Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Document Transition Report | false | |
Entity File Number | 0-10592 | |
Entity Registrant Name | TRUSTCO BANK CORP NY | |
Entity Central Index Key | 0000357301 | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 14-1630287 | |
Entity Address, Address Line One | 5 SARNOWSKI DRIVE | |
Entity Address, City or Town | GLENVILLE | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 12302 | |
City Area Code | 518 | |
Local Phone Number | 377-3311 | |
Title of 12(b) Security | Common Stock, $1.00 par value | |
Trading Symbol | TRST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,051,775 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and dividend income: | ||||
Interest and fees on loans | $ 40,896 | $ 39,488 | $ 119,503 | $ 119,513 |
Interest and dividends on securities available for sale: | ||||
U. S. government sponsored enterprises | 479 | 91 | 712 | 238 |
State and political subdivisions | 1 | 1 | 2 | 2 |
Mortgage-backed securities and collateralized mortgage obligations - residential | 1,617 | 1,038 | 4,071 | 3,442 |
Corporate bonds | 526 | 220 | 1,281 | 859 |
Small Business Administration-guaranteed participation securities | 133 | 181 | 427 | 580 |
Other securities | 3 | 5 | 7 | 16 |
Total interest and dividends on securities available for sale | 2,759 | 1,536 | 6,500 | 5,137 |
Interest on held to maturity securities: | ||||
Mortgage-backed securities and collateralized mortgage obligations-residential | 85 | 104 | 262 | 338 |
Total interest on held to maturity securities | 85 | 104 | 262 | 338 |
Federal Home Loan Bank stock | 80 | 64 | 207 | 198 |
Interest on federal funds sold and other short-term investments | 5,221 | 470 | 8,046 | 1,026 |
Total interest income | 49,041 | 41,662 | 134,518 | 126,212 |
Interest on deposits: | ||||
Interest-bearing checking | 43 | 38 | 129 | 136 |
Savings accounts | 200 | 154 | 519 | 475 |
Money market deposit accounts | 237 | 202 | 661 | 721 |
Time deposits | 646 | 1,149 | 1,728 | 4,076 |
Interest on short-term borrowings | 122 | 232 | 532 | 688 |
Total interest expense | 1,248 | 1,775 | 3,569 | 6,096 |
Net interest income | 47,793 | 39,887 | 130,949 | 120,116 |
Provision (Credit) for credit losses | 300 | (2,800) | (391) | (2,450) |
Net interest income after (credit) provision for credit losses | 47,493 | 42,687 | 131,340 | 122,566 |
Noninterest income: | ||||
Trustco financial services income | 1,435 | 1,558 | 5,264 | 5,592 |
Fees for services to customers | 2,705 | 2,531 | 8,164 | 7,221 |
Other | 246 | 206 | 1,057 | 598 |
Total noninterest income | 4,386 | 4,295 | 14,485 | 13,411 |
Noninterest expenses: | ||||
Salaries and employee benefits | 12,134 | 11,909 | 32,837 | 36,737 |
Net occupancy expense | 4,483 | 4,259 | 13,266 | 13,173 |
Equipment expense | 1,532 | 1,628 | 4,787 | 4,859 |
Professional services | 1,375 | 1,483 | 4,326 | 4,529 |
Outsourced services | 2,328 | 2,015 | 7,108 | 6,434 |
Advertising expense | 508 | 310 | 1,514 | 1,213 |
FDIC and other insurance | 773 | 746 | 2,389 | 2,230 |
Other real estate expense, net | 124 | 32 | 209 | 211 |
Other | 2,887 | 2,315 | 7,478 | 6,086 |
Total noninterest expenses | 26,144 | 24,697 | 73,914 | 75,472 |
Income before taxes | 25,735 | 22,285 | 71,911 | 60,505 |
Income taxes | 6,371 | 5,523 | 17,587 | 15,227 |
Net income | $ 19,364 | $ 16,762 | $ 54,324 | $ 45,278 |
Net income per share: | ||||
Basic (in dollars per share) | $ 1.013 | $ 0.871 | $ 2.835 | $ 2.349 |
Diluted (in dollars per share) | $ 1.013 | $ 0.871 | $ 2.835 | $ 2.349 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Consolidated Statements of Comprehensive Income (Unaudited) [Abstract] | ||||
Net income | $ 19,364 | $ 16,762 | $ 54,324 | $ 45,278 |
Net unrealized holding loss on securities available for sale | (20,943) | (765) | (49,379) | (5,939) |
Tax effect | 5,421 | 199 | 12,777 | 1,534 |
Net unrealized loss on securities available for sale, net of tax | (15,522) | (566) | (36,602) | (4,405) |
Amortization of net actuarial gain | (280) | (137) | (784) | (534) |
Amortization of prior service (credit) cost | (78) | 177 | (235) | 227 |
Tax effect | 93 | (10) | 265 | 80 |
Amortization of net actuarial gain and prior service (credit) cost on pension and postretirement plans, net of tax | (265) | 30 | (754) | (227) |
Other comprehensive loss, net of tax | (15,787) | (536) | (37,356) | (4,632) |
Comprehensive income | $ 3,577 | $ 16,226 | $ 16,968 | $ 40,646 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Cash and due from banks | $ 46,236 | $ 48,357 |
Federal funds sold and other short term investments | 795,028 | 1,171,113 |
Total cash and cash equivalents | 841,264 | 1,219,470 |
Securities available for sale | 468,219 | 407,713 |
Held to maturity securities ($7,938 and $10,695 fair value at September 30, 2022 and December 31, 2021, respectively) | 8,091 | 9,923 |
Federal Home Loan Bank stock | 5,797 | 5,604 |
Loans, net of deferred net costs | 4,629,491 | |
Less: Allowance for credit losses on loans | 45,517 | 44,267 |
Net loans | 4,583,974 | |
Loans, net of deferred net costs | 4,438,779 | |
Less: Allowance for credit losses on loans | 44,267 | |
Net loans | 4,394,512 | |
Bank premises and equipment, net | 31,931 | 33,027 |
Operating lease right-of-use assets | 45,733 | 48,090 |
Other assets | 94,485 | 78,207 |
Total assets | 6,079,494 | 6,196,546 |
Deposits: | ||
Demand | 859,829 | 794,878 |
Interest-bearing checking | 1,188,790 | 1,191,304 |
Savings accounts | 1,562,564 | 1,504,554 |
Money market deposit accounts | 716,319 | 782,079 |
Time deposits | 954,352 | 995,314 |
Total deposits | 5,281,854 | 5,268,129 |
Short-term borrowings | 124,932 | 244,686 |
Operating lease liabilities | 50,077 | 52,720 |
Accrued expenses and other liabilities | 33,625 | 29,883 |
Total liabilities | 5,490,488 | 5,595,418 |
SHAREHOLDERS' EQUITY: | ||
Capital stock par value $1.00; 30,000,000 shares authorized; 20,045,684 shares issued at September 30, 2022 and December 31, 2021, and 19,051,775 and 19,219,989 shares outstanding at September 30, 2022 and December 31, 2021, respectively | 20,046 | 20,046 |
Surplus | 256,661 | 256,661 |
Undivided profits | 379,769 | 349,056 |
Accumulated other comprehensive (loss) income, net of tax | (25,209) | 12,147 |
Treasury stock at cost - 993,909 and 825,695 shares at September 30, 2022 and December 31, 2021, respectively | (42,261) | (36,782) |
Total shareholders' equity | 589,006 | 601,128 |
Total liabilities and shareholders' equity | $ 6,079,494 | $ 6,196,546 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
ASSETS: | ||
Held to maturity securities, fair value | $ 7,938 | $ 10,695 |
SHAREHOLDERS' EQUITY: | ||
Capital stock, par value (in dollars per share) | $ 1 | $ 1 |
Capital stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Capital stock, shares issued (in shares) | 20,045,684 | 20,045,684 |
Capital stock, shares outstanding (in shares) | 19,051,775 | 19,219,989 |
Treasury stock, at cost (in shares) | 993,909 | 825,695 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Capital Stock [Member] | Surplus [Member] | Undivided Profits [Member] | Accumulated Other Comprehensive Income [Member] | Treasury Stock [Member] | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] Undivided Profits [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Balance at Dec. 31, 2020 | [1] | $ 20,041 | $ 256,606 | $ 313,974 | $ 11,936 | $ (34,396) | $ 568,161 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 0 | [1] | 0 | [1] | 14,083 | 0 | 0 | 14,083 | |||
Other comprehensive loss, net of tax | 0 | [1] | 0 | [1] | 0 | (4,668) | 0 | (4,668) | |||
Stock options exercised | [1] | 3 | 68 | 71 | |||||||
Cash dividend declared | [2] | 0 | [1] | 0 | [1] | (6,571) | 0 | 0 | (6,571) | ||
Purchase of treasury stock | [2] | 0 | [1] | 0 | [1] | 0 | 0 | (45) | (45) | ||
Balance at Mar. 31, 2021 | [1] | 20,044 | 256,674 | 321,486 | 7,268 | (34,441) | 571,031 | ||||
Balance at Dec. 31, 2020 | [1] | 20,041 | 256,606 | 313,974 | 11,936 | (34,396) | 568,161 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 45,278 | ||||||||||
Other comprehensive loss, net of tax | (4,632) | ||||||||||
Balance at Sep. 30, 2021 | [1] | 20,042 | 256,565 | 339,554 | 7,304 | (36,782) | 586,683 | ||||
Balance at Mar. 31, 2021 | [1] | 20,044 | 256,674 | 321,486 | 7,268 | (34,441) | 571,031 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 0 | [1] | 0 | [1] | 14,433 | 0 | 0 | 14,433 | |||
Other comprehensive loss, net of tax | 0 | [1] | 0 | [1] | 0 | 572 | 0 | 572 | |||
Cash used to settle fractional shares in the Reverse Stock Split | (5) | [1] | (195) | [1] | 0 | 0 | 0 | (200) | |||
Stock options exercised | 2 | [1] | 57 | [1] | 0 | 0 | 0 | 59 | |||
Cash dividend declared | 0 | [1] | 0 | [1] | (6,569) | 0 | 0 | (6,569) | |||
Purchase of treasury stock | 0 | [1] | 0 | [1] | 0 | 0 | (733) | (733) | |||
Balance at Jun. 30, 2021 | 20,041 | [1] | 256,536 | [1] | 329,350 | 7,840 | (35,174) | 578,593 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 0 | [1] | 0 | [1] | 16,762 | 0 | 0 | 16,762 | |||
Other comprehensive loss, net of tax | 0 | [1] | 0 | [1] | 0 | (536) | 0 | (536) | |||
Stock options exercised | 1 | [1] | 29 | [1] | 0 | 0 | 0 | 30 | |||
Cash dividend declared | [2] | 0 | [1] | 0 | [1] | (6,558) | 0 | 0 | (6,558) | ||
Purchase of treasury stock | 0 | [1] | 0 | [1] | 0 | 0 | (1,608) | (1,608) | |||
Balance at Sep. 30, 2021 | [1] | 20,042 | 256,565 | 339,554 | 7,304 | (36,782) | 586,683 | ||||
Balance at Dec. 31, 2021 | 20,046 | [1] | 256,661 | [1] | 349,056 | 12,147 | (36,782) | 601,128 | |||
Balance (ASU 2016-13 [Member]) at Dec. 31, 2021 | 20,046 | [1] | 256,661 | [1] | 345,586 | 12,147 | (36,782) | 597,658 | $ (3,470) | $ (3,470) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 0 | [1] | 0 | [1] | 17,089 | 0 | 0 | 17,089 | |||
Other comprehensive loss, net of tax | 0 | [1] | 0 | [1] | 0 | (14,516) | 0 | (14,516) | |||
Cash dividend declared | 0 | [1] | 0 | [1] | (6,727) | 0 | 0 | (6,727) | |||
Purchase of treasury stock | 0 | [1] | 0 | [1] | 0 | 0 | (609) | (609) | |||
Balance at Mar. 31, 2022 | 20,046 | [1] | 256,661 | [1] | 355,948 | (2,369) | (37,391) | 592,895 | |||
Balance at Dec. 31, 2021 | 20,046 | [1] | 256,661 | [1] | 349,056 | 12,147 | (36,782) | 601,128 | |||
Balance (ASU 2016-13 [Member]) at Dec. 31, 2021 | 20,046 | [1] | 256,661 | [1] | 345,586 | 12,147 | (36,782) | 597,658 | $ (3,470) | $ (3,470) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 54,324 | ||||||||||
Other comprehensive loss, net of tax | (37,356) | ||||||||||
Balance at Sep. 30, 2022 | 20,046 | [1] | 256,661 | [1] | 379,769 | (25,209) | (42,261) | 589,006 | |||
Balance at Mar. 31, 2022 | 20,046 | [1] | 256,661 | [1] | 355,948 | (2,369) | (37,391) | 592,895 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 0 | [1] | 0 | [1] | 17,871 | 0 | 0 | 17,871 | |||
Other comprehensive loss, net of tax | 0 | [1] | 0 | [1] | 0 | (7,053) | 0 | (7,053) | |||
Cash dividend declared | 0 | [1] | 0 | [1] | (6,719) | 0 | 0 | (6,719) | |||
Purchase of treasury stock | 0 | [1] | 0 | [1] | 0 | 0 | (2,362) | (2,362) | |||
Balance at Jun. 30, 2022 | 20,046 | [1] | 256,661 | [1] | 367,100 | (9,422) | (39,753) | 594,632 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 0 | [1] | 0 | [1] | 19,364 | 0 | 0 | 19,364 | |||
Other comprehensive loss, net of tax | 0 | [1] | 0 | [1] | 0 | (15,787) | 0 | (15,787) | |||
Cash dividend declared | 0 | [1] | 0 | [1] | (6,695) | 0 | 0 | (6,695) | |||
Purchase of treasury stock | 0 | [1] | 0 | [1] | 0 | 0 | (2,508) | (2,508) | |||
Balance at Sep. 30, 2022 | $ 20,046 | [1] | $ 256,661 | [1] | $ 379,769 | $ (25,209) | $ (42,261) | $ 589,006 | |||
[1]All periods presented have been adjusted for the 1 for 5 1 for 5 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended | ||||||
May 28, 2021 | Sep. 30, 2022 $ / shares shares | Jun. 30, 2022 $ / shares shares | Mar. 31, 2022 $ / shares shares | Sep. 30, 2021 $ / shares shares | Jun. 30, 2021 $ / shares shares | Mar. 31, 2021 $ / shares shares | |
Consolidated Statements of Changes in Shareholders' Equity (Unaudited) [Abstract] | |||||||
Stock option exercises (in shares) | 1,160 | 2,225 | 2,650 | ||||
Cash dividend declared (in dollars per share) | $ / shares | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.340625 | $ 0.340625 | $ 0.340625 | |
Purchase of treasury stock (in shares) | 75,100 | 75,000 | 18,114 | 50,000 | 20,000 | 1,261 | |
Reverse stock split ratio | 0.2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 54,324 | $ 45,278 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 3,091 | 3,184 |
Amortization of right-of-use asset | 4,841 | 4,745 |
Net gain on sale of other real estate owned | (99) | (86) |
Writedown of other real estate owned | 0 | 121 |
(Credit) provision for credit losses | (391) | (2,450) |
Deferred tax expense (benefit) | 1,523 | (1,247) |
Net amortization of securities | 1,802 | 3,113 |
Net gain on sale of bank premises and equipment | (314) | 0 |
Decrease (increase) in taxes receivable | 4,062 | (463) |
(Increase) decrease in interest receivable | (1,837) | 673 |
Decrease in interest payable | (1) | (249) |
Increase in other assets | (4,406) | (1,442) |
Decrease in operating lease liabilities | (5,127) | (4,965) |
Decrease in accrued expenses and other liabilities | (1,652) | (2,106) |
Total adjustments | 1,492 | (1,172) |
Net cash provided by operating activities | 55,816 | 44,106 |
Cash flows from investing activities: | ||
Proceeds from sales, paydowns and calls of securities available for sale | 57,714 | 123,550 |
Proceeds from paydowns of held to maturity securities | 1,772 | 3,028 |
Purchases of securities available for sale | (184,391) | (136,543) |
Proceeds from maturities of securities available for sale | 15,050 | 8,555 |
Purchases of Federal Home Loan Bank stock | (193) | (98) |
Net increase in loans | (191,052) | (152,314) |
Proceeds from dispositions of other real estate owned | 416 | 255 |
Proceeds from dispositions of bank premises and equipment | 469 | 6 |
Purchases of bank premises and equipment | (2,150) | (2,011) |
Net cash used in investing activities | (302,365) | (155,572) |
Cash flows from financing activities: | ||
Net increase in deposits | 13,725 | 203,825 |
Net change in short-term borrowings | (119,754) | 16,015 |
Proceeds from exercise of stock options | 0 | 160 |
Cash used to settle fractional shares in the Reverse Stock Split | 0 | (200) |
Purchases of treasury stock | (5,479) | (2,386) |
Dividends paid | (20,149) | (19,708) |
Net cash (used in) provided by financing activities | (131,657) | 197,706 |
Net increase in cash and cash equivalents | (378,206) | 86,240 |
Cash and cash equivalents at beginning of period | 1,219,470 | 1,107,099 |
Cash and cash equivalents at end of period | 841,264 | 1,193,339 |
Cash paid during the year for: | ||
Interest paid | 3,570 | 6,345 |
Income taxes paid | 13,687 | 15,430 |
Other non cash items: | ||
Transfer of loans to other real estate owned | 637 | 260 |
Decrease in dividends payable | (8) | (10) |
Change in unrealized (loss) gain on securities available for sale-gross of deferred taxes | (49,379) | (5,939) |
Change in deferred tax effect on unrealized loss (gain) on securities available for sale | 12,777 | 1,534 |
Amortization of net actuarial gain and prior service cost (credit) on pension and postretirement plans | (1,019) | (307) |
Change in deferred tax effect of amortization of net actuarial gain postretirement benefit plans | 265 | 80 |
Impact to retained earnings from adoption of ASC 326, net of tax | $ (3,470) | $ 0 |
Financial Statement Presentatio
Financial Statement Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Financial Statement Presentation [Abstract] | |
Financial Statement Presentation | (1) Financial Statement Presentation The unaudited Consolidated Interim Financial Statements of TrustCo Bank Corp NY (the “Company” or “TrustCo”) include the accounts of the Company’s subsidiary, Trustco Bank (also referred to as the “Bank”) and other subsidiaries after elimination of all significant intercompany accounts and transactions. Prior period amounts are reclassified when necessary to conform to the current period presentation. The net income reported for the three and nine months ended September 30, 2022 is not necessarily indicative of the results that may be expected for the year ending December 31, 2022, or any interim periods. These financial statements consider events that occurred through the date of filing. In the opinion of the management of the Company, the accompanying unaudited Consolidated Interim Financial Statements contain all recurring adjustments necessary to present fairly the financial position as of September 30, 2022, the results of operations for the three and nine months ended September 30, 2022 and 2021, and the cash flows for the nine months ended September 30, 2022 and 2021. The accompanying unaudited Consolidated Interim Financial Statements should be read in conjunction with the Company’s year‑end audited Consolidated Financial Statements, including notes thereto, which are included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2021. The accompanying unaudited Consolidated Interim Financial Statements have been prepared in accordance with the applicable rules of the Securities and Exchange Commission (“SEC”) and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States. Results of operations for the nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. The accounting policies of the Company, as applied in the Consolidated Interim Financial Statements presented herein, are substantially the same as those followed on an annual basis in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 25, 2022 except as noted below. The accounting policies of the Company effective for the comparative periods presented prior to the adoption of ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) are presented in the Form 10-K referenced above. Recently Adopted Accounting Standards On January 1, 2022, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses” (referred to as “CECL” and as Accounting Standards Codification Topic 326 (“ASC 326”)) which amended existing guidance to replace current generally accepted accounting principles used to measure a reporting entity’s credit losses. The main objective of this update is to provide financial statement users with enhanced financial disclosures for more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The allowance for credit losses on loans is a valuation account that is deducted from, or added to, the loans’ amortized cost basis to present the net, lifetime amount expected to be collected on the loans. The measurement of expected credit losses under the CECL methodology applies to financial assets measured at amortized cost including loan receivables and held-to-maturity debt securities. The update also applies to off-balance sheet exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees and other similar instruments). In addition, CECL made changes to the accounting for available for sale securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities that management does not intend to sell or believes that it is more likely than not they will be required to sell. As previously disclosed, the Company assembled a cross-functional working group that met regularly to oversee the implementation plan for CECL, which included the assessment and documentation of the processes and internal controls, model development and documentation, assessing existing loan and loss data, assessing models for default and loss estimates and conducting parallel runs and reviews through January 1, 2022. The Company adopted CECL using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2022 are presented under CECL while prior period amounts continue to be reported in accordance with previous applicable GAAP. On the adoption date, the Company increased the allowance for credit losses on loans by $2.4 million and increased the allowance for credit losses for unfunded commitments by $2.3 million (included in Accrued expenses and other liabilities). The Company recorded a net decrease to undivided profits of $3.5 million, net of $1.2 million in deferred tax balances as of January 1, 2022 for the cumulative effect of adopting CECL. The Company did not record an allowance for credit losses as of January 1, 2022 on its securities available for sale or held to maturity. The impact of the January 1, 2022 adoption entry is summarized in the table below: (in thousands) December 31, 2021 Pre-CECL Adoption Impact of Adoption January 1, 2022 Post-CECL Adoption Assets: Allowance for credit losses on loans $ 44,267 $ 2,353 $ 46,620 Allowance for credit losses on securities - - - Liabilities and shareholders’ equity: Other liabilities (ACL unfunded loan commitments) 18 2,335 2,353 Tax Effect, net - (1,218 ) - Total 44,285 3,470 48,973 Undivided Profits $ 349,056 $ (3,470 ) $ 345,586 Loans Loans that management has the intent and ability to hold for the near future or until maturity or payoff are reported at amortized cost net of allowance for credit losses on loans. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on unpaid principal balances. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Interest income of mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent. Non-accrual loans are individually reviewed and charged off at 180 days past due. Commercial loans are charged off to the extent principal or interest is deemed uncollectible. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought to current and future payments are reasonably assured. Accrued Interest Receivable The Company has made the following elections with regards to accrued interest receivable: the Company will continue to write off accrued interest receivable by reversing interest income; the Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables; and the Company elected to exclude accrued interest receivable balances from tabular disclosures and will present accrued interest receivable balances in other assets. Allowance for Credit Losses on Loans The allowance for credit losses on loans (“ACLL”) is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loan are charged off against the allowance when management believes the uncollectibility of the loan balance is confirmed. Expected recoveries are not to exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company has elected the Discounted Cash Flow methodology to determine its ACLL. Management estimates the allowance for credit loss on loans balance using relevant available information from internal and external sources related to past events, current conditions, and a reasonable and supportable forecast provided by a third party. The Company lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, historical credit loss experience in Florida and New York provides the quantitative basis for the estimation of expected credit losses. Complementary to that, a portion of its debtors’ ability to repay depends significantly on the economic employment conditions prevailing in the respective geographic territory. The ACLL reserve is overlaid with qualitative considerations for changes in underwriting standards, portfolio mix, delinquency levels, or economic conditions such as changes in the unemployment rates, property values, and gross metro product to make adjustments to historical loss information. Management judgment is required at each point in the measurement process. The allowance for unfunded commitments is maintained at a level by the Company determined to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). Management utilized the historical loss rate experience on the Company’s loan portfolio as the initial basis of the estimate using probability of default and loss given defaults derived from September 30, 2011 to January 1, 2022. A defaulted loan is a loan payment default once it is 90 days contractually past due. Management utilizes externally developed economic forecasts (Moody’s forecast scenarios) of unemployment rates within the key metropolitan areas in New York and Florida of which we serve to forecast probability of defaults and loss given defaults within the model. Management has determined that a reasonable and supportable forecast is 8 quarters enarios, Management considered the following: • Unemployment levels in relation to inflationary pressures; • Monetary and fiscal policy assumptions and movement of the federal funds rate in 2022; • Supply chain conditions and their impacts on Consumer Price indices (“CPI”), and • Inflationary pressures on housing, and Gross Metro Product (“GMP”). In determining the appropriate forecast to utilize, management considered the range of forecasted unemployment as well as a number of other economic indicators. Unemployment levels in the Baseline continued to be optimistic while not providing what management determined to be a full reflection of supply chain, workforce challenges, and inflationary pressures. The rising inflation, volatility in consumer confidence, supply chain, and workforce environment challenges, as well as monetary and geopolitical environmental considerations, drove management to elect the Stagflation forecast scenario. As of January 1, 2022, the Company has elected to fully utilize the Stagflation forecast scenario. The Company determined the forecast more appropriately considers inflationary pressures, and monetary policies observed currently and prospectively in the markets served. The ACLL reserve is then complemented with qualitative factors based upon GMP, CPI, and housing forecasts using the same scenario, and their related forecasts for the respective metropolitan regions of New York and Florida, and were factored into the calculation. The effective interest rate used to discount expected cash flows considered the timing of the expected cash flows resulting from prepayments that existed as of January 1, 2022. The prepayment-adjusted effective interest rate uses the original contractual rate and prepayment assumptions as of January 1, 2022. There were no changes in the Company’s methodology for the allowance for credit losses on loans for the period ended September 30, 2022 compared to the adoption date. The Company determined a contractual term excluding expected extensions, renewals and modifications. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The Company determined its allowance for credit losses on loans using a pool of assets with similar risk characteristics. The Company evaluates its risk characteristics based on regulatory call report codes where it was determined that the loans within the call codes were homogenous in nature and could be aggregated into the main categories for the Company portfolio. There were no changes to the loan pools under CECL for January 1, 2022 compared to previously disclosed loan segments. Loans that no longer match the risk profile of the pool are individually assessed for credit losses. Non-accrual loans that have been delinquent 180 days or greater, commercial non-accrual loans and loans identified as troubled debt restructuring (“TDR”) are individually assessed. The individual assessment for credit impairment is generally based on a discounted cash flow approach unless the asset is collateral dependent. The loan is considered collateral dependent when repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Collateral dependent loans are individually assessed and the expected credit loss is based on the fair value of the collateral. A loan for which terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties is considered a TDR. In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the near future without the modification. This evaluation is performed under the Company’s underwriting policy. Generally, the modification of the terms of loans was the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies, even though there was no modification of terms, the borrowers’ debt to the Company was discharged and they may not reaffirm the debt. The TDR that have subsequently defaulted have the underlying collateral evaluated at the time these loans were identified as TDRs, and a charge‑off was taken at that time, if necessary. Collateral values on these loans are reviewed for collateral sufficiency on a quarterly basis. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimates 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. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration that funding will occur and an estimate of expected credit losses on commitments is expected to be funded over its estimated life. The Company lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, a portion of its debtors’ ability to repay depends significantly on the economic conditions prevailing in the respective geographic territory. The following categories of off-balance sheet credit exposures have been identified: unfunded commitments to extend credit, unfunded lines of credit, residential mortgage pending closings and standby letters of credit. Each of these unfunded commitments is analyzed for a probability of funding to calculate a probable funding amount. The life of loan loss factor by related portfolio segment from the allowance for credit losses on loans calculation is then applied to the probable funding amount to calculate the estimated credit losses on off-balance sheet credit exposures recognized in other liabilities. The post adoption balance is included with Accrued expenses and other liabilities on consolidated statements of financial condition. Prospective changes in the reserve will be recorded through the provision for credit losses on the consolidated statements of income. Debt Securities Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. There were no debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2022. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments. Premiums on callable debt securities are amortized to their earlier call date. Discounts are amortized to maturity date. Gains and losses are recorded on the trade date and determined using the specific identification method. A debt security is placed on non-accrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Timely principal and interest payments continue to be made on the securities. The unrealized losses in the portfolio are primarily attributable to changes in interest rates. Allowance for Credit Losses – Held to Maturity Securities The Company’s held to maturity securities are issued by U.S. government entities and agencies such as Ginnie Mae, Fannie Mae, and Freddie Mac. 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. Management measures expected credit losses on held to maturity debt securities on a collective basis by major security type, issuer and payment stream. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts provided by a third party servicer. Based on the nature of the securities held by the Company and the underlying guarantees, there was no allowance for credit losses recorded for held to maturity securities as of January 1, 2022. Accrued interest receivable on held to maturity securities totaled $33 thousand and is excluded from the estimate of credit losses. Historically the Company has not experienced uncollectible accrued interest receivable on its held-to-maturity securities portfolio. Allowance for Credit Losses – Available For Sale Securities For available for sale debit securities in an unrealized loss position, the entity first assesses whether it intends to sell, or if it is more likely that not that it will be required to sell the security before 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. For debt securities available for sale that do not meet the aforementioned criteria, in making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security and its issuer, among other factors. If the present value of the cash flows 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 recorded through other comprehensive income. Change in the allowance for credit losses is recorded as a provision for credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either criteria regarding the intent or requirement to sell is met. The unrealized losses reported pertained to securities issued by the U.S. government and its sponsored entities, include agencies, and mortgage backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, which are currently well rated and guaranteed by the U.S. government. The Company does not intend to sell the securities, and it is not considered likely the Company will be required to sell these securities prior to recovery of the amortized cost. Timely principal and interest payments continue to be made on the securities. The unrealized losses in the portfolio are primarily attributable to changes in interest rates. Management does not believe any individual unrealized loss as of January 1, 2022 represents any credit loss and no realized losses have been recognized into provision for credit loss. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | (2) Earnings Per Share The Company computes earnings per share in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share A reconciliation of the component parts of earnings per share for the three and nine months ended September 30, 2022 and 2021 is as follows: (in thousands, except per share data) For the three months ended For the nine months ended September 30 September 30 2022 2021 2022 2021 Net income $ 19,364 16,762 $ 54,324 45,278 Weighted average common shares 19,111 19,249 19,159 19,272 Stock Options 1 3 1 6 Weighted average common shares including potential dilutive shares 19,112 19,252 19,160 19,278 Basic EPS $ 1.013 0.871 $ 2.835 2.349 Diluted EPS $ 1.013 0.871 $ 2.835 2.349 For both the three and nine months ended September 30, 2022 there were For the three and nine months ended September 30, 2021 the weighted average antidilutive stock options excluded from dilutive earnings was approximately thousand shares. The stock options are antidilutive because the strike price is greater than the average fair value of the Company’s common stock for the periods presented. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Benefit Plans [Abstract] | |
Benefit Plans | (3) Benefit Plans The table below outlines the components of the Company’s net periodic benefit recognized during the three and nine months ended September 30, 2022 and 2021 for its pension and other postretirement benefit plans Three months ended September 30 Pension Benefits Other Postretirement Benefits (dollars in thousands) 2022 2021 2022 2021 Service cost $ - - 4 9 Interest cost 222 214 52 60 Expected return on plan assets (807 ) (712 ) (333 ) (274 ) Amortization of net gain - - (280 ) (137 ) Amortization of prior service (credit) cost - - (78 ) 177 Net periodic benefit $ (585 ) (498 ) (635 ) (165 ) Nine September 30 Pension Benefits Other Postretirement Benefits (dollars in thousands) 2022 2021 2022 2021 Service cost $ - - 13 57 Interest cost 666 642 155 143 Expected return on plan assets (2,420 ) (2,135 ) (999 ) (891 ) Amortization of net gain - - (784 ) (534 ) Amortization of prior service cost (credit) - - (235 ) 227 Net periodic benefit $ (1,754 ) (1,493 ) (1,850 ) (998 ) The Company does not expect to make contributions to its pension and postretirement benefit plans in 2022. As of September 30, 2022 Since 2003, the Company has not subsidized retiree medical insurance premiums. However, it continues to provide postretirement medical benefits to a limited number of current and retired executives in accordance with the terms of their employment contracts. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investment Securities [Abstract] | |
Investment Securities | (4) Investment Securities (a) Securities available for sale The amortized cost and fair value of the securities available for sale are as follows: September 30 2022 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value U.S. government sponsored enterprises $ 109,097 15 6,333 102,779 State and political subdivisions 41 - - 41 Mortgage backed securities and collateralized mortgage obligations - residential 297,131 - 35,889 261,242 Corporate bonds 85,764 - 4,762 81,002 Small Business Administration - guaranteed participation securities 24,883 - 2,385 22,498 Other 686 - 29 657 Total Securities Available for Sale $ 517,602 15 49,398 468,219 December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value U.S. government sponsored enterprises $ 59,976 - 797 59,179 State and political subdivisions 41 - - 41 Mortgage backed securities and collateralized mortgage obligations - residential 269,907 3,367 2,476 270,798 Corporate bonds 45,805 157 625 45,337 Small Business Administration - guaranteed participation securities 31,303 371 - 31,674 Other 685 - 1 684 Total Securities Available for Sale $ 407,717 3,895 3,899 407,713 The following table categorize the debt securities included in the available for sale portfolio as of September 30, 2022 based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity date are presented separately: Amortized Fair (dollars in thousands) Cost Value Due in one year or less $ 5,043 5,018 Due after one year through five years 186,045 174,946 Due after five years through ten years 4,500 4,515 Mortgage backed securities and collateralized mortgage obligations - residential 297,131 261,242 Small Business Administration - guaranteed participation securities 24,883 22,498 $ 517,602 468,219 Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: September 30 2022 Less than 12 months 12 months or more Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unreal. (dollars in thousands) Value Loss Value Loss Value Loss U.S. government sponsored enterprises $ 43,300 1,315 54,964 5,018 98,264 6,333 Mortgage backed securities and collateralized mortgage obligations - residential 175,486 17,560 85,755 18,329 261,241 35,889 Corporate bonds 62,343 3,226 18,659 1,536 81,002 4,762 Small Business Administration - guaranteed participation securities 22,497 2,385 - - 22,497 2,385 Other 621 29 - - 621 29 Total $ 304,247 24,515 159,378 24,883 463,625 49,398 December 31, 2021 Less than 12 months 12 months or more Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unreal. (dollars in thousands) Value Loss Value Loss Value Loss U.S. government sponsored enterprises $ 49,279 697 9,900 100 59,179 797 Mortgage backed securities and collateralized mortgage obligations - residential 93,447 1,888 22,098 588 115,545 2,476 Corporate bonds 15,670 171 14,546 454 30,216 625 Other 648 1 - - 648 1 Total $ 159,044 2,757 46,544 1,142 205,588 3,899 There were no allowance for credit losses recorded for securities available for sale during the three or nine months ended September 30, 2022. The proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses from sales and calls during the three and nine months ended September 30, 2022 and 2021 are as follows: Three months ended September 30, (dollars in thousands) 2022 2021 Proceeds from sales $ - - Proceeds from calls/paydowns 14,376 47,100 Proceeds from maturities 5,000 3,500 Gross realized gains - - Gross realized losses - - Nine months ended September 30, (dollars in thousands) 2022 2021 Proceeds from sales $ - - Proceeds from calls/paydowns 57,714 123,550 Proceeds from maturities 15,050 8,555 Gross realized gains - - Gross realized losses - - There were no transfers of securities available for sale during the three and nine months ended September 30, 2022 and 2021. (b) Held to maturity securities The amortized cost and fair value of the held to maturity securities are as follows: September 30 2022 Gross Gross Amortized Unrecognized Unrecognized Fair (dollars in thousands) Cost Gains Losses Value Mortgage backed securities and collateralized mortgage obligations - residential $ 8,091 122 275 7,938 Total held to maturity $ 8,091 122 275 7,938 December 31, 2021 Gross Gross Amortized Unrecognized Unrecognized Fair (dollars in thousands) Cost Gains Losses Value Mortgage backed securities and collateralized mortgage obligations - residential $ 9,923 773 1 10,695 Total held to maturity $ 9,923 773 1 10,695 The following table categorizes the debt securities included in the (dollars in thousands) Amortized Fair Cost Value Mortgage backed securities and collateralized mortgage obligations - residential $ 8,091 7,938 $ 8,091 7,938 All held to maturity securities are held at cost on the financial statements. As of September 30, 2022 and December 31, 2021 held to maturity securities with a fair value of $3.7 million and $442 thousand had an unrecognized loss of less than 12 months of $275 thousand and one thousand, respectively. There were no sales or transfers of held to maturity securities during the three months ended September 30, 2022 and 2021. There were no allowance for credit losses recorded for held to maturity securities during the three and nine months ended September 30, 2022. As of September 30, 2022, there were no securities on non-accrual status and all securities were performing in accordance with contractual terms. (c) Other-Than-Temporary Impairment Debt Securities Management evaluates securities for other-than-temporary impairment (“OTTI”) at least on a quarterly basis, and more frequently when economic or market conditions warrant such an evaluation. The investment securities portfolio is evaluated for OTTI by segregating the portfolio by type and applying the appropriate OTTI model. In determining OTTI for debt securities, management considers many factors, including: (1) the length of time and the extent to which the fair value has been less than cost, (2) the financial condition and near-term prospects of the issuer, (3) whether the market decline was affected by macroeconomic conditions, and (4) whether the Company has the intent to sell the debt security or it is more likely than not it will be required to sell the debt security before its anticipated recovery. The assessment of whether any other ‑ ‑ When OTTI occurs, the amount of the OTTI recognized in earnings depends on whether management intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis. If management intends to sell the security or it is more likely than not it will be required to sell the security before recovery of its amortized cost basis, the OTTI shall be recognized in earnings equal to the entire difference between the investment’s amortized cost basis and its fair value at the balance sheet date. If management does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its amortized cost basis, the OTTI on debt securities is separated into the amount representing the credit loss and the amount related to all other factors. The amount of the total OTTI related to the credit loss is determined based on the present value of cash flows expected to be collected and is recognized in earnings. The amount of the total OTTI related to other factors is recognized in other comprehensive income, net of applicable taxes. The previous amortized cost basis less the OTTI recognized in earnings becomes the new amortized cost basis of the investment. As of September 30, 2022, the Company’s security portfolio included certain securities which were in an unrealized loss position, and are discussed below. U.S. government sponsored enterprises: Mortgage backed securities and collateralized mortgage obligations – residential: Small Business Administration (SBA) - guaranteed participation securities: Corporate Bonds & Other: |
Loan Portfolio and Allowance fo
Loan Portfolio and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Loan Portfolio and Allowance for Credit Losses [Abstract] | |
Loan Portfolio and Allowance for Credit Losses | (5) Loan Portfolio and Allowance for Credit Losses Upon adoption of CECL, management pooled loans with similar risk characteristics. The portfolio segment is defined as the level at which an entity develops and documents a systematic methodology to determine its allowance for credit losses on loans. The following table presents loans by portfolio segment: September 30, 2022 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 165,888 31,270 197,158 Other 19,089 873 19,962 Real estate mortgage - 1 to 4 family: First mortgages 2,762,616 1,312,097 4,074,713 Home equity loans 45,115 12,537 57,652 Home equity lines of credit 186,146 83,195 269,341 Installment 8,183 2,482 10,665 Total loans, net $ 3,187,037 1,442,454 4,629,491 Less: Allowance for credit losses 45,517 Net loans $ 4,583,974 * Includes New York, New Jersey, Vermont and Massachussetts. Prior to the adoption of CECL on January 1, 2022, the Company calculated allowance for loan losses using the incurred losses methodology. December 31, 2021 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 147,063 21,653 168,716 Other 30,889 595 31,484 Real estate mortgage - 1 to 4 family: First mortgages 2,723,734 1,212,568 3,936,302 Home equity loans 48,190 13,695 61,885 Home equity lines of credit 175,134 55,842 230,976 Installment 7,368 2,048 9,416 Total loans, net $ 3,132,378 1,306,401 4,438,779 Less: Allowance for loan losses 44,267 Net loans $ 4,394,512 * Includes New York, New Jersey, Vermont and Massachussetts. Included in commercial loans above are Paycheck Protection Program (“PPP”) loans totaling $ million and $ million as of and , respectively. At and , the Company had approximately million in real estate construction loans at , approximately Allowance for credit losses on loans The level of the ACLL is based on factors that influence management’s current estimate of expected credit losses including past events and current conditions. There were no changes in the Company’s methodology for the allowance for credit losses on loans for the period ended September 30, 2022 compared to the adoption date. Consistent with the adoption date, the Company has determined the Stagflation forecast scenario to be appropriate for the September 30, 2022 ACLL calculation. The Company selected the Stagflation economic forecast for credit losses as management expects that markets will experience a slight decline in economic conditions and a slight increase in the unemployment rate over the next two years. The following table presents the impact of the January 1, 2022 adoption entry in the allowance for credit losses on loans by loan type: December 31, 2021 January 1, (dollars in thousands) Pre-Adoption Balance Impact of Adoption Post CECL Adoption Total Total Commercial: Commercial real estate $ 3,121 (1,100 ) 2,021 Other 14 114 128 Real estate mortgage - 1 to 4 family: First mortgages 37,249 1,703 38,952 Home equity loans 583 262 845 Home equity lines of credit 2,857 1,752 4,609 Installment 443 (378 ) 65 Total Allowance $ 44,267 2,353 46,620 Activity in the allowance for credit losses on loans by portfolio segment for the three months ended September 30, 2022 is summarized as follows: For the three months ended September 30 ( dollars in s) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 2,274 42,880 131 45,285 Loans charged off: New York and other states* - 13 34 47 Florida - - - - Total loan chargeoffs - 13 34 47 Recoveries of loans previously charged off: New York and other states* - 177 - 177 Florida - - 2 2 Total recoveries - 177 2 179 Net loans (recoveries) charged off - (164 ) 32 (132 ) (Credit) provision for credit losses 155 (100 ) 45 100 Balance at end of period $ 2,429 42,944 144 45,517 * Includes New York, New Jersey, Vermont and Massachusetts. Activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2021 is summarized as follows: For the three months ended September 30 2021 ( dollars in s) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 4,106 45,617 432 50,155 Loans charged off: New York and other states* 30 72 17 119 Florida - 1 - 1 Total loan chargeoffs 30 73 17 120 Recoveries of loans previously charged off: New York and other states* - 111 3 114 Florida - 1 - 1 Total recoveries - 112 3 115 Net loan recoveries 30 (39 ) 14 5 (Credit) provision for loan losses (823 ) (2,003 ) 26 (2,800 ) Balance at end of period $ 3,253 43,653 444 47,350 * Includes New York, New Jersey, Vermont and Massachusetts. Activity in the allowance for credit losses on loans by portfolio segment for the nine months ended September 30, 2022 is summarized as follows: For the nine September 30 2022 (dollars in thousands) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 3,135 40,689 443 44,267 Impact of ASU 2016-13, Current Expected Credit Loss (CECL) (986 ) 3,717 (378 ) 2,353 Balance as of January 1, 2022 as adjusted for ASU 2016-13 2,149 44,406 65 46,620 Loans charged off: New York and other states* 40 25 53 118 Florida - - - - Total loan chargeoffs $ 40 $ 25 $ 53 $ 118 Recoveries of loans previously charged off: New York and other states* 4 405 4 414 Florida - - 2 2 Total recoveries 4 405 6 416 Net loans charged off 36 (380 ) 47 (297 ) Credit for loan losses 316 (1,842 ) 126 (1,400 ) Balance at end of period $ 2,429 42,944 144 45,517 Activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2021 is summarized as follows: For the nine September 30 2021 (dollars in thousands) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 4,140 44,950 505 49,595 Loans charged off: New York and other states* 30 178 25 233 Florida - 1 2 3 Total loan chargeoffs 30 179 27 236 Recoveries of loans previously charged off: New York and other states* 32 355 52 439 Florida - 2 - 2 Total recoveries 32 357 52 441 Net loan recoveries (2 ) (178 ) (25 ) (205 ) (Credit) provision for loan losses (889 ) (1,475 ) (86 ) (2,450 ) Balance at end of period $ 3,253 43,653 444 47,350 * Includes New York, New Jersey, Vermont and Massachusetts. The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of September 30, 2022: September 30 2022 ( dollars in s) 1-to-4 Family Commercial Residential Installment Loans Real Estate Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 2,429 42,944 144 45,517 Total ending allowance balance $ 2,429 42,944 144 45,517 Loans: Individually evaluated for impairment $ 294 26,157 16 26,467 Collectively evaluated for impairment 216,826 4,375,549 10,649 4,603,024 Total ending loans balance $ 217,120 4,401,706 10,665 4,629,491 Prior to the adoption of CECL on January 1, 2022, the Company calculated allowance for loan losses using the incurred losses methodology. The balance in the allowance for loan losses by portfolio segment is summarized as follows: December 31, 2021 ( dollars in s) 1-to-4 Family Commercial Residential Installment Loans Real Estate Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 3,135 40,689 443 44,267 Total ending allowance balance 3,135 40,689 443 44,267 Loans: Individually evaluated for impairment $ 232 18,272 - 18,504 Collectively evaluated for impairment 199,968 4,210,891 9,416 4,420,275 Total ending loans balance $ 200,200 4,229,163 9,416 4,438,779 The Company’s allowance for credit losses on unfunded commitments is recognized as a liability (accrued expenses and other liabilities) with adjustments to the reserve recognized in (credit) provision for credit losses in the consolidated income statement. The Company’s activity in the allowance for credit losses on unfunded commitments were as follows: (In thousands) For the three months ended September 30, 2022 Balance at June 30, 2022 $ 3,162 Provision for credit losses 200 Balance at September 30, 2022 $ 3,362 (In thousands) For the nine months ended September 30, 2022 Balance at January 1, 2022 $ 18 Impact of Adopting CECL 2,335 Adjusted Balance at January 1, 2022 2,353 Provision for credit losses 1,009 Balance at September 30, 2022 $ 3,362 Loan Credit Quality The Company categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. On at least an annual basis, the Company’s loan grading process analyzes non-homogeneous loans, such as commercial loans and commercial real estate loans, individually by grading the loans based on credit risk. The Company’s internal loan review department in accordance with the Company’s internal loan review policy tests the loan grades assigned to all loan types. The Company uses the following definitions for classified loans: Special Mention Substandard Doubtful Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be “pass” rated loans. For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for credit losses on loans. The payment status of these homogeneous pools as of September 30, 2022 and December 31, 2021 is also included in the aging of the past due loans table. Nonperforming loans shown in the table below were loans on non-accrual status and loans over 90 days past due and accruing. As of September 30, 2022, and based on the most recent analysis performed, the risk category of loans by class of loans, and gross chargeoffs year to date for each loan type by origination year was as follows: Loan Credit Quality (in thousands) September 30, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Basis Revolving Loan Converted to Term Total Commercial : Risk rating Pass $ 58,331 30,325 18,803 23,713 17,058 38,102 9,089 - $ 195,421 Special Mention - - 65 - 247 - - - 312 Substandard - - 115 - 132 1,178 - - 1,425 Total Commercial Loans $ 58,331 30,325 18,983 23,713 17,437 39,280 9,089 - $ 197,158 Commercial Loans: Current-period Gross writeoffs $ - - - - - 40 - - $ 40 $ - - - - - 40 - - $ 40 Commercial Other: Risk rating Pass $ 2,302 3,313 2,757 706 752 2,472 7,182 - $ 19,484 Special mention - 124 - - - - 40 - 164 Substandard - 216 - - - - 98 - 314 Total Commercial Real Estate Loans $ 2,302 3,653 2,757 706 752 2,472 7,320 - $ 19,962 Other Commercial Loans: Current-period Gross writeoffs $ - - - - - - - - - $ - - - - - - - - $ - Residential First Mortgage: Risk rating Performing $ 417,902 950,363 799,953 374,430 262,084 1,252,690 1,479 - $ 4,058,901 Nonperforming - 700 83 846 773 13,410 - - 15,812 Total First Mortgage: $ 417,902 951,063 800,036 375,276 262,857 1,266,100 1,479 - $ 4,074,713 Residential First Mortgage Loans: Current-period Gross writeoffs $ - - - - - 5 - - $ 5 $ - - - - - 5 - - $ 5 Home Equity Lines: Risk rating Performing $ 5,222 9,748 6,535 7,782 5,468 22,729 - - $ 57,484 Nonperforming - - - - - 168 - - 168 Total Home Equity Lines: $ 5,222 9,748 6,535 7,782 5,468 22,897 - - $ 57,652 Home Equity Loans: Current-period Gross writeoffs $ - - - - - - - - $ - $ - - - - - - - - $ - Home Equity Lines of Credit: Risk rating Performing $ 698 859 335 56 101 18,826 246,047 - $ 266,922 Nonperforming - 7 - - - 2,207 205 - 2,419 Total Home Equity Credit Lines: $ 698 866 335 56 101 21,033 246,252 - $ 269,341 Home Equity Lines of Credit: Current-period Gross writeoffs $ - - - - - 20 - - 20 $ - - - - - 20 - - $ 20 Installments: Risk rating Performing $ 4,068 2,758 943 918 469 293 1,122 - $ 10,571 Nonperforming - 25 - 67 - - 2 - 94 Total Installments $ 4,068 2,783 943 985 469 293 1,124 - $ 10,665 Installments Loans: Current-period Gross writeoffs $ - 36 6 6 2 3 - - 53 $ - 36 6 6 2 3 - - $ 53 The following tables present the aging of the amortized cost in past due loans by loan class and by region as of September 30,2022: September 30 2022 New York and other states*: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 39 - 123 162 165,726 165,888 Other - - 6 6 19,083 19,089 Real estate mortgage - 1 to 4 family: First mortgages 1,994 2,469 8,128 12,591 2,750,025 2,762,616 Home equity loans 46 66 55 167 44,948 45,115 Home equity lines of credit 359 150 730 1,239 184,907 186,146 Installment 3 25 16 44 8,139 8,183 Total $ 2,441 2,710 9,058 14,209 3,172,828 3,187,037 Florida: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - - - - 31,270 31,270 Other 124 - - 124 749 873 Real estate mortgage - 1 to 4 family: First mortgages 81 245 1,608 1,934 1,310,163 1,312,097 Home equity loans 7 - - 7 12,530 12,537 Home equity lines of credit 31 - - 31 83,164 83,195 Installment - - 62 62 2,420 2,482 Total $ 243 245 1,670 2,158 1,440,296 1,442,454 Total: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 39 - 123 162 196,996 197,158 Other 124 - 6 130 19,832 19,962 Real estate mortgage - 1 to 4 family: First mortgages 2,075 2,714 9,736 14,525 4,060,188 4,074,713 Home equity loans 53 66 55 174 57,478 57,652 Home equity lines of credit 390 150 730 1,270 268,071 269,341 Installment 3 25 78 106 10,559 10,665 Total $ 2,684 2,955 10,728 16,367 4,613,124 4,629,491 * Includes New York, New Jersey, Vermont and Massachusetts. The following tables present the aging of the recorded investment in past due loans by loan class and by region as of December 31, 2021: December 31, 2021 New York and other states*: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - 233 45 278 146,785 147,063 Other - - - - 30,889 30,889 Real estate mortgage - 1 to 4 family: First mortgages 1,303 239 9,867 11,409 2,712,325 2,723,734 Home equity loans 136 - 224 360 47,830 48,190 Home equity lines of credit 355 458 911 1,724 173,410 175,134 Installment 27 5 4 36 7,332 7,368 Total $ 1,821 935 11,051 13,807 3,118,571 3,132,378 Florida: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - - - - 