Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 04, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity 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 $0.01 per share | |
Trading Symbol | AMAL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,672,303 | |
Entity Central Index Key | 0001823608 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 3,404,000 | $ 8,622,000 |
Interest-bearing deposits in banks | 62,819,000 | 321,863,000 |
Total cash and cash equivalents | 66,223,000 | 330,485,000 |
Securities: | ||
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 1,957,486,000 | 2,113,410,000 |
Amortized Cost | 1,492,423,000 | 843,569,000 |
Loans held for sale | 17,916,000 | 3,279,000 |
Loans receivable, net of deferred loan origination costs (fees) | 3,871,290,000 | 3,312,224,000 |
Allowance for loan losses | (42,122,000) | (35,866,000) |
Total loans receivable, net | 3,829,168,000 | 3,276,358,000 |
Resell agreements | 192,834,000 | 229,018,000 |
Accrued interest and dividends receivable | 34,767,000 | 28,820,000 |
Premises and equipment, net | 10,539,000 | 11,735,000 |
Bank-owned life insurance | 105,915,000 | 107,266,000 |
Right-of-use lease asset | 29,991,000 | 33,115,000 |
Deferred tax asset | 64,046,000 | 26,719,000 |
Goodwill | 12,936,000 | 12,936,000 |
Other intangible assets | 3,366,000 | 4,151,000 |
Equity investments | 7,683,000 | 6,856,000 |
Other assets | 42,924,000 | 50,159,000 |
Total assets | 7,868,217,000 | 7,077,876,000 |
Liabilities | ||
Deposits | 7,160,307,000 | 6,356,255,000 |
Subordinated debt | 77,679,000 | 83,831,000 |
Borrowed funds | 75,000,000 | 0 |
Operating leases | 43,229,000 | 48,160,000 |
Other liabilities | 24,264,000 | 25,755,000 |
Total liabilities | 7,380,479,000 | 6,514,001,000 |
Stockholders’ equity | ||
Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,672,303 and 31,130,143 shares issued and outstanding, respectively) | 307,000 | 311,000 |
Additional paid-in capital | 286,431,000 | 297,975,000 |
Retained earnings | 308,743,000 | 260,047,000 |
Accumulated other comprehensive income (loss), net of income taxes | (107,876,000) | 5,409,000 |
Total Amalgamated Financial Corp. stockholders' equity | 487,605,000 | 563,742,000 |
Noncontrolling interests | 133,000 | 133,000 |
Total stockholders' equity | 487,738,000 | 563,875,000 |
Total liabilities and stockholders’ equity | $ 7,868,217,000 | $ 7,077,876,000 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | $ 2,087,187 | $ 2,103,049 |
Held-to-maturity (fair value of $1,369,383 and $849,704, respectively) | $ 1,369,383 | $ 849,704 |
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) | 30,672,303 | 31,130,143 |
Common stock, shares outstanding (in shares) | 30,672,303 | 31,130,143 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans | $ 38,264 | $ 29,915 | $ 103,157 | $ 91,180 |
Securities | 31,580 | 14,655 | 75,087 | 40,008 |
Interest-bearing deposits in banks | 971 | 230 | 1,701 | 451 |
Total interest and dividend income | 70,815 | 44,800 | 179,945 | 131,639 |
INTEREST EXPENSE | ||||
Deposits | 2,491 | 1,413 | 5,374 | 4,416 |
Borrowed funds | 696 | 0 | 2,077 | 0 |
Total interest expense | 3,187 | 1,413 | 7,451 | 4,416 |
NET INTEREST INCOME | 67,628 | 43,387 | 172,494 | 127,223 |
Provision for (recovery of) loan losses | 5,363 | (2,276) | 10,568 | (3,855) |
Net interest income after provision for loan losses | 62,265 | 45,663 | 161,926 | 131,078 |
NON-INTEREST INCOME | ||||
Trust Department fees | 3,872 | 3,353 | 10,842 | 10,471 |
Service charges on deposit accounts | 2,735 | 2,466 | 8,008 | 6,941 |
Bank-owned life insurance | 785 | 539 | 2,882 | 1,858 |
Gain (loss) on sale of securities | (1,844) | 413 | (2,264) | 755 |
Gain (loss) on sale of loans, net | (367) | 280 | (32) | 1,706 |
Gain (loss) on other real estate owned, net | 0 | 0 | 0 | (407) |
Equity method investments | (1,151) | (483) | (1,357) | (5,720) |
Other | 973 | 134 | 1,592 | 424 |
Total non-interest income | 5,003 | 6,702 | 19,671 | 16,028 |
NON-INTEREST EXPENSE | ||||
Compensation and employee benefits | 19,527 | 17,482 | 55,242 | 52,485 |
Occupancy and depreciation | 3,481 | 3,440 | 10,378 | 10,293 |
Professional fees | 3,173 | 2,348 | 8,733 | 9,219 |
Data processing | 4,149 | 4,521 | 13,660 | 10,848 |
Office maintenance and depreciation | 807 | 887 | 2,316 | 2,362 |
Amortization of intangible assets | 262 | 301 | 785 | 905 |
Advertising and promotion | 795 | 1,023 | 2,410 | 2,248 |
Other | 4,064 | 3,032 | 11,477 | 8,863 |
Total non-interest expense | 36,258 | 33,034 | 105,001 | 97,223 |
Income before income taxes | 31,010 | 19,331 | 76,596 | 49,883 |
Income tax expense (benefit) | 8,066 | 4,915 | 19,874 | 12,870 |
Net income | $ 22,944 | $ 14,416 | $ 56,722 | $ 37,013 |
Earnings per common share - basic (in dollars per share) | $ 0.75 | $ 0.46 | $ 1.84 | $ 1.19 |
Earnings per common share - diluted (in dollars per share) | $ 0.74 | $ 0.46 | $ 1.82 | $ 1.17 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 22,944 | $ 14,416 | $ 56,722 | $ 37,013 |
Other comprehensive income (loss), net of taxes: | ||||
Change in total obligation for postretirement benefits and for prior service credit and for other benefits | 60 | 94 | 178 | (171) |
Net unrealized gains (losses) on securities: | ||||
Unrealized holding gains (losses) on securities available for sale | (43,422) | (5,640) | (159,460) | (7,021) |
Reclassification adjustment for losses (gains) realized in income | 1,831 | (421) | 2,248 | (760) |
Interest and dividend income - securities | 548 | 0 | 757 | 0 |
Net unrealized gains (losses) on securities | (41,043) | (6,061) | (156,455) | (7,781) |
Other comprehensive income (loss), before tax | (40,983) | (5,967) | (156,277) | (7,952) |
Income tax benefit (expense) | 11,275 | 1,629 | 42,992 | 2,153 |
Total other comprehensive income (loss), net of taxes | (29,708) | (4,338) | (113,285) | (5,799) |
Total comprehensive income (loss), net of taxes | $ (6,764) | $ 10,078 | $ (56,563) | $ 31,214 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) - 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, 2020 | $ 535,821 | $ 535,688 | $ 310 | $ 300,989 | $ 217,213 | $ 17,176 | $ 133 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 37,013 | 37,013 | 37,013 | ||||
Dividends | (7,561) | (7,561) | (7,561) | ||||
Repurchase of shares | (2,920) | (2,920) | (1) | (2,919) | |||
Exercise of stock options, net of repurchases | (1,451) | (1,451) | 2 | (1,453) | |||
Restricted stock unit vesting, net of repurchases | (90) | (90) | (90) | ||||
Stock-based compensation expense | 1,377 | 1,377 | 1,377 | ||||
Other comprehensive income (loss), net of taxes | (5,799) | (5,799) | (5,799) | ||||
Ending balance at Sep. 30, 2021 | 556,390 | 556,257 | 311 | 297,904 | 246,665 | 11,377 | 133 |
Beginning balance at Jun. 30, 2021 | 548,211 | 548,078 | 311 | 297,283 | 234,769 | 15,715 | 133 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 14,416 | 14,416 | 14,416 | ||||
Dividends | (2,520) | (2,520) | (2,520) | ||||
Exercise of stock options, net of repurchases | (2) | (2) | (2) | ||||
Stock-based compensation expense | 623 | 623 | 623 | ||||
Other comprehensive income (loss), net of taxes | (4,338) | (4,338) | (4,338) | ||||
Ending balance at Sep. 30, 2021 | 556,390 | 556,257 | 311 | 297,904 | 246,665 | 11,377 | 133 |
Beginning balance at Dec. 31, 2021 | 563,875 | 563,742 | 311 | 297,975 | 260,047 | 5,409 | 133 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 56,722 | 56,722 | 56,722 | ||||
Common stock issued | 516 | 516 | 516 | ||||
Dividends | (8,026) | (8,026) | (8,026) | ||||
Repurchase of shares | (12,478) | (12,478) | (7) | (12,471) | |||
Exercise of stock options, net of repurchases | (1,538) | (1,538) | 3 | (1,541) | |||
Restricted stock unit vesting, net of repurchases | (2) | (2) | (2) | ||||
Stock-based compensation expense | 1,954 | 1,954 | 1,954 | ||||
Other comprehensive income (loss), net of taxes | (113,285) | (113,285) | (113,285) | ||||
Ending balance at Sep. 30, 2022 | 487,738 | 487,605 | 307 | 286,431 | 308,743 | (107,876) | 133 |
Beginning balance at Jun. 30, 2022 | 498,041 | 497,908 | 307 | 286,901 | 288,868 | (78,168) | 133 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 22,944 | 22,944 | 22,944 | ||||
Common stock issued | 168 | 168 | 168 | ||||
Dividends | (3,069) | (3,069) | (3,069) | ||||
Repurchase of shares | (745) | (745) | (1) | (744) | |||
Exercise of stock options, net of repurchases | (501) | (501) | 1 | (502) | |||
Stock-based compensation expense | 608 | 608 | 608 | ||||
Other comprehensive income (loss), net of taxes | (29,708) | (29,708) | (29,708) | ||||
Ending balance at Sep. 30, 2022 | $ 487,738 | $ 487,605 | $ 307 | $ 286,431 | $ 308,743 | $ (107,876) | $ 133 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.26 | $ 0.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 56,722 | $ 37,013 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 2,683 | 2,746 | |
Amortization of intangible assets | 785 | 905 | |
Deferred income tax expense (benefit) | 5,665 | 5,373 | |
Provision for (recovery of) loan losses | 10,568 | (3,855) | |
Stock-based compensation expense | 1,954 | 1,377 | |
Net amortization (accretion) on loan fees, costs, premiums, and discounts | 1,324 | 2,407 | |
Net amortization on securities | 3,625 | 2,984 | |
OTTI loss (gain) recognized in earnings | (16) | (5) | |
Net loss (income) from equity method investments | 1,357 | 5,720 | |
Net loss (gain) on sale of securities available for sale | 2,264 | (755) | |
Net loss (gain) on sale of loans | 32 | (1,706) | |
Net loss (gain) on sale of other real estate owned | 0 | 407 | |
Net (gain) on redemption of bank-owned life insurance | (1,369) | (266) | |
Proceeds from sales of loans held for sale | 17,635 | 103,186 | |
Originations of loans held for sale | (8,276) | (96,478) | |
Decrease (increase) in cash surrender value of bank-owned life insurance | (1,513) | (1,592) | |
Decrease (increase) in accrued interest and dividends receivable | (5,947) | 633 | |
Decrease (increase) in other assets | [1] | 13,521 | 6,499 |
Increase (decrease) in accrued expenses and other liabilities | [2] | (6,146) | (11,193) |
Net cash provided by operating activities | 94,868 | 53,400 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net decrease (increase) in loans | (588,730) | 361,309 | |
Purchase of securities available for sale | (672,142) | (874,116) | |
Purchase of securities held to maturity | (508,097) | (315,969) | |
Proceeds from sales of securities available for sale | 132,105 | 94,899 | |
Maturities, principal payments and redemptions of securities available for sale | 281,244 | 349,328 | |
Maturities, principal payments and redemptions of securities held to maturity | 111,632 | 82,505 | |
Decrease (increase) in resell agreements | 36,184 | 24,345 | |
Decrease (increase) in equity method investments | (2,184) | 626 | |
Decrease (increase) of FHLBNY stock, net | (3,162) | 214 | |
Purchases of premises and equipment | (1,487) | (2,216) | |
Proceeds from redemption of bank-owned life insurance | 4,233 | 1,010 | |
Proceeds from sale of other real estate owned | 0 | 2,275 | |
Net cash (used in) provided by investing activities | (1,210,404) | (275,790) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase (decrease) in deposits | 804,052 | 885,795 | |
Net increase (decrease) in FHLB advances | 75,000 | 0 | |
Net increase (decrease) in subordinated debt | (6,250) | 0 | |
Issuance of common stock | 516 | 0 | |
Repurchase of shares | (12,478) | (2,920) | |
Dividends paid | (8,026) | (7,467) | |
Exercise of stock options, net of repurchases | (1,538) | (1,451) | |
Restricted stock units vesting, net of repurchases | (2) | (90) | |
Net cash provided by financing activities | 851,274 | 873,867 | |
Increase (decrease) in cash, cash equivalents, and restricted cash | (264,262) | 651,477 | |
Cash, cash equivalents, and restricted cash at beginning of year | 330,485 | 38,769 | |
Cash, cash equivalents, and restricted cash at end period | 66,223 | 690,246 | |
Supplemental disclosures of cash flow information: | |||
Interest paid during the period | 6,909 | 4,626 | |
Income taxes paid during the period | 2,431 | 5,335 | |
Supplemental non-cash investing activities: | |||
Loans transferred to held-for-sale | 24,043 | 0 | |
Loans transferred to other real estate owned | 0 | 2,682 | |
Purchase (sale) of securities available for sale, net not settled | 0 | 4,999 | |
Securities available-for-sale transferred to held-to-maturity | $ 260,112 | $ 0 | |
[1]Includes $3.1 million and $1.3 million of right of use asset amortization for the respective periods[2]Includes $2.1 million and $0.9 million accretion of operating lease liabilities for the respective periods |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Right of use asset amortization | $ 3.1 | $ 1.3 |
Accretion of operating lease liabilities | $ 2.1 | $ 0.9 |
BASIS OF PRESENTATION AND CONSO
BASIS OF PRESENTATION AND CONSOLIDATION | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND CONSOLIDATION | BASIS OF PRESENTATION AND CONSOLIDATION Basis of Accounting and Changes in Significant Accounting Policies In this discussion, unless the context indicates otherwise, references to “we,” “us,” “our” and the “Company” refer to Amalgamated Financial Corp. and Amalgamated Bank. References to the “Bank” refer to Amalgamated Bank. 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 unaudited consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries and have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with GAAP. All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. A more detailed description of our accounting policies is included in the Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). There have been no significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2021 Annual Report. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the 2021 Annual Report. Reclassifications |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2022 | |
