Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
Entity File Number | 001-32964 | |
Entity Registrant Name | THE FIRST OF LONG ISLAND CORPORATION | |
Entity Incorporation, State or Country Code | NY | |
Entity Tax Identification Number | 11-2672906 | |
Entity Address, Address Line One | 275 Broadhollow Road | |
Entity Address, City or Town | Melville | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11747 | |
City Area Code | 516 | |
Local Phone Number | 671-4900 | |
Title of 12(b) Security | Common stock, $0.10 par value per share | |
Trading Symbol | FLIC | |
Security Exchange Name | NASDAQ | |
Entity Central Index Key | 0000740663 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 22,658,582 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and cash equivalents | $ 62,210 | $ 43,675 |
Investment securities available-for-sale, at fair value | 664,221 | 734,318 |
Loans: | ||
Loans | 3,333,203 | 3,105,036 |
Allowance for credit losses | (31,347) | (29,831) |
Total | 3,301,856 | 3,075,205 |
Restricted stock, at cost | 21,601 | 21,524 |
Bank premises and equipment, net | 37,614 | 37,523 |
Right-of-use asset - operating leases | 23,334 | 8,438 |
Bank-owned life insurance | 110,083 | 107,831 |
Pension plan assets, net | 19,193 | 19,097 |
Deferred income tax benefit | 32,675 | 3,987 |
Other assets | 18,443 | 17,191 |
Total assets | 4,291,230 | 4,068,789 |
Deposits: | ||
Checking | 1,397,166 | 1,400,998 |
Savings, NOW and money market | 1,784,964 | 1,685,410 |
Time | 404,627 | 228,837 |
Total | 3,586,757 | 3,315,245 |
Short-term borrowings | 40,000 | 125,000 |
Long-term debt | 264,835 | 186,322 |
Operating lease liability | 25,206 | 11,259 |
Accrued expenses and other liabilities | 14,985 | 17,151 |
Total liabilities | 3,931,783 | 3,654,977 |
Stockholders' Equity: | ||
Common stock, par value $0.10 per share: Authorized, 80,000,000 shares; Issued and outstanding, 22,644,626 and 23,240,596 shares | 2,264 | 2,324 |
Surplus | 81,470 | 93,480 |
Retained earnings | 343,406 | 320,321 |
Total | 427,140 | 416,125 |
Accumulated other comprehensive loss, net of tax | (67,693) | (2,313) |
Total Stock Holders' Equity | 359,447 | 413,812 |
Total Liabilities and Equity | 4,291,230 | 4,068,789 |
Commercial And Industrial, Including SBA PPP [Member] | ||
Loans: | ||
Loans | 113,066 | 120,920 |
Commercial Mortgages [Member] | ||
Loans: | ||
Loans | 1,942,214 | 1,736,612 |
Consumer And Other [Member] | ||
Loans: | ||
Loans | 1,642 | 991 |
Allowance for credit losses | (15) | (3) |
Closed-end [Member] | Residential Mortgages [Member] | ||
Loans: | ||
Loans | 1,233,005 | 1,202,374 |
Allowance for credit losses | (10,581) | (11,298) |
Revolving Home Equity [Member] | Residential Mortgages [Member] | ||
Loans: | ||
Loans | 43,276 | 44,139 |
Allowance for credit losses | $ (348) | $ (449) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheets [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 22,644,626 | 23,240,596 |
Common stock, shares outstanding (in shares) | 22,644,626 | 23,240,596 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and dividend income: | ||||
Loans | $ 30,032 | $ 25,975 | $ 86,181 | $ 79,431 |
Investment securities: | ||||
Taxable | 2,751 | 2,191 | 6,556 | 6,269 |
Nontaxable | 2,051 | 2,073 | 6,013 | 6,535 |
Total interest and dividend income | 34,834 | 30,239 | 98,750 | 92,235 |
Interest expense: | ||||
Savings, NOW and money market deposits | 1,699 | 1,191 | 3,263 | 3,451 |
Time deposits | 1,374 | 921 | 3,474 | 4,818 |
Short-term borrowings | 91 | 362 | 775 | 1,062 |
Long-term debt | 1,412 | 1,157 | 3,280 | 3,468 |
Total interest expense | 4,576 | 3,631 | 10,792 | 12,799 |
Net interest income | 30,258 | 26,608 | 87,958 | 79,436 |
Provision (credit) for credit losses | 1,089 | (1,449) | 2,248 | (3,058) |
Net interest income after provision (credit) for credit losses | 29,169 | 28,057 | 85,710 | 82,494 |
Noninterest income: | ||||
Bank-owned life insurance | 763 | 599 | 2,253 | 1,769 |
Service charges on deposit accounts | 840 | 752 | 2,346 | 2,170 |
Net gains on sales of securities | 606 | |||
Other | 1,444 | 1,504 | 4,896 | 4,669 |
Total noninterest income | 3,047 | 2,855 | 9,495 | 9,214 |
Noninterest expense: | ||||
Salaries and employee benefits | 10,528 | 9,748 | 30,264 | 29,663 |
Occupancy and equipment | 3,395 | 4,102 | 9,702 | 10,446 |
Other | 3,091 | 2,891 | 9,246 | 8,910 |
Total noninterest expense | 17,014 | 16,741 | 49,212 | 49,019 |
Income before income taxes | 15,202 | 14,171 | 45,993 | 42,689 |
Income tax expense | 2,738 | 2,749 | 8,965 | 8,612 |
Net income | $ 12,464 | $ 11,422 | $ 37,028 | $ 34,077 |
Weighted average: | ||||
Common shares | 22,746,302 | 23,646,172 | 22,973,209 | 23,720,578 |
Dilutive restricted stock units | 99,208 | 112,074 | 89,817 | 97,291 |
Total weighted average | 22,845,510 | 23,758,246 | 23,063,026 | 23,817,869 |
Earnings per share: | ||||
Basic | $ 0.55 | $ 0.48 | $ 1.61 | $ 1.44 |
Diluted | 0.55 | 0.48 | 1.61 | 1.43 |
Cash dividends declared per share | $ 0.21 | $ 0.20 | $ 0.61 | $ 0.58 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - 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 (Loss) [Abstract] | ||||
Net income | $ 12,464 | $ 11,422 | $ 37,028 | $ 34,077 |
Other comprehensive loss: | ||||
Change in net unrealized holding gains or losses on available-for-sale securities | (31,021) | (3,225) | (96,238) | (7,345) |
Change in net unrealized loss on derivative instruments | 315 | 1,750 | 2,815 | |
Other comprehensive loss before income taxes | (31,021) | (2,910) | (94,488) | (4,530) |
Income tax benefit | (9,556) | (896) | (29,108) | (1,328) |
Other comprehensive loss | (21,465) | (2,014) | (65,380) | (3,202) |
Comprehensive income (loss) | $ (9,001) | $ 9,408 | $ (28,352) | $ 30,875 |
Consolidated Statements Of Chan
Consolidated Statements Of Changes In Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 23,790,589 | ||||
Balance at Dec. 31, 2020 | $ 2,379 | $ 105,547 | $ 295,622 | $ 3,570 | $ 407,118 |
Net income | 11,267 | 11,267 | |||
Other comprehensive income (loss) | (4,395) | (4,395) | |||
Repurchase of common stock (in shares) | (107,887) | ||||
Repurchase of common stock | $ (11) | (1,989) | (2,000) | ||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (16,918) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (2) | (318) | (320) | ||
Common stock issued under stock compensation plans (in shares) | 94,627 | ||||
Common stock issued under stock compensation plans | $ 10 | 152 | 162 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 22,341 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 2 | 416 | 418 | ||
Stock-based compensation | 390 | 390 | |||
Cash dividends declared | (4,518) | (4,518) | |||
Balance (in shares) at Mar. 31, 2021 | 23,782,752 | ||||
Balance at Mar. 31, 2021 | $ 2,378 | 104,198 | 302,371 | (825) | 408,122 |
Balance (in shares) at Dec. 31, 2020 | 23,790,589 | ||||
Balance at Dec. 31, 2020 | $ 2,379 | 105,547 | 295,622 | 3,570 | 407,118 |
Net income | 34,077 | ||||
Other comprehensive income (loss) | (3,202) | ||||
Balance (in shares) at Sep. 30, 2021 | 23,606,212 | ||||
Balance at Sep. 30, 2021 | $ 2,361 | 101,197 | 315,957 | 368 | 419,883 |
Balance (in shares) at Mar. 31, 2021 | 23,782,752 | ||||
Balance at Mar. 31, 2021 | $ 2,378 | 104,198 | 302,371 | (825) | 408,122 |
Net income | 11,388 | 11,388 | |||
Other comprehensive income (loss) | 3,207 | 3,207 | |||
Repurchase of common stock (in shares) | (92,533) | ||||
Repurchase of common stock | $ (9) | (2,091) | (2,100) | ||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (1,431) | ||||
Shares withheld upon the vesting and conversion of RSUs | (31) | (31) | |||
Common stock issued under stock compensation plans (in shares) | 6,229 | ||||
Common stock issued under stock compensation plans | $ 1 | 35 | 36 | ||
Stock-based compensation | 525 | 525 | |||
Cash dividends declared | (4,503) | (4,503) | |||
Balance (in shares) at Jun. 30, 2021 | 23,695,017 | ||||
Balance at Jun. 30, 2021 | $ 2,370 | 102,636 | 309,256 | 2,382 | 416,644 |
Net income | 11,422 | 11,422 | |||
Other comprehensive income (loss) | (2,014) | (2,014) | |||
Repurchase of common stock (in shares) | (100,845) | ||||
Repurchase of common stock | $ (10) | (2,190) | (2,200) | ||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (133) | ||||
Shares withheld upon the vesting and conversion of RSUs | (3) | (3) | |||
Common stock issued under stock compensation plans (in shares) | 2,207 | ||||
Common stock issued under stock compensation plans | 37 | 37 | |||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 9,966 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 1 | 203 | 204 | ||
Stock-based compensation | 514 | 514 | |||
Cash dividends declared | (4,721) | (4,721) | |||
Balance (in shares) at Sep. 30, 2021 | 23,606,212 | ||||
Balance at Sep. 30, 2021 | $ 2,361 | 101,197 | 315,957 | 368 | 419,883 |
Balance (in shares) at Dec. 31, 2021 | 23,240,596 | ||||
Balance at Dec. 31, 2021 | $ 2,324 | 93,480 | 320,321 | (2,313) | 413,812 |
Net income | 12,083 | 12,083 | |||
Other comprehensive income (loss) | (27,684) | (27,684) | |||
Repurchase of common stock (in shares) | (202,886) | ||||
Repurchase of common stock | $ (20) | (4,480) | (4,500) | ||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (25,628) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (3) | (542) | (545) | ||
Common stock issued under stock compensation plans (in shares) | 75,483 | ||||
Common stock issued under stock compensation plans | $ 8 | 8 | 16 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 18,505 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 2 | 380 | 382 | ||
Stock-based compensation | 516 | 516 | |||
Cash dividends declared | (4,619) | (4,619) | |||
Balance (in shares) at Mar. 31, 2022 | 23,106,070 | ||||
Balance at Mar. 31, 2022 | $ 2,311 | 89,362 | 327,785 | (29,997) | 389,461 |
Balance (in shares) at Dec. 31, 2021 | 23,240,596 | ||||
Balance at Dec. 31, 2021 | $ 2,324 | 93,480 | 320,321 | (2,313) | 413,812 |
Net income | 37,028 | ||||
Other comprehensive income (loss) | (65,380) | (65,380) | |||
Balance (in shares) at Sep. 30, 2022 | 22,644,626 | ||||
Balance at Sep. 30, 2022 | $ 2,264 | 81,470 | 343,406 | (67,693) | 359,447 |
Balance (in shares) at Mar. 31, 2022 | 23,106,070 | ||||
Balance at Mar. 31, 2022 | $ 2,311 | 89,362 | 327,785 | (29,997) | 389,461 |
Net income | 12,481 | 12,481 | |||
Other comprehensive income (loss) | (16,231) | (16,231) | |||
Repurchase of common stock (in shares) | (286,011) | ||||
Repurchase of common stock | $ (29) | (5,260) | (5,289) | ||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (618) | ||||
Shares withheld upon the vesting and conversion of RSUs | (12) | (12) | |||
Common stock issued under stock compensation plans (in shares) | 21,075 | ||||
Common stock issued under stock compensation plans | $ 2 | 13 | 15 | ||
Stock-based compensation | 600 | 600 | |||
Cash dividends declared | (4,569) | (4,569) | |||
Balance (in shares) at Jun. 30, 2022 | 22,840,516 | ||||
Balance at Jun. 30, 2022 | $ 2,284 | 84,703 | 335,697 | (46,228) | 376,456 |
Net income | 12,464 | 12,464 | |||
Other comprehensive income (loss) | (21,465) | (21,465) | |||
Repurchase of common stock (in shares) | (209,579) | ||||
Repurchase of common stock | $ (21) | (4,079) | (4,100) | ||
Common stock issued under stock compensation plans (in shares) | 899 | ||||
Common stock issued under stock compensation plans | 16 | 16 | |||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 12,790 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 1 | 217 | 218 | ||
Stock-based compensation | 613 | 613 | |||
Cash dividends declared | (4,755) | (4,755) | |||
Balance (in shares) at Sep. 30, 2022 | 22,644,626 | ||||
Balance at Sep. 30, 2022 | $ 2,264 | $ 81,470 | $ 343,406 | $ (67,693) | $ 359,447 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash Flows From Operating Activities: | ||
Net income | $ 37,028 | $ 34,077 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (credit) for credit losses | 2,248 | (3,058) |
Provision for deferred income taxes | 420 | 1,241 |
