Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | May 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 $0.01 per share | |
Trading Symbol | AMAL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,611,847 | |
Entity Central Index Key | 0001823608 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 5,192 | $ 5,110 |
Interest-bearing deposits in banks | 125,705 | 58,430 |
Total cash and cash equivalents | 130,897 | 63,540 |
Securities: | ||
Available for sale, at fair value | 1,639,105 | 1,812,476 |
Held-to-maturity, net of allowance | 1,618,507 | 1,541,301 |
Loans held for sale | 5,653 | 7,943 |
Loans receivable, net of deferred loan origination costs | 4,198,170 | 4,106,002 |
Allowance for credit losses | (67,323) | (45,031) |
Loans receivable, net | 4,130,847 | 4,060,971 |
Resell agreements | 15,431 | 25,754 |
Federal Home Loan Bank of New York ("FHLBNY") stock, at cost | 3,507 | 29,607 |
Accrued interest and dividends receivable | 40,844 | 41,441 |
Premises and equipment, net | 9,250 | 9,856 |
Bank-owned life insurance | 105,405 | 105,624 |
Right-of-use lease asset | 26,516 | 28,236 |
Deferred tax asset, net | 62,504 | 62,507 |
Goodwill | 12,936 | 12,936 |
Intangible assets, net | 2,883 | 3,105 |
Equity investments | 8,170 | 8,305 |
Other assets | 24,001 | 29,522 |
Total assets | 7,836,456 | 7,843,124 |
Liabilities | ||
Deposits | 7,041,361 | 6,595,037 |
Subordinated debt | 73,737 | 77,708 |
FHLBNY advances | 0 | 580,000 |
Other borrowings | 140,000 | 0 |
Operating leases | 38,333 | 40,779 |
Other liabilities | 23,867 | 40,645 |
Total liabilities | 7,317,298 | 7,334,169 |
Stockholders’ equity | ||
Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,736,141 and 30,700,198 shares issued, respectively, and 30,642,299 and 30,700,198 shares outstanding, respectively) | 307 | 307 |
Additional paid-in capital | 287,514 | 286,947 |
Retained earnings | 330,673 | 330,275 |
Accumulated other comprehensive loss, net of income taxes | (97,317) | (108,707) |
Treasury stock, at cost (93,842 and zero shares, respectively) | (2,152) | 0 |
Total Amalgamated Financial Corp. stockholders' equity | 519,025 | 508,822 |
Noncontrolling interests | 133 | 133 |
Total stockholders' equity | 519,158 | 508,955 |
Total liabilities and stockholders’ equity | $ 7,836,456 | $ 7,843,124 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Available-for-sale, amortized cost | $ 1,755,787 | $ 1,944,343 |
Allowance for credit losses | 687 | 0 |
Fair Value | $ 1,489,155 | $ 1,414,871 |
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) | 30,736,141 | 30,700,198 |
Common stock, shares outstanding (in shares) | 30,642,299 | 30,700,198 |
Treasury stock, common (in shares) | 93,842 | 0 |
FHLBNY advances | $ 0 | $ 580,000 |
Other borrowings | $ 140,000 | $ 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
INTEREST AND DIVIDEND INCOME | ||
Loans | $ 44,806 | $ 31,127 |
Securities | 39,512 | 19,155 |
Interest-bearing deposits in banks | 618 | 179 |
Total interest and dividend income | 84,936 | 50,461 |
INTEREST EXPENSE | ||
Deposits | 13,835 | 1,402 |
Borrowed funds | 3,821 | 691 |
Total interest expense | 17,656 | 2,093 |
NET INTEREST INCOME | 67,280 | 48,368 |
Provision for credit losses | 4,958 | 2,293 |
Net interest income after provision for credit losses | 62,322 | 46,075 |
NON-INTEREST INCOME | ||
Trust Department fees | 3,929 | 3,491 |
Service charges on deposit accounts | 2,455 | 2,447 |
Bank-owned life insurance | 781 | 814 |
Gain (loss) on sale of securities | (3,086) | 162 |
Gain (loss) on sale of loans, net | 3 | (157) |
Equity method investments income | 153 | 432 |
Other | 973 | 233 |
Total non-interest income | 5,208 | 7,422 |
NON-INTEREST EXPENSE | ||
Compensation and employee benefits | 22,014 | 17,669 |
Occupancy and depreciation | 3,399 | 3,440 |
Professional fees | 2,230 | 2,815 |
Data processing | 4,549 | 5,184 |
Office maintenance and depreciation | 728 | 725 |
Amortization of intangible assets | 222 | 262 |
Advertising and promotion | 1,587 | 854 |
Federal deposit insurance premiums | 718 | 667 |
Other | 3,180 | 2,781 |
Total non-interest expense | 38,627 | 34,397 |
Income before income taxes | 28,903 | 19,100 |
Income tax expense | 7,565 | 4,935 |
Net income | $ 21,338 | $ 14,165 |
Earnings per common share - basic (in dollars per share) | $ 0.69 | $ 0.46 |
Earnings per common share - diluted (in dollars per share) | $ 0.69 | $ 0.45 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 21,338 | $ 14,165 |
Other comprehensive income (loss), net of taxes: | ||
Change in total obligation for postretirement benefits and for prior service credit and for other benefits | 48 | 59 |
Net unrealized gains (losses) on securities: | ||
Unrealized holding gains (losses) on securities available for sale | 12,099 | (63,704) |
Reclassification adjustment for losses (gains) realized in income | 3,086 | (165) |
Accretion of net unrealized loss on securities transferred to held-to-maturity | 488 | 0 |
Net unrealized gains (losses) on securities | 15,673 | (63,869) |
Other comprehensive income (loss), before tax | 15,721 | (63,810) |
Income Tax Effect | (4,331) | 17,555 |
Other comprehensive income (loss), net of taxes | 11,390 | (46,255) |
Total comprehensive income (loss), net of taxes | $ 32,728 | $ (32,090) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) - USD ($) $ in Thousands | Total | Adoption of ASU No. 2016-13 | Beginning balance - ACL | Total Stockholders' Equity | Total Stockholders' Equity Adoption of ASU No. 2016-13 | Total Stockholders' Equity Beginning balance - ACL | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained Earnings Adoption of ASU No. 2016-13 | Retained Earnings Beginning balance - ACL | Accumulated Other Comprehensive Income (Loss) | Treasury Stock, at cost | Noncontrolling Interest |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Common stock, shares outstanding (in shares) | 31,130,143 | |||||||||||||
Beginning balance at Dec. 31, 2021 | $ 563,875 | $ 563,742 | $ 311 | $ 297,975 | $ 260,047 | $ 5,409 | $ 0 | $ 133 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 14,165 | 14,165 | 14,165 | |||||||||||
Repurchase of common stock (in shares) | (170,572) | |||||||||||||
Repurchase of common stock | (2,941) | (2,941) | $ (1) | (2,940) | ||||||||||
Number of shares issued to employees (in shares) | 2,905 | |||||||||||||
Common stock issued under Employee Stock Purchase Plan | 52 | 52 | 52 | |||||||||||
Dividends on common stock | (2,490) | (2,490) | (2,490) | |||||||||||
Exercise of stock options, net of repurchases (in shares) | 6,964 | |||||||||||||
Exercise of stock options, net of repurchases | (305) | (305) | (305) | |||||||||||
Restricted stock units vesting, net of repurchases (in shares) | 25,831 | |||||||||||||
Restricted stock units vesting, net of repurchases | (229) | (229) | (229) | |||||||||||
Stock-based compensation expense | 890 | 890 | 890 | |||||||||||
Other comprehensive income (loss), net of taxes | (46,255) | (46,255) | (46,255) | |||||||||||
Ending balance at Mar. 31, 2022 | $ 526,762 | 526,629 | $ 310 | 295,443 | 271,722 | (40,846) | 0 | 133 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Common stock, shares outstanding (in shares) | 30,995,271 | |||||||||||||
Common stock, shares outstanding (in shares) | 30,700,198 | 30,700,198 | ||||||||||||
Beginning balance at Dec. 31, 2022 | $ 508,955 | $ (17,825) | $ 491,130 | 508,822 | $ (17,825) | $ 490,997 | $ 307 | 286,947 | 330,275 | $ (17,825) | $ 312,450 | (108,707) | 0 | 133 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Net income | 21,338 | 21,338 | 21,338 | |||||||||||
Repurchase of common stock (in shares) | (128,803) | |||||||||||||
Repurchase of common stock | (2,425) | (2,425) | (2,425) | |||||||||||
Number of shares issued to employees (in shares) | 21,919 | |||||||||||||
Common stock issued under Employee Stock Purchase Plan | 388 | 388 | (25) | 413 | ||||||||||
Dividends on common stock | $ (3,115) | (3,115) | (3,115) | |||||||||||
Exercise of stock options, net of repurchases (in shares) | 29,320 | 6,631 | ||||||||||||
Exercise of stock options, net of repurchases | $ (91) | (91) | (91) | |||||||||||
Restricted stock units vesting, net of repurchases (in shares) | 42,354 | |||||||||||||
Restricted stock units vesting, net of repurchases | (494) | (494) | (354) | (140) | ||||||||||
Stock-based compensation expense | 1,037 | 1,037 | 1,037 | |||||||||||
Other comprehensive income (loss), net of taxes | 11,390 | 11,390 | 11,390 | |||||||||||
Ending balance at Mar. 31, 2023 | $ 519,158 | $ 519,025 | $ 307 | $ 287,514 | $ 330,673 | $ (97,317) | $ (2,152) | $ 133 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 | |||||||||||||
Common stock, shares outstanding (in shares) | 30,642,299 | 30,642,299 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends (in dollars per share) | $ 0.10 | $ 0.08 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 21,338,000 | $ 14,165,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 869,000 | 899,000 |
Amortization of intangible assets | 222,000 | 262,000 |
Deferred income tax expense (benefit) | 3,308,000 | (1,876,000) |
Provision for credit losses | 4,958,000 | 2,293,000 |
Stock-based compensation expense | 1,037,000 | 890,000 |
Net amortization on loan fees, costs, premiums, and discounts | 36,000 | 285,000 |
Net amortization on securities | 408,000 | 1,175,000 |
OTTI gain recognized in earnings | 0 | (3,000) |
Net income from equity method investments | (153,000) | (432,000) |
Net loss (gain) on sale of securities available for sale | 3,086,000 | (162,000) |
Net loss (gain) on sale of loans | (3,000) | 157,000 |
Net gain on redemption of bank-owned life insurance | (225,000) | (313,000) |
Proceeds from sales of loans held for sale | 3,459,000 | 5,913,000 |
Originations of loans held for sale | (1,176,000) | (5,298,000) |
Increase in cash surrender value of bank-owned life insurance | (556,000) | (501,000) |
Net gain on repurchase of subordinated debt | (780,000) | 0 |
Decrease in accrued interest and dividends receivable | 597,000 | 1,411,000 |
Decrease in other assets | 6,403,000 | 2,784,000 |
Decrease in accrued expenses and other liabilities | (7,975,000) | (4,591,000) |
Net cash provided by operating activities | 34,853,000 | 17,058,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Net increase in loans | (94,742,000) | (158,836,000) |
Purchase of securities available for sale | (17,220,000) | (448,390,000) |
Purchase of securities held-to-maturity | (98,893,000) | (146,276,000) |
Proceeds from sales of securities available for sale | 145,305,000 | 162,000 |
Maturities, principal payments and redemptions of securities available for sale | 42,144,000 | 76,842,000 |
Maturities, principal payments and redemptions of securities held-to-maturity | 21,082,000 | 42,352,000 |
Decrease in resell agreements | 10,323,000 | 48,868,000 |
Increase in equity method investments | 288,000 | 186,000 |
Decrease in FHLBNY stock, net | 26,100,000 | 0 |
Purchases of premises and equipment, net | (263,000) | (818,000) |
Proceeds from redemption of bank-owned life insurance | 980,000 | 1,105,000 |
Net cash provided by (used in) investing activities | 35,104,000 | (584,805,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 446,324,000 | 617,218,000 |
Net increase in other borrowings | 140,000,000 | 0 |
Net decrease in FHLBNY advances | (580,000,000) | 0 |
Repurchase of subordinated debt | (3,220,000) | 0 |
Common stock issued under Employee Stock Purchase Plan | 388,000 | 52,000 |
Repurchase of common stock | (2,425,000) | (2,941,000) |
Dividends paid | (3,082,000) | (2,490,000) |
Payments related to repurchase of common stock for equity awards | (585,000) | (534,000) |
Net cash provided by (used in) financing activities | (2,600,000) | 611,305,000 |
Increase in cash, cash equivalents, and restricted cash | 67,357,000 | 43,558,000 |
Cash, cash equivalents, and restricted cash at beginning of year | 63,540,000 | 330,485,000 |
Cash, cash equivalents, and restricted cash at end period | 130,897,000 | 374,043,000 |
Supplemental disclosures of cash flow information: | ||
Interest paid during the period | 15,509,000 | 1,388,000 |
Income taxes paid during the period | 291,000 | 115,000 |
Redemption of bank-owned life insurance included in other assets | ||
Loans transferred to held-for-sale | $ 0 | $ 2,490,000 |
BASIS OF PRESENTATION AND CONSO
BASIS OF PRESENTATION AND CONSOLIDATION | 3 Months Ended |
Mar. 31, 2023 | |
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 have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The annualized results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”). A more detailed description of our accounting policies is included in the 2022 Annual Report, which remain significantly unchanged except for the Allowance for Credit Losses ("ACL") policy, resulting from the adoption of the Accounting Standard Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and its amendments, (“ASU No. 2016-13”) as of January 1, 2023, as well as the addition of accounting policies related to treasury stock: Treasury stock - Treasury stock is carried at cost. Shares sold or granted out of treasury are valued based on the weighted average cost. There have been no other significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2022 Annual Report. Recently Adopted Accounting Standards ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments The Company adopted ASU No. 2016-13 inclusive of subsequent amendments as of January 1, 2023. ASU No. 2016-13 amends guidance on reporting credit losses for assets held on an amortized cost basis and available-for-sale debt securities, as well as off balance sheet credit exposures. For assets held at amortized cost, ASU No. 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments in ASU No. 2016-13 replace the incurred loss impairment methodology with a methodology that reflects the measurement of expected credit losses based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses will be presented as an allowance rather than as a write-down. For the Company, the amendments affected loans, debt securities, off-balance sheet credit exposures, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company adopted ASU No. 2016-13 on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the adoption date and, accordingly, the Company recorded a net of tax decrease of $17.8 million to retained earnings as of January 1, 2023. The results for prior period amounts continue to be reported in accordance with previously applicable GAAP. The below table illustrates the impact of the adoption of ASU 2016-13. January 1, 2023 Gross Adjustment Tax Impact Net Adjustment to Retained Earnings Assets: Allowance for credit losses on held-to-maturity securities $ 668 $ (184) $ 484 Allowance for credit losses on loans 21,229 (5,849) 15,380 Liabilities: Allowance for credit losses on off-balance sheet credit exposures 2,705 (744) 1,961 Total Day 1 Adjustment for Adoption of ASU 2016-13 $ 24,602 $ (6,777) $ 17,825 Allowance for Credit Losses - Available for Sale Securities: Any available for sale security in an unrealized loss position is assessed for Management's intent to sell, or if it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. Accrued interest receivable is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status. Securities issued by U.S. government entities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major ratings agencies and have a long history of no credit losses. For debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from expected credit losses or other factors in making this assessment. Management considers the extent in which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. There was no allowance for credit losses for available for sale securities as of January 1, 2023. Allowance for Credit Losses - Held-to-maturity Securities: Management measures expected credit losses on held-to-maturity securities on a collective basis by security type. Accrued interest receivable is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods: Mortgage-backed - Certain residential securities held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies and have a long history of no credit losses. Non-GSE residential securities held by the Company carry ratings no lower than A. These investments are secured by pools of commercial or residential certificates. Asset-backed securities ("ABS") - ABS held by the Company are secured by pools of consumer products such as student loans, consumer loans, and consumer residential solar loans. Property assessed clean energy ("PACE") - PACE held by the Company are secured low loan to value long-term funding for energy efficient and renewable energy projects for residential or commercial projects. Other securities - Other securities held by the Company include corporate securities, municipal securities and small investments community reinvestment act investments secured by loans. Allowance for Credit Losses - Loans: The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, and deferred fees and costs. Accrued interest receivable on loans is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for loans placed on nonaccrual status. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management calculates the estimation of the allowance for credit losses on loans on a quarterly basis. The Company’s methodology to measure the allowance for credit losses incorporates both quantitative and qualitative information to assess lifetime expected credit losses at the portfolio segment level. The quantitative component of the allowance model calculates future loan level balances by considering the loan segment baseline loss rate based on a peer group and severity rate. Expected credit losses are estimated over the contractual term of the loans, adjusted for forecasted prepayments when appropriate. The baseline loss rate is adjusted for relevant macroeconomic variables by loan segment that consider forecasted economic conditions. The adjusted loss rate is calculated for an eight quarter forecast period then reverts to the historical loss rate on a straight-line basis over four quarters. The loan level cash flows are discounted at the effective interest rate to calculate a loan level allowance which is aggregated at the loan segment level to arrive at the estimated allowance. Economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit experience provides the basis for the estimation of expected credit losses, with qualitative adjustments made to loan segments for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors. The allowance for credit losses on loans is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the methods described above. Commercial and Industrial Loans - Loans in this classification are made to businesses and include term loans, lines of credit, and senior secured loans to corporations. Generally, these loans are secured by assets of the business and repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer and/or business spending, will have an effect on the credit quality in this loan class. Multifamily Mortgage Loans - Loans in this classification include income producing residential investment properties of five or more families. Loans are made to established owners with a proven and demonstrable record of strong performance. Repayment is derived generally from the rental income generated from the property and may be supplemented by the owners’ personal cash flow. Credit risk arises with an increase in vacancy rates, property mismanagement and the predominance of non-recourse loans that are customary in the industry. Commercial Real Estate Loans - Loans in this classification include income producing investment properties and owner-occupied real estate used for business purposes. The underlying properties are located largely in the Company’s primary market area. The cash flows of the income producing investment properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on credit quality. In the case of owner-occupied real estate used for business purposes, a weakened economy and resultant decreased consumer and/or business spending will have an adverse effect on credit quality. Construction and Land Development Loans - Loans in this classification primarily include land loans to local individuals, contractors and developers for developing the land for sale or for the purpose of making improvements thereon. Repayment is derived primarily from sale of the lots/units including any pre-sold units. Credit risk is affected by market conditions, time to sell at an adequate price and cost overruns. To a lesser extent, this class includes commercial development projects that the Company finances, which in most cases are interest only during construction, and then convert to permanent financing. Construction delays, cost overruns, market conditions and the availability of permanent financing, to the extent such permanent financing is not being provided by the Bank, all affect the credit risk in this loan class. Residential Real Estate Loans - Loans in this classification are generally secured by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. Loans in this class are secured by both first liens and second liens. The overall health of the economy, including unemployment rates and housing prices, can have an effect on the credit quality in this loan class. Consumer Solar Loans - Loans in this classification may be either secured or unsecured. This portfolio is comprised of residential solar loans. Repayment is dependent on the credit quality of the individual borrower and, if applicable, sale of the collateral securing the loan. Therefore, the overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this loan class. Consumer and Other Loans - Loans in this classification may be either secured or unsecured. This portfolio is comprised of student loans and other consumer products. Repayment is dependent on the credit quality of the individual borrower and, if applicable, sale of the collateral securing the loan. Therefore, the overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this loan class. Loans that are determined to have unique risk characteristics are evaluated on an individual basis by Management. Loans evaluated individually are not included in the collective evaluation. Factors that may be considered are borrower delinquency trends and nonaccrual status, probability of foreclosure or note sale, changes in the borrower’s circumstances or cash collections, borrower’s industry, or other facts and circumstances of the loan or collateral. Individually Evaluated Loans with an ACL: For collateral-dependent loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral, less the estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. The fair value of real estate collateral is determined based on recent appraised values. The fair value of non-real estate collateral, may be determined based on an appraisal, net book value per the borrower’s financial statements, aging reports, or by reference to market activity, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. For non-collateral dependent loans, ACL is measured based on the difference between the present value of expected cash flows and the amortized cost basis of the loan as of the measurement date. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures: The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company for its security and loan portfolios. The allowance for credit losses on off-balance sheet credit exposures is recorded in other liabilities on the consolidated statements of financial condition, and adjusted through the credit loss expense which is recorded in the provision for credit losses on the consolidated statements of income. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which is the same as the expected loss factor as determined based on the corresponding portfolio segment. At January 1, 2023, the Day 1 adjustment to allowance for credit losses on off-balance sheet credit exposures was $2.7 million, of which $2.6 million related to obligations on the loans portfolio, and $0.1 million related to obligations on the securities portfolio. ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures On March 31, 2022, the Financial Accounting Standards Board ("FASB") issued ASU 2022-02, which eliminates the troubled debt restructuring ("TDR") accounting model for creditors that have adopted Topic 326, “Financial Instruments – Credit Losses.” Specifically, rather than applying the recognition and measurement guidance for TDRs, this ASU requires entities to evaluate receivable modifications, consistent with the accounting for other loan modifications, to determine whether a modification made to a borrower results is a new loan or a continuation of the existing loan. In addition, under the new ASU, entities are no longer required to use a discounted cash flow ("DCF") method to measure the ACL as a result of a modification or restructuring with a borrower experiencing financial difficulty. If a DCF method is used, the post-modification-derived effective interest rate is to be used, instead of the original interest rate as stipulated under the current GAAP. This ASU also enhances the disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. This ASU amends the guidance on “vintage disclosures” to require the disclosure of current-period gross write-offs by year of origination. The Company adopted ASU 2022-02 on January 1, 2023 on a prospective basis. The adoption of the standard did not have a material impact on the financial statements. Refer to the Loans receivable, net footnote for updated disclosures for the three months ended March 31, 2023. Reclassifications |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following is a summary of the accumulated comprehensive income (loss) balances, net of income taxes: Balance as of Balance as of January 1, Current Income Tax Balance as of March 31, 2023 (In thousands) Unrealized gains (losses) on benefits plans $ (1,652) $ 48 $ (13) $ (1,617) Unrealized gains (losses) on available for sale securities (95,539) 15,185 (4,184) (84,538) Unaccreted unrealized loss on securities transferred to held-to-maturity (11,516) 488 (134) (11,162) Total $ (108,707) $ 15,721 $ (4,331) $ (97,317) Balance as of January 1, 2022 Current Income Tax Balance as of March 31, 2022 (In thousands) Unrealized gains (losses) on benefits plans $ (2,102) $ 59 $ (16) $ (2,059) Unrealized gains (losses) on available for sale securities 7,511 (63,869) 17,571 (38,787) Total $ 5,409 $ (63,810) $ 17,555 $ (40,846) Other comprehensive income (loss) components and related income tax effects were as follows: Three Months Ended 2023 2022 (In thousands) Postretirement Benefit Plans Change in obligation for postretirement benefits and for prior service credit $ 40 $ 44 Reclassification adjustment for prior service expense included in compensation and employee benefits 7 7 Change in obligation for other benefits 1 8 Change in total obligation for postretirement benefits and for prior service credit and for other benefits 48 59 Income tax benefit (expense) (13) (16) Net change in total obligation for postretirement benefits and prior service credit and for other benefits 35 43 Securities Unrealized holding gains (losses) on available for sale securities 12,099 (63,704) Reclassification adjustment for losses (gains) realized in gain (loss) on sale of securities 3,086 (162) Reclassification adjustment for gains on OTTI securities recognized in non-interest income - other — (3) Accretion of net unrealized loss on securities transferred to held-to-maturity recognized in interest income from securities 488 — Change in unrealized gains (losses) on available for sale securities 15,673 (63,869) Income tax benefit (expense) (4,318) 17,571 Net change in unrealized gains (losses) on securities 11,355 (46,298) Total $ 11,390 $ (46,255) |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 are as follows: March 31, 2023 (In thousands) Amortized Gross Gross Fair Available for sale: Mortgage-related: Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") $ 417,326 $ 29 $ (33,961) $ 383,394 GSE commercial certificates & CMOs 174,968 27 (7,155) 167,840 Non-GSE residential certificates 120,591 — (15,042) 105,549 Non-GSE commercial certificates 107,310 — (10,044) 97,266 820,195 56 (66,202) 754,049 Other debt: U.S. Treasury 199 — (6) 193 Asset backed securities ("ABS") 786,515 122 (30,453) 756,184 Trust preferred 10,989 — (911) 10,078 Corporate 137,889 — (19,288) 118,601 935,592 122 (50,658) 885,056 Total available for sale $ 1,755,787 $ 178 $ (116,860) $ 1,639,105 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held-to-maturity: Mortgage-related: GSE residential CMOs $ 68,356 $ — $ (3,497) $ 64,859 GSE commercial certificates 90,114 — (9,235) 80,879 GSE residential certificates 424 — (12) 412 Non-GSE commercial certificates 32,630 — (2,989) 29,641 Non-GSE residential certificates 49,525 — (5,001) 44,524 241,049 — (20,734) 220,315 Other debt: ABS 286,581 — (11,049) 275,532 Commercial PACE 262,398 — (29,652) 232,746 Residential PACE 733,997 — (53,492) 680,505 Municipal 95,169 59 (15,171) 80,057 1,378,145 59 (109,364) 1,268,840 Allowance for credit losses (687) Total held-to-maturity $ 1,618,507 $ 59 $ (130,098) $ 1,489,155 As of March 31, 2023, available for sale securities with a fair value of $909.5 million and held-to-maturity securities with a fair value of $437.2 million were pledged. The majority of the securities were pledged to the FHLBNY 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, 2022 are as follows: December 31, 2022 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Mortgage-related: GSE residential CMOs $ 427,529 $ 24 $ (38,293) $ 389,260 GSE commercial certificates & CMOs 222,620 — (8,834) 213,786 Non-GSE residential certificates 123,139 — (16,059) 107,080 Non-GSE commercial certificates 108,286 — (10,804) 97,482 881,574 24 (73,990) 807,608 Other debt: U.S. Treasury 199 — (7) 192 ABS 901,746 34 (39,617) 862,163 Trust preferred 10,988 — (845) 10,143 Corporate 149,836 — (17,466) 132,370 1,062,769 34 (57,935) 1,004,868 Total available for sale $ 1,944,343 $ 58 $ (131,925) $ 1,812,476 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held-to-maturity: Mortgage-related: GSE residential CMOs $ 69,391 $ — $ (4,054) $ 65,337 GSE commercial certificates 90,335 — (11,186) 79,149 GSE residential certificates 428 — (17) 411 Non-GSE commercial certificates 32,635 9 (3,148) 29,496 Non-GSE residential certificates 50,468 — (5,245) 45,223 243,257 0 9 (23,650) 219,616 Other debt: ABS 288,682 — (15,175) 273,507 Commercial PACE 255,424 — (26,782) 228,642 Residential PACE 656,453 — (44,833) 611,620 Municipal 95,485 — (15,999) 79,486 Other 2,000 — — 2,000 1,298,044 — (102,789) 1,195,255 Total held-to-maturity $ 1,541,301 $ 9 $ (126,439) $ 1,414,871 There were no transfers to or from securities held-to-maturity during the three months ended March 31, 2023 or the three months ended March 31, 2022. 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 March 31, 2023. 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 $ 199 $ 193 $ — $ — Due after one year through five years 67,197 59,366 9,424 9,042 Due after five years through ten years 349,001 332,811 10,557 9,756 Due after ten years 519,195 492,686 1,358,164 1,250,042 $ 935,592 $ 885,056 $ 1,378,145 $ 1,268,840 Three Months Ended, March 31, 2023 March 31, 2022 (In thousands) Proceeds $ 145,305 $ 162 Realized gains $ — $ 162 Realized losses (3,086) — Net realized gains (losses) $ (3,086) $ 162 There were no sales of held-to-maturity securities during the three months ended March 31, 2023 or the three months ended March 31, 2022. The Company controls and monitors inherent credit risk in its securities portfolio through due diligence, diversification, concentration limits, periodic securities reviews, and by investing in low risk securities. This includes high quality Non Agency Securities, low loan-to-value PACE Bonds and a significant portion of the securities portfolio in U.S. GSE obligations. GSEs include the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Small Business Administration (“SBA”). GNMA is a wholly owned U.S. Government corporation whereas FHLMC and FNMA are private. Mortgage-related securities may include mortgage pass-through certificates, participation certificates and CMOs. The following summarizes the fair value and unrealized losses for those available for sale and unrecognized losses for those held-to-maturity securities as of March 31, 2023 and December 31, 2022, respectively, segregated between securities that have been in an unrealized or unrecognized loss position for less than twelve months and those that have been in a continuous unrealized or unrecognized loss position for twelve months or longer at the respective dates: March 31, 2023 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 $ 114,581 $ 3,870 $ 263,412 $ 30,091 $ 377,993 $ 33,961 GSE commercial certificates & CMOs 57,752 1,225 85,061 5,930 142,813 7,155 Non-GSE residential certificates 9,949 456 95,600 14,586 105,549 15,042 Non-GSE commercial certificates 32,811 1,206 64,455 8,838 97,266 10,044 Other debt: U.S. Treasury — — 193 6 193 6 ABS 72,764 1,720 665,109 28,733 737,873 30,453 Trust preferred — — 10,078 911 10,078 911 Corporate 30,297 3,792 86,504 15,496 116,801 19,288 Total available for sale $ 318,154 $ 12,269 $ 1,270,412 $ 104,591 $ 1,588,566 $ 116,860 Less Than Twelve Months Twelve Months or Longer Total Fair Value Unrecognized Fair Value Unrecognized Fair Value Unrecognized Held-to-maturity: Mortgage-related: GSE CMOs $ 41,924 $ 1,880 $ 22,935 $ 1,617 $ 64,859 $ 3,497 GSE commercial certificates 35,961 1,617 44,918 7,618 80,879 9,235 GSE residential certificates 412 12 — — 412 12 Non GSE commercial certificates — — 29,520 2,989 29,520 2,989 Non GSE residential certificates 7,008 450 37,516 4,551 44,524 5,001 Other debt: ABS 57,468 2,433 218,064 8,616 275,532 11,049 Commercial PACE 232,746 29,652 — — 232,746 29,652 Residential PACE 680,505 53,492 — — 680,505 53,492 Municipal 13,691 703 50,808 14,468 64,499 15,171 Total held-to-maturity $ 1,069,715 $ 90,239 $ 403,761 $ 39,859 $ 1,473,476 $ 130,098 December 31, 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 $ 231,562 $ 13,937 $ 151,285 $ 24,356 $ 382,847 $ 38,293 GSE commercial certificates & CMOs 153,325 6,729 60,461 2,105 213,786 8,834 Non-GSE residential certificates 72,527 8,969 34,553 7,090 107,080 16,059 Non-GSE commercial certificates 62,243 4,842 35,239 5,962 97,482 10,804 Other debt: U.S. Treasury 192 7 — — 192 7 ABS 530,269 17,290 299,425 22,327 829,694 39,617 Trust preferred — — 10,143 845 10,143 845 Corporate 89,054 9,772 43,316 7,694 132,370 17,466 Total available for sale $ 1,139,172 $ 61,546 $ 634,422 $ 70,379 $ 1,773,594 $ 131,925 Less Than Twelve Months Twelve Months or Longer Total Fair Value Unrecognized Fair Value Unrecognized Fair Value Unrecognized Held-to-maturity: Mortgage-related: GSE CMOs $ 54,475 $ 2,891 $ 10,862 $ 1,163 $ 65,337 $ 4,054 GSE commercial certificates 48,934 3,404 30,215 7,782 79,149 11,186 GSE residential certificates 411 17 — — 411 17 Non GSE commercial certificates 11,192 656 18,283 2,492 29,475 3,148 Non GSE residential certificates 39,426 4,784 5,797 461 45,223 5,245 Other debt: ABS 224,279 11,078 49,228 4,097 273,507 — 15,175 Commercial PACE 228,642 26,782 — — 228,642 26,782 Residential PACE 611,620 44,833 — — 611,620 44,833 Municipal 48,190 5,866 31,296 10,133 79,486 15,999 Total held-to-maturity $ 1,267,169 $ 100,311 $ 145,681 $ 26,128 $ 1,412,850 $ 126,439 Available for sale securities As discussed in Note 1, upon adoption of the CECL standard, no allowance for credit losses was recorded on available for sale securities. During the period ended March 31, 2023, a Corporate bond related to Silicon Valley Bank ("SIVB") was placed on nonaccrual status following credit concerns over the issuer. As a result, Management charged-off the $1.2 million unrealized loss position given Management's intent to sell the Corporate bond and unlikely recovery of the unrealized position, resulting in a provision for credit losses of $1.2 million. As of March 31, 2023, with the exception of the SIVB bond discussed above, none of the Company’s available-for-sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available-for-sale debt securities was required. The temporary impairment of fixed income securities is primarily attributable to changes in overall market interest rates and/or changes in credit/liquidity spreads since the investments were acquired. In general, as market interest rates rise and/or credit/liquidity 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. With respect to the Company’s security investments that are temporarily impaired as of March 31, 2023, management does not intend to sell these investments and does not believe it will be necessary to do so before anticipated recovery. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. The Company expects to collect all amounts due according to the contractual terms of these investments. Therefore, the Company does not hold an allowance for credit losses for available for sale securities at March 31, 2023. Held-to-maturity securities Management conducts an evaluation of expected credit losses on held-to-maturity securities on a collective basis by security type. Management monitors the credit quality of debt securities held-to-maturity through reasonable and supportable forecasts, reviews of credit trends on underlying assets, credit ratings, and other factors. Holdings of securities issued by GSEs with unrealized losses are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies and have a long history of no credit losses. With the exception of PACE securities, which are generally not rated, these securities were rated investment grade by at least one nationally recognized statistical rating organization 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 loan-to-value position and the superior lien position on the property. Management considers that the temporary impairment of these investments as of March 31, 2023 is primarily due to an increase in interest rates and spreads since the time these investments were acquired. Accrued interest receivable on securities totaling $22.4 million and $23.2 million at March 31, 2023 and December 31, 2022, respectively, was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above. The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the three months ended March 31, 2023: (In thousands) Non-GSE commercial certificates Commercial PACE Residential PACE Total Allowance for credit losses: Beginning balance $ — $ — $ — — Adoption of ASU No. 2016-13 85 255 328 668 Provision for (recovery of) credit losses (1) 7 39 45 Charge-offs (26) — — (26) Recoveries — — — — Ending balance $ 58 $ 262 $ 367 $ 687 |
LOANS RECEIVABLE, NET
LOANS RECEIVABLE, NET | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
LOANS RECEIVABLE, NET | LOANS RECEIVABLE, NET With the adoption of ASU 2016-13 on January 1, 2023, all loan balances in this footnote for the period ended March 31, 2023 are presented at amortized cost, net of deferred loan origination costs. Loan balances for the period ended December 31, 2022 are presented at unpaid principal balance net of partial charge-offs. Loans receivable are summarized as follows: March 31, December 31, (In thousands) Commercial and industrial $ 923,853 $ 925,641 Multifamily 1,062,826 967,521 Commercial real estate 327,477 335,133 Construction and land development 37,828 37,696 Total commercial portfolio 2,351,984 2,265,991 Residential real estate lending 1,390,135 1,371,779 Consumer solar 410,725 416,849 Consumer and other 45,326 47,150 Total retail portfolio 1,846,186 1,835,778 Total loans receivable 4,198,170 4,101,769 Net deferred loan origination costs — 4,233 Total loans receivable, net of deferred loan origination costs (fees) 4,198,170 4,106,002 Allowance for credit losses (67,323) (45,031) Total loans receivable, net $ 4,130,847 $ 4,060,971 The following table presents information regarding the past due status of the Company’s loans as of March 31, 2023: 30-89 Days Non- 90 Days or Total Past Current Total Loans (In thousands) Commercial and industrial $ 18,440 $ 9,521 $ — $ 27,961 $ 895,892 $ 923,853 Multifamily 7,703 2,710 — 10,413 1,052,413 1,062,826 Commercial real estate 609 4,745 1,299 6,653 320,824 327,477 Construction and land development 552 8,803 — 9,355 28,473 37,828 Total commercial portfolio 27,304 25,779 1,299 54,382 2,297,602 2,351,984 Residential real estate lending 12,957 2,016 — 14,973 1,375,162 1,390,135 Consumer solar 5,209 2,021 — 7,230 403,495 410,725 Consumer and other 1,180 140 — 1,320 44,006 45,326 Total retail portfolio 19,346 4,177 — 23,523 1,822,663 1,846,186 $ 46,650 $ 29,956 $ 1,299 $ 77,905 $ 4,120,265 $ 4,198,170 At March 31, 2023, the Company had two loans with a total balance of $1.3 million that were 90 days or more delinquent and still accruing interest. These loans were in the process of refinancing at period end. The following table presents information regarding the past due status of the Company’s loans as of December 31, 2022: 30-89 Days Past Due Non- Accrual 90 Days or More Delinquent and Still Accruing Interest Total Past Due Current Total Loans Receivable (In thousands) Commercial and industrial $ 27 $ 9,629 $ — $ 9,656 $ 915,985 $ 925,641 Multifamily — 3,828 — 3,828 963,693 967,521 Commercial real estate 11,718 4,851 — 16,569 318,564 335,133 Construction and land development 16,426 — — 16,426 21,270 37,696 Total commercial portfolio 28,171 18,308 — 46,479 2,219,512 2,265,991 Residential real estate lending 1,185 1,807 — 2,992 1,368,787 1,371,779 Consumer solar 3,320 1,584 — 4,904 411,945 416,849 Consumer and other 225 — — 225 46,925 47,150 Total retail portfolio 4,730 3,391 — 8,121 1,827,657 1,835,778 $ 32,901 $ 21,699 $ — $ 54,600 $ 4,047,169 $ 4,101,769 The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the three months ended March 31, 2023: Term Extension Three Months Ended March 31, 2023 (Dollars in thousands) Amortized Cost % of Portfolio Commercial and industrial $ 626 0.1 % Commercial real estate 866 0.3 % Construction and land development 6,887 18.2 % The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty: Term Extension Three Months Ended March 31, 2023 Commercial and industrial Modification added a weighted average 1.0 years to the life of the modified loan. Commercial real estate Modification added a weighted average 0.5 years to the life of the modified loan. Construction and land development Modifications added a weighted average 0.8 years to the life of the modified loans. Four loans were permanently modified in the three months ended March 31, 2023, and no loans that were modified had a payment default during the three months ended March 31, 2023 In order to manage credit quality, we view the Company’s loan portfolio by various segments. For commercial loans, we assign individual credit ratings ranging from 1 (lowest risk) to 10 (highest risk) as an indicator of credit quality. These ratings are based on specific risk factors including (i) historical and projected financial results of the borrower, (ii) market conditions of the borrower’s industry that may affect the borrower’s future financial performance, (iii) business experience of the borrower’s management, (iv) nature of the underlying collateral, if any, including the ability of the collateral to generate sources of repayment, and (v) history of the borrower’s payment performance. These specific risk factors are then utilized as inputs in our credit model to determine the associated allowance for credit loss. Non-rated loans generally include residential mortgages and consumer loans. The below 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 tables summarize the Company’s loan portfolio by credit quality indicator as of March 31, 2023: (In thousands) 2023 2022 2021 2020 2019 & Prior Revolving loans Revolving Loans Converted to Term Total Commercial and Industrial: Pass $ 8,078 $ 194,890 $ 214,012 $ 95,418 $ 152,107 $ 223,578 $ — $ 888,083 Special Mention — — — 4,373 6,866 — — 11,239 Substandard — — — 5,474 15,117 2,214 — 22,805 Doubtful — — — — 1,726 — — 1,726 Total commercial and industrial $ 8,078 $ 194,890 $ 214,012 $ 105,265 $ 175,816 $ 225,792 $ — $ 923,853 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Multifamily: Pass $ 100,019 $ 384,039 $ 46,554 $ 139,404 $ 373,701 $ 3 $ — $ 1,043,720 Special Mention — — — — 14,075 — — 14,075 Substandard — — — — 5,031 — — 5,031 Doubtful — — — — — — — — Total multifamily $ 100,019 $ 384,039 $ 46,554 $ 139,404 $ 392,807 $ 3 $ — $ 1,062,826 Current period gross charge-offs $ — $ — $ — $ — $ 1,127 $ — $ — $ 1,127 Commercial real estate: — Pass $ 1,405 $ 33,013 $ 49,462 $ 36,579 $ 169,537 $ 2,701 $ — $ 292,697 Special Mention — — — — 30,035 — — 30,035 Substandard — — — 866 3,879 — — 4,745 Doubtful — — — — — — — — Total commercial real estate $ 1,405 $ 33,013 $ 49,462 $ 37,445 $ 203,451 $ 2,701 $ — $ 327,477 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Construction and land development: Pass $ — $ 13,292 $ — $ — $ 8,123 $ — $ — $ 21,415 Special Mention — — — — — — — — Substandard — — — — — 16,413 — 16,413 Doubtful — — — — — — — — Total construction and land development $ — $ 13,292 $ — $ — $ 8,123 $ 16,413 $ — $ 37,828 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential real estate lending: Pass $ 30,490 $ 424,795 $ 349,540 $ 141,657 $ 440,298 $ 2,443 $ — $ 1,389,223 Special Mention — — — — — — — — Substandard — — — 294 618 — — 912 Doubtful — — — — — — — — Total residential real estate lending $ 30,490 $ 424,795 $ 349,540 $ 141,951 $ 440,916 $ 2,443 $ — $ 1,390,135 Current period gross charge-offs $ — $ — $ — $ — $ 57 $ 1 $ — $ 58 Consumer solar: Pass $ — $ 5,642 $ 74,386 $ 68,549 $ 260,564 $ — $ — $ 409,141 Special Mention — — — — — — — — Substandard — — 31 268 1,285 — — 1,584 Doubtful — — — — — — — — Total consumer solar $ — $ 5,642 $ 74,417 $ 68,817 $ 261,849 $ — $ — $ 410,725 Current period gross charge-offs $ — $ — $ 393 $ 225 $ 1,189 $ — $ — $ 1,807 Consumer and other: Pass $ — $ — $ 31,006 $ — $ 14,181 $ — $ — $ 45,187 Special Mention — — — — — — — — Substandard — — — — 139 — — 139 Doubtful — — — — — — — — Total consumer and other $ — $ — $ 31,006 $ — $ 14,320 $ — $ — $ 45,326 Current period gross charge-offs $ — $ — $ — $ — $ 18 $ — $ — $ 18 Total Loans: Pass $ 139,992 $ 1,055,671 $ 764,960 $ 481,607 $ 1,418,511 $ 228,725 $ — $ 4,089,466 Special Mention — — — 4,373 50,976 — — 55,349 Substandard — — 31 6,902 26,069 18,627 — 51,629 Doubtful — — — — 1,726 — — 1,726 Total loans $ 139,992 $ 1,055,671 $ 764,991 $ 492,882 $ 1,497,282 $ 247,352 $ — $ 4,198,170 Current period gross charge-offs $ — $ — $ 393 $ 225 $ 2,391 $ 1 $ — $ 3,010 The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2022: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 893,637 $ 6,983 $ 23,275 $ 1,746 $ 925,641 Multifamily 947,661 13,696 6,164 — 967,521 Commercial real estate 299,953 24,679 10,501 — 335,133 Construction and land development 21,270 14,002 2,424 — 37,696 Residential real estate lending 1,369,972 — 1,807 — 1,371,779 Consumer and other 462,415 — 1,584 — 463,999 Total loans $ 3,994,908 $ 59,360 $ 45,755 $ 1,746 $ 4,101,769 The activities in the allowance by portfolio for the three months ended March 31, 2023 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer Solar Consumer and Other Total Allowance for credit losses: Beginning balance - ALLL $ 12,916 $ 7,104 $ 3,627 $ 825 $ 11,338 $ 6,867 $ 2,354 $ 45,031 Adoption of ASU No. 2016-13 3,816 (1,183) (1,321) (466) 3,068 16,166 1,149 21,229 Beginning balance - ACL 16,732 5,921 2,306 359 14,406 23,033 3,503 66,260 Provision for (recovery of) credit losses (263) 2,236 149 (5) 263 1,325 (93) 3,612 Charge-offs — (1,127) — — (58) (1,807) (18) (3,010) Recoveries 4 — — — 238 211 8 461 Ending Balance - ACL $ 16,473 $ 7,030 $ 2,455 $ 354 $ 14,849 $ 22,762 $ 3,400 $ 67,323 The amortized cost basis of loans on nonaccrual status and the related allowance as of March 31, 2023 are as follows: Nonaccrual with No Allowance Nonaccrual with Allowance Reserve (In thousands) Commercial and industrial $ 674 $ 8,847 $ 5,079 Multifamily 334 2,376 524 Commercial real estate 4,745 — — Construction and land development 8,803 — — Total commercial portfolio 14,556 11,223 5,603 Residential real estate lending 2,016 — — Consumer solar 2,021 — — Consumer and other 140 — — Total retail portfolio 4,177 — — $ 18,733 $ 11,223 $ 5,603 The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of March 31, 2023: Real Estate Collateral Dependent Associated Allowance for Credit Losses (In thousands) Multifamily $ 2,710 $ 524 Commercial real estate 4,745 — Construction and land development 13,989 — $ 21,444 $ 524 The activities in the allowance by portfolio for the three months ended March 31, 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 1,511 (112) (433) 248 (284) 1,363 2,293 Charge-offs — (416) — — (39) (868) (1,323) Recoveries 6 — — 1 651 48 706 Ending Balance $ 12,169 $ 4,232 $ 6,840 $ 654 $ 9,336 $ 4,311 $ 37,542 As of March 31, 2023 and December 31, 2022, mortgage loans with an unpaid principal balance of $993.3 million and $819.4 million, respectively, were pledged to the FHLBNY to secure outstanding advances and letters of credit. There were $1.6 million in related party loans outstanding as of March 31, 2023 compared to $1.6 million related party loans as of December 31, 2022. Impaired Loans (prior to the adoption of ASU 2016-13) The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio prior to the adoption of ASU 2016-13, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of as of December 31, 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 $ 14,716 $ 3,828 $ 4,851 $ 2,424 $ 1,982 $ — $ 27,801 Collectively evaluated for impairment 910,925 963,693 330,282 35,272 1,369,797 463,999 4,073,968 Total loans $ 925,641 $ 967,521 $ 335,133 $ 37,696 $ 1,371,779 $ 463,999 $ 4,101,769 Allowance for loan losses: Individually evaluated for impairment $ 5,433 $ 180 $ — $ — $ 55 $ — $ 5,668 Collectively evaluated for impairment 7,483 6,924 3,627 825 11,283 9,221 39,363 Total allowance for loan losses $ 12,916 $ 7,104 $ 3,627 $ 825 $ 11,338 $ 9,221 $ 45,031 The following is additional information regarding the Company's impaired loans and the allowance related to such loans prior to the adoption of ASU 2016-13, as of and for the year ended December 31, 2022. December 31, 2022 (In thousands) Recorded Investment Average Recorded Investment Unpaid Principal Balance Related Allowance Loans without a related allowance: Residential real estate lending $ 764 $ 5,636 $ 1,761 $ — Multifamily 334 167 334 — Construction and land development 2,424 4,950 7,476 — Commercial real estate 4,851 4,453 5,023 — Commercial and industrial 3,791 1,896 3,881 — 12,164 17,102 18,475 — Loans with a related allowance: Residential real estate lending 1,218 8,352 1,278 55 Multifamily 3,494 3,201 3,494 180 Commercial and industrial 10,925 11,855 11,975 5,433 15,637 23,408 16,747 5,668 Total individually impaired loans: Residential real estate lending 1,982 13,988 3,039 55 Multifamily 3,828 3,368 3,828 180 Construction and land development 2,424 4,950 7,476 — Commercial real estate 4,851 4,453 5,023 — Commercial and industrial 14,716 13,751 15,856 5,433 $ 27,801 $ 40,510 $ 35,222 $ 5,668 |
