Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2023 | |
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, $0.10 par value per share | |
Trading Symbol | FLIC | |
Security Exchange Name | NASDAQ | |
Entity Central Index Key | 0000740663 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 22,555,484 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Cash and cash equivalents | $ 51,768 | $ 74,178 |
Investment securities available-for-sale, at fair value | 654,619 | 673,413 |
Loans: | ||
Loans | 3,258,819 | 3,311,733 |
Allowance for credit losses | (30,209) | (31,432) |
Total | 3,228,610 | 3,280,301 |
Restricted stock, at cost | 25,035 | 26,363 |
Bank premises and equipment, net | 31,835 | 31,660 |
Right-of-use asset - operating leases | 23,558 | 23,952 |
Bank-owned life insurance | 111,628 | 110,848 |
Pension plan assets, net | 10,931 | 11,049 |
Deferred income tax benefit | 29,563 | 31,124 |
Other assets | 20,233 | 18,623 |
Total assets | 4,187,780 | 4,281,511 |
Deposits: | ||
Checking | 1,192,139 | 1,324,141 |
Savings, NOW and money market | 1,684,874 | 1,661,512 |
Time | 521,737 | 478,981 |
Total | 3,398,750 | 3,464,634 |
Short-term borrowings | ||
Long-term debt | 382,500 | 411,000 |
Operating lease liability | 25,871 | 25,896 |
Accrued expenses and other liabilities | 10,352 | 15,445 |
Total liabilities | 3,817,473 | 3,916,975 |
Stockholders' Equity: | ||
Common stock, par value $0.10 per share: Authorized, 80,000,000 shares; Issued and outstanding, 22,531,785 and 22,443,380 shares | 2,253 | 2,244 |
Surplus | 78,621 | 78,462 |
Retained earnings | 350,351 | 348,597 |
Total | 431,225 | 429,303 |
Accumulated other comprehensive loss, net of tax | (60,918) | (64,767) |
Total Stock Holders' Equity | 370,307 | 364,536 |
Total Liabilities and Equity | 4,187,780 | 4,281,511 |
Commercial And Industrial [Member] | ||
Loans: | ||
Loans | 96,860 | 108,493 |
Allowance for credit losses | (1,390) | (1,543) |
Commercial And Industrial, Including SBA PPP [Member] | ||
Loans: | ||
Loans | 96,860 | 108,493 |
Commercial Mortgages [Member] | ||
Loans: | ||
Loans | 1,897,131 | 1,916,493 |
Consumer And Other [Member] | ||
Loans: | ||
Loans | 1,160 | 1,390 |
Allowance for credit losses | (14) | (15) |
Closed-end [Member] | Residential Mortgages [Member] | ||
Loans: | ||
Loans | 1,218,008 | 1,240,144 |
Allowance for credit losses | (10,226) | (10,633) |
Revolving Home Equity [Member] | Residential Mortgages [Member] | ||
Loans: | ||
Loans | 45,660 | 45,213 |
Allowance for credit losses | $ (377) | $ (362) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
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) | 22,531,785 | 22,443,380 |
Common stock, shares outstanding (in shares) | 22,531,785 | 22,443,380 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest and dividend income: | ||
Loans | $ 30,405 | $ 27,386 |
Investment securities: | ||
Taxable | 3,669 | 1,668 |
Nontaxable | 1,945 | 1,968 |
Total interest and dividend income | 36,019 | 31,022 |
Interest expense: | ||
Savings, NOW and money market deposits | 5,775 | 763 |
Time deposits | 3,069 | 945 |
Short-term borrowings | 108 | 441 |
Long-term debt | 3,433 | 868 |
Total interest expense | 12,385 | 3,017 |
Net interest income | 23,634 | 28,005 |
Provision (credit) for credit losses | (1,056) | 433 |
Net interest income after provision (credit) for credit losses | 24,690 | 27,572 |
Noninterest income: | ||
Bank-owned life insurance | 780 | 742 |
Service charges on deposit accounts | 787 | 726 |
Net loss on sales of securities | (3,489) | |
Other | 935 | 1,956 |
Total noninterest income | (987) | 3,424 |
Noninterest expense: | ||
Salaries and employee benefits | 9,765 | 9,755 |
Occupancy and equipment | 3,325 | 2,951 |
Other | 3,481 | 3,063 |
Total noninterest expense | 16,571 | 15,769 |
Income before income taxes | 7,132 | 15,227 |
Income tax expense | 651 | 3,144 |
Net income | $ 6,481 | $ 12,083 |
Weighted average: | ||
Common shares | 22,493,437 | 23,178,475 |
Dilutive restricted stock units | 86,807 | 99,214 |
Total weighted average | 22,580,244 | 23,277,689 |
Earnings per share: | ||
Basic | $ 0.29 | $ 0.52 |
Diluted | 0.29 | 0.52 |
Cash dividends declared per share | $ 0.21 | $ 0.20 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||
Net income | $ 6,481 | $ 12,083 |
Other comprehensive gain (loss): | ||
Change in net unrealized holding gains or losses on available-for-sale securities | 5,420 | (41,556) |
Change in funded status of pension plan | 254 | |
Change in net unrealized loss on derivative instruments | 1,547 | |
Other comprehensive gain (loss) before income taxes | 5,674 | (40,009) |
Income tax expense (benefit) | 1,825 | (12,325) |
Other comprehensive gain (loss) | 3,849 | (27,684) |
Comprehensive income (loss) | $ 10,330 | $ (15,601) |
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, Net Of Tax [Member] | Total |
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 gain (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, 2022 | 22,443,380 | ||||
Balance at Dec. 31, 2022 | $ 2,244 | 78,462 | 348,597 | (64,767) | 364,536 |
Net income | 6,481 | 6,481 | |||
Other comprehensive gain (loss) | 3,849 | 3,849 | |||
Shares withheld upon the vesting and conversion of RSUs (in shares) | (47,275) | ||||
Shares withheld upon the vesting and conversion of RSUs | $ (5) | (846) | (851) | ||
Common stock issued under stock compensation plans (in shares) | 103,015 | ||||
Common stock issued under stock compensation plans | $ 11 | 6 | 17 | ||
Common stock issued under dividend reinvestment and stock purchase plan (in shares) | 32,665 | ||||
Common stock issued under dividend reinvestment and stock purchase plan | $ 3 | 500 | 503 | ||
Stock-based compensation | 499 | 499 | |||
Cash dividends declared | (4,727) | (4,727) | |||
Balance (in shares) at Mar. 31, 2023 | 22,531,785 | ||||
Balance at Mar. 31, 2023 | $ 2,253 | $ 78,621 | $ 350,351 | $ (60,918) | $ 370,307 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash Flows From Operating Activities: | ||
Net income | $ 6,481 | $ 12,083 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (credit) for credit losses | (1,056) | 433 |
Provision (credit) for deferred income taxes | (264) | 974 |
Depreciation and amortization of premises and equipment | 745 | 804 |
Amortization of right-of-use asset - operating leases | 689 | 432 |
Premium amortization on investment securities, net | 336 | 466 |
Net loss on sales of securities | 3,489 | |
Stock-based compensation expense | 499 | 516 |
Accretion of cash surrender value on bank-owned life insurance | (780) | (742) |
Pension expense (credit) | 372 | (32) |
Decrease in other liabilities | (699) | (2,709) |
Other increases in assets | (1,593) | (1,498) |
Net cash provided by operating activities | 8,219 | 10,727 |
Available-for-sale securities: | ||
Proceeds from sales | 145,451 | |
Proceeds from maturities and redemptions | 9,809 | 14,054 |
Purchases | (134,871) | (4,742) |
Net decrease (increase) in loans | 52,747 | (121,266) |
Net decrease in restricted stock | 1,328 | 3,401 |
Purchases of premises and equipment, net | (920) | (1,252) |
Net cash provided by (used in) investing activities | 73,544 | (109,805) |
Cash Flows From Financing Activities: | ||
Net increase (decrease) in deposits | (65,884) | 230,145 |
Net decrease in short-term borrowings | (75,000) | |
Proceeds from long-term debt | 75,000 | |
Repayment of long-term debt | (103,500) | |
Proceeds from issuance of common stock, net of shares withheld | (348) | (163) |
Repurchase of common stock | (4,500) | |
Cash dividends paid | (9,441) | (9,268) |
Net cash provided by (used in) financing activities | (104,173) | 141,214 |
Net increase (decrease) in cash and cash equivalents | (22,410) | 42,136 |
Cash and cash equivalents, beginning of year | 74,178 | 43,675 |
Cash and cash equivalents, end of period | 51,768 | 85,811 |
Supplemental Cash Flow Disclosures: | ||
Cash paid for interest | 11,152 | 2,932 |
Cash paid for income taxes | 425 | 430 |
Operating cash flows from operating leases | 528 | $ 720 |
Noncash investing and financing activities: | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 295 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022. The consolidated financial information included herein as of and for the periods ended March 31, 2023 and 2022 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, 2022 consolidated balance sheet was derived from the Corporation's December 31, 2022 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. |