Depreciation and amortization of premises and equipment | 2,743 | 3,336 |
Amortization of right-of-use asset - operating leases | 1,978 | 1,558 |
Premium amortization on investment securities, net | 1,228 | 1,685 |
Net gain on sales of securities | (606) | |
Stock-based compensation expense | 1,729 | 1,429 |
Accretion of cash surrender value on bank-owned life insurance | (2,253) | (1,769) |
Pension credit | (96) | (247) |
Decrease in other liabilities | (3,450) | (2,301) |
Other (increases) decreases in assets | (1,170) | 3,433 |
Net cash provided by operating activities | 40,405 | 38,778 |
Available-for-sale securities: | ||
Proceeds from sales | 54,192 | |
Proceeds from maturities and redemptions | 38,085 | 93,162 |
Purchases | (65,454) | (268,803) |
Net (increase) decrease in loans | (228,899) | 131,578 |
Net (increase) decrease in restricted stock | (77) | 879 |
Purchases of premises and equipment, net | (2,868) | (2,327) |
Net cash provided by (used in) investing activities | (259,213) | 8,681 |
Cash Flows From Financing Activities: | ||
Net increase in deposits | 271,512 | 49,958 |
Net decrease in short-term borrowings | (85,000) | (10,095) |
Proceeds from long-term debt | 140,000 | |
Repayment of long-term debt | (61,487) | (20,000) |
Proceeds from issuance of common stock, net of shares withheld | 43 | 401 |
Repurchase of common stock | (13,889) | (6,300) |
Cash dividends paid | (13,836) | (13,539) |
Net cash provided by financing activities | 237,343 | 425 |
Net increase in cash and cash equivalents | 18,535 | 47,884 |
Cash and cash equivalents, beginning of year | 43,675 | 211,182 |
Cash and cash equivalents, end of period | 62,210 | 259,066 |
Supplemental Cash Flow Disclosures: | ||
Cash paid for interest | 10,033 | 13,276 |
Cash paid for income taxes | 7,900 | 8,411 |
Operating cash flows from operating leases | 3,179 | 1,856 |
Noncash investing and financing activities: | ||
Right-of-use assets obtained in exchange for operating lease liabilities | 16,874 | |
Cash dividends payable | $ 4,755 | $ 4,721 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | 1 - BASIS OF PRESENTATION The accounting and reporting policies of The First of Long Island Corporation (“Corporation”) reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States. The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiary, The First National Bank of Long Island (“Bank”). The Bank has two wholly-owned subsidiaries: FNY Service Corp. and The First of Long Island Agency, Inc. The Bank and FNY Service Corp. jointly own another subsidiary, The First of Long Island REIT, Inc., a real estate investment trust. The consolidated entity is referred to as the “Corporation” and the Bank and its subsidiaries are collectively referred to as the “Bank.” All intercompany balances and amounts have been eliminated. For further information refer to the consolidated financial statements and notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated financial information included herein as of and for the periods ended September 30, 2022 and 2021 is unaudited. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The December 31, 2021 consolidated balance sheet was derived from the Corporation's December 31, 2021 audited consolidated financial statements. When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation. Use of Estimates. In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported asset and liability balances, revenue and expense amounts, and the disclosures provided, including disclosure of contingent assets and liabilities, based on available information. Actual results could differ significantly from those estimates. Information available which could affect these judgements include, but are not limited to, changes in interest rates, changes in the performance of the economy and changes in the financial condition of borrowers. Adoption of New Accounting Standards. In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-2 “Financial Instruments (Topic 326) Troubled Debt Restructurings and Vintage Disclosures” which affect entities that have adopted ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” (“CECL”). The amendments in the ASU eliminate the troubled debt restructurings (“TDR”) recognition and measurement guidance and instead require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan, while also enhancing disclosure requirements. The amendments also require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of CECL. Gross write-offs must be included in the vintage disclosures required by CECL. For entities that have adopted CECL such as the Corporation, the amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should generally be applied prospectively. Early adoption is permitted, including adoption in an interim period. Management adopted ASU 2022-2 in the second quarter of 2022 effective as of January 1, 2022 using the modified retrospective transition approach. Its adoption modified the Corporation’s disclosures but did not have a material impact on its financial position or results of operations. Disclosures pertaining to the ASU can be found in “Note 4 – Loans” of these unaudited consolidated financial statements. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2022 | |
Comprehensive Income [Abstract] | |
Comprehensive Income | 2 - COMPREHENSIVE INCOME Comprehensive income includes net income and other comprehensive income (loss) (“OCI”). OCI includes revenues, expenses, gains and losses that under GAAP are included in comprehensive income but excluded from net income. OCI for the Corporation consists of unrealized holding gains or losses on available-for-sale (“AFS”) securities and derivative instruments and changes in the funded status of the Bank’s defined benefit pension plan, all net of related income taxes. Accumulated OCI is recognized as a separate component of stockholders’ equity. The components of OCI and the related tax effects are as follows: Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Change in net unrealized holding gains or losses on available-for-sale securities: Change arising during the period $ ( 96,238 ) $ ( 6,739 ) $ ( 31,021 ) $ ( 3,225 ) Reclassification adjustment for gains included in net income (1) — ( 606 ) — — ( 96,238 ) ( 7,345 ) ( 31,021 ) ( 3,225 ) Tax effect ( 29,646 ) ( 2,151 ) ( 9,556 ) ( 993 ) ( 66,592 ) ( 5,194 ) ( 21,465 ) ( 2,232 ) Change in unrealized loss on derivative instruments: Amount of gain (loss) during the period 1,324 266 — ( 1 ) Reclassification adjustment for net interest expense included in net income (2) 426 2,549 — 316 1,750 2,815 — 315 Tax effect 538 823 — 97 1,212 1,992 — 218 Other comprehensive loss $ ( 65,380 ) $ ( 3,202 ) $ ( 21,465 ) $ ( 2,014 ) (1) Represents net realized gains arising from the sale of AFS securities. These net gains are included in the consolidated statements of income in the line item “Net gains on sales of securities.” (2) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” The following table sets forth the components of accumulated OCI, net of tax. Current Balance Period Balance (in thousands) 12/31/21 Change 9/30/22 Unrealized holding gains (losses) on available-for-sale securities $ 1,955 $ ( 66,592 ) $ ( 64,637 ) Unrealized actuarial loss on pension plan ( 3,056 ) — ( 3,056 ) Unrealized loss on derivative instruments ( 1,212 ) 1,212 — Accumulated other comprehensive loss, net of tax $ ( 2,313 ) $ ( 65,380 ) $ ( 67,693 ) |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investment Securities [Abstract] | |
Investment Securities | 3 - INVESTMENT SECURITIES The following tables set forth the amortized cost and estimated fair values of the Bank’s AFS investment securities at the dates indicated. September 30, 2022 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value State and municipals $ 322,278 $ 70 $ ( 29,075 ) $ 293,273 Pass-through mortgage securities 179,220 — ( 34,162 ) 145,058 Collateralized mortgage obligations 137,138 — ( 20,353 ) 116,785 Corporate bonds 119,000 — ( 9,895 ) 109,105 $ 757,636 $ 70 $ ( 93,485 ) $ 664,221 December 31, 2021 State and municipals $ 315,747 $ 11,600 $ ( 176 ) $ 327,171 Pass-through mortgage securities 187,494 54 ( 4,591 ) 182,957 Collateralized mortgage obligations 109,254 67 ( 3,239 ) 106,082 Corporate bonds 119,000 — ( 892 ) 118,108 $ 731,495 $ 11,721 $ ( 8,898 ) $ 734,318 At September 30, 2022 and December 31, 2021, investment securities with a carrying value of $ 395.2 million and $ 425.0 million, respectively, were pledged as collateral to secure public deposits, borrowed funds and derivative liabilities. There were no holdings of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders’ equity at September 30, 2022 and December 31, 2021. There was no allowance for credit losses associated with the investment securities portfolio at September 30, 2022 or December 31, 2021. Securities With Unrealized Losses. The following tables set forth securities with unrealized losses presented by the length of time the securities have been in a continuous unrealized loss position. September 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Loss Value Loss Value Loss State and municipals $ 256,859 $ ( 24,416 ) $ 8,361 $ ( 4,659 ) $ 265,220 $ ( 29,075 ) Pass-through mortgage securities 13,731 ( 1,863 ) 131,326 ( 32,299 ) 145,057 ( 34,162 ) Collateralized mortgage obligations 43,663 ( 1,338 ) 73,122 ( 19,015 ) 116,785 ( 20,353 ) Corporate bonds 81,000 ( 7,000 ) 28,105 ( 2,895 ) 109,105 ( 9,895 ) Total temporarily impaired $ 395,253 $ ( 34,617 ) $ 240,914 $ ( 58,868 ) $ 636,167 $ ( 93,485 ) December 31, 2021 State and municipals $ 18,429 $ ( 176 ) $ — $ — $ 18,429 $ ( 176 ) Pass-through mortgage securities 179,575 ( 4,529 ) 1,641 ( 62 ) 181,216 ( 4,591 ) Collateralized mortgage obligations 99,305 ( 3,239 ) — — 99,305 ( 3,239 ) Corporate bonds 87,620 ( 380 ) 30,488 ( 512 ) 118,108 ( 892 ) Total temporarily impaired $ 384,929 $ ( 8,324 ) $ 32,129 $ ( 574 ) $ 417,058 $ ( 8,898 ) State and Municipals At September 30, 2022, approximately $ 265.2 million of state and municipal bonds had an unrealized loss of $ 29.1 million. Each of the state and municipal bonds are considered high investment grade and rated Aa2/AA- or higher. The decline in value is attributable to changes in interest rates and illiquidity and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank does not intend to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity. Pass-through Mortgage Securities At September 30, 2022, approximately $ 145.1 million of pass-through mortgage securities had an unrealized loss of $ 34.2 million. These securities were issued by U.S. government and government-sponsored agencies and are considered high investment grade. The decline in fair value is attributable to changes in interest rates and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank does not intend to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity. Collateralized Mortgage Obligations At September 30, 2022, approximately $ 116.8 million of collateralized mortgage obligations had an unrealized loss of $ 20.4 million. These securities were issued by U.S. government and government-sponsored agencies and are considered high investment grade. The decline in fair value is attributable to changes in interest rates and not credit quality. The issuers continue to make timely principal and interest payments on the bonds. The Bank does not intend to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. The fair value is expected to recover as the bonds approach maturity. Corporate Bonds At September 30, 2022, approximately $ 109.1 million of corporate bonds had an unrealized loss of $ 9.9 million. The corporate bonds represent senior unsecured debt obligations of six of the largest U.S. based financial institutions, including JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo. Each of the corporate bonds has a stated maturity of ten years and matures in 2028. The bonds reprice quarterly based on the ten year constant maturity swap rate. Each of the financial institutions is considered upper medium