DEPOSITS
DEPOSITS | 3 Months Ended |
Mar. 31, 2023 | |
Statistical Disclosure for Banks [Abstract] | |
DEPOSITS | DEPOSITS Deposits are summarized as follows: March 31, 2023 December 31, 2022 Amount Weighted Average Rate Amount Weighted Average Rate (In thousands) Non-interest-bearing demand deposit accounts $ 3,015,558 0.00 % $ 3,331,067 0.00 % NOW accounts 199,518 0.87 % 206,434 0.73 % Money market deposit accounts 2,702,464 1.32 % 2,445,396 0.94 % Savings accounts 371,240 0.95 % 386,190 0.75 % Time deposits 157,697 1.25 % 151,699 2.57 % Brokered CDs 594,884 4.52 % 74,251 3.84 % $ 7,041,361 0.99 % $ 6,595,037 0.52 % The scheduled maturities of time deposits and brokered CDs as of March 31, 2023 are as follows: (In thousands) Balance 2023 $ 675,298 2024 33,282 2025 9,713 2026 8,497 2027 7,681 Thereafter 18,110 $ 752,581 Time deposits of $250,000 or more totaled $31.0 million as of March 31, 2023 and $36.2 million as of December 31, 2022. The Bank offers 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 $42.3 million and $28.3 million as of March 31, 2023 and December 31, 2022, respectively, and are included in Time deposits above. Our total deposits included deposits from Workers United and its related entities, a related party, in the amounts of $74.8 million as of March 31, 2023 and $52.2 million as of December 31, 2022. Included in total deposits are state and municipal deposits totaling $38.9 million and $88.3 million as of March 31, 2023 and December 31, 2022, respectively. Such deposits are secured by letters of credit issued by the FHLBNY or by securities pledged with the FHLBNY. |
BORROWED FUNDS
BORROWED FUNDS | 3 Months Ended |
Mar. 31, 2023 | |
Advance from Federal Home Loan Bank [Abstract] | |
BORROWED FUNDS | BORROWED FUNDS FHLBNY advances are collateralized by the FHLBNY 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 March 31, 2023, the value of the other eligible assets had an estimated market value net of haircut totaling $1.33 billion (comprised of securities of $581.2 million and mortgage loans of $746.0 million). The fair value of assets pledged to the FHLBNY is required to exceed outstanding advances. There were no outstanding FHLB advances as of March 31, 2023 and $580.0 million in outstanding FHLBNY advances as of December 31, 2022. For the three months ended March 31, 2023, and 2022, interest expense on FHLBNY advances was $3.0 million and zero, respectively. In addition to FHLBNY advances, the Company uses other borrowings for short-term borrowing needs. Federal funds lines of credit are extended to the Company by nonaffiliated banks with which a correspondent banking relationship exists. At March 31, 2023, and December 31, 2022 there was no outstanding balance related to federal funds purchased. In addition, following the failures of SIVB and Signature Bank in March 2023, the Federal Reserve created a new Bank Term Funding Program ("BTFP") as an additional source of liquidity against high-quality securities, offering loans of up to one year to eligible institutions pledging qualifying assets as collateral. At March 31, 2023, there was an outstanding balance of $140.0 million related to the BTFP, and no outstanding balance at December 31, 2022. For the three months ended March 31, 2023, and 2022, interest expense on other borrowings was $0.2 million and zero, respectively. |
SUBORDINATED DEBT
SUBORDINATED DEBT | 3 Months Ended |
Mar. 31, 2023 | |
Federal Home Loan Banks [Abstract] | |
SUBORDINATED DEBT | SUBORDINATED DEBT 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. Interest expense on subordinated debt for the three months ended March 31, 2023 and 2022 was $0.6 million and $0.7 million, respectively. Gains on repurchases of subordinated debt for the three months ended March 31, 2023 and 2022 were $0.8 million and zero, respectively, and are recorded in Non-interest income - other on the consolidated statements of income. On July 26, 2022, September 29, 2022, and March 17, 2023 the Company repurchased $3.25 million, $3.0 million, $4.0 million, respectively, of the subordinated notes due on November 15, 2031. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and March 31, 2022, we had 50 thousand and 44 thousand anti-dilutive shares, respectively. Following is a table setting forth the factors used in the earnings per share computation follow: Three Months 2023 2022 (In thousands, except per share amounts) Net income attributable to Amalgamated Financial Corp. $ 21,338 $ 14,165 Dividends paid on preferred stock — — Income attributable to common stock $ 21,338 $ 14,165 Weighted average common shares outstanding, basic 30,706 31,107 Basic earnings per common share $ 0.69 $ 0.46 Income attributable to common stock $ 21,338 $ 14,165 Weighted average common shares outstanding, basic 30,706 31,107 Incremental shares from assumed conversion of options and RSUs 233 349 Weighted average common shares outstanding, diluted 30,939 31,456 Diluted earnings per common share $ 0.69 $ 0.45 |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 3 Months Ended |
Mar. 31, 2023 | |
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 December 31, 2020, 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 March 31, 2023 follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (in thousands) Outstanding, December 31, 2022 426,880 $ 13.09 3.3 years Granted — — — Forfeited/ Expired — — — Exercised (29,320) 14.56 — Outstanding, March 31, 2023 397,560 12.99 3.0 years $ 1,870 Vested and Exercisable, March 31, 2023 397,560 $ 12.99 3.0 years $ 1,870 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 three months ended March 31, 2023 or for the three months ended March 31, 2022 as all options had been fully expensed as of December 31, 2020. The fair value of all awards outstanding as of March 31, 2023 and December 31, 2022 was $1.9 million and $4.2 million, respectively. No cash was received for options exercised in the three months ended March 31, 2023 or for the three months ended March 31, 2022. The Company repurchased 3,999 shares and 4,019 shares for options exercised in the three months ended March 31, 2023 and March 31, 2022, respectively. Restricted Stock Units: The Amalgamated Financial Corp. 2021 Equity Incentive Plan (the “Equity Plan”) provides for the grant of stock-based incentive awards to employees and directors of the Company. The number of shares of common stock of the Company available for stock-based awards in the Equity Plan is 1,250,000 of which 271,214 shares were available for issuance as of March 31, 2023. Restricted stock units ("RSUs") represent an obligation to deliver shares to an employee or director at a future date if certain vesting conditions are met. RSUs are subject to a time-based vesting schedule, the satisfaction of performance conditions, or the satisfaction of market conditions, and are settled in shares of the Company’s common stock. RSUs do not provide dividend equivalent rights from the date of grant and do not provide voting rights. RSUs accrue dividends based on dividends paid on common shares, but those dividends are paid in cash upon satisfaction of the specified vesting requirements on the underlying RSU. A summary of the status of the Company’s time-based vesting RSUs as of March 31, 2023 follows: Shares Grant Date Fair Value Unvested, December 31, 2022 331,023 $ 17.72 Awarded 96,443 23.43 Forfeited/Expired (5,812) 15.06 Vested (40,144) 16.46 Unvested, March 31, 2023 381,510 $ 19.33 A summary of the status of the Company’s performance-based vesting RSUs as of March 31, 2023 follows: Shares Grant Date Fair Value Unvested, December 31, 2022 96,970 $ 16.37 Awarded 62,945 19.54 Forfeited/Expired (6,013) 15.08 Vested (23,948) 14.82 Unvested, March 31, 2023 129,954 $ 16.37 During the three months ended March 31, 2023, the Company granted 29,923 performance-based RSUs at a fair value of $23.42 per share, respectively which vest subject to the achievement of the Company’s corporate goal for the three-year period from January 1, 2023 to December 31, 2025. 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 44,885 shares, respectively. During the three months ended March 31, 2023, the Company granted 29,747 market-based RSUs at a fair value of $23.56 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 15, 2023 to February 14, 2026. The minimum and maximum awards that are achievable are 0 and 44,621 shares, respectively. During the three months ended March 31, 2023, the Company granted 619 and 2,656 shares at a fair value of $14.45 and $15.23 per share, respectively, related to the vesting of performance-based RSUs to satisfy the achievement of corporate goals above target. As of March 31, 2023, the Company reserved 194,931 shares for issuance upon vesting of performance-based RSUs assuming the Company’s employees achieve the maximum share payout. The Company repurchased 21,738 shares and 14,505 shares for RSUs vested in the three months ended March 31, 2023 and 2022, respectively. Of the 511,464 unvested RSUs and PSUs on March 31, 2023, the minimum units that will vest, solely due to a service test, are 381,510. The maximum units that will vest, assuming the highest payout on performance and market-based units, are 576,441. Compensation expense attributable to RSUs and PSUs was $0.9 million for the three months ended March 31, 2023, and $0.5 million for the three months ended March 31, 2022, and other expenses for directors were $0.1 million and $0.1 million, respectively. As of March 31, 2023, there was $7.7 million of total unrecognized compensation cost related to the non-vested RSUs and PSUs granted. 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 3.4 years. 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. The below following summarizes the shares purchased under the ESPP since the inception of the plan: Number of Shares Shares available for purchase at December 31, 2022 478,081 Purchases during the three months ended: March 31, 2023 (21,919) Remaining shares available for purchase at March 31, 2023 456,162 The expense related to the discount on purchased shares for the three months ended March 31, 2023 and March 31, 2022 was $58.1 thousand and $7.8 thousand, respectively, and is recorded within compensation and employee benefits expense on the Consolidated Statements of Income. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2023 | |
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. Assets Measured at Fair Value on a Recurring Basis Available for sale securities The Company’s available for sale securities are reported at fair value. Investments in fixed income securities are generally valued based on evaluations provided by an independent pricing service. These evaluations represent an exit price or their opinion as to what a buyer would pay for a security, typically in an institutional round lot position, in a current sale. The pricing service utilizes evaluated pricing techniques that vary by asset class and incorporate available market information and, because many fixed income securities do not trade on a daily basis, applies available information through processes such as benchmark curves, benchmarking of available securities, sector groupings and matrix pricing. Model processes, such as option adjusted spread models, are used to value securities that have prepayment features. In those limited cases where pricing service evaluations are not available for a fixed income security, management will typically value those instruments using observable market inputs in a discounted cash flow analysis. The following summarizes those financial instruments measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy: March 31, 2023 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential CMOs $ — $ 383,394 $ — $ 383,394 GSE commercial certificates & CMOs — 167,840 — 167,840 Non-GSE residential certificates — 105,549 — 105,549 Non-GSE commercial certificates — 97,266 — 97,266 Other debt: U.S. Treasury 193 — — 193 ABS — 756,184 — 756,184 Trust preferred — 10,078 — 10,078 Corporate — 118,601 — 118,601 Total assets carried at fair value $ 193 $ 1,638,912 $ — $ 1,639,105 December 31, 2022 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential CMOs $ — $ 389,260 $ — $ 389,260 GSE commercial certificates & CMOs — 213,786 — 213,786 Non-GSE residential certificates — 107,080 — 107,080 Non-GSE commercial certificates — 97,482 — 97,482 Other Debt: U.S. Treasury 192 — — 192 ABS — 862,163 — 862,163 Trust preferred — 10,143 — 10,143 Corporate — 132,370 — 132,370 Total assets carried at fair value $ 192 $ 1,812,284 $ — $ 1,812,476 Assets Measured at Fair Value on a Non-recurring Basis Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis. That is, they are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis include certain individually evaluated loans (or impaired loans prior to the adoption of ASU 2016-13) reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. The following tables summarize assets measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy: March 31, 2023 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Individually analyzed loans $ 1,852 $ — $ — $ 1,852 $ 1,852 $ 1,852 $ — $ — $ 1,852 $ 1,852 December 31, 2022 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 3,315 $ — $ — $ 3,315 $ 3,315 $ 3,315 $ — $ — $ 3,315 $ 3,315 Financial Instruments Not Measured at Fair Value For those financial instruments that are not recorded at fair value in the consolidated statements of financial condition, but are measured at fair value for disclosure purposes, management follows the same fair value measurement principles and guidance as for instruments recorded at fair value. For a description of the methods, factors and significant assumptions utilized in estimating the fair values for significant categories of financial instruments not measured at fair value, refer to footnote 14, Fair Value of Financial Instruments , included in the Annual Report on Form 10-K for the year ended December 31, 2022. An additional category of financial instrument not measured at fair value that was not previously included in the Annual Report on Form 10-K is summarized below: • Other borrowings - Other borrowings are valued using a present value technique that incorporates current rates offered on borrowings of comparable remaining maturity. Other borrowings are categorized as Level 2. There are significant limitations in estimating the fair value of financial instruments for which an active market does not exist. Due to the degree of management judgment that is often required, such estimates tend to be subjective, sensitive to changes in assumptions and imprecise. Such estimates are made as of a point in time and are impacted by then-current observable market conditions; also such estimates do not give consideration to transaction costs or tax effects if estimated unrealized gains or losses were to become realized in the future. Because of inherent uncertainties of valuation, the estimated fair value may differ significantly from the value that would have been used had a ready market for the investment existed and the difference could be material. Lastly, consideration is not given to nonfinancial instruments, including various intangible assets, which could represent substantial value. Fair value estimates are not necessarily representative of the Company’s total enterprise value. The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments: March 31, 2023 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 130,897 $ 130,897 $ — $ — $ 130,897 Held-to-maturity securities 1,618,507 — 575,904 913,251 1,489,155 Loans held for sale 5,653 — — 5,653 5,653 Loans receivable, net 4,130,847 — — 3,743,621 3,743,621 Resell agreements 15,431 — — 15,431 15,431 Accrued interest and dividends receivable 40,844 138 12,679 28,027 40,844 Financial liabilities: Deposits payable on demand 6,288,780 — 6,288,780 — 6,288,780 Time deposits and brokered CDs 752,581 — 750,820 — 750,820 Other borrowings 140,000 — 139,420 — 139,420 Subordinated debt 73,737 — 59,358 — 59,358 Accrued interest payable 3,365 — 3,365 — 3,365 December 31, 2022 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 63,540 $ 63,540 $ — $ — $ 63,540 Held-to-maturity securities 1,541,301 — 574,609 840,262 1,414,871 Loans held for sale 7,943 — 7,943 7,943 Loans receivable, net 4,060,971 — — 3,718,308 3,718,308 Resell agreements 25,754 — — 25,754 25,754 Accrued interest and dividends receivable 41,441 17 12,197 29,227 41,441 Financial liabilities: Deposits payable on demand 6,369,087 — 6,369,087 — 6,369,087 Time deposits and brokered CDs 225,950 — 225,805 — 225,805 FHLBNY advances 580,000 — 580,000 — 580,000 Subordinated debt 77,708 — 68,966 — 68,966 Accrued interest payable 1,218 — 1,218 — 1,218 |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 (In thousands) Commitments to extend credit $ 585,692 $ 723,902 Standby letters of credit 29,125 29,568 Total $ 614,817 $ 753,470 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 allowance, which is included in other liabilities, amounted to approximately $4.3 million as of March 31, 2023, compared to a reserve of $1.6 million as of December 31, 2022. The provision for credit losses related to off balance sheet credit commitments was $0.1 million for the three months ended March 31, 2023, and the expense related to off balance sheet credit commitments in other non-interest expense was $0.3 million for the three months ended March 31, 2022. I nvestment Obligations The Company is a party to agreements with Pace Funding Group LLC, which operates Home Run Financing, for the purchase of PACE assessment securities until September 2023. As of March 31, 2023, the Company had purchased $519.7 million of these obligations and had an estimated remaining commitment of $112.0 million. As of December 31, 2022, we had purchased $451.7 million of PACE assessment securities from Pace Funding Group LLC and had a remaining commitment of $150.0 million. The PACE assessments have equal-lien priority with property taxes and generally rank senior to first lien mortgages. These investments are currently held in the Company's held-to-maturity investment portfolio. The Company evaluates these obligations for credit risk and the recorded reserve is immaterial. 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. As part of the Company's ongoing investments in VIE projects, we also have commitments to provide financing, which are included in footnote 14. |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023. 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 Three Months Ended (In thousands) Operating lease cost $ 1,777 $ 2,251 Cash paid for amounts included in the measurement of Operating leases liability $ 2,813 $ 2,630 Weighted average remaining lease term on operating leases (in years) 3.6 4.6 Weighted average discount rate used for operating leases liability 3.24 % 3.25 % 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 March 31, 2023: (In thousands) As of March 31, 2023 2023 $ 8,480 2024 11,324 2025 10,593 2026 9,200 2027 959 Thereafter — Total undiscounted operating lease payments 40,556 Less: present value adjustment 2,223 Total Operating leases liability $ 38,333 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 and December 31, 2022, 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) Total 2023 $ 666 2024 730 2025 574 2026 419 2027 265 Thereafter 229 Total $ 2,883 Accumulated amortization of the core deposit intangible was $5.1 million as of March 31, 2023. Amortization expense recognized on the core deposit intangible was $0.2 million and $0.3 million for the three months ended March 31, 2023 and March 31, 2022, respectively. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023, the Company's maximum exposure to loss is $63.9 million. March 31, 2023 December 31, 2022 (In thousands) Unconsolidated Variable Interest Entities Tax credit investments included in equity investments $ 3,164 $ 3,299 Loans and letters of credit commitments 60,727 60,857 Funded portion of loans and letters of credit commitments 47,398 47,683 Remaining equity investment commitments 19,201 19,201 The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments: Three Months Ended March 31, 2023 2022 (In thousands) Tax credits and other tax benefits recognized $ 813 $ 668 |
BASIS OF PRESENTATION AND CON_2
BASIS OF PRESENTATION AND CONSOLIDATION (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting and Changes in Significant Accounting Policies | The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes. |
