Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Entity Listings [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Entity File Number | 001-34096 | ||
Entity Registrant Name | Dime Community Bancshares, Inc. | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 11-2934195 | ||
Entity Address, Address Line One | 898 Veterans Memorial Highway, Suite 560 | ||
Entity Address, City or Town | Hauppauge | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11788 | ||
City Area Code | 631 | ||
Local Phone Number | 537-1000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,150 | ||
Entity Common Stock, Shares Outstanding | 39,647,623 | ||
Auditor Name | Crowe LLP | ||
Auditor Firm ID | 173 | ||
Auditor Location | New York, New York | ||
Entity Central Index Key | 0000846617 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | DCOM | ||
Security Exchange Name | NASDAQ | ||
Preferred Stock, Series A | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Preferred Stock, Series A, par value $0.01 per share | ||
Trading Symbol | DCOMP | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 393,722 | $ 243,603 |
Securities available-for-sale, at fair value | 1,563,711 | 538,861 |
Securities held-to-maturity | 179,309 | |
Marketable equity securities, at fair value | 5,970 | |
Loans held for sale | 5,493 | 5,903 |
Loans held for investment, net: | ||
Loans | 9,244,661 | 5,622,044 |
Allowance for credit losses | (83,853) | (41,461) |
Total loans held for investment, net | 9,160,808 | 5,580,583 |
Premises and fixed assets, net | 50,368 | 19,053 |
Premises held for sale | 556 | |
Restricted stock | 37,732 | 60,707 |
Bank Owned Life Insurance ("BOLI") | 295,789 | 156,096 |
Goodwill | 155,797 | 55,638 |
Other intangible assets | 8,362 | |
Operating lease assets | 64,258 | 33,898 |
Derivative assets | 45,086 | 18,932 |
Accrued interest receivable | 40,149 | 34,815 |
Other assets | 65,224 | 27,551 |
Total assets | 12,066,364 | 6,781,610 |
Due to depositors: | ||
Interest-bearing deposits | 6,538,551 | 3,744,371 |
Non-interest-bearing deposits | 3,920,423 | 780,751 |
Total deposits | 10,458,974 | 4,525,122 |
Federal Home Loan Bank of New York ("FHLBNY") advances | 25,000 | 1,204,010 |
Other short-term borrowings | 1,862 | 120,000 |
Subordinated debt, net | 197,096 | 114,052 |
Operating lease liabilities | 66,103 | 39,874 |
Derivative liabilities | 40,728 | 37,374 |
Other liabilities | 83,981 | 40,082 |
Total liabilities | 10,873,744 | 6,080,514 |
Commitments and contingencies (See Note 23) | ||
Stockholders' equity: | ||
Preferred stock, Series A ($0.01 par, $25.00 liquidation value, 10,000,000 shares authorized and 5,299,200 shares issued and outstanding at December 31, 2021 and December 31, 2020) | 116,569 | 116,569 |
Common stock ($0.01 par 80,000,000 shares authorized, 41,610,939 shares and 34,813,302 shares issued at December 31, 2021 and December 31, 2020, respectively, and 39,877,833 shares and 21,232,984 shares outstanding at December 31, 2021 and December 31, 2020, respectively) | 416 | 348 |
Additional paid-in capital | 494,125 | 278,295 |
Retained earnings | 654,726 | 600,641 |
Accumulated other comprehensive loss, net of deferred taxes | (6,181) | (5,924) |
Unearned equity awards | (7,842) | |
Common stock held by the Benefit Maintenance Plan ("BMP") | (1,496) | |
Treasury stock, at cost (1,733,106 shares and 13,580,318 shares at December 31, 2021 and December 31, 2020, respectively) | (59,193) | (287,337) |
Total stockholders' equity | 1,192,620 | 701,096 |
Total liabilities and stockholders' equity | 12,066,364 | 6,781,610 |
Real estate | ||
Loans held for investment, net: | ||
Loans | 8,294,204 | 4,978,195 |
Commercial and Industrial ("C&I") Loans | ||
Loans held for investment, net: | ||
Loans | 933,559 | 641,533 |
Other Loans | ||
Loans held for investment, net: | ||
Loans | $ 16,898 | $ 2,316 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Stockholders' equity: | ||
Preferred stock, Series A, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, Series A, liquidation value (in dollars per share) | $ 25 | $ 25 |
Preferred stock, Series A, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, Series A, shares issued (in shares) | 5,299,200 | 5,299,200 |
Preferred stock, Series A, shares outstanding (in shares) | 5,299,200 | 5,299,200 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 80,000,000 | 80,000,000 |
Common stock, shares issued (in shares) | 41,610,939 | 34,813,302 |
Common stock, shares outstanding (in shares) | 39,877,833 | 21,232,984 |
Treasury stock (in shares) | 1,733,106 | 13,580,318 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income: | |||
Loans | $ 359,016 | $ 216,566 | $ 218,160 |
Securities | 22,634 | 14,159 | 14,518 |
Other short-term investments | 2,976 | 3,282 | 5,590 |
Total interest income | 384,626 | 234,007 | 238,268 |
Interest expense: | |||
Deposits and escrow | 16,527 | 33,038 | 62,079 |
Borrowed funds | 10,490 | 23,265 | 28,768 |
Total interest expense | 27,017 | 56,303 | 90,847 |
Net interest income | 357,609 | 177,704 | 147,421 |
Provision for credit losses | 6,212 | 26,165 | 17,340 |
Net interest income after provision for credit losses | 351,397 | 151,539 | 130,081 |
Non-interest income: | |||
Service charges and other fees | 15,998 | 5,571 | 5,805 |
Title fees | 2,338 | ||
Loan level derivative income | 2,909 | 8,872 | 910 |
BOLI income | 7,071 | 4,859 | 2,830 |
Gain on sale of Small Business Administration ("SBA") loans | 23,033 | 1,118 | 1,102 |
Gain on sale of residential loans | 1,758 | 1,884 | 438 |
Net gain on equity securities | 131 | 361 | 531 |
Net gain on sale of securities and other assets | 1,705 | 4,592 | 31 |
Loss on termination of derivatives | (16,505) | (6,596) | |
Other | 3,630 | 612 | 521 |
Total non-interest income | 42,068 | 21,273 | 12,168 |
Non-interest expense: | |||
Salaries and employee benefits | 108,331 | 60,756 | 52,065 |
Severance | 1,875 | 4,000 | |
Occupancy and equipment | 30,697 | 16,177 | 16,175 |
Data processing costs | 16,638 | 8,329 | 7,816 |
Marketing | 4,661 | 1,458 | 2,664 |
Professional services | 9,284 | 3,394 | 3,938 |
Federal deposit insurance premiums | 4,077 | 2,257 | 609 |
Loss from extinguishment of debt | 1,751 | 1,104 | 3,780 |
Curtailment loss (gain) | 1,543 | (1,651) | |
Merger expenses and transaction costs | 44,824 | 15,256 | |
Branch restructuring costs | 5,059 | ||
Amortization of other intangible assets | 2,622 | 0 | 0 |
Other | 13,937 | 6,748 | 8,340 |
Total non-interest expense | 245,299 | 117,828 | 95,387 |
Income before income taxes | 148,166 | 54,984 | 46,862 |
Income tax expense | 44,170 | 12,666 | 10,676 |
Net income | 103,996 | 42,318 | 36,186 |
Preferred stock dividends | 7,286 | 4,783 | |
Net income available to common stockholders | $ 96,710 | $ 37,535 | $ 36,186 |
Earnings per common share: | |||
Basic | $ 2.45 | $ 1.74 | $ 1.56 |
Diluted | $ 2.45 | $ 1.74 | $ 1.55 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $ 103,996 | $ 42,318 | $ 36,186 |
Other comprehensive income (loss): | |||
Change in net unrealized gain or loss during the period | (28,865) | 16,432 | 9,693 |
Reclassification adjustment for net gains included in net gain on securities and other assets | (1,207) | (4,592) | (31) |
Change in pension and other postretirement obligations: | |||
Reclassification adjustment for expense included in other expense | (1,092) | (1,272) | 729 |
Reclassification adjustment for curtailment loss (gain) | 1,543 | (1,651) | |
Change in the net actuarial gain or loss | 6,563 | 2,817 | (296) |
Change in unrealized gain or loss on derivatives: | |||
Change in net unrealized gain or loss during the period | 5,277 | (24,449) | (8,254) |
Reclassification adjustment for loss included in loss on termination of derivatives | 16,505 | 6,596 | |
Reclassification adjustment for expense included in interest expense | 940 | 6,127 | (955) |
Other comprehensive (loss) income before income taxes | (336) | 8 | 886 |
Deferred tax (benefit) expense | (79) | (8) | 326 |
Total other comprehensive (loss) income, net of tax | (257) | 16 | 560 |
Total comprehensive income | $ 103,739 | $ 42,334 | $ 36,746 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) | Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance | Preferred Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Additional Paid-in CapitalCumulative Effect, Period of Adoption, Adjusted Balance | Additional Paid-in Capital | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Unearned Equity Awards | Common Stock Held by BMP [Member]Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock Held by BMP [Member] | Treasury Stock, at CostCumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock, at Cost | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Total |
Balance at Dec. 31, 2018 | $ 348,000 | $ 277,701,000 | $ 565,713,000 | $ (6,500,000) | $ (3,623,000) | $ (1,509,000) | $ (230,049,000) | $ 602,081,000 | |||||||||||
Balance (in shares) at Dec. 31, 2018 | 23,380,783 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income | 36,186,000 | 36,186,000 | |||||||||||||||||
Other comprehensive income (loss), net of tax | 560,000 | 560,000 | |||||||||||||||||
Exercise of stock options, net | 367,000 | 367,000 | |||||||||||||||||
Exercise of stock options, net (in shares) | 19,676 | ||||||||||||||||||
Release of shares, net of forfeitures | 1,456,000 | (4,951,000) | 3,626,000 | 131,000 | |||||||||||||||
Release of shares, net of forfeitures (in shares) | 180,027 | ||||||||||||||||||
Stock-based compensation | 1,843,000 | 1,843,000 | |||||||||||||||||
Shares received to satisfy distribution of retirement benefits | (13,000) | 13,000 | (4,000) | (4,000) | |||||||||||||||
Shares received to satisfy distribution of retirement benefits (in shares) | (123) | ||||||||||||||||||
Shares received related to tax withholding | (133,000) | (133,000) | |||||||||||||||||
Shares received related to tax withholding (in shares) | (4,029) | ||||||||||||||||||
Cash dividends declared and paid to common stockholders | (20,082,000) | (20,082,000) | |||||||||||||||||
Repurchase of shares of common stock | (24,191,000) | (24,191,000) | |||||||||||||||||
Repurchase of shares of common stock (in shares) | (796,126) | ||||||||||||||||||
Balance at Dec. 31, 2019 | $ 348,000 | 279,511,000 | 581,817,000 | (5,940,000) | (6,731,000) | (1,496,000) | (250,751,000) | 596,758,000 | |||||||||||
Balance (in shares) at Dec. 31, 2019 | 22,780,208 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income | 42,318,000 | 42,318,000 | |||||||||||||||||
Other comprehensive income (loss), net of tax | 16,000 | 16,000 | |||||||||||||||||
Exercise of stock options, net | 38,000 | 38,000 | |||||||||||||||||
Exercise of stock options, net (in shares) | 1,972 | ||||||||||||||||||
Release of shares, net of forfeitures | (1,254,000) | (492,000) | 1,830,000 | 84,000 | |||||||||||||||
Release of shares, net of forfeitures (in shares) | 52,894 | ||||||||||||||||||
Stock-based compensation | 7,223,000 | 7,223,000 | |||||||||||||||||
Proceeds from Preferred Stock issuance, net | $ 116,569,000 | 116,569,000 | |||||||||||||||||
Shares received related to tax withholding | (3,060,000) | (3,060,000) | |||||||||||||||||
Shares received related to tax withholding (in shares) | (125,061) | ||||||||||||||||||
Cash dividends declared and paid to preferred stockholders | (4,783,000) | (4,783,000) | |||||||||||||||||
Cash dividends declared and paid to common stockholders | (18,711,000) | (18,711,000) | |||||||||||||||||
Repurchase of shares of common stock | (35,356,000) | (35,356,000) | |||||||||||||||||
Repurchase of shares of common stock (in shares) | (1,477,029) | ||||||||||||||||||
Balance at Dec. 31, 2020 | $ 116,569,000 | 116,569,000 | $ 348,000 | $ 348,000 | $ 278,295,000 | 278,295,000 | $ 1,686,000 | $ 602,327,000 | 600,641,000 | $ (5,924,000) | (5,924,000) | $ (1,496,000) | (1,496,000) | $ (287,337,000) | (287,337,000) | $ 1,686,000 | $ 702,782,000 | $ 701,096,000 | |
Balance (in shares) at Dec. 31, 2020 | 21,232,984 | 21,232,984 | 21,232,984 | ||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income | 103,996,000 | $ 103,996,000 | |||||||||||||||||
Other comprehensive income (loss), net of tax | (257,000) | (257,000) | |||||||||||||||||
Reverse merger with Bridge Bancorp, Inc. | $ 65,000 | 206,641,000 | (2,603,000) | 287,107,000 | 491,210,000 | ||||||||||||||
Reverse merger with Bridge Bancorp, Inc. (in shares) | 19,992,284 | ||||||||||||||||||
Exercise of stock options, net | $ 20,629 | 258,000 | 173,000 | 431,000 | |||||||||||||||
Release of shares, net of forfeitures | $ 3,000 | 10,411,000 | (10,646,000) | 1,385,000 | 1,153,000 | ||||||||||||||
Release of shares, net of forfeitures (in shares) | 431,440 | ||||||||||||||||||
Stock-based compensation | 5,407,000 | 5,407,000 | |||||||||||||||||
Shares received to satisfy distribution of retirement benefits | $ (41,101) | (1,359,000) | $ 1,496,000 | (1,130,000) | (993,000) | ||||||||||||||
Shares received related to tax withholding | (3,342) | (111,000) | (111,000) | ||||||||||||||||
Cash dividends declared and paid to preferred stockholders | (7,286,000) | (7,286,000) | |||||||||||||||||
Cash dividends declared and paid to common stockholders | (44,311,000) | (44,311,000) | |||||||||||||||||
Redemption of real estate investment trust ("REIT") preferred stock | (121,000) | (121,000) | |||||||||||||||||
Repurchase of shares of common stock | (1,755,061) | (59,280,000) | (59,280,000) | ||||||||||||||||
Balance at Dec. 31, 2021 | $ 116,569,000 | $ 416,000 | $ 494,125,000 | $ 654,726,000 | $ (6,181,000) | $ (7,842,000) | $ (59,193,000) | $ 1,192,620,000 | |||||||||||
Balance (in shares) at Dec. 31, 2021 | 39,877,833 | 39,877,833 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 103,996 | $ 42,318 | $ 36,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net gain on sales of securities available-for-sale and other assets | (1,705) | (4,592) | (31) |
Net gain on equity securities | (131) | (361) | (531) |
Net gain on sale of loans held for sale | (24,791) | (3,002) | (1,540) |
Loss on termination of derivatives | 16,505 | 6,596 | |
Net depreciation, amortization and accretion | 7,805 | 5,069 | 5,075 |
Amortization of other intangible assets | 2,622 | 0 | 0 |
Stock-based compensation | 5,407 | 7,223 | 1,843 |
Provision for credit losses | 6,212 | 26,165 | 17,340 |
Originations of loans held for sale | (48,610) | (50,359) | (23,154) |
Proceeds from sale of loans originated for sale | 77,184 | 62,383 | 38,666 |
Increase in cash surrender value of BOLI | (6,721) | (3,725) | (2,830) |
Gain from death benefits from BOLI | (350) | (1,134) | |
Deferred income tax benefit | 8,596 | (1,965) | (2,383) |
Decrease (increase) in other assets | 118,641 | (13,106) | 3,186 |
Decrease in other liabilities | (118,333) | (11,578) | (3,336) |
Net cash provided by operating activities | 146,327 | 59,932 | 68,491 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of securities available-for-sale | 138,077 | 94,252 | 148,857 |
Proceeds from sales of marketable equity securities | 6,101 | 546 | 570 |
Purchases of securities available-for-sale | (1,095,028) | (219,621) | (317,656) |
Purchases of securities held-to-maturity | (40,249) | ||
Acquisition of marketable equity securities | 0 | (261) | (266) |
Proceeds from calls and principal repayments of securities available-for-sale | 411,031 | 153,119 | 129,680 |
Proceeds from calls and principal repayments of securities held-to-maturity | 1,360 | ||
Purchase of BOLI | (40,000) | (40,000) | |
Proceeds received from cash surrender value of BOLI | 1,464 | 3,020 | |
Loans purchased | (9,855) | (29,892) | |
Proceeds from the sale of portfolio loans transferred to held for sale | 684,898 | 47,830 | 9,684 |
Net decrease (increase) in loans | 282,683 | (327,736) | 18,953 |
Purchases of fixed assets, net | (954) | (1,719) | |
Purchases of fixed assets, net | 14 | ||
Redemptions (purchases) of restricted stock, net | 46,337 | (4,688) | 1,532 |
Net cash received in business combination | 715,988 | ||
Net cash provided by (used in) investing activities | 1,102,821 | (324,385) | (10,365) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Increase (decrease) in deposits | 518,682 | 176,027 | (82,882) |
(Repayments) proceeds from FHLBNY advances, short-term, net | (1,228,865) | 127,500 | 240,500 |
Repayments of FHLBNY advances, long-term | (190,150) | (113,190) | (470,050) |
Proceeds from FHLBNY advances, long-term | 25,000 | 97,450 | 196,450 |
(Repayments) proceeds of other short-term borrowings, net | (118,138) | 10,000 | 110,000 |
Proceeds from preferred stock issuance, net | 116,569 | ||
Proceeds from exercise of stock options | 431 | 38 | 367 |
Release of stock for benefit plan awards | 1,153 | 84 | 131 |
Payments related to tax withholding for equity awards | (111) | (3,060) | (133) |
BMP ESOP shares received to satisfy distribution of retirement benefits | (993) | (4) | |
Treasury shares repurchased | (59,280) | (35,356) | (24,191) |
Redemption of REIT preferred stock | (121) | ||
Cash dividends paid to preferred stockholders | (7,286) | (4,783) | |
Cash dividends paid to common stockholders | (39,351) | (18,711) | (20,082) |
Net cash (used in) provided by financing activities | (1,099,029) | 352,568 | (49,894) |
Increase (decrease) in cash and cash equivalents | 150,119 | 88,115 | 8,232 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 243,603 | 155,488 | 147,256 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 393,722 | 243,603 | 155,488 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for income taxes | 34,771 | 15,755 | 11,944 |
Cash paid for interest | 28,460 | 59,138 | 92,707 |
Securities transferred to held-to-maturity | 140,399 | ||
Loans transferred to held for sale | 692,751 | 62,243 | 22,921 |
Premises transferred to (from) held for sale | 2,799 | 514 | |
Premises transferred from held for sale | (514) | ||
Operating lease assets in exchange for operating lease liabilities | 9,769 | $ 1,524 | $ 49,747 |
Cumulative change due to Current Expected Credit Loss ("CECL") Standard adoption | 1,686 | ||
Net non-cash liabilities assumed in Merger (See Note 2) | $ 324,937 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation On February 1, 2021, Dime Community Bancshares, Inc., a Delaware corporation (“Legacy Dime”) merged with and into Bridge Bancorp, Inc., a New York corporation (“Bridge”) (the “Merger”), with Bridge as the surviving corporation under the name “Dime Community Bancshares, Inc.” (the “Holding Company”). At the effective time of the Merger (the “Effective Time”), each outstanding share of Legacy Dime common stock, par value $0.01 per share, was converted into the right to receive 0.6480 shares of the Holding Company’s common stock, par value $0.01 per share. At the Effective Time, each outstanding share of Legacy Dime’s Series A preferred stock, par value $0.01 (the “Dime Preferred Stock”), was converted into the right to receive one share of a newly created series of the Holding Company’s preferred stock having the same powers, preferences and rights as the Dime Preferred Stock. Immediately following the Merger, Dime Community Bank, a New York-chartered commercial bank and a wholly-owned subsidiary of Legacy Dime, merged with and into BNB Bank, a New York-chartered trust company and a wholly-owned subsidiary of Bridge, with BNB Bank as the surviving bank, under the name “Dime Community Bank” (the “Bank”). The audited consolidated financial statements presented in this Annual Report on Form 10-K include the collective results of the Holding Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.” The Merger was accounted for as a reverse merger using the acquisition method of accounting, which means that for accounting and financial reporting purposes, Legacy Dime was deemed to have acquired Bridge in the Merger, even though Bridge was the legal acquirer. Accordingly, Legacy Dime’s historical financial statements are the historical financial statements of the combined company for all periods before February 1, 2021 (the “Merger Date”). The Company’s results of operations for 2021 include the results of operations of Bridge on and after the Merger Date. Results for periods before the Merger Date reflect only those of Legacy Dime and do not include the results of operations of Bridge. The number of shares issued and outstanding, earnings per share, additional paid-in capital, dividends paid and all references to share quantities of the Company have been retrospectively adjusted to reflect the equivalent number of shares issued to holders of Legacy Dime common stock in the Merger. The assets and liabilities of Bridge as of the Merger Date have been recorded at their estimated fair value and added to those of Legacy Dime. See Note 2. Merger for further information. As of December 31, 2021, we operated 60 branch locations throughout Greater Long Island and Manhattan. The Company is a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank. The Bank was established in 1910 and is headquartered in Hauppauge, New York. The Holding Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Company functions primarily as the holder of all of the Bank’s common stock. Our bank operations include Dime Community Inc., a real estate investment trust subsidiary which was formerly known as Bridgehampton Community, Inc., as an operating subsidiary. Our bank operations also include Bridge Abstract LLC (“Bridge Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. In September 2021, the Company dissolved two REITs, DSBW Preferred Funding Corporation and DSBW Residential Preferred Funding Corporation, which were wholly-owned subsidiaries of the Bank, and the preferred shares outstanding were redeemed by its shareholders. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and general practices within the financial institution industry. The accompanying consolidated financial statements include the accounts of the Holding Company and the Bank and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The following is a description of the significant accounting policies that the Company follows in preparing its consolidated financial statements. Use of Estimates To prepare consolidated financial statements in conformity with GAAP, management makes judgments, estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic, which has spread to most countries, including the United States. The pandemic has adversely affected economic activity globally, nationally and locally. In March 2020, the United States declared a National Public Health Emergency in response to the COVID-19 pandemic. In an effort to mitigate the spread of COVID-19, local state governments, including New York (in which the Bank has retail banking offices), have taken preventative or protective actions such as travel restrictions, advising or requiring individuals to limit or forego their time outside of their homes, and other forced closures for certain types of non-essential businesses. The impact of these actions is expected to continue to have an adverse impact on the economies and financial markets in the United States. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law at the end of March 2020. The CARES Act is intended to provide relief and lessen a severe economic downturn. The stimulus package includes direct financial aid to American families and economic stimulus to significantly impacted industry sectors. The package also includes extensive emergency funding for hospitals and healthcare providers. In December 2020, the 2021 Consolidated Appropriations Act was signed into law to provide additional relief. It is possible that there will be continued material, adverse impacts to significant estimates, asset valuations, and business operations, including intangible assets, investments, loans, deferred tax assets, and derivative counter party risk. Summary of Significant Accounting Policies Cash and Cash Equivalents - Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest separately in accrued interest receivable in the consolidated balance sheet. A debt security is placed on non-accrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on non-accrual is reversed against interest income. There were no non-accrual debt securities at December 31, 2021 and there was no accrued interest related to debt securities reversed against interest income for the year ended December 31, 2021. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Restricted Stock Loans Held for Sale - originated and intended for sale are generally sold with servicing rights retained. Certain problematic loans in which the Company identified for sale were re-classified as held for sale and carried at the lower of cost or their expected net realizable proceeds when management had the intent to sell or there was a pending note sale agreement. Loans Unless otherwise noted, the above policy is applied consistently to all loan segments. Allowance for Credit Losses Allowance for credit losses on held-to-maturity securities For a debt security in the held-to-maturity portfolio that does not share common risk characteristics with any of the pools of debt securities, expected credit loss on each security is individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the security. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities or agencies, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to technically default. Therefore, for those securities, the Company does not record expected credit losses. Allowance for credit losses on available-for-sale securities amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are excluded from earnings and reported, net of tax, in other comprehensive income (“OCI”). Management also assesses whether it intends to sell or is more likely than not that it will be required to sell a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. Allowance for credit losses on loans held for investment – The Company evaluates its loan pooling methodology at least annually. The Company has identified the following loan pools used to measure the allowance for credit losses as follows: One-to-four family residential, including condominium and cooperative apartment loans - Multifamily residential and residential mixed-use loans - Commercial real estate and commercial mixed-use loans - Acquisition, development, and construction loans Commercial, Industrial and Agricultural Loans - Other Loans Troubled debt restructurings (“TDRs”) Management estimates the allowance for credit losses on each loan pool using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historically observed credit loss experience of peer banks within our geography provide the basis for the estimation of expected credit losses on similar loan pools. Within the model, assumptions are made in the determination of probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods. Statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of the peer group. These models are then utilized to forecast future expected loan losses based on expected future behavior of the same macro-economic variables. Adjustments to the quantitative results are adjusted using qualitative factors. These factors include: (1) lending policies and procedures; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio; (4) the experience, ability, and depth of the lending management and other relevant staff; (5) the volume and severity of past due loans; (6) the quality of our loan review system; (7) the value of underlying collateral for collateralized loans; (8) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (9) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Collectively evaluated loans and the associated allowance for credit losses totaled $8.98 billion and $41.4 million at December 31, 2021, respectively. Individually evaluated loans – The fair value of real estate collateral is determined based on recent appraised values. Appraisals are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. All appraisals undergo a second review process to ensure that the methodology employed and the values derived are reasonable. Generally, collateral values for real estate loans for which measurement of expected losses is dependent on collateral values are updated every twelve months. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. Once the expected credit loss amount is determined, an allowance is provided for equal to the calculated expected credit loss and included in the allowance for credit losses. Pursuant to the Company’s policy, credit losses must be charged-off in the period the loans, or portions thereof, are deemed uncollectable. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures Loans acquired in a business combination – At the acquisition date, the initial allowance for credit losses on PCD loans that share similar risk characteristics, management determined the allowance for expected credit losses in a similar manner to loans held for investment. That is, these loans were also segmented by loan pool and utilized a model which compares the amortized cost basis of the loan to the net present value of expected cash flows to be collected. Expected credit losses were determined by aggregating the individual cash flows and calculating a loss percentage by loan segment, or pool, for loans that share similar risk characteristics, and considers assumptions such as probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods. Management may consider adjustments to the quantitative results by using similar qualitative factors as those used for the determination of the estimated credit loss of loans held for investment. The non-credit discount or premium, after the adjustment for the allowance for credit losses, shall be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. At acquisition date, the initial allowance for PCD loans that do not share risk characteristics with pooled PCD loans, the Company evaluated the loan on an individual basis. The expected credit loss was measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, the Company recognizes expected credit loss equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs), except when the loan is collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss was measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated costs to sell the loan if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The non-credit discount or premium, after the adjustment for the allowance for credit losses, shall be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. Individually evaluated PCD loans and the associated allowance for credit losses totaled $75.2 million and $13.9 million at December 31, 2021, respectively. A purchased financial asset that does not qualify as a PCD asset is accounted for similar to an originated financial asset. Generally, this means that an entity recognizes the allowance for credit losses for non-PCD assets through net income at the time of acquisition. In addition, both the credit discount and non-credit discount or premium resulting from acquiring a pool of purchased financial assets that do not qualify as PCD assets shall be allocated to each individual asset. This combined discount or premium shall be accreted to interest income using the effective yield method. The fair value of acquired loans involved third-party estimates utilizing input assumptions by management which may be complex or uncertain. The determination of the fair value of acquired loans is based on a discounted cash flow methodology that considers factors such as type of loan and related collateral, and requires management’s judgement on estimates about discount rates, expected future cash flows, market conditions and other future events. Management considers this to be a critical accounting estimate given the significant assumptions and judgement on uncertain factors. For PCD loans, an estimate of expected credit losses was made for loans with similar risk characteristics and was added to the purchase price to establish the initial amortized cost basis of the PCD loans. Any difference between the unpaid principal balance and the amortized cost basis is considered to relate to non-credit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed PCD at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. For further discussion of our loan accounting and acquisitions, see Note 2 – Merger and Note 5 – Loans. Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific liabilities on the balance sheet. The Company also formally assesses, both at the hedge’s inception and on an on-going basis, whether the derivative instruments that are used are highly effective in offsetting changes in or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly. In addition, the Company obtains collateral above certain thresholds of the fair value of its hedges for each counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business. OREO Premises and Fixed Assets, Net three Leases - ● Carryover of historical lease determination and lease classification conclusions ● Carryover of historical initial direct cost balances for existing leases ● Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component Adoption of the leasing standard resulted in the recognition of operating right-of-use assets, and operating lease liabilities The Company made a policy election to exclude the recognition requirements of ASU 2016-02 on short-term leases with original terms of 12 months or less. Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion, and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. The Company does not lease properties from any related parties. Goodwill and Other Intangible Assets Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years. Servicing Right Assets ("SRA") – i.e., Transfers of Financial Assets – BOLI Income Taxes A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not satisfying the "more likely than not" test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to tax matters in income tax expense. The Company had no unrecorded tax positions at December 31, 2021 or 2020. Employee Benefits – The Company provides a 401(k) plan, which covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the 60 th The Holding Company and Bank maintain the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”), the Dime Community Bancshares, Inc. 2019 Equity Incentive Plan, (the “2019 Equity Incentive Plan”), and the 2012 Stock-Based Compensation Plan (the “2012 Equity Incentive Plan”), (collectively the “Stock Plans”); which are discussed more fully in Note 20 Stock-Based Compensation. Under the Stock Plans, compensation cost is recognized for stock options and restricted stock awards issued to employees based on the fair value of the awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Holding Company’s common stock (“Common Stock”) at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Basic and Diluted EPS - Comprehensive Income Disclosures about Segments of an Enterprise and Related Information itself with retail deposits and other borrowings and to manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. For the years ended December 31, 2021, 2020 and 2019, there was no customer that accounted for more than 10% of the Company's consolidated revenue. Reclassifications Adoption of New Accounting Standards Standards Adopted in 2021 ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) The Company adopted ASU No. 2016-13 on January 1, 2021 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. ASU 2016-13 was effective for the Company as of January 1, 2020. Under Section 4014 of the CARES Act, financial institutions required to adopt ASU 2016-13 as of January 1, 2020 were provided an option to delay the adoption of the CECL Standard framework. The Company elected to defer adoption of the CECL Standard until January 1, 2021. The CECL Standard requires that the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. This standard requires financial institutions and other organizations to use forward-looking information to better inform their credit loss estimates. Results for reporting periods beginning after January 1, 2021 are presented under the CECL Standard while prior period amounts will continue to be reported in accordance with previously applicable GAAP. The adoption of the CECL Standard resulted in an initial decrease of $3.9 million to the allowance for credit losses and an increase of $1.4 million to the reserve for unfunded commitments in other liabilities. The after-tax cumulative-effect adjustment of $1.7 million was recorded in retained earnings as of January 1, 2021. There were no held-to-maturity securities as of January 1, 2021 and, therefore, no impact from the adoption of the CECL Standard. Standards That Have Not Yet Been Adopted ASU 2020-04, Reference Rate Reform (Topic 848) ASU 2020-04 provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. Once optional expedients are elected, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic within the Codification. We are evaluating the impact of ASU 2020-04 and expect the LIBOR transition will not have a material effect on the Company's consolidated financial statements. ASU 2021-01, Reference Rate Reform (Topic 848): Scope ASU 2021-01 clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining, or contract price alignment due to reference rate reform are in the scope of ASC 848. Entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. ASU 2020-01 is effective upon issuance and generally can be applied through December 31, 2022. The adoption of ASU 2021-01 is not expected to have a material effect on the Company's consolidated financial statements. |
MERGER
MERGER | 12 Months Ended |
Dec. 31, 2021 | |
MERGER | |
MERGER | 2. MERGER As described in Note 1. Summary of Significant Accounting Policies, on February 1, 2021, we completed our Merger with Legacy Dime. Pursuant to the merger agreement, Legacy Dime merged with and into Bridge with Bridge as the surviving corporation under the name “Dime Community Bancshares, Inc.” At the effective time of the Merger, each outstanding share of Legacy Dime common stock, par value $0.01 per share, was converted into 0.6480 shares of the Company’s common stock, par value $0.01 per share. At the Effective Time, each outstanding share of Legacy Dime’s Series A preferred stock, par value $0.01 was converted into one share of a newly created series of the Company’s preferred stock having the same powers, preferences and rights as the Dime Preferred Stock. In connection with the Merger, the Company assumed $115.0 million in aggregate principal amount of the 4.50% Fixed-to-Floating Rate Subordinated Debentures due 2027 of Legacy Dime. The Merger constituted a business combination and was accounted for as a reverse merger using the acquisition method of accounting. As a result, Legacy Dime was the accounting acquirer and Bridge was the legal acquirer and the accounting acquiree. Accordingly, the historical financial statements of Legacy Dime became the historical financial statements of the combined company. In addition, the assets and liabilities of Bridge have been recorded at their estimated fair values and added to those of Legacy Dime as of the Merger Date. The determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are subjective and subject to change. The Company issued 21.2 million shares of its common stock to Legacy Dime stockholders in connection with the Merger, which represented 51.5% of the voting interests in the Company upon completion of the Merger. In accordance with FASB ASC 805-40-30-2, the purchase price in a reverse acquisition is determined based on the number of equity interests the legal acquiree would have had to issue to give the owners of the legal acquirer the same percentage equity interest in the combined entity that results from the reverse acquisition. The table below summarizes the ownership of the combined company following the Merger, for each shareholder group, as well as the market capitalization of the combined company using shares of Bridge and Legacy Dime common stock outstanding at January 31, 2021 and Bridge’s closing price on January 31, 2021. Dime Community Bancshares, Inc. Ownership and Market Value Number of Market Value at Bridge Percentage $24.43 Bridge (Dollars and shares in thousands) Outstanding Shares Ownership Share Price Bridge shareholders 19,993 48.5% $ 488,420 Legacy Dime shareholders 21,233 51.5% 518,720 Total 41,226 100.0% $ 1,007,140 The table below summarizes the hypothetical number of shares as of January 31, 2021 that Legacy Dime would have to issue to give Bridge owners the same percentage ownership in the combined company. Hypothetical Legacy Dime Ownership Number of Legacy Dime Percentage (Shares in thousands) Outstanding Shares Ownership Bridge shareholders 30,853 48.5% Legacy Dime shareholders 32,767 51.5% Total 63,620 100.0% The purchase price is calculated based on the number of hypothetical shares of Legacy Dime common stock issued to Bridge shareholders multiplied by the share price as demonstrated in the table below. (Dollars and shares in thousands) Number of hypothetical Legacy Dime shares issued to Bridge shareholders 30,853 Legacy Dime market price per share as of February 1, 2021 $ 15.90 Purchase price determination of hypothetical Legacy Dime shares issued to Bridge shareholders $ 490,560 Value of Bridge stock options hypothetically converted to options to acquire shares of Legacy Dime common stock 643 Cash in lieu of fractional shares 7 Purchase price consideration $ 491,210 The following table provides the purchase price allocation as of the Merger Date and the Bridge assets acquired and liabilities assumed at their estimated fair value as of the Merger Date as recorded by Dime Community Bancshares. We recorded the estimate of fair value based on initial valuations available at the Merger Date. We finalized all valuations and recorded final adjustments during the fourth quarter of 2021. In the fourth quarter of 2021, we obtained additional information and evidence that resulted in a subsequent adjustment to decrease the estimated fair value of our acquired BNB Bank Pension Plan assets, which resulted in an increase to goodwill resulting from the Merger of $458 thousand, net of tax. The subsequent adjustment to assets acquired was recorded in other assets in the consolidated balance sheet. (In thousands) Purchase price consideration $ 491,210 Fair value of assets acquired: Cash and due from banks 715,988 Securities available-for-sale 651,997 Loans held for sale 10,000 Loans held for investment 4,531,640 Premises and fixed assets 37,881 Restricted stock 23,362 BOLI 94,085 Other intangible assets 10,984 Operating lease assets 45,603 Other assets 117,016 Total assets acquired 6,238,556 Fair value of liabilities assumed: Deposits 5,405,575 Other short-term borrowings 216,298 Subordinated debt 83,200 Operating lease liabilities 45,285 Other liabilities 97,147 Total liabilities assumed 5,847,505 Fair value of net identifiable assets 391,051 Goodwill resulting from Merger $ 100,159 As a result of the Merger, we recorded $100.2 million of goodwill. The goodwill recorded is not deductible for income tax purposes. The Company is required to record PCD assets, defined as a more-than-insignificant deterioration in credit quality since origination or issuance, at the purchase price plus the allowance for credit losses expected at the time of acquisition. Under this method, there is no credit loss expense affecting net income on acquisition of PCD assets. Changes in estimates of expected losses after acquisition are recognized as credit loss expense (or reversal of credit loss expense) in subsequent periods as they arise. Any non-credit discount or premium resulting from acquiring a pool of purchased financial assets with credit deterioration shall be allocated to each individual asset. At the acquisition date, the initial allowance for credit losses determined on a collective basis shall be allocated to individual assets to appropriately allocate any non-credit discount or premium. The non-credit discount or premium, after the adjustment for the allowance for credit losses, shall be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. (In thousands) PCD loans: Unpaid principal balance $ 295,306 Non-credit discount at acquisition (9,050) Unpaid principal balance, net 286,256 Allowance for credit losses at acquisition (52,284) Fair value at acquisition 233,972 Non-PCD loans: Unpaid principal balance 4,289,236 Premium at acquisition 8,432 Fair value at acquisition 4,297,668 Total fair value at acquisition $ 4,531,640 Supplemental disclosures of cash flow information related to investing and financing activities regarding the Merger are as follows for the year ended December 31, 2021: (In thousands) Business combination: Fair value of tangible assets acquired $ 6,227,572 Goodwill, core deposit intangible and other intangible assets acquired 111,143 Liabilities assumed 5,847,505 Purchase price consideration 491,210 Other intangible assets consisted of core deposit intangibles and a non-compete agreement with estimated fair values at the Merger Date of $10.2 million and $780 thousand, respectively. Core deposit intangibles are being amortized over a life of 10 years on an accelerated basis. The non-compete agreement is being amortized over a life of 13 months. Pro Forma Combined Results of Operations The following pro forma financial information presents the consolidated results of operations of Legacy Dime and Bridge as if the Merger occurred as of January 1, 2019 with pro forma adjustments. The pro forma adjustments give effect to any change in interest income due to the accretion of discounts (premiums) associated with the fair value adjustments of acquired loans, any change in interest expense due to estimated premium amortization/discount accretion associated with the fair value adjustments to acquired time deposits and other debt, and the amortization of the core deposit intangible that would have resulted had the deposits been acquired as of January 1, 2019. Merger related expenses incurred by the Company during the year ended December 31, 2021 are not reflected in the pro forma amounts. The pro forma information does not necessarily reflect the results of operations that would have occurred had Legacy Dime merged with Bridge at the beginning of 2019. Year Ended December 31, (Dollars in thousands except per share amounts) 2021 2020 2019 Net interest income $ 365,075 $ 338,310 $ 294,842 Non-interest income 43,419 40,976 37,555 Net income 132,536 84,257 85,660 Net income available to common shareholders 124,323 78,453 84,380 Earnings per share: Basic 3.20 1.91 2.05 Diluted 3.20 1.90 2.05 |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2021 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Activity in accumulated other comprehensive income (loss), net of tax, was as follows: Total Accumulated Defined Other Benefit Comprehensive (In thousands) Securities Plans Derivatives Income (Loss) Balance as of January 1, 2020 $ 4,621 $ (6,024) $ (4,537) $ (5,940) Other comprehensive income (loss) before reclassifications 11,221 802 (12,153) (130) Amounts reclassified from accumulated other comprehensive loss (3,148) (864) 4,158 146 Net other comprehensive income (loss) during the period 8,073 (62) (7,995) 16 Balance as of December 31, 2020 $ 12,694 $ (6,086) $ (12,532) $ (5,924) Other comprehensive (loss) income before reclassifications (19,733) 5,520 14,883 670 Amounts reclassified from accumulated other comprehensive loss (825) (740) 638 (927) Net other comprehensive (loss) income during the period (20,558) 4,780 15,521 (257) Balance as of December 31, 2021 $ (7,864) $ (1,306) $ 2,989 $ (6,181) The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated. Year Ended December 31, (In thousands) 2021 2020 2019 Change in unrealized holding gain or loss on securities: Change in net unrealized gain or loss during the period $ (28,865) $ 16,432 $ 9,693 Reclassification adjustment for net gains included in net gain on securities and other assets (1,207) (4,592) (31) Net change (30,072) 11,840 9,662 Tax (benefit) expense (9,514) 3,767 3,084 Net change in unrealized holding gain or loss on securities, net of reclassification adjustments and tax (20,558) 8,073 6,578 Change in pension and other postretirement obligations: Reclassification adjustment for expense included in other expense (1,092) (1,272) 729 Reclassification adjustment for curtailment loss (gain) 1,543 (1,651) — Change in the net actuarial gain or loss 6,563 2,817 (296) Net change 7,014 (106) 433 Tax expense 2,234 (44) 167 Net change in pension and other postretirement obligations 4,780 (62) 266 Change in unrealized gain or loss on derivatives: Change in net unrealized gain or loss during the period 5,277 (24,449) (8,254) Reclassification adjustment for loss included in loss on termination of derivatives 16,505 6,596 — Reclassification adjustment for expense included in interest expense 940 6,127 (955) Net change 22,722 (11,726) (9,209) Tax expense (benefit) 7,201 (3,731) (2,925) Net change in unrealized gain or loss on derivatives, net of reclassification adjustments and tax 15,521 (7,995) (6,284) Other comprehensive (loss) income, net of tax $ (257) $ 16 $ 560 |
INVESTMENT AND MORTGAGE-BACKED