investment grade and rated A3 or higher. The unrealized loss is attributable to changes in credit spreads and interest rates and the illiquid nature of the securities. The Bank does not have the intent to sell these securities and it is likely that it will not be required to sell the securities before their anticipated recovery. Each of these financial institutions has diversified revenue streams, is well capitalized and continues to make timely interest payments. Management evaluates the quarterly financial statements of each company to determine if full payment of principal and interest is in doubt and does not believe there is any impairment at September 30, 2022. Sales of AFS Securities. Sales of AFS securities were as follows: Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Proceeds $ — $ 54,192 $ — $ — Gains $ — $ 622 $ — $ — Losses — ( 16 ) — — Net gain $ — $ 606 $ — $ — Income tax expense related to the net realized gains for the nine months ended September 30, 2021 was $ 187,000 . Maturities. The following table sets forth by maturity the amortized cost and fair value of the Bank’s state and municipal securities, and corporate bonds at September 30, 2022 based on the earlier of their stated maturity or, if applicable, their pre-refunded date. The remaining securities in the Bank’s investment securities portfolio are mortgage-backed securities, consisting of pass-through mortgage securities and collateralized mortgage obligations. Although these securities are expected to have substantial periodic repayments, they are reflected in the table below in aggregate amounts. (in thousands) Amortized Cost Fair Value Within one year $ 14,996 $ 14,905 After 1 through 5 years 86,418 84,054 After 5 through 10 years 209,402 194,397 After 10 years 130,462 109,022 Mortgage-backed securities 316,358 261,843 $ 757,636 $ 664,221 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2022 | |
Loans [Abstract] | |
Loans | 4 - LOANS The following table sets forth the loans outstanding by class of loans at the dates indicated. (in thousands) September 30, 2022 December 31, 2021 Commercial and industrial $ 112,873 $ 90,386 SBA PPP 193 30,534 Commercial mortgages: Multifamily 927,717 864,207 Other 793,592 700,872 Owner-occupied 220,905 171,533 Residential mortgages: Closed end 1,233,005 1,202,374 Revolving home equity 43,276 44,139 Consumer and other 1,642 991 $ 3,333,203 $ 3,105,036 Management identifies loans in the Bank’s portfolio that must be individually evaluated for loss due to disparate risk characteristics or information suggesting that the Bank will be unable to collect all the principal and interest due. For loans individually evaluated, a specific reserve is estimated based on either the fair value of collateral or the discounted value of expected future cash flows. In estimating the fair value of real estate collateral, management utilizes appraisals or evaluations adjusted for costs to dispose and a distressed sale adjustment, if needed. Estimating the fair value of collateral other than real estate is also subjective in nature and sometimes requires difficult and complex judgements. Determining expected future cash flows can be more subjective than determining fair values. Expected future cash flows could differ significantly, both in timing and amount, from the cash flows actually received over the loan’s remaining life. Individually evaluated loans are excluded from the estimation of credit losses for the pooled portfolio. For loans collectively evaluated for credit loss, management segregates its loan portfolio into distinct pools, certain of which are combined in reporting loans outstanding by class of loans: (1) commercial and industrial; (2) small business credit scored; (3) multifamily; (4) owner-occupied; (5) other commercial real estate; (6) construction and land development; (7) closed end residential mortgage; (8) revolving home equity; (9) consumer; (10) municipal loans; and (11) Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans. Historical loss information from the Bank’s own loan portfolio from December 31, 2007 to present provides a basis for management’s assessment of expected credit losses. The choice of a historical look-back period that begins in 2007 covers an entire economic cycle and impacts the average historical loss rates used to calculate the final allowance for credit losses (“ACL” or “allowance”). Due to the extensive loss data available, management selected the vintage approach to measure the historical loss component of credit losses for most of its loan pools. For the revolving home equity and small business credit scored pools, the PD/LGD (probability of default/loss given default) method is used to measure historical losses. No historical loss method was applied to the SBA PPP loan pool which is 100% guaranteed by the federal government. Modifications to borrowers experiencing financial difficulty are included in loans collectively evaluated for credit loss. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. A charge to the allowance for credit losses is generally not recorded upon modification. Management believes that the methods selected fairly reflect the historical loss component of expected losses inherent in the Bank’s loan portfolio. However, since future losses could vary significantly from those experienced in the past, on a quarterly basis management adjusts its historical loss experience to reflect current and forecasted conditions. In doing so, management considers a variety of general qualitative and quantitative factors (“Q-factors”) and then subjectively determines the weight to assign to each in estimating losses. Qualitative characteristics include differences in underwriting standards, policies, lending staff and environmental risks. Management also considers whether further adjustments to historical loss information are needed to reflect the extent to which current conditions and reasonable and supportable forecasts over a one year to two year forecasting horizon differ from the conditions that existed during the historical loss period. These quantitative adjustments reflect changes to relevant data such as changes in unemployment rates, gross domestic product (“GDP”), vacancies, average growth in pools of loans, delinquencies or other factors associated with the financial assets. The allowance for SBA PPP loans represents an estimate of potential loss due to documentation and processing deficiencies. The immediate reversion method is applied for periods beyond the forecasting horizon. The Bank’s ACL allocable to pools of loans that are collectively evaluated for credit loss results primarily from these qualitative and quantitative adjustments to historical loss experience. Because of the nature of the Q-factors and the degree of judgement involved in assessing their impact, management’s resulting estimate of losses may not accurately reflect current and future losses in the portfolio. Growth in commercial and residential mortgages and commercial and industrial loans and chargeoffs were the main drivers of the provision recorded in the first nine months of 2022, partially offset by declines in historical loss rates and other portfolio metrics. The following tables present the activity in the ACL for the periods indicated. (in thousands) Balance at 1/1/2022 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 9/30/2022 Commercial and industrial $ 888 $ 424 $ 64 $ 940 $ 1,468 SBA PPP 46 — — ( 42 ) 4 Commercial mortgages: Multifamily 8,154 — — 267 8,421 Other 6,478 — — 1,014 7,492 Owner-occupied 2,515 — — 503 3,018 Residential mortgages: Closed end 11,298 372 — ( 345 ) 10,581 Revolving home equity 449 — — ( 101 ) 348 Consumer and other 3 — — 12 15 $ 29,831 $ 796 $ 64 $ 2,248 $ 31,347 (in thousands) Balance at 7/1/2022 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 9/30/2022 Commercial and industrial $ 1,041 $ 344 $ 21 $ 750 $ 1,468 SBA PPP 7 — — ( 3 ) 4 Commercial mortgages: Multifamily 8,877 — — ( 456 ) 8,421 Other 6,924 — — 568 7,492 Owner-occupied 2,961 — — 57 3,018 Residential mortgages: Closed end 10,694 284 — 171 10,581 Revolving home equity 350 — — ( 2 ) 348 Consumer and other 11 — — 4 15 $ 30,865 $ 628 $ 21 $ 1,089 $ 31,347 (in thousands) Balance at 1/1/2021 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 9/30/2021 Commercial and industrial $ 1,416 $ 227 $ 188 $ ( 519 ) $ 858 SBA PPP 209 — — ( 111 ) 98 Commercial mortgages: Multifamily 9,474 544 — ( 1,103 ) 7,827 Other 4,913 — — 859 5,772 Owner-occupied 1,905 165 91 180 2,011 Residential mortgages: Closed end 14,706 79 19 ( 2,205 ) 12,441 Revolving home equity 407 — 254 ( 156 ) 505 Consumer and other 7 1 1 ( 3 ) 4 $ 33,037 $ 1,016 $ 553 $ ( 3,058 ) $ 29,516 (in thousands) Balance at 7/1/2021 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 9/30/2021 Commercial and industrial $ 1,008 $ — $ 20 $ ( 170 ) $ 858 SBA PPP 141 — — ( 43 ) 98 Commercial mortgages: Multifamily 8,613 292 — ( 494 ) 7,827 Other 5,363 — — 409 5,772 Owner-occupied 1,895 — — 116 2,011 Residential mortgages: Closed end 13,316 — 16 ( 891 ) 12,441 Revolving home equity 628 — 254 ( 377 ) 505 Consumer and other 4 1 — 1 4 $ 30,968 $ 293 $ 290 $ ( 1,449 ) $ 29,516 Aging of Loans . The following tables present the aging of loans past due and loans on nonaccrual status by class of loans. September 30, 2022 Past Due Nonaccrual With an With No Total Past 90 Days or Allowance Allowance Due Loans & More and for Credit for Credit Nonaccrual Total (in thousands) 30-59 Days 60-89 Days Still Accruing Loss Loss Loans Current Loans Commercial and industrial $ 333 $ — $ — $ — $ — $ 333 $ 112,540 $ 112,873 SBA PPP 193 — — — — 193 — 193 Commercial mortgages: Multifamily — — — — — — 927,717 927,717 Other — — — — — — 793,592 793,592 Owner-occupied — — — — — — 220,905 220,905 Residential mortgages: Closed end — — — — — — 1,233,005 1,233,005 Revolving home equity — — — — — — 43,276 43,276 Consumer and other — — — — — — 1,642 1,642 $ 526 $ — $ — $ — $ — $ 526 $ 3,332,677 $ 3,333,203 December 31, 2021 Commercial and industrial $ 128 $ — $ — $ — $ — $ 128 $ 90,258 $ 90,386 SBA PPP 259 — — — — 259 30,275 30,534 Commercial mortgages: Multifamily — — — — — — 864,207 864,207 Other — — — — — — 700,872 700,872 Owner-occupied — — — — — — 171,533 171,533 Residential mortgages: Closed end — — — — 1,235 1,235 1,201,139 1,202,374 Revolving home equity — — — — — — 44,139 44,139 Consumer and other 73 — — — — 73 918 991 $ 460 $ — $ — $ — $ 1,235 $ 1,695 $ 3,103,341 $ 3,105,036 There were no loans in the process of foreclosure no r did the Bank hold any foreclosed residential real estate property at September 30, 2022 or December 31, 2021. Accrued interest receivable from loans totaled $ 8.9 million and $ 8.0 million at September 30, 2022 and December 31, 2021, respectively, and is included in the line item “Other assets” on the consolidated balance sheets. Loan Modifications. The Bank did no t modify the terms of any loans for borrowers experiencing financial difficulty in the form of principal forgiveness, an interest reduction, an other-than-insignificant payment delay or a term extension during the first nine months of 2022 or 2021, nor did the Bank have commitments to lend additional amounts to such borrowers at September 30, 2022 or December 31, 2021. Risk Characteristics . Credit risk within the Bank’s loan portfolio primarily stems from factors such as changes in the borrower’s financial condition, credit concentrations, changes in collateral values, economic conditions, rent regulation and environmental contamination of properties securing mortgage loans. The Bank’s commercial loans, including those secured by real estate mortgages, are primarily made to small and medium-sized businesses. Such loans sometimes involve a higher degree of risk than those to larger companies because such businesses may have shorter operating histories, higher debt-to-equity ratios and may lack sophistication in internal record keeping and financial and operational controls. In addition, most of the Bank’s loans are made to businesses and consumers