000) |
Employee stock ownership plan expense | 1,862,000 | 2,127,000 |
Stock based compensation | 4,270,000 | 3,873,000 |
(Increase) decrease in deferred compensation obligations under Rabbi Trust | (189,000) | (155,000) |
Net cash provided by operating activities | 32,710,000 | 29,926,000 |
Cash flows from investing activities: | ||
Proceeds from sales of debt securities available for sale | 3,495,000 | 277,022,000 |
Proceeds from paydowns/maturities/calls of debt securities available for sale | 62,990,000 | 53,365,000 |
Proceeds from paydowns/maturities/calls of debt securities held to maturity | 6,483,000 | 6,135,000 |
Purchases of debt securities available for sale | (246,244,000) | 0 |
Purchases of debt securities held to maturity | (16,635,000) | 0 |
Proceeds from sales of loans held-for-sale | 6,896,000 | 93,639,000 |
Purchases of loans receivable | 0 | (14,729,000) |
Net decrease (increase) in loans receivable | 39,419,000 | (165,198,000) |
Proceeds from bank-owned life insurance death benefits | 5,000 | 605,000 |
Proceeds from redemptions of Federal Home Loan Bank stock | 17,553,000 | 67,107,000 |
Purchases of Federal Home Loan Bank stock | (24,149,000) | (70,270,000) |
Additions to office properties and equipment | (3,048,000) | (2,814,000) |
Net cash (used in) provided by investing activities | (153,235,000) | 244,862,000 |
Cash flows from financing activities: | ||
Net decrease in deposits | (65,009,000) | (287,003,000) |
Proceeds from long-term borrowings | 210,000,000 | 261,113,000 |
Payments on long-term borrowings | (70,000,000) | (11,300,000) |
Net increase (decrease) in short-term borrowings | 15,204,000 | (256,600,000) |
Increase in advance payments by borrowers for taxes and insurance | 4,333,000 | 2,716,000 |
Issuance of common stock for restricted stock awards | 0 | 9,000 |
Exercise of stock options | (49,000) | (22,000) |
Purchase of treasury stock | (5,894,000) | (69,321,000) |
Repurchase of shares for taxes | (195,000) | (133,000) |
Net cash provided by (used in) financing activities | 88,390,000 | (360,541,000) |
Net (decrease) in cash and cash equivalents | (32,135,000) | (85,753,000) |
Cash and cash equivalents at beginning of year | 423,249,000 | 179,228,000 |
Cash and cash equivalents at end of period | 391,114,000 | 93,475,000 |
Cash paid during the period for: | ||
Interest on deposits and borrowings | 134,745,000 | 73,700,000 |
Income tax payments, net of refunds | 664,000 | 6,047,000 |
Non-cash investing and financing activities: | ||
Transfer of loans receivable to other real estate owned | 1,974,000 | 0 |
Transfer of loans receivable to loans held-for-sale | 6,532,000 | 93,678,000 |
Excise tax on net stock repurchases | $ 44,000 | $ 697,000 |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation The accompanying consolidated financial statements include the accounts of Columbia Financial, Inc. ("Columbia Financial"), its wholly-owned subsidiaries, Columbia Bank ("Columbia") and Freehold Bank ("Freehold"), and Columbia's wholly-owned subsidiaries, Columbia Investment Services, Inc., 1901 Residential Management Co. LLC, First Jersey Title Services, Inc., 1901 Commercial Management Co. LLC, Stewardship Realty LLC, RSI Insurance Agency, Inc., and 19-01 Community Development Corporation (inactive), (collectively, the “Company”). In May 2024, Columbia dissolved its wholly-owned subsidiary 2500 Broadway Corp. In consolidation, all intercompany accounts and transactions are eliminated. Columbia Financial, Inc. is a majority-owned subsidiary of Columbia Bank, MHC (the "MHC"). The accounts of the MHC are not consolidated in the accompanying consolidated financial statements of the Company. In preparing the interim unaudited consolidated financial statements, management is required to make estimates, significant judgments 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 judgments and estimates under different conditions, resulting in a change that could have a material impact on the carrying values of our assets and liabilities and our results of operations. Material estimates that involve significant judgments and assumptions that are particularly susceptible to change are the determination of the adequacy of the allowance for credit losses, evaluation of the need for valuation allowances on deferred tax assets, and determination of liabilities related to retirement and other post-retirement benefits. These estimates, significant judgments and assumptions are evaluated on an ongoing basis and are adjusted when facts and circumstances dictate. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the financial condition and results of operations for the periods presented. The results of operations for the three and six months periods ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year or any other period. The interim unaudited consolidated financial statements of the Company presented herein have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”) for quarterly reports on Form 10-Q and U.S. generally accepted accounting principles (“GAAP”). Certain information and note disclosures have been condensed or omitted pursuant to the rules and regulations of the SEC. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2024 | |
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] | |
Acquisitions | Acquisitions Freehold Bank On December 1, 2021, the Company completed its acquisition of Freehold Bancorp, MHC, Freehold Bancorp, Inc. and Freehold Bank (collectively, the "Freehold Entities" 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 operates as a wholly-owned subsidiary of Columbia Financial. The Company intends to merge Freehold Bank into Columbia Bank at a future date that has not yet been determined. Under the terms of the merger agreement, upon the subsequent merger of the two banks, depositors of Freehold Bank will become depositors of Columbia Bank and will 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. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings per Share Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. For purposes of calculating basic EPS, weighted average common shares outstanding excludes treasury stock, unallocated employee stock ownership plan shares that have not been committed for release and deferred compensation obligations required to be settled in shares of Company stock. Diluted EPS is computed using the same method as basic EPS and reflects the potential dilution which could occur if stock options and unvested shares were exercised and converted into common stock. The potentially diluted shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share data) Net income $ 4,540 $ 1,664 $ 3,385 $ 20,387 Shares: Weighted average shares outstanding - basic 101,651,511 102,409,035 101,699,126 103,514,169 Weighted average diluted shares outstanding — 108,549 105,260 321,066 Weighted average shares outstanding - diluted 101,651,511 102,517,584 101,804,386 103,835,235 Earnings per share: Basic $ 0.04 $ 0.02 $ 0.03 $ 0.20 Diluted $ 0.04 $ 0.02 $ 0.03 $ 0.20 During the three and six months ended June 30, 2024 and 2023, the average number of stock options which could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive totaled 3,834,101 and 949,748, and 527,338 and 438,712, respectively. |
Stock Repurchase Program
Stock Repurchase Program | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Stock Repurchase Program | Stock Repurchase 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 June 30, 2024, all shares were repurchased under this program. On May 25, 2023, the Company announced that its Board of Directors authorized the Company's sixth stock repurchase program to acquire up to 2,000,000 shares, or approximately 1.9% of the Company's then issued and outstanding common stock. As of June 30, 2024, there were 741,725 shares remaining to be purchased under this program. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Accounting Pronouncements Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. ASU 2023-07 enhances segment reporting under Topic 820 by expanding the breadth and frequency of segment disclosures. The ASU requires a public entity to disclose entity-wide and segment information in the notes to the financial statements. Disclosures include the measure of profit or loss that the chief operating decision maker uses to assess segment performance and decide how to allocate resources, as well as certain specified amounts included in that measure. This ASU was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company adopted this ASU on January 1, 2024 on a retrospective basis for all periods presented. As it is only disclosure related, this ASU did not have an impact on the Company's consolidated financial statements. |
Debt Securities Available for S
Debt Securities Available for Sale | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Available for Sale | Debt Securities Available for Sale D ebt securities available for sale at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 273,209 $ 251 $ (2,638) $ 270,822 Mortgage-backed securities and collateralized mortgage obligations 1,056,441 98 (149,957) 906,582 Municipal obligations 2,767 — (47) 2,720 Corporate debt securities 97,530 30 (14,225) 83,335 $ 1,429,947 $ 379 $ (166,867) $ 1,263,459 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 146,387 $ 924 $ (1,810) $ 145,501 Mortgage-backed securities and collateralized mortgage obligations 1,009,508 20 (141,943) 867,585 Municipal obligations 2,770 — (68) 2,702 Corporate debt securities 92,565 2 (14,798) 77,769 $ 1,251,230 $ 946 $ (158,619) $ 1,093,557 6. Debt Securities Available for Sale (continued) The amortized cost and fair value of debt securities available for sale at June 30, 2024, 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. June 30, 2024 Amortized Cost Fair Value (In thousands) One year or less $ 80,740 $ 80,372 More than one year to five years 214,258 211,496 More than five years to ten years 78,508 65,009 $ 373,506 $ 356,877 Mortgage-backed securities and collateralized mortgage obligations 1,056,441 906,582 $ 1,429,947 $ 1,263,459 Mortgage-backed securities and collateralized mortgage obligations totaling $1.1 billion at amortized cost, and $906.6 million at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three months ended June 30, 2024, there were no sales, calls or maturities of debt securities available for sale. During the six months ended June 30, 2024, proceeds from the sale of a debt security available for sale totaled $3.5 million, resulting in no gross gains and $1.3 million of gross losses. There was one matured debt security available for sale totaling $10.0 million, during the six months ended June 30, 2024. During the three months ended June 30, 2023, proceeds from the sale of debt securities available for sale totaled $234.4 million, resulting in no gross gains and $9.6 million of gross losses. During the six months ended June 30, 2023, proceeds from the sale of debt securities available for sale totaled $277.0 million, resulting in no gross gains and $10.8 million of gross losses. There were no calls or matured debt securities available for sale during the three and six months ended June 30, 2023. Debt securities available for sale having a carrying value of $230.6 million and $211.5 million, at June 30, 2024 and December 31, 2023, 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 $63.9 million and $75.1 million, at June 30, 2024 and December 31, 2023, respectively, were pledged by Freehold Bank for outstanding borrowings at the Federal Home Loan Bank, and for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2024 and December 31, 2023 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: June 30, 2024 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 $ 166,186 $ (827) $ 20,883 $ (1,811) $ 187,069 $ (2,638) Mortgage-backed securities and collateralized mortgage obligations 32,535 (287) 814,739 (149,670) 847,274 (149,957) Municipal obligations — — 2,720 (47) 2,720 (47) Corporate debt securities — — 78,304 (14,225) 78,304 (14,225) $ 198,721 $ (1,114) $ 916,646 $ (165,753) $ 1,115,367 $ (166,867) 6. Debt Securities Available for Sale (continued) December 31, 2023 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 $ — $ — $ 21,344 $ (1,810) $ 21,344 $ (1,810) Mortgage-backed securities and collateralized mortgage obligations 54 (4) 863,026 (141,939) 863,080 (141,943) Municipal obligations — — 2,702 (68) 2,702 (68) Corporate debt securities — — 75,765 (14,798) 75,765 (14,798) $ 54 $ (4) $ 962,837 $ (158,615) $ 962,891 $ (158,619) The number of securities in an unrealized loss position at June 30, 2024 totaled 357, compared with 329 at December 31, 2023. All temporarily impaired securities were investment grade as of June 30, 2024 and December 31, 2023, except two corporate debt securities which were rated BB+, totaling approximately $8.3 million and $8.1 million at June 30, 2024 and December 31, 2023, respectively. 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. There was no activity in the allowance for credit losses on debt securities available for sale for the three and six months ended June 30, 2024 and 2023. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities available for sale. Accrued interest receivable on debt securities available for sale is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $4.9 million and $3.7 million at June 30, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. Debt securities held to maturity at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value U.S. government and agency obligations $ 49,872 $ — $ (5,906) $ — $ 43,966 Mortgage-backed securities and collateralized mortgage obligations 361,428 21 (40,071) — 321,378 $ 411,300 $ 21 $ (45,977) $ — $ 365,344 7. Debt Securities Held to Maturity (continued) December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value (In thousands) U.S. government and agency obligations $ 49,871 $ — $ (5,902) $ — $ 43,969 Mortgage-backed securities and collateralized mortgage obligations 351,283 — (38,075) — 313,208 $ 401,154 $ — $ (43,977) $ — $ 357,177 The amortized cost and fair value of debt securities held to maturity at June 30, 2024, 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. June 30, 2024 Amortized Cost Fair Value (In thousands) More than one year to five years $ 29,875 $ 27,699 More than five years to ten years 9,997 8,576 More than ten years 10,000 7,691 49,872 43,966 Mortgage-backed securities and collateralized mortgage obligations 361,428 321,378 $ 411,300 $ 365,344 Mortgage-backed securities and collateralized mortgage obligations totaling $361.4 million at amortized cost, and $321.4 million at fair value at June 30, 2024, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three and six months ended June 30, 2024 and 2023 there were no sales, calls or maturities of debt securities held to maturity. Debt securities held to maturity having a carrying value of $210.2 million and $202.9 million, at June 30, 2024 and December 31, 2023, 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. 7. Debt Securities Held to Maturity (continued) The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2024 and December 31, 2023 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: June 30, 2024 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 $ — $ — $ 43,966 $ (5,906) $ 43,966 $ (5,906) Mortgage-backed securities and collateralized mortgage obligations — — 314,784 (40,071) 314,784 (40,071) $ — $ — $ 358,750 $ (45,977) $ 358,750 $ (45,977) December 31, 2023 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 $ — $ — $ 43,969 $ (5,902) $ 43,969 $ (5,902) Mortgage-backed securities and collateralized mortgage obligations — — 313,208 (38,075) 313,208 (38,075) $ — $ — $ 357,177 $ (43,977) $ 357,177 $ (43,977) The number of securities in an unrealized loss position at June 30, 2024 totaled 111, compared with 108 at December 31, 2023. All temporarily impaired securities were investment grade as of June 30, 2024 and December 31, 2023. For held to maturity securities, management measures expected credit losses on a collective basis by major security type. All of the mortgage-backed securities are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses and, therefore, the expectation of non-payment is zero and the Company is not required to estimate an allowance for credit losses on these securities under the CECL standard. All these securities reflect a credit quality rating of AAA by Moody's Investors Service. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities held to maturity. Accrued interest receivable on debt securities held to maturity is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $991,000 and $997,000 at June 30, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. The Company has an equity securities portfolio which consists of stock in other financial institutions, a payment technology company, a community bank correspondent services company, preferred stock in U.S. Government agencies, and a Community Reinvestment Act qualifying bond fund which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at June 30, 2024 and December 31, 2023 was $4.5 million and $4.1 million, respectively. 8. Equity Securities at Fair Value (continued) The Company recorded a net increase in the fair value of equity securities of $101,000 and $162,000, and $452,000 and $330,000 during the three and six months ended June 30, 2024 and 2023, respectively, as a component of non-interest income. |
Debt Securities Held to Maturit
Debt Securities Held to Maturity | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities Held to Maturity | Debt Securities Available for Sale D ebt securities available for sale at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 273,209 $ 251 $ (2,638) $ 270,822 Mortgage-backed securities and collateralized mortgage obligations 1,056,441 98 (149,957) 906,582 Municipal obligations 2,767 — (47) 2,720 Corporate debt securities 97,530 30 (14,225) 83,335 $ 1,429,947 $ 379 $ (166,867) $ 1,263,459 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 146,387 $ 924 $ (1,810) $ 145,501 Mortgage-backed securities and collateralized mortgage obligations 1,009,508 20 (141,943) 867,585 Municipal obligations 2,770 — (68) 2,702 Corporate debt securities 92,565 2 (14,798) 77,769 $ 1,251,230 $ 946 $ (158,619) $ 1,093,557 6. Debt Securities Available for Sale (continued) The amortized cost and fair value of debt securities available for sale at June 30, 2024, 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. June 30, 2024 Amortized Cost Fair Value (In thousands) One year or less $ 80,740 $ 80,372 More than one year to five years 214,258 211,496 More than five years to ten years 78,508 65,009 $ 373,506 $ 356,877 Mortgage-backed securities and collateralized mortgage obligations 1,056,441 906,582 $ 1,429,947 $ 1,263,459 Mortgage-backed securities and collateralized mortgage obligations totaling $1.1 billion at amortized cost, and $906.6 million at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three months ended June 30, 2024, there were no sales, calls or maturities of debt securities available for sale. During the six months ended June 30, 2024, proceeds from the sale of a debt security available for sale totaled $3.5 million, resulting in no gross gains and $1.3 million of gross losses. There was one matured debt security available for sale totaling $10.0 million, during the six months ended June 30, 2024. During the three months ended June 30, 2023, proceeds from the sale of debt securities available for sale totaled $234.4 million, resulting in no gross gains and $9.6 million of gross losses. During the six months ended June 30, 2023, proceeds from the sale of debt securities available for sale totaled $277.0 million, resulting in no gross gains and $10.8 million of gross losses. There were no calls or matured debt securities available for sale during the three and six months ended June 30, 2023. Debt securities available for sale having a carrying value of $230.6 million and $211.5 million, at June 30, 2024 and December 31, 2023, 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 $63.9 million and $75.1 million, at June 30, 2024 and December 31, 2023, respectively, were pledged by Freehold Bank for outstanding borrowings at the Federal Home Loan Bank, and for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2024 and December 31, 2023 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: June 30, 2024 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 $ 166,186 $ (827) $ 20,883 $ (1,811) $ 187,069 $ (2,638) Mortgage-backed securities and collateralized mortgage obligations 32,535 (287) 814,739 (149,670) 847,274 (149,957) Municipal obligations — — 2,720 (47) 2,720 (47) Corporate debt securities — — 78,304 (14,225) 78,304 (14,225) $ 198,721 $ (1,114) $ 916,646 $ (165,753) $ 1,115,367 $ (166,867) 6. Debt Securities Available for Sale (continued) December 31, 2023 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 $ — $ — $ 21,344 $ (1,810) $ 21,344 $ (1,810) Mortgage-backed securities and collateralized mortgage obligations 54 (4) 863,026 (141,939) 863,080 (141,943) Municipal obligations — — 2,702 (68) 2,702 (68) Corporate debt securities — — 75,765 (14,798) 75,765 (14,798) $ 54 $ (4) $ 962,837 $ (158,615) $ 962,891 $ (158,619) The number of securities in an unrealized loss position at June 30, 2024 totaled 357, compared with 329 at December 31, 2023. All temporarily impaired securities were investment grade as of June 30, 2024 and December 31, 2023, except two corporate debt securities which were rated BB+, totaling approximately $8.3 million and $8.1 million at June 30, 2024 and December 31, 2023, respectively. 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. There was no activity in the allowance for credit losses on debt securities available for sale for the three and six months ended June 30, 2024 and 2023. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities available for sale. Accrued interest receivable on debt securities available for sale is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $4.9 million and $3.7 million at June 30, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. Debt securities held to maturity at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value U.S. government and agency obligations $ 49,872 $ — $ (5,906) $ — $ 43,966 Mortgage-backed securities and collateralized mortgage obligations 361,428 21 (40,071) — 321,378 $ 411,300 $ 21 $ (45,977) $ — $ 365,344 7. Debt Securities Held to Maturity (continued) December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value (In thousands) U.S. government and agency obligations $ 49,871 $ — $ (5,902) $ — $ 43,969 Mortgage-backed securities and collateralized mortgage obligations 351,283 — (38,075) — 313,208 $ 401,154 $ — $ (43,977) $ — $ 357,177 The amortized cost and fair value of debt securities held to maturity at June 30, 2024, 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. June 30, 2024 Amortized Cost Fair Value (In thousands) More than one year to five years $ 29,875 $ 27,699 More than five years to ten years 9,997 8,576 More than ten years 10,000 7,691 49,872 43,966 Mortgage-backed securities and collateralized mortgage obligations 361,428 321,378 $ 411,300 $ 365,344 Mortgage-backed securities and collateralized mortgage obligations totaling $361.4 million at amortized cost, and $321.4 million at fair value at June 30, 2024, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three and six months ended June 30, 2024 and 2023 there were no sales, calls or maturities of debt securities held to maturity. Debt securities held to maturity having a carrying value of $210.2 million and $202.9 million, at June 30, 2024 and December 31, 2023, 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. 7. Debt Securities Held to Maturity (continued) The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2024 and December 31, 2023 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: June 30, 2024 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 $ — $ — $ 43,966 $ (5,906) $ 43,966 $ (5,906) Mortgage-backed securities and collateralized mortgage obligations — — 314,784 (40,071) 314,784 (40,071) $ — $ — $ 358,750 $ (45,977) $ 358,750 $ (45,977) December 31, 2023 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 $ — $ — $ 43,969 $ (5,902) $ 43,969 $ (5,902) Mortgage-backed securities and collateralized mortgage obligations — — 313,208 (38,075) 313,208 (38,075) $ — $ — $ 357,177 $ (43,977) $ 357,177 $ (43,977) The number of securities in an unrealized loss position at June 30, 2024 totaled 111, compared with 108 at December 31, 2023. All temporarily impaired securities were investment grade as of June 30, 2024 and December 31, 2023. For held to maturity securities, management measures expected credit losses on a collective basis by major security type. All of the mortgage-backed securities are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses and, therefore, the expectation of non-payment is zero and the Company is not required to estimate an allowance for credit losses on these securities under the CECL standard. All these securities reflect a credit quality rating of AAA by Moody's Investors Service. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities held to maturity. Accrued interest receivable on debt securities held to maturity is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $991,000 and $997,000 at June 30, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. The Company has an equity securities portfolio which consists of stock in other financial institutions, a payment technology company, a community bank correspondent services company, preferred stock in U.S. Government agencies, and a Community Reinvestment Act qualifying bond fund which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at June 30, 2024 and December 31, 2023 was $4.5 million and $4.1 million, respectively. 8. Equity Securities at Fair Value (continued) The Company recorded a net increase in the fair value of equity securities of $101,000 and $162,000, and $452,000 and $330,000 during the three and six months ended June 30, 2024 and 2023, respectively, as a component of non-interest income. |
Equity Securities at Fair Value
