Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 11, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-40136 | ||
Entity Registrant Name | Amalgamated Financial Corp. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 85-2757101 | ||
Entity Address, Address Line One | 275 Seventh Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10001 | ||
City Area Code | 212 | ||
Local Phone Number | 255-6200 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | AMAL | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Smaller Reporting Company | false | ||
Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 225,300,573 | ||
Entity Common Stock, Shares Outstanding | 31,115,103 | ||
Documents Incorporated by Reference | The information required by Part III of this Annual Report on Form 10-K is incorporated by reference from the registrant’s definitive proxy statement relating to the 2022 Annual Meeting of Stockholders, which will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates. | ||
Entity Central Index Key | 0001823608 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Audit Information [Abstract] | ||
Auditor Name | Crowe LLP | KPMG LLP |
Auditor Location | New York, New York | New York, New York |
Auditor Firm ID | 173 | 185 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 8,622 | $ 7,736 |
Interest-bearing deposits in banks | 321,863 | 31,033 |
Total cash and cash equivalents | 330,485 | 38,769 |
Securities: | ||
Available for sale, at fair value (amortized cost of $2,103,049 and $1,513,409, respectively) | 2,113,410 | 1,539,862 |
Held-to-maturity (fair value of $849,704 and $502,425, respectively) | 843,569 | 494,449 |
Loans held for sale | 3,279 | 11,178 |
Loans receivable, net of deferred loan origination costs (fees) | 3,312,224 | 3,488,895 |
Allowance for loan losses | (35,866) | (41,589) |
Loans receivable, net | 3,276,358 | 3,447,306 |
Resell agreements | 229,018 | 154,779 |
Accrued interest and dividends receivable | 28,820 | 23,970 |
Premises and equipment, net | 11,735 | 12,977 |
Bank-owned life insurance | 107,266 | 105,888 |
Right-of-use lease asset | 33,115 | 36,104 |
Deferred tax asset | 26,719 | 36,079 |
Goodwill | 12,936 | 12,936 |
Other intangible assets | 4,151 | 5,359 |
Equity investments | 6,856 | 11,735 |
Other assets | 50,159 | 47,240 |
Total assets | 7,077,876 | 5,978,631 |
Liabilities | ||
Deposits | 6,356,255 | 5,338,711 |
Subordinated Debt | 83,831 | 0 |
Operating leases | 48,160 | 53,173 |
Other liabilities | 25,755 | 50,926 |
Total liabilities | 6,514,001 | 5,442,810 |
Stockholders’ equity | ||
Common stock, par value $0.01 per share (70,000,000 shares authorized; 31,130,143 and 31,049,525 shares issued and outstanding, respectively) | 311 | 310 |
Additional paid-in capital | 297,975 | 300,989 |
Retained earnings | 260,047 | 217,213 |
Accumulated other comprehensive income (loss), net of income taxes | 5,409 | 17,176 |
Total Amalgamated Financial Corp. stockholders' equity | 563,742 | 535,688 |
Noncontrolling interests | 133 | 133 |
Total stockholders' equity | 563,875 | 535,821 |
Total liabilities and stockholders’ equity | $ 7,077,876 | $ 5,978,631 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale, amortized cost | $ 2,103,049 | $ 1,513,409 |
Held-to-maturity, fair value | $ 849,704 | $ 502,425 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, shares issued (in shares) | 31,130,143 | 31,049,525 |
Common stock, shares outstanding (in shares) | 31,130,143 | 31,049,525 |
Fixed-to-Floating Rate Notes | Subordinated Debt | ||
Face amount | $ 85,000 | |
Issuance costs | $ 1,169 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INTEREST AND DIVIDEND INCOME | |||
Loans | $ 123,318 | $ 141,983 | $ 139,995 |
Securities | 56,387 | 47,588 | 44,197 |
Federal Home Loan Bank of New York stock | 170 | 227 | 813 |
Interest-bearing deposits in banks | 651 | 697 | 949 |
Total interest and dividend income | 180,526 | 190,495 | 185,954 |
INTEREST EXPENSE | |||
Deposits | 5,823 | 10,452 | 14,461 |
Borrowed funds | 399 | 27 | 4,856 |
Total interest expense | 6,222 | 10,479 | 19,317 |
NET INTEREST INCOME | 174,304 | 180,016 | 166,637 |
Provision for (recovery of) loan losses | (287) | 24,791 | 3,837 |
Net interest income after provision for loan losses | 174,591 | 155,225 | 162,800 |
NON-INTEREST INCOME | |||
Trust Department fees | 13,352 | 15,222 | 18,598 |
Service charges on deposit accounts | 9,355 | 9,201 | 8,544 |
Bank-owned life insurance | 2,388 | 3,085 | 1,649 |
Gain (loss) on sale of securities | 649 | 1,605 | 83 |
Gain (loss) on sale of loans, net | 1,887 | 2,520 | 13 |
Gain (loss) on other real estate owned, net | (407) | (482) | (564) |
Equity method investments | 150 | 7,411 | 0 |
Other | 1,015 | 2,042 | 878 |
Total non-interest income | 28,389 | 40,604 | 29,201 |
NON-INTEREST EXPENSE | |||
Compensation and employee benefits | 69,844 | 69,421 | 70,276 |
Occupancy and depreciation | 14,023 | 23,040 | 17,721 |
Professional fees | 12,961 | 11,205 | 11,934 |
Data processing | 16,042 | 11,330 | 10,880 |
Office maintenance and depreciation | 3,057 | 3,314 | 3,540 |
Amortization of intangible assets | 1,207 | 1,370 | 1,374 |
Advertising and promotion | 3,230 | 3,514 | 2,908 |
Other | 11,891 | 10,692 | 9,194 |
Total non-interest expense | 132,255 | 133,886 | 127,827 |
Income before income taxes | 70,725 | 61,943 | 64,174 |
Income tax expense (benefit) | 17,788 | 15,755 | 16,972 |
Net income | $ 52,937 | $ 46,188 | $ 47,202 |
Earnings per common share - basic (in dollars per share) | $ 1.70 | $ 1.48 | $ 1.49 |
Earnings per common share - diluted (in dollars per share) | $ 1.68 | $ 1.48 | $ 1.47 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 52,937 | $ 46,188 | $ 47,202 |
Other comprehensive income (loss), net of taxes: | |||
Change in total obligation for postretirement benefits and for prior service credit and for other benefits | (63) | 362 | (183) |
Net unrealized gains (losses) on securities available for sale: | |||
Unrealized holding gains (losses) | (15,438) | 20,374 | 21,309 |
Reclassification adjustment for losses (gains) realized in income | (654) | (1,604) | (86) |
Net unrealized gains (losses) on securities available for sale | (16,092) | 18,770 | 21,223 |
Other comprehensive income (loss), before tax | (16,155) | 19,132 | 21,040 |
Income tax effect | 4,388 | (5,181) | (5,825) |
Total other comprehensive income (loss), net of taxes | (11,767) | 13,951 | 15,215 |
Total comprehensive income (loss), net of taxes | $ 41,170 | $ 60,139 | $ 62,417 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity - USD ($) $ in Thousands | Total | Total Stockholders' Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interest |
Beginning balance at Dec. 31, 2018 | $ 439,371 | $ 439,237 | $ 318 | $ 308,678 | $ 142,231 | $ (11,990) | $ 134 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 47,202 | 47,202 | 47,202 | ||||
Dividend declared on AREMCO Sr. Preferred class B shares and Jr. Preferred shares | (22) | (22) | (22) | ||||
Dividends | (8,279) | (8,279) | (8,279) | ||||
Repurchase of shares | (5,785) | (5,785) | (3) | (5,782) | |||
Exercise of stock options, net of repurchases | 400 | 400 | 400 | ||||
Stock-based compensation expense | 2,442 | 2,442 | 2,442 | ||||
Other comprehensive income (loss), net of taxes | 15,215 | 15,215 | 15,215 | ||||
Ending balance at Dec. 31, 2019 | 490,544 | 490,410 | 315 | 305,738 | 181,132 | 3,225 | 134 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 46,188 | 46,188 | 46,188 | ||||
Dividend declared on AREMCO Sr. Preferred class B shares and Jr. Preferred shares | (22) | (22) | (22) | ||||
Dividends | (10,081) | (10,081) | (10,081) | ||||
Redemption of AREMCO class B shares | (5) | (4) | (4) | (1) | |||
Repurchase of shares | (7,001) | (7,001) | (5) | (6,996) | |||
Exercise of stock options, net of repurchases | (23) | (23) | (23) | ||||
Restricted stock unit vesting, net of repurchases | (116) | (116) | (116) | ||||
Stock-based compensation expense | 2,386 | 2,386 | 2,386 | ||||
Other comprehensive income (loss), net of taxes | 13,951 | 13,951 | 13,951 | ||||
Ending balance at Dec. 31, 2020 | 535,821 | 535,688 | 310 | 300,989 | 217,213 | 17,176 | 133 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 52,937 | 52,937 | 52,937 | ||||
Dividend declared on AREMCO Sr. Preferred class B shares and Jr. Preferred shares | (22) | (22) | (22) | ||||
Dividends | (10,081) | (10,081) | (10,081) | ||||
Repurchase of shares | (2,920) | (2,920) | (1) | (2,919) | |||
Exercise of stock options, net of repurchases | (1,799) | (1,799) | 2 | (1,801) | |||
Restricted stock unit vesting, net of repurchases | (90) | (90) | (90) | ||||
Stock-based compensation expense | 1,796 | 1,796 | 1,796 | ||||
Other comprehensive income (loss), net of taxes | (11,767) | (11,767) | (11,767) | ||||
Ending balance at Dec. 31, 2021 | $ 563,875 | $ 563,742 | $ 311 | $ 297,975 | $ 260,047 | $ 5,409 | $ 133 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders’ Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.26 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net income | $ 52,937 | $ 46,188 | $ 47,202 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 3,638 | 6,194 | 4,629 | |
Amortization of intangible assets | 1,207 | 1,370 | 1,374 | |
Deferred income tax expense (benefit) | 7,050 | (407) | 5,029 | |
Provision for (recovery of) loan losses | (287) | 24,791 | 3,837 | |
Stock-based compensation expense | 1,796 | 2,386 | 2,442 | |
Net amortization (accretion) on loan fees, costs, premiums, and discounts | 2,743 | 3,199 | 1,471 | |
Net amortization on securities | 3,869 | 1,837 | (5,845) | |
OTTI loss (gain) recognized in earnings | (5) | 1 | (3) | |
Net loss (income) from equity method investments | (150) | (7,411) | 0 | |
Net loss (gain) on sale of securities available for sale | (649) | (1,605) | (83) | |
Net loss (gain) on sale of loans | (1,887) | (2,520) | (13) | |
Net loss (gain) on sale of other real estate owned | 407 | 482 | 564 | |
Net loss (gain) on owned property held for sale | 0 | (1,394) | 0 | |
Net (gain) on redemption of bank-owned life insurance | (266) | (1,594) | 0 | |
Proceeds from sales of loans held for sale | 123,566 | 159,309 | 21,014 | |
Originations of loans held for sale | (112,833) | (165,569) | (22,502) | |
Decrease (increase) in cash surrender value of bank-owned life insurance | (2,122) | (1,514) | (1,565) | |
Decrease (increase) in accrued interest and dividends receivable | (4,850) | (4,882) | (4,701) | |
Decrease (increase) in other assets | [1] | 7,445 | 11,041 | 18,180 |
Increase (decrease) in accrued expenses and other liabilities | [2] | (11,071) | (4,131) | 12,431 |
Net cash provided by operating activities | 70,538 | 65,771 | 83,461 | |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Net decrease (increase) in loans | 167,545 | (36,599) | (350,263) | |
Proceeds from sales of loans | 0 | 0 | 115,856 | |
Purchase of securities available for sale | (1,220,727) | (683,688) | (479,311) | |
Purchase of securities held to maturity | (472,615) | (256,093) | (291,601) | |
Proceeds from sales of securities available for sale | 111,274 | 94,698 | 245,260 | |
Maturities, principal payments and redemptions of securities available for sale | 508,211 | 278,524 | 205,557 | |
Maturities, principal payments and redemptions of securities held to maturity | 119,802 | 52,779 | 9,016 | |
Decrease (increase) in resell agreements | (74,239) | (154,779) | 0 | |
Purchase of equity method investments | (5,764) | (31,039) | 0 | |
Payment to Acquire Life Insurance Policy, Investing Activities | 0 | (25,000) | 0 | |
Decrease (increase) of FHLBNY stock, net | 214 | 3,105 | 147 | |
Purchases of premises and equipment | (2,396) | (1,612) | (753) | |
Proceeds from redemption of bank-owned life insurance | 1,010 | 2,934 | 0 | |
Proceeds from sale of owned assets | 0 | 1,613 | 0 | |
Proceeds from sale of other real estate owned | 2,275 | 20 | 209 | |
Net cash (used in) provided by investing activities | (865,410) | (755,137) | (545,883) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Net increase (decrease) in deposits | 1,017,544 | 697,729 | 535,676 | |
Net increase (decrease) in FHLB advances | 0 | (75,000) | (17,875) | |
Net increase (decrease) in subordinated debt | 83,831 | 0 | 0 | |
Redemption of AREMCO class B shares | 0 | (5) | 0 | |
Repurchase of shares | (2,920) | (7,001) | (5,785) | |
Dividends paid | (9,978) | (9,987) | (8,301) | |
Exercise of stock options, net | (1,799) | (23) | 400 | |
Restricted stock unit vesting, net | (90) | (116) | 0 | |
Net cash provided by financing activities | 1,086,588 | 605,597 | 504,115 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 291,716 | (83,769) | 41,693 | |
Cash, cash equivalents, and restricted cash at beginning of year | 38,769 | 122,538 | 80,845 | |
Cash, cash equivalents, and restricted cash at end of year | 330,485 | 38,769 | 122,538 | |
Supplemental disclosures of cash flow information: | ||||
Interest paid during the year | 6,039 | 11,476 | 18,966 | |
Income taxes paid during the year | 5,692 | 9,823 | 9,311 | |
Supplemental non-cash investing activities: | ||||
Right-of-use assets obtained in exchange for lease liabilities | 0 | 777 | 55,813 | |
Initial recognition of operating leases liability | 0 | 0 | 71,122 | |
Loans transferred to held-for-sale | 1,000 | 8,850 | 2,328 | |
Loans transferred to other real estate owned | 2,682 | 0 | 738 | |
Purchase (sale) of securities available for sale, net not settled | $ 0 | $ 12,080 | $ 0 | |
[1] | Includes $3.0 million, $11.2 million, and $8.4 million of right of use asset amortization for the respective periods | |||
[2] | Includes $1.3 million, $2.3 million and $2.2 million accretion of operating lease liabilities for the respective periods |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Cash Flows [Abstract] | |||
Right of use asset amortization | $ 3 | $ 11.2 | $ 8.4 |
Accretion of operating lease liabilities | $ 1.3 | $ 2.3 | $ 2.2 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting and Changes in Significant Accounting Policies The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes. The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and wholly-owned subsidiaries. All significant inter-company transactions and balances are eliminated in consolidation. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. In particular, estimates and assumptions are used in measuring the fair value of certain financial instruments, determining the appropriateness of the allowance for loan and lease losses (“allowance”), evaluating potential other-than-temporary securities impairment, assessing the ability to realize deferred tax assets, and the valuation of share-based payment awards. Estimates and assumptions are based on available information and judgment; therefore actual results could differ from those estimates. Cash, Cash Equivalents and Restricted Cash For purposes of reporting cash flows, cash, cash equivalents, and restricted cash include cash, due from banks, interest-bearing deposits in other banks and federal funds sold with original maturities of three months or less. The Company had $0.4 million and $0.4 million in restricted cash as of December 31, 2021 and December 31, 2020, respectively and is included in total cash and cash equivalents on the Consolidated Statements of Financial Condition. The Company’s restricted cash reflects funds held in other financial institutions to secure business operating rights or contractually obligated minimum account funding requirements. Securities Purchases of investments in debt securities are designated as either trading, available for sale or held to maturity depending on the intent and ability to hold the securities. The initial designation is made at the time of purchase. During the years ended December 31, 2021 and 2020, there were no transfers of securities between available for sale and held to maturity categories. Additionally, as of December 31, 2021 and December 31, 2020, the Company had no securities designated as trading. Securities available for sale are carried at fair value, with any net unrealized appreciation or depreciation in fair value reported net of taxes as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Debt securities held to maturity are carried at amortized cost provided management does not have the intent to sell these securities and does not anticipate that it will be necessary to sell these securities before the full recovery of principal and interest, which may be at maturity. The Company reported its investments in "Property Assessed Clean Energy" ("PACE") assessments as held to maturity securities. Management conducts a periodic evaluation of securities available for sale and held to maturity to determine if the amortized cost basis of a security has been other-than-temporarily impaired (OTTI). The evaluation of other-than-temporary impairment is a quantitative and qualitative process, which is subject to risks and uncertainties. If the amortized cost of an investment exceeds its fair value, management evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than amortized cost, the probability of a near-term recovery in value, whether management intends to sell the security and whether it is more likely than not that the Company will be required to sell the security before full recovery of the investment or maturity. Management also considers specific adverse conditions related to the financial health, projected cash flow and business outlook for the investee, including industry and sector performance, operational and financing cash flow factors and rating agency actions. For debt investment securities deemed to be other-than-temporarily impaired, the investment is written down to fair value with the estimated credit loss charged to current earnings and the noncredit-related impairment loss charged to other comprehensive income. If market, industry and/or investee conditions deteriorate, the Company may incur future impairments. Premiums (discounts) on debt securities are amortized (accreted) to income using the level yield method to the contractual maturity date adjusted for actual prepayment experience. Realized gains and losses on sale of securities are determined using the specific identification method and are reported in non-interest income. Loans Held for Sale Loans held for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to current earnings. Gains or losses resulting from sales of loans held for sale, net of unamortized deferred fees and costs, are recognized at the time of sale and are included in other non-interest income on the Consolidated Statements of Income. The Company had $3.3 million and $11.2 million of loans classified as held for sale as of December 31, 2021 and December 31, 2020, respectively. Loans and Loan Interest Income Recognition Loans are stated at the principal amount outstanding, net of charge-offs, deferred origination costs and fees and purchase premiums and discounts. Loan origination and commitment fees and certain direct and indirect costs incurred in connection with loan originations are deferred and amortized to income over the life of the related loans as an adjustment to yield. Premiums or discounts on purchased portfolios are amortized or accreted to income using the level yield method. Interest on loans is generally recognized on the accrual basis. Interest is not accrued on loans that are more than 90 days delinquent on payments, and any interest that was accrued but unpaid on such loans is reversed from interest income at that time, or when deemed to be uncollectible. Interest subsequently received on such loans is recorded as interest income or alternatively as a reduction in the amortized cost of the loan if there is significant doubt as to the collectability of the unpaid principal balance. Loans are returned to accrual status when principal and interest amounts contractually due are brought current and future payments are reasonably assured. A loan is impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due, both principal and interest, according to the contractual terms. Individual loans which are deemed to be impaired are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or the fair value of the collateral net of estimated selling costs if the loan is collateral dependent. Individual loan impairment evaluation is generally limited to multifamily, CRE, C&I, construction and certain restructured 1-4 family residential loans. Smaller balance loans including HELOCs, consumer and student loans, as well as non-restructured 1-4 family residential loans, are considered homogeneous. When assessing homogenous loans for impairment, the Company considers regulatory guidance concerning the classification and management of retail credits. The aggregate amount of individually and collectively measured loan impairment is included as a component of the allowance. Loans are considered Troubled Debt Restructurings (TDRs) if the borrower is experiencing financial difficulty and is afforded a concession by the Company, such as, but not limited to: (i) payment deferral; (ii) a reduction of the stated interest rate for the remaining contractual life of the loan; (iii) an extension of the loan’s original contractual term at a stated interest rate lower than the current market rate for a new loan with similar risk; (iv) capitalization of interest; or (v) forgiveness of principal or interest. Generally, TDRs are placed on non-accrual status (and reported as non-performing loans) until the loan qualifies for return to accrual status. A TDR loan is considered impaired. A loan extended or renewed at a stated interest rate equal to the market interest rate for new debt with similar risk is not considered to be a TDR. In accordance with the accounting guidance for business combinations, no allowance is brought forward on any of the loans we acquire. For purchased non-credit impaired loans, credit and interest rate discounts representing the principal losses expected over the life of the loan are a component of the initial fair value and the total combined discount is accreted to interest income over the life of the loan. Subsequent to the acquisition date, the method used to evaluate the sufficiency of the discount is similar to organic loans, and if necessary, additional reserves are recognized in the allowance. Allowance for Loan Losses The allowance for loan and lease losses (“allowance”) is a valuation allowance for probable incurred credit losses. The Company monitors its entire loan portfolio on a regular basis and considers numerous factors including (i) end-of-period loan levels and portfolio composition, (ii) observable trends in non-performing loans, (iii) the Company’s historical loan loss experience, (iv) known and inherent risks in the portfolio, (v) underwriting practices, (vi) adverse situations which may affect the borrower’s ability to repay, (vii) the estimated value and sufficiency of any underlying collateral, (viii) credit risk grading assessments, (ix) loan impairment, and (x) economic conditions. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. Additions to the allowance are charged to expense, and realized losses, net of recoveries, are charged to the allowance. Based on the determination of management, the overall level of allowance is periodically adjusted to account for the inherent and specific risks within the entire portfolio. Based on review of the classified loans and the overall allowance levels as they relate to the entire loan portfolio at December 31, 2021, management believes the allowance is adequate. Generally, a loan is considered for charge-off when it is in default of either principal or interest after 90 days or more. In addition to delinquency criteria, other triggering events may include, but are not limited to, notice of bankruptcy by the borrower or guarantor, death of the borrower, and deficiency balance from the sale of collateral. Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, often including obtaining collateral at exercise of the commitment. An allowance is calculated and recorded in other liabilities within the Consolidated Statements of Financial Condition. While management uses available information to recognize losses on loans, future additions or reductions to the allowance may be necessary due to changes in one or more evaluation factors; management’s assumptions as to rates of default, loss or recovery, or management’s intent with regard to disposition. A shift in lending strategy may warrant a change in the allowance due to a changing credit risk profile. In addition, various regulatory agencies, as an integral part of the examination process, periodically review the Company’s allowance. Such agencies may require the Company to recognize additions to, or charge-offs against, the allowance based on their judgment about information available to them at the time of their examination. Other Real Estate Owned Other real estate owned (“OREO”) properties acquired through, or in lieu of, foreclosure are recorded initially at fair value less costs to sell. Any write-down of the recorded investment in the related loan is charged to the allowance prior to transfer. OREO assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through non-interest income. Costs relating to the development and improvement of other real estate owned are capitalized. Costs relating to holding other real estate owned, including real estate taxes, insurance and maintenance, are charged to expense as incurred. Goodwill and Intangible Assets Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and indefinite-lived intangible assets are not amortized, but tested for impairment at least annually, or more frequently if events and circumstances exist that indicate the carrying amount of the asset may be impaired. The Company elected June 30 as the annual date for impairment testing. Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of furniture, fixtures, and equipment is computed by the straight-line method over the estimated useful lives of the related assets. Furniture and fixtures are generally depreciated over ten years. Equipment, computer hardware and computer software are normally depreciated over three or the terms of the leases, whichever is shorter. Fully depreciated assets with no determinable salvage value are disposed. Repairs and maintenance are charged to expense as incurred. Leases The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, right-of-use ("ROU") assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. The Company uses its incremental borrowing rate (“IBR”) as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of lease liabilities. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Leases are classified as financing or operating leases at commencement. All of the Company's leases are classified as operating leases as of December 31, 2021. Operating lease cost is recognized in the Consolidated Statements of Income on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. Bank-Owned Life Insurance The Company invests in bank-owned life insurance (“BOLI”). BOLI involves the purchase of life insurance policies by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. The insurance and earnings thereon is used to offset a portion of future employee benefit costs. BOLI is carried at the cash surrender value of the underlying policies. Earnings from BOLI, as well as changes in cash surrender value, are recognized as non-interest income. Advertising Costs The Company expenses advertising and promotion costs as incurred. Income Taxes There are two components of income tax expense: current and deferred. Current income tax expense (benefit) approximates cash to be paid (refunded) for income taxes for the applicable period. Deferred income tax expense (benefit) results from differences between assets and liabilities measured for financial reporting and for income-tax return purposes. The Company records as a deferred tax asset on its Consolidated Statement of Financial Condition an amount equal to the tax credit and tax loss carry-forwards and tax deductions (tax benefits) that we believe will be available to us to offset or reduce the amounts of our income taxes in future periods. Under applicable federal and state income tax laws and regulations, such tax benefits will expire if not used within specified periods of time. Accordingly, the ability to fully utilize our deferred tax asset may depend on the amount of taxable income that we generate during those time periods. At least once each year, or more frequently, if warranted, we make estimates of future taxable income that we believe we are likely to generate during those future periods. If we conclude, on the basis of those estimates and the amount of the tax benefits available to us, that it is more likely than not that we will be able to fully utilize those tax benefits prior to their expiration, we recognize the deferred tax asset in full on our Consolidated Statement of Financial Condition. If, however, we conclude on the basis of those estimates and the amount of the tax benefits available to us that it has become more likely than not that we will be unable to utilize those tax benefits in full prior to their expiration, then we would establish (or increase any existing) a valuation allowance to reduce the deferred tax asset on our Consolidated Statement of Financial Condition to the amount which we believe we are more likely than not to be able to utilize. Such a reduction is implemented by recognizing a non-cash charge that would have the effect of increasing the provision, or reducing any benefit, for income taxes that we would otherwise have recorded in our Consolidated Statements of Income. The determination of whether and the extent to which we will be able to utilize our deferred tax asset involves management judgments and assumptions that are subject to period-to-period changes as a result of changes in tax laws, changes in the market, or economic conditions that could affect our operating results or variances between our actual operating results and our projected operating results, as well as other factors. When measuring the amount of current taxes to be paid (or refunded) management considers the merit of various tax treatments in the context of statutory, judicial and regulatory guidance. Management also considers results of recent tax audits and historical experience. While management considers the amount of income taxes payable (or receivable) to be appropriate based on information currently available, future additions or reductions to such amounts may be necessary due to unanticipated events or changes in circumstances. Management has not taken, and does not expect to take, any position in a tax return which it deems to be uncertain. The Company recognizes interest and penalties related to income tax matters in income tax expense. The deferral method of accounting is used for investments that generate investment tax credits. Under this method, the investment tax credits are recognized as a reduction of the related asset. Post-Retirement Benefit Plans The Company sponsors several post-retirement benefit plans for current and former employees. Contributions to the trustee of a multi-employer defined benefit pension plan are recorded as expense in the period of contribution. The Company made $6.2 million, $6.3 million and $6.3 million in pension plan contributions for the 2021, 2020 and 2019 plan years, respectively. Plan obligations and related expenses for other post retirement plans are calculated using actuarial methodologies. The measurement of such obligations and expenses requires management to make certain assumptions, in particular the discount rate, which is evaluated on an annual basis. Other factors include retirement patterns, mortality and turnover assumptions. The Company uses a December 31 measurement date for its post retirement benefit plans. FASB ASC 715 30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires the Company to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial condition and to recognize changes in that funded status in the year the changes occur through comprehensive income. Comprehensive Income Comprehensive income includes net income and all other changes in equity during a period, except those resulting from investments by owners and distributions to owners. Other comprehensive income includes income, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income but excluded from net income. Other comprehensive income (loss) and accumulated other comprehensive income (loss) are reported net of deferred income taxes. Accumulated other comprehensive income for the Company includes unrealized holding gains or losses on available for sale securities, and actuarial gains or losses on the Company’s pension plans. FASB ASC 715‑30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires employers to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year the changes occur through comprehensive income. Stock-Based Compensation Stock-based compensation is recorded in accordance with FASB ASC No. 718, “Accounting for Stock-Based Compensation” which requires the Company to record compensation cost for stock options and restricted stock granted to employees in return for employee service. The cost is measured at the fair value of the options and restricted stock when granted, and this cost is expensed over the employee service period, which is normally the vesting period of the options and restricted stock. Forfeitures of options and restricted stock result in a retirement of the related award and a reversal of the cost previously incurred. The Company's performance-based restricted stock units (“RSUs”) are subject to the achievement of the Company's corporate goals. The Company's stock-based compensation plans are further described in Note 12, Employee Benefit Plans. Variable Interest Entities The consolidated financial statements include the accounts of certain variable interest entities (“VIEs”). The Company considers a voting rights entity to be a subsidiary and consolidates if the Company has a controlling financial interest in the entity. VIEs are consolidated if the Company has the power to direct the activities of the VIE that significantly impact financial performance and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE (i.e., the Company is the primary beneficiary). Investments in VIEs where the Company is not the primary beneficiary of a VIE are accounted for using the equity method of accounting. The determination of whether the Company is the primary beneficiary of a VIE is reassessed on an ongoing basis. The consolidation status may change as a result of these reassessments. These investments are included in Other Assets in the Company’s Consolidated Statements of Financial Condition. The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity, both funded and unfunded. Loans to these entities are underwritten in substantially the same manner as other loans and are generally secured. Additional disclosures regarding VIEs are further described in Note 17, Variable Interest Entities. Resell Agreements The Company enters into short-term agreements for the purchase of government guaranteed loans with simultaneous agreements to resell (resell agreements). The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under resell agreements. The Company had $229.0 million and $154.8 million in resell agreements as of December 31, 2021 and December 31, 2020, respectively. The resell agreements were entered into at par, and earned $1.9 million in interest income for the year ended December 31, 2021. Interest income on resell agreements is reported on the "securities interest income" line of the Consolidated Statements of Income. Segment Information Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. We do not consider our trust and investment management business as a separate segment. Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact to the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders’ Equity. Risks and Uncertainties The COVID-19 pandemic continues to create disruptions to the global economy and financial markets and to businesses and the lives of individuals throughout the world. The impact of the COVID-19 pandemic and its related variants is fluid and continues to evolve, adversely affecting many of our clients. Our business |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Effective in 2021 and onward In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model and provides for recording credit losses on available for sale debt securities through an allowance account. ASU 2016-13 also requires certain incremental disclosures. In October 2019, the FASB voted to extend the adoption date for entities eligible to be smaller reporting companies, public business entities ("PBEs") that are not SEC filers, and entities that are not PBEs from January 1, 2020 to January 1, 2023. Based on the Company's election as an Emerging Growth Company under the Jumpstart Our Business Startups Act to use the extended transition period for complying with any new or revised financial accounting standards, the Company currently anticipates a January 1, 2023 adoption date. In preparation, the Company has performed work in assessing and enhancing the technology environment and related data needs and availability. Additionally, a Management Committee comprised of members from multiple departments has been established to monitor the Company's progress towards adoption. As adoption will require the implementation of significant changes to the existing credit loss estimation model and is dependent on the economic forecast, and given the length of time before our adoption date, evaluating the overall impact of the ASU on the Company's Consolidated Financial Statements is not yet determinable. On January 7, 2021, the FASB has issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The new guidance amends the scope of ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was aimed at easing the potential accounting burden expected when global capital markets move away from the London Interbank Offered Rate ("LIBOR") (the benchmark interest rate banks use to make short-term loans to each other) and provided temporary, optional expedients and exceptions for applying accounting guidance to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. As the majority of the Company's securities tied to LIBOR are expected to transition to the Secured Overnight Financing Rate ("SOFR") or pay off before the transition date and given that the Company does not have a substantial amount of commercial loans or any derivative transactions tied to LIBOR, the Adoption of ASU 2021-01 is not expected to have a material impact on the Company's operating results or financial condition. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The Company records unrealized gains and losses, net of taxes, on securities available for sale in other comprehensive income (loss) in the Consolidated Statements of Changes in Stockholders’ Equity. Gains and losses on securities available for sale are reclassified to operations as the gains or losses are recognized. Other-than-temporary impairment (“OTTI”) losses on debt securities are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income (loss). The Company also recognizes as a component of other comprehensive income (loss) the actuarial gains or losses as well as the prior service costs or credits that arise during the period from post-retirement benefit plans. Other comprehensive income (loss) components and related income tax effects were as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Change in total obligation for postretirement benefits and for prior service credit and for other benefits $ (63) $ 362 $ (183) Income tax effect 17 (99) 57 Net change in total obligation for postretirement benefits and prior service credit and for other benefits (46) 263 (126) Unrealized holding gains (losses) on available for sale securities $ (15,438) $ 20,374 $ 21,309 Reclassification adjustment for losses (gains) realized in income (654) (1,604) (86) Change in unrealized gains (losses) on available for sale securities (16,092) 18,770 21,223 Income tax effect 4,371 (5,082) (5,882) Net change in unrealized gains (losses) on available for sale securities (11,721) 13,688 15,341 Total $ (11,767) $ 13,951 $ 15,215 The following is a summary of the accumulated other comprehensive income (loss) balances, net of income taxes: Balance as of January 1, Current Income Tax Balance as of December 31, 2021 (In thousands) Unrealized gains (losses) on benefits plans $ (2,056) $ (63) $ 17 $ (2,102) Unrealized gains (losses) on available for sale securities 19,232 (16,092) 4,371 7,511 Total $ 17,176 $ (16,155) $ 4,388 $ 5,409 Balance as of January 1, 2020 Current Income Tax Balance as of December 31, 2020 (In thousands) Unrealized gains (losses) on benefits plans $ (2,319) $ 362 $ (99) $ (2,056) Unrealized gains (losses) on available for sale securities 5,544 18,770 (5,082) 19,232 Total $ 3,225 $ 19,132 $ (5,181) $ 17,176 The following represents the reclassifications out of accumulated other comprehensive income (loss): Year Ended December 31, Affected Line Item in the Consolidated Statements of Income 2021 2020 2019 (In thousands) Realized gains (losses) on sale of available for sale securities $ 649 $ 1,605 $ 83 Gain (loss) on sale of investment securities available for sale, net Recognized gains (losses) on OTTI securities 5 (1) 3 Non-Interest Income - other Income tax expense (benefit) 180 438 24 Income tax expense (benefit) Total reclassifications, net of income tax $ 474 $ 1,166 $ 62 Prior service credit on pension plans and other postretirement benefits $ 29 $ 28 $ 29 Compensation and employee benefits Income tax expense (benefit) (8) (8) (8) Income tax expense (benefit) Total reclassifications, net of income tax $ 21 $ 20 $ 21 Total reclassifications, net of income tax $ 495 $ 1,186 $ 83 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2021 are as follows: December 31, 2021 (In thousands) Amortized Gross Gross Fair Available for sale: Mortgage-related: GSE residential certificates $ 3,838 $ 129 $ — $ 3,967 GSE residential CMOs 460,571 5,697 (2,385) 463,883 GSE commercial certificates & CMO 364,274 6,855 (765) 370,364 Non-GSE residential certificates 66,756 29 (646) 66,139 Non-GSE commercial certificates 81,705 12 (616) 81,101 977,144 12,722 (4,412) 985,454 Other debt: U.S. Treasury 200 — — 200 ABS 988,061 3,351 (2,224) 989,188 Trust preferred 14,631 — (484) 14,147 Corporate 123,013 1,681 (273) 124,421 1,125,905 5,032 (2,981) 1,127,956 Total available for sale $ 2,103,049 $ 17,754 $ (7,393) $ 2,113,410 Held to maturity: Mortgage-related: GSE commercial certificates $ 30,742 $ — $ (489) $ 30,253 GSE residential certificates 442 19 — 461 Non GSE commercial certificates 10,333 13 (288) 10,058 Non GSE residential certificates 10,796 5 — 10,801 52,313 37 (777) 51,573 Other debt: ABS 75,800 1 (50) 75,751 PACE Assessments 627,394 5,933 — 633,327 Municipal 84,962 2,045 (1,056) 85,951 Other 3,100 2 — 3,102 791,256 7,981 (1,106) 798,131 Total held to maturity $ 843,569 $ 8,018 $ (1,883) $ 849,704 As of December 31, 2021, available for sale securities with a fair value of $907.1 million were pledged with $126.6 million held-to-maturity securities being pledged. The majority of the securities were pledged to the Federal Home Loan Bank of New York (“FHLB”) to secure outstanding advances, letters of credit and to provide additional borrowing potential. In addition, securities were pledged to provide capacity to borrow from the Federal Reserve Bank and to collateralize municipal deposits. The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2020 are as follows: December 31, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Mortgage-related: GSE residential certificates $ 12,977 $ 322 $ — $ 13,299 GSE CMOs 353,783 12,690 (52) 366,421 GSE commercial certificates & CMO 421,488 11,548 (422) 432,614 Non-GSE residential certificates 33,120 281 (17) 33,384 Non-GSE commercial certificates 45,179 112 (323) 44,968 866,547 24,953 (814) 890,686 Other debt: U.S. Treasury 200 3 — 203 ABS 595,062 4,356 (1,872) 597,546 Trust preferred 14,627 — (854) 13,773 Corporate 36,973 683 (2) 37,654 646,862 5,042 (2,728) 649,176 Total available for sale 1,513,409 29,995 (3,542) 1,539,862 Held to maturity: Mortgage-related: GSE residential certificates $ 611 $ 38 $ — $ 649 Non GSE commercial certificates 212 15 — 227 823 53 — 876 Other debt: PACE Assessments 421,036 4,870 — 425,906 Municipal 67,490 3,019 — 70,509 Other 5,100 34 — 5,134 493,626 7,923 — 501,549 Total held to maturity $ 494,449 $ 7,976 $ — $ 502,425 As of December 31, 2020, available for sale securities with a fair value of $966.5 million were pledged; no held to maturity securities were pledged. The majority of the securities were pledged to the FHLB to secure outstanding advances, letters of credit and to provide additional borrowing potential. In addition, securities were pledged to provide capacity to borrow from the Federal Reserve and to collateralize municipal deposits. The following table summarizes the amortized cost and fair value of debt securities available for sale and held to maturity, exclusive of mortgage-backed securities, by their contractual maturity as of December 31, 2021. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty: Available for Sale Held to Maturity (In thousands) Amortized Fair Value Amortized Fair Value Due within one year $ 200 $ 200 $ 1,100 $ 1,101 Due after one year through five years 43,043 43,285 2,000 2,002 Due after five years through ten years 403,620 404,342 — — Due after ten years 679,042 680,129 788,156 795,028 $ 1,125,905 $ 1,127,956 $ 791,256 $ 798,131 Year Ended December 31, (In thousands) 2021 2020 2019 Proceeds $ 111,274 $ 94,698 $ 245,260 Realized gains $ 1,057 $ 2,111 $ 1,912 Realized losses (408) (506) (1,829) Net realized gains (losses) $ 649 $ 1,605 $ 83 The Company controls and monitors inherent credit risk in its securities portfolio through due diligence, diversification, concentration limits, periodic securities reviews, and by investing in low risk securities. This includes high quality Non Agency Securities, low LTV PACE Bonds and a significant portion of the securities portfolio in U.S. Government sponsored entity (“GSE”) obligations. GSEs include the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Small Business Administration (“SBA”). GNMA is a wholly owned U.S. Government corporation whereas FHLMC and FNMA are private. Mortgage-related securities may include mortgage pass-through certificates, participation certificates and collateralized mortgage obligations (“CMOs”). The following summarizes the fair value and unrealized losses for those available for sale and held to maturity securities as of December 31, 2021 and December 31, 2020, respectively, segregated between securities that have been in an unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the respective dates: December 31, 2021 Less Than Twelve Months Twelve Months or Longer Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available for sale: Mortgage-related: GSE residential CMOs $ 222,825 $ (2,385) $ — $ — $ 222,825 $ (2,385) GSE commercial certificates & CMO 28,695 (271) 159,681 (494) 188,376 (765) Non-GSE residential certificates 55,284 (646) — — 55,284 (646) Non-GSE commercial certificates 42,530 (247) 23,124 (369) 65,654 (616) Other debt: ABS 374,241 (1,903) 71,746 (321) 445,987 (2,224) Trust preferred — — 14,147 (484) 14,147 (484) Corporate 48,743 (273) — — 48,743 (273) Total available for sale $ 772,318 $ (5,725) $ 268,698 $ (1,668) $ 1,041,016 $ (7,393) Held to maturity: Mortgage-related: GSE commercial certificates $ 30,253 $ (489) $ — $ — $ — $ 30,253 $ (489) Non GSE commercial certificates 9,857 (288) — — — 9,857 (288) Other debt: ABS 26,951 (50) — — 26,951 (50) Municipal 38,468 (852) 3,876 (204) 42,344 (1,056) Total held to maturity $ 105,529 $ (1,679) $ 3,876 $ (204) $ 109,405 $ (1,883) December 31, 2020 Less Than Twelve Months Twelve Months or Longer Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Mortgage-related: GSE residential CMOs $ 31,106 $ (35) $ 12,910 $ (17) $ 44,016 $ (52) GSE commercial certificates & CMO 116,667 (287) 75,126 (135) 191,793 (422) Non-GSE residential certificates 2,138 (9) 3,077 (8) 5,215 (17) Non-GSE commercial certificates 47 — 29,207 (323) 29,254 (323) Other debt: ABS 3,010 (1) 298,410 (1,871) 301,420 (1,872) Trust preferred — — 13,773 (854) 13,773 (854) Corporate 6,998 (2) — — 6,998 (2) Total available for sale $ 159,966 $ (334) $ 432,503 $ (3,208) $ 592,469 $ (3,542) The temporary impairment of fixed income securities is primarily attributable to changes in overall market interest rates and/or changes in credit spreads since the investments were acquired. In general, as market interest rates rise and/or credit spreads widen, the fair value of fixed rate securities will decrease, as market interest rates fall and/or credit spreads tighten, the fair value of fixed rate securities will increase. As of December 31, 2021, excluding GSE and U.S. Treasury securities and TruPs, discussed above, temporarily impaired securities totaled $696.2 million with an unrealized loss of $5.1 million. These securities were rated investment grade by at least one NRSRO with no ratings below investment grade. All issues were current as to their interest payments. We have had no losses on any PACE bonds that we have invested in and are not aware of any losses that could be material in the sector given the low LTV position. Management considers that the temporary impairment of these investments as of December 31, 2021 is primarily due to an increase in market spreads since the time these investments were acquired. With respect to the Company’s security investments that are temporarily impaired as of December 31, 2021, management does not intend to sell these investments and does not believe it will be necessary to do so before anticipated recovery. The Company expects to collect all amounts due according to the contractual terms of these investments. Therefore, the Company does not consider these securities to be other-than-temporarily impaired at December 31, 2021. None of these positions or other securities held in the portfolio or sold during the year were purchased with the intent of selling them or would otherwise be classified as trading securities under ASC No. 320, Investments – Debt Securities. For the years ended December 31, 2021, 2020 and 2019, the Company recorded an OTTI recovery of $4,800, compared to a loss of $900 and a recovery of $2,900, respectively. Events which may cause material declines in the fair value of debt investments may include, but are not limited to, deterioration of credit metrics, higher incidences of default, worsening liquidity, worsening global or domestic economic conditions or adverse regulatory action. Management does not believe that there are any cases of unrecorded OTTI as of December 31, 2021; however, it is possible that the Company may recognize OTTI in future periods. Federal Home Loan Bank Stock As a condition of membership with the Federal Home Loan Bank of New York (FHLBNY), the Company is required to hold FHLBNY stock in an amount equal to 0.125% of its aggregate mortgage related assets plus 4.5% of its outstanding FHLBNY advances. The Company’s holdings of FHLBNY stock are pledged against outstanding advances. FHLBNY stock is a non-marketable equity security and is, therefore, reported at cost, which equals par value (the amount at which shares have been redeemed in the past). The investment is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLBNY and its overall financial condition. |
LOANS RECEIVABLE, NET
LOANS RECEIVABLE, NET | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
LOANS RECEIVABLE, NET | LOANS RECEIVABLE, NET Loans receivable are summarized as follows: December 31, December 31, (In thousands) Commercial and industrial $ 729,385 $ 677,192 Multifamily 821,801 947,177 Commercial real estate 369,429 372,736 Construction and land development 31,539 56,087 Total commercial portfolio 1,952,154 2,053,192 Residential real estate lending 1,063,682 1,238,697 Consumer and other 291,818 190,676 Total retail portfolio 1,355,500 1,429,373 Total loans receivable 3,307,654 3,482,565 Net deferred loan origination costs (fees) 4,570 6,330 Total loans receivable, net of deferred loan origination costs (fees) 3,312,224 3,488,895 Allowance for loan losses (35,866) (41,589) Total loans receivable, net $ 3,276,358 $ 3,447,306 The following table presents information regarding the quality of the Company’s loans as of December 31, 2021: 30-89 Days Non- 90 Days or Total Past Current Current Total Loans (In thousands) Commercial and industrial $ — $ 8,313 $ — $ 8,313 $ — $ 721,072 $ 729,385 Multifamily 13,537 2,907 — 16,444 — 805,357 821,801 Commercial real estate 21,599 4,054 — 25,653 — 343,776 369,429 Construction and land development 26,482 — — 26,482 — 5,057 31,539 Total commercial portfolio 61,618 15,274 — 76,892 — 1,875,262 1,952,154 Residential real estate lending 4,811 12,525 — 17,336 — 1,046,346 1,063,682 Consumer and other 1,590 420 — 2,010 — 289,808 291,818 Total retail portfolio 6,401 12,945 — 19,346 — 1,336,154 1,355,500 $ 68,019 $ 28,219 $ — $ 96,238 $ — $ 3,211,416 $ 3,307,654 The following table presents information regarding the quality of the Company’s loans as of December 31, 2020: 30-89 Days Past Due Non- Accrual 90 Days or More Delinquent and Still Accruing Interest Total Past Due Current and Not Accruing Interest Current Total Loans Receivable (In thousands) Commercial and industrial $ — $ 12,444 $ 1,404 $ 13,848 $ — $ 663,344 $ 677,192 Multifamily 3,590 9,575 — 13,165 — 934,012 947,177 Commercial real estate 10,574 3,433 — 14,007 — 358,729 372,736 Construction and land development 9,974 11,184 — 21,158 — 34,929 56,087 Total commercial portfolio 24,138 36,636 1,404 62,178 — 1,991,014 2,053,192 Residential real estate lending 19,526 23,280 — 42,806 376 1,195,515 1,238,697 Consumer and other 1,015 632 — 1,647 — 189,029 190,676 Total retail portfolio 20,541 23,912 — 44,453 376 1,384,544 1,429,373 $ 44,679 $ 60,548 $ 1,404 $ 106,631 $ 376 $ 3,375,558 $ 3,482,565 For a loan modification to be considered a troubled debt restructuring ("TDR") in accordance with ASC 310-40, both of the following conditions must be met: the borrower is experiencing financial difficulty, and the creditor has granted a concession (except for an “insignificant delay in payment”, defined as six months or less). Loans modified as TDRs are placed on non-accrual status until the Company determines that future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate performance according to the restructured terms for a period of at least six months. The Company’s TDRs primarily involve rate reductions, forbearance of arrears or extension of maturity. TDRs are included in total impaired loans as of the respective date. On March 22, 2020, federal banking regulators issued an interagency statement that included guidance on their approach for the accounting of loan modifications in light of the economic impact of the COVID-19 pandemic. The guidance interpreted then-current accounting standards and indicated that a lender could conclude that a borrower was not experiencing financial difficulty if short-term modifications were made in response to COVID-19, such as payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that were insignificant related to the loans in which the borrower is less than 30 days past due on its contractual payments at the time a modification program was implemented. The agencies confirmed in working with the staff of the FASB that short-term modifications made on a good faith basis in response to COVID-19 to borrowers who were current prior to any relief were not TDRs. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security ("CARES") Act was enacted to help the nation’s economy recover from the COVID-19 pandemic. The CARES Act provided $2.2 trillion of economy-wide financial stimulus in the form of financial aid to individuals, businesses, nonprofit entities, states, and municipalities. Under Section 4022 of the CARES Act, a borrower with a federally backed mortgage loan that was experiencing a financial hardship due to COVID-19 could request a forbearance (i.e., payment deferral), regardless of delinquency status, for up to 180 days, which could be extended for an additional 180 days at the borrower’s request. Before this relief was set to expire on December 31, 2020, the Consolidated Appropriations Act was signed into law, which extended the relief granted under the CARES act to the earlier of January 1, 2022 or 60 days after the national emergency is terminated. During this relief period, no fees, penalties, or interest beyond those scheduled or calculated as if the borrower had made all contractual payments on time and in full could accrue. In addition, Section 4013 of the CARES Act provided temporary relief from the accounting and reporting requirements for TDRs regarding certain loan modifications related to COVID-19. Specifically, the CARES Act provided that a financial institution could elect to suspend the requirements under GAAP for certain loan modifications that would otherwise be categorized as a TDR. Modifications that qualify for this exception included a forbearance arrangement, an interest rate modification, a repayment plan, or any other similar arrangement that deferred or delayed the payment of principal or interest, that occurred for a loan that was not more than 30 days past due as of December 31, 2019. In accordance with interagency guidance and the CARES Act, which in pertinent part expired on January 1, 2022, short term deferrals granted due to the COVID-19 pandemic were not considered TDRs unless the borrower was experiencing financial difficulty prior to the pandemic. The following table presents information regarding the Company’s TDRs as of December 31, 2021 and December 31, 2020: December 31, 2021 December 31, 2020 (In thousands) Accruing Non- Accrual Total Accruing Non- Total Commercial and industrial $ 4,052 $ 8,313 $ 12,365 $ 1,648 $ 12,116 $ 13,764 Commercial real estate — 3,166 3,166 — 3,433 3,433 Construction and land development 7,476 — 7,476 — 2,682 2,682 Residential real estate lending 13,469 2,018 15,487 17,905 2,654 20,559 $ 24,997 $ 13,497 $ 38,494 $ 19,553 $ 20,885 $ 40,438 The financial effects of TDRs granted for the year ended December 31, 2021 are as: Weighted Average Interest Rate (In thousands) Number Recorded Pre-Modification Post-Modification Charge-off Commercial and industrial 1 $ 2,536 6.50 % 4.00 % $ — Construction and land development 2 7,477 4.30 % 4.30 % — 3 $ 10,013 4.86 % 4.22 % $ — The financial effects of TDRs granted for the year ended December 31, 2020 are as: Weighted Average Interest Rate (In thousands) Number Recorded Pre-Modification Post-Modification Charge-off Commercial and industrial 4 $ 2,109 5.76 % 5.76 % $ — Residential real estate lending 3 992 5.92 % 3.96 % $ 18 7 $ 3,101 5.81 % 5.18 % $ 18 The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2021: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 693,312 $ 10,165 $ 25,908 $ — $ 729,385 Multifamily 721,869 48,804 51,128 — 821,801 Commercial real estate 295,261 13,947 60,221 — 369,429 Construction and land development 24,063 — 7,476 — 31,539 Residential real estate lending 1,050,865 292 12,525 — 1,063,682 Consumer and other 291,398 — 420 — 291,818 Total loans $ 3,076,768 $ 73,208 $ 157,678 $ — $ 3,307,654 The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2020: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 627,553 $ 16,407 $ 32,770 $ 462 $ 677,192 Multifamily 775,605 138,090 33,482 — 947,177 Commercial real estate 276,712 41,420 54,604 — 372,736 Construction and land development 28,967 15,936 11,184 — 56,087 Residential real estate lending 1,215,417 — 23,280 — 1,238,697 Consumer and other 190,044 — 632 — 190,676 Total loans $ 3,114,298 $ 211,853 $ 155,952 $ 462 $ 3,482,565 The above classifications follow regulatory guidelines and can be generally described as follows: • pass loans are of satisfactory quality; • special mention loans have a potential weakness or risk that may result in the deterioration of future repayment; • substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness, and there is a distinct possibility that the Company will sustain some loss); and • doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable. In addition, residential loans are classified utilizing an inter-agency methodology that incorporates the extent of delinquency. Assigned risk rating grades are continuously updated as new information is obtained. The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of December 31, 2021: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Loans: Individually evaluated for impairment $ 12,785 $ 2,907 $ 4,054 $ 7,476 $ 25,994 $ — $ 53,216 Collectively evaluated for impairment 716,600 818,894 365,375 24,063 1,037,688 291,818 3,254,438 Total loans $ 729,385 $ 821,801 $ 369,429 $ 31,539 $ 1,063,682 $ 291,818 $ 3,307,654 Allowance for loan losses: Individually evaluated for impairment $ 4,350 $ — $ — $ — $ 755 $ — $ 5,105 Collectively evaluated for impairment 6,302 4,760 7,273 405 8,253 3,768 30,761 Total allowance for loan losses $ 10,652 $ 4,760 $ 7,273 $ 405 $ 9,008 $ 3,768 $ 35,866 The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of December 31, 2020: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Loans: Individually evaluated for impairment $ 14,706 $ 9,575 $ 3,433 $ 11,184 $ 41,579 $ — $ 80,477 Collectively evaluated for impairment 662,486 937,602 369,303 44,903 1,197,118 190,676 3,402,088 Total loans $ 677,192 $ 947,177 $ 372,736 $ 56,087 $ 1,238,697 $ 190,676 $ 3,482,565 Allowance for loan losses: Individually evaluated for impairment $ 3,118 $ 1,933 $ — $ — $ 1,187 $ — $ 6,238 Collectively evaluated for impairment 5,947 8,391 6,213 2,077 11,143 1,580 35,351 Total allowance for loan losses $ 9,065 $ 10,324 $ 6,213 $ 2,077 $ 12,330 $ 1,580 $ 41,589 The activities in the allowance by portfolio for the year ended December 31, 2021 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 9,065 $ 10,324 $ 6,213 $ 2,077 $ 12,330 $ 1,580 $ 41,589 Provision for (recovery of) loan losses 2,179 (1,483) 1,374 (1,675) (5,409) 4,727 (287) Charge-offs (813) (4,081) (314) — (1,081) (2,699) (8,988) Recoveries 221 — — 3 3,168 160 3,552 Ending Balance $ 10,652 $ 4,760 $ 7,273 $ 405 $ 9,008 $ 3,768 $ 35,866 The activities in the allowance by portfolio for the year ended December 31, 2020 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 11,126 $ 5,210 $ 2,492 $ 808 $ 14,149 $ 62 $ 33,847 Provision for (recovery of) loan losses 9,175 5,114 7,508 2,238 (2,302) 3,058 24,791 Charge-offs (11,293) — (3,787) (970) (492) (1,691) (18,233) Recoveries 57 — — 1 975 151 1,184 Ending Balance $ 9,065 $ 10,324 $ 6,213 $ 2,077 $ 12,330 $ 1,580 $ 41,589 The activities in the allowance by portfolio for the year ended December 31, 2019 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 16,046 $ 4,736 $ 2,573 $ 1,089 $ 11,987 $ 764 $ 37,195 Provision for (recovery of) loan losses 2,620 474 (81) (281) 1,251 (146) 3,837 Charge-offs (9,236) — — — (683) (710) (10,629) Recoveries 1,696 — — — 1,594 154 3,444 Ending Balance $ 11,126 0 $ 5,210 0 $ 2,492 0 $ 808 0 $ 14,149 0 $ 62 $ 33,847 The following is additional information regarding the Company’s individually impaired loans and the allowance related to such loans as of and for the year ended December 31, 2021 and December 31, 2020: December 31, 2021 (In thousands) Recorded Average Unpaid Related Loans without a related allowance: Residential real estate lending $ 10,507 $ 15,666 $ 11,896 $ — Construction and land development 7,476 9,330 7,476 — Commercial real estate 4,054 3,744 4,953 — 22,037 28,740 24,325 — Loans with a related allowance: Residential real estate lending 15,487 18,120 19,306 755 Multifamily 2,907 6,241 8,024 — Commercial and industrial 12,785 13,746 13,207 4,350 31,179 38,107 40,537 5,105 Total individually impaired loans: Residential real estate lending 25,994 33,786 31,202 755 Multifamily 2,907 6,241 8,024 — Construction and land development 7,476 9,330 7,476 — Commercial real estate 4,054 3,744 4,953 — Commercial and industrial 12,785 13,746 13,207 4,350 $ 53,216 $ 66,847 $ 64,862 $ 5,105 December 31, 2020 (In thousands) Recorded Investment Average Recorded Investment Unpaid Principal Balance Related Allowance Loans without a related allowance: Residential real estate lending $ 20,824 $ 12,660 $ 20,898 $ — Construction and land development 11,184 7,418 12,204 — Commercial real estate 3,433 6,120 4,023 — 35,441 26,198 37,125 — Loans with a related allowance: Residential real estate lending 20,755 22,151 24,680 1,187 Multifamily 9,575 4,788 9,589 1,933 Commercial and industrial 14,706 19,788 27,210 3,118 45,036 46,727 61,479 6,238 Total individually impaired loans: Residential real estate lending 41,579 34,811 45,578 1,187 Multifamily 9,575 4,788 9,589 1,933 Construction and land development 11,184 7,418 12,204 — Commercial real estate 3,433 6,120 4,023 — Commercial and industrial 14,706 19,788 27,210 3,118 $ 80,477 $ 72,925 $ 98,604 $ 6,238 December 31, 2019 (In thousands) Recorded Average Unpaid Related Loans without a related allowance: Residential real estate lending $ 4,496 $ 4,397 $ 4,558 $ — Construction and land development 3,652 3,652 3,702 — Commercial real estate 8,807 11,921 9,137 — 16,955 19,970 17,397 — Loans with a related allowance: Residential real estate lending 23,547 25,206 27,288 1,325 Commercial and industrial 24,870 18,512 29,534 6,144 48,417 43,718 56,822 7,469 Total individually impaired loans: Residential real estate lending 28,043 29,603 31,846 1,325 Construction and land development 3,652 3,652 3,702 — Commercial real estate 8,807 11,921 9,137 — Commercial and industrial 24,870 18,512 29,534 6,144 $ 65,372 $ 63,688 $ 74,219 $ 7,469 As of December 31, 2021 and December 31, 2020, mortgage loans with an unpaid principal balance of $1.1 billion and $1.2 billion respectively, are pledged to the FHLB to secure outstanding advances and letters of credit. There were $533,000 in related party loans outstanding as of December 31, 2021 compared to no related party loans as of December 31, 2020. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | PREMISES AND EQUIPMENT Premises and equipment are summarized as follows: December 31, 2021 2020 (In thousands) Buildings, premises and improvements $ 29,935 $ 33,280 Furniture, fixtures and equipment 7,020 5,856 Projects in process — 550 36,955 39,686 Accumulated depreciation and amortization (25,220) (26,709) $ 11,735 $ 12,977 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