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: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (In thousands) Change in obligation for postretirement benefits and for prior service credit $ 51 $ 53 $ 153 $ 159 Change in obligation for other benefits 9 41 25 (330) Change in total obligation for postretirement benefits and for prior service credit and for other benefits 60 94 178 (171) Income tax effect (17) (26) (49) 29 Net change in total obligation for postretirement benefits and prior service credit and for other benefits 43 68 129 (142) Unrealized holding gains (losses) on available for sale securities (43,422) $ (5,640) (159,460) $ (7,021) Reclassification adjustment for losses (gains) realized in income 1,831 (421) 2,248 (760) Change in unrealized gains (losses) on available for sale securities (41,591) (6,061) (157,212) (7,781) Accretion of net unrealized loss on securities transferred to held to maturity 548 — 757 — Income tax effect 11,292 1,655 43,041 2,124 Net change in unrealized gains (losses) on securities (29,751) (4,406) (113,414) (5,657) Total $ (29,708) $ (4,338) $ (113,285) $ (5,799) The following represents the reclassifications out of accumulated other comprehensive income (loss): Three Months Ended Nine Months Ended Affected Line Item in the Consolidated Statements of Income 2022 2021 2022 2021 (In thousands) Realized gains (losses) on sale of available for sale securities $ (1,844) $ 413 $ (2,264) $ 755 Gain (loss) on sale of securities Recognized gains (losses) on OTTI securities 13 8 16 5 Non-Interest Income - other Accretion of net unrealized loss on securities transferred to held to maturity 548 — 757 — Interest and dividend income - securities Income tax expense (benefit) (333) 114 (387) 207 Income tax expense (benefit) Total reclassifications, net of income tax $ (950) $ 307 $ (1,104) $ 553 Prior service credit on pension plans and other postretirement benefits $ 7 $ 7 $ 21 $ 21 Compensation and employee benefits Income tax expense (benefit) (1) (2) (5) (6) Income tax expense (benefit) Total reclassifications, net of income tax $ 6 $ 5 $ 16 $ 15 Total reclassifications, net of income tax $ (944) $ 312 $ (1,088) $ 568 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 are as follows: September 30, 2022 Amortized Gross Gross Fair (In thousands) Available for sale: Mortgage-related: GSE residential certificates $ — $ — $ — $ — GSE residential CMOs 456,130 83 (36,351) 419,862 GSE commercial certificates & CMO 277,603 39 (9,330) 268,312 Non-GSE residential certificates 126,799 — (15,651) 111,148 Non-GSE commercial certificates 109,144 — (11,002) 98,142 969,676 122 (72,334) 897,464 Other debt: U.S. Treasury 8,201 — (186) 8,015 ABS 942,175 — (39,417) 902,758 Trust preferred 10,988 — (829) 10,159 Corporate 156,147 — (17,057) 139,090 1,117,511 — (57,489) 1,060,022 Total available for sale $ 2,087,187 $ 122 $ (129,823) $ 1,957,486 Held to maturity: Mortgage-related: GSE CMOs $ 71,252 $ — $ (3,965) $ 67,287 GSE commercial certificates 90,546 — (11,450) 79,096 GSE residential certificates 431 — (29) 402 Non GSE commercial certificates 32,613 — (3,421) 29,192 Non GSE residential certificates 51,506 — (5,478) 46,028 246,348 — (24,343) 222,005 Other debt: ABS 291,488 — (14,223) 277,265 Commercial PACE 220,827 — (21,274) 199,553 Residential PACE 635,874 — (44,953) 590,921 Municipal 95,886 — (18,241) 77,645 Other 2,000 — (6) 1,994 1,246,075 — (98,697) 1,147,378 Total held to maturity $ 1,492,423 $ — $ (123,040) $ 1,369,383 As of September 30, 2022, available for sale securities with a fair value of $730.2 million were pledged with $309.6 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, 2021 are as follows: December 31, 2021 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 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 Company reassessed the classification of certain investments during the nine months ended September 30, 2022 and transferred securities with a book value of $277.3 million from available-for-sale to held-to-maturity. The transfer occurred at a fair value totaling $260.1 million. The related unrealized losses of $17.1 million were converted to a discount that is being accreted through interest income on a level-yield method over the term of the securities, while the unrealized losses recorded in other comprehensive income are amortized out of other comprehensive income through interest income on a level-yield method over the remaining term of securities, with no net change to interest income. No gain or loss was recorded at the time of transfer. There were no transfers to or from securities held-to-maturity during the three months ended September 30, 2022 or the three or nine months ended September 30, 2021. 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 September 30, 2022. 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 Amortized Fair Value Amortized Fair Value (In thousands) Due within one year $ — $ — $ 2,000 $ 1,994 Due after one year through five years 74,307 66,719 9,414 8,931 Due after five years through ten years 449,189 431,372 6,996 6,789 Due after ten years 594,015 561,931 1,227,665 1,129,664 $ 1,117,511 $ 1,060,022 $ 1,246,075 $ 1,147,378 Three Months Ended, Nine Months Ended, September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (In thousands) Proceeds $ 96,154 $ 31,603 $ 132,105 $ 94,899 Realized gains $ 2 $ 477 $ 164 $ 1,040 Realized losses (1,846) (64) (2,428) (285) Net realized gains (losses) $ (1,844) $ 413 $ (2,264) $ 755 The following summarizes the fair value and unrealized losses for those available for sale and held to maturity securities as of September 30, 2022 and December 31, 2021, 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: September 30, 2022 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 237,609 (12,210) 161,126 (24,141) 398,735 (36,351) GSE commercial certificates & CMO 154,560 (6,989) 73,708 (2,341) 228,268 (9,330) Non-GSE residential certificates 75,543 (8,424) 35,605 (7,227) 111,148 (15,651) Non-GSE commercial certificates 62,999 (4,932) 35,143 (6,070) 98,142 (11,002) Other debt: US Treasury 8,015 (186) — — 8,015 (186) ABS 585,953 (18,188) 316,805 (21,229) 902,758 (39,417) Trust preferred — — 10,159 (829) 10,159 (829) Corporate 97,413 (9,722) 41,677 (7,335) 139,090 (17,057) Total available for sale $ 1,222,092 $ (60,651) $ 674,223 $ (69,172) $ 1,896,315 $ (129,823) Held to maturity: Mortgage-related: GSE CMOs $ 56,116 $ (2,921) $ 11,171 $ (1,044) $ 67,287 $ (3,965) GSE commercial certificates 49,257 (3,226) 29,839 (8,224) 79,096 (11,450) GSE residential certificates 402 (29) — — 402 (29) Non GSE commercial certificates 10,957 (731) 18,081 (2,690) 29,038 (3,421) Non GSE residential certificates 40,046 (5,045) 5,982 (433) 46,028 (5,478) Other debt: ABS 226,723 (10,814) 50,542 (3,409) 277,265 (14,223) Commercial PACE 199,553 (21,274) — — 199,553 (21,274) Residential PACE 590,921 (44,953) — — 590,921 (44,953) Municipal 47,708 (7,786) 29,937 (10,455) 77,645 (18,241) Other 1,994 (6) — — 1,994 (6) Total held to maturity $ 1,223,677 $ (96,785) $ 145,552 $ (26,255) $ 1,369,229 $ (123,040) 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) 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. Management considers that the temporary impairment of the Company’s investments in trust preferred securities (“TruPs”) as of September 30, 2022 is primarily due to a widening of credit spreads since the time these investments were acquired, as well as market uncertainty for this class of investments. All of the TruPs were rated investment grade by not less than three nationally recognized statistical rating organization’s (“NRSROs”). All of the issues are current as to their dividend payments and management is not aware of a decision of any trust preferred issuer to exercise its option to defer dividend payments. As of September 30, 2022, excluding GSE and U.S. Treasury securities and TruPs, discussed above, temporarily impaired securities totaled $2.6 billion with an unrealized loss of $200.6 million. With the exception of PACE securities, which are generally not rated, 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 insignificant losses on PACE bonds that we have invested in and are not aware of any significant losses in the PACE bonds sector given the low LTV position and the superior lien position on the property. Management considers that the temporary impairment of these investments as of September 30, 2022 is primarily due to an increase in interest rates since the time these investments were acquired. With respect to the Company’s security investments that are temporarily impaired as of September 30, 2022, 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 September 30, 2022. 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. During the three months ended September 30, 2022 and September 30, 2021, the Company recaptured $12.8 thousand and $7.5 thousand of OTTI, respectively. For the nine months ended September 30, 2022, the Company recaptured $15.9 thousand OTTI, compared to a $4.8 thousand recapture of OTTI f or the same period in 2021. 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 September 30, 2022; however, it is possible that the Company may recognize OTTI in future periods. |
LOANS RECEIVABLE, NET
LOANS RECEIVABLE, NET | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
LOANS RECEIVABLE, NET | LOANS RECEIVABLE, NET Loans receivable are summarized as follows: September 30, December 31, (In thousands) Commercial and industrial $ 805,087 $ 729,385 Multifamily 884,790 821,801 Commercial real estate 338,002 369,429 Construction and land development 38,946 31,539 Total commercial portfolio 2,066,825 1,952,154 Residential real estate lending 1,332,010 1,063,682 Consumer and other 467,793 291,818 Total retail portfolio 1,799,803 1,355,500 Total loans receivable 3,866,628 3,307,654 Net deferred loan origination costs (fees) 4,662 4,570 Total loans receivable, net of deferred loan origination costs (fees) 3,871,290 3,312,224 Allowance for loan losses (42,122) (35,866) Total loans receivable, net $ 3,829,168 $ 3,276,358 The following table presents information regarding the quality of the Company’s loans as of September 30, 2022: 30-89 Days Non- 90 Days or Total Past Current Current Total Loans (In thousands) Commercial and industrial $ 2,865 $ 1,746 $ — $ 4,611 $ 7,610 $ 792,866 $ 805,087 Multifamily — 3,494 — 3,494 — 881,296 884,790 Commercial real estate 4,356 3,869 — 8,225 1,045 328,732 338,002 Construction and land development — — — — — 38,946 38,946 Total commercial portfolio 7,221 9,109 — 16,330 8,655 2,041,840 2,066,825 Residential real estate lending 1,902 675 — 2,577 — 1,329,433 1,332,010 Consumer and other 4,072 1,382 — 5,454 — 462,339 467,793 Total retail portfolio 5,974 2,057 — 8,031 — 1,791,772 1,799,803 $ 13,195 $ 11,166 $ — $ 24,361 $ 8,655 $ 3,833,612 $ 3,866,628 The following table presents information regarding the quality of the Company’s loans as of December 31, 2021: 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 $ — $ 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 primary driver of the decrease in non-accrual loans from December 31, 2021 to September 30, 2022 was a $13.2 million transfer of non-accrual loans to loans held for sale. 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. The following table presents information regarding the Company’s TDRs as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (In thousands) Accruing Non- Accrual Total Accruing Non- Total Commercial and industrial $ 4,337 $ 9,356 $ 13,693 $ 4,052 $ 8,313 $ 12,365 Multifamily 10,483 — 10,483 — — — Commercial real estate — 2,966 2,966 — 3,166 3,166 Construction and land development 2,424 — 2,424 7,476 — 7,476 Residential real estate lending 1,152 — 1,152 13,469 2,018 15,487 $ 18,396 $ 12,322 $ 30,718 $ 24,997 $ 13,497 $ 38,494 The following tables present loans that were classified as TDRs during the three and nine months ended September 30, 2022 and 2021. The pre-modification balances represent the recorded investment immediately prior to the modification, and the post-modification balances represent the recorded investment as of the dates indicated. Three Months Ended Three Months Ended (In thousands) Number of Loans Pre-Modification Balance Post-Modification Balance Number of Loans Pre-Modification Balance Post-Modification Balance Commercial and industrial 1 $ 1,746 $ 1,746 — $ — $ — Total loans 1 $ 1,746 $ 1,746 — $ — $ — Nine Months Ended Nine Months Ended (In thousands) Number of Loans Pre-Modification Balance Post-Modification Balance Number of Loans Pre-Modification Balance Post-Modification Balance Commercial and industrial 3 $ 8,181 $ 8,181 — $ — $ — Commercial real estate 2 10,000 10,483 — — — Construction and land development — — — 1 2,779 2,779 Total loans 5 $ 18,181 $ 18,664 1 $ 2,779 $ 2,779 The following tables summarize the Company’s loan portfolio by credit quality indicator as of September 30, 2022: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 778,331 $ 7,797 $ 17,213 $ 1,746 $ 805,087 Multifamily 842,685 23,866 18,239 — 884,790 Commercial real estate 298,374 20,948 18,680 — 338,002 Construction and land development 36,522 — 2,424 — 38,946 Residential real estate lending 1,331,335 — 675 — 1,332,010 Consumer and other 466,411 — 1,382 — 467,793 Total loans $ 3,753,658 $ 52,611 $ 58,613 $ 1,746 $ 3,866,628 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 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 September 30, 2022: (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 $ 15,075 $ 13,977 $ 4,914 $ 2,424 $ 1,827 $ — $ 38,217 Collectively evaluated for impairment 790,012 870,813 333,088 36,522 1,330,183 467,793 3,828,411 Total loans $ 805,087 $ 884,790 $ 338,002 $ 38,946 $ 1,332,010 $ 467,793 $ 3,866,628 Allowance for loan losses: Individually evaluated for impairment $ 4,995 $ 179 $ — $ — $ 45 $ — $ 5,219 Collectively evaluated for impairment 7,711 6,583 3,908 836 11,065 6,800 36,903 Total allowance for loan losses $ 12,706 $ 6,762 $ 3,908 $ 836 $ 11,110 $ 6,800 $ 42,122 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 activities in the allowance by portfolio for the three months ended September 30, 2022 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 $ 14,617 $ 4,397 $ 5,726 $ 709 $ 10,304 $ 3,724 $ 39,477 Provision for (recovery of) loan losses (1,916) 2,365 (1,818) 516 2,025 4,191 5,363 Charge-offs — — — (389) (1,519) (1,343) (3,251) Recoveries 5 — — — 300 228 533 Ending Balance $ 12,706 $ 6,762 $ 3,908 $ 836 $ 11,110 $ 6,800 $ 42,122 The activities in the allowance by portfolio for the three months ended September 30, 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 $ 12,092 $ 5,672 $ 8,388 $ 1,449 $ 9,785 $ 626 $ 38,012 Provision for (recovery of) loan losses 1,385 (544) (470) (963) (1,677) (7) (2,276) Charge-offs — — (314) — (29) (420) (763) Recoveries 2 — — 1 858 29 890 Ending Balance $ 13,479 $ 5,128 $ 7,604 $ 487 $ 8,937 $ 228 $ 35,863 The activities in the allowance by portfolio for the nine months ended September 30, 2022 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 $ 10,652 $ 4,760 $ 7,273 $ 405 $ 9,008 $ 3,768 $ 35,866 Provision for (recovery of) loan losses 2,037 2,418 (3,365) 818 2,817 5,843 10,568 Charge-offs — (416) — (389) (2,340) (3,206) (6,351) Recoveries 17 — — 2 1,625 395 2,039 Ending Balance $ 12,706 $ 6,762 $ 3,908 $ 836 $ 11,110 $ 6,800 $ 42,122 The activities in the allowance by portfolio for the nine months ended September 30, 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 4,205 (3,288) 1,705 (1,592) (5,060) 175 (3,855) Charge-offs — (1,908) (314) — (230) (1,596) (4,048) Recoveries 209 — — 2 1,897 69 2,177 Ending Balance $ 13,479 $ 5,128 $ 7,604 $ 487 $ 8,937 $ 228 $ 35,863 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 September 30, 2022 and December 31, 2021: September 30, 2022 (In thousands) Recorded Average Unpaid Related Loans without a related allowance: Residential real estate lending $ 617 $ 5,562 $ 907 $ — Construction and land development 2,424 4,950 7,476 — Commercial real estate 4,914 4,484 5,014 — 7,955 14,996 13,397 — Loans with a related allowance: Residential real estate lending 1,210 8,348 1,270 45 Multifamily 13,977 8,442 14,141 179 Commercial and industrial 15,075 13,930 15,884 4,995 30,262 30,720 31,295 5,219 Total individually impaired loans: Residential real estate lending 1,827 13,910 2,177 45 Multifamily 13,977 8,442 14,141 179 Construction and land development 2,424 4,950 7,476 — Commercial real estate 4,914 4,484 5,014 — Commercial and industrial 15,075 13,930 15,884 4,995 $ 38,217 $ 45,716 $ 44,692 $ 5,219 December 31, 2021 (In thousands) Recorded Investment Average Recorded Investment Unpaid Principal Balance Related Allowance 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 As of September 30, 2022 and December 31, 2021, mortgage loans with an unpaid principal balance of $0.8 billion and $1.1 billion, respectively, were pledged to the FHLB to secure outstanding advances and letters of credit. There were $1.6 million in related party loans outstanding as of September 30, 2022 compared to $0.5 million related party loans for December 31, 2021. |
DEPOSITS
DEPOSITS | 9 Months Ended |
Sep. 30, 2022 | |
Statistical Disclosure for Banks [Abstract] | |