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | 4. SECURITIES The following tables summarize the major categories of securities as of the dates indicated: December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Securities available-for-sale: Agency notes $ 82,476 $ — $ (2,222) $ 80,254 Treasury securities 247,916 — (3,147) 244,769 Corporate securities 148,430 4,354 (754) 152,030 Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") 528,749 4,271 (6,566) 526,454 Agency collateralized mortgage obligations ("CMOs") 527,348 2,705 (8,795) 521,258 State and municipal obligations 39,175 73 (302) 38,946 Total securities available-for-sale $ 1,574,094 $ 11,403 $ (21,786) $ 1,563,711 December 31, 2021 Gross Gross Amortized Unrecognized Unrecognized Fair (In thousands) Cost Gains Losses Value Securities held-to-maturity: Pass-through MBS issued by GSEs $ 118,382 $ 59 $ (1,141) $ 117,300 Agency CMOs 60,927 — (873) 60,054 Total securities held-to-maturity $ 179,309 $ 59 $ (2,014) $ 177,354 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Securities available-for-sale: Agency notes $ 47,500 $ 12 $ (91) $ 47,421 Corporate securities 62,021 2,440 — 64,461 Pass-through MBS issued by GSEs 135,842 7,672 (31) 143,483 Agency CMOs 274,898 8,674 (76) 283,496 Total securities available-for-sale $ 520,261 $ 18,798 $ (198) $ 538,861 As a result of the Merger, the Company acquired $652.0 million of securities available-for-sale on the Merger Date. As of December 31, 2020, there were no securities held-to-maturity. The Company transferred $140.4 million of securities available-for-sale to securities held-to-maturity during the year ended December 31, 2021. There were no transfers from securities held-to-maturity during the year ended December 31, 2021. There were no transfers to or from securities held-to-maturity during years ended December 31, 2020 and 2019. The carrying amount of securities pledged at December 31, 2021 and 2020 was $726.4 million and $99.4 million, respectively. At December 31, 2021 and 2020, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The amortized cost and fair value of securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. December 31, 2021 Amortized Fair (In thousands) Cost Value Available-for-sale Within one year $ 852 $ 858 One to five years 281,148 277,877 Five to ten years 222,851 224,137 Beyond ten years 13,145 13,127 Pass-through MBS issued by GSEs and agency CMO 1,056,098 1,047,712 Total $ 1,574,094 $ 1,563,711 Held-to-maturity Pass-through MBS issued by GSEs and agency CMO $ 179,309 $ 177,354 Total $ 179,309 $ 177,354 The following table presents the information related to sales of securities available-for-sale for the periods indicated: Year Ended December 31, (In thousands) 2021 2020 2019 Securities available-for-sale Proceeds $ 138,077 $ 94,252 $ 148,857 Gross gains 1,327 4,592 551 Tax expense on gains 421 1,444 175 Gross losses 120 — 520 Tax benefit on losses 38 — 166 Marketable equity securities were fully liquidated in connection with the termination of the BMP. Prior to termination, the Company held marketable equity securities as the underlying mutual fund investments of the BMP, held in a rabbi trust. A summary of the sales of marketable equity securities is listed below for the periods indicated: Year Ended December 31, (In thousands) 2021 2020 2019 Proceeds: Marketable equity securities $ 6,101 $ 546 $ 570 The remaining gain or loss on securities shown in the consolidated statements of income was due to market valuation changes. Net gains on marketable equity securities of $131 thousand, $361 thousand and $531 thousand were recognized for the years ended December 31, 2021, 2020 and 2019, respectively. There were no sales of securities held-to-maturity during the years ended December 31, 2021, 2020, and 2019. The following table summarizes the gross unrealized losses and fair value of securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position for the periods indicated: December 31, 2021 Less than 12 12 Consecutive Consecutive Months Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities available-for-sale: Agency notes $ 58,607 $ 1,369 $ 21,647 $ 853 $ 80,254 $ 2,222 Treasury securities 244,769 3,147 — — 244,769 3,147 Corporate securities 37,620 754 — — 37,620 754 Pass-through MBS issued by GSEs 422,634 6,333 4,748 233 427,382 6,566 Agency CMOs 349,879 8,672 3,182 123 353,061 8,795 State and municipal obligations 18,887 302 — — 18,887 302 Securities held-to-maturity Pass-through MBS issued by GSEs $ 97,328 $ 1,141 $ — $ — $ 97,328 $ 1,141 Agency CMOs 60,054 873 — — 60,054 873 December 31, 2020 Less than 12 12 Consecutive Consecutive Months Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities available-for-sale: Agency notes $ 22,409 $ 91 $ — $ — $ 22,409 $ 91 Pass-through MBS issued by GSEs 5,007 31 — — 5,007 31 Agency CMOs 6,563 30 4,954 46 11,517 76 As of December 31, 2021, none of the Company’s available-for-sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available-for-sale debt securities was required. Additionally, the calculated allowance for credit losses on held-to-maturity securities was inconsequential given the high-quality composition of the Company’s held-to-maturity portfolio and therefore no allowance for credit losses was recorded. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to technically default. Accrued interest receivable on securities totaling $4.4 million at December 31, 2021 was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above. Management evaluates available-for-sale debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At December 31, 2021, substantially all of the securities in an unrealized loss position had a fixed interest rate and the cause of the temporary impairment was directly related to changes in interest rates. The Company generally views changes in fair value caused by changes in interest rates as temporary, which is consistent with its experience. The following major security types held by the Company are all issued by U.S. government entities and agencies and therefore either explicitly or implicitly guaranteed by the U.S. government; Agency Notes, Treasury Securities, Pass-through MBS issued by GSEs, Agency Collateralized Mortgage Obligations. The corporate bonds within the portfolio have maintained an investment grade rating by either Kroll, Egan-Jones, Fitch, Moody’s or Standard and Poor’s. None of the unrealized losses are related to credit losses. The state and municipal obligations within the portfolio have all maintained an investment grade rating by either Moody’s or Standard and Poor’s. The Company does not have the intent to sell these securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery. The issuers continue to make timely principal and interest payments on the debt. The fair value is expected to recover as the securities approach maturity. |
LOANS HELD FOR INVESTMENT, NET
LOANS HELD FOR INVESTMENT, NET | 12 Months Ended |
Dec. 31, 2021 | |
LOANS HELD FOR INVESTMENT, NET | |
LOANS HELD FOR INVESTMENT, NET | 5. LOANS HELD FOR INVESTMENT, NET The following table presents the loan categories for the period ended as indicated: (In thousands) December 31, 2021 December 31, 2020 One-to-four family residential and cooperative/condominium apartment $ 669,282 $ 184,989 Multifamily residential and residential mixed-use 3,356,346 2,758,743 Commercial real estate ("CRE") 3,945,948 1,878,167 Acquisition, development, and construction ("ADC") 322,628 156,296 Total real estate loans 8,294,204 4,978,195 C&I 933,559 641,533 Other loans 16,898 2,316 Total 9,244,661 5,622,044 Allowance for credit losses (83,853) (41,461) Loans held for investment, net $ 9,160,808 $ 5,580,583 As a result of the Merger, the Company recorded $4.53 billion of loans held for investment on the Merger Date. Included in C&I loans was Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans totaling $66.0 million and $313.4 million at December 31, 2021 and 2020, respectively. SBA PPP loans carry a 100% guarantee from the SBA. The Company may hold an allowance for credit losses as a result of individual loan analysis. In June 2021, the Company sold $596.2 million of SBA PPP loans and recorded a gain of $20.7 million in Gain on sale of SBA loans in the consolidated statements of income. The following tables present data regarding the allowance for credit losses activity for the periods indicated: Real Estate Loans One-to-Four Family Multifamily Residential and Residential Cooperative/ and Condominium Residential Total Real Other (In thousands) Apartment Mixed-Use CRE ADC Estate C&I Loans Total Beginning balance as of January 1, 2019 $ 198 $ 13,446 $ 3,777 $ 397 $ 17,818 $ 3,946 $ 18 $ 21,782 Provision (credit) for credit losses 86 (3,233) 266 847 (2,034) 19,368 6 17,340 Charge-offs (22) (83) (145) — (250) (10,447) (8) (10,705) Recoveries 7 12 2 — 21 3 — 24 Ending balance as of December 31, 2019 $ 269 $ 10,142 $ 3,900 $ 1,244 $ 15,555 $ 12,870 $ 16 $ 28,441 Provision for credit losses 386 9,934 5,165 749 16,234 9,928 3 26,165 Charge-offs (11) (3,190) (6) — (3,207) (10,095) (7) (13,309) Recoveries — 130 — — 130 34 — 164 Ending balance as of December 31, 2020 $ 644 $ 17,016 $ 9,059 $ 1,993 $ 28,712 $ 12,737 $ 12 $ 41,461 Impact of adopting CECL as of January 1, 2021 1,048 (8,254) 4,849 381 (1,976) (1,935) (8) (3,919) Adjusted beginning balance as of January 1, 2021 1,692 8,762 13,908 2,374 26,736 10,802 4 37,542 PCD Day 1 2,220 3,292 23,124 117 28,753 23,374 157 52,284 Provision (credit) for credit losses 1,975 (3,921) (4,497) 2,366 (4,077) 6,016 1,364 3,303 Charge-offs (20) (391) (3,406) — (3,817) (4,984) (777) (9,578) Recoveries 65 74 37 — 176 123 3 302 Ending balance as of December 31, 2021 $ 5,932 $ 7,816 $ 29,166 $ 4,857 $ 47,771 $ 35,331 $ 751 $ 83,853 The following table presents the amortized cost basis of loans on non-accrual status as of the period indicated: December 31, 2021 Non-accrual with Non-accrual with (In thousands) No Allowance Allowance Reserve One-to-four family residential and cooperative/condominium apartment $ - $ 7,623 $ 1,278 CRE 1,301 3,752 797 C&I 348 26,918 16,973 Other - 365 361 Total $ 1,649 $ 38,658 $ 19,409 The Company did not recognize interest income on non-accrual loans during the year ended December 31, 2021. The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method of ASC 326 as of the dates indicated: December 31, 2020 Real Estate Loans One-to-Four Family Multifamily Residential and Residential Cooperative/ and Condominium Residential Total Real Other (In thousands) Apartment Mixed-Use CRE ADC Estate C&I Loans Total Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 6,474 $ — $ 6,474 Collectively evaluated for impairment 644 17,016 9,059 1,993 28,712 6,263 12 34,987 Total ending allowance balance $ 644 $ 17,016 $ 9,059 $ 1,993 $ 28,712 $ 12,737 $ 12 $ 41,461 Loans: Individually evaluated for impairment $ — $ 1,863 $ 2,704 $ — $ 4,567 $ 12,502 $ — $ 17,069 Collectively evaluated for impairment 184,989 2,756,880 1,875,463 156,296 4,973,628 629,031 2,316 5,604,975 Total ending loans balance $ 184,989 $ 2,758,743 $ 1,878,167 $ 156,296 $ 4,978,195 $ 641,533 $ 2,316 $ 5,622,044 Impaired Loans (prior to the adoption of ASC 326) A loan is considered impaired when, based on then current information and events, it is probable that all contractual amounts due will not be collected in accordance with the terms of the loan. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays or shortfalls generally are not classified as impaired. Management determines the significance of payment delays and shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and the borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. The Bank considers TDRs and all non-accrual loans, except non-accrual one-to-four family loans in less than the Federal National Mortgage Association (“FNMA”) Limits, to be impaired. Non-accrual one-to-four family loans equal to or less than the FNMA Limits, as well as all consumer loans, are considered homogeneous loan pools and are not required to be evaluated individually for impairment unless considered a TDR. Impairment is typically measured using the difference between the outstanding loan principal balance and either: 1) the likely realizable value of a note sale; 2) the fair value of the underlying collateral, net of likely disposal costs, if repayment is expected to come from liquidation of the collateral; or 3) the present value of estimated future cash flows (using the loan’s pre-modification rate for certain performing TDRs). If a TDR is substantially performing in accordance with its restructured terms, management will look to either the potential net liquidation proceeds of the underlying collateral or the present value of the expected cash flows from the debt service in measuring impairment (whichever is deemed most appropriate under the circumstances). If a TDR has re-defaulted, generally the likely realizable net proceeds from either a note sale or the liquidation of the collateral is considered when measuring impairment. Measured impairment is either charged off immediately or, in limited instances, recognized as an allocated reserve within the allowance for loan losses. The following tables summarize impaired loans with no related allowance recorded and with related allowance recorded as of the periods indicated (by collateral type within the real estate loan segment): December 31, 2020 Unpaid Principal Recorded Related (In thousands) Balance Investment (1) Allowance With no related allowance recorded: Multifamily residential and residential mixed-use $ 1,863 $ 1,863 $ — CRE 2,704 2,704 — Total with no related allowance recorded 4,567 4,567 — With an allowance recorded: C&I 12,502 12,502 6,474 Total with an allowance recorded 12,502 12,502 6,474 Total $ 17,069 $ 17,069 $ 6,474 (1) The recorded investment excludes net deferred costs, due to immateriality. The following table presents information for impaired loans for the periods indicated: Year Ended Year Ended December 31, 2020 December 31, 2019 Average Interest Average Interest Recorded Income Recorded Income (In thousands) Investment (1) Recognized (2) Investment (1) Recognized (2) With no related allowance recorded: One-to-four family residential, including condominium and cooperative apartment $ 1,179 $ — $ 9 $ 9 Multifamily residential and residential mixed-use 1,188 6 415 29 CRE 1,195 1 3,765 244 Total with no related allowance recorded 3,562 7 4,189 282 With an allowance recorded: C&I 10,605 1 5,125 13 Total $ 14,167 $ 8 $ 9,314 $ 295 (1) The recorded investment excludes net deferred costs, due to immateriality. (2) Cash basis interest and interest income recognized on accrual basis approximate each other. The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated: December 31, 2021 Loans 90 Days or 30 to 59 60 to 89 More Past Due Days Days and Still Total Total (In thousands) Past Due Past Due Accruing Interest Non-accrual Past Due Current Loans Real estate: One-to-four family residential, including condominium and cooperative apartment $ 3,294 $ 877 $ 1,945 $ 7,623 $ 13,739 $ 655,543 $ 669,282 Multifamily residential and residential mixed-use 30,983 3,339 — — 34,322 3,322,024 3,356,346 CRE 23,108 887 — 5,053 29,048 3,916,900 3,945,948 ADC — — — — — 322,628 322,628 Total real estate 57,385 5,103 1,945 12,676 77,109 8,217,095 8,294,204 C&I 3,753 7,040 1,056 27,266 39,115 894,444 933,559 Other 104 3 — 365 472 16,426 16,898 Total $ 61,242 $ 12,146 $ 3,001 $ 40,307 $ 116,696 $ 9,127,965 $ 9,244,661 December 31, 2020 Loans 90 Days or 30 to 59 60 to 89 More Past Due Days Days and Still Total Total (In thousands) Past Due Past Due Accruing Interest Non-accrual Past Due Current Loans Real estate: One-to-four family residential, including condominium and cooperative apartment $ — $ — $ 44 $ 858 $ 902 $ 184,087 $ 184,989 Multifamily residential and residential mixed-use — — 437 1,863 2,300 2,756,443 2,758,743 CRE 15,351 — — 2,704 18,055 1,860,112 1,878,167 ADC — — — — — 156,296 156,296 Total real estate 15,351 — 481 5,425 21,257 4,956,938 4,978,195 C&I — 917 2,848 12,502 16,267 625,266 641,533 Other 8 1 — 1 10 2,306 2,316 Total $ 15,359 $ 918 $ 3,329 $ 17,928 $ 37,534 $ 5,584,510 $ 5,622,044 Accruing Loans 90 Days or More Past Due: The Company continued accruing interest on loans with an outstanding balance of $3.0 million at December 31, 2021, and loans with an outstanding balance of $3.3 million at December 31, 2020, all of which were 90 days or more past due. These loans were either well secured, awaiting a forbearance extension or formal payment deferral, or will likely be forgiven through the PPP or repurchased by the SBA, and, therefore, remained on accrual status and were deemed performing assets at the dates indicated above. Collateral Dependent Loans: At December 31, 2021, the Company had collateral dependent loans which were individually evaluated to determine expected credit losses. December 31, 2021 Real Estate Associated Allowance (In thousands) Collateral Dependent for Credit Losses CRE $ 3,837 $ 600 C&I 348 - Total $ 4,185 $ 600 Related Party Loans Certain directors, executive officers, and their related parties, including their immediate families and companies in which they are principal owners, were loan customers of the Bank during 2021. The following table sets forth selected information about related party loans for the year ended December 31, 2021: Year Ended December 31, (In thousands) 2021 Beginning balance $ 1,700 Acquired in Merger 4,217 New loans 1,243 Effect of changes in composition of related parties (239) Repayments (692) Balance at end of period $ 6,229 TDRs As of December 31, 2021, the Company had TDRs totaling $942 thousand. The Company has allocated $483 thousand of allowance for those loans at December 31, 2021, with no commitments to lend additional amounts. There were no outstanding TDRs at December 31, 2020. During the year ended December 31, 2021, TDR modifications included reduction of outstanding principal, extensions of maturity dates, or favorable interest rates and loan terms than the prevailing market interest rates and loan terms. During the year ended December 31, 2021, the Company modified one CRE loan as a TDR, which subsequently paid off during the year. The following table presents the loans by category modified as TDRs that occurred during the year ended December 31, 2021: Modifications During the Year Ended December 31, 2021 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment One-to-four family residential and cooperative/condominium apartment 2 $ 467 $ 467 CRE 1 10,000 - C&I 1 456 456 Total 4 $ 10,923 $ 923 There were no loans modified in a manner that met the criteria of a TDR during the year ended December 31, 2020 or 2019. As of December 31, 2020 and 2019, the Bank had no loan commitments to borrowers with outstanding TDRs. There were no TDR charge-offs during the year ended December 31, 2021. TDRs did not have a material impact to the allowance for credit losses. Loan payment deferrals due to COVID-19 Consistent with regulatory guidance to work with borrowers during the unprecedented situation caused by the COVID-19 pandemic and as outlined in the CARES Act, the Company established a formal payment deferral program in April 2020 for borrowers that had been adversely affected by the pandemic. As of December 31, 2021, the Company had seven loans, representing outstanding loan balances of $5.7 million, that were deferring full principal and interest (“P&I” deferrals). The table below presents the full P&I deferrals as of December 31, 2021: December 31, 2021 Number of Loans Balance % of Portfolio (Dollars in thousands) One-to-four family residential and cooperative/condominium apartment 5 $ 1,922 0.3 % CRE 1 3,487 0.1 C&I 1 251 - Total 7 $ 5,660 0.1 % Pursuant to guidance under Section 4013 of the CARES Act, a qualified loan modification, such as a payment deferral, is exempt from classification as a TDR as defined by GAAP. This applies if the loan was current as of December 31, 2019 and the modifications are related to arrangements that defer or delay the payment of principal or interest, or change the interest rate of the loan. This guidance was expected to expire on December 31, 2020. The 2021 Consolidated Appropriations Act, which was signed into law December of 2020, extended the exemption for TDR classification. This provision expired on January 1, 2022 and, therefore, the Company will not have additional loans modified under this exemption going forward. Risk-ratings on COVID-19 loan deferrals are evaluated on an ongoing basis. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit structure, loan documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying them as to credit risk. The Company uses the following definitions for risk ratings: Special Mention. Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the Bank’s credit position at some future date. Substandard. Doubtful. The following is a summary of the credit risk profile of loans by internally assigned grade as of the periods indicated, the years represent the year of origination for non-revolving loans: December 31, 2021 (In thousands) 2021 2020 2019 2018 2017 2016 and Prior Revolving Revolving-Term Total One-to-four family residential, and condominium/cooperative apartment: Pass $ 129,679 $ 86,028 $ 80,195 $ 75,354 $ 77,829 $ 129,276 $ 49,878 $ 12,537 $ 640,776 Special mention — 1,124 335 752 334 2,158 846 747 6,296 Substandard — 1,944 2,038 597 2,202 14,512 — 894 22,187 Doubtful — — — 23 — — — — 23 Total one-to-four family residential, and condominium/cooperative apartment 129,679 89,096 82,568 76,726 80,365 145,946 50,724 14,178 669,282 Multifamily residential and residential mixed-use: Pass 590,462 341,206 455,277 151,226 332,749 1,145,609 12,277 825 3,029,631 Special mention — 11,040 14,486 — 11,817 26,252 — — 63,595 Substandard — 1,501 35,326 32,390 54,238 137,387 2,278 — 263,120 Doubtful — — — — — — — — — Total multifamily residential and residential mixed-use 590,462 353,747 505,089 183,616 398,804 1,309,248 14,555 825 3,356,346 CRE: Pass 872,049 848,694 529,182 306,360 298,904 815,238 43,183 6,188 3,719,798 Special mention 6,003 1,024 39,305 18,983 11,039 17,438 — — 93,792 Substandard 4,431 1,732 7,082 45,496 31,747 41,763 — — 132,251 Doubtful — — 106 — — — — — 106 Total CRE 882,483 851,450 575,675 370,839 341,690 874,439 43,183 6,188 3,945,947 ADC: Pass 142,123 76,259 56,885 23,456 6,809 774 1,066 588 307,960 Special mention — 1,078 — — — — — — 1,078 Substandard — 90 — 13,500 — — — — 13,590 Doubtful — — — — — — — — — Total ADC 142,123 77,427 56,885 36,956 6,809 774 1,066 588 322,628 C&I: Pass 93,802 121,291 53,116 49,634 36,238 23,615 446,134 9,764 833,594 Special mention — 1,625 239 2,191 585 52 3,225 1,286 9,203 Substandard 402 5,744 5,789 6,011 2,832 2,844 28,545 13,597 65,764 Doubtful 550 1,621 9,968 752 11,107 — 1,000 — 24,998 Total C&I 94,754 130,281 69,112 58,588 50,762 26,511 478,904 24,647 933,559 Total: Pass 1,828,115 1,473,478 1,174,655 606,030 752,529 2,114,512 552,538 29,902 8,531,759 Special mention 6,003 15,891 54,365 21,926 23,775 45,900 4,071 2,033 173,964 Substandard 4,833 11,011 50,235 97,994 91,019 196,506 30,823 14,491 496,912 Doubtful 550 1,621 10,074 775 11,107 — 1,000 — 25,127 Total Loans $ 1,839,501 $ 1,502,001 $ 1,289,329 $ 726,725 $ 878,430 $ 2,356,918 $ 588,432 $ 46,426 $ 9,227,762 December 31, 2020 Special (In thousands) Pass Mention Substandard Doubtful Total Real Estate: One-to-four family residential and condominium/cooperative apartment $ 183,293 $ — $ 1,696 $ — $ 184,989 Multifamily residential and residential mixed-use 2,523,258 56,400 179,085 — 2,758,743 CRE 1,831,712 13,861 32,594 — 1,878,167 ADC 142,796 13,500 — — 156,296 Total real estate 4,681,059 83,761 213,375 — 4,978,195 C&I 613,691 2,131 13,315 12,396 641,533 Total Real Estate and C&I $ 5,294,750 $ 85,892 $ 226,690 $ 12,396 $ 5,619,728 For other loans, the Company evaluates credit quality based on payment activity. Other loans that are 90 days or more past due are placed on non-accrual status, while all remaining other loans are classified and evaluated as performing. The following is a summary of the credit risk profile of other loans by internally assigned grade: (In thousands) December 31, 2021 December 31, 2020 Performing $ 16,533 $ 2,315 Non-accrual 365 1 Total $ 16,898 $ 2,316 |
LOAN SERVICING ACTIVITIES
LOAN SERVICING ACTIVITIES | 12 Months Ended |
Dec. 31, 2021 | |
LOAN SERVICING ACTIVITIES | |
LOAN SERVICING ACTIVITIES | 6. LOAN SERVICING ACTIVITIES The Bank services real estate and C&I loans for others having principal balances outstanding of approximately $471.9 million and $377.7 million at December 31, 2021 and 2020, respectively. Loans serviced for others are not reported as assets. Servicing loans for others generally consists of collecting loan payments, maintaining escrow accounts, disbursing payments to investors, paying taxes and insurance and processing foreclosure. In connection with loans serviced for others, the Bank held borrowers’ escrow balances of $2.9 million and $3.9 million at December 31, 2021 and 2020, respectively. There are no restrictions on the Company’s consolidated assets or liabilities related to loans sold with servicing rights retained. Upon sale of these loans, the Company recorded an SRA in other assets, and has elected to account for the SRA under the "amortization method" prescribed under GAAP. The activity for SRAs for the periods indicated are as follows: Year Ended December 31, (In thousands) 2021 2020 2019 Servicing right assets: Beginning of year $ 1,710 $ 1,459 $ 1,315 Acquired in the Merger 2,070 — — Additions 885 703 509 Amortized to expense (809) (452) (365) End of year 3,856 1,710 1,459 Valuation allowance: Beginning of year — — — Additions expensed (80) — — End of year (80) — — Servicing right assets, net $ 3,776 $ 1,710 $ 1,459 The fair value of SRAs was $3.9 million and $1.7 million, at December 31, 2021 and 2020, respectively. The fair value at December 31, 2021 was determined using discount rates ranging from 7.8% to 12.0%, prepayment speeds ranging from 5% to 38%, depending on the stratification of the specific servicing right, and a weighted average default rate of 1.24%. The fair value at December 31, 2020 was determined using discount rates ranging from 4.0% to 17.0%, prepayment speeds ranging from 5% to 20%, depending on the stratification of the specific servicing right, and a weighted average default rate of 1.30%. |
PREMISES AND FIXED ASSETS, NET
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | 12 Months Ended |
Dec. 31, 2021 | |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | 7. PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE Premises and Fixed Assets, Net As a result of the Merger, the Company acquired $37.9 million of premises and fixed assets, net on the Merger Date. The following is a summary of premises and fixed assets, net: December 31, (In thousands) 2021 2020 Land $ 10,824 $ 1,600 Buildings 21,323 10,265 Leasehold improvements 26,120 23,445 Furniture, fixtures and equipment 25,110 20,945 Premises and fixed assets, gross $ 83,377 $ 56,255 Less: accumulated depreciation and amortization (33,009) (37,202) Premises and fixed assets, net $ 50,368 $ 19,053 Depreciation and amortization expense amounted to $6.5 million, $4.1 million and $4.7 million during the years ended December 31, 2021, 2020 and 2019, respectively. Premises Held for Sale The aggregate recorded balance of the Company’s premises held for sale was $556 thousand at December 31, 2021. There were no premises held for sale as of December 31, 2020. During the year ended December 31, 2021, the Company transferred two real estate properties utilized as retail branches to premises held for sale totaling $2.8 million. During the year ended December 31, 2021, the Company sold one real estate property utilized as a retail branch totaling $2.2 million and recorded a gain of $550 thousand in Gain on sale of securities and other assets in the consolidated financial statements. There were no sales of premises held for sale during the years ended December 31, 2020 or 2019. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
LEASES | |