Comprehensive Income (Loss)
Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2023 | |
Comprehensive Income (Loss) [Abstract] | |
Comprehensive Income (Loss) | 2 - COMPREHENSIVE INCOME (LOSS) Comprehensive income (loss) 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, derivative instruments designated as cash flow hedges 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 following table sets forth the components of accumulated OCI, net of tax. Current Balance Period Balance (in thousands) 12/31/22 Change 3/31/23 Unrealized holding loss on available-for-sale securities $ ( 56,055 ) $ 3,673 $ ( 52,382 ) Unrealized actuarial loss on pension plan ( 8,712 ) 176 ( 8,536 ) Accumulated other comprehensive loss, net of tax $ ( 64,767 ) $ 3,849 $ ( 60,918 ) The components of OCI and the related tax effects are as follows: Three Months Ended March 31, (in thousands) 2023 2022 Change in net unrealized holding gains or losses on available-for-sale securities: Change arising during the period $ 1,931 $ ( 41,556 ) Reclassification adjustment for losses included in net income (1) 3,489 — 5,420 ( 41,556 ) Tax effect 1,747 ( 12,800 ) 3,673 ( 28,756 ) Change in funded status of pension plan: Amortization of net actuarial loss included in pension expense (2) 254 — Tax effect 78 — 176 — Change in unrealized loss on derivative instrument: Amount of gain during the period — 1,248 Reclassification adjustment for net interest expense included in net income (3) — 299 — 1,547 Tax effect — 475 — 1,072 Other comprehensive gain (loss) $ 3,849 $ ( 27,684 ) (1) Represents net realized losses arising from the sale of AFS securities, included in the consolidated statements of income in the line item “net loss on sales of securities.” See “Note 3 – Investment Securities” for the income tax benefit related to these net realized losses, included in the consolidated statements of income in the line item “income tax expense.” (2) Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost and is included in the consolidated statements of income in the line item “salaries and employee benefits.” (3) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “interest expense.” |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
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. March 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value State and municipals $ 168,103 $ 102 $ ( 12,437 ) $ 155,768 Pass-through mortgage securities 176,678 8 ( 28,560 ) 148,126 Collateralized mortgage obligations 131,660 — ( 19,757 ) 111,903 SBA agency obligations 134,770 508 ( 614 ) 134,664 Corporate bonds 119,000 — ( 14,842 ) 104,158 $ 730,211 $ 618 $ ( 76,210 ) $ 654,619 December 31, 2022 State and municipals $ 321,700 $ 136 $ ( 16,589 ) $ 305,247 Pass-through mortgage securities 179,655 — ( 31,135 ) 148,520 Collateralized mortgage obligations 134,070 — ( 20,676 ) 113,394 Corporate bonds 119,000 — ( 12,748 ) 106,252 $ 754,425 $ 136 $ ( 81,148 ) $ 673,413 Small Business Administration (“SBA”) agency obligations are floating rate, government guaranteed securities backed by $ 92.4 million of commercial mortgages and $ 42.2 million of equipment finance loans at March 31, 2023. At March 31, 2023 and December 31, 2022, investment securities with a carrying value of $ 385.7 million and $ 350.8 million, respectively, were pledged as collateral to secure public deposits and borrowed funds. 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 March 31, 2023 and December 31, 2022. There was no allowance for credit losses associated with the investment securities portfolio at March 31, 2023 or December 31, 2022. 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. March 31, 2023 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 $ 71,383 $ ( 2,184 ) $ 68,032 $ ( 10,253 ) $ 139,415 $ ( 12,437 ) Pass-through mortgage securities 4,235 ( 215 ) 139,792 ( 28,345 ) 144,027 ( 28,560 ) Collateralized mortgage obligations 39,369 ( 851 ) 72,534 ( 18,906 ) 111,903 ( 19,757 ) SBA agency obligations 88,657 ( 614 ) — — 88,657 ( 614 ) Corporate bonds — — 104,158 ( 14,842 ) 104,158 ( 14,842 ) Total temporarily impaired $ 203,644 $ ( 3,864 ) $ 384,516 $ ( 72,346 ) $ 588,160 $ ( 76,210 ) December 31, 2022 State and municipals $ 238,157 $ ( 12,047 ) $ 13,934 $ ( 4,542 ) $ 252,091 $ ( 16,589 ) Pass-through mortgage securities 12,667 ( 979 ) 135,853 ( 30,156 ) 148,520 ( 31,135 ) Collateralized mortgage obligations 42,560 ( 1,515 ) 70,834 ( 19,161 ) 113,394 ( 20,676 ) Corporate bonds — — 106,252 ( 12,748 ) 106,252 ( 12,748 ) Total temporarily impaired $ 293,384 $ ( 14,541 ) $ 326,873 $ ( 66,607 ) $ 620,257 $ ( 81,148 ) State and Municipals At March 31, 2023, approximately $ 139.4 million of state and municipal bonds had an unrealized loss of $ 12.4 million. Substantially all the state and municipal bonds are considered high investment grade and rated Aa2/AA- or higher. The unrealized loss 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 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. The fair value is expected to recover as the bonds approach maturity. Pass-through Mortgage Securities At March 31, 2023, pass-through mortgage securities of approximately $ 144.0 million had an unrealized loss of $ 28.6 million. These securities were issued by U.S. government and government-sponsored agencies and are considered high investment grade. The unrealized loss 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 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. The fair value is expected to recover as the bonds approach maturity. Collateralized Mortgage Obligations At March 31, 2023, collateralized mortgage obligations of approximately $ 111.9 million had an unrealized loss of $ 19.8 million. These securities were issued by U.S. government and government-sponsored agencies and are considered high investment grade. The unrealized loss 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 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. The fair value is expected to recover as the bonds approach maturity. SBA Agency Obligations At March 31, 2023, SBA agency obligations of approximately $ 88.7 million had an unrealized loss of $ 614,000 . These securities were issued by the SBA, a U.S. government agency and are considered high investment grade. The unrealized loss is attributable to changes in interest rates and not credit quality. The issuer continues to make timely principal and interest payments on the bonds. 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. The fair value is expected to recover as the bonds approach maturity. Corporate Bonds At March 31, 2023, approximately $ 104.2 million of corporate bonds had an unrealized loss of $ 14.8 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 year s 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. 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 March 31, 2023. Sales of AFS Securities. Sales of AFS securities were as follows: Three Months Ended March 31, (in thousands) 2023 2022 Proceeds $ 145,451 $ — Gains $ — $ — Losses ( 3,489 ) — Net loss $ ( 3,489 ) $ — Income tax benefit related to the net realized losses for the three months ended March 31, 2023 was $ 1.08 million. 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 March 31, 2023 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 $ 15,183 $ 15,144 After 1 through 5 years 8,997 8,708 After 5 through 10 years 191,377 175,530 After 10 years 113,454 102,786 Mortgage-backed securities 401,200 352,451 $ 730,211 $ 654,619 |
Loans
Loans | 3 Months Ended |
Mar. 31, 2023 | |
Loans [Abstract] | |