on Long Island and in the boroughs of New York City (“NYC”), and a large percentage of these loans are mortgage loans secured by properties located in those areas. The primary sources of repayment for residential and commercial mortgage loans include employment and other income of the borrowers, the businesses of the borrowers and cash flows from the underlying properties. In the case of multifamily mortgage loans, a substantial portion of the underlying properties are rent stabilized or rent controlled. These sources of repayment are dependent on, among other things, the strength of the local economy. Credit Quality Indicators. The Bank categorizes loans into risk categories based on relevant information about the borrower’s ability to service their debt including, but not limited to, current financial information for the borrower and any guarantors, payment experience, credit underwriting documentation, public records, due diligence checks and current economic trends. Management analyzes loans individually and classifies them using risk rating matrices consistent with regulatory guidance as follows. Watch: The borrower’s cash flow has a high degree of variability and subject to economic downturns. Liquidity is strained and the ability of the borrower to access traditional sources of credit is diminished. Special Mention: The borrower has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or in the Bank’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Bank to risk sufficient to warrant adverse classification. Substandard: Loans are inadequately protected by the current sound worth and paying capacity of the borrower or the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Doubtful: Loans have all the inherent weaknesses of those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, based on existing facts, conditions and values, highly questionable and improbable. Risk ratings on commercial and industrial loans and commercial mortgages are initially assigned during the underwriting process and affirmed as part of the approval process. The ratings are periodically reviewed and evaluated based on borrower contact, credit department review or independent loan review. The Bank's loan risk rating and review policy establishes requirements for the annual review of commercial real estate and commercial and industrial loans. The requirements include details of the scope of coverage and selection process based on loan-type and risk rating. The Bank reviews at least 80 % of its commercial real estate portfolio on an annual basis. Lines of credit are also reviewed annually at each proposed reaffirmation. The frequency of the review of other loans is determined by minimum principal balance thresholds and the Bank’s ongoing assessments of the borrower’s condition. Residential mortgage loans, revolving home equity lines and other consumer loans are initially evaluated utilizing the borrower’s credit score. A credit score is a tool used in the Bank’s loan approval process, and a minimum score of 680 is generally required for new loans. Credit scores for each borrower are updated at least annually. However, regardless of credit score, loans may be classified, criticized or placed on management’s watch list if relevant information comes to light. The following tables present the amortized cost basis of loans by class of loans, vintage and risk rating. Loans shown as Pass are all loans other than those risk rated Watch, Special Mention, Substandard or Doubtful. Also presented are gross chargeoffs and recoveries recorded in the current year-to-date period by origination year. September 30, 2022 Term Loans by Origination Year Revolving (in thousands) 2022 2021 2020 2019 2018 Prior Loans (1) Total Commercial and industrial: Risk rating: Pass $ 28,101 $ 30,194 $ 10,697 $ 6,006 $ 8,278 $ 8,672 $ 15,638 $ 107,586 Watch — 5,001 271 — — — 15 5,287 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 28,101 $ 35,195 $ 10,968 $ 6,006 $ 8,278 $ 8,672 $ 15,653 $ 112,873 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ ( 424 ) $ ( 424 ) Current-period recoveries — — — — — — 64 64 Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ ( 360 ) $ ( 360 ) SBA PPP: Risk rating: Pass $ — $ — $ 193 $ — $ — $ — $ — $ 193 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ — $ — $ 193 $ — $ — $ — $ — $ 193 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – multifamily: Risk rating: Pass $ 191,239 $ 181,529 $ 39,899 $ 125,813 $ 122,263 $ 260,415 $ 225 $ 921,383 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — 6,334 — 6,334 Doubtful — — — — — — — — $ 191,239 $ 181,529 $ 39,899 $ 125,813 $ 122,263 $ 266,749 $ 225 $ 927,717 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – other: Risk rating: Pass $ 178,787 $ 225,269 $ 112,317 $ 34,647 $ 44,121 $ 190,614 $ — $ 785,755 Watch — — — — 939 — — 939 Special Mention — — — — — — — — Substandard — — — — — 6,898 — 6,898 Doubtful — — — — — — — — $ 178,787 $ 225,269 $ 112,317 $ 34,647 $ 45,060 $ 197,512 $ — $ 793,592 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – owner-occupied: Risk rating: Pass $ 54,919 $ 62,134 $ 21,321 $ 41,821 $ 2,819 $ 36,793 $ 1,098 $ 220,905 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 54,919 $ 62,134 $ 21,321 $ 41,821 $ 2,819 $ 36,793 $ 1,098 $ 220,905 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2022 Term Loans by Origination Year Revolving (in thousands) 2022 2021 2020 2019 2018 Prior Loans (1) Total Residential mortgages: Risk rating: Pass $ 173,556 $ 170,685 $ 37,500 $ 17,272 $ 187,310 $ 646,210 $ 43,276 $ 1,275,809 Watch — — — — — 472 — 472 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 173,556 $ 170,685 $ 37,500 $ 17,272 $ 187,310 $ 646,682 $ 43,276 $ 1,276,281 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ ( 372 ) $ — $ ( 372 ) Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ ( 372 ) $ — $ ( 372 ) Consumer and other: Risk rating: Pass $ 295 $ — $ — $ 100 $ — $ 92 $ 810 $ 1,297 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Not Rated — — — — — — 345 345 $ 295 $ — $ — $ 100 $ — $ 92 $ 1,155 $ 1,642 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Total Loans $ 626,897 $ 674,812 $ 222,198 $ 225,659 $ 365,730 $ 1,156,500 $ 61,407 $ 3,333,203 Total net chargeoffs $ — $ — $ — $ — $ — $ ( 372 ) $ ( 360 ) $ ( 732 ) (1) Includes commercial and industrial and residential mortgage lines converted to term of $ 5.3 million and $ 9.1 million, respectively. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | 5 - STOCK-BASED COMPENSATION The following table presents a summary of restricted stock units (“RSUs”) outstanding at September 30, 2022 and changes during the nine-month period then ended. Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2022 207,359 $ 17.70 Granted 139,279 19.68 Converted ( 94,991 ) 18.87 Forfeited ( 1,272 ) 17.49 Outstanding at September 30, 2022 250,375 $ 18.36 1.05 $ 4,316 As of September 30, 2022, there was $ 2.5 million of total unrecognized compensation cost related to non-vested RSUs. The total cost is expected to be recognized over a weighted-average period of 1.7 years. |
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 Financial Instruments Recorded at Fair Value . When measuring fair value, the Corporation uses a fair value hierarchy, which is designed to maximize the use of observable inputs and minimize the use of unobservable inputs. The hierarchy involves three levels of inputs that may be used to measure fair value: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Corporation can access at the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or inputs other than quoted prices that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect the Corporation’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The fair values of the Corporation’s financial assets and liabilities measured at fair value on a recurring basis are set forth in the table that follows. The fair values of AFS securities are determined on a recurring basis using matrix pricing (Level 2 inputs). Matrix pricing, which is a mathematical technique widely used in the industry to value debt securities, does not rely exclusively on quoted prices for the specific securities but rather on the relationship of such securities to other benchmark quoted securities. Where no significant other observable inputs were available, Level 3 inputs were used. The fair values of interest rate swaps are based on valuation models using observable market data as of the measurement date resulting in a Level 2 classification. Fair Value Measurements Using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) September 30, 2022: Financial Assets: Available-for-Sale Securities: State and municipals $ 293,273 $ — $ 292,706 $ 567 Pass-through mortgage securities 145,058 — 145,058 — Collateralized mortgage obligations 116,785 — 116,785 — Corporate bonds 109,105 — 109,105 — $ 664,221 $ — $ 663,654 $ 567 December 31, 2021: Financial Assets: Available-for-Sale Securities: State and municipals $ 327,171 $ — $ 326,201 $ 970 Pass-through mortgage securities 182,957 — 182,957 — Collateralized mortgage obligations 106,082 — 106,082 — Corporate bonds 118,108 — 118,108 — $ 734,318 $ — $ 733,348 $ 970 Financial Liabilities: Derivative - interest rate swaps $ 1,750 $ — $ 1,750 $ — State and municipal AFS securities measured using Level 3 inputs. The Bank held five non-rated bond anticipation notes with a book value of $ 0.6 million at September 30, 2022. These bonds have a one year maturity and are issued by local municipalities that are customers of the Bank. Due to the short duration of the bonds, book value approximates fair value at September 30, 2022. Premises and Facilities. Premises and facilities held-for-sale of $ 3.8 million are reported in the line item “Other assets” in the consolidated balance sheets and are measured at lower of cost or fair value on a nonrecurring basis at September 30, 2022 and December 31, 2021. Financial Instruments Not Recorded at Fair Value. Fair value estimates are made at a specific point in time. Such estimates are generally subjective in nature and dependent upon a number of significant assumptions associated with each financial instrument or group of similar financial instruments, including estimates of discount rates, liquidity, risks associated with specific financial instruments, estimates of future cash flows, and relevant available market information. Changes in assumptions could significantly affect the estimates. In addition, fair value estimates do not reflect the value of anticipated future business, premiums or discounts that could result from offering for sale at one time the Corporation’s entire holdings of a particular financial instrument, or the income tax consequences of realizing gains or losses on the sale of financial instruments. The following table sets forth the carrying amounts and estimated fair values of financial instruments that are not recorded at fair value in the Corporation’s financial statements. Level of September 30, 2022 December 31, 2021 Fair Value Carrying Carrying (in thousands) Hierarchy Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 62,210 $ 62,210 $ 43,675 $ 43,675 Loans Level 3 3,301,856 3,024,385 (1) 3,075,205 3,048,791 Restricted stock n/a 21,601 n/a 21,524 n/a Financial Liabilities: Checking deposits Level 1 1,397,166 1,397,166 1,400,998 1,400,998 Savings, NOW and money market deposits Level 1 1,784,964 1,784,964 1,685,410 1,685,410 Time deposits Level 2 404,627 392,853 228,837 232,973 Short-term borrowings Level 1 40,000 40,000 125,000 125,000 Long-term debt Level 2 264,835 260,629 186,322 188,413 (1) The decrease in fair value of loans is due to an increase in interest rates. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2022 | |
Derivatives [Abstract] | |