Equity Securities at Fair Value | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Equity Securities at Fair Value | Debt Securities Available for Sale D ebt securities available for sale at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 273,209 $ 251 $ (2,638) $ 270,822 Mortgage-backed securities and collateralized mortgage obligations 1,056,441 98 (149,957) 906,582 Municipal obligations 2,767 — (47) 2,720 Corporate debt securities 97,530 30 (14,225) 83,335 $ 1,429,947 $ 379 $ (166,867) $ 1,263,459 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 146,387 $ 924 $ (1,810) $ 145,501 Mortgage-backed securities and collateralized mortgage obligations 1,009,508 20 (141,943) 867,585 Municipal obligations 2,770 — (68) 2,702 Corporate debt securities 92,565 2 (14,798) 77,769 $ 1,251,230 $ 946 $ (158,619) $ 1,093,557 6. Debt Securities Available for Sale (continued) The amortized cost and fair value of debt securities available for sale at June 30, 2024, 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. June 30, 2024 Amortized Cost Fair Value (In thousands) One year or less $ 80,740 $ 80,372 More than one year to five years 214,258 211,496 More than five years to ten years 78,508 65,009 $ 373,506 $ 356,877 Mortgage-backed securities and collateralized mortgage obligations 1,056,441 906,582 $ 1,429,947 $ 1,263,459 Mortgage-backed securities and collateralized mortgage obligations totaling $1.1 billion at amortized cost, and $906.6 million at fair value, are not classified by maturity in the table above as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three months ended June 30, 2024, there were no sales, calls or maturities of debt securities available for sale. During the six months ended June 30, 2024, proceeds from the sale of a debt security available for sale totaled $3.5 million, resulting in no gross gains and $1.3 million of gross losses. There was one matured debt security available for sale totaling $10.0 million, during the six months ended June 30, 2024. During the three months ended June 30, 2023, proceeds from the sale of debt securities available for sale totaled $234.4 million, resulting in no gross gains and $9.6 million of gross losses. During the six months ended June 30, 2023, proceeds from the sale of debt securities available for sale totaled $277.0 million, resulting in no gross gains and $10.8 million of gross losses. There were no calls or matured debt securities available for sale during the three and six months ended June 30, 2023. Debt securities available for sale having a carrying value of $230.6 million and $211.5 million, at June 30, 2024 and December 31, 2023, 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 $63.9 million and $75.1 million, at June 30, 2024 and December 31, 2023, respectively, were pledged by Freehold Bank for outstanding borrowings at the Federal Home Loan Bank, and for potential borrowings at the Federal Reserve Bank of New York. The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2024 and December 31, 2023 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: June 30, 2024 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 $ 166,186 $ (827) $ 20,883 $ (1,811) $ 187,069 $ (2,638) Mortgage-backed securities and collateralized mortgage obligations 32,535 (287) 814,739 (149,670) 847,274 (149,957) Municipal obligations — — 2,720 (47) 2,720 (47) Corporate debt securities — — 78,304 (14,225) 78,304 (14,225) $ 198,721 $ (1,114) $ 916,646 $ (165,753) $ 1,115,367 $ (166,867) 6. Debt Securities Available for Sale (continued) December 31, 2023 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 $ — $ — $ 21,344 $ (1,810) $ 21,344 $ (1,810) Mortgage-backed securities and collateralized mortgage obligations 54 (4) 863,026 (141,939) 863,080 (141,943) Municipal obligations — — 2,702 (68) 2,702 (68) Corporate debt securities — — 75,765 (14,798) 75,765 (14,798) $ 54 $ (4) $ 962,837 $ (158,615) $ 962,891 $ (158,619) The number of securities in an unrealized loss position at June 30, 2024 totaled 357, compared with 329 at December 31, 2023. All temporarily impaired securities were investment grade as of June 30, 2024 and December 31, 2023, except two corporate debt securities which were rated BB+, totaling approximately $8.3 million and $8.1 million at June 30, 2024 and December 31, 2023, respectively. 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. There was no activity in the allowance for credit losses on debt securities available for sale for the three and six months ended June 30, 2024 and 2023. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities available for sale. Accrued interest receivable on debt securities available for sale is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $4.9 million and $3.7 million at June 30, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. Debt securities held to maturity at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value U.S. government and agency obligations $ 49,872 $ — $ (5,906) $ — $ 43,966 Mortgage-backed securities and collateralized mortgage obligations 361,428 21 (40,071) — 321,378 $ 411,300 $ 21 $ (45,977) $ — $ 365,344 7. Debt Securities Held to Maturity (continued) December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value (In thousands) U.S. government and agency obligations $ 49,871 $ — $ (5,902) $ — $ 43,969 Mortgage-backed securities and collateralized mortgage obligations 351,283 — (38,075) — 313,208 $ 401,154 $ — $ (43,977) $ — $ 357,177 The amortized cost and fair value of debt securities held to maturity at June 30, 2024, 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. June 30, 2024 Amortized Cost Fair Value (In thousands) More than one year to five years $ 29,875 $ 27,699 More than five years to ten years 9,997 8,576 More than ten years 10,000 7,691 49,872 43,966 Mortgage-backed securities and collateralized mortgage obligations 361,428 321,378 $ 411,300 $ 365,344 Mortgage-backed securities and collateralized mortgage obligations totaling $361.4 million at amortized cost, and $321.4 million at fair value at June 30, 2024, are not classified by maturity as their expected lives are likely to be shorter than the contractual maturity date due to principal prepayments. During the three and six months ended June 30, 2024 and 2023 there were no sales, calls or maturities of debt securities held to maturity. Debt securities held to maturity having a carrying value of $210.2 million and $202.9 million, at June 30, 2024 and December 31, 2023, 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. 7. Debt Securities Held to Maturity (continued) The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2024 and December 31, 2023 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: June 30, 2024 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 $ — $ — $ 43,966 $ (5,906) $ 43,966 $ (5,906) Mortgage-backed securities and collateralized mortgage obligations — — 314,784 (40,071) 314,784 (40,071) $ — $ — $ 358,750 $ (45,977) $ 358,750 $ (45,977) December 31, 2023 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 $ — $ — $ 43,969 $ (5,902) $ 43,969 $ (5,902) Mortgage-backed securities and collateralized mortgage obligations — — 313,208 (38,075) 313,208 (38,075) $ — $ — $ 357,177 $ (43,977) $ 357,177 $ (43,977) The number of securities in an unrealized loss position at June 30, 2024 totaled 111, compared with 108 at December 31, 2023. All temporarily impaired securities were investment grade as of June 30, 2024 and December 31, 2023. For held to maturity securities, management measures expected credit losses on a collective basis by major security type. All of the mortgage-backed securities are issued by U.S. government agencies and are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses and, therefore, the expectation of non-payment is zero and the Company is not required to estimate an allowance for credit losses on these securities under the CECL standard. All these securities reflect a credit quality rating of AAA by Moody's Investors Service. The Company made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of debt securities held to maturity. Accrued interest receivable on debt securities held to maturity is reported as a component of accrued interest receivable on the Consolidated Statement of Financial Condition, which totaled $991,000 and $997,000 at June 30, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. The Company has an equity securities portfolio which consists of stock in other financial institutions, a payment technology company, a community bank correspondent services company, preferred stock in U.S. Government agencies, and a Community Reinvestment Act qualifying bond fund which are reported at fair value on the Company's Consolidated Statements of Financial Condition. The fair value of the equities portfolio at June 30, 2024 and December 31, 2023 was $4.5 million and $4.1 million, respectively. 8. Equity Securities at Fair Value (continued) The Company recorded a net increase in the fair value of equity securities of $101,000 and $162,000, and $452,000 and $330,000 during the three and six months ended June 30, 2024 and 2023, respectively, as a component of non-interest income. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses Loans receivable at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, December 31, 2024 2023 (In thousands) Real estate loans: One-to-four family $ 2,764,177 $ 2,792,833 Multifamily 1,409,316 1,409,187 Commercial real estate 2,316,252 2,377,077 Construction 462,880 443,094 Commercial business loans 554,768 533,041 Consumer loans: Home equity loans and advances 260,427 266,632 Other consumer loans 2,689 2,801 Total gross loans 7,770,509 7,824,665 Purchased credit-deteriorated ("PCD") loans 12,150 15,089 Net deferred loan costs, fees and purchased premiums and discounts 36,352 34,783 Loans receivable $ 7,819,011 $ 7,874,537 The Company had no loans held-for-sale at June 30, 2024 and December 31, 2023. During the three months ended June 30, 2024, the Company sold $1.9 million and $1.3 million of Small Business Administration ("SBA") loans included in commercial business loans, and construction loans held-for-sale, respectively, resulting in gross gains of $181,000 and no gross losses. During the six months ended June 30, 2024, the Company sold $236,000, $4.0 million, and $2.7 million of one-to-four family real estate loans, SBA loans included in commercial business loans, and construction loans held-for-sale, respectively, resulting in gross gains of $366,000 and no gross losses. During the three months ended June 30, 2023, the Company sold $48.0 million, $6.1 million, $1.9 million, and $3.2 million, of one-to-four family real estate loans, commercial real estate loans, SBA loans included in commercial business loans, and construction loans held-for-sale, respectively, resulting in gross gains of $177,000 and gross losses of $305,000. During the six months ended June 30, 2023, the Company sold $57.8 million, $21.4 million, $11.3 million, and $3.8 million, of one-to-four family real estate loans and home equity loans and advances, commercial real estate loans, SBA loans included in commercial business loans, and construction loans held-for-sale, respectively, resulting in gross gains of $968,000 and gross losses of $305,000. During the three and six months ended June 30, 2024, no loans were purchased by the Company. During the six months ended June 30, 2023, the Company purchased a $14.7 million commercial real estate participation loan from a third party financial institution. During the three months ended June 30, 2023 no loans were purchased by the Company. At June 30, 2024 and December 31, 2023, commercial business loans included $624,000 and $809,000, respectively, in SBA Payroll Protection Program ("PPP") loans. At June 30, 2024 and December 31, 2023, the carrying value of loans serviced by the Company for investors was $534.2 million and $551.0 million, respectively. These loans are not included in the Consolidated Statements of Financial Condition. 9. Loans Receivable and Allowance for Credit Losses (continued) The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCD loans at June 30, 2024 and December 31, 2023: June 30, 2024 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 $ 12,171 $ 6,652 $ 2,597 $ 21,420 $ 5,756 $ 2,742,757 $ 2,764,177 Multifamily — — — — — 1,409,316 1,409,316 Commercial real estate 3,088 544 149 3,781 8,066 2,312,471 2,316,252 Construction — — — — — 462,880 462,880 Commercial business loans 2,340 5,542 2,419 10,301 11,284 544,467 554,768 Consumer loans: Home equity loans and advances 630 32 75 737 175 259,690 260,427 Other consumer loans — — — — — 2,689 2,689 Total loans $ 18,229 $ 12,770 $ 5,240 $ 36,239 $ 25,281 $ 7,734,270 $ 7,770,509 December 31, 2023 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 $ 11,079 $ 4,254 $ 1,558 $ 16,891 $ 3,139 $ 2,775,942 $ 2,792,833 Multifamily — — — — — 1,409,187 1,409,187 Commercial real estate 1,711 2,472 2,740 6,923 2,740 2,370,154 2,377,077 Construction — — — — — 443,094 443,094 Commercial business loans 1,727 4,917 6,518 13,162 6,518 519,879 533,041 Consumer loans: Home equity loans and advances 779 14 170 963 221 265,669 266,632 Other consumer loans 1 — — 1 — 2,800 2,801 Total loans $ 15,297 $ 11,657 $ 10,986 $ 37,940 $ 12,618 $ 7,786,725 $ 7,824,665 The Company considers a loan to be delinquent when we have not received a payment within 30 days of its contractual due date. Generally, a loan is designated as a non-accrual loan when the payment of interest is 90 days or more in arrears of its contractual due date. Non-accruing loans are returned to accrual status after there has been a sustained period of repayment performance (generally six consecutive months of payments) and both principal and interest are deemed collectible. The Company identifies loans that may need to be charged-off as a loss, by reviewing all delinquent loans, classified loans and other loans for which management may have concerns about collectability. At June 30, 2024 and December 31, 2023, non-accrual loans totaled $25.3 million and $12.6 million, respectively. Included in non-accrual loans at June 30, 2024 and December 31, 2023, are 23 and 10 loans totaling $20.0 million and $1.6 million, respectively, which are less than 90 days in arrears. 9. Loans Receivable and Allowance for Credit Losses (continued) At June 30, 2024 and December 31, 2023, there were no loans past due 90 days or more still accruing interest. Purchased credit-deteriorated ("PCD") loans 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. Loans acquired in a business combination 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 June 30, 2024 and December 31, 2023, PCD loans acquired in the Stewardship Financial Corporation ("Stewardship") acquisition totaled $1.5 million and $1.7 million, respectively, PCD loans acquired in the Freehold Bank acquisition totaled $254,000 and $2.8 million, respectively, and PCD loans acquired in the RSI Bank acquisition totaled $10.4 million and $10.6 million, respectively. We may obtain physical possession of real estate collateralizing a residential mortgage loan via foreclosure or through an in-substance repossession. At June 30, 2024, the Company held one commercial property with a carrying value of $2.0 million in other real estate owned that was acquired through foreclosure on a nonresidential mortgage loan. At December 31, 2023, the Company had no real estate owned. At June 30, 2024 we had four residential mortgage loans with a carrying value of $1.3 million and two home equity loans with a carrying value of $75,000, collateralized by residential real estate, which were in the process of foreclosure. At December 31, 2023, we had one residential mortgage loan and one home equity loan with carrying values of $576,000 and $93,000, respectively, collateralized by residential real estate which were in the process of foreclosure. The Company has 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 in the Consolidated Statement of Financial Condition, which totaled $33.2 million and $32.9 million at June 30, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. The determination of the allowance for credit losses (“ACL”) on loans is considered a critical accounting estimate by management because of the high degree of judgment involved in determining qualitative loss factors, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment. 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-variate 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. 9. Loans Receivable and Allowance for Credit Losses (continued) 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-variate 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 provides 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. 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. 9. Loans Receivable and Allowance for Credit Losses (continued) The following tables summarize loans receivable (including PCD loans) and allowance for credit losses by portfolio segment and impairment method at June 30, 2024 and December 31, 2023: June 30, 2024 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 $ — $ — $ — $ — $ 76 $ — $ — $ 76 Collectively analyzed loans 14,883 8,391 15,048 8,549 7,416 2,652 6 56,945 Loans acquired with deteriorated credit quality 5 — 32 — 2 2 — 41 Total $ 14,888 $ 8,391 $ 15,080 $ 8,549 $ 7,494 $ 2,654 $ 6 $ 57,062 Total loans: Individually analyzed loans $ 378 $ — $ 8,938 $ — $ 10,892 $ 14 $ — $ 20,222 Collectively analyzed loans 2,763,799 1,409,316 2,307,314 462,880 543,876 260,413 2,689 7,750,287 Loans acquired with deteriorated credit quality 1,853 — 9,823 — 327 147 — 12,150 Total loans $ 2,766,030 $ 1,409,316 $ 2,326,075 $ 462,880 $ 555,095 $ 260,574 $ 2,689 $ 7,782,659 9. Loans Receivable and Allowance for Credit Losses (continued) December 31, 2023 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 $ 186 $ 7 $ 237 $ — $ 154 $ 30 $ — $ 614 Collectively analyzed loans 12,827 8,735 15,378 7,758 7,742 1,862 7 54,309 Loans acquired with deteriorated credit quality 4 — 142 — 27 — — 173 Total $ 13,017 $ 8,742 $ 15,757 $ 7,758 $ 7,923 $ 1,892 $ 7 $ 55,096 Total loans: Individually analyzed loans $ 4,063 $ 382 $ 15,360 $ — $ 11,550 $ 601 $ — $ 31,956 Collectively analyzed loans 2,788,770 1,408,805 2,361,717 443,094 521,491 266,031 2,801 7,792,709 Loans acquired with deteriorated credit quality 1,893 — 12,689 — 369 138 — 15,089 Total loans $ 2,794,726 $ 1,409,187 $ 2,389,766 $ 443,094 $ 533,410 $ 266,770 $ 2,801 $ 7,839,754 On January 1, 2023, the Company adopted ASU 2022-02, Financial Instruments-Credit Losses (Topic 326) , Troubled Debt Restructurings and Vintage Disclosures , which eliminated the accounting guidance for troubled debt restructurings (“TDRs”) while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. This guidance was applied on a prospective basis. Modifications made to borrowers experiencing financial difficulty may include principal or interest forgiveness, forbearance, interest rate reductions, term extensions, or a combination of these events intended to minimize economic loss and to avoid foreclosure or repossession of collateral. 9. Loans Receivable and Allowance for Credit Losses (continued) The following table presents the modifications of loans to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2024 and 2023: For the Six Months Ended June 30, 2024 Amortized Cost Term Extension Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness % of Total Class of Loans Receivable (In thousands) Commercial business $ 3,700 $ 3,700 $ — 0.67 % Total loans $ 3,700 $ 3,700 $ — 0.05 % For the three months ended June 30, 2024, the Company had no modifications in accordance with the ASU. For the Three and Six Months Ended June 30, 2023 Amortized Cost Term Extension Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness % of Total Class of Loans Receivable (In thousands) Construction $ 2,317 $ 2,317 $ — 0.61 % Commercial business 240 240 — 0.05 Total loans $ 2,557 $ 2,557 $ — 0.03 % The following table describes the types of modifications of loans to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 and 2023: For the Six Months Ended June 30, 2024 Type of Modifications Commercial business 15 month term extension For the Three and Six Months Ended June 30, 2023 Type of Modifications Construction 12 month term extension Commercial business 12 month term extension 9. Loans Receivable and Allowance for Credit Losses (continued) The Company closely monitors the performance of modifications of loans to borrowers experiencing financial difficulty to understand the effectiveness of these modification efforts. The Company did not extend any commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified during the three and six months ended June 30, 2024. The following tables present the aging analysis of modifications of loans to borrowers experiencing financial difficulty at June 30, 2024 and December 31, 2023: June 30, 2024 Current 30-59 Days 60-89 Days 90 Days or More Non-accrual Total (In thousands) Commercial real estate $ — $ 1,029 $ — $ — $ — $ 1,029 Commercial business — — — — 4,119 4,119 Total loans $ — $ 1,029 $ — $ — $ 4,119 $ 5,148 December 31, 2023 Current 30-59 Days 60-89 Days 90 Days or More Non-accrual Total (In thousands) Commercial real estate $ 1,035 $ — $ — $ — $ — $ 1,035 Construction 2,317 — — — — 2,317 Commercial business — — 4,917 — 237 5,154 Total loans $ 3,352 $ — $ 4,917 $ — $ 237 $ 8,506 9. Loans Receivable and Allowance for Credit Losses (continued) The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2024 and 2023 are as follows: For the Three Months Ended June 30, One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Totals (In thousands) 2024 Balance at beginning of period $ 13,840 $ 8,670 $ 15,232 $ 8,068 $ 7,711 $ 1,873 $ 7 $ 55,401 Provision for (reversal of) credit losses 1,046 (279) (32) 480 144 777 58 2,194 Recoveries 2 — — 1 262 4 1 270 Charge-offs — — (120) — (623) — (60) (803) Balance at end of period $ 14,888 $ 8,391 $ 15,080 $ 8,549 $ 7,494 $ 2,654 $ 6 $ 57,062 2023 Balance at beginning of period $ 12,789 $ 8,145 $ 16,257 $ 6,739 $ 7,320 $ 1,614 $ 9 $ 52,873 Provision for (reversal of) credit losses (1,763) 1,247 19 196 764 575 40 1,078 Recoveries — — — — 56 4 — 60 Charge-offs — — (64) — (450) — (41) (555) Balance at end of period $ 11,026 $ 9,392 $ 16,212 $ 6,935 $ 7,690 $ 2,193 $ 8 $ 53,456 9. Loans Receivable and Allowance for Credit Losses (continued) For the Six Months Ended June 30, One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Totals (In thousands) 2024 Balance at beginning of period $ 13,017 $ 8,742 $ 15,757 $ 7,758 $ 7,923 $ 1,892 $ 7 $ 55,096 Provision for (reversal of) credit losses 1,871 (351) (557) 789 4,809 753 158 7,472 Recoveries 2 — — 2 405 9 1 419 Charge-offs (2) — (120) — (5,643) — (160) (5,925) Balance at end of period $ 14,888 $ 8,391 $ 15,080 $ 8,549 $ 7,494 $ 2,654 $ 6 $ 57,062 2023 Balance at beginning of period $ 11,802 $ 7,877 $ 18,111 $ 6,425 $ 6,897 $ 1,681 $ 10 $ 52,803 Provision for (reversal of) credit losses (642) 1,515 (1,749) 510 1,037 514 68 1,253 Recoveries — — — — 206 24 6 236 Charge-offs (134) — (150) — (450) (26) (76) (836) Balance at end of period $ 11,026 $ 9,392 $ 16,212 $ 6,935 $ 7,690 $ 2,193 $ 8 $ 53,456 9. Loans Receivable and Allowance for Credit Losses (continued) The following tables present individually analyzed loans by segment, excluding PCD loans, at June 30, 2024 and December 31, 2023: At June 30, 2024 Recorded Investment Unpaid Principal Balance Specific Allowance (In thousands) With no allowance recorded: Real estate loans: One-to-four family $ 378 $ 426 $ — Commercial real estate 8,938 9,598 — Commercial business loans 10,816 14,514 — Consumer loans: Home equity loans and advances 14 14 — 20,146 24,552 — With a specific allowance recorded: Real estate loans: Commercial business loans 76 76 76 76 76 76 Total: Real estate loans: One-to-four family 378 426 — Commercial real estate 8,938 9,598 — Commercial business loans 10,892 14,590 76 Consumer loans: Home equity loans and advances 14 14 — Total loans $ 20,222 $ 24,628 $ 76 9. Loans Receivable and Allowance for Credit Losses (continued) At December 31, 2023 Recorded Investment Unpaid Principal Balance Specific Allowance (In thousands) With no allowance recorded: Real estate loans: One-to-four family $ 1,170 $ 1,519 $ — Multifamily 49 52 — Commercial real estate 12,741 14,364 — Commercial business loans 5,814 6,764 — Consumer loans: Home equity loans and advances 145 163 — 19,919 22,862 — With a specific allowance recorded: Real estate loans: One-to-four family 2,893 2,911 186 Multifamily 333 333 7 Commercial real estate 2,619 2,622 237 Commercial business loans 5,736 5,736 154 Consumer loans: Home equity loans and advances 456 456 30 12,037 12,058 614 Total: Real estate loans: One-to-four family 4,063 4,430 186 Multifamily 382 385 7 Commercial real estate 15,360 16,986 237 Commercial business loans 11,550 12,500 154 Consumer loans: Home equity loans and advances 601 619 30 $ 31,956 $ 34,920 $ 614 Specific allocations of the allowance for credit losses attributable to individually analyzed loans totaled $76,000 and $614,000 at June 30, 2024 and December 31, 2023, respectively. At June 30, 2024 and December 31, 2023, impaired loans for which there was no related allowance for credit losses totaled $20.1 million and $19.9 million, respectively. 9. 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 and non-accrual loans, for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, 2024 2023 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Real estate loans: One-to-four family $ 1,053 $ — $ 4,722 $ 56 Multifamily 23 — 429 5 Commercial real estate 9,317 20 16,156 163 Commercial business loans 10,004 — 3,128 18 Consumer loans: Home equity loans and advances 62 — 660 10 Total loans $ 20,459 $ 20 $ 25,095 $ 252 For the Six Months Ended June 30, 2024 2023 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Real estate loans: One-to-four family $ 2,056 $ 13 $ 4,536 $ 101 Multifamily 143 1 438 10 Commercial real estate 11,331 39 16,347 314 Commercial business loans 10,519 — 2,476 67 Consumer loans: Home equity loans and advances 242 1 672 17 Total loans $ 24,291 $ 54 $ 24,469 $ 509 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. 9. Loans Receivable and Allowance for Credit Losses (continued) The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating, excluding PCD loans, at June 30, 2024 and December 31, 2023: Loans by Year of Origination at June 30, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) One-to-Four Family Pass $ 57,856 $ 156,340 $ 780,416 $ 770,807 $ 260,718 $ 730,906 $ — $ — $ 2,757,043 Special mention — — — — — — — — — Substandard — 749 1,671 1,337 603 2,774 — — 7,134 Total One-to-Four Family 57,856 157,089 782,087 772,144 261,321 733,680 — — 2,764,177 Gross charge-offs — — — — — 2 — — 2 Multifamily Pass 6,948 116,125 323,476 344,834 167,286 444,915 — — 1,403,584 Special mention — — — — — 4,511 — — 4,511 Substandard — — — — — 1,221 — — 1,221 Total Multifamily 6,948 116,125 323,476 344,834 167,286 450,647 — — 1,409,316 Gross charge-offs — — — — — — — — — Commercial Real Estate Pass 67,199 178,405 420,779 369,648 156,603 1,027,279 — — 2,219,913 Special mention — — 1,443 1 2,819 25,494 — — 29,757 Substandard — — 11,372 — 3,760 51,450 — — 66,582 Total Commercial Real Estate 67,199 178,405 433,594 369,649 163,182 1,104,223 — — 2,316,252 Gross charge-offs — — — — — 120 — — 120 Construction Pass 20,757 137,704 257,764 46,655 — — — — 462,880 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Construction 20,757 137,704 257,764 46,655 — — — — 462,880 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at June 30, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) Commercial Business Pass $ 36,609 $ 58,214 $ 56,977 $ 28,712 $ 24,450 $ 47,279 $ 267,253 $ — $ 519,494 Special mention — — 1,447 — 273 835 8,022 — 10,577 Substandard — 358 582 76 40 7,183 16,060 — 24,299 Doubtful — — — — — 398 — — 398 Total Commercial Business 36,609 58,572 59,006 28,788 24,763 55,695 291,335 — 554,768 Gross charge-offs — — — 2,352 — 3,291 — — 5,643 Home Equity Loans and Advances Pass 6,756 18,596 19,862 17,202 10,712 84,990 35,296 66,837 260,251 Special mention — — — — — — — — — Substandard — — — — — 176 — — 176 Total Home Equity Loans and Advances 6,756 18,596 19,862 17,202 10,712 85,166 35,296 66,837 260,427 Gross charge-offs — — — — — — — — — Other Consumer Loans Pass 2,043 123 118 14 2 67 322 — 2,689 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Other Consumer Loans 2,043 123 118 14 2 67 322 — 2,689 Gross charge-offs — 32 95 32 — 1 — — 160 Total Loans 198,168 666,614 1,875,907 1,579,286 627,266 2,429,478 326,953 66,837 7,770,509 Total gross charge-offs $ — $ 32 $ 95 $ 2,384 $ — $ 3,414 $ — $ — $ 5,925 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) One-to-Four Family Pass $ 156,279 $ 786,735 $ 793,074 $ 272,215 $ 165,337 $ 614,351 $ — $ — $ 2,787,991 Special mention — — — — — — — — — Substandard — 1,176 769 283 629 1,985 — — 4,842 Total One-to-Four family 156,279 787,911 793,843 272,498 165,966 616,336 — — 2,792,833 Gross charge-offs — 208 197 — 29 151 — — 585 Multifamily Pass 111,612 317,277 359,983 157,294 202,923 255,578 — — 1,404,667 Special mention — — — — — 4,520 — — 4,520 Substandard — — — — — — — — — Total Multifamily 111,612 317,277 359,983 157,294 202,923 260,098 — — 1,409,187 Gross charge-offs — — — — — — — — — Commercial Real Estate Pass 191,030 422,058 371,578 174,705 236,263 930,740 — — 2,326,374 Special mention — — 465 — 871 24,405 — — 25,741 Substandard — 5,743 905 1,799 — 16,515 — — 24,962 Total Commercial Real Estate 191,030 427,801 372,948 176,504 237,134 971,660 — — 2,377,077 Gross charge-offs — — — — 64 86 — — 150 Construction Pass 99,634 270,397 65,374 4,933 439 2,317 — — 443,094 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Construction 99,634 270,397 65,374 4,933 439 2,317 — — 443,094 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) Commercial Business Pass $ 67,529 $ 58,118 $ 28,989 $ 27,194 $ 15,499 $ 38,954 $ 272,698 $ — $ 508,981 Special mention 127 303 — 97 14 1,389 4,587 — 6,517 Substandard — 76 88 6 1,081 6,150 10,142 — 17,543 Total Commercial Business 67,656 58,497 29,077 27,297 16,594 46,493 287,427 — 533,041 Gross charge-offs — — 31 34 2,249 304 — — 2,618 Home Equity Loans and Advances Pass 20,198 20,713 18,139 11,368 9,877 84,261 37,261 64,558 266,375 Special mention — — — — — — — — — Substandard — — — — — 257 — — 257 Total Home Equity Loans and Advances 20,198 20,713 18,139 11,368 9,877 84,518 37,261 64,558 266,632 Gross charge-offs — — — — — 26 — — 26 Other Consumer Loans Pass 2,199 151 38 6 18 68 321 — 2,801 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Other Consumer Loans 2,199 151 38 6 18 68 321 — 2,801 Gross charge-offs — 61 52 — — 2 — — 115 Total Loans 648,608 1,882,747 1,639,402 649,900 632,951 1,981,490 325,009 64,558 7,824,665 Total gross charge-offs $ — $ 269 $ 280 $ |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Leases The Company leases real estate property for branches and office space. At June 30, 2024 and December 31, 2023, 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 June 30, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 6.0 years and 5.9 years, respectively, and the weighted average discount rate used in the measurement of operating lease liabilities was 3.19% and 2.70%, respectively. The Company accounts for the lease and non-lease components separately since such amounts are readily determinable under the Company's lease contracts. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are recognized as incurred. Variable lease payments include common area maintenance charges, real estate taxes, repairs and maintenance costs and utilities. Operating and variable lease expenses are recorded in occupancy expense in the Consolidated Statements of Income. During the three and six months ended June 30, 2024 and 2023, operating and variable lease expenses totaled approximately $737,000 and $1.4 million, and $680,000 and $1.3 million, respectively. There were no sale and leaseback transactions, leveraged leases or lease transactions with related parties during the three and six months ended June 30, 2024 and 2023. At June 30, 2024, the Company had no leases which had not yet commenced. 10. Leases (continued) The following table summarizes lease payment obligations for each of the next five years and thereafter as follows: Lease Payment Obligations at June 30, December 31, 2024 2023 (In thousands) One year or less $ 2,265 $ 4,204 After one year to two years 4,312 3,536 After two years to three years 3,855 3,154 After three years to four years 2,977 2,271 After four years to five years 2,514 1,807 Thereafter 4,345 2,974 Total undiscounted cash flows 20,268 17,946 Discount on cash flows (1,925) (1,411) Total lease liability $ 18,343 $ 16,535 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2024 | |