Loans | 4 - LOANS The following table sets forth the loans outstanding by class of loans at the dates indicated. (in thousands) March 31, 2023 December 31, 2022 Commercial and industrial $ 96,860 $ 108,493 Commercial mortgages: Multifamily 874,147 906,498 Other 794,588 789,140 Owner-occupied 228,396 220,855 Residential mortgages: Closed end 1,218,008 1,240,144 Revolving home equity 45,660 45,213 Consumer and other 1,160 1,390 $ 3,258,819 $ 3,311,733 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; and (10) municipal loans. An additional pool was used for SBA Paycheck Protection Program (“PPP”) loans while those loans were outstanding. 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 lifetime PD/LGD (probability of default/loss given default) method is used to measure historical losses. 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, concentrations of credit, delinquencies or other factors associated with the financial assets. 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. The main drivers of the credit provision recorded in the first three months of 2023 were improvements in historical loss rates and declines in outstanding loans, average growth rates and concentrations of credit, partially offset by deteriorating economic conditions. The following tables present the activity in the ACL for the periods indicated. (in thousands) Balance at 1/1/2023 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 3/31/2023 Commercial and industrial $ 1,543 $ 182 $ 15 $ 14 $ 1,390 Commercial mortgages: Multifamily 8,430 — — ( 958 ) 7,472 Other 7,425 — — 188 7,613 Owner-occupied 3,024 — — 93 3,117 Residential mortgages: Closed end 10,633 — — ( 407 ) 10,226 Revolving home equity 362 — — 15 377 Consumer and other 15 — — ( 1 ) 14 $ 31,432 $ 182 $ 15 $ ( 1,056 ) $ 30,209 (in thousands) Balance at 1/1/2022 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 3/31/2022 Commercial and industrial $ 888 $ 4 $ 27 $ 131 $ 1,042 SBA PPP 46 — — ( 27 ) 19 Commercial mortgages: Multifamily 8,154 — — 230 8,384 Other 6,478 — — 237 6,715 Owner-occupied 2,515 — — 207 2,722 Residential mortgages: Closed end 11,298 — — ( 282 ) 11,016 Revolving home equity 449 — — ( 73 ) 376 Consumer and other 3 — — 10 13 $ 29,831 $ 4 $ 27 $ 433 $ 30,287 Aging of Loans . The following tables present the aging of loans past due and loans on nonaccrual status by class of loans. March 31, 2023 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 $ 107 $ 111 $ — $ — $ — $ 218 $ 96,642 $ 96,860 Commercial mortgages: Multifamily — — — — — — 874,147 874,147 Other — — — — — — 794,588 794,588 Owner-occupied — — — — — — 228,396 228,396 Residential mortgages: Closed end 862 — — — — 862 1,217,146 1,218,008 Revolving home equity — — — — — — 45,660 45,660 Consumer and other — — — — — — 1,160 1,160 $ 969 $ 111 $ — $ — $ — $ 1,080 $ 3,257,739 $ 3,258,819 December 31, 2022 Commercial and industrial $ 297 $ — $ — $ — $ — $ 297 $ 108,196 $ 108,493 Commercial mortgages: Multifamily — — — — — — 906,498 906,498 Other — — — — — — 789,140 789,140 Owner-occupied — — — — — — 220,855 220,855 Residential mortgages: Closed end 452 — — — — 452 1,239,692 1,240,144 Revolving home equity — — — — — — 45,213 45,213 Consumer and other 1 — — — — 1 1,389 1,390 $ 750 $ — $ — $ — $ — $ 750 $ 3,310,983 $ 3,311,733 There were no loans in the process of foreclosure no r did the Bank hold any foreclosed residential real estate property at March 31, 2023 or December 31, 2022. Accrued interest receivable from loans totaled $ 9.2 million at March 31, 2023 and December 31, 2022 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 three months of 2023 or 2022. Loans modified in prior years (formerly troubled debt restructurings) with a total outstanding balance of $ 438,000 at March 31, 2023 were performing in accordance with their modified terms. The Bank had no commitments to lend additional amounts to such borrowers. 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 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 loan 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 year of origination. March 31, 2023 Term Loans by Origination Year Revolving (in thousands) 2023 2022 2021 2020 2019 Prior Loans (1) Total Commercial and industrial: Risk rating: Pass $ 9,737 $ 22,057 $ 23,177 $ 8,258 $ 3,594 $ 3,850 $ 13,649 $ 84,322 Watch — 1,998 3,540 — — — — 5,538 Special Mention — — — — — — — — Substandard — — 7,000 — — — — 7,000 Doubtful — — — — — — — — $ 9,737 $ 24,055 $ 33,717 $ 8,258 $ 3,594 $ 3,850 $ 13,649 $ 96,860 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ ( 182 ) $ ( 182 ) Current-period recoveries — — — — — — 15 15 Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ ( 167 ) $ ( 167 ) Commercial mortgages – multifamily: Risk rating: Pass $ 1,502 $ 194,637 $ 179,660 $ 37,942 $ 124,534 $ 335,697 $ 175 $ 874,147 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 1,502 $ 194,637 $ 179,660 $ 37,942 $ 124,534 $ 335,697 $ 175 $ 874,147 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – other: Risk rating: Pass $ 13,295 $ 193,835 $ 222,693 $ 98,772 $ 34,244 $ 223,993 $ — $ 786,832 Watch — — — — — 930 — 930 Special Mention — — — — — — — — Substandard — — — — — 6,826 — 6,826 Doubtful — — — — — — — — $ 13,295 $ 193,835 $ 222,693 $ 98,772 $ 34,244 $ 231,749 $ — $ 794,588 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – owner-occupied: Risk rating: Pass $ 8,590 $ 56,261 $ 55,552 $ 21,072 $ 41,238 $ 35,662 $ 4,793 $ 223,168 Watch — — 5,228 — — — — 5,228 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 8,590 $ 56,261 $ 60,780 $ 21,072 $ 41,238 $ 35,662 $ 4,793 $ 228,396 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — March 31, 2023 Term Loans by Origination Year Revolving (in thousands) 2023 2022 2021 2020 2019 Prior Loans (1) Total Residential mortgages: Risk rating: Pass $ 2,549 $ 201,700 $ 167,638 $ 35,422 $ 16,874 $ 793,549 $ 45,659 $ 1,263,391 Watch — — — — — 277 — 277 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 2,549 $ 201,700 $ 167,638 $ 35,422 $ 16,874 $ 793,826 $ 45,659 $ 1,263,668 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Consumer and other: Risk rating: Pass $ — $ 271 $ — $ — $ 100 $ 51 $ 574 $ 996 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Not Rated — — — — — — 164 164 $ — $ 271 $ — $ - $ 100 $ 51 $ 738 $ 1,160 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Total Loans $ 35,673 $ 670,759 $ 664,488 $ 201,466 $ 220,584 $ 1,400,835 $ 65,014 $ 3,258,819 Total net chargeoffs $ — $ — $ — $ — $ — $ — $ ( 167 ) $ ( 167 ) (1) Includes revolving lines converted to term of $ 4.8 million of commercial and industrial, $ 3.0 million of owner-occupied commercial mortgage and $ 7.8 million of residential home equity. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 5 - STOCK-BASED COMPENSATION The following table presents a summary of restricted stock units (“RSUs”) outstanding at March 31, 2023 and changes during the three 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, 2023 246,993 $ 18.35 Granted 142,280 16.48 Converted ( 94,912 ) 18.37 Forfeited ( 2,895 ) 18.25 Outstanding at March 31, 2023 291,466 $ 17.43 1.47 $ 3,935 As of March 31, 2023, there was $ 3.5 million of unrecognized compensation cost related to non-vested RSUs. The total cost is expected to be recognized over a weighted-average period of 2.0 years. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
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. 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) March 31, 2023: Financial Assets: Available-for-Sale Securities: State and municipals $ 155,768 $ — $ 155,288 $ 480 Pass-through mortgage securities 148,126 — 148,126 — Collateralized mortgage obligations 111,903 — 111,903 — SBA agency obligations 134,664 — 134,664 — Corporate bonds 104,158 — 104,158 — $ 654,619 $ — $ 654,139 $ 480 December 31, 2022: Financial Assets: Available-for-Sale Securities: State and municipals $ 305,247 $ — $ 304,680 $ 567 Pass-through mortgage securities 148,520 — 148,520 — Collateralized mortgage obligations 113,394 — 113,394 — Corporate bonds 106,252 — 106,252 — $ 673,413 $ — $ 672,846 $ 567 State and municipal AFS securities measured using Level 3 inputs. The Bank held four non-rated bond anticipation notes with a book value of $ 0.5 million at March 31, 2023. 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 March 31, 2023. Land and Buildings. Premises and facilities held-for-sale of $ 2.4 million at March 31, 2023 and December 31, 2022 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. 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 March 31, 2023 December 31, 2022 Fair Value Carrying Carrying (in thousands) Hierarchy Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 51,768 $ 51,768 $ 74,178 $ 74,178 Loans, net (1) Level 3 3,228,610 2,989,960 3,280,301 3,064,849 Restricted stock n/a 25,035 n/a 26,363 n/a Financial Liabilities: Checking deposits Level 1 1,192,139 1,192,139 1,324,141 1,324,141 Savings, NOW and money market deposits Level 1 1,684,874 1,684,874 1,661,512 1,661,512 Time deposits Level 2 521,737 513,485 478,981 467,986 Long-term debt Level 2 382,500 380,747 411,000 407,890 (1) The decrease in fair value of net loans is mainly due to an increase in interest rates. |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2023 | |