Derivatives | 7 – DERIVATIVES As part of its asset liability management activities, the Corporation utilized an interest rate swap to help manage its interest rate risk position. The notional amount of an interest rate swap does not represent the amount exchanged by the parties. The exchange of cash flows is determined by reference to the notional amount and the other terms of the interest rate swap agreement. The Bank entered into a five year interest rate swap with a notional amount totaling $ 50 million on January 17, 2019, which was designated as a cash flow hedge of certain Federal Home Loan Bank (“FHLB”) advances included in short-term borrowings on the consolidated balance sheets. On April 18, 2022, the swap was terminated and the FHLB advance was paid off. Termination fees were immaterial. The following table summarizes information about the interest rate swap designated as a cash flow hedge at the periods indicated. September 30, 2022 December 31, 2021 Notional amount — $ 50 million Weighted average fixed pay rate — 2.62 % Weighted average 3-month LIBOR receive rate — 0.13 % Weighted average maturity — 2.05 Years Interest expense recorded on swap transactions, which totaled $ 426,000 and $ 2.5 million for the nine months ended September 30, 2022 and 2021, respectively, was recorded as a component of interest expense in the consolidated statements of income. Amounts reported in accumulated OCI related to swaps were reclassified to interest expense as interest payments were made on the Bank’s variable-rate liabilities. During the nine months ended September 30, 2022, the Corporation had $ 426,000 of reclassifications to interest expense. The following table presents the net gains and losses recorded in the consolidated statements of income and the consolidated statements of comprehensive income relating to interest rate swaps. Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Interest rate contracts: Amount of gain (loss) recognized in OCI (effective portion) $ 1,324 $ 266 $ — $ ( 1 ) Amount of loss reclassified from OCI to interest expense 426 2,549 — 316 Amount of loss recognized in other noninterest income (ineffective portion) — — — — The following table reflects the amounts relating to the interest rate swap included in the consolidated balance sheets at the periods indicated. September 30, 2022 December 31, 2021 Notional Fair Value Notional Fair Value (in thousands) Amount Asset Liability Amount Asset Liability Included in other liabilities $ — $ — $ — $ 1,750 Interest rate swap hedging FHLB advances $ — $ 50,000 |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2022 | |
Basis Of Presentation [Abstract] | |
Basis Of Presentation | BASIS OF PRESENTATION The accounting and reporting policies of The First of Long Island Corporation (“Corporation”) reflect banking industry practice and conform to generally accepted accounting principles (“GAAP”) in the United States. The consolidated financial statements include the accounts of the Corporation and its wholly-owned subsidiary, The First National Bank of Long Island (“Bank”). The Bank has two wholly-owned subsidiaries: FNY Service Corp. and The First of Long Island Agency, Inc. The Bank and FNY Service Corp. jointly own another subsidiary, The First of Long Island REIT, Inc., a real estate investment trust. The consolidated entity is referred to as the “Corporation” and the Bank and its subsidiaries are collectively referred to as the “Bank.” All intercompany balances and amounts have been eliminated. For further information refer to the consolidated financial statements and notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2021. The consolidated financial information included herein as of and for the periods ended September 30, 2022 and 2021 is unaudited. However, such information reflects all adjustments which are, in the opinion of management, necessary for a fair statement of results for the interim periods. The December 31, 2021 consolidated balance sheet was derived from the Corporation's December 31, 2021 audited consolidated financial statements. When appropriate, items in the prior year financial statements are reclassified to conform to the current period presentation. |
Use Of Estimates | Use of Estimates. In preparing the consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported asset and liability balances, revenue and expense amounts, and the disclosures provided, including disclosure of contingent assets and liabilities, based on available information. Actual results could differ significantly from those estimates. Information available which could affect these judgements include, but are not limited to, changes in interest rates, changes in the performance of the economy and changes in the financial condition of borrowers. |
Adoption Of New Accounting Standards | Adoption of New Accounting Standards. In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-2 “Financial Instruments (Topic 326) Troubled Debt Restructurings and Vintage Disclosures” which affect entities that have adopted ASU 2016-13 “Measurement of Credit Losses on Financial Instruments” (“CECL”). The amendments in the ASU eliminate the troubled debt restructurings (“TDR”) recognition and measurement guidance and instead require that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan, while also enhancing disclosure requirements. The amendments also require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of CECL. Gross write-offs must be included in the vintage disclosures required by CECL. For entities that have adopted CECL such as the Corporation, the amendments in this ASU are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should generally be applied prospectively. Early adoption is permitted, including adoption in an interim period. Management adopted ASU 2022-2 in the second quarter of 2022 effective as of January 1, 2022 using the modified retrospective transition approach. Its adoption modified the Corporation’s disclosures but did not have a material impact on its financial position or results of operations. Disclosures pertaining to the ASU can be found in “Note 4 – Loans” of these unaudited consolidated financial statements. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Comprehensive Income [Abstract] | |
Components Of OCI And Related Tax Effects | Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Change in net unrealized holding gains or losses on available-for-sale securities: Change arising during the period $ ( 96,238 ) $ ( 6,739 ) $ ( 31,021 ) $ ( 3,225 ) Reclassification adjustment for gains included in net income (1) — ( 606 ) — — ( 96,238 ) ( 7,345 ) ( 31,021 ) ( 3,225 ) Tax effect ( 29,646 ) ( 2,151 ) ( 9,556 ) ( 993 ) ( 66,592 ) ( 5,194 ) ( 21,465 ) ( 2,232 ) Change in unrealized loss on derivative instruments: Amount of gain (loss) during the period 1,324 266 — ( 1 ) Reclassification adjustment for net interest expense included in net income (2) 426 2,549 — 316 1,750 2,815 — 315 Tax effect 538 823 — 97 1,212 1,992 — 218 Other comprehensive loss $ ( 65,380 ) $ ( 3,202 ) $ ( 21,465 ) $ ( 2,014 ) (1) Represents net realized gains arising from the sale of AFS securities. These net gains are included in the consolidated statements of income in the line item “Net gains on sales of securities.” (2) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “Interest expense.” |
Components Of Accumulated OCI, Net Of Tax | Current Balance Period Balance (in thousands) 12/31/21 Change 9/30/22 Unrealized holding gains (losses) on available-for-sale securities $ 1,955 $ ( 66,592 ) $ ( 64,637 ) Unrealized actuarial loss on pension plan ( 3,056 ) — ( 3,056 ) Unrealized loss on derivative instruments ( 1,212 ) 1,212 — Accumulated other comprehensive loss, net of tax $ ( 2,313 ) $ ( 65,380 ) $ ( 67,693 ) |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investment Securities [Abstract] | |
Amortized Cost And Estimated Fair Values Of AFS Investment Securities | September 30, 2022 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value State and municipals $ 322,278 $ 70 $ ( 29,075 ) $ 293,273 Pass-through mortgage securities 179,220 — ( 34,162 ) 145,058 Collateralized mortgage obligations 137,138 — ( 20,353 ) 116,785 Corporate bonds 119,000 — ( 9,895 ) 109,105 $ 757,636 $ 70 $ ( 93,485 ) $ 664,221 December 31, 2021 State and municipals $ 315,747 $ 11,600 $ ( 176 ) $ 327,171 Pass-through mortgage securities 187,494 54 ( 4,591 ) 182,957 Collateralized mortgage obligations 109,254 67 ( 3,239 ) 106,082 Corporate bonds 119,000 — ( 892 ) 118,108 $ 731,495 $ 11,721 $ ( 8,898 ) $ 734,318 |
Securities With A Continuous Unrealized Loss Position | September 30, 2022 Less than 12 Months 12 Months or More Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Loss Value Loss Value Loss State and municipals $ 256,859 $ ( 24,416 ) $ 8,361 $ ( 4,659 ) $ 265,220 $ ( 29,075 ) Pass-through mortgage securities 13,731 ( 1,863 ) 131,326 ( 32,299 ) 145,057 ( 34,162 ) Collateralized mortgage obligations 43,663 ( 1,338 ) 73,122 ( 19,015 ) 116,785 ( 20,353 ) Corporate bonds 81,000 ( 7,000 ) 28,105 ( 2,895 ) 109,105 ( 9,895 ) Total temporarily impaired $ 395,253 $ ( 34,617 ) $ 240,914 $ ( 58,868 ) $ 636,167 $ ( 93,485 ) December 31, 2021 State and municipals $ 18,429 $ ( 176 ) $ — $ — $ 18,429 $ ( 176 ) Pass-through mortgage securities 179,575 ( 4,529 ) 1,641 ( 62 ) 181,216 ( 4,591 ) Collateralized mortgage obligations 99,305 ( 3,239 ) — — 99,305 ( 3,239 ) Corporate bonds 87,620 ( 380 ) 30,488 ( 512 ) 118,108 ( 892 ) Total temporarily impaired $ 384,929 $ ( 8,324 ) $ 32,129 $ ( 574 ) $ 417,058 $ ( 8,898 ) |
Sales Of Available-For-Sale Securities | Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Proceeds $ — $ 54,192 $ — $ — Gains $ — $ 622 $ — $ — Losses — ( 16 ) — — Net gain $ — $ 606 $ — $ — |
Maturities | (in thousands) Amortized Cost Fair Value Within one year $ 14,996 $ 14,905 After 1 through 5 years 86,418 84,054 After 5 through 10 years 209,402 194,397 After 10 years 130,462 109,022 Mortgage-backed securities 316,358 261,843 $ 757,636 $ 664,221 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Loans [Abstract] | |
Loans Outstanding By Class Of Loans | (in thousands) September 30, 2022 December 31, 2021 Commercial and industrial $ 112,873 $ 90,386 SBA PPP 193 30,534 Commercial mortgages: Multifamily 927,717 864,207 Other 793,592 700,872 Owner-occupied 220,905 171,533 Residential mortgages: Closed end 1,233,005 1,202,374 Revolving home equity 43,276 44,139 Consumer and other 1,642 991 $ 3,333,203 $ 3,105,036 |
Allowance For Loan Losses | (in thousands) Balance at 1/1/2022 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 9/30/2022 Commercial and industrial $ 888 $ 424 $ 64 $ 940 $ 1,468 SBA PPP 46 — — ( 42 ) 4 Commercial mortgages: Multifamily 8,154 — — 267 8,421 Other 6,478 — — 1,014 7,492 Owner-occupied 2,515 — — 503 3,018 Residential mortgages: Closed end 11,298 372 — ( 345 ) 10,581 Revolving home equity 449 — — ( 101 ) 348 Consumer and other 3 — — 12 15 $ 29,831 $ 796 $ 64 $ 2,248 $ 31,347 (in thousands) Balance at 7/1/2022 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 9/30/2022 Commercial and industrial $ 1,041 $ 344 $ 21 $ 750 $ 1,468 SBA PPP 7 — — ( 3 ) 4 Commercial mortgages: Multifamily 8,877 — — ( 456 ) 8,421 Other 6,924 — — 568 7,492 Owner-occupied 2,961 — — 57 3,018 Residential mortgages: Closed end 10,694 284 — 171 10,581 Revolving home equity 350 — — ( 2 ) 348 Consumer and other 11 — — 4 15 $ 30,865 $ 628 $ 21 $ 1,089 $ 31,347 (in thousands) Balance at 1/1/2021 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 9/30/2021 Commercial and industrial $ 1,416 $ 227 $ 188 $ ( 519 ) $ 858 SBA PPP 209 — — ( 111 ) 98 Commercial mortgages: Multifamily 9,474 544 — ( 1,103 ) 7,827 Other 4,913 — — 859 5,772 Owner-occupied 1,905 165 91 180 2,011 Residential mortgages: Closed end 14,706 79 19 ( 2,205 ) 12,441 Revolving home equity 407 — 254 ( 156 ) 505 Consumer and other 7 1 1 ( 3 ) 4 $ 33,037 $ 1,016 $ 553 $ ( 3,058 ) $ 29,516 (in thousands) Balance at 7/1/2021 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 9/30/2021 Commercial and industrial $ 1,008 $ — $ 20 $ ( 170 ) $ 858 SBA PPP 141 — — ( 43 ) 98 Commercial mortgages: Multifamily 8,613 292 — ( 494 ) 7,827 Other 5,363 — — 409 5,772 Owner-occupied 1,895 — — 116 2,011 Residential mortgages: Closed end 13,316 — 16 ( 891 ) 12,441 Revolving home equity 628 — 254 ( 377 ) 505 Consumer and other 4 1 — 1 4 $ 30,968 $ 293 $ 290 $ ( 1,449 ) $ 29,516 |