21,653 21,653 Other - - - - 595 595 Real estate mortgage - 1 to 4 family: First mortgages 869 180 1,146 2,195 1,210,373 1,212,568 Home equity loans - 45 - 45 13,650 13,695 Home equity lines of credit - 89 - 89 55,753 55,842 Installment 18 - 5 23 2,025 2,048 Total $ 887 314 1,151 2,352 1,304,049 1,306,401 Total: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - 233 45 278 168,438 168,716 Other - - - - 31,484 31,484 Real estate mortgage - 1 to 4 family: First mortgages 2,172 419 11,013 13,604 3,922,698 3,936,302 Home equity loans 136 45 224 405 61,480 61,885 Home equity lines of credit 355 547 911 1,813 229,163 230,976 Installment 45 5 9 59 9,357 9,416 Total $ 2,708 1,249 12,202 16,159 4,422,620 4,438,779 * Includes New York, New Jersey, Vermont and Massachusetts. At September 30, 2022 and December 31, 2021, there were no loans that were 90 days past due and still accruing interest. As a result, non-accrual loans include all loans 90 days or more past due as well as certain loans less than 90 days past due that were placed on non-accrual status for reasons other than delinquent status. There are no commitments to extend further credit on non-accrual or restructured loans. The Company transfers loans to other real estate owned, at fair value less cost to sell, in the period the Company obtains physical possession of the property (through legal title or through a deed in lieu). Other real estate owned is included in Other assets on the Balance Sheet. As of September 30,2022 other real estate owned included $ thousand of residential foreclosed properties. In addition, non-accrual residential mortgage loans that are in the process of foreclosure had an amortized cost of $9.6 million as of September 30, 2022 . As of December 31, 2021, other real estate owned included $362 thousand of residential foreclosed properties. In addition, non-accrual residential mortgage loans that were in the process of foreclosure had a recorded investment of $9.7 million as of December 31, 2021 Loans individually evaluated for impairment are non-accrual loans delinquent greater than 180 days, non-accrual commercial loans, as well as loans classified as troubled debt restructurings. As of September 30, 2022 , there was no allowance for credit losses based on loans individually evaluated for impairment. Residential and installment non-accrual loans which are not TDRs or greater than 180 days delinquent are collectively evaluated to determine the allowance for credit loss. The following table presents the amortized cost basis in non-accrual loans by portfolio segment: September 30 2022 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 168 - 168 Other 11 - 11 Real estate mortgage - 1 to 4 family: First mortgages 13,869 1,943 15,812 Home equity loans 126 42 168 Home equity lines of credit 2,301 118 2,419 Installment 29 65 94 Total non-accrual loans 16,504 2,168 18,672 Restructured real estate mortgages - 1 to 4 family 12 - 12 Total nonperforming loans $ 16,516 $ 2,168 $ 18,684 For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for loan losses. The total nonperforming portion of these homogeneous loan pools as of December 31, 2021 is presented in the non-accrual loans table below. December 31, 2021 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 67 - 67 Other 45 - 45 Real estate mortgage - 1 to 4 family: First mortgages 13,990 1,797 15,787 Home equity loans 247 45 292 Home equity lines of credit 2,337 174 2,511 Installment 23 14 37 Total non-accrual loans 16,709 2,030 18,739 Restructured real estate mortgages - 1 to 4 family 17 - 17 Total nonperforming loans $ 16,726 2,030 18,756 * Includes New York, New Jersey, Vermont and Massachusetts. The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing: September 30, 2022 (dollars in thousands) Non-accrual With Non-accrual With Loans Past Due No Allowance for Allowance for Over 89 Days Credit Loss Credit Loss Still Accruing Commercial: Commercial real estate $ 168 - - Other 11 - - Real estate mortgage - 1 to 4 family: First mortgages 14,640 1,171 - Home equity loans 168 - - Home equity lines of credit 2,133 287 - Installment 16 78 - Total loans, net $ 17,136 1,536 - The non-accrual balance of $1.5 million disclosed above was collectively evaluated and the associated allowance for credit losses on loans was not material as of September 30, 2022 . A financial asset is considered collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. Expected Credit losses for the collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. The following table presents the amortized cost basis of individually analyzed collateral dependent loans by portfolio segment as of September 30, 2022: Type of Collateral (dollars in thousands) Real Estate Investment Securities/Cash Other Commercial: Commercial real estate $ 283 - - Other 11 - - Real estate mortgage - 1 to 4 family: First mortgages 22,720 - - Home equity loans 286 - - Home equity lines of credit 3,151 - - Installment 16 - - Total Allowance $ 26,467 - - Troubled Debt Restructuring Loans The Company has not committed to lend additio nal amounts to customers with outstanding loans that are classified as TDRs. Interest income recognized o n loans that are individually evaluated was not material du or months ended and A loan for which the terms have been modified, and for which a borrower is experiencing financial difficulties, is considered a TDR and is classified as individually evaluated. TDRs at September 30, 2022 are measured at the amortized cost using the loan’s effective rate at inception or fair value of the underlying collateral if the loan is considered collateral dependent. As of loans individually evaluated included approximately The following table presents, by class, loans that were modified as TDRs: Three months ended September 30, 2022 Three months ended September 30, 2021 New York and other states*: Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (dollars in thousands) Contracts Investment Investment Contracts Investment Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages 3 282 282 2 557 557 Home equity loans - - - - - - Home equity lines of credit - - - 1 31 31 Total 3 $ 282 282 3 $ 588 588 Florida: Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (dollars in thousands) Contracts Investment Investment Contracts Investment Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages - - - - - - Home equity loans - - - - - - Home equity lines of credit - - - - - - Total - $ - - - $ - - * Includes New York, New Jersey, Vermont and Massachusetts. Nine September 30, 2022 Nine September 30, 2021 New York and other states*: Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (dollars in thousands) Contracts Investment Investment Contracts Investment Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages 7 719 719 4 923 923 Home equity loans - - - 1 2 2 Home equity lines of credit - - - 3 88 88 Total 7 $ 719 719 8 $ 1,013 1,013 Florida: Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (dollars in thousands) Contracts Investment Investment Contracts Investment Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages - - - 1 78 78 Home equity loans - - - - - - Home equity lines of credit - - - - - - Total - $ - - 1 $ 78 78 The addition of these TDRs did not have a significant impact on the allowance for credit losses on loans. The nature of the modifications that resulted in them being classified as a TDR was the borrower filing for bankruptcy protection. In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s underwriting policy. In situations involving a borrower filing for Chapter 13 bankruptcy protection, a loan is considered to be in payment default once it is 30 days contractually past due, consistent with the treatment by the bankruptcy court. Prior to the adoption of CECL on January 1, 2022, the Company calculated allowance for loan losses using the incurred losses methodology. The following tables are the disclosures related to loans in prior periods. The following table presents impaired loans by loan class as of December 31, 2021: December 31, 2021 New York and other states*: Unpaid YTD Avg Recorded Principal Related Recorded (dollars in thousands) Investment Balance Allowance Investment Commercial: Commercial real estate $ 187 279 - 1,154 Other 45 45 - 107 Real estate mortgage - 1 to 4 family: First mortgages 13,687 13,875 - 14,072 Home equity loans 161 161 - 235 Home equity lines of credit 1,852 1,939 - 2,256 Total $ 15,932 16,299 - 17,824 Florida: Unpaid YTD Avg Recorded Principal Related Recorded (dollars in thousands) Investment Balance Allowance Investment Commercial: Commercial real estate $ - - - 105 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 2,368 2,368 - 2,562 Home equity loans - - - 16 Home equity lines of credit 204 204 - 246 Total $ 2,572 2,572 - 2,929 Total: Unpaid YTD Avg Recorded Principal Related Recorded (dollars in thousands) Investment Balance Allowance Investment Commercial: Commercial real estate $ 187 279 - 1,259 Other 45 45 - 107 Real estate mortgage - 1 to 4 family: First mortgages 16,055 16,243 - 16,634 Home equity loans 161 161 - 251 Home equity lines of credit 2,056 2,143 - 2,502 Total $ 18,504 18,871 - 20,753 * Includes New York, New Jersey, Vermont and Massachusetts. As of December 31, 2021 the risk category of loans by class of loans is as follows: December 31, 2021 New York and other states: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 145,500 1,563 147,063 Other 30,726 163 30,889 $ 176,226 1,726 177,952 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 21,113 540 21,653 Other 595 - 595 $ 21,708 540 22,248 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 166,613 2,103 168,716 Other 31,321 163 31,484 $ 197,934 2,266 200,200 * Includes New York, New Jersey and Massachusetts. Included in classified loans in the above tables are impaired loans of $226 thousand at December 31, 2021 . |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | (6) Fair Value of Financial Instruments FASB Topic 820, Fair Value Measurements ) Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity can access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the value that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate the fair value of assets and liabilities: Securities Available for Sale Other Real Estate Owned Individually evaluated loans : Periodically the Company records non-recurring adjustments to the carrying value of loans based on fair value measurements for partial charge-offs of the uncollectible portions of those loans. Non-recurring adjustments can also include certain adjustments for collateral-dependent loans to adjust balances to fair value and generally have had a chargeoff through the allowance for Credit losses. For collateral dependent loans, fair value is commonly based on recent real estate appraisals. Indications of value for both collateral-dependent loans and other real estate owned are obtained from third party providers or the Company’s internal Appraisal Department. All indications of value are reviewed for reasonableness by a member of the Appraisal Department for the assumptions and approaches utilized in the appraisal as well as the overall resulting fair value via comparison with independent data sources such as recent market data or industry-wide statistics. There were transfers between Level and Level during the and nine months ended and . Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: Fair Value Measurements at September 30 2022 Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (dollars in thousands) Value (Level 1) (Level 2) (Level 3) U.S. government sponsored enterprises $ 102,779 $ - $ 102,779 $ - State and political subdivisions 41 - 41 - Mortgage backed securities and collateralized mortgage obligations - residential 261,242 - 261,242 - Corporate bonds 81,002 - 81,002 - Small Business Administration- guaranteed participation securities 22,498 - 22,498 - Other securities 657 - 657 - Total securities available for sale $ 468,219 $ - $ 468,219 $ - Fair Value Measurements at December 31, 2021 Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (dollars in thousands) Value (Level 1) (Level 2) (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 59,179 $ - $ 59,179 $ - State and political subdivisions 41 - 41 - Mortgage backed securities and collateralized mortgage obligations - residential 270,798 - 270,798 - Corporate bonds 45,337 - 45,337 - Small Business Administration- guaranteed participation securities 31,674 - 31,674 - Other securities 684 - 684 - Total securities available for sale $ 407,713 $ - $ 407,713 $ - Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at September 30, 2022 Using: Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (dollars in thousands) Value (Level 1) (Level 2) (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 682 $ - $ - $ 682 Sales comparison approach Adjustments for differences between comparable sales 3% - 58% (31 %) Loans individually evaluated - - - - Sales comparison Adjustments for differences between comparable sales N/A Fair Value Measurements at December 31, 2021 Using: Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (dollars in thousands) Value (Level 1) (Level 2) (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 362 $ - $ - $ 362 Sales comparison approach Adjustments for differences between comparable sales 1% - 14% (6 %) Impaired loans: Real estate mortgage -1 to 4 family - - - - Sales comparison Adjustments for differences between comparable sales Other real estate owned, that is carried at fair value less costs to sell was approximately $ thousand at and consisted of residential real estate properties. There were no commercial real estate properties. There were no valuation charges included in earnings for the nine months ended Of the total individually evaluated loans of $ million at September 30, 2022, there are loans that are collateral dependent and are carried at fair value measured on a non-recurring basis Due to the sufficiency of charge offs taken on these loans and the adequacy of the underlying collateral, there were specific valuation allowances for these loans at September 30, 2022. There were no gross charge offs related to residential individually evaluated loans included in the table above for the three and nine months ended September 30, 2022. Other real estate owned, that is carried at fair value less costs to sell, was approximately $362 thousand at December 31, 2021 and consisted only residential real estate properties. A valuation charge of $121 thousand is included in earnings for the year ended December 31, 2021. Of the total impaired loans of $18.5 million at December 31, 2021, there were no impairments that are collateral dependent and are carried at fair value measured on a non-recurring basis. Due to the sufficiency of charge-offs taken on these loans and the adequacy of the underlying collateral, there were no specific valuation allowances for these loans at December 31, 2021. There were no gross charge-offs related to residential impaired loans included in the table above. In accordance with FASB Topic 825, Financial Instruments : (dollars in thousands) Fair Value Measurements at Carrying September 30 2022 Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 841,264 841,264 - - 841,264 Securities available for sale 468,219 - 468,219 - 468,219 Held to maturity securities 8,091 - 7,938 - 7,938 Federal Home Loan Bank stock 5,797 N/A N/A N/A N/A Net loans 4,583,974 - - 4,304,560 4,304,560 Accrued interest receivable 10,936 616 1,648 8,672 10,936 Financial liabilities: Demand deposits 859,829 859,829 - - 859,829 Interest bearing deposits 4,422,025 3,467,673 925,461 - 4,393,134 Short-term borrowings 124,932 - 124,932 - 124,932 Accrued interest payable 162 38 124 - 162 (dollars in thousands) Fair Value Measurements at Carrying December 31, 2021 Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 1,219,470 1,219,470 - - 1,219,470 Securities available for sale 407,713 - 407,713 - 407,713 Held to maturity securities 9,923 - 10,695 - 10,695 Federal Reserve Bank and Federal Home Loan Bank stock 5,604 N/A N/A N/A N/A Net loans 4,394,512 - - 4,451,031 4,451,031 Accrued interest receivable 9,099 10 1,235 7,854 9,099 Financial liabilities: Demand deposits 794,878 794,878 - - 794,878 Interest bearing deposits 4,473,251 3,477,937 993,676 - 4,471,613 Short-term borrowings 244,686 - 244,686 - 244,686 Accrued interest payable 163 34 129 - 163 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | (7) Accumulated Other Comprehensive Income (Loss) The following is a summary of the accumulated other comprehensive (loss) income balances, net of tax: Three months ended September 30, 2022 Amount Other reclassified Other Comprehensive from Accumulated Comprehensive loss- Balance at loss-Before Other Comprehensive Three months ended Balance at (dollars in thousands) 7/1/2022 Reclassifications Income 9/30/2022 9/30/2022 Net unrealized holding loss on securities available for sale, net of tax $ (21,106 ) (15,522 ) - (15,522 ) (36,628 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 13,706 - - - 13,706 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (2,022 ) - (265 ) (265 ) (2,287 ) Accumulated other comprehensive loss, net of tax $ (9,422 ) (15,522 ) (265 ) (15,787 ) (25,209 ) Three months ended September 30 2021 Amount Other reclassified Other Comprehensive from Accumulated Comprehensive loss- Balance at loss-Before Other Comprehensive Three months ended Balance at (dollars in thousands) 7/1/2021 Reclassifications Income 9/30/2021 9/30/2021 Net unrealized holding gain on securities available for sale, net of tax $ 3,347 (566 ) - (566 ) 2,781 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 6,084 - - - 6,084 Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax (1,591 ) - 30 30 (1,561 ) Accumulated other comprehensive income, net of tax $ 7,840 (566 ) 30 (536 ) 7,304 Nine months ended September 30, 2022 Amount Other reclassified Other Comprehensive from Accumulated Comprehensive loss- Balance at loss-Before Other Comprehensive Nine months ended Balance at (dollars in thousands) 1/1/2022 Reclassifications Income 9/30/2022 9/30/2022 Net unrealized holding loss on securities available for sale, net of tax $ (26 ) (36,602 ) - (36,602 ) (36,628 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 13,706 - - - 13,706 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (1,533 ) - (754 ) (754 ) (2,287 ) Accumulated other comprehensive income (loss), net of tax $ 12,147 (36,602 ) (754 ) (37,356 ) (25,209 ) Nine 2021 Amount Other reclassified Other Comprehensive from Accumulated Comprehensive loss- Balance at loss-Before Other Comprehensive Nine months ended Balance at (dollars in thousands) 1/1/2021 Reclassifications Income 9/30/2021 9/30/2021 Net unrealized holding gain on securities available for sale, net of tax $ 7,186 (4,405 ) - (4,405 ) 2,781 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 6,084 - - - 6,084 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (1,334 ) - (227 ) (227 ) (1,561 ) Accumulated other comprehensive income (loss), net of tax $ 11,936 (4,405 ) (227 ) (4,632 ) 7,304 The following represents the reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021: (dollars in thousands) Three months ended Nine September 30 September 30 2022 2021 2022 2021 Affected Line Item in Financial Statements Amortization of pension and postretirement benefit items: Amortization of net actuarial gain $ 280 137 $ 784 534 Salaries and employee benefits Amortization of prior service credit (cost) 78 (177 ) 235 (227 ) Salaries and employee benefits Income tax (benefit) expense (93 ) 10 (265 ) (80 ) Income taxes Net of tax 265 (30 ) 754 227 Total reclassifications, net of tax $ 265 (30 ) $ 754 227 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contracts with Customers [Abstract] | |
Revenue from Contracts with Customers | (8) Revenue from Contracts with Customers All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-Interest Income. The following table presents the Company’s sources of non-Interest Income for the three months and nine months ended September 30, 2022 and 2021. Items outside the scope of ASC 606 are noted as such. (dollars in thousands) Three months ended Nine September 30 September 30 2022 2021 2022 2021 Non-interest income Service Charges on Deposits Overdraft fees $ 714 735 $ 2,007 1,964 Other 494 518 1,466 1,479 Interchange Income 1,546 1,330 4,792 3,863 Wealth management fees 1,435 1,558 5,264 5,592 Other (a) 197 154 956 513 Total non-interest income $ 4,386 4,295 $ 14,485 13,411 (a) Not within the scope of ASC 606. A description of the Company’s revenue streams accounted in accordance with ASC 606 as follows: Service charges on Deposit Accounts: Interchange Income: Wealth Management fees: |
Operating Leases
Operating Leases | 9 Months Ended |
Sep. 30, 2022 | |
Operating Leases [Abstract] | |
Operating Leases | (9) Operating Leases The Company has committed to rent premises used in business operations under non-cancelable operating leases and determines if an arrangement meets the definition of a lease upon inception. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Company’s balance sheets. Operating lease ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate, therefore the Company used its incremental collateralized borrowing rates commensurate with the underlying lease terms to determine present value of operating lease liabilities. Additionally, the Company does allocate the consideration between lease and non-lease components. The Company’s lease terms may include options to extend when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease components, such as fair market value adjustments, are expensed as incurred and not included in ROU assets and operating lease liabilities. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. As of September 30, 2022 the Company did not have any leases with terms of twelve months or less. As of September the Company did not have any leases for which any related construction has not yet started. At September lease expiration dates ranged from to years and have a weighted average remaining lease term of years. Certain leases provide for increases in future minimum annual rental payments as defined in the lease agreements. As mentioned above the leases generally also include variable lease components which include real estate taxes, insurance, and common area maintenance (“CAM”) charges in the annual rental payments. Other information related to leases was as follows: (dollars in thousands) Three months ended September 30 2022 2021 Operating lease cost $ 2,062 2,010 Variable lease cost 565 499 Total Lease costs $ 2,627 2,509 (dollars in thousands) Nine months ended September 30 2022 2021 Operating lease cost $ 6,185 6,029 Variable lease cost 1,706 1,508 Total Lease costs $ 7,891 7,537 ( Nine months ended September 30, 2022 2021 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,262 6,121 Right-of-use assets obtained in exchange for lease obligations: 2,484 2,696 Weighted average remaining lease term 9.0 8.7 Weighted average discount rate 2.96 % 3.07 % Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows: (dollars in thousands) Year ending December 31, 2022 (a) $ 2,065 2023 8,234 2024 8,082 2025 7,675 2026 6,700 Thereafter 24,529 Total lease payments $ 57,285 Less: Interest 7,208 Present value of lease liabilities $ 50,077 (a) Excluding the nine months ended September 30, 2022. A member of the Board of Directors has an ownership interest in entities that own commercial real estate leased by the Company for use as branch locations. Total lease payments from the Company to those entities, which are included in the table above, owed at September 30, 2022, were $ million, which includes interest of $ thousand. |
Regulatory Capital Requirements
Regulatory Capital Requirements | 9 Months Ended |
Sep. 30, 2022 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Capital Requirements | (10) Regulatory Capital Requirements Banks and bank holding companies are subject to regulatory capital requirements administered by federal banking agencies. Capital adequacy regulations and, additionally for banks, the prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators. Failure to meet capital requirements can result in regulatory action. As of September 30, 2022, the Company and the Bank met all capital adequacy requirements to which they are subject. Prompt corrective action regulations provide five classifications: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized, although these terms are not used to represent overall financial condition. If a bank is not classified as well capitalized, regulatory approval is required to accept brokered deposits. If a bank is undercapitalized, capital distributions are limited, as is asset growth and expansion, and capital restoration plans are required. The federal banking agencies are required to take certain supervisory actions (and may take additional discretionary actions) with respect to an undercapitalized institution or its holding company. Such actions could have a direct material effect on an institution’s or its holding company’s financial statements. As of September 30, 2022 and December 31, 2021, the most recent regulatory notifications categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank’s category. The Bank and the Company reported the following capital ratios as of : (Bank Only) Minimum for As of September 30, 2022 Well Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized (1) Buffer (1)(2) Tier 1 leverage ratio $ 597,092 9.648 % 5.000 % 4.000 % Common equity tier 1 capital 597,092 18.333 6.500 7.000 Tier 1 risk-based capital 597,092 18.333 8.000 8.500 Total risk-based capital 637,906 19.586 10.000 10.500 As of December 31, 2021 Well Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized (1) Buffer (1)(2) Tier 1 leverage ratio $ 570,594 9.324 % 5.000 % 4.000 % Common equity tier 1 capital 570,594 18.954 6.500 7.000 Tier 1 risk-based capital 570,594 18.954 8.000 8.500 Total risk-based capital 608,308 20.206 10.000 10.500 (Consolidated) As of September 30, 2022 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 613,661 9.913 % 4.000 % Common equity tier 1 capital 613,661 18.837 7.000 Tier 1 risk-based capital 613,661 18.837 8.500 Total risk-based capital 654,486 20.090 10.500 As of December 31, 2021 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 588,427 9.614 % 4.000 % Common equity Tier 1 capital 588,427 19.541 7.000 Tier 1 risk-based capital 588,427 19.541 8.500 Total risk-based capital 626,150 20.794 10.500 (1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized (2) The September 30, 2022 and December 31, 2021 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | (11) New Accounting Pronouncements Staff Accounting Bulletin (“SAB”) No. 121 - In March 2022, the SEC issued SAB No. 121. This SAB adds interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for their platform users. Specifically, this SAB provides interpretive guidance on the accounting and disclosure of obligations to safeguard crypto-assets held for platform users. This guidance was applicable no later than the financial statement covering the first interim or annual period ending after June 15, 2022. The Company reviewed its business activities as of the date of adoption, June 30, 2022, and determined that SAB 121 is not materially impactful to the financial statements. Management has continued to monitor on a quarterly basis and has determined that SAB 121 is not materially impactful to the financial statements as of September 30, 2022. ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures: In March 2022, FASB issued ASU 2022-02 - Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructuring and Vintage Disclosures. ASU 2022-02 eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, the amendments in this ASU require that public business entities disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments - Credit Losses -Measured at Amortized Cost. For entities, like TrustCo, that have adopted the amendments in ASU 2016-13, the amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those years. Early adoption is permitted, including adoption in an interim period. An entity may elect to adopt the loan modification guidance and related disclosure enhancements separately from the amendments related to vintage disclosures. The amendments in this ASU should be applied prospectively, except for the amendments related to the recognition and measurement of TDRs which may be applied prospectively or using a modified retrospective transition method. The Company will adopt the ASU on January 1, 2023 and the adoption is not expect to have a material impact to the Company, however, new disclosures will be added. |