Derivatives [Abstract] | |
Derivatives | 7 – DERIVATIVES As part of its asset liability management activities, the Corporation may utilize interest rate swaps 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 agreements. Fair Value Hedge. On March 16, 2023, the Bank entered into a three year interest rate swap with a notional amount totaling $ 300 million which was designated as a fair value hedge of certain fixed rate residential mortgages. The Bank pays a fixed rate of 3.82 % and receives a floating rate based on the secured overnight financing rate (“SOFR”) for the life of the agreement without an exchange of the underlying notional amount. The hedge was determined to be effective during the quarter ended March 31, 2023 and the Corporation expects the hedge to remain effective during the remaining term of the swap. The gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk is recognized in interest income. The following table summarizes information about the interest rate swap designated as a fair value hedge. March 31, 2023 Notional amount $ 300 million Weighted average fixed pay rate 3.82 % Weighted average overnight SOFR receive rate 4.82 % Weighted average maturity 2.96 years During the first three months of 2023, the Bank recorded a $ 153,000 credit from the swap transaction as a component of interest income in the consolidated statements of income. At March 31, 2023, the Bank recorded a mark-to-market basis adjustment of $ 1,273,000 in other assets relating to the hedged residential mortgages and a mark-to-market liability of $ 1,230,000 in other liabilities relating to the swap. The mark-to-market difference of $ 43,000 was included in interest income as part of the $ 153,000 credit noted above. The carrying amount of the last-of-layer residential mortgage loans included in the fair value hedge totaled $ 300.0 million at March 31, 2023. The original closed pool of designated residential mortgage loans totaled $ 487.8 million and the amount outstanding at March 31, 2023 totaled $ 486.2 million. The basis adjustment associated with the hedge would be allocated across the entire remaining closed pool upon termination or maturity of the hedge relationship. Cash Flow Hedge. 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 and included in short-term borrowings on the consolidated balance sheets. In April 2022, the swap was terminated and the FHLB advance was paid off. Termination fees were immaterial. Interest expense recorded on the swap transaction, which totaled $ 299,000 for the three months ended March 31, 2022 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 three months ended March 31, 2022, the Corporation had $ 299,000 of reclassifications to interest expense. The following table presents the amounts recorded in the consolidated statements of income and the consolidated statements of comprehensive income relating to the interest rate swap for the quarter ended March 31, 2022. Three Months Ended (in thousands) March 31, 2022 Interest rate contract: Amount of gain recognized in OCI (effective portion) $ 1,248 Amount of loss reclassified from OCI to interest expense 299 Amount of loss recognized in other noninterest income (ineffective portion) — |
Basis of Presentation (Policy)
Basis of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2022. The consolidated financial information included herein as of and for the periods ended March 31, 2023 and 2022 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, 2022 consolidated balance sheet was derived from the Corporation's December 31, 2022 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. |
Comprehensive Income (Loss) (Ta
Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Comprehensive Income (Loss) [Abstract] | |
Components of Accumulated OCI, Net of Tax | Current Balance Period Balance (in thousands) 12/31/22 Change 3/31/23 Unrealized holding loss on available-for-sale securities $ ( 56,055 ) $ 3,673 $ ( 52,382 ) Unrealized actuarial loss on pension plan ( 8,712 ) 176 ( 8,536 ) Accumulated other comprehensive loss, net of tax $ ( 64,767 ) $ 3,849 $ ( 60,918 ) |
Components of OCI and Related Tax Effects | Three Months Ended March 31, (in thousands) 2023 2022 Change in net unrealized holding gains or losses on available-for-sale securities: Change arising during the period $ 1,931 $ ( 41,556 ) Reclassification adjustment for losses included in net income (1) 3,489 — 5,420 ( 41,556 ) Tax effect 1,747 ( 12,800 ) 3,673 ( 28,756 ) Change in funded status of pension plan: Amortization of net actuarial loss included in pension expense (2) 254 — Tax effect 78 — 176 — Change in unrealized loss on derivative instrument: Amount of gain during the period — 1,248 Reclassification adjustment for net interest expense included in net income (3) — 299 — 1,547 Tax effect — 475 — 1,072 Other comprehensive gain (loss) $ 3,849 $ ( 27,684 ) (1) Represents net realized losses arising from the sale of AFS securities, included in the consolidated statements of income in the line item “net loss on sales of securities.” See “Note 3 – Investment Securities” for the income tax benefit related to these net realized losses, included in the consolidated statements of income in the line item “income tax expense.” (2) Represents the amortization of net actuarial loss relating to the Corporation’s defined benefit pension plan. This item is a component of net periodic pension cost and is included in the consolidated statements of income in the line item “salaries and employee benefits.” (3) Represents the net interest expense recorded on derivative transactions and included in the consolidated statements of income under “interest expense.” |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investment Securities [Abstract] | |
Amortized Cost and Estimated Fair Values of AFS Investment Securities | March 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value State and municipals $ 168,103 $ 102 $ ( 12,437 ) $ 155,768 Pass-through mortgage securities 176,678 8 ( 28,560 ) 148,126 Collateralized mortgage obligations 131,660 — ( 19,757 ) 111,903 SBA agency obligations 134,770 508 ( 614 ) 134,664 Corporate bonds 119,000 — ( 14,842 ) 104,158 $ 730,211 $ 618 $ ( 76,210 ) $ 654,619 December 31, 2022 State and municipals $ 321,700 $ 136 $ ( 16,589 ) $ 305,247 Pass-through mortgage securities 179,655 — ( 31,135 ) 148,520 Collateralized mortgage obligations 134,070 — ( 20,676 ) 113,394 Corporate bonds 119,000 — ( 12,748 ) 106,252 $ 754,425 $ 136 $ ( 81,148 ) $ 673,413 |
Securities with a Continuous Unrealized Loss Position | March 31, 2023 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 $ 71,383 $ ( 2,184 ) $ 68,032 $ ( 10,253 ) $ 139,415 $ ( 12,437 ) Pass-through mortgage securities 4,235 ( 215 ) 139,792 ( 28,345 ) 144,027 ( 28,560 ) Collateralized mortgage obligations 39,369 ( 851 ) 72,534 ( 18,906 ) 111,903 ( 19,757 ) SBA agency obligations 88,657 ( 614 ) — — 88,657 ( 614 ) Corporate bonds — — 104,158 ( 14,842 ) 104,158 ( 14,842 ) Total temporarily impaired $ 203,644 $ ( 3,864 ) $ 384,516 $ ( 72,346 ) $ 588,160 $ ( 76,210 ) December 31, 2022 State and municipals $ 238,157 $ ( 12,047 ) $ 13,934 $ ( 4,542 ) $ 252,091 $ ( 16,589 ) Pass-through mortgage securities 12,667 ( 979 ) 135,853 ( 30,156 ) 148,520 ( 31,135 ) Collateralized mortgage obligations 42,560 ( 1,515 ) 70,834 ( 19,161 ) 113,394 ( 20,676 ) Corporate bonds — — 106,252 ( 12,748 ) 106,252 ( 12,748 ) Total temporarily impaired $ 293,384 $ ( 14,541 ) $ 326,873 $ ( 66,607 ) $ 620,257 $ ( 81,148 ) |
Sales of Available-for-Sale Securities | Three Months Ended March 31, (in thousands) 2023 2022 Proceeds $ 145,451 $ — Gains $ — $ — Losses ( 3,489 ) — Net loss $ ( 3,489 ) $ — |
Maturities | (in thousands) Amortized Cost Fair Value Within one year $ 15,183 $ 15,144 After 1 through 5 years 8,997 8,708 After 5 through 10 years 191,377 175,530 After 10 years 113,454 102,786 Mortgage-backed securities 401,200 352,451 $ 730,211 $ 654,619 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Loans [Abstract] | |
Loans Outstanding by Class of Loans | (in thousands) March 31, 2023 December 31, 2022 Commercial and industrial $ 96,860 $ 108,493 Commercial mortgages: Multifamily 874,147 906,498 Other 794,588 789,140 Owner-occupied 228,396 220,855 Residential mortgages: Closed end 1,218,008 1,240,144 Revolving home equity 45,660 45,213 Consumer and other 1,160 1,390 $ 3,258,819 $ 3,311,733 |