Deposits [Abstract] | |
Deposits | Deposits Deposits at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, December 31, 2024 2023 (In thousands) Non-interest-bearing demand $ 1,405,441 $ 1,437,361 Interest-bearing demand 1,904,483 1,966,463 Money market accounts 1,246,663 1,255,528 Savings and club deposits 673,031 700,348 Certificates of deposit 2,551,929 2,486,856 Total deposits $ 7,781,547 $ 7,846,556 The aggregate amount of certificates of deposit that meet or exceed $100,000 totaled approximately $1.5 billion at both June 30, 2024 and December 31, 2023. Interest expense on deposits for the three months ended June 30, 2024 and 2023 totaled $49.8 million and $28.7 million, respectively. Interest expense on deposits for the six months ended June 30, 2024 and 2023 totaled $98.2 million and $45.8 million, respectively. 11. Deposits (continued) Scheduled maturities of certificates of deposit accounts at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, December 31, 2024 2023 (In thousands) One year or less $ 2,258,665 $ 2,077,863 After one year to two years 237,020 321,271 After two years to three years 29,416 57,836 After three years to four years 11,325 13,427 After four years 15,503 16,459 $ 2,551,929 $ 2,486,856 |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | Stock Based Compensation At the Company's annual meeting of stockholders held on June 6, 2019, stockholders approved the Columbia Financial, Inc. 2019 Equity Incentive Plan ("2019 Plan") which provides for the issuance of up to 7,949,996 shares (2,271,427 restricted stock awards and 5,678,569 stock options) of common stock. On March 7, 2024, 27,162 shares of restricted stock were awarded, with a grant date fair value of $16.57 per share. To fund the grant of restricted common stock, the Company issued shares from authorized but unissued shares. On March 6, 2024, 185,279 shares of restricted stock were awarded, with a grant date fair value of $16.49 per share. To fund the grant of restricted common stock, the Company issued shares from authorized but unissued shares. On May 1, 2023, 201,887 shares of restricted stock were awarded, with a grant date fair value of $15.94 per share. To fund the grant of restricted common stock, the Company issued shares from authorized but unissued shares. On June 20, 2023, 24,687 shares of restricted stock were awarded, with a grant date fair value of $18.23 per share. To fund the grant of restricted common stock, the Company issued shares from authorized but unissued shares. At June 30, 2024, there were 367,717 shares remaining available for future restricted stock awards and 1,430,335 shares remaining available for future stock option grants under the 2019 Plan. Restricted shares granted under the 2019 Plan generally vest in equal installments, over performance or service periods ranging from 1 year to 5 years, beginning 1 year from the date of grant. A portion of restricted shares awarded are performance awards, which vest upon the satisfactory attainment of certain corporate financial targets. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite performance or service period. During the three months ended June 30, 2024 and 2023, approximately $1.5 million and $1.1 million, respectively, in expense was recognized in regard to these awards. During the six months ended June 30, 2024 and 2023, approximately $2.8 million and $2.0 million, respectively, in expense was recognized in regard to these awards. The expected future compensation expense related to the 575,409 non-vested restricted shares outstanding at June 30, 2024 is approximately $3.4 million over a weighted average period of 1.6 years. 12. Stock Based Compensation (continued) The following is a summary of the Company's restricted stock activity during the three and six months ended June 30, 2024 and 2023: Number of Restricted Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2024 435,541 $ 16.77 Grants 212,441 16.50 Vested (25,890) 20.14 Forfeited (1,545) 16.54 Non-vested at March 31, 2024 620,547 $ 16.54 Vested (44,988) 17.20 Forfeited (150) 20.54 Non-vested at June 30, 2024 575,409 $ 16.49 Number of Restricted Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2023 430,954 $ 17.31 Vested (26,424) 21.16 Forfeited (1,929) 21.12 Non-vested at March 31, 2023 402,601 $ 17.10 Grants 226,574 16.19 Forfeited (10,425) 18.51 Non-vested at June 30, 2023 618,750 $ 16.74 On March 6, 2024, options to purchase 286,265 shares of Company common stock were awarded with a grant date fair value of $6.13 per option. Stock options granted under the 2019 Plan generally vest in equal installments over the service period of 3 years beginning 1 year from the date of grant. These stock options were granted at an exercise price of $16.49, which represents the fair value of the Company's common stock price on the grant date based on the closing market price and have an expiration period of approximately 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6 years, risk-free rate of return of 4.12%, volatility of 29.13%, and a dividend yield of 0.00%. On May 1, 2023, options to purchase 286,016 shares of Company common stock were awarded with a grant date fair value of $5.48 per option. Stock options granted under the 2019 Plan generally vest in equal installments over the service period of 3 years beginning 1 year from the date of grant. These stock options were granted at an exercise price of $15.94, which represents the fair value of the Company's common stock price on the grant date based on the closing market price and have an expiration period of approximately 10 years. The fair value of stock options granted was estimated utilizing the Black-Scholes option pricing model using the following assumptions: expected life of 6 years, risk-free rate of return of 3.60%, volatility of 27.07%, and a dividend yield of 0.00%. The expected life of the options represents the period of time that stock options are expected to be outstanding and is estimated using the simplified approach, which assumes that all outstanding options will be exercised at the midpoint of the vesting date and full contractual term. The risk-free rate of return is based on the rates on the grant date of a U.S. Treasury Note with a term equal to the expected option life. The expected volatility is based on the historical daily stock prices of the Company stock. The Company has not paid any cash dividends on its common stock. 12. Stock Based Compensation (continued) Management recognizes expense for the fair value of these awards on a straight-line basis over the requisite service period. During the three months ended June 30, 2024 and 2023, approximately $1.0 million and $954,000 in expense was recognized in regard to these awards. During the six months ended June 30, 2024 and 2023, approximately $2.0 million and $1.9 million in expense was recognized in regard to these awards. The expected future compensation expense related to the 1,174,549 non-vested options outstanding at June 30, 2024 is $3.2 million over a weighted average period of 2.1 years. The following is a summary of the Company's option activity during the three and six months ended June 30, 2024 and 2023: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2024 3,584,069 $ 16.20 6.1 $ 11,602,267 Granted 286,265 16.49 — — Exercised (28,051) 15.60 — — Expired (1,412) 15.60 — — Forfeited (5,832) 17.29 — — Outstanding, March 31, 2024 3,835,039 $ 16.22 6.2 $ 5,050,150 Expired (1,924) 17.82 — — Forfeited (1,274) 20.54 — — Outstanding, June 30, 2024 3,831,841 $ 16.22 6.0 $ — Options exercisable at June 30, 2024 2,657,292 $ 16.11 5.5 $ — Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2023 3,436,869 $ 16.26 6.9 $ 18,435,239 Exercised (3,618) 15.60 — — Expired (2,117) 15.60 — — Forfeited (8,055) 20.03 — — Outstanding, March 31, 2023 3,423,079 $ 16.25 6.7 $ 7,893,117 Granted 286,016 15.94 — — Exercised (37,234) 15.60 — — Expired (1,853) 15.60 — — Forfeited (42,598) 17.72 — — Outstanding, June 30, 2023 3,627,410 $ 16.22 6.7 $ 5,186,690 Options exercisable at June 30, 2023 1,841,606 $ 15.85 6.2 $ 2,861,956 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value, the difference between the Company's closing stock price on the last trading day of the period and the exercise price, multiplied by the number of in-the-money options. During the six months ended June 30, 2024, the aggregate intrinsic value of options exercised was $106,001. During the three months ended June 30, 2024, there were no exercises. During the three and six months ended June 30, 2023, the aggregate intrinsic value of options exercised was approximately $127,158 and, $146,443, respectively. |
Components of Net Periodic Bene
Components of Net Periodic Benefit Cost | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Components of Periodic Benefit Cost | Components of Net Periodic Benefit Cost Pension Plan, Retirement Income Maintenance Plan (the "RIM Plan") Post-retirement Plan, and Split-Dollar Life Insurance Plans The Company maintains a single employer, tax-qualified defined benefit pension plan (the "Pension Plan") which covers full-time employees that satisfy the Pension Plan's eligibility requirements. The benefits are based on years of service and the employee's average compensation for the highest five The Company also maintains a Retirement Income Maintenance Plan (the "RIM Plan") which is a non-qualified defined benefit plan which provides benefits to all employees of the Company if their benefits under the Pension Plan are limited by Internal Revenue Code Sections 415 and 401(a)(17). In addition, the Company provides certain health care and life insurance benefits to eligible retired employees under a Post-retirement Plan. The Company accrues the cost of retiree health care and other benefits during the employee's period of active service. Effective January 1, 2019, the Post-retirement Plan has been closed to new hires. The Company also provides life insurance benefits to eligible employees under an endorsement split-dollar life insurance program. 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. Net periodic (income) benefit cost for the Pension Plan, RIM Plan, Post-retirement Plan and Split-Dollar Life Insurance plan benefits for the three and six months ended June 30, 2024 and 2023, includes the following components: For the Three Months Ended June 30, Pension Plan (1) RIM Plan Post-retirement Plan Split-Dollar Life Insurance 2024 2023 2024 2023 2024 2023 2024 2023 Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 1,212 $ 1,199 $ 61 $ 69 $ 54 $ 54 $ 57 $ 69 Compensation and employee benefits Interest cost 3,100 2,790 162 158 248 242 208 204 Other non-interest expense Expected return on plan assets (8,119) (7,480) — — — — — — Other non-interest expense Amortization: Prior service cost — — — — — — 14 14 Other non-interest expense Net loss 512 — 28 14 — — — — Other non-interest expense Net periodic (income) benefit cost $ (3,295) $ (3,491) $ 251 $ 241 $ 302 $ 296 $ 279 $ 287 (1) Effective September 30, 2023, the RSI Pension Plan was merged into the Columbia Bank Pension Plan. 13. Components of Net Periodic Benefit Cost (continued) For the Six Months Ended June 30, Pension Plan (1) RIM Plan Post-retirement Plan Split-Dollar Life Insurance 2024 2023 2024 2023 2024 2023 2024 2023 Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 2,424 $ 2,398 $ 122 $ 138 $ 108 $ 108 $ 114 $ 139 Compensation and employee benefits Interest cost 6,200 5,581 324 316 496 485 416 409 Other non-interest expense Expected return on plan assets (16,239) (14,960) — — — — — — Other non-interest expense Amortization: Prior service cost — — — — — — 28 28 Other non-interest expense Net loss 1,024 — 56 28 — — — — Other non-interest expense Net periodic (income) benefit cost $ (6,591) $ (6,981) $ 502 $ 482 $ 604 $ 593 $ 558 $ 576 (1) Effective September 30, 2023, the RSI Pension Plan was merged into the Columbia Bank Pension Plan. 13. Components of Net Periodic Benefit Cost (continued) Through the acquisition of RSI Bank on May 1, 2022, the Company acquired a funded pension plan and a non-funded post-retirement plan (the "RSI Pension Plan"). The benefits are based on years of plan service and the employee’s compensation, as defined in the RSI Pension Plan. The RSI Pension Plan was amended effective March 31, 2011, to freeze the plan so that no employee shall commence or recommence participation in the plan, to cease further benefit accruals under the plan, and to provide that compensation received after the effective date shall not be recognized for any purpose under the plan. Effective September 30, 2023, the RSI Pension Plan was merged, and all assets were transferred into the Columbia Bank Pension Plan. The defined benefit post-retirement healthcare plan covers substantially all retirees and employees. Net periodic (income) benefit cost for the Pension Plan and Post-retirement Plan for the three and six months ended June 30, 2024 and 2023, includes the following components: For the Three Months Ended June 30, Pension Plan (1) Post-retirement Plan Affected Line Item in the Consolidated Statements of Income 2024 2023 2024 2023 (In thousands) Service cost $ — $ — $ 13 $ 17 Compensation and employee benefits Interest cost — 76 31 27 Other non-interest expense Expected return on plan assets — (122) — — Other non-interest expense Amortization: Net (gain) — — (5) (15) Other non-interest expense Net periodic (income) benefit cost $ — $ (46) $ 39 $ 29 (1) Effective September 30, 2023, the RSI Pension Plan was merged into the Columbia Bank Pension Plan. For the Six Months Ended June 30, Pension Plan (1) Post-retirement Plan Affected Line Item in the Consolidated Statements of Income 2024 2023 2024 2023 (In thousands) Service cost $ — $ — $ 26 $ 34 Compensation and employee benefits Interest cost — 152 62 53 Other non-interest expense Expected return on plan assets — (243) — — Other non-interest expense Amortization: Net (gain) — — (10) (30) Other non-interest expense Net periodic (income) benefit cost $ — $ (91) $ 78 $ 57 (1) Effective September 30, 2023, the RSI Pension Plan was merged into the Columbia Bank Pension Plan. For the three and six months ended June 30, 2024 and 2023, no contributions were made to either Pension Plan. The net periodic (income) cost for pension benefits, other post-retirement and split-dollar life insurance benefits for the three and six months ended June 30, 2024 was calculated using the most recent available benefit valuations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company utilizes fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The determination of fair values of financial instruments often requires the use of estimates. Where quoted market values in an active market are not readily available, the Company utilizes various valuation techniques to estimate fair value. Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1: Unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access on the measurement date. Level 2: Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in markets that are active or not active, or inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. Level 3: Prices or valuation techniques that require unobservable inputs that are both significant to the fair value measurement and unobservable (i.e., supported by minimal or no market activity). Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured at Fair Value on a Recurring Basis The methods described below were used to measure fair value of financial instruments as reflected in the tables below on a recurring basis at June 30, 2024 and December 31, 2023. Debt Securities Available for Sale, at Fair Value For debt securities available for sale, fair value was estimated using a market approach. The majority of these securities are fixed income instruments that are not quoted on an exchange but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations, matrix pricing and discounted cash flow pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. Discounted cash flows, a Level 3 input, is estimated by discounting the expected future cash flows using the current rates for securities with similar credit ratings and similar remaining maturities. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company may hold debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. The Company classifies the estimated fair value of its loan portfolio as Level 3. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. A trust preferred security that is not traded in an active market and Federal Home Loan Mortgage Corporation ("FHLMC") and Federal National Mortgage Association ("FNMA") preferred stock are considered Level 2 instruments. In addition, Level 2 instruments include Atlantic Community Bankers Bank ("ACCB") stock, which is based on redemption at par value and can only be sold to the issuing ACBB or another institution that holds ACBB stock. 14. Fair Value Measurements (continued) Derivatives The Company records all derivatives included in other assets and liabilities on the Consolidated Statements of Financial Condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. See note 16 for disclosures related to the accounting treatment for derivatives. The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2024 and December 31, 2023, by level within the fair value hierarchy: June 30, 2024 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 $ 270,822 $ 263,640 $ 7,182 $ — Mortgage-backed securities and collateralized mortgage obligations 906,582 — 906,582 — Municipal obligations 2,720 — 889 1,831 Corporate debt securities 83,335 — 75,425 7,910 Total debt securities available for sale 1,263,459 263,640 990,078 9,741 Equity securities 4,531 4,209 322 — Derivative assets 26,189 — 26,189 — $ 1,294,179 $ 267,849 $ 1,016,589 $ 9,741 Derivative liabilities $ 18,132 $ — $ 18,132 $ — 14. Fair Value Measurements (continued) December 31, 2023 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 $ 145,501 $ 137,800 $ 7,701 $ — Mortgage-backed securities and collateralized mortgage obligations 867,585 — 867,585 — Municipal obligations 2,702 — 892 1,810 Corporate debt securities 77,769 — 69,842 7,927 Total debt securities available for sale 1,093,557 137,800 946,020 9,737 Equity securities 4,079 3,758 321 Derivative assets 18,898 — 18,898 — $ 1,116,534 $ 141,558 $ 965,239 $ 9,737 Derivative liabilities $ 25,025 $ — $ 25,025 $ — The table below provides activity of assets reported as Level 3 during the three and six months ended June 30, 2024 and 2023: Significant Unobservable Inputs (Level 3) (In thousands) Debt securities available for sale: Balance of recurring Level 3 assets -December 31, 2023 $ 9,737 Change in fair value of Level 3 assets 174 Balance of recurring Level 3 assets - March 31, 2024 $ 9,911 Change in fair value of Level 3 assets (170) Balance of recurring Level 3 assets -June 30, 2024 $ 9,741 Significant Unobservable Inputs (Level 3) (In thousands) Debt securities available for sale: Balance of recurring Level 3 assets -December 31, 2022 $ 12,123 Change in fair value of Level 3 assets (1,523) Balance of recurring Level 3 assets - March 31, 2023 $ 10,600 Change in fair value of Level 3 assets 481 Balance of recurring Level 3 assets - June 30, 2023 $ 11,081 14. Fair Value Measurements (continued) 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. At both June 30, 2024 and December 31, 2023, two private placement corporate debt securities classified as available for sale, and two private placement municipal obligations classified as available for sale were included in Level 3 assets. There were no transfers to Level 3 assets during the three and six months ended June 30, 2024 and 2023. At June 30, 2024, private placement corporate debt security cash flows were discounted to a market yield of 13.00% (weighted average is 13.00%), and the cash flows for private placement municipal obligations were discounted to a market yield ranging from 3.78% to 4.56% (weighted average is 4.17%). The period end valuations were supported by an analysis prepared by an independent third party market participant and approved by management. Assets Measured at Fair Value on a Non-Recurring Basis The valuation techniques described below were used to estimate fair value of financial instruments measured on a non-recurring basis at June 30, 2024 and December 31, 2023. 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. Other Real Estate Owned Other real estate owned is initially recorded at the lower of the recorded investment in the loan at the time of foreclosure or at fair value, less estimated costs to sell, when acquired. Fair value is generally based on an independent appraisal which includes adjustments to comparable assets based on the appraisers' market knowledge and experience. Subsequent write-downs in the value of other real estate owned is recorded though expense as incurred. Other real estate owned is considered 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. 14. Fair Value Measurements (continued) The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values on a non-recurring basis at June 30, 2024 and December 31, 2023, by level within the fair value hierarchy: June 30, 2024 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 $ 5,568 — — $ 5,568 Other real estate owned 1,974 — — 1,974 Mortgage servicing rights 2,675 — — 2,675 $ 10,217 $ — $ — $ 10,217 December 31, 2023 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 $ 5,000 $ — $ — $ 5,000 Mortgage servicing rights 2,908 — — 2,908 $ 7,908 $ — $ — $ 7,908 The following table presents information for Level 3 assets measured at fair value on a non-recurring basis at June 30, 2024 and December 31, 2023: June 30, 2024 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average Rate (Dollars in thousands) Impaired loans $ 5,568 Other A/R aging schedule — — Other real estate owned $ 1,974 Appraised value (1) Discount for costs to sell (2) 6.0 % 6.0 % Mortgage servicing rights $ 2,675 Discounted cash flow Prepayment speeds and discount rates (3) 4.8% - 27.7% 8.6 % 14. Fair Value Measurements (continued) December 31, 2023 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average Rate (Dollars in thousands) Impaired loans $ 5,000 Other Contracted modification agreement. — % — % Mortgage servicing rights $ 2,908 Discounted cash flow Prepayment speeds and discount rates (3) 4.3% - 27.2% 8.1 % (1) Value based on an independent appraisal of the property's fair value. (2) Value based on management's estimate of selling costs including real estate brokerage commissions and title transfer fees. (3) Value of SBA servicing rights based on a discount rate of 15.50%. Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. A description of the valuation methodologies used for those assets and liabilities not recorded at fair value on a recurring or non-recurring basis are set forth below. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value due to their nature and short-term maturities. Debt Securities Held to Maturity For debt securities held to maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs within the fair value hierarchy. Federal Home Loan Bank Stock ("FHLB") The fair value of FHLB stock is based on redemption at par value and can only be sold to the issuing FHLB, to other FHLBs, or to other member banks. As such, the Company's FHLB stock is recorded at cost, or par value, and is evaluated for impairment each reporting period by considering the ultimate recoverability of the investment rather than temporary declines in value. The Company classifies the estimated fair value as Level 2 within the fair value hierarchy. 14. Fair Value Measurements (continued) Loans Receivable Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction, consumer, and other. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company's current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as demand, money market, and savings and club deposits are payable on demand at each reporting date and classified as Level 2. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowings The fair value of borrowings was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counter-parties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. 14. Fair Value Measurements (continued) The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2024 and December 31, 2023: June 30, 2024 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 $ 391,114 $ 391,114 $ 391,114 $ — $ — Debt securities available for sale 1,263,459 1,263,459 263,640 990,078 9,741 Debt securities held to maturity 411,300 365,344 — 365,344 — Equity securities 4,531 4,531 4,209 322 — Federal Home Loan Bank stock 87,618 87,618 — 87,618 — Loans receivable, net 7,761,949 7,189,901 — — 7,189,901 Derivative assets 26,189 26,189 — 26,189 — Financial liabilities: Deposits $ 7,781,547 $ 7,764,824 $ — $ 7,764,824 $ — Borrowings 1,683,899 1,679,284 — 1,679,284 — Derivative liabilities 18,132 18,132 — 18,132 — December 31, 2023 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 $ 423,249 $ 423,249 $ 423,249 $ — $ — Debt securities available for sale 1,093,557 1,093,557 137,800 946,020 9,737 Debt securities held to maturity 401,154 357,177 — 357,177 — Equity securities 4,079 4,079 3,758 321 — Federal Home Loan Bank stock 81,022 81,022 — 81,022 — Loans receivable, net 7,819,441 7,366,184 — — 7,366,184 Derivative assets 18,898 18,898 — 18,898 — Financial liabilities: Deposits $ 7,846,556 $ 7,828,259 $ — $ 7,828,259 $ — Borrowings 1,528,695 1,531,179 — 1,531,179 — Derivative liabilities 25,025 25,025 — 25,025 — 14. Fair Value Measurements (continued) Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because limited markets exist for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets or liabilities include goodwill and intangible assets, deferred tax assets and liabilities, office properties and equipment, and bank-owned life insurance. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, 2024 2023 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of other comprehensive income (loss): Unrealized (loss) gain on debt securities available for sale: $ (626) $ 176 $ (450) $ 4,413 $ (1,248) $ 3,165 Accretion of unrealized gain (loss) on debt securities reclassified as held to maturity 3 (1) 2 (2) 1 (1) Reclassification adjustment for (loss) included in net income — — — (9,552) 2,701 (6,851) (623) 175 (448) (5,141) 1,454 (3,687) Derivatives: Unrealized gain (loss) on swap contracts accounted for as cash flow hedges 414 (116) 298 4,020 (1,137) 2,883 414 (116) 298 4,020 (1,137) 2,883 Employee benefit plans: Amortization of prior service cost included in net income (14) 4 (10) (14) 4 (10) Reclassification adjustment of actuarial net (loss) gain included in net income (548) 154 (394) 1 — 1 Change in funded status of retirement obligations 8,224 (2,315) 5,909 3,486 (986) 2,500 7,662 (2,157) 5,505 3,473 (982) 2,491 Total other comprehensive income (loss) $ 7,453 $ (2,098) $ 5,355 $ 2,352 $ (665) $ 1,687 15. Other Comprehensive Income (Loss) (continued) For the Six Months Ended June 30, 2024 2023 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of other comprehensive income (loss): Unrealized (loss) gain on debt securities available for sale: $ (7,575) $ 2,133 $ (5,442) $ 21,954 $ (5,720) $ 16,234 Accretion of unrealized gain (loss) on debt securities reclassified as held to maturity 8 (2) 6 (13) 4 (9) Reclassification adjustment for (loss) included in net income (1,256) 353 (903) (10,847) 3,068 (7,779) (8,823) 2,484 (6,339) 11,094 (2,648) 8,446 Derivatives: Unrealized gain (loss) on swap contracts accounted for as cash flow hedges 5,647 (1,589) 4,058 2,816 (798) 2,018 5,647 (1,589) 4,058 2,816 (798) 2,018 Employee benefit plans: Amortization of prior service cost included in net income (28) 8 (20) (28) 8 (20) Reclassification adjustment of actuarial net (loss) gain included in net income (1,082) 304 (778) 2 (1) 1 Change in funded status of retirement obligations 8,813 (2,481) 6,332 3,512 (832) 2,680 7,703 (2,169) 5,534 3,486 (825) 2,661 Total other comprehensive income (loss) $ 4,527 $ (1,274) $ 3,253 $ 17,396 $ (4,271) $ 13,125 15. Other Comprehensive Income (Loss) (continued) The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, 2024 2023 Unrealized (Losses) on Debt Securities Available for Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) Unrealized (Losses) on Debt Securities Available for Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) (In thousands) Balance at beginning of period $ (119,540) $ 3,346 $ (44,643) $ (160,837) $ (123,349) $ (361) $ (44,148) $ (167,858) Current period changes in other comprehensive income (loss) (448) 298 5,505 5,355 (3,687) 2,883 2,491 1,687 Total other comprehensive income (loss) $ (119,988) $ 3,644 $ (39,138) $ (155,482) $ (127,036) $ 2,522 $ (41,657) $ (166,171) For the Six Months Ended June 30, 2024 2023 Unrealized (Losses) on Debt Securities Available for Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) Unrealized (Losses) on Debt Securities Available for Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) (In thousands) Balance at beginning of period $ (113,649) $ (414) $ (44,672) $ (158,735) $ (135,482) $ 504 $ (44,318) $ (179,296) Current period changes in other comprehensive income (loss) (6,339) 4,058 5,534 3,253 8,446 2,018 2,661 13,125 Total other comprehensive income (loss) $ (119,988) $ 3,644 $ (39,138) $ (155,482) $ (127,036) $ 2,522 $ (41,657) $ (166,171) 15. Other Comprehensive Income (Loss) (continued) The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) to the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the three and six months ended June 30, 2024 and 2023: Accumulated Other Comprehensive Income (Loss) Components For the Three Months Ended June 30, Affected Line Items in the Consolidated Statements of Income 2024 2023 (In thousands) Reclassification adjustment for loss included in net income $ — $ (9,552) Loss on securities transactions Reclassification adjustment of actuarial net (loss) gain included in net income (548) 1 Other non-interest expense Total before tax (548) (9,551) Income tax benefit 154 2,701 Net of tax $ (394) $ (6,850) Accumulated Other Comprehensive Income (Loss) Components For the Six Months Ended June 30, Affected Line Items in the Consolidated Statements of Income 2024 2023 (In thousands) Reclassification adjustment for loss included in net income $ (1,256) $ (10,847) Loss on securities transactions Reclassification adjustment of actuarial net (loss) gain included in net income (1,082) 2 Other non-interest expense Total before tax (2,338) (10,845) Income tax benefit 657 3,067 Net of tax $ (1,681) $ (7,778) |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company uses derivative financial instruments as components of its market risk management, principally to manage interest rate risk. Certain derivatives are entered into in connection with transactions with commercial customers. Derivatives are not used for speculative purposes. All derivatives are recognized as either assets or liabilities in the Consolidated Statements of Financial Condition, reported at fair value and presented on a gross basis. Until a derivative is settled, a favorable change in fair value results in an unrealized gain that is recognized as an asset, while an unfavorable change in fair value results in an unrealized loss that is recognized as a liability. The Company generally applies hedge accounting to its derivatives used for market risk management purposes. Hedge accounting is permitted only if specific criteria are met, including a requirement that a highly effective relationship exists between the derivative instrument and the hedged item, both at inception of the hedge and on an ongoing basis. Changes in the fair value of effective fair value hedges are recognized in current earnings (with the change in fair value of the hedged asset or liability also recognized in earnings). Changes in the fair value of effective cash flow hedges are recognized in other comprehensive income (loss) until earnings are affected by the variability in cash flows of the designated hedged item. Ineffective portions of hedge results are recognized in current earnings. Changes in the fair value of derivatives for which hedge accounting is not applied are recognized in current earnings. The Company formally documents at inception all relationships between the derivative instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transactions. This process includes linking all derivatives that are designated as hedges to specific assets and liabilities, or to specific firm commitments. The Company also formally assesses, both at inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the fair values or cash flows of the hedged items. If it is determined that a derivative is not highly effective or has ceased to be a highly effective hedge, the Company would discontinue hedge accounting prospectively. Gains or losses resulting from the termination of a derivative accounted for as a cash flow hedge remain in other comprehensive income (loss) and is (accreted) amortized to earnings over the remaining period of the former hedging relationship. Certain derivative financial instruments are offered to certain commercial banking customers to manage their risk of exposure and risk management strategies. These derivative instruments consist primarily of currency forward contracts and interest rate swap contracts. The risk associated with these transactions is mitigated by simultaneously entering into similar transactions having essentially offsetting terms with a third party. In addition, the Company executes interest rate swaps with third parties in order to hedge the interest rate risk of short-term FHLB advances. Interest Rate Swaps. At June 30, 2024 and December 31, 2023, the Company had 86 and 80 interest rate swaps in place with commercial banking customers executed by offsetting interest rate swaps with third parties, with aggregated notional amounts of $308.2 million and $277.8 million, respectively. These derivatives are not designated as hedges and are not speculative. These interest rate swaps do not meet hedge accounting requirements. At June 30, 2024 and December 31, 2023, the Company had 31 and 30 interest rate swaps with notional amounts of $378.7 million and $380.0 million, respectively, hedging certain FHLB advances. These interest rate swaps meet the cash flow hedge accounting requirements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counter-party in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. At December 31, 2023, 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 June 30, 2024, the Company did not have any interest rate swaps hedged against pools of floating rate commercial loans. At June 30, 2024 and December 31, 2023, the Company had ten and eight interest rate fair value swaps with notional amounts totaling $850.0 million and $700.0 million, respectively. The Company is exposed to changes in the fair value of certain of its fixed-rate pools of assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, the Secured Overnight Financing Rate ("SOFR"). 16. Derivatives and Hedging Activities (continued) Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For the three and six months ended June 30, 2024 and 2023, the Company recorded hedge ineffectiveness associated with these contracts totaling $11,000 and $23,000, $47,000 and $27,000, respectively. 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 June 30, 2024 and December 31, 2023: June 30, 2024 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 $ 9,116 Other Liabilities $ 1,118 Interest rate products - non-designated hedges Other Assets 17,073 Other Liabilities 17,014 Total derivative instruments $ 26,189 $ 18,132 December 31, 2023 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 $ 5,394 Other Liabilities $ 11,530 Interest rate products - non-designated hedges Other Assets 13,504 Other Liabilities 13,495 Total derivative instruments $ 18,898 $ 25,025 For the three months ended June 30, 2024 and 2023, (losses) of $(43,000) and $(9,000), respectively, were recorded for changes in fair value of interest rate swaps with third parties. For the six months ended June 30, 2024 and 2023, gains (losses) of $50,000 and $(202,000), respectively, were recorded for changes in fair value of interest rate swaps with third parties. At June 30, 2024 and December 31, 2023, accrued interest was $1.6 million and $1.2 million. 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. At June 30, 2024, the termination value of derivatives in a net asset position, which includes accrued interest, was $8.1 million. The Company normally has collateral posting thresholds with certain of its derivative counterparties, but as of June 30, 2024 had no posted collateral against its obligations under these agreements. 16. Derivatives and Hedging Activities (continued) Fair Value Hedges of Interest Rate Risk. The Company is exposed to changes in the fair value of certain of its fixed-rate pools of assets due to changes in benchmark interest rates. The Company uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate, SOFR. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting gain or loss on the hedged item attributable to the hedged risk are recognized in interest income. At June 30, 2024, the following amounts were recorded on the Consolidated Statements of Financial Condition related to cumulative basis adjustment for fair value hedges: Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of Hedged Assets/(Liabilities) Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of Hedged Assets/(Liabilities) At June 30, 2024 At December 31, 2023 (In thousands) Fair value interest rate products $ 848,297 $ (1,703) $ 706,412 $ 6,412 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
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 three and six months ended June 30, 2024 and 2023. For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Non-interest income In-scope of Topic 606: Demand deposit account fees $ 1,590 $ 1,291 $ 3,003 $ 2,467 Title insurance fees 744 624 1,247 1,211 Insurance agency income 60 40 107 77 Other non-interest income 1,430 2,448 2,908 4,964 Total in-scope non-interest income 3,824 4,403 7,265 8,719 Total out-of-scope non-interest income 5,356 (4,949) 9,367 (1,191) Total non-interest income $ 9,180 $ (546) $ 16,632 $ 7,528 17. Revenue Recognition (continued) 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, and changes in the fair value of equity securities. None of these revenue streams are subject to the requirements of Topic 606. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated events subsequent to June 30, 2024 and through the financial statement issuance date of August 9, 2024, and concluded that no material events occurred that would require disclosure. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net income | $ 4,540 | $ 1,664 | $ 3,385 | $ 20,387 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Pronouncements Adopted | Accounting Pronouncements Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280); Improvements to Reportable Segment Disclosures. ASU 2023-07 enhances segment reporting under Topic 820 by expanding the breadth and frequency of segment disclosures. The ASU requires a public entity to disclose entity-wide and segment information in the notes to the financial statements. Disclosures include the measure of profit or loss that the chief operating decision maker uses to assess segment performance and decide how to allocate resources, as well as certain specified amounts included in that measure. This ASU was effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company adopted this ASU on January 1, 2024 on a retrospective basis for all periods presented. As it is only disclosure related, this ASU did not have an impact on the Company's consolidated financial statements. |
Loans Receivable | The Company has 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 in the Consolidated Statement of Financial Condition, which totaled $33.2 million and $32.9 million at June 30, 2024 and December 31, 2023, respectively, and is excluded from the estimate of credit losses. The determination of the allowance for credit losses (“ACL”) on loans is considered a critical accounting estimate by management because of the high degree of judgment involved in determining qualitative loss factors, the subjectivity of the assumptions used, and the potential for changes in the forecasted economic environment. 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-variate 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. 9. Loans Receivable and Allowance for Credit Losses (continued) 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-variate 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 provides 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. 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. |
Fair Value Measurements | Debt Securities Available for Sale, at Fair Value For debt securities available for sale, fair value was estimated using a market approach. The majority of these securities are fixed income instruments that are not quoted on an exchange but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations, matrix pricing and discounted cash flow pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. Discounted cash flows, a Level 3 input, is estimated by discounting the expected future cash flows using the current rates for securities with similar credit ratings and similar remaining maturities. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company may hold debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. The Company classifies the estimated fair value of its loan portfolio as Level 3. Equity Securities, at Fair Value The Company holds equity securities that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. A trust preferred security that is not traded in an active market and Federal Home Loan Mortgage Corporation ("FHLMC") and Federal National Mortgage Association ("FNMA") preferred stock are considered Level 2 instruments. In addition, Level 2 instruments include Atlantic Community Bankers Bank ("ACCB") stock, which is based on redemption at par value and can only be sold to the issuing ACBB or another institution that holds ACBB stock. 14. Fair Value Measurements (continued) Derivatives The Company records all derivatives included in other assets and liabilities on the Consolidated Statements of Financial Condition at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. See note 16 for disclosures related to the accounting treatment for derivatives. The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. 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. Other Real Estate Owned Other real estate owned is initially recorded at the lower of the recorded investment in the loan at the time of foreclosure or at fair value, less estimated costs to sell, when acquired. Fair value is generally based on an independent appraisal which includes adjustments to comparable assets based on the appraisers' market knowledge and experience. Subsequent write-downs in the value of other real estate owned is recorded though expense as incurred. Other real estate owned is considered 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. 14. Fair Value Measurements (continued) Other Fair Value Disclosures The Company is required to disclose estimated fair value of financial instruments, both assets and liabilities on and off the balance sheet, for which it is practicable to estimate fair value. A description of the valuation methodologies used for those assets and liabilities not recorded at fair value on a recurring or non-recurring basis are set forth below. Cash and Cash Equivalents For cash and due from banks, federal funds sold and short-term investments, the carrying amount approximates fair value due to their nature and short-term maturities. Debt Securities Held to Maturity For debt securities held to maturity, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange but are traded in active markets. Prices for these instruments are obtained through third-party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input, is a mathematical technique used principally to value certain securities to a benchmark or to comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. As the Company is responsible for the determination of fair value, it performs quarterly analysis on the prices received from the pricing service to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values and returns to relevant market indices to assess the reasonableness of the reported prices. The Company’s internal price verification procedures and review of fair value methodology documentation provided by independent pricing services has not historically resulted in an adjustment in the prices obtained from the pricing service. The Company also holds debt instruments issued by the U.S. government and U.S. government-sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs within the fair value hierarchy. Federal Home Loan Bank Stock ("FHLB") The fair value of FHLB stock is based on redemption at par value and can only be sold to the issuing FHLB, to other FHLBs, or to other member banks. As such, the Company's FHLB stock is recorded at cost, or par value, and is evaluated for impairment each reporting period by considering the ultimate recoverability of the investment rather than temporary declines in value. The Company classifies the estimated fair value as Level 2 within the fair value hierarchy. 14. Fair Value Measurements (continued) Loans Receivable Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as commercial mortgage, residential mortgage, commercial, construction, consumer, and other. Each loan category is further segmented into fixed and adjustable rate interest terms and into performing and non-performing categories. The fair value of performing loans was estimated using a combination of techniques, including a discounted cash flow model that utilizes a discount rate that reflects the Company's current pricing for loans with similar characteristics and remaining maturity, adjusted by an amount for estimated credit losses inherent in the portfolio at the balance sheet date. The rates take into account the expected yield curve, as well as an adjustment for prepayment risk, when applicable. The Company classifies the estimated fair value of its loan portfolio as Level 3. The fair value for significant non-performing loans was based on recent external appraisals of collateral securing such loans, adjusted for the timing of anticipated cash flows. The Company classifies the estimated fair value of its non-performing loan portfolio as Level 3. Deposits The fair value of deposits with no stated maturity, such as demand, money market, and savings and club deposits are payable on demand at each reporting date and classified as Level 2. The estimated fair value of certificates of deposit was based on the discounted value of contractual cash flows. The discount rate was estimated using the Company’s current rates offered for deposits with similar remaining maturities. The Company classifies the estimated fair value of its certificates of deposit portfolio as Level 2. Borrowings The fair value of borrowings was estimated by discounting future cash flows using rates available for debt with similar terms and maturities and is classified by the Company as Level 2 within the fair value hierarchy. Commitments to Extend Credit and Letters of Credit The fair value of commitments to extend credit and letters of credit was estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counter-parties. For fixed rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value estimates of commitments to extend credit and letters of credit are deemed immaterial. Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because limited markets exist for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Other significant assets and liabilities that are not considered financial assets or liabilities include goodwill and intangible assets, deferred tax assets and liabilities, office properties and equipment, and bank-owned life insurance. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except per share data) Net income $ 4,540 $ 1,664 $ 3,385 $ 20,387 Shares: Weighted average shares outstanding - basic 101,651,511 102,409,035 101,699,126 103,514,169 Weighted average diluted shares outstanding — 108,549 105,260 321,066 Weighted average shares outstanding - diluted 101,651,511 102,517,584 101,804,386 103,835,235 Earnings per share: Basic $ 0.04 $ 0.02 $ 0.03 $ 0.20 Diluted $ 0.04 $ 0.02 $ 0.03 $ 0.20 |
Debt Securities Available for_2
Debt Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Debt Securities, Available-for-Sale | D ebt securities available for sale at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 273,209 $ 251 $ (2,638) $ 270,822 Mortgage-backed securities and collateralized mortgage obligations 1,056,441 98 (149,957) 906,582 Municipal obligations 2,767 — (47) 2,720 Corporate debt securities 97,530 30 (14,225) 83,335 $ 1,429,947 $ 379 $ (166,867) $ 1,263,459 December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Fair Value (In thousands) U.S. government and agency obligations $ 146,387 $ 924 $ (1,810) $ 145,501 Mortgage-backed securities and collateralized mortgage obligations 1,009,508 20 (141,943) 867,585 Municipal obligations 2,770 — (68) 2,702 Corporate debt securities 92,565 2 (14,798) 77,769 $ 1,251,230 $ 946 $ (158,619) $ 1,093,557 |
Schedule of Securities by Contractual Maturity | The amortized cost and fair value of debt securities available for sale at June 30, 2024, 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. June 30, 2024 Amortized Cost Fair Value (In thousands) One year or less $ 80,740 $ 80,372 More than one year to five years 214,258 211,496 More than five years to ten years 78,508 65,009 $ 373,506 $ 356,877 Mortgage-backed securities and collateralized mortgage obligations 1,056,441 906,582 $ 1,429,947 $ 1,263,459 The amortized cost and fair value of debt securities held to maturity at June 30, 2024, 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. June 30, 2024 Amortized Cost Fair Value (In thousands) More than one year to five years $ 29,875 $ 27,699 More than five years to ten years 9,997 8,576 More than ten years 10,000 7,691 49,872 43,966 Mortgage-backed securities and collateralized mortgage obligations 361,428 321,378 $ 411,300 $ 365,344 |
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 June 30, 2024 and December 31, 2023 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: June 30, 2024 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 $ 166,186 $ (827) $ 20,883 $ (1,811) $ 187,069 $ (2,638) Mortgage-backed securities and collateralized mortgage obligations 32,535 (287) 814,739 (149,670) 847,274 (149,957) Municipal obligations — — 2,720 (47) 2,720 (47) Corporate debt securities — — 78,304 (14,225) 78,304 (14,225) $ 198,721 $ (1,114) $ 916,646 $ (165,753) $ 1,115,367 $ (166,867) 6. Debt Securities Available for Sale (continued) December 31, 2023 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 $ — $ — $ 21,344 $ (1,810) $ 21,344 $ (1,810) Mortgage-backed securities and collateralized mortgage obligations 54 (4) 863,026 (141,939) 863,080 (141,943) Municipal obligations — — 2,702 (68) 2,702 (68) Corporate debt securities — — 75,765 (14,798) 75,765 (14,798) $ 54 $ (4) $ 962,837 $ (158,615) $ 962,891 $ (158,619) |
Debt Securities Held to Matur_2
Debt Securities Held to Maturity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Debt Securities, Held-to-Maturity | Debt securities held to maturity at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, 2024 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value U.S. government and agency obligations $ 49,872 $ — $ (5,906) $ — $ 43,966 Mortgage-backed securities and collateralized mortgage obligations 361,428 21 (40,071) — 321,378 $ 411,300 $ 21 $ (45,977) $ — $ 365,344 7. Debt Securities Held to Maturity (continued) December 31, 2023 Amortized Cost Gross Unrealized Gains Gross Unrealized (Losses) Allowance for Credit Losses Fair Value (In thousands) U.S. government and agency obligations $ 49,871 $ — $ (5,902) $ — $ 43,969 Mortgage-backed securities and collateralized mortgage obligations 351,283 — (38,075) — 313,208 $ 401,154 $ — $ (43,977) $ — $ 357,177 |
Schedule of Securities by Contractual Maturity | The amortized cost and fair value of debt securities available for sale at June 30, 2024, 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. June 30, 2024 Amortized Cost Fair Value (In thousands) One year or less $ 80,740 $ 80,372 More than one year to five years 214,258 211,496 More than five years to ten years 78,508 65,009 $ 373,506 $ 356,877 Mortgage-backed securities and collateralized mortgage obligations 1,056,441 906,582 $ 1,429,947 $ 1,263,459 The amortized cost and fair value of debt securities held to maturity at June 30, 2024, 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. June 30, 2024 Amortized Cost Fair Value (In thousands) More than one year to five years $ 29,875 $ 27,699 More than five years to ten years 9,997 8,576 More than ten years 10,000 7,691 49,872 43,966 Mortgage-backed securities and collateralized mortgage obligations 361,428 321,378 $ 411,300 $ 365,344 |
Schedule of Held-to-Maturity Securities Reported in a Continuous Unrealized Loss Position | The following tables summarize the fair value and gross unrealized losses of those securities that reported an unrealized loss at June 30, 2024 and December 31, 2023 and if the unrealized loss position was continuous for the twelve months prior to those respective dates: June 30, 2024 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 $ — $ — $ 43,966 $ (5,906) $ 43,966 $ (5,906) Mortgage-backed securities and collateralized mortgage obligations — — 314,784 (40,071) 314,784 (40,071) $ — $ — $ 358,750 $ (45,977) $ 358,750 $ (45,977) December 31, 2023 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 $ — $ — $ 43,969 $ (5,902) $ 43,969 $ (5,902) Mortgage-backed securities and collateralized mortgage obligations — — 313,208 (38,075) 313,208 (38,075) $ — $ — $ 357,177 $ (43,977) $ 357,177 $ (43,977) |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Loans receivable at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, December 31, 2024 2023 (In thousands) Real estate loans: One-to-four family $ 2,764,177 $ 2,792,833 Multifamily 1,409,316 1,409,187 Commercial real estate 2,316,252 2,377,077 Construction 462,880 443,094 Commercial business loans 554,768 533,041 Consumer loans: Home equity loans and advances 260,427 266,632 Other consumer loans 2,689 2,801 Total gross loans 7,770,509 7,824,665 Purchased credit-deteriorated ("PCD") loans 12,150 15,089 Net deferred loan costs, fees and purchased premiums and discounts 36,352 34,783 Loans receivable $ 7,819,011 $ 7,874,537 |
Financing Receivable, Past Due | The following tables summarize the aging of loans receivable by portfolio segment, including non-accrual loans and excluding PCD loans at June 30, 2024 and December 31, 2023: June 30, 2024 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 $ 12,171 $ 6,652 $ 2,597 $ 21,420 $ 5,756 $ 2,742,757 $ 2,764,177 Multifamily — — — — — 1,409,316 1,409,316 Commercial real estate 3,088 544 149 3,781 8,066 2,312,471 2,316,252 Construction — — — — — 462,880 462,880 Commercial business loans 2,340 5,542 2,419 10,301 11,284 544,467 554,768 Consumer loans: Home equity loans and advances 630 32 75 737 175 259,690 260,427 Other consumer loans — — — — — 2,689 2,689 Total loans $ 18,229 $ 12,770 $ 5,240 $ 36,239 $ 25,281 $ 7,734,270 $ 7,770,509 December 31, 2023 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 $ 11,079 $ 4,254 $ 1,558 $ 16,891 $ 3,139 $ 2,775,942 $ 2,792,833 Multifamily — — — — — 1,409,187 1,409,187 Commercial real estate 1,711 2,472 2,740 6,923 2,740 2,370,154 2,377,077 Construction — — — — — 443,094 443,094 Commercial business loans 1,727 4,917 6,518 13,162 6,518 519,879 533,041 Consumer loans: Home equity loans and advances 779 14 170 963 221 265,669 266,632 Other consumer loans 1 — — 1 — 2,800 2,801 Total loans $ 15,297 $ 11,657 $ 10,986 $ 37,940 $ 12,618 $ 7,786,725 $ 7,824,665 |