Risks and Uncertainties
Risks and Uncertainties | 9 Months Ended |
Sep. 30, 2022 | |
Risks and Uncertainties [Abstract] | |
Risks and Uncertainties | (12) Risks and Uncertainties While management believes that we have sufficient capital to withstand any further economic challenges brought on by the COVID-19 pandemic, our reported and regulatory capital ratios, as well as the ability of the Company and the Bank to pay dividends or make other distributions, could be adversely impacted by unanticipated credit losses. At this time, we do not believe there exists any impairment to our goodwill, long-lived assets, right of use assets, held to maturity investment securities, or available-for-sale investment securities due to the COVID-19 pandemic. It is uncertain whether prolonged effects of the COVID-19 pandemic will result in future impairment charges related to any of the aforementioned assets and continue to negatively impact net interest income, provision for credit losses, and noninterest income. Loan modifications and payment deferrals as a result of COVID-19 that met the criteria established under Section 4013 of the CARES Act or under applicable interagency guidance of the federal banking regulators were excluded from evaluation of TDR classification and were reported as current during the payment deferral period. The Company’s policy was to continue to accrue interest during the deferral period. Loans not meeting the CARES ACT or regulatory guidance were evaluated for TDR and non-accrual treatment under the Company’s existing policies and procedures. The relief provided by the CARES ACT expired on December 31, 2021. The Company doesn’t have any loan deferrals as of September 30, 2022. |
Financial Statement Presentat_2
Financial Statement Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Financial Statement Presentation [Abstract] | |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards On January 1, 2022, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses” (referred to as “CECL” and as Accounting Standards Codification Topic 326 (“ASC 326”)) which amended existing guidance to replace current generally accepted accounting principles used to measure a reporting entity’s credit losses. The main objective of this update is to provide financial statement users with enhanced financial disclosures for more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. To achieve this objective, the amendments in this update replace the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The allowance for credit losses on loans is a valuation account that is deducted from, or added to, the loans’ amortized cost basis to present the net, lifetime amount expected to be collected on the loans. The measurement of expected credit losses under the CECL methodology applies to financial assets measured at amortized cost including loan receivables and held-to-maturity debt securities. The update also applies to off-balance sheet exposures not accounted for as insurance (loan commitments, standby letters of credit, financial guarantees and other similar instruments). In addition, CECL made changes to the accounting for available for sale securities. One such change is to require credit losses to be presented as an allowance rather than as a write-down on available for sale debt securities that management does not intend to sell or believes that it is more likely than not they will be required to sell. As previously disclosed, the Company assembled a cross-functional working group that met regularly to oversee the implementation plan for CECL, which included the assessment and documentation of the processes and internal controls, model development and documentation, assessing existing loan and loss data, assessing models for default and loss estimates and conducting parallel runs and reviews through January 1, 2022. The Company adopted CECL using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. Results for reporting periods beginning after January 1, 2022 are presented under CECL while prior period amounts continue to be reported in accordance with previous applicable GAAP. On the adoption date, the Company increased the allowance for credit losses on loans by $2.4 million and increased the allowance for credit losses for unfunded commitments by $2.3 million (included in Accrued expenses and other liabilities). The Company recorded a net decrease to undivided profits of $3.5 million, net of $1.2 million in deferred tax balances as of January 1, 2022 for the cumulative effect of adopting CECL. The Company did not record an allowance for credit losses as of January 1, 2022 on its securities available for sale or held to maturity. The impact of the January 1, 2022 adoption entry is summarized in the table below: (in thousands) December 31, 2021 Pre-CECL Adoption Impact of Adoption January 1, 2022 Post-CECL Adoption Assets: Allowance for credit losses on loans $ 44,267 $ 2,353 $ 46,620 Allowance for credit losses on securities - - - Liabilities and shareholders’ equity: Other liabilities (ACL unfunded loan commitments) 18 2,335 2,353 Tax Effect, net - (1,218 ) - Total 44,285 3,470 48,973 Undivided Profits $ 349,056 $ (3,470 ) $ 345,586 |
Loans | Loans Loans that management has the intent and ability to hold for the near future or until maturity or payoff are reported at amortized cost net of allowance for credit losses on loans. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Interest income is accrued on unpaid principal balances. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. Interest income of mortgage and commercial loans is discontinued and placed on non-accrual status at the time the loan is 90 days delinquent. Non-accrual loans are individually reviewed and charged off at 180 days past due. Commercial loans are charged off to the extent principal or interest is deemed uncollectible. In all cases, loans are placed on non-accrual or charged off at an earlier date if collection of principal or interest is considered doubtful. All interest accrued but not received for loans placed on non-accrual is reversed against interest income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. Under the cash-basis method, interest income is recorded when the payment is received in cash. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought to current and future payments are reasonably assured. |
Accrued Interest Receivable | Accrued Interest Receivable The Company has made the following elections with regards to accrued interest receivable: the Company will continue to write off accrued interest receivable by reversing interest income; the Company has made the accounting policy election not to measure an allowance for credit losses for accrued interest receivables; and the Company elected to exclude accrued interest receivable balances from tabular disclosures and will present accrued interest receivable balances in other assets. |
Allowance for Credit Losses on Loans | Allowance for Credit Losses on Loans The allowance for credit losses on loans (“ACLL”) is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. Loan are charged off against the allowance when management believes the uncollectibility of the loan balance is confirmed. Expected recoveries are not to exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company has elected the Discounted Cash Flow methodology to determine its ACLL. Management estimates the allowance for credit loss on loans balance using relevant available information from internal and external sources related to past events, current conditions, and a reasonable and supportable forecast provided by a third party. The Company lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, historical credit loss experience in Florida and New York provides the quantitative basis for the estimation of expected credit losses. Complementary to that, a portion of its debtors’ ability to repay depends significantly on the economic employment conditions prevailing in the respective geographic territory. The ACLL reserve is overlaid with qualitative considerations for changes in underwriting standards, portfolio mix, delinquency levels, or economic conditions such as changes in the unemployment rates, property values, and gross metro product to make adjustments to historical loss information. Management judgment is required at each point in the measurement process. The allowance for unfunded commitments is maintained at a level by the Company determined to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). Management utilized the historical loss rate experience on the Company’s loan portfolio as the initial basis of the estimate using probability of default and loss given defaults derived from September 30, 2011 to January 1, 2022. A defaulted loan is a loan payment default once it is 90 days contractually past due. Management utilizes externally developed economic forecasts (Moody’s forecast scenarios) of unemployment rates within the key metropolitan areas in New York and Florida of which we serve to forecast probability of defaults and loss given defaults within the model. Management has determined that a reasonable and supportable forecast is 8 quarters enarios, Management considered the following: • Unemployment levels in relation to inflationary pressures; • Monetary and fiscal policy assumptions and movement of the federal funds rate in 2022; • Supply chain conditions and their impacts on Consumer Price indices (“CPI”), and • Inflationary pressures on housing, and Gross Metro Product (“GMP”). In determining the appropriate forecast to utilize, management considered the range of forecasted unemployment as well as a number of other economic indicators. Unemployment levels in the Baseline continued to be optimistic while not providing what management determined to be a full reflection of supply chain, workforce challenges, and inflationary pressures. The rising inflation, volatility in consumer confidence, supply chain, and workforce environment challenges, as well as monetary and geopolitical environmental considerations, drove management to elect the Stagflation forecast scenario. As of January 1, 2022, the Company has elected to fully utilize the Stagflation forecast scenario. The Company determined the forecast more appropriately considers inflationary pressures, and monetary policies observed currently and prospectively in the markets served. The ACLL reserve is then complemented with qualitative factors based upon GMP, CPI, and housing forecasts using the same scenario, and their related forecasts for the respective metropolitan regions of New York and Florida, and were factored into the calculation. The effective interest rate used to discount expected cash flows considered the timing of the expected cash flows resulting from prepayments that existed as of January 1, 2022. The prepayment-adjusted effective interest rate uses the original contractual rate and prepayment assumptions as of January 1, 2022. There were no changes in the Company’s methodology for the allowance for credit losses on loans for the period ended September 30, 2022 compared to the adoption date. The Company determined a contractual term excluding expected extensions, renewals and modifications. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The Company determined its allowance for credit losses on loans using a pool of assets with similar risk characteristics. The Company evaluates its risk characteristics based on regulatory call report codes where it was determined that the loans within the call codes were homogenous in nature and could be aggregated into the main categories for the Company portfolio. There were no changes to the loan pools under CECL for January 1, 2022 compared to previously disclosed loan segments. Loans that no longer match the risk profile of the pool are individually assessed for credit losses. Non-accrual loans that have been delinquent 180 days or greater, commercial non-accrual loans and loans identified as troubled debt restructuring (“TDR”) are individually assessed. The individual assessment for credit impairment is generally based on a discounted cash flow approach unless the asset is collateral dependent. The loan is considered collateral dependent when repayment is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. Collateral dependent loans are individually assessed and the expected credit loss is based on the fair value of the collateral. A loan for which terms have been modified resulting in a concession, and for which the borrower is experiencing financial difficulties is considered a TDR. In situations where the Bank considers a loan modification, management determines whether the borrower is experiencing financial difficulty by performing an evaluation of the probability that the borrower will be in payment default on any of its debt in the near future without the modification. This evaluation is performed under the Company’s underwriting policy. Generally, the modification of the terms of loans was the result of the borrower filing for bankruptcy protection. Chapter 13 bankruptcies generally include the deferral of all past due amounts for a period of generally 60 months in accordance with the bankruptcy court order. In the case of Chapter 7 bankruptcies, even though there was no modification of terms, the borrowers’ debt to the Company was discharged and they may not reaffirm the debt. The TDR that have subsequently defaulted have the underlying collateral evaluated at the time these loans were identified as TDRs, and a charge‑off was taken at that time, if necessary. Collateral values on these loans are reviewed for collateral sufficiency on a quarterly basis. |
Allowance for Credit Losses on Off-Balance Sheet Credit Exposures | Allowance for Credit Losses on Off-Balance Sheet Credit Exposures The Company estimates 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. The allowance for credit losses on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration that funding will occur and an estimate of expected credit losses on commitments is expected to be funded over its estimated life. The Company lends in the geographic territory of its branch locations in New York, Florida, Massachusetts, New Jersey and Vermont. Although the loan portfolio is diversified, a portion of its debtors’ ability to repay depends significantly on the economic conditions prevailing in the respective geographic territory. The following categories of off-balance sheet credit exposures have been identified: unfunded commitments to extend credit, unfunded lines of credit, residential mortgage pending closings and standby letters of credit. Each of these unfunded commitments is analyzed for a probability of funding to calculate a probable funding amount. The life of loan loss factor by related portfolio segment from the allowance for credit losses on loans calculation is then applied to the probable funding amount to calculate the estimated credit losses on off-balance sheet credit exposures recognized in other liabilities. The post adoption balance is included with Accrued expenses and other liabilities on consolidated statements of financial condition. Prospective changes in the reserve will be recorded through the provision for credit losses on the consolidated statements of income. |
Debt Securities | Debt Securities Debt securities are classified as held to maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available for sale when they might be sold before maturity. Securities available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. There were no debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2022. Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments. Premiums on callable debt securities are amortized to their earlier call date. Discounts are amortized to maturity date. Gains and losses are recorded on the trade date and determined using the specific identification method. A debt security is placed on non-accrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Timely principal and interest payments continue to be made on the securities. The unrealized losses in the portfolio are primarily attributable to changes in interest rates. |
Allowance for Credit Losses - Held to Maturity and Available-For-Sale Securities | Allowance for Credit Losses – Held to Maturity Securities The Company’s held to maturity securities are issued by U.S. government entities and agencies such as Ginnie Mae, Fannie Mae, and Freddie Mac. 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. Management measures expected credit losses on held to maturity debt securities on a collective basis by major security type, issuer and payment stream. The estimate of expected credit losses considers historical credit loss information adjusted for current conditions and reasonable and supportable forecasts provided by a third party servicer. Based on the nature of the securities held by the Company and the underlying guarantees, there was no allowance for credit losses recorded for held to maturity securities as of January 1, 2022. Accrued interest receivable on held to maturity securities totaled $33 thousand and is excluded from the estimate of credit losses. Historically the Company has not experienced uncollectible accrued interest receivable on its held-to-maturity securities portfolio. Allowance for Credit Losses – Available For Sale Securities For available for sale debit securities in an unrealized loss position, the entity first assesses whether it intends to sell, or if it is more likely that not that it will be required to sell the security before 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. For debt securities available for sale that do not meet the aforementioned criteria, in making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security and its issuer, among other factors. If the present value of the cash flows 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 recorded through other comprehensive income. Change in the allowance for credit losses is recorded as a provision for credit loss expense. Losses are charged against the allowance when management believes the uncollectibility of an available for sale security is confirmed or when either criteria regarding the intent or requirement to sell is met. The unrealized losses reported pertained to securities issued by the U.S. government and its sponsored entities, include agencies, and mortgage backed securities issued by Ginnie Mae, Fannie Mae, and Freddie Mac, which are currently well rated and guaranteed by the U.S. government. The Company does not intend to sell the securities, and it is not considered likely the Company will be required to sell these securities prior to recovery of the amortized cost. Timely principal and interest payments continue to be made on the securities. The unrealized losses in the portfolio are primarily attributable to changes in interest rates. Management does not believe any individual unrealized loss as of January 1, 2022 represents any credit loss and no realized losses have been recognized into provision for credit loss. |
Financial Statement Presentat_3
Financial Statement Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Financial Statement Presentation [Abstract] | |
Impact of Financial Instruments - Credit Losses Adoption | The impact of the January 1, 2022 adoption entry is summarized in the table below: (in thousands) December 31, 2021 Pre-CECL Adoption Impact of Adoption January 1, 2022 Post-CECL Adoption Assets: Allowance for credit losses on loans $ 44,267 $ 2,353 $ 46,620 Allowance for credit losses on securities - - - Liabilities and shareholders’ equity: Other liabilities (ACL unfunded loan commitments) 18 2,335 2,353 Tax Effect, net - (1,218 ) - Total 44,285 3,470 48,973 Undivided Profits $ 349,056 $ (3,470 ) $ 345,586 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Reconciliation of Earnings Per Share | A reconciliation of the component parts of earnings per share for the three and nine months ended September 30, 2022 and 2021 is as follows: (in thousands, except per share data) For the three months ended For the nine months ended September 30 September 30 2022 2021 2022 2021 Net income $ 19,364 16,762 $ 54,324 45,278 Weighted average common shares 19,111 19,249 19,159 19,272 Stock Options 1 3 1 6 Weighted average common shares including potential dilutive shares 19,112 19,252 19,160 19,278 Basic EPS $ 1.013 0.871 $ 2.835 2.349 Diluted EPS $ 1.013 0.871 $ 2.835 2.349 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Benefit Plans [Abstract] | |
Net Periodic Benefit | The table below outlines the components of the Company’s net periodic benefit recognized during the three and nine months ended September 30, 2022 and 2021 for its pension and other postretirement benefit plans Three months ended September 30 Pension Benefits Other Postretirement Benefits (dollars in thousands) 2022 2021 2022 2021 Service cost $ - - 4 9 Interest cost 222 214 52 60 Expected return on plan assets (807 ) (712 ) (333 ) (274 ) Amortization of net gain - - (280 ) (137 ) Amortization of prior service (credit) cost - - (78 ) 177 Net periodic benefit $ (585 ) (498 ) (635 ) (165 ) Nine September 30 Pension Benefits Other Postretirement Benefits (dollars in thousands) 2022 2021 2022 2021 Service cost $ - - 13 57 Interest cost 666 642 155 143 Expected return on plan assets (2,420 ) (2,135 ) (999 ) (891 ) Amortization of net gain - - (784 ) (534 ) Amortization of prior service cost (credit) - - (235 ) 227 Net periodic benefit $ (1,754 ) (1,493 ) (1,850 ) (998 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investment Securities [Abstract] | |
Amortized Cost and Fair Value of Securities Available For Sale | The amortized cost and fair value of the securities available for sale are as follows: September 30 2022 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value U.S. government sponsored enterprises $ 109,097 15 6,333 102,779 State and political subdivisions 41 - - 41 Mortgage backed securities and collateralized mortgage obligations - residential 297,131 - 35,889 261,242 Corporate bonds 85,764 - 4,762 81,002 Small Business Administration - guaranteed participation securities 24,883 - 2,385 22,498 Other 686 - 29 657 Total Securities Available for Sale $ 517,602 15 49,398 468,219 December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value U.S. government sponsored enterprises $ 59,976 - 797 59,179 State and political subdivisions 41 - - 41 Mortgage backed securities and collateralized mortgage obligations - residential 269,907 3,367 2,476 270,798 Corporate bonds 45,805 157 625 45,337 Small Business Administration - guaranteed participation securities 31,303 371 - 31,674 Other 685 - 1 684 Total Securities Available for Sale $ 407,717 3,895 3,899 407,713 |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Proceeds from Sales and Calls of Securities Available For Sale, Gross Realized Gains and Gross Realized Losses | The proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses from sales and calls during the three and nine months ended September 30, 2022 and 2021 are as follows: Three months ended September 30, (dollars in thousands) 2022 2021 Proceeds from sales $ - - Proceeds from calls/paydowns 14,376 47,100 Proceeds from maturities 5,000 3,500 Gross realized gains - - Gross realized losses - - Nine months ended September 30, (dollars in thousands) 2022 2021 Proceeds from sales $ - - Proceeds from calls/paydowns 57,714 123,550 Proceeds from maturities 15,050 8,555 Gross realized gains - - Gross realized losses - - |
Amortized Cost and Fair Value of Held to Maturity Securities | The amortized cost and fair value of the held to maturity securities are as follows: September 30 2022 Gross Gross Amortized Unrecognized Unrecognized Fair (dollars in thousands) Cost Gains Losses Value Mortgage backed securities and collateralized mortgage obligations - residential $ 8,091 122 275 7,938 Total held to maturity $ 8,091 122 275 7,938 December 31, 2021 Gross Gross Amortized Unrecognized Unrecognized Fair (dollars in thousands) Cost Gains Losses Value Mortgage backed securities and collateralized mortgage obligations - residential $ 9,923 773 1 10,695 Total held to maturity $ 9,923 773 1 10,695 |
Securities Available for Sale [Member] | |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Debt Securities Based on Securities Contractual Maturity | The following table categorizes the debt securities included in the (dollars in thousands) Amortized Fair Cost Value Mortgage backed securities and collateralized mortgage obligations - residential $ 8,091 7,938 $ 8,091 7,938 |
Gross Unrealized Losses on Investment Securities and Related Fair Values in Unrealized Loss Position | Gross unrealized losses on securities available for sale and the related fair values aggregated by the length of time that individual securities have been in an unrealized loss position, were as follows: September 30 2022 Less than 12 months 12 months or more Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unreal. (dollars in thousands) Value Loss Value Loss Value Loss U.S. government sponsored enterprises $ 43,300 1,315 54,964 5,018 98,264 6,333 Mortgage backed securities and collateralized mortgage obligations - residential 175,486 17,560 85,755 18,329 261,241 35,889 Corporate bonds 62,343 3,226 18,659 1,536 81,002 4,762 Small Business Administration - guaranteed participation securities 22,497 2,385 - - 22,497 2,385 Other 621 29 - - 621 29 Total $ 304,247 24,515 159,378 24,883 463,625 49,398 December 31, 2021 Less than 12 months 12 months or more Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unreal. (dollars in thousands) Value Loss Value Loss Value Loss U.S. government sponsored enterprises $ 49,279 697 9,900 100 59,179 797 Mortgage backed securities and collateralized mortgage obligations - residential 93,447 1,888 22,098 588 115,545 2,476 Corporate bonds 15,670 171 14,546 454 30,216 625 Other 648 1 - - 648 1 Total $ 159,044 2,757 46,544 1,142 205,588 3,899 |
Held to Maturity Securities [Member] | |
Securities, Available-for-sale and Held-to-maturity [Abstract] | |
Debt Securities Based on Securities Contractual Maturity | The following table categorize the debt securities included in the available for sale portfolio as of September 30, 2022 based on the securities’ final maturity. Actual maturities may differ because of securities prepayments and the right of certain issuers to call or prepay their obligations without penalty. Securities not due at a single maturity date are presented separately: Amortized Fair (dollars in thousands) Cost Value Due in one year or less $ 5,043 5,018 Due after one year through five years 186,045 174,946 Due after five years through ten years 4,500 4,515 Mortgage backed securities and collateralized mortgage obligations - residential 297,131 261,242 Small Business Administration - guaranteed participation securities 24,883 22,498 $ 517,602 468,219 |
Loan Portfolio and Allowance _2
Loan Portfolio and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Loan Portfolio and Allowance for Credit Losses [Abstract] | |
Recorded Investment in Loans by Portfolio Segment | The following table presents loans by portfolio segment: September 30, 2022 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 165,888 31,270 197,158 Other 19,089 873 19,962 Real estate mortgage - 1 to 4 family: First mortgages 2,762,616 1,312,097 4,074,713 Home equity loans 45,115 12,537 57,652 Home equity lines of credit 186,146 83,195 269,341 Installment 8,183 2,482 10,665 Total loans, net $ 3,187,037 1,442,454 4,629,491 Less: Allowance for credit losses 45,517 Net loans $ 4,583,974 * Includes New York, New Jersey, Vermont and Massachussetts. Prior to the adoption of CECL on January 1, 2022, the Company calculated allowance for loan losses using the incurred losses methodology. December 31, 2021 (dollars in thousands) New York and other states* Florida Total Commercial: Commercial real estate $ 147,063 21,653 168,716 Other 30,889 595 31,484 Real estate mortgage - 1 to 4 family: First mortgages 2,723,734 1,212,568 3,936,302 Home equity loans 48,190 13,695 61,885 Home equity lines of credit 175,134 55,842 230,976 Installment 7,368 2,048 9,416 Total loans, net $ 3,132,378 1,306,401 4,438,779 Less: Allowance for loan losses 44,267 Net loans $ 4,394,512 * Includes New York, New Jersey, Vermont and Massachussetts. |