Statistical Disclosure for Banks [Abstract] | |
DEPOSITS | DEPOSITS Deposits are summarized as follows: December 31, 2021 December 31, 2020 Amount Weighted Average Rate Amount Weighted Average Rate (In thousands) Non-interest bearing demand deposit accounts $ 3,335,005 0.00 % $ 2,603,274 0.00 % NOW accounts 210,844 0.08 % 205,653 0.06 % Money market deposit accounts 2,227,953 0.12 % 1,914,391 0.13 % Savings accounts 375,301 0.11 % 343,368 0.12 % Time deposits 207,152 0.32 % 272,025 0.86 % $ 6,356,255 0.06 % $ 5,338,711 0.10 % Scheduled maturities of time deposits as of December 31, 2021 are as follows: (In thousands) 2022 $ 182,654 2023 12,268 2024 6,516 2025 3,933 2026 1,781 $ 207,152 Time deposits of $250,000 or more totaled $43.7 million as of December 31, 2021 and $31.2 million as of December 31, 2020. From time to time the Company will issue time deposits through the Certificate of Deposit Account Registry Service (“CDARS”) for the purpose of providing FDIC insurance to bank customers with balances in excess of FDIC insurance limits. CDARS deposits totaled approximately $56.0 million and $123.8 million as of December 31, 2021 and December 31, 2020, respectively, and are included in Time deposits above. Our total deposits included deposits from Workers United and its related entities in the amounts of $99.9 million as of December 31, 2021 and $95.8 million as of December 31, 2020. Included in total deposits are state and municipal deposits totaling $65.5 million and $15.2 million as of December 31, 2021 and December 31, 2020, respectively. Such deposits are secured by letters of credit issued by the FHLB or by securities pledged with the FHLB. |
BORROWED FUNDS
BORROWED FUNDS | 12 Months Ended |
Dec. 31, 2021 | |
Federal Home Loan Banks [Abstract] | |
BORROWED FUNDS | BORROWED FUNDS On Novem ber 8, 2021, the Company completed a public offering of $85.0 million of aggregated principal amount of 3.250% Fixed-to-Floating Rate subordinated notes due 2031 (the "Notes"). The fixed rate period is defined from and including November 8, 2021 to, but excluding, November 15, 2026, or the date of earlier redemption. The floating rate period is defined from and including November 15, 2026 to, but excluding, November 15, 2031, or the date of earlier redemption. The floating rate per annum is equal to three-month term SOFR (the "benchmark rate") plus a spread of 230 basis points for each quarterly interest period during the floating rate period, provided however, that if the benchmark rate is less than zero, the benchmark rate shall be deemed to be zero. The subordinated notes will mature on November 15, 2031. The Company may, at its option, beginning with the interest payment date of November 15, 2026, and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining prior approval of the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") to the extent such approval is then required under the capital adequacy rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption. There were no borrowed funds as of December 31, 2021. FHLB advances are collateralized by the FHLB stock owned by the Company plus a pledge of other eligible assets comprised of securities and mortgage loans. Assets are pledged to collateral capacity. As of December 31, 2021, the value of the other eligible assets had an estimated market value net of haircut tota |
REGULATORY CAPITAL
REGULATORY CAPITAL | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital [Abstract] | |
REGULATORY CAPITAL | REGULATORY CAPITAL The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and, additionally for the Bank, the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital requirements that involve quantitative measures of the Company and the Bank’s assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. The Company and the Bank’s capital amounts and classifications also are subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the following table) of total, tier 1, and common equity tier 1 capital (as defined in the regulations) to risk weighted assets, and of tier 1 capital (as defined in the regulations) to average assets. Management believes as of December 31, 2021 and 2020, the Company and the Bank met all capital adequacy requirements. As of December 31, 2021, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1 risk-based, tier 1 leverage ratios as set forth in the table below. Since that notification, there are no conditions or events that management believes have changed the institution’s category. The Company’s actual capital amounts and ratios are presented in the following table: Actual For Capital Adequacy Purposes (1) (In thousands) Amount Ratio Amount Ratio December 31, 2021 Total capital to risk weighted assets 656,719 15.95 % 329,471 8.00 % Tier 1 capital to risk weighted assets 534,381 12.98 % 247,103 6.00 % Tier 1 capital to average assets 534,381 7.62 % 280,454 4.00 % Common equity tier 1 to risk weighted assets 534,381 12.98 % 185,327 4.50 % (1) Amounts are shown exclusive of the applicable capital conservation buffer of 2.50%. The Bank’s actual capital amounts and ratios are presented in the following table: Actual For Capital Adequacy Purposes (1) To Be Considered (In thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2021 Total capital to risk weighted assets $ 613,030 14.89 % $ 329,376 8.00 % $ 411,720 10.00 % Tier 1 capital to risk weighted assets 575,692 13.98 % 247,032 6.00 % 329,376 8.00 % Tier 1 capital to average assets 575,692 8.21 % 164,688 4.00 % 205,860 5.00 % Common equity tier 1 to risk weighted assets 575,692 13.98 % 185,274 4.50 % 267,618 6.50 % December 31, 2020 Total capital to risk weighted assets $ 534,684 14.25 % $ 300,199 8.00 % $ 375,249 10.00 % Tier 1 capital to risk weighted assets 491,913 13.11 % 225,149 6.00 % 300,199 8.00 % Tier 1 capital to average assets 491,913 7.97 % 246,904 4.00 % 308,630 5.00 % Common equity tier 1 to risk weighted assets 491,913 13.11 % 168,862 4.50 % 243,912 6.50 % (1) Amounts are shown exclusive of the applicable capital conservation buffer of 2.50%. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES The components of the provision (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019 are as follows: Year Ended December 31, (In thousands) 2021 2020 2019 Current: Federal $ 9,349 $ 15,010 $ 10,656 State and local 1,389 1,152 1,287 10,738 16,162 11,943 Deferred: Federal 4,409 (3,497) 1,880 State and local 2,641 3,090 3,149 7,050 (407) 5,029 Total income tax provision $ 17,788 $ 15,755 $ 16,972 A reconciliation of the expected income tax expense at the statutory federal income tax rate of 21% to the Company’s actual income tax benefit and effective tax rate for the years ended December 31, 2021, 2020, and 2019 and is as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Amount % Amount % Amount % Tax expense at federal income tax rate $ 14,852 21.00 % $ 13,008 21.00 % $ 13,476 21.00 % Increase (decrease) resulting from: Tax exempt income (317) -0.45 % (862) -1.39 % (423) -0.66 % Change in DTA rate (199) -0.28 % 333 0.54 % (186) -0.29 % State tax, net of federal benefit 3,184 4.50 % 3,551 5.73 % 4,030 6.28 % Stock options windfall (94) -0.13 % (3) -0.01 % (68) -0.11 % Other 362 0.51 % (272) -0.44 % 143 0.23 % Total $ 17,788 25.15 % $ 15,755 25.43 % $ 16,972 26.45 % As of December 31, 2021 the Company had remaining federal, state and local NOL carryforwards of approximately $2.6 million, $61.0 million and $39.9 million, respectively, which are available to offset future federal, state and local income and which expire over varying periods from 2028 through 2037. Deferred income tax assets and liabilities result from temporary differences between the carrying value of assets and liabilities for financial reporting purposes and for income tax return purposes. These assets and liabilities are measured using the enacted tax rates and laws that are currently in effect and are reported net in the accompanying Consolidated Statement of Financial Condition. The significant components of the net deferred tax assets and liabilities as of December 31, 2021 and 2020, are as follows: December 31, 2021 2020 (In thousands) Deferred tax assets: Excess tax basis over carrying value of assets: Allowance for loan losses $ 16,300 $ 16,644 Nonaccrual interest income 389 689 Postretirement and other employee benefits 242 436 Depreciation and amortization 1,123 1,657 Operating leases 13,250 14,515 Federal, state and local net operating loss carryforward 7,285 9,270 Other, net 3,258 2,723 Gross deferred tax asset 41,847 45,934 Deferred tax liabilities: Available for sale securities carried at fair value for financial statement purposes (2,850) (7,221) Purchase accounting adjustments, net (874) (966) Operating leases (10,142) (9,855) Net deferred loan fees (1,262) — Gross deferred tax liabilities (15,128) (18,042) Deferred tax asset, net $ 26,719 $ 27,892 As of December 31, 2021, the Company’s deferred tax assets were valued without an allowance as management concluded that it is more likely than not that the entire amount may be realized. ASC 740, Income Taxes, provides for the recognition of deferred tax assets if realization of such assets is more likely than not. Management reassesses the need for a valuation allowance on an annual basis, or more frequently if warranted. If it is later determined that a valuation allowance is required, it generally will be an expense to the income tax provision in the period such determination is made. The Company has no uncertain tax positions. The Company and its subsidiaries are subject to Federal, New York State, California, Colorado, District of Columbia, Florida, New Jersey, Massachusetts, Minnesota, North Carolina, Pennsylvania, Virginia and New York City income taxes. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination; with a tax examination presumably to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. As of December 31, 2021, the Company is generally subject to possible examination by federal, state, and local taxing authorities for 2018 and subsequent tax years. Income tax receivable, which is included in other assets, totaled $20.8 million and $23.1 million as of December 31, 2021 and 2020, respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and participating securities according to participation rights in undistributed earnings. Our time-based and performance-based restricted stock units are not considered participating securities as they do not recei ve dividend distributions until satisfaction of the related vesting requirements. As of December 31, 2021 and December 31, 2020, we had 368,000 and 79,000 anti-dilutive shares, respectively. Following is a table setting forth the factors used in the earnings per share computation follow: Year Ended 2021 2020 2019 (In thousands, except per share amounts) Net income attributable to Amalgamated Financial Corp. $ 52,937 $ 46,188 $ 47,202 Dividends paid on preferred stock (22) (22) (22) Income attributable to common stock $ 52,915 $ 46,166 $ 47,180 Weighted average common shares outstanding, basic 31,104 31,133 31,733 Basic earnings per common share $ 1.70 $ 1.48 $ 1.49 Income attributable to common stock $ 52,915 $ 46,166 $ 47,180 Weighted average common shares outstanding, basic 31,104 31,133 31,733 Incremental shares from assumed conversion of options and RSUs 408 96 472 Weighted average common shares outstanding, diluted 31,512 31,229 32,205 Diluted earnings per common share $ 1.68 $ 1.48 $ 1.47 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS The Company offers various pension and retirement benefit plans, as well as a long-term incentive plan to eligible employees and directors. Significant benefit plans are described as follows: Pension Plan The Company participates in a multi-employer non-contributory pension plan which covers substantially all full-time employees, both unionized and non-unionized. Employees generally qualify for participation in the plan on the first January 1 st or July 1 st after attaining age 21 and completing 1,000 Hours of Service in a 12 consecutive month period. The collective bargaining agreement covering the unionized employees was last renewed in March 2020. Under the terms of this plan, participants vest 100% upon completion of five years of service, as defined in the plan document. Plan assets are invested in the Consolidated Retirement Fund (CRF). The Employer Identification Number of the CRF is 133177000 and the Plan Number is 001. As a multi-employer plan, the Administrator of the CRF does not make separate actuarial valuations with respect to each employer, nor are plan assets so segregated. The benefits provided by the CRF are being funded by the Company and other participating employers through contributions to the Administrator, which are necessary to maintain the CRF on a sound actuarial basis. Contributions are calculated based on a percentage of participants’ qualifying base salary, which percentage is determined from time to time by the CRF Board of Trustees. The Pension Protection Act of 2006 (PPA) ranks the funded status of multi-employer plans depending upon a plan’s current and projected funding. A plan is in the Red Zone (Critical Status) if it has a current funded percentage (as defined) of less than 65%. A plan is in the Yellow Zone (Endangered Status) if it has a current funded percentage of less than 80%, or projects a credit balance deficit within seven years. A plan is in the Green Zone if it has a current funded percentage greater than 80% and does not have a projected credit balance deficit within seven years. For the 2021 and 2020 plan years, pursuant to the PPA, the CRF was certified to be in the Green Zone (i.e. neither Critical Status nor Endangered Status). The following table summarizes certain information regarding contributions made by the Company to the CRF: (In thousands) Contributions Company contributions greater than 5% of total contributions received by the CRF? Year Ended December 31, 2021 $ 6,193 Yes 2020 6,278 Yes 2019 6,254 Yes The amounts of contributions presented in the preceding table represent expense recorded by the Company during the respective periods. Retirement Benefit Plans The Company offers a post-retirement health and life insurance plan and provides other non-qualifying supplemental retirement plan benefits to certain existing and former directors and employees. The Company’s policy is to fund the cost of health and life benefits in amounts determined in accordance with the plan provisions. The other retirement benefit plans generally contain vesting provisions and service requirements. These plans are unfunded and represent a general obligation of the Company. The following table summarizes the plans’ benefit obligation, the changes in the plans’ benefit obligation, changes in plan assets and the plan’s funded status: Year Ended December 31, (In thousands) 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 4,094 $ 4,527 Service cost — — Interest cost 58 118 Amendments — — Actuarial loss (gain) (16) (71) Benefits paid (478) (480) Benefit obligation at end of year 3,658 4,094 Change in plan assets: Employer contributions 478 480 Benefits paid (478) (480) Plan assets at end of year — — Benefit obligation, included in other liabilities $ 3,658 $ 4,094 (In thousands) 2021 2020 2019 Net actuarial loss $ 3,235 $ 3,200 $ 3,591 Prior service credit (320) (349) (378) Total amount recognized $ 2,915 $ 2,851 $ 3,213 The following table summarizes the components of net periodic benefit cost and other amounts recognized in other comprehensive income: (In thousands) 2021 2020 2019 Components of net periodic benefit cost: Service cost $ — $ — $ — Interest cost 58 118 165 Prior service credit amortization (29) (29) (29) Prior service credit due to curtailments — — — Recognized actuarial (gain) loss 400 320 219 Net periodic benefit $ 429 $ 409 $ 355 Components of other amounts: Net regular actuarial (gain) loss $ (16) $ 379 $ 373 Recognized actuarial gain (loss) (400) (320) (219) Prior service credit amortization 29 29 29 Prior service credit due to curtailments 450 (450) — Prior service credit due to amendment — — — Total recognized in other comprehensive income $ 63 $ (362) $ 183 Total recognized in comprehensive income $ 492 $ 47 $ 538 The following table summarizes certain weighted average assumptions used to measure the plans’ obligation at the end of the year as well as net periodic benefit expense during the year: 2021 2020 2019 Weighted average assumptions used to determine benefit obligations: Discount rate 2.07 % 1.50 % 2.77 % Weighted average assumptions used to determine net periodic benefit cost: Discount rate 1.66 % 3.13 % 3.92 % The net actuarial loss and prior service credit that is expected to be amortized from accumulated other comprehensive income (loss) and into net periodic (benefit) expense during the year ended December 31, 2021 is $0.4 million. Future estimated benefit payments are expected to be approximately $0.3 million per annum during the period 2022 through 2031. 401(k) Plans The Company also offers 2 retirement savings plans which are qualified under Section 401(k) of the Internal Revenue Code (401(k) Plan). Substantially all employees are eligible to participate, and participants can contribute up to 15% of their salary subject to certain limitations. The Company does not make contributions to the 401(k) Plan and as such does not incur any direct compensation expense related to the 401(k) Plan. Long Term Incentive Plans Stock Options: The Company has granted stock options in previous years to employees and directors. As of January 1, 2021, all options have vested and are exercisable at the option of the vested holders until the termination of each tranche after 10 years from the grant date or earlier if the employee or director has changed their employment status. The Company does not currently have an active stock option plan that is available for issuing new options. A summary of the status of the Company’s options as of December 31, 2021 follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (in thousands) Outstanding, December 31, 2020 1,978,560 $ 13.03 4.2 years Granted — — — Forfeited/ Expired (182,180) 12.69 — Exercised (1,094,480) 12.92 — Outstanding, December 31, 2021 701,900 13.29 4.1 years $ 2,441 Vested and Exercisable, December 31, 2021 701,900 $ 13.29 4.1 years $ 2,441 The range of exercise prices is $11.00 to $14.65 per share. There were no options compensation costs to employees and directors for the year ended December 31, 2021 as all options had been fully expensed as of December 31, 2020. Total options compensation costs for the years ended 2020 and 2019 was $0.7 million and $1.4 million, respectively, and is recorded within the Consolidated Statements of Income. The fair value of all awards outstanding as of December 31, 2021 and December 31, 2020 was $2.9 million and $8.4 million, respectively. No cash was received for options exercised in 2021. Restricted Stock Units: The Amalgamated Financial Corp. 2021 Equity Incentive Plan (the “Equity Plan”) provides for the grant of stock-based incentive awards to employees and directors of the Company. The number of shares of common stock of the Company available for stock-based awards in the Equity Plan is 1,250,000 of which 601,049 shares were available for issuance as of December 31, 2021. RSUs represent an obligation to deliver shares to an employee or director at a future date if certain vesting conditions are met. RSUs are subject to a time-based vesting schedule, the satisfaction of performance conditions, or the satisfaction of market conditions, and are settled in shares of the Company’s common stock. RSUs do not provide dividend equivalent rights from the date of grant and do not provide voting rights. RSUs accrue dividends based on dividends paid on common shares, but those dividends are paid in cash upon satisfaction of the specified vesting requirements on the underlying RSU. During the year ended December 31, 2021, the Company granted 260,355 restricted stock units (“RSUs”) to employees under the Equity Plan and reserved 283,859 shares for issuance upon vesting assuming the Company’s employees achieve the maximum share payout. Of the 260,355 RSUs granted to employees, 213,348 RSUs time-vest ratably over three years and were granted at a fair value of $15.81 per share and 47,007 RSUs were performance-based and are more fully described below: • The Company granted 23,464 performance-based RSUs at a fair value of $15.81 per share which vest subject to the achievement of the Company’s corporate goal for the three-year period from December 31, 2020 to December 31, 2023. The corporate goal is based on the Company achieving a target increase in Tangible Book Value, adjusted for certain factors. The minimum and maximum awards that are achievable are 0 and 35,196 shares, respectively. • The Company granted 23,543 market-based RSUs at a fair value of $14.95 per share which vest subject to the Company’s relative total shareholder return compared to a group of peer banks over a three-year period from February 3, 2021 to February 2, 2024. The minimum and maximum awards that are achievable are 0 and 35,315 shares, respectively. A summary of the status of the Company’s employee RSUs as of December 31, 2021 follows: Shares Grant Date Fair Value Unvested, December 31, 2020 290,637 $ 15.99 Awarded 260,355 15.81 Forfeited (70,080) 12.93 Vested (81,005) 15.46 Unvested, December 31, 2021 399,907 $ 16.52 Of the 399,907 unvested RSUs on December 31, 2021, the minimum units that will vest, solely due to a service test, are 298,341. The maximum units that will vest, assuming the highest payout on performance and market-based units, are 480,111. Compensation expense attributable to the employee RSUs was $1.8 million and $1.2 million for the year ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was $3.8 million of total unrecognized compensation cost related to the non-vested RSUs granted to employees. This expense may increase or decrease depending on the expected number of performance-based shares to be issued. This expense is expected to be recognized over 2.1 years. During the year ended December 31, 2021, the Company granted 28,710 RSUs to directors under the Equity Plan that vest after one year. The Company recorded an expense of $0.3 million and $0.5 million for the year ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was no unrecognized cost related to the non-vested RSUs granted to directors. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assumptions are developed based on prioritizing information within a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. A description of the disclosure hierarchy and the types of financial instruments recorded at fair value that management believes would generally qualify for each category are as follows: Level 1 - Valuations are based on quoted prices in active markets for identical assets or liabilities. Accordingly, valuation of these assets and liabilities does not entail a significant degree of judgment. Examples include most U.S. Government securities and exchange-traded equity securities. Level 2 - Valuations are based on either quoted prices in markets that are not considered to be active or significant inputs to the methodology that are observable, either directly or indirectly. Financial instruments in this level would generally include mortgage-related securities and other debt issued by GSEs, non-GSE mortgage-related securities, corporate debt, certain redeemable fund investments and certain trust preferred securities. Level 3 - Valuations are based on inputs to the methodology that are unobservable and significant to the fair value measurement. These inputs reflect management’s own judgments about the assumptions that market participants would use in pricing the assets and liabilities. The following summarizes those financial instruments measured at fair value in the Consolidated Statements of Financial Condition categorized by the relevant class of investment and level of the fair value hierarchy: December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential certificates $ — $ 3,967 $ — $ 3,967 GSE residential CMOs — 463,883 — 463,883 GSE commercial certificates & CMO — 370,364 — 370,364 Non-GSE residential certificates — 66,139 — 66,139 Non-GSE commercial certificates — 81,101 — 81,101 Other debt: U.S. Treasury 200 — — 200 ABS — 989,188 — 989,188 Trust preferred — 14,147 — 14,147 Corporate — 124,421 — 124,421 Total assets carried at fair value $ 200 $ 2,113,210 $ — $ 2,113,410 December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential certificates $ — $ 13,299 $ — $ 13,299 GSE residential CMOs — 366,421 — 366,421 GSE commercial certificates & CMO — 432,614 — 432,614 Non-GSE residential certificates — 33,384 — 33,384 Non-GSE commercial certificates — 44,968 — 44,968 Other Debt: U.S. Treasury 203 — — 203 ABS — 597,546 — 597,546 Trust preferred — 13,773 — 13,773 Corporate — 37,654 — 37,654 Total assets carried at fair value $ 203 $ 1,539,659 $ — $ 1,539,862 During the years ended December 31, 2021 and 2020, there were no transfers of financial instruments between Level 1 and Level 2. There were no financial instruments measured at fair value on a recurring basis and categorized as Level 3 in the Consolidated Statement of Financial Condition during the years ended December 31, 2021 and 2020. The following tables summarize assets measured at fair value on a non-recurring basis: December 31, 2021 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 48,111 $ — $ — $ 48,111 $ 48,111 Other real estate owned 307 — — 335 335 $ 48,418 $ — $ — $ 48,446 $ 48,446 December 31, 2020 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 67,433 $ — $ — $ 67,433 $ 67,433 Other real estate owned $ 307 $ — $ — $ 303 $ 303 $ 67,740 $ — $ — $ 67,736 $ 67,736 • Securities – Investments in fixed income securities are generally valued based on evaluations provided by an independent pricing service. These evaluations represent an exit price or their opinion as to what a buyer would pay for a security, typically in an institutional round lot position, in a current sale. The pricing service utilizes evaluated pricing techniques that vary by asset class and incorporate available market information and, because many fixed income securities do not trade on a daily basis, applies available information through processes such as benchmark curves, benchmarking of available securities, sector groupings and matrix pricing. Model processes, such as option adjusted spread models, are used to value securities that have prepayment features. In those limited cases where pricing service evaluations are not available for a fixed income security, management will typically value those instruments using observable market inputs in a discounted cash flow analysis. Held to maturity securities, with the exception of PACE securities which are categorized as Level 3, are generally categorized as Level 2. • Loans held for sale – Loans held for sale are carried at the lower of cost or fair value. The fair value of loans held for sale is determined using the price we expect to receive for the loans based on commitments received from third party investors. Loans held on our balance sheet greater than 90 days are evaluated to determine if a valuation allowance is required to adjust for a decline in fair value below the carrying amount, and then subject to quarterly evaluation going forward. Loans held for sale are generally categorized as Level 3. • Loans receivable – Loans are valued using a present value technique that incorporates management’s assumptions as to what a market participant would assume given the attributes of the loans. The observable U.S. Treasury yield curve is a significant input to the valuation. Assumptions, including prepayment speeds and credit spreads, are based on observable market data where possible or alternatively are based on terms currently offered on loans to borrowers of similar credit quality. Fair values for loans considered impaired are based on discounted cash flows using the loan’s initial effective interest rate or the fair value of the underlying collateral in the case of collateral dependent loans. The methods used to estimate the fair value of loans are extremely sensitive to the assumptions and estimates used. While management has attempted to use assumptions and estimates that best reflect the Company’s loan portfolio and current market conditions, a greater degree of subjectivity is inherent in these values than in those determined in active markets. Loans would generally be categorized as Level 3. • Resell agreements – Resell agreements are carried at fair value, as these are short term agreements. All existing trades are done at the current rate for new trades, which historically has always been 1.25%, which is the same rate we bring in new trades, so there is no market value adjustment. The agreements are generally categorized as Level 3, as we have limited market information. • Deposits – Deposits without a defined maturity date are valued at the amount payable on demand. Certificates of deposit, which are categorized as Level 2, are valued using a present value technique that incorporates current rates offered by the Company for certificates of comparable remaining maturity. • Borrowed funds – FHLBNY advances and repurchase agreements are valued using a present value technique that incorporates current rates offered by the FHLBNY for advances of comparable remaining maturity. Bank issued subordinated debt is valued based on recent trades for similar issues and or values provided by firms that transact in our bonds. FHLBNY advances, repurchase agreements, and subordinated debt are categorized as Level 2. • Other – The Company holds or issues other financial instruments for which management considers the carrying value to approximate fair value. Such items include cash and cash equivalents, accrued interest receivable and payable. Many of these items are short term in nature with minimal risk characteristics. For those financial instruments that are not recorded at fair value in the consolidated statements of financial condition, but are measured at fair value for disclosure purposes, management follows the same fair value measurement principles and guidance as for instruments recorded at fair value. There are significant limitations in estimating the fair value of financial instruments for which an active market does not exist. Due to the degree of management judgment that is often required, such estimates tend to be subjective, sensitive to changes in assumptions and imprecise. Such estimates are made as of a point in time and are impacted by then-current observable market conditions; also such estimates do not give consideration to transaction costs or tax effects if estimated unrealized gains or losses were to become realized in the future. Because of inherent uncertainties of valuation, the estimated fair value may differ significantly from the value that would have been used had a ready market for the investment existed and the difference could be material. Lastly, consideration is not given to nonfinancial instruments, including various intangible assets, which could represent substantial value. Fair value estimates are not necessarily representative of the Company’s total enterprise value. The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments: December 31, 2021 Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value (In thousands) Financial assets: Cash and cash equivalents $ 330,485 $ 330,485 $ — $ — $ 330,485 Available for sale securities 2,113,410 200 2,113,210 — 2,113,410 Held to maturity securities 843,569 — 216,377 633,327 849,704 Loans held for sale 3,279 — — 3,279 3,279 Loans receivable, net 3,276,358 — — 3,291,377 3,291,377 Resell agreements 229,018 — — 229,018 229,018 Accrued interest and dividends receivable 28,820 — 28,820 — 28,820 Financial liabilities: Deposits payable on demand 6,149,103 — 6,149,103 — 6,149,103 Time deposits 207,152 — 207,369 — 207,369 Subordinated Debt 83,831 — 85,000 — 85,000 Accrued interest payable 569 — 569 — 569 December 31, 2020 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 38,769 $ 38,769 $ — $ — $ 38,769 Available for sale securities 1,513,409 203 1,539,659 — 1,539,862 Held to maturity securities 494,449 — 76,519 425,906 502,425 Loans held for sale 11,178 — — 11,178 11,178 Loans receivable, net 3,447,306 — — 3,566,742 3,566,742 Resell agreements 154,779 — — 154,779 154,779 Accrued interest and dividends receivable 23,970 — 23,970 — 23,970 Financial liabilities: Deposits payable on demand 5,066,687 — 5,066,687 — 5,066,687 Time deposits 272,025 — 272,451 — 272,451 Accrued interest payable 386 — 386 — 386 |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK | COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK Credit Commitments The Company is party to various credit related financial instruments with off balance sheet risk. The Company, in the normal course of business, issues such financial instruments in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The following financial instruments were outstanding whose contract amounts represent credit risk as of the related periods: December 31, 2021 December 31, 2020 (In thousands) Commitments to extend credit $ 927,428 $ 455,541 Standby letters of credit 18,752 17,910 Total $ 946,180 $ 473,451 Commitments to extend credit are contracts to lend to a customer as long as there is no violation of any condition established in the contract. These commitments have fixed expiration dates and other termination clauses and generally require the payment of nonrefundable fees. Since a portion of the commitments are expected to expire without being drawn upon, the contractual principal amounts do not necessarily represent future cash requirements. The Company’s maximum exposure to credit risk is represented by the contractual amount of these instruments. These instruments represent ultimate exposure to credit risk only to the extent they are subsequently drawn upon by customers. Standby letters of credit are conditional lending commitments issued by the Company to guarantee the financial performance of a customer to a third party. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The balance sheet carrying value of standby letters of credit approximates any nonrefundable fees received but not yet recorded as income. The Company considers this carrying value, which is not material, to approximate the estimated fair value of these financial instruments. The Company reserves for the credit risk inherent in off balance sheet credit commitments. This reserve, which is included in other liabilities, amounted to approximately $1.5 million as of December 31, 2021 and $1.2 million as of December 31, 2020. Other Commitments and Contingencies In the ordinary course of business, there are various legal proceedings pending against the Bank. Based on the opinion of counsel, management believes that the aggregate liabilities, if any, arising from such actions would not have a material adverse effect on the consolidated financial position or results of operations of the Bank. I nvestment Obligations The Company is party to agreements with Pace Funding Group LLC, which operates Home Run Financing, for the purchase of property assessed clean energy, or PACE, assessment securities until the end of 2022. These investments are to be held in the Company's held-to-maturity investment portfolio. As of December 31, 2021, we had purchased $314.1 million of PACE assessment securities from Pace Funding Group LLC and had a remaining commitment of $145.8 million. The PACE assessments have equal-lien priority with property taxes and generally rank senior to first lien mortgages. The Company anticipates these commitments will be funded by means of normal cash flows, will be funded by a reduction in cash and cash equivalents, or by pay-downs and maturities of loans and and other investments. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company as a lessee has operating leases primarily consisting of real estate arrangements where the Company operates its headquarters, branches and business production offices. All leases identified as in scope are accounted for as operating leases as of December 31, 2021. These leases are typically long-term leases and generally are not complicated arrangements or structures. Several of the leases contain renewal options at a rate comparable to the fair market value based on comparable analysis to similar properties in the Company’s geographies. Real estate operating leases are presented as a right-of-use (“ROU”) asset and a related operating lease liability on the Consolidated Statements of Financial Condition. The ROU asset represents the Company’s right to use the underlying asset for the lease term and the operating lease liabilities represent the obligation to make lease payments arising from the lease. The Company applied its incremental borrowing rate (“IBR”) as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of the operating lease liability. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Lease expense is recognized on a straight-line basis over the lease term. The following table summarizes our lease cost and other operating lease information: Year Ended December 31, 2021 2020 (In thousands) Operating lease cost $ 8,219 $ 15,256 Cash paid for amounts included in the measurement of Operating leases liability $ 10,193 $ 12,358 Weighted average remaining lease term on operating leases (in years) 4.7 5.7 Weighted average discount rate used for operating leases liability 3.25 % 3.27 % Note: Sublease income and variable income or expense considered immaterial The following table presents the remaining commitments for operating lease payments for the next five years and thereafter, as well as a reconciliation to the discounted operating leases liability recorded in the Consolidated Statements of Financial Condition as of December 31, 2021: (In thousands) As of December 31, 2021 2022 $ 10,955 2023 10,895 2024 10,525 2025 10,165 2026 8,758 Thereafter 526 Total undiscounted operating lease payments 51,824 Less: present value adjustment 3,664 Total Operating leases liability $ 48,160 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill In accordance with GAAP, the Company performs an annual test as of June 30 to identify potential impairment of goodwill, or more frequently if events or circumstances indicate a potential impairment may exist. If the carrying amount of the Company, as a sole reporting unit, including goodwill, exceeds its fair value, an impairment loss is recognized in an amount equal to that excess up to the amount of the recorded goodwill. The Company performed its annual test based upon market data as of June 30, 2021 and estimates and assumptions that the Company believes most appropriate for the analysis. Based on the qualitative analysis performed in accordance with ASC 350, the Company determined it more likely than not that goodwill was not impaired as of June 30, 2021. Changes in certain assumptions used in the Company's assessment could result in significant differences in the results of the impairment test. Should market conditions or management’s assumptions change significantly in the future, an impairment to goodwill is possible. At December 31, 2021 and December 31, 2020, the carrying amount of goodwill was $12.9 million. Intangible Assets The following table reflects the estimated amortization expense, comprised entirely by the Company’s core deposit intangible asset, for the next five years and thereafter: (In thousands) 2022 $ 1,047 2023 888 2024 730 2025 574 2026 419 Thereafter 493 Total $ 4,151 Accumulated amortization of the core deposit intangible was $4.9 million as of December 31, 2021. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Tax Credit Investments The Company makes investments in unconsolidated entities that construct, own and operate solar generation facilities. An unrelated third party is the managing member and has control over the significant activities of the variable interest entities ("VIE"). The Company generates a return through the receipt of tax credits allocated to the projects, as well as operational distributions. The primary risk of loss is generally mitigated by policies requiring that the project qualify for the expected tax credits prior to the Company making its investment. Any loans to the VIE are secured. As of December 31, 2021, the Company's maximum exposure to loss is $54.5 million. December 31, 2021 December 31, 2020 (In thousands) Unconsolidated Variable Interest Entities Tax credit investments included in equity investments $ 1,681 $ 6,735 Loans and letters of credit commitments 52,813 11,097 Funded portion of loans and letters of credit commitments 15,512 11,097 The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments: Year Ended December 31, 2021 2020 (In thousands) Tax credits and other tax benefits recognized $ 11,571 $ 23,993 |
PARENT COMPANY ONLY CONDENSED F
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION | PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION Condensed financial information of Amalgamated Financial Corp. follows: CONDENSED BALANCE SHEET Year Ended 2021 (in thousands) ASSETS Cash and cash equivalents $ 42,886 Investment in banking subsidiary 605,074 Other assets 12 Total assets $ 647,972 LIABILITIES AND EQUITY Subordinated Debt $ 83,831 Accrued expense and other liabilities 399 Stockholders' equity 563,742 Total liabilities and stockholders' equity $ 647,972 CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year Ended 2021 (in thousands) Interest income $ — Other income 11,800 Interest expense 399 Other expense 148 Income before tax expense 11,253 Income tax expense (benefit) — Equity in undistributed subsidiary income 41,684 Net income $ 52,937 Comprehensive income $ 41,170 CONDENSED STATEMENT OF CASH FLOWS Year Ended 2021 (in thousands) Cash flows from operating activities Net income $ 52,937 Adjustments: Equity in undistributed subsidiary income (41,684) Change in other assets (12) Change in other liabilities 399 Net cash provided (used) by operating activities 11,640 Cash flows from investing activities Payments for investments in subsidiaries (42,490) Net cash provided (used) by investing activities (42,490) Cash flows from financing activities Dividends paid (7,597) Repurchase of shares (2,498) Proceeds of issuance of subordinated debt 83,831 Net cash provided (used) by financing activities 73,736 Net increase (decrease) in cash and cash equivalents 42,886 Cash and cash equivalents at beginning of year — Cash and cash equivalents at end of year $ 42,886 Supplemental non-cash investing activities: Equity exchange for the outstanding common stock of Amalgamated Bank 541,093 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENTOn February 25, 2022, the Company's Board of Directors approved an increase in the Company's common stock share repurchase authorization to an aggregate amount up to $40 million. The timing and exact amount of stock repurchase activity will be informed by economic and regulatory considerations as well as the Company's capital position, earnings outlook, and capital deployment priorities. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes. |
Consolidation | The accompanying consolidated financial statements include the accounts of the Company and its majority-owned and wholly-owned subsidiaries. All significant inter-company transactions and balances are eliminated in consolidation. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. In particular, estimates and assumptions are used in measuring the fair value of certain financial instruments, determining the appropriateness of the allowance for loan and lease losses (“allowance”), evaluating potential other-than-temporary securities impairment, assessing the ability to realize deferred tax assets, and the valuation of share-based payment awards. Estimates and assumptions are based on available information and judgment; therefore actual results could differ from those estimates. |
Cash, Cash Equivalents and Restricted Cash | For purposes of reporting cash flows, cash, cash equivalents, and restricted cash include cash, due from banks, interest-bearing deposits in other banks and federal funds sold with original maturities of three months or less. The Company had $0.4 million and $0.4 million in restricted cash as of December 31, 2021 and December 31, 2020, respectively and is included in total cash and cash equivalents on the Consolidated Statements of Financial Condition. The Company’s restricted cash reflects funds held in other financial institutions to secure business operating rights or contractually obligated minimum account funding requirements. |
Securities | Purchases of investments in debt securities are designated as either trading, available for sale or held to maturity depending on the intent and ability to hold the securities. The initial designation is made at the time of purchase. During the years ended December 31, 2021 and 2020, there were no transfers of securities between available for sale and held to maturity categories. Additionally, as of December 31, 2021 and December 31, 2020, the Company had no securities designated as trading. Securities available for sale are carried at fair value, with any net unrealized appreciation or depreciation in fair value reported net of taxes as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Debt securities held to maturity are carried at amortized cost provided management does not have the intent to sell these securities and does not anticipate that it will be necessary to sell these securities before the full recovery of principal and interest, which may be at maturity. The Company reported its investments in "Property Assessed Clean Energy" ("PACE") assessments as held to maturity securities. Management conducts a periodic evaluation of securities available for sale and held to maturity to determine if the amortized cost basis of a security has been other-than-temporarily impaired (OTTI). The evaluation of other-than-temporary impairment is a quantitative and qualitative process, which is subject to risks and uncertainties. If the amortized cost of an investment exceeds its fair value, management evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than amortized cost, the probability of a near-term recovery in value, whether management intends to sell the security and whether it is more likely than not that the Company will be required to sell the security before full recovery of the investment or maturity. Management also considers specific adverse conditions related to the financial health, projected cash flow and business outlook for the investee, including industry and sector performance, operational and financing cash flow factors and rating agency actions. For debt investment securities deemed to be other-than-temporarily impaired, the investment is written down to fair value with the estimated credit loss charged to current earnings and the noncredit-related impairment loss charged to other comprehensive income. If market, industry and/or investee conditions deteriorate, the Company may incur future impairments. Premiums (discounts) on debt securities are amortized (accreted) to income using the level yield method to the contractual maturity date adjusted for actual prepayment experience. Realized gains and losses on sale of securities are determined using the specific identification method and are reported in non-interest income. |
Loans Held for Sale | Loans held for sale in the secondary market are carried at the lower of cost or estimated fair value in the aggregate. Net unrealized losses, if any, are recognized through a valuation allowance by charges to current earnings. Gains or losses resulting from sales of loans held for sale, net of unamortized deferred fees and costs, are recognized at the time of sale and are included in other non-interest income on the Consolidated Statements of Income. The Company had $3.3 million and $11.2 million of loans classified as held for sale as of December 31, 2021 and December 31, 2020, respectively. |
Loans and Loan Interest Income Recognition | Loans are stated at the principal amount outstanding, net of charge-offs, deferred origination costs and fees and purchase premiums and discounts. Loan origination and commitment fees and certain direct and indirect costs incurred in connection with loan originations are deferred and amortized to income over the life of the related loans as an adjustment to yield. Premiums or discounts on purchased portfolios are amortized or accreted to income using the level yield method. Interest on loans is generally recognized on the accrual basis. Interest is not accrued on loans that are more than 90 days delinquent on payments, and any interest that was accrued but unpaid on such loans is reversed from interest income at that time, or when deemed to be uncollectible. Interest subsequently received on such loans is recorded as interest income or alternatively as a reduction in the amortized cost of the loan if there is significant doubt as to the collectability of the unpaid principal balance. Loans are returned to accrual status when principal and interest amounts contractually due are brought current and future payments are reasonably assured. A loan is impaired when, based on current information and events, it is probable that the Company will not be able to collect all amounts due, both principal and interest, according to the contractual terms. Individual loans which are deemed to be impaired are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or at the loan’s observable market price or the fair value of the collateral net of estimated selling costs if the loan is collateral dependent. Individual loan impairment evaluation is generally limited to multifamily, CRE, C&I, construction and certain restructured 1-4 family residential loans. Smaller balance loans including HELOCs, consumer and student loans, as well as non-restructured 1-4 family residential loans, are considered homogeneous. When assessing homogenous loans for impairment, the Company considers regulatory guidance concerning the classification and management of retail credits. The aggregate amount of individually and collectively measured loan impairment is included as a component of the allowance. Loans are considered Troubled Debt Restructurings (TDRs) if the borrower is experiencing financial difficulty and is afforded a concession by the Company, such as, but not limited to: (i) payment deferral; (ii) a reduction of the stated interest rate for the remaining contractual life of the loan; (iii) an extension of the loan’s original contractual term at a stated interest rate lower than the current market rate for a new loan with similar risk; (iv) capitalization of interest; or (v) forgiveness of principal or interest. Generally, TDRs are placed on non-accrual status (and reported as non-performing loans) until the loan qualifies for return to accrual status. A TDR loan is considered impaired. A loan extended or renewed at a stated interest rate equal to the market interest rate for new debt with similar risk is not considered to be a TDR. In accordance with the accounting guidance for business combinations, no allowance is brought forward on any of the loans we acquire. For purchased non-credit impaired loans, credit and interest rate discounts representing the principal losses expected over the life of the loan are a component of the initial fair value and the total combined discount is accreted to interest income over the life of the loan. Subsequent to the acquisition date, the method used to evaluate the sufficiency of the discount is similar to organic loans, and if necessary, additional reserves are recognized in the allowance. |
Allowance for Loan Losses | The allowance for loan and lease losses (“allowance”) is a valuation allowance for probable incurred credit losses. The Company monitors its entire loan portfolio on a regular basis and considers numerous factors including (i) end-of-period loan levels and portfolio composition, (ii) observable trends in non-performing loans, (iii) the Company’s historical loan loss experience, (iv) known and inherent risks in the portfolio, (v) underwriting practices, (vi) adverse situations which may affect the borrower’s ability to repay, (vii) the estimated value and sufficiency of any underlying collateral, (viii) credit risk grading assessments, (ix) loan impairment, and (x) economic conditions. The allowance consists of specific and general components. The specific component relates to loans that are individually classified as impaired. Additions to the allowance are charged to expense, and realized losses, net of recoveries, are charged to the allowance. Based on the determination of management, the overall level of allowance is periodically adjusted to account for the inherent and specific risks within the entire portfolio. Based on review of the classified loans and the overall allowance levels as they relate to the entire loan portfolio at December 31, 2021, management believes the allowance is adequate. Generally, a loan is considered for charge-off when it is in default of either principal or interest after 90 days or more. In addition to delinquency criteria, other triggering events may include, but are not limited to, notice of bankruptcy by the borrower or guarantor, death of the borrower, and deficiency balance from the sale of collateral. Some financial instruments, such as loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire without being used. Off-balance sheet risk to credit loss exists up to the face amount of these instruments, although material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, often including obtaining collateral at exercise of the commitment. An allowance is calculated and recorded in other liabilities within the Consolidated Statements of Financial Condition. While management uses available information to recognize losses on loans, future additions or reductions to the allowance may be necessary due to changes in one or more evaluation factors; management’s assumptions as to rates of default, loss or recovery, or management’s intent with regard to disposition. A shift in lending strategy may warrant a change in the allowance due to a changing credit risk profile. In addition, various regulatory agencies, as an integral part of the examination process, periodically review the Company’s allowance. Such agencies may require the Company to recognize additions to, or charge-offs against, the allowance based on their judgment about information available to them at the time of their examination. |
Other Real Estate Owned | Other real estate owned (“OREO”) properties acquired through, or in lieu of, foreclosure are recorded initially at fair value less costs to sell. Any write-down of the recorded investment in the related loan is charged to the allowance prior to transfer. OREO assets are subsequently accounted for at lower of cost or fair value less estimated costs to sell. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through non-interest income. Costs relating to the development and improvement of other real estate owned are capitalized. Costs relating to holding other real estate owned, including real estate taxes, insurance and maintenance, are charged to expense as incurred. |
Goodwill and Intangible Assets | Goodwill resulting from business combinations is generally determined as the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill and indefinite-lived intangible assets are not amortized, but tested for impairment at least annually, or more frequently if events and circumstances exist that indicate the carrying amount of the asset may be impaired. The Company elected June 30 as the annual date for impairment testing. Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years. |
Premises and Equipment | Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation of furniture, fixtures, and equipment is computed by the straight-line method over the estimated useful lives of the related assets. Furniture and fixtures are generally depreciated over ten years. Equipment, computer hardware and computer software are normally depreciated over three |
Leases | The Company determines whether a contract is or contains a lease at inception. For leases with terms greater than twelve months under which the Company is lessee, right-of-use ("ROU") assets and lease liabilities are recorded at the commencement date. Lease liabilities are initially recorded based on the present value of future lease payments over the lease term. ROU assets are initially recorded at the amount of the associated lease liabilities plus prepaid lease payments and initial direct costs, less any lease incentives received. The cost of short term leases is recognized on a straight line basis over the lease term. The lease term includes options to extend if the exercise of those options is reasonably certain and includes termination options if there is reasonable certainty the options will not be exercised. The Company uses its incremental borrowing rate (“IBR”) as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of lease liabilities. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Leases are classified as financing or operating leases at commencement. All of the Company's leases are classified as operating leases as of December 31, 2021. Operating lease cost is recognized in the Consolidated Statements of Income on a straight line basis over the lease terms. Variable lease costs are recognized in the period in which the obligation for those costs is incurred. |
Bank-Owned Life Insurance | The Company invests in bank-owned life insurance (“BOLI”). BOLI involves the purchase of life insurance policies by the Company on a chosen group of employees. The Company is the owner and beneficiary of the policies. The insurance and earnings thereon is used to offset a portion of future employee benefit costs. BOLI is carried at the cash surrender value of the underlying policies. Earnings from BOLI, as well as changes in cash surrender value, are recognized as non-interest income. |
Advertising Costs | The Company expenses advertising and promotion costs as incurred. |