DEPOSITS | DEPOSITS Deposits are summarized as follows: September 30, 2022 December 31, 2021 Amount Weighted Average Rate Amount Weighted Average Rate (In thousands) Non-interest bearing demand deposit accounts $ 3,839,155 0.00 % $ 3,335,005 0.00 % NOW accounts 204,473 0.33 % 210,844 0.08 % Money market deposit accounts 2,549,024 0.37 % 2,227,953 0.12 % Savings accounts 384,644 0.32 % 375,301 0.11 % Time deposits 183,011 0.44 % 207,152 0.32 % $ 7,160,307 0.17 % $ 6,356,255 0.06 % The scheduled maturities of time deposits as of September 30, 2022 are as follows: (In thousands) 2022 $ 62,249 2023 87,543 2024 26,096 2025 5,006 2026 1,765 Thereafter 352 $ 183,011 Time deposits of $250,000 or more totaled $48.5 million as of September 30, 2022 and $43.7 million as of December 31, 2021. From time to time the Bank 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 $41.3 million and $56.0 million as of September 30, 2022 and December 31, 2021, respectively, and are included in Time deposits above. Our total deposits included deposits from Workers United and its related entities in the amounts of $56.4 million as of September 30, 2022 and $99.9 million as of December 31, 2021. Included in total deposits are state and municipal deposits totaling $35.9 million and $65.5 million as of September 30, 2022 and December 31, 2021, respectively. Such deposits are secured by letters of credit issued by the FHLB or by securities pledged with the FHLB. |
BORROWED FUNDS
BORROWED FUNDS | 9 Months Ended |
Sep. 30, 2022 | |
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. On July 26, 2022 and September 29, 2022 the Company repurchased $3.25 million and $3.0 million, respectively, of the subordinated notes due on November 15, 2031. FHLB advances are collateralized by the FHLB stock owned by the Bank plus a pledge of other eligible assets comprised of securities and mortgage loans. Assets are pledged to collateral capacity. As of September 30, 2022, the value of the other eligible assets had an estimated market value net of haircut totaling $1.4 billion (comprised of securities of $686.7 million and mortgage loans of $666.5 million). The fair value of assets pledged to the FHLB is required to be not less than 110% of the outstanding advances. There were $75 million outstanding FHLB advances as of September 30, 2022 and no outstanding FHLB advances as of December 31, 2021. FHLB advances are presented as Borrowed funds on the Consolidated Statements of Financial Condition. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 and September 30, 2021, we had 0.4 million and 0.4 million anti-dilutive shares, respectively. Following is a table setting forth the factors used in the earnings per share computation follow: Three Months Nine Months Ended 2022 2021 2022 2021 (In thousands, except per share amounts) Net income attributable to Amalgamated Financial Corp. $ 22,944 $ 14,416 $ 56,722 $ 37,013 Dividends paid on preferred stock — — — — Income attributable to common stock $ 22,944 $ 14,416 $ 56,722 $ 37,013 Weighted average common shares outstanding, basic 30,673 31,094 30,864 31,216 Basic earnings per common share $ 0.75 $ 0.46 $ 1.84 $ 1.19 Income attributable to common stock $ 22,944 $ 14,416 $ 56,722 $ 37,013 Weighted average common shares outstanding, basic 30,673 31,094 30,864 31,216 Incremental shares from assumed conversion of options and RSUs 359 368 359 368 Weighted average common shares outstanding, diluted 31,032 31,462 31,223 31,584 Diluted earnings per common share $ 0.74 $ 0.46 $ 1.82 $ 1.17 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Long Term Incentive Plans Stock Options: The Company does not currently maintain an active stock option plan that is available for issuing new options. As of January 1, 2021, all options are fully vested and the Company will not incur any further expense related to options. A summary of the status of the Company’s options as of September 30, 2022 follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (in thousands) Outstanding, December 31, 2021 847,560 $ 13.19 4.3 years Granted — — — Forfeited/ Expired — — — Exercised (361,800) 13.32 — Outstanding, September 30, 2022 485,760 13.09 3.6 years $ 4,594 Vested and Exercisable, September 30, 2022 485,760 $ 13.09 3.6 years $ 4,594 The range of exercise prices is $11.00 to $14.65 per share. As noted above, there was no compensation cost attributable to the options for the nine months ended September 30, 2022 or for the nine months ended September 30, 2021. Restricted Stock Units: The Amalgamated Financial Corp. 2022 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 434,408 shares were available for issuance as of September 30, 2022. During the nine months ended September 30, 2022, the Company granted 222,109 restricted stock units (“RSUs”) to employees under the Equity Plan and reserved 253,506 shares for issuance upon vesting assuming the Company’s employees achieve the maximum share payout. Of the 222,109 RSUs granted to employees, 159,315 RSUs time-vest ratably over three years and were granted at an average fair value of $18.03 per share and 62,794 RSUs were performance-based and are more fully described below: • The Company granted 16,536, 14,376 and 866 performance-based RSUs at a fair value of $17.39, $17.34 and $21.64 per share, respectively which vest subject to the achievement of the Company’s corporate goal for the three-year period from December 31, 2021 to December 31, 2024. 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 47,667 shares, respectively. • The Company granted 30,016 market-based RSUs at a fair value of $17.91 per share which vest subject to the Bank’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 45,024 shares, respectively. A summary of the status of the Company’s employee RSUs as of September 30, 2022 follows: Shares Grant Date Fair Value Unvested, December 31, 2021 401,585 $ 16.50 Awarded 222,109 17.93 Forfeited/Expired (85,194) 16.28 Vested (125,972) 16.83 Unvested, September 30, 2022 412,528 $ 16.13 Of the 412,528 unvested RSUs on September 30, 2022, the minimum units that will vest, solely due to a service test, are 314,938. The maximum units that will vest, assuming the highest payout on performance and market-based units, are 493,577. Compensation expense attributable to the employee RSUs was $0.5 million and $1.5 million for the three and nine months ended September 30, 2022, respectively, and $0.5 million and $1.4 million for the three and nine months ended September 30, 2021, respectively. As of September 30, 2022, there was $4.9 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 nine months ended September 30, 2022, the Company granted 30,217 RSUs to directors under the Equity Plan that vest after one year. The Company recorded an expense of $0.1 million and $0.4 million for the three and nine months ended September 30, 2022 and 2021, respectively. As of September 30, 2022, there was $0.3 million unrecognized cost related to the non-vested RSUs granted to directors. Employee Stock Purchase Plan On April 28, 2021, the Company's stockholders approved the Amalgamated Financial Corp. Employee Stock Purchase Plan (the "ESPP") which was implemented on March 2, 2022. The aggregate number of shares of common stock that may be purchased and issued under the ESPP will not exceed 500,000 of previously authorized shares. Under the terms of the ESPP, employees may authorize the withholding of up to 15% of their eligible compensation to purchase the Company's shares of common stock, not to exceed $25,000 of the fair market value of such common stock for any calendar year. The purchase price per shares acquired under the ESPP will never be less than 85% of the fair market value of the Company's common stock on the last day of the offering period. The Company's Board of Directors in its discretion may terminate the ESPP at any time with respect to any shares for which options have not been granted. The Compensation Committee of the Board of Directors (the "Committee") has the right to amend the ESPP without the approval of our stockholders; provided, that no such change may impair the rights of a participant with respect to any outstanding offering period without the consent of such participant, other than a change determined by the Committee to be necessary to comply with applicable law. A participant may not dispose of shares acquired under the ESPP until six months following the grant date of such shares, or any earlier date as of which the Committee has determined that the participant would qualify for a hardship distribution from the Company’s 401(k) Plan. Accordingly, the fair value award associated with their discounted purchase price is expensed at the time of purchase. There were 2,905, 14,967 and 7,461 shares purchased under the ESPP on March 31, 2022, June 30, 2022, and September 30, 2022, respectively. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended |
Sep. 30, 2022 | |
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: September 30, 2022 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential certificates $ — $ — $ — $ — GSE residential CMOs — 419,862 — 419,862 GSE commercial certificates & CMO — 268,312 — 268,312 Non-GSE residential certificates — 111,148 — 111,148 Non-GSE commercial certificates — 98,142 — 98,142 Other debt: U.S. Treasury 8,015 — — 8,015 ABS — 902,758 — 902,758 Trust preferred — 10,159 — 10,159 Corporate — 139,090 — 139,090 Total assets carried at fair value $ 8,015 $ 1,949,471 $ — $ 1,957,486 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 The following tables summarize assets measured at fair value on a non-recurring basis: September 30, 2022 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 32,998 $ — $ — $ 32,998 $ 32,998 $ 32,998 $ — $ — $ 32,998 $ 32,998 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 $ 48,111 $ — $ — $ 48,111 $ 48,111 The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments: September 30, 2022 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 66,223 $ 66,223 $ — $ — $ 66,223 Available for sale securities 1,957,486 8,015 1,949,471 — 1,957,486 Held to maturity securities 1,492,423 — 578,876 790,507 1,369,383 Loans held for sale 17,916 — — 17,916 17,916 Loans receivable, net 3,829,168 — — 3,438,967 3,438,967 Resell agreements 192,834 — — 192,834 192,834 Accrued interest and dividends receivable 34,767 — 34,767 — 34,767 Financial liabilities: Deposits payable on demand 6,977,296 — 6,977,296 — 6,977,296 Time deposits 183,011 — 182,747 — 182,747 Borrowed Funds 152,679 — 143,940 — 143,940 Accrued interest payable 1,111 — 1,111 — 1,111 December 31, 2021 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value 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 |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK | 9 Months Ended |
Sep. 30, 2022 | |
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: September 30, 2022 December 31, 2021 (In thousands) Commitments to extend credit $ 835,241 $ 927,428 Standby letters of credit 21,536 18,752 Total $ 856,777 $ 946,180 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 $1.6 million as of September 30, 2022 and $1.5 million as of December 31, 2021. Other Commitments and Contingencies In the ordinary course of business, there are various legal proceedings pending against the Company. 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 Company. I nvestment Obligations The Company is a 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 September 30, 2022, the Company had purchased $409.6 million of these obligations and had an estimated remaining commitment of $45.0 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, by a reduction in cash and cash equivalents, or by pay-downs and maturities of loans and other investments. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
LEASES | LEASES The Bank 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 September 30, 2022. 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 Bank’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: Three Months Ended Nine Months Ended September 30, 2022 (In thousands) Operating lease cost $ 2,257 $ 6,765 Cash paid for amounts included in the measurement of Operating leases liability $ 2,714 $ 7,976 Weighted average remaining lease term on operating leases (in years) 4.2 4.2 Weighted average discount rate used for operating leases liability 3.25 % 3.25 % Note: Sublease income and variable income or expense considered immaterial Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (In thousands) Operating lease cost $ 2,258 $ 6,679 Cash paid for amounts included in the measurement of Operating leases liability $ 2,566 $ 7,573 Weighted average remaining lease term on operating leases (in years) 5.0 5.0 Weighted average discount rate used for operating leases liability 3.25 % 3.26 % 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 September 30, 2022: (In thousands) As of September 30, 2022 2022 remaining $ 2,768 2023 11,285 2024 11,310 2025 10,574 2026 9,176 Thereafter 955 Total undiscounted operating lease payments 46,068 Less: present value adjustment 2,839 Total Operating leases liability $ 43,229 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 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, 2022. 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 September 30, 2022 and December 31, 2021, 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 remaining $ 261 2023 888 2024 730 2025 574 2026 419 Thereafter 494 Total $ 3,366 Accumulated amortization of the core deposit intangible was $5.7 million as of September 30, 2022. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022, the Company's maximum exposure to loss is $35.1 million. September 30, 2022 December 31, 2021 (In thousands) Unconsolidated Variable Interest Entities Tax credit investments included in equity investments $ 2,674 $ 1,681 Loans and letters of credit commitments 32,430 52,813 Funded portion of loans and letters of credit commitments 17,506 15,512 The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In thousands) Tax credits and other tax benefits recognized $ 668 $ 568 $ 2,004 $ 1,479 |
BASIS OF PRESENTATION AND CON_2
BASIS OF PRESENTATION AND CONSOLIDATION (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
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 unaudited consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and its majority-owned subsidiaries and have been prepared in accordance with instructions to Form 10-Q and therefore do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with GAAP. All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. A more detailed description of our accounting policies is included in the Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Annual Report”). There have been no significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2021 Annual Report. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the 2021 Annual Report. |
Reclassifications | Certain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholder equity or net income. |
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) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule Other Comprehensive Income (Loss) | Other comprehensive income (loss) components and related income tax effects were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 (In thousands) Change in obligation for postretirement benefits and for prior service credit $ 51 $ 53 $ 153 $ 159 Change in obligation for other benefits 9 41 25 (330) Change in total obligation for postretirement benefits and for prior service credit and for other benefits 60 94 178 (171) Income tax effect (17) (26) (49) 29 Net change in total obligation for postretirement benefits and prior service credit and for other benefits 43 68 129 (142) Unrealized holding gains (losses) on available for sale securities (43,422) $ (5,640) (159,460) $ (7,021) Reclassification adjustment for losses (gains) realized in income 1,831 (421) 2,248 (760) Change in unrealized gains (losses) on available for sale securities (41,591) (6,061) (157,212) (7,781) Accretion of net unrealized loss on securities transferred to held to maturity 548 — 757 — Income tax effect 11,292 1,655 43,041 2,124 Net change in unrealized gains (losses) on securities (29,751) (4,406) (113,414) (5,657) Total $ (29,708) $ (4,338) $ (113,285) $ (5,799) |