Consolidation | The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The annualized results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). 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. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”). A more detailed description of our accounting policies is included in the 2022 Annual Report, which remain significantly unchanged except for the Allowance for Credit Losses ("ACL") policy, resulting from the adoption of the Accounting Standard Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and its amendments, (“ASU No. 2016-13”) as of January 1, 2023, as well as the addition of accounting policies related to treasury stock: Treasury stock - Treasury stock is carried at cost. Shares sold or granted out of treasury are valued based on the weighted average cost. |
Recent Accounting Pronouncements | Recently Adopted Accounting Standards ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments The Company adopted ASU No. 2016-13 inclusive of subsequent amendments as of January 1, 2023. ASU No. 2016-13 amends guidance on reporting credit losses for assets held on an amortized cost basis and available-for-sale debt securities, as well as off balance sheet credit exposures. For assets held at amortized cost, ASU No. 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments in ASU No. 2016-13 replace the incurred loss impairment methodology with a methodology that reflects the measurement of expected credit losses based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses will be presented as an allowance rather than as a write-down. For the Company, the amendments affected loans, debt securities, off-balance sheet credit exposures, and any other financial assets not excluded from the scope that have the contractual right to receive cash. |
Reclassifications | Certain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholders' 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. |
BASIS OF PRESENTATION AND CON_3
BASIS OF PRESENTATION AND CONSOLIDATION (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Accounting Standards Update and Change in Accounting Principle | The below table illustrates the impact of the adoption of ASU 2016-13. January 1, 2023 Gross Adjustment Tax Impact Net Adjustment to Retained Earnings Assets: Allowance for credit losses on held-to-maturity securities $ 668 $ (184) $ 484 Allowance for credit losses on loans 21,229 (5,849) 15,380 Liabilities: Allowance for credit losses on off-balance sheet credit exposures 2,705 (744) 1,961 Total Day 1 Adjustment for Adoption of ASU 2016-13 $ 24,602 $ (6,777) $ 17,825 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule Other Comprehensive Income (Loss) | The following is a summary of the accumulated comprehensive income (loss) balances, net of income taxes: Balance as of Balance as of January 1, Current Income Tax Balance as of March 31, 2023 (In thousands) Unrealized gains (losses) on benefits plans $ (1,652) $ 48 $ (13) $ (1,617) Unrealized gains (losses) on available for sale securities (95,539) 15,185 (4,184) (84,538) Unaccreted unrealized loss on securities transferred to held-to-maturity (11,516) 488 (134) (11,162) Total $ (108,707) $ 15,721 $ (4,331) $ (97,317) Balance as of January 1, 2022 Current Income Tax Balance as of March 31, 2022 (In thousands) Unrealized gains (losses) on benefits plans $ (2,102) $ 59 $ (16) $ (2,059) Unrealized gains (losses) on available for sale securities 7,511 (63,869) 17,571 (38,787) Total $ 5,409 $ (63,810) $ 17,555 $ (40,846) |
Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | Other comprehensive income (loss) components and related income tax effects were as follows: Three Months Ended 2023 2022 (In thousands) Postretirement Benefit Plans Change in obligation for postretirement benefits and for prior service credit $ 40 $ 44 Reclassification adjustment for prior service expense included in compensation and employee benefits 7 7 Change in obligation for other benefits 1 8 Change in total obligation for postretirement benefits and for prior service credit and for other benefits 48 59 Income tax benefit (expense) (13) (16) Net change in total obligation for postretirement benefits and prior service credit and for other benefits 35 43 Securities Unrealized holding gains (losses) on available for sale securities 12,099 (63,704) Reclassification adjustment for losses (gains) realized in gain (loss) on sale of securities 3,086 (162) Reclassification adjustment for gains on OTTI securities recognized in non-interest income - other — (3) Accretion of net unrealized loss on securities transferred to held-to-maturity recognized in interest income from securities 488 — Change in unrealized gains (losses) on available for sale securities 15,673 (63,869) Income tax benefit (expense) (4,318) 17,571 Net change in unrealized gains (losses) on securities 11,355 (46,298) Total $ 11,390 $ (46,255) |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 March 31, 2023 are as follows: March 31, 2023 (In thousands) Amortized Gross Gross Fair Available for sale: Mortgage-related: Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") $ 417,326 $ 29 $ (33,961) $ 383,394 GSE commercial certificates & CMOs 174,968 27 (7,155) 167,840 Non-GSE residential certificates 120,591 — (15,042) 105,549 Non-GSE commercial certificates 107,310 — (10,044) 97,266 820,195 56 (66,202) 754,049 Other debt: U.S. Treasury 199 — (6) 193 Asset backed securities ("ABS") 786,515 122 (30,453) 756,184 Trust preferred 10,989 — (911) 10,078 Corporate 137,889 — (19,288) 118,601 935,592 122 (50,658) 885,056 Total available for sale $ 1,755,787 $ 178 $ (116,860) $ 1,639,105 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held-to-maturity: Mortgage-related: GSE residential CMOs $ 68,356 $ — $ (3,497) $ 64,859 GSE commercial certificates 90,114 — (9,235) 80,879 GSE residential certificates 424 — (12) 412 Non-GSE commercial certificates 32,630 — (2,989) 29,641 Non-GSE residential certificates 49,525 — (5,001) 44,524 241,049 — (20,734) 220,315 Other debt: ABS 286,581 — (11,049) 275,532 Commercial PACE 262,398 — (29,652) 232,746 Residential PACE 733,997 — (53,492) 680,505 Municipal 95,169 59 (15,171) 80,057 1,378,145 59 (109,364) 1,268,840 Allowance for credit losses (687) Total held-to-maturity $ 1,618,507 $ 59 $ (130,098) $ 1,489,155 December 31, 2022 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Mortgage-related: GSE residential CMOs $ 427,529 $ 24 $ (38,293) $ 389,260 GSE commercial certificates & CMOs 222,620 — (8,834) 213,786 Non-GSE residential certificates 123,139 — (16,059) 107,080 Non-GSE commercial certificates 108,286 — (10,804) 97,482 881,574 24 (73,990) 807,608 Other debt: U.S. Treasury 199 — (7) 192 ABS 901,746 34 (39,617) 862,163 Trust preferred 10,988 — (845) 10,143 Corporate 149,836 — (17,466) 132,370 1,062,769 34 (57,935) 1,004,868 Total available for sale $ 1,944,343 $ 58 $ (131,925) $ 1,812,476 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held-to-maturity: Mortgage-related: GSE residential CMOs $ 69,391 $ — $ (4,054) $ 65,337 GSE commercial certificates 90,335 — (11,186) 79,149 GSE residential certificates 428 — (17) 411 Non-GSE commercial certificates 32,635 9 (3,148) 29,496 Non-GSE residential certificates 50,468 — (5,245) 45,223 243,257 0 9 (23,650) 219,616 Other debt: ABS 288,682 — (15,175) 273,507 Commercial PACE 255,424 — (26,782) 228,642 Residential PACE 656,453 — (44,833) 611,620 Municipal 95,485 — (15,999) 79,486 Other 2,000 — — 2,000 1,298,044 — (102,789) 1,195,255 Total held-to-maturity $ 1,541,301 $ 9 $ (126,439) $ 1,414,871 |
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 March 31, 2023 are as follows: March 31, 2023 (In thousands) Amortized Gross Gross Fair Available for sale: Mortgage-related: Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") $ 417,326 $ 29 $ (33,961) $ 383,394 GSE commercial certificates & CMOs 174,968 27 (7,155) 167,840 Non-GSE residential certificates 120,591 — (15,042) 105,549 Non-GSE commercial certificates 107,310 — (10,044) 97,266 820,195 56 (66,202) 754,049 Other debt: U.S. Treasury 199 — (6) 193 Asset backed securities ("ABS") 786,515 122 (30,453) 756,184 Trust preferred 10,989 — (911) 10,078 Corporate 137,889 — (19,288) 118,601 935,592 122 (50,658) 885,056 Total available for sale $ 1,755,787 $ 178 $ (116,860) $ 1,639,105 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held-to-maturity: Mortgage-related: GSE residential CMOs $ 68,356 $ — $ (3,497) $ 64,859 GSE commercial certificates 90,114 — (9,235) 80,879 GSE residential certificates 424 — (12) 412 Non-GSE commercial certificates 32,630 — (2,989) 29,641 Non-GSE residential certificates 49,525 — (5,001) 44,524 241,049 — (20,734) 220,315 Other debt: ABS 286,581 — (11,049) 275,532 Commercial PACE 262,398 — (29,652) 232,746 Residential PACE 733,997 — (53,492) 680,505 Municipal 95,169 59 (15,171) 80,057 1,378,145 59 (109,364) 1,268,840 Allowance for credit losses (687) Total held-to-maturity $ 1,618,507 $ 59 $ (130,098) $ 1,489,155 December 31, 2022 (In thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for sale: Mortgage-related: GSE residential CMOs $ 427,529 $ 24 $ (38,293) $ 389,260 GSE commercial certificates & CMOs 222,620 — (8,834) 213,786 Non-GSE residential certificates 123,139 — (16,059) 107,080 Non-GSE commercial certificates 108,286 — (10,804) 97,482 881,574 24 (73,990) 807,608 Other debt: U.S. Treasury 199 — (7) 192 ABS 901,746 34 (39,617) 862,163 Trust preferred 10,988 — (845) 10,143 Corporate 149,836 — (17,466) 132,370 1,062,769 34 (57,935) 1,004,868 Total available for sale $ 1,944,343 $ 58 $ (131,925) $ 1,812,476 Amortized Cost Gross Unrecognized Gains Gross Unrecognized Losses Fair Value Held-to-maturity: Mortgage-related: GSE residential CMOs $ 69,391 $ — $ (4,054) $ 65,337 GSE commercial certificates 90,335 — (11,186) 79,149 GSE residential certificates 428 — (17) 411 Non-GSE commercial certificates 32,635 9 (3,148) 29,496 Non-GSE residential certificates 50,468 — (5,245) 45,223 243,257 0 9 (23,650) 219,616 Other debt: ABS 288,682 — (15,175) 273,507 Commercial PACE 255,424 — (26,782) 228,642 Residential PACE 656,453 — (44,833) 611,620 Municipal 95,485 — (15,999) 79,486 Other 2,000 — — 2,000 1,298,044 — (102,789) 1,195,255 Total held-to-maturity $ 1,541,301 $ 9 $ (126,439) $ 1,414,871 |
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 $ 199 $ 193 $ — $ — Due after one year through five years 67,197 59,366 9,424 9,042 Due after five years through ten years 349,001 332,811 10,557 9,756 Due after ten years 519,195 492,686 1,358,164 1,250,042 $ 935,592 $ 885,056 $ 1,378,145 $ 1,268,840 |
Schedule of Proceeds Received and Gains (Losses) on Sale of Available for Sale Securities | Three Months Ended, March 31, 2023 March 31, 2022 (In thousands) Proceeds $ 145,305 $ 162 Realized gains $ — $ 162 Realized losses (3,086) — Net realized gains (losses) $ (3,086) $ 162 There were no sales of held-to-maturity securities during the three months ended March 31, 2023 or the three months ended March 31, 2022. |
Schedule of Unrealized Losses | The following summarizes the fair value and unrealized losses for those available for sale and unrecognized losses for those held-to-maturity securities as of March 31, 2023 and December 31, 2022, respectively, segregated between securities that have been in an unrealized or unrecognized loss position for less than twelve months and those that have been in a continuous unrealized or unrecognized loss position for twelve months or longer at the respective dates: March 31, 2023 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 $ 114,581 $ 3,870 $ 263,412 $ 30,091 $ 377,993 $ 33,961 GSE commercial certificates & CMOs 57,752 1,225 85,061 5,930 142,813 7,155 Non-GSE residential certificates 9,949 456 95,600 14,586 105,549 15,042 Non-GSE commercial certificates 32,811 1,206 64,455 8,838 97,266 10,044 Other debt: U.S. Treasury — — 193 6 193 6 ABS 72,764 1,720 665,109 28,733 737,873 30,453 Trust preferred — — 10,078 911 10,078 911 Corporate 30,297 3,792 86,504 15,496 116,801 19,288 Total available for sale $ 318,154 $ 12,269 $ 1,270,412 $ 104,591 $ 1,588,566 $ 116,860 Less Than Twelve Months Twelve Months or Longer Total Fair Value Unrecognized Fair Value Unrecognized Fair Value Unrecognized Held-to-maturity: Mortgage-related: GSE CMOs $ 41,924 $ 1,880 $ 22,935 $ 1,617 $ 64,859 $ 3,497 GSE commercial certificates 35,961 1,617 44,918 7,618 80,879 9,235 GSE residential certificates 412 12 — — 412 12 Non GSE commercial certificates — — 29,520 2,989 29,520 2,989 Non GSE residential certificates 7,008 450 37,516 4,551 44,524 5,001 Other debt: ABS 57,468 2,433 218,064 8,616 275,532 11,049 Commercial PACE 232,746 29,652 — — 232,746 29,652 Residential PACE 680,505 53,492 — — 680,505 53,492 Municipal 13,691 703 50,808 14,468 64,499 15,171 Total held-to-maturity $ 1,069,715 $ 90,239 $ 403,761 $ 39,859 $ 1,473,476 $ 130,098 December 31, 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 $ 231,562 $ 13,937 $ 151,285 $ 24,356 $ 382,847 $ 38,293 GSE commercial certificates & CMOs 153,325 6,729 60,461 2,105 213,786 8,834 Non-GSE residential certificates 72,527 8,969 34,553 7,090 107,080 16,059 Non-GSE commercial certificates 62,243 4,842 35,239 5,962 97,482 10,804 Other debt: U.S. Treasury 192 7 — — 192 7 ABS 530,269 17,290 299,425 22,327 829,694 39,617 Trust preferred — — 10,143 845 10,143 845 Corporate 89,054 9,772 43,316 7,694 132,370 17,466 Total available for sale $ 1,139,172 $ 61,546 $ 634,422 $ 70,379 $ 1,773,594 $ 131,925 Less Than Twelve Months Twelve Months or Longer Total Fair Value Unrecognized Fair Value Unrecognized Fair Value Unrecognized Held-to-maturity: Mortgage-related: GSE CMOs $ 54,475 $ 2,891 $ 10,862 $ 1,163 $ 65,337 $ 4,054 GSE commercial certificates 48,934 3,404 30,215 7,782 79,149 11,186 GSE residential certificates 411 17 — — 411 17 Non GSE commercial certificates 11,192 656 18,283 2,492 29,475 3,148 Non GSE residential certificates 39,426 4,784 5,797 461 45,223 5,245 Other debt: ABS 224,279 11,078 49,228 4,097 273,507 — 15,175 Commercial PACE 228,642 26,782 — — 228,642 26,782 Residential PACE 611,620 44,833 — — 611,620 44,833 Municipal 48,190 5,866 31,296 10,133 79,486 15,999 Total held-to-maturity $ 1,267,169 $ 100,311 $ 145,681 $ 26,128 $ 1,412,850 $ 126,439 |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the three months ended March 31, 2023: (In thousands) Non-GSE commercial certificates Commercial PACE Residential PACE Total Allowance for credit losses: Beginning balance $ — $ — $ — — Adoption of ASU No. 2016-13 85 255 328 668 Provision for (recovery of) credit losses (1) 7 39 45 Charge-offs (26) — — (26) Recoveries — — — — Ending balance $ 58 $ 262 $ 367 $ 687 |
LOANS RECEIVABLE, NET (Tables)
LOANS RECEIVABLE, NET (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Loans Receivable | Loans receivable are summarized as follows: March 31, December 31, (In thousands) Commercial and industrial $ 923,853 $ 925,641 Multifamily 1,062,826 967,521 Commercial real estate 327,477 335,133 Construction and land development 37,828 37,696 Total commercial portfolio 2,351,984 2,265,991 Residential real estate lending 1,390,135 1,371,779 Consumer solar 410,725 416,849 Consumer and other 45,326 47,150 Total retail portfolio 1,846,186 1,835,778 Total loans receivable 4,198,170 4,101,769 Net deferred loan origination costs — 4,233 Total loans receivable, net of deferred loan origination costs (fees) 4,198,170 4,106,002 Allowance for credit losses (67,323) (45,031) Total loans receivable, net $ 4,130,847 $ 4,060,971 |
Schedule of Quality of Bank's Loans | The following table presents information regarding the past due status of the Company’s loans as of March 31, 2023: 30-89 Days Non- 90 Days or Total Past Current Total Loans (In thousands) Commercial and industrial $ 18,440 $ 9,521 $ — $ 27,961 $ 895,892 $ 923,853 Multifamily 7,703 2,710 — 10,413 1,052,413 1,062,826 Commercial real estate 609 4,745 1,299 6,653 320,824 327,477 Construction and land development 552 8,803 — 9,355 28,473 37,828 Total commercial portfolio 27,304 25,779 1,299 54,382 2,297,602 2,351,984 Residential real estate lending 12,957 2,016 — 14,973 1,375,162 1,390,135 Consumer solar 5,209 2,021 — 7,230 403,495 410,725 Consumer and other 1,180 140 — 1,320 44,006 45,326 Total retail portfolio 19,346 4,177 — 23,523 1,822,663 1,846,186 $ 46,650 $ 29,956 $ 1,299 $ 77,905 $ 4,120,265 $ 4,198,170 At March 31, 2023, the Company had two loans with a total balance of $1.3 million that were 90 days or more delinquent and still accruing interest. These loans were in the process of refinancing at period end. The following table presents information regarding the past due status of the Company’s loans as of December 31, 2022: 30-89 Days Past Due Non- Accrual 90 Days or More Delinquent and Still Accruing Interest Total Past Due Current Total Loans Receivable (In thousands) Commercial and industrial $ 27 $ 9,629 $ — $ 9,656 $ 915,985 $ 925,641 Multifamily — 3,828 — 3,828 963,693 967,521 Commercial real estate 11,718 4,851 — 16,569 318,564 335,133 Construction and land development 16,426 — — 16,426 21,270 37,696 Total commercial portfolio 28,171 18,308 — 46,479 2,219,512 2,265,991 Residential real estate lending 1,185 1,807 — 2,992 1,368,787 1,371,779 Consumer solar 3,320 1,584 — 4,904 411,945 416,849 Consumer and other 225 — — 225 46,925 47,150 Total retail portfolio 4,730 3,391 — 8,121 1,827,657 1,835,778 $ 32,901 $ 21,699 $ — $ 54,600 $ 4,047,169 $ 4,101,769 |
Schedule of Troubled Debt Restructurings | The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the three months ended March 31, 2023: Term Extension Three Months Ended March 31, 2023 (Dollars in thousands) Amortized Cost % of Portfolio Commercial and industrial $ 626 0.1 % Commercial real estate 866 0.3 % Construction and land development 6,887 18.2 % The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty: Term Extension Three Months Ended March 31, 2023 Commercial and industrial Modification added a weighted average 1.0 years to the life of the modified loan. Commercial real estate Modification added a weighted average 0.5 years to the life of the modified loan. Construction and land development Modifications added a weighted average 0.8 years to the life of the modified loans. |
Schedule of Loans by Credit Quality Indicator | The following tables summarize the Company’s loan portfolio by credit quality indicator as of March 31, 2023: (In thousands) 2023 2022 2021 2020 2019 & Prior Revolving loans Revolving Loans Converted to Term Total Commercial and Industrial: Pass $ 8,078 $ 194,890 $ 214,012 $ 95,418 $ 152,107 $ 223,578 $ — $ 888,083 Special Mention — — — 4,373 6,866 — — 11,239 Substandard — — — 5,474 15,117 2,214 — 22,805 Doubtful — — — — 1,726 — — 1,726 Total commercial and industrial $ 8,078 $ 194,890 $ 214,012 $ 105,265 $ 175,816 $ 225,792 $ — $ 923,853 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Multifamily: Pass $ 100,019 $ 384,039 $ 46,554 $ 139,404 $ 373,701 $ 3 $ — $ 1,043,720 Special Mention — — — — 14,075 — — 14,075 Substandard — — — — 5,031 — — 5,031 Doubtful — — — — — — — — Total multifamily $ 100,019 $ 384,039 $ 46,554 $ 139,404 $ 392,807 $ 3 $ — $ 1,062,826 Current period gross charge-offs $ — $ — $ — $ — $ 1,127 $ — $ — $ 1,127 Commercial real estate: — Pass $ 1,405 $ 33,013 $ 49,462 $ 36,579 $ 169,537 $ 2,701 $ — $ 292,697 Special Mention — — — — 30,035 — — 30,035 Substandard — — — 866 3,879 — — 4,745 Doubtful — — — — — — — — Total commercial real estate $ 1,405 $ 33,013 $ 49,462 $ 37,445 $ 203,451 $ 2,701 $ — $ 327,477 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Construction and land development: Pass $ — $ 13,292 $ — $ — $ 8,123 $ — $ — $ 21,415 Special Mention — — — — — — — — Substandard — — — — — 16,413 — 16,413 Doubtful — — — — — — — — Total construction and land development $ — $ 13,292 $ — $ — $ 8,123 $ 16,413 $ — $ 37,828 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — Residential real estate lending: Pass $ 30,490 $ 424,795 $ 349,540 $ 141,657 $ 440,298 $ 2,443 $ — $ 1,389,223 Special Mention — — — — — — — — Substandard — — — 294 618 — — 912 Doubtful — — — — — — — — Total residential real estate lending $ 30,490 $ 424,795 $ 349,540 $ 141,951 $ 440,916 $ 2,443 $ — $ 1,390,135 Current period gross charge-offs $ — $ — $ — $ — $ 57 $ 1 $ — $ 58 Consumer solar: Pass $ — $ 5,642 $ 74,386 $ 68,549 $ 260,564 $ — $ — $ 409,141 Special Mention — — — — — — — — Substandard — — 31 268 1,285 — — 1,584 Doubtful — — — — — — — — Total consumer solar $ — $ 5,642 $ 74,417 $ 68,817 $ 261,849 $ — $ — $ 410,725 Current period gross charge-offs $ — $ — $ 393 $ 225 $ 1,189 $ — $ — $ 1,807 Consumer and other: Pass $ — $ — $ 31,006 $ — $ 14,181 $ — $ — $ 45,187 Special Mention — — — — — — — — Substandard — — — — 139 — — 139 Doubtful — — — — — — — — Total consumer and other $ — $ — $ 31,006 $ — $ 14,320 $ — $ — $ 45,326 Current period gross charge-offs $ — $ — $ — $ — $ 18 $ — $ — $ 18 Total Loans: Pass $ 139,992 $ 1,055,671 $ 764,960 $ 481,607 $ 1,418,511 $ 228,725 $ — $ 4,089,466 Special Mention — — — 4,373 50,976 — — 55,349 Substandard — — 31 6,902 26,069 18,627 — 51,629 Doubtful — — — — 1,726 — — 1,726 Total loans $ 139,992 $ 1,055,671 $ 764,991 $ 492,882 $ 1,497,282 $ 247,352 $ — $ 4,198,170 Current period gross charge-offs $ — $ — $ 393 $ 225 $ 2,391 $ 1 $ — $ 3,010 The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2022: (In thousands) Pass Special Mention Substandard Doubtful Total Commercial and industrial $ 893,637 $ 6,983 $ 23,275 $ 1,746 $ 925,641 Multifamily 947,661 13,696 6,164 — 967,521 Commercial real estate 299,953 24,679 10,501 — 335,133 Construction and land development 21,270 14,002 2,424 — 37,696 Residential real estate lending 1,369,972 — 1,807 — 1,371,779 Consumer and other 462,415 — 1,584 — 463,999 Total loans $ 3,994,908 $ 59,360 $ 45,755 $ 1,746 $ 4,101,769 |
Schedule of Method for Evaluating Impairment and Allowance for Credit Loss Activity | The activities in the allowance by portfolio for the three months ended March 31, 2023 are as follows: (In thousands) Commercial and Industrial Multifamily Commercial Real Estate Construction and Land Development Residential Real Estate Lending Consumer Solar Consumer and Other Total Allowance for credit losses: Beginning balance - ALLL $ 12,916 $ 7,104 $ 3,627 $ 825 $ 11,338 $ 6,867 $ 2,354 $ 45,031 Adoption of ASU No. 2016-13 3,816 (1,183) (1,321) (466) 3,068 16,166 1,149 21,229 Beginning balance - ACL 16,732 5,921 2,306 359 14,406 23,033 3,503 66,260 Provision for (recovery of) credit losses (263) 2,236 149 (5) 263 1,325 (93) 3,612 Charge-offs — (1,127) — — (58) (1,807) (18) (3,010) Recoveries 4 — — — 238 211 8 461 Ending Balance - ACL $ 16,473 $ 7,030 $ 2,455 $ 354 $ 14,849 $ 22,762 $ 3,400 $ 67,323 The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of March 31, 2023: Real Estate Collateral Dependent Associated Allowance for Credit Losses (In thousands) Multifamily $ 2,710 $ 524 Commercial real estate 4,745 — Construction and land development 13,989 — $ 21,444 $ 524 The activities in the allowance by portfolio for the three months ended March 31, 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 1,511 (112) (433) 248 (284) 1,363 2,293 Charge-offs — (416) — — (39) (868) (1,323) Recoveries 6 — — 1 651 48 706 Ending Balance $ 12,169 $ 4,232 $ 6,840 $ 654 $ 9,336 $ 4,311 $ 37,542 The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio prior to the adoption of ASU 2016-13, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of as of December 31, 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 $ 14,716 $ 3,828 $ 4,851 $ 2,424 $ 1,982 $ — $ 27,801 Collectively evaluated for impairment 910,925 963,693 330,282 35,272 1,369,797 463,999 4,073,968 Total loans $ 925,641 $ 967,521 $ 335,133 $ 37,696 $ 1,371,779 $ 463,999 $ 4,101,769 Allowance for loan losses: Individually evaluated for impairment $ 5,433 $ 180 $ — $ — $ 55 $ — $ 5,668 Collectively evaluated for impairment 7,483 6,924 3,627 825 11,283 9,221 39,363 Total allowance for loan losses $ 12,916 $ 7,104 $ 3,627 $ 825 $ 11,338 $ 9,221 $ 45,031 |