Allowance for Loan Losses | (in thousands) Balance at 1/1/2023 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 3/31/2023 Commercial and industrial $ 1,543 $ 182 $ 15 $ 14 $ 1,390 Commercial mortgages: Multifamily 8,430 — — ( 958 ) 7,472 Other 7,425 — — 188 7,613 Owner-occupied 3,024 — — 93 3,117 Residential mortgages: Closed end 10,633 — — ( 407 ) 10,226 Revolving home equity 362 — — 15 377 Consumer and other 15 — — ( 1 ) 14 $ 31,432 $ 182 $ 15 $ ( 1,056 ) $ 30,209 (in thousands) Balance at 1/1/2022 Chargeoffs Recoveries Provision (Credit) for Credit Losses Balance at 3/31/2022 Commercial and industrial $ 888 $ 4 $ 27 $ 131 $ 1,042 SBA PPP 46 — — ( 27 ) 19 Commercial mortgages: Multifamily 8,154 — — 230 8,384 Other 6,478 — — 237 6,715 Owner-occupied 2,515 — — 207 2,722 Residential mortgages: Closed end 11,298 — — ( 282 ) 11,016 Revolving home equity 449 — — ( 73 ) 376 Consumer and other 3 — — 10 13 $ 29,831 $ 4 $ 27 $ 433 $ 30,287 |
Aging of the Recorded Investment in Loans | March 31, 2023 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 $ 107 $ 111 $ — $ — $ — $ 218 $ 96,642 $ 96,860 Commercial mortgages: Multifamily — — — — — — 874,147 874,147 Other — — — — — — 794,588 794,588 Owner-occupied — — — — — — 228,396 228,396 Residential mortgages: Closed end 862 — — — — 862 1,217,146 1,218,008 Revolving home equity — — — — — — 45,660 45,660 Consumer and other — — — — — — 1,160 1,160 $ 969 $ 111 $ — $ — $ — $ 1,080 $ 3,257,739 $ 3,258,819 December 31, 2022 Commercial and industrial $ 297 $ — $ — $ — $ — $ 297 $ 108,196 $ 108,493 Commercial mortgages: Multifamily — — — — — — 906,498 906,498 Other — — — — — — 789,140 789,140 Owner-occupied — — — — — — 220,855 220,855 Residential mortgages: Closed end 452 — — — — 452 1,239,692 1,240,144 Revolving home equity — — — — — — 45,213 45,213 Consumer and other 1 — — — — 1 1,389 1,390 $ 750 $ — $ — $ — $ — $ 750 $ 3,310,983 $ 3,311,733 |
Amortized Cost Basis of Loans by Class of Loans, Vintage and Risk Rating | March 31, 2023 Term Loans by Origination Year Revolving (in thousands) 2023 2022 2021 2020 2019 Prior Loans (1) Total Commercial and industrial: Risk rating: Pass $ 9,737 $ 22,057 $ 23,177 $ 8,258 $ 3,594 $ 3,850 $ 13,649 $ 84,322 Watch — 1,998 3,540 — — — — 5,538 Special Mention — — — — — — — — Substandard — — 7,000 — — — — 7,000 Doubtful — — — — — — — — $ 9,737 $ 24,055 $ 33,717 $ 8,258 $ 3,594 $ 3,850 $ 13,649 $ 96,860 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ ( 182 ) $ ( 182 ) Current-period recoveries — — — — — — 15 15 Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ ( 167 ) $ ( 167 ) Commercial mortgages – multifamily: Risk rating: Pass $ 1,502 $ 194,637 $ 179,660 $ 37,942 $ 124,534 $ 335,697 $ 175 $ 874,147 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 1,502 $ 194,637 $ 179,660 $ 37,942 $ 124,534 $ 335,697 $ 175 $ 874,147 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – other: Risk rating: Pass $ 13,295 $ 193,835 $ 222,693 $ 98,772 $ 34,244 $ 223,993 $ — $ 786,832 Watch — — — — — 930 — 930 Special Mention — — — — — — — — Substandard — — — — — 6,826 — 6,826 Doubtful — — — — — — — — $ 13,295 $ 193,835 $ 222,693 $ 98,772 $ 34,244 $ 231,749 $ — $ 794,588 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Commercial mortgages – owner-occupied: Risk rating: Pass $ 8,590 $ 56,261 $ 55,552 $ 21,072 $ 41,238 $ 35,662 $ 4,793 $ 223,168 Watch — — 5,228 — — — — 5,228 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 8,590 $ 56,261 $ 60,780 $ 21,072 $ 41,238 $ 35,662 $ 4,793 $ 228,396 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — March 31, 2023 Term Loans by Origination Year Revolving (in thousands) 2023 2022 2021 2020 2019 Prior Loans (1) Total Residential mortgages: Risk rating: Pass $ 2,549 $ 201,700 $ 167,638 $ 35,422 $ 16,874 $ 793,549 $ 45,659 $ 1,263,391 Watch — — — — — 277 — 277 Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — $ 2,549 $ 201,700 $ 167,638 $ 35,422 $ 16,874 $ 793,826 $ 45,659 $ 1,263,668 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Consumer and other: Risk rating: Pass $ — $ 271 $ — $ — $ 100 $ 51 $ 574 $ 996 Watch — — — — — — — — Special Mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Not Rated — — — — — — 164 164 $ — $ 271 $ — $ - $ 100 $ 51 $ 738 $ 1,160 Current-period gross chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Current-period recoveries — — — — — — — — Current-period net chargeoffs $ — $ — $ — $ — $ — $ — $ — $ — Total Loans $ 35,673 $ 670,759 $ 664,488 $ 201,466 $ 220,584 $ 1,400,835 $ 65,014 $ 3,258,819 Total net chargeoffs $ — $ — $ — $ — $ — $ — $ ( 167 ) $ ( 167 ) (1) Includes revolving lines converted to term of $ 4.8 million of commercial and industrial, $ 3.0 million of owner-occupied commercial mortgage and $ 7.8 million of residential home equity. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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, 2023 246,993 $ 18.35 Granted 142,280 16.48 Converted ( 94,912 ) 18.37 Forfeited ( 2,895 ) 18.25 Outstanding at March 31, 2023 291,466 $ 17.43 1.47 $ 3,935 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
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) March 31, 2023: Financial Assets: Available-for-Sale Securities: State and municipals $ 155,768 $ — $ 155,288 $ 480 Pass-through mortgage securities 148,126 — 148,126 — Collateralized mortgage obligations 111,903 — 111,903 — SBA agency obligations 134,664 — 134,664 — Corporate bonds 104,158 — 104,158 — $ 654,619 $ — $ 654,139 $ 480 December 31, 2022: Financial Assets: Available-for-Sale Securities: State and municipals $ 305,247 $ — $ 304,680 $ 567 Pass-through mortgage securities 148,520 — 148,520 — Collateralized mortgage obligations 113,394 — 113,394 — Corporate bonds 106,252 — 106,252 — $ 673,413 $ — $ 672,846 $ 567 |
Financial Instruments | Level of March 31, 2023 December 31, 2022 Fair Value Carrying Carrying (in thousands) Hierarchy Amount Fair Value Amount Fair Value Financial Assets: Cash and cash equivalents Level 1 $ 51,768 $ 51,768 $ 74,178 $ 74,178 Loans, net (1) Level 3 3,228,610 2,989,960 3,280,301 3,064,849 Restricted stock n/a 25,035 n/a 26,363 n/a Financial Liabilities: Checking deposits Level 1 1,192,139 1,192,139 1,324,141 1,324,141 Savings, NOW and money market deposits Level 1 1,684,874 1,684,874 1,661,512 1,661,512 Time deposits Level 2 521,737 513,485 478,981 467,986 Long-term debt Level 2 382,500 380,747 411,000 407,890 (1) The decrease in fair value of net loans is mainly due to an increase in interest rates. |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Interest Rate Swaps | March 31, 2023 Notional amount $ 300 million Weighted average fixed pay rate 3.82 % Weighted average overnight SOFR receive rate 4.82 % Weighted average maturity 2.96 years |
Cash Flow Hedging [Member] | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Schedule of Amounts Recorded in the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income | Three Months Ended (in thousands) March 31, 2022 Interest rate contract: Amount of gain recognized in OCI (effective portion) $ 1,248 Amount of loss reclassified from OCI to interest expense 299 Amount of loss recognized in other noninterest income (ineffective portion) — |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) | Mar. 31, 2023 item |
Bank [Member] | |
Number of subsidiaries | 2 |
Comprehensive Income (Component
Comprehensive Income (Components of Accumulated OCI, Net of Tax) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | $ 364,536 | $ 413,812 |
Other Comprehensive Income (Loss) | 3,849 | (27,684) |
Balance | 370,307 | 389,461 |
Unrealized Holding Loss On Available-For-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (56,055) | |
Other Comprehensive Income (Loss) | 3,673 | |
Balance | (52,382) | |
Unrealized Actuarial Loss On Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (8,712) | |
Other Comprehensive Income (Loss) | 176 | |
Balance | (8,536) | |
Accumulated Other Comprehensive Loss, Net Of Tax [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance | (64,767) | (2,313) |
Other Comprehensive Income (Loss) | 3,849 | (27,684) |
Balance | $ (60,918) | $ (29,997) |
Comprehensive Income (Loss) (Co