Income Taxes | There are two components of income tax expense: current and deferred. Current income tax expense (benefit) approximates cash to be paid (refunded) for income taxes for the applicable period. Deferred income tax expense (benefit) results from differences between assets and liabilities measured for financial reporting and for income-tax return purposes. The Company records as a deferred tax asset on its Consolidated Statement of Financial Condition an amount equal to the tax credit and tax loss carry-forwards and tax deductions (tax benefits) that we believe will be available to us to offset or reduce the amounts of our income taxes in future periods. Under applicable federal and state income tax laws and regulations, such tax benefits will expire if not used within specified periods of time. Accordingly, the ability to fully utilize our deferred tax asset may depend on the amount of taxable income that we generate during those time periods. At least once each year, or more frequently, if warranted, we make estimates of future taxable income that we believe we are likely to generate during those future periods. If we conclude, on the basis of those estimates and the amount of the tax benefits available to us, that it is more likely than not that we will be able to fully utilize those tax benefits prior to their expiration, we recognize the deferred tax asset in full on our Consolidated Statement of Financial Condition. If, however, we conclude on the basis of those estimates and the amount of the tax benefits available to us that it has become more likely than not that we will be unable to utilize those tax benefits in full prior to their expiration, then we would establish (or increase any existing) a valuation allowance to reduce the deferred tax asset on our Consolidated Statement of Financial Condition to the amount which we believe we are more likely than not to be able to utilize. Such a reduction is implemented by recognizing a non-cash charge that would have the effect of increasing the provision, or reducing any benefit, for income taxes that we would otherwise have recorded in our Consolidated Statements of Income. The determination of whether and the extent to which we will be able to utilize our deferred tax asset involves management judgments and assumptions that are subject to period-to-period changes as a result of changes in tax laws, changes in the market, or economic conditions that could affect our operating results or variances between our actual operating results and our projected operating results, as well as other factors. When measuring the amount of current taxes to be paid (or refunded) management considers the merit of various tax treatments in the context of statutory, judicial and regulatory guidance. Management also considers results of recent tax audits and historical experience. While management considers the amount of income taxes payable (or receivable) to be appropriate based on information currently available, future additions or reductions to such amounts may be necessary due to unanticipated events or changes in circumstances. Management has not taken, and does not expect to take, any position in a tax return which it deems to be uncertain. The Company recognizes interest and penalties related to income tax matters in income tax expense. |
Post-Retirement Benefit Plans | The Company sponsors several post-retirement benefit plans for current and former employees. Contributions to the trustee of a multi-employer defined benefit pension plan are recorded as expense in the period of contribution. The Company made $6.2 million, $6.3 million and $6.3 million in pension plan contributions for the 2021, 2020 and 2019 plan years, respectively. Plan obligations and related expenses for other post retirement plans are calculated using actuarial methodologies. The measurement of such obligations and expenses requires management to make certain assumptions, in particular the discount rate, which is evaluated on an annual basis. Other factors include retirement patterns, mortality and turnover assumptions. The Company uses a December 31 measurement date for its post retirement benefit plans. FASB ASC 715 30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires the Company to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial condition and to recognize changes in that funded status in the year the changes occur through comprehensive income. |
Comprehensive Income | Comprehensive income includes net income and all other changes in equity during a period, except those resulting from investments by owners and distributions to owners. Other comprehensive income includes income, expenses, gains and losses that under generally accepted accounting principles are included in comprehensive income but excluded from net income. Other comprehensive income (loss) and accumulated other comprehensive income (loss) are reported net of deferred income taxes. Accumulated other comprehensive income for the Company includes unrealized holding gains or losses on available for sale securities, and actuarial gains or losses on the Company’s pension plans. FASB ASC 715‑30 “Compensation – Retirement Benefits – Defined Benefit Plans – Pension” requires employers to recognize the overfunded or underfunded status of a defined benefit postretirement plan as an asset or liability in its statement of financial position and to recognize changes in that funded status in the year the changes occur through comprehensive income. |
Stock-Based Compensation | Stock-based compensation is recorded in accordance with FASB ASC No. 718, “Accounting for Stock-Based Compensation” which requires the Company to record compensation cost for stock options and restricted stock granted to employees in return for employee service. The cost is measured at the fair value of the options and restricted stock when granted, and this cost is expensed over the employee service period, which is normally the vesting period of the options and restricted stock. Forfeitures of options and restricted stock result in a retirement of the related award and a reversal of the cost previously incurred. The Company's performance-based restricted stock units (“RSUs”) are subject to the achievement of the Company's corporate goals. The Company's stock-based compensation plans are further described in Note 12, Employee Benefit Plans. |
Variable Interest Entities | The consolidated financial statements include the accounts of certain variable interest entities (“VIEs”). The Company considers a voting rights entity to be a subsidiary and consolidates if the Company has a controlling financial interest in the entity. VIEs are consolidated if the Company has the power to direct the activities of the VIE that significantly impact financial performance and has the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE (i.e., the Company is the primary beneficiary). Investments in VIEs where the Company is not the primary beneficiary of a VIE are accounted for using the equity method of accounting. The determination of whether the Company is the primary beneficiary of a VIE is reassessed on an ongoing basis. The consolidation status may change as a result of these reassessments. These investments are included in Other Assets in the Company’s Consolidated Statements of Financial Condition. The maximum potential exposure to losses relative to investments in VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity, both funded and unfunded. Loans to these entities are underwritten in substantially the same manner as other loans and are generally secured. Additional disclosures regarding VIEs are further described in Note 17, Variable Interest Entities. |
Resell Agreements | The Company enters into short-term agreements for the purchase of government guaranteed loans with simultaneous agreements to resell (resell agreements). The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under resell agreements. The Company had $229.0 million and $154.8 million in resell agreements as of December 31, 2021 and December 31, 2020, respectively. The resell agreements were entered into at par, and earned $1.9 million in interest income for the year ended December 31, 2021. Interest income on resell agreements is reported on the "securities interest income" line of the Consolidated Statements of Income. |
Segment Information | Public companies are required to report certain financial information about significant revenue-producing segments of the business for which such information is available and utilized by the chief operating decision maker. Substantially all of our operations occur through the Bank and involve the delivery of loan and deposit products to customers. Management makes operating decisions and assesses performance based on an ongoing review of its banking operation, which constitutes our only operating segment for financial reporting purposes. We do not consider our trust and investment management business as a separate segment. |
Reclassifications | Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications had no impact to the Consolidated Statements of Income or the Consolidated Statements of Changes in Stockholders’ Equity. |
Risks and Uncertainties | The COVID-19 pandemic continues to create disruptions to the global economy and financial markets and to businesses and the lives of individuals throughout the world. The impact of the COVID-19 pandemic and its related variants is fluid and continues to evolve, adversely affecting many of our clients. Our business |
Recent Accounting Pronouncements | Accounting Standards Effective in 2021 and onward In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, “Financial Instruments – Credit Losses (Topic 326) – Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 significantly changes the impairment model for most financial assets that are measured at amortized cost and certain other instruments from an incurred loss model to an expected loss model and provides for recording credit losses on available for sale debt securities through an allowance account. ASU 2016-13 also requires certain incremental disclosures. In October 2019, the FASB voted to extend the adoption date for entities eligible to be smaller reporting companies, public business entities ("PBEs") that are not SEC filers, and entities that are not PBEs from January 1, 2020 to January 1, 2023. Based on the Company's election as an Emerging Growth Company under the Jumpstart Our Business Startups Act to use the extended transition period for complying with any new or revised financial accounting standards, the Company currently anticipates a January 1, 2023 adoption date. In preparation, the Company has performed work in assessing and enhancing the technology environment and related data needs and availability. Additionally, a Management Committee comprised of members from multiple departments has been established to monitor the Company's progress towards adoption. As adoption will require the implementation of significant changes to the existing credit loss estimation model and is dependent on the economic forecast, and given the length of time before our adoption date, evaluating the overall impact of the ASU on the Company's Consolidated Financial Statements is not yet determinable. On January 7, 2021, the FASB has issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope. The new guidance amends the scope of ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was aimed at easing the potential accounting burden expected when global capital markets move away from the London Interbank Offered Rate ("LIBOR") (the benchmark interest rate banks use to make short-term loans to each other) and provided temporary, optional expedients and exceptions for applying accounting guidance to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. As the majority of the Company's securities tied to LIBOR are expected to transition to the Secured Overnight Financing Rate ("SOFR") or pay off before the transition date and given that the Company does not have a substantial amount of commercial loans or any derivative transactions tied to LIBOR, the Adoption of ASU 2021-01 is not expected to have a material impact on the Company's operating results or financial condition. |
Fair Value of Financial Instruments | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assumptions are developed based on prioritizing information within a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. A description of the disclosure hierarchy and the types of financial instruments recorded at fair value that management believes would generally qualify for each category are as follows: Level 1 - Valuations are based on quoted prices in active markets for identical assets or liabilities. Accordingly, valuation of these assets and liabilities does not entail a significant degree of judgment. Examples include most U.S. Government securities and exchange-traded equity securities. Level 2 - Valuations are based on either quoted prices in markets that are not considered to be active or significant inputs to the methodology that are observable, either directly or indirectly. Financial instruments in this level would generally include mortgage-related securities and other debt issued by GSEs, non-GSE mortgage-related securities, corporate debt, certain redeemable fund investments and certain trust preferred securities. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule Other Comprehensive Income (Loss) | Other comprehensive income (loss) components and related income tax effects were as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Change in total obligation for postretirement benefits and for prior service credit and for other benefits $ (63) $ 362 $ (183) Income tax effect 17 (99) 57 Net change in total obligation for postretirement benefits and prior service credit and for other benefits (46) 263 (126) Unrealized holding gains (losses) on available for sale securities $ (15,438) $ 20,374 $ 21,309 Reclassification adjustment for losses (gains) realized in income (654) (1,604) (86) Change in unrealized gains (losses) on available for sale securities (16,092) 18,770 21,223 Income tax effect 4,371 (5,082) (5,882) Net change in unrealized gains (losses) on available for sale securities (11,721) 13,688 15,341 Total $ (11,767) $ 13,951 $ 15,215 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following is a summary of the accumulated other comprehensive income (loss) balances, net of income taxes: Balance as of January 1, Current Income Tax Balance as of December 31, 2021 (In thousands) Unrealized gains (losses) on benefits plans $ (2,056) $ (63) $ 17 $ (2,102) Unrealized gains (losses) on available for sale securities 19,232 (16,092) 4,371 7,511 Total $ 17,176 $ (16,155) $ 4,388 $ 5,409 Balance as of January 1, 2020 Current Income Tax Balance as of December 31, 2020 (In thousands) Unrealized gains (losses) on benefits plans $ (2,319) $ 362 $ (99) $ (2,056) Unrealized gains (losses) on available for sale securities 5,544 18,770 (5,082) 19,232 Total $ 3,225 $ 19,132 $ (5,181) $ 17,176 |
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following represents the reclassifications out of accumulated other comprehensive income (loss): Year Ended December 31, Affected Line Item in the Consolidated Statements of Income 2021 2020 2019 (In thousands) Realized gains (losses) on sale of available for sale securities $ 649 $ 1,605 $ 83 Gain (loss) on sale of investment securities available for sale, net Recognized gains (losses) on OTTI securities 5 (1) 3 Non-Interest Income - other Income tax expense (benefit) 180 438 24 Income tax expense (benefit) Total reclassifications, net of income tax $ 474 $ 1,166 $ 62 Prior service credit on pension plans and other postretirement benefits $ 29 $ 28 $ 29 Compensation and employee benefits Income tax expense (benefit) (8) (8) (8) Income tax expense (benefit) Total reclassifications, net of income tax $ 21 $ 20 $ 21 Total reclassifications, net of income tax $ 495 $ 1,186 $ 83 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available for Sale Securities | The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2021 are as follows: December 31, 2021 (In thousands) Amortized Gross Gross Fair Available for sale: Mortgage-related: GSE residential certificates $ 3,838 $ 129 $ — $ 3,967 GSE residential CMOs 460,571 5,697 (2,385) 463,883 GSE commercial certificates & CMO 364,274 6,855 (765) 370,364 Non-GSE residential certificates 66,756 29 (646) 66,139 Non-GSE commercial certificates 81,705 12 (616) 81,101 977,144 12,722 (4,412) 985,454 Other debt: U.S. Treasury 200 — — 200 ABS 988,061 3,351 (2,224) 989,188 Trust preferred 14,631 — (484) 14,147 Corporate 123,013 1,681 (273) 124,421 1,125,905 5,032 (2,981) 1,127,956 Total available for sale $ 2,103,049 $ 17,754 $ (7,393) $ 2,113,410 Held to maturity: Mortgage-related: GSE commercial certificates $ 30,742 $ — $ (489) $ 30,253 GSE residential certificates 442 19 — 461 Non GSE commercial certificates 10,333 13 (288) 10,058 Non GSE residential certificates 10,796 5 — 10,801 52,313 37 (777) 51,573 Other debt: ABS 75,800 1 (50) 75,751 PACE Assessments 627,394 5,933 — 633,327 Municipal 84,962 2,045 (1,056) 85,951 Other 3,100 2 — 3,102 791,256 7,981 (1,106) 798,131 Total held to maturity $ 843,569 $ 8,018 $ (1,883) $ 849,704 The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2020 are as follows: December 31, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Mortgage-related: GSE residential certificates $ 12,977 $ 322 $ — $ 13,299 GSE CMOs 353,783 12,690 (52) 366,421 GSE commercial certificates & CMO 421,488 11,548 (422) 432,614 Non-GSE residential certificates 33,120 281 (17) 33,384 Non-GSE commercial certificates 45,179 112 (323) 44,968 866,547 24,953 (814) 890,686 Other debt: U.S. Treasury 200 3 — 203 ABS 595,062 4,356 (1,872) 597,546 Trust preferred 14,627 — (854) 13,773 Corporate 36,973 683 (2) 37,654 646,862 5,042 (2,728) 649,176 Total available for sale 1,513,409 29,995 (3,542) 1,539,862 Held to maturity: Mortgage-related: GSE residential certificates $ 611 $ 38 $ — $ 649 Non GSE commercial certificates 212 15 — 227 823 53 — 876 Other debt: PACE Assessments 421,036 4,870 — 425,906 Municipal 67,490 3,019 — 70,509 Other 5,100 34 — 5,134 493,626 7,923 — 501,549 Total held to maturity $ 494,449 $ 7,976 $ — $ 502,425 |
Schedule of Amortized Cost and Fair Value of Held to Maturity Securities | The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2021 are as follows: December 31, 2021 (In thousands) Amortized Gross Gross Fair Available for sale: Mortgage-related: GSE residential certificates $ 3,838 $ 129 $ — $ 3,967 GSE residential CMOs 460,571 5,697 (2,385) 463,883 GSE commercial certificates & CMO 364,274 6,855 (765) 370,364 Non-GSE residential certificates 66,756 29 (646) 66,139 Non-GSE commercial certificates 81,705 12 (616) 81,101 977,144 12,722 (4,412) 985,454 Other debt: U.S. Treasury 200 — — 200 ABS 988,061 3,351 (2,224) 989,188 Trust preferred 14,631 — (484) 14,147 Corporate 123,013 1,681 (273) 124,421 1,125,905 5,032 (2,981) 1,127,956 Total available for sale $ 2,103,049 $ 17,754 $ (7,393) $ 2,113,410 Held to maturity: Mortgage-related: GSE commercial certificates $ 30,742 $ — $ (489) $ 30,253 GSE residential certificates 442 19 — 461 Non GSE commercial certificates 10,333 13 (288) 10,058 Non GSE residential certificates 10,796 5 — 10,801 52,313 37 (777) 51,573 Other debt: ABS 75,800 1 (50) 75,751 PACE Assessments 627,394 5,933 — 633,327 Municipal 84,962 2,045 (1,056) 85,951 Other 3,100 2 — 3,102 791,256 7,981 (1,106) 798,131 Total held to maturity $ 843,569 $ 8,018 $ (1,883) $ 849,704 The amortized cost and fair value of investment securities available for sale and held to maturity as of December 31, 2020 are as follows: December 31, 2020 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Mortgage-related: GSE residential certificates $ 12,977 $ 322 $ — $ 13,299 GSE CMOs 353,783 12,690 (52) 366,421 GSE commercial certificates & CMO 421,488 11,548 (422) 432,614 Non-GSE residential certificates 33,120 281 (17) 33,384 Non-GSE commercial certificates 45,179 112 (323) 44,968 866,547 24,953 (814) 890,686 Other debt: U.S. Treasury 200 3 — 203 ABS 595,062 4,356 (1,872) 597,546 Trust preferred 14,627 — (854) 13,773 Corporate 36,973 683 (2) 37,654 646,862 5,042 (2,728) 649,176 Total available for sale 1,513,409 29,995 (3,542) 1,539,862 Held to maturity: Mortgage-related: GSE residential certificates $ 611 $ 38 $ — $ 649 Non GSE commercial certificates 212 15 — 227 823 53 — 876 Other debt: PACE Assessments 421,036 4,870 — 425,906 Municipal 67,490 3,019 — 70,509 Other 5,100 34 — 5,134 493,626 7,923 — 501,549 Total held to maturity $ 494,449 $ 7,976 $ — $ 502,425 |
Schedule of Investments by Contractual Maturity | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty: Available for Sale Held to Maturity (In thousands) Amortized Fair Value Amortized Fair Value Due within one year $ 200 $ 200 $ 1,100 $ 1,101 Due after one year through five years 43,043 43,285 2,000 2,002 Due after five years through ten years 403,620 404,342 — — Due after ten years 679,042 680,129 788,156 795,028 $ 1,125,905 $ 1,127,956 $ 791,256 $ 798,131 |
Schedule of Proceeds Received and Gains (Losses) on Sale of Available for Sale Securities | Year Ended December 31, (In thousands) 2021 2020 2019 Proceeds $ 111,274 $ 94,698 $ 245,260 Realized gains $ 1,057 $ 2,111 $ 1,912 Realized losses (408) (506) (1,829) Net realized gains (losses) $ 649 $ 1,605 $ 83 |
Schedule of Unrealized Losses | The following summarizes the fair value and unrealized losses for those available for sale and held to maturity securities as of December 31, 2021 and December 31, 2020, respectively, segregated between securities that have been in an unrealized loss position for less than twelve months and those that have been in a continuous unrealized loss position for twelve months or longer at the respective dates: December 31, 2021 Less Than Twelve Months Twelve Months or Longer Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Available for sale: Mortgage-related: GSE residential CMOs $ 222,825 $ (2,385) $ — $ — $ 222,825 $ (2,385) GSE commercial certificates & CMO 28,695 (271) 159,681 (494) 188,376 (765) Non-GSE residential certificates 55,284 (646) — — 55,284 (646) Non-GSE commercial certificates 42,530 (247) 23,124 (369) 65,654 (616) Other debt: ABS 374,241 (1,903) 71,746 (321) 445,987 (2,224) Trust preferred — — 14,147 (484) 14,147 (484) Corporate 48,743 (273) — — 48,743 (273) Total available for sale $ 772,318 $ (5,725) $ 268,698 $ (1,668) $ 1,041,016 $ (7,393) Held to maturity: Mortgage-related: GSE commercial certificates $ 30,253 $ (489) $ — $ — $ — $ 30,253 $ (489) Non GSE commercial certificates 9,857 (288) — — — 9,857 (288) Other debt: ABS 26,951 (50) — — 26,951 (50) Municipal 38,468 (852) 3,876 (204) 42,344 (1,056) Total held to maturity $ 105,529 $ (1,679) $ 3,876 $ (204) $ 109,405 $ (1,883) December 31, 2020 Less Than Twelve Months Twelve Months or Longer Total (In thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Mortgage-related: GSE residential CMOs $ 31,106 $ (35) $ 12,910 $ (17) $ 44,016 $ (52) GSE commercial certificates & CMO 116,667 (287) 75,126 (135) 191,793 (422) Non-GSE residential certificates 2,138 (9) 3,077 (8) 5,215 (17) Non-GSE commercial certificates 47 — 29,207 (323) 29,254 (323) Other debt: ABS 3,010 (1) 298,410 (1,871) 301,420 (1,872) Trust preferred — — 13,773 (854) 13,773 (854) Corporate 6,998 (2) — — 6,998 (2) Total available for sale $ 159,966 $ (334) $ 432,503 $ (3,208) $ 592,469 $ (3,542) |
LOANS RECEIVABLE, NET (Tables)
LOANS RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | Loans receivable are summarized as follows: December 31, December 31, (In thousands) Commercial and industrial $ 729,385 $ 677,192 Multifamily 821,801 947,177 Commercial real estate 369,429 372,736 Construction and land development 31,539 56,087 Total commercial portfolio 1,952,154 2,053,192 Residential real estate lending 1,063,682 1,238,697 Consumer and other 291,818 190,676 Total retail portfolio 1,355,500 1,429,373 Total loans receivable 3,307,654 3,482,565 Net deferred loan origination costs (fees) 4,570 6,330 Total loans receivable, net of deferred loan origination costs (fees) 3,312,224 3,488,895 Allowance for loan losses (35,866) (41,589) Total loans receivable, net $ 3,276,358 $ 3,447,306 |
Schedule of Quality of Bank's Loans | The following table presents information regarding the quality of the Company’s loans as of December 31, 2021: 30-89 Days Non- 90 Days or Total Past Current Current Total Loans (In thousands) Commercial and industrial $ — $ 8,313 $ — $ 8,313 $ — $ 721,072 $ 729,385 Multifamily 13,537 2,907 — 16,444 — 805,357 821,801 Commercial real estate 21,599 4,054 — 25,653 — 343,776 369,429 Construction and land development 26,482 — — 26,482 — 5,057 31,539 Total commercial portfolio 61,618 15,274 — 76,892 — 1,875,262 1,952,154 Residential real estate lending 4,811 12,525 — 17,336 — 1,046,346 1,063,682 Consumer and other 1,590 420 — 2,010 — 289,808 291,818 Total retail portfolio 6,401 12,945 — 19,346 — 1,336,154 1,355,500 $ 68,019 $ 28,219 $ — $ 96,238 $ — $ 3,211,416 $ 3,307,654 The following table presents information regarding the quality of the Company’s loans as of December 31, 2020: 30-89 Days Past Due Non- Accrual 90 Days or More Delinquent and Still Accruing Interest Total Past Due Current and Not Accruing Interest Current Total Loans Receivable (In thousands) Commercial and industrial $ — $ 12,444 $ 1,404 $ 13,848 $ — $ 663,344 $ 677,192 Multifamily 3,590 9,575 — 13,165 — 934,012 947,177 Commercial real estate 10,574 3,433 — 14,007 — 358,729 372,736 Construction and land development 9,974 11,184 — 21,158 — 34,929 56,087 Total commercial portfolio 24,138 36,636 1,404 62,178 — 1,991,014 2,053,192 Residential real estate lending 19,526 23,280 — 42,806 376 1,195,515 1,238,697 Consumer and other 1,015 632 — 1,647 — 189,029 190,676 Total retail portfolio 20,541 23,912 — 44,453 376 1,384,544 1,429,373 $ 44,679 $ 60,548 $ 1,404 $ 106,631 $ 376 $ 3,375,558 $ 3,482,565 |
Schedule of Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of December 31, 2021 and December 31, 2020: December 31, 2021 December 31, 2020 (In thousands) Accruing Non- Accrual Total Accruing Non- Total Commercial and industrial $ 4,052 $ 8,313 $ 12,365 $ 1,648 $ 12,116 $ 13,764 Commercial real estate — 3,166 3,166 — 3,433 3,433 Construction and land development 7,476 — 7,476 — 2,682 2,682 Residential real estate lending 13,469 2,018 15,487 17,905 2,654 20,559 $ 24,997 $ 13,497 $ 38,494 $ 19,553 $ 20,885 $ 40,438 The financial effects of TDRs granted for the year ended December 31, 2021 are as: Weighted Average Interest Rate (In thousands) Number Recorded Pre-Modification Post-Modification Charge-off Commercial and industrial 1 $ 2,536 6.50 % 4.00 % $ — Construction and land development 2 7,477 4.30 % 4.30 % — 3 $ 10,013 4.86 % 4.22 % $ — The financial effects of TDRs granted for the year ended December 31, 2020 are as: Weighted Average Interest Rate (In thousands) Number Recorded Pre-Modification Post-Modification Charge-off Commercial and industrial 4 $ 2,109 5.76 % 5.76 % $ — Residential real estate lending 3 992 5.92 % 3.96 % $ 18 7 $ 3,101 5.81 % 5.18 % $ 18 |
Schedule of Loans by Credit Quality Indicator | The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2021: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 693,312 $ 10,165 $ 25,908 $ — $ 729,385 Multifamily 721,869 48,804 51,128 — 821,801 Commercial real estate 295,261 13,947 60,221 — 369,429 Construction and land development 24,063 — 7,476 — 31,539 Residential real estate lending 1,050,865 292 12,525 — 1,063,682 Consumer and other 291,398 — 420 — 291,818 Total loans $ 3,076,768 $ 73,208 $ 157,678 $ — $ 3,307,654 The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2020: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 627,553 $ 16,407 $ 32,770 $ 462 $ 677,192 Multifamily 775,605 138,090 33,482 — 947,177 Commercial real estate 276,712 41,420 54,604 — 372,736 Construction and land development 28,967 15,936 11,184 — 56,087 Residential real estate lending 1,215,417 — 23,280 — 1,238,697 Consumer and other 190,044 — 632 — 190,676 Total loans $ 3,114,298 $ 211,853 $ 155,952 $ 462 $ 3,482,565 |
Schedule of Method for Evaluating Impairment and Allowance for Credit Loss Activity | The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of December 31, 2021: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Loans: Individually evaluated for impairment $ 12,785 $ 2,907 $ 4,054 $ 7,476 $ 25,994 $ — $ 53,216 Collectively evaluated for impairment 716,600 818,894 365,375 24,063 1,037,688 291,818 3,254,438 Total loans $ 729,385 $ 821,801 $ 369,429 $ 31,539 $ 1,063,682 $ 291,818 $ 3,307,654 Allowance for loan losses: Individually evaluated for impairment $ 4,350 $ — $ — $ — $ 755 $ — $ 5,105 Collectively evaluated for impairment 6,302 4,760 7,273 405 8,253 3,768 30,761 Total allowance for loan losses $ 10,652 $ 4,760 $ 7,273 $ 405 $ 9,008 $ 3,768 $ 35,866 The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of December 31, 2020: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Loans: Individually evaluated for impairment $ 14,706 $ 9,575 $ 3,433 $ 11,184 $ 41,579 $ — $ 80,477 Collectively evaluated for impairment 662,486 937,602 369,303 44,903 1,197,118 190,676 3,402,088 Total loans $ 677,192 $ 947,177 $ 372,736 $ 56,087 $ 1,238,697 $ 190,676 $ 3,482,565 Allowance for loan losses: Individually evaluated for impairment $ 3,118 $ 1,933 $ — $ — $ 1,187 $ — $ 6,238 Collectively evaluated for impairment 5,947 8,391 6,213 2,077 11,143 1,580 35,351 Total allowance for loan losses $ 9,065 $ 10,324 $ 6,213 $ 2,077 $ 12,330 $ 1,580 $ 41,589 The activities in the allowance by portfolio for the year ended December 31, 2021 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 9,065 $ 10,324 $ 6,213 $ 2,077 $ 12,330 $ 1,580 $ 41,589 Provision for (recovery of) loan losses 2,179 (1,483) 1,374 (1,675) (5,409) 4,727 (287) Charge-offs (813) (4,081) (314) — (1,081) (2,699) (8,988) Recoveries 221 — — 3 3,168 160 3,552 Ending Balance $ 10,652 $ 4,760 $ 7,273 $ 405 $ 9,008 $ 3,768 $ 35,866 The activities in the allowance by portfolio for the year ended December 31, 2020 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 11,126 $ 5,210 $ 2,492 $ 808 $ 14,149 $ 62 $ 33,847 Provision for (recovery of) loan losses 9,175 5,114 7,508 2,238 (2,302) 3,058 24,791 Charge-offs (11,293) — (3,787) (970) (492) (1,691) (18,233) Recoveries 57 — — 1 975 151 1,184 Ending Balance $ 9,065 $ 10,324 $ 6,213 $ 2,077 $ 12,330 $ 1,580 $ 41,589 The activities in the allowance by portfolio for the year ended December 31, 2019 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer and Other Total Allowance for loan losses: Beginning balance $ 16,046 $ 4,736 $ 2,573 $ 1,089 $ 11,987 $ 764 $ 37,195 Provision for (recovery of) loan losses 2,620 474 (81) (281) 1,251 (146) 3,837 Charge-offs (9,236) — — — (683) (710) (10,629) Recoveries 1,696 — — — 1,594 154 3,444 Ending Balance $ 11,126 0 $ 5,210 0 $ 2,492 0 $ 808 0 $ 14,149 0 $ 62 $ 33,847 |