LEASES | 8. LEASES As a result of the Merger, the Company acquired $45.6 million of operating lease assets and $45.3 million of operating lease liabilities on the Merger Date During the year ended December 31, 2021, the Company elected to terminate one if its corporate headquarters office space leases, which resulted in a decrease to the Company’s operating lease liabilities of $11.6 million, and an early termination fee of $12.0 million. The early termination fee is reported in merger expenses and transaction costs in the consolidated statements of income. During the year ended December 31, 2021, the Company elected to terminate three leases in connection with the combination of three branches into other locations, which resulted in a decrease to the Company’s operating lease liabilities of $3.7 million, and an early termination fee of $4.0 million. The early termination fee is reported in branch restructuring costs in the consolidated statements of income. Maturities of the Company’s operating lease liabilities at December 31, 2021 are as follows: Rent to be (In thousands) Capitalized 2022 $ 11,934 2023 10,694 2024 10,587 2025 10,352 2026 9,631 Thereafter 17,306 Total undiscounted lease payments 70,504 Less amounts representing interest (4,401) Operating lease liabilities $ 66,103 Other information related to our operating leases was as follows: Year Ended December 31, (In thousands) 2021 2020 2019 Operating lease cost $ 14,341 $ 6,522 $ 6,588 Cash paid for amounts included in the measurement of operating lease liabilities 13,975 7,030 6,907 December 31, 2021 Weighted average remaining lease term 6.6 years Weighted average discount rate 1.79 % |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 9. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill At December 31, 2021 and 2020, the carrying amount of the Company’s goodwill was $155.8 million and $55.6 million, respectively. The Company performs its annual goodwill impairment test in the fourth quarter of every year, or more frequently if events or changes in circumstance indicate the asset might be impaired. It was determined during the annual impairment testing that no impairment was needed for the years ended December 31, 2021, 2020 and 2019 as the fair value of the Company’s single reporting unit was determined to exceed the carrying amount of the reporting unit. The following table presents the change in Goodwill for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, (In thousands) 2021 2020 2019 Beginning of year $ 55,638 $ 55,638 $ 55,638 Acquired goodwill 1 100,159 - - Impairment - - - End of year $ 155,797 $ 55,638 $ 55,638 (1) See Note 2. Merger for additional information regarding the acquired goodwill Other Intangible Assets As a result of the Merger, the Company recorded $10.2 million of core deposit intangible assets and a $780 thousand non-compete agreement intangible asset on the Merger Date. The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable and arose from the Merger. There were no intangible assets at December 31, 2020. December 31, 2021 Core Deposit Non-complete (In thousands) Intangibles Agreement Total Gross carrying value $ 10,204 $ 780 $ 10,984 Accumulated amortization (1,962) (660) (2,622) Net carrying amount $ 8,242 $ 120 $ 8,362 Amortization expense recognized on intangible assets was $2.6 million for the year ended December 31, 2021. There was no amortization expense recognized on intangible assets for the years ended December 31, 2020 and 2019. Estimated amortization expense for 2022 through 2025 and thereafter is as follows: (In thousands) Total 2022 $ 1,878 2023 1,425 2024 1,163 2025 958 Thereafter 2,938 Total $ 8,362 |
RESTRICTED STOCK
RESTRICTED STOCK | 12 Months Ended |
Dec. 31, 2021 | |
RESTRICTED STOCK | |
RESTRICTED STOCK | 10. RESTRICTED STOCK The following is a summary of restricted stock: (In thousands) December 31, 2021 December 31, 2020 FHLBNY capital stock $ 12,819 $ 60,707 FRB capital stock 24,748 — Bankers' Bank capital stock 165 — Restricted stock $ 37,732 $ 60,707 FHLBNY Capital Stock The Bank is a member of the FHLBNY. Membership requires the purchase of shares of FHLBNY capital stock at $100 per share. Members are required to own a particular amount of stock based on the level of borrowings and other factors. As a result of the Merger, the Bank acquired $13.9 million of FHLBNY capital stock on the Merger Date. The Bank decreased its outstanding FHLBNY advances by $1.18 billion during the year ended December 31, 2021, resulting in a reduction of required FHLBNY stock. The Bank owned 128,184 shares and 607,074 shares at December 31, 2021 and 2020, respectively. The Bank recorded dividend income on the FHLBNY capital stock of $1.9 million, $3.0 million and $3.6 million during the years ended December 31, 2021, 2020 and 2019, respectively. FRB Capital Stock The Bank is a member of the FRB. Membership requires the purchase of shares of FRB capital stock at $50 per share. As a result of the Merger, the Bank acquired $9.3 million of FRB capital stock on the Merger Date. The Bank owned 494,965 shares at December 31, 2021 and no shares at December 31, 2020. The Bank recorded dividend income on the FRB capital stock of $442 thousand during the year ended December 31, 2021 and no dividend income for the years ended December 31, 2020 and 2019. Bankers’ Bank Capital Stock The Bank has a relationship with Atlantic Community Bankers Bank. The relationship requires the purchase of shares of ACBB capital stock between $2,500 and $3,250 per share. As a result of the Merger, the Bank acquired $165 thousand of ACBB capital stock on the Merger Date. The Bank owned 60 shares at December 31, 2021 and no shares at December 31, 2020. The Bank recorded dividend income on the ACBB capital stock of $1 thousand during the year ended December 31, 2021 and no dividend income during the years ended December 31, 2020 and 2019. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
DEPOSITS | |
DEPOSITS | 11. DEPOSITS Deposits are summarized as follows: December 31, 2021 December 31, 2020 Weighted Weighted Average Average (Dollars in thousands) Rate Liability Rate Liability Savings 0.03 % $ 1,158,040 0.12 % $ 414,809 Certificates of deposit ("CDs") 0.58 853,242 0.84 1,322,638 Money market 0.07 3,621,552 0.24 1,716,624 Interest-bearing checking 0.18 905,717 0.10 290,300 Non-interest-bearing checking — 3,920,423 — 780,751 Total 0.09 % $ 10,458,974 0.36 % $ 4,525,122 As a result of the Merger, the Company acquired $5.41 billion of deposits on the Merger Date. The following table presents a summary of scheduled maturities of CDs outstanding at December 31, 2021: Maturing Weighted Average (Dollars in thousands) Balance Interest Rate 2022 $ 701,259 0.51 % 2023 98,015 0.87 2024 27,402 1.20 2025 15,078 1.12 2026 9,110 0.52 2027 and beyond 2,378 0.67 Total $ 853,242 0.58 % CDs that met or exceeded the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250 thousand were $200.1 million and $279.0 million December 31, 2021 and 2020, respectively. |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2021 | |
DERIVATIVES AND HEDGING ACTIVITIES | |
DERIVATIVES AND HEDGING ACTIVITIES | 12. DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. The Company engages in both cash flow hedges and freestanding derivatives. Cash Flow Hedges Cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company uses these types of derivatives to hedge the variable cash flows associated with existing or forecasted issuances of short-term borrowings. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income (Loss) and subsequently reclassified into interest expense in the same periods during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s debt. During the next twelve months, the Company estimates that an additional $57 thousand will be reclassified as an increase to interest expense. During the year ended December 31, 2021, the Company terminated 34 derivatives with notional values totaling $785.0 million, resulting in a termination value of $16.5 million which was recognized in loss on termination of derivatives in non-interest income. During the year ended December 31, 2020, the Company terminated two derivatives with notional values totaling $30.0 million, resulting in a termination value of $175 thousand, which was expected to be recognized in interest expense over the remaining term of the original derivative. Due to the terminations during the year ended December 31, 2021, the remaining termination value was recognized as part of the loss on terminations during the year ended December 31, 2021. Additionally, during the year ended December 31, 2020, the Company terminated six derivatives with notional values totaling $95.0 million, resulting in a termination value of $6.6 million, which was recognized as losses on termination of derivatives within non-interest income. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated statements of financial condition as of the periods indicated. December 31, 2021 December 31, 2020 Notional Fair Value Fair Value Notional Fair Value Fair Value (Dollars in thousands) Count Amount Assets Liabilities Count Amount Assets Liabilities Included in derivative assets/(liabilities): Interest rate swaps related to FHLBNY advances 4 $ 150,000 $ 4,358 $ — — $ — $ — $ — Interest rate swaps related to FHLBNY advances — $ — $ — $ — 32 $ 655,000 $ — $ (18,442) The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive loss as of December 31, 2021, 2020 and 2019. Year Ended December 31, (In thousands) 2021 2020 2019 Gain (loss) recognized in other comprehensive income $ 5,277 $ (24,449) $ (8,254) Gain recognized on termination of derivatives 16,505 6,596 — (Loss) gain reclassified from other comprehensive income into interest expense (940) (6,127) 955 All cash flow hedges are recorded gross on the balance sheet. The cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Bank to post cash collateral if the derivative exposure exceeds a threshold amount. As of December 31, 2021, the Bank did not Freestanding Derivatives The Company maintains an interest-rate risk protection program for its loan portfolio in order to offer loan level derivatives with certain borrowers and to generate loan level derivative income. The Company enters into interest rate swap or interest rate floor agreements with borrowers. These interest rate derivatives are designed such that the borrower synthetically attains a fixed-rate loan, while the Company receives floating rate loan payments. The Company offsets the loan level interest rate swap exposure by entering into an offsetting interest rate swap or interest rate floor with an unaffiliated and reputable bank counterparty. These interest rate derivatives do not qualify as designated hedges, under ASU 815; therefore, each interest rate derivative is accounted for as a freestanding derivative. The notional amounts of the interest rate derivatives do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate derivative agreements. The following tables reflect freestanding derivatives included in the consolidated statements of financial condition as of the dates indicated December 31, 2021 Notional Fair Value Fair Value (In thousands) Count Amount Assets Liabilities Included in derivative assets/(liabilities): Loan level interest rate swaps with borrower 111 $ 604,529 $ 28,291 $ — Loan level interest rate swaps with borrower 74 620,459 — (11,865) Loan level interest rate floors with borrower 45 392,764 — (5,644) Loan level interest rate swaps with third-party counterparties 111 604,529 — (28,291) Loan level interest rate swaps with third-party counterparties 74 620,459 11,865 — Loan level interest rate floors with third-party counterparties 45 392,764 5,644 — December 31, 2020 Notional Fair Value Fair Value (In thousands) Count Amount Assets Liabilities Included in derivative assets/(liabilities): Loan level interest rate swaps with borrower 65 $ 570,277 $ 24,764 $ — Loan level interest rate floors with borrower 41 364,643 — (5,832) Loan level interest rate swaps with third-party counterparties 65 570,277 — (24,764) Loan level interest rate floors with third-party counterparties 41 364,643 5,832 — Loan level derivative income is recognized on the mark-to-market of the interest rate swap as a fair value adjustment at the time the transaction is closed. Total loan level derivative income is included in non-interest income as follows: Year Ended December 31, (In thousands) 2021 2020 2019 Loan level derivative income $ 2,909 $ 8,872 $ 910 The interest rate swap product with the borrower is cross collateralized with the underlying loan and, therefore, there is no posted collateral. Certain interest rate swap agreements with third-party counterparties contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount. As of December 31, 2021, posted collateral was $14.0 million. Credit Risk Related Contingent Features The Company’s agreements with each of its derivative counterparties state that if the Company defaults on any of its indebtedness, it could also be declared in default on its derivative obligations and could be required to terminate its derivative positions with the counterparty. The Company’s agreements with certain of its derivative counterparties state that if the Bank fails to maintain its status as a well-capitalized institution, the Bank could be required to terminate its derivative positions with the counterparty. As of December 31, 2021, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $16.5 million for those related to loan level derivatives. If the Company had breached any of the above provisions at December 31, 2021, it could have been required to settle its obligations under the agreements at the termination value with the respective counterparty. There were no provisions breached for the year ended December 31, 2021. |
FHLBNY ADVANCES
FHLBNY ADVANCES | 12 Months Ended |
Dec. 31, 2021 | |
FHLBNY ADVANCES | |
FHLBNY ADVANCES | 13. FHLBNY ADVANCES The Bank had borrowings from the FHLBNY (“Advances”) totaling $25.0 million and $1.20 billion at December 31, 2021 and 2020, respectively, all of which were fixed rate. The average interest rate on outstanding FHLBNY Advances was 0.35% and 0.53% at December 31, 2021 and 2020, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $4.19 billion as of December 31, 2021 and $2.11 billion as of December 31, 2020, and maintained sufficient qualifying collateral, as defined by the FHLBNY. Certain FHLBNY Advances may contain call features that may be exercised by the FHLBNY. At December 31, 2021 there were no callable Advances. During the years ended December 2021, 2020, and 2019, the Company’s prepayment penalty expense was recognized as a loss on extinguishment of debt. The following table is a summary of FHLBNY extinguishments for the periods presented: Year Ended December 31, (Dollars in thousands) 2021 2020 2019 FHLBNY advances extinguished $ 209,010 $ 70,750 $ 313,900 Weighted average rate 1.31 % 1.15 % 2.35 % Loss on extinguishment of debt $ 1,751 $ 1,104 $ 3,780 The following tables present the contractual maturities and weighted average interest rates of FHLBNY advances for each of the next five years. There were no FHLBNY advances with an overnight contractual maturity at December 31, 2021 and December 31, 2020. There are no FHLBNY advances with contractual maturities after 2022 at December 31, 2021 and December 31, 2020: December 31, 2021 (Dollars in thousands) Weighted Contractual Maturity Amount Average Rate 2022, fixed rate at 0.35% $ 25,000 0.35 % Total FHLBNY advances $ 25,000 0.35 % December 31, 2020 (Dollars in thousands) Weighted Contractual Maturity Amount Average 2021, fixed rate at rates from 0.24% to 2.09% $ 1,144,010 0.52 % 2022, fixed rate at rates from 0.33% to 1.79% 60,000 0.60 Total FHLBNY advances $ 1,204,010 0.53 % |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 12 Months Ended |
Dec. 31, 2021 | |
SUBORDINATED DEBENTURES. | |
SUBORDINATED DEBENTURES | 14. SUBORDINATED DEBENTURES In connection with the Merger, the Company assumed $115.0 million in aggregate principal amount of the 4.50% Fixed-to-Floating Rate Subordinated Debentures due 2027 of Legacy Dime on the Merger Date. During the year ended December 31, 2017, Legacy Dime issued $115.0 million of fixed-to-floating rate subordinated notes due June 2027, which become callable commencing on June 15, 2022. The notes will mature on June 15, 2027 (the “Maturity Date”). From and including June 13, 2017 until but excluding June 15, 2022, interest will be paid semi-annually in arrears on each June 15 and December 15 at a fixed annual interest rate equal to 4.50%. From and including June 15, 2022 to, but excluding, the Maturity Date or earlier redemption date, the interest rate shall reset quarterly to an annual interest rate equal to the then-current three-month LIBOR plus 266 In September 2015, the Company issued $80.0 million in aggregate principal amount of fixed-to-floating rate subordinated debentures. $40.0 million of the subordinated debentures are callable at par after five years, have a stated maturity of September 30, 2025 and bear interest at a fixed annual rate of 5.25% per year, from and including September 21, 2015 until but excluding September 30, 2020. From and including September 30, 2020 to the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the then-current three-month LIBOR plus 360 345 The subordinated debentures totaled $197.1 million at December 31, 2021 and $114.1 million at December 31, 2020. Interest expense related to the subordinated debt was $8.5 million, $5.3 million and $5.3 million during the years ended December 31, 2021, 2020 and 2019, respectively. The subordinated debentures are included in tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations. |
OTHER SHORT-TERM BORROWINGS
OTHER SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2021 | |
OTHER SHORT-TERM BORROWINGS | |
OTHER SHORT-TERM BORROWINGS | 15. OTHER SHORT-TERM BORROWINGS The following is a summary of other short-term borrowings: (In thousands) December 31, 2021 December 31, 2020 Repurchase agreements $ 1,862 $ — AFX — 120,000 Other short-term borrowings $ 1,862 $ 120,000 Repurchase Agreements The Bank utilizes securities sold under agreements to repurchase (“repurchase agreements”) as part of its borrowing policy to add liquidity. Repurchase agreements represent funds received from customers, generally on an overnight basis, which are collateralized by investment securities, of which 100% were pass-through MBS issued by GSEs with a carrying amount of $3.8 million at December 31, 2021. Repurchase agreements are financing arrangements with $1.9 million maturing during the first quarter of 2022. At maturity, the securities underlying the agreements are returned to the Bank. The primary risk associated with these secured borrowings is the requirement to pledge a market value-based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with the Bank’s policies, eligible counterparties are defined and monitored to minimize exposure. Interest expense on repurchase agreements for the year ended December 31, 2021 was $3 thousand. There was no interest expense on repurchase agreements for the years ended December 31, 2020 and 2019. AFX The Bank is a member of AFX, through which it may either borrow or lend funds on an overnight or short-term basis with other member institutions. The availability of funds changes daily. Interest expense on AFX borrowings for the years ended December 31, 2021, 2020 and 2019 was $1 thousand, $45 thousand, and $226 thousand, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
INCOME TAXES | 16. INCOME TAXES The Company’s consolidated Federal, State and City income tax provisions were comprised of the following: Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 State State State (In thousands) Federal and City Total Federal and City Total Federal and City Total Current $ 23,759 $ 11,815 $ 35,574 $ 13,107 $ 1,524 $ 14,631 $ 10,129 $ 2,930 $ 13,059 Deferred 5,490 3,106 8,596 (1,181) (784) (1,965) (1,437) (946) (2,383) Total $ 29,249 $ 14,921 $ 44,170 $ 11,926 $ 740 $ 12,666 $ 8,692 $ 1,984 $ 10,676 The preceding table excludes tax effects recorded directly to stockholders’ equity in connection with unrealized gains and losses on securities available-for-sale (including losses on such securities upon their transfer to held-to-maturity), interest rate derivatives, and adjustments to other comprehensive income relating to the minimum pension liability, unrecognized gains of pension and other postretirement obligations and changes in the non-credit component of OTTI. These tax effects are disclosed as part of the presentation of the consolidated statements of changes in stockholders’ equity and comprehensive income. The provision for income taxes differed from that computed at the Federal statutory rate as follows: Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Tax at federal statutory rate $ 31,115 $ 11,546 $ 9,841 State and local taxes, net of federal income tax benefit 11,601 567 1,567 Benefit plan differences (107) (240) (261) Adjustments for prior period returns and tax items (238) 125 19 Investment in BOLI (1,485) (1,020) (594) Equity based compensation (301) 96 (33) Salaries deduction limitation 3,419 1,428 126 Transaction costs 181 256 — Other, net (15) (92) 11 Total $ 44,170 $ 12,666 $ 10,676 Effective tax rate 29.81 % 23.04 % 22.78 % The increase in the effective tax rate in 2021 compared to 2020 was primarily the result of the loss of benefits from the Company’s REIT due to the increase in the Company’s total assets, and non-deductible expenses during 2021. Deferred tax assets and liabilities are recorded for temporary differences between the book and tax bases of assets and liabilities. The components of Federal, State and City deferred income tax assets and liabilities were as follows: December 31, (In thousands) 2021 2020 Deferred tax assets: Allowance for credit losses and other contingent liabilities $ 29,777 $ 13,261 Employee benefit plans — 4,227 Tax effect of purchase accounting fair value adjustments — 287 Tax effect of other components of income on derivatives — 5,831 Tax effect of other components of income on securities available-for-sale 3,608 — Operating lease liability 20,532 12,673 Other 1,976 2 Total deferred tax assets 55,893 36,281 Deferred tax liabilities: Tax effect of other components of income on derivatives 1,371 — Tax effect of other components of income on securities available-for-sale — 6,161 Employee benefit plans 2,803 — Tax effect of purchase accounting fair value adjustments 3,945 — Difference in book and tax carrying value of fixed assets 3,950 906 Difference in book and tax basis of unearned loan fees 2,413 2,490 Operating lease asset 19,871 10,774 Other 1,141 685 Total deferred tax liabilities 35,494 21,016 Net deferred tax asset (recorded in other assets) $ 20,399 $ 15,265 The Company and its subsidiary are subject to U.S. federal income tax as well as income tax of the State, City of New York and the State of New Jersey. Under generally accepted accounting principles, the Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. No valuation allowances were recognized on deferred tax assets during the years ended December 31, 2021 or 2020, since, at each period end, it was deemed more likely than not that the deferred tax assets would be fully realized. In connection with the Merger, the Company acquired a federal net operating loss (“NOL”) carryforward subject to Internal Revenue Code Section 382. The Company recorded a deferred tax asset that it expects to realize within the carryforward period. At December 31, 2021, the remaining federal NOL carryforward was $2.7 million. At December 31, 2021, the Company had New York State NOL carryforward of $1.6 million, and recorded a deferred tax asset that it expects to recover within the carryforward period. At December 31, 2021, the Company had New York City NOL carryforward of zero. The New York State NOLs at December 31, 2021 included NOLs acquired in connection with the Merger. At December 31, 2021 and 2020, the Bank had accumulated bad debt reserves totaling $15.1 million for which no provision for income tax was required to be recorded. These bad debt reserves could be subject to recapture into taxable income under certain circumstances, including a distribution of the bad debt benefits to the Holding Company or the failure of the Bank to qualify as a bank for federal income tax purposes. Should the reserves as of December 31, 2021 be fully recaptured, the Bank would recognize $4.8 million in additional income tax expense. The Company expects to take no action in the foreseeable future that would require the establishment of a tax liability associated with these bad debt reserves. The Company is subject to regular examination by various tax authorities in jurisdictions in which it conducts significant business operations. The Company regularly assesses the likelihood of additional examinations in each of the tax jurisdictions resulting from ongoing assessments. Under current accounting rules, all tax positions adopted are subjected to two levels of evaluation. Initially, a determination is made, based on the technical merits of the position, as to whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes. In conducting this evaluation, management is required to presume that the position will be examined by the appropriate taxing authority possessing full knowledge of all relevant information. The second level of evaluation is the measurement of a tax position that satisfies the more-likely-than-not recognition threshold. This measurement is performed in order to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. The Company had no unrecognized tax benefits as of December 31, 2021 or 2020. The Company does not anticipate any material change to unrecognized tax benefits during the year ended December 31, 2022. As of December 31, 2021, the tax years ended December 31, 2021, 2020, 2019, and 2018, remained subject to examination by all of the Company's relevant tax jurisdictions. The Company is currently not under audit in any taxing jurisdictions. |
MERGER RELATED EXPENSES
MERGER RELATED EXPENSES | 12 Months Ended |
Dec. 31, 2021 | |
MERGER RELATED EXPENSES | |
MERGER RELATED EXPENSES | 17. MERGER RELATED EXPENSES Merger-related expenses were recorded in the consolidated statements of income as a component of non-interest expense and include costs relating to the Merger, as described in Note 2. Merger. These charges represent one-time costs associated with merger activities and do not represent ongoing costs of the fully integrated combined organization. Accounting guidance requires that merger-related transactional and restructuring costs incurred by the Company be charged to expense as incurred. Costs associated with employee severance and other merger-related compensation expense incurred in connection with the Merger totaled $15.9 million for the year ended December 31, 2021 and were recorded in merger expenses and transaction costs expense in the consolidated statements of income. Transaction costs (inclusive of costs to terminate leases) in connection with the Merger totaled $28.9 million and $4.7 million, respectively, for the years ended December 31, 2021 and 2020, and were recorded in merger expenses and transaction costs in the consolidated statements of income. There were no costs associated with merger expenses and transaction costs for the year ended December 31, 2019. |
BRANCH RESTRUCTURING COSTS
BRANCH RESTRUCTURING COSTS | 12 Months Ended |