Comprehensive Income (Loss) (Components of OCI and Related Tax Effects) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Change in net unrealized holding gains or losses on available-for-sale securities: | ||
Change arising during the period | $ 1,931 | $ (41,556) |
Reclassification adjustment for losses included in net income | 3,489 | |
Change in net unrealized holding losses on available-for-sale securities | 5,420 | (41,556) |
Tax effect | 1,747 | (12,800) |
Total | 3,673 | (28,756) |
Change in funded status of pension plan: | ||
Amortization of net actuarial loss included in pension expense | 254 | |
Tax effect | 78 | |
Total | 176 | |
Change in unrealized loss on derivative instruments: | ||
Amount of gain during the period | 1,248 | |
Reclassification adjustment for net interest expense included in net income | 299 | |
Change in unrealized loss on derivative instruments | 1,547 | |
Tax effect | 475 | |
Total | 1,072 | |
Other comprehensive gain (loss) | $ 3,849 | $ (27,684) |
Investment Securities (Narrativ
Investment Securities (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) item | |
Investment Securities [Line Items] | ||
Number of holdings greater than 10 percent of stockholders equity | item | 0 | 0 |
Restricted investment securities | $ 385,700,000 | $ 350,800,000 |
Allowance for credit losses | 0 | 0 |
Fair Value | 588,160,000 | 620,257,000 |
Unrealized Loss | 76,210,000 | 81,148,000 |
Income tax expense (benefit) related to net realized gains (losses) | (1,080,000) | |
Commercial Mortgage-Backed Securities [Member] | ||
Investment Securities [Line Items] | ||
Securities pledged as collateral | 92,400,000 | |
Equipment Finance Loans-Backed Securities [Member] | ||
Investment Securities [Line Items] | ||
Securities pledged as collateral | 42,200,000 | |
State And Municipals [Member] | ||
Investment Securities [Line Items] | ||
Fair Value | 139,415,000 | 252,091,000 |
Unrealized Loss | 12,437,000 | 16,589,000 |
Pass-Through Mortgage Securities [Member] | ||
Investment Securities [Line Items] | ||
Fair Value | 144,027,000 | 148,520,000 |
Unrealized Loss | 28,560,000 | 31,135,000 |
Collateralized Mortgage Obligations [Member] | ||
Investment Securities [Line Items] | ||
Fair Value | 111,903,000 | 113,394,000 |
Unrealized Loss | 19,757,000 | 20,676,000 |
SBA Agency Obligations [Member] | ||
Investment Securities [Line Items] | ||
Fair Value | 88,657,000 | |
Unrealized Loss | 614,000 | |
Corporate Bonds [Member] | ||
Investment Securities [Line Items] | ||
Fair Value | 104,158,000 | 106,252,000 |
Unrealized Loss | $ 14,842,000 | $ 12,748,000 |
Number of institutions | item | 6 | |
Maturity period | 10 years |
Investment Securities (Amortize
Investment Securities (Amortized Cost and Estimated Fair Values of AFS Investment Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | $ 730,211 | $ 754,425 |
Available-for-Sale Securities, Gross Unrealized Gains | 618 | 136 |
Available-for-Sale Securities, Gross Unrealized Losses | (76,210) | (81,148) |
Available-for-Sale Securities, Fair value | 654,619 | 673,413 |
State And Municipals [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 168,103 | 321,700 |
Available-for-Sale Securities, Gross Unrealized Gains | 102 | 136 |
Available-for-Sale Securities, Gross Unrealized Losses | (12,437) | (16,589) |
Available-for-Sale Securities, Fair value | 155,768 | 305,247 |
Pass-Through Mortgage Securities [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 176,678 | 179,655 |
Available-for-Sale Securities, Gross Unrealized Gains | 8 | |
Available-for-Sale Securities, Gross Unrealized Losses | (28,560) | (31,135) |
Available-for-Sale Securities, Fair value | 148,126 | 148,520 |
Collateralized Mortgage Obligations [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 131,660 | 134,070 |
Available-for-Sale Securities, Gross Unrealized Losses | (19,757) | (20,676) |
Available-for-Sale Securities, Fair value | 111,903 | 113,394 |
SBA Agency Obligations [Member] | ||
Schedule Of Amortized Cost And Estimated Fair Values [Line Items] | ||
Amortized Cost | 134,770 | |
Available-for-Sale Securities, Gross Unrealized Gains | 508 | |
Available-for-Sale Securities, Gross Unrealized Losses | (614) | |
Available-for-Sale Securities, Fair value | 134,664 | |
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 | (14,842) | (12,748) |
Available-for-Sale Securities, Fair value | $ 104,158 | $ 106,252 |
Investment Securities (Securiti
Investment Securities (Securities with a Continuous Unrealized Loss Position) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | $ 203,644 | $ 293,384 |
Less than 12 Months, Unrealized Loss | (3,864) | (14,541) |
12 Months or More, Fair Value | 384,516 | 326,873 |
12 Months or More, Unrealized Loss | (72,346) | (66,607) |
Total, Fair Value | 588,160 | 620,257 |
Total, Unrealized Loss | (76,210) | (81,148) |
State And Municipals [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 71,383 | 238,157 |
Less than 12 Months, Unrealized Loss | (2,184) | (12,047) |
12 Months or More, Fair Value | 68,032 | 13,934 |
12 Months or More, Unrealized Loss | (10,253) | (4,542) |
Total, Fair Value | 139,415 | 252,091 |
Total, Unrealized Loss | (12,437) | (16,589) |
Pass-Through Mortgage Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 4,235 | 12,667 |
Less than 12 Months, Unrealized Loss | (215) | (979) |
12 Months or More, Fair Value | 139,792 | 135,853 |
12 Months or More, Unrealized Loss | (28,345) | (30,156) |
Total, Fair Value | 144,027 | 148,520 |
Total, Unrealized Loss | (28,560) | (31,135) |
Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 39,369 | 42,560 |
Less than 12 Months, Unrealized Loss | (851) | (1,515) |
12 Months or More, Fair Value | 72,534 | 70,834 |
12 Months or More, Unrealized Loss | (18,906) | (19,161) |
Total, Fair Value | 111,903 | 113,394 |
Total, Unrealized Loss | (19,757) | (20,676) |
SBA Agency Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 Months, Fair Value | 88,657 | |
Less than 12 Months, Unrealized Loss | (614) | |
Total, Fair Value | 88,657 | |
Total, Unrealized Loss | (614) | |
Corporate Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
12 Months or More, Fair Value | 104,158 | 106,252 |
12 Months or More, Unrealized Loss | (14,842) | (12,748) |
Total, Fair Value | 104,158 | 106,252 |
Total, Unrealized Loss | $ (14,842) | $ (12,748) |
Investment Securities (Sales of
Investment Securities (Sales of Available-for-Sale Securities) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Investment Securities [Abstract] | |
Proceeds | $ 145,451 |
Losses | (3,489) |
Net loss | $ (3,489) |
Investment Securities (Maturiti
Investment Securities (Maturities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Investment Securities [Abstract] | ||
Amortized Cost, Within one year | $ 15,183 | |
Amortized Cost, After 1 through 5 years | 8,997 | |
Amortized Cost, After 5 through 10 years | 191,377 | |
Amortized Cost, After 10 years | 113,454 | |
Amortized Cost, Mortgage-backed securities | 401,200 | |
Amortized Cost | 730,211 | $ 754,425 |
Fair Value, Within one year | 15,144 | |
Fair Value, After 1 through 5 years | 8,708 | |
Fair Value, After 5 through 10 years | 175,530 | |
Fair Value, After 10 years | 102,786 | |
Fair Value, Mortgage-backed securities | 352,451 | |
Fair Value | $ 654,619 | $ 673,413 |
Loans (Narrative) (Details)
Loans (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) loan item | Mar. 31, 2022 loan | Dec. 31, 2022 USD ($) loan | |
Financing Receivable, Past Due [Line Items] | |||
Minimum prior year principal balance of commercial Real estate loans required to be reviewed annually | 80% | ||
Commitments to lend additional amounts | $ 0 | ||
Number of loans in the process of foreclosure | loan | 0 | 0 | |
Number of loans modified | loan | 0 | 0 | |
Accrued interest receivable | $ 9,200,000 | $ 9,200,000 | |
Outstanding loan balance | $ 438,000 | ||
Minimum credit score required for new loans | item | 680 | ||
Residential Mortgages [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Real estate acquired through foreclosure | $ 0 | $ 0 | |
Minimum [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Adjustments to historical loss, forecasting horizon, period | 1 year | ||
Maximum [Member] | |||
Financing Receivable, Past Due [Line Items] | |||
Adjustments to historical loss, forecasting horizon, period | 2 years |
Loans (Loans Outstanding by Cla
Loans (Loans Outstanding by Class of Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | $ 3,258,819 | $ 3,311,733 |