Financing Receivable, Nonaccrual | The amortized cost basis of loans on nonaccrual status and the related allowance as of March 31, 2023 are as follows: Nonaccrual with No Allowance Nonaccrual with Allowance Reserve (In thousands) Commercial and industrial $ 674 $ 8,847 $ 5,079 Multifamily 334 2,376 524 Commercial real estate 4,745 — — Construction and land development 8,803 — — Total commercial portfolio 14,556 11,223 5,603 Residential real estate lending 2,016 — — Consumer solar 2,021 — — Consumer and other 140 — — Total retail portfolio 4,177 — — $ 18,733 $ 11,223 $ 5,603 |
Schedule of Additional Information for Individually Impaired Loans and Allowances | The following is additional information regarding the Company's impaired loans and the allowance related to such loans prior to the adoption of ASU 2016-13, as of and for the year ended December 31, 2022. December 31, 2022 (In thousands) Recorded Investment Average Recorded Investment Unpaid Principal Balance Related Allowance Loans without a related allowance: Residential real estate lending $ 764 $ 5,636 $ 1,761 $ — Multifamily 334 167 334 — Construction and land development 2,424 4,950 7,476 — Commercial real estate 4,851 4,453 5,023 — Commercial and industrial 3,791 1,896 3,881 — 12,164 17,102 18,475 — Loans with a related allowance: Residential real estate lending 1,218 8,352 1,278 55 Multifamily 3,494 3,201 3,494 180 Commercial and industrial 10,925 11,855 11,975 5,433 15,637 23,408 16,747 5,668 Total individually impaired loans: Residential real estate lending 1,982 13,988 3,039 55 Multifamily 3,828 3,368 3,828 180 Construction and land development 2,424 4,950 7,476 — Commercial real estate 4,851 4,453 5,023 — Commercial and industrial 14,716 13,751 15,856 5,433 $ 27,801 $ 40,510 $ 35,222 $ 5,668 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Statistical Disclosure for Banks [Abstract] | |
Schedule of Deposits | Deposits are summarized as follows: March 31, 2023 December 31, 2022 Amount Weighted Average Rate Amount Weighted Average Rate (In thousands) Non-interest-bearing demand deposit accounts $ 3,015,558 0.00 % $ 3,331,067 0.00 % NOW accounts 199,518 0.87 % 206,434 0.73 % Money market deposit accounts 2,702,464 1.32 % 2,445,396 0.94 % Savings accounts 371,240 0.95 % 386,190 0.75 % Time deposits 157,697 1.25 % 151,699 2.57 % Brokered CDs 594,884 4.52 % 74,251 3.84 % $ 7,041,361 0.99 % $ 6,595,037 0.52 % |
Schedule of Maturities of Time Deposits | The scheduled maturities of time deposits and brokered CDs as of March 31, 2023 are as follows: (In thousands) Balance 2023 $ 675,298 2024 33,282 2025 9,713 2026 8,497 2027 7,681 Thereafter 18,110 $ 752,581 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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 2023 2022 (In thousands, except per share amounts) Net income attributable to Amalgamated Financial Corp. $ 21,338 $ 14,165 Dividends paid on preferred stock — — Income attributable to common stock $ 21,338 $ 14,165 Weighted average common shares outstanding, basic 30,706 31,107 Basic earnings per common share $ 0.69 $ 0.46 Income attributable to common stock $ 21,338 $ 14,165 Weighted average common shares outstanding, basic 30,706 31,107 Incremental shares from assumed conversion of options and RSUs 233 349 Weighted average common shares outstanding, diluted 30,939 31,456 Diluted earnings per common share $ 0.69 $ 0.45 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | A summary of the status of the Company’s options as of March 31, 2023 follows: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (in thousands) Outstanding, December 31, 2022 426,880 $ 13.09 3.3 years Granted — — — Forfeited/ Expired — — — Exercised (29,320) 14.56 — Outstanding, March 31, 2023 397,560 12.99 3.0 years $ 1,870 Vested and Exercisable, March 31, 2023 397,560 $ 12.99 3.0 years $ 1,870 |
Schedule of Restricted Stock Unit Activity | A summary of the status of the Company’s time-based vesting RSUs as of March 31, 2023 follows: Shares Grant Date Fair Value Unvested, December 31, 2022 331,023 $ 17.72 Awarded 96,443 23.43 Forfeited/Expired (5,812) 15.06 Vested (40,144) 16.46 Unvested, March 31, 2023 381,510 $ 19.33 A summary of the status of the Company’s performance-based vesting RSUs as of March 31, 2023 follows: Shares Grant Date Fair Value Unvested, December 31, 2022 96,970 $ 16.37 Awarded 62,945 19.54 Forfeited/Expired (6,013) 15.08 Vested (23,948) 14.82 Unvested, March 31, 2023 129,954 $ 16.37 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The below following summarizes the shares purchased under the ESPP since the inception of the plan: Number of Shares Shares available for purchase at December 31, 2022 478,081 Purchases during the three months ended: March 31, 2023 (21,919) Remaining shares available for purchase at March 31, 2023 456,162 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets Measured on Recurring Basis | Assets Measured at Fair Value on a Recurring Basis Available for sale securities The Company’s available for sale securities are reported at fair value. Investments in fixed income securities are generally valued based on evaluations provided by an independent pricing service. These evaluations represent an exit price or their opinion as to what a buyer would pay for a security, typically in an institutional round lot position, in a current sale. The pricing service utilizes evaluated pricing techniques that vary by asset class and incorporate available market information and, because many fixed income securities do not trade on a daily basis, applies available information through processes such as benchmark curves, benchmarking of available securities, sector groupings and matrix pricing. Model processes, such as option adjusted spread models, are used to value securities that have prepayment features. In those limited cases where pricing service evaluations are not available for a fixed income security, management will typically value those instruments using observable market inputs in a discounted cash flow analysis. The following summarizes those financial instruments measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy: March 31, 2023 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential CMOs $ — $ 383,394 $ — $ 383,394 GSE commercial certificates & CMOs — 167,840 — 167,840 Non-GSE residential certificates — 105,549 — 105,549 Non-GSE commercial certificates — 97,266 — 97,266 Other debt: U.S. Treasury 193 — — 193 ABS — 756,184 — 756,184 Trust preferred — 10,078 — 10,078 Corporate — 118,601 — 118,601 Total assets carried at fair value $ 193 $ 1,638,912 $ — $ 1,639,105 December 31, 2022 (In thousands) Level 1 Level 2 Level 3 Total Available for sale securities: Mortgage-related: GSE residential CMOs $ — $ 389,260 $ — $ 389,260 GSE commercial certificates & CMOs — 213,786 — 213,786 Non-GSE residential certificates — 107,080 — 107,080 Non-GSE commercial certificates — 97,482 — 97,482 Other Debt: U.S. Treasury 192 — — 192 ABS — 862,163 — 862,163 Trust preferred — 10,143 — 10,143 Corporate — 132,370 — 132,370 Total assets carried at fair value $ 192 $ 1,812,284 $ — $ 1,812,476 |
Schedule of Assets Measured on Nonrecurring Basis | Assets Measured at Fair Value on a Non-recurring Basis Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis. That is, they are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis include certain individually evaluated loans (or impaired loans prior to the adoption of ASU 2016-13) reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. The following tables summarize assets measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy: March 31, 2023 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Individually analyzed loans $ 1,852 $ — $ — $ 1,852 $ 1,852 $ 1,852 $ — $ — $ 1,852 $ 1,852 December 31, 2022 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Fair Value Measurements: Impaired loans $ 3,315 $ — $ — $ 3,315 $ 3,315 $ 3,315 $ — $ — $ 3,315 $ 3,315 |
Schedule of Basis and Estimated Fair Values of Financial Instruments | Financial Instruments Not Measured at Fair Value For those financial instruments that are not recorded at fair value in the consolidated statements of financial condition, but are measured at fair value for disclosure purposes, management follows the same fair value measurement principles and guidance as for instruments recorded at fair value. For a description of the methods, factors and significant assumptions utilized in estimating the fair values for significant categories of financial instruments not measured at fair value, refer to footnote 14, Fair Value of Financial Instruments , included in the Annual Report on Form 10-K for the year ended December 31, 2022. An additional category of financial instrument not measured at fair value that was not previously included in the Annual Report on Form 10-K is summarized below: • Other borrowings - Other borrowings are valued using a present value technique that incorporates current rates offered on borrowings of comparable remaining maturity. Other borrowings are categorized as Level 2. There are significant limitations in estimating the fair value of financial instruments for which an active market does not exist. Due to the degree of management judgment that is often required, such estimates tend to be subjective, sensitive to changes in assumptions and imprecise. Such estimates are made as of a point in time and are impacted by then-current observable market conditions; also such estimates do not give consideration to transaction costs or tax effects if estimated unrealized gains or losses were to become realized in the future. Because of inherent uncertainties of valuation, the estimated fair value may differ significantly from the value that would have been used had a ready market for the investment existed and the difference could be material. Lastly, consideration is not given to nonfinancial instruments, including various intangible assets, which could represent substantial value. Fair value estimates are not necessarily representative of the Company’s total enterprise value. The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments: March 31, 2023 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 130,897 $ 130,897 $ — $ — $ 130,897 Held-to-maturity securities 1,618,507 — 575,904 913,251 1,489,155 Loans held for sale 5,653 — — 5,653 5,653 Loans receivable, net 4,130,847 — — 3,743,621 3,743,621 Resell agreements 15,431 — — 15,431 15,431 Accrued interest and dividends receivable 40,844 138 12,679 28,027 40,844 Financial liabilities: Deposits payable on demand 6,288,780 — 6,288,780 — 6,288,780 Time deposits and brokered CDs 752,581 — 750,820 — 750,820 Other borrowings 140,000 — 139,420 — 139,420 Subordinated debt 73,737 — 59,358 — 59,358 Accrued interest payable 3,365 — 3,365 — 3,365 December 31, 2022 (In thousands) Carrying Value Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 63,540 $ 63,540 $ — $ — $ 63,540 Held-to-maturity securities 1,541,301 — 574,609 840,262 1,414,871 Loans held for sale 7,943 — 7,943 7,943 Loans receivable, net 4,060,971 — — 3,718,308 3,718,308 Resell agreements 25,754 — — 25,754 25,754 Accrued interest and dividends receivable 41,441 17 12,197 29,227 41,441 Financial liabilities: Deposits payable on demand 6,369,087 — 6,369,087 — 6,369,087 Time deposits and brokered CDs 225,950 — 225,805 — 225,805 FHLBNY advances 580,000 — 580,000 — 580,000 Subordinated debt 77,708 — 68,966 — 68,966 Accrued interest payable 1,218 — 1,218 — 1,218 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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: March 31, 2023 December 31, 2022 (In thousands) Commitments to extend credit $ 585,692 $ 723,902 Standby letters of credit 29,125 29,568 Total $ 614,817 $ 753,470 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease Cost and Other Information | The following table summarizes our lease cost and other operating lease information: Three Months Ended Three Months Ended (In thousands) Operating lease cost $ 1,777 $ 2,251 Cash paid for amounts included in the measurement of Operating leases liability $ 2,813 $ 2,630 Weighted average remaining lease term on operating leases (in years) 3.6 4.6 Weighted average discount rate used for operating leases liability 3.24 % 3.25 % 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 March 31, 2023: (In thousands) As of March 31, 2023 2023 $ 8,480 2024 11,324 2025 10,593 2026 9,200 2027 959 Thereafter — Total undiscounted operating lease payments 40,556 Less: present value adjustment 2,223 Total Operating leases liability $ 38,333 |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) Total 2023 $ 666 2024 730 2025 574 2026 419 2027 265 Thereafter 229 Total $ 2,883 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | March 31, 2023 December 31, 2022 (In thousands) Unconsolidated Variable Interest Entities Tax credit investments included in equity investments $ 3,164 $ 3,299 Loans and letters of credit commitments 60,727 60,857 Funded portion of loans and letters of credit commitments 47,398 47,683 Remaining equity investment commitments 19,201 19,201 The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments: Three Months Ended March 31, 2023 2022 (In thousands) Tax credits and other tax benefits recognized $ 813 $ 668 |
BASIS OF PRESENTATION AND CON_4
BASIS OF PRESENTATION AND CONSOLIDATION - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jan. 01, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total allowance for loan losses | $ 67,323 | $ 37,542 | $ 45,031 | $ 35,866 | |
Allowance for credit losses on off-balance sheet credit exposures | $ 100 | $ 300 | |||
Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total allowance for loan losses | $ 21,229 | ||||
Allowance for credit losses on off-balance sheet credit exposures | 2,700 | ||||
Loans | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses on off-balance sheet credit exposures | 2,600 | ||||
Debt Securities | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses on off-balance sheet credit exposures | 100 | ||||
Retained Earnings | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Total allowance for loan losses | $ (15,380) |
BASIS OF PRESENTATION AND CON_5
BASIS OF PRESENTATION AND CONSOLIDATION - Adoption of ASU (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jan. 01, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses on held-to-maturity securities | $ (687) | $ 0 | |||
Allowance for credit losses | (67,323) | $ (37,542) | (45,031) | $ (35,866) | |
Reserve for credit risk inherent in off balance sheet credit commitments | (4,300) | (1,600) | |||
Tax Impact | |||||
Income tax expense | 7,565 | 4,935 | |||
Net Adjustment to Retained Earnings | 519,158 | 526,762 | 508,955 | 563,875 | |
Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses on held-to-maturity securities | $ (668) | ||||
Allowance for credit losses | (21,229) | ||||
Reserve for credit risk inherent in off balance sheet credit commitments | (2,705) | ||||
Total Day 1 Adjustment for Adoption of ASU 2016-13 | 24,602 | ||||
Tax Impact | |||||
Allowance for credit losses on held-to-maturity securities | (184) | ||||
Allowance for credit losses on loans | (5,849) | ||||
Allowance for credit losses on off-balance sheet credit exposures | (744) | ||||
Income tax expense | (6,777) | ||||
Retained Earnings | |||||
Tax Impact | |||||
Net Adjustment to Retained Earnings | $ 330,673 | $ 271,722 | $ 330,275 | $ 260,047 | |
Retained Earnings | Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses on held-to-maturity securities | 484 | ||||
Allowance for credit losses | 15,380 | ||||
Reserve for credit risk inherent in off balance sheet credit commitments | 1,961 | ||||
Tax Impact | |||||
Net Adjustment to Retained Earnings | $ (17,825) |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Summary of Accumulated Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | $ 508,955 | $ 563,875 |
Current Period Change | 15,721 | (63,810) |
Income Tax Effect | (4,331) | 17,555 |
Ending balance | 519,158 | 526,762 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (108,707) | 5,409 |
Current Period Change | 15,721 | (63,810) |
Income Tax Effect | (4,331) | 17,555 |
Ending balance | (97,317) | (40,846) |
Unrealized gains (losses) on benefits plans | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (1,652) | (2,102) |
Current Period Change | 48 | 59 |
Income Tax Effect | (13) | (16) |
Ending balance | (1,617) | (2,059) |
Accretion of net unrealized loss on securities transferred to held-to-maturity recognized in interest income from securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (11,516) | |
Current Period Change | 488 | |
Income Tax Effect | (134) | |
Ending balance | (11,162) | |
Unrealized gains (losses) on available for sale securities | ||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||
Beginning balance | (95,539) | 7,511 |
Current Period Change | 15,185 | (63,869) |
Income Tax Effect | (4,184) | 17,571 |
Ending balance | $ (84,538) | $ (38,787) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other comprehensive income (loss), before tax | $ 15,721 | $ (63,810) |
Income tax benefit (expense) | (4,331) | 17,555 |
Total other comprehensive income (loss), net of taxes | 11,390 | (46,255) |
Accumulated Other Comprehensive Income (Loss) | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other comprehensive income (loss), before tax | 15,721 | (63,810) |
Income tax benefit (expense) | (4,331) | 17,555 |
Total other comprehensive income (loss), net of taxes | 11,390 | (46,255) |
Unrealized gains (losses) on benefits plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other comprehensive income (loss), before tax | 48 | 59 |
Income tax benefit (expense) | (13) | (16) |
Total other comprehensive income (loss), net of taxes | 35 | 43 |
Change in unrealized gains (losses) on available for sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other comprehensive income (loss), before tax | 15,673 | |
Income tax benefit (expense) | (4,318) | |
Total other comprehensive income (loss), net of taxes | 11,355 | |
Unrealized gains (losses) on available for sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other comprehensive income (loss), before tax | 15,185 | (63,869) |
Income tax benefit (expense) | (4,184) | 17,571 |
Total other comprehensive income (loss), net of taxes | (46,298) | |
Unrealized holding gains (losses) on available for sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other comprehensive income (loss), before reclassifications, before tax | 12,099 | (63,704) |
Reclassification adjustment for losses (gains) realized in gain (loss) on sale of securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification adjustment | 3,086 | (162) |
Reclassification adjustment for gains on OTTI securities recognized in non-interest income - other | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification adjustment | (3) | |
Accretion of net unrealized loss on securities transferred to held-to-maturity recognized in interest income from securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification adjustment | 488 | |
Other comprehensive income (loss), before tax | 488 | |
Income tax benefit (expense) | (134) | |
Postemployment Retirement Benefits | Change in obligation for postretirement benefits and for prior service credit | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other comprehensive income (loss), before reclassifications, before tax | 40 | 44 |
Postemployment Retirement Benefits | Reclassification adjustment for prior service expense included in compensation and employee benefits | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Reclassification adjustment | 7 | 7 |
Other Postretirement Benefits Plan | Unrealized gains (losses) on benefits plans | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other comprehensive income (loss), before tax | $ 1 | $ 8 |
INVESTMENT SECURITIES - Amortiz
INVESTMENT SECURITIES - Amortized Cost and Fair Value of AFS Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Available for sale: | ||
Amortized Cost | $ 1,755,787 | $ 1,944,343 |
Gross Unrealized Gains | 178 | 58 |
Gross Unrealized Losses | (116,860) | (131,925) |
Fair Value | 1,639,105 | 1,812,476 |
Mortgage-related | ||
Available for sale: | ||
Amortized Cost | 820,195 | 881,574 |
Gross Unrealized Gains | 56 | 24 |
Gross Unrealized Losses | (66,202) | (73,990) |
Fair Value | 754,049 | 807,608 |
Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") | ||
Available for sale: | ||
Amortized Cost | 417,326 | 427,529 |
Gross Unrealized Gains | 29 | 24 |
Gross Unrealized Losses | (33,961) | (38,293) |
Fair Value | 383,394 | 389,260 |
GSE commercial certificates & CMOs | ||
Available for sale: | ||
Amortized Cost | 174,968 | 222,620 |
Gross Unrealized Gains | 27 | 0 |
Gross Unrealized Losses | (7,155) | (8,834) |
Fair Value | 167,840 | 213,786 |
Non-GSE residential certificates | ||
Available for sale: | ||
Amortized Cost | 120,591 | 123,139 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (15,042) | (16,059) |
Fair Value | 105,549 | 107,080 |
Non-GSE commercial certificates | ||
Available for sale: | ||
Amortized Cost | 107,310 | 108,286 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (10,044) | (10,804) |
Fair Value | 97,266 | 97,482 |
Other debt | ||
Available for sale: | ||
Amortized Cost | 935,592 | 1,062,769 |
Gross Unrealized Gains | 122 | 34 |
Gross Unrealized Losses | (50,658) | (57,935) |
Fair Value | 885,056 | 1,004,868 |
U.S. Treasury | ||
Available for sale: | ||
Amortized Cost | 199 | 199 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (6) | (7) |
Fair Value | 193 | 192 |
Asset backed securities ("ABS") | ||
Available for sale: | ||
Amortized Cost | 786,515 | 901,746 |
Gross Unrealized Gains | 122 | 34 |
Gross Unrealized Losses | (30,453) | (39,617) |
Fair Value | 756,184 | 862,163 |
Trust preferred | ||
Available for sale: | ||
Amortized Cost | 10,989 | 10,988 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (911) | (845) |
Fair Value | 10,078 | 10,143 |
Corporate | ||
Available for sale: | ||
Amortized Cost | 137,889 | 149,836 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (19,288) | (17,466) |
Fair Value | $ 118,601 | $ 132,370 |
INVESTMENT SECURITIES - Amort_2
INVESTMENT SECURITIES - Amortized Cost and Fair Value of HTM Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Held-to-maturity: | ||
Gross Unrealized Gains | $ 59 | $ 9 |
Gross Unrealized Losses | (130,098) | (126,439) |
Fair Value | 1,489,155 | 1,414,871 |
Allowance for credit losses | (687) | 0 |
Total held-to-maturity | 1,618,507 | 1,541,301 |
Mortgage-related | ||
Held-to-maturity: | ||
Amortized Cost | 241,049 | |
Gross Unrealized Gains | 0 | 9 |
Gross Unrealized Losses | (20,734) | (23,650) |
Fair Value | 220,315 | 219,616 |
Total held-to-maturity | 243,257 | |
GSE residential CMOs | ||
Held-to-maturity: | ||
Amortized Cost | 68,356 | |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3,497) | (4,054) |
Fair Value | 64,859 | 65,337 |
Total held-to-maturity | 69,391 | |
GSE commercial certificates | ||
Held-to-maturity: | ||
Amortized Cost | 90,114 | |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (9,235) | (11,186) |
Fair Value | 80,879 | 79,149 |
Total held-to-maturity | 90,335 | |
GSE residential certificates | ||
Held-to-maturity: | ||
Amortized Cost | 424 | |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (12) | (17) |
Fair Value | 412 | 411 |
Total held-to-maturity | 428 | |
Non-GSE commercial certificates | ||
Held-to-maturity: | ||
Amortized Cost | 32,630 | |
Gross Unrealized Gains | 0 | 9 |
Gross Unrealized Losses | (2,989) | (3,148) |
Fair Value | 29,641 | 29,496 |
Allowance for credit losses | (58) | 0 |
Total held-to-maturity | 32,635 | |
Non-GSE residential certificates | ||
Held-to-maturity: | ||
Amortized Cost | 49,525 | |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (5,001) | (5,245) |
Fair Value | 44,524 | 45,223 |