Financing Receivable, Allowance for Credit Loss | The following tables summarize loans receivable (including PCD loans) and allowance for credit losses by portfolio segment and impairment method at June 30, 2024 and December 31, 2023: June 30, 2024 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 $ — $ — $ — $ — $ 76 $ — $ — $ 76 Collectively analyzed loans 14,883 8,391 15,048 8,549 7,416 2,652 6 56,945 Loans acquired with deteriorated credit quality 5 — 32 — 2 2 — 41 Total $ 14,888 $ 8,391 $ 15,080 $ 8,549 $ 7,494 $ 2,654 $ 6 $ 57,062 Total loans: Individually analyzed loans $ 378 $ — $ 8,938 $ — $ 10,892 $ 14 $ — $ 20,222 Collectively analyzed loans 2,763,799 1,409,316 2,307,314 462,880 543,876 260,413 2,689 7,750,287 Loans acquired with deteriorated credit quality 1,853 — 9,823 — 327 147 — 12,150 Total loans $ 2,766,030 $ 1,409,316 $ 2,326,075 $ 462,880 $ 555,095 $ 260,574 $ 2,689 $ 7,782,659 9. Loans Receivable and Allowance for Credit Losses (continued) December 31, 2023 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 $ 186 $ 7 $ 237 $ — $ 154 $ 30 $ — $ 614 Collectively analyzed loans 12,827 8,735 15,378 7,758 7,742 1,862 7 54,309 Loans acquired with deteriorated credit quality 4 — 142 — 27 — — 173 Total $ 13,017 $ 8,742 $ 15,757 $ 7,758 $ 7,923 $ 1,892 $ 7 $ 55,096 Total loans: Individually analyzed loans $ 4,063 $ 382 $ 15,360 $ — $ 11,550 $ 601 $ — $ 31,956 Collectively analyzed loans 2,788,770 1,408,805 2,361,717 443,094 521,491 266,031 2,801 7,792,709 Loans acquired with deteriorated credit quality 1,893 — 12,689 — 369 138 — 15,089 Total loans $ 2,794,726 $ 1,409,187 $ 2,389,766 $ 443,094 $ 533,410 $ 266,770 $ 2,801 $ 7,839,754 The activity in the allowance for credit losses by portfolio segment for the three and six months ended June 30, 2024 and 2023 are as follows: For the Three Months Ended June 30, One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Totals (In thousands) 2024 Balance at beginning of period $ 13,840 $ 8,670 $ 15,232 $ 8,068 $ 7,711 $ 1,873 $ 7 $ 55,401 Provision for (reversal of) credit losses 1,046 (279) (32) 480 144 777 58 2,194 Recoveries 2 — — 1 262 4 1 270 Charge-offs — — (120) — (623) — (60) (803) Balance at end of period $ 14,888 $ 8,391 $ 15,080 $ 8,549 $ 7,494 $ 2,654 $ 6 $ 57,062 2023 Balance at beginning of period $ 12,789 $ 8,145 $ 16,257 $ 6,739 $ 7,320 $ 1,614 $ 9 $ 52,873 Provision for (reversal of) credit losses (1,763) 1,247 19 196 764 575 40 1,078 Recoveries — — — — 56 4 — 60 Charge-offs — — (64) — (450) — (41) (555) Balance at end of period $ 11,026 $ 9,392 $ 16,212 $ 6,935 $ 7,690 $ 2,193 $ 8 $ 53,456 9. Loans Receivable and Allowance for Credit Losses (continued) For the Six Months Ended June 30, One-to-Four Family Multifamily Commercial Real Estate Construction Commercial Business Home Equity Loans and Advances Other Consumer Loans Totals (In thousands) 2024 Balance at beginning of period $ 13,017 $ 8,742 $ 15,757 $ 7,758 $ 7,923 $ 1,892 $ 7 $ 55,096 Provision for (reversal of) credit losses 1,871 (351) (557) 789 4,809 753 158 7,472 Recoveries 2 — — 2 405 9 1 419 Charge-offs (2) — (120) — (5,643) — (160) (5,925) Balance at end of period $ 14,888 $ 8,391 $ 15,080 $ 8,549 $ 7,494 $ 2,654 $ 6 $ 57,062 2023 Balance at beginning of period $ 11,802 $ 7,877 $ 18,111 $ 6,425 $ 6,897 $ 1,681 $ 10 $ 52,803 Provision for (reversal of) credit losses (642) 1,515 (1,749) 510 1,037 514 68 1,253 Recoveries — — — — 206 24 6 236 Charge-offs (134) — (150) — (450) (26) (76) (836) Balance at end of period $ 11,026 $ 9,392 $ 16,212 $ 6,935 $ 7,690 $ 2,193 $ 8 $ 53,456 The following table presents the activity in the allowance for credit losses on off-balance-sheet exposures for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Allowance for Credit Losses: Beginning balance $ 4,654 $ 6,442 $ 5,484 $ 6,970 (Reversal of) provision for credit losses (666) (112) (1,496) (640) Balance at end of period $ 3,988 $ 6,330 $ 3,988 $ 6,330 |
Financing Receivable, Modified | The following table presents the modifications of loans to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2024 and 2023: For the Six Months Ended June 30, 2024 Amortized Cost Term Extension Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness % of Total Class of Loans Receivable (In thousands) Commercial business $ 3,700 $ 3,700 $ — 0.67 % Total loans $ 3,700 $ 3,700 $ — 0.05 % For the three months ended June 30, 2024, the Company had no modifications in accordance with the ASU. For the Three and Six Months Ended June 30, 2023 Amortized Cost Term Extension Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness % of Total Class of Loans Receivable (In thousands) Construction $ 2,317 $ 2,317 $ — 0.61 % Commercial business 240 240 — 0.05 Total loans $ 2,557 $ 2,557 $ — 0.03 % The following table describes the types of modifications of loans to borrowers experiencing financial difficulty during the three and six months ended June 30, 2024 and 2023: For the Six Months Ended June 30, 2024 Type of Modifications Commercial business 15 month term extension For the Three and Six Months Ended June 30, 2023 Type of Modifications Construction 12 month term extension Commercial business 12 month term extension The following tables present the aging analysis of modifications of loans to borrowers experiencing financial difficulty at June 30, 2024 and December 31, 2023: June 30, 2024 Current 30-59 Days 60-89 Days 90 Days or More Non-accrual Total (In thousands) Commercial real estate $ — $ 1,029 $ — $ — $ — $ 1,029 Commercial business — — — — 4,119 4,119 Total loans $ — $ 1,029 $ — $ — $ 4,119 $ 5,148 December 31, 2023 Current 30-59 Days 60-89 Days 90 Days or More Non-accrual Total (In thousands) Commercial real estate $ 1,035 $ — $ — $ — $ — $ 1,035 Construction 2,317 — — — — 2,317 Commercial business — — 4,917 — 237 5,154 Total loans $ 3,352 $ — $ 4,917 $ — $ 237 $ 8,506 |
Impaired Financing Receivables | The following tables present individually analyzed loans by segment, excluding PCD loans, at June 30, 2024 and December 31, 2023: At June 30, 2024 Recorded Investment Unpaid Principal Balance Specific Allowance (In thousands) With no allowance recorded: Real estate loans: One-to-four family $ 378 $ 426 $ — Commercial real estate 8,938 9,598 — Commercial business loans 10,816 14,514 — Consumer loans: Home equity loans and advances 14 14 — 20,146 24,552 — With a specific allowance recorded: Real estate loans: Commercial business loans 76 76 76 76 76 76 Total: Real estate loans: One-to-four family 378 426 — Commercial real estate 8,938 9,598 — Commercial business loans 10,892 14,590 76 Consumer loans: Home equity loans and advances 14 14 — Total loans $ 20,222 $ 24,628 $ 76 9. Loans Receivable and Allowance for Credit Losses (continued) At December 31, 2023 Recorded Investment Unpaid Principal Balance Specific Allowance (In thousands) With no allowance recorded: Real estate loans: One-to-four family $ 1,170 $ 1,519 $ — Multifamily 49 52 — Commercial real estate 12,741 14,364 — Commercial business loans 5,814 6,764 — Consumer loans: Home equity loans and advances 145 163 — 19,919 22,862 — With a specific allowance recorded: Real estate loans: One-to-four family 2,893 2,911 186 Multifamily 333 333 7 Commercial real estate 2,619 2,622 237 Commercial business loans 5,736 5,736 154 Consumer loans: Home equity loans and advances 456 456 30 12,037 12,058 614 Total: Real estate loans: One-to-four family 4,063 4,430 186 Multifamily 382 385 7 Commercial real estate 15,360 16,986 237 Commercial business loans 11,550 12,500 154 Consumer loans: Home equity loans and advances 601 619 30 $ 31,956 $ 34,920 $ 614 For the Three Months Ended June 30, 2024 2023 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Real estate loans: One-to-four family $ 1,053 $ — $ 4,722 $ 56 Multifamily 23 — 429 5 Commercial real estate 9,317 20 16,156 163 Commercial business loans 10,004 — 3,128 18 Consumer loans: Home equity loans and advances 62 — 660 10 Total loans $ 20,459 $ 20 $ 25,095 $ 252 For the Six Months Ended June 30, 2024 2023 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized (In thousands) Real estate loans: One-to-four family $ 2,056 $ 13 $ 4,536 $ 101 Multifamily 143 1 438 10 Commercial real estate 11,331 39 16,347 314 Commercial business loans 10,519 — 2,476 67 Consumer loans: Home equity loans and advances 242 1 672 17 Total loans $ 24,291 $ 54 $ 24,469 $ 509 |
Financing Receivable Credit Quality Indicators | The following table summarizes the Company's loans by year of origination and internally assigned credit risk rating, excluding PCD loans, at June 30, 2024 and December 31, 2023: Loans by Year of Origination at June 30, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) One-to-Four Family Pass $ 57,856 $ 156,340 $ 780,416 $ 770,807 $ 260,718 $ 730,906 $ — $ — $ 2,757,043 Special mention — — — — — — — — — Substandard — 749 1,671 1,337 603 2,774 — — 7,134 Total One-to-Four Family 57,856 157,089 782,087 772,144 261,321 733,680 — — 2,764,177 Gross charge-offs — — — — — 2 — — 2 Multifamily Pass 6,948 116,125 323,476 344,834 167,286 444,915 — — 1,403,584 Special mention — — — — — 4,511 — — 4,511 Substandard — — — — — 1,221 — — 1,221 Total Multifamily 6,948 116,125 323,476 344,834 167,286 450,647 — — 1,409,316 Gross charge-offs — — — — — — — — — Commercial Real Estate Pass 67,199 178,405 420,779 369,648 156,603 1,027,279 — — 2,219,913 Special mention — — 1,443 1 2,819 25,494 — — 29,757 Substandard — — 11,372 — 3,760 51,450 — — 66,582 Total Commercial Real Estate 67,199 178,405 433,594 369,649 163,182 1,104,223 — — 2,316,252 Gross charge-offs — — — — — 120 — — 120 Construction Pass 20,757 137,704 257,764 46,655 — — — — 462,880 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Construction 20,757 137,704 257,764 46,655 — — — — 462,880 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at June 30, 2024 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) Commercial Business Pass $ 36,609 $ 58,214 $ 56,977 $ 28,712 $ 24,450 $ 47,279 $ 267,253 $ — $ 519,494 Special mention — — 1,447 — 273 835 8,022 — 10,577 Substandard — 358 582 76 40 7,183 16,060 — 24,299 Doubtful — — — — — 398 — — 398 Total Commercial Business 36,609 58,572 59,006 28,788 24,763 55,695 291,335 — 554,768 Gross charge-offs — — — 2,352 — 3,291 — — 5,643 Home Equity Loans and Advances Pass 6,756 18,596 19,862 17,202 10,712 84,990 35,296 66,837 260,251 Special mention — — — — — — — — — Substandard — — — — — 176 — — 176 Total Home Equity Loans and Advances 6,756 18,596 19,862 17,202 10,712 85,166 35,296 66,837 260,427 Gross charge-offs — — — — — — — — — Other Consumer Loans Pass 2,043 123 118 14 2 67 322 — 2,689 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Other Consumer Loans 2,043 123 118 14 2 67 322 — 2,689 Gross charge-offs — 32 95 32 — 1 — — 160 Total Loans 198,168 666,614 1,875,907 1,579,286 627,266 2,429,478 326,953 66,837 7,770,509 Total gross charge-offs $ — $ 32 $ 95 $ 2,384 $ — $ 3,414 $ — $ — $ 5,925 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) One-to-Four Family Pass $ 156,279 $ 786,735 $ 793,074 $ 272,215 $ 165,337 $ 614,351 $ — $ — $ 2,787,991 Special mention — — — — — — — — — Substandard — 1,176 769 283 629 1,985 — — 4,842 Total One-to-Four family 156,279 787,911 793,843 272,498 165,966 616,336 — — 2,792,833 Gross charge-offs — 208 197 — 29 151 — — 585 Multifamily Pass 111,612 317,277 359,983 157,294 202,923 255,578 — — 1,404,667 Special mention — — — — — 4,520 — — 4,520 Substandard — — — — — — — — — Total Multifamily 111,612 317,277 359,983 157,294 202,923 260,098 — — 1,409,187 Gross charge-offs — — — — — — — — — Commercial Real Estate Pass 191,030 422,058 371,578 174,705 236,263 930,740 — — 2,326,374 Special mention — — 465 — 871 24,405 — — 25,741 Substandard — 5,743 905 1,799 — 16,515 — — 24,962 Total Commercial Real Estate 191,030 427,801 372,948 176,504 237,134 971,660 — — 2,377,077 Gross charge-offs — — — — 64 86 — — 150 Construction Pass 99,634 270,397 65,374 4,933 439 2,317 — — 443,094 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Construction 99,634 270,397 65,374 4,933 439 2,317 — — 443,094 Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — 9. Loans Receivable and Allowance for Credit Losses (continued) Loans by Year of Origination at December 31, 2023 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans to Term Loans Total (In thousands) Commercial Business Pass $ 67,529 $ 58,118 $ 28,989 $ 27,194 $ 15,499 $ 38,954 $ 272,698 $ — $ 508,981 Special mention 127 303 — 97 14 1,389 4,587 — 6,517 Substandard — 76 88 6 1,081 6,150 10,142 — 17,543 Total Commercial Business 67,656 58,497 29,077 27,297 16,594 46,493 287,427 — 533,041 Gross charge-offs — — 31 34 2,249 304 — — 2,618 Home Equity Loans and Advances Pass 20,198 20,713 18,139 11,368 9,877 84,261 37,261 64,558 266,375 Special mention — — — — — — — — — Substandard — — — — — 257 — — 257 Total Home Equity Loans and Advances 20,198 20,713 18,139 11,368 9,877 84,518 37,261 64,558 266,632 Gross charge-offs — — — — — 26 — — 26 Other Consumer Loans Pass 2,199 151 38 6 18 68 321 — 2,801 Special mention — — — — — — — — — Substandard — — — — — — — — — Total Other Consumer Loans 2,199 151 38 6 18 68 321 — 2,801 Gross charge-offs — 61 52 — — 2 — — 115 Total Loans 648,608 1,882,747 1,639,402 649,900 632,951 1,981,490 325,009 64,558 7,824,665 Total gross charge-offs $ — $ 269 $ 280 $ 34 $ 2,342 $ 569 $ — $ — $ 3,494 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, December 31, 2024 2023 (In thousands) One year or less $ 2,265 $ 4,204 After one year to two years 4,312 3,536 After two years to three years 3,855 3,154 After three years to four years 2,977 2,271 After four years to five years 2,514 1,807 Thereafter 4,345 2,974 Total undiscounted cash flows 20,268 17,946 Discount on cash flows (1,925) (1,411) Total lease liability $ 18,343 $ 16,535 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Deposits [Abstract] | |
Schedule of Deposits | Deposits at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, December 31, 2024 2023 (In thousands) Non-interest-bearing demand $ 1,405,441 $ 1,437,361 Interest-bearing demand 1,904,483 1,966,463 Money market accounts 1,246,663 1,255,528 Savings and club deposits 673,031 700,348 Certificates of deposit 2,551,929 2,486,856 Total deposits $ 7,781,547 $ 7,846,556 |
Schedule of Certificate Accounts by Maturity | Scheduled maturities of certificates of deposit accounts at June 30, 2024 and December 31, 2023 are summarized as follows: June 30, December 31, 2024 2023 (In thousands) One year or less $ 2,258,665 $ 2,077,863 After one year to two years 237,020 321,271 After two years to three years 29,416 57,836 After three years to four years 11,325 13,427 After four years 15,503 16,459 $ 2,551,929 $ 2,486,856 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following is a summary of the Company's restricted stock activity during the three and six months ended June 30, 2024 and 2023: Number of Restricted Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2024 435,541 $ 16.77 Grants 212,441 16.50 Vested (25,890) 20.14 Forfeited (1,545) 16.54 Non-vested at March 31, 2024 620,547 $ 16.54 Vested (44,988) 17.20 Forfeited (150) 20.54 Non-vested at June 30, 2024 575,409 $ 16.49 Number of Restricted Shares Weighted Average Grant Date Fair Value Non-vested at January 1, 2023 430,954 $ 17.31 Vested (26,424) 21.16 Forfeited (1,929) 21.12 Non-vested at March 31, 2023 402,601 $ 17.10 Grants 226,574 16.19 Forfeited (10,425) 18.51 Non-vested at June 30, 2023 618,750 $ 16.74 |
Share-based Payment Arrangement, Option, Activity | The following is a summary of the Company's option activity during the three and six months ended June 30, 2024 and 2023: Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2024 3,584,069 $ 16.20 6.1 $ 11,602,267 Granted 286,265 16.49 — — Exercised (28,051) 15.60 — — Expired (1,412) 15.60 — — Forfeited (5,832) 17.29 — — Outstanding, March 31, 2024 3,835,039 $ 16.22 6.2 $ 5,050,150 Expired (1,924) 17.82 — — Forfeited (1,274) 20.54 — — Outstanding, June 30, 2024 3,831,841 $ 16.22 6.0 $ — Options exercisable at June 30, 2024 2,657,292 $ 16.11 5.5 $ — Number of Stock Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding, January 1, 2023 3,436,869 $ 16.26 6.9 $ 18,435,239 Exercised (3,618) 15.60 — — Expired (2,117) 15.60 — — Forfeited (8,055) 20.03 — — Outstanding, March 31, 2023 3,423,079 $ 16.25 6.7 $ 7,893,117 Granted 286,016 15.94 — — Exercised (37,234) 15.60 — — Expired (1,853) 15.60 — — Forfeited (42,598) 17.72 — — Outstanding, June 30, 2023 3,627,410 $ 16.22 6.7 $ 5,186,690 Options exercisable at June 30, 2023 1,841,606 $ 15.85 6.2 $ 2,861,956 |
Components of Net Periodic Be_2
Components of Net Periodic Benefit Cost (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
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 three and six months ended June 30, 2024 and 2023, includes the following components: For the Three Months Ended June 30, Pension Plan (1) RIM Plan Post-retirement Plan Split-Dollar Life Insurance 2024 2023 2024 2023 2024 2023 2024 2023 Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 1,212 $ 1,199 $ 61 $ 69 $ 54 $ 54 $ 57 $ 69 Compensation and employee benefits Interest cost 3,100 2,790 162 158 248 242 208 204 Other non-interest expense Expected return on plan assets (8,119) (7,480) — — — — — — Other non-interest expense Amortization: Prior service cost — — — — — — 14 14 Other non-interest expense Net loss 512 — 28 14 — — — — Other non-interest expense Net periodic (income) benefit cost $ (3,295) $ (3,491) $ 251 $ 241 $ 302 $ 296 $ 279 $ 287 (1) Effective September 30, 2023, the RSI Pension Plan was merged into the Columbia Bank Pension Plan. 13. Components of Net Periodic Benefit Cost (continued) For the Six Months Ended June 30, Pension Plan (1) RIM Plan Post-retirement Plan Split-Dollar Life Insurance 2024 2023 2024 2023 2024 2023 2024 2023 Affected Line Item in the Consolidated Statements of Income (In thousands) Service cost $ 2,424 $ 2,398 $ 122 $ 138 $ 108 $ 108 $ 114 $ 139 Compensation and employee benefits Interest cost 6,200 5,581 324 316 496 485 416 409 Other non-interest expense Expected return on plan assets (16,239) (14,960) — — — — — — Other non-interest expense Amortization: Prior service cost — — — — — — 28 28 Other non-interest expense Net loss 1,024 — 56 28 — — — — Other non-interest expense Net periodic (income) benefit cost $ (6,591) $ (6,981) $ 502 $ 482 $ 604 $ 593 $ 558 $ 576 (1) Effective September 30, 2023, the RSI Pension Plan was merged into the Columbia Bank Pension Plan. Net periodic (income) benefit cost for the Pension Plan and Post-retirement Plan for the three and six months ended June 30, 2024 and 2023, includes the following components: For the Three Months Ended June 30, Pension Plan (1) Post-retirement Plan Affected Line Item in the Consolidated Statements of Income 2024 2023 2024 2023 (In thousands) Service cost $ — $ — $ 13 $ 17 Compensation and employee benefits Interest cost — 76 31 27 Other non-interest expense Expected return on plan assets — (122) — — Other non-interest expense Amortization: Net (gain) — — (5) (15) Other non-interest expense Net periodic (income) benefit cost $ — $ (46) $ 39 $ 29 (1) Effective September 30, 2023, the RSI Pension Plan was merged into the Columbia Bank Pension Plan. For the Six Months Ended June 30, Pension Plan (1) Post-retirement Plan Affected Line Item in the Consolidated Statements of Income 2024 2023 2024 2023 (In thousands) Service cost $ — $ — $ 26 $ 34 Compensation and employee benefits Interest cost — 152 62 53 Other non-interest expense Expected return on plan assets — (243) — — Other non-interest expense Amortization: Net (gain) — — (10) (30) Other non-interest expense Net periodic (income) benefit cost $ — $ (91) $ 78 $ 57 (1) Effective September 30, 2023, the RSI Pension Plan was merged into the Columbia Bank Pension Plan. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2024 and December 31, 2023, by level within the fair value hierarchy: June 30, 2024 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 $ 270,822 $ 263,640 $ 7,182 $ — Mortgage-backed securities and collateralized mortgage obligations 906,582 — 906,582 — Municipal obligations 2,720 — 889 1,831 Corporate debt securities 83,335 — 75,425 7,910 Total debt securities available for sale 1,263,459 263,640 990,078 9,741 Equity securities 4,531 4,209 322 — Derivative assets 26,189 — 26,189 — $ 1,294,179 $ 267,849 $ 1,016,589 $ 9,741 Derivative liabilities $ 18,132 $ — $ 18,132 $ — 14. Fair Value Measurements (continued) December 31, 2023 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 $ 145,501 $ 137,800 $ 7,701 $ — Mortgage-backed securities and collateralized mortgage obligations 867,585 — 867,585 — Municipal obligations 2,702 — 892 1,810 Corporate debt securities 77,769 — 69,842 7,927 Total debt securities available for sale 1,093,557 137,800 946,020 9,737 Equity securities 4,079 3,758 321 Derivative assets 18,898 — 18,898 — $ 1,116,534 $ 141,558 $ 965,239 $ 9,737 Derivative liabilities $ 25,025 $ — $ 25,025 $ — |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The table below provides activity of assets reported as Level 3 during the three and six months ended June 30, 2024 and 2023: Significant Unobservable Inputs (Level 3) (In thousands) Debt securities available for sale: Balance of recurring Level 3 assets -December 31, 2023 $ 9,737 Change in fair value of Level 3 assets 174 Balance of recurring Level 3 assets - March 31, 2024 $ 9,911 Change in fair value of Level 3 assets (170) Balance of recurring Level 3 assets -June 30, 2024 $ 9,741 Significant Unobservable Inputs (Level 3) (In thousands) Debt securities available for sale: Balance of recurring Level 3 assets -December 31, 2022 $ 12,123 Change in fair value of Level 3 assets (1,523) Balance of recurring Level 3 assets - March 31, 2023 $ 10,600 Change in fair value of Level 3 assets 481 Balance of recurring Level 3 assets - June 30, 2023 $ 11,081 |
Fair Value Measurements, Nonrecurring | The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values on a non-recurring basis at June 30, 2024 and December 31, 2023, by level within the fair value hierarchy: June 30, 2024 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 $ 5,568 — — $ 5,568 Other real estate owned 1,974 — — 1,974 Mortgage servicing rights 2,675 — — 2,675 $ 10,217 $ — $ — $ 10,217 December 31, 2023 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 $ 5,000 $ — $ — $ 5,000 Mortgage servicing rights 2,908 — — 2,908 $ 7,908 $ — $ — $ 7,908 |
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 June 30, 2024 and December 31, 2023: June 30, 2024 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average Rate (Dollars in thousands) Impaired loans $ 5,568 Other A/R aging schedule — — Other real estate owned $ 1,974 Appraised value (1) Discount for costs to sell (2) 6.0 % 6.0 % Mortgage servicing rights $ 2,675 Discounted cash flow Prepayment speeds and discount rates (3) 4.8% - 27.7% 8.6 % 14. Fair Value Measurements (continued) December 31, 2023 Fair Value Valuation Methodology Unobservable Inputs Range of Inputs Weighted Average Rate (Dollars in thousands) Impaired loans $ 5,000 Other Contracted modification agreement. — % — % Mortgage servicing rights $ 2,908 Discounted cash flow Prepayment speeds and discount rates (3) 4.3% - 27.2% 8.1 % (1) Value based on an independent appraisal of the property's fair value. (2) Value based on management's estimate of selling costs including real estate brokerage commissions and title transfer fees. (3) Value of SBA servicing rights based on a discount rate of 15.50%. |
Fair Value, by Balance Sheet Grouping | The following tables present the assets and liabilities reported on the Consolidated Statements of Financial Condition at their fair values at June 30, 2024 and December 31, 2023: June 30, 2024 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 $ 391,114 $ 391,114 $ 391,114 $ — $ — Debt securities available for sale 1,263,459 1,263,459 263,640 990,078 9,741 Debt securities held to maturity 411,300 365,344 — 365,344 — Equity securities 4,531 4,531 4,209 322 — Federal Home Loan Bank stock 87,618 87,618 — 87,618 — Loans receivable, net 7,761,949 7,189,901 — — 7,189,901 Derivative assets 26,189 26,189 — 26,189 — Financial liabilities: Deposits $ 7,781,547 $ 7,764,824 $ — $ 7,764,824 $ — Borrowings 1,683,899 1,679,284 — 1,679,284 — Derivative liabilities 18,132 18,132 — 18,132 — December 31, 2023 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 $ 423,249 $ 423,249 $ 423,249 $ — $ — Debt securities available for sale 1,093,557 1,093,557 137,800 946,020 9,737 Debt securities held to maturity 401,154 357,177 — 357,177 — Equity securities 4,079 4,079 3,758 321 — Federal Home Loan Bank stock 81,022 81,022 — 81,022 — Loans receivable, net 7,819,441 7,366,184 — — 7,366,184 Derivative assets 18,898 18,898 — 18,898 — Financial liabilities: Deposits $ 7,846,556 $ 7,828,259 $ — $ 7,828,259 $ — Borrowings 1,528,695 1,531,179 — 1,531,179 — Derivative liabilities 25,025 25,025 — 25,025 — |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Other Comprehensive Income (Loss) | The following tables present the components of other comprehensive income (loss), both gross and net of tax, for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, 2024 2023 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of other comprehensive income (loss): Unrealized (loss) gain on debt securities available for sale: $ (626) $ 176 $ (450) $ 4,413 $ (1,248) $ 3,165 Accretion of unrealized gain (loss) on debt securities reclassified as held to maturity 3 (1) 2 (2) 1 (1) Reclassification adjustment for (loss) included in net income — — — (9,552) 2,701 (6,851) (623) 175 (448) (5,141) 1,454 (3,687) Derivatives: Unrealized gain (loss) on swap contracts accounted for as cash flow hedges 414 (116) 298 4,020 (1,137) 2,883 414 (116) 298 4,020 (1,137) 2,883 Employee benefit plans: Amortization of prior service cost included in net income (14) 4 (10) (14) 4 (10) Reclassification adjustment of actuarial net (loss) gain included in net income (548) 154 (394) 1 — 1 Change in funded status of retirement obligations 8,224 (2,315) 5,909 3,486 (986) 2,500 7,662 (2,157) 5,505 3,473 (982) 2,491 Total other comprehensive income (loss) $ 7,453 $ (2,098) $ 5,355 $ 2,352 $ (665) $ 1,687 15. Other Comprehensive Income (Loss) (continued) For the Six Months Ended June 30, 2024 2023 Before Tax Tax Effect After Tax Before Tax Tax Effect After Tax (In thousands) Components of other comprehensive income (loss): Unrealized (loss) gain on debt securities available for sale: $ (7,575) $ 2,133 $ (5,442) $ 21,954 $ (5,720) $ 16,234 Accretion of unrealized gain (loss) on debt securities reclassified as held to maturity 8 (2) 6 (13) 4 (9) Reclassification adjustment for (loss) included in net income (1,256) 353 (903) (10,847) 3,068 (7,779) (8,823) 2,484 (6,339) 11,094 (2,648) 8,446 Derivatives: Unrealized gain (loss) on swap contracts accounted for as cash flow hedges 5,647 (1,589) 4,058 2,816 (798) 2,018 5,647 (1,589) 4,058 2,816 (798) 2,018 Employee benefit plans: Amortization of prior service cost included in net income (28) 8 (20) (28) 8 (20) Reclassification adjustment of actuarial net (loss) gain included in net income (1,082) 304 (778) 2 (1) 1 Change in funded status of retirement obligations 8,813 (2,481) 6,332 3,512 (832) 2,680 7,703 (2,169) 5,534 3,486 (825) 2,661 Total other comprehensive income (loss) $ 4,527 $ (1,274) $ 3,253 $ 17,396 $ (4,271) $ 13,125 |
Components of Other Comprehensive Income (Loss) | The following tables present the changes in the components of accumulated other comprehensive income (loss), net of tax, for the three and six months ended June 30, 2024 and 2023: For the Three Months Ended June 30, 2024 2023 Unrealized (Losses) on Debt Securities Available for Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) Unrealized (Losses) on Debt Securities Available for Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) (In thousands) Balance at beginning of period $ (119,540) $ 3,346 $ (44,643) $ (160,837) $ (123,349) $ (361) $ (44,148) $ (167,858) Current period changes in other comprehensive income (loss) (448) 298 5,505 5,355 (3,687) 2,883 2,491 1,687 Total other comprehensive income (loss) $ (119,988) $ 3,644 $ (39,138) $ (155,482) $ (127,036) $ 2,522 $ (41,657) $ (166,171) For the Six Months Ended June 30, 2024 2023 Unrealized (Losses) on Debt Securities Available for Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) Unrealized (Losses) on Debt Securities Available for Sale Unrealized Gains (Losses) on Swaps Employee Benefit Plans Accumulated Other Comprehensive (Loss) (In thousands) Balance at beginning of period $ (113,649) $ (414) $ (44,672) $ (158,735) $ (135,482) $ 504 $ (44,318) $ (179,296) Current period changes in other comprehensive income (loss) (6,339) 4,058 5,534 3,253 8,446 2,018 2,661 13,125 Total other comprehensive income (loss) $ (119,988) $ 3,644 $ (39,138) $ (155,482) $ (127,036) $ 2,522 $ (41,657) $ (166,171) |