Dec. 31, 2021 | |
BRANCH RESTRUCTURING COSTS | |
BRANCH RESTRUCTURING COSTS | 18. BRANCH RESTRUCTURING COSTS On June 29, 2021, the Company issued a press release announcing that the Bank planned to combine five branch locations into other existing branches. The combinations took place in October 2021. Costs associated with early lease terminations and accelerated depreciation of fixed assets totaled $5.1 million for the year ended December 31, 2021 and were recorded in branch restructuring costs in the consolidated statements of income. There were no branch restructuring costs for the years ended December 31, 2020 and 2019. |
RETIREMENT AND POSTRETIREMENT P
RETIREMENT AND POSTRETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2021 | |
RETIREMENT AND POSTRETIREMENT PLANS | |
RETIREMENT AND POSTRETIREMENT PLANS | 19. RETIREMENT AND POSTRETIREMENT PLANS The Bank maintains two noncontributory pension plans that existed before the Merger: (i) the Retirement Plan of Dime Community Bank (“Employee Retirement Plan”) and (ii) the BNB Bank Pension Plan, covering all eligible employees. Bank of America, N.A. (“BANA”) was the Trustee for the Employee Retirement Plan and BNB Bank Pension Plan assets as of December 31, 2021. Pentegra Retirement Trust was the trustee for the Employee Retirement Plan prior to the transfer to BANA during the year ended December 31, 2021. The assets of both plans are overseen by the Retirement Committee (“Committee”), comprised of management, who meet quarterly and set investment policy guidelines. Merrill Lynch, Pierce, Fenner & Smith, Inc. (MLPF&S) and Blackrock are the investment managers of the assets of both plans. The Committee meets with representatives of MLPF&S and reviews the performance of the plan assets. Pension plan assets include cash and cash equivalents, equities and fixed income securities. Employee Retirement Plan The Bank sponsors the Employee Retirement Plan, a tax-qualified, noncontributory, defined-benefit retirement plan. Prior to April 1, 2000, substantially all full-time employees of at least 21 years of age were eligible for participation after one year of service. Effective April 1, 2000, the Bank froze all participant benefits under the Employee Retirement Plan. For the years ended December 31, 2021 and 2020, the Bank used December 31 as its measurement date for the Employee Retirement Plan. The funded status of the Employee Retirement Plan was as follows: Year Ended December 31, (In thousands) 2021 2020 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 26,891 $ 25,405 Interest cost 562 732 Actuarial (gain) loss (903) 2,204 Benefit payments (1,589) (1,450) Projected benefit obligation at end of year 24,961 26,891 Plan assets at fair value (investments in trust funds managed by trustee) Balance at beginning of year 27,142 25,202 Return on plan assets 3,140 3,390 Benefit payments (1,589) (1,450) Balance at end of year 28,693 27,142 Funded status at end of year $ 3,732 $ 251 The net periodic cost for the Employee Retirement Plan included the following components: Year Ended December 31, (In thousands) 2021 2020 2019 Interest cost $ 562 $ 732 $ 901 Expected return on plan assets (1,846) (1,713) (1,528) Amortization of unrealized loss 824 914 913 Net periodic benefit (credit) cost $ (460) $ (67) $ 286 The change in accumulated other comprehensive loss that resulted from the Employee Retirement Plan is summarized as follows: Year Ended December 31, (In thousands) 2021 2020 Balance at beginning of period $ (7,119) $ (7,506) Amortization of unrealized loss 825 914 Gain (loss) recognized during the year 2,197 (527) Balance at the end of the period $ (4,097) $ (7,119) Period end component of accumulated other comprehensive loss, net of tax $ 2,808 $ 4,858 Major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations were as follows: At or for the Year Ended December 31, 2021 2020 2019 Discount rate used for net periodic benefit cost 2.55 % 2.97 % 4.04 % Discount rate used to determine benefit obligation at period end 2.55 2.15 2.97 Expected long-term return on plan assets used for net periodic benefit cost 7.00 7.00 7.00 Expected long-term return on plan assets used to determine benefit obligation at period end 7.00 7.00 7.00 Plan Assets The Employee Retirement Plan’s overall investment strategy is to achieve a mix of approximately 97% of investments for long ‐ The weighted average expected long-term rate of return is estimated based on current trends in Employee Retirement Plan assets, as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice No. The Bank did not make any contributions to the Employee Retirement Plan during the year ended December 31, 2021. The Bank does not expect to make contributions to the Employee Retirement Plan during the year ending December 31, 2022. The weighted-average allocation by asset category of the assets of the Employee Retirement Plan was summarized as follows: December 31, 2021 2020 Asset category Equity securities 54 % 67 % Debt securities (bond mutual funds) 42 30 Cash equivalents 4 3 Total 100 % 100 % The allocation percentages in the above table were consistent with future planned allocation percentages as of December 31, 2021 and 2020, respectively. The following tables present a summary of the Employee Retirement Plan’s investments measured at fair value on a recurring basis by level within the fair value hierarchy, as of the dates indicated. (See Note 24 for a discussion of the fair value hierarchy). December 31, 2021 Fair Value Measurements Using: Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 1,001 $ — $ 1,001 Equities: U.S. large cap 8,579 — — 8,579 U.S. mid cap/small cap 2,896 — — 2,896 International 3,560 — — 3,560 Equities blend 479 — — 479 Fixed income securities: Corporate — 1,288 — 1,288 Government 1,406 — — 1,406 Mortgage-backed — 1,858 — 1,858 High yield bonds and bond funds — 7,626 — 7,626 Total Plan Assets $ 16,920 $ 11,773 $ — $ 28,693 December 31, 2020 Fair Value Measurements Using: Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ 720 $ — $ — $ 720 Mutual Funds (all registered and publicly traded) : U.S. Large Cap 3,336 — — 3,336 U.S. Mid Cap 1,571 — — 1,571 U.S. Small Cap 618 — — 618 International Equity 4,678 — — 4,678 Fixed income 8,300 — — 8,300 Common collective investment funds: U.S. Large Cap — 5,564 — 5,564 U.S. Mid Cap — 742 — 742 U.S. Small Cap — 1,613 — 1,613 Total Plan Assets $ 19,223 $ 7,919 $ — $ 27,142 Benefit payments are anticipated to be made as follows: Year Ended December 31, Amount 2022 $ 1,501 2023 1,490 2024 1,477 2025 1,412 2026 1,368 2027 to 2031 6,503 BNB Bank Pension Plan During 2012, Bridge amended the BNB Bank Pension Plan by revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered Bridge employees. Additionally, new Bridge employees hired on or after October 1, 2012 were not eligible for the BNB Bank Pension Plan. For the year ended December 31, 2021, the Bank used December 31 as its measurement date for the BNB Bank Pension Plan. The funded status of the BNB Bank Pension Plan was as follows: Year Ended December 31, (In thousands) 2021 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ — Acquired in the Merger 33,897 Service cost 893 Interest cost 609 Actuarial gain (304) Benefit payments (600) Projected benefit obligation at end of year 34,495 Plan assets at fair value (investments in trust funds managed by trustee) Balance at beginning of year — Acquired in the Merger 43,685 Return on plan assets 4,772 Benefit payments (600) Balance at end of year 47,857 Funded status at end of year $ 13,362 The net periodic cost for the BNB Bank Pension Plan included the following components: Year Ended December 31, (In thousands) 2021 Service cost $ 893 Interest cost 609 Expected return on plan assets (2,883) Net periodic benefit credit $ (1,381) The change in accumulated other comprehensive income that resulted from the BNB Bank Pension Plan is summarized as follows: Year Ended December 31, (In thousands) 2021 Balance at beginning of period $ — Gain recognized during the year 2,193 Balance at the end of the period $ 2,193 Period end component of accumulated other comprehensive income, net of tax $ (1,503) Major assumptions utilized to determine the net periodic cost of the BNB Bank Pension Plan benefit obligations were as follows: At or for the Year Ended December 31, 2021 Discount rate used for net periodic benefit cost 2.69 % Discount rate used to determine benefit obligation at period end 2.69 Expected long-term return on plan assets used for net periodic benefit cost 7.25 Expected long-term return on plan assets used to determine benefit obligation at period end 7.25 Plan Assets The BNB Bank Pension Plan’s overall investment strategy is to achieve a mix of approximately 97% of investments for long ‐ The weighted average expected long-term rate of return is estimated based on current trends in BNB Bank Pension Plan assets, as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice No. The Bank did not make any contributions to the BNB Bank Pension Plan during the year ended December 31, 2021. The Bank does not expect to make contributions to the BNB Bank Pension Plan during the year ending December 31, 2022. The weighted-average allocation by asset category of the assets of the BNB Bank Pension Plan was summarized as follows: December 31, 2021 Asset category Equity securities 60 % Debt securities (bond mutual funds) 37 Cash equivalents 3 Total 100 % The following tables present a summary of the BNB Bank Pension Plan’s investments measured at fair value on a recurring basis by level within the fair value hierarchy, as of the dates indicated. (See Note 24 for a discussion of the fair value hierarchy). December 31, 2021 Fair Value Measurements Using: Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 1,581 $ — $ 1,581 Equities: U.S. large cap 13,623 — — 13,623 U.S. mid cap/small cap 5,669 — — 5,669 International 8,332 — — 8,332 Equities blend 900 — — 900 Fixed income securities: Corporate — 1,696 — 1,696 Government 1,700 — — 1,700 Mortgage-backed — 2,549 — 2,549 High yield bonds and bond funds — 11,807 — 11,807 Total Plan Assets $ 30,224 $ 17,633 $ — $ 47,857 Benefit payments are anticipated to be made as follows: Year Ended December 31, Amount 2022 $ 1,119 2023 1,264 2024 1,274 2025 1,360 2026 1,563 2027 to 2031 9,153 401(k) Plan The Company maintains a 401(k) Plan (the “401(k) Plan”) that existed before the Merger. The 401(k) Plan covers substantially all current employees. Legacy Dime employees that continued to be employed following the Merger Date, that met eligibility requirements, were automatically enrolled in the plan unless they elected not to participate. Newly hired employees are automatically enrolled in the plan on the first day of the month following the 60 th Dime KSOP Plan The Dime Community Bank KSOP Plan (“Dime KSOP Plan”) was terminated by resolution of the Legacy Dime Board of Directors. The effective date of the Dime KSOP Plan termination was February 1, 2021, the date of the Merger. As such, all participants were required to transfer their assets out of the Dime KSOP Plan. The KSOP held Legacy Dime common stock within the accounts of participants totaling $40 thousand and $33.7 million at December 31, 2021 and 2020. During the years ended December 31, 2021, 2020 and 2019, total expense recognized as a component of salaries and employee benefits expense for the Dime KSOP Plan was $0.3 million, $1.9 million and $1.9 million, respectively. BMP and Outside Director Retirement Plan The Holding Company and Bank maintained the BMP, which existed in order to compensate executive officers for any curtailments in benefits due to statutory limitations on benefit plans. As of December 31, 2020, the BMP had investments, held in a rabbi trust, in the Common Stock of $2.2 million. Benefit accruals under the defined benefit portion of the BMP were suspended on April 1, 2000, when they were suspended under the Employee Retirement Plan. Effective July 1, 1996, the Company established the Outside Director Retirement Plan to provide benefits to each eligible outside director commencing upon the earlier of termination of Board service or at age 75 As of December 31, 2021 and 2020, the Bank used December 31 as its measurement date for both the BMP and Outside Director Retirement Plan. In connection with the Merger, the Outside Director Retirement Plan and the BMP were terminated, resulting in lump sum payments to the participants in the amounts of $2.8 million for the Outside Director Retirement Plan and $6.2 million for the BMP. The total expense recognized as a curtailment loss during the three months ended March 31, 2021 was $1.5 million. The combined funded status of the defined benefit portions of the BMP and the Director Retirement Plan was as follows: Year Ended December 31, (In thousands) 2021 2020 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 9,328 $ 9,360 Interest cost 12 234 Benefit payments (9,063) (771) Actuarial (gain) loss (277) 505 Projected benefit obligation at end of year — 9,328 Plan assets at fair value: Balance at beginning of year — — Contributions 9,063 771 Benefit payments (9,063) (771) Balance at end of period — — Funded status at end of year $ — $ (9,328) The combined net periodic cost for the defined benefit portions of the BMP and the Director Retirement Plan included the following components: Year Ended December 31, (In thousands) 2021 2020 2019 Interest cost $ 12 $ 234 $ 351 Curtailment loss 1,543 — — Amortization of unrealized loss — 179 59 Net periodic benefit cost $ 1,555 $ 413 $ 410 The combined change in accumulated other comprehensive loss that resulted from the BMP and Director Retirement Plan is summarized as follows: Year Ended December 31, (In thousands) 2021 2020 Balance at beginning of year $ (1,820) $ (1,494) Amortization of unrealized loss — 179 Gain (loss) recognized during the year 277 (505) Curtailment credit 1,543 — Balance at the end of year $ — $ (1,820) Period end component of accumulated other comprehensive loss, net of tax $ — $ 1,228 Major assumptions utilized to determine the net periodic cost and benefit obligations for both the BMP and Director Retirement Plan were as follows: At or For the Year Ended December 31, 2020 2019 Discount rate used for net periodic benefit cost – BMP 2.60 % 3.80 % Discount rate used for net periodic benefit cost – Director Retirement Plan 2.68 3.84 Discount rate used to determine BMP benefit obligation at year end 1.55 2.60 Discount rate used to determine Director Retirement Plan benefit obligation at year end 1.69 2.68 Postretirement Benefit Plan The Bank offered the Postretirement Benefit Plan to its retired employees who provided at least five consecutive years of credited service and were active employees prior to April 1, 1991. Postretirement Benefit Plan benefits were available only to full-time employees who commence or commenced collecting retirement benefits from the Retirement Plan immediately upon termination of service from the Bank. The Postretirement Benefit Plan was amended effective March 31, 2015 to eliminate plan participation for post-amendment retirees. During the year ended December 31, 2020, Legacy Dime approved the termination of the Postretirement Benefit Plan in anticipation of the Merger. As a result of the decision to terminate the plan, no additional benefits will be paid after January 31, 2021, and a curtailment gain of $1.6 million was recognized through net periodic cost during the year ended December 31, 2020. The funded status of the Postretirement Benefit Plan was as follows: Year Ended December 31, (In thousands) 2021 2020 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 13 $ 1,608 Interest cost — 42 Actuarial loss — 105 Curtailment gain — (1,577) Benefit payments (13) (165) Projected benefit obligation at end of year — 13 Plan assets at fair value: Balance at beginning of year — — Contributions 13 165 Benefit payments (13) (165) Balance at end of period — — Funded status at end of year $ — $ (13) The Postretirement Benefit Plan net periodic cost included the following components: Year Ended December 31, (In thousands) 2020 2019 Interest cost $ 42 $ 56 Curtailment gain 1,651 — Amortization of unrealized loss (9) (20) Net periodic benefit cost $ 1,684 $ 36 The change in accumulated other comprehensive loss that resulted from the Postretirement Benefit Plan is summarized as follows: Year Ended December 31, (In thousands) 2020 Balance at beginning of period $ 188 Amortization of unrealized loss (9) Recognition of prior service cost (74) Loss recognized during the year (105) Balance at the end of the period $ — Period end component of accumulated other comprehensive loss, net of tax $ — Major assumptions utilized to determine the net periodic cost were as follows: At or For the Year Ended December 31, 2020 2019 Discount rate used for net periodic benefit cost 2.69 % 3.82 % Discount rate used to determine benefit obligation at period end 0.29 2.69 |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2021 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 20. STOCK-BASED COMPENSATION Before the Merger, Bridge and Legacy Dime granted share-based awards under their respective share-based compensation plans, (collectively, the “Legacy Stock Plans”), which are both subject to the accounting requirements of ASC 718. In May 2021, the Company’s shareholders approved the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) to provide the Company with sufficient equity compensation to meet the objectives of appropriately incentivizing its officers, other employees, and directors to execute our strategic plan to build shareholder value, while providing appropriate shareholder protections. The Company no longer makes grants under the Legacy Stock Plans. Awards outstanding under the Legacy Stock Plans will continue to remain outstanding and subject to the terms and conditions of the Legacy Stock Plans. At December 31, 2021, there were 1,123,844 shares reserved for issuance under the 2021 Equity Incentive Plan. In anticipation of the Merger, Legacy Dime accelerated and vested all unvested and outstanding share-based awards such that there were no outstanding awards as of December 31, 2020. In connection with the Merger, all outstanding stock options granted under Legacy Dime’s equity plans, were legally assumed by the combined company and adjusted so that its holder is entitled to receive a number of shares of Dime’s common stock equal to the product of (a) the number of shares of Legacy Dime common stock subject to such award multiplied by (b) the Exchange Ratio and (c) rounded, as applicable, to the nearest whole share, and otherwise subject to the same terms and conditions (including, without limitation, with respect to vesting conditions (taking into account any vesting that occurred at the Merger Date)). In connection with the Merger, all outstanding stock options and time-vesting restricted stock units of Bridge, which we refer to as the Bridge equity awards, which were outstanding immediately before the Merger Date continue to be awards in respect of Dime common stock following the Merger, subject to the same terms and conditions that were applicable to such awards before the Merger Date. Stock Option Activity The following table presents a summary of activity related to stock options granted under the Legacy Stock Plans, and changes during the period then ended: Weighted- Average Aggregate Weighted- Remaining Intrinsic Number of Average Exercise Contractual Value Options Price Years (In thousands) Options outstanding at January 1, 2021 as adjusted for conversion 18,685 $ 23.23 Options acquired 180,020 35.39 Options exercised (48,031) 30.66 Options forfeited (29,421) 35.38 Options outstanding at December 31, 2021 121,253 $ 35.39 7.2 $ 14 Options vested and exercisable at December 31, 2021 121,253 $ 35.39 7.2 $ 14 Information related to stock options during each period is as follows: Year Ended December 31, (In thousands) 2021 2020 2019 Cash received for option exercise cost $ 431 $ 38 $ 367 Income tax (expense) benefit recognized on stock option exercises (15) — 39 Intrinsic value of options exercised 171 8 229 The range of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options (by option exercise cost) as of December 31, 2021 were as follows: Outstanding Options Vested Options Weighted Weighted Average Average Contractual Contractual Years Years Amount Remaining Amount Remaining Exercise Prices: $34.87 46,799 8.1 46,799 8.1 $35.35 42,475 7.1 42,475 7.1 $36.19 31,979 6.1 31,979 6.1 Total 121,253 7.2 121,253 7.2 Restricted Stock Awards The Company has made RSA grants to outside Directors and certain officers under the Legacy Stock Plans and the 2021 Equity Incentive Plan. Typically, awards to outside Directors fully vest on the first anniversary of the grant date, while awards to officers vest over a pre-determined requisite period. All awards were made at the fair value of the Company’s common stock on the grant date. Compensation expense on all RSAs is based upon the fair value of the shares on the respective dates of the grant. During the year ended December 31, 2020, Legacy Dime modified certain RSAs to accelerate the vesting of all outstanding awards in connection with the Merger. Total expense recognized as part of the acceleration was approximately $2.5 million. The following table presents a summary of activity related to the RSAs granted, and changes during the period then ended: Weighted- Average Number of Grant-Date Shares Fair Value Unvested allocated shares outstanding at January 1, 2021 — $ — Shares acquired in the Merger 101,778 25.98 Shares granted 390,027 26.48 Shares vested (9,838) 25.41 Shares forfeited (35,044) 25.89 Unvested allocated shares at December 31, 2021 446,923 $ 26.45 Information related to RSAs during each period is as follows: Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Compensation expense recognized $ 5,253 $ 4,217 $ 1,540 Income tax benefit (expense) recognized on vesting of RSAs 27 (211) 11 As of December 31, 2021, there was $6.8 million of total unrecognized compensation cost related to unvested RSAs to be recognized over a weighted-average period of 2.8 years. Performance-Based Share Awards The Company maintains a LTIP for certain officers, which meets the criteria for equity-based accounting. For each award, threshold (50% of target), target (100% of target) and stretch (150% of target) opportunities are eligible to be earned over a three-year performance period based on the Company’s relative performance on certain goals that were established at the onset of the performance period and cannot be altered subsequently. Shares of common stock are issued on the grant date and held as unvested stock awards until the end of the performance period. Shares are issued at the stretch opportunity in order to ensure that an adequate number of shares are allocated for shares expected to vest at the end of the performance period. Compensation expense on PSAs is based upon the fair value of the shares on the date of the grant for the expected aggregate share payout as of the period end. During the year ended December 31, 2020, Legacy Dime modified certain PSAs to accelerate the vesting of all outstanding awards in connection with the Merger. Total expense recognized as part of the acceleration was approximately $1.7 million. There were no outstanding PSAs at December 31, 2020. This plan continued into 2021, and as of December 31, 2021, 38,948 shares have been granted. The following table presents a summary of activity related to the PSAs granted, and changes during the period then ended: Weighted- Average Number of Grant-Date Shares Fair Value Maximum aggregate share payout at January 1, 2021 — $ — Shares granted 38,948 31.40 Maximum aggregate share payout at December 31, 2021 38,948 $ 31.40 Minimum aggregate share payout — — Expected aggregate share payout 29,951 $ 30.72 Information related to PSAs during each period is as follows: Year Ended December 31, (In thousands) 2021 2020 2019 Compensation expense recognized $ 154 $ 2,279 $ 132 Income tax benefit recognized on vesting of PSAs — 60 — As of December 31, 2021, there was $765 thousand of total unrecognized compensation cost related to unvested PSAs based on the expected aggregate share payout to be recognized over a weighted-average period of 2.5 years. Sales Incentive Awards Legacy Dime maintained a sales incentive award program for certain officers, which meets the criteria for equity-based accounting. For each quarter an individual earned their shares based on their sales performance in that quarter. The shares then vested one year from the quarter in which they are earned. Shares of common stock were issued on the grant date and held as unvested stock awards until the end of the performance period. They were issued at the maximum opportunity in order to ensure that an adequate number of shares were allocated for shares expected to vest at the end of the performance period. During the year ended December 31, 2020, Legacy Dime modified certain performance-based share awards to accelerate the vesting of all outstanding awards in connection with the Merger. Total compensation expense recognized as part of the acceleration was approximately $341 thousand. There were no outstanding sales incentive share awards at December 31, 2020. Total compensation expenses of $727 thousand and $171 thousand were recognized during the years ended December 31, 2020 and 2019. There was no sales incentive awards compensation expense recognized during the year ended December 31, 2021. There was no activity related to sales incentive awards during the year ended December 31, 2021. |
EARNINGS PER COMMON SHARE ("EPS
EARNINGS PER COMMON SHARE ("EPS") | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER COMMON SHARE ("EPS") | |