Impact of Adoption in Allowance for Credit Losses by Portfolio Segment | The following table presents the impact of the January 1, 2022 adoption entry in the allowance for credit losses on loans by loan type: December 31, 2021 January 1, (dollars in thousands) Pre-Adoption Balance Impact of Adoption Post CECL Adoption Total Total Commercial: Commercial real estate $ 3,121 (1,100 ) 2,021 Other 14 114 128 Real estate mortgage - 1 to 4 family: First mortgages 37,249 1,703 38,952 Home equity loans 583 262 845 Home equity lines of credit 2,857 1,752 4,609 Installment 443 (378 ) 65 Total Allowance $ 44,267 2,353 46,620 |
Activity in Allowance For Credit Losses on Loans by Portfolio Segment | Activity in the allowance for credit losses on loans by portfolio segment for the three months ended September 30, 2022 is summarized as follows: For the three months ended September 30 ( dollars in s) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 2,274 42,880 131 45,285 Loans charged off: New York and other states* - 13 34 47 Florida - - - - Total loan chargeoffs - 13 34 47 Recoveries of loans previously charged off: New York and other states* - 177 - 177 Florida - - 2 2 Total recoveries - 177 2 179 Net loans (recoveries) charged off - (164 ) 32 (132 ) (Credit) provision for credit losses 155 (100 ) 45 100 Balance at end of period $ 2,429 42,944 144 45,517 * Includes New York, New Jersey, Vermont and Massachusetts. Activity in the allowance for loan losses by portfolio segment for the three months ended September 30, 2021 is summarized as follows: For the three months ended September 30 2021 ( dollars in s) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 4,106 45,617 432 50,155 Loans charged off: New York and other states* 30 72 17 119 Florida - 1 - 1 Total loan chargeoffs 30 73 17 120 Recoveries of loans previously charged off: New York and other states* - 111 3 114 Florida - 1 - 1 Total recoveries - 112 3 115 Net loan recoveries 30 (39 ) 14 5 (Credit) provision for loan losses (823 ) (2,003 ) 26 (2,800 ) Balance at end of period $ 3,253 43,653 444 47,350 * Includes New York, New Jersey, Vermont and Massachusetts. Activity in the allowance for credit losses on loans by portfolio segment for the nine months ended September 30, 2022 is summarized as follows: For the nine September 30 2022 (dollars in thousands) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 3,135 40,689 443 44,267 Impact of ASU 2016-13, Current Expected Credit Loss (CECL) (986 ) 3,717 (378 ) 2,353 Balance as of January 1, 2022 as adjusted for ASU 2016-13 2,149 44,406 65 46,620 Loans charged off: New York and other states* 40 25 53 118 Florida - - - - Total loan chargeoffs $ 40 $ 25 $ 53 $ 118 Recoveries of loans previously charged off: New York and other states* 4 405 4 414 Florida - - 2 2 Total recoveries 4 405 6 416 Net loans charged off 36 (380 ) 47 (297 ) Credit for loan losses 316 (1,842 ) 126 (1,400 ) Balance at end of period $ 2,429 42,944 144 45,517 Activity in the allowance for loan losses by portfolio segment for the nine months ended September 30, 2021 is summarized as follows: For the nine September 30 2021 (dollars in thousands) Real Estate Mortgage- Commercial 1 to 4 Family Installment Total Balance at beginning of period $ 4,140 44,950 505 49,595 Loans charged off: New York and other states* 30 178 25 233 Florida - 1 2 3 Total loan chargeoffs 30 179 27 236 Recoveries of loans previously charged off: New York and other states* 32 355 52 439 Florida - 2 - 2 Total recoveries 32 357 52 441 Net loan recoveries (2 ) (178 ) (25 ) (205 ) (Credit) provision for loan losses (889 ) (1,475 ) (86 ) (2,450 ) Balance at end of period $ 3,253 43,653 444 47,350 * Includes New York, New Jersey, Vermont and Massachusetts. |
Allowance For Loan Losses and Recorded Investment in Loans by Portfolio Segment and Based on Impairment Method | The following tables present the balance in the allowance for credit losses on loans by portfolio segment and based on impairment evaluation as of September 30, 2022: September 30 2022 ( dollars in s) 1-to-4 Family Commercial Residential Installment Loans Real Estate Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 2,429 42,944 144 45,517 Total ending allowance balance $ 2,429 42,944 144 45,517 Loans: Individually evaluated for impairment $ 294 26,157 16 26,467 Collectively evaluated for impairment 216,826 4,375,549 10,649 4,603,024 Total ending loans balance $ 217,120 4,401,706 10,665 4,629,491 Prior to the adoption of CECL on January 1, 2022, the Company calculated allowance for loan losses using the incurred losses methodology. The balance in the allowance for loan losses by portfolio segment is summarized as follows: December 31, 2021 ( dollars in s) 1-to-4 Family Commercial Residential Installment Loans Real Estate Loans Total Allowance for loan losses: Ending allowance balance attributable to loans: Individually evaluated for impairment $ - - - - Collectively evaluated for impairment 3,135 40,689 443 44,267 Total ending allowance balance 3,135 40,689 443 44,267 Loans: Individually evaluated for impairment $ 232 18,272 - 18,504 Collectively evaluated for impairment 199,968 4,210,891 9,416 4,420,275 Total ending loans balance $ 200,200 4,229,163 9,416 4,438,779 |
Allowance for Credit Losses on Unfunded Commitments | The Company’s activity in the allowance for credit losses on unfunded commitments were as follows: (In thousands) For the three months ended September 30, 2022 Balance at June 30, 2022 $ 3,162 Provision for credit losses 200 Balance at September 30, 2022 $ 3,362 (In thousands) For the nine months ended September 30, 2022 Balance at January 1, 2022 $ 18 Impact of Adopting CECL 2,335 Adjusted Balance at January 1, 2022 2,353 Provision for credit losses 1,009 Balance at September 30, 2022 $ 3,362 |
Risk Category Loans by Class of Loans | As of September 30, 2022, and based on the most recent analysis performed, the risk category of loans by class of loans, and gross chargeoffs year to date for each loan type by origination year was as follows: Loan Credit Quality (in thousands) September 30, 2022 Term Loans Amortized Cost Basis by Origination Year 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Basis Revolving Loan Converted to Term Total Commercial : Risk rating Pass $ 58,331 30,325 18,803 23,713 17,058 38,102 9,089 - $ 195,421 Special Mention - - 65 - 247 - - - 312 Substandard - - 115 - 132 1,178 - - 1,425 Total Commercial Loans $ 58,331 30,325 18,983 23,713 17,437 39,280 9,089 - $ 197,158 Commercial Loans: Current-period Gross writeoffs $ - - - - - 40 - - $ 40 $ - - - - - 40 - - $ 40 Commercial Other: Risk rating Pass $ 2,302 3,313 2,757 706 752 2,472 7,182 - $ 19,484 Special mention - 124 - - - - 40 - 164 Substandard - 216 - - - - 98 - 314 Total Commercial Real Estate Loans $ 2,302 3,653 2,757 706 752 2,472 7,320 - $ 19,962 Other Commercial Loans: Current-period Gross writeoffs $ - - - - - - - - - $ - - - - - - - - $ - Residential First Mortgage: Risk rating Performing $ 417,902 950,363 799,953 374,430 262,084 1,252,690 1,479 - $ 4,058,901 Nonperforming - 700 83 846 773 13,410 - - 15,812 Total First Mortgage: $ 417,902 951,063 800,036 375,276 262,857 1,266,100 1,479 - $ 4,074,713 Residential First Mortgage Loans: Current-period Gross writeoffs $ - - - - - 5 - - $ 5 $ - - - - - 5 - - $ 5 Home Equity Lines: Risk rating Performing $ 5,222 9,748 6,535 7,782 5,468 22,729 - - $ 57,484 Nonperforming - - - - - 168 - - 168 Total Home Equity Lines: $ 5,222 9,748 6,535 7,782 5,468 22,897 - - $ 57,652 Home Equity Loans: Current-period Gross writeoffs $ - - - - - - - - $ - $ - - - - - - - - $ - Home Equity Lines of Credit: Risk rating Performing $ 698 859 335 56 101 18,826 246,047 - $ 266,922 Nonperforming - 7 - - - 2,207 205 - 2,419 Total Home Equity Credit Lines: $ 698 866 335 56 101 21,033 246,252 - $ 269,341 Home Equity Lines of Credit: Current-period Gross writeoffs $ - - - - - 20 - - 20 $ - - - - - 20 - - $ 20 Installments: Risk rating Performing $ 4,068 2,758 943 918 469 293 1,122 - $ 10,571 Nonperforming - 25 - 67 - - 2 - 94 Total Installments $ 4,068 2,783 943 985 469 293 1,124 - $ 10,665 Installments Loans: Current-period Gross writeoffs $ - 36 6 6 2 3 - - 53 $ - 36 6 6 2 3 - - $ 53 As of December 31, 2021 the risk category of loans by class of loans is as follows: December 31, 2021 New York and other states: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 145,500 1,563 147,063 Other 30,726 163 30,889 $ 176,226 1,726 177,952 Florida: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 21,113 540 21,653 Other 595 - 595 $ 21,708 540 22,248 Total: (dollars in thousands) Pass Classified Total Commercial: Commercial real estate $ 166,613 2,103 168,716 Other 31,321 163 31,484 $ 197,934 2,266 200,200 * Includes New York, New Jersey and Massachusetts. |
Aging of Recorded Investment in Past Due Loans by Loan Class and by Region | The following tables present the aging of the amortized cost in past due loans by loan class and by region as of September 30,2022: September 30 2022 New York and other states*: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 39 - 123 162 165,726 165,888 Other - - 6 6 19,083 19,089 Real estate mortgage - 1 to 4 family: First mortgages 1,994 2,469 8,128 12,591 2,750,025 2,762,616 Home equity loans 46 66 55 167 44,948 45,115 Home equity lines of credit 359 150 730 1,239 184,907 186,146 Installment 3 25 16 44 8,139 8,183 Total $ 2,441 2,710 9,058 14,209 3,172,828 3,187,037 Florida: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - - - - 31,270 31,270 Other 124 - - 124 749 873 Real estate mortgage - 1 to 4 family: First mortgages 81 245 1,608 1,934 1,310,163 1,312,097 Home equity loans 7 - - 7 12,530 12,537 Home equity lines of credit 31 - - 31 83,164 83,195 Installment - - 62 62 2,420 2,482 Total $ 243 245 1,670 2,158 1,440,296 1,442,454 Total: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ 39 - 123 162 196,996 197,158 Other 124 - 6 130 19,832 19,962 Real estate mortgage - 1 to 4 family: First mortgages 2,075 2,714 9,736 14,525 4,060,188 4,074,713 Home equity loans 53 66 55 174 57,478 57,652 Home equity lines of credit 390 150 730 1,270 268,071 269,341 Installment 3 25 78 106 10,559 10,665 Total $ 2,684 2,955 10,728 16,367 4,613,124 4,629,491 * Includes New York, New Jersey, Vermont and Massachusetts. The following tables present the aging of the recorded investment in past due loans by loan class and by region as of December 31, 2021: December 31, 2021 New York and other states*: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - 233 45 278 146,785 147,063 Other - - - - 30,889 30,889 Real estate mortgage - 1 to 4 family: First mortgages 1,303 239 9,867 11,409 2,712,325 2,723,734 Home equity loans 136 - 224 360 47,830 48,190 Home equity lines of credit 355 458 911 1,724 173,410 175,134 Installment 27 5 4 36 7,332 7,368 Total $ 1,821 935 11,051 13,807 3,118,571 3,132,378 Florida: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - - - - 21,653 21,653 Other - - - - 595 595 Real estate mortgage - 1 to 4 family: First mortgages 869 180 1,146 2,195 1,210,373 1,212,568 Home equity loans - 45 - 45 13,650 13,695 Home equity lines of credit - 89 - 89 55,753 55,842 Installment 18 - 5 23 2,025 2,048 Total $ 887 314 1,151 2,352 1,304,049 1,306,401 Total: 30-59 60-89 90 + Total Days Days Days 30+ days Total (dollars in thousands) Past Due Past Due Past Due Past Due Current Loans Commercial: Commercial real estate $ - 233 45 278 168,438 168,716 Other - - - - 31,484 31,484 Real estate mortgage - 1 to 4 family: First mortgages 2,172 419 11,013 13,604 3,922,698 3,936,302 Home equity loans 136 45 224 405 61,480 61,885 Home equity lines of credit 355 547 911 1,813 229,163 230,976 Installment 45 5 9 59 9,357 9,416 Total $ 2,708 1,249 12,202 16,159 4,422,620 4,438,779 * Includes New York, New Jersey, Vermont and Massachusetts. |
Recorded Investment in Non-Accrual Loans by Loan Class | The following table presents the amortized cost basis in non-accrual loans by portfolio segment: September 30 2022 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 168 - 168 Other 11 - 11 Real estate mortgage - 1 to 4 family: First mortgages 13,869 1,943 15,812 Home equity loans 126 42 168 Home equity lines of credit 2,301 118 2,419 Installment 29 65 94 Total non-accrual loans 16,504 2,168 18,672 Restructured real estate mortgages - 1 to 4 family 12 - 12 Total nonperforming loans $ 16,516 $ 2,168 $ 18,684 For homogeneous loan pools, such as residential mortgages, home equity lines of credit, and installment loans, the Company uses payment status to identify the credit risk in these loan portfolios. Payment status is reviewed on a daily basis by the Bank’s collection area and on a monthly basis with respect to determining the adequacy of the allowance for loan losses. The total nonperforming portion of these homogeneous loan pools as of December 31, 2021 is presented in the non-accrual loans table below. December 31, 2021 (dollars in thousands) New York and other states* Florida Total Loans in non-accrual status: Commercial: Commercial real estate $ 67 - 67 Other 45 - 45 Real estate mortgage - 1 to 4 family: First mortgages 13,990 1,797 15,787 Home equity loans 247 45 292 Home equity lines of credit 2,337 174 2,511 Installment 23 14 37 Total non-accrual loans 16,709 2,030 18,739 Restructured real estate mortgages - 1 to 4 family 17 - 17 Total nonperforming loans $ 16,726 2,030 18,756 * Includes New York, New Jersey, Vermont and Massachusetts. |
Loans on Non-Accrual Status and Past Due More than 90 Days | The following table presents the amortized cost basis of loans on non-accrual status and loans past due over 89 days still accruing: September 30, 2022 (dollars in thousands) Non-accrual With Non-accrual With Loans Past Due No Allowance for Allowance for Over 89 Days Credit Loss Credit Loss Still Accruing Commercial: Commercial real estate $ 168 - - Other 11 - - Real estate mortgage - 1 to 4 family: First mortgages 14,640 1,171 - Home equity loans 168 - - Home equity lines of credit 2,133 287 - Installment 16 78 - Total loans, net $ 17,136 1,536 - |
Amortized Cost of Collateral-dependent Loans by Class | Type of Collateral (dollars in thousands) Real Estate Investment Securities/Cash Other Commercial: Commercial real estate $ 283 - - Other 11 - - Real estate mortgage - 1 to 4 family: First mortgages 22,720 - - Home equity loans 286 - - Home equity lines of credit 3,151 - - Installment 16 - - Total Allowance $ 26,467 - - |
Modified Loans by Class that were Determined to be TDR's | The following table presents, by class, loans that were modified as TDRs: Three months ended September 30, 2022 Three months ended September 30, 2021 New York and other states*: Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (dollars in thousands) Contracts Investment Investment Contracts Investment Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages 3 282 282 2 557 557 Home equity loans - - - - - - Home equity lines of credit - - - 1 31 31 Total 3 $ 282 282 3 $ 588 588 Florida: Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (dollars in thousands) Contracts Investment Investment Contracts Investment Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages - - - - - - Home equity loans - - - - - - Home equity lines of credit - - - - - - Total - $ - - - $ - - * Includes New York, New Jersey, Vermont and Massachusetts. Nine September 30, 2022 Nine September 30, 2021 New York and other states*: Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (dollars in thousands) Contracts Investment Investment Contracts Investment Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages 7 719 719 4 923 923 Home equity loans - - - 1 2 2 Home equity lines of credit - - - 3 88 88 Total 7 $ 719 719 8 $ 1,013 1,013 Florida: Pre-Modification Post-Modification Pre-Modification Post-Modification Outstanding Outstanding Outstanding Outstanding Number of Recorded Recorded Number of Recorded Recorded (dollars in thousands) Contracts Investment Investment Contracts Investment Investment Commercial: Commercial real estate - $ - - - $ - - Real estate mortgage - 1 to 4 family: First mortgages - - - 1 78 78 Home equity loans - - - - - - Home equity lines of credit - - - - - - Total - $ - - 1 $ 78 78 |
Impaired Loans by Loan Class | The following table presents impaired loans by loan class as of December 31, 2021: December 31, 2021 New York and other states*: Unpaid YTD Avg Recorded Principal Related Recorded (dollars in thousands) Investment Balance Allowance Investment Commercial: Commercial real estate $ 187 279 - 1,154 Other 45 45 - 107 Real estate mortgage - 1 to 4 family: First mortgages 13,687 13,875 - 14,072 Home equity loans 161 161 - 235 Home equity lines of credit 1,852 1,939 - 2,256 Total $ 15,932 16,299 - 17,824 Florida: Unpaid YTD Avg Recorded Principal Related Recorded (dollars in thousands) Investment Balance Allowance Investment Commercial: Commercial real estate $ - - - 105 Other - - - - Real estate mortgage - 1 to 4 family: First mortgages 2,368 2,368 - 2,562 Home equity loans - - - 16 Home equity lines of credit 204 204 - 246 Total $ 2,572 2,572 - 2,929 Total: Unpaid YTD Avg Recorded Principal Related Recorded (dollars in thousands) Investment Balance Allowance Investment Commercial: Commercial real estate $ 187 279 - 1,259 Other 45 45 - 107 Real estate mortgage - 1 to 4 family: First mortgages 16,055 16,243 - 16,634 Home equity loans 161 161 - 251 Home equity lines of credit 2,056 2,143 - 2,502 Total $ 18,504 18,871 - 20,753 * Includes New York, New Jersey, Vermont and Massachusetts. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value of Financial Instruments [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value under ASC 820 on a recurring basis are summarized below: Fair Value Measurements at September 30 2022 Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (dollars in thousands) Value (Level 1) (Level 2) (Level 3) U.S. government sponsored enterprises $ 102,779 $ - $ 102,779 $ - State and political subdivisions 41 - 41 - Mortgage backed securities and collateralized mortgage obligations - residential 261,242 - 261,242 - Corporate bonds 81,002 - 81,002 - Small Business Administration- guaranteed participation securities 22,498 - 22,498 - Other securities 657 - 657 - Total securities available for sale $ 468,219 $ - $ 468,219 $ - Fair Value Measurements at December 31, 2021 Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (dollars in thousands) Value (Level 1) (Level 2) (Level 3) Securities available for sale: U.S. government sponsored enterprises $ 59,179 $ - $ 59,179 $ - State and political subdivisions 41 - 41 - Mortgage backed securities and collateralized mortgage obligations - residential 270,798 - 270,798 - Corporate bonds 45,337 - 45,337 - Small Business Administration- guaranteed participation securities 31,674 - 31,674 - Other securities 684 - 684 - Total securities available for sale $ 407,713 $ - $ 407,713 $ - |
Assets Measured at Fair Value on Non-Recurring Basis | Assets measured at fair value on a non-recurring basis are summarized below: Fair Value Measurements at September 30, 2022 Using: Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (dollars in thousands) Value (Level 1) (Level 2) (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 682 $ - $ - $ 682 Sales comparison approach Adjustments for differences between comparable sales 3% - 58% (31 %) Loans individually evaluated - - - - Sales comparison Adjustments for differences between comparable sales N/A Fair Value Measurements at December 31, 2021 Using: Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Carrying Identical Assets Inputs Inputs (dollars in thousands) Value (Level 1) (Level 2) (Level 3) Valuation technique Unobservable inputs Range (Weighted Average) Other real estate owned $ 362 $ - $ - $ 362 Sales comparison approach Adjustments for differences between comparable sales 1% - 14% (6 %) Impaired loans: Real estate mortgage -1 to 4 family - - - - Sales comparison Adjustments for differences between comparable sales |
Carrying Amounts and Estimated Fair Values of Financial Instruments | In accordance with FASB Topic 825, Financial Instruments : (dollars in thousands) Fair Value Measurements at Carrying September 30 2022 Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 841,264 841,264 - - 841,264 Securities available for sale 468,219 - 468,219 - 468,219 Held to maturity securities 8,091 - 7,938 - 7,938 Federal Home Loan Bank stock 5,797 N/A N/A N/A N/A Net loans 4,583,974 - - 4,304,560 4,304,560 Accrued interest receivable 10,936 616 1,648 8,672 10,936 Financial liabilities: Demand deposits 859,829 859,829 - - 859,829 Interest bearing deposits 4,422,025 3,467,673 925,461 - 4,393,134 Short-term borrowings 124,932 - 124,932 - 124,932 Accrued interest payable 162 38 124 - 162 (dollars in thousands) Fair Value Measurements at Carrying December 31, 2021 Value Level 1 Level 2 Level 3 Total Financial assets: Cash and cash equivalents $ 1,219,470 1,219,470 - - 1,219,470 Securities available for sale 407,713 - 407,713 - 407,713 Held to maturity securities 9,923 - 10,695 - 10,695 Federal Reserve Bank and Federal Home Loan Bank stock 5,604 N/A N/A N/A N/A Net loans 4,394,512 - - 4,451,031 4,451,031 Accrued interest receivable 9,099 10 1,235 7,854 9,099 Financial liabilities: Demand deposits 794,878 794,878 - - 794,878 Interest bearing deposits 4,473,251 3,477,937 993,676 - 4,471,613 Short-term borrowings 244,686 - 244,686 - 244,686 Accrued interest payable 163 34 129 - 163 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Abstract] | |
Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax | The following is a summary of the accumulated other comprehensive (loss) income balances, net of tax: Three months ended September 30, 2022 Amount Other reclassified Other Comprehensive from Accumulated Comprehensive loss- Balance at loss-Before Other Comprehensive Three months ended Balance at (dollars in thousands) 7/1/2022 Reclassifications Income 9/30/2022 9/30/2022 Net unrealized holding loss on securities available for sale, net of tax $ (21,106 ) (15,522 ) - (15,522 ) (36,628 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 13,706 - - - 13,706 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (2,022 ) - (265 ) (265 ) (2,287 ) Accumulated other comprehensive loss, net of tax $ (9,422 ) (15,522 ) (265 ) (15,787 ) (25,209 ) Three months ended September 30 2021 Amount Other reclassified Other Comprehensive from Accumulated Comprehensive loss- Balance at loss-Before Other Comprehensive Three months ended Balance at (dollars in thousands) 7/1/2021 Reclassifications Income 9/30/2021 9/30/2021 Net unrealized holding gain on securities available for sale, net of tax $ 3,347 (566 ) - (566 ) 2,781 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 6,084 - - - 6,084 Net change in net actuarial gain and prior service cost on pension and postretirement benefit plans, net of tax (1,591 ) - 30 30 (1,561 ) Accumulated other comprehensive income, net of tax $ 7,840 (566 ) 30 (536 ) 7,304 Nine months ended September 30, 2022 Amount Other reclassified Other Comprehensive from Accumulated Comprehensive loss- Balance at loss-Before Other Comprehensive Nine months ended Balance at (dollars in thousands) 1/1/2022 Reclassifications Income 9/30/2022 9/30/2022 Net unrealized holding loss on securities available for sale, net of tax $ (26 ) (36,602 ) - (36,602 ) (36,628 ) Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 13,706 - - - 13,706 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (1,533 ) - (754 ) (754 ) (2,287 ) Accumulated other comprehensive income (loss), net of tax $ 12,147 (36,602 ) (754 ) (37,356 ) (25,209 ) Nine 2021 Amount Other reclassified Other Comprehensive from Accumulated Comprehensive loss- Balance at loss-Before Other Comprehensive Nine months ended Balance at (dollars in thousands) 1/1/2021 Reclassifications Income 9/30/2021 9/30/2021 Net unrealized holding gain on securities available for sale, net of tax $ 7,186 (4,405 ) - (4,405 ) 2,781 Net change in overfunded position in pension and postretirement plans arising during the year, net of tax 6,084 - - - 6,084 Net change in net actuarial gain and prior service credit on pension and postretirement benefit plans, net of tax (1,334 ) - (227 ) (227 ) (1,561 ) Accumulated other comprehensive income (loss), net of tax $ 11,936 (4,405 ) (227 ) (4,632 ) 7,304 |
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | The following represents the reclassifications out of accumulated other comprehensive income (loss) for the three and nine months ended September 30, 2022 and 2021: (dollars in thousands) Three months ended Nine September 30 September 30 2022 2021 2022 2021 Affected Line Item in Financial Statements Amortization of pension and postretirement benefit items: Amortization of net actuarial gain $ 280 137 $ 784 534 Salaries and employee benefits Amortization of prior service credit (cost) 78 (177 ) 235 (227 ) Salaries and employee benefits Income tax (benefit) expense (93 ) 10 (265 ) (80 ) Income taxes Net of tax 265 (30 ) 754 227 Total reclassifications, net of tax $ 265 (30 ) $ 754 227 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contracts with Customers [Abstract] | |
Source of Non-Interest Income | All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-Interest Income. The following table presents the Company’s sources of non-Interest Income for the three months and nine months ended September 30, 2022 and 2021. Items outside the scope of ASC 606 are noted as such. (dollars in thousands) Three months ended Nine September 30 September 30 2022 2021 2022 2021 Non-interest income Service Charges on Deposits Overdraft fees $ 714 735 $ 2,007 1,964 Other 494 518 1,466 1,479 Interchange Income 1,546 1,330 4,792 3,863 Wealth management fees 1,435 1,558 5,264 5,592 Other (a) 197 154 956 513 Total non-interest income $ 4,386 4,295 $ 14,485 13,411 (a) Not within the scope of ASC 606. |
Operating Leases (Tables)
Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Operating Leases [Abstract] | |
Other Information Related to Leases | Other information related to leases was as follows: (dollars in thousands) Three months ended September 30 2022 2021 Operating lease cost $ 2,062 2,010 Variable lease cost 565 499 Total Lease costs $ 2,627 2,509 (dollars in thousands) Nine months ended September 30 2022 2021 Operating lease cost $ 6,185 6,029 Variable lease cost 1,706 1,508 Total Lease costs $ 7,891 7,537 |
Supplemental Cash Flows Information | ( Nine months ended September 30, 2022 2021 Supplemental cash flows information: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 6,262 6,121 Right-of-use assets obtained in exchange for lease obligations: 2,484 2,696 Weighted average remaining lease term 9.0 8.7 Weighted average discount rate 2.96 % 3.07 % |
Future Minimum Lease Payments | Future minimum lease payments under non-cancellable leases as of September 30, 2022 were as follows: (dollars in thousands) Year ending December 31, 2022 (a) $ 2,065 2023 8,234 2024 8,082 2025 7,675 2026 6,700 Thereafter 24,529 Total lease payments $ 57,285 Less: Interest 7,208 Present value of lease liabilities $ 50,077 (a) Excluding the nine months ended September 30, 2022. |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Regulatory Capital Requirements [Abstract] | |
Actual Capital Amounts and Ratios | The Bank and the Company reported the following capital ratios as of : (Bank Only) Minimum for As of September 30, 2022 Well Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized (1) Buffer (1)(2) Tier 1 leverage ratio $ 597,092 9.648 % 5.000 % 4.000 % Common equity tier 1 capital 597,092 18.333 6.500 7.000 Tier 1 risk-based capital 597,092 18.333 8.000 8.500 Total risk-based capital 637,906 19.586 10.000 10.500 As of December 31, 2021 Well Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Capitalized (1) Buffer (1)(2) Tier 1 leverage ratio $ 570,594 9.324 % 5.000 % 4.000 % Common equity tier 1 capital 570,594 18.954 6.500 7.000 Tier 1 risk-based capital 570,594 18.954 8.000 8.500 Total risk-based capital 608,308 20.206 10.000 10.500 (Consolidated) As of September 30, 2022 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 613,661 9.913 % 4.000 % Common equity tier 1 capital 613,661 18.837 7.000 Tier 1 risk-based capital 613,661 18.837 8.500 Total risk-based capital 654,486 20.090 10.500 As of December 31, 2021 Minimum for Capital Adequacy plus Capital Conservation (dollars in thousands) Amount Ratio Buffer (1)(2) Tier 1 leverage ratio $ 588,427 9.614 % 4.000 % Common equity Tier 1 capital 588,427 19.541 7.000 Tier 1 risk-based capital 588,427 19.541 8.500 Total risk-based capital 626,150 20.794 10.500 (1) Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized (2) The September 30, 2022 and December 31, 2021 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent |
Financial Statement Presentat_4
Financial Statement Presentation, Recently Adopted Accounting Standards (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Recently Adopted Accounting Standards [Abstract] | |||||
Allowance for credit losses on securities available for sale | $ 0 | ||||
Allowance for credit losses on securities held to maturity | 0 | ||||
Assets [Abstract] | |||||
Allowance for credit losses on loans | 45,517 | $ 44,267 | $ 47,350 | $ 49,595 | |
Liabilities and Shareholders' Equity [Abstract] | |||||
Undivided Profits | 379,769 | 349,056 | |||
Pre-CECL Adoption [Member] | |||||
Assets [Abstract] | |||||
Allowance for credit losses on loans | 44,267 | ||||
Allowance for credit losses on securities | 0 | ||||
Liabilities and Shareholders' Equity [Abstract] | |||||
Tax Effect, net | 0 | ||||
Total | 44,285 | ||||
Undivided Profits | 349,056 | ||||
Unfunded Loan Commitment [Member] | |||||
Assets [Abstract] | |||||
Allowance for credit losses on loans | $ 3,362 | $ 3,162 | 18 | ||
Unfunded Loan Commitment [Member] | Pre-CECL Adoption [Member] | |||||
Liabilities and Shareholders' Equity [Abstract] | |||||
Other liabilities (ACL unfunded loan commitments) | 18 | ||||
ASU 2016-13 [Member] | |||||
Assets [Abstract] | |||||
Allowance for credit losses on loans | 46,620 | ||||
Allowance for credit losses on securities | 0 | ||||
Liabilities and Shareholders' Equity [Abstract] | |||||
Tax Effect, net | 0 | ||||
Total | 48,973 | ||||
Undivided Profits | 345,586 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | |||||
Assets [Abstract] | |||||
Allowance for credit losses on loans | 2,353 | ||||
ASU 2016-13 [Member] | Unfunded Loan Commitment [Member] | |||||
Assets [Abstract] | |||||
Allowance for credit losses on loans | 2,353 | ||||
Liabilities and Shareholders' Equity [Abstract] | |||||
Other liabilities (ACL unfunded loan commitments) | 2,353 | ||||
ASU 2016-13 [Member] | Unfunded Loan Commitment [Member] | Impact of Adoption [Member] | |||||
Assets [Abstract] | |||||
Allowance for credit losses on loans | 2,335 | ||||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Recently Adopted Accounting Standards [Abstract] | |||||
Allowance for credit losses on securities available for sale | 0 | ||||
Allowance for credit losses on securities held to maturity | 0 | ||||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Impact of Adoption [Member] | |||||
Assets [Abstract] | |||||
Allowance for credit losses on loans | 2,353 | ||||
Allowance for credit losses on securities | 0 | ||||
Liabilities and Shareholders' Equity [Abstract] | |||||
Tax Effect, net | (1,218) | ||||
Total | 3,470 | ||||
Undivided Profits | (3,470) | ||||
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Unfunded Loan Commitment [Member] | Impact of Adoption [Member] | |||||
Liabilities and Shareholders' Equity [Abstract] | |||||
Other liabilities (ACL unfunded loan commitments) | $ 2,335 |
Financial Statement Presentat_5
Financial Statement Presentation, Loans (Details) | 9 Months Ended |
Sep. 30, 2022 | |
Loans [Abstract] | |
Non-payment period of loans moved to non-accrual status | 90 days |
Non-accrual loans review and charge off period | 180 days |
Financial Statement Presentat_6
Financial Statement Presentation, Allowance for Credit Losses on Loans (Details) | 9 Months Ended |
Sep. 30, 2022 Scenario | |
Allowance for Credit Losses on Loans [Abstract] | |
Number of days past due when loans are considered to be in payment default | 90 days |
Period considered for reasonable and supportable forecast | 24 months |
Number of economic scenarios evaluated by management | 2 |
Non-payment period of non-accrual loans for individual assessment | 180 days |
Deferral period of chapter 13 bankruptcies | 60 months |
Financial Statement Presentat_7
Financial Statement Presentation, Debt Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Sep. 30, 2022 |
Financial Statement Presentation [Abstract] | ||
Other-than-temporary impairment on debt securities | $ 0 | |
Threshold period to place debt security on nonaccrual status | 90 days |
Financial Statement Presentat_8
Financial Statement Presentation, Allowance for Credit Losses - Held to Maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Allowance for Credit Losses - Held to Maturity Securities [Abstract] | ||
Allowance for credit losses on securities held to maturity | $ 0 | |
Accrued interest receivable on held to maturity securities | $ 33 | |
ASU 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Allowance for Credit Losses - Held to Maturity Securities [Abstract] | ||
Allowance for credit losses on securities held to maturity | $ 0 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reconciliation of the component parts of earnings per share [Abstract] | ||||||||
Net income | $ 19,364 | $ 17,871 | $ 17,089 | $ 16,762 | $ 14,433 | $ 14,083 | $ 54,324 | $ 45,278 |
Weighted average common shares (in shares) | 19,111 | 19,249 | 19,159 | 19,272 | ||||
Stock Options (in shares) | 1 | 3 | 1 | 6 | ||||
Weighted average common shares including potential dilutive shares (in shares) | 19,112 | 19,252 | 19,160 | 19,278 | ||||
Basic EPS (in dollars per share) | $ 1.013 | $ 0.871 | $ 2.835 | $ 2.349 | ||||
Diluted EPS (in dollars per share) | $ 1.013 | $ 0.871 | $ 2.835 | $ 2.349 | ||||
Stock Options [Member] | ||||||||
Antidilutive Securities [Abstract] | ||||||||
Number of anti-dilutive stock options excluded from diluted earnings per share (in shares) | 1 | 60 | 1 | 60 |
Benefit Plans (Details)
Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Components of net periodic benefit cost [Abstract] | ||||
Contribution made to pension and postretirement plans | $ 0 | |||
Pension Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | $ 0 | $ 0 | 0 | $ 0 |
Interest cost | 222 | 214 | 666 | 642 |
Expected return on plan assets | (807) | (712) | (2,420) | (2,135) |
Amortization of net gain | 0 | 0 | 0 | 0 |
Amortization of prior service (credit) cost | 0 | 0 | 0 | 0 |
Net periodic benefit | (585) | (498) | (1,754) | (1,493) |
Other Postretirement Benefits [Member] | ||||
Components of net periodic benefit cost [Abstract] | ||||
Service cost | 4 | 9 | 13 | 57 |
Interest cost | 52 | 60 | 155 | 143 |
Expected return on plan assets | (333) | (274) | (999) | (891) |
Amortization of net gain | (280) | (137) | (784) | (534) |
Amortization of prior service (credit) cost | (78) | 177 | (235) | 227 |
Net periodic benefit | $ (635) | $ (165) | $ (1,850) | $ (998) |
Investment Securities, Availabl
Investment Securities, Available-for-sale Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | $ 517,602 | $ 407,717 |
Gross Unrealized Gains | 15 | 3,895 |
Gross Unrealized Losses | 49,398 | 3,899 |
Fair Value | 468,219 | 407,713 |
U. S. Government Sponsored Enterprises [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 109,097 | 59,976 |
Gross Unrealized Gains | 15 | 0 |
Gross Unrealized Losses | 6,333 | 797 |
Fair Value | 102,779 | 59,179 |
State and Political Subdivisions [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 41 | 41 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 41 | 41 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 297,131 | 269,907 |
Gross Unrealized Gains | 0 | 3,367 |
Gross Unrealized Losses | 35,889 | 2,476 |
Fair Value | 261,242 | 270,798 |
Corporate Bonds [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 85,764 | 45,805 |
Gross Unrealized Gains | 0 | 157 |
Gross Unrealized Losses | 4,762 | 625 |
Fair Value | 81,002 | 45,337 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 24,883 | 31,303 |
Gross Unrealized Gains | 0 | 371 |
Gross Unrealized Losses | 2,385 | 0 |
Fair Value | 22,498 | 31,674 |
Other [Member] | ||
Amortized cost and fair value of the securities available for sale [Abstract] | ||
Amortized Cost | 686 | 685 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 29 | 1 |
Fair Value | $ 657 | $ 684 |
Investment Securities, Availa_2
Investment Securities, Available-for-sale Securities, Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost [Abstract] | ||
Due in one year or less | $ 5,043 | |
Due after one year through five years | 186,045 | |
Due after five years through ten years | 4,500 | |
Amortized Cost | 517,602 | $ 407,717 |
Fair Value [Abstract] | ||
Due in one year or less | 5,018 | |
Due in one year through five years | 174,946 | |
Due after five years through ten years | 4,515 | |
Fair Value | 468,219 | 407,713 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 297,131 | |
Amortized Cost | 297,131 | 269,907 |
Fair Value [Abstract] | ||
Securities, fair value | 261,242 | |
Fair Value | 261,242 | 270,798 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Amortized Cost [Abstract] | ||
Securities, amortized cost | 24,883 | |
Amortized Cost | 24,883 | 31,303 |
Fair Value [Abstract] | ||
Securities, fair value | 22,498 | |
Fair Value | $ 22,498 | $ 31,674 |
Investment Securities, Availa_3
Investment Securities, Available-for-sale Securities, Gross Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | $ 304,247 | $ 159,044 |
12 months or more - Fair Value | 159,378 | 46,544 |
Total - Fair Value | 463,625 | 205,588 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 24,515 | 2,757 |
12 months or more - Gross Unrealized Loss | 24,883 | 1,142 |
Total - Gross Unrealized Loss | 49,398 | 3,899 |
Available-for-sale, allowance for credit loss | 0 | |
U. S. Government Sponsored Enterprises [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 43,300 | 49,279 |
12 months or more - Fair Value | 54,964 | 9,900 |
Total - Fair Value | 98,264 | 59,179 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 1,315 | 697 |
12 months or more - Gross Unrealized Loss | 5,018 | 100 |
Total - Gross Unrealized Loss | 6,333 | 797 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 175,486 | 93,447 |
12 months or more - Fair Value | 85,755 | 22,098 |
Total - Fair Value | 261,241 | 115,545 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 17,560 | 1,888 |
12 months or more - Gross Unrealized Loss | 18,329 | 588 |
Total - Gross Unrealized Loss | 35,889 | 2,476 |
Corporate Bonds [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 62,343 | 15,670 |
12 months or more - Fair Value | 18,659 | 14,546 |
Total - Fair Value | 81,002 | 30,216 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 3,226 | 171 |
12 months or more - Gross Unrealized Loss | 1,536 | 454 |
Total - Gross Unrealized Loss | 4,762 | 625 |
Small Business Administration-Guaranteed Participation Securities [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 22,497 | |
12 months or more - Fair Value | 0 | |
Total - Fair Value | 22,497 | |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 2,385 | |
12 months or more - Gross Unrealized Loss | 0 | |
Total - Gross Unrealized Loss | 2,385 | |
Other [Member] | ||
Available for sale securities unrealized loss position - Fair Value [Abstract] | ||
Less than 12 months - Fair Value | 621 | 648 |
12 months or more - Fair Value | 0 | 0 |
Total - Fair Value | 621 | 648 |
Available for sale securities unrealized loss position - Gross Unrealized Loss [Abstract] | ||
Less than 12 months - Gross Unrealized Loss | 29 | 1 |
12 months or more - Gross Unrealized Loss | 0 | 0 |
Total - Gross Unrealized Loss | $ 29 | $ 1 |
Investment Securities, Availa_4
Investment Securities, Available-for-sale Securities, Transaction Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Proceeds from sales and calls of securities available for sale, gross realized gains and gross realized losses [Abstract] | ||||
Proceeds from sales | $ 0 | $ 0 | $ 0 | $ 0 |
Proceeds from calls/paydowns | 14,376 | 47,100 | 57,714 | 123,550 |
Proceeds from maturities | 5,000 | 3,500 | 15,050 | 8,555 |
Gross realized gains | 0 | 0 | 0 | 0 |
Gross realized losses | 0 | 0 | 0 | 0 |
Sales and transfers of available for sale securities | $ 0 | $ 0 | $ 0 | $ 0 |
Investment Securities, Held-to-
Investment Securities, Held-to-maturity Securities, Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | $ 8,091 | $ 9,923 |
Gross Unrecognized Gains | 122 | 773 |
Gross Unrecognized Losses | 275 | 1 |
Fair Value | 7,938 | 10,695 |
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | ||
Amortized cost and fair value of the held to maturity securities [Abstract] | ||
Amortized Cost | 8,091 | 9,923 |
Gross Unrecognized Gains | 122 | 773 |
Gross Unrecognized Losses | 275 | 1 |
Fair Value | $ 7,938 | $ 10,695 |
Investment Securities, Held-t_2
Investment Securities, Held-to-maturity Securities, Maturity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Amortized Cost [Abstract] | |||
Amortized Cost | $ 8,091 | $ 9,923 | |
Fair Value [Abstract] | |||
Fair Value | 7,938 | 10,695 | |
Held-to-maturity, Continuous Unrealized Loss Position, Fair Value [Abstract] | |||
Held to maturity securities fair value | 3,700 | 442 | |
Held to maturity securities in unrecognized loss of less than 12 months | 275 | 1 | |
Sales and transfers of held to maturity securities | 0 | $ 0 | |
Held-to-maturity, allowance for credit loss | 0 | ||
Held to maturity securities on non-accrual status | 0 | ||
Mortgage-Backed Securities and Collateralized Mortgage Obligations - Residential [Member] | |||
Amortized Cost [Abstract] | |||
Securities, amortized cost | 8,091 | ||
Amortized Cost | 8,091 | 9,923 | |
Fair Value [Abstract] | |||
Securities, fair value | 7,938 | ||
Fair Value | $ 7,938 | $ 10,695 |
Loan Portfolio and Allowance _3
Loan Portfolio and Allowance for Credit Losses, Recorded Investment in Loans by Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable [Abstract] | |||||||
Total loans | $ 4,629,491 | ||||||
Less: Allowance for credit losses on loans | 45,517 | $ 44,267 | $ 47,350 | $ 49,595 | |||
Net loans | 4,583,974 | ||||||
Total loans, net | 4,438,779 | ||||||
Less: Allowance for credit losses on loans | $ 45,285 | 44,267 | 47,350 | $ 50,155 | |||
Net loans | 4,394,512 | ||||||
New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | [1] | 3,187,037 | |||||
Total loans, net | [1] | 3,132,378 | |||||
Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 1,442,454 | ||||||
Total loans, net | 1,306,401 | ||||||
Real Estate Construction Loans [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 36,600 | 37,300 | |||||
Residential Borrowers [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 14,100 | 17,900 | |||||
Commercial Borrowers Residential Purpose [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 22,500 | 19,400 | |||||
Commercial [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 217,120 | ||||||
Less: Allowance for credit losses on loans | 2,429 | 3,135 | 3,253 | 4,140 | |||
Total loans, net | 200,200 | ||||||
Less: Allowance for credit losses on loans | 2,274 | 3,135 | 3,253 | 4,106 | |||
Commercial [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 177,952 | ||||||
Commercial [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans, net | 22,248 | ||||||
Commercial [Member] | Commercial Real Estate [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 197,158 | ||||||
Total loans, net | 168,716 | ||||||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | [1] | 165,888 | |||||
Total loans, net | [1] | 147,063 | |||||
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 31,270 | ||||||
Total loans, net | 21,653 | ||||||
Commercial [Member] | Other [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 19,962 | ||||||
Total loans, net | 31,484 | ||||||
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | [1] | 19,089 | |||||
Total loans, net | [1] | 30,889 | |||||
Commercial [Member] | Other [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 873 | ||||||
Total loans, net | 595 | ||||||
Commercial [Member] | PPP Loans [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 1,400 | 10,000 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 4,401,706 | ||||||
Less: Allowance for credit losses on loans | 42,944 | 40,689 | 43,653 | 44,950 | |||
Total loans, net | 4,229,163 | ||||||
Less: Allowance for credit losses on loans | 42,880 | 40,689 | 43,653 | 45,617 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 4,074,713 | ||||||
Total loans, net | 3,936,302 | ||||||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | [1] | 2,762,616 | |||||
Total loans, net | [1] | 2,723,734 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 1,312,097 | ||||||
Total loans, net | 1,212,568 | ||||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 57,652 | ||||||
Total loans, net | 61,885 | ||||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | [1] | 45,115 | |||||
Total loans, net | [1] | 48,190 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 12,537 | ||||||
Total loans, net | 13,695 | ||||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 269,341 | ||||||
Total loans, net | 230,976 | ||||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | [1] | 186,146 | |||||
Total loans, net | [1] | 175,134 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 83,195 | ||||||
Total loans, net | 55,842 | ||||||
Installment [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | 10,665 | ||||||
Less: Allowance for credit losses on loans | 144 | 443 | 444 | $ 505 | |||
Total loans, net | 9,416 | ||||||
Less: Allowance for credit losses on loans | $ 131 | 443 | $ 444 | $ 432 | |||
Installment [Member] | New York and Other States [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | [1] | 8,183 | |||||
Total loans, net | [1] | 7,368 | |||||
Installment [Member] | Florida [Member] | |||||||
Loans and Leases Receivable [Abstract] | |||||||
Total loans | $ 2,482 | ||||||
Total loans, net | $ 2,048 | ||||||
[1]Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance _4
Loan Portfolio and Allowance for Credit Losses, Impact of Adoption in Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | $ 45,517 | $ 44,267 | $ 47,350 | $ 49,595 |
Commercial [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 2,429 | 3,135 | 3,253 | 4,140 |
Real Estate Mortgage - 1 to 4 Family [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 42,944 | 40,689 | 43,653 | 44,950 |
Installment [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | $ 144 | 443 | $ 444 | $ 505 |
Pre-Adoption Balance [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 44,267 | |||
Pre-Adoption Balance [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 3,121 | |||
Pre-Adoption Balance [Member] | Commercial [Member] | Other [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 14 | |||
Pre-Adoption Balance [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 37,249 | |||
Pre-Adoption Balance [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 583 | |||
Pre-Adoption Balance [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 2,857 | |||
Pre-Adoption Balance [Member] | Installment [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 443 | |||
ASU 2016-13 [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 46,620 | |||
ASU 2016-13 [Member] | Commercial [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 2,149 | |||
ASU 2016-13 [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 2,021 | |||
ASU 2016-13 [Member] | Commercial [Member] | Other [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 128 | |||
ASU 2016-13 [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 44,406 | |||
ASU 2016-13 [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 38,952 | |||
ASU 2016-13 [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 845 | |||
ASU 2016-13 [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 4,609 | |||
ASU 2016-13 [Member] | Installment [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 65 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 2,353 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Commercial [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | (986) | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Commercial [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | (1,100) | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Commercial [Member] | Other [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 114 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 3,717 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 1,703 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 262 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | 1,752 | |||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Installment [Member] | ||||
Financing Receivable Allowance For Credit Loss [Abstract] | ||||
Allowance for credit losses | $ (378) |
Loan Portfolio and Allowance _5
Loan Portfolio and Allowance for Credit Losses, Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | $ 45,285 | $ 50,155 | $ 44,267 | ||
Balance at beginning of period | 44,267 | $ 49,595 | |||
Loans charged off [Abstract] | |||||
Total loan charge offs | 47 | 120 | 118 | 236 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 179 | 115 | 416 | 441 | |
Net loans (recoveries) charged off | (132) | 5 | (297) | (205) | |
(Credit) provision for credit losses | 100 | (2,800) | (1,400) | (2,450) | |
Balance at end of period | 45,517 | 47,350 | 45,517 | 47,350 | |
Balance at end of period | 47,350 | 47,350 | |||
New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 47 | 119 | 118 | 233 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 177 | 114 | 414 | 439 |
Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 1 | 0 | 3 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 2 | 1 | 2 | 2 | |
Commercial [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 2,274 | 4,106 | 3,135 | ||
Balance at beginning of period | 3,135 | 4,140 | |||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 30 | 40 | 30 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 0 | 0 | 4 | 32 | |
Net loans (recoveries) charged off | 0 | 30 | 36 | (2) | |
(Credit) provision for credit losses | 155 | (823) | 316 | (889) | |
Balance at end of period | 2,429 | 3,253 | 2,429 | 3,253 | |
Balance at end of period | 3,253 | 3,253 | |||
Commercial [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 0 | 30 | 40 | 30 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 0 | 0 | 4 | 32 |
Commercial [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 0 | 0 | 0 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 0 | 0 | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 42,880 | 45,617 | 40,689 | ||
Balance at beginning of period | 40,689 | 44,950 | |||
Loans charged off [Abstract] | |||||
Total loan charge offs | 13 | 73 | 25 | 179 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 177 | 112 | 405 | 357 | |
Net loans (recoveries) charged off | (164) | (39) | (380) | (178) | |
(Credit) provision for credit losses | (100) | (2,003) | (1,842) | (1,475) | |
Balance at end of period | 42,944 | 43,653 | 42,944 | 43,653 | |
Balance at end of period | 43,653 | 43,653 | |||
Real Estate Mortgage - 1 to 4 Family [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 13 | 72 | 25 | 178 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 177 | 111 | 405 | 355 |
Real Estate Mortgage - 1 to 4 Family [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 1 | 0 | 1 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 0 | 1 | 0 | 2 | |
Installment [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 131 | 432 | 443 | ||
Balance at beginning of period | 443 | 505 | |||
Loans charged off [Abstract] | |||||
Total loan charge offs | 34 | 17 | 53 | 27 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | 2 | 3 | 6 | 52 | |
Net loans (recoveries) charged off | 32 | 14 | 47 | (25) | |
(Credit) provision for credit losses | 45 | 26 | 126 | (86) | |
Balance at end of period | 144 | 444 | 144 | 444 | |
Balance at end of period | 444 | 444 | |||
Installment [Member] | New York and Other States [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | [1] | 34 | 17 | 53 | 25 |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | [1] | 0 | 3 | 4 | 52 |
Installment [Member] | Florida [Member] | |||||
Loans charged off [Abstract] | |||||
Total loan charge offs | 0 | 0 | 0 | 2 | |
Recoveries of loans previously charged off [Abstract] | |||||
Total recoveries | $ 2 | $ 0 | 2 | $ 0 | |
ASU 2016-13 [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 46,620 | ||||
ASU 2016-13 [Member] | Commercial [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 2,149 | ||||
ASU 2016-13 [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 44,406 | ||||
ASU 2016-13 [Member] | Installment [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 65 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 2,353 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Commercial [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | (986) | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Real Estate Mortgage - 1 to 4 Family [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | 3,717 | ||||
ASU 2016-13 [Member] | Impact of Adoption [Member] | Installment [Member] | |||||
Allowance for loan losses by portfolio segment [Roll Forward] | |||||
Balance at beginning of period | $ (378) | ||||
[1]Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance _6
Loan Portfolio and Allowance for Credit Losses, Based on Impairment Review Method (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | $ 0 | $ 0 | ||||
Collectively evaluated for impairment | 45,517 | 44,267 | ||||
Total ending allowance balance | 45,517 | 44,267 | $ 47,350 | $ 49,595 | ||
Total ending allowance balance | $ 45,285 | 44,267 | 47,350 | $ 50,155 | ||
Loans [Abstract] | ||||||
Individually evaluated for impairment | 26,467 | 18,504 | ||||
Collectively evaluated for impairment | 4,603,024 | 4,420,275 | ||||
Total loans | 4,629,491 | |||||
Total loans | 4,438,779 | |||||
Commercial [Member] | ||||||
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 2,429 | 3,135 | ||||
Total ending allowance balance | 2,429 | 3,135 | 3,253 | 4,140 | ||
Total ending allowance balance | 2,274 | 3,135 | 3,253 | 4,106 | ||
Loans [Abstract] | ||||||
Individually evaluated for impairment | 294 | 232 | ||||
Collectively evaluated for impairment | 216,826 | 199,968 | ||||
Total loans | 217,120 | |||||
Total loans | 200,200 | |||||
1 to 4 Family Residential Real Estate [Member] | ||||||
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 42,944 | 40,689 | ||||
Total ending allowance balance | 42,944 | 40,689 | 43,653 | 44,950 | ||
Total ending allowance balance | 42,880 | 40,689 | 43,653 | 45,617 | ||
Loans [Abstract] | ||||||
Individually evaluated for impairment | 26,157 | 18,272 | ||||
Collectively evaluated for impairment | 4,375,549 | 4,210,891 | ||||
Total loans | 4,401,706 | |||||
Total loans | 4,229,163 | |||||
Installment [Member] | ||||||
Ending allowance balance attributable to loans [Abstract] | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 144 | 443 | ||||
Total ending allowance balance | 144 | 443 | 444 | $ 505 | ||
Total ending allowance balance | $ 131 | 443 | $ 444 | $ 432 | ||
Loans [Abstract] | ||||||
Individually evaluated for impairment | 16 | 0 | ||||
Collectively evaluated for impairment | 10,649 | 9,416 | ||||
Total loans | $ 10,665 | |||||
Total loans | $ 9,416 |
Loan Portfolio and Allowance _7
Loan Portfolio and Allowance for Credit Losses, Allowance for Credit Losses on Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | $ 44,267 | |
Balance at end of period | $ 45,517 | 45,517 |
Unfunded Loan Commitment [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | 3,162 | 18 |
Provision for credit losses | 200 | 1,009 |
Balance at end of period | $ 3,362 | 3,362 |
ASU 2016-13 [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | 46,620 | |
ASU 2016-13 [Member] | Unfunded Loan Commitment [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | 2,353 | |
ASU 2016-13 [Member] | Impact of Adoption [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | 2,353 | |