Reclassification out of AOCI | The following tables reflect amounts reclassified from accumulated other comprehensive income (loss) to the Consolidated Statements of Income and the affected line item in the statement where net income is presented for the three and six months ended June 30, 2024 and 2023: Accumulated Other Comprehensive Income (Loss) Components For the Three Months Ended June 30, Affected Line Items in the Consolidated Statements of Income 2024 2023 (In thousands) Reclassification adjustment for loss included in net income $ — $ (9,552) Loss on securities transactions Reclassification adjustment of actuarial net (loss) gain included in net income (548) 1 Other non-interest expense Total before tax (548) (9,551) Income tax benefit 154 2,701 Net of tax $ (394) $ (6,850) Accumulated Other Comprehensive Income (Loss) Components For the Six Months Ended June 30, Affected Line Items in the Consolidated Statements of Income 2024 2023 (In thousands) Reclassification adjustment for loss included in net income $ (1,256) $ (10,847) Loss on securities transactions Reclassification adjustment of actuarial net (loss) gain included in net income (1,082) 2 Other non-interest expense Total before tax (2,338) (10,845) Income tax benefit 657 3,067 Net of tax $ (1,681) $ (7,778) |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 and December 31, 2023: June 30, 2024 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 $ 9,116 Other Liabilities $ 1,118 Interest rate products - non-designated hedges Other Assets 17,073 Other Liabilities 17,014 Total derivative instruments $ 26,189 $ 18,132 December 31, 2023 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 $ 5,394 Other Liabilities $ 11,530 Interest rate products - non-designated hedges Other Assets 13,504 Other Liabilities 13,495 Total derivative instruments $ 18,898 $ 25,025 |
Schedule of Derivative Instruments | At June 30, 2024, the following amounts were recorded on the Consolidated Statements of Financial Condition related to cumulative basis adjustment for fair value hedges: Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of Hedged Assets/(Liabilities) Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of Hedged Assets/(Liabilities) At June 30, 2024 At December 31, 2023 (In thousands) Fair value interest rate products $ 848,297 $ (1,703) $ 706,412 $ 6,412 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table presents non-interest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, for the three and six months ended June 30, 2024 and 2023. For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Non-interest income In-scope of Topic 606: Demand deposit account fees $ 1,590 $ 1,291 $ 3,003 $ 2,467 Title insurance fees 744 624 1,247 1,211 Insurance agency income 60 40 107 77 Other non-interest income 1,430 2,448 2,908 4,964 Total in-scope non-interest income 3,824 4,403 7,265 8,719 Total out-of-scope non-interest income 5,356 (4,949) 9,367 (1,191) Total non-interest income $ 9,180 $ (546) $ 16,632 $ 7,528 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 01, 2021 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | |||||
Merger-related expenses | $ 692 | $ 266 | $ 714 | $ 266 | |
Freehold Entities | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, equity interest issued or issuable (in shares) | 2,591,007,000 | ||||
Merger-related expenses | $ 692 | $ 73,866 | $ 714,000 | $ 73,866 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 4,540 | $ 1,664 | $ 3,385 | $ 20,387 |
Shares: | ||||
Weighted average shares outstanding - basic (in shares) | 101,651,511 | 102,409,035 | 101,699,126 | 103,514,169 |
Weighted average diluted shares outstanding (in shares) | 0 | 108,549 | 105,260 | 321,066 |
Weighted average shares outstanding - diluted (in shares) | 101,651,511 | 102,517,584 | 101,804,386 | 103,835,235 |
Earnings per share: | ||||
Earnings per share - basic (in dollars per share) | $ 0.04 | $ 0.02 | $ 0.03 | $ 0.20 |
Earnings per share - diluted (in dollars per share) | $ 0.04 | $ 0.02 | $ 0.03 | $ 0.20 |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 3,834,101 | 527,338 | 949,748 | 438,712 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
May 25, 2023 | Dec. 14, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Stock repurchase program, number of shares authorized to be repurchased (in shares) | 2,000,000 | 3,000,000 | ||||
Stock repurchase program, percent of common stock | 1.90% | 2.70% | ||||
Stock repurchase program, remaining number of shares authorized to be repurchased (in shares) | 741,725 | 741,725 | ||||
Shares repurchased, number of shares (in shares) | 263,600 | 1,207,100 | 365,116 | 3,585,534 | ||
Shares repurchased, value | $ 4,242 | $ 21,998 | $ 5,894 | $ 69,321 | ||
Share Repurchase Programs | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Shares repurchased, number of shares (in shares) | 263,600 | 1,207,100 | 365,116 | 3,585,534 | ||
Shares repurchased, value | $ 4,200 | $ 22,000 | $ 5,900 | $ 69,300 | ||
Shares repurchased, price per share (in dollars per share) | $ 16.09 | $ 18.22 | $ 16.14 | $ 19.33 |
Debt Securities Available for_3
Debt Securities Available for Sale - Schedule of Debt Securities, Available-for-Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,429,947 | $ 1,251,230 |
Gross Unrealized Gains | 379 | 946 |
Gross Unrealized (Losses) | (166,867) | (158,619) |
Debt securities available for sale | 1,263,459 | 1,093,557 |
U.S. government and agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 273,209 | 146,387 |
Gross Unrealized Gains | 251 | 924 |
Gross Unrealized (Losses) | (2,638) | (1,810) |
Debt securities available for sale | 270,822 | 145,501 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,056,441 | 1,009,508 |
Gross Unrealized Gains | 98 | 20 |
Gross Unrealized (Losses) | (149,957) | (141,943) |
Debt securities available for sale | 906,582 | 867,585 |
Municipal obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 2,767 | 2,770 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (47) | (68) |
Debt securities available for sale | 2,720 | 2,702 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 97,530 | 92,565 |
Gross Unrealized Gains | 30 | 2 |
Gross Unrealized (Losses) | (14,225) | (14,798) |
Debt securities available for sale | $ 83,335 | $ 77,769 |
Debt Securities Available for_4
Debt Securities Available for Sale - Expected Maturities of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
One year or less | $ 80,740 | |
More than one year to five years | 214,258 | |
More than five years to ten years | 78,508 | |
Available-for-sale debt securities, allocated and single maturity date, total | 373,506 | |
Mortgage-backed securities and collateralized mortgage obligations | 1,056,441 | |
Amortized Cost | 1,429,947 | $ 1,251,230 |
Fair Value | ||
One year or less | 80,372 | |
More than one year to five years | 211,496 | |
More than five years to ten years | 65,009 | |
Available-for-sale debt securities, allocated and single maturity date, total | 356,877 | |
Mortgage-backed securities and collateralized mortgage obligations | 906,582 | |
Fair Value | $ 1,263,459 | $ 1,093,557 |
Debt Securities Available for_5
Debt Securities Available for Sale - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) security | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) security | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) security | |
Debt Securities, Available-for-sale [Line Items] | |||||
Mortgage-backed securities and collateralized mortgage obligations | $ 1,056,441,000 | $ 1,056,441,000 | |||
Mortgage-backed securities and collateralized mortgage obligations | 906,582,000 | 906,582,000 | |||
Proceeds from sales of debt securities available for sale | $ 0 | $ 234,400,000 | 3,495,000 | $ 277,022,000 | |
Gross gains on sale of available-for-sale securities | 0 | 0 | 0 | ||
Gross losses on sale of available-for-sale securities | 9,600,000 | $ 1,300,000 | 10,800,000 | ||
Number of matured debt securities available -for-sale | security | 1 | 1 | |||
Proceeds from maturities and calls of debt securities, available-for-sale | 0 | $ 10,000,000 | 0 | ||
Debt securities, available-for-sale, restricted | $ 230,600,000 | $ 230,600,000 | $ 211,500,000 | ||
Number of securities in unrealized loss position | security | 357 | 357 | 329 | ||
Debt securities available for sale, at fair value | $ 1,263,459,000 | $ 1,263,459,000 | $ 1,093,557,000 | ||
Debt securities, available-for-sale, allowance for credit loss, securities sold | 0 | $ 0 | 0 | $ 0 | |
Accrued interest receivable on debt securities available for sale | 4,900,000 | 4,900,000 | 3,700,000 | ||
Corporate debt securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale, at fair value | 83,335,000 | 83,335,000 | 77,769,000 | ||
Non-investment grade | Corporate debt securities | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities available for sale, at fair value | 8,300,000 | 8,300,000 | 8,100,000 | ||
Subsidiaries | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Debt securities, available-for-sale, restricted | $ 63,900,000 | $ 63,900,000 | $ 75,100,000 |
Debt Securities Available for_6
Debt Securities Available for Sale - Continuous Unrealized Loss Position of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value | ||
Less Than 12 Months | $ 198,721 | $ 54 |
12 Months or Longer | 916,646 | 962,837 |
Total | 1,115,367 | 962,891 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (1,114) | (4) |
12 Months or Longer | (165,753) | (158,615) |
Total | (166,867) | (158,619) |
U.S. government and agency obligations | ||
Fair Value | ||
Less Than 12 Months | 166,186 | 0 |
12 Months or Longer | 20,883 | 21,344 |
Total | 187,069 | 21,344 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (827) | 0 |
12 Months or Longer | (1,811) | (1,810) |
Total | (2,638) | (1,810) |
Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less Than 12 Months | 32,535 | 54 |
12 Months or Longer | 814,739 | 863,026 |
Total | 847,274 | 863,080 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | (287) | (4) |
12 Months or Longer | (149,670) | (141,939) |
Total | (149,957) | (141,943) |
Municipal obligations | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | 2,720 | 2,702 |
Total | 2,720 | 2,702 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | (47) | (68) |
Total | (47) | (68) |
Corporate debt securities | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | 78,304 | 75,765 |
Total | 78,304 | 75,765 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | (14,225) | (14,798) |
Total | $ (14,225) | $ (14,798) |
Debt Securities Held to Matur_3
Debt Securities Held to Maturity - Schedule of Debt Securities, Held-to-Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 411,300 | $ 401,154 |
Gross Unrealized Gains | 21 | 0 |
Gross Unrealized (Losses) | (45,977) | (43,977) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 365,344 | 357,177 |
U.S. government and agency obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 49,872 | 49,871 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized (Losses) | (5,906) | (5,902) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 43,966 | 43,969 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 361,428 | 351,283 |
Gross Unrealized Gains | 21 | 0 |
Gross Unrealized (Losses) | (40,071) | (38,075) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 321,378 | $ 313,208 |
Debt Securities Held to Matur_4
Debt Securities Held to Maturity - Expected Maturities of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
More than one year to five years | $ 29,875 | |
More than five years to ten years | 9,997 | |
More than ten years | 10,000 | |
Held-to-maturity debt securities, allocated and single maturity date, total | 49,872 | |
Mortgage-backed securities and collateralized mortgage obligations | 361,428 | |
Amortized Cost | 411,300 | $ 401,154 |
Fair Value | ||
More than one year to five years | 27,699 | |
More than five years to ten years | 8,576 | |
More than ten years | 7,691 | |
Held-to-maturity debt securities, allocated and single maturity date, total | 43,966 | |
Mortgage-backed securities and collateralized mortgage obligations | 321,378 | |
Debt securities held to maturity | $ 365,344 | $ 357,177 |
Debt Securities Held to Matur_5
Debt Securities Held to Maturity - Narrative (Details) | 6 Months Ended | ||
Jun. 30, 2024 USD ($) security | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) security | |
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | $ 411,300,000 | $ 401,154,000 | |
Fair Value | 365,344,000 | 357,177,000 | |
Proceeds from sale and maturity of held-to-maturity securities | 0 | $ 0 | |
Fair value of securities sold under agreements to repurchase | $ 210,200,000 | $ 202,900,000 | |
Number of positions | security | 111 | 108 | |
Accrued interest receivable on debt securities held-to-maturity | $ 991,000 | $ 997,000 | |
Mortgage-backed securities and collateralized mortgage obligations | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 361,428,000 | 351,283,000 | |
Fair Value | $ 321,378,000 | $ 313,208,000 |
Debt Securities Held to Matur_6
Debt Securities Held to Maturity - Continuous Unrealized Loss Position on Held-to-Maturity Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value | ||
Less Than 12 Months | $ 0 | $ 0 |
12 Months or Longer | 358,750 | 357,177 |
Total | 358,750 | 357,177 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | (45,977) | (43,977) |
Total | (45,977) | (43,977) |
U.S. government and agency obligations | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | 43,966 | 43,969 |
Total | 43,966 | 43,969 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | (5,906) | (5,902) |
Total | (5,906) | (5,902) |
Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | 314,784 | 313,208 |
Total | 314,784 | 313,208 |
Gross Unrealized (Losses) | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | (40,071) | (38,075) |
Total | $ (40,071) | $ (38,075) |
Equity Securities at Fair Val_2
Equity Securities at Fair Value (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Equity securities | $ 4,531,000 | $ 4,531,000 | $ 4,079,000 | ||
Change in fair value of equity securities | 101,000 | $ 162,000 | 452,000 | $ 330,000 | |
Proceeds from sale of equity securities | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses - Loans Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 7,782,659 | $ 7,839,754 |
Net deferred loan costs, fees and purchased premiums and discounts | 36,352 | 34,783 |
Loans receivable | 7,819,011 | 7,874,537 |
Real estate loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,766,030 | 2,794,726 |
Real estate loans | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,409,316 | 1,409,187 |
Real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,326,075 | 2,389,766 |
Real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 462,880 | 443,094 |
Consumer loans | Home equity loans and advances | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 260,574 | 266,770 |
Consumer loans | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,689 | 2,801 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 7,770,509 | 7,824,665 |
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 loans | 2,764,177 | 2,792,833 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,409,316 | 1,409,187 |
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 loans | 2,316,252 | 2,377,077 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 462,880 | 443,094 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 554,768 | 533,041 |
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 loans | 260,427 | 266,632 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,689 | 2,801 |
Financial Asset Acquired with Credit Deterioration | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 12,150 | 15,089 |
Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,853 | 1,893 |
Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 0 | 0 |
Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 9,823 | 12,689 |
Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 0 | 0 |
Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 147 | 138 |
Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 0 | $ 0 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2024 USD ($) loan | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) loan | Jun. 30, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) loan | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans held-for-sale | $ 0 | $ 0 | $ 0 | |||||
Gain on sale of loans held-for-sale | 181,000 | $ 177,000 | 366,000 | $ 968,000 | ||||
Loss on sale of loans held-for-sale | 0 | 305,000 | 0 | 305,000 | ||||
Purchases of loans receivable | 0 | 0 | 0 | 14,729,000 | ||||
Loans receivable | 7,819,011,000 | 7,819,011,000 | 7,874,537,000 | |||||
Carrying value of servicing liability | $ 534,200,000 | $ 534,200,000 | $ 551,000,000 | |||||
Threshold period, past due status of financial receivables | 30 days | |||||||
Threshold period, past due for nonperforming status of financial receivables | 90 days | 90 days | 90 days | |||||
Non-accrual | $ 25,300,000 | $ 25,300,000 | $ 12,600,000 | |||||
Financing receivable, excluding accrued interest, 90 days or more past due, still accruing | 0 | 0 | 0 | |||||
Real estate owned | 2,000,000 | 2,000,000 | 0 | |||||
Accrued interest receivable on loans receivable | 33,200,000 | 33,200,000 | 32,900,000 | |||||
Specific Allowance | 76,000 | 76,000 | 614,000 | |||||
Impaired loans for which there are no related allowance for loan losses | 20,146,000 | 20,146,000 | 19,919,000 | |||||
Off-balance sheet, credit loss, liability | 3,988,000 | 6,330,000 | 3,988,000 | 6,330,000 | $ 4,654,000 | 5,484,000 | $ 6,442,000 | $ 6,970,000 |
(Reversal of) provision for credit losses | (666,000) | (112,000) | (1,496,000) | (640,000) | ||||
Stewardship Financial Corporation | Financial Asset Acquired with Credit Deterioration | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans receivable | 1,500,000 | 1,500,000 | 1,700,000 | |||||
Freehold Entities | Financial Asset Acquired with Credit Deterioration | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans receivable | 254,000 | 254,000 | 2,800,000 | |||||
RSI Entites | Financial Asset Acquired with Credit Deterioration | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans receivable | 10,400,000 | 10,400,000 | 10,600,000 | |||||
Less Than 90 Days | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Non-accrual | $ 20,000,000 | $ 20,000,000 | $ 1,600,000 | |||||
Financial receivable, number of loans in nonaccrual status | loan | 23 | 23 | 10 | |||||
Commercial business loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Proceeds from sales of loans held-for-sale | $ 1,900,000 | $ 4,000,000 | ||||||
Specific Allowance | 76,000 | 76,000 | $ 154,000 | |||||
Impaired loans for which there are no related allowance for loan losses | 10,816,000 | 10,816,000 | 5,814,000 | |||||
Commercial business loans | Paycheck Protection Program | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Loans receivable | 624,000 | 624,000 | 809,000 | |||||
Real estate loans | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Proceeds from sales of loans held-for-sale | 1,900,000 | 11,300,000 | ||||||
Real estate loans | Construction | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Proceeds from sales of loans held-for-sale | $ 1,300,000 | 3,200,000 | 2,700,000 | 3,800,000 | ||||
Real estate loans | One-to-four family | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Proceeds from sales of loans held-for-sale | 48,000,000 | $ 236,000 | 57,800,000 | |||||
Mortgage loans in process of foreclosure, number of loans | loan | 4 | 4 | ||||||
Mortgage loans in process of foreclosure, amount | $ 1,300,000 | $ 1,300,000 | ||||||
Specific Allowance | 0 | 0 | 186,000 | |||||
Impaired loans for which there are no related allowance for loan losses | $ 378,000 | $ 378,000 | $ 1,170,000 | |||||
Real estate loans | Home equity loans and advances | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Proceeds from sales of loans held-for-sale | $ 6,100,000 | $ 21,400,000 | ||||||
Consumer loans | Home equity loans and advances | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage loans in process of foreclosure, number of loans | loan | 2 | 2 | 1 | |||||
Mortgage loans in process of foreclosure, amount | $ 75,000 | $ 75,000 | $ 93,000 | |||||
Specific Allowance | 0 | 0 | 30,000 | |||||
Impaired loans for which there are no related allowance for loan losses | $ 14,000 | $ 14,000 | $ 145,000 | |||||
Consumer loans | Residential Mortgage | ||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||||
Mortgage loans in process of foreclosure, number of loans | loan | 1 | |||||||
Mortgage loans in process of foreclosure, amount | $ 576,000 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses - Aging of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | $ 25,300 | $ 12,600 |
Total loans | 7,782,659 | 7,839,754 |
Real estate loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,766,030 | 2,794,726 |
Real estate loans | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,409,316 | 1,409,187 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,326,075 | 2,389,766 |
Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 462,880 | 443,094 |
Consumer loans | Home equity loans and advances | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 260,574 | 266,770 |
Consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,689 | 2,801 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 25,281 | 12,618 |
Total loans | 7,770,509 | 7,824,665 |
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 | 5,756 | 3,139 |
Total loans | 2,764,177 | 2,792,833 |
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 loans | 1,409,316 | 1,409,187 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 8,066 | 2,740 |
Total loans | 2,316,252 | 2,377,077 |
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 loans | 462,880 | 443,094 |
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 | 175 | 221 |
Total loans | 260,427 | 266,632 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 0 | 0 |
Total loans | 2,689 | 2,801 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 11,284 | 6,518 |
Total loans | 554,768 | 533,041 |
Financial Asset, Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 36,239 | 37,940 |
Financial Asset, Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 21,420 | 16,891 |
Financial Asset, Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Financial Asset, Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,781 | 6,923 |
Financial Asset, Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Financial Asset, Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 737 | 963 |
Financial Asset, Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 1 |
Financial Asset, Past Due | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 10,301 | 13,162 |
30-59 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 18,229 | 15,297 |
30-59 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,171 | 11,079 |
30-59 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
30-59 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,088 | 1,711 |
30-59 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
30-59 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 630 | 779 |
30-59 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 1 |
30-59 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,340 | 1,727 |
60-89 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,770 | 11,657 |
60-89 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,652 | 4,254 |
60-89 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
60-89 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 544 | 2,472 |
60-89 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
60-89 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 32 | 14 |
60-89 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
60-89 Days | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,542 | 4,917 |
90 Days or More | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,240 | 10,986 |
90 Days or More | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,597 | 1,558 |
90 Days or More | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
90 Days or More | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 149 | 2,740 |
90 Days or More | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
90 Days or More | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 75 | 170 |
90 Days or More | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
90 Days or More | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,419 | 6,518 |
Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 7,734,270 | 7,786,725 |
Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,742,757 | 2,775,942 |
Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,409,316 | 1,409,187 |
Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,312,471 | 2,370,154 |
Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 462,880 | 443,094 |
Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 259,690 | 265,669 |
Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,689 | 2,800 |
Current | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 544,467 | $ 519,879 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | $ 57,062 | $ 55,401 | $ 55,096 | $ 53,456 | $ 52,873 | $ 52,803 |
Total loans: | ||||||
Total loans | 7,782,659 | 7,839,754 | ||||
Real estate loans | One-to-four family | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 14,888 | 13,840 | 13,017 | 11,026 | 12,789 | 11,802 |
Total loans: | ||||||
Total loans | 2,766,030 | 2,794,726 | ||||
Real estate loans | Multifamily | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 8,391 | 8,670 | 8,742 | 9,392 | 8,145 | 7,877 |
Total loans: | ||||||
Total loans | 1,409,316 | 1,409,187 | ||||
Real estate loans | Commercial real estate | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 15,080 | 15,232 | 15,757 | 16,212 | 16,257 | 18,111 |
Total loans: | ||||||
Total loans | 2,326,075 | 2,389,766 | ||||
Real estate loans | Construction | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 8,549 | 8,068 | 7,758 | 6,935 | 6,739 | 6,425 |
Total loans: | ||||||
Total loans | 462,880 | 443,094 | ||||
Commercial business loans | Commercial Business | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 7,494 | 7,711 | 7,923 | 7,690 | 7,320 | 6,897 |
Total loans: | ||||||
Total loans | 555,095 | 533,410 | ||||
Consumer loans | Home equity loans and advances | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 2,654 | 1,873 | 1,892 | 2,193 | 1,614 | 1,681 |
Total loans: | ||||||
Total loans | 260,574 | 266,770 | ||||
Consumer loans | Other consumer loans | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 6 | $ 7 | 7 | $ 8 | $ 9 | $ 10 |
Total loans: | ||||||
Total loans | 2,689 | 2,801 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | ||||||
Allowance for credit losses: | ||||||
Individually analyzed loans | 76 | 614 | ||||
Collectively analyzed loans | 56,945 | 54,309 | ||||
Total loans: | ||||||
Individually analyzed loans | 20,222 | 31,956 | ||||
Collectively analyzed loans | 7,750,287 | 7,792,709 | ||||
Total loans | 7,770,509 | 7,824,665 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||||||
Allowance for credit losses: | ||||||
Individually analyzed loans | 0 | 186 | ||||
Collectively analyzed loans | 14,883 | 12,827 | ||||
Total loans: | ||||||
Individually analyzed loans | 378 | 4,063 | ||||
Collectively analyzed loans | 2,763,799 | 2,788,770 | ||||
Total loans | 2,764,177 | 2,792,833 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||||||
Allowance for credit losses: | ||||||
Individually analyzed loans | 0 | 7 | ||||
Collectively analyzed loans | 8,391 | 8,735 | ||||
Total loans: | ||||||
Individually analyzed loans | 0 | 382 | ||||
Collectively analyzed loans | 1,409,316 | 1,408,805 | ||||
Total loans | 1,409,316 | 1,409,187 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||||||
Allowance for credit losses: | ||||||
Individually analyzed loans | 0 | 237 | ||||
Collectively analyzed loans | 15,048 | 15,378 | ||||
Total loans: | ||||||
Individually analyzed loans | 8,938 | 15,360 | ||||
Collectively analyzed loans | 2,307,314 | 2,361,717 | ||||
Total loans | 2,316,252 | 2,377,077 | ||||
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 | 8,549 | 7,758 | ||||
Total loans: | ||||||
Individually analyzed loans | 0 | 0 | ||||
Collectively analyzed loans | 462,880 | 443,094 | ||||
Total loans | 462,880 | 443,094 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | ||||||