Aging Of The Recorded Investment In Loans | September 30, 2022 Past Due Nonaccrual With an With No Total Past 90 Days or Allowance Allowance Due Loans & More and for Credit for Credit Nonaccrual Total (in thousands) 30-59 Days 60-89 Days Still Accruing Loss Loss Loans Current Loans Commercial and industrial $ 333 $ — $ — $ — $ — $ 333 $ 112,540 $ 112,873 SBA PPP 193 — — — — 193 — 193 Commercial mortgages: Multifamily — — — — — — 927,717 927,717 Other — — — — — — 793,592 793,592 Owner-occupied — — — — — — 220,905 220,905 Residential mortgages: Closed end — — — — — — 1,233,005 1,233,005 Revolving home equity — — — — — — 43,276 43,276 Consumer and other — — — — — — 1,642 1,642 $ 526 $ — $ — $ — $ — $ 526 $ 3,332,677 $ 3,333,203 December 31, 2021 Commercial and industrial $ 128 $ — $ — $ — $ — $ 128 $ 90,258 $ 90,386 SBA PPP 259 — — — — 259 30,275 30,534 Commercial mortgages: Multifamily — — — — — — 864,207 864,207 Other — — — — — — 700,872 700,872 Owner-occupied — — — — — — 171,533 171,533 Residential mortgages: Closed end — — — — 1,235 1,235 1,201,139 1,202,374 Revolving home equity — — — — — — 44,139 44,139 Consumer and other 73 — — — — 73 918 991 $ 460 $ — $ — $ — $ 1,235 $ 1,695 $ 3,103,341 $ 3,105,036 |
Amortized Cost Basis of Loans by Class of Loans, Vintage and Risk Rating | September 30, 2022 Term Loans by Origination Year Revolving (in thousands) 2022 2021 2020 2019 2018 Prior Loans (1) Total Commercial and industrial: Risk rating: Pass $ 28,101 $ 30,194 $ 10,697 $ 6,006 $ 8,278 $ 8,672 $ 15,638 $ 107,586 Watch — 5,001 271 — — — 15 5,287 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 28,101 $ 35,195 $ 10,968 $ 6,006 $ 8,278 $ 8,672 $ 15,653 $ 112,873 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ ( 424 ) $ ( 424 ) Current-period recoveries — — — — — — 64 64 Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ ( 360 ) $ ( 360 ) SBA PPP: Risk rating: Pass $ — $ — $ 193 $ — $ — $ — $ — $ 193 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ — $ — $ 193 $ — $ — $ — $ — $ 193 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – multifamily: Risk rating: Pass $ 191,239 $ 181,529 $ 39,899 $ 125,813 $ 122,263 $ 260,415 $ 225 $ 921,383 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — 6,334 — 6,334 Doubtful — — — — — — — — $ 191,239 $ 181,529 $ 39,899 $ 125,813 $ 122,263 $ 266,749 $ 225 $ 927,717 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – other: Risk rating: Pass $ 178,787 $ 225,269 $ 112,317 $ 34,647 $ 44,121 $ 190,614 $ — $ 785,755 Watch — — — — 939 — — 939 Special Mention — — — — — — — — Substandard — — — — — 6,898 — 6,898 Doubtful — — — — — — — — $ 178,787 $ 225,269 $ 112,317 $ 34,647 $ 45,060 $ 197,512 $ — $ 793,592 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – owner-occupied: Risk rating: Pass $ 54,919 $ 62,134 $ 21,321 $ 41,821 $ 2,819 $ 36,793 $ 1,098 $ 220,905 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 54,919 $ 62,134 $ 21,321 $ 41,821 $ 2,819 $ 36,793 $ 1,098 $ 220,905 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — September 30, 2022 Term Loans by Origination Year Revolving (in thousands) 2022 2021 2020 2019 2018 Prior Loans (1) Total Residential mortgages: Risk rating: Pass $ 173,556 $ 170,685 $ 37,500 $ 17,272 $ 187,310 $ 646,210 $ 43,276 $ 1,275,809 Watch — — — — — 472 — 472 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 173,556 $ 170,685 $ 37,500 $ 17,272 $ 187,310 $ 646,682 $ 43,276 $ 1,276,281 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ ( 372 ) $ — $ ( 372 ) Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ ( 372 ) $ — $ ( 372 ) Consumer and other: Risk rating: Pass $ 295 $ — $ — $ 100 $ — $ 92 $ 810 $ 1,297 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Not Rated — — — — — — 345 345 $ 295 $ — $ — $ 100 $ — $ 92 $ 1,155 $ 1,642 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Total Loans $ 626,897 $ 674,812 $ 222,198 $ 225,659 $ 365,730 $ 1,156,500 $ 61,407 $ 3,333,203 Total net chargeoffs $ — $ — $ — $ — $ — $ ( 372 ) $ ( 360 ) $ ( 732 ) (1) Includes commercial and industrial and residential mortgage lines converted to term of $ 5.3 million and $ 9.1 million, respectively. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Stock-based Compensation [Abstract] | |
RSU Activity | Weighted- Weighted- Average Aggregate Average Remaining Intrinsic Number of Grant-Date Contractual Value RSUs Fair Value Term (yrs.) (in thousands) Outstanding at January 1, 2022 207,359 $ 17.70 Granted 139,279 19.68 Converted ( 94,991 ) 18.87 Forfeited ( 1,272 ) 17.49 Outstanding at September 30, 2022 250,375 $ 18.36 1.05 $ 4,316 |
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 Measured On Recurring Basis | Fair Value Measurements Using: Quoted Prices Significant in Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs (in thousands) Total (Level 1) (Level 2) (Level 3) September 30, 2022: Financial Assets: Available-for-Sale Securities: State and municipals $ 293,273 $ — $ 292,706 $ 567 Pass-through mortgage securities 145,058 — 145,058 — Collateralized mortgage obligations 116,785 — 116,785 — Corporate bonds 109,105 — 109,105 — $ 664,221 $ — $ 663,654 $ 567 December 31, 2021: Financial Assets: Available-for-Sale Securities: State and municipals $ 327,171 $ — $ 326,201 $ 970 Pass-through mortgage securities 182,957 — 182,957 — Collateralized mortgage obligations 106,082 — 106,082 — Corporate bonds 118,108 — 118,108 — $ 734,318 $ — $ 733,348 $ 970 Financial Liabilities: Derivative - interest rate swaps $ 1,750 $ — $ 1,750 $ — |
Financial Instruments | Level of September 30, 2022 December 31, 2021 Fair Value Carrying Carrying (in thousands) Hierarchy Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 62,210 $ 62,210 $ 43,675 $ 43,675 Loans Level 3 3,301,856 3,024,385 (1) 3,075,205 3,048,791 Restricted stock n/a 21,601 n/a 21,524 n/a Financial Liabilities: Checking deposits Level 1 1,397,166 1,397,166 1,400,998 1,400,998 Savings, NOW and money market deposits Level 1 1,784,964 1,784,964 1,685,410 1,685,410 Time deposits Level 2 404,627 392,853 228,837 232,973 Short-term borrowings Level 1 40,000 40,000 125,000 125,000 Long-term debt Level 2 264,835 260,629 186,322 188,413 (1) The decrease in fair value of loans is due to an increase in interest rates. |
Derivatives (Tables)
Derivatives (Tables) - Cash Flow Hedging [Member] | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule Of Interest Rate Swaps | September 30, 2022 December 31, 2021 Notional amount — $ 50 million Weighted average fixed pay rate — 2.62 % Weighted average 3-month LIBOR receive rate — 0.13 % Weighted average maturity — 2.05 Years |
Schedule Of Losses Recorded In The Consolidated Statements Of Income And The Consolidated Statements Of Comprehensive Income | Nine Months Ended Three Months Ended September 30, September 30, (in thousands) 2022 2021 2022 2021 Interest rate contracts: Amount of gain (loss) recognized in OCI (effective portion) $ 1,324 $ 266 $ — $ ( 1 ) Amount of loss reclassified from OCI to interest expense 426 2,549 — 316 Amount of loss recognized in other noninterest income (ineffective portion) — — — — |
Schedule Of Cash Flow Hedges Included In The Consolidated Balance Sheets | September 30, 2022 December 31, 2021 Notional Fair Value Notional Fair Value (in thousands) Amount Asset Liability Amount Asset Liability Included in other liabilities $ — $ — $ — $ 1,750 Interest rate swap hedging FHLB advances $ — $ 50,000 |
Basis Of Presentation (Narrativ
Basis Of Presentation (Narrative) (Details) | Sep. 30, 2022 item |
Bank [Member] | |
Number of subsidiaries | 2 |
Comprehensive Income (Component
Comprehensive Income (Components Of OCI And Related Tax Effects) (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 | |
Change in net unrealized holding gains or losses on available-for-sale securities: | ||||||||
Change arising during the period | $ (31,021) | $ (3,225) | $ (96,238) | $ (6,739) | ||||
Reclassification adjustment for gains included in net income | (606) | |||||||
Change in net unrealized holding losses on available-for-sale securities | (31,021) | (3,225) | (96,238) | (7,345) | ||||
Tax effect | (9,556) | (993) | (29,646) | (2,151) | ||||
Total | (21,465) | (2,232) | (66,592) | (5,194) | ||||
Change in unrealized loss on derivative instruments: | ||||||||
Amount of gain (loss) during the period | (1) | 1,324 | 266 | |||||
Reclassification adjustment for net interest expense included in net income | 316 | 426 | 2,549 | |||||
Change in unrealized loss on derivative instruments | 315 | 1,750 | 2,815 | |||||
Tax effect | 97 | 538 | 823 | |||||
Total | 218 | 1,212 | 1,992 | |||||
Other comprehensive loss | $ (21,465) | $ (16,231) | $ (27,684) | $ (2,014) | $ 3,207 | $ (4,395) | $ (65,380) | $ (3,202) |
Comprehensive Income (Compone_2
Comprehensive Income (Components Of Accumulated OCI, 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) [Line Items] | ||||||||
Balance | $ 376,456 | $ 389,461 | $ 413,812 | $ 416,644 | $ 408,122 | $ 407,118 | $ 413,812 | $ 407,118 |
Current Period Change | (21,465) | (16,231) | (27,684) | (2,014) | 3,207 | (4,395) | (65,380) | (3,202) |
Balance | 359,447 | 376,456 | 389,461 | 419,883 | 416,644 | 408,122 | 359,447 | 419,883 |
Unrealized Holding Gains (Losses) On Available-For-Sale Securities [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | 1,955 | 1,955 | ||||||
Current Period Change | (66,592) | |||||||
Balance | (64,637) | (64,637) | ||||||
Unrealized Actuarial Loss On Pension Plan [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | (3,056) | (3,056) | ||||||
Balance | (3,056) | (3,056) | ||||||
Unrealized Loss On Derivative Instruments [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | (1,212) | (1,212) | ||||||
Current Period Change | 1,212 | |||||||
Accumulated Other Comprehensive Loss [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Balance | (46,228) | (29,997) | (2,313) | 2,382 | (825) | 3,570 | (2,313) | 3,570 |
Current Period Change | (21,465) | (16,231) | (27,684) | (2,014) | 3,207 | (4,395) | (65,380) | |
Balance | $ (67,693) | $ (46,228) | $ (29,997) | $ 368 | $ 2,382 | $ (825) | $ (67,693) | $ 368 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 9 Months Ended | ||
Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) item | Dec. 31, 2021 USD ($) item | |
Investment Securities [Line Items] | |||
Number of holdings greater than 10 percent of stockholders equity | item | 0 | 0 | |
Income tax expense (benefit) related to net realized gains (losses) | $ 187,000 | ||
Restricted investment securities | $ 395,200,000 | $ 425,000,000 | |
Allowance for credit losses | 0 | 0 | |
Fair Value | 636,167,000 | 417,058,000 | |
Unrealized Loss | 93,485,000 | 8,898,000 | |
State And Municipals [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | 265,220,000 | 18,429,000 | |
Unrealized Loss | 29,075,000 | 176,000 | |
Pass-Through Mortgage Securities [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | 145,057,000 | 181,216,000 | |
Unrealized Loss | 34,162,000 | 4,591,000 | |
Collateralized Mortgage Obligations [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | 116,785,000 | 99,305,000 | |
Unrealized Loss | 20,353,000 | 3,239,000 | |
Corporate Bonds [Member] | |||
Investment Securities [Line Items] | |||
Fair Value | 109,105,000 | 118,108,000 | |
Unrealized Loss | $ 9,895,000 | $ 892,000 | |
Number of institutions | item | 6 |
Investment Securities (Amortize
Investment Securities (Amortized Cost And Estimated Fair Values Of AFS Investment Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | $ 757,636 | $ 731,495 |
Available-for-Sale Securities, Gross Unrealized Gains | 70 | 11,721 |
Available-for-Sale Securities, Gross Unrealized Losses | (93,485) | (8,898) |
Available-for-Sale Securities, Fair value | 664,221 | 734,318 |
State And Municipals [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 322,278 | 315,747 |
Available-for-Sale Securities, Gross Unrealized Gains | 70 | 11,600 |
Available-for-Sale Securities, Gross Unrealized Losses | (29,075) | (176) |