Commercial And Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 96,860 | 108,493 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 874,147 | 906,498 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 794,588 | 789,140 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 228,396 | 220,855 |
Residential Mortgages [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 1,263,668 | |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 1,218,008 | 1,240,144 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | 45,660 | 45,213 |
Consumer And Other [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans outstanding | $ 1,160 | $ 1,390 |
Loans (Allowance for Loan Losse
Loans (Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | $ 31,432 | $ 29,831 |
Chargeoffs | 182 | 4 |
Recoveries | 15 | 27 |
Provision (Credit) for Credit Losses | (1,056) | 433 |
Allowance for credit losses, ending balance | 30,209 | 30,287 |
Commercial And Industrial [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 1,543 | 888 |
Chargeoffs | 182 | 4 |
Recoveries | 15 | 27 |
Provision (Credit) for Credit Losses | 14 | 131 |
Allowance for credit losses, ending balance | 1,390 | 1,042 |
SBA Paycheck Protection Program [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 46 | |
Provision (Credit) for Credit Losses | (27) | |
Allowance for credit losses, ending balance | 19 | |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 8,430 | 8,154 |
Provision (Credit) for Credit Losses | (958) | 230 |
Allowance for credit losses, ending balance | 7,472 | 8,384 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 7,425 | 6,478 |
Provision (Credit) for Credit Losses | 188 | 237 |
Allowance for credit losses, ending balance | 7,613 | 6,715 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 3,024 | 2,515 |
Provision (Credit) for Credit Losses | 93 | 207 |
Allowance for credit losses, ending balance | 3,117 | 2,722 |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 10,633 | 11,298 |
Provision (Credit) for Credit Losses | (407) | (282) |
Allowance for credit losses, ending balance | 10,226 | 11,016 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 362 | 449 |
Provision (Credit) for Credit Losses | 15 | (73) |
Allowance for credit losses, ending balance | 377 | 376 |
Consumer And Other [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for credit losses, beginning balance | 15 | 3 |
Provision (Credit) for Credit Losses | (1) | 10 |
Allowance for credit losses, ending balance | $ 14 | $ 13 |
Loans (Aging of the Recorded In
Loans (Aging of the Recorded Investment in Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 3,258,819 | $ 3,311,733 |
Total Past Due Loans & Nonaccrual Loans | 1,080 | 750 |
Current | 3,257,739 | 3,310,983 |
Total Loans | 3,258,819 | 3,311,733 |
Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 96,860 | 108,493 |
Total Past Due Loans & Nonaccrual Loans | 218 | 297 |
Current | 96,642 | 108,196 |
Total Loans | 96,860 | 108,493 |
Commercial Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total Loans | 1,897,131 | 1,916,493 |
Commercial Mortgages [Member] | Multifamily Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 874,147 | 906,498 |
Current | 874,147 | 906,498 |
Total Loans | 874,147 | 906,498 |
Commercial Mortgages [Member] | Other Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 794,588 | 789,140 |
Current | 794,588 | 789,140 |
Total Loans | 794,588 | 789,140 |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 228,396 | 220,855 |
Current | 228,396 | 220,855 |
Total Loans | 228,396 | 220,855 |
Residential Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,263,668 | |
Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,218,008 | 1,240,144 |
Total Past Due Loans & Nonaccrual Loans | 862 | 452 |
Current | 1,217,146 | 1,239,692 |
Total Loans | 1,218,008 | 1,240,144 |
Residential Mortgages [Member] | Revolving Home Equity [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 45,660 | 45,213 |
Current | 45,660 | 45,213 |
Total Loans | 45,660 | 45,213 |
Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,160 | 1,390 |
Total Past Due Loans & Nonaccrual Loans | 1 | |
Current | 1,160 | 1,389 |
Total Loans | 1,160 | 1,390 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 969 | 750 |
30 to 59 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 107 | 297 |
30 to 59 Days Past Due [Member] | Residential Mortgages [Member] | Closed-end [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 862 | 452 |
30 to 59 Days Past Due [Member] | Consumer And Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 1 | |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 111 | |
60 to 89 Days Past Due [Member] | Commercial And Industrial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 111 |
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 | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | $ 35,673 | ||
Year one | 670,759 | ||
Year two | 664,488 | ||
Year three | 201,466 | ||
Year four | 220,584 | ||
Prior | 1,400,835 | ||
Revolving Loans | 65,014 | ||
Total Loans | 3,258,819 | $ 3,311,733 | |
Current-period chargeoffs | (182) | $ (4) | |
Current-period recoveries | 15 | 27 | |
Current-period net chargeoffs, Revolving | (167) | ||
Current-period net chargeoffs | (167) | ||
Commercial And Industrial [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 9,737 | ||
Year one | 24,055 | ||
Year two | 33,717 | ||
Year three | 8,258 | ||
Year four | 3,594 | ||
Prior | 3,850 | ||
Revolving Loans | 13,649 | ||
Total Loans | 96,860 | 108,493 | |
Current-period gross chargeoffs, Revolving | (182) | ||
Current-period chargeoffs | (182) | (4) | |
Current-period recoveries, Revolving | 15 | ||
Current-period recoveries | 15 | $ 27 | |
Current-period net chargeoffs, Revolving | (167) | ||
Current-period net chargeoffs | (167) | ||
Receivables converted to term loan | 4,800 | ||
Commercial And Industrial [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 9,737 | ||
Year one | 22,057 | ||
Year two | 23,177 | ||
Year three | 8,258 | ||
Year four | 3,594 | ||
Prior | 3,850 | ||
Revolving Loans | 13,649 | ||
Total Loans | 84,322 | ||
Commercial And Industrial [Member] | Watch [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 1,998 | ||
Year two | 3,540 | ||
Total Loans | 5,538 | ||
Commercial And Industrial [Member] | Substandard [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year two | 7,000 | ||
Total Loans | 7,000 | ||
Commercial Mortgages [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,502 | ||
Year one | 194,637 | ||
Year two | 179,660 | ||
Year three | 37,942 | ||
Year four | 124,534 | ||
Prior | 335,697 | ||
Revolving Loans | 175 | ||
Total Loans | 874,147 | 906,498 | |
Commercial Mortgages [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 13,295 | ||
Year one | 193,835 | ||
Year two | 222,693 | ||
Year three | 98,772 | ||
Year four | 34,244 | ||
Prior | 231,749 | ||
Total Loans | 794,588 | 789,140 | |
Commercial Mortgages [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 8,590 | ||
Year one | 56,261 | ||
Year two | 60,780 | ||
Year three | 21,072 | ||
Year four | 41,238 | ||
Prior | 35,662 | ||
Revolving Loans | 4,793 | ||
Total Loans | 228,396 | 220,855 | |
Receivables converted to term loan | 3,000 | ||
Commercial Mortgages [Member] | Pass [Member] | Multifamily Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 1,502 | ||
Year one | 194,637 | ||
Year two | 179,660 | ||
Year three | 37,942 | ||
Year four | 124,534 | ||
Prior | 335,697 | ||
Revolving Loans | 175 | ||
Total Loans | 874,147 | ||
Commercial Mortgages [Member] | Pass [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 13,295 | ||
Year one | 193,835 | ||
Year two | 222,693 | ||
Year three | 98,772 | ||
Year four | 34,244 | ||
Prior | 223,993 | ||
Total Loans | 786,832 | ||
Commercial Mortgages [Member] | Pass [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 8,590 | ||
Year one | 56,261 | ||
Year two | 55,552 | ||
Year three | 21,072 | ||
Year four | 41,238 | ||
Prior | 35,662 | ||
Revolving Loans | 4,793 | ||
Total Loans | 223,168 | ||
Commercial Mortgages [Member] | Watch [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 930 | ||
Total Loans | 930 | ||
Commercial Mortgages [Member] | Watch [Member] | Owner-occupied Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year two | 5,228 | ||
Total Loans | 5,228 | ||