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following represents the reclassifications out of accumulated other comprehensive income (loss): Three Months Ended Nine Months Ended Affected Line Item in the Consolidated Statements of Income 2022 2021 2022 2021 (In thousands) Realized gains (losses) on sale of available for sale securities $ (1,844) $ 413 $ (2,264) $ 755 Gain (loss) on sale of securities Recognized gains (losses) on OTTI securities 13 8 16 5 Non-Interest Income - other Accretion of net unrealized loss on securities transferred to held to maturity 548 — 757 — Interest and dividend income - securities Income tax expense (benefit) (333) 114 (387) 207 Income tax expense (benefit) Total reclassifications, net of income tax $ (950) $ 307 $ (1,104) $ 553 Prior service credit on pension plans and other postretirement benefits $ 7 $ 7 $ 21 $ 21 Compensation and employee benefits Income tax expense (benefit) (1) (2) (5) (6) Income tax expense (benefit) Total reclassifications, net of income tax $ 6 $ 5 $ 16 $ 15 Total reclassifications, net of income tax $ (944) $ 312 $ (1,088) $ 568 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30, 2022 are as follows: September 30, 2022 Amortized Gross Gross Fair (In thousands) Available for sale: Mortgage-related: GSE residential certificates $ — $ — $ — $ — GSE residential CMOs 456,130 83 (36,351) 419,862 GSE commercial certificates & CMO 277,603 39 (9,330) 268,312 Non-GSE residential certificates 126,799 — (15,651) 111,148 Non-GSE commercial certificates 109,144 — (11,002) 98,142 969,676 122 (72,334) 897,464 Other debt: U.S. Treasury 8,201 — (186) 8,015 ABS 942,175 — (39,417) 902,758 Trust preferred 10,988 — (829) 10,159 Corporate 156,147 — (17,057) 139,090 1,117,511 — (57,489) 1,060,022 Total available for sale $ 2,087,187 $ 122 $ (129,823) $ 1,957,486 Held to maturity: Mortgage-related: GSE CMOs $ 71,252 $ — $ (3,965) $ 67,287 GSE commercial certificates 90,546 — (11,450) 79,096 GSE residential certificates 431 — (29) 402 Non GSE commercial certificates 32,613 — (3,421) 29,192 Non GSE residential certificates 51,506 — (5,478) 46,028 246,348 — (24,343) 222,005 Other debt: ABS 291,488 — (14,223) 277,265 Commercial PACE 220,827 — (21,274) 199,553 Residential PACE 635,874 — (44,953) 590,921 Municipal 95,886 — (18,241) 77,645 Other 2,000 — (6) 1,994 1,246,075 — (98,697) 1,147,378 Total held to maturity $ 1,492,423 $ — $ (123,040) $ 1,369,383 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 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 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 |
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 September 30, 2022 are as follows: September 30, 2022 Amortized Gross Gross Fair (In thousands) Available for sale: Mortgage-related: GSE residential certificates $ — $ — $ — $ — GSE residential CMOs 456,130 83 (36,351) 419,862 GSE commercial certificates & CMO 277,603 39 (9,330) 268,312 Non-GSE residential certificates 126,799 — (15,651) 111,148 Non-GSE commercial certificates 109,144 — (11,002) 98,142 969,676 122 (72,334) 897,464 Other debt: U.S. Treasury 8,201 — (186) 8,015 ABS 942,175 — (39,417) 902,758 Trust preferred 10,988 — (829) 10,159 Corporate 156,147 — (17,057) 139,090 1,117,511 — (57,489) 1,060,022 Total available for sale $ 2,087,187 $ 122 $ (129,823) $ 1,957,486 Held to maturity: Mortgage-related: GSE CMOs $ 71,252 $ — $ (3,965) $ 67,287 GSE commercial certificates 90,546 — (11,450) 79,096 GSE residential certificates 431 — (29) 402 Non GSE commercial certificates 32,613 — (3,421) 29,192 Non GSE residential certificates 51,506 — (5,478) 46,028 246,348 — (24,343) 222,005 Other debt: ABS 291,488 — (14,223) 277,265 Commercial PACE 220,827 — (21,274) 199,553 Residential PACE 635,874 — (44,953) 590,921 Municipal 95,886 — (18,241) 77,645 Other 2,000 — (6) 1,994 1,246,075 — (98,697) 1,147,378 Total held to maturity $ 1,492,423 $ — $ (123,040) $ 1,369,383 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 Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value 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 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 |
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 Amortized Fair Value Amortized Fair Value (In thousands) Due within one year $ — $ — $ 2,000 $ 1,994 Due after one year through five years 74,307 66,719 9,414 8,931 Due after five years through ten years 449,189 431,372 6,996 6,789 Due after ten years 594,015 561,931 1,227,665 1,129,664 $ 1,117,511 $ 1,060,022 $ 1,246,075 $ 1,147,378 |
Schedule of Proceeds Received and Gains (Losses) on Sale of Available for Sale Securities | Three Months Ended, Nine Months Ended, September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (In thousands) Proceeds $ 96,154 $ 31,603 $ 132,105 $ 94,899 Realized gains $ 2 $ 477 $ 164 $ 1,040 Realized losses (1,846) (64) (2,428) (285) Net realized gains (losses) $ (1,844) $ 413 $ (2,264) $ 755 |
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 September 30, 2022 and December 31, 2021, 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: September 30, 2022 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 237,609 (12,210) 161,126 (24,141) 398,735 (36,351) GSE commercial certificates & CMO 154,560 (6,989) 73,708 (2,341) 228,268 (9,330) Non-GSE residential certificates 75,543 (8,424) 35,605 (7,227) 111,148 (15,651) Non-GSE commercial certificates 62,999 (4,932) 35,143 (6,070) 98,142 (11,002) Other debt: US Treasury 8,015 (186) — — 8,015 (186) ABS 585,953 (18,188) 316,805 (21,229) 902,758 (39,417) Trust preferred — — 10,159 (829) 10,159 (829) Corporate 97,413 (9,722) 41,677 (7,335) 139,090 (17,057) Total available for sale $ 1,222,092 $ (60,651) $ 674,223 $ (69,172) $ 1,896,315 $ (129,823) Held to maturity: Mortgage-related: GSE CMOs $ 56,116 $ (2,921) $ 11,171 $ (1,044) $ 67,287 $ (3,965) GSE commercial certificates 49,257 (3,226) 29,839 (8,224) 79,096 (11,450) GSE residential certificates 402 (29) — — 402 (29) Non GSE commercial certificates 10,957 (731) 18,081 (2,690) 29,038 (3,421) Non GSE residential certificates 40,046 (5,045) 5,982 (433) 46,028 (5,478) Other debt: ABS 226,723 (10,814) 50,542 (3,409) 277,265 (14,223) Commercial PACE 199,553 (21,274) — — 199,553 (21,274) Residential PACE 590,921 (44,953) — — 590,921 (44,953) Municipal 47,708 (7,786) 29,937 (10,455) 77,645 (18,241) Other 1,994 (6) — — 1,994 (6) Total held to maturity $ 1,223,677 $ (96,785) $ 145,552 $ (26,255) $ 1,369,229 $ (123,040) 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) |
LOANS RECEIVABLE, NET (Tables)
LOANS RECEIVABLE, NET (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | Loans receivable are summarized as follows: September 30, December 31, (In thousands) Commercial and industrial $ 805,087 $ 729,385 Multifamily 884,790 821,801 Commercial real estate 338,002 369,429 Construction and land development 38,946 31,539 Total commercial portfolio 2,066,825 1,952,154 Residential real estate lending 1,332,010 1,063,682 Consumer and other 467,793 291,818 Total retail portfolio 1,799,803 1,355,500 Total loans receivable 3,866,628 3,307,654 Net deferred loan origination costs (fees) 4,662 4,570 Total loans receivable, net of deferred loan origination costs (fees) 3,871,290 3,312,224 Allowance for loan losses (42,122) (35,866) Total loans receivable, net $ 3,829,168 $ 3,276,358 |
Schedule of Quality of Bank's Loans | The following table presents information regarding the quality of the Company’s loans as of September 30, 2022: 30-89 Days Non- 90 Days or Total Past Current Current Total Loans (In thousands) Commercial and industrial $ 2,865 $ 1,746 $ — $ 4,611 $ 7,610 $ 792,866 $ 805,087 Multifamily — 3,494 — 3,494 — 881,296 884,790 Commercial real estate 4,356 3,869 — 8,225 1,045 328,732 338,002 Construction and land development — — — — — 38,946 38,946 Total commercial portfolio 7,221 9,109 — 16,330 8,655 2,041,840 2,066,825 Residential real estate lending 1,902 675 — 2,577 — 1,329,433 1,332,010 Consumer and other 4,072 1,382 — 5,454 — 462,339 467,793 Total retail portfolio 5,974 2,057 — 8,031 — 1,791,772 1,799,803 $ 13,195 $ 11,166 $ — $ 24,361 $ 8,655 $ 3,833,612 $ 3,866,628 The following table presents information regarding the quality of the Company’s loans as of December 31, 2021: 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 $ — $ 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 |
Schedule of Troubled Debt Restructurings | The following table presents information regarding the Company’s TDRs as of September 30, 2022 and December 31, 2021: September 30, 2022 December 31, 2021 (In thousands) Accruing Non- Accrual Total Accruing Non- Total Commercial and industrial $ 4,337 $ 9,356 $ 13,693 $ 4,052 $ 8,313 $ 12,365 Multifamily 10,483 — 10,483 — — — Commercial real estate — 2,966 2,966 — 3,166 3,166 Construction and land development 2,424 — 2,424 7,476 — 7,476 Residential real estate lending 1,152 — 1,152 13,469 2,018 15,487 $ 18,396 $ 12,322 $ 30,718 $ 24,997 $ 13,497 $ 38,494 The following tables present loans that were classified as TDRs during the three and nine months ended September 30, 2022 and 2021. The pre-modification balances represent the recorded investment immediately prior to the modification, and the post-modification balances represent the recorded investment as of the dates indicated. Three Months Ended Three Months Ended (In thousands) Number of Loans Pre-Modification Balance Post-Modification Balance Number of Loans Pre-Modification Balance Post-Modification Balance Commercial and industrial 1 $ 1,746 $ 1,746 — $ — $ — Total loans 1 $ 1,746 $ 1,746 — $ — $ — Nine Months Ended Nine Months Ended (In thousands) Number of Loans Pre-Modification Balance Post-Modification Balance Number of Loans Pre-Modification Balance Post-Modification Balance Commercial and industrial 3 $ 8,181 $ 8,181 — $ — $ — Commercial real estate 2 10,000 10,483 — — — Construction and land development — — — 1 2,779 2,779 Total loans 5 $ 18,181 $ 18,664 1 $ 2,779 $ 2,779 |
Schedule of Loans by Credit Quality Indicator | The following tables summarize the Company’s loan portfolio by credit quality indicator as of September 30, 2022: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 778,331 $ 7,797 $ 17,213 $ 1,746 $ 805,087 Multifamily 842,685 23,866 18,239 — 884,790 Commercial real estate 298,374 20,948 18,680 — 338,002 Construction and land development 36,522 — 2,424 — 38,946 Residential real estate lending 1,331,335 — 675 — 1,332,010 Consumer and other 466,411 — 1,382 — 467,793 Total loans $ 3,753,658 $ 52,611 $ 58,613 $ 1,746 $ 3,866,628 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 |
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 September 30, 2022: (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 $ 15,075 $ 13,977 $ 4,914 $ 2,424 $ 1,827 $ — $ 38,217 Collectively evaluated for impairment 790,012 870,813 333,088 36,522 1,330,183 467,793 3,828,411 Total loans $ 805,087 $ 884,790 $ 338,002 $ 38,946 $ 1,332,010 $ 467,793 $ 3,866,628 Allowance for loan losses: Individually evaluated for impairment $ 4,995 $ 179 $ — $ — $ 45 $ — $ 5,219 Collectively evaluated for impairment 7,711 6,583 3,908 836 11,065 6,800 36,903 Total allowance for loan losses $ 12,706 $ 6,762 $ 3,908 $ 836 $ 11,110 $ 6,800 $ 42,122 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 activities in the allowance by portfolio for the three months ended September 30, 2022 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 $ 14,617 $ 4,397 $ 5,726 $ 709 $ 10,304 $ 3,724 $ 39,477 Provision for (recovery of) loan losses (1,916) 2,365 (1,818) 516 2,025 4,191 5,363 Charge-offs — — — (389) (1,519) (1,343) (3,251) Recoveries 5 — — — 300 228 533 Ending Balance $ 12,706 $ 6,762 $ 3,908 $ 836 $ 11,110 $ 6,800 $ 42,122 The activities in the allowance by portfolio for the three months ended September 30, 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 $ 12,092 $ 5,672 $ 8,388 $ 1,449 $ 9,785 $ 626 $ 38,012 Provision for (recovery of) loan losses 1,385 (544) (470) (963) (1,677) (7) (2,276) Charge-offs — — (314) — (29) (420) (763) Recoveries 2 — — 1 858 29 890 Ending Balance $ 13,479 $ 5,128 $ 7,604 $ 487 $ 8,937 $ 228 $ 35,863 The activities in the allowance by portfolio for the nine months ended September 30, 2022 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 $ 10,652 $ 4,760 $ 7,273 $ 405 $ 9,008 $ 3,768 $ 35,866 Provision for (recovery of) loan losses 2,037 2,418 (3,365) 818 2,817 5,843 10,568 Charge-offs — (416) — (389) (2,340) (3,206) (6,351) Recoveries 17 — — 2 1,625 395 2,039 Ending Balance $ 12,706 $ 6,762 $ 3,908 $ 836 $ 11,110 $ 6,800 $ 42,122 The activities in the allowance by portfolio for the nine months ended September 30, 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 4,205 (3,288) 1,705 (1,592) (5,060) 175 (3,855) Charge-offs — (1,908) (314) — (230) (1,596) (4,048) Recoveries 209 — — 2 1,897 69 2,177 Ending Balance $ 13,479 $ 5,128 $ 7,604 $ 487 $ 8,937 $ 228 $ 35,863 |
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 September 30, 2022 and December 31, 2021: September 30, 2022 (In thousands) Recorded Average Unpaid Related Loans without a related allowance: Residential real estate lending $ 617 $ 5,562 $ 907 $ — Construction and land development 2,424 4,950 7,476 — Commercial real estate 4,914 4,484 5,014 — 7,955 14,996 13,397 — Loans with a related allowance: Residential real estate lending 1,210 8,348 1,270 45 Multifamily 13,977 8,442 14,141 179 Commercial and industrial 15,075 13,930 15,884 4,995 30,262 30,720 31,295 5,219 Total individually impaired loans: Residential real estate lending 1,827 13,910 2,177 45 Multifamily 13,977 8,442 14,141 179 Construction and land development 2,424 4,950 7,476 — Commercial real estate 4,914 4,484 5,014 — Commercial and industrial 15,075 13,930 15,884 4,995 $ 38,217 $ 45,716 $ 44,692 $ 5,219 December 31, 2021 (In thousands) Recorded Investment Average Recorded Investment Unpaid Principal Balance Related Allowance 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 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Statistical Disclosure for Banks [Abstract] | |
Schedule of Deposits | Deposits are summarized as follows: September 30, 2022 December 31, 2021 Amount Weighted Average Rate Amount Weighted Average Rate (In thousands) Non-interest bearing demand deposit accounts $ 3,839,155 0.00 % $ 3,335,005 0.00 % NOW accounts 204,473 0.33 % 210,844 0.08 % Money market deposit accounts 2,549,024 0.37 % 2,227,953 0.12 % Savings accounts 384,644 0.32 % 375,301 0.11 % Time deposits 183,011 0.44 % 207,152 0.32 % $ 7,160,307 0.17 % $ 6,356,255 0.06 % |
Schedule of Maturities of Time Deposits | The scheduled maturities of time deposits as of September 30, 2022 are as follows: (In thousands) 2022 $ 62,249 2023 87,543 2024 26,096 2025 5,006 2026 1,765 Thereafter 352 $ 183,011 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: Three Months Nine Months Ended 2022 2021 2022 2021 (In thousands, except per share amounts) Net income attributable to Amalgamated Financial Corp. $ 22,944 $ 14,416 $ 56,722 $ 37,013 Dividends paid on preferred stock — — — — Income attributable to common stock $ 22,944 $ 14,416 $ 56,722 $ 37,013 Weighted average common shares outstanding, basic 30,673 31,094 30,864 31,216 Basic earnings per common share $ 0.75 $ 0.46 $ 1.84 $ 1.19 Income attributable to common stock $ 22,944 $ 14,416 $ 56,722 $ 37,013 Weighted average common shares outstanding, basic 30,673 31,094 30,864 31,216 Incremental shares from assumed conversion of options and RSUs 359 368 359 368 Weighted average common shares outstanding, diluted 31,032 31,462 31,223 31,584 Diluted earnings per common share $ 0.74 $ 0.46 $ 1.82 $ 1.17 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | A summary of the status of the Company’s options as of September 30, 2022 follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (in thousands) Outstanding, December 31, 2021 847,560 $ 13.19 4.3 years Granted — — — Forfeited/ Expired — — — Exercised (361,800) 13.32 — Outstanding, September 30, 2022 485,760 13.09 3.6 years $ 4,594 Vested and Exercisable, September 30, 2022 485,760 $ 13.09 3.6 years $ 4,594 |