Available-for-Sale Securities, Fair value | 293,273 | 327,171 |
Pass-Through Mortgage Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 179,220 | 187,494 |
Available-for-Sale Securities, Gross Unrealized Gains | 54 | |
Available-for-Sale Securities, Gross Unrealized Losses | (34,162) | (4,591) |
Available-for-Sale Securities, Fair value | 145,058 | 182,957 |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 137,138 | 109,254 |
Available-for-Sale Securities, Gross Unrealized Gains | 67 | |
Available-for-Sale Securities, Gross Unrealized Losses | (20,353) | (3,239) |
Available-for-Sale Securities, Fair value | 116,785 | 106,082 |
Corporate Bonds [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 119,000 | 119,000 |
Available-for-Sale Securities, Gross Unrealized Losses | (9,895) | (892) |
Available-for-Sale Securities, Fair value | $ 109,105 | $ 118,108 |
Investment Securities (Securiti
Investment Securities (Securities With A Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 395,253 | $ 384,929 |
Less than 12 Months, Unrealized Loss | (34,617) | (8,324) |
12 Months or More, Fair Value | 240,914 | 32,129 |
12 Months or More, Unrealized Loss | (58,868) | (574) |
Total, Fair Value | 636,167 | 417,058 |
Total, Unrealized Loss | (93,485) | (8,898) |
State And Municipals [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 256,859 | 18,429 |
Less than 12 Months, Unrealized Loss | (24,416) | (176) |
12 Months or More, Fair Value | 8,361 | |
12 Months or More, Unrealized Loss | (4,659) | |
Total, Fair Value | 265,220 | 18,429 |
Total, Unrealized Loss | (29,075) | (176) |
Pass-Through Mortgage Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 13,731 | 179,575 |
Less than 12 Months, Unrealized Loss | (1,863) | (4,529) |
12 Months or More, Fair Value | 131,326 | 1,641 |
12 Months or More, Unrealized Loss | (32,299) | (62) |
Total, Fair Value | 145,057 | 181,216 |
Total, Unrealized Loss | (34,162) | (4,591) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 43,663 | 99,305 |
Less than 12 Months, Unrealized Loss | (1,338) | (3,239) |
12 Months or More, Fair Value | 73,122 | |
12 Months or More, Unrealized Loss | (19,015) | |
Total, Fair Value | 116,785 | 99,305 |
Total, Unrealized Loss | (20,353) | (3,239) |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 81,000 | 87,620 |
Less than 12 Months, Unrealized Loss | (7,000) | (380) |
12 Months or More, Fair Value | 28,105 | 30,488 |
12 Months or More, Unrealized Loss | (2,895) | (512) |
Total, Fair Value | 109,105 | 118,108 |
Total, Unrealized Loss | $ (9,895) | $ (892) |
Investment Securities (Sales Of
Investment Securities (Sales Of Available-For-Sale Securities) (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021 USD ($) | |
Investment Securities [Abstract] | |
Proceeds | $ 54,192 |
Gains | 622 |
Losses | (16) |
Net gains | $ 606 |
Investment Securities (Maturiti
Investment Securities (Maturities) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Investment Securities [Abstract] | ||
Amortized Cost, Within one year | $ 14,996 | |
Amortized Cost, After 1 through 5 years | 86,418 | |
Amortized Cost, After 5 through 10 years | 209,402 | |
Amortized Cost, After 10 years | 130,462 | |
Amortized Cost, Mortgage-backed securities | 316,358 | |
Amortized Cost | 757,636 | $ 731,495 |
Fair Value, Within one year | 14,905 | |
Fair Value, After 1 through 5 years | 84,054 | |
Fair Value, After 5 through 10 years | 194,397 | |
Fair Value, After 10 years | 109,022 | |
Fair Value, Mortgage-backed securities | 261,843 | |
Fair Value | $ 664,221 | $ 734,318 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 loan | Dec. 31, 2021 USD ($) loan | |
Financing Receivable, Past Due [Line Items] | |||
Minimum prior year principal balance of commercial Real estate loans required to be reviewed annually | 80% | ||
Number of loans in the process of foreclosure | loan | 0 | 0 | |
Number of loans modified | loan | 0 | 0 | |
Accrued interest receivable | $ | $ 8,900,000 | $ 8,000,000 | |
Residential Mortgages [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real estate acquired through foreclosure | $ | $ 0 | $ 0 |
Loans (Loans Outstanding By Cla
Loans (Loans Outstanding By Class Of Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | $ 3,333,203 | $ 3,105,036 |
Commercial And Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 112,873 | 90,386 |
SBA Paycheck Protection Program [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 193 | 30,534 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 927,717 | 864,207 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 793,592 | 700,872 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 220,905 | 171,533 |
Residential Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 1,276,281 | |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 1,233,005 | 1,202,374 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 43,276 | 44,139 |
Consumer And Other [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | $ 1,642 | $ 991 |
Loans (Allowance For Loan Losse
Loans (Allowance For Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, beginning balance | $ 30,865 | $ 30,968 | $ 29,831 | $ 33,037 |
Chargeoffs | 628 | 293 | 796 | 1,016 |
Recoveries | 21 | 290 | 64 | 553 |
Provision (Credit) for Credit Losses | 1,089 | (1,449) | 2,248 | (3,058) |
Allowance for credit losses, ending balance | 31,347 | 29,516 | 31,347 | 29,516 |
Commercial And Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, beginning balance | 1,041 | 1,008 | 888 | 1,416 |
Chargeoffs | 344 | 424 | 227 | |
Recoveries | 21 | 20 | 64 | 188 |
Provision (Credit) for Credit Losses | 750 | (170) | 940 | (519) |
Allowance for credit losses, ending balance | 1,468 | 858 | 1,468 | 858 |
SBA Paycheck Protection Program [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, beginning balance | 7 | 141 | 46 | 209 |
Provision (Credit) for Credit Losses | (3) | (43) | (42) | (111) |
Allowance for credit losses, ending balance | 4 | 98 | 4 | 98 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, beginning balance | 8,877 | 8,613 | 8,154 | 9,474 |
Chargeoffs | 292 | 544 | ||
Provision (Credit) for Credit Losses | (456) | (494) | 267 | (1,103) |
Allowance for credit losses, ending balance | 8,421 | 7,827 | 8,421 | 7,827 |
Commercial Mortgages [Member] | Other Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, beginning balance | 6,924 | 5,363 | 6,478 | 4,913 |
Provision (Credit) for Credit Losses | 568 | 409 | 1,014 | 859 |
Allowance for credit losses, ending balance | 7,492 | 5,772 | 7,492 | 5,772 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, beginning balance | 2,961 | 1,895 | 2,515 | 1,905 |
Chargeoffs | 165 | |||
Recoveries | 91 | |||
Provision (Credit) for Credit Losses | 57 | 116 | 503 | 180 |
Allowance for credit losses, ending balance | 3,018 | 2,011 | 3,018 | 2,011 |
Residential Mortgages [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Chargeoffs | 372 | |||
Residential Mortgages [Member] | Closed-end [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, beginning balance | 10,694 | 13,316 | 11,298 | 14,706 |
Chargeoffs | 284 | 372 | 79 | |
Recoveries | 16 | 19 | ||
Provision (Credit) for Credit Losses | 171 | (891) | (345) | (2,205) |
Allowance for credit losses, ending balance | 10,581 | 12,441 | 10,581 | 12,441 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, beginning balance | 350 | 628 | 449 | 407 |
Recoveries | 254 | 254 | ||
Provision (Credit) for Credit Losses | (2) | (377) | (101) | (156) |
Allowance for credit losses, ending balance | 348 | 505 | 348 | 505 |
Consumer And Other [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for credit losses, beginning balance | 11 | 4 | 3 | 7 |
Chargeoffs | 1 | 1 | ||
Recoveries | 1 | |||
Provision (Credit) for Credit Losses | 4 | 1 | 12 | (3) |
Allowance for credit losses, ending balance | $ 15 | $ 4 | $ 15 | $ 4 |
Loans (Aging Of The Recorded In
Loans (Aging Of The Recorded Investment In Loans) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 3,333,203 | $ 3,105,036 |
Nonaccrual - With No Allowance for Credit Loss | 1,235 | |
Total Past Due Loans & Nonaccrual Loans | 526 | 1,695 |
Current | 3,332,677 | 3,103,341 |
Total Loans | 3,333,203 | 3,105,036 |
Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 112,873 | 90,386 |
Total Past Due Loans & Nonaccrual Loans | 333 | 128 |
Current | 112,540 | 90,258 |
Total Loans | 112,873 | 90,386 |
SBA Paycheck Protection Program [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 193 | 30,534 |
Total Past Due Loans & Nonaccrual Loans | 193 | 259 |
Current | 30,275 | |
Total Loans | 193 | 30,534 |
Commercial Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,942,214 | 1,736,612 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 927,717 | 864,207 |
Current | 927,717 | 864,207 |
Total Loans | 927,717 | 864,207 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 793,592 | 700,872 |
Current | 793,592 | 700,872 |
Total Loans | 793,592 | 700,872 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 220,905 | 171,533 |
Current | 220,905 | 171,533 |
Total Loans | 220,905 | 171,533 |
Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,276,281 | |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,233,005 | 1,202,374 |
Nonaccrual - With No Allowance for Credit Loss | 1,235 | |
Total Past Due Loans & Nonaccrual Loans | 1,235 | |
Current | 1,233,005 | 1,201,139 |
Total Loans | 1,233,005 | 1,202,374 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 43,276 | 44,139 |
Current | 43,276 | 44,139 |
Total Loans | 43,276 | 44,139 |
Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,642 | 991 |
Total Past Due Loans & Nonaccrual Loans | 73 | |
Current | 1,642 | 918 |
Total Loans | 1,642 | 991 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 526 | 460 |
30 to 59 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 333 | 128 |
30 to 59 Days Past Due [Member] | SBA Paycheck Protection Program [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 193 | 259 |
30 to 59 Days Past Due [Member] | Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 73 |
Loans (Amortized Cost Basis of
Loans (Amortized Cost Basis of Loans by Class of Loans, Vintage and Risk Rating) (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 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | $ 626,897 | $ 626,897 | |||
Year one | 674,812 | 674,812 | |||
Year two | 222,198 | 222,198 | |||
Year three | 225,659 | 225,659 | |||
Year four | 365,730 | 365,730 | |||
Prior | 1,156,500 | 1,156,500 | |||
Revolving Loans | 61,407 | 61,407 | |||
Total Loans | 3,333,203 | 3,333,203 | $ 3,105,036 | ||
Current-period chargeoffs | (628) | $ (293) | (796) | $ (1,016) | |
Current-period recoveries | 21 | 290 | 64 | 553 | |
Current-period net chargeoffs, Prior | (372) | ||||
Current-period net chargeoffs, Revolving | (360) | ||||
Current-period net chargeoffs | (732) | ||||
Commercial And Industrial [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 28,101 | 28,101 | |||
Year one | 35,195 | 35,195 | |||
Year two | 10,968 | 10,968 | |||
Year three | 6,006 | 6,006 | |||
Year four | 8,278 | 8,278 | |||
Prior | 8,672 | 8,672 | |||
Revolving Loans | 15,653 | 15,653 | |||
Total Loans | 112,873 | 112,873 | 90,386 | ||
Current-period gross chargeoffs, Revolving | (424) | ||||
Current-period chargeoffs | (344) | (424) | (227) | ||
Current-period recoveries, Revolving | 64 | ||||
Current-period recoveries | 21 | 20 | 64 | 188 | |
Current-period net chargeoffs, Revolving | (360) | ||||
Current-period net chargeoffs | (360) | ||||
Receivables converted to term loan | 5,300 | 5,300 | |||
Commercial And Industrial [Member] | Pass [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 28,101 | 28,101 | |||
Year one | 30,194 | 30,194 | |||
Year two | 10,697 | 10,697 | |||
Year three | 6,006 | 6,006 | |||
Year four | 8,278 | 8,278 | |||
Prior | 8,672 | 8,672 | |||
Revolving Loans | 15,638 | 15,638 | |||
Total Loans | 107,586 | 107,586 | |||
Commercial And Industrial [Member] | Watch [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year one | 5,001 | 5,001 | |||