Total loans: | ||||||
Total loans | 554,768 | 533,041 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Commercial business loans | Commercial Business | ||||||
Allowance for credit losses: | ||||||
Individually analyzed loans | 76 | 154 | ||||
Collectively analyzed loans | 7,416 | 7,742 | ||||
Total loans: | ||||||
Individually analyzed loans | 10,892 | 11,550 | ||||
Collectively analyzed loans | 543,876 | 521,491 | ||||
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||||||
Allowance for credit losses: | ||||||
Individually analyzed loans | 0 | 30 | ||||
Collectively analyzed loans | 2,652 | 1,862 | ||||
Total loans: | ||||||
Individually analyzed loans | 14 | 601 | ||||
Collectively analyzed loans | 260,413 | 266,031 | ||||
Total loans | 260,427 | 266,632 | ||||
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 | 6 | 7 | ||||
Total loans: | ||||||
Individually analyzed loans | 0 | 0 | ||||
Collectively analyzed loans | 2,689 | 2,801 | ||||
Total loans | 2,689 | 2,801 | ||||
Financial Asset Acquired with Credit Deterioration | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 41 | 173 | ||||
Total loans: | ||||||
Total loans | 12,150 | 15,089 | ||||
Financial Asset Acquired with Credit Deterioration | Real estate loans | One-to-four family | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 5 | 4 | ||||
Total loans: | ||||||
Total loans | 1,853 | 1,893 | ||||
Financial Asset Acquired with Credit Deterioration | Real estate loans | Multifamily | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 0 | 0 | ||||
Total loans: | ||||||
Total loans | 0 | 0 | ||||
Financial Asset Acquired with Credit Deterioration | Real estate loans | Commercial real estate | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 32 | 142 | ||||
Total loans: | ||||||
Total loans | 9,823 | 12,689 | ||||
Financial Asset Acquired with Credit Deterioration | Real estate loans | Construction | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 0 | 0 | ||||
Total loans: | ||||||
Total loans | 0 | 0 | ||||
Financial Asset Acquired with Credit Deterioration | Commercial business loans | Commercial Business | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 2 | 27 | ||||
Total loans: | ||||||
Total loans | 327 | 369 | ||||
Financial Asset Acquired with Credit Deterioration | Consumer loans | Home equity loans and advances | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 2 | 0 | ||||
Total loans: | ||||||
Total loans | 147 | 138 | ||||
Financial Asset Acquired with Credit Deterioration | Consumer loans | Other consumer loans | ||||||
Allowance for credit losses: | ||||||
Allowance for credit losses on loans | 0 | 0 | ||||
Total loans: | ||||||
Total loans | $ 0 | $ 0 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses - Loans Modified (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable modified in period, amount | $ 2,557 | $ 3,700 | $ 2,557 |
% of Total Class of Loans Receivable | 0.03% | 0.05% | 0.03% |
Commercial business loans | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable modified in period, amount | $ 2,317 | $ 2,317 | |
% of Total Class of Loans Receivable | 0.61% | 0.61% | |
Financing receivable, term extension | 12 months | 12 months | |
Commercial business loans | Commercial Business | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable modified in period, amount | $ 240 | $ 3,700 | $ 240 |
% of Total Class of Loans Receivable | 0.05% | 0.67% | 0.05% |
Financing receivable, term extension | 12 months | 15 years | 12 months |
Term Extension | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable modified in period, amount | $ 2,557 | $ 3,700 | $ 2,557 |
Term Extension | Commercial business loans | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable modified in period, amount | 2,317 | 2,317 | |
Term Extension | Commercial business loans | Commercial Business | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable modified in period, amount | 240 | 3,700 | 240 |
Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable modified in period, amount | 0 | 0 | 0 |
Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness | Commercial business loans | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable modified in period, amount | 0 | 0 | |
Combination of Term Extension, Interest Rate Reduction, and Principal Forgiveness | Commercial business loans | Commercial Business | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Financing receivable modified in period, amount | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses - Loans Modified, Aging Analysis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | $ 5,148 | $ 8,506 |
Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 3,352 |
30-59 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 1,029 | 0 |
60-89 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 4,917 |
90 Days or More | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 0 |
Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 4,119 | 237 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 1,029 | 1,035 |
Real estate loans | Commercial real estate | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 1,035 |
Real estate loans | Commercial real estate | 30-59 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 1,029 | 0 |
Real estate loans | Commercial real estate | 60-89 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 0 |
Real estate loans | Commercial real estate | 90 Days or More | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 0 |
Real estate loans | Commercial real estate | Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 0 |
Real estate loans | Construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 2,317 | |
Real estate loans | Construction | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 2,317 | |
Real estate loans | Construction | 30-59 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | |
Real estate loans | Construction | 60-89 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | |
Real estate loans | Construction | 90 Days or More | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | |
Real estate loans | Construction | Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | |
Commercial business loans | Commercial Business | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 4,119 | 5,154 |
Commercial business loans | Commercial Business | Current | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 0 |
Commercial business loans | Commercial Business | 30-59 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 0 |
Commercial business loans | Commercial Business | 60-89 Days | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 4,917 |
Commercial business loans | Commercial Business | 90 Days or More | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | 0 | 0 |
Commercial business loans | Commercial Business | Non-accrual | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing receivable modified in period, amount | $ 4,119 | $ 237 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | $ 55,401 | $ 52,873 | $ 55,096 | $ 52,803 | $ 52,803 |
Provision for (reversal of) credit losses | 2,194 | 1,078 | 7,472 | 1,253 | |
Recoveries | 270 | 60 | 419 | 236 | |
Charge-offs | (803) | (555) | (5,925) | (836) | |
Balance at end of period | 57,062 | 53,456 | 57,062 | 53,456 | 55,096 |
Real estate loans | One-to-four family | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 13,840 | 12,789 | 13,017 | 11,802 | 11,802 |
Provision for (reversal of) credit losses | 1,046 | (1,763) | 1,871 | (642) | |
Recoveries | 2 | 0 | 2 | 0 | |
Charge-offs | 0 | 0 | (2) | (134) | |
Balance at end of period | 14,888 | 11,026 | 14,888 | 11,026 | 13,017 |
Real estate loans | Multifamily | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 8,670 | 8,145 | 8,742 | 7,877 | 7,877 |
Provision for (reversal of) credit losses | (279) | 1,247 | (351) | 1,515 | |
Recoveries | 0 | 0 | 0 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Balance at end of period | 8,391 | 9,392 | 8,391 | 9,392 | 8,742 |
Real estate loans | Commercial real estate | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 15,232 | 16,257 | 15,757 | 18,111 | 18,111 |
Provision for (reversal of) credit losses | (32) | 19 | (557) | (1,749) | |
Recoveries | 0 | 0 | 0 | 0 | |
Charge-offs | (120) | (64) | (120) | (150) | |
Balance at end of period | 15,080 | 16,212 | 15,080 | 16,212 | 15,757 |
Real estate loans | Construction | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 8,068 | 6,739 | 7,758 | 6,425 | 6,425 |
Provision for (reversal of) credit losses | 480 | 196 | 789 | 510 | |
Recoveries | 1 | 0 | 2 | 0 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Balance at end of period | 8,549 | 6,935 | 8,549 | 6,935 | 7,758 |
Commercial business loans | Commercial Business | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 7,711 | 7,320 | 7,923 | 6,897 | 6,897 |
Provision for (reversal of) credit losses | 144 | 764 | 4,809 | 1,037 | |
Recoveries | 262 | 56 | 405 | 206 | |
Charge-offs | (623) | (450) | (5,643) | (450) | |
Balance at end of period | 7,494 | 7,690 | 7,494 | 7,690 | 7,923 |
Consumer loans | Home equity loans and advances | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 1,873 | 1,614 | 1,892 | 1,681 | 1,681 |
Provision for (reversal of) credit losses | 777 | 575 | 753 | 514 | |
Recoveries | 4 | 4 | 9 | 24 | |
Charge-offs | 0 | 0 | 0 | (26) | |
Balance at end of period | 2,654 | 2,193 | 2,654 | 2,193 | 1,892 |
Consumer loans | Other consumer loans | |||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 7 | 9 | 7 | 10 | 10 |
Provision for (reversal of) credit losses | 58 | 40 | 158 | 68 | |
Recoveries | 1 | 0 | 1 | 6 | |
Charge-offs | (60) | (41) | (160) | (76) | |
Balance at end of period | $ 6 | $ 8 | $ 6 | $ 8 | $ 7 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses - Loans Individually Evaluated for Impairment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | $ 20,146 | $ 19,919 |
With no allowance recorded: Unpaid principal balance | 24,552 | 22,862 |
With a specific allowance recorded: Recorded investment | 76 | 12,037 |
With a specific allowance recorded: Unpaid principal balance | 76 | 12,058 |
Recorded Investment | 20,222 | 31,956 |
Unpaid Principal Balance | 24,628 | 34,920 |
Specific Allowance | 76 | 614 |
Real estate loans | One-to-four family | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 378 | 1,170 |
With no allowance recorded: Unpaid principal balance | 426 | 1,519 |
With a specific allowance recorded: Recorded investment | 2,893 | |
With a specific allowance recorded: Unpaid principal balance | 2,911 | |
Recorded Investment | 378 | 4,063 |
Unpaid Principal Balance | 426 | 4,430 |
Specific Allowance | 0 | 186 |
Real estate loans | Multifamily | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 49 | |
With no allowance recorded: Unpaid principal balance | 52 | |
With a specific allowance recorded: Recorded investment | 333 | |
With a specific allowance recorded: Unpaid principal balance | 333 | |
Recorded Investment | 382 | |
Unpaid Principal Balance | 385 | |
Specific Allowance | 7 | |
Real estate loans | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 8,938 | 12,741 |
With no allowance recorded: Unpaid principal balance | 9,598 | 14,364 |
With a specific allowance recorded: Recorded investment | 2,619 | |
With a specific allowance recorded: Unpaid principal balance | 2,622 | |
Recorded Investment | 8,938 | 15,360 |
Unpaid Principal Balance | 9,598 | 16,986 |
Specific Allowance | 0 | 237 |
Commercial business loans | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 10,816 | 5,814 |
With no allowance recorded: Unpaid principal balance | 14,514 | 6,764 |
With a specific allowance recorded: Recorded investment | 76 | 5,736 |
With a specific allowance recorded: Unpaid principal balance | 76 | 5,736 |
Recorded Investment | 10,892 | 11,550 |
Unpaid Principal Balance | 14,590 | 12,500 |
Specific Allowance | 76 | 154 |
Consumer loans | Home equity loans and advances | ||
Financing Receivable, Impaired [Line Items] | ||
With no allowance recorded: Recorded investment | 14 | 145 |
With no allowance recorded: Unpaid principal balance | 14 | 163 |
With a specific allowance recorded: Recorded investment | 456 | |
With a specific allowance recorded: Unpaid principal balance | 456 | |
Recorded Investment | 14 | 601 |
Unpaid Principal Balance | 14 | 619 |
Specific Allowance | $ 0 | $ 30 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses - Interest Income on Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | $ 20,459 | $ 25,095 | $ 24,291 | $ 24,469 |
Interest Income Recognized | 20 | 252 | 54 | 509 |
Real estate loans | One-to-four family | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 1,053 | 4,722 | 2,056 | 4,536 |
Interest Income Recognized | 0 | 56 | 13 | 101 |
Real estate loans | Multifamily | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 23 | 429 | 143 | 438 |
Interest Income Recognized | 0 | 5 | 1 | 10 |
Real estate loans | Commercial real estate | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 9,317 | 16,156 | 11,331 | 16,347 |
Interest Income Recognized | 20 | 163 | 39 | 314 |
Commercial business loans | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 10,004 | 3,128 | 10,519 | 2,476 |
Interest Income Recognized | 0 | 18 | 0 | 67 |
Consumer loans | Home equity loans and advances | ||||
Financing Receivable, Impaired [Line Items] | ||||
Average Recorded Investment | 62 | 660 | 242 | 672 |
Interest Income Recognized | $ 0 | $ 10 | $ 1 | $ 17 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Total Loans | |||||
Total | $ 7,782,659 | $ 7,782,659 | $ 7,839,754 | ||
Total gross charge-offs | |||||
Total | 803 | $ 555 | 5,925 | $ 836 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 198,168 | 198,168 | 648,608 | ||
2023/2022 | 666,614 | 666,614 | 1,882,747 | ||
2022/2021 | 1,875,907 | 1,875,907 | 1,639,402 | ||
2021/2020 | 1,579,286 | 1,579,286 | 649,900 | ||
2020/2019 | 627,266 | 627,266 | 632,951 | ||
Prior | 2,429,478 | 2,429,478 | 1,981,490 | ||
Revolving Loans | 326,953 | 326,953 | 325,009 | ||
Revolving Loans to Term Loans | 66,837 | 66,837 | 64,558 | ||
Total | 7,770,509 | 7,770,509 | 7,824,665 | ||
Total gross charge-offs | |||||
2024/2023 | 0 | 0 | |||
2023/2022 | 32 | 269 | |||
2022/2021 | 95 | 280 | |||
2021/2020 | 2,384 | 34 | |||
2020/2019 | 0 | 2,342 | |||
Prior | 3,414 | 569 | |||
Revolving Loans | 0 | 0 | |||
Revolving Loans to Term Loans | 0 | 0 | |||
Total | 5,925 | 3,494 | |||
Real estate loans | One-to-four family | |||||
Total Loans | |||||
Total | 2,766,030 | 2,766,030 | 2,794,726 | ||
Total gross charge-offs | |||||
Total | 0 | 0 | 2 | 134 | |
Real estate loans | One-to-four family | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 57,856 | 57,856 | 156,279 | ||
2023/2022 | 157,089 | 157,089 | 787,911 | ||
2022/2021 | 782,087 | 782,087 | 793,843 | ||
2021/2020 | 772,144 | 772,144 | 272,498 | ||
2020/2019 | 261,321 | 261,321 | 165,966 | ||
Prior | 733,680 | 733,680 | 616,336 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 2,764,177 | 2,764,177 | 2,792,833 | ||
Total gross charge-offs | |||||
2024/2023 | 0 | 0 | |||
2023/2022 | 0 | 208 | |||
2022/2021 | 0 | 197 | |||
2021/2020 | 0 | 0 | |||
2020/2019 | 0 | 29 | |||
Prior | 2 | 151 | |||
Revolving Loans | 0 | 0 | |||
Revolving Loans to Term Loans | 0 | 0 | |||
Total | 2 | 585 | |||
Real estate loans | One-to-four family | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 57,856 | 57,856 | 156,279 | ||
2023/2022 | 156,340 | 156,340 | 786,735 | ||
2022/2021 | 780,416 | 780,416 | 793,074 | ||
2021/2020 | 770,807 | 770,807 | 272,215 | ||
2020/2019 | 260,718 | 260,718 | 165,337 | ||
Prior | 730,906 | 730,906 | 614,351 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 2,757,043 | 2,757,043 | 2,787,991 | ||
Real estate loans | One-to-four family | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Real estate loans | One-to-four family | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 749 | 749 | 1,176 | ||
2022/2021 | 1,671 | 1,671 | 769 | ||
2021/2020 | 1,337 | 1,337 | 283 | ||
2020/2019 | 603 | 603 | 629 | ||
Prior | 2,774 | 2,774 | 1,985 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 7,134 | 7,134 | 4,842 | ||
Real estate loans | Multifamily | |||||
Total Loans | |||||
Total | 1,409,316 | 1,409,316 | 1,409,187 | ||
Total gross charge-offs | |||||
Total | 0 | 0 | 0 | 0 | |
Real estate loans | Multifamily | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 6,948 | 6,948 | 111,612 | ||
2023/2022 | 116,125 | 116,125 | 317,277 | ||
2022/2021 | 323,476 | 323,476 | 359,983 | ||
2021/2020 | 344,834 | 344,834 | 157,294 | ||
2020/2019 | 167,286 | 167,286 | 202,923 | ||
Prior | 450,647 | 450,647 | 260,098 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 1,409,316 | 1,409,316 | 1,409,187 | ||
Total gross charge-offs | |||||
2024/2023 | 0 | 0 | |||
2023/2022 | 0 | 0 | |||
2022/2021 | 0 | 0 | |||
2021/2020 | 0 | 0 | |||
2020/2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Revolving Loans to Term Loans | 0 | 0 | |||
Total | 0 | 0 | |||
Real estate loans | Multifamily | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 6,948 | 6,948 | 111,612 | ||
2023/2022 | 116,125 | 116,125 | 317,277 | ||
2022/2021 | 323,476 | 323,476 | 359,983 | ||
2021/2020 | 344,834 | 344,834 | 157,294 | ||
2020/2019 | 167,286 | 167,286 | 202,923 | ||
Prior | 444,915 | 444,915 | 255,578 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 1,403,584 | 1,403,584 | 1,404,667 | ||
Real estate loans | Multifamily | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
Prior | 4,511 | 4,511 | 4,520 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 4,511 | 4,511 | 4,520 | ||
Real estate loans | Multifamily | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
Prior | 1,221 | 1,221 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 1,221 | 1,221 | 0 | ||
Real estate loans | Commercial real estate | |||||
Total Loans | |||||
Total | 2,326,075 | 2,326,075 | 2,389,766 | ||
Total gross charge-offs | |||||
Total | 120 | 64 | 120 | 150 | |
Real estate loans | Commercial real estate | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 67,199 | 67,199 | 191,030 | ||
2023/2022 | 178,405 | 178,405 | 427,801 | ||
2022/2021 | 433,594 | 433,594 | 372,948 | ||
2021/2020 | 369,649 | 369,649 | 176,504 | ||
2020/2019 | 163,182 | 163,182 | 237,134 | ||
Prior | 1,104,223 | 1,104,223 | 971,660 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 2,316,252 | 2,316,252 | 2,377,077 | ||
Total gross charge-offs | |||||
2024/2023 | 0 | 0 | |||
2023/2022 | 0 | 0 | |||
2022/2021 | 0 | 0 | |||
2021/2020 | 0 | 0 | |||
2020/2019 | 0 | 64 | |||
Prior | 120 | 86 | |||
Revolving Loans | 0 | 0 | |||
Revolving Loans to Term Loans | 0 | 0 | |||
Total | 120 | 150 | |||
Real estate loans | Commercial real estate | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 67,199 | 67,199 | 191,030 | ||
2023/2022 | 178,405 | 178,405 | 422,058 | ||
2022/2021 | 420,779 | 420,779 | 371,578 | ||
2021/2020 | 369,648 | 369,648 | 174,705 | ||
2020/2019 | 156,603 | 156,603 | 236,263 | ||
Prior | 1,027,279 | 1,027,279 | 930,740 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 2,219,913 | 2,219,913 | 2,326,374 | ||
Real estate loans | Commercial real estate | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 1,443 | 1,443 | 465 | ||
2021/2020 | 1 | 1 | 0 | ||
2020/2019 | 2,819 | 2,819 | 871 | ||
Prior | 25,494 | 25,494 | 24,405 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 29,757 | 29,757 | 25,741 | ||
Real estate loans | Commercial real estate | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 5,743 | ||
2022/2021 | 11,372 | 11,372 | 905 | ||
2021/2020 | 0 | 0 | 1,799 | ||
2020/2019 | 3,760 | 3,760 | 0 | ||
Prior | 51,450 | 51,450 | 16,515 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 66,582 | 66,582 | 24,962 | ||
Real estate loans | Construction | |||||
Total Loans | |||||
Total | 462,880 | 462,880 | 443,094 | ||
Total gross charge-offs | |||||
Total | 0 | 0 | 0 | 0 | |
Real estate loans | Construction | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 20,757 | 20,757 | 99,634 | ||
2023/2022 | 137,704 | 137,704 | 270,397 | ||
2022/2021 | 257,764 | 257,764 | 65,374 | ||
2021/2020 | 46,655 | 46,655 | 4,933 | ||
2020/2019 | 0 | 0 | 439 | ||
Prior | 0 | 0 | 2,317 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 462,880 | 462,880 | 443,094 | ||
Total gross charge-offs | |||||
2024/2023 | 0 | 0 | |||
2023/2022 | 0 | 0 | |||
2022/2021 | 0 | 0 | |||
2021/2020 | 0 | 0 | |||
2020/2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans | 0 | 0 | |||
Revolving Loans to Term Loans | 0 | 0 | |||
Total | 0 | 0 | |||
Real estate loans | Construction | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 20,757 | 20,757 | 99,634 | ||
2023/2022 | 137,704 | 137,704 | 270,397 | ||
2022/2021 | 257,764 | 257,764 | 65,374 | ||
2021/2020 | 46,655 | 46,655 | 4,933 | ||
2020/2019 | 0 | 0 | 439 | ||
Prior | 0 | 0 | 2,317 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 462,880 | 462,880 | 443,094 | ||
Real estate loans | Construction | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Real estate loans | Construction | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Commercial business loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 36,609 | 36,609 | 67,656 | ||
2023/2022 | 58,572 | 58,572 | 58,497 | ||
2022/2021 | 59,006 | 59,006 | 29,077 | ||
2021/2020 | 28,788 | 28,788 | 27,297 | ||
2020/2019 | 24,763 | 24,763 | 16,594 | ||
Prior | 55,695 | 55,695 | 46,493 | ||
Revolving Loans | 291,335 | 291,335 | 287,427 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 554,768 | 554,768 | 533,041 | ||
Total gross charge-offs | |||||
2024/2023 | 0 | 0 | |||
2023/2022 | 0 | 0 | |||
2022/2021 | 0 | 31 | |||
2021/2020 | 2,352 | 34 | |||
2020/2019 | 0 | 2,249 | |||
Prior | 3,291 | 304 | |||
Revolving Loans | 0 | 0 | |||
Revolving Loans to Term Loans | 0 | 0 | |||
Total | 5,643 | 2,618 | |||
Commercial business loans | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 36,609 | 36,609 | 67,529 | ||
2023/2022 | 58,214 | 58,214 | 58,118 | ||
2022/2021 | 56,977 | 56,977 | 28,989 | ||
2021/2020 | 28,712 | 28,712 | 27,194 | ||
2020/2019 | 24,450 | 24,450 | 15,499 | ||
Prior | 47,279 | 47,279 | 38,954 | ||
Revolving Loans | 267,253 | 267,253 | 272,698 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 519,494 | 519,494 | 508,981 | ||
Commercial business loans | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 127 | ||
2023/2022 | 0 | 0 | 303 | ||
2022/2021 | 1,447 | 1,447 | 0 | ||
2021/2020 | 0 | 0 | 97 | ||
2020/2019 | 273 | 273 | 14 | ||
Prior | 835 | 835 | 1,389 | ||
Revolving Loans | 8,022 | 8,022 | 4,587 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 10,577 | 10,577 | 6,517 | ||
Commercial business loans | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 358 | 358 | 76 | ||
2022/2021 | 582 | 582 | 88 | ||
2021/2020 | 76 | 76 | 6 | ||
2020/2019 | 40 | 40 | 1,081 | ||
Prior | 7,183 | 7,183 | 6,150 | ||
Revolving Loans | 16,060 | 16,060 | 10,142 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 24,299 | 24,299 | 17,543 | ||
Commercial business loans | Doubtful | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | |||
2023/2022 | 0 | 0 | |||
2022/2021 | 0 | 0 | |||
2021/2020 | 0 | 0 | |||
2020/2019 | 0 | 0 | |||
Prior | 398 | 398 | |||
Revolving Loans | 0 | 0 | |||
Revolving Loans to Term Loans | 0 | 0 | |||
Total | 398 | 398 | |||
Consumer loans | Home equity loans and advances | |||||
Total Loans | |||||
Total | 260,574 | 260,574 | 266,770 | ||
Total gross charge-offs | |||||
Total | 0 | 0 | 0 | 26 | |
Consumer loans | Home equity loans and advances | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 6,756 | 6,756 | 20,198 | ||
2023/2022 | 18,596 | 18,596 | 20,713 | ||
2022/2021 | 19,862 | 19,862 | 18,139 | ||
2021/2020 | 17,202 | 17,202 | 11,368 | ||
2020/2019 | 10,712 | 10,712 | 9,877 | ||
Prior | 85,166 | 85,166 | 84,518 | ||
Revolving Loans | 35,296 | 35,296 | 37,261 | ||
Revolving Loans to Term Loans | 66,837 | 66,837 | 64,558 | ||
Total | 260,427 | 260,427 | 266,632 | ||
Total gross charge-offs | |||||
2024/2023 | 0 | 0 | |||
2023/2022 | 0 | 0 | |||
2022/2021 | 0 | 0 | |||
2021/2020 | 0 | 0 | |||
2020/2019 | 0 | 0 | |||
Prior | 0 | 26 | |||
Revolving Loans | 0 | 0 | |||
Revolving Loans to Term Loans | 0 | 0 | |||
Total | 0 | 26 | |||
Consumer loans | Home equity loans and advances | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 6,756 | 6,756 | 20,198 | ||
2023/2022 | 18,596 | 18,596 | 20,713 | ||
2022/2021 | 19,862 | 19,862 | 18,139 | ||
2021/2020 | 17,202 | 17,202 | 11,368 | ||
2020/2019 | 10,712 | 10,712 | 9,877 | ||
Prior | 84,990 | 84,990 | 84,261 | ||
Revolving Loans | 35,296 | 35,296 | 37,261 | ||
Revolving Loans to Term Loans | 66,837 | 66,837 | 64,558 | ||
Total | 260,251 | 260,251 | 266,375 | ||
Consumer loans | Home equity loans and advances | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Consumer loans | Home equity loans and advances | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
Prior | 176 | 176 | 257 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 176 | 176 | 257 | ||
Consumer loans | Other consumer loans | |||||
Total Loans | |||||
Total | 2,689 | 2,689 | 2,801 | ||
Total gross charge-offs | |||||
Total | 60 | $ 41 | 160 | $ 76 | |
Consumer loans | Other consumer loans | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 2,043 | 2,043 | 2,199 | ||
2023/2022 | 123 | 123 | 151 | ||
2022/2021 | 118 | 118 | 38 | ||
2021/2020 | 14 | 14 | 6 | ||
2020/2019 | 2 | 2 | 18 | ||
Prior | 67 | 67 | 68 | ||
Revolving Loans | 322 | 322 | 321 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 2,689 | 2,689 | 2,801 | ||
Total gross charge-offs | |||||
2024/2023 | 0 | 0 | |||
2023/2022 | 32 | 61 | |||
2022/2021 | 95 | 52 | |||
2021/2020 | 32 | 0 | |||
2020/2019 | 0 | 0 | |||
Prior | 1 | 2 | |||
Revolving Loans | 0 | 0 | |||
Revolving Loans to Term Loans | 0 | 0 | |||
Total | 160 | 115 | |||
Consumer loans | Other consumer loans | Pass | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 2,043 | 2,043 | 2,199 | ||
2023/2022 | 123 | 123 | 151 | ||
2022/2021 | 118 | 118 | 38 | ||
2021/2020 | 14 | 14 | 6 | ||
2020/2019 | 2 | 2 | 18 | ||
Prior | 67 | 67 | 68 | ||
Revolving Loans | 322 | 322 | 321 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 2,689 | 2,689 | 2,801 | ||
Consumer loans | Other consumer loans | Special mention | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | 0 | 0 | 0 | ||
Consumer loans | Other consumer loans | Substandard | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration | |||||
Total Loans | |||||
2024/2023 | 0 | 0 | 0 | ||
2023/2022 | 0 | 0 | 0 | ||
2022/2021 | 0 | 0 | 0 | ||
2021/2020 | 0 | 0 | 0 | ||
2020/2019 | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans to Term Loans | 0 | 0 | 0 | ||
Total | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses on Off Balance Sheet Exposures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 4,654 | $ 6,442 | $ 5,484 | $ 6,970 |
(Reversal of) provision for credit losses | (666) | (112) | (1,496) | (640) |
Ending balance | $ 3,988 | $ 6,330 | $ 3,988 | $ 6,330 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Leases [Abstract] | |||||
Operating lease, weighted average remaining lease term | 6 years | 6 years | 5 years 10 months 24 days | ||
Operating lease, weighted average discount rate | 3.19% | 3.19% | 2.70% | ||
Lease, cost | $ 737 | $ 680 | $ 1,400 | $ 1,300 |
Leases - Operating Lease Paymen
Leases - Operating Lease Payment Obligations (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
One year or less | $ 2,265 | $ 4,204 |
After one year to two years | 4,312 | 3,536 |
After two years to three years | 3,855 | 3,154 |
After three years to four years | 2,977 | 2,271 |
After four years to five years | 2,514 | 1,807 |
Thereafter | 4,345 | 2,974 |
Total undiscounted cash flows | 20,268 | 17,946 |
Discount on cash flows | (1,925) | (1,411) |
Total lease liability | $ 18,343 | $ 16,535 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
Non-interest-bearing demand | $ 1,405,441 | $ 1,437,361 |
Interest-bearing demand | 1,904,483 | 1,966,463 |
Money market accounts | 1,246,663 | 1,255,528 |
Savings and club deposits | 673,031 | 700,348 |
Certificates of deposit | 2,551,929 | 2,486,856 |
Total deposits | $ 7,781,547 | $ 7,846,556 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Deposits [Abstract] | |||||
Aggregate amount of certificates of deposit exceeding threshold amount | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||
Interest expense on deposits | $ 49,826 | $ 28,727 | $ 98,244 | $ 45,815 |
Deposits - Schedule of Deposit
Deposits - Schedule of Deposit Maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Deposits [Abstract] | ||
One year or less | $ 2,258,665 | $ 2,077,863 |
After one year to two years | 237,020 | 321,271 |
After two years to three years | 29,416 | 57,836 |