Schedule of Additional Information for Individually Impaired Loans and Allowances | The following is additional information regarding the Company’s individually impaired loans and the allowance related to such loans as of and for the year ended December 31, 2021 and December 31, 2020: December 31, 2021 (In thousands) Recorded Average Unpaid Related Loans without a related allowance: Residential real estate lending $ 10,507 $ 15,666 $ 11,896 $ — Construction and land development 7,476 9,330 7,476 — Commercial real estate 4,054 3,744 4,953 — 22,037 28,740 24,325 — Loans with a related allowance: Residential real estate lending 15,487 18,120 19,306 755 Multifamily 2,907 6,241 8,024 — Commercial and industrial 12,785 13,746 13,207 4,350 31,179 38,107 40,537 5,105 Total individually impaired loans: Residential real estate lending 25,994 33,786 31,202 755 Multifamily 2,907 6,241 8,024 — Construction and land development 7,476 9,330 7,476 — Commercial real estate 4,054 3,744 4,953 — Commercial and industrial 12,785 13,746 13,207 4,350 $ 53,216 $ 66,847 $ 64,862 $ 5,105 December 31, 2020 (In thousands) Recorded Investment Average Recorded Investment Unpaid Principal Balance Related Allowance Loans without a related allowance: Residential real estate lending $ 20,824 $ 12,660 $ 20,898 $ — Construction and land development 11,184 7,418 12,204 — Commercial real estate 3,433 6,120 4,023 — 35,441 26,198 37,125 — Loans with a related allowance: Residential real estate lending 20,755 22,151 24,680 1,187 Multifamily 9,575 4,788 9,589 1,933 Commercial and industrial 14,706 19,788 27,210 3,118 45,036 46,727 61,479 6,238 Total individually impaired loans: Residential real estate lending 41,579 34,811 45,578 1,187 Multifamily 9,575 4,788 9,589 1,933 Construction and land development 11,184 7,418 12,204 — Commercial real estate 3,433 6,120 4,023 — Commercial and industrial 14,706 19,788 27,210 3,118 $ 80,477 $ 72,925 $ 98,604 $ 6,238 December 31, 2019 (In thousands) Recorded Average Unpaid Related Loans without a related allowance: Residential real estate lending $ 4,496 $ 4,397 $ 4,558 $ — Construction and land development 3,652 3,652 3,702 — Commercial real estate 8,807 11,921 9,137 — 16,955 19,970 17,397 — Loans with a related allowance: Residential real estate lending 23,547 25,206 27,288 1,325 Commercial and industrial 24,870 18,512 29,534 6,144 48,417 43,718 56,822 7,469 Total individually impaired loans: Residential real estate lending 28,043 29,603 31,846 1,325 Construction and land development 3,652 3,652 3,702 — Commercial real estate 8,807 11,921 9,137 — Commercial and industrial 24,870 18,512 29,534 6,144 $ 65,372 $ 63,688 $ 74,219 $ 7,469 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment are summarized as follows: December 31, 2021 2020 (In thousands) Buildings, premises and improvements $ 29,935 $ 33,280 Furniture, fixtures and equipment 7,020 5,856 Projects in process — 550 36,955 39,686 Accumulated depreciation and amortization (25,220) (26,709) $ 11,735 $ 12,977 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statistical Disclosure for Banks [Abstract] | |
Schedule of Deposits | Deposits are summarized as follows: December 31, 2021 December 31, 2020 Amount Weighted Average Rate Amount Weighted Average Rate (In thousands) Non-interest bearing demand deposit accounts $ 3,335,005 0.00 % $ 2,603,274 0.00 % NOW accounts 210,844 0.08 % 205,653 0.06 % Money market deposit accounts 2,227,953 0.12 % 1,914,391 0.13 % Savings accounts 375,301 0.11 % 343,368 0.12 % Time deposits 207,152 0.32 % 272,025 0.86 % $ 6,356,255 0.06 % $ 5,338,711 0.10 % |
Schedule of Maturities of Time Deposits | Scheduled maturities of time deposits as of December 31, 2021 are as follows: (In thousands) 2022 $ 182,654 2023 12,268 2024 6,516 2025 3,933 2026 1,781 $ 207,152 |
REGULATORY CAPITAL (Tables)
REGULATORY CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Capital [Abstract] | |
Schedule of Bank's Capital and Ratio Amounts | The Company’s actual capital amounts and ratios are presented in the following table: Actual For Capital Adequacy Purposes (1) (In thousands) Amount Ratio Amount Ratio December 31, 2021 Total capital to risk weighted assets 656,719 15.95 % 329,471 8.00 % Tier 1 capital to risk weighted assets 534,381 12.98 % 247,103 6.00 % Tier 1 capital to average assets 534,381 7.62 % 280,454 4.00 % Common equity tier 1 to risk weighted assets 534,381 12.98 % 185,327 4.50 % (1) Amounts are shown exclusive of the applicable capital conservation buffer of 2.50%. The Bank’s actual capital amounts and ratios are presented in the following table: Actual For Capital Adequacy Purposes (1) To Be Considered (In thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2021 Total capital to risk weighted assets $ 613,030 14.89 % $ 329,376 8.00 % $ 411,720 10.00 % Tier 1 capital to risk weighted assets 575,692 13.98 % 247,032 6.00 % 329,376 8.00 % Tier 1 capital to average assets 575,692 8.21 % 164,688 4.00 % 205,860 5.00 % Common equity tier 1 to risk weighted assets 575,692 13.98 % 185,274 4.50 % 267,618 6.50 % December 31, 2020 Total capital to risk weighted assets $ 534,684 14.25 % $ 300,199 8.00 % $ 375,249 10.00 % Tier 1 capital to risk weighted assets 491,913 13.11 % 225,149 6.00 % 300,199 8.00 % Tier 1 capital to average assets 491,913 7.97 % 246,904 4.00 % 308,630 5.00 % Common equity tier 1 to risk weighted assets 491,913 13.11 % 168,862 4.50 % 243,912 6.50 % (1) Amounts are shown exclusive of the applicable capital conservation buffer of 2.50%. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes for the years ended December 31, 2021, 2020, and 2019 are as follows: Year Ended December 31, (In thousands) 2021 2020 2019 Current: Federal $ 9,349 $ 15,010 $ 10,656 State and local 1,389 1,152 1,287 10,738 16,162 11,943 Deferred: Federal 4,409 (3,497) 1,880 State and local 2,641 3,090 3,149 7,050 (407) 5,029 Total income tax provision $ 17,788 $ 15,755 $ 16,972 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the expected income tax expense at the statutory federal income tax rate of 21% to the Company’s actual income tax benefit and effective tax rate for the years ended December 31, 2021, 2020, and 2019 and is as follows: Year Ended December 31, 2021 2020 2019 (In thousands) Amount % Amount % Amount % Tax expense at federal income tax rate $ 14,852 21.00 % $ 13,008 21.00 % $ 13,476 21.00 % Increase (decrease) resulting from: Tax exempt income (317) -0.45 % (862) -1.39 % (423) -0.66 % Change in DTA rate (199) -0.28 % 333 0.54 % (186) -0.29 % State tax, net of federal benefit 3,184 4.50 % 3,551 5.73 % 4,030 6.28 % Stock options windfall (94) -0.13 % (3) -0.01 % (68) -0.11 % Other 362 0.51 % (272) -0.44 % 143 0.23 % Total $ 17,788 25.15 % $ 15,755 25.43 % $ 16,972 26.45 % |
Schedule of Net Deferred Tax Assets and Liabilities | The significant components of the net deferred tax assets and liabilities as of December 31, 2021 and 2020, are as follows: December 31, 2021 2020 (In thousands) Deferred tax assets: Excess tax basis over carrying value of assets: Allowance for loan losses $ 16,300 $ 16,644 Nonaccrual interest income 389 689 Postretirement and other employee benefits 242 436 Depreciation and amortization 1,123 1,657 Operating leases 13,250 14,515 Federal, state and local net operating loss carryforward 7,285 9,270 Other, net 3,258 2,723 Gross deferred tax asset 41,847 45,934 Deferred tax liabilities: Available for sale securities carried at fair value for financial statement purposes (2,850) (7,221) Purchase accounting adjustments, net (874) (966) Operating leases (10,142) (9,855) Net deferred loan fees (1,262) — Gross deferred tax liabilities (15,128) (18,042) Deferred tax asset, net $ 26,719 $ 27,892 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Factors Used in Earnings Per Share Calculation | Following is a table setting forth the factors used in the earnings per share computation follow: Year Ended 2021 2020 2019 (In thousands, except per share amounts) Net income attributable to Amalgamated Financial Corp. $ 52,937 $ 46,188 $ 47,202 Dividends paid on preferred stock (22) (22) (22) Income attributable to common stock $ 52,915 $ 46,166 $ 47,180 Weighted average common shares outstanding, basic 31,104 31,133 31,733 Basic earnings per common share $ 1.70 $ 1.48 $ 1.49 Income attributable to common stock $ 52,915 $ 46,166 $ 47,180 Weighted average common shares outstanding, basic 31,104 31,133 31,733 Incremental shares from assumed conversion of options and RSUs 408 96 472 Weighted average common shares outstanding, diluted 31,512 31,229 32,205 Diluted earnings per common share $ 1.68 $ 1.48 $ 1.47 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Employer Contributions | The following table summarizes certain information regarding contributions made by the Company to the CRF: (In thousands) Contributions Company contributions greater than 5% of total contributions received by the CRF? Year Ended December 31, 2021 $ 6,193 Yes 2020 6,278 Yes 2019 6,254 Yes |
Schedule of Changes in Benefit Obligations and Plan Assets | The following table summarizes the plans’ benefit obligation, the changes in the plans’ benefit obligation, changes in plan assets and the plan’s funded status: Year Ended December 31, (In thousands) 2021 2020 Change in benefit obligation: Benefit obligation at beginning of year $ 4,094 $ 4,527 Service cost — — Interest cost 58 118 Amendments — — Actuarial loss (gain) (16) (71) Benefits paid (478) (480) Benefit obligation at end of year 3,658 4,094 Change in plan assets: Employer contributions 478 480 Benefits paid (478) (480) Plan assets at end of year — — Benefit obligation, included in other liabilities $ 3,658 $ 4,094 |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | (In thousands) 2021 2020 2019 Net actuarial loss $ 3,235 $ 3,200 $ 3,591 Prior service credit (320) (349) (378) Total amount recognized $ 2,915 $ 2,851 $ 3,213 |
Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income | The following table summarizes the components of net periodic benefit cost and other amounts recognized in other comprehensive income: (In thousands) 2021 2020 2019 Components of net periodic benefit cost: Service cost $ — $ — $ — Interest cost 58 118 165 Prior service credit amortization (29) (29) (29) Prior service credit due to curtailments — — — Recognized actuarial (gain) loss 400 320 219 Net periodic benefit $ 429 $ 409 $ 355 Components of other amounts: Net regular actuarial (gain) loss $ (16) $ 379 $ 373 Recognized actuarial gain (loss) (400) (320) (219) Prior service credit amortization 29 29 29 Prior service credit due to curtailments 450 (450) — Prior service credit due to amendment — — — Total recognized in other comprehensive income $ 63 $ (362) $ 183 Total recognized in comprehensive income $ 492 $ 47 $ 538 |
Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income | The following table summarizes the components of net periodic benefit cost and other amounts recognized in other comprehensive income: (In thousands) 2021 2020 2019 Components of net periodic benefit cost: Service cost $ — $ — $ — Interest cost 58 118 165 Prior service credit amortization (29) (29) (29) Prior service credit due to curtailments — — — Recognized actuarial (gain) loss 400 320 219 Net periodic benefit $ 429 $ 409 $ 355 Components of other amounts: Net regular actuarial (gain) loss $ (16) $ 379 $ 373 Recognized actuarial gain (loss) (400) (320) (219) Prior service credit amortization 29 29 29 Prior service credit due to curtailments 450 (450) — Prior service credit due to amendment — — — Total recognized in other comprehensive income $ 63 $ (362) $ 183 Total recognized in comprehensive income $ 492 $ 47 $ 538 |
Assumptions Used to Measure Plans' Benefit Obligation and Net Periodic Benefit Expense | The following table summarizes certain weighted average assumptions used to measure the plans’ obligation at the end of the year as well as net periodic benefit expense during the year: 2021 2020 2019 Weighted average assumptions used to determine benefit obligations: Discount rate 2.07 % 1.50 % 2.77 % Weighted average assumptions used to determine net periodic benefit cost: Discount rate 1.66 % 3.13 % 3.92 % |
Schedule of Stock Option Activity | A summary of the status of the Company’s options as of December 31, 2021 follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (in thousands) Outstanding, December 31, 2020 1,978,560 $ 13.03 4.2 years Granted — — — Forfeited/ Expired (182,180) 12.69 — Exercised (1,094,480) 12.92 — Outstanding, December 31, 2021 701,900 13.29 4.1 years $ 2,441 Vested and Exercisable, December 31, 2021 701,900 $ 13.29 4.1 years $ 2,441 |
Schedule of Restricted Stock Unit Activity | A summary of the status of the Company’s employee RSUs as of December 31, 2021 follows: Shares Grant Date Fair Value Unvested, December 31, 2020 290,637 $ 15.99 Awarded 260,355 15.81 Forfeited (70,080) 12.93 Vested (81,005) 15.46 Unvested, December 31, 2021 399,907 $ 16.52 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring Basis | The following summarizes those financial instruments measured at fair value in the Consolidated Statements of Financial Condition categorized by the relevant class of investment and level of the fair value hierarchy: December 31, 2021 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential certificates $ — $ 3,967 $ — $ 3,967 GSE residential CMOs — 463,883 — 463,883 GSE commercial certificates & CMO — 370,364 — 370,364 Non-GSE residential certificates — 66,139 — 66,139 Non-GSE commercial certificates — 81,101 — 81,101 Other debt: U.S. Treasury 200 — — 200 ABS — 989,188 — 989,188 Trust preferred — 14,147 — 14,147 Corporate — 124,421 — 124,421 Total assets carried at fair value $ 200 $ 2,113,210 $ — $ 2,113,410 December 31, 2020 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential certificates $ — $ 13,299 $ — $ 13,299 GSE residential CMOs — 366,421 — 366,421 GSE commercial certificates & CMO — 432,614 — 432,614 Non-GSE residential certificates — 33,384 — 33,384 Non-GSE commercial certificates — 44,968 — 44,968 Other Debt: U.S. Treasury 203 — — 203 ABS — 597,546 — 597,546 Trust preferred — 13,773 — 13,773 Corporate — 37,654 — 37,654 Total assets carried at fair value $ 203 $ 1,539,659 $ — $ 1,539,862 |
Schedule of Assets Measured on Nonrecurring Basis | The following tables summarize assets measured at fair value on a non-recurring basis: December 31, 2021 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 48,111 $ — $ — $ 48,111 $ 48,111 Other real estate owned 307 — — 335 335 $ 48,418 $ — $ — $ 48,446 $ 48,446 December 31, 2020 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 67,433 $ — $ — $ 67,433 $ 67,433 Other real estate owned $ 307 $ — $ — $ 303 $ 303 $ 67,740 $ — $ — $ 67,736 $ 67,736 |
Schedule of Basis and Estimated Fair Values of Financial Instruments | The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments: December 31, 2021 Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value (In thousands) Financial assets: Cash and cash equivalents $ 330,485 $ 330,485 $ — $ — $ 330,485 Available for sale securities 2,113,410 200 2,113,210 — 2,113,410 Held to maturity securities 843,569 — 216,377 633,327 849,704 Loans held for sale 3,279 — — 3,279 3,279 Loans receivable, net 3,276,358 — — 3,291,377 3,291,377 Resell agreements 229,018 — — 229,018 229,018 Accrued interest and dividends receivable 28,820 — 28,820 — 28,820 Financial liabilities: Deposits payable on demand 6,149,103 — 6,149,103 — 6,149,103 Time deposits 207,152 — 207,369 — 207,369 Subordinated Debt 83,831 — 85,000 — 85,000 Accrued interest payable 569 — 569 — 569 December 31, 2020 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 38,769 $ 38,769 $ — $ — $ 38,769 Available for sale securities 1,513,409 203 1,539,659 — 1,539,862 Held to maturity securities 494,449 — 76,519 425,906 502,425 Loans held for sale 11,178 — — 11,178 11,178 Loans receivable, net 3,447,306 — — 3,566,742 3,566,742 Resell agreements 154,779 — — 154,779 154,779 Accrued interest and dividends receivable 23,970 — 23,970 — 23,970 Financial liabilities: Deposits payable on demand 5,066,687 — 5,066,687 — 5,066,687 Time deposits 272,025 — 272,451 — 272,451 Accrued interest payable 386 — 386 — 386 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Financial Instruments Outstanding Representing Credit Risk | The following financial instruments were outstanding whose contract amounts represent credit risk as of the related periods: December 31, 2021 December 31, 2020 (In thousands) Commitments to extend credit $ 927,428 $ 455,541 Standby letters of credit 18,752 17,910 Total $ 946,180 $ 473,451 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Lease Cost and Other Information | The following table summarizes our lease cost and other operating lease information: Year Ended December 31, 2021 2020 (In thousands) Operating lease cost $ 8,219 $ 15,256 Cash paid for amounts included in the measurement of Operating leases liability $ 10,193 $ 12,358 Weighted average remaining lease term on operating leases (in years) 4.7 5.7 Weighted average discount rate used for operating leases liability 3.25 % 3.27 % Note: Sublease income and variable income or expense considered immaterial |
Schedule of Remaining Commitments of Operating Lease Payments | The following table presents the remaining commitments for operating lease payments for the next five years and thereafter, as well as a reconciliation to the discounted operating leases liability recorded in the Consolidated Statements of Financial Condition as of December 31, 2021: (In thousands) As of December 31, 2021 2022 $ 10,955 2023 10,895 2024 10,525 2025 10,165 2026 8,758 Thereafter 526 Total undiscounted operating lease payments 51,824 Less: present value adjustment 3,664 Total Operating leases liability $ 48,160 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Estimated Amortization Expense | The following table reflects the estimated amortization expense, comprised entirely by the Company’s core deposit intangible asset, for the next five years and thereafter: (In thousands) 2022 $ 1,047 2023 888 2024 730 2025 574 2026 419 Thereafter 493 Total $ 4,151 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | December 31, 2021 December 31, 2020 (In thousands) Unconsolidated Variable Interest Entities Tax credit investments included in equity investments $ 1,681 $ 6,735 Loans and letters of credit commitments 52,813 11,097 Funded portion of loans and letters of credit commitments 15,512 11,097 The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments: Year Ended December 31, 2021 2020 (In thousands) Tax credits and other tax benefits recognized $ 11,571 $ 23,993 |
PARENT COMPANY ONLY CONDENSED_2
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | Condensed financial information of Amalgamated Financial Corp. follows: CONDENSED BALANCE SHEET Year Ended 2021 (in thousands) ASSETS Cash and cash equivalents $ 42,886 Investment in banking subsidiary 605,074 Other assets 12 Total assets $ 647,972 LIABILITIES AND EQUITY Subordinated Debt $ 83,831 Accrued expense and other liabilities 399 Stockholders' equity 563,742 Total liabilities and stockholders' equity $ 647,972 |
Condensed Statements of Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year Ended 2021 (in thousands) Interest income $ — Other income 11,800 Interest expense 399 Other expense 148 Income before tax expense 11,253 Income tax expense (benefit) — Equity in undistributed subsidiary income 41,684 Net income $ 52,937 Comprehensive income $ 41,170 |
Condensed Statements of Comprehensive Income | CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year Ended 2021 (in thousands) Interest income $ — Other income 11,800 Interest expense 399 Other expense 148 Income before tax expense 11,253 Income tax expense (benefit) — Equity in undistributed subsidiary income 41,684 Net income $ 52,937 Comprehensive income $ 41,170 |
Condensed Statement of Cash Flows | CONDENSED STATEMENT OF CASH FLOWS Year Ended 2021 (in thousands) Cash flows from operating activities Net income $ 52,937 Adjustments: Equity in undistributed subsidiary income (41,684) Change in other assets (12) Change in other liabilities 399 Net cash provided (used) by operating activities 11,640 Cash flows from investing activities Payments for investments in subsidiaries (42,490) Net cash provided (used) by investing activities (42,490) Cash flows from financing activities Dividends paid (7,597) Repurchase of shares (2,498) Proceeds of issuance of subordinated debt 83,831 Net cash provided (used) by financing activities 73,736 Net increase (decrease) in cash and cash equivalents 42,886 Cash and cash equivalents at beginning of year — Cash and cash equivalents at end of year $ 42,886 Supplemental non-cash investing activities: Equity exchange for the outstanding common stock of Amalgamated Bank 541,093 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Restricted cash | $ 400 | $ 400 | |
Loans held for sale | $ 3,279 | 11,178 | |
Estimated useful life of intangible assets | 10 years | ||
Property, Plant and Equipment [Line Items] | |||
Contributions to trustee of multi-employer defined benefit pension plan | $ 6,193 | 6,278 | $ 6,254 |
Resell agreements | 229,018 | $ 154,779 | |
Interest income from resell agreements | $ 1,900 | ||
Furniture and Fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of premises and equipment | 10 years | ||
Computer Equipment, Hardware and Software | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of premises and equipment | 3 years | ||
Computer Equipment, Hardware and Software | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life of premises and equipment | 7 years |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Change in total obligation for postretirement benefits and for prior service credit and for other benefits | $ (63) | $ 362 | $ (183) |
Income tax effect | 17 | (99) | 57 |
Net change in total obligation for postretirement benefits and prior service credit and for other benefits | (46) | 263 | (126) |
Unrealized holding gains (losses) on available for sale securities | (15,438) | 20,374 | 21,309 |
Reclassification adjustment for losses (gains) realized in income | (654) | (1,604) | (86) |
Net unrealized gains (losses) on securities available for sale | (16,092) | 18,770 | 21,223 |
Income tax effect | 4,371 | (5,082) | (5,882) |
Net change in unrealized gains (losses) on available for sale securities | (11,721) | 13,688 | 15,341 |
Total other comprehensive income (loss), net of taxes | $ (11,767) | $ 13,951 | $ 15,215 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | $ 535,821 | $ 490,544 | $ 439,371 |
Current Period Change | (16,155) | 19,132 | 21,040 |
Income Tax Effect | 4,388 | (5,181) | (5,825) |
Ending balance | 563,875 | 535,821 | 490,544 |
Unrealized gains (losses) on benefits plans | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | (2,056) | (2,319) | |
Current Period Change | (63) | 362 | |
Income Tax Effect | 17 | (99) | |
Ending balance | (2,102) | (2,056) | (2,319) |
Unrealized gains (losses) on available for sale securities | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 19,232 | 5,544 | |
Current Period Change | (16,092) | 18,770 | |
Income Tax Effect | 4,371 | (5,082) | |
Ending balance | 7,511 | 19,232 | 5,544 |
Total | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Beginning balance | 17,176 | 3,225 | (11,990) |
Current Period Change | (16,155) | 19,132 | |
Income Tax Effect | 4,388 | (5,181) | |
Ending balance | $ 5,409 | $ 17,176 | $ 3,225 |
ACCUMULATED OTHER COMPREHENSI_5
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Non-Interest Income - other | $ 1,015 | $ 2,042 | $ 878 |
Income tax expense (benefit) | 17,788 | 15,755 | 16,972 |
Compensation and employee benefits | 69,844 | 69,421 | 70,276 |
Total reclassifications, net of income tax | 52,937 | 46,188 | 47,202 |
Reclassification out of accumulated other comprehensive income (loss) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total reclassifications, net of income tax | 495 | 1,186 | 83 |
Reclassification out of accumulated other comprehensive income (loss) | Realized and recognized gains (losses) on sale of AFS and OTTI securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Gain (loss) on sale of investment securities available for sale, net | 649 | 1,605 | 83 |
Non-Interest Income - other | 5 | (1) | 3 |
Income tax expense (benefit) | 180 | 438 | 24 |
Total reclassifications, net of income tax | 474 | 1,166 | 62 |
Reclassification out of accumulated other comprehensive income (loss) | Prior service credit on pension plans and other postretirement benefits | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax expense (benefit) | (8) | (8) | (8) |
Compensation and employee benefits | 29 | 28 | 29 |
Total reclassifications, net of income tax | $ 21 | $ 20 | $ 21 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized Cost and Fair Value of of AFS and HTM Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,103,049 | $ 1,513,409 |
Gross Unrealized Gains | 17,754 | 29,995 |
Gross Unrealized Losses | (7,393) | (3,542) |
Fair Value | 2,113,410 | 1,539,862 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 843,569 | 494,449 |
Gross Unrealized Gains | 8,018 | 7,976 |
Gross Unrealized Losses | (1,883) | 0 |
Fair Value | 849,704 | 502,425 |
Mortgage-related | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 977,144 | 866,547 |
Gross Unrealized Gains | 12,722 | 24,953 |
Gross Unrealized Losses | (4,412) | (814) |
Fair Value | 985,454 | 890,686 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 52,313 | 823 |
Gross Unrealized Gains | 37 | 53 |
Gross Unrealized Losses | (777) | 0 |
Fair Value | 51,573 | 876 |
GSE residential certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,838 | 12,977 |
Gross Unrealized Gains | 129 | 322 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 3,967 | 13,299 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 442 | 611 |
Gross Unrealized Gains | 19 | 38 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 461 | 649 |
GSE residential CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 460,571 | 353,783 |
Gross Unrealized Gains | 5,697 | 12,690 |
Gross Unrealized Losses | (2,385) | (52) |
Fair Value | 463,883 | 366,421 |
GSE commercial certificates & CMO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 364,274 | 421,488 |
Gross Unrealized Gains | 6,855 | 11,548 |
Gross Unrealized Losses | (765) | (422) |
Fair Value | 370,364 | 432,614 |
Non-GSE residential certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 66,756 | 33,120 |
Gross Unrealized Gains | 29 | 281 |
Gross Unrealized Losses | (646) | (17) |
Fair Value | 66,139 | 33,384 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 10,796 | |
Gross Unrealized Gains | 5 | |
Gross Unrealized Losses | 0 | |
Fair Value | 10,801 | |
Non-GSE commercial certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 81,705 | 45,179 |
Gross Unrealized Gains | 12 | 112 |
Gross Unrealized Losses | (616) | (323) |
Fair Value | 81,101 | 44,968 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 10,333 | 212 |
Gross Unrealized Gains | 13 | 15 |
Gross Unrealized Losses | (288) | 0 |
Fair Value | 10,058 | 227 |
GSE commercial certificates | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 30,742 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (489) | |
Fair Value | 30,253 | |
Other debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,125,905 | 646,862 |
Gross Unrealized Gains | 5,032 | 5,042 |
Gross Unrealized Losses | (2,981) | (2,728) |
Fair Value | 1,127,956 | 649,176 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 791,256 | 493,626 |
Gross Unrealized Gains | 7,981 | 7,923 |
Gross Unrealized Losses | (1,106) | 0 |
Fair Value | 798,131 | 501,549 |
U.S. Treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 200 | 200 |
Gross Unrealized Gains | 0 | 3 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 200 | 203 |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 988,061 | 595,062 |
Gross Unrealized Gains | 3,351 | 4,356 |
Gross Unrealized Losses | (2,224) | (1,872) |
Fair Value | 989,188 | 597,546 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 75,800 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (50) | |
Fair Value | 75,751 | |
Trust preferred | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 14,631 | 14,627 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (484) | (854) |
Fair Value | 14,147 | 13,773 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 123,013 | 36,973 |
Gross Unrealized Gains | 1,681 | 683 |
Gross Unrealized Losses | (273) | (2) |
Fair Value | 124,421 | 37,654 |
PACE Assessments | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 627,394 | 421,036 |
Gross Unrealized Gains | 5,933 | 4,870 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 633,327 | 425,906 |
Municipal | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 84,962 | 67,490 |
Gross Unrealized Gains | 2,045 | 3,019 |
Gross Unrealized Losses | (1,056) | 0 |
Fair Value | 85,951 | 70,509 |
Other | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 3,100 | 5,100 |
Gross Unrealized Gains | 2 | 34 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 3,102 | $ 5,134 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of available for sale securities, pledged as collateral | $ 907,100,000 | $ 966,500,000 | |
Fair value of held to maturity securities, pledged as collateral | 126,600,000 | 0 | |
Fair value of temporarily impaired securities | 1,041,016,000 | 592,469,000 | |
Available for sale securities, temporarily impaired, unrealized loss | 7,393,000 | 3,542,000 | |
Recovery of other-than-temporary impairment | 4,800 | $ 2,900 | |
Other than temporary impairment loss | 900 | ||
Federal Home Loan Bank of New York stock | 170,000 | $ 227,000 | $ 813,000 |
Excluding GSE, US Treasury, TRUPS | |||
Debt Securities, Available-for-sale [Line Items] | |||
Fair value of temporarily impaired securities | 696,200,000 | ||
Available for sale securities, temporarily impaired, unrealized loss | $ 5,100,000 |
INVESTMENT SECURITIES - AFS and
INVESTMENT SECURITIES - AFS and HTM Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Amortized Cost | $ 2,103,049 | $ 1,513,409 |
Fair Value | ||
Fair Value | 2,113,410 | 1,539,862 |
Amortized Cost | ||
Amortized Cost | 843,569 | 494,449 |
Fair Value | ||
Fair Value | 849,704 | 502,425 |
Other debt | ||
Amortized Cost | ||
Due within one year | 200 | |
Due after one year through five years | 43,043 | |
Due after five years through ten years | 403,620 | |
Due after ten years | 679,042 | |
Amortized Cost | 1,125,905 | 646,862 |
Fair Value | ||
Due within one year | 200 | |
Due after one year through five years | 43,285 | |
Due after five years through ten years | 404,342 | |
Due after ten years | 680,129 | |
Fair Value | 1,127,956 | 649,176 |
Amortized Cost | ||
Due within one year | 1,100 | |
Due after one year through five years | 2,000 | |
Due after five years through ten years | 0 | |
Due after ten years | 788,156 | |
Amortized Cost | 791,256 | 493,626 |
Fair Value | ||
Due within one year | 1,101 | |
Due after one year through five years | 2,002 | |
Due after five years through ten years | 0 | |
Due after ten years | 795,028 | |
Fair Value | $ 798,131 | $ 501,549 |
INVESTMENT SECURITIES - Proceed
INVESTMENT SECURITIES - Proceeds Received and Gains (Losses) Realized on Sale of Available for Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds | $ 111,274 | $ 94,698 | $ 245,260 |
Realized gains | 1,057 | 2,111 | 1,912 |
Realized losses | (408) | (506) | (1,829) |