Year two | 271 | 271 | |||
Revolving Loans | 15 | 15 | |||
Total Loans | 5,287 | 5,287 | |||
SBA Paycheck Protection Program [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year two | 193 | 193 | |||
Total Loans | 193 | 193 | 30,534 | ||
SBA Paycheck Protection Program [Member] | Pass [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year two | 193 | 193 | |||
Total Loans | 193 | 193 | |||
Commercial Mortgages [Member] | Multifamily Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 191,239 | 191,239 | |||
Year one | 181,529 | 181,529 | |||
Year two | 39,899 | 39,899 | |||
Year three | 125,813 | 125,813 | |||
Year four | 122,263 | 122,263 | |||
Prior | 266,749 | 266,749 | |||
Revolving Loans | 225 | 225 | |||
Total Loans | 927,717 | 927,717 | 864,207 | ||
Current-period chargeoffs | (292) | (544) | |||
Commercial Mortgages [Member] | Other Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 178,787 | 178,787 | |||
Year one | 225,269 | 225,269 | |||
Year two | 112,317 | 112,317 | |||
Year three | 34,647 | 34,647 | |||
Year four | 45,060 | 45,060 | |||
Prior | 197,512 | 197,512 | |||
Total Loans | 793,592 | 793,592 | 700,872 | ||
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 54,919 | 54,919 | |||
Year one | 62,134 | 62,134 | |||
Year two | 21,321 | 21,321 | |||
Year three | 41,821 | 41,821 | |||
Year four | 2,819 | 2,819 | |||
Prior | 36,793 | 36,793 | |||
Revolving Loans | 1,098 | 1,098 | |||
Total Loans | 220,905 | 220,905 | 171,533 | ||
Current-period chargeoffs | (165) | ||||
Current-period recoveries | 91 | ||||
Commercial Mortgages [Member] | Pass [Member] | Multifamily Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 191,239 | 191,239 | |||
Year one | 181,529 | 181,529 | |||
Year two | 39,899 | 39,899 | |||
Year three | 125,813 | 125,813 | |||
Year four | 122,263 | 122,263 | |||
Prior | 260,415 | 260,415 | |||
Revolving Loans | 225 | 225 | |||
Total Loans | 921,383 | 921,383 | |||
Commercial Mortgages [Member] | Pass [Member] | Other Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 178,787 | 178,787 | |||
Year one | 225,269 | 225,269 | |||
Year two | 112,317 | 112,317 | |||
Year three | 34,647 | 34,647 | |||
Year four | 44,121 | 44,121 | |||
Prior | 190,614 | 190,614 | |||
Total Loans | 785,755 | 785,755 | |||
Commercial Mortgages [Member] | Pass [Member] | Owner-occupied Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 54,919 | 54,919 | |||
Year one | 62,134 | 62,134 | |||
Year two | 21,321 | 21,321 | |||
Year three | 41,821 | 41,821 | |||
Year four | 2,819 | 2,819 | |||
Prior | 36,793 | 36,793 | |||
Revolving Loans | 1,098 | 1,098 | |||
Total Loans | 220,905 | 220,905 | |||
Commercial Mortgages [Member] | Watch [Member] | Other Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Year four | 939 | 939 | |||
Total Loans | 939 | 939 | |||
Commercial Mortgages [Member] | Substandard [Member] | Multifamily Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Prior | 6,334 | 6,334 | |||
Total Loans | 6,334 | 6,334 | |||
Commercial Mortgages [Member] | Substandard [Member] | Other Loan [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Prior | 6,898 | 6,898 | |||
Total Loans | 6,898 | 6,898 | |||
Residential Mortgages [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 173,556 | 173,556 | |||
Year one | 170,685 | 170,685 | |||
Year two | 37,500 | 37,500 | |||
Year three | 17,272 | 17,272 | |||
Year four | 187,310 | 187,310 | |||
Prior | 646,682 | 646,682 | |||
Revolving Loans | 43,276 | 43,276 | |||
Total Loans | 1,276,281 | 1,276,281 | |||
Current-period gross chargeoffs, Prior | (372) | ||||
Current-period chargeoffs | (372) | ||||
Current-period net chargeoffs, Prior | (372) | ||||
Current-period net chargeoffs | (372) | ||||
Receivables converted to term loan | 9,100 | 9,100 | |||
Residential Mortgages [Member] | Closed-end [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans | 1,233,005 | 1,233,005 | 1,202,374 | ||
Current-period chargeoffs | (284) | (372) | (79) | ||
Current-period recoveries | 16 | 19 | |||
Residential Mortgages [Member] | Revolving Home Equity [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total Loans | 43,276 | 43,276 | 44,139 | ||
Current-period recoveries | 254 | 254 | |||
Residential Mortgages [Member] | Pass [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 173,556 | 173,556 | |||
Year one | 170,685 | 170,685 | |||
Year two | 37,500 | 37,500 | |||
Year three | 17,272 | 17,272 | |||
Year four | 187,310 | 187,310 | |||
Prior | 646,210 | 646,210 | |||
Revolving Loans | 43,276 | 43,276 | |||
Total Loans | 1,275,809 | 1,275,809 | |||
Residential Mortgages [Member] | Watch [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Prior | 472 | 472 | |||
Total Loans | 472 | 472 | |||
Consumer And Other [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 295 | 295 | |||
Year three | 100 | 100 | |||
Prior | 92 | 92 | |||
Revolving Loans | 1,155 | 1,155 | |||
Total Loans | 1,642 | 1,642 | $ 991 | ||
Current-period chargeoffs | $ (1) | (1) | |||
Current-period recoveries | $ 1 | ||||
Consumer And Other [Member] | Pass [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Current year | 295 | 295 | |||
Year three | 100 | 100 | |||
Prior | 92 | 92 | |||
Revolving Loans | 810 | 810 | |||
Total Loans | 1,297 | 1,297 | |||
Consumer And Other [Member] | Not Rated [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Revolving Loans | 345 | 345 | |||
Total Loans | $ 345 | $ 345 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Stock-based Compensation [Abstract] | |
Unrecognized compensation cost | $ 2.5 |
Weighted average period expected to be recognized | 1 year 8 months 12 days |
Stock-based Compensation (RSU A
Stock-based Compensation (RSU Activity) (Details) - RSUs [Member] $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Number of RSUs | shares | 207,359 |
Granted, Number of RSUs | shares | 139,279 |
Converted, Number of RSUs | shares | (94,991) |
Forfeited, Number of RSUs | shares | (1,272) |
Outstanding, Number of RSUs | shares | 250,375 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.70 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 19.68 |
Converted, Weighted-Average Grant-Date Fair Value | $ / shares | 18.87 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 17.49 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.36 |
Outstanding, Weighted Average Remaining Contractual Term | 1 year 18 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 4,316 |
Fair Value Of Financial Instr_3
Fair Value Of Financial Instruments (Narrative) (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 USD ($) item | Dec. 31, 2021 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | $ 664,221 | $ 734,318 |
State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | 293,273 | 327,171 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | 664,221 | 734,318 |
Fair Value, Measurements, Recurring [Member] | Premises and Facilities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,800 | |
Fair Value, Measurements, Recurring [Member] | State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | 293,273 | 327,171 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | 567 | 970 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | $ 567 | $ 970 |
Number of non-rated bond anticipation notes | item | 5 | |
Maturity period | 1 year |
Fair Value Of Financial Instr_4
Fair Value Of Financial Instruments (Assets Measured On Recurring Basis) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 664,221 | $ 734,318 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 664,221 | 734,318 |
Derivative - interest rate swaps | 1,750 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 663,654 | 733,348 |
Derivative - interest rate swaps | 1,750 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 567 | 970 |
State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 293,273 | 327,171 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 293,273 | 327,171 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 292,706 | 326,201 |
State And Municipals [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 567 | 970 |
Pass-Through Mortgage Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 145,058 | 182,957 |
Pass-Through Mortgage Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 145,058 | 182,957 |
Pass-Through Mortgage Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 145,058 | 182,957 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 116,785 | 106,082 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 116,785 | 106,082 |
Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 116,785 | 106,082 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 109,105 | 118,108 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 109,105 | 118,108 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 109,105 | $ 118,108 |
Fair Value Of Financial Instr_5
Fair Value Of Financial Instruments (Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Financial Assets: | ||
Restricted stock | $ 21,601 | $ 21,524 |
Financial Liabilities: | ||
Checking deposits | 1,397,166 | 1,400,998 |
Savings, NOW and money market deposits | 1,784,964 | 1,685,410 |
Time deposits | 404,627 | 228,837 |
Carrying Amount [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 62,210 | 43,675 |
Restricted stock | 21,601 | 21,524 |
Financial Liabilities: | ||
Checking deposits | 1,397,166 | 1,400,998 |
Savings, NOW and money market deposits | 1,784,964 | 1,685,410 |
Short-term borrowings | 40,000 | 125,000 |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Time deposits | 404,627 | 228,837 |
Long-term debt | 264,835 | 186,322 |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans | 3,301,856 | 3,075,205 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 62,210 | 43,675 |
Financial Liabilities: | ||
Checking deposits | 1,397,166 | 1,400,998 |
Savings, NOW and money market deposits | 1,784,964 | 1,685,410 |
Short-term borrowings | 40,000 | 125,000 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Time deposits | 392,853 | 232,973 |
Long-term debt | 260,629 | 188,413 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans | $ 3,024,385 | $ 3,048,791 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (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 | Jan. 17, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest expense | $ 4,576 | $ 3,631 | $ 10,792 | $ 12,799 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest expense | 426 | |||||
FHLB [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Interest expense | $ 426 | $ 2,500 | ||||
Cash Flow Hedging [Member] | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Derivative term | 5 years | |||||
Notional amount | $ 50,000 | $ 50,000 |
Derivatives (Schedule Of Intere
Derivatives (Schedule Of Interest Rate Swaps) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Jan. 17, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 50 | $ 50 |
Weighted average fixed pay rate | 2.62% | |
Weighted average 3-month LIBOR receive rate | 0.13% | |
Weighted average maturity | 2 years 18 days |
Derivatives (Schedule Of Losses
Derivatives (Schedule Of Losses Recorded In The Consolidated Statements Of Income And The Consolidated Statements Of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | $ (1) | $ 1,324 | $ 266 |
Amount of loss reclassified from OCI to interest expense | 316 | 426 | 2,549 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain (loss) recognized in OCI (effective portion) | (1) | 1,324 | 266 |
Amount of loss reclassified from OCI to interest expense | $ 316 | $ 426 | $ 2,549 |
Derivatives (Schedule Of Cash F
Derivatives (Schedule Of Cash Flow Hedges Included In The Consolidated Balance Sheets) (Details) - Cash Flow Hedging [Member] - USD ($) $ in Thousands | Dec. 31, 2021 | Jan. 17, 2019 |
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 50,000 | $ 50,000 |
Interest Rate Swaps [Member] | FHLB [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 50,000 | |
Interest Rate Swaps [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Fair Value Liability | $ 1,750 |