Schedule of Restricted Stock Unit Activity | A summary of the status of the Company’s employee RSUs as of September 30, 2022 follows: Shares Grant Date Fair Value Unvested, December 31, 2021 401,585 $ 16.50 Awarded 222,109 17.93 Forfeited/Expired (85,194) 16.28 Vested (125,972) 16.83 Unvested, September 30, 2022 412,528 $ 16.13 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: September 30, 2022 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential certificates $ — $ — $ — $ — GSE residential CMOs — 419,862 — 419,862 GSE commercial certificates & CMO — 268,312 — 268,312 Non-GSE residential certificates — 111,148 — 111,148 Non-GSE commercial certificates — 98,142 — 98,142 Other debt: U.S. Treasury 8,015 — — 8,015 ABS — 902,758 — 902,758 Trust preferred — 10,159 — 10,159 Corporate — 139,090 — 139,090 Total assets carried at fair value $ 8,015 $ 1,949,471 $ — $ 1,957,486 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 |
Schedule of Assets Measured on Nonrecurring Basis | The following tables summarize assets measured at fair value on a non-recurring basis: September 30, 2022 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 32,998 $ — $ — $ 32,998 $ 32,998 $ 32,998 $ — $ — $ 32,998 $ 32,998 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 $ 48,111 $ — $ — $ 48,111 $ 48,111 |
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: September 30, 2022 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 66,223 $ 66,223 $ — $ — $ 66,223 Available for sale securities 1,957,486 8,015 1,949,471 — 1,957,486 Held to maturity securities 1,492,423 — 578,876 790,507 1,369,383 Loans held for sale 17,916 — — 17,916 17,916 Loans receivable, net 3,829,168 — — 3,438,967 3,438,967 Resell agreements 192,834 — — 192,834 192,834 Accrued interest and dividends receivable 34,767 — 34,767 — 34,767 Financial liabilities: Deposits payable on demand 6,977,296 — 6,977,296 — 6,977,296 Time deposits 183,011 — 182,747 — 182,747 Borrowed Funds 152,679 — 143,940 — 143,940 Accrued interest payable 1,111 — 1,111 — 1,111 December 31, 2021 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value 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 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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: September 30, 2022 December 31, 2021 (In thousands) Commitments to extend credit $ 835,241 $ 927,428 Standby letters of credit 21,536 18,752 Total $ 856,777 $ 946,180 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Lease Cost and Other Information | The following table summarizes our lease cost and other operating lease information: Three Months Ended Nine Months Ended September 30, 2022 (In thousands) Operating lease cost $ 2,257 $ 6,765 Cash paid for amounts included in the measurement of Operating leases liability $ 2,714 $ 7,976 Weighted average remaining lease term on operating leases (in years) 4.2 4.2 Weighted average discount rate used for operating leases liability 3.25 % 3.25 % Note: Sublease income and variable income or expense considered immaterial Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 (In thousands) Operating lease cost $ 2,258 $ 6,679 Cash paid for amounts included in the measurement of Operating leases liability $ 2,566 $ 7,573 Weighted average remaining lease term on operating leases (in years) 5.0 5.0 Weighted average discount rate used for operating leases liability 3.25 % 3.26 % 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 September 30, 2022: (In thousands) As of September 30, 2022 2022 remaining $ 2,768 2023 11,285 2024 11,310 2025 10,574 2026 9,176 Thereafter 955 Total undiscounted operating lease payments 46,068 Less: present value adjustment 2,839 Total Operating leases liability $ 43,229 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 remaining $ 261 2023 888 2024 730 2025 574 2026 419 Thereafter 494 Total $ 3,366 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | September 30, 2022 December 31, 2021 (In thousands) Unconsolidated Variable Interest Entities Tax credit investments included in equity investments $ 2,674 $ 1,681 Loans and letters of credit commitments 32,430 52,813 Funded portion of loans and letters of credit commitments 17,506 15,512 The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In thousands) Tax credits and other tax benefits recognized $ 668 $ 568 $ 2,004 $ 1,479 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other comprehensive income (loss), before tax | $ (40,983) | $ (5,967) | $ (156,277) | $ (7,952) |
Interest and dividend income - securities | 548 | 0 | 757 | 0 |
Income tax benefit (expense) | 11,275 | 1,629 | 42,992 | 2,153 |
Total other comprehensive income (loss), net of taxes | (29,708) | (4,338) | (113,285) | (5,799) |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, before tax | 60 | 94 | 178 | (171) |
Income tax effect | (17) | (26) | (49) | 29 |
Total other comprehensive income (loss), net of taxes | 43 | 68 | 129 | (142) |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | Postemployment Retirement Benefits | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, before tax | 51 | 53 | 153 | 159 |
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | Other Postretirement Benefits Plan | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, before tax | 9 | 41 | 25 | (330) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other comprehensive income (loss), before reclassifications, before tax | (43,422) | (5,640) | (159,460) | (7,021) |
Reclassification adjustment for losses (gains) realized in income | 1,831 | (421) | 2,248 | (760) |
Other comprehensive income (loss), before tax | (41,591) | (6,061) | (157,212) | (7,781) |
Interest and dividend income - securities | 548 | 0 | 757 | 0 |
Income tax benefit (expense) | 11,292 | 1,655 | 43,041 | 2,124 |
Total other comprehensive income (loss), net of taxes | $ (29,751) | $ (4,406) | $ (113,414) | $ (5,657) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain (loss) on sale of securities | $ (1,844) | $ 413 | $ (2,264) | $ 755 |
Non-Interest Income - other | 973 | 134 | 1,592 | 424 |
Securities | 31,580 | 14,655 | 75,087 | 40,008 |
Income tax expense (benefit) | 8,066 | 4,915 | 19,874 | 12,870 |
Compensation and employee benefits | 19,527 | 17,482 | 55,242 | 52,485 |
Total reclassifications, net of income tax | 22,944 | 14,416 | 56,722 | 37,013 |
Reclassification out of accumulated other comprehensive income (loss) | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, net of income tax | (944) | 312 | (1,088) | 568 |
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 securities | (1,844) | 413 | (2,264) | 755 |
Non-Interest Income - other | 13 | 8 | 16 | 5 |
Securities | 548 | 0 | 757 | 0 |
Income tax expense (benefit) | (333) | 114 | (387) | 207 |
Total reclassifications, net of income tax | (950) | 307 | (1,104) | 553 |
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) | (1) | (2) | (5) | (6) |
Compensation and employee benefits | 7 | 7 | 21 | 21 |
Total reclassifications, net of income tax | $ 6 | $ 5 | $ 16 | $ 15 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized Cost and Fair Value of AFS Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,087,187 | $ 2,103,049 |
Gross Unrealized Gains | 122 | 17,754 |
Gross Unrealized Losses | (129,823) | (7,393) |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 1,957,486 | 2,113,410 |
Mortgage-related | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 969,676 | 977,144 |
Gross Unrealized Gains | 122 | 12,722 |
Gross Unrealized Losses | (72,334) | (4,412) |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 897,464 | 985,454 |
GSE residential certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 0 | 3,838 |
Gross Unrealized Gains | 0 | 129 |
Gross Unrealized Losses | 0 | 0 |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 0 | 3,967 |
GSE residential CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 456,130 | 460,571 |
Gross Unrealized Gains | 83 | 5,697 |
Gross Unrealized Losses | (36,351) | (2,385) |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 419,862 | 463,883 |
GSE commercial certificates & CMO | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 277,603 | 364,274 |
Gross Unrealized Gains | 39 | 6,855 |
Gross Unrealized Losses | (9,330) | (765) |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 268,312 | 370,364 |
Non-GSE residential certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 126,799 | 66,756 |
Gross Unrealized Gains | 0 | 29 |
Gross Unrealized Losses | (15,651) | (646) |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 111,148 | 66,139 |
Non-GSE commercial certificates | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 109,144 | 81,705 |
Gross Unrealized Gains | 0 | 12 |
Gross Unrealized Losses | (11,002) | (616) |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 98,142 | 81,101 |
Other debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,117,511 | 1,125,905 |
Gross Unrealized Gains | 0 | 5,032 |
Gross Unrealized Losses | (57,489) | (2,981) |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 1,060,022 | 1,127,956 |
U.S. Treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 8,201 | 200 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (186) | 0 |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 8,015 | 200 |
ABS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 942,175 | 988,061 |
Gross Unrealized Gains | 0 | 3,351 |
Gross Unrealized Losses | (39,417) | (2,224) |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 902,758 | 989,188 |
Trust preferred | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 10,988 | 14,631 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (829) | (484) |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 10,159 | 14,147 |
Corporate | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 156,147 | 123,013 |
Gross Unrealized Gains | 0 | 1,681 |
Gross Unrealized Losses | (17,057) | (273) |
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | $ 139,090 | $ 124,421 |
INVESTMENT SECURITIES - Amort_2
INVESTMENT SECURITIES - Amortized Cost and Fair Value of HTM Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | $ 1,492,423 | $ 843,569 |
Gross Unrealized Gains | 0 | 8,018 |
Gross Unrealized Losses | (123,040) | (1,883) |
Fair Value | 1,369,383 | 849,704 |
Mortgage-related | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 246,348 | 52,313 |
Gross Unrealized Gains | 0 | 37 |
Gross Unrealized Losses | (24,343) | (777) |
Fair Value | 222,005 | 51,573 |
GSE CMOs | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 71,252 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (3,965) | |
Fair Value | 67,287 | |
GSE commercial certificates | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 90,546 | 30,742 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (11,450) | (489) |
Fair Value | 79,096 | 30,253 |
GSE residential certificates | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 431 | 442 |
Gross Unrealized Gains | 0 | 19 |
Gross Unrealized Losses | (29) | 0 |
Fair Value | 402 | 461 |
Non-GSE commercial certificates | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 32,613 | 10,333 |
Gross Unrealized Gains | 0 | 13 |
Gross Unrealized Losses | (3,421) | (288) |
Fair Value | 29,192 | 10,058 |
Non-GSE residential certificates | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 51,506 | 10,796 |
Gross Unrealized Gains | 0 | 5 |
Gross Unrealized Losses | (5,478) | 0 |
Fair Value | 46,028 | 10,801 |
Other debt | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 1,246,075 | 791,256 |
Gross Unrealized Gains | 0 | 7,981 |
Gross Unrealized Losses | (98,697) | (1,106) |
Fair Value | 1,147,378 | 798,131 |
ABS | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 291,488 | 75,800 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (14,223) | (50) |
Fair Value | 277,265 | 75,751 |
Property Assessed Clean Energy Assessment Securities | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 627,394 | |
Gross Unrealized Gains | 5,933 | |
Gross Unrealized Losses | 0 | |
Fair Value | 633,327 | |
Commercial PACE | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 220,827 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (21,274) | |
Fair Value | 199,553 | |
Residential PACE | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 635,874 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (44,953) | |
Fair Value | 590,921 | |
Municipal | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 95,886 | 84,962 |
Gross Unrealized Gains | 0 | 2,045 |
Gross Unrealized Losses | (18,241) | (1,056) |
Fair Value | 77,645 | 85,951 |
Other | ||
Debt Securities, Held-to-maturity, Fair Value to Amortized Cost [Abstract] | ||
Amortized Cost | 2,000 | 3,100 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | (6) | 0 |
Fair Value | $ 1,994 | $ 3,102 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Available for sale securities | $ 1,957,486,000 | $ 1,957,486,000 | $ 2,113,410,000 | ||
Book value of securities transferred from available for sale to held-to-maturity | 277,300,000 | ||||
Fair value of securities transferred from available for sale to held-to-maturity | 260,112,000 | $ 0 | |||
Unrealized losses from available for sale securities transferred held-to-maturity converted to discount | 17,100,000 | ||||
Fair value of temporarily impaired securities | 1,896,315,000 | 1,896,315,000 | 1,041,016,000 | ||
Available for sale securities, temporarily impaired, unrealized loss | 129,823,000 | 129,823,000 | 7,393,000 | ||
Other than temporary impairment loss | 12,800 | $ 7,500 | 15,900 | $ 4,800 | |
Excluding GSE, US Treasury, TRUPS | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Fair value of temporarily impaired securities | 2,600,000,000 | 2,600,000,000 | |||
Available for sale securities, temporarily impaired, unrealized loss | 200,600,000 | 200,600,000 | |||
Mortgage-related | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available for sale securities | 897,464,000 | 897,464,000 | $ 985,454,000 | ||
Mortgage-related | Asset Pledged as Collateral without Right | Federal Home Loan Bank Advances | |||||
Debt Securities, Available-for-sale [Line Items] | |||||
Available for sale securities | 730,200,000 | 730,200,000 | |||
Fair value of held to maturity securities, pledged as collateral | $ 309,600,000 | $ 309,600,000 |
INVESTMENT SECURITIES - AFS and
INVESTMENT SECURITIES - AFS and HTM Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Amortized Cost | $ 2,087,187 | $ 2,103,049 |
Fair Value | ||
Fair Value | 1,957,486 | 2,113,410 |
Other debt | ||
Amortized Cost | ||
Due within one year | 0 | |
Due after one year through five years | 74,307 | |
Due after five years through ten years | 449,189 | |
Due after ten years | 594,015 | |
Amortized Cost | 1,117,511 | 1,125,905 |
Fair Value | ||
Due within one year | 0 | |
Due after one year through five years | 66,719 | |
Due after five years through ten years | 431,372 | |
Due after ten years | 561,931 | |
Fair Value | 1,060,022 | $ 1,127,956 |
Amortized Cost | ||
Due within one year | 2,000 | |
Due after one year through five years | 9,414 | |
Due after five years through ten years | 6,996 | |
Due after ten years | 1,227,665 | |
Amortized Cost | 1,246,075 | |
Fair Value | ||
Due within one year | 1,994 | |
Due after one year through five years | 8,931 | |
Due after five years through ten years | 6,789 | |
Due after ten years | 1,129,664 | |
Fair Value | $ 1,147,378 |