ASU 2016-13 [Member] | Impact of Adoption [Member] | Unfunded Loan Commitment [Member] | ||
Allowance for Credit Losses on Unfunded Commitments [Abstract] | ||
Balance at beginning of period | $ 2,335 |
Loan Portfolio and Allowance _8
Loan Portfolio and Allowance for Credit Losses, Risk Category of Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | ||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | $ 4,629,491 | $ 4,629,491 | ||||
Total loans, net | $ 4,438,779 | |||||
Current-period Gross writeoffs | 47 | $ 120 | 118 | $ 236 | ||
Impaired loans included in classified loans | 226 | |||||
New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | [1] | 3,187,037 | 3,187,037 | |||
Total loans, net | [1] | 3,132,378 | ||||
Current-period Gross writeoffs | [1] | 47 | 119 | 118 | 233 | |
Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | 1,442,454 | 1,442,454 | ||||
Total loans, net | 1,306,401 | |||||
Current-period Gross writeoffs | 0 | 1 | 0 | 3 | ||
Commercial [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | 217,120 | 217,120 | ||||
Total loans, net | 200,200 | |||||
Current-period Gross writeoffs | 0 | 30 | 40 | 30 | ||
Commercial [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 177,952 | |||||
Current-period Gross writeoffs | [1] | 0 | 30 | 40 | 30 | |
Commercial [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 22,248 | |||||
Current-period Gross writeoffs | 0 | 0 | 0 | 0 | ||
Commercial [Member] | Pass [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 197,934 | |||||
Commercial [Member] | Pass [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 176,226 | |||||
Commercial [Member] | Pass [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 21,708 | |||||
Commercial [Member] | Classified [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 2,266 | |||||
Commercial [Member] | Classified [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 1,726 | |||||
Commercial [Member] | Classified [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 540 | |||||
Commercial [Member] | Commercial Real Estate [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 58,331 | 58,331 | ||||
2021 | 30,325 | 30,325 | ||||
2020 | 18,983 | 18,983 | ||||
2019 | 23,713 | 23,713 | ||||
2018 | 17,437 | 17,437 | ||||
Prior | 39,280 | 39,280 | ||||
Revolving Loans Amortized Cost Basis | 9,089 | 9,089 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 197,158 | 197,158 | ||||
Total loans, net | 168,716 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
Prior | 40 | |||||
Revolving Loans Amortized Cost Basis Writeoffs | 0 | |||||
Revolving Loan Converted to Term Writeoffs | 0 | |||||
Current-period Gross writeoffs | 40 | |||||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | [1] | 165,888 | 165,888 | |||
Total loans, net | [1] | 147,063 | ||||
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | 31,270 | 31,270 | ||||
Total loans, net | 21,653 | |||||
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 58,331 | 58,331 | ||||
2021 | 30,325 | 30,325 | ||||
2020 | 18,803 | 18,803 | ||||
2019 | 23,713 | 23,713 | ||||
2018 | 17,058 | 17,058 | ||||
Prior | 38,102 | 38,102 | ||||
Revolving Loans Amortized Cost Basis | 9,089 | 9,089 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 195,421 | 195,421 | ||||
Total loans, net | 166,613 | |||||
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 145,500 | |||||
Commercial [Member] | Commercial Real Estate [Member] | Pass [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 21,113 | |||||
Commercial [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 0 | 0 | ||||
2021 | 0 | 0 | ||||
2020 | 65 | 65 | ||||
2019 | 0 | 0 | ||||
2018 | 247 | 247 | ||||
Prior | 0 | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 312 | 312 | ||||
Commercial [Member] | Commercial Real Estate [Member] | Substandard [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 0 | 0 | ||||
2021 | 0 | 0 | ||||
2020 | 115 | 115 | ||||
2019 | 0 | 0 | ||||
2018 | 132 | 132 | ||||
Prior | 1,178 | 1,178 | ||||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 1,425 | 1,425 | ||||
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 2,103 | |||||
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 1,563 | |||||
Commercial [Member] | Commercial Real Estate [Member] | Classified [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 540 | |||||
Commercial [Member] | Other [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 2,302 | 2,302 | ||||
2021 | 3,653 | 3,653 | ||||
2020 | 2,757 | 2,757 | ||||
2019 | 706 | 706 | ||||
2018 | 752 | 752 | ||||
Prior | 2,472 | 2,472 | ||||
Revolving Loans Amortized Cost Basis | 7,320 | 7,320 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 19,962 | 19,962 | ||||
Total loans, net | 31,484 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
Prior | 0 | |||||
Revolving Loans Amortized Cost Basis Writeoffs | 0 | |||||
Revolving Loan Converted to Term Writeoffs | 0 | |||||
Current-period Gross writeoffs | 0 | |||||
Commercial [Member] | Other [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | [1] | 19,089 | 19,089 | |||
Total loans, net | [1] | 30,889 | ||||
Commercial [Member] | Other [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | 873 | 873 | ||||
Total loans, net | 595 | |||||
Commercial [Member] | Other [Member] | Pass [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 2,302 | 2,302 | ||||
2021 | 3,313 | 3,313 | ||||
2020 | 2,757 | 2,757 | ||||
2019 | 706 | 706 | ||||
2018 | 752 | 752 | ||||
Prior | 2,472 | 2,472 | ||||
Revolving Loans Amortized Cost Basis | 7,182 | 7,182 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 19,484 | 19,484 | ||||
Total loans, net | 31,321 | |||||
Commercial [Member] | Other [Member] | Pass [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 30,726 | |||||
Commercial [Member] | Other [Member] | Pass [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 595 | |||||
Commercial [Member] | Other [Member] | Special Mention [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 0 | 0 | ||||
2021 | 124 | 124 | ||||
2020 | 0 | 0 | ||||
2019 | 0 | 0 | ||||
2018 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans Amortized Cost Basis | 40 | 40 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 164 | 164 | ||||
Commercial [Member] | Other [Member] | Substandard [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 0 | 0 | ||||
2021 | 216 | 216 | ||||
2020 | 0 | 0 | ||||
2019 | 0 | 0 | ||||
2018 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans Amortized Cost Basis | 98 | 98 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 314 | 314 | ||||
Commercial [Member] | Other [Member] | Classified [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 163 | |||||
Commercial [Member] | Other [Member] | Classified [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 163 | |||||
Commercial [Member] | Other [Member] | Classified [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans, net | 0 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | 4,401,706 | 4,401,706 | ||||
Total loans, net | 4,229,163 | |||||
Current-period Gross writeoffs | 13 | 73 | 25 | 179 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Current-period Gross writeoffs | [1] | 13 | 72 | 25 | 178 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Current-period Gross writeoffs | 0 | 1 | 0 | 1 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 417,902 | 417,902 | ||||
2021 | 951,063 | 951,063 | ||||
2020 | 800,036 | 800,036 | ||||
2019 | 375,276 | 375,276 | ||||
2018 | 262,857 | 262,857 | ||||
Prior | 1,266,100 | 1,266,100 | ||||
Revolving Loans Amortized Cost Basis | 1,479 | 1,479 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 4,074,713 | 4,074,713 | ||||
Total loans, net | 3,936,302 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
Prior | 5 | |||||
Revolving Loans Amortized Cost Basis Writeoffs | 0 | |||||
Revolving Loan Converted to Term Writeoffs | 0 | |||||
Current-period Gross writeoffs | 5 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | [1] | 2,762,616 | 2,762,616 | |||
Total loans, net | [1] | 2,723,734 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | 1,312,097 | 1,312,097 | ||||
Total loans, net | 1,212,568 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Performing [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 417,902 | 417,902 | ||||
2021 | 950,363 | 950,363 | ||||
2020 | 799,953 | 799,953 | ||||
2019 | 374,430 | 374,430 | ||||
2018 | 262,084 | 262,084 | ||||
Prior | 1,252,690 | 1,252,690 | ||||
Revolving Loans Amortized Cost Basis | 1,479 | 1,479 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 4,058,901 | 4,058,901 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Nonperforming [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 0 | 0 | ||||
2021 | 700 | 700 | ||||
2020 | 83 | 83 | ||||
2019 | 846 | 846 | ||||
2018 | 773 | 773 | ||||
Prior | 13,410 | 13,410 | ||||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 15,812 | 15,812 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 5,222 | 5,222 | ||||
2021 | 9,748 | 9,748 | ||||
2020 | 6,535 | 6,535 | ||||
2019 | 7,782 | 7,782 | ||||
2018 | 5,468 | 5,468 | ||||
Prior | 22,897 | 22,897 | ||||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 57,652 | 57,652 | ||||
Total loans, net | 61,885 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
Prior | 0 | |||||
Revolving Loans Amortized Cost Basis Writeoffs | 0 | |||||
Revolving Loan Converted to Term Writeoffs | 0 | |||||
Current-period Gross writeoffs | 0 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | [1] | 45,115 | 45,115 | |||
Total loans, net | [1] | 48,190 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | 12,537 | 12,537 | ||||
Total loans, net | 13,695 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Performing [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 5,222 | 5,222 | ||||
2021 | 9,748 | 9,748 | ||||
2020 | 6,535 | 6,535 | ||||
2019 | 7,782 | 7,782 | ||||
2018 | 5,468 | 5,468 | ||||
Prior | 22,729 | 22,729 | ||||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 57,484 | 57,484 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Nonperforming [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 0 | 0 | ||||
2021 | 0 | 0 | ||||
2020 | 0 | 0 | ||||
2019 | 0 | 0 | ||||
2018 | 0 | 0 | ||||
Prior | 168 | 168 | ||||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 168 | 168 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 698 | 698 | ||||
2021 | 866 | 866 | ||||
2020 | 335 | 335 | ||||
2019 | 56 | 56 | ||||
2018 | 101 | 101 | ||||
Prior | 21,033 | 21,033 | ||||
Revolving Loans Amortized Cost Basis | 246,252 | 246,252 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 269,341 | 269,341 | ||||
Total loans, net | 230,976 | |||||
2022 | 0 | |||||
2021 | 0 | |||||
2020 | 0 | |||||
2019 | 0 | |||||
2018 | 0 | |||||
Prior | 20 | |||||
Revolving Loans Amortized Cost Basis Writeoffs | 0 | |||||
Revolving Loan Converted to Term Writeoffs | 0 | |||||
Current-period Gross writeoffs | 20 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | [1] | 186,146 | 186,146 | |||
Total loans, net | [1] | 175,134 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | 83,195 | 83,195 | ||||
Total loans, net | 55,842 | |||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Performing [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 698 | 698 | ||||
2021 | 859 | 859 | ||||
2020 | 335 | 335 | ||||
2019 | 56 | 56 | ||||
2018 | 101 | 101 | ||||
Prior | 18,826 | 18,826 | ||||
Revolving Loans Amortized Cost Basis | 246,047 | 246,047 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 266,922 | 266,922 | ||||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Nonperforming [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 0 | 0 | ||||
2021 | 7 | 7 | ||||
2020 | 0 | 0 | ||||
2019 | 0 | 0 | ||||
2018 | 0 | 0 | ||||
Prior | 2,207 | 2,207 | ||||
Revolving Loans Amortized Cost Basis | 205 | 205 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 2,419 | 2,419 | ||||
Installment [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 4,068 | 4,068 | ||||
2021 | 2,783 | 2,783 | ||||
2020 | 943 | 943 | ||||
2019 | 985 | 985 | ||||
2018 | 469 | 469 | ||||
Prior | 293 | 293 | ||||
Revolving Loans Amortized Cost Basis | 1,124 | 1,124 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 10,665 | 10,665 | ||||
Total loans, net | 9,416 | |||||
2022 | 0 | |||||
2021 | 36 | |||||
2020 | 6 | |||||
2019 | 6 | |||||
2018 | 2 | |||||
Prior | 3 | |||||
Revolving Loans Amortized Cost Basis Writeoffs | 0 | |||||
Revolving Loan Converted to Term Writeoffs | 0 | |||||
Current-period Gross writeoffs | 34 | 17 | 53 | 27 | ||
Installment [Member] | New York and Other States [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | [1] | 8,183 | 8,183 | |||
Total loans, net | [1] | 7,368 | ||||
Current-period Gross writeoffs | [1] | 34 | 17 | 53 | 25 | |
Installment [Member] | Florida [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
Total loans | 2,482 | 2,482 | ||||
Total loans, net | $ 2,048 | |||||
Current-period Gross writeoffs | 0 | $ 0 | 0 | $ 2 | ||
Installment [Member] | Performing [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 4,068 | 4,068 | ||||
2021 | 2,758 | 2,758 | ||||
2020 | 943 | 943 | ||||
2019 | 918 | 918 | ||||
2018 | 469 | 469 | ||||
Prior | 293 | 293 | ||||
Revolving Loans Amortized Cost Basis | 1,122 | 1,122 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | 10,571 | 10,571 | ||||
Installment [Member] | Nonperforming [Member] | ||||||
Credit Risk Profile, Segregated by Class [Abstract] | ||||||
2022 | 0 | 0 | ||||
2021 | 25 | 25 | ||||
2020 | 0 | 0 | ||||
2019 | 67 | 67 | ||||
2018 | 0 | 0 | ||||
Prior | 0 | 0 | ||||
Revolving Loans Amortized Cost Basis | 2 | 2 | ||||
Revolving Loan Converted to Term | 0 | 0 | ||||
Total loans | $ 94 | $ 94 | ||||
[1]Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance _9
Loan Portfolio and Allowance for Credit Losses, Past Due (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | ||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | $ 4,629,491 | ||
Recorded past due loans | $ 4,438,779 | ||
Number of days past due | 90 days | 90 days | |
Loans that are 90 days past due and still accruing interest | $ 0 | $ 0 | |
New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 3,187,037 | |
Recorded past due loans | [1] | 3,132,378 | |
Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 1,442,454 | ||
Recorded past due loans | 1,306,401 | ||
Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 16,367 | ||
Recorded past due loans | 16,159 | ||
Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 14,209 | |
Recorded past due loans | [1] | 13,807 | |
Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 2,158 | ||
Recorded past due loans | 2,352 | ||
30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 2,684 | ||
Recorded past due loans | 2,708 | ||
30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 2,441 | |
Recorded past due loans | [1] | 1,821 | |
30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 243 | ||
Recorded past due loans | 887 | ||
60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 2,955 | ||
Recorded past due loans | 1,249 | ||
60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 2,710 | |
Recorded past due loans | [1] | 935 | |
60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 245 | ||
Recorded past due loans | 314 | ||
90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 10,728 | ||
Recorded past due loans | 12,202 | ||
90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 9,058 | |
Recorded past due loans | [1] | 11,051 | |
90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 1,670 | ||
Recorded past due loans | 1,151 | ||
Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 4,613,124 | ||
Recorded past due loans | 4,422,620 | ||
Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 3,172,828 | |
Recorded past due loans | [1] | 3,118,571 | |
Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 1,440,296 | ||
Recorded past due loans | 1,304,049 | ||
Commercial [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 217,120 | ||
Commercial [Member] | Commercial Real Estate [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 197,158 | ||
Recorded past due loans | 168,716 | ||
Loans that are 90 days past due and still accruing interest | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 165,888 | |
Recorded past due loans | [1] | 147,063 | |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 31,270 | ||
Recorded past due loans | 21,653 | ||
Commercial [Member] | Commercial Real Estate [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 162 | ||
Recorded past due loans | 278 | ||
Commercial [Member] | Commercial Real Estate [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 162 | |
Recorded past due loans | [1] | 278 | |
Commercial [Member] | Commercial Real Estate [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 39 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 39 | |
Recorded past due loans | [1] | 0 | |
Commercial [Member] | Commercial Real Estate [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 233 | ||
Commercial [Member] | Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 0 | |
Recorded past due loans | [1] | 233 | |
Commercial [Member] | Commercial Real Estate [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 123 | ||
Recorded past due loans | 45 | ||
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 123 | |
Recorded past due loans | [1] | 45 | |
Commercial [Member] | Commercial Real Estate [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 196,996 | ||
Recorded past due loans | 168,438 | ||
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 165,726 | |
Recorded past due loans | [1] | 146,785 | |
Commercial [Member] | Commercial Real Estate [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 31,270 | ||
Recorded past due loans | 21,653 | ||
Commercial [Member] | Other [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 19,962 | ||
Recorded past due loans | 31,484 | ||
Loans that are 90 days past due and still accruing interest | 0 | ||
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 19,089 | |
Recorded past due loans | [1] | 30,889 | |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 873 | ||
Recorded past due loans | 595 | ||
Commercial [Member] | Other [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 130 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Other [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 6 | |
Recorded past due loans | [1] | 0 | |
Commercial [Member] | Other [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 124 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Other [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 124 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Other [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 0 | |
Recorded past due loans | [1] | 0 | |
Commercial [Member] | Other [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 124 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Other [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Other [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 0 | |
Recorded past due loans | [1] | 0 | |
Commercial [Member] | Other [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 6 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 6 | |
Recorded past due loans | [1] | 0 | |
Commercial [Member] | Other [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 0 | ||
Commercial [Member] | Other [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 19,832 | ||
Recorded past due loans | 31,484 | ||
Commercial [Member] | Other [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 19,083 | |
Recorded past due loans | [1] | 30,889 | |
Commercial [Member] | Other [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 749 | ||
Recorded past due loans | 595 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 4,401,706 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 4,074,713 | ||
Recorded past due loans | 3,936,302 | ||
Loans that are 90 days past due and still accruing interest | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 2,762,616 | |
Recorded past due loans | [1] | 2,723,734 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 1,312,097 | ||
Recorded past due loans | 1,212,568 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 14,525 | ||
Recorded past due loans | 13,604 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 12,591 | |
Recorded past due loans | [1] | 11,409 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 1,934 | ||
Recorded past due loans | 2,195 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 2,075 | ||
Recorded past due loans | 2,172 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 1,994 | |
Recorded past due loans | [1] | 1,303 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 81 | ||
Recorded past due loans | 869 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 2,714 | ||
Recorded past due loans | 419 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 2,469 | |
Recorded past due loans | [1] | 239 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 245 | ||
Recorded past due loans | 180 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 9,736 | ||
Recorded past due loans | 11,013 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 8,128 | |
Recorded past due loans | [1] | 9,867 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 1,608 | ||
Recorded past due loans | 1,146 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 4,060,188 | ||
Recorded past due loans | 3,922,698 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 2,750,025 | |
Recorded past due loans | [1] | 2,712,325 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 1,310,163 | ||
Recorded past due loans | 1,210,373 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 57,652 | ||
Recorded past due loans | 61,885 | ||
Loans that are 90 days past due and still accruing interest | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 45,115 | |
Recorded past due loans | [1] | 48,190 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 12,537 | ||
Recorded past due loans | 13,695 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 174 | ||
Recorded past due loans | 405 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 167 | |
Recorded past due loans | [1] | 360 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 7 | ||
Recorded past due loans | 45 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 53 | ||
Recorded past due loans | 136 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 46 | |
Recorded past due loans | [1] | 136 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 7 | ||
Recorded past due loans | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 66 | ||
Recorded past due loans | 45 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 66 | |
Recorded past due loans | [1] | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 45 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 55 | ||
Recorded past due loans | 224 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 55 | |
Recorded past due loans | [1] | 224 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 57,478 | ||
Recorded past due loans | 61,480 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 44,948 | |
Recorded past due loans | [1] | 47,830 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 12,530 | ||
Recorded past due loans | 13,650 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 269,341 | ||
Recorded past due loans | 230,976 | ||
Loans that are 90 days past due and still accruing interest | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 186,146 | |
Recorded past due loans | [1] | 175,134 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 83,195 | ||
Recorded past due loans | 55,842 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 1,270 | ||
Recorded past due loans | 1,813 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 1,239 | |
Recorded past due loans | [1] | 1,724 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 31 | ||
Recorded past due loans | 89 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 390 | ||
Recorded past due loans | 355 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 359 | |
Recorded past due loans | [1] | 355 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 31 | ||
Recorded past due loans | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 150 | ||
Recorded past due loans | 547 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 150 | |
Recorded past due loans | [1] | 458 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 89 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 730 | ||
Recorded past due loans | 911 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 730 | |
Recorded past due loans | [1] | 911 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 268,071 | ||
Recorded past due loans | 229,163 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 184,907 | |
Recorded past due loans | [1] | 173,410 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 83,164 | ||
Recorded past due loans | 55,753 | ||
Installment [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 10,665 | ||
Recorded past due loans | 9,416 | ||
Loans that are 90 days past due and still accruing interest | 0 | ||
Installment [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 8,183 | |
Recorded past due loans | [1] | 7,368 | |
Installment [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 2,482 | ||
Recorded past due loans | 2,048 | ||
Installment [Member] | Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 106 | ||
Recorded past due loans | 59 | ||
Installment [Member] | Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 44 | |
Recorded past due loans | [1] | 36 | |
Installment [Member] | Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 62 | ||
Recorded past due loans | 23 | ||
Installment [Member] | 30-59 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 3 | ||
Recorded past due loans | 45 | ||
Installment [Member] | 30-59 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 3 | |
Recorded past due loans | [1] | 27 | |
Installment [Member] | 30-59 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 18 | ||
Installment [Member] | 60-89 Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 25 | ||
Recorded past due loans | 5 | ||
Installment [Member] | 60-89 Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 25 | |
Recorded past due loans | [1] | 5 | |
Installment [Member] | 60-89 Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 0 | ||
Recorded past due loans | 0 | ||
Installment [Member] | 90+ Days Past Due [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 78 | ||
Recorded past due loans | 9 | ||
Installment [Member] | 90+ Days Past Due [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 16 | |
Recorded past due loans | [1] | 4 | |
Installment [Member] | 90+ Days Past Due [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 62 | ||
Recorded past due loans | 5 | ||
Installment [Member] | Current [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | 10,559 | ||
Recorded past due loans | 9,357 | ||
Installment [Member] | Current [Member] | New York and Other States [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | [1] | 8,139 | |
Recorded past due loans | [1] | 7,332 | |
Installment [Member] | Current [Member] | Florida [Member] | |||
Aging of the recorded investment in past due loans [Abstract] | |||
Recorded past due loans | $ 2,420 | ||
Recorded past due loans | $ 2,025 | ||
[1]Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance_10
Loan Portfolio and Allowance for Credit Losses, Non-accrual Loans, By Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Non accrual loans by loan class [Abstract] | |||
Other estate owned | $ 682 | $ 362 | |
Total non-accrual loans | 18,672 | 18,739 | |
Restructured real estate mortgages - 1 to 4 family | 12 | 17 | |
Total nonperforming loans | 18,684 | 18,756 | |
New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 16,504 | 16,709 |
Restructured real estate mortgages - 1 to 4 family | [1] | 12 | 17 |
Total nonperforming loans | [1] | 16,516 | 16,726 |
Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 2,168 | 2,030 | |
Restructured real estate mortgages - 1 to 4 family | 0 | 0 | |
Total nonperforming loans | 2,168 | 2,030 | |
Residential Real Estate [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Non accrual residential mortgage loans in the process of foreclosure | 9,600 | 9,700 | |