Total held-to-maturity | 50,468 | |
Other debt | ||
Held-to-maturity: | ||
Amortized Cost | 1,378,145 | |
Gross Unrealized Gains | 59 | 0 |
Gross Unrealized Losses | (109,364) | (102,789) |
Fair Value | 1,268,840 | 1,195,255 |
Total held-to-maturity | 1,298,044 | |
Asset backed securities ("ABS") | ||
Held-to-maturity: | ||
Amortized Cost | 286,581 | |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (11,049) | (15,175) |
Fair Value | 275,532 | 273,507 |
Total held-to-maturity | 288,682 | |
Commercial PACE | ||
Held-to-maturity: | ||
Amortized Cost | 262,398 | |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (29,652) | (26,782) |
Fair Value | 232,746 | 228,642 |
Allowance for credit losses | (262) | 0 |
Total held-to-maturity | 255,424 | |
Residential PACE | ||
Held-to-maturity: | ||
Amortized Cost | 733,997 | |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (53,492) | (44,833) |
Fair Value | 680,505 | 611,620 |
Allowance for credit losses | (367) | 0 |
Total held-to-maturity | 656,453 | |
Municipal | ||
Held-to-maturity: | ||
Amortized Cost | 95,169 | |
Gross Unrealized Gains | 59 | 0 |
Gross Unrealized Losses | (15,171) | (15,999) |
Fair Value | $ 80,057 | 79,486 |
Total held-to-maturity | 95,485 | |
Other | ||
Held-to-maturity: | ||
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | 2,000 | |
Total held-to-maturity | $ 2,000 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-Sale [Line Items] | |||
Available for sale, at fair value | $ 1,639,105,000 | $ 1,812,476,000 | |
Charge off | 1,200,000 | ||
Provision for credit losses expense | 1,200,000 | ||
Accrued interest receivable | 22,400,000 | 23,200,000 | |
Accounting Standards Update 2016-13 | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Allowance for credit loss | $ 0 | ||
Mortgage-related | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Available for sale, at fair value | 754,049,000 | $ 807,608,000 | |
Mortgage-related | Asset Pledged as Collateral without Right | Federal Home Loan Bank Advances | |||
Debt Securities, Available-for-Sale [Line Items] | |||
Available for sale, at fair value | 909,500,000 | ||
Fair value of held to maturity securities, pledged as collateral | $ 437,200,000 |
INVESTMENT SECURITIES - AFS and
INVESTMENT SECURITIES - AFS and HTM Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Amortized Cost | $ 1,755,787 | $ 1,944,343 |
Fair Value | ||
Fair Value | 1,639,105 | 1,812,476 |
Fair Value | ||
Fair Value | 1,489,155 | 1,414,871 |
Other debt | ||
Amortized Cost | ||
Due within one year | 199 | |
Due after one year through five years | 67,197 | |
Due after five years through ten years | 349,001 | |
Due after ten years | 519,195 | |
Amortized Cost | 935,592 | 1,062,769 |
Fair Value | ||
Due within one year | 193 | |
Due after one year through five years | 59,366 | |
Due after five years through ten years | 332,811 | |
Due after ten years | 492,686 | |
Fair Value | 885,056 | 1,004,868 |
Amortized Cost | ||
Due within one year | 0 | |
Due after one year through five years | 9,424 | |
Due after five years through ten years | 10,557 | |
Due after ten years | 1,358,164 | |
Amortized Cost | 1,378,145 | |
Fair Value | ||
Due within one year | 0 | |
Due after one year through five years | 9,042 | |
Due after five years through ten years | 9,756 | |
Due after ten years | 1,250,042 | |
Fair Value | $ 1,268,840 | $ 1,195,255 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds | $ 145,305 | $ 162 |
Realized gains | 0 | 162 |
Realized losses | (3,086) | 0 |
Net realized gains (losses) | $ (3,086) | $ 162 |
INVESTMENT SECURITIES - Schedul
INVESTMENT SECURITIES - Schedule of Unrealized Losses on Available for Sale and Held to Maturity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | $ 318,154 | $ 1,139,172 |
Available for sale, less than 12 months, unrealized losses | 12,269 | 61,546 |
Available for sale, 12 months or longer, fair value | 1,270,412 | 634,422 |
Available for sale, 12 months or longer, unrealized losses | 104,591 | 70,379 |
Available for sale, total fair value | 1,588,566 | 1,773,594 |
Available for sale, total unrealized losses | 116,860 | 131,925 |
Held-to-maturity: | ||
Held to maturity, less than 12 months, fair value | 1,069,715 | 1,267,169 |
Held to maturity, less than 12 months, unrealized loss | 90,239 | 100,311 |
Held to maturity, 12 months or longer, fair value | 403,761 | 145,681 |
Held to maturity, 12 months or longer, unrealized loss | 39,859 | 26,128 |
Held to maturity, total fair value | 1,473,476 | 1,412,850 |
Held to maturity, total unrealized losses | 130,098 | 126,439 |
GSE residential CMOs | ||
Held-to-maturity: | ||
Held to maturity, less than 12 months, fair value | 41,924 | 54,475 |
Held to maturity, less than 12 months, unrealized loss | 1,880 | 2,891 |
Held to maturity, 12 months or longer, fair value | 22,935 | 10,862 |
Held to maturity, 12 months or longer, unrealized loss | 1,617 | 1,163 |
Held to maturity, total fair value | 64,859 | 65,337 |
Held to maturity, total unrealized losses | 3,497 | 4,054 |
GSE residential certificates | ||
Held-to-maturity: | ||
Held to maturity, less than 12 months, fair value | 412 | 411 |
Held to maturity, less than 12 months, unrealized loss | 12 | 17 |
Held to maturity, 12 months or longer, fair value | 0 | 0 |
Held to maturity, 12 months or longer, unrealized loss | 0 | 0 |
Held to maturity, total fair value | 412 | 411 |
Held to maturity, total unrealized losses | 12 | 17 |
Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 114,581 | 231,562 |
Available for sale, less than 12 months, unrealized losses | 3,870 | 13,937 |
Available for sale, 12 months or longer, fair value | 263,412 | 151,285 |
Available for sale, 12 months or longer, unrealized losses | 30,091 | 24,356 |
Available for sale, total fair value | 377,993 | 382,847 |
Available for sale, total unrealized losses | 33,961 | 38,293 |
GSE commercial certificates & CMOs | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 57,752 | 153,325 |
Available for sale, less than 12 months, unrealized losses | 1,225 | 6,729 |
Available for sale, 12 months or longer, fair value | 85,061 | 60,461 |
Available for sale, 12 months or longer, unrealized losses | 5,930 | 2,105 |
Available for sale, total fair value | 142,813 | 213,786 |
Available for sale, total unrealized losses | 7,155 | 8,834 |
Non-GSE residential certificates | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 9,949 | 72,527 |
Available for sale, less than 12 months, unrealized losses | 456 | 8,969 |
Available for sale, 12 months or longer, fair value | 95,600 | 34,553 |
Available for sale, 12 months or longer, unrealized losses | 14,586 | 7,090 |
Available for sale, total fair value | 105,549 | 107,080 |
Available for sale, total unrealized losses | 15,042 | 16,059 |
Held-to-maturity: | ||
Held to maturity, less than 12 months, fair value | 7,008 | 39,426 |
Held to maturity, less than 12 months, unrealized loss | 450 | 4,784 |
Held to maturity, 12 months or longer, fair value | 37,516 | 5,797 |
Held to maturity, 12 months or longer, unrealized loss | 4,551 | 461 |
Held to maturity, total fair value | 44,524 | 45,223 |
Held to maturity, total unrealized losses | 5,001 | 5,245 |
Non-GSE commercial certificates | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 32,811 | 62,243 |
Available for sale, less than 12 months, unrealized losses | 1,206 | 4,842 |
Available for sale, 12 months or longer, fair value | 64,455 | 35,239 |
Available for sale, 12 months or longer, unrealized losses | 8,838 | 5,962 |
Available for sale, total fair value | 97,266 | 97,482 |
Available for sale, total unrealized losses | 10,044 | 10,804 |
Held-to-maturity: | ||
Held to maturity, less than 12 months, fair value | 0 | 11,192 |
Held to maturity, less than 12 months, unrealized loss | 0 | 656 |
Held to maturity, 12 months or longer, fair value | 29,520 | 18,283 |
Held to maturity, 12 months or longer, unrealized loss | 2,989 | 2,492 |
Held to maturity, total fair value | 29,520 | 29,475 |
Held to maturity, total unrealized losses | 2,989 | 3,148 |
GSE commercial certificates | ||
Held-to-maturity: | ||
Held to maturity, less than 12 months, fair value | 35,961 | 48,934 |
Held to maturity, less than 12 months, unrealized loss | 1,617 | 3,404 |
Held to maturity, 12 months or longer, fair value | 44,918 | 30,215 |
Held to maturity, 12 months or longer, unrealized loss | 7,618 | 7,782 |
Held to maturity, total fair value | 80,879 | 79,149 |
Held to maturity, total unrealized losses | 9,235 | 11,186 |
U.S. Treasury | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 0 | 192 |
Available for sale, less than 12 months, unrealized losses | 0 | 7 |
Available for sale, 12 months or longer, fair value | 193 | 0 |
Available for sale, 12 months or longer, unrealized losses | 6 | 0 |
Available for sale, total fair value | 193 | 192 |
Available for sale, total unrealized losses | 6 | 7 |
Asset backed securities ("ABS") | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 72,764 | 530,269 |
Available for sale, less than 12 months, unrealized losses | 1,720 | 17,290 |
Available for sale, 12 months or longer, fair value | 665,109 | 299,425 |
Available for sale, 12 months or longer, unrealized losses | 28,733 | 22,327 |
Available for sale, total fair value | 737,873 | 829,694 |
Available for sale, total unrealized losses | 30,453 | 39,617 |
Held-to-maturity: | ||
Held to maturity, less than 12 months, fair value | 57,468 | 224,279 |
Held to maturity, less than 12 months, unrealized loss | 2,433 | 11,078 |
Held to maturity, 12 months or longer, fair value | 218,064 | 49,228 |
Held to maturity, 12 months or longer, unrealized loss | 8,616 | 4,097 |
Held to maturity, total fair value | 275,532 | 273,507 |
Held to maturity, total unrealized losses | 11,049 | 15,175 |
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 | 10,078 | 10,143 |
Available for sale, 12 months or longer, unrealized losses | 911 | 845 |
Available for sale, total fair value | 10,078 | 10,143 |
Available for sale, total unrealized losses | 911 | 845 |
Corporate | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Available for sale, less than 12 months, fair value | 30,297 | 89,054 |
Available for sale, less than 12 months, unrealized losses | 3,792 | 9,772 |
Available for sale, 12 months or longer, fair value | 86,504 | 43,316 |
Available for sale, 12 months or longer, unrealized losses | 15,496 | 7,694 |
Available for sale, total fair value | 116,801 | 132,370 |
Available for sale, total unrealized losses | 19,288 | 17,466 |
Commercial PACE | ||
Held-to-maturity: | ||
Held to maturity, less than 12 months, fair value | 232,746 | 228,642 |
Held to maturity, less than 12 months, unrealized loss | 29,652 | 26,782 |
Held to maturity, 12 months or longer, fair value | 0 | 0 |
Held to maturity, 12 months or longer, unrealized loss | 0 | 0 |
Held to maturity, total fair value | 232,746 | 228,642 |
Held to maturity, total unrealized losses | 29,652 | 26,782 |
Residential PACE | ||
Held-to-maturity: | ||
Held to maturity, less than 12 months, fair value | 680,505 | 611,620 |
Held to maturity, less than 12 months, unrealized loss | 53,492 | 44,833 |
Held to maturity, 12 months or longer, fair value | 0 | 0 |
Held to maturity, 12 months or longer, unrealized loss | 0 | 0 |
Held to maturity, total fair value | 680,505 | 611,620 |
Held to maturity, total unrealized losses | 53,492 | 44,833 |
Municipal | ||
Held-to-maturity: | ||
Held to maturity, less than 12 months, fair value | 13,691 | 48,190 |
Held to maturity, less than 12 months, unrealized loss | 703 | 5,866 |
Held to maturity, 12 months or longer, fair value | 50,808 | 31,296 |
Held to maturity, 12 months or longer, unrealized loss | 14,468 | 10,133 |
Held to maturity, total fair value | 64,499 | 79,486 |
Held to maturity, total unrealized losses | $ 15,171 | $ 15,999 |
INVESTMENT SECURITIES - Allowan
INVESTMENT SECURITIES - Allowance for Credit Losses (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Allowance for credit losses: | |
Beginning balance | $ 0 |
Provision for (recovery of) credit losses | 45 |
Charge-offs | (26) |
Recoveries | 0 |
Ending balance | 687 |
Adoption of ASU No. 2016-13 | |
Allowance for credit losses: | |
Beginning balance | 668 |
Non-GSE commercial certificates | |
Allowance for credit losses: | |
Beginning balance | 0 |
Provision for (recovery of) credit losses | (1) |
Charge-offs | (26) |
Recoveries | 0 |
Ending balance | 58 |
Non-GSE commercial certificates | Adoption of ASU No. 2016-13 | |
Allowance for credit losses: | |
Beginning balance | 85 |
Commercial PACE | |
Allowance for credit losses: | |
Beginning balance | 0 |
Provision for (recovery of) credit losses | 7 |
Charge-offs | 0 |
Recoveries | 0 |
Ending balance | 262 |
Commercial PACE | Adoption of ASU No. 2016-13 | |
Allowance for credit losses: | |
Beginning balance | 255 |
Residential PACE | |
Allowance for credit losses: | |
Beginning balance | 0 |
Provision for (recovery of) credit losses | 39 |
Charge-offs | 0 |
Recoveries | 0 |
Ending balance | 367 |
Residential PACE | Adoption of ASU No. 2016-13 | |
Allowance for credit losses: | |
Beginning balance | $ 328 |
LOANS RECEIVABLE, NET - Schedul
LOANS RECEIVABLE, NET - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Jan. 01, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable | $ 4,198,170 | $ 4,101,769 | |||
Net deferred loan origination costs | 0 | 4,233 | |||
Total loans receivable, net of deferred loan origination costs (fees) | 4,198,170 | 4,106,002 | |||
Allowance for credit losses | 67,323 | $ 37,542 | 45,031 | $ 35,866 | |
Provision for (recovery of) credit losses | 3,612 | 2,293 | |||
Total loans receivable, net | 4,130,847 | 4,060,971 | |||
Charge-offs | (3,010) | (1,323) | |||
Recoveries | 461 | 706 | |||
Beginning balance - ACL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 66,260 | ||||
Accounting Standards Update 2016-13 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | $ 21,229 | ||||
Accounting Standards Update 2016-13 | Adoption of ASU No. 2016-13 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 21,229 | ||||
Commercial portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable | 2,351,984 | 2,265,991 | |||
Commercial portfolio | Commercial and industrial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable | 923,853 | 925,641 | |||
Total loans receivable, net of deferred loan origination costs (fees) | 923,853 | ||||
Allowance for credit losses | 16,473 | 12,169 | 12,916 | 10,652 | |
Provision for (recovery of) credit losses | (263) | 1,511 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 4 | 6 | |||
Commercial portfolio | Commercial and industrial | Beginning balance - ACL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 16,732 | ||||
Commercial portfolio | Commercial and industrial | Accounting Standards Update 2016-13 | Adoption of ASU No. 2016-13 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 3,816 | ||||
Commercial portfolio | Multifamily | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable | 1,062,826 | 967,521 | |||
Total loans receivable, net of deferred loan origination costs (fees) | 1,062,826 | ||||
Allowance for credit losses | 7,030 | 4,232 | 7,104 | 4,760 | |
Provision for (recovery of) credit losses | 2,236 | (112) | |||
Charge-offs | (1,127) | (416) | |||
Recoveries | 0 | 0 | |||
Commercial portfolio | Multifamily | Beginning balance - ACL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 5,921 | ||||
Commercial portfolio | Multifamily | Accounting Standards Update 2016-13 | Adoption of ASU No. 2016-13 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | (1,183) | ||||
Commercial portfolio | Commercial real estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable | 327,477 | 335,133 | |||
Total loans receivable, net of deferred loan origination costs (fees) | 327,477 | ||||
Allowance for credit losses | 2,455 | 6,840 | 3,627 | 7,273 | |
Provision for (recovery of) credit losses | 149 | (433) | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 0 | |||
Commercial portfolio | Commercial real estate | Beginning balance - ACL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 2,306 | ||||
Commercial portfolio | Commercial real estate | Accounting Standards Update 2016-13 | Adoption of ASU No. 2016-13 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | (1,321) | ||||
Commercial portfolio | Construction and land development | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable | 37,828 | 37,696 | |||
Total loans receivable, net of deferred loan origination costs (fees) | 37,828 | ||||
Allowance for credit losses | 354 | 654 | 825 | 405 | |
Provision for (recovery of) credit losses | (5) | 248 | |||
Charge-offs | 0 | 0 | |||
Recoveries | 0 | 1 | |||
Commercial portfolio | Construction and land development | Beginning balance - ACL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 359 | ||||
Commercial portfolio | Construction and land development | Accounting Standards Update 2016-13 | Adoption of ASU No. 2016-13 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | (466) | ||||
Commercial portfolio | Residential real estate lending | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 14,849 | 11,338 | |||
Provision for (recovery of) credit losses | 263 | ||||
Charge-offs | (58) | ||||
Recoveries | 238 | ||||
Commercial portfolio | Residential real estate lending | Beginning balance - ACL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 14,406 | ||||
Commercial portfolio | Residential real estate lending | Accounting Standards Update 2016-13 | Adoption of ASU No. 2016-13 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 3,068 | ||||
Retail portfolio | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable | 1,846,186 | 1,835,778 | |||
Retail portfolio | Residential real estate lending | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable | 1,390,135 | 1,371,779 | |||
Total loans receivable, net of deferred loan origination costs (fees) | 1,390,135 | ||||
Allowance for credit losses | 9,336 | 11,338 | 9,008 | ||
Provision for (recovery of) credit losses | (284) | ||||
Charge-offs | (58) | (39) | |||
Recoveries | 651 | ||||
Retail portfolio | Consumer solar | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable | 410,725 | 416,849 | |||
Total loans receivable, net of deferred loan origination costs (fees) | 410,725 | ||||
Allowance for credit losses | 22,762 | 6,867 | |||
Provision for (recovery of) credit losses | 1,325 | ||||
Charge-offs | (1,807) | ||||
Recoveries | 211 | ||||
Retail portfolio | Consumer solar | Beginning balance - ACL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 23,033 | ||||
Retail portfolio | Consumer solar | Accounting Standards Update 2016-13 | Adoption of ASU No. 2016-13 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 16,166 | ||||
Retail portfolio | Consumer and Other | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans receivable | 45,326 | 47,150 | |||
Total loans receivable, net of deferred loan origination costs (fees) | 45,326 | ||||
Allowance for credit losses | 3,400 | 4,311 | 2,354 | $ 3,768 | |
Provision for (recovery of) credit losses | (93) | 1,363 | |||
Charge-offs | (18) | (868) | |||
Recoveries | $ 8 | $ 48 | |||
Retail portfolio | Consumer and Other | Beginning balance - ACL | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | 3,503 | ||||
Retail portfolio | Consumer and Other | Accounting Standards Update 2016-13 | Adoption of ASU No. 2016-13 | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Allowance for credit losses | $ 1,149 |
LOANS RECEIVABLE, NET - Sched_2
LOANS RECEIVABLE, NET - Schedule of Quality of Bank's Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 4,198,170 | $ 4,101,769 |
Non- Accrual | 29,956 | 21,699 |
90 Days or More Delinquent and Still Accruing Interest | 1,299 | 0 |
30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 46,650 | 32,901 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 77,905 | 54,600 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 4,120,265 | 4,047,169 |
Commercial portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,351,984 | 2,265,991 |
Non- Accrual | 25,779 | 18,308 |
90 Days or More Delinquent and Still Accruing Interest | 1,299 | 0 |
Commercial portfolio | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 27,304 | 28,171 |
Commercial portfolio | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 54,382 | 46,479 |
Commercial portfolio | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 2,297,602 | 2,219,512 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 923,853 | 925,641 |
Non- Accrual | 9,521 | 9,629 |
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 | 18,440 | 27 |
Commercial portfolio | Commercial and industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 27,961 | 9,656 |
Commercial portfolio | Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 895,892 | 915,985 |
Commercial portfolio | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,062,826 | 967,521 |
Non- Accrual | 2,710 | 3,828 |
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 | 7,703 | 0 |
Commercial portfolio | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 10,413 | 3,828 |
Commercial portfolio | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,052,413 | 963,693 |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 327,477 | 335,133 |
Non- Accrual | 4,745 | 4,851 |
90 Days or More Delinquent and Still Accruing Interest | 1,299 | 0 |
Commercial portfolio | Commercial real estate | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 609 | 11,718 |
Commercial portfolio | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 6,653 | 16,569 |
Commercial portfolio | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 320,824 | 318,564 |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 37,828 | 37,696 |
Non- Accrual | 8,803 | 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 | 552 | 16,426 |
Commercial portfolio | Construction and land development | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 9,355 | 16,426 |
Commercial portfolio | Construction and land development | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 28,473 | 21,270 |
Retail portfolio | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,846,186 | 1,835,778 |
Non- Accrual | 4,177 | 3,391 |
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 | 19,346 | 4,730 |
Retail portfolio | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 23,523 | 8,121 |
Retail portfolio | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,822,663 | 1,827,657 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,390,135 | 1,371,779 |
Non- Accrual | 2,016 | 1,807 |
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 | 12,957 | 1,185 |
Retail portfolio | Residential real estate lending | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 14,973 | 2,992 |
Retail portfolio | Residential real estate lending | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,375,162 | 1,368,787 |
Retail portfolio | Consumer solar | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 410,725 | 416,849 |
Non- Accrual | 2,021 | 1,584 |
90 Days or More Delinquent and Still Accruing Interest | 0 | 0 |
Retail portfolio | Consumer solar | 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 5,209 | 3,320 |
Retail portfolio | Consumer solar | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 7,230 | 4,904 |
Retail portfolio | Consumer solar | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 403,495 | 411,945 |
Retail portfolio | Consumer and Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 45,326 | 47,150 |
Non- Accrual | 140 | 0 |
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 | 1,180 | 225 |
Retail portfolio | Consumer and Other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | 1,320 | 225 |
Retail portfolio | Consumer and Other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans Receivable | $ 44,006 | $ 46,925 |
LOANS RECEIVABLE, NET - Quality
LOANS RECEIVABLE, NET - Quality Indicator (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | $ 139,992 | ||