INVESTMENT SECURITIES - Proceed
INVESTMENT SECURITIES - Proceeds Received and Gains (Losses) Realized on Sale of Available for Sale Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds | $ 96,154 | $ 31,603 | $ 132,105 | $ 94,899 |
Realized gains | 2 | 477 | 164 | 1,040 |
Realized losses | (1,846) | (64) | (2,428) | (285) |
Net realized gains (losses) | $ (1,844) | $ 413 | $ (2,264) | $ 755 |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Unrealized Losses on Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | $ 1,222,092 | $ 772,318 |
Available for sale, less than 12 months, unrealized losses | (60,651) | (5,725) |
Available for sale, 12 months or longer, fair value | 674,223 | 268,698 |
Available for sale, 12 months or longer, unrealized losses | (69,172) | (1,668) |
Available for sale, total fair value | 1,896,315 | 1,041,016 |
Available for sale, total unrealized losses | (129,823) | (7,393) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 1,223,677 | 105,529 |
Held to maturity, less than 12 months, unrealized loss | (96,785) | (1,679) |
Held to maturity, 12 months or longer, fair value | 145,552 | 3,876 |
Held to maturity, 12 months or longer, unrealized loss | (26,255) | (204) |
Held to maturity, total fair value | 1,369,229 | 109,405 |
Held to maturity, total unrealized losses | (123,040) | (1,883) |
GSE CMOs | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 56,116 | |
Held to maturity, less than 12 months, unrealized loss | (2,921) | |
Held to maturity, 12 months or longer, fair value | 11,171 | |
Held to maturity, 12 months or longer, unrealized loss | (1,044) | |
Held to maturity, total fair value | 67,287 | |
Held to maturity, total unrealized losses | (3,965) | |
GSE residential certificates | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 402 | |
Held to maturity, less than 12 months, unrealized loss | (29) | |
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 | 402 | |
Held to maturity, total unrealized losses | (29) | |
GSE residential CMOs | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 237,609 | 222,825 |
Available for sale, less than 12 months, unrealized losses | (12,210) | (2,385) |
Available for sale, 12 months or longer, fair value | 161,126 | 0 |
Available for sale, 12 months or longer, unrealized losses | (24,141) | 0 |
Available for sale, total fair value | 398,735 | 222,825 |
Available for sale, total unrealized losses | (36,351) | (2,385) |
GSE commercial certificates & CMO | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 154,560 | 28,695 |
Available for sale, less than 12 months, unrealized losses | (6,989) | (271) |
Available for sale, 12 months or longer, fair value | 73,708 | 159,681 |
Available for sale, 12 months or longer, unrealized losses | (2,341) | (494) |
Available for sale, total fair value | 228,268 | 188,376 |
Available for sale, total unrealized losses | (9,330) | (765) |
Non-GSE residential certificates | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 75,543 | 55,284 |
Available for sale, less than 12 months, unrealized losses | (8,424) | (646) |
Available for sale, 12 months or longer, fair value | 35,605 | 0 |
Available for sale, 12 months or longer, unrealized losses | (7,227) | 0 |
Available for sale, total fair value | 111,148 | 55,284 |
Available for sale, total unrealized losses | (15,651) | (646) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 40,046 | |
Held to maturity, less than 12 months, unrealized loss | (5,045) | |
Held to maturity, 12 months or longer, fair value | 5,982 | |
Held to maturity, 12 months or longer, unrealized loss | (433) | |
Held to maturity, total fair value | 46,028 | |
Held to maturity, total unrealized losses | (5,478) | |
Non-GSE commercial certificates | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 62,999 | 42,530 |
Available for sale, less than 12 months, unrealized losses | (4,932) | (247) |
Available for sale, 12 months or longer, fair value | 35,143 | 23,124 |
Available for sale, 12 months or longer, unrealized losses | (6,070) | (369) |
Available for sale, total fair value | 98,142 | 65,654 |
Available for sale, total unrealized losses | (11,002) | (616) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 10,957 | 9,857 |
Held to maturity, less than 12 months, unrealized loss | (731) | (288) |
Held to maturity, 12 months or longer, fair value | 18,081 | 0 |
Held to maturity, 12 months or longer, unrealized loss | (2,690) | 0 |
Held to maturity, total fair value | 29,038 | 9,857 |
Held to maturity, total unrealized losses | (3,421) | (288) |
GSE commercial certificates | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 49,257 | 30,253 |
Held to maturity, less than 12 months, unrealized loss | (3,226) | (489) |
Held to maturity, 12 months or longer, fair value | 29,839 | 0 |
Held to maturity, 12 months or longer, unrealized loss | (8,224) | 0 |
Held to maturity, total fair value | 79,096 | 30,253 |
Held to maturity, total unrealized losses | (11,450) | (489) |
U.S. Treasury | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 8,015 | |
Available for sale, less than 12 months, unrealized losses | (186) | |
Available for sale, 12 months or longer, fair value | 0 | |
Available for sale, 12 months or longer, unrealized losses | 0 | |
Available for sale, total fair value | 8,015 | |
Available for sale, total unrealized losses | (186) | |
ABS | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 585,953 | 374,241 |
Available for sale, less than 12 months, unrealized losses | (18,188) | (1,903) |
Available for sale, 12 months or longer, fair value | 316,805 | 71,746 |
Available for sale, 12 months or longer, unrealized losses | (21,229) | (321) |
Available for sale, total fair value | 902,758 | 445,987 |
Available for sale, total unrealized losses | (39,417) | (2,224) |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 226,723 | 26,951 |
Held to maturity, less than 12 months, unrealized loss | (10,814) | (50) |
Held to maturity, 12 months or longer, fair value | 50,542 | 0 |
Held to maturity, 12 months or longer, unrealized loss | (3,409) | 0 |
Held to maturity, total fair value | 277,265 | 26,951 |
Held to maturity, total unrealized losses | (14,223) | (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 | 10,159 | 14,147 |
Available for sale, 12 months or longer, unrealized losses | (829) | (484) |
Available for sale, total fair value | 10,159 | 14,147 |
Available for sale, total unrealized losses | (829) | (484) |
Corporate | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 97,413 | 48,743 |
Available for sale, less than 12 months, unrealized losses | (9,722) | (273) |
Available for sale, 12 months or longer, fair value | 41,677 | 0 |
Available for sale, 12 months or longer, unrealized losses | (7,335) | 0 |
Available for sale, total fair value | 139,090 | 48,743 |
Available for sale, total unrealized losses | (17,057) | (273) |
Commercial PACE | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 199,553 | |
Held to maturity, less than 12 months, unrealized loss | (21,274) | |
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 | 199,553 | |
Held to maturity, total unrealized losses | (21,274) | |
Residential PACE | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 590,921 | |
Held to maturity, less than 12 months, unrealized loss | (44,953) | |
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 | 590,921 | |
Held to maturity, total unrealized losses | (44,953) | |
Municipal | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 47,708 | 38,468 |
Held to maturity, less than 12 months, unrealized loss | (7,786) | (852) |
Held to maturity, 12 months or longer, fair value | 29,937 | 3,876 |
Held to maturity, 12 months or longer, unrealized loss | (10,455) | (204) |
Held to maturity, total fair value | 77,645 | 42,344 |
Held to maturity, total unrealized losses | (18,241) | $ (1,056) |
Other | ||
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position [Abstract] | ||
Held to maturity, less than 12 months, fair value | 1,994 | |
Held to maturity, less than 12 months, unrealized loss | (6) | |
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 | 1,994 | |
Held to maturity, total unrealized losses | $ (6) |
LOANS RECEIVABLE, NET - Schedul
LOANS RECEIVABLE, NET - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | $ 3,866,628 | $ 3,307,654 | ||||
Net deferred loan origination costs (fees) | 4,662 | 4,570 | ||||
Total loans receivable, net of deferred loan origination costs (fees) | 3,871,290 | 3,312,224 | ||||
Allowance for loan losses | 42,122 | $ 39,477 | 35,866 | $ 35,863 | $ 38,012 | $ 41,589 |
Loans receivable, net | 3,829,168 | 3,276,358 | ||||
Commercial portfolio | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 2,066,825 | 1,952,154 | ||||
Commercial portfolio | Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 805,087 | 729,385 | ||||
Allowance for loan losses | 12,706 | 14,617 | 10,652 | 13,479 | 12,092 | 9,065 |
Commercial portfolio | Multifamily | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 884,790 | 821,801 | ||||
Allowance for loan losses | 6,762 | 4,397 | 4,760 | 5,128 | 5,672 | 10,324 |
Commercial portfolio | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 338,002 | 369,429 | ||||
Allowance for loan losses | 3,908 | 5,726 | 7,273 | 7,604 | 8,388 | 6,213 |
Commercial portfolio | Construction and land development | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 38,946 | 31,539 | ||||
Allowance for loan losses | 836 | 709 | 405 | 487 | 1,449 | 2,077 |
Retail portfolio | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 1,799,803 | 1,355,500 | ||||
Retail portfolio | Residential real estate lending | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 1,332,010 | 1,063,682 | ||||
Allowance for loan losses | 11,110 | 10,304 | 9,008 | 8,937 | 9,785 | 12,330 |
Retail portfolio | Consumer and other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans receivable | 467,793 | 291,818 | ||||
Allowance for loan losses | $ 6,800 | $ 3,724 | $ 3,768 | $ 228 | $ 626 | $ 1,580 |
LOANS RECEIVABLE, NET - Sched_2
LOANS RECEIVABLE, NET - Schedule of Quality of Bank's Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 3,866,628 | $ 3,307,654 |
Non- Accrual | 11,166 | 28,219 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 13,195 | 68,019 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 24,361 | 96,238 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 3,833,612 | 3,211,416 |
Non- Accrual | 8,655 | 0 |
Commercial portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,066,825 | 1,952,154 |
Non- Accrual | 9,109 | 15,274 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Commercial portfolio | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 7,221 | 61,618 |
Commercial portfolio | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 16,330 | 76,892 |
Commercial portfolio | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,041,840 | 1,875,262 |
Non- Accrual | 8,655 | 0 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 805,087 | 729,385 |
Non- Accrual | 1,746 | 8,313 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Commercial portfolio | Commercial and industrial | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,865 | 0 |
Commercial portfolio | Commercial and industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,611 | 8,313 |
Commercial portfolio | Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 792,866 | 721,072 |
Non- Accrual | 7,610 | 0 |
Commercial portfolio | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 884,790 | 821,801 |
Non- Accrual | 3,494 | 2,907 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Commercial portfolio | Multifamily | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 13,537 |
Commercial portfolio | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 3,494 | 16,444 |
Commercial portfolio | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 881,296 | 805,357 |
Non- Accrual | 0 | 0 |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 338,002 | 369,429 |
Non- Accrual | 3,869 | 4,054 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Commercial portfolio | Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,356 | 21,599 |
Commercial portfolio | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 8,225 | 25,653 |
Commercial portfolio | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 328,732 | 343,776 |
Non- Accrual | 1,045 | 0 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 38,946 | 31,539 |
Non- Accrual | 0 | 0 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Commercial portfolio | Construction and land development | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 26,482 |
Commercial portfolio | Construction and land development | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 0 | 26,482 |
Commercial portfolio | Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 38,946 | 5,057 |
Non- Accrual | 0 | 0 |
Retail portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,799,803 | 1,355,500 |
Non- Accrual | 2,057 | 12,945 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Retail portfolio | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 5,974 | 6,401 |
Retail portfolio | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 8,031 | 19,346 |
Retail portfolio | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,791,772 | 1,336,154 |
Non- Accrual | 0 | 0 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,332,010 | 1,063,682 |
Non- Accrual | 675 | 12,525 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Retail portfolio | Residential real estate lending | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,902 | 4,811 |
Retail portfolio | Residential real estate lending | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,577 | 17,336 |
Retail portfolio | Residential real estate lending | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,329,433 | 1,046,346 |
Non- Accrual | 0 | 0 |
Retail portfolio | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 467,793 | 291,818 |
Non- Accrual | 1,382 | 420 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Retail portfolio | Consumer and other | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,072 | 1,590 |
Retail portfolio | Consumer and other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 5,454 | 2,010 |
Retail portfolio | Consumer and other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 462,339 | 289,808 |
Non- Accrual | $ 0 | $ 0 |
LOANS RECEIVABLE, NET - Sched_3
LOANS RECEIVABLE, NET - Schedule of Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | $ 18,396 | $ 24,997 |
Non- Accrual | 12,322 | 13,497 |
Total | 30,718 | 38,494 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 4,337 | 4,052 |
Non- Accrual | 9,356 | 8,313 |
Total | 13,693 | 12,365 |
Commercial portfolio | Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 10,483 | 0 |
Non- Accrual | 0 | 0 |
Total | 10,483 | 0 |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 0 | 0 |
Non- Accrual | 2,966 | 3,166 |
Total | 2,966 | 3,166 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 2,424 | 7,476 |
Non- Accrual | 0 | 0 |
Total | 2,424 | 7,476 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Accruing | 1,152 | 13,469 |
Non- Accrual | 0 | 2,018 |
Total | $ 1,152 | $ 15,487 |
LOANS RECEIVABLE, NET - Sched_4
LOANS RECEIVABLE, NET - Schedule of Troubled Debt Restructurings Granted (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of Loans | loan | 1 | 0 | 5 | 1 |
Pre-Modification Balance | $ 1,746 | $ 0 | $ 18,181 | $ 2,779 |
Post-Modification Balance | $ 1,746 | $ 0 | $ 18,664 | $ 2,779 |
Commercial portfolio | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of Loans | loan | 1 | 0 | 3 | 0 |
Pre-Modification Balance | $ 1,746 | $ 0 | $ 8,181 | $ 0 |
Post-Modification Balance | $ 1,746 | $ 0 | $ 8,181 | $ 0 |