EARNINGS PER COMMON SHARE ("EPS") | 21. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock, and prior to 2021, if all likely aggregate PSAs were issued. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested RSA shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA and PSA shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented: Year Ended December 31, (In thousands except share and per share amounts) 2021 2020 2019 Net income available to common stockholders $ 96,710 $ 37,535 $ 36,186 Less: Dividends paid and earnings allocated to participating securities (1,215) (149) (184) Income attributable to common stock $ 95,495 $ 37,386 $ 36,002 Weighted average common shares outstanding, including participating securities 39,327,959 21,729,484 23,240,571 Less: weighted average participating securities (425,533) (191,536) (137,563) Weighted average common shares outstanding 38,902,426 21,537,948 23,103,008 Basic EPS $ 2.45 $ 1.74 $ 1.56 Income attributable to common stock $ 95,495 $ 37,386 $ 36,002 Weighted average common shares outstanding 38,902,426 21,537,948 23,103,008 Weighted average common equivalent shares outstanding 611 500 82,903 Weighted average common and equivalent shares outstanding 38,903,037 21,538,448 23,185,911 Diluted EPS $ 2.45 $ 1.74 $ 1.55 Common and equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the common stock over the exercise price of outstanding in-the-money stock options during the period. There were 167,053 and 15,498 weighted-average stock options outstanding for the years ended December 31, 2021 and 2020, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. There were no "out-of-the-money" stock options for the year ended December 31, 2019. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2021 | |
PREFERRED STOCK. | |
PREFERRED STOCK | 22. PREFERRED STOCK On February 5, 2020, Legacy Dime completed an underwritten public offering of 2,999,200 shares, or $75.0 million in aggregate liquidation preference, of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share (the “Legacy Dime Preferred Stock”). The net proceeds received from the issuance of preferred stock at the time of closing were $72.2 million. On June 10, 2020, Legacy Dime completed an underwritten public offering, a reopening of the February 5, 2020 original issuance, of 2,300,000 shares, or $57.5 million in aggregate liquidation preference, of the Legacy Dime Preferred Stock. The net proceeds received from the issuance of preferred stock at the time of closing were $44.3 million. At the Effective Time of the Merger, each outstanding share of the Legacy Dime Preferred Stock was converted into the right to receive one share of a newly created series of the Company’s preferred stock having the same powers, preferences and rights as the Legacy Dime Preferred Stock. The Company expects to pay dividends when, as, and if declared by its board of directors, at a fixed rate of 5.50% per annum, payable quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year. The Preferred Stock is perpetual and has no stated maturity. The Company may redeem the Preferred Stock at its option at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends), subject to regulatory approval, on or after June 15, 2025 or within 90 days following a regulatory capital treatment event, as described in the prospectus supplement and accompanying prospectus relating to the offering. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 23. COMMITMENTS AND CONTINGENCIES Loan Commitments and Lines of Credit The contractual amounts of financial instruments with off-balance sheet risk at year-end were as follows: 2021 2020 (In thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Available lines of credit $ 69,333 $ 981,726 $ — $ 210,660 Other loan commitments 89,537 136,553 14,613 68,286 Stand-by letters of credit 34,852 689 8,610 — At December 31, 2021 and 2020, the Bank had outstanding firm loan commitments that were accepted by the borrower aggregating $226.1 million and $82.9 million, respectively. The year-over-year increase in loan commitments was related to the Merger. Substantially all of the Bank’s commitments expire within three months of their acceptance by the prospective borrower. The credit risk associated with these commitments is based on the loan type which is comprised of multifamily residential, residential mixed-use, commercial real estate, commercial mixed-use, C&I, and one-to-four family residential loans. At December 31, 2021, the Bank had an available line of credit with the FHLBNY equal to its excess borrowing capacity. At December 31, 2021, this amount approximated $3.2 billion. During the year ended December 31, 2017, the Bank completed a securitization of $280.2 million of its multifamily loans through a Federal Home Loan Mortgage Corporation (“FHLMC”) sponsored “Q-deal” securitization completed in December 2017. With respect to the securitization transaction, the Company also has continuing involvement through a reimbursement agreement executed with Freddie Mac. To the extent the ultimate resolution of defaulted loans results in contractual principal and interest payments that are deficient, the Company is obligated to reimburse FHLMC for such amounts, not to exceed 10% of the original principal amount of the loans comprising the securitization pool at the closing date. Litigation The Company is subject to certain pending and threatened legal actions which arise out of the normal course of business. Litigation is inherently unpredictable, particularly in proceedings where claimants seek substantial or indeterminate damages, or which are in their early stages. The Company cannot predict with certainty the actual loss or range of loss related to such legal proceedings, the manner in which they will be resolved, the timing of final resolution or the ultimate settlement. Consequently, the Company cannot estimate losses or ranges of losses related to such legal matters, even in instances where it is reasonably possible that a loss will be incurred. In the opinion of management, after consultation with counsel, the resolution of all ongoing legal proceedings will not have a material adverse effect on the consolidated financial condition or results of operations of the Company. The Company accounts for potential losses related to litigation in accordance with GAAP. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 24. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 Inputs Level 2 Inputs e.g. Level 3 Inputs – Assets and Liabilities Measured at Fair Value on a Recurring Basis Securities The Company’s marketable equity securities and available-for-sale securities are reported at fair value, which were determined utilizing prices obtained from independent parties. The valuations obtained are based upon market data, and often utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used or some market inputs may not be applicable. Prioritization of inputs may vary on any given day based on market conditions. All MBS, CMOs, treasury securities, and agency notes are guaranteed either implicitly or explicitly by GSEs as of December 31, 2021 and December 31, 2020. In accordance with the Company’s investment policy, corporate securities are rated "investment grade" at the time of purchase and the financials of the issuers are reviewed quarterly. Obtaining market values as of December 31, 2021 and December 31, 2020 for these securities utilizing significant observable inputs was not difficult due to their liquid nature. Derivatives Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date. The following tables present financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value Measurements at December 31, 2021 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Securities available-for-sale: Agency notes $ 80,254 $ — $ 80,254 $ — Treasury securities 244,769 — 244,769 — Corporate securities 152,030 — 152,030 — Pass-through MBS issued by GSEs 526,454 — 526,454 — Agency CMOs 521,258 — 521,258 — State and municipal obligations 38,946 — 38,946 — Derivative – cash flow hedges 4,358 — 4,358 — Derivative – freestanding derivatives, net 40,728 — 40,728 — Financial Liabilities: Derivative – freestanding derivatives, net 40,728 — 40,728 — Fair Value Measurements at December 31, 2020 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Marketable equity securities (Registered mutual funds) Domestic equity mutual funds $ 1,769 $ 1,769 $ — $ — International equity mutual funds 468 468 — — Fixed income mutual funds 3,733 3,733 — — Securities available-for-sale: Agency notes 47,421 — 47,421 — Corporate securities 64,461 — 64,461 — Pass-through MBS issued by GSEs 143,483 — 143,483 — Agency CMOs 283,496 — 283,496 — Derivative – freestanding derivatives, net 30,596 — 30,596 — Financial Liabilities: Derivative – cash flow hedges 18,442 — 18,442 — Derivative – freestanding derivatives, net 30,596 — 30,596 — Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis. That is, they are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis include certain individually evaluated loans (or impaired loans prior to the adoption of ASC 326) reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. December 31, 2021 Fair Value Measurements Using: Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs (In thousands) Value (Level 1) (Level 2) (Level 3) Individually evaluated loans $ 1,900 $ — $ — $ 1,900 Individually evaluated loans with an allowance for credit losses at December 31, 2021 had a carrying amount of $1.9 million, which is made up of the outstanding balance of $2.5 million, net of a valuation allowance of $600 thousand. Collateral dependent individually analyzed loans as of December 31, 2021 resulted in a credit loss provision of $600 thousand, which is included in the amounts reported in the consolidated statements of income for the year ended December 31, 2021. There were no collateral dependent impaired loans (prior to the adoption of the CECL Standard) with an allowance for credit losses at December 31, 2020. Financial Instruments Not Measured at Fair Value The following tables present the carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or nonrecurring basis for the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value Measurements at December 31, 2021 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 393,722 $ 393,722 $ — $ — $ 393,722 Securities held-to-maturity 179,309 — 179,309 — 179,309 Loans held for investment, net 9,158,908 — — 9,169,872 9,169,872 Accrued interest receivable 40,149 — 4,481 35,668 40,149 Financial Liabilities: Savings, money market and checking accounts 9,605,731 9,605,731 — — 9,605,731 Certificates of Deposits ("CDs") 853,242 — 857,342 — 857,342 FHLBNY advances 25,000 — 25,014 — 25,014 Subordinated debt, net 197,096 — 202,334 — 202,334 Other short-term borrowings 1,862 1,862 — — 1,862 Accrued interest payable 870 — 870 — 870 Fair Value Measurements at December 31, 2020 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 243,603 $ 243,603 $ — $ — $ 243,603 Loans held for investment, net 5,580,583 — — 5,598,787 5,598,787 Accrued interest receivable 34,815 2 1,584 33,229 34,815 Financial Liabilities: Savings, money market and checking accounts 3,202,484 3,202,484 — — 3,202,484 CDs 1,322,638 — 1,328,554 — 1,328,554 FHLBNY advances 1,204,010 — 1,207,890 — 1,207,890 Subordinated debt, net 114,052 — 114,340 — 114,340 Other short-term borrowings 120,000 120,000 — — 120,000 Accrued interest payable 1,734 — 1,734 — 1,734 |
REGULATORY CAPITAL MATTERS
REGULATORY CAPITAL MATTERS | 12 Months Ended |
Dec. 31, 2021 | |
REGULATORY CAPITAL MATTERS | |
REGULATORY CAPITAL MATTERS | 25. REGULATORY CAPITAL MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital requirements that involve quantitative measures of the Company’s and Bank’s assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications also are subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total, tier 1, and common equity tier 1 capital to risk-weighted assets and of tier 1 capital to average assets. Tier 1 capital, risk-weighted assets and average assets are as defined by regulation. The required minimums for the Company and Bank are set forth in the tables that follow. The Company and the Bank met all capital adequacy requirements at December 31, 2021 and 2020. Under the Basel III Capital Rules the Company and the Bank are subject to the following minimum capital to risk-weighted assets ratios: a) 4.5% based on common equity tier 1 capital ("CET1"); b) 6.0% based on tier 1 capital; and c) 8.0% based on total regulatory capital. A minimum leverage ratio (tier 1 capital as a percentage of total average assets) of 4.0% is also required under the Basel III Capital Rules. The Basel III Capital Rules additionally require institutions to retain a capital conservation buffer, composed of CET1, of 2.5% above these required minimum capital ratio levels. Including the capital conservation buffer, the Company and the Bank effectively have the following minimum capital to risk-weighted assets ratios: a) 7.0% based on CET1; b) 8.5% based on tier 1 capital; and c) 10.5% based on total regulatory capital. The Company and the Bank made the one-time, permanent election to continue to exclude the effects of accumulated other comprehensive income or loss items included in stockholders’ equity for the purposes of determining the regulatory capital ratios. As of December 31, 2021, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1 risk-based, and tier 1 leverage ratios as set forth in the tables below. Since that notification, there are no conditions or events that management believes have changed the institution’s category. The following tables present actual capital levels and minimum required levels for the Company and the Bank under Basel III rules at December 31, 2021 and 2020: For Capital To Be Categorized (Dollars in thousands) Actual Adequacy Purposes (1) as “Well Capitalized” (1) Minimum Minimum December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Tier 1 capital / % of average total assets Bank $ 1,215,586 10.0 % $ 488,506 4.0 % $ 610,633 5.0 % Consolidated Company 1,037,235 8.5 490,420 4.0 N/A N/A Common equity Tier 1 capital / % of risk-weighted assets Bank 1,215,586 12.5 436,539 4.5 630,557 6.5 Consolidated Company 920,666 9.5 436,700 4.5 N/A N/A Tier 1 capital / % of risk-weighted assets Bank 1,215,586 12.5 582,052 6.0 776,070 8.0 Consolidated Company 1,037,235 10.7 582,267 6.0 N/A N/A Total capital / % of risk-weighted assets Bank 1,304,242 13.4 776,070 8.0 970,087 10.0 Consolidated Company 1,304,891 13.4 776,356 8.0 N/A N/A (1) In accordance with the Basel III rules. For Capital To Be Categorized (Dollars in thousands) Actual Adequacy Purposes (1) as “Well Capitalized” (1) Minimum Minimum December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Tier 1 capital / % of average total assets Bank $ 653,393 10.2 % $ 257,143 4.0 % $ 321,428 5.0 % Consolidated Company 651,382 10.0 261,949 4.0 N/A N/A Common equity Tier 1 capital / % of risk-weighted assets Bank 653,393 12.5 235,243 4.5 339,796 6.5 Consolidated Company 534,813 10.2 235,499 4.5 N/A N/A Tier 1 capital / % of risk-weighted assets Bank 653,393 12.5 313,658 6.0 418,210 8.0 Consolidated Company 651,382 12.4 313,999 6.0 N/A N/A Total capital / % of risk-weighted assets Bank 695,300 13.3 418,210 8.0 522,763 10.0 Consolidated Company 808,289 15.4 418,666 8.0 N/A N/A (1) In accordance with the Basel III rules. |
CONDENSED HOLDING COMPANY ONLY
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2021 | |
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS | |
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS | 26. CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS The following statements of condition as of December 31, 2021 and 2020, and the related statements of income and cash flows for the years ended December 31, 2021, 2020 and 2019, reflect the Holding Company’s investment in its wholly-owned subsidiary, the Bank, using, as deemed appropriate, the equity method of accounting: DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF FINANCIAL CONDITION December 31, (In thousands) 2021 2020 ASSETS: Cash and due from banks $ 27,364 $ 106,014 Securities available-for-sale, at fair value 3,068 — Marketable equity securities, at fair value — 5,970 Investment in subsidiaries 1,366,796 703,107 Other assets 4,285 1,018 Total assets $ 1,401,513 $ 816,109 LIABILITIES AND STOCKHOLDERS’ EQUITY: Subordinated debt, net $ 197,096 $ 114,052 Other liabilities 11,797 961 Stockholders’ equity 1,192,620 701,096 Total liabilities and stockholders’ equity $ 1,401,513 $ 816,109 DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (1) Year Ended December 31, (In thousands) 2021 2020 2019 Net interest loss $ (8,427) $ (5,147) $ (5,147) Dividends received from Bank 20,000 30,000 52,500 Non-interest income 136 361 531 Non-interest expense (4,361) (1,176) (1,003) Income before income taxes and equity in undistributed earnings of direct subsidiaries 7,348 24,038 46,881 Income tax credit 4,051 1,819 1,785 Income before equity in undistributed earnings of direct subsidiaries 11,399 25,857 48,666 Equity in undistributed earnings of subsidiaries 92,597 16,461 (12,480) Net income $ 103,996 $ 42,318 $ 36,186 (1) Other comprehensive income for the Holding Company approximated other comprehensive income for the consolidated Company during the years ended December 31, 2021, 2020 and 2019. DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2021 2020 2019 Cash flows from operating activities: Net income $ 103,996 $ 42,318 $ 36,186 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of direct subsidiaries (92,597) (16,461) 12,480 Net gain on marketable equity securities (131) (361) (531) Net accretion (157) 146 147 Decrease (increase) in other assets 761 (502) 26 Increase in other liabilities 269 214 388 Net cash provided by operating activities 12,141 25,354 48,696 Cash flows from investing activities: Proceeds sales of marketable equity securities 6,101 546 570 Purchases of securities available-for-sale and marketable equity securities (3,000) (261) (266) Reimbursement from subsidiary, including purchases of securities available-for-sale — 2 26 Net cash received in business combination 11,545 — — Net cash provided by investing activities 14,646 287 330 Cash flows from financing activities: Redemption of preferred stock — (3) (1) Proceeds from preferred stock issuance, net — 116,569 — Proceeds from exercise of stock options 431 38 367 Release of stock for benefit plan awards 1,153 84 131 Payments related to tax withholding for equity awards (111) (3,060) (133) BMP ESOP shares received to satisfy distribution of retirement benefits (993) — (4) Treasury shares repurchased (59,280) (35,356) (24,191) Cash dividends paid to preferred stockholders (7,286) (4,783) — Cash dividends paid to common stockholders (39,351) (18,696) (20,082) Net cash (used in) provided by financing activities (105,437) 54,793 (43,913) Net (decrease) increase in cash and due from banks (78,650) 80,434 5,113 Cash and due from banks, beginning of period 106,014 25,580 20,467 Cash and due from banks, end of period $ 27,364 $ 106,014 $ 25,580 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation On February 1, 2021, Dime Community Bancshares, Inc., a Delaware corporation (“Legacy Dime”) merged with and into Bridge Bancorp, Inc., a New York corporation (“Bridge”) (the “Merger”), with Bridge as the surviving corporation under the name “Dime Community Bancshares, Inc.” (the “Holding Company”). At the effective time of the Merger (the “Effective Time”), each outstanding share of Legacy Dime common stock, par value $0.01 per share, was converted into the right to receive 0.6480 shares of the Holding Company’s common stock, par value $0.01 per share. At the Effective Time, each outstanding share of Legacy Dime’s Series A preferred stock, par value $0.01 (the “Dime Preferred Stock”), was converted into the right to receive one share of a newly created series of the Holding Company’s preferred stock having the same powers, preferences and rights as the Dime Preferred Stock. Immediately following the Merger, Dime Community Bank, a New York-chartered commercial bank and a wholly-owned subsidiary of Legacy Dime, merged with and into BNB Bank, a New York-chartered trust company and a wholly-owned subsidiary of Bridge, with BNB Bank as the surviving bank, under the name “Dime Community Bank” (the “Bank”). The audited consolidated financial statements presented in this Annual Report on Form 10-K include the collective results of the Holding Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.” The Merger was accounted for as a reverse merger using the acquisition method of accounting, which means that for accounting and financial reporting purposes, Legacy Dime was deemed to have acquired Bridge in the Merger, even though Bridge was the legal acquirer. Accordingly, Legacy Dime’s historical financial statements are the historical financial statements of the combined company for all periods before February 1, 2021 (the “Merger Date”). The Company’s results of operations for 2021 include the results of operations of Bridge on and after the Merger Date. Results for periods before the Merger Date reflect only those of Legacy Dime and do not include the results of operations of Bridge. The number of shares issued and outstanding, earnings per share, additional paid-in capital, dividends paid and all references to share quantities of the Company have been retrospectively adjusted to reflect the equivalent number of shares issued to holders of Legacy Dime common stock in the Merger. The assets and liabilities of Bridge as of the Merger Date have been recorded at their estimated fair value and added to those of Legacy Dime. See Note 2. Merger for further information. As of December 31, 2021, we operated 60 branch locations throughout Greater Long Island and Manhattan. The Company is a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Dime Community Bank. The Bank was established in 1910 and is headquartered in Hauppauge, New York. The Holding Company was incorporated under the laws of the State of New York in 1988 to serve as the holding company for the Bank. The Company functions primarily as the holder of all of the Bank’s common stock. Our bank operations include Dime Community Inc., a real estate investment trust subsidiary which was formerly known as Bridgehampton Community, Inc., as an operating subsidiary. Our bank operations also include Bridge Abstract LLC (“Bridge Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. In September 2021, the Company dissolved two REITs, DSBW Preferred Funding Corporation and DSBW Residential Preferred Funding Corporation, which were wholly-owned subsidiaries of the Bank, and the preferred shares outstanding were redeemed by its shareholders. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and general practices within the financial institution industry. The accompanying consolidated financial statements include the accounts of the Holding Company and the Bank and its subsidiaries. All inter-company accounts and transactions have been eliminated in consolidation. The following is a description of the significant accounting policies that the Company follows in preparing its consolidated financial statements. |
Use of Estimates | Use of Estimates To prepare consolidated financial statements in conformity with GAAP, management makes judgments, estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
Risks and Uncertainties | Risks and Uncertainties In March 2020, the World Health Organization declared the outbreak of COVID-19 as a global pandemic, which has spread to most countries, including the United States. The pandemic has adversely affected economic activity globally, nationally and locally. In March 2020, the United States declared a National Public Health Emergency in response to the COVID-19 pandemic. In an effort to mitigate the spread of COVID-19, local state governments, including New York (in which the Bank has retail banking offices), have taken preventative or protective actions such as travel restrictions, advising or requiring individuals to limit or forego their time outside of their homes, and other forced closures for certain types of non-essential businesses. The impact of these actions is expected to continue to have an adverse impact on the economies and financial markets in the United States. The Coronavirus Aid, Relief and Economic Security (“CARES”) Act was signed into law at the end of March 2020. The CARES Act is intended to provide relief and lessen a severe economic downturn. The stimulus package includes direct financial aid to American families and economic stimulus to significantly impacted industry sectors. The package also includes extensive emergency funding for hospitals and healthcare providers. In December 2020, the 2021 Consolidated Appropriations Act was signed into law to provide additional relief. It is possible that there will be continued material, adverse impacts to significant estimates, asset valuations, and business operations, including intangible assets, investments, loans, deferred tax assets, and derivative counter party risk. |
Cash and Cash Equivalents | Cash and Cash Equivalents - |
Securities | Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest separately in accrued interest receivable in the consolidated balance sheet. A debt security is placed on non-accrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on non-accrual is reversed against interest income. There were no non-accrual debt securities at December 31, 2021 and there was no accrued interest related to debt securities reversed against interest income for the year ended December 31, 2021. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. |
Restricted Stock | Restricted Stock |
Loans Held for Sale | Loans Held for Sale - originated and intended for sale are generally sold with servicing rights retained. Certain problematic loans in which the Company identified for sale were re-classified as held for sale and carried at the lower of cost or their expected net realizable proceeds when management had the intent to sell or there was a pending note sale agreement. |