2022 | 1,055,671 | ||
2021 | 764,991 | ||
2020 | 492,882 | ||
2019 & Prior | 1,497,282 | ||
Revolving loans | 247,352 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 4,198,170 | $ 4,106,002 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Charge-offs | 3,010 | $ 1,323 | |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 139,992 | ||
2022 | 1,055,671 | ||
2021 | 764,960 | ||
2020 | 481,607 | ||
2019 & Prior | 1,418,511 | ||
Revolving loans | 228,725 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 4,089,466 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 393 | ||
2020 | 225 | ||
2019 & Prior | 2,391 | ||
Revolving loans | 1 | ||
Revolving Loans Converted to Term | 0 | ||
Charge-offs | 3,010 | ||
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 4,373 | ||
2019 & Prior | 50,976 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 55,349 | ||
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 31 | ||
2020 | 6,902 | ||
2019 & Prior | 26,069 | ||
Revolving loans | 18,627 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 51,629 | ||
Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 1,726 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 1,726 | ||
Commercial portfolio | Commercial and industrial | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 8,078 | ||
2022 | 194,890 | ||
2021 | 214,012 | ||
2020 | 105,265 | ||
2019 & Prior | 175,816 | ||
Revolving loans | 225,792 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 923,853 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Charge-offs | 0 | 0 | |
Commercial portfolio | Commercial and industrial | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 8,078 | ||
2022 | 194,890 | ||
2021 | 214,012 | ||
2020 | 95,418 | ||
2019 & Prior | 152,107 | ||
Revolving loans | 223,578 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 888,083 | ||
Commercial portfolio | Commercial and industrial | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 4,373 | ||
2019 & Prior | 6,866 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 11,239 | ||
Commercial portfolio | Commercial and industrial | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 5,474 | ||
2019 & Prior | 15,117 | ||
Revolving loans | 2,214 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 22,805 | ||
Commercial portfolio | Commercial and industrial | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 1,726 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 1,726 | ||
Commercial portfolio | Multifamily | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 100,019 | ||
2022 | 384,039 | ||
2021 | 46,554 | ||
2020 | 139,404 | ||
2019 & Prior | 392,807 | ||
Revolving loans | 3 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 1,062,826 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 1,127 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Charge-offs | 1,127 | 416 | |
Commercial portfolio | Multifamily | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 100,019 | ||
2022 | 384,039 | ||
2021 | 46,554 | ||
2020 | 139,404 | ||
2019 & Prior | 373,701 | ||
Revolving loans | 3 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 1,043,720 | ||
Commercial portfolio | Multifamily | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 14,075 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 14,075 | ||
Commercial portfolio | Multifamily | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 5,031 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 5,031 | ||
Commercial portfolio | Multifamily | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 0 | ||
Commercial portfolio | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1,405 | ||
2022 | 33,013 | ||
2021 | 49,462 | ||
2020 | 37,445 | ||
2019 & Prior | 203,451 | ||
Revolving loans | 2,701 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 327,477 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Charge-offs | 0 | 0 | |
Commercial portfolio | Commercial real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 1,405 | ||
2022 | 33,013 | ||
2021 | 49,462 | ||
2020 | 36,579 | ||
2019 & Prior | 169,537 | ||
Revolving loans | 2,701 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 292,697 | ||
Commercial portfolio | Commercial real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 30,035 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 30,035 | ||
Commercial portfolio | Commercial real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 866 | ||
2019 & Prior | 3,879 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 4,745 | ||
Commercial portfolio | Commercial real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 0 | ||
Commercial portfolio | Construction and land development | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 13,292 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 8,123 | ||
Revolving loans | 16,413 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 37,828 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Charge-offs | 0 | 0 | |
Commercial portfolio | Construction and land development | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 13,292 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 8,123 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 21,415 | ||
Commercial portfolio | Construction and land development | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 0 | ||
Commercial portfolio | Construction and land development | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 16,413 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 16,413 | ||
Commercial portfolio | Construction and land development | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 0 | ||
Commercial portfolio | Residential real estate lending | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
Charge-offs | 58 | ||
Retail portfolio | Residential real estate lending | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 30,490 | ||
2022 | 424,795 | ||
2021 | 349,540 | ||
2020 | 141,951 | ||
2019 & Prior | 440,916 | ||
Revolving loans | 2,443 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 1,390,135 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 57 | ||
Revolving loans | 1 | ||
Revolving Loans Converted to Term | 0 | ||
Charge-offs | 58 | 39 | |
Retail portfolio | Residential real estate lending | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 30,490 | ||
2022 | 424,795 | ||
2021 | 349,540 | ||
2020 | 141,657 | ||
2019 & Prior | 440,298 | ||
Revolving loans | 2,443 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 1,389,223 | ||
Retail portfolio | Residential real estate lending | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 0 | ||
Retail portfolio | Residential real estate lending | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 294 | ||
2019 & Prior | 618 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 912 | ||
Retail portfolio | Residential real estate lending | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 0 | ||
Retail portfolio | Consumer solar | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 5,642 | ||
2021 | 74,417 | ||
2020 | 68,817 | ||
2019 & Prior | 261,849 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 410,725 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 393 | ||
2020 | 225 | ||
2019 & Prior | 1,189 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Charge-offs | 1,807 | ||
Retail portfolio | Consumer solar | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 5,642 | ||
2021 | 74,386 | ||
2020 | 68,549 | ||
2019 & Prior | 260,564 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 409,141 | ||
Retail portfolio | Consumer solar | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 0 | ||
Retail portfolio | Consumer solar | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 31 | ||
2020 | 268 | ||
2019 & Prior | 1,285 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 1,584 | ||
Retail portfolio | Consumer solar | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 0 | ||
Retail portfolio | Consumer and Other | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 31,006 | ||
2020 | 0 | ||
2019 & Prior | 14,320 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 45,326 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 18 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Charge-offs | 18 | $ 868 | |
Retail portfolio | Consumer and Other | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 31,006 | ||
2020 | 0 | ||
2019 & Prior | 14,181 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 45,187 | ||
Retail portfolio | Consumer and Other | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 0 | ||
Retail portfolio | Consumer and Other | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 139 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | 139 | ||
Retail portfolio | Consumer and Other | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
2023 | 0 | ||
2022 | 0 | ||
2021 | 0 | ||
2020 | 0 | ||
2019 & Prior | 0 | ||
Revolving loans | 0 | ||
Revolving Loans Converted to Term | 0 | ||
Total | $ 0 |
LOANS RECEIVABLE, NET - Loan Mo
LOANS RECEIVABLE, NET - Loan Modification (Details) - Extended Maturity $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Commercial and industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost | $ 626 |
% of Portfolio | 0.10% |
Commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost | $ 866 |
% of Portfolio | 0.30% |
Construction and land development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortized Cost | $ 6,887 |
% of Portfolio | 18.20% |
LOANS RECEIVABLE, NET - Sched_3
LOANS RECEIVABLE, NET - Schedule of Loan Portfolio by Credit Quality Indicator (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | $ 4,198,170 | $ 4,101,769 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 3,994,908 | |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 59,360 | |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 45,755 | |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,746 | |
Commercial portfolio | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 2,351,984 | 2,265,991 |
Commercial portfolio | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 923,853 | 925,641 |
Commercial portfolio | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 893,637 | |
Commercial portfolio | Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 6,983 | |
Commercial portfolio | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 23,275 | |
Commercial portfolio | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,746 | |
Commercial portfolio | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,062,826 | 967,521 |
Commercial portfolio | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 947,661 | |
Commercial portfolio | Multifamily | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 13,696 | |
Commercial portfolio | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 6,164 | |
Commercial portfolio | Multifamily | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | |
Commercial portfolio | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 327,477 | 335,133 |
Commercial portfolio | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 299,953 | |
Commercial portfolio | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 24,679 | |
Commercial portfolio | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 10,501 | |
Commercial portfolio | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | |
Commercial portfolio | Construction and land development | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 37,828 | 37,696 |
Commercial portfolio | Construction and land development | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 21,270 | |
Commercial portfolio | Construction and land development | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 14,002 | |
Commercial portfolio | Construction and land development | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 2,424 | |
Commercial portfolio | Construction and land development | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | |
Retail portfolio | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,846,186 | 1,835,778 |
Retail portfolio | Residential real estate lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | $ 1,390,135 | 1,371,779 |
Retail portfolio | Residential real estate lending | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,369,972 | |
Retail portfolio | Residential real estate lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | |
Retail portfolio | Residential real estate lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,807 | |
Retail portfolio | Residential real estate lending | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | |
Retail portfolio | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 463,999 | |
Retail portfolio | Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 462,415 | |
Retail portfolio | Consumer and other | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 0 | |
Retail portfolio | Consumer and other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | 1,584 | |
Retail portfolio | Consumer and other | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans receivable | $ 0 |
LOANS RECEIVABLE, NET - Method
LOANS RECEIVABLE, NET - Method of Evaluating Impairment of Loans and Allowance (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | $ 27,801 | |||
Collectively evaluated for impairment | 4,073,968 | |||
Total Loans Receivable | $ 4,198,170 | 4,101,769 | ||
Individually evaluated for impairment | 5,668 | |||
Collectively evaluated for impairment | 39,363 | |||
Total allowance for loan losses | 67,323 | 45,031 | $ 37,542 | $ 35,866 |
Commercial portfolio | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total Loans Receivable | 2,351,984 | 2,265,991 | ||
Commercial portfolio | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 14,716 | |||
Collectively evaluated for impairment | 910,925 | |||
Total Loans Receivable | 923,853 | 925,641 | ||
Individually evaluated for impairment | 5,433 | |||
Collectively evaluated for impairment | 7,483 | |||
Total allowance for loan losses | 16,473 | 12,916 | 12,169 | 10,652 |
Commercial portfolio | Multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 3,828 | |||
Collectively evaluated for impairment | 963,693 | |||
Total Loans Receivable | 1,062,826 | 967,521 | ||
Individually evaluated for impairment | 180 | |||
Collectively evaluated for impairment | 6,924 | |||
Total allowance for loan losses | 7,030 | 7,104 | 4,232 | 4,760 |
Commercial portfolio | Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 4,851 | |||
Collectively evaluated for impairment | 330,282 | |||
Total Loans Receivable | 327,477 | 335,133 | ||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 3,627 | |||
Total allowance for loan losses | 2,455 | 3,627 | 6,840 | 7,273 |
Commercial portfolio | Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 2,424 | |||
Collectively evaluated for impairment | 35,272 | |||
Total Loans Receivable | 37,828 | 37,696 | ||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 825 | |||
Total allowance for loan losses | 354 | 825 | 654 | 405 |
Commercial portfolio | Residential real estate lending | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total allowance for loan losses | 14,849 | 11,338 | ||
Retail portfolio | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total Loans Receivable | 1,846,186 | 1,835,778 | ||
Retail portfolio | Residential real estate lending | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 1,982 | |||
Collectively evaluated for impairment | 1,369,797 | |||
Total Loans Receivable | $ 1,390,135 | 1,371,779 | ||
Individually evaluated for impairment | 55 | |||
Collectively evaluated for impairment | 11,283 | |||
Total allowance for loan losses | 11,338 | $ 9,336 | $ 9,008 | |
Retail portfolio | Consumer and other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 463,999 | |||
Total Loans Receivable | 463,999 | |||
Individually evaluated for impairment | 0 | |||
Collectively evaluated for impairment | 9,221 | |||
Total allowance for loan losses | $ 9,221 |
LOANS RECEIVABLE, NET - Nonaccr
LOANS RECEIVABLE, NET - Nonaccrual (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Financing Receivable, Nonaccrual [Line Items] | |
Nonaccrual with No Allowance | $ 18,733 |
Nonaccrual with Allowance | 11,223 |
Reserve | 5,603 |
Commercial portfolio | |
Financing Receivable, Nonaccrual [Line Items] | |
Nonaccrual with No Allowance | 14,556 |
Nonaccrual with Allowance | 11,223 |
Reserve | 5,603 |
Commercial portfolio | Commercial and industrial | |
Financing Receivable, Nonaccrual [Line Items] | |
Nonaccrual with No Allowance | 674 |
Nonaccrual with Allowance | 8,847 |
Reserve | 5,079 |
Commercial portfolio | Multifamily | |
Financing Receivable, Nonaccrual [Line Items] | |
Nonaccrual with No Allowance | 334 |
Nonaccrual with Allowance | 2,376 |
Reserve | 524 |
Commercial portfolio | Commercial real estate | |
Financing Receivable, Nonaccrual [Line Items] | |
Nonaccrual with No Allowance | 4,745 |
Nonaccrual with Allowance | 0 |
Reserve | 0 |
Commercial portfolio | Construction and land development | |
Financing Receivable, Nonaccrual [Line Items] | |
Nonaccrual with No Allowance | 8,803 |
Nonaccrual with Allowance | 0 |
Reserve | 0 |
Retail portfolio | |
Financing Receivable, Nonaccrual [Line Items] | |
Nonaccrual with No Allowance | 4,177 |
Nonaccrual with Allowance | 0 |
Reserve | 0 |
Retail portfolio | Residential real estate lending | |
Financing Receivable, Nonaccrual [Line Items] | |
Nonaccrual with No Allowance | 2,016 |
Nonaccrual with Allowance | 0 |
Reserve | 0 |
Retail portfolio | Consumer solar | |
Financing Receivable, Nonaccrual [Line Items] | |
Nonaccrual with No Allowance | 2,021 |
Nonaccrual with Allowance | 0 |
Reserve | 0 |
Retail portfolio | Consumer and Other | |
Financing Receivable, Nonaccrual [Line Items] | |
Nonaccrual with No Allowance | 140 |
Nonaccrual with Allowance | 0 |
Reserve | $ 0 |
LOANS RECEIVABLE, NET - Depende
LOANS RECEIVABLE, NET - Dependent Collateral (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||||
Loans receivable, net of deferred loan origination costs | $ 4,198,170 | $ 4,106,002 | ||
Total allowance for loan losses | 67,323 | 45,031 | $ 37,542 | $ 35,866 |
Commercial portfolio | Multifamily | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans receivable, net of deferred loan origination costs | 1,062,826 | |||
Total allowance for loan losses | 7,030 | 7,104 | 4,232 | 4,760 |
Commercial portfolio | Commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans receivable, net of deferred loan origination costs | 327,477 | |||
Total allowance for loan losses | 2,455 | 3,627 | 6,840 | 7,273 |
Commercial portfolio | Construction and land development | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans receivable, net of deferred loan origination costs | 37,828 | |||
Total allowance for loan losses | 354 | $ 825 | $ 654 | $ 405 |
Commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans receivable, net of deferred loan origination costs | 21,444 | |||
Total allowance for loan losses | 524 | |||
Commercial real estate | Commercial portfolio | Multifamily | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans receivable, net of deferred loan origination costs | 2,710 | |||
Total allowance for loan losses | 524 | |||
Commercial real estate | Commercial portfolio | Commercial real estate | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans receivable, net of deferred loan origination costs | 4,745 | |||
Total allowance for loan losses | 0 | |||
Commercial real estate | Commercial portfolio | Construction and land development | ||||
Financing Receivable, Past Due [Line Items] | ||||
Loans receivable, net of deferred loan origination costs | 13,989 | |||
Total allowance for loan losses | $ 0 |
LOANS RECEIVABLE, NET - Sched_4
LOANS RECEIVABLE, NET - Schedule of Activity in Allowance by Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allowance for loan losses: | ||
Beginning balance | $ 45,031 | $ 35,866 |
Provision for (recovery of) credit losses | 3,612 | 2,293 |
Charge-offs | (3,010) | (1,323) |
Recoveries | 461 | 706 |
Ending balance | 67,323 | 37,542 |
Commercial portfolio | Commercial and industrial | ||
Allowance for loan losses: | ||
Beginning balance | 12,916 | 10,652 |
Provision for (recovery of) credit losses | (263) | 1,511 |
Charge-offs | 0 | 0 |
Recoveries | 4 | 6 |
Ending balance | 16,473 | 12,169 |
Commercial portfolio | Multifamily | ||
Allowance for loan losses: | ||
Beginning balance | 7,104 | 4,760 |
Provision for (recovery of) credit losses | 2,236 | (112) |
Charge-offs | (1,127) | (416) |
Recoveries | 0 | 0 |
Ending balance | 7,030 | 4,232 |
Commercial portfolio | Commercial real estate | ||
Allowance for loan losses: | ||
Beginning balance | 3,627 | 7,273 |
Provision for (recovery of) credit losses | 149 | (433) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Ending balance | 2,455 | 6,840 |
Commercial portfolio | Construction and land development | ||
Allowance for loan losses: | ||
Beginning balance | 825 | 405 |
Provision for (recovery of) credit losses | (5) | 248 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 1 |
Ending balance | 354 | 654 |
Commercial portfolio | Residential real estate lending | ||
Allowance for loan losses: | ||
Beginning balance | 11,338 | |
Provision for (recovery of) credit losses | 263 | |
Charge-offs | (58) | |
Recoveries | 238 | |
Ending balance | 14,849 | |
Retail portfolio | Residential real estate lending | ||
Allowance for loan losses: | ||
Beginning balance | 11,338 | 9,008 |
Provision for (recovery of) credit losses | (284) | |
Charge-offs | (58) | (39) |
Recoveries | 651 | |
Ending balance | 9,336 | |
Retail portfolio | Consumer solar | ||
Allowance for loan losses: | ||
Beginning balance | 6,867 | |
Provision for (recovery of) credit losses | 1,325 | |
Charge-offs | (1,807) | |
Recoveries | 211 | |
Ending balance | 22,762 | |
Retail portfolio | Consumer and Other | ||
Allowance for loan losses: | ||
Beginning balance | 2,354 | 3,768 |
Provision for (recovery of) credit losses | (93) | 1,363 |
Charge-offs | (18) | (868) |
Recoveries | 8 | 48 |
Ending balance | $ 3,400 | $ 4,311 |
LOANS RECEIVABLE, NET - Sched_5
LOANS RECEIVABLE, NET - Schedule of Individually Impaired Loans and Allowances (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Financing Receivable, Impaired [Line Items] | |
Loans without a related allowance - recorded investment | $ 12,164 |
Loans without a related allowance - average recorded investment | 17,102 |
Loans without a related allowance - unpaid principal balance | 18,475 |
Loans with a related allowance - recorded investment | 15,637 |
Loans with a related allowance - average recorded investment | 23,408 |
Loans with a related allowance - unpaid principal balance | 16,747 |
Total individually impaired loans - recorded investment | 27,801 |
Total individually impaired loans - average recorded investment | 40,510 |
Total individually impaired loans - unpaid principal balance | 35,222 |
Individually impaired loans - related allowance | 5,668 |
Retail portfolio | Residential real estate lending | |
Financing Receivable, Impaired [Line Items] | |
Loans without a related allowance - recorded investment | 764 |
Loans without a related allowance - average recorded investment | 5,636 |
Loans without a related allowance - unpaid principal balance | 1,761 |
Loans with a related allowance - recorded investment | 1,218 |
Loans with a related allowance - average recorded investment | 8,352 |
Loans with a related allowance - unpaid principal balance | 1,278 |
Total individually impaired loans - recorded investment | 1,982 |
Total individually impaired loans - average recorded investment | 13,988 |
Total individually impaired loans - unpaid principal balance | 3,039 |
Individually impaired loans - related allowance | 55 |
Commercial portfolio | Multifamily | |
Financing Receivable, Impaired [Line Items] | |
Loans without a related allowance - recorded investment | 334 |