Commercial portfolio | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of Loans | loan | 2 | 0 | ||
Pre-Modification Balance | $ 10,000 | $ 0 | ||
Post-Modification Balance | $ 10,483 | $ 0 | ||
Commercial portfolio | Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Balance | $ 0 | $ 2,779 | ||
Post-Modification Balance | $ 0 | $ 2,779 |
LOANS RECEIVABLE, NET - Sched_5
LOANS RECEIVABLE, NET - Schedule of Loan Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | $ 3,866,628 | $ 3,307,654 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 3,753,658 | 3,076,768 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 52,611 | 73,208 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 58,613 | 157,678 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,746 | 0 |
Commercial portfolio | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 2,066,825 | 1,952,154 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 805,087 | 729,385 |
Commercial portfolio | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 778,331 | 693,312 |
Commercial portfolio | Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 7,797 | 10,165 |
Commercial portfolio | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 17,213 | 25,908 |
Commercial portfolio | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,746 | 0 |
Commercial portfolio | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 884,790 | 821,801 |
Commercial portfolio | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 842,685 | 721,869 |
Commercial portfolio | Multifamily | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 23,866 | 48,804 |
Commercial portfolio | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 18,239 | 51,128 |
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 | 338,002 | 369,429 |
Commercial portfolio | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 298,374 | 295,261 |
Commercial portfolio | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 20,948 | 13,947 |
Commercial portfolio | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 18,680 | 60,221 |
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 | 38,946 | 31,539 |
Commercial portfolio | Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 36,522 | 24,063 |
Commercial portfolio | Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 0 |
Commercial portfolio | Construction and land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 2,424 | 7,476 |
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 | 1,799,803 | 1,355,500 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,332,010 | 1,063,682 |
Retail portfolio | Residential real estate lending | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,331,335 | 1,050,865 |
Retail portfolio | Residential real estate lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | 292 |
Retail portfolio | Residential real estate lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 675 | 12,525 |
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 | 467,793 | 291,818 |
Retail portfolio | Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 466,411 | 291,398 |
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 | 1,382 | 420 |
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 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | $ 38,217 | $ 53,216 | ||||
Loans - collectively evaluated for impairment | 3,828,411 | 3,254,438 | ||||
Total Loans Receivable | 3,866,628 | 3,307,654 | ||||
Allowance for loan losses - individually evaluated for impairment | 5,219 | 5,105 | ||||
Allowance for loan losses - collectively evaluated for impairment | 36,903 | 30,761 | ||||
Total allowance for loan losses | 42,122 | $ 39,477 | 35,866 | $ 35,863 | $ 38,012 | $ 41,589 |
Commercial portfolio | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total Loans Receivable | 2,066,825 | 1,952,154 | ||||
Commercial portfolio | Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 15,075 | 12,785 | ||||
Loans - collectively evaluated for impairment | 790,012 | 716,600 | ||||
Total Loans Receivable | 805,087 | 729,385 | ||||
Allowance for loan losses - individually evaluated for impairment | 4,995 | 4,350 | ||||
Allowance for loan losses - collectively evaluated for impairment | 7,711 | 6,302 | ||||
Total allowance for loan losses | 12,706 | 14,617 | 10,652 | 13,479 | 12,092 | 9,065 |
Commercial portfolio | Multifamily | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 13,977 | 2,907 | ||||
Loans - collectively evaluated for impairment | 870,813 | 818,894 | ||||
Total Loans Receivable | 884,790 | 821,801 | ||||
Allowance for loan losses - individually evaluated for impairment | 179 | 0 | ||||
Allowance for loan losses - collectively evaluated for impairment | 6,583 | 4,760 | ||||
Total allowance for loan losses | 6,762 | 4,397 | 4,760 | 5,128 | 5,672 | 10,324 |
Commercial portfolio | Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 4,914 | 4,054 | ||||
Loans - collectively evaluated for impairment | 333,088 | 365,375 | ||||
Total Loans Receivable | 338,002 | 369,429 | ||||
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses - collectively evaluated for impairment | 3,908 | 7,273 | ||||
Total allowance for loan losses | 3,908 | 5,726 | 7,273 | 7,604 | 8,388 | 6,213 |
Commercial portfolio | Construction and land development | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 2,424 | 7,476 | ||||
Loans - collectively evaluated for impairment | 36,522 | 24,063 | ||||
Total Loans Receivable | 38,946 | 31,539 | ||||
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses - collectively evaluated for impairment | 836 | 405 | ||||
Total allowance for loan losses | 836 | 709 | 405 | 487 | 1,449 | 2,077 |
Retail portfolio | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Total Loans Receivable | 1,799,803 | 1,355,500 | ||||
Retail portfolio | Residential real estate lending | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans - individually evaluated for impairment | 1,827 | 25,994 | ||||
Loans - collectively evaluated for impairment | 1,330,183 | 1,037,688 | ||||
Total Loans Receivable | 1,332,010 | 1,063,682 | ||||
Allowance for loan losses - individually evaluated for impairment | 45 | 755 | ||||
Allowance for loan losses - collectively evaluated for impairment | 11,065 | 8,253 | ||||
Total allowance for loan losses | 11,110 | 10,304 | 9,008 | 8,937 | 9,785 | 12,330 |
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 | 467,793 | 291,818 | ||||
Total Loans Receivable | 467,793 | 291,818 | ||||
Allowance for loan losses - individually evaluated for impairment | 0 | 0 | ||||
Allowance for loan losses - collectively evaluated for impairment | 6,800 | 3,768 | ||||
Total allowance for loan losses | $ 6,800 | $ 3,724 | $ 3,768 | $ 228 | $ 626 | $ 1,580 |
LOANS RECEIVABLE, NET - Sched_6
LOANS RECEIVABLE, NET - Schedule of Activity in Allowance by Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 39,477 | $ 38,012 | $ 35,866 | $ 41,589 |
Provision for (recovery of) loan losses | 5,363 | (2,276) | 10,568 | (3,855) |
Charge-offs | (3,251) | (763) | (6,351) | (4,048) |
Recoveries | 533 | 890 | 2,039 | 2,177 |
Ending balance | 42,122 | 35,863 | 42,122 | 35,863 |
Commercial portfolio | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 14,617 | 12,092 | 10,652 | 9,065 |
Provision for (recovery of) loan losses | (1,916) | 1,385 | 2,037 | 4,205 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 5 | 2 | 17 | 209 |
Ending balance | 12,706 | 13,479 | 12,706 | 13,479 |
Commercial portfolio | Multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 4,397 | 5,672 | 4,760 | 10,324 |
Provision for (recovery of) loan losses | 2,365 | (544) | 2,418 | (3,288) |
Charge-offs | 0 | 0 | (416) | (1,908) |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 6,762 | 5,128 | 6,762 | 5,128 |
Commercial portfolio | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 5,726 | 8,388 | 7,273 | 6,213 |
Provision for (recovery of) loan losses | (1,818) | (470) | (3,365) | 1,705 |
Charge-offs | 0 | (314) | 0 | (314) |
Recoveries | 0 | 0 | 0 | 0 |
Ending balance | 3,908 | 7,604 | 3,908 | 7,604 |
Commercial portfolio | Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 709 | 1,449 | 405 | 2,077 |
Provision for (recovery of) loan losses | 516 | (963) | 818 | (1,592) |
Charge-offs | (389) | 0 | (389) | 0 |
Recoveries | 0 | 1 | 2 | 2 |
Ending balance | 836 | 487 | 836 | 487 |
Retail portfolio | Residential real estate lending | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 10,304 | 9,785 | 9,008 | 12,330 |
Provision for (recovery of) loan losses | 2,025 | (1,677) | 2,817 | (5,060) |
Charge-offs | (1,519) | (29) | (2,340) | (230) |
Recoveries | 300 | 858 | 1,625 | 1,897 |
Ending balance | 11,110 | 8,937 | 11,110 | 8,937 |
Retail portfolio | Consumer and other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 3,724 | 626 | 3,768 | 1,580 |
Provision for (recovery of) loan losses | 4,191 | (7) | 5,843 | 175 |
Charge-offs | (1,343) | (420) | (3,206) | (1,596) |
Recoveries | 228 | 29 | 395 | 69 |
Ending balance | $ 6,800 | $ 228 | $ 6,800 | $ 228 |
LOANS RECEIVABLE, NET - Sched_7
LOANS RECEIVABLE, NET - Schedule of Individually Impaired Loans and Allowances (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2020 | Dec. 31, 2021 | |
Financing Receivable, Impaired [Line Items] | |||
Loans without a related allowance - recorded investment | $ 7,955 | $ 22,037 | |
Loans without a related allowance - average recorded investment | 14,996 | $ 28,740 | |
Loans without a related allowance - unpaid principal balance | 13,397 | 24,325 | |
Loans with a related allowance - recorded investment | 30,262 | 31,179 | |
Loans with a related allowance - average recorded investment | 30,720 | 38,107 | |
Loans with a related allowance - unpaid principal balance | 31,295 | 40,537 | |
Total individually impaired loans - recorded investment | 38,217 | 53,216 | |
Total individually impaired loans - average recorded investment | 45,716 | 66,847 | |
Total individually impaired loans - unpaid principal balance | 44,692 | 64,862 | |
Individually impaired loans - related allowance | 5,219 | 5,105 | |
Retail portfolio | Residential real estate lending | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a related allowance - recorded investment | 617 | 10,507 | |
Loans without a related allowance - average recorded investment | 5,562 | 15,666 | |
Loans without a related allowance - unpaid principal balance | 907 | 11,896 | |
Loans with a related allowance - recorded investment | 1,210 | 15,487 | |
Loans with a related allowance - average recorded investment | 8,348 | 18,120 | |
Loans with a related allowance - unpaid principal balance | 1,270 | 19,306 | |
Total individually impaired loans - recorded investment | 1,827 | 25,994 | |
Total individually impaired loans - average recorded investment | 13,910 | 33,786 | |
Total individually impaired loans - unpaid principal balance | 2,177 | 31,202 | |
Individually impaired loans - related allowance | 45 | 755 | |
Commercial portfolio | Construction and land development | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a related allowance - recorded investment | 2,424 | 7,476 | |
Loans without a related allowance - average recorded investment | 4,950 | 9,330 | |
Loans without a related allowance - unpaid principal balance | 7,476 | 7,476 | |
Total individually impaired loans - recorded investment | 2,424 | 7,476 | |
Total individually impaired loans - average recorded investment | 4,950 | 9,330 | |
Total individually impaired loans - unpaid principal balance | 7,476 | 7,476 | |
Individually impaired loans - related allowance | 0 | 0 | |
Commercial portfolio | Commercial real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Loans without a related allowance - recorded investment | 4,914 | 4,054 | |
Loans without a related allowance - average recorded investment | 4,484 | 3,744 | |
Loans without a related allowance - unpaid principal balance | 5,014 | 4,953 | |
Total individually impaired loans - recorded investment | 4,914 | 4,054 | |
Total individually impaired loans - average recorded investment | 4,484 | 3,744 | |
Total individually impaired loans - unpaid principal balance | 5,014 | 4,953 | |
Individually impaired loans - related allowance | 0 | 0 | |
Commercial portfolio | Multifamily | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with a related allowance - recorded investment | 13,977 | 2,907 | |
Loans with a related allowance - average recorded investment | 8,442 | 6,241 | |
Loans with a related allowance - unpaid principal balance | 14,141 | 8,024 | |
Total individually impaired loans - recorded investment | 13,977 | 2,907 | |
Total individually impaired loans - average recorded investment | 8,442 | 6,241 | |
Total individually impaired loans - unpaid principal balance | 14,141 | 8,024 | |
Individually impaired loans - related allowance | 179 | 0 | |
Commercial portfolio | Commercial and industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Loans with a related allowance - recorded investment | 15,075 | 12,785 | |
Loans with a related allowance - average recorded investment | 13,930 | 13,746 | |
Loans with a related allowance - unpaid principal balance | 15,884 | 13,207 | |
Total individually impaired loans - recorded investment | 15,075 | 12,785 | |
Total individually impaired loans - average recorded investment | 13,930 | $ 13,746 | |
Total individually impaired loans - unpaid principal balance | 15,884 | 13,207 | |
Individually impaired loans - related allowance | $ 4,995 | $ 4,350 |
LOANS RECEIVABLE, NET - Narrati
LOANS RECEIVABLE, NET - Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Transfer to loans held for sale | $ 13,200 | |
Loans receivable, net | 3,829,168 | $ 3,276,358 |
Related party loans outstanding | 1,600 | 500 |
Asset Pledged as Collateral without Right | Federal Home Loan Bank Advances | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans receivable, net | $ 800,000 | $ 1,100,000 |
DEPOSITS - Schedule of Deposits
DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amount | ||
Non-interest bearing demand deposit accounts | $ 3,839,155 | $ 3,335,005 |
NOW accounts | 204,473 | 210,844 |
Money market deposit accounts | 2,549,024 | 2,227,953 |
Savings accounts | 384,644 | 375,301 |
Time deposits | 183,011 | 207,152 |
Total deposits | $ 7,160,307 | $ 6,356,255 |
Weighted Average Rate | ||
NOW accounts | 0.33% | 0.08% |
Money market deposit accounts | 0.37% | 0.12% |
Savings accounts | 0.32% | 0.11% |
Time deposits | 0.44% | 0.32% |
Deposits | 0.17% | 0.06% |
DEPOSITS - Schedule of Maturiti
DEPOSITS - Schedule of Maturities of Time Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
2022 | $ 62,249 | |
2023 | 87,543 | |
2024 | 26,096 | |
2025 | 5,006 | |
2026 | 1,765 | |
Thereafter | 352 | |
Total time deposits | $ 183,011 | $ 207,152 |
DEPOSITS - Narrative (Details)
DEPOSITS - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Statistical Disclosure for Banks [Abstract] | ||
Time deposits at or above FDIC limit | $ 48.5 | $ 43.7 |
CDARS deposits | 41.3 | 56 |
Deposits from Workers United and other related entities | 56.4 | 99.9 |
State and municipal deposits | $ 35.9 | $ 65.5 |
BORROWED FUNDS - Narrative (Det
BORROWED FUNDS - Narrative (Details) - USD ($) | Nov. 08, 2021 | Sep. 30, 2022 | Sep. 29, 2022 | Jul. 26, 2022 | Dec. 31, 2021 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Aggregate principal amount | $ 77,679,000 | $ 83,831,000 | |||
Other eligible assets pledged as collateral | $ 1,400,000,000 | ||||
Required percentage of pledged assets to FHLBNY of outstanding advances | 110% | ||||
Borrowed funds | $ 75,000,000 | $ 0 | |||
Compromised Securities | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Other eligible assets pledged as collateral | 686,700,000 | ||||
Mortgage Loans | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Other eligible assets pledged as collateral | $ 666,500,000 | ||||