Net realized gains (losses) | $ 649 | $ 1,605 | $ 83 |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Unrealized Losses on Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | $ 772,318 | $ 159,966 |
Available for sale, less than 12 months, unrealized losses | (5,725) | (334) |
Available for sale, 12 months or longer, fair value | 268,698 | 432,503 |
Available for sale, 12 months or longer, unrealized losses | (1,668) | (3,208) |
Available for sale, total fair value | 1,041,016 | 592,469 |
Available for sale, total unrealized losses | (7,393) | (3,542) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 105,529 | |
Held to maturity, less than 12 months, unrealized loss | (1,679) | |
Held to maturity, 12 months or longer, fair value | 3,876 | |
Held to maturity, 12 months or longer, unrealized loss | (204) | |
Held to maturity, total fair value | 109,405 | |
Held to maturity, total unrealized losses | (1,883) | |
GSE residential CMOs | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 222,825 | 31,106 |
Available for sale, less than 12 months, unrealized losses | (2,385) | (35) |
Available for sale, 12 months or longer, fair value | 0 | 12,910 |
Available for sale, 12 months or longer, unrealized losses | 0 | (17) |
Available for sale, total fair value | 222,825 | 44,016 |
Available for sale, total unrealized losses | (2,385) | (52) |
GSE commercial certificates & CMO | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 28,695 | 116,667 |
Available for sale, less than 12 months, unrealized losses | (271) | (287) |
Available for sale, 12 months or longer, fair value | 159,681 | 75,126 |
Available for sale, 12 months or longer, unrealized losses | (494) | (135) |
Available for sale, total fair value | 188,376 | 191,793 |
Available for sale, total unrealized losses | (765) | (422) |
Non-GSE residential certificates | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 55,284 | 2,138 |
Available for sale, less than 12 months, unrealized losses | (646) | (9) |
Available for sale, 12 months or longer, fair value | 0 | 3,077 |
Available for sale, 12 months or longer, unrealized losses | 0 | (8) |
Available for sale, total fair value | 55,284 | 5,215 |
Available for sale, total unrealized losses | (646) | (17) |
Non-GSE commercial certificates | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 42,530 | 47 |
Available for sale, less than 12 months, unrealized losses | (247) | 0 |
Available for sale, 12 months or longer, fair value | 23,124 | 29,207 |
Available for sale, 12 months or longer, unrealized losses | (369) | (323) |
Available for sale, total fair value | 65,654 | 29,254 |
Available for sale, total unrealized losses | (616) | (323) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 9,857 | |
Held to maturity, less than 12 months, unrealized loss | (288) | |
Held to maturity, 12 months or longer, fair value | 0 | |
Held to maturity, 12 months or longer, unrealized loss | 0 | |
Held to maturity, total fair value | 9,857 | |
Held to maturity, total unrealized losses | (288) | |
GSE commercial certificates | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 30,253 | |
Held to maturity, less than 12 months, unrealized loss | (489) | |
Held to maturity, 12 months or longer, fair value | 0 | |
Held to maturity, 12 months or longer, unrealized loss | 0 | |
Held to maturity, total fair value | 30,253 | |
Held to maturity, total unrealized losses | (489) | |
ABS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 374,241 | 3,010 |
Available for sale, less than 12 months, unrealized losses | (1,903) | (1) |
Available for sale, 12 months or longer, fair value | 71,746 | 298,410 |
Available for sale, 12 months or longer, unrealized losses | (321) | (1,871) |
Available for sale, total fair value | 445,987 | 301,420 |
Available for sale, total unrealized losses | (2,224) | (1,872) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 26,951 | |
Held to maturity, less than 12 months, unrealized loss | (50) | |
Held to maturity, 12 months or longer, fair value | 0 | |
Held to maturity, 12 months or longer, unrealized loss | 0 | |
Held to maturity, total fair value | 26,951 | |
Held to maturity, total unrealized losses | (50) | |
Trust preferred | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 0 | 0 |
Available for sale, less than 12 months, unrealized losses | 0 | 0 |
Available for sale, 12 months or longer, fair value | 14,147 | 13,773 |
Available for sale, 12 months or longer, unrealized losses | (484) | (854) |
Available for sale, total fair value | 14,147 | 13,773 |
Available for sale, total unrealized losses | (484) | (854) |
Corporate | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 48,743 | 6,998 |
Available for sale, less than 12 months, unrealized losses | (273) | (2) |
Available for sale, 12 months or longer, fair value | 0 | 0 |
Available for sale, 12 months or longer, unrealized losses | 0 | 0 |
Available for sale, total fair value | 48,743 | 6,998 |
Available for sale, total unrealized losses | (273) | $ (2) |
Municipal | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 38,468 | |
Held to maturity, less than 12 months, unrealized loss | (852) | |
Held to maturity, 12 months or longer, fair value | 3,876 | |
Held to maturity, 12 months or longer, unrealized loss | (204) | |
Held to maturity, total fair value | 42,344 | |
Held to maturity, total unrealized losses | $ (1,056) |
LOANS RECEIVABLE, NET - Schedul
LOANS RECEIVABLE, NET - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | $ 3,307,654 | $ 3,482,565 | ||
Net deferred loan origination costs (fees) | 4,570 | 6,330 | ||
Total loans receivable, net of deferred loan origination costs (fees) | 3,312,224 | 3,488,895 | ||
Allowance for loan losses | (35,866) | (41,589) | $ (33,847) | $ (37,195) |
Total loans receivable, net | 3,276,358 | 3,447,306 | ||
Commercial portfolio | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 1,952,154 | 2,053,192 | ||
Commercial portfolio | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 729,385 | 677,192 | ||
Allowance for loan losses | (10,652) | (9,065) | (11,126) | (16,046) |
Commercial portfolio | Multifamily | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 821,801 | 947,177 | ||
Allowance for loan losses | (4,760) | (10,324) | (5,210) | (4,736) |
Commercial portfolio | Commercial real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 369,429 | 372,736 | ||
Allowance for loan losses | (7,273) | (6,213) | (2,492) | (2,573) |
Commercial portfolio | Construction and land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 31,539 | 56,087 | ||
Allowance for loan losses | (405) | (2,077) | (808) | (1,089) |
Retail portfolio | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 1,355,500 | 1,429,373 | ||
Retail portfolio | Residential real estate lending | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 1,063,682 | 1,238,697 | ||
Allowance for loan losses | (9,008) | (12,330) | (14,149) | (11,987) |
Retail portfolio | Consumer and other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total loans receivable | 291,818 | 190,676 | ||
Allowance for loan losses | $ (3,768) | $ (1,580) | $ (62) | $ (764) |
LOANS RECEIVABLE, NET - Sched_2
LOANS RECEIVABLE, NET - Schedule of Quality of Bank's Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 3,307,654 | $ 3,482,565 |
Non- Accrual | 28,219 | 60,548 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 1,404 |
Current and Not Accruing Interest | 0 | 376 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 68,019 | 44,679 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 96,238 | 106,631 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 3,211,416 | 3,375,558 |
Commercial portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,952,154 | 2,053,192 |
Non- Accrual | 15,274 | 36,636 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 1,404 |
Current and Not Accruing Interest | 0 | 0 |
Commercial portfolio | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 61,618 | 24,138 |
Commercial portfolio | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 76,892 | 62,178 |
Commercial portfolio | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,875,262 | 1,991,014 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 729,385 | 677,192 |
Non- Accrual | 8,313 | 12,444 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 1,404 |
Current and Not Accruing Interest | 0 | 0 |
Commercial portfolio | Commercial and industrial | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 0 |
Commercial portfolio | Commercial and industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 8,313 | 13,848 |
Commercial portfolio | Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 721,072 | 663,344 |
Commercial portfolio | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 821,801 | 947,177 |
Non- Accrual | 2,907 | 9,575 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 0 |
Commercial portfolio | Multifamily | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 13,537 | 3,590 |
Commercial portfolio | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 16,444 | 13,165 |
Commercial portfolio | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 805,357 | 934,012 |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 369,429 | 372,736 |
Non- Accrual | 4,054 | 3,433 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 0 |
Commercial portfolio | Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 21,599 | 10,574 |
Commercial portfolio | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 25,653 | 14,007 |
Commercial portfolio | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 343,776 | 358,729 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 31,539 | 56,087 |
Non- Accrual | 0 | 11,184 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 0 |
Commercial portfolio | Construction and land development | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 26,482 | 9,974 |
Commercial portfolio | Construction and land development | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 26,482 | 21,158 |
Commercial portfolio | Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 5,057 | 34,929 |
Retail portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,355,500 | 1,429,373 |
Non- Accrual | 12,945 | 23,912 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 376 |
Retail portfolio | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 6,401 | 20,541 |
Retail portfolio | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 19,346 | 44,453 |
Retail portfolio | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,336,154 | 1,384,544 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,063,682 | 1,238,697 |
Non- Accrual | 12,525 | 23,280 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 376 |
Retail portfolio | Residential real estate lending | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,811 | 19,526 |
Retail portfolio | Residential real estate lending | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 17,336 | 42,806 |
Retail portfolio | Residential real estate lending | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,046,346 | 1,195,515 |
Retail portfolio | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 291,818 | 190,676 |
Non- Accrual | 420 | 632 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Current and Not Accruing Interest | 0 | 0 |
Retail portfolio | Consumer and other | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,590 | 1,015 |
Retail portfolio | Consumer and other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,010 | 1,647 |
Retail portfolio | Consumer and other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 289,808 | $ 189,029 |
LOANS RECEIVABLE, NET - Narrati
LOANS RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Mortgage loans pledged to the FHLBNY to secure outstanding advances and letters of credit | $ 1,100,000 | $ 1,200,000 |
Related party loans outstanding | $ 533 | $ 0 |
LOANS RECEIVABLE, NET - Sched_3
LOANS RECEIVABLE, NET - Schedule of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | $ 24,997 | $ 19,553 |
Non- Accrual | 13,497 | 20,885 |
Total | 3,307,654 | 3,482,565 |
Nonperforming Financial Instruments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 38,494 | 40,438 |
Commercial portfolio | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 1,952,154 | 2,053,192 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 4,052 | 1,648 |
Non- Accrual | 8,313 | 12,116 |
Total | 729,385 | 677,192 |
Commercial portfolio | Commercial and industrial | Nonperforming Financial Instruments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 12,365 | 13,764 |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 0 | 0 |
Non- Accrual | 3,166 | 3,433 |
Total | 369,429 | 372,736 |
Commercial portfolio | Commercial real estate | Nonperforming Financial Instruments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 3,166 | 3,433 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 7,476 | 0 |
Non- Accrual | 0 | 2,682 |
Total | 31,539 | 56,087 |
Commercial portfolio | Construction and land development | Nonperforming Financial Instruments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 7,476 | 2,682 |
Retail portfolio | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | 1,355,500 | 1,429,373 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 13,469 | 17,905 |
Non- Accrual | 2,018 | 2,654 |
Total | 1,063,682 | 1,238,697 |
Retail portfolio | Residential real estate lending | Nonperforming Financial Instruments | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total | $ 15,487 | $ 20,559 |
LOANS RECEIVABLE, NET - Sched_4
LOANS RECEIVABLE, NET - Schedule of Troubled Debt Restructurings Granted (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of Loans | loan | 3 | 7 |
Recorded Investment | $ 10,013 | $ 3,101 |
Pre-modification, weighted average interest rate | 4.86% | 5.81% |
Post-modification, weighted average interest rate | 4.22% | 5.18% |
Charge-off Amount | $ 0 | $ 18 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of Loans | loan | 1 | 4 |
Recorded Investment | $ 2,536 | $ 2,109 |
Pre-modification, weighted average interest rate | 6.50% | 5.76% |
Post-modification, weighted average interest rate | 4.00% | 5.76% |
Charge-off Amount | $ 0 | $ 0 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of Loans | loan | 2 | |
Recorded Investment | $ 7,477 | |
Pre-modification, weighted average interest rate | 4.30% | |
Post-modification, weighted average interest rate | 4.30% | |
Charge-off Amount | $ 0 | |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Number of Loans | loan | 3 | |
Recorded Investment | $ 992 | |
Pre-modification, weighted average interest rate | 5.92% | |
Post-modification, weighted average interest rate | 3.96% | |
Charge-off Amount | $ 18 |
LOANS RECEIVABLE, NET - Sched_5
LOANS RECEIVABLE, NET - Schedule of Loan Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | $ 3,307,654 | $ 3,482,565 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 3,076,768 | 3,114,298 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 73,208 | 211,853 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 157,678 | 155,952 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 462 |
Commercial portfolio | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,952,154 | 2,053,192 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 729,385 | 677,192 |
Commercial portfolio | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 693,312 | 627,553 |
Commercial portfolio | Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 10,165 | 16,407 |
Commercial portfolio | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 25,908 | 32,770 |
Commercial portfolio | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 462 |
Commercial portfolio | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 821,801 | 947,177 |
Commercial portfolio | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 721,869 | 775,605 |
Commercial portfolio | Multifamily | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 48,804 | 138,090 |
Commercial portfolio | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 51,128 | 33,482 |
Commercial portfolio | Multifamily | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 0 |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 369,429 | 372,736 |
Commercial portfolio | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 295,261 | 276,712 |
Commercial portfolio | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 13,947 | 41,420 |
Commercial portfolio | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 60,221 | 54,604 |
Commercial portfolio | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 0 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 31,539 | 56,087 |
Commercial portfolio | Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 24,063 | 28,967 |
Commercial portfolio | Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 15,936 |
Commercial portfolio | Construction and land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 7,476 | 11,184 |
Commercial portfolio | Construction and land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 0 |
Retail portfolio | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,355,500 | 1,429,373 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,063,682 | 1,238,697 |
Retail portfolio | Residential real estate lending | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,050,865 | 1,215,417 |
Retail portfolio | Residential real estate lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 292 | 0 |
Retail portfolio | Residential real estate lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 12,525 | 23,280 |
Retail portfolio | Residential real estate lending | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 0 |
Retail portfolio | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 291,818 | 190,676 |
Retail portfolio | Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 291,398 | 190,044 |
Retail portfolio | Consumer and other | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 0 |
Retail portfolio | Consumer and other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 420 | 632 |
Retail portfolio | Consumer and other | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | $ 0 | $ 0 |
LOANS RECEIVABLE, NET - Method
LOANS RECEIVABLE, NET - Method of Evaluating Impairment of Loans and Allowance (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans - individually evaluated for impairment | $ 53,216 | $ 80,477 | ||
Loans - collectively evaluated for impairment | 3,254,438 | 3,402,088 | ||
Total Loans Receivable | 3,307,654 | 3,482,565 | ||
Allowance for loan losses - individually evaluated for impairment | 5,105 | 6,238 | ||
Allowance for loan losses - collectively evaluated for impairment | 30,761 | 35,351 | ||
Total allowance for loan losses | 35,866 | 41,589 | $ 33,847 | $ 37,195 |
Commercial portfolio | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total Loans Receivable | 1,952,154 | 2,053,192 | ||
Commercial portfolio | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans - individually evaluated for impairment | 12,785 | 14,706 | ||
Loans - collectively evaluated for impairment | 716,600 | 662,486 | ||
Total Loans Receivable | 729,385 | 677,192 | ||
Allowance for loan losses - individually evaluated for impairment | 4,350 | 3,118 | ||
Allowance for loan losses - collectively evaluated for impairment | 6,302 | 5,947 | ||
Total allowance for loan losses | 10,652 | 9,065 | 11,126 | 16,046 |
Commercial portfolio | Multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans - individually evaluated for impairment | 2,907 | 9,575 | ||
Loans - collectively evaluated for impairment | 818,894 | 937,602 | ||
Total Loans Receivable | 821,801 | 947,177 | ||
Allowance for loan losses - individually evaluated for impairment | 0 | 1,933 | ||
Allowance for loan losses - collectively evaluated for impairment | 4,760 | 8,391 | ||
Total allowance for loan losses | 4,760 | 10,324 | 5,210 | 4,736 |
Commercial portfolio | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans - individually evaluated for impairment | 4,054 | 3,433 | ||
Loans - collectively evaluated for impairment | 365,375 | 369,303 | ||
Total Loans Receivable | 369,429 | 372,736 | ||
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses - collectively evaluated for impairment | 7,273 | 6,213 | ||
Total allowance for loan losses | 7,273 | 6,213 | 2,492 | 2,573 |
Commercial portfolio | Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans - individually evaluated for impairment | 7,476 | 11,184 | ||
Loans - collectively evaluated for impairment | 24,063 | 44,903 | ||
Total Loans Receivable | 31,539 | 56,087 | ||
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses - collectively evaluated for impairment | 405 | 2,077 | ||
Total allowance for loan losses | 405 | 2,077 | 808 | 1,089 |
Retail portfolio | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total Loans Receivable | 1,355,500 | 1,429,373 | ||
Retail portfolio | Residential real estate lending | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans - individually evaluated for impairment | 25,994 | 41,579 | ||
Loans - collectively evaluated for impairment | 1,037,688 | 1,197,118 | ||
Total Loans Receivable | 1,063,682 | 1,238,697 | ||
Allowance for loan losses - individually evaluated for impairment | 755 | 1,187 | ||
Allowance for loan losses - collectively evaluated for impairment | 8,253 | 11,143 | ||
Total allowance for loan losses | 9,008 | 12,330 | 14,149 | 11,987 |
Retail portfolio | Consumer and other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans - individually evaluated for impairment | 0 | 0 | ||
Loans - collectively evaluated for impairment | 291,818 | 190,676 | ||
Total Loans Receivable | 291,818 | 190,676 | ||
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||
Allowance for loan losses - collectively evaluated for impairment | 3,768 | 1,580 | ||
Total allowance for loan losses | $ 3,768 | $ 1,580 | $ 62 | $ 764 |
LOANS RECEIVABLE, NET - Sched_6
LOANS RECEIVABLE, NET - Schedule of Activity in Allowance by Portfolio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 41,589 | $ 33,847 | $ 37,195 |
Provision for (recovery of) loan losses | (287) | 24,791 | 3,837 |
Charge-offs | (8,988) | (18,233) | (10,629) |
Recoveries | 3,552 | 1,184 | 3,444 |
Ending Balance | 35,866 | 41,589 | 33,847 |
Commercial portfolio | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 9,065 | 11,126 | 16,046 |
Provision for (recovery of) loan losses | 2,179 | 9,175 | 2,620 |
Charge-offs | (813) | (11,293) | (9,236) |
Recoveries | 221 | 57 | 1,696 |
Ending Balance | 10,652 | 9,065 | 11,126 |
Commercial portfolio | Multifamily | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 10,324 | 5,210 | 4,736 |
Provision for (recovery of) loan losses | (1,483) | 5,114 | 474 |
Charge-offs | (4,081) | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Ending Balance | 4,760 | 10,324 | 5,210 |
Commercial portfolio | Commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 6,213 | 2,492 | 2,573 |
Provision for (recovery of) loan losses | 1,374 | 7,508 | (81) |
Charge-offs | (314) | (3,787) | 0 |
Recoveries | 0 | 0 | 0 |
Ending Balance | 7,273 | 6,213 | 2,492 |
Commercial portfolio | Construction and land development | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 2,077 | 808 | 1,089 |
Provision for (recovery of) loan losses | (1,675) | 2,238 | (281) |
Charge-offs | 0 | (970) | 0 |
Recoveries | 3 | 1 | 0 |
Ending Balance | 405 | 2,077 | 808 |
Retail portfolio | Residential real estate lending | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 12,330 | 14,149 | 11,987 |
Provision for (recovery of) loan losses | (5,409) | (2,302) | 1,251 |
Charge-offs | (1,081) | (492) | (683) |
Recoveries | 3,168 | 975 | 1,594 |
Ending Balance | 9,008 | 12,330 | 14,149 |
Retail portfolio | Consumer and other | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 1,580 | 62 | 764 |
Provision for (recovery of) loan losses | 4,727 | 3,058 | (146) |
Charge-offs | (2,699) | (1,691) | (710) |
Recoveries | 160 | 151 | 154 |
Ending Balance | $ 3,768 | $ 1,580 | $ 62 |
LOANS RECEIVABLE, NET - Sched_7
LOANS RECEIVABLE, NET - Schedule of Individually Impaired Loans and Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Loans without a related allowance - recorded investment | $ 22,037 | $ 35,441 | $ 16,955 |
Loans without a related allowance - average recorded investment | 28,740 | 26,198 | 19,970 |
Loans without a related allowance - unpaid principal balance | 24,325 | 37,125 | 17,397 |
Loans with a related allowance - recorded investment | 31,179 | 45,036 | 48,417 |
Loans with a related allowance - average recorded investment | 38,107 | 46,727 | 43,718 |
Loans with a related allowance - unpaid principal balance | 40,537 | 61,479 | 56,822 |
Total individually impaired loans - recorded investment | 53,216 | 80,477 | |
Total individually impaired loans - average recorded investment | 66,847 | 72,925 | |
Total individually impaired loans - unpaid principal balance | 64,862 | 98,604 | |
Individually impaired loans - related allowance | 5,105 | 6,238 | 7,469 |
Retail portfolio | Residential real estate lending | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a related allowance - recorded investment | 10,507 | 20,824 | 4,496 |
Loans without a related allowance - average recorded investment | 15,666 | 12,660 | 4,397 |
Loans without a related allowance - unpaid principal balance | 11,896 | 20,898 | 4,558 |
Loans with a related allowance - recorded investment | 15,487 | 20,755 | 23,547 |
Loans with a related allowance - average recorded investment | 18,120 | 22,151 | 25,206 |
Loans with a related allowance - unpaid principal balance | 19,306 | 24,680 | 27,288 |
Total individually impaired loans - recorded investment | 25,994 | 41,579 | 28,043 |
Total individually impaired loans - average recorded investment | 33,786 | 34,811 | 29,603 |
Total individually impaired loans - unpaid principal balance | 31,202 | 45,578 | 31,846 |
Individually impaired loans - related allowance | 755 | 1,187 | 1,325 |
Commercial portfolio | |||
Financing Receivable, Impaired [Line Items] | |||
Total individually impaired loans - recorded investment | 65,372 | ||
Total individually impaired loans - average recorded investment | 63,688 | ||
Total individually impaired loans - unpaid principal balance | 74,219 | ||
Individually impaired loans - related allowance | 7,469 | ||
Commercial portfolio | Construction and land development | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a related allowance - recorded investment | 7,476 | 11,184 | 3,652 |
Loans without a related allowance - average recorded investment | 9,330 | 7,418 | 3,652 |
Loans without a related allowance - unpaid principal balance | 7,476 | 12,204 | 3,702 |
Total individually impaired loans - recorded investment | 7,476 | 11,184 | 8,807 |
Total individually impaired loans - average recorded investment | 9,330 | 7,418 | 11,921 |
Total individually impaired loans - unpaid principal balance | 7,476 | 12,204 | 9,137 |
Individually impaired loans - related allowance | 0 | 0 | 0 |
Commercial portfolio | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a related allowance - recorded investment | 4,054 | 3,433 | 8,807 |
Loans without a related allowance - average recorded investment | 3,744 | 6,120 | 11,921 |
Loans without a related allowance - unpaid principal balance | 4,953 | 4,023 | 9,137 |
Total individually impaired loans - recorded investment | 4,054 | 3,433 | 24,870 |
Total individually impaired loans - average recorded investment | 3,744 | 6,120 | 18,512 |
Total individually impaired loans - unpaid principal balance | 4,953 | 4,023 | 29,534 |
Individually impaired loans - related allowance | 0 | 0 | 6,144 |
Commercial portfolio | Multifamily | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with a related allowance - recorded investment | 2,907 | 9,575 | |
Loans with a related allowance - average recorded investment | 6,241 | 4,788 | |
Loans with a related allowance - unpaid principal balance | 8,024 | 9,589 | |
Total individually impaired loans - recorded investment | 2,907 | 9,575 | 3,652 |
Total individually impaired loans - average recorded investment | 6,241 | 4,788 | 3,652 |
Total individually impaired loans - unpaid principal balance | 8,024 | 9,589 | 3,702 |
Individually impaired loans - related allowance | 0 | 1,933 | 0 |
Commercial portfolio | Commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with a related allowance - recorded investment | 12,785 | 14,706 | 24,870 |
Loans with a related allowance - average recorded investment | 13,746 | 19,788 | 18,512 |
Loans with a related allowance - unpaid principal balance | 13,207 | 27,210 | 29,534 |
Total individually impaired loans - recorded investment | 12,785 | 14,706 | |
Total individually impaired loans - average recorded investment | 13,746 | 19,788 | |
Total individually impaired loans - unpaid principal balance | 13,207 | 27,210 | |
Individually impaired loans - related allowance | $ 4,350 | $ 3,118 | $ 6,144 |
PREMISES AND EQUIPMENT - Schedu
PREMISES AND EQUIPMENT - Schedule of Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 36,955 | $ 39,686 |
Accumulated depreciation and amortization | (25,220) | (26,709) |
Premises and equipment, net | 11,735 | 12,977 |
Buildings, premises and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 29,935 | 33,280 |
Furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 7,020 | 5,856 |
Projects in process | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 0 | $ 550 |
PREMISES AND EQUIPMENT - Narrat
PREMISES AND EQUIPMENT - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)branchOffice | Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization | $ 3.6 | $ 6.2 | $ 4.6 |
Number of branch office closures | branchOffice | 8 | ||
Accelerated depreciation | $ 2.3 |
DEPOSITS - Schedule of Deposits
DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amount | ||
Non-interest bearing demand deposit accounts | $ 3,335,005 | $ 2,603,274 |
NOW accounts | 210,844 | 205,653 |
Money market deposit accounts | 2,227,953 | 1,914,391 |
Savings accounts | 375,301 | 343,368 |
Time deposits | 207,152 | 272,025 |
Total deposits | $ 6,356,255 | $ 5,338,711 |
Weighted Average Rate | ||
NOW accounts | 0.08% | 0.06% |
Money market deposit accounts | 0.12% | 0.13% |
Savings accounts | 0.11% | 0.12% |
Time deposits | 0.32% | 0.86% |
Deposits | 0.06% | 0.10% |
DEPOSITS - Schedule of Maturiti
DEPOSITS - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
2022 | $ 182,654 | |
2023 | 12,268 | |
2024 | 6,516 | |
2025 | 3,933 | |
2026 | 1,781 | |
Time deposits | $ 207,152 | $ 272,025 |
DEPOSITS - Narrative (Details)
DEPOSITS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Statistical Disclosure for Banks [Abstract] | ||
Time deposits at or above FDIC limit | $ 43.7 | $ 31.2 |
CDARS deposits | 56 | 123.8 |
Deposits from Workers United and other related entities | 99.9 | 95.8 |
State and municipal deposits | $ 65.5 | $ 15.2 |
BORROWED FUNDS - Narrative (Det
BORROWED FUNDS - Narrative (Details) - USD ($) $ in Thousands | Nov. 08, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Aggregate principal amount | $ 83,831 | $ 0 | |
Other eligible assets pledged as collateral | $ 1,600,000 | ||
Required percentage of pledged assets to FHLBNY of outstanding advances | 110.00% | ||
Fixed-to-Floating Rate Notes | Subordinated Debt | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Aggregate principal amount | $ 85,000 | ||