Loans without a related allowance - average recorded investment | 167 |
Loans without a related allowance - unpaid principal balance | 334 |
Loans with a related allowance - recorded investment | 3,494 |
Loans with a related allowance - average recorded investment | 3,201 |
Loans with a related allowance - unpaid principal balance | 3,494 |
Total individually impaired loans - recorded investment | 3,828 |
Total individually impaired loans - average recorded investment | 3,368 |
Total individually impaired loans - unpaid principal balance | 3,828 |
Individually impaired loans - related allowance | 180 |
Commercial portfolio | Construction and land development | |
Financing Receivable, Impaired [Line Items] | |
Loans without a related allowance - recorded investment | 2,424 |
Loans without a related allowance - average recorded investment | 4,950 |
Loans without a related allowance - unpaid principal balance | 7,476 |
Total individually impaired loans - recorded investment | 2,424 |
Total individually impaired loans - average recorded investment | 4,950 |
Total individually impaired loans - unpaid principal balance | 7,476 |
Individually impaired loans - related allowance | 0 |
Commercial portfolio | Commercial real estate | |
Financing Receivable, Impaired [Line Items] | |
Loans without a related allowance - recorded investment | 4,851 |
Loans without a related allowance - average recorded investment | 4,453 |
Loans without a related allowance - unpaid principal balance | 5,023 |
Total individually impaired loans - recorded investment | 4,851 |
Total individually impaired loans - average recorded investment | 4,453 |
Total individually impaired loans - unpaid principal balance | 5,023 |
Individually impaired loans - related allowance | 0 |
Commercial portfolio | Commercial and industrial | |
Financing Receivable, Impaired [Line Items] | |
Loans without a related allowance - recorded investment | 3,791 |
Loans without a related allowance - average recorded investment | 1,896 |
Loans without a related allowance - unpaid principal balance | 3,881 |
Loans with a related allowance - recorded investment | 10,925 |
Loans with a related allowance - average recorded investment | 11,855 |
Loans with a related allowance - unpaid principal balance | 11,975 |
Total individually impaired loans - recorded investment | 14,716 |
Total individually impaired loans - average recorded investment | 13,751 |
Total individually impaired loans - unpaid principal balance | 15,856 |
Individually impaired loans - related allowance | $ 5,433 |
LOANS RECEIVABLE, NET - Narrati
LOANS RECEIVABLE, NET - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of loans modified | loan | 4 | |
Total loans receivable, net | $ 4,130,847 | $ 4,060,971 |
Related party loans outstanding | 1,600 | 1,600 |
Asset Pledged as Collateral without Right | Federal Home Loan Bank Advances | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total loans receivable, net | $ 993,300 | $ 819,400 |
LOANS RECEIVABLE, NET - Term Ex
LOANS RECEIVABLE, NET - Term Extension (Details) - Commercial portfolio | 3 Months Ended |
Mar. 31, 2023 | |
Commercial and industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Term Extension | 1 year |
Commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Term Extension | 6 months |
Construction and land development | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Term Extension | 9 months 18 days |
DEPOSITS - Schedule of Deposits
DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amount | ||
Non-interest-bearing demand deposit accounts | $ 3,015,558 | $ 3,331,067 |
NOW accounts | 199,518 | 206,434 |
Money market deposit accounts | 2,702,464 | 2,445,396 |
Savings accounts | 371,240 | 386,190 |
Time deposits | 157,697 | 151,699 |
Brokered CDs | 594,884 | 74,251 |
Total deposits | $ 7,041,361 | $ 6,595,037 |
Weighted Average Rate | ||
NOW accounts | 0.87% | 0.73% |
Money market deposit accounts | 1.32% | 0.94% |
Savings accounts | 0.95% | 0.75% |
Time deposits | 1.25% | 2.57% |
Brokered CDs | 4.52% | 3.84% |
Deposits | 0.99% | 0.52% |
DEPOSITS - Schedule of Maturiti
DEPOSITS - Schedule of Maturities of Time Deposits (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Balance | |
2023 | $ 675,298 |
2024 | 33,282 |
2025 | 9,713 |
2026 | 8,497 |
2027 | 7,681 |
Thereafter | 18,110 |
Total time deposits | $ 752,581 |
DEPOSITS - Narrative (Details)
DEPOSITS - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2023 | Dec. 31, 2022 |
Statistical Disclosure for Banks [Abstract] | ||
Time deposits at or above FDIC limit | $ 31 | $ 36.2 |
CDARS deposits | 42.3 | 28.3 |
Deposits from Workers United and other related entities | 74.8 | 52.2 |
State and municipal deposits | $ 38.9 | $ 88.3 |
BORROWED FUNDS (Details)
BORROWED FUNDS (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Other eligible assets pledged as collateral | $ 1,330,000,000 | ||
FHLBNY advances | 0 | $ 580,000,000 | |
Interest expense on federal home loan bank and federal reserve bank advances, | 3,000,000 | $ 0 | |
Other borrowings | 140,000,000 | $ 0 | |
Fed funds purchased, interest expense | 200,000 | $ 0 | |
Compromised Securities | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Other eligible assets pledged as collateral | 581,200,000 | ||
Mortgage-related | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Other eligible assets pledged as collateral | $ 746,000,000 |
SUBORDINATED DEBT - Narrative (
SUBORDINATED DEBT - Narrative (Details) - USD ($) | 3 Months Ended | ||||||
Nov. 08, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 17, 2023 | Dec. 31, 2022 | Sep. 29, 2022 | Jul. 26, 2022 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||||
Aggregate principal amount | $ 73,737,000 | $ 77,708,000 | |||||
Net gain on repurchase of subordinated debt | 780,000 | $ 0 | |||||
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% | ||||||
Interest expense, subordinated debt | $ 600,000 | $ 700,000 | |||||
Debt instrument, repurchase amount | $ 4,000,000 | $ 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 Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Number of antidilutive shares (in shares) | 50 | 44 |
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 | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net income attributable to Amalgamated Financial Corp. | $ 21,338 | $ 14,165 |
Dividends paid on preferred stock | 0 | 0 |
Income attributable to common stock | $ 21,338 | $ 14,165 |
Weighted average common shares outstanding, basic (in shares) | 30,706 | 31,107 |
Basic earnings per common share (in dollars per share) | $ 0.69 | $ 0.46 |
Incremental shares for assumed conversion of options and RSUs (in shares) | 233 | 349 |
Weighted average common shares outstanding, diluted (in shares) | 30,939 | 31,456 |
Diluted earnings per common share (in dollars per share) | $ 0.69 | $ 0.45 |
EMPLOYEE BENEFIT PLANS - Stock
EMPLOYEE BENEFIT PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Number of Options | ||
Outstanding, balance at the beginning of the period (in shares) | 426,880 | |
Granted (in shares) | 0 | |
Forfeited/expired (in shares) | 0 | |
Exercised (in shares) | (29,320) | |
Outstanding, balance at the end of the period (in shares) | 397,560 | 426,880 |
Vested and exercisable (in shares) | 397,560 | |
Weighted Average Exercise Price | ||
Outstanding, balance at the beginning of the period (in dollars per share) | $ 13.09 | |
Granted (in dollars per share) | 0 | |
Forfeited/expired (in dollars per share) | 0 | |
Exercised (in dollars per share) | 14.56 | |
Outstanding, balance at the end of the period (in dollars per share) | 12.99 | $ 13.09 |
Vested and exercisable (in dollars per share) | $ 12.99 | |
Weighted Average Remaining Contractual Term | ||
Options outstanding | 3 years | 3 years 3 months 18 days |
Options vested and exercisable | 3 years | |
Intrinsic Value (in thousands) | ||
Options outstanding | $ 1,870 | |
Options exercisable | $ 1,870 |
EMPLOYEE BENEFIT PLANS - Narrat
EMPLOYEE BENEFIT PLANS - Narrative (Details) - USD ($) | 3 Months Ended | |||
Apr. 28, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
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 | |||
Intrinsic value | $ 1,870,000 | |||
Exercise of stock options, net of repurchases (in shares) | 29,320 | |||
Grant period | 6 months | |||
Common stock, discount on shares | $ 58,100 | $ 7,800 | ||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | 0 | $ 0 | ||
Intrinsic value | $ 1,900,000 | $ 4,200,000 | ||
Stock repurchased and retired during period (in shares) | 3,999 | |||
Exercise of stock options, net of repurchases (in shares) | 4,019 | |||
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | $ 900,000 | $ 500,000 | ||
Number of shares authorized for stock-based awards (in shares) | 1,250,000 | |||
Number of shares available for issuance (in shares) | 271,214 | |||
Fair value of shares granted (in dollars per share) | $ 23.43 | |||
Stock repurchased and retired during period (in shares) | 21,738 | 14,505 | ||
Unvested shares (in shares) | 511,464 | 331,023 | ||
Restricted Stock Units | Director | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | $ 100,000 | $ 100,000 | ||
Restricted Stock Units | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested shares (in shares) | 381,510 | |||
Restricted Stock Units | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 96,443 | |||
Unrecognized compensation cost | $ 7,700,000 | |||
Unrecognized compensation cost, period for recognition | 3 years 4 months 24 days | |||
Restricted Stock Units | Employee | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of achievable awards (in shares) | 576,441 | |||
Performance Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 62,945 | |||
Fair value of shares granted (in dollars per share) | $ 19.54 | |||
Unvested shares (in shares) | 129,954 | 96,970 | ||
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) | $ 23.42 | |||
Performance Shares | Grant Date Fair Value, Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 619 | |||
Fair value of shares granted (in dollars per share) | $ 14.45 | |||
Performance Shares | Grant Date Fair Value, Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 2,656 | |||
Fair value of shares granted (in dollars per share) | $ 15.23 | |||
Performance Shares | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Number of shares reserved for issuance (in shares) | 194,931 | |||
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) | 29,923 | |||
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) | 44,885 | |||
Market-Based Restricted Stock Units | Employee | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted (in shares) | 29,747 | |||
Fair value of shares granted (in dollars per share) | $ 23.56 | |||
Vesting period | 3 years | |||
Market-Based Restricted Stock Units | Employee | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of achievable awards (in shares) | 0 | |||
Market-Based Restricted Stock Units | Employee | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of achievable awards (in shares) | 44,621 | |||
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 | 478,081 | ||
Number of shares available for issuance (in shares) | 456,162 | |||
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) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Restricted Stock Units | |
Shares | |
Unvested at the beginning of the period (in shares) | shares | 331,023 |
Forfeited/expired (in shares) | shares | (5,812) |
Vested (in shares) | shares | (40,144) |
Unvested at the end of the period (in shares) | shares | 511,464 |
Grant Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ / shares | $ 17.72 |
Awarded (in dollars per share) | $ / shares | 23.43 |
Forfeited/expired (in dollars per share) | $ / shares | 15.06 |
Vested (in dollars per share) | $ / shares | 16.46 |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 19.33 |
Restricted Stock Units | Employee | |
Shares | |
Awarded (in shares) | shares | 96,443 |
Performance Shares | |
Shares | |
Unvested at the beginning of the period (in shares) | shares | 96,970 |
Awarded (in shares) | shares | 62,945 |
Forfeited/expired (in shares) | shares | (6,013) |
Vested (in shares) | shares | (23,948) |
Unvested at the end of the period (in shares) | shares | 129,954 |
Grant Date Fair Value | |
Unvested at the beginning of the period (in dollars per share) | $ / shares | $ 16.37 |
Awarded (in dollars per share) | $ / shares | 19.54 |
Forfeited/expired (in dollars per share) | $ / shares | 15.08 |
Vested (in dollars per share) | $ / shares | 14.82 |
Unvested at the end of the period (in dollars per share) | $ / shares | $ 16.37 |
EMPLOYEE BENEFIT PLANS - ESPP (
EMPLOYEE BENEFIT PLANS - ESPP (Details) - Employee Stock - shares | Mar. 31, 2023 | Apr. 28, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized for stock-based awards (in shares) | 478,081 | 500,000 |
Purchases (in shares) | (21,919) | |
Number of shares available for issuance (in shares) | 456,162 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | $ 1,639,105 | $ 1,812,476 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 1,639,105 | 1,812,476 |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 193 | 192 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 1,638,912 | 1,812,284 |
Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Mortgage-related | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 754,049 | 807,608 |
Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 383,394 | 389,260 |
Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 383,394 | 389,260 |
Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 383,394 | 389,260 |
Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
GSE commercial certificates & CMOs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 167,840 | 213,786 |
GSE commercial certificates & CMOs | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 167,840 | 213,786 |
GSE commercial certificates & CMOs | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
GSE commercial certificates & CMOs | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 167,840 | 213,786 |
GSE commercial certificates & CMOs | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Non-GSE residential certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 105,549 | 107,080 |
Non-GSE residential certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 105,549 | 107,080 |
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, at fair value | 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, at fair value | 105,549 | 107,080 |
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, at fair value | 0 | 0 |
Non-GSE commercial certificates | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 97,266 | 97,482 |
Non-GSE commercial certificates | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 97,266 | 97,482 |
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, at fair value | 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, at fair value | 97,266 | 97,482 |
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, at fair value | 0 | 0 |
Other debt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 885,056 | 1,004,868 |
U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 193 | 192 |
U.S. Treasury | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 193 | 192 |
U.S. Treasury | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 193 | 192 |
U.S. Treasury | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 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, at fair value | 0 | 0 |
Asset backed securities ("ABS") | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 756,184 | 862,163 |
Asset backed securities ("ABS") | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 756,184 | 862,163 |
Asset backed securities ("ABS") | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Asset backed securities ("ABS") | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 756,184 | 862,163 |
Asset backed securities ("ABS") | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Trust preferred | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 10,078 | 10,143 |
Trust preferred | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 10,078 | 10,143 |
Trust preferred | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 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, at fair value | 10,078 | 10,143 |
Trust preferred | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Corporate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 118,601 | 132,370 |
Corporate | Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 118,601 | 132,370 |
Corporate | Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 0 | 0 |
Corporate | Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 118,601 | 132,370 |
Corporate | Fair Value, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | $ 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 | Mar. 31, 2023 | Dec. 31, 2022 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually analyzed loans | $ 1,852 | $ 3,315 |
Total value of assets measured on non-recurring basis | 1,852 | 3,315 |
Estimated Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually analyzed loans | 1,852 | 3,315 |
Total value of assets measured on non-recurring basis | 1,852 | 3,315 |
Estimated Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Individually analyzed 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] | ||
Individually analyzed 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] | ||
Individually analyzed loans | 1,852 | 3,315 |
Total value of assets measured on non-recurring basis | $ 1,852 | $ 3,315 |
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 | Mar. 31, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Held-to-maturity securities | $ 1,489,155 | $ 1,414,871 |
Financial liabilities: | ||
FHLBNY advances | 0 | 580,000 |
Other borrowings | 140,000 | 0 |
Carrying Value | ||
Financial assets: | ||
Cash and cash equivalents | 130,897 | 63,540 |
Held-to-maturity securities | 1,618,507 | 1,541,301 |
Loans held for sale | 5,653 | 7,943 |
Loans receivable, net | 4,130,847 | 4,060,971 |
Resell agreements | 15,431 | 25,754 |
Accrued interest and dividends receivable | 40,844 | 41,441 |
Financial liabilities: | ||
Subordinated debt | 73,737 | 77,708 |
Accrued interest payable | 3,365 | 1,218 |
Carrying Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 6,288,780 | 6,369,087 |
Carrying Value | Time deposits and brokered CDs | ||
Financial liabilities: | ||
Deposits | 752,581 | 225,950 |
FHLBNY advances | 580,000 | |
Carrying Value | Other borrowings | ||
Financial liabilities: | ||
Other borrowings | 140,000 | |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 130,897 | 63,540 |
Held-to-maturity securities | 1,489,155 | 1,414,871 |
Loans held for sale | 5,653 | 7,943 |
Loans receivable, net | 3,743,621 | 3,718,308 |
Resell agreements | 15,431 | 25,754 |
Accrued interest and dividends receivable | 40,844 | 41,441 |
Financial liabilities: | ||
Subordinated debt | 59,358 | 68,966 |
Accrued interest payable | 3,365 | 1,218 |
Estimated Fair Value | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 6,288,780 | 6,369,087 |
Estimated Fair Value | Time deposits and brokered CDs | ||
Financial liabilities: | ||
Deposits | 750,820 | 225,805 |
FHLBNY advances | 580,000 | |
Estimated Fair Value | Other borrowings | ||
Financial liabilities: | ||
Other borrowings | 139,420 | |
Estimated Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 130,897 | 63,540 |
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 | 138 | 17 |
Financial liabilities: | ||
Subordinated debt | 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 and brokered CDs | ||
Financial liabilities: | ||
Deposits | 0 | 0 |
FHLBNY advances | 0 | |
Estimated Fair Value | Level 1 | Other borrowings | ||
Financial liabilities: | ||
Other borrowings | 0 | |
Estimated Fair Value | Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 575,904 | 574,609 |
Loans held for sale | 0 | |
Loans receivable, net | 0 | 0 |
Resell agreements | 0 | 0 |
Accrued interest and dividends receivable | 12,679 | 12,197 |
Financial liabilities: | ||
Subordinated debt | 59,358 | 68,966 |
Accrued interest payable | 3,365 | 1,218 |
Estimated Fair Value | Level 2 | Deposits payable on demand | ||
Financial liabilities: | ||
Deposits | 6,288,780 | 6,369,087 |
Estimated Fair Value | Level 2 | Time deposits and brokered CDs | ||
Financial liabilities: | ||
Deposits | 750,820 | 225,805 |
FHLBNY advances | 580,000 | |
Estimated Fair Value | Level 2 | Other borrowings | ||
Financial liabilities: | ||
Other borrowings | 139,420 | |
Estimated Fair Value | Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Held-to-maturity securities | 913,251 | 840,262 |
Loans held for sale | 5,653 | 7,943 |
Loans receivable, net | 3,743,621 | 3,718,308 |
Resell agreements | 15,431 | 25,754 |
Accrued interest and dividends receivable | 28,027 | 29,227 |
Financial liabilities: | ||
Subordinated debt | 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 and brokered CDs | ||
Financial liabilities: | ||
Deposits | 0 | 0 |
FHLBNY advances | $ 0 | |
Estimated Fair Value | Level 3 | Other borrowings | ||
Financial liabilities: | ||
Other borrowings | $ 0 |
COMMITMENTS, CONTINGENCIES AN_3
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Schedule of Financial Instruments Outstanding Representing Credit Risk (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 614,817 | $ 753,470 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | 585,692 | 723,902 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 29,125 | $ 29,568 |
COMMITMENTS, CONTINGENCIES AN_4
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Reserve for credit risk inherent in off balance sheet credit commitments | $ 4.3 | $ 1.6 | |
Allowance for credit losses on off-balance sheet credit exposures | 0.1 | $ 0.3 | |
Property Assessed Clean Energy Commitments | |||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||
Investment obligations, amount fulfilled | 519.7 | ||
Remaining commitment | $ 112 | 150 | |
Payments to acquire investments | $ 451.7 |
LEASES - Lease Cost and Other I
LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,777 | $ 2,251 |
Cash paid for amounts included in the measurement of Operating leases liability | $ 2,813 | $ 2,630 |
Weighted average remaining lease term on operating leases (in years) | 3 years 7 months 6 days | 4 years 7 months 6 days |
Weighted average discount rate used for operating leases liability | 3.24% | 3.25% |
LEASES - Remaining Commitments
LEASES - Remaining Commitments of Operating Lease Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | $ 8,480 | |
2024 | 11,324 | |
2025 | 10,593 | |
2026 | 9,200 | |
2027 | 959 | |
Thereafter | 0 | |
Total undiscounted operating lease payments | 40,556 | |
Less: present value adjustment | 2,223 | |
Total Operating leases liability | $ 38,333 | $ 40,779 |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 12,936 | $ 12,936 |
Accumulated amortization of intangible assets | $ 5,100 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
Total | |
2023 | $ 666 |
2024 | 730 |
2025 | 574 |
2026 | 419 |
2027 | 265 |
Thereafter | 229 |
Total | $ 2,883 |
VARIABLE INTEREST ENTITIES (Det
VARIABLE INTEREST ENTITIES (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Maximum exposure to credit loss | $ 63,900 | |
Unconsolidated Variable Interest Entities | ||
Variable Interest Entity [Line Items] | ||
Tax credit investments included in equity investments | 3,164 | $ 3,299 |
Loans and letters of credit commitments | 60,727 | 60,857 |
Funded portion of loans and letters of credit commitments | 47,398 | 47,683 |
Remaining equity investment commitments | $ 19,201 | $ 19,201 |
VARIABLE INTEREST ENTITIES - Ta
VARIABLE INTEREST ENTITIES - Tax Credit Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Unconsolidated Variable Interest Entities | ||
Variable Interest Entity [Line Items] | ||
Tax credits and other tax benefits recognized | $ 813 | $ 668 |