Loans | Loans Unless otherwise noted, the above policy is applied consistently to all loan segments. Allowance for Credit Losses Allowance for credit losses on held-to-maturity securities For a debt security in the held-to-maturity portfolio that does not share common risk characteristics with any of the pools of debt securities, expected credit loss on each security is individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the security. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities or agencies, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to technically default. Therefore, for those securities, the Company does not record expected credit losses. Allowance for credit losses on available-for-sale securities amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. Declines in fair value that have not been recorded through an allowance for credit losses, such as declines due to changes in market interest rates, are excluded from earnings and reported, net of tax, in other comprehensive income (“OCI”). Management also assesses whether it intends to sell or is more likely than not that it will be required to sell a security in an unrealized loss position before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the entire difference between amortized cost and fair value is recognized as impairment through earnings. Allowance for credit losses on loans held for investment – The Company evaluates its loan pooling methodology at least annually. The Company has identified the following loan pools used to measure the allowance for credit losses as follows: One-to-four family residential, including condominium and cooperative apartment loans - Multifamily residential and residential mixed-use loans - Commercial real estate and commercial mixed-use loans - Acquisition, development, and construction loans Commercial, Industrial and Agricultural Loans - Other Loans Troubled debt restructurings (“TDRs”) Management estimates the allowance for credit losses on each loan pool using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historically observed credit loss experience of peer banks within our geography provide the basis for the estimation of expected credit losses on similar loan pools. Within the model, assumptions are made in the determination of probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods. Statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of the peer group. These models are then utilized to forecast future expected loan losses based on expected future behavior of the same macro-economic variables. Adjustments to the quantitative results are adjusted using qualitative factors. These factors include: (1) lending policies and procedures; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio; (4) the experience, ability, and depth of the lending management and other relevant staff; (5) the volume and severity of past due loans; (6) the quality of our loan review system; (7) the value of underlying collateral for collateralized loans; (8) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (9) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Collectively evaluated loans and the associated allowance for credit losses totaled $8.98 billion and $41.4 million at December 31, 2021, respectively. Individually evaluated loans – The fair value of real estate collateral is determined based on recent appraised values. Appraisals are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. All appraisals undergo a second review process to ensure that the methodology employed and the values derived are reasonable. Generally, collateral values for real estate loans for which measurement of expected losses is dependent on collateral values are updated every twelve months. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. Once the expected credit loss amount is determined, an allowance is provided for equal to the calculated expected credit loss and included in the allowance for credit losses. Pursuant to the Company’s policy, credit losses must be charged-off in the period the loans, or portions thereof, are deemed uncollectable. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures Loans acquired in a business combination – At the acquisition date, the initial allowance for credit losses on PCD loans that share similar risk characteristics, management determined the allowance for expected credit losses in a similar manner to loans held for investment. That is, these loans were also segmented by loan pool and utilized a model which compares the amortized cost basis of the loan to the net present value of expected cash flows to be collected. Expected credit losses were determined by aggregating the individual cash flows and calculating a loss percentage by loan segment, or pool, for loans that share similar risk characteristics, and considers assumptions such as probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods. Management may consider adjustments to the quantitative results by using similar qualitative factors as those used for the determination of the estimated credit loss of loans held for investment. The non-credit discount or premium, after the adjustment for the allowance for credit losses, shall be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. At acquisition date, the initial allowance for PCD loans that do not share risk characteristics with pooled PCD loans, the Company evaluated the loan on an individual basis. The expected credit loss was measured based on net realizable value, that is, the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the amortized cost basis of the loan. For these loans, the Company recognizes expected credit loss equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs), except when the loan is collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss was measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated costs to sell the loan if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The non-credit discount or premium, after the adjustment for the allowance for credit losses, shall be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. Individually evaluated PCD loans and the associated allowance for credit losses totaled $75.2 million and $13.9 million at December 31, 2021, respectively. A purchased financial asset that does not qualify as a PCD asset is accounted for similar to an originated financial asset. Generally, this means that an entity recognizes the allowance for credit losses for non-PCD assets through net income at the time of acquisition. In addition, both the credit discount and non-credit discount or premium resulting from acquiring a pool of purchased financial assets that do not qualify as PCD assets shall be allocated to each individual asset. This combined discount or premium shall be accreted to interest income using the effective yield method. The fair value of acquired loans involved third-party estimates utilizing input assumptions by management which may be complex or uncertain. The determination of the fair value of acquired loans is based on a discounted cash flow methodology that considers factors such as type of loan and related collateral, and requires management’s judgement on estimates about discount rates, expected future cash flows, market conditions and other future events. Management considers this to be a critical accounting estimate given the significant assumptions and judgement on uncertain factors. For PCD loans, an estimate of expected credit losses was made for loans with similar risk characteristics and was added to the purchase price to establish the initial amortized cost basis of the PCD loans. Any difference between the unpaid principal balance and the amortized cost basis is considered to relate to non-credit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For acquired loans not deemed PCD at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. For further discussion of our loan accounting and acquisitions, see Note 2 – Merger and Note 5 – Loans. |
Derivatives | Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific liabilities on the balance sheet. The Company also formally assesses, both at the hedge’s inception and on an on-going basis, whether the derivative instruments that are used are highly effective in offsetting changes in or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly. In addition, the Company obtains collateral above certain thresholds of the fair value of its hedges for each counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business. |
OREO | OREO |
Premises and Fixed Assets, Net | Premises and Fixed Assets, Net three |
Leases | Leases - ● Carryover of historical lease determination and lease classification conclusions ● Carryover of historical initial direct cost balances for existing leases ● Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component Adoption of the leasing standard resulted in the recognition of operating right-of-use assets, and operating lease liabilities The Company made a policy election to exclude the recognition requirements of ASU 2016-02 on short-term leases with original terms of 12 months or less. Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion, and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. The Company does not lease properties from any related parties. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years. |
Servicing Right Assets | Servicing Right Assets ("SRA") – i.e., |
Transfers of Financial Assets | Transfers of Financial Assets – |
BOLI | BOLI |
Income Taxes | Income Taxes A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not satisfying the "more likely than not" test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to tax matters in income tax expense. The Company had no unrecorded tax positions at December 31, 2021 or 2020. |
Employee Benefits | Employee Benefits – The Company provides a 401(k) plan, which covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the 60 th The Holding Company and Bank maintain the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”), the Dime Community Bancshares, Inc. 2019 Equity Incentive Plan, (the “2019 Equity Incentive Plan”), and the 2012 Stock-Based Compensation Plan (the “2012 Equity Incentive Plan”), (collectively the “Stock Plans”); which are discussed more fully in Note 20 Stock-Based Compensation. Under the Stock Plans, compensation cost is recognized for stock options and restricted stock awards issued to employees based on the fair value of the awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Holding Company’s common stock (“Common Stock”) at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. |
Basic and Diluted EPS | Basic and Diluted EPS - |
Comprehensive Income | Comprehensive Income |
Disclosures about Segments of an Enterprise and Related Information | Disclosures about Segments of an Enterprise and Related Information itself with retail deposits and other borrowings and to manage interest rate and credit risk. Accordingly, all significant operating decisions are based upon analysis of the Company as one operating segment or unit. For the years ended December 31, 2021, 2020 and 2019, there was no customer that accounted for more than 10% of the Company's consolidated revenue. |
Reclassifications | Reclassifications |
Adoption of New Accounting Standards | Adoption of New Accounting Standards Standards Adopted in 2021 ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) The Company adopted ASU No. 2016-13 on January 1, 2021 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. ASU 2016-13 was effective for the Company as of January 1, 2020. Under Section 4014 of the CARES Act, financial institutions required to adopt ASU 2016-13 as of January 1, 2020 were provided an option to delay the adoption of the CECL Standard framework. The Company elected to defer adoption of the CECL Standard until January 1, 2021. The CECL Standard requires that the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. This standard requires financial institutions and other organizations to use forward-looking information to better inform their credit loss estimates. Results for reporting periods beginning after January 1, 2021 are presented under the CECL Standard while prior period amounts will continue to be reported in accordance with previously applicable GAAP. The adoption of the CECL Standard resulted in an initial decrease of $3.9 million to the allowance for credit losses and an increase of $1.4 million to the reserve for unfunded commitments in other liabilities. The after-tax cumulative-effect adjustment of $1.7 million was recorded in retained earnings as of January 1, 2021. There were no held-to-maturity securities as of January 1, 2021 and, therefore, no impact from the adoption of the CECL Standard. Standards That Have Not Yet Been Adopted ASU 2020-04, Reference Rate Reform (Topic 848) ASU 2020-04 provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other transactions affected by the anticipated transition away from LIBOR toward new interest rate benchmarks. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. Once optional expedients are elected, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic within the Codification. We are evaluating the impact of ASU 2020-04 and expect the LIBOR transition will not have a material effect on the Company's consolidated financial statements. ASU 2021-01, Reference Rate Reform (Topic 848): Scope ASU 2021-01 clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining, or contract price alignment due to reference rate reform are in the scope of ASC 848. Entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. ASU 2020-01 is effective upon issuance and generally can be applied through December 31, 2022. The adoption of ASU 2021-01 is not expected to have a material effect on the Company's consolidated financial statements. |
MERGER (Tables)
MERGER (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
MERGER | |
Schedule of Bridge and legacy Dime common stock | Dime Community Bancshares, Inc. Ownership and Market Value Number of Market Value at Bridge Percentage $24.43 Bridge (Dollars and shares in thousands) Outstanding Shares Ownership Share Price Bridge shareholders 19,993 48.5% $ 488,420 Legacy Dime shareholders 21,233 51.5% 518,720 Total 41,226 100.0% $ 1,007,140 |
Schedule of hypothetical number of shares | Hypothetical Legacy Dime Ownership Number of Legacy Dime Percentage (Shares in thousands) Outstanding Shares Ownership Bridge shareholders 30,853 48.5% Legacy Dime shareholders 32,767 51.5% Total 63,620 100.0% |
Schedule of purchase price | (Dollars and shares in thousands) Number of hypothetical Legacy Dime shares issued to Bridge shareholders 30,853 Legacy Dime market price per share as of February 1, 2021 $ 15.90 Purchase price determination of hypothetical Legacy Dime shares issued to Bridge shareholders $ 490,560 Value of Bridge stock options hypothetically converted to options to acquire shares of Legacy Dime common stock 643 Cash in lieu of fractional shares 7 Purchase price consideration $ 491,210 |
Schedule of purchase price allocation | (In thousands) Purchase price consideration $ 491,210 Fair value of assets acquired: Cash and due from banks 715,988 Securities available-for-sale 651,997 Loans held for sale 10,000 Loans held for investment 4,531,640 Premises and fixed assets 37,881 Restricted stock 23,362 BOLI 94,085 Other intangible assets 10,984 Operating lease assets 45,603 Other assets 117,016 Total assets acquired 6,238,556 Fair value of liabilities assumed: Deposits 5,405,575 Other short-term borrowings 216,298 Subordinated debt 83,200 Operating lease liabilities 45,285 Other liabilities 97,147 Total liabilities assumed 5,847,505 Fair value of net identifiable assets 391,051 Goodwill resulting from Merger $ 100,159 |
Schedule of loans acquired | (In thousands) PCD loans: Unpaid principal balance $ 295,306 Non-credit discount at acquisition (9,050) Unpaid principal balance, net 286,256 Allowance for credit losses at acquisition (52,284) Fair value at acquisition 233,972 Non-PCD loans: Unpaid principal balance 4,289,236 Premium at acquisition 8,432 Fair value at acquisition 4,297,668 Total fair value at acquisition $ 4,531,640 |
Schedule of supplemental disclosures of cash flow information | (In thousands) Business combination: Fair value of tangible assets acquired $ 6,227,572 Goodwill, core deposit intangible and other intangible assets acquired 111,143 Liabilities assumed 5,847,505 Purchase price consideration 491,210 |
Schedule of pro forma amount | Year Ended December 31, (Dollars in thousands except per share amounts) 2021 2020 2019 Net interest income $ 365,075 $ 338,310 $ 294,842 Non-interest income 43,419 40,976 37,555 Net income 132,536 84,257 85,660 Net income available to common shareholders 124,323 78,453 84,380 Earnings per share: Basic 3.20 1.91 2.05 Diluted 3.20 1.90 2.05 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). | |
Activity in Accumulated Other Comprehensive Income (Loss), Net of Tax | Total Accumulated Defined Other Benefit Comprehensive (In thousands) Securities Plans Derivatives Income (Loss) Balance as of January 1, 2020 $ 4,621 $ (6,024) $ (4,537) $ (5,940) Other comprehensive income (loss) before reclassifications 11,221 802 (12,153) (130) Amounts reclassified from accumulated other comprehensive loss (3,148) (864) 4,158 146 Net other comprehensive income (loss) during the period 8,073 (62) (7,995) 16 Balance as of December 31, 2020 $ 12,694 $ (6,086) $ (12,532) $ (5,924) Other comprehensive (loss) income before reclassifications (19,733) 5,520 14,883 670 Amounts reclassified from accumulated other comprehensive loss (825) (740) 638 (927) Net other comprehensive (loss) income during the period (20,558) 4,780 15,521 (257) Balance as of December 31, 2021 $ (7,864) $ (1,306) $ 2,989 $ (6,181) |
Other Comprehensive Income (Loss) | Year Ended December 31, (In thousands) 2021 2020 2019 Change in unrealized holding gain or loss on securities: Change in net unrealized gain or loss during the period $ (28,865) $ 16,432 $ 9,693 Reclassification adjustment for net gains included in net gain on securities and other assets (1,207) (4,592) (31) Net change (30,072) 11,840 9,662 Tax (benefit) expense (9,514) 3,767 3,084 Net change in unrealized holding gain or loss on securities, net of reclassification adjustments and tax (20,558) 8,073 6,578 Change in pension and other postretirement obligations: Reclassification adjustment for expense included in other expense (1,092) (1,272) 729 Reclassification adjustment for curtailment loss (gain) 1,543 (1,651) — Change in the net actuarial gain or loss 6,563 2,817 (296) Net change 7,014 (106) 433 Tax expense 2,234 (44) 167 Net change in pension and other postretirement obligations 4,780 (62) 266 Change in unrealized gain or loss on derivatives: Change in net unrealized gain or loss during the period 5,277 (24,449) (8,254) Reclassification adjustment for loss included in loss on termination of derivatives 16,505 6,596 — Reclassification adjustment for expense included in interest expense 940 6,127 (955) Net change 22,722 (11,726) (9,209) Tax expense (benefit) 7,201 (3,731) (2,925) Net change in unrealized gain or loss on derivatives, net of reclassification adjustments and tax 15,521 (7,995) (6,284) Other comprehensive (loss) income, net of tax $ (257) $ 16 $ 560 |
INVESTMENT AND MORTGAGE-BACKE_2
INVESTMENT AND MORTGAGE-BACKED SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENT AND MORTGAGE-BACKED SECURITIES | |
Major Categories of Securities Owned by Entity | December 31, 2021 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Securities available-for-sale: Agency notes $ 82,476 $ — $ (2,222) $ 80,254 Treasury securities 247,916 — (3,147) 244,769 Corporate securities 148,430 4,354 (754) 152,030 Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") 528,749 4,271 (6,566) 526,454 Agency collateralized mortgage obligations ("CMOs") 527,348 2,705 (8,795) 521,258 State and municipal obligations 39,175 73 (302) 38,946 Total securities available-for-sale $ 1,574,094 $ 11,403 $ (21,786) $ 1,563,711 December 31, 2021 Gross Gross Amortized Unrecognized Unrecognized Fair (In thousands) Cost Gains Losses Value Securities held-to-maturity: Pass-through MBS issued by GSEs $ 118,382 $ 59 $ (1,141) $ 117,300 Agency CMOs 60,927 — (873) 60,054 Total securities held-to-maturity $ 179,309 $ 59 $ (2,014) $ 177,354 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Securities available-for-sale: Agency notes $ 47,500 $ 12 $ (91) $ 47,421 Corporate securities 62,021 2,440 — 64,461 Pass-through MBS issued by GSEs 135,842 7,672 (31) 143,483 Agency CMOs 274,898 8,674 (76) 283,496 Total securities available-for-sale $ 520,261 $ 18,798 $ (198) $ 538,861 |
Schedule of amortized cost and fair value of debt securities | December 31, 2021 Amortized Fair (In thousands) Cost Value Available-for-sale Within one year $ 852 $ 858 One to five years 281,148 277,877 Five to ten years 222,851 224,137 Beyond ten years 13,145 13,127 Pass-through MBS issued by GSEs and agency CMO 1,056,098 1,047,712 Total $ 1,574,094 $ 1,563,711 Held-to-maturity Pass-through MBS issued by GSEs and agency CMO $ 179,309 $ 177,354 Total $ 179,309 $ 177,354 |
Summary of Sale of Available-for-sale Securities | Year Ended December 31, (In thousands) 2021 2020 2019 Securities available-for-sale Proceeds $ 138,077 $ 94,252 $ 148,857 Gross gains 1,327 4,592 551 Tax expense on gains 421 1,444 175 Gross losses 120 — 520 Tax benefit on losses 38 — 166 |
Sales of Marketable Equity Securities | Year Ended December 31, (In thousands) 2021 2020 2019 Proceeds: Marketable equity securities $ 6,101 $ 546 $ 570 |
Gross Unrealized Losses and Fair Value of Investment Securities by Investment Category and Length of Time in a Continuous Unrealized Loss Position | December 31, 2021 Less than 12 12 Consecutive Consecutive Months Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities available-for-sale: Agency notes $ 58,607 $ 1,369 $ 21,647 $ 853 $ 80,254 $ 2,222 Treasury securities 244,769 3,147 — — 244,769 3,147 Corporate securities 37,620 754 — — 37,620 754 Pass-through MBS issued by GSEs 422,634 6,333 4,748 233 427,382 6,566 Agency CMOs 349,879 8,672 3,182 123 353,061 8,795 State and municipal obligations 18,887 302 — — 18,887 302 Securities held-to-maturity Pass-through MBS issued by GSEs $ 97,328 $ 1,141 $ — $ — $ 97,328 $ 1,141 Agency CMOs 60,054 873 — — 60,054 873 December 31, 2020 Less than 12 12 Consecutive Consecutive Months Months or Longer Total Fair Unrealized Fair Unrealized Fair Unrealized (In thousands) Value Losses Value Losses Value Losses Securities available-for-sale: Agency notes $ 22,409 $ 91 $ — $ — $ 22,409 $ 91 Pass-through MBS issued by GSEs 5,007 31 — — 5,007 31 Agency CMOs 6,563 30 4,954 46 11,517 76 |
LOANS HELD FOR INVESTMENT, NET
LOANS HELD FOR INVESTMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LOANS HELD FOR INVESTMENT, NET | |
Loan Categories | The following table presents the loan categories for the period ended as indicated: (In thousands) December 31, 2021 December 31, 2020 One-to-four family residential and cooperative/condominium apartment $ 669,282 $ 184,989 Multifamily residential and residential mixed-use 3,356,346 2,758,743 Commercial real estate ("CRE") 3,945,948 1,878,167 Acquisition, development, and construction ("ADC") 322,628 156,296 Total real estate loans 8,294,204 4,978,195 C&I 933,559 641,533 Other loans 16,898 2,316 Total 9,244,661 5,622,044 Allowance for credit losses (83,853) (41,461) Loans held for investment, net $ 9,160,808 $ 5,580,583 |
Activity in Allowance for Loan Losses | The following tables present data regarding the allowance for credit losses activity for the periods indicated: Real Estate Loans One-to-Four Family Multifamily Residential and Residential Cooperative/ and Condominium Residential Total Real Other (In thousands) Apartment Mixed-Use CRE ADC Estate C&I Loans Total Beginning balance as of January 1, 2019 $ 198 $ 13,446 $ 3,777 $ 397 $ 17,818 $ 3,946 $ 18 $ 21,782 Provision (credit) for credit losses 86 (3,233) 266 847 (2,034) 19,368 6 17,340 Charge-offs (22) (83) (145) — (250) (10,447) (8) (10,705) Recoveries 7 12 2 — 21 3 — 24 Ending balance as of December 31, 2019 $ 269 $ 10,142 $ 3,900 $ 1,244 $ 15,555 $ 12,870 $ 16 $ 28,441 Provision for credit losses 386 9,934 5,165 749 16,234 9,928 3 26,165 Charge-offs (11) (3,190) (6) — (3,207) (10,095) (7) (13,309) Recoveries — 130 — — 130 34 — 164 Ending balance as of December 31, 2020 $ 644 $ 17,016 $ 9,059 $ 1,993 $ 28,712 $ 12,737 $ 12 $ 41,461 Impact of adopting CECL as of January 1, 2021 1,048 (8,254) 4,849 381 (1,976) (1,935) (8) (3,919) Adjusted beginning balance as of January 1, 2021 1,692 8,762 13,908 2,374 26,736 10,802 4 37,542 PCD Day 1 2,220 3,292 23,124 117 28,753 23,374 157 52,284 Provision (credit) for credit losses 1,975 (3,921) (4,497) 2,366 (4,077) 6,016 1,364 3,303 Charge-offs (20) (391) (3,406) — (3,817) (4,984) (777) (9,578) Recoveries 65 74 37 — 176 123 3 302 Ending balance as of December 31, 2021 $ 5,932 $ 7,816 $ 29,166 $ 4,857 $ 47,771 $ 35,331 $ 751 $ 83,853 The following table presents the amortized cost basis of loans on non-accrual status as of the period indicated: December 31, 2021 Non-accrual with Non-accrual with (In thousands) No Allowance Allowance Reserve One-to-four family residential and cooperative/condominium apartment $ - $ 7,623 $ 1,278 CRE 1,301 3,752 797 C&I 348 26,918 16,973 Other - 365 361 Total $ 1,649 $ 38,658 $ 19,409 The Company did not recognize interest income on non-accrual loans during the year ended December 31, 2021. The following tables present the balance in the allowance for loan losses and the recorded investment in loans by portfolio segment and based on impairment method of ASC 326 as of the dates indicated: December 31, 2020 Real Estate Loans One-to-Four Family Multifamily Residential and Residential Cooperative/ and Condominium Residential Total Real Other (In thousands) Apartment Mixed-Use CRE ADC Estate C&I Loans Total Allowance for loan losses: Individually evaluated for impairment $ — $ — $ — $ — $ — $ 6,474 $ — $ 6,474 Collectively evaluated for impairment 644 17,016 9,059 1,993 28,712 6,263 12 34,987 Total ending allowance balance $ 644 $ 17,016 $ 9,059 $ 1,993 $ 28,712 $ 12,737 $ 12 $ 41,461 Loans: Individually evaluated for impairment $ — $ 1,863 $ 2,704 $ — $ 4,567 $ 12,502 $ — $ 17,069 Collectively evaluated for impairment 184,989 2,756,880 1,875,463 156,296 4,973,628 629,031 2,316 5,604,975 Total ending loans balance $ 184,989 $ 2,758,743 $ 1,878,167 $ 156,296 $ 4,978,195 $ 641,533 $ 2,316 $ 5,622,044 |