Interest rate | 3.25% | ||
Redemption price percentage | 100.00% | ||
Fixed-to-Floating Rate Notes | Subordinated Debt | Secured Overnight Financing Rate | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Variable rate | 2.30% | ||
Compromised Securities | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Other eligible assets pledged as collateral | $ 723,300 | ||
Mortgage Loans | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Other eligible assets pledged as collateral | $ 888,200 |
REGULATORY CAPITAL (Details)
REGULATORY CAPITAL (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Actual | ||
Total capital to risk weighted assets, amount, actual | $ 613,030 | $ 534,684 |
Tier 1 capital to risk weighted assets, amount, actual | 575,692 | 491,913 |
Tier 1 capital to average assets, amount, actual | 575,692 | 491,913 |
Common equity tier 1 to risk weighted assets, amount, actual | $ 575,692 | $ 491,913 |
Total capital to risk weighted assets, ratio, actual | 0.1489 | 0.1425 |
Tier 1 capital to risk weighted assets, ratio, actual | 0.1398 | 0.1311 |
Tier 1 capital to average assets, ratio, actual | 0.0821 | 0.0797 |
Common equity tier 1 to risk weighted assets, ratio, actual | 0.1398 | 0.1311 |
For Capital Adequacy Purposes | ||
Total capital to risk weighted assets, amount, capital adequacy | $ 329,376 | $ 300,199 |
Tier 1 capital to risk weighted assets, amount, capital adequacy | 247,032 | 225,149 |
Tier 1 capital to average assets, amount, capital adequacy | 164,688 | 246,904 |
Common equity tier 1 to risk weighted assets, amount, capital adequacy | $ 185,274 | $ 168,862 |
Total capital to risk weighted assets, ratio, capital adequacy | 0.0800 | 0.0800 |
Tier 1 capital to risk weighted assets, ratio, capital adequacy | 0.0600 | 0.0600 |
Tier 1 capital to average assets, ratio, capital adequacy | 0.0400 | 0.0400 |
Common equity tier 1 to risk weighted assets, ratio, capital adequacy | 0.0450 | 0.0450 |
To Be Considered Well Capitalized | ||
Total capital to risk weighted assets, amount, well capitalized | $ 411,720 | $ 375,249 |
Tier 1 capital to risk weighted assets, amount, well capitalized | 329,376 | 300,199 |
Tier 1 capital to average assets, amount, well capitalized | 205,860 | 308,630 |
Common equity tier 1 to risk weighted assets, amount, well capitalized | $ 267,618 | $ 243,912 |
Total capital to risk weighted assets, ratio, well capitalized | 0.1000 | 0.1000 |
Tier 1 capital to risk weighted assets, ratio, well capitalized | 0.0800 | 0.0800 |
Tier 1 capital to average assets, ratio, well capitalized | 0.0500 | 0.0500 |
Common equity tier 1 to risk weighted assets, ratio, well capitalized | 0.0650 | 0.0650 |
Consolidated | ||
Actual | ||
Total capital to risk weighted assets, amount, actual | $ 656,719 | |
Tier 1 capital to risk weighted assets, amount, actual | 534,381 | |
Tier 1 capital to average assets, amount, actual | 534,381 | |
Common equity tier 1 to risk weighted assets, amount, actual | $ 534,381 | |
Total capital to risk weighted assets, ratio, actual | 0.1595 | |
Tier 1 capital to risk weighted assets, ratio, actual | 0.1298 | |
Tier 1 capital to average assets, ratio, actual | 0.0762 | |
Common equity tier 1 to risk weighted assets, ratio, actual | 0.1298 | |
For Capital Adequacy Purposes | ||
Total capital to risk weighted assets, amount, capital adequacy | $ 329,471 | |
Tier 1 capital to risk weighted assets, amount, capital adequacy | 247,103 | |
Tier 1 capital to average assets, amount, capital adequacy | 280,454 | |
Common equity tier 1 to risk weighted assets, amount, capital adequacy | $ 185,327 | |
Total capital to risk weighted assets, ratio, capital adequacy | 0.0800 | |
Tier 1 capital to risk weighted assets, ratio, capital adequacy | 0.0600 | |
Tier 1 capital to average assets, ratio, capital adequacy | 0.0400 | |
Common equity tier 1 to risk weighted assets, ratio, capital adequacy | 0.0450 |
INCOME TAXES - Schedule of Comp
INCOME TAXES - Schedule of Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 9,349 | $ 15,010 | $ 10,656 |
State and local | 1,389 | 1,152 | 1,287 |
Total current | 10,738 | 16,162 | 11,943 |
Deferred: | |||
Federal | 4,409 | (3,497) | 1,880 |
State and local | 2,641 | 3,090 | 3,149 |
Total deferred | 7,050 | (407) | 5,029 |
Total income tax provision | $ 17,788 | $ 15,755 | $ 16,972 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Expected Income Tax Expense and Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amount | |||
Tax expense at federal income tax rate | $ 14,852 | $ 13,008 | $ 13,476 |
Increase (decrease) resulting from: | |||
Tax exempt income | (317) | (862) | (423) |
Change in DTA rate | (199) | 333 | (186) |
State tax, net of federal benefit | 3,184 | 3,551 | 4,030 |
Stock options windfall | (94) | (3) | (68) |
Other | 362 | (272) | 143 |
Total income tax provision | $ 17,788 | $ 15,755 | $ 16,972 |
Percentage | |||
Tax expense at federal income tax rate | 21.00% | 21.00% | 21.00% |
Increase (decrease) resulting from: | |||
Tax exempt income | (0.45%) | (1.39%) | (0.66%) |
Change in DTA rate | (0.28%) | 0.54% | (0.29%) |
State tax, net of federal benefit | 4.50% | 5.73% | 6.28% |
Stock options windfall | (0.13%) | (0.01%) | (0.11%) |
Other | 0.51% | (0.44%) | 0.23% |
Total | 25.15% | 25.43% | 26.45% |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Loss Carryforwards [Line Items] | ||
Income tax receivable | $ 20.8 | $ 23.1 |
Federal | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 2.6 | |
State | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | 61 | |
Local | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 39.9 |
INCOME TAXES - Schedule of Co_2
INCOME TAXES - Schedule of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Excess tax basis over carrying value of assets: | ||
Allowance for loan losses | $ 16,300 | $ 16,644 |
Nonaccrual interest income | 389 | 689 |
Postretirement and other employee benefits | 242 | 436 |
Depreciation and amortization | 1,123 | 1,657 |
Operating leases | 13,250 | 14,515 |
Federal, state and local net operating loss carryforward | 7,285 | 9,270 |
Other, net | 3,258 | 2,723 |
Gross deferred tax asset | 41,847 | 45,934 |
Deferred tax liabilities: | ||
Available for sale securities carried at fair value for financial statement purposes | (2,850) | (7,221) |
Purchase accounting adjustments, net | (874) | (966) |
Operating leases | (10,142) | (9,855) |
Net deferred loan fees | (1,262) | 0 |
Gross deferred tax liabilities | (15,128) | (18,042) |
Deferred tax asset, net | $ 26,719 | $ 27,892 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Number of antidilutive shares (in shares) | 368 | 79 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||
Net income attributable to Amalgamated Financial Corp. | $ 52,937 | $ 46,188 | $ 47,202 |
Dividends paid on preferred stock | (22) | (22) | (22) |
Income attributable to common stock | $ 52,915 | $ 46,166 | $ 47,180 |
Weighted average common shares outstanding, basic (in shares) | 31,104 | 31,133 | 31,733 |
Basic earnings per common share (in dollars per share) | $ 1.70 | $ 1.48 | $ 1.49 |
Incremental shares for assumed conversion of options and RSUs (in shares) | 408 | 96 | 472 |
Weighted average common shares outstanding, diluted (in shares) | 31,512 | 31,229 | 32,205 |
Diluted earnings per common share (in dollars per share) | $ 1.68 | $ 1.48 | $ 1.47 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2021USD ($)hour$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Multi-employer plan, minimum age | 21 years | ||||
Multi-employer plan, number of hours of service during twelve consecutive month period | hour | 1,000 | ||||
Multi-employer plan, vesting percentage | 100.00% | ||||
Multi-employer plan, vesting period | 5 years | ||||
Employer identification number | 133177000 | ||||
Plan number | 001 | ||||
Net actuarial loss and prior service credit expected to be amortized in next fiscal year | $ | $ 0.4 | $ 0.4 | |||
Future estimated benefit payments expected next fiscal year | $ | 0.3 | 0.3 | |||
Future estimated benefit payments expected in year two | $ | 0.3 | 0.3 | |||
Future estimated benefit payments expected in year three | $ | 0.3 | 0.3 | |||
Future estimated benefit payments expected in year four | $ | 0.3 | 0.3 | |||
Future estimated benefit payments expected in year five | $ | 0.3 | 0.3 | |||
Future estimated benefit payments expected after year five | $ | 0.3 | $ 0.3 | |||
Employee contributions, maximum percentage of salary | 15.00% | ||||
Exercise price of stock options, minimum (in dollars per share) | $ / shares | $ 11 | ||||
Exercise price of stock options, maximum (in dollars per share) | $ / shares | $ 14.65 | ||||
Fair value of options outstanding | $ | $ 2.9 | $ 8.4 | $ 2.9 | $ 8.4 | |
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Stock Options | Employees and Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | $ | $ 0 | $ 0.7 | $ 1.4 | ||
Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized for stock-based awards (in shares) | 1,250,000 | 1,250,000 | |||
Number of shares available for issuance (in shares) | 601,049 | 601,049 | |||
Number of shares granted (in shares) | 260,355 | ||||
Fair value of shares granted (in dollars per share) | $ / shares | $ 15.81 | ||||
Unvested shares (in shares) | 399,907 | 290,637 | 399,907 | 290,637 | |
Restricted Stock Units | Employees and Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | $ | $ 1.8 | $ 1.2 | |||
Restricted Stock Units | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation cost | $ | $ 0.3 | $ 0.5 | |||
Unrecognized compensation cost | $ | $ 0 | $ 0 | |||
Restricted Stock Units | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved for issuance (in shares) | 283,859 | 283,859 | |||
Unrecognized compensation cost | $ | $ 3.8 | $ 3.8 | |||
Unrecognized compensation cost, period for recognition | 2 years 1 month 6 days | ||||
Restricted Stock Units | Employee | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of achievable awards (in shares) | 298,341 | ||||
Restricted Stock Units | Employee | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of achievable awards (in shares) | 480,111 | ||||
Time-Based Restricted Stock Units | Director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | 28,710 | ||||
Vesting period | 1 year | ||||
Time-Based Restricted Stock Units | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | 213,348 | ||||
Vesting period | 3 years | ||||
Performance Shares | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | 47,007 | ||||
Performance Shares | Employee | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of achievable awards (in shares) | 0 | ||||
Performance Shares | Employee | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of achievable awards (in shares) | 35,196 | ||||
Performance-Based Restricted Stock Units | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | 23,464 | ||||
Vesting period | 3 years | ||||
Market-Based Restricted Stock Units | Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares granted (in shares) | 23,543 | ||||
Fair value of shares granted (in dollars per share) | $ / shares | $ 14.95 | ||||
Vesting period | 3 years | ||||
Market-Based Restricted Stock Units | Employee | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of achievable awards (in shares) | 0 | ||||
Market-Based Restricted Stock Units | Employee | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of achievable awards (in shares) | 35,315 |
EMPLOYEE BENEFIT PLANS - Schedu
EMPLOYEE BENEFIT PLANS - Schedule of Employer Contributions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Contributions | $ 6,193 | $ 6,278 | $ 6,254 |
EMPLOYEE BENEFIT PLANS - Sche_2
EMPLOYEE BENEFIT PLANS - Schedule of Changes in Benefit Obligations and Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in benefit obligation: | |||
Benefit obligation at beginning of year | $ 4,094 | $ 4,527 | |
Service cost | 0 | 0 | $ 0 |
Interest cost | 58 | 118 | 165 |
Amendments | 0 | 0 | |
Actuarial loss (gain) | (16) | (71) | |
Benefits paid | (478) | (480) | |
Benefit obligation at end of year | 3,658 | 4,094 | $ 4,527 |
Change in plan assets: | |||
Employer contributions | 478 | 480 | |
Benefits paid | (478) | (480) | |
Plan assets at end of year | 0 | 0 | |
Benefit obligation, included in other liabilities | $ 3,658 | $ 4,094 |
EMPLOYEE BENEFIT PLANS - Amount
EMPLOYEE BENEFIT PLANS - Amounts Recognized in Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Amounts recognized in accumulated other comprehensive income (loss) | |||
Net actuarial loss | $ 3,235 | $ 3,200 | $ 3,591 |
Prior service credit | (320) | (349) | (378) |
Total amount recognized | $ 2,915 | $ 2,851 | $ 3,213 |
EMPLOYEE BENEFIT PLANS - Sche_3
EMPLOYEE BENEFIT PLANS - Schedule of Net Periodic Benefit Costs and Other Amounts Recognized in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of net periodic benefit cost: | |||
Service cost | $ 0 | $ 0 | $ 0 |
Interest cost | 58 | 118 | 165 |
Prior service credit amortization | (29) | (29) | (29) |
Prior service credit due to curtailments | 0 | 0 | 0 |
Recognized actuarial (gain) loss | 400 | 320 | 219 |
Net periodic benefit | 429 | 409 | 355 |
Components of other amounts: | |||
Net regular actuarial (gain) loss | (16) | 379 | 373 |
Recognized actuarial gain (loss) | (400) | (320) | (219) |
Prior service credit amortization | 29 | 29 | 29 |
Prior service credit due to curtailments | 450 | (450) | 0 |
Prior service credit due to amendment | 0 | 0 | 0 |
Total recognized in other comprehensive income | 63 | (362) | 183 |
Total recognized in comprehensive income | $ 492 | $ 47 | $ 538 |
EMPLOYEE BENEFIT PLANS - Sche_4
EMPLOYEE BENEFIT PLANS - Schedule of Assumptions Used to Measure Plans' Benefit Obligation and Net Period Benefit Expense (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average assumptions used to determine benefit obligations: | |||
Discount rate | 2.07% | 1.50% | 2.77% |
Weighted average assumptions used to determine net periodic benefit cost: | |||
Discount rate | 1.66% | 3.13% | 3.92% |
EMPLOYEE BENEFIT PLANS - Stock
EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Number of Options | ||
Outstanding, balance at the beginning of the period (in shares) | 1,978,560 | |
Granted (in shares) | 0 | |
Forfeited/expired (in shares) | (182,180) | |
Exercised (in shares) | (1,094,480) | |
Outstanding, balance at the end of the period (in shares) | 701,900 | 1,978,560 |
Vested and exercisable (in shares) | 701,900 | |
Weighted Average Exercise Price | ||
Outstanding, balance at the beginning of the period (in dollars per share) | $ 13.03 | |
Granted (in dollars per share) | 0 | |
Forfeited/expired (in dollars per share) | 12.69 | |
Exercised (in dollars per share) | 12.92 | |
Outstanding, balance at the end of the period (in dollars per share) | 13.29 | $ 13.03 |
Vested and exercisable (in dollars per share) | $ 13.29 | |
Other Disclosures | ||
Options outstanding, weighted average remaining contractual term | 4 years 1 month 6 days | 4 years 2 months 12 days |
Options vested and exercisable, weighted average remaining contractual term | 4 years 1 month 6 days | |
Options outstanding, aggregate intrinsic value | $ 2,441 | |
Options exercisable, aggregate intrinsic value | $ 2,441 |
EMPLOYEE BENEFIT PLANS - Restri
EMPLOYEE BENEFIT PLANS - Restricted Stock Units Activity (Details) - Restricted Stock Units | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Shares | |
Unvested at the beginning of the period (in shares) | shares | 290,637 |
Awarded (in shares) | shares | 260,355 |
Forfeited (in shares) | shares | (70,080) |
Vested (in shares) | shares | (81,005) |
Unvested at the end of the period (in shares) | shares | 399,907 |
Grant Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ / shares | $ 15.99 |
Awarded (in dollars per share) | $ / shares | 15.81 |
Forfeited (in dollars per share) | $ / shares | 12.93 |
Vested (in dollars per share) | $ / shares | 15.46 |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 16.52 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Fair Value of Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 2,113,410 | $ 1,539,862 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 2,113,410 | 1,539,862 |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 200 | 203 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 2,113,210 | 1,539,659 |
Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Mortgage-related | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 985,454 | 890,686 |
GSE residential certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 3,967 | 13,299 |
GSE residential certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 3,967 | 13,299 |
GSE residential certificates | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE residential certificates | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 3,967 | 13,299 |
GSE residential certificates | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE residential CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 463,883 | 366,421 |
GSE residential CMOs | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 463,883 | 366,421 |
GSE residential CMOs | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE residential CMOs | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 463,883 | 366,421 |
GSE residential CMOs | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE commercial certificates & CMO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 370,364 | 432,614 |
GSE commercial certificates & CMO | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 370,364 | 432,614 |
GSE commercial certificates & CMO | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
GSE commercial certificates & CMO | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 370,364 | 432,614 |
GSE commercial certificates & CMO | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Non-GSE residential certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 66,139 | 33,384 |
Non-GSE residential certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 66,139 | 33,384 |
Non-GSE residential certificates | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Non-GSE residential certificates | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 66,139 | 33,384 |
Non-GSE residential certificates | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Non-GSE commercial certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 81,101 | 44,968 |
Non-GSE commercial certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 81,101 | 44,968 |
Non-GSE commercial certificates | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Non-GSE commercial certificates | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 81,101 | 44,968 |
Non-GSE commercial certificates | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Other debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,127,956 | 649,176 |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 200 | 203 |
U.S. Treasury | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 200 | 203 |
U.S. Treasury | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 200 | 203 |
U.S. Treasury | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
U.S. Treasury | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
ABS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 989,188 | 597,546 |
ABS | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 989,188 | 597,546 |
ABS | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
ABS | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 989,188 | 597,546 |
ABS | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Trust preferred | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 14,147 | 13,773 |
Trust preferred | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 14,147 | 13,773 |
Trust preferred | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Trust preferred | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 14,147 | 13,773 |
Trust preferred | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 124,421 | 37,654 |
Corporate | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 124,421 | 37,654 |
Corporate | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 0 |
Corporate | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 124,421 | 37,654 |
Corporate | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 0 | $ 0 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Securities Measured on Non-Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Current rate for new trades | 1.25% | |
Carrying Value | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 48,111 | $ 67,433 |
Other real estate owned | 307 | 307 |
Total value of assets measured on non-recurring basis | 48,418 | 67,740 |
Estimated Fair Value | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 48,111 | 67,433 |
Other real estate owned | 335 | 303 |
Total value of assets measured on non-recurring basis | 48,446 | 67,736 |
Estimated Fair Value | Fair Value, Nonrecurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total value of assets measured on non-recurring basis | 0 | 0 |
Estimated Fair Value | Fair Value, Nonrecurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Other real estate owned | 0 | 0 |
Total value of assets measured on non-recurring basis | 0 | 0 |
Estimated Fair Value | Fair Value, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 48,111 | 67,433 |
Other real estate owned | 335 | 303 |
Total value of assets measured on non-recurring basis | $ 48,446 | $ 67,736 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Basis and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Available for sale securities | $ 2,113,410 | $ 1,539,862 |
Held to maturity securities | 849,704 | 502,425 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 330,485 | 38,769 |
Available for sale securities | 2,113,410 | 1,513,409 |
Held to maturity securities | 843,569 | 494,449 |
Loans held for sale | 3,279 | 11,178 |
Loans receivable, net | 3,276,358 | 3,447,306 |
Resell agreements | 229,018 | 154,779 |
Accrued interest and dividends receivable | 28,820 | 23,970 |
Financial liabilities: | ||
Subordinated Debt | 83,831 | |
Accrued interest payable | 569 | 386 |
Carrying Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 6,149,103 | 5,066,687 |
Carrying Value | Time deposits | ||
Financial liabilities: | ||
Deposits | 207,152 | 272,025 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 330,485 | 38,769 |
Available for sale securities | 2,113,410 | 1,539,862 |
Held to maturity securities | 849,704 | 502,425 |
Loans held for sale | 3,279 | 11,178 |
Loans receivable, net | 3,291,377 | 3,566,742 |
Resell agreements | 229,018 | 154,779 |
Accrued interest and dividends receivable | 28,820 | 23,970 |
Financial liabilities: | ||
Subordinated Debt | 85,000 | |
Accrued interest payable | 569 | 386 |
Estimated Fair Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 6,149,103 | 5,066,687 |
Estimated Fair Value | Time deposits | ||
Financial liabilities: | ||
Deposits | 207,369 | 272,451 |
Estimated Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 330,485 | 38,769 |
Available for sale securities | 200 | 203 |
Held to maturity securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Resell agreements | 0 | 0 |
Accrued interest and dividends receivable | 0 | 0 |
Financial liabilities: | ||
Subordinated Debt | 0 | |
Accrued interest payable | 0 | 0 |
Estimated Fair Value | Level 1 | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 0 | 0 |
Estimated Fair Value | Level 1 | Time deposits | ||
Financial liabilities: | ||
Deposits | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale securities | 2,113,210 | 1,539,659 |
Held to maturity securities | 216,377 | 76,519 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Resell agreements | 0 | 0 |
Accrued interest and dividends receivable | 28,820 | 23,970 |
Financial liabilities: | ||
Subordinated Debt | 85,000 | |
Accrued interest payable | 569 | 386 |
Estimated Fair Value | Level 2 | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 6,149,103 | 5,066,687 |
Estimated Fair Value | Level 2 | Time deposits | ||
Financial liabilities: | ||
Deposits | 207,369 | 272,451 |
Estimated Fair Value | Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale securities | 0 | 0 |
Held to maturity securities | 633,327 | 425,906 |
Loans held for sale | 3,279 | 11,178 |
Loans receivable, net | 3,291,377 | 3,566,742 |
Resell agreements | 229,018 | 154,779 |
Accrued interest and dividends receivable | 0 | 0 |
Financial liabilities: | ||
Subordinated Debt | 0 | |
Accrued interest payable | 0 | 0 |
Estimated Fair Value | Level 3 | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 0 | 0 |
Estimated Fair Value | Level 3 | Time deposits | ||
Financial liabilities: | ||
Deposits | $ 0 | $ 0 |
COMMITMENTS, CONTINGENCIES AN_3
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Schedule of Financial Instruments Outstanding Representing Credit Risk (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 946,180 | $ 473,451 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | 927,428 | 455,541 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 18,752 | $ 17,910 |
COMMITMENTS, CONTINGENCIES AN_4
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Reserve for credit risk inherent in off balance sheet credit commitments | $ 1.5 | $ 1.2 |
Property Assessed Clean Energy Commitments | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Investment obligations, amount purchased | 314.1 | |
Remaining commitment under investment obligations | $ 145.8 |
LEASES - Lease Cost and Other I
LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 8,219 | $ 15,256 |
Cash paid for amounts included in the measurement of Operating leases liability | $ 10,193 | $ 12,358 |
Weighted average remaining lease term on operating leases (in years) | 4 years 8 months 12 days | 5 years 8 months 12 days |
Weighted average discount rate used for operating leases liability | 3.25% | 3.27% |
LEASES - Remaining Commitments
LEASES - Remaining Commitments of Operating Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2022 | $ 10,955 | |
2023 | 10,895 | |
2024 | 10,525 | |
2025 | 10,165 | |
2026 | 8,758 | |
Thereafter | 526 | |
Total undiscounted operating lease payments | 51,824 | |
Less: present value adjustment | 3,664 | |
Total Operating leases liability | $ 48,160 | $ 53,173 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 12,936 | $ 12,936 |
Accumulated amortization of intangible assets | $ 4,900 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2022 | $ 1,047 |
2023 | 888 |
2024 | 730 |
2025 | 574 |
2026 | 419 |
Thereafter | 493 |
Total | $ 4,151 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Maximum exposure to credit loss | $ 54,500 | |
Unconsolidated Variable Interest Entities | ||
Variable Interest Entity [Line Items] | ||
Tax credit investments included in equity investments | 1,681 | $ 6,735 |
Loans and letters of credit commitments | 52,813 | 11,097 |
Funded portion of loans and letters of credit commitments | 15,512 | 11,097 |
Tax credits and other tax benefits recognized | $ 11,571 | $ 23,993 |
PARENT COMPANY ONLY CONDENSED_3
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||||
Cash and cash equivalents | $ 330,485 | $ 38,769 | ||
Other assets | 50,159 | 47,240 | ||
Total assets | 7,077,876 | 5,978,631 | ||
LIABILITIES AND EQUITY | ||||
Subordinated Debt | 83,831 | 0 | ||
Stockholders' equity | 563,875 | 535,821 | $ 490,544 | $ 439,371 |
Total liabilities and stockholders’ equity | 7,077,876 | $ 5,978,631 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents | 42,886 | |||
Investment in banking subsidiary | 605,074 | |||
Other assets | 12 | |||
Total assets | 647,972 | |||
LIABILITIES AND EQUITY | ||||
Subordinated Debt | 83,831 | |||
Accrued expense and other liabilities | 399 | |||
Stockholders' equity | 563,742 | |||
Total liabilities and stockholders’ equity | $ 647,972 |
PARENT COMPANY ONLY CONDENSED_4
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statements of Income and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed Income Statements, Captions [Line Items] | |||
Interest expense | $ 6,222 | $ 10,479 | $ 19,317 |
Other expense | 11,891 | 10,692 | 9,194 |
Income before income taxes | 70,725 | 61,943 | 64,174 |
Income tax expense (benefit) | 17,788 | 15,755 | 16,972 |
Net income | 52,937 | 46,188 | 47,202 |
Total comprehensive income (loss), net of taxes | 41,170 | $ 60,139 | $ 62,417 |
Parent Company | |||
Condensed Income Statements, Captions [Line Items] | |||
Interest income | 0 | ||
Other income | 11,800 | ||
Interest expense | 399 | ||
Other expense | 148 | ||
Income before income taxes | 11,253 | ||
Income tax expense (benefit) | 0 | ||
Equity in undistributed subsidiary income | 41,684 | ||
Net income | $ 52,937 |
PARENT COMPANY ONLY CONDENSED_5
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION - Condensed Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities | ||||
Net income | $ 52,937 | $ 46,188 | $ 47,202 | |
Adjustments: | ||||
Change in other assets | [1] | 7,445 | 11,041 | 18,180 |
Change in other liabilities | [2] | (11,071) | (4,131) | 12,431 |
Net cash provided by operating activities | 70,538 | 65,771 | 83,461 | |
Cash flows from investing activities | ||||
Net cash (used in) provided by investing activities | (865,410) | (755,137) | (545,883) | |
Cash flows from financing activities | ||||
Dividends paid | (9,978) | (9,987) | (8,301) | |
Repurchase of shares | (2,920) | (7,001) | (5,785) | |
Net cash provided by financing activities | 1,086,588 | 605,597 | 504,115 | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 291,716 | (83,769) | 41,693 | |
Cash, cash equivalents, and restricted cash at beginning of year | 38,769 | 122,538 | 80,845 | |
Cash, cash equivalents, and restricted cash at end of year | 330,485 | 38,769 | $ 122,538 | |
Parent Company | ||||
Cash flows from operating activities | ||||
Net income | 52,937 | |||
Adjustments: | ||||
Equity in undistributed subsidiary income | (41,684) | |||
Change in other assets | (12) | |||
Change in other liabilities | 399 | |||
Net cash provided by operating activities | 11,640 | |||
Cash flows from investing activities | ||||
Payments for investments in subsidiaries | (42,490) | |||
Net cash (used in) provided by investing activities | (42,490) | |||
Cash flows from financing activities | ||||
Dividends paid | (7,597) | |||
Repurchase of shares | (2,498) | |||
Proceeds of issuance of subordinated debt | 83,831 | |||
Net cash provided by financing activities | 73,736 | |||
Net increase (decrease) in cash, cash equivalents, and restricted cash | 42,886 | |||
Cash, cash equivalents, and restricted cash at beginning of year | 0 | |||
Cash, cash equivalents, and restricted cash at end of year | 42,886 | $ 0 | ||
Supplemental non-cash investing activities: | ||||
Equity exchange for the outstanding common stock of Amalgamated Bank | $ 541,093 | |||
[1] | Includes $3.0 million, $11.2 million, and $8.4 million of right of use asset amortization for the respective periods | |||
[2] | Includes $1.3 million, $2.3 million and $2.2 million accretion of operating lease liabilities for the respective periods |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) $ in Thousands | Feb. 25, 2022USD ($) |
Subsequent Event | |
Subsequent Event [Line Items] | |
Number of shares authorized for repurchase (in shares) | $ 40,000 |