Commercial [Member] | Commercial Real Estate [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 168 | 67 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 168 | 67 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 0 | 0 | |
Commercial [Member] | Other [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 11 | 45 | |
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 11 | 45 |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 0 | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 15,812 | 15,787 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 13,869 | 13,990 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 1,943 | 1,797 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 168 | 292 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 126 | 247 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 42 | 45 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 2,419 | 2,511 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 2,301 | 2,337 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 118 | 174 | |
Installment [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | 94 | 37 | |
Installment [Member] | New York and Other States [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | [1] | 29 | 23 |
Installment [Member] | Florida [Member] | |||
Non accrual loans by loan class [Abstract] | |||
Total non-accrual loans | $ 65 | $ 14 | |
[1]Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance_11
Loan Portfolio and Allowance for Credit Losses, Amortized Cost Basis of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | $ 17,136 | |
Non-accrual | 1,536 | |
Loans Past Due Over 89 Days Still Accruing | 0 | $ 0 |
Commercial [Member] | Commercial Real Estate [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 168 | |
Non-accrual | 0 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Commercial [Member] | Other [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 11 | |
Non-accrual | 0 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 14,640 | |
Non-accrual | 1,171 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 168 | |
Non-accrual | 0 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 2,133 | |
Non-accrual | 287 | |
Loans Past Due Over 89 Days Still Accruing | 0 | |
Installment [Member] | ||
Amortized Cost Basis of Loans on Nonaccrual Status and Loans Past Due [Abstract] | ||
Non-accrual With No Allowance for Credit Loss | 16 | |
Non-accrual | 78 | |
Loans Past Due Over 89 Days Still Accruing | $ 0 |
Loan Portfolio and Allowance_12
Loan Portfolio and Allowance for Credit Losses, Type of Collateral Dependent Loans by Portfolio Segment (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Loans and Leases Receivable [Abstract] | |
Total loans | $ 4,629,491 |
Real Estate [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 26,467 |
Investment Securities/Cash [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Other [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Commercial [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 217,120 |
Commercial [Member] | Commercial Real Estate [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 197,158 |
Commercial [Member] | Commercial Real Estate [Member] | Real Estate [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 283 |
Commercial [Member] | Commercial Real Estate [Member] | Investment Securities/Cash [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Commercial [Member] | Commercial Real Estate [Member] | Other [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Commercial [Member] | Other [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 19,962 |
Commercial [Member] | Other [Member] | Real Estate [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 11 |
Commercial [Member] | Other [Member] | Investment Securities/Cash [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Commercial [Member] | Other [Member] | Other [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 4,401,706 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 4,074,713 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Real Estate [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 22,720 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Investment Securities/Cash [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Other [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 57,652 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Real Estate [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 286 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Investment Securities/Cash [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Other [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 269,341 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Real Estate [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 3,151 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Investment Securities/Cash [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Other [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Installment [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 10,665 |
Installment [Member] | Real Estate [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 16 |
Installment [Member] | Investment Securities/Cash [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | 0 |
Installment [Member] | Other [Member] | |
Loans and Leases Receivable [Abstract] | |
Total loans | $ 0 |
Loan Portfolio and Allowance_13
Loan Portfolio and Allowance for Credit Losses, Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) Contract | Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) Contract | ||
Financing Receivable Modifications Information [Abstract] | |||||
TDR's classifications from previously performing loans | $ 9,300 | $ 9,300 | |||
Modified loans by class determined to be TDR's [Abstract] | |||||
Contractual past due period for loans to be in payment default | 30 days | ||||
New York and Other States [Member] | |||||
Modified loans by class determined to be TDR's [Abstract] | |||||
Number of Contracts | Contract | [1] | 3 | 3 | 7 | 8 |
Pre-Modification Outstanding Recorded Investment | [1] | $ 282 | $ 588 | $ 719 | $ 1,013 |
Post-Modification Outstanding Recorded Investment | [1] | $ 282 | $ 588 | $ 719 | $ 1,013 |
Florida [Member] | |||||
Modified loans by class determined to be TDR's [Abstract] | |||||
Number of Contracts | Contract | 0 | 0 | 0 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 78 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 78 | |
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||||
Modified loans by class determined to be TDR's [Abstract] | |||||
Number of Contracts | Contract | [1] | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||||
Modified loans by class determined to be TDR's [Abstract] | |||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||||
Modified loans by class determined to be TDR's [Abstract] | |||||
Number of Contracts | Contract | [1] | 3 | 2 | 7 | 4 |
Pre-Modification Outstanding Recorded Investment | [1] | $ 282 | $ 557 | $ 719 | $ 923 |
Post-Modification Outstanding Recorded Investment | [1] | $ 282 | $ 557 | $ 719 | $ 923 |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||||
Modified loans by class determined to be TDR's [Abstract] | |||||
Number of Contracts | Contract | 0 | 0 | 0 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 78 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 78 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||||
Modified loans by class determined to be TDR's [Abstract] | |||||
Number of Contracts | Contract | [1] | 0 | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 2 |
Post-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 0 | $ 0 | $ 2 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||||
Modified loans by class determined to be TDR's [Abstract] | |||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||||
Modified loans by class determined to be TDR's [Abstract] | |||||
Number of Contracts | Contract | [1] | 0 | 1 | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 31 | $ 0 | $ 88 |
Post-Modification Outstanding Recorded Investment | [1] | $ 0 | $ 31 | $ 0 | $ 88 |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||||
Modified loans by class determined to be TDR's [Abstract] | |||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 | |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 | |
[1]Includes New York, New Jersey, Vermont and Massachusetts. |
Loan Portfolio and Allowance_14
Loan Portfolio and Allowance for Credit Losses, Impaired Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Sep. 30, 2022 | ||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | $ 18,504 | $ 26,500 | |
Unpaid Principal Balance | 18,871 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 20,753 | ||
New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 15,932 | |
Unpaid Principal Balance | [1] | 16,299 | |
Related Allowance | [1] | 0 | |
Average Recorded Investment | [1] | 17,824 | |
Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 2,572 | ||
Unpaid Principal Balance | 2,572 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 2,929 | ||
Commercial [Member] | Commercial Real Estate [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 187 | ||
Unpaid Principal Balance | 279 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 1,259 | ||
Commercial [Member] | Commercial Real Estate [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 187 | |
Unpaid Principal Balance | [1] | 279 | |
Related Allowance | [1] | 0 | |
Average Recorded Investment | [1] | 1,154 | |
Commercial [Member] | Commercial Real Estate [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 0 | ||
Unpaid Principal Balance | 0 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 105 | ||
Commercial [Member] | Other [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 45 | ||
Unpaid Principal Balance | 45 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 107 | ||
Commercial [Member] | Other [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 45 | |
Unpaid Principal Balance | [1] | 45 | |
Related Allowance | [1] | 0 | |
Average Recorded Investment | [1] | 107 | |
Commercial [Member] | Other [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 0 | ||
Unpaid Principal Balance | 0 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 0 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 16,055 | ||
Unpaid Principal Balance | 16,243 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 16,634 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 13,687 | |
Unpaid Principal Balance | [1] | 13,875 | |
Related Allowance | [1] | 0 | |
Average Recorded Investment | [1] | 14,072 | |
Real Estate Mortgage - 1 to 4 Family [Member] | First Mortgages [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 2,368 | ||
Unpaid Principal Balance | 2,368 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 2,562 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 161 | ||
Unpaid Principal Balance | 161 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 251 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 161 | |
Unpaid Principal Balance | [1] | 161 | |
Related Allowance | [1] | 0 | |
Average Recorded Investment | [1] | 235 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Loans [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 0 | ||
Unpaid Principal Balance | 0 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 16 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 2,056 | ||
Unpaid Principal Balance | 2,143 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 2,502 | ||
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | New York and Other States [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | [1] | 1,852 | |
Unpaid Principal Balance | [1] | 1,939 | |
Related Allowance | [1] | 0 | |
Average Recorded Investment | [1] | 2,256 | |
Real Estate Mortgage - 1 to 4 Family [Member] | Home Equity Lines of Credit [Member] | Florida [Member] | |||
Impaired loans by loans class [Abstract] | |||
Recorded Investment | 204 | ||
Unpaid Principal Balance | 204 | ||
Related Allowance | 0 | ||
Average Recorded Investment | $ 246 | ||
[1]Includes New York, New Jersey, Vermont and Massachusetts. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments, Assets and Liabilities Measured at Fair Value Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities available for sale [Abstract] | ||
Fair Value | $ 468,219 | $ 407,713 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 468,219 | 407,713 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 0 | 0 |
Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
Fair Value | 468,219 | 407,713 |
Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | 0 |
Small Business Administration - guaranteed participation securities | 0 | 0 |
Other securities | 0 | 0 |
Fair Value | 0 | 0 |
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 102,779 | 59,179 |
State and political subdivisions | 41 | 41 |
Mortgage backed securities and collateralized mortgage obligations - residential | 261,242 | 270,798 |
Corporate bonds | 81,002 | 45,337 |
Small Business Administration - guaranteed participation securities | 22,498 | 31,674 |
Other securities | 657 | 684 |
Fair Value | 468,219 | 407,713 |
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 0 | 0 |
State and political subdivisions | 0 | 0 |
Mortgage backed securities and collateralized mortgage obligations - residential | 0 | 0 |
Corporate bonds | 0 | 0 |
Small Business Administration - guaranteed participation securities | 0 | 0 |
Other securities | 0 | 0 |
Fair Value | 0 | 0 |
Recurring [Member] | Carrying Value [Member] | ||
Securities available for sale [Abstract] | ||
U.S. government sponsored enterprises | 102,779 | 59,179 |
State and political subdivisions | 41 | 41 |
Mortgage backed securities and collateralized mortgage obligations - residential | 261,242 | 270,798 |
Corporate bonds | 81,002 | 45,337 |
Small Business Administration - guaranteed participation securities | 22,498 | 31,674 |
Other securities | 657 | 684 |
Fair Value | $ 468,219 | $ 407,713 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments, Assets and Liabilities Measured at Fair Value Non-recurring Basis (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned, Valuation Technique [Extensible List] | Valuation, Market Approach [Member] | Valuation, Market Approach [Member] | Valuation, Market Approach [Member] |
Other real estate owned, Measurement Input [Extensible List] | Adjustments for Differences Between Comparable Sales [Member] | Adjustments for Differences Between Comparable Sales [Member] | Adjustments for Differences Between Comparable Sales [Member] |
Impaired loans [Abstract] | |||
Valuation charge on other real estate owned | $ 0 | $ 121 | |
Impaired loans | $ 26,500 | 26,500 | 18,504 |
Collateral dependent impaired loans | 0 | 0 | 0 |
Valuation allowance | 0 | 0 | 0 |
Gross charge offs, residential impaired loans | 0 | 0 | 0 |
Commercial Real Estate [Member] | |||
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned | 0 | 0 | |
Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned | 0 | 0 | 0 |
Loans individually evaluated | 0 | 0 | |
Impaired loans [Abstract] | |||
Real estate mortgage - 1 to 4 family | 0 | ||
Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned | 0 | 0 | 0 |
Loans individually evaluated | 0 | 0 | |
Impaired loans [Abstract] | |||
Real estate mortgage - 1 to 4 family | 0 | ||
Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned | 682 | 682 | 362 |
Loans individually evaluated | $ 0 | $ 0 | |
Impaired loans [Abstract] | |||
Real estate mortgage - 1 to 4 family | $ 0 | ||
Nonrecurring [Member] | Minimum [Member] | |||
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned, unobservable inputs | 0.03 | 0.03 | 0.01 |
Nonrecurring [Member] | Maximum [Member] | |||
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned, unobservable inputs | 0.58 | 0.58 | 0.14 |
Nonrecurring [Member] | Weighted Average [Member] | |||
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned, unobservable inputs | 0.31 | 0.31 | 0.06 |
Nonrecurring [Member] | Carrying Value [Member] | |||
Assets measured at fair value on a non-recurring basis [Abstract] | |||
Other real estate owned | $ 682 | $ 682 | $ 362 |
Loans individually evaluated | $ 0 | $ 0 | |
Impaired loans [Abstract] | |||
Real estate mortgage - 1 to 4 family | $ 0 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments, Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial assets [Abstract] | ||
Cash and cash equivalents | $ 841,264 | $ 1,219,470 |
Securities available for sale | 468,219 | 407,713 |
Held to maturity securities | 7,938 | 10,695 |
Net loans | 4,304,560 | 4,451,031 |
Accrued interest receivable | 10,936 | 9,099 |
Financial liabilities [Abstract] | ||
Demand deposits | 859,829 | 794,878 |
Interest bearing deposits | 4,393,134 | 4,471,613 |
Short-term borrowings | 124,932 | 244,686 |
Accrued interest payable | 162 | 163 |
Level 1 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 841,264 | 1,219,470 |
Securities available for sale | 0 | 0 |
Held to maturity securities | 0 | 0 |
Net loans | 0 | 0 |
Accrued interest receivable | 616 | 10 |
Financial liabilities [Abstract] | ||
Demand deposits | 859,829 | 794,878 |
Interest bearing deposits | 3,467,673 | 3,477,937 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 38 | 34 |
Level 2 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 468,219 | 407,713 |
Held to maturity securities | 7,938 | 10,695 |
Net loans | 0 | 0 |
Accrued interest receivable | 1,648 | 1,235 |
Financial liabilities [Abstract] | ||
Demand deposits | 0 | 0 |
Interest bearing deposits | 925,461 | 993,676 |
Short-term borrowings | 124,932 | 244,686 |
Accrued interest payable | 124 | 129 |
Level 3 [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Held to maturity securities | 0 | 0 |
Net loans | 4,304,560 | 4,451,031 |
Accrued interest receivable | 8,672 | 7,854 |
Financial liabilities [Abstract] | ||
Demand deposits | 0 | 0 |
Interest bearing deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Value [Member] | ||
Financial assets [Abstract] | ||
Cash and cash equivalents | 841,264 | 1,219,470 |
Securities available for sale | 468,219 | 407,713 |
Held to maturity securities | 8,091 | 9,923 |
Federal Reserve Bank and Federal Home Loan Bank stock | 5,797 | 5,604 |
Net loans | 4,583,974 | 4,394,512 |
Accrued interest receivable | 10,936 | 9,099 |
Financial liabilities [Abstract] | ||
Demand deposits | 859,829 | 794,878 |
Interest bearing deposits | 4,422,025 | 4,473,251 |
Short-term borrowings | 124,932 | 244,686 |
Accrued interest payable | $ 162 | $ 163 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss), Accumulated Other Comprehensive Income (Loss) Balances, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Balance | $ 594,632 | $ 592,895 | $ 601,128 | $ 578,593 | $ 571,031 | [1] | $ 568,161 | [1] | $ 601,128 | $ 568,161 | [1] | |
Other comprehensive loss - before reclassifications | (15,522) | (566) | (36,602) | (4,405) | ||||||||
Amount reclassified from accumulated other comprehensive income | (265) | 30 | (754) | (227) | ||||||||
Other comprehensive loss, net of tax | (15,787) | (7,053) | (14,516) | (536) | 572 | (4,668) | (37,356) | (4,632) | ||||
Balance | 589,006 | 594,632 | 592,895 | 586,683 | [1] | 578,593 | 571,031 | [1] | 589,006 | 586,683 | [1] | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Balance | (9,422) | (2,369) | 12,147 | 7,840 | 7,268 | [1] | 11,936 | [1] | 12,147 | 11,936 | [1] | |
Other comprehensive loss, net of tax | (15,787) | (7,053) | (14,516) | (536) | 572 | (4,668) | ||||||
Balance | (25,209) | (9,422) | (2,369) | 7,304 | [1] | 7,840 | 7,268 | [1] | (25,209) | 7,304 | [1] | |
Net Unrealized Holding Loss on Securities Available for Sale, Net of Tax [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Balance | (21,106) | (26) | 3,347 | 7,186 | (26) | 7,186 | ||||||
Other comprehensive loss - before reclassifications | (15,522) | (566) | (36,602) | (4,405) | ||||||||
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | ||||||||
Other comprehensive loss, net of tax | (15,522) | (566) | (36,602) | (4,405) | ||||||||
Balance | (36,628) | (21,106) | 2,781 | 3,347 | (36,628) | 2,781 | ||||||
Net Change in Overfunded Position in Pension and Postretirement Plans Arising During the Year, Net of Tax [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Balance | 13,706 | 13,706 | 6,084 | 6,084 | 13,706 | 6,084 | ||||||
Other comprehensive loss - before reclassifications | 0 | 0 | 0 | 0 | ||||||||
Amount reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 | ||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | 0 | ||||||||
Balance | 13,706 | 13,706 | 6,084 | 6,084 | 13,706 | 6,084 | ||||||
Net Change in Net Actuarial Gain and Prior Service Credit on Pension and Postretirement Benefit Plans, Net of Tax [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||||||||||
Balance | (2,022) | $ (1,533) | (1,591) | $ (1,334) | (1,533) | (1,334) | ||||||
Other comprehensive loss - before reclassifications | 0 | 0 | 0 | 0 | ||||||||
Amount reclassified from accumulated other comprehensive income | (265) | 30 | (754) | (227) | ||||||||
Other comprehensive loss, net of tax | (265) | 30 | (754) | (227) | ||||||||
Balance | $ (2,287) | $ (2,022) | $ (1,561) | $ (1,591) | $ (2,287) | $ (1,561) | ||||||
[1]All periods presented have been adjusted for the 1 for 5 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss), Reclassifications out of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ||||||||
Salaries and employee benefits | $ 12,134 | $ 11,909 | $ 32,837 | $ 36,737 | ||||
Income tax (benefit) expense | 6,371 | 5,523 | 17,587 | 15,227 | ||||
Net income | 19,364 | $ 17,871 | $ 17,089 | 16,762 | $ 14,433 | $ 14,083 | 54,324 | 45,278 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ||||||||
Net income | 265 | (30) | 754 | 227 | ||||
Amortization of Pension and Postretirement Benefit Items [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ||||||||
Income tax (benefit) expense | (93) | 10 | (265) | (80) | ||||
Net income | 265 | (30) | 754 | 227 | ||||
Amortization of Net Actuarial Gain [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ||||||||
Salaries and employee benefits | 280 | 137 | 784 | 534 | ||||
Amortization of Prior Service Credit (Cost) [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Reclassification Adjustment Out of Accumulated Other Comprehensive Income [Abstract] | ||||||||
Salaries and employee benefits | $ 78 | $ (177) | $ 235 | $ (227) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Sources of non-interest income [Abstract] | |||||
Other | [1] | $ 197 | $ 154 | $ 956 | $ 513 |
Total non-interest income | 4,386 | 4,295 | 14,485 | 13,411 | |
Overdraft Fees [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | 714 | 735 | 2,007 | 1,964 | |
Other [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | 494 | 518 | 1,466 | 1,479 | |
Interchange Income [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | 1,546 | 1,330 | 4,792 | 3,863 | |
Wealth Management Fees [Member] | |||||
Sources of non-interest income [Abstract] | |||||
Non-interest income | $ 1,435 | $ 1,558 | $ 5,264 | $ 5,592 | |
[1]Not within the scope of ASC 606. |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 USD ($) Property Lease | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) Property Lease | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | ||
Leases, operating [Abstract] | ||||||
Number of lease for which construction not started | Lease | 0 | 0 | ||||
Other information related to leases [Abstract] | ||||||
Operating lease cost | $ 2,062 | $ 2,010 | $ 6,185 | $ 6,029 | ||
Variable lease cost | 565 | 499 | 1,706 | 1,508 | ||
Total Lease costs | $ 2,627 | $ 2,509 | 7,891 | 7,537 | ||
Cash paid for amounts included in the measurement of lease liabilities [Abstract] | ||||||
Operating cash flows from operating leases | 6,262 | 6,121 | ||||
Right-of-use assets obtained in exchange for lease obligations: | $ 2,484 | $ 2,696 | ||||
Weighted average remaining lease term | 9 years | 8 years 8 months 12 days | 9 years | 8 years 8 months 12 days | ||
Weighted average discount rate | 2.96% | 3.07% | 2.96% | 3.07% | ||
Future minimum lease payments under non-cancellable leases [Abstract] | ||||||
2022 | [1] | $ 2,065 | $ 2,065 | |||
2023 | 8,234 | 8,234 | ||||
2024 | 8,082 | 8,082 | ||||
2025 | 7,675 | 7,675 | ||||
2026 | 6,700 | 6,700 | ||||
Thereafter | 24,529 | 24,529 | ||||
Total lease payments | 57,285 | 57,285 | ||||
Less: Interest | 7,208 | 7,208 | ||||
Present value of lease liabilities | 50,077 | 50,077 | $ 52,720 | |||
Director [Member] | ||||||
Future minimum lease payments under non-cancellable leases [Abstract] | ||||||
Total lease payments | 3,300 | 3,300 | ||||
Less: Interest | $ 424 | $ 424 | ||||
Number of Properties Under Lease Owned by Related Party | Property | 5 | 5 | ||||
Minimum [Member] | ||||||
Leases, operating [Abstract] | ||||||
Operating lease expiration term | 5 months | 5 months | ||||
Maximum [Member] | ||||||
Leases, operating [Abstract] | ||||||
Operating lease expiration term | 22 years | 22 years | ||||
[1] Excluding the nine months ended September 30, 2022. |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Sep. 30, 2022 USD ($) Classification | Dec. 31, 2021 USD ($) | |
Trustco Bank [Member] | |||
Compliance With Regulatory Capital Requirements Under Banking Regulations Information [Abstract] | |||
Number of classifications for prompt corrective action regulations provide | Classification | 5 | ||
Tier One Risk Based Capital [Abstract] | |||
Tier 1 leverage capital | $ 597,092 | $ 570,594 | |
Common equity Tier 1 capital | 597,092 | 570,594 | |
Tier 1 risk-based capital | 597,092 | 570,594 | |
Total risk-based capital | $ 637,906 | $ 608,308 | |
Risk Based Ratios [Abstract] | |||
Tier 1 leverage ratio, ratio | 0.09648 | 0.09324 | |
Common equity Tier 1 capital, ratio | 0.18333 | 0.18954 | |
Tier 1 risk-based capital, ratio | 0.18333 | 0.18954 | |
Total risk-based capital, ratio | 0.19586 | 0.20206 | |
Leverage Ratios [Abstract] | |||
Tier 1 leverage ratio, well capitalized | [1] | 0.05 | 0.05 |
Tier 1 leverage ratio, minimum for capital adequacy plus capital conservation | [1],[2] | 0.04 | 0.04 |
Common equity Tier 1 capital, well capitalized | [1] | 0.065 | 0.065 |
Common equity Tier 1 capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.07 | 0.07 |
Tier 1 risk-based capital, well capitalized | [1] | 0.08 | 0.08 |
Tier 1 risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.085 | 0.085 |
Total risk-based capital, well capitalized | [1] | 0.10 | 0.10 |
Total risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.105 | 0.105 |
Common equity Tier 1 capital conservation buffer | 0.025 | 0.025 | |
Tier 1 risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | |
Total risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | |
TrustCo Bank Corp NY [Member] | |||
Tier One Risk Based Capital [Abstract] | |||
Tier 1 leverage capital | $ 613,661 | $ 588,427 | |
Common equity Tier 1 capital | 613,661 | 588,427 | |
Tier 1 risk-based capital | 613,661 | 588,427 | |
Total risk-based capital | $ 654,486 | $ 626,150 | |
Risk Based Ratios [Abstract] | |||
Tier 1 leverage ratio, ratio | 0.09913 | 0.09614 | |
Common equity Tier 1 capital, ratio | 0.18837 | 0.19541 | |
Tier 1 risk-based capital, ratio | 0.18837 | 0.19541 | |
Total risk-based capital, ratio | 0.2009 | 0.20794 | |
Leverage Ratios [Abstract] | |||
Tier 1 leverage ratio, minimum for capital adequacy plus capital conservation | [1],[2] | 0.04 | 0.04 |
Common equity Tier 1 capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.07 | 0.07 |
Tier 1 risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.085 | 0.085 |
Total risk-based capital, minimum for capital adequacy plus capital conservation | [1],[2] | 0.105 | 0.105 |
Common equity Tier 1 capital conservation buffer | 0.025 | 0.025 | |
Tier 1 risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | |
Total risk based capital ratio, capital conservation buffer | 0.025 | 0.025 | |
[1]Federal regulatory minimum requirements to be considered to be Well Capitalized and Adequately Capitalized[2]The September 30, 2022 and December 31, 2021 common equity tier 1, tier 1 risk-based, and total risk-based capital ratios include a capital conservation buffer of 2.50 percent |