Fixed-to-Floating Rate Notes | Subordinated Debt | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Aggregate principal amount | $ 85,000,000 | ||||
Interest rate | 3.25% | ||||
Redemption price percentage | 100% | ||||
Debt Instrument, Repurchase Amount | $ 3,000,000 | $ 3,250,000 | |||
Fixed-to-Floating Rate Notes | Subordinated Debt | Secured Overnight Financing Rate | |||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||
Variable rate | 2.30% |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares shares in Millions | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Number of antidilutive shares (in shares) | 0.4 | 0.4 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to Amalgamated Financial Corp. | $ 22,944 | $ 14,416 | $ 56,722 | $ 37,013 |
Dividends paid on preferred stock | 0 | 0 | 0 | 0 |
Income attributable to common stock | $ 22,944 | $ 14,416 | $ 56,722 | $ 37,013 |
Weighted average common shares outstanding, basic (in shares) | 30,673 | 31,094 | 30,864 | 31,216 |
Basic earnings per common share (in dollars per share) | $ 0.75 | $ 0.46 | $ 1.84 | $ 1.19 |
Incremental shares for assumed conversion of options and RSUs (in shares) | 359 | 368 | 359 | 368 |
Weighted average common shares outstanding, diluted (in shares) | 31,032 | 31,462 | 31,223 | 31,584 |
Diluted earnings per common share (in dollars per share) | $ 0.74 | $ 0.46 | $ 1.82 | $ 1.17 |
EMPLOYEE BENEFIT PLANS - Stock
EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Number of Options | ||
Outstanding, balance at the beginning of the period (in shares) | 847,560 | |
Granted (in shares) | 0 | |
Forfeited/expired (in shares) | 0 | |
Exercised (in shares) | (361,800) | |
Outstanding, balance at the end of the period (in shares) | 485,760 | 847,560 |
Vested and exercisable (in shares) | 485,760 | |
Weighted Average Exercise Price | ||
Outstanding, balance at the beginning of the period (in dollars per share) | $ 13.19 | |
Granted (in dollars per share) | 0 | |
Forfeited/expired (in dollars per share) | 0 | |
Exercised (in dollars per share) | 13.32 | |
Outstanding, balance at the end of the period (in dollars per share) | 13.09 | $ 13.19 |
Vested and exercisable (in dollars per share) | $ 13.09 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding | 3 years 7 months 6 days | 4 years 3 months 18 days |
Options vested and exercisable | 3 years 7 months 6 days | |
Intrinsic Value (in thousands) | ||
Options outstanding | $ 4,594 | |
Options exercisable | $ 4,594 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Apr. 28, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Exercise price of stock options, minimum (in dollars per share) | $ 11 | ||||||||
Exercise price of stock options, maximum (in dollars per share) | $ 14.65 | ||||||||
Grant period | 6 months | ||||||||
Number of shares issued to employees (in shares) | 7,461 | 14,967 | 2,905 | ||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation cost | $ 0 | $ 0 | |||||||
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 | 1,250,000 | ||||||
Number of shares available for issuance (in shares) | 434,408 | 434,408 | 434,408 | ||||||
Fair value of shares granted (in dollars per share) | $ 17.93 | ||||||||
Unvested shares (in shares) | 412,528 | 412,528 | 412,528 | 401,585 | |||||
Restricted Stock Units | Director | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation cost | $ 100,000 | $ 400,000 | |||||||
Unrecognized compensation cost | $ 300,000 | 300,000 | $ 300,000 | ||||||
Restricted Stock Units | Employee | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Compensation cost | $ 500,000 | $ 500,000 | $ 1,500,000 | $ 1,400,000 | |||||
Number of shares granted (in shares) | 222,109 | ||||||||
Number of shares reserved for issuance (in shares) | 253,506 | 253,506 | 253,506 | ||||||
Unrecognized compensation cost, period for recognition | 2 years 1 month 6 days | ||||||||
Unrecognized compensation cost | $ 4,900,000 | $ 4,900,000 | $ 4,900,000 | ||||||
Restricted Stock Units | Employee | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of achievable awards (in shares) | 314,938 | ||||||||
Restricted Stock Units | Employee | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of achievable awards (in shares) | 493,577 | ||||||||
Time-Based Restricted Stock Units | Director | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares granted (in shares) | 30,217 | ||||||||
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) | 159,315 | ||||||||
Vesting period | 3 years | ||||||||
Fair value of shares granted (in dollars per share) | $ 18.03 | ||||||||
Performance Shares | Grant Date Fair Value, One | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of shares granted (in dollars per share) | 17.39 | ||||||||
Performance Shares | Grant Date Fair Value, Two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of shares granted (in dollars per share) | 17.34 | ||||||||
Performance Shares | Grant Date Fair Value, Three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Fair value of shares granted (in dollars per share) | $ 21.64 | ||||||||
Performance Shares | Employee | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares granted (in shares) | 62,794 | ||||||||
Vesting period | 3 years | ||||||||
Performance Shares | Employee | Grant Date Fair Value, One | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares granted (in shares) | 16,536 | ||||||||
Performance Shares | Employee | Grant Date Fair Value, Two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares granted (in shares) | 14,376 | ||||||||
Performance Shares | Employee | Grant Date Fair Value, Three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares granted (in shares) | 866 | ||||||||
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) | 47,667 | ||||||||
Market-Based Restricted Stock Units | Employee | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares granted (in shares) | 30,016 | ||||||||
Vesting period | 3 years | ||||||||
Fair value of shares granted (in dollars per share) | $ 17.91 | ||||||||
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) | 45,024 | ||||||||
Employee Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of shares authorized for stock-based awards (in shares) | 500,000 | ||||||||
Maximum withholding percentage for each employee of eligible compensation | 15% | ||||||||
Maximum value of shares eligible to be purchased by employees for each calendar year | $ 25,000 | ||||||||
Purchase price of common stock, percentage of fair market value | 85% |
EMPLOYEE BENEFIT PLANS - Restri
EMPLOYEE BENEFIT PLANS - Restricted Stock Units Activity (Details) - Restricted Stock Units | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Shares | |
Unvested at the beginning of the period (in shares) | shares | 401,585 |
Forfeited/expired (in shares) | shares | (85,194) |
Vested (in shares) | shares | (125,972) |
Unvested at the end of the period (in shares) | shares | 412,528 |
Grant Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ / shares | $ 16.50 |
Awarded (in dollars per share) | $ / shares | 17.93 |
Forfeited/expired (in dollars per share) | $ / shares | 16.28 |
Vested (in dollars per share) | $ / shares | 16.83 |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 16.13 |
Employee | |
Shares | |
Awarded (in shares) | shares | 222,109 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | $ 1,957,486 | $ 2,113,410 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,957,486 | 2,113,410 |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 8,015 | 200 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,949,471 | 2,113,210 |
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 | 897,464 | 985,454 |
GSE residential CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 419,862 | 463,883 |
GSE residential CMOs | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 419,862 | 463,883 |
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 | 419,862 | 463,883 |
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 | 268,312 | 370,364 |
GSE commercial certificates & CMO | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 268,312 | 370,364 |
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 | 268,312 | 370,364 |
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 | 111,148 | 66,139 |
Non-GSE residential certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 111,148 | 66,139 |
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 | 111,148 | 66,139 |
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 | 98,142 | 81,101 |
Non-GSE commercial certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 98,142 | 81,101 |
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 | 98,142 | 81,101 |
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 |
GSE residential certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 3,967 |
GSE residential certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 0 | 3,967 |
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 | 0 | 3,967 |
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 |
Other debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 1,060,022 | 1,127,956 |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 8,015 | 200 |
U.S. Treasury | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 8,015 | 200 |
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 | 8,015 | 200 |
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 | 902,758 | 989,188 |
ABS | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 902,758 | 989,188 |
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 | 902,758 | 989,188 |
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 | 10,159 | 14,147 |
Trust preferred | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 10,159 | 14,147 |
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 | 10,159 | 14,147 |
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 | 139,090 | 124,421 |
Corporate | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale securities | 139,090 | 124,421 |
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 | 139,090 | 124,421 |
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) - Fair Value, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | $ 32,998 | $ 48,111 |
Total value of assets measured on non-recurring basis | 32,998 | 48,111 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 32,998 | 48,111 |
Total value of assets measured on non-recurring basis | 32,998 | 48,111 |
Estimated Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Total value of assets measured on non-recurring basis | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 0 | 0 |
Total value of assets measured on non-recurring basis | 0 | 0 |
Estimated Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans | 32,998 | 48,111 |
Total value of assets measured on non-recurring basis | $ 32,998 | $ 48,111 |
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 | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets: | ||
Available for sale securities | $ 1,957,486 | $ 2,113,410 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 66,223 | 330,485 |
Available for sale securities | 1,957,486 | 2,113,410 |
Held to maturity securities | 1,492,423 | 843,569 |
Loans held for sale | 17,916 | 3,279 |
Loans receivable, net | 3,829,168 | 3,276,358 |
Resell agreements | 192,834 | 229,018 |
Accrued interest and dividends receivable | 34,767 | 28,820 |
Financial liabilities: | ||
Borrowed Funds | 152,679 | 83,831 |
Accrued interest payable | 1,111 | 569 |
Carrying Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 6,977,296 | 6,149,103 |
Carrying Value | Time deposits | ||
Financial liabilities: | ||
Deposits | 183,011 | 207,152 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 66,223 | 330,485 |
Available for sale securities | 1,957,486 | 2,113,410 |
Held to maturity securities | 1,369,383 | 849,704 |
Loans held for sale | 17,916 | 3,279 |
Loans receivable, net | 3,438,967 | 3,291,377 |
Resell agreements | 192,834 | 229,018 |
Accrued interest and dividends receivable | 34,767 | 28,820 |
Financial liabilities: | ||
Borrowed Funds | 143,940 | 85,000 |
Accrued interest payable | 1,111 | 569 |
Estimated Fair Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 6,977,296 | 6,149,103 |
Estimated Fair Value | Time deposits | ||
Financial liabilities: | ||
Deposits | 182,747 | 207,369 |
Estimated Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 66,223 | 330,485 |
Available for sale securities | 8,015 | 200 |
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: | ||
Borrowed Funds | 0 | 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 | 1,949,471 | 2,113,210 |
Held to maturity securities | 578,876 | 216,377 |
Loans held for sale | 0 | 0 |
Loans receivable, net | 0 | 0 |
Resell agreements | 0 | 0 |
Accrued interest and dividends receivable | 34,767 | 28,820 |
Financial liabilities: | ||
Borrowed Funds | 143,940 | 85,000 |
Accrued interest payable | 1,111 | 569 |
Estimated Fair Value | Level 2 | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 6,977,296 | 6,149,103 |
Estimated Fair Value | Level 2 | Time deposits | ||
Financial liabilities: | ||
Deposits | 182,747 | 207,369 |
Estimated Fair Value | Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Available for sale securities | 0 | 0 |
Held to maturity securities | 790,507 | 633,327 |
Loans held for sale | 17,916 | 3,279 |
Loans receivable, net | 3,438,967 | 3,291,377 |
Resell agreements | 192,834 | 229,018 |
Accrued interest and dividends receivable | 0 | 0 |
Financial liabilities: | ||
Borrowed Funds | 0 | 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 856,777 | $ 946,180 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | 835,241 | 927,428 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 21,536 | $ 18,752 |
COMMITMENTS, CONTINGENCIES AN_4
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Reserve for credit risk inherent in off balance sheet credit commitments | $ 1.6 | $ 1.5 |
Property Assessed Clean Energy Commitments | ||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||
Investment obligations, amount fulfilled | 409.6 | |
Remaining commitment | $ 45 |
LEASES - Lease Cost and Other I
LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,257 | $ 2,258 | $ 6,765 | $ 6,679 |
Cash paid for amounts included in the measurement of Operating leases liability | $ 2,714 | $ 2,566 | $ 7,976 | $ 7,573 |
Weighted average remaining lease term on operating leases (in years) | 4 years 2 months 12 days | 5 years | 4 years 2 months 12 days | 5 years |
Weighted average discount rate used for operating leases liability | 3.25% | 3.25% | 3.25% | 3.26% |
LEASES - Remaining Commitments
LEASES - Remaining Commitments of Operating Lease Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2022 remaining | $ 2,768 | |
2023 | 11,285 | |
2024 | 11,310 | |
2025 | 10,574 | |
2026 | 9,176 | |
Thereafter | 955 | |
Total undiscounted operating lease payments | 46,068 | |
Less: present value adjustment | 2,839 | |
Total Operating leases liability | $ 43,229 | $ 48,160 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 12,936 | $ 12,936 |
Accumulated amortization of intangible assets | $ 5,700 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2022 remaining | $ 261 |
2023 | 888 |
2024 | 730 |
2025 | 574 |
2026 | 419 |
Thereafter | 494 |
Total | $ 3,366 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Maximum exposure to credit loss | $ 35,100 | $ 35,100 | |||
Unconsolidated Variable Interest Entities | |||||
Variable Interest Entity [Line Items] | |||||
Tax credit investments included in equity investments | 2,674 | 2,674 | $ 1,681 | ||
Loans and letters of credit commitments | 32,430 | 32,430 | 52,813 | ||
Funded portion of loans and letters of credit commitments | 17,506 | 17,506 | $ 15,512 | ||
Tax credits and other tax benefits recognized | $ 668 | $ 568 | $ 2,004 | $ 1,479 |