Commercial Mortgages [Member] | Substandard [Member] | Other Loan [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 6,826 | ||
Total Loans | 6,826 | ||
Residential Mortgages [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,549 | ||
Year one | 201,700 | ||
Year two | 167,638 | ||
Year three | 35,422 | ||
Year four | 16,874 | ||
Prior | 793,826 | ||
Revolving Loans | 45,659 | ||
Total Loans | 1,263,668 | ||
Residential Mortgages [Member] | Closed-end [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 1,218,008 | 1,240,144 | |
Residential Mortgages [Member] | Revolving Home Equity [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Total Loans | 45,660 | 45,213 | |
Receivables converted to term loan | 7,800 | ||
Residential Mortgages [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Current year | 2,549 | ||
Year one | 201,700 | ||
Year two | 167,638 | ||
Year three | 35,422 | ||
Year four | 16,874 | ||
Prior | 793,549 | ||
Revolving Loans | 45,659 | ||
Total Loans | 1,263,391 | ||
Residential Mortgages [Member] | Watch [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Prior | 277 | ||
Total Loans | 277 | ||
Consumer And Other [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 271 | ||
Year four | 100 | ||
Prior | 51 | ||
Revolving Loans | 738 | ||
Total Loans | 1,160 | $ 1,390 | |
Consumer And Other [Member] | Pass [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Year one | 271 | ||
Year four | 100 | ||
Prior | 51 | ||
Revolving Loans | 574 | ||
Total Loans | 996 | ||
Consumer And Other [Member] | Not Rated [Member] | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Revolving Loans | 164 | ||
Total Loans | $ 164 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Stock-Based Compensation [Abstract] | |
Unrecognized compensation cost | $ 3.5 |
Weighted average period expected to be recognized | 2 years |
Stock-Based Compensation (RSU A
Stock-Based Compensation (RSU Activity) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) $ / shares shares | |
Stock-Based Compensation [Abstract] | |
Outstanding, Number of RSUs | shares | 246,993 |
Granted, Number of RSUs | shares | 142,280 |
Converted, Number of RSUs | shares | (94,912) |
Forfeited, Number of RSUs | shares | (2,895) |
Outstanding, Number of RSUs | shares | 291,466 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 18.35 |
Granted, Weighted-Average Grant-Date Fair Value | $ / shares | 16.48 |
Converted, Weighted-Average Grant-Date Fair Value | $ / shares | 18.37 |
Forfeited, Weighted-Average Grant-Date Fair Value | $ / shares | 18.25 |
Outstanding, Weighted-Average Grant-Date Fair Value | $ / shares | $ 17.43 |
Outstanding, Weighted Average Remaining Contractual Term | 1 year 5 months 19 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 3,935 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | $ 654,619 | $ 673,413 |
State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | 155,768 | 305,247 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-Sale Securities, Fair value | 654,619 | 673,413 |
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 | 2,400 | 2,400 |
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 | 155,768 | 305,247 |
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 | 480 | 567 |
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 | $ 480 | $ 567 |
Number of non-rated bond anticipation notes | item | 4 | |
Maturity period | 1 year |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 654,619 | $ 673,413 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 654,619 | 673,413 |
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 | 654,139 | 672,846 |
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 | 480 | 567 |
State And Municipals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 155,768 | 305,247 |
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 | 155,768 | 305,247 |
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 | 155,288 | 304,680 |
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 | 480 | 567 |
Pass-Through Mortgage Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 148,126 | 148,520 |
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 | 148,126 | 148,520 |
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 | 148,126 | 148,520 |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 111,903 | 113,394 |
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 | 111,903 | 113,394 |
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 | 111,903 | 113,394 |
SBA Agency Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 134,664 | |
SBA Agency Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 134,664 | |
SBA Agency 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 | 134,664 | |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 104,158 | 106,252 |
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 | 104,158 | 106,252 |
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 | $ 104,158 | $ 106,252 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Financial Instruments) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Restricted stock | $ 25,035 | $ 26,363 |
Financial Liabilities: | ||
Checking deposits | 1,192,139 | 1,324,141 |
Savings, NOW and money market deposits | 1,684,874 | 1,661,512 |
Time deposits | 521,737 | 478,981 |
Carrying Amount [Member] | ||
Financial Assets: | ||
Restricted stock | 25,035 | 26,363 |
Carrying Amount [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 51,768 | 74,178 |
Financial Liabilities: | ||
Checking deposits | 1,192,139 | 1,324,141 |
Savings, NOW and money market deposits | 1,684,874 | 1,661,512 |
Carrying Amount [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Time deposits | 521,737 | 478,981 |
Long-term debt | 382,500 | 411,000 |
Carrying Amount [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans | 3,228,610 | 3,280,301 |
Fair Value [Member] | Level 1 [Member] | ||
Financial Assets: | ||
Cash and cash equivalents | 51,768 | 74,178 |
Financial Liabilities: | ||
Checking deposits | 1,192,139 | 1,324,141 |
Savings, NOW and money market deposits | 1,684,874 | 1,661,512 |
Fair Value [Member] | Level 2 [Member] | ||
Financial Liabilities: | ||
Time deposits | 513,485 | 467,986 |
Long-term debt | 380,747 | 407,890 |
Fair Value [Member] | Level 3 [Member] | ||
Financial Assets: | ||
Loans | $ 2,989,960 | $ 3,064,849 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 16, 2023 | Jan. 17, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest income (expense) | $ 23,634 | $ 28,005 | ||
Interest expense | $ 12,385 | 3,017 | ||
Fair Value Hedging [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivative term | 3 years | |||
Notional amount | $ 300,000 | $ 300,000 | ||
Fixed interest rate | 3.82% | |||
Interest income (expense) | $ 153 | |||
Cash Flow Hedging [Member] | 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 | 299 | |||
Cash Flow Hedging [Member] | FHLB [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Derivative term | 5 years | |||
Notional amount | $ 50,000 | |||
Interest expense | $ 299 | |||
Residential Mortgages [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Closed pool loans | $ 487,800 | |||
Residential Mortgages [Member] | Fair Value Hedging [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Notional amount | 300,000 | |||
Mark-to-market basis adjustment, assets | 1,273 | |||
Mark-to-market basis adjustment, liabilities | 1,230 | |||
Interest income (expense) | 43 | |||
Closed pool loans outstanding | $ 486,200 |
Derivatives (Schedule of Intere
Derivatives (Schedule of Interest Rate Swaps) (Details) - Fair Value Hedging [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 16, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 300 | $ 300 |
Weighted average fixed pay rate | 3.82% | |
Weighted average maturity | 2 years 11 months 15 days | |
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Weighted average receive rate | 4.82% |
Derivatives (Schedule of Amount
Derivatives (Schedule of Amounts Recorded in the Consolidated Statements of Income and the Consolidated Statements of Comprehensive Income) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of gain (loss) recognized in OCI (effective portion) | $ 1,248 |
Amount of loss reclassified from OCI to interest expense | 299 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Amount of gain (loss) recognized in OCI (effective portion) | 1,248 |
Amount of loss reclassified from OCI to interest expense | $ 299 |