After three years to four years | 11,325 | 13,427 |
After four years | 15,503 | 16,459 |
Total term certificate accounts | $ 2,551,929 | $ 2,486,856 |
Stock Based Compensation - Narr
Stock Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||||||
Mar. 07, 2024 | Mar. 06, 2024 | Jun. 20, 2023 | May 01, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 06, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized (in shares) | 7,949,996 | ||||||||||||
Granted (in shares) | 286,265 | 286,016 | 286,265 | 286,016 | |||||||||
Grants in period (in dollars per share) | $ 6.13 | $ 5.48 | |||||||||||
Granted (in dollars per share) | $ 16.49 | $ 15.94 | $ 16.49 | $ 15.94 | |||||||||
Non-vested options outstanding (in shares) | 1,174,549 | 1,174,549 | |||||||||||
Non-vested options, cost not yet recognized, amount | $ 3,200,000 | $ 3,200,000 | |||||||||||
Exercises in period, aggregate intrinsic value | $ 0 | $ 127,158 | $ 106,001 | $ 146,443 | |||||||||
Restricted Stock | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized (in shares) | 2,271,427 | ||||||||||||
Granted (in shares) | 27,162 | 185,279 | 24,687 | 201,887 | 212,441 | 226,574 | |||||||
Granted (in dollars per share) | $ 16.57 | $ 16.49 | $ 18.23 | $ 15.94 | $ 16.50 | $ 16.19 | |||||||
Number of shares available for grant (in shares) | 367,717 | 367,717 | |||||||||||
Stock based compensation | $ 1,500,000 | $ 1,100,000 | $ 2,800,000 | $ 2,000,000 | |||||||||
Non-vested restricted shares outstanding (in shares) | 575,409 | 620,547 | 618,750 | 575,409 | 618,750 | 435,541 | 402,601 | 430,954 | |||||
Non-vested restricted shares outstanding, amount | $ 3,400,000 | $ 3,400,000 | |||||||||||
Period for recognition (in years) | 1 year 7 months 6 days | ||||||||||||
Restricted Stock | Tranche One | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting period (in years) | 1 year | ||||||||||||
Restricted Stock | Minimum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting period (in years) | 1 year | ||||||||||||
Restricted Stock | Maximum | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting period (in years) | 5 years | ||||||||||||
Employee Stock Option | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Number of shares authorized (in shares) | 5,678,569 | ||||||||||||
Number of shares available for grant (in shares) | 1,430,335 | 1,430,335 | |||||||||||
Award vesting period (in years) | 3 years | 3 years | |||||||||||
Stock based compensation | $ 1,000,000 | $ 954,000 | $ 2,000,000 | $ 1,900,000 | |||||||||
Period for recognition (in years) | 2 years 1 month 6 days | ||||||||||||
Expiration period (in years) | 10 years | 10 years | |||||||||||
Expected term | 6 years | 6 years | |||||||||||
Risk free interest rate | 4.12% | 3.60% | |||||||||||
Expected volatility rate | 29.13% | 27.07% | |||||||||||
Expected dividend rate | 0% | 0% | |||||||||||
Employee Stock Option | Tranche One | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Award vesting period (in years) | 1 year | 1 year |
Stock Based Compensation - Rest
Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock - $ / shares | 3 Months Ended | |||||||
Mar. 07, 2024 | Mar. 06, 2024 | Jun. 20, 2023 | May 01, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Number of Restricted Shares | ||||||||
Beginning balance (in shares) | 620,547 | 435,541 | 402,601 | 430,954 | ||||
Granted (in shares) | 27,162 | 185,279 | 24,687 | 201,887 | 212,441 | 226,574 | ||
Vested (in shares) | (44,988) | (25,890) | (26,424) | |||||
Forfeited (in shares) | (150) | (1,545) | (10,425) | (1,929) | ||||
Ending balance (in shares) | 575,409 | 620,547 | 618,750 | 402,601 | ||||
Weighted Average Grant Date Fair Value | ||||||||
Beginning balance (in dollars per share) | $ 16.54 | $ 16.77 | $ 17.10 | $ 17.31 | ||||
Granted (in dollars per share) | $ 16.57 | $ 16.49 | $ 18.23 | $ 15.94 | 16.50 | 16.19 | ||
Vested (in dollars per share) | 17.20 | 20.14 | 21.16 | |||||
Forfeited (in dollars per share) | 20.54 | 16.54 | 18.51 | 21.12 | ||||
Ending balance (in dollars per share) | $ 16.49 | $ 16.54 | $ 16.74 | $ 17.10 |
Stock Based Compensation - Stoc
Stock Based Compensation - Stock Option Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Mar. 06, 2024 | May 01, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Stock Options | ||||||||||
Beginning balance (in shares) | 3,835,039 | 3,584,069 | 3,423,079 | 3,436,869 | 3,584,069 | 3,436,869 | 3,436,869 | |||
Granted (in shares) | 286,265 | 286,016 | 286,265 | 286,016 | ||||||
Exercised (in shares) | (28,051) | (37,234) | (3,618) | (28,051) | (40,852) | |||||
Expired (in shares) | (1,924) | (1,412) | (1,853) | (2,117) | ||||||
Forfeited (in shares) | (1,274) | (5,832) | (42,598) | (8,055) | ||||||
Ending balance (in shares) | 3,831,841 | 3,835,039 | 3,627,410 | 3,423,079 | 3,831,841 | 3,627,410 | 3,584,069 | 3,436,869 | ||
Options exercisable (in shares) | 2,657,292 | 1,841,606 | 2,657,292 | 1,841,606 | ||||||
Weighted Average Exercise Price | ||||||||||
Beginning balance (in dollars per share) | $ 16.22 | $ 16.20 | $ 16.25 | $ 16.26 | $ 16.20 | $ 16.26 | $ 16.26 | |||
Granted (in dollars per share) | $ 16.49 | $ 15.94 | 16.49 | 15.94 | ||||||
Exercised (in dollars per share) | 15.60 | 15.60 | 15.60 | |||||||
Expired (in dollars per share) | 17.82 | 15.60 | 15.60 | 15.60 | ||||||
Forfeited (in dollars per share) | 20.54 | 17.29 | 17.72 | 20.03 | ||||||
Ending balance (in dollars per share) | 16.22 | $ 16.22 | 16.22 | $ 16.25 | 16.22 | 16.22 | $ 16.20 | $ 16.26 | ||
Options exercisable (in dollars per share) | $ 16.11 | $ 15.85 | $ 16.11 | $ 15.85 | ||||||
Weighted Average Remaining Contractual Term (in years) | ||||||||||
Options outstanding | 6 years | 6 years 2 months 12 days | 6 years 8 months 12 days | 6 years 8 months 12 days | 6 years 1 month 6 days | 6 years 10 months 24 days | ||||
Options exercisable | 5 years 6 months | 6 years 2 months 12 days | ||||||||
Aggregate Intrinsic Value | ||||||||||
Options outstanding | $ 0 | $ 5,050,150 | $ 5,186,690 | $ 7,893,117 | $ 0 | $ 5,186,690 | $ 11,602,267 | $ 18,435,239 | ||
Options exercisable | $ 0 | $ 2,861,956 | $ 0 | $ 2,861,956 |
Components of Net Periodic Be_3
Components of Net Periodic Benefit Cost - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Retirement Benefits [Abstract] | ||||
Years of employment benefits are based upon | 5 years | |||
Defined contribution plan, employer contribution amount | $ 0 | $ 0 | $ 0 | $ 0 |
Components of Net Periodic Be_4
Components of Net Periodic Benefit Cost - Schedule of Net Benefit Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | $ 1,212 | $ 1,199 | $ 2,424 | $ 2,398 |
Interest cost | 3,100 | 2,790 | 6,200 | 5,581 |
Expected return on plan assets | (8,119) | (7,480) | (16,239) | (14,960) |
Prior service cost | 0 | 0 | 0 | 0 |
Net (gain) | 512 | 0 | 1,024 | 0 |
Net periodic (income) benefit cost | (3,295) | (3,491) | (6,591) | (6,981) |
Pension Plan | Acquired RSI Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 0 | 0 | 0 | 0 |
Interest cost | 0 | 76 | 0 | 152 |
Expected return on plan assets | 0 | (122) | 0 | (243) |
Net (gain) | 0 | 0 | 0 | 0 |
Net periodic (income) benefit cost | 0 | (46) | 0 | (91) |
RIM Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 61 | 69 | 122 | 138 |
Interest cost | 162 | 158 | 324 | 316 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Prior service cost | 0 | 0 | 0 | 0 |
Net (gain) | 28 | 14 | 56 | 28 |
Net periodic (income) benefit cost | 251 | 241 | 502 | 482 |
Post-retirement Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 54 | 54 | 108 | 108 |
Interest cost | 248 | 242 | 496 | 485 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Prior service cost | 0 | 0 | 0 | 0 |
Net (gain) | 0 | 0 | 0 | 0 |
Net periodic (income) benefit cost | 302 | 296 | 604 | 593 |
Post-retirement Plan | Acquired RSI Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 13 | 17 | 26 | 34 |
Interest cost | 31 | 27 | 62 | 53 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Net (gain) | (5) | (15) | (10) | (30) |
Net periodic (income) benefit cost | 39 | 29 | 78 | 57 |
Split-Dollar Life Insurance | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service cost | 57 | 69 | 114 | 139 |
Interest cost | 208 | 204 | 416 | 409 |
Expected return on plan assets | 0 | 0 | 0 | 0 |
Prior service cost | 14 | 14 | 28 | 28 |
Net (gain) | 0 | 0 | 0 | 0 |
Net periodic (income) benefit cost | $ 279 | $ 287 | $ 558 | $ 576 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | $ 1,263,459 | $ 1,093,557 |
Equity securities | 4,531 | 4,079 |
Derivative assets | 26,189 | 18,898 |
Derivative liabilities | 18,132 | 25,025 |
U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 270,822 | 145,501 |
Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 906,582 | 867,585 |
Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 2,720 | 2,702 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 83,335 | 77,769 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 263,640 | 137,800 |
Equity securities | 4,209 | 3,758 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 990,078 | 946,020 |
Equity securities | 322 | 321 |
Derivative assets | 26,189 | 18,898 |
Derivative liabilities | 18,132 | 25,025 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 9,741 | 9,737 |
Equity securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Measured on recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 1,263,459 | 1,093,557 |
Equity securities | 4,531 | 4,079 |
Derivative assets | 26,189 | 18,898 |
Assets | 1,294,179 | 1,116,534 |
Derivative liabilities | 18,132 | 25,025 |
Measured on recurring basis | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 270,822 | 145,501 |
Measured on recurring basis | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 906,582 | 867,585 |
Measured on recurring basis | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 2,720 | 2,702 |
Measured on recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 83,335 | 77,769 |
Measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 263,640 | 137,800 |
Equity securities | 4,209 | 3,758 |
Derivative assets | 0 | 0 |
Assets | 267,849 | 141,558 |
Derivative liabilities | 0 | 0 |
Measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 263,640 | 137,800 |
Measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 0 | 0 |
Measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 0 | 0 |
Measured on recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 0 | 0 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 990,078 | 946,020 |
Equity securities | 322 | 321 |
Derivative assets | 26,189 | 18,898 |
Assets | 1,016,589 | 965,239 |
Derivative liabilities | 18,132 | 25,025 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 7,182 | 7,701 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 906,582 | 867,585 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 889 | 892 |
Measured on recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 75,425 | 69,842 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 9,741 | 9,737 |
Equity securities | 0 | |
Derivative assets | 0 | 0 |
Assets | 9,741 | 9,737 |
Derivative liabilities | 0 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | U.S. government and agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 0 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities and collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 0 | 0 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | 1,831 | 1,810 |
Measured on recurring basis | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total debt securities available for sale | $ 7,910 | $ 7,927 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Significant Unobservable Inputs (Level 3) - Measured on recurring basis - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Debt securities available for sale: | ||||
Beginning balance | $ 9,911 | $ 9,737 | $ 10,600 | $ 12,123 |
Change in fair value of Level 3 assets | (170) | 174 | 481 | (1,523) |
Ending balance | $ 9,741 | $ 9,911 | $ 11,081 | $ 10,600 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2024 security | Dec. 31, 2023 security | |
Measured on recurring basis | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of assets included in level 3 | 2 | 2 |
Measured on recurring basis | Corporate debt securities | Measurement Input, Market Yield | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.1300 | |
Measured on recurring basis | Municipal obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Number of assets included in level 3 | 2 | 2 |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustments for estimated costs to sell collateral dependent impaired loans | 6% | |
Minimum | Measured on recurring basis | Municipal obligations | Measurement Input, Market Yield | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0378 | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Adjustments for estimated costs to sell collateral dependent impaired loans | 8% | |
Maximum | Measured on recurring basis | Municipal obligations | Measurement Input, Market Yield | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0456 | |
Weighted Average | Measured on recurring basis | Corporate debt securities | Measurement Input, Market Yield | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.1300 | |
Weighted Average | Measured on recurring basis | Municipal obligations | Measurement Input, Market Yield | Significant Unobservable Inputs (Level 3) | Discounted cash flow | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt securities, available-for-sale, measurement input | 0.0417 |
Fair Value Measurements - Ass_3
Fair Value Measurements - Assets and Liabilities Measured on Non-Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned | $ 1,974 | $ 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 7,189,901 | 7,366,184 |
Measured on non-recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 5,568 | 5,000 |
Other real estate owned | 1,974 | |
Mortgage servicing rights | 2,675 | 2,908 |
Assets | 10,217 | 7,908 |
Measured on non-recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | |
Mortgage servicing rights | 0 | 0 |
Assets | 0 | 0 |
Measured on non-recurring basis | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | |
Mortgage servicing rights | 0 | 0 |
Assets | 0 | 0 |
Measured on non-recurring basis | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 5,568 | 5,000 |
Other real estate owned | 1,974 | |
Mortgage servicing rights | 2,675 | 2,908 |
Assets | $ 10,217 | $ 7,908 |
Fair Value Measurements - Quali
Fair Value Measurements - Qualitative Valuation (Details) $ in Thousands | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Fair Value | ||
Other real estate owned | $ 1,974 | $ 0 |
Measured on non-recurring basis | ||
Fair Value | ||
Impaired loans | 5,568 | 5,000 |
Other real estate owned | 1,974 | |
Mortgage servicing rights | 2,675 | 2,908 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value | ||
Impaired loans | 7,189,901 | 7,366,184 |
Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | ||
Fair Value | ||
Impaired loans | 5,568 | 5,000 |
Other real estate owned | 1,974 | |
Mortgage servicing rights | $ 2,675 | $ 2,908 |
Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | A/R aging schedule | Other | ||
Unobservable Inputs | ||
Impaired loans | 0 | |
Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | Discount for costs to sell | Appraised value | ||
Unobservable Inputs | ||
Other real estate owned | 0.060 | |
Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | Contracted modification agreement. | Other | ||
Unobservable Inputs | ||
Impaired loans | 0 | |
Minimum | Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | Prepayment speeds and discount rates | Discounted cash flow | ||
Unobservable Inputs | ||
Mortgage servicing rights | 0.048 | 0.043 |
Maximum | Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | Prepayment speeds and discount rates | Discounted cash flow | ||
Unobservable Inputs | ||
Mortgage servicing rights | 0.277 | 0.272 |
Weighted Average | Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | A/R aging schedule | Other | ||
Unobservable Inputs | ||
Impaired loans | 0 | |
Weighted Average | Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | Prepayment speeds and discount rates | Discounted cash flow | ||
Unobservable Inputs | ||
Mortgage servicing rights | 0.086 | 0.081 |
Weighted Average | Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | Contracted modification agreement. | Other | ||
Unobservable Inputs | ||
Impaired loans | 0 | |
Weighted Average | Significant Unobservable Inputs (Level 3) | Measured on non-recurring basis | Discount rate | Discounted cash flow | ||
Unobservable Inputs | ||
Mortgage servicing rights | 0.1550 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value on Balance Sheet (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Debt securities available for sale | $ 1,263,459 | $ 1,093,557 |
Debt securities held to maturity | 365,344 | 357,177 |
Equity securities | 4,531 | 4,079 |
Derivative assets | 26,189 | 18,898 |
Financial liabilities: | ||
Derivative liabilities | 18,132 | 25,025 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 391,114 | 423,249 |
Debt securities available for sale | 263,640 | 137,800 |
Debt securities held to maturity | 0 | 0 |
Equity securities | 4,209 | 3,758 |
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 | 990,078 | 946,020 |
Debt securities held to maturity | 365,344 | 357,177 |
Equity securities | 322 | 321 |
Federal Home Loan Bank stock | 87,618 | 81,022 |
Loans receivable, net | 0 | 0 |
Derivative assets | 26,189 | 18,898 |
Financial liabilities: | ||
Deposits | 7,764,824 | 7,828,259 |
Borrowings | 1,679,284 | 1,531,179 |
Derivative liabilities | 18,132 | 25,025 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Debt securities available for sale | 9,741 | 9,737 |
Debt securities held to maturity | 0 | 0 |
Equity securities | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Loans receivable, net | 7,189,901 | 7,366,184 |
Derivative assets | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Borrowings | 0 | 0 |
Derivative liabilities | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 391,114 | 423,249 |
Debt securities available for sale | 1,263,459 | 1,093,557 |
Debt securities held to maturity | 411,300 | 401,154 |
Equity securities | 4,531 | 4,079 |
Federal Home Loan Bank stock | 87,618 | 81,022 |
Loans receivable, net | 7,761,949 | 7,819,441 |
Derivative assets | 26,189 | 18,898 |
Financial liabilities: | ||
Deposits | 7,781,547 | 7,846,556 |
Borrowings | 1,683,899 | 1,528,695 |
Derivative liabilities | 18,132 | 25,025 |
Total Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 391,114 | 423,249 |
Debt securities available for sale | 1,263,459 | 1,093,557 |
Debt securities held to maturity | 365,344 | 357,177 |
Equity securities | 4,531 | 4,079 |
Federal Home Loan Bank stock | 87,618 | 81,022 |
Loans receivable, net | 7,189,901 | 7,366,184 |
Derivative assets | 26,189 | 18,898 |
Financial liabilities: | ||
Deposits | 7,764,824 | 7,828,259 |
Borrowings | 1,679,284 | 1,531,179 |
Derivative liabilities | $ 18,132 | $ 25,025 |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Tax Effects of Components in Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Before Tax | ||||
Total other comprehensive income (loss) | $ 7,453 | $ 2,352 | $ 4,527 | $ 17,396 |
Tax Effect | ||||
Total other comprehensive income (loss) | (2,098) | (665) | (1,274) | (4,271) |
After Tax | ||||
Total other comprehensive income | 5,355 | 1,687 | 3,253 | 13,125 |
Unrealized (loss) gain on debt securities available for sale: | ||||
Before Tax | ||||
Other comprehensive income (loss), before reclassifications | (626) | 4,413 | (7,575) | 21,954 |
Total other comprehensive income (loss) | (623) | (5,141) | (8,823) | 11,094 |
Tax Effect | ||||
Other comprehensive income (loss), before reclassifications | 176 | (1,248) | 2,133 | (5,720) |
Total other comprehensive income (loss) | 175 | 1,454 | 2,484 | (2,648) |
After Tax | ||||
Other comprehensive income (loss), before reclassifications | (450) | 3,165 | (5,442) | 16,234 |
Total other comprehensive income | (448) | (3,687) | (6,339) | 8,446 |
Accretion of unrealized gain (loss) on debt securities reclassified as held to maturity | ||||
Before Tax | ||||
Reclassification from AOCI, current period | 3 | (2) | 8 | (13) |
Tax Effect | ||||
Reclassification from AOCI, current period | (1) | 1 | (2) | 4 |
After Tax | ||||
Reclassification from AOCI, current period | 2 | (1) | 6 | (9) |
Reclassification adjustment for (loss) included in net income | ||||
Before Tax | ||||
Reclassification from AOCI, current period | 0 | (9,552) | (1,256) | (10,847) |
Tax Effect | ||||
Reclassification from AOCI, current period | 0 | 2,701 | 353 | 3,068 |
After Tax | ||||
Reclassification from AOCI, current period | 0 | (6,851) | (903) | (7,779) |
Unrealized gain (loss) on swap contracts accounted for as cash flow hedges | ||||
Before Tax | ||||
Other comprehensive income (loss), before reclassifications | 414 | 4,020 | 5,647 | 2,816 |
Tax Effect | ||||
Other comprehensive income (loss), before reclassifications | (116) | (1,137) | (1,589) | (798) |
After Tax | ||||
Other comprehensive income (loss), before reclassifications | 298 | 2,883 | 4,058 | 2,018 |
Total other comprehensive income | 298 | 2,883 | 4,058 | 2,018 |
Employee benefit plans: | ||||
Before Tax | ||||
Other comprehensive income (loss), before reclassifications | 8,224 | 3,486 | 8,813 | 3,512 |
Total other comprehensive income (loss) | 7,662 | 3,473 | 7,703 | 3,486 |
Tax Effect | ||||
Other comprehensive income (loss), before reclassifications | (2,315) | (986) | (2,481) | (832) |
Total other comprehensive income (loss) | (2,157) | (982) | (2,169) | (825) |
After Tax | ||||
Other comprehensive income (loss), before reclassifications | 5,909 | 2,500 | 6,332 | 2,680 |
Total other comprehensive income | 5,505 | 2,491 | 5,534 | 2,661 |
Amortization of prior service cost included in net income | ||||
Before Tax | ||||
Reclassification from AOCI, current period | (14) | (14) | (28) | (28) |
Tax Effect | ||||
Reclassification from AOCI, current period | 4 | 4 | 8 | 8 |
After Tax | ||||
Reclassification from AOCI, current period | (10) | (10) | (20) | (20) |
Reclassification adjustment of actuarial net (loss) gain included in net income | ||||
Before Tax | ||||
Reclassification from AOCI, current period | (548) | 1 | (1,082) | 2 |
Tax Effect | ||||
Reclassification from AOCI, current period | 154 | 0 | 304 | (1) |
After Tax | ||||
Reclassification from AOCI, current period | $ (394) | $ 1 | $ (778) | $ 1 |
Other Comprehensive Income (L_4
Other Comprehensive Income (Loss) - Changes in Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 1,038,025 | $ 1,038,890 | $ 1,040,335 | $ 1,053,595 |
Current period changes in other comprehensive income (loss) | 5,355 | 1,687 | 3,253 | 13,125 |
Balance at end of year | 1,046,734 | 1,022,788 | 1,046,734 | 1,022,788 |
Unrealized (loss) gain on debt securities available for sale: | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (119,540) | (123,349) | (113,649) | (135,482) |
Current period changes in other comprehensive income (loss) | (448) | (3,687) | (6,339) | 8,446 |
Balance at end of year | (119,988) | (127,036) | (119,988) | (127,036) |
Unrealized gain (loss) on swap contracts accounted for as cash flow hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 3,346 | (361) | (414) | 504 |
Current period changes in other comprehensive income (loss) | 298 | 2,883 | 4,058 | 2,018 |
Balance at end of year | 3,644 | 2,522 | 3,644 | 2,522 |
Employee Benefit Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (44,643) | (44,148) | (44,672) | (44,318) |
Current period changes in other comprehensive income (loss) | 5,505 | 2,491 | 5,534 | 2,661 |
Balance at end of year | (39,138) | (41,657) | (39,138) | (41,657) |
Accumulated Other Comprehensive (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (160,837) | (167,858) | (158,735) | (179,296) |
Current period changes in other comprehensive income (loss) | 5,355 | 1,687 | 3,253 | 13,125 |
Balance at end of year | $ (155,482) | $ (166,171) | $ (155,482) | $ (166,171) |
Other Comprehensive Income (L_5
Other Comprehensive Income (Loss) - Reclassification out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Components of other comprehensive income (loss): | ||||
Loss on securities transactions | $ 0 | $ (9,552) | $ (1,256) | $ (10,847) |
Income before income tax expense | 4,819 | 1,921 | 3,535 | 26,782 |
Income tax benefit | (279) | (257) | (150) | (6,395) |
Net of tax | 4,540 | 1,664 | 3,385 | 20,387 |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | ||||
Components of other comprehensive income (loss): | ||||
Income before income tax expense | (548) | (9,551) | (2,338) | (10,845) |
Income tax benefit | 154 | 2,701 | 657 | 3,067 |
Net of tax | (394) | (6,850) | (1,681) | (7,778) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Reclassification adjustment for loss included in net income | ||||
Components of other comprehensive income (loss): | ||||
Loss on securities transactions | 0 | (9,552) | (1,256) | (10,847) |
Reclassification out of Accumulated Other Comprehensive Income (Loss) | Employee benefit plans: | ||||
Components of other comprehensive income (loss): | ||||
Other non-interest expense, net | $ (548) | $ 1 | $ (1,082) | $ 2 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) swap | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) swap | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) swap | |
Derivative [Line Items] | |||||
Derivative, excluded component, gain (loss), recognized in earnings | $ 11 | $ 23 | $ 47 | $ 27 | |
Accrued interest on derivatives, at fair value | 1,600 | 1,600 | $ 1,200 | ||
Derivative, net asset, termination value | 8,100 | 8,100 | |||
Derivative, collateral, right to reclaim cash | 0 | 0 | |||
Interest rate products - designated hedges | |||||
Derivative [Line Items] | |||||
Derivative, gain (loss) on derivative, net | $ (43) | $ (9) | $ 50 | $ (202) | |
Interest rate products - designated hedges | Not-designated hedge | |||||
Derivative [Line Items] | |||||
Number of interest rate swaps in place with commercial banking customers | swap | 86 | 86 | 80 | ||
Notional amount of derivative | $ 308,200 | $ 308,200 | $ 277,800 | ||
Interest rate products - designated hedges | Designated as Hedging Instrument | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | $ 850,000 | $ 850,000 | $ 700,000 | ||
Number of interest rate derivatives held | swap | 10 | 10 | 8 | ||
Interest rate products - designated hedges | Designated as Hedging Instrument | Federal Home Loan Bank Advances | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | $ 378,700 | $ 378,700 | $ 380,000 | ||
Number of interest rate derivatives held | swap | 31 | 31 | 30 | ||
Interest rate products - designated hedges | Designated as Hedging Instrument | Commercial Loan | |||||
Derivative [Line Items] | |||||
Notional amount of derivative | $ 100,000 | ||||
Number of interest rate derivatives held | swap | 2 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Schedule of Derivative Financial Instruments on the Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 26,189 | $ 18,898 |
Derivative liabilities | $ 18,132 | $ 25,025 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Interest rate products - designated hedges | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 9,116 | $ 5,394 |
Derivative liabilities | 1,118 | 11,530 |
Interest rate products - designated hedges | Not-designated hedge | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 17,073 | 13,504 |
Derivative liabilities | $ 17,014 | $ 13,495 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Cumulative Basis Adjustment for Fair Value Hedges (Details) - Derivative Financial Instruments, Assets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount of Hedged Assets/(Liabilities) | $ 848,297 | $ 706,412 |
Cumulative Amount of Fair Value Hedging Adjustment included in the Carrying Amount of Hedged Assets/(Liabilities) | $ (1,703) | $ 6,412 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total out-of-scope non-interest income | $ 5,356 | $ (4,949) | $ 9,367 | $ (1,191) |
Total non-interest income | 9,180 | (546) | 16,632 | 7,528 |
Deposit Account, Title Insurance, Insurance Agency and Other Non-Interest Income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,824 | 4,403 | 7,265 | 8,719 |
Demand deposit account fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,590 | 1,291 | 3,003 | 2,467 |
Title insurance fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 744 | 624 | 1,247 | 1,211 |
Insurance agency income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 60 | 40 | 107 | 77 |
Other non-interest income | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 1,430 | $ 2,448 | $ 2,908 | $ 4,964 |