Impaired Real Estate Loans | The following tables summarize impaired loans with no related allowance recorded and with related allowance recorded as of the periods indicated (by collateral type within the real estate loan segment): December 31, 2020 Unpaid Principal Recorded Related (In thousands) Balance Investment (1) Allowance With no related allowance recorded: Multifamily residential and residential mixed-use $ 1,863 $ 1,863 $ — CRE 2,704 2,704 — Total with no related allowance recorded 4,567 4,567 — With an allowance recorded: C&I 12,502 12,502 6,474 Total with an allowance recorded 12,502 12,502 6,474 Total $ 17,069 $ 17,069 $ 6,474 (1) The recorded investment excludes net deferred costs, due to immateriality. The following table presents information for impaired loans for the periods indicated: Year Ended Year Ended December 31, 2020 December 31, 2019 Average Interest Average Interest Recorded Income Recorded Income (In thousands) Investment (1) Recognized (2) Investment (1) Recognized (2) With no related allowance recorded: One-to-four family residential, including condominium and cooperative apartment $ 1,179 $ — $ 9 $ 9 Multifamily residential and residential mixed-use 1,188 6 415 29 CRE 1,195 1 3,765 244 Total with no related allowance recorded 3,562 7 4,189 282 With an allowance recorded: C&I 10,605 1 5,125 13 Total $ 14,167 $ 8 $ 9,314 $ 295 (1) The recorded investment excludes net deferred costs, due to immateriality. (2) Cash basis interest and interest income recognized on accrual basis approximate each other. |
Past Due Financing Receivables | The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated: December 31, 2021 Loans 90 Days or 30 to 59 60 to 89 More Past Due Days Days and Still Total Total (In thousands) Past Due Past Due Accruing Interest Non-accrual Past Due Current Loans Real estate: One-to-four family residential, including condominium and cooperative apartment $ 3,294 $ 877 $ 1,945 $ 7,623 $ 13,739 $ 655,543 $ 669,282 Multifamily residential and residential mixed-use 30,983 3,339 — — 34,322 3,322,024 3,356,346 CRE 23,108 887 — 5,053 29,048 3,916,900 3,945,948 ADC — — — — — 322,628 322,628 Total real estate 57,385 5,103 1,945 12,676 77,109 8,217,095 8,294,204 C&I 3,753 7,040 1,056 27,266 39,115 894,444 933,559 Other 104 3 — 365 472 16,426 16,898 Total $ 61,242 $ 12,146 $ 3,001 $ 40,307 $ 116,696 $ 9,127,965 $ 9,244,661 December 31, 2020 Loans 90 Days or 30 to 59 60 to 89 More Past Due Days Days and Still Total Total (In thousands) Past Due Past Due Accruing Interest Non-accrual Past Due Current Loans Real estate: One-to-four family residential, including condominium and cooperative apartment $ — $ — $ 44 $ 858 $ 902 $ 184,087 $ 184,989 Multifamily residential and residential mixed-use — — 437 1,863 2,300 2,756,443 2,758,743 CRE 15,351 — — 2,704 18,055 1,860,112 1,878,167 ADC — — — — — 156,296 156,296 Total real estate 15,351 — 481 5,425 21,257 4,956,938 4,978,195 C&I — 917 2,848 12,502 16,267 625,266 641,533 Other 8 1 — 1 10 2,306 2,316 Total $ 15,359 $ 918 $ 3,329 $ 17,928 $ 37,534 $ 5,584,510 $ 5,622,044 |
Schedule of collateral dependent loans | December 31, 2021 Real Estate Associated Allowance (In thousands) Collateral Dependent for Credit Losses CRE $ 3,837 $ 600 C&I 348 - Total $ 4,185 $ 600 |
Schedule of loans by class modified as trouble debt restructurings | Modifications During the Year Ended December 31, 2021 Pre- Post- Modification Modification Outstanding Outstanding Number of Recorded Recorded (Dollars in thousands) Loans Investment Investment One-to-four family residential and cooperative/condominium apartment 2 $ 467 $ 467 CRE 1 10,000 - C&I 1 456 456 Total 4 $ 10,923 $ 923 |
Schedule of Related Party Loans | Year Ended December 31, (In thousands) 2021 Beginning balance $ 1,700 Acquired in Merger 4,217 New loans 1,243 Effect of changes in composition of related parties (239) Repayments (692) Balance at end of period $ 6,229 |
Loans Approved for Deferral | December 31, 2021 Number of Loans Balance % of Portfolio (Dollars in thousands) One-to-four family residential and cooperative/condominium apartment 5 $ 1,922 0.3 % CRE 1 3,487 0.1 C&I 1 251 - Total 7 $ 5,660 0.1 % |
Credit Risk Profile of the Real Estate Loans | December 31, 2021 (In thousands) 2021 2020 2019 2018 2017 2016 and Prior Revolving Revolving-Term Total One-to-four family residential, and condominium/cooperative apartment: Pass $ 129,679 $ 86,028 $ 80,195 $ 75,354 $ 77,829 $ 129,276 $ 49,878 $ 12,537 $ 640,776 Special mention — 1,124 335 752 334 2,158 846 747 6,296 Substandard — 1,944 2,038 597 2,202 14,512 — 894 22,187 Doubtful — — — 23 — — — — 23 Total one-to-four family residential, and condominium/cooperative apartment 129,679 89,096 82,568 76,726 80,365 145,946 50,724 14,178 669,282 Multifamily residential and residential mixed-use: Pass 590,462 341,206 455,277 151,226 332,749 1,145,609 12,277 825 3,029,631 Special mention — 11,040 14,486 — 11,817 26,252 — — 63,595 Substandard — 1,501 35,326 32,390 54,238 137,387 2,278 — 263,120 Doubtful — — — — — — — — — Total multifamily residential and residential mixed-use 590,462 353,747 505,089 183,616 398,804 1,309,248 14,555 825 3,356,346 CRE: Pass 872,049 848,694 529,182 306,360 298,904 815,238 43,183 6,188 3,719,798 Special mention 6,003 1,024 39,305 18,983 11,039 17,438 — — 93,792 Substandard 4,431 1,732 7,082 45,496 31,747 41,763 — — 132,251 Doubtful — — 106 — — — — — 106 Total CRE 882,483 851,450 575,675 370,839 341,690 874,439 43,183 6,188 3,945,947 ADC: Pass 142,123 76,259 56,885 23,456 6,809 774 1,066 588 307,960 Special mention — 1,078 — — — — — — 1,078 Substandard — 90 — 13,500 — — — — 13,590 Doubtful — — — — — — — — — Total ADC 142,123 77,427 56,885 36,956 6,809 774 1,066 588 322,628 C&I: Pass 93,802 121,291 53,116 49,634 36,238 23,615 446,134 9,764 833,594 Special mention — 1,625 239 2,191 585 52 3,225 1,286 9,203 Substandard 402 5,744 5,789 6,011 2,832 2,844 28,545 13,597 65,764 Doubtful 550 1,621 9,968 752 11,107 — 1,000 — 24,998 Total C&I 94,754 130,281 69,112 58,588 50,762 26,511 478,904 24,647 933,559 Total: Pass 1,828,115 1,473,478 1,174,655 606,030 752,529 2,114,512 552,538 29,902 8,531,759 Special mention 6,003 15,891 54,365 21,926 23,775 45,900 4,071 2,033 173,964 Substandard 4,833 11,011 50,235 97,994 91,019 196,506 30,823 14,491 496,912 Doubtful 550 1,621 10,074 775 11,107 — 1,000 — 25,127 Total Loans $ 1,839,501 $ 1,502,001 $ 1,289,329 $ 726,725 $ 878,430 $ 2,356,918 $ 588,432 $ 46,426 $ 9,227,762 December 31, 2020 Special (In thousands) Pass Mention Substandard Doubtful Total Real Estate: One-to-four family residential and condominium/cooperative apartment $ 183,293 $ — $ 1,696 $ — $ 184,989 Multifamily residential and residential mixed-use 2,523,258 56,400 179,085 — 2,758,743 CRE 1,831,712 13,861 32,594 — 1,878,167 ADC 142,796 13,500 — — 156,296 Total real estate 4,681,059 83,761 213,375 — 4,978,195 C&I 613,691 2,131 13,315 12,396 641,533 Total Real Estate and C&I $ 5,294,750 $ 85,892 $ 226,690 $ 12,396 $ 5,619,728 (In thousands) December 31, 2021 December 31, 2020 Performing $ 16,533 $ 2,315 Non-accrual 365 1 Total $ 16,898 $ 2,316 |
LOAN SERVICING ACTIVITIES (Tabl
LOAN SERVICING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LOAN SERVICING ACTIVITIES | |
Summary of servicing rights asset activity | Year Ended December 31, (In thousands) 2021 2020 2019 Servicing right assets: Beginning of year $ 1,710 $ 1,459 $ 1,315 Acquired in the Merger 2,070 — — Additions 885 703 509 Amortized to expense (809) (452) (365) End of year 3,856 1,710 1,459 Valuation allowance: Beginning of year — — — Additions expensed (80) — — End of year (80) — — Servicing right assets, net $ 3,776 $ 1,710 $ 1,459 |
PREMISES AND FIXED ASSETS, NE_2
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | |
Schedule of components of premises and equipment | December 31, (In thousands) 2021 2020 Land $ 10,824 $ 1,600 Buildings 21,323 10,265 Leasehold improvements 26,120 23,445 Furniture, fixtures and equipment 25,110 20,945 Premises and fixed assets, gross $ 83,377 $ 56,255 Less: accumulated depreciation and amortization (33,009) (37,202) Premises and fixed assets, net $ 50,368 $ 19,053 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LEASES | |
Summary of maturities of operating lease liabilities | Maturities of the Company’s operating lease liabilities at December 31, 2021 are as follows: Rent to be (In thousands) Capitalized 2022 $ 11,934 2023 10,694 2024 10,587 2025 10,352 2026 9,631 Thereafter 17,306 Total undiscounted lease payments 70,504 Less amounts representing interest (4,401) Operating lease liabilities $ 66,103 |
Summary of other information related to operating leases | Year Ended December 31, (In thousands) 2021 2020 2019 Operating lease cost $ 14,341 $ 6,522 $ 6,588 Cash paid for amounts included in the measurement of operating lease liabilities 13,975 7,030 6,907 December 31, 2021 Weighted average remaining lease term 6.6 years Weighted average discount rate 1.79 % |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |
Changes in Goodwill | The following table presents the change in Goodwill for the years ended December 31, 2021, 2020 and 2019: Year Ended December 31, (In thousands) 2021 2020 2019 Beginning of year $ 55,638 $ 55,638 $ 55,638 Acquired goodwill 1 100,159 - - Impairment - - - End of year $ 155,797 $ 55,638 $ 55,638 (1) See Note 2. Merger for additional information regarding the acquired goodwill |
Schedule of carrying amount and accumulated amortization of intangible assets | December 31, 2021 Core Deposit Non-complete (In thousands) Intangibles Agreement Total Gross carrying value $ 10,204 $ 780 $ 10,984 Accumulated amortization (1,962) (660) (2,622) Net carrying amount $ 8,242 $ 120 $ 8,362 |
Schedule of estimated amortization expense | (In thousands) Total 2022 $ 1,878 2023 1,425 2024 1,163 2025 958 Thereafter 2,938 Total $ 8,362 |
RESTRICTED STOCK (Tables)
RESTRICTED STOCK (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RESTRICTED STOCK | |
Summary of restricted stock | (In thousands) December 31, 2021 December 31, 2020 FHLBNY capital stock $ 12,819 $ 60,707 FRB capital stock 24,748 — Bankers' Bank capital stock 165 — Restricted stock $ 37,732 $ 60,707 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
DEPOSITS | |
Summary of deposits | December 31, 2021 December 31, 2020 Weighted Weighted Average Average (Dollars in thousands) Rate Liability Rate Liability Savings 0.03 % $ 1,158,040 0.12 % $ 414,809 Certificates of deposit ("CDs") 0.58 853,242 0.84 1,322,638 Money market 0.07 3,621,552 0.24 1,716,624 Interest-bearing checking 0.18 905,717 0.10 290,300 Non-interest-bearing checking — 3,920,423 — 780,751 Total 0.09 % $ 10,458,974 0.36 % $ 4,525,122 |
Summary of scheduled maturities of CDs outstanding | Maturing Weighted Average (Dollars in thousands) Balance Interest Rate 2022 $ 701,259 0.51 % 2023 98,015 0.87 2024 27,402 1.20 2025 15,078 1.12 2026 9,110 0.52 2027 and beyond 2,378 0.67 Total $ 853,242 0.58 % |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |
Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Loss) | The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive loss as of December 31, 2021, 2020 and 2019. Year Ended December 31, (In thousands) 2021 2020 2019 Gain (loss) recognized in other comprehensive income $ 5,277 $ (24,449) $ (8,254) Gain recognized on termination of derivatives 16,505 6,596 — (Loss) gain reclassified from other comprehensive income into interest expense (940) (6,127) 955 |
Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | December 31, 2021 December 31, 2020 Notional Fair Value Fair Value Notional Fair Value Fair Value (Dollars in thousands) Count Amount Assets Liabilities Count Amount Assets Liabilities Included in derivative assets/(liabilities): Interest rate swaps related to FHLBNY advances 4 $ 150,000 $ 4,358 $ — — $ — $ — $ — Interest rate swaps related to FHLBNY advances — $ — $ — $ — 32 $ 655,000 $ — $ (18,442) |
Not Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | December 31, 2021 Notional Fair Value Fair Value (In thousands) Count Amount Assets Liabilities Included in derivative assets/(liabilities): Loan level interest rate swaps with borrower 111 $ 604,529 $ 28,291 $ — Loan level interest rate swaps with borrower 74 620,459 — (11,865) Loan level interest rate floors with borrower 45 392,764 — (5,644) Loan level interest rate swaps with third-party counterparties 111 604,529 — (28,291) Loan level interest rate swaps with third-party counterparties 74 620,459 11,865 — Loan level interest rate floors with third-party counterparties 45 392,764 5,644 — December 31, 2020 Notional Fair Value Fair Value (In thousands) Count Amount Assets Liabilities Included in derivative assets/(liabilities): Loan level interest rate swaps with borrower 65 $ 570,277 $ 24,764 $ — Loan level interest rate floors with borrower 41 364,643 — (5,832) Loan level interest rate swaps with third-party counterparties 65 570,277 — (24,764) Loan level interest rate floors with third-party counterparties 41 364,643 5,832 — |
Loan Level Derivative Income | Year Ended December 31, (In thousands) 2021 2020 2019 Loan level derivative income $ 2,909 $ 8,872 $ 910 |
FHLBNY ADVANCES (Tables)
FHLBNY ADVANCES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FHLBNY ADVANCES | |
Summary of FHLBNY extinguishments | Year Ended December 31, (Dollars in thousands) 2021 2020 2019 FHLBNY advances extinguished $ 209,010 $ 70,750 $ 313,900 Weighted average rate 1.31 % 1.15 % 2.35 % Loss on extinguishment of debt $ 1,751 $ 1,104 $ 3,780 |
Schedule of contractual maturities and weighted average interest rates of FHLBNY advances | December 31, 2021 (Dollars in thousands) Weighted Contractual Maturity Amount Average Rate 2022, fixed rate at 0.35% $ 25,000 0.35 % Total FHLBNY advances $ 25,000 0.35 % December 31, 2020 (Dollars in thousands) Weighted Contractual Maturity Amount Average 2021, fixed rate at rates from 0.24% to 2.09% $ 1,144,010 0.52 % 2022, fixed rate at rates from 0.33% to 1.79% 60,000 0.60 Total FHLBNY advances $ 1,204,010 0.53 % |
OTHER SHORT-TERM BORROWINGS (Ta
OTHER SHORT-TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OTHER SHORT-TERM BORROWINGS | |
Summary of other short-term borrowings | (In thousands) December 31, 2021 December 31, 2020 Repurchase agreements $ 1,862 $ — AFX — 120,000 Other short-term borrowings $ 1,862 $ 120,000 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAXES | |
Schedule of components of income tax expense | Year Ended December 31, 2021 Year Ended December 31, 2020 Year Ended December 31, 2019 State State State (In thousands) Federal and City Total Federal and City Total Federal and City Total Current $ 23,759 $ 11,815 $ 35,574 $ 13,107 $ 1,524 $ 14,631 $ 10,129 $ 2,930 $ 13,059 Deferred 5,490 3,106 8,596 (1,181) (784) (1,965) (1,437) (946) (2,383) Total $ 29,249 $ 14,921 $ 44,170 $ 11,926 $ 740 $ 12,666 $ 8,692 $ 1,984 $ 10,676 |
Schedule of reconciliation of the expected Federal income tax expense at the statutory tax rate to the actual provision | Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Tax at federal statutory rate $ 31,115 $ 11,546 $ 9,841 State and local taxes, net of federal income tax benefit 11,601 567 1,567 Benefit plan differences (107) (240) (261) Adjustments for prior period returns and tax items (238) 125 19 Investment in BOLI (1,485) (1,020) (594) Equity based compensation (301) 96 (33) Salaries deduction limitation 3,419 1,428 126 Transaction costs 181 256 — Other, net (15) (92) 11 Total $ 44,170 $ 12,666 $ 10,676 Effective tax rate 29.81 % 23.04 % 22.78 % |
Schedule of components of deferred tax assets and liabilities | December 31, (In thousands) 2021 2020 Deferred tax assets: Allowance for credit losses and other contingent liabilities $ 29,777 $ 13,261 Employee benefit plans — 4,227 Tax effect of purchase accounting fair value adjustments — 287 Tax effect of other components of income on derivatives — 5,831 Tax effect of other components of income on securities available-for-sale 3,608 — Operating lease liability 20,532 12,673 Other 1,976 2 Total deferred tax assets 55,893 36,281 Deferred tax liabilities: Tax effect of other components of income on derivatives 1,371 — Tax effect of other components of income on securities available-for-sale — 6,161 Employee benefit plans 2,803 — Tax effect of purchase accounting fair value adjustments 3,945 — Difference in book and tax carrying value of fixed assets 3,950 906 Difference in book and tax basis of unearned loan fees 2,413 2,490 Operating lease asset 19,871 10,774 Other 1,141 685 Total deferred tax liabilities 35,494 21,016 Net deferred tax asset (recorded in other assets) $ 20,399 $ 15,265 |
RETIREMENT AND POSTRETIREMENT_2
RETIREMENT AND POSTRETIREMENT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employee Retirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of funded status of defined benefit plan | Year Ended December 31, (In thousands) 2021 2020 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 26,891 $ 25,405 Interest cost 562 732 Actuarial (gain) loss (903) 2,204 Benefit payments (1,589) (1,450) Projected benefit obligation at end of year 24,961 26,891 Plan assets at fair value (investments in trust funds managed by trustee) Balance at beginning of year 27,142 25,202 Return on plan assets 3,140 3,390 Benefit payments (1,589) (1,450) Balance at end of year 28,693 27,142 Funded status at end of year $ 3,732 $ 251 |
Schedule of net periodic cost of defined benefit plan | Year Ended December 31, (In thousands) 2021 2020 2019 Interest cost $ 562 $ 732 $ 901 Expected return on plan assets (1,846) (1,713) (1,528) Amortization of unrealized loss 824 914 913 Net periodic benefit (credit) cost $ (460) $ (67) $ 286 |
Schedule of change in accumulated other comprehensive loss | Year Ended December 31, (In thousands) 2021 2020 Balance at beginning of period $ (7,119) $ (7,506) Amortization of unrealized loss 825 914 Gain (loss) recognized during the year 2,197 (527) Balance at the end of the period $ (4,097) $ (7,119) Period end component of accumulated other comprehensive loss, net of tax $ 2,808 $ 4,858 |
Schedule of major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations | At or for the Year Ended December 31, 2021 2020 2019 Discount rate used for net periodic benefit cost 2.55 % 2.97 % 4.04 % Discount rate used to determine benefit obligation at period end 2.55 2.15 2.97 Expected long-term return on plan assets used for net periodic benefit cost 7.00 7.00 7.00 Expected long-term return on plan assets used to determine benefit obligation at period end 7.00 7.00 7.00 |
Summary of plan asset allocation by asset category | December 31, 2021 2020 Asset category Equity securities 54 % 67 % Debt securities (bond mutual funds) 42 30 Cash equivalents 4 3 Total 100 % 100 % |
Summary of fair values of the plan assets | December 31, 2021 Fair Value Measurements Using: Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 1,001 $ — $ 1,001 Equities: U.S. large cap 8,579 — — 8,579 U.S. mid cap/small cap 2,896 — — 2,896 International 3,560 — — 3,560 Equities blend 479 — — 479 Fixed income securities: Corporate — 1,288 — 1,288 Government 1,406 — — 1,406 Mortgage-backed — 1,858 — 1,858 High yield bonds and bond funds — 7,626 — 7,626 Total Plan Assets $ 16,920 $ 11,773 $ — $ 28,693 December 31, 2020 Fair Value Measurements Using: Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ 720 $ — $ — $ 720 Mutual Funds (all registered and publicly traded) : U.S. Large Cap 3,336 — — 3,336 U.S. Mid Cap 1,571 — — 1,571 U.S. Small Cap 618 — — 618 International Equity 4,678 — — 4,678 Fixed income 8,300 — — 8,300 Common collective investment funds: U.S. Large Cap — 5,564 — 5,564 U.S. Mid Cap — 742 — 742 U.S. Small Cap — 1,613 — 1,613 Total Plan Assets $ 19,223 $ 7,919 $ — $ 27,142 |
Schedule of expected benefit payments maturities | Year Ended December 31, Amount 2022 $ 1,501 2023 1,490 2024 1,477 2025 1,412 2026 1,368 2027 to 2031 6,503 |
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of funded status of defined benefit plan | Year Ended December 31, (In thousands) 2021 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ — Acquired in the Merger 33,897 Service cost 893 Interest cost 609 Actuarial gain (304) Benefit payments (600) Projected benefit obligation at end of year 34,495 Plan assets at fair value (investments in trust funds managed by trustee) Balance at beginning of year — Acquired in the Merger 43,685 Return on plan assets 4,772 Benefit payments (600) Balance at end of year 47,857 Funded status at end of year $ 13,362 |
Schedule of net periodic cost of defined benefit plan | Year Ended December 31, (In thousands) 2021 Service cost $ 893 Interest cost 609 Expected return on plan assets (2,883) Net periodic benefit credit $ (1,381) |
Schedule of change in accumulated other comprehensive loss | Year Ended December 31, (In thousands) 2021 Balance at beginning of period $ — Gain recognized during the year 2,193 Balance at the end of the period $ 2,193 Period end component of accumulated other comprehensive income, net of tax $ (1,503) |
Schedule of major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations | At or for the Year Ended December 31, 2021 Discount rate used for net periodic benefit cost 2.69 % Discount rate used to determine benefit obligation at period end 2.69 Expected long-term return on plan assets used for net periodic benefit cost 7.25 Expected long-term return on plan assets used to determine benefit obligation at period end 7.25 |
Summary of plan asset allocation by asset category | December 31, 2021 Asset category Equity securities 60 % Debt securities (bond mutual funds) 37 Cash equivalents 3 Total 100 % |
Summary of fair values of the plan assets | December 31, 2021 Fair Value Measurements Using: Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 1,581 $ — $ 1,581 Equities: U.S. large cap 13,623 — — 13,623 U.S. mid cap/small cap 5,669 — — 5,669 International 8,332 — — 8,332 Equities blend 900 — — 900 Fixed income securities: Corporate — 1,696 — 1,696 Government 1,700 — — 1,700 Mortgage-backed — 2,549 — 2,549 High yield bonds and bond funds — 11,807 — 11,807 Total Plan Assets $ 30,224 $ 17,633 $ — $ 47,857 |
Schedule of expected benefit payments maturities | Year Ended December 31, Amount 2022 $ 1,119 2023 1,264 2024 1,274 2025 1,360 2026 1,563 2027 to 2031 9,153 |
BMP and Outside Director Retirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of funded status of defined benefit plan | Year Ended December 31, (In thousands) 2021 2020 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 9,328 $ 9,360 Interest cost 12 234 Benefit payments (9,063) (771) Actuarial (gain) loss (277) 505 Projected benefit obligation at end of year — 9,328 Plan assets at fair value: Balance at beginning of year — — Contributions 9,063 771 Benefit payments (9,063) (771) Balance at end of period — — Funded status at end of year $ — $ (9,328) |
Schedule of net periodic cost of defined benefit plan | Year Ended December 31, (In thousands) 2021 2020 2019 Interest cost $ 12 $ 234 $ 351 Curtailment loss 1,543 — — Amortization of unrealized loss — 179 59 Net periodic benefit cost $ 1,555 $ 413 $ 410 |
Schedule of change in accumulated other comprehensive loss | Year Ended December 31, (In thousands) 2021 2020 Balance at beginning of year $ (1,820) $ (1,494) Amortization of unrealized loss — 179 Gain (loss) recognized during the year 277 (505) Curtailment credit 1,543 — Balance at the end of year $ — $ (1,820) Period end component of accumulated other comprehensive loss, net of tax $ — $ 1,228 |
Schedule of major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations | At or For the Year Ended December 31, 2020 2019 Discount rate used for net periodic benefit cost – BMP 2.60 % 3.80 % Discount rate used for net periodic benefit cost – Director Retirement Plan 2.68 3.84 Discount rate used to determine BMP benefit obligation at year end 1.55 2.60 Discount rate used to determine Director Retirement Plan benefit obligation at year end 1.69 2.68 |
POSTRETIREMENT PLANS | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of funded status of defined benefit plan | Year Ended December 31, (In thousands) 2021 2020 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 13 $ 1,608 Interest cost — 42 Actuarial loss — 105 Curtailment gain — (1,577) Benefit payments (13) (165) Projected benefit obligation at end of year — 13 Plan assets at fair value: Balance at beginning of year — — Contributions 13 165 Benefit payments (13) (165) Balance at end of period — — Funded status at end of year $ — $ (13) |
Schedule of net periodic cost of defined benefit plan | Year Ended December 31, (In thousands) 2020 2019 Interest cost $ 42 $ 56 Curtailment gain 1,651 — Amortization of unrealized loss (9) (20) Net periodic benefit cost $ 1,684 $ 36 |
Schedule of change in accumulated other comprehensive loss | Year Ended December 31, (In thousands) 2020 Balance at beginning of period $ 188 Amortization of unrealized loss (9) Recognition of prior service cost (74) Loss recognized during the year (105) Balance at the end of the period $ — Period end component of accumulated other comprehensive loss, net of tax $ — |
Schedule of major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations | At or For the Year Ended December 31, 2020 2019 Discount rate used for net periodic benefit cost 2.69 % 3.82 % Discount rate used to determine benefit obligation at period end 0.29 2.69 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Activity Related to Stock Options | Weighted- Average Aggregate Weighted- Remaining Intrinsic Number of Average Exercise Contractual Value Options Price Years (In thousands) Options outstanding at January 1, 2021 as adjusted for conversion 18,685 $ 23.23 Options acquired 180,020 35.39 Options exercised (48,031) 30.66 Options forfeited (29,421) 35.38 Options outstanding at December 31, 2021 121,253 $ 35.39 7.2 $ 14 Options vested and exercisable at December 31, 2021 121,253 $ 35.39 7.2 $ 14 |
Information Related to Stock Option Plan | Year Ended December 31, (In thousands) 2021 2020 2019 Cash received for option exercise cost $ 431 $ 38 $ 367 Income tax (expense) benefit recognized on stock option exercises (15) — 39 Intrinsic value of options exercised 171 8 229 |
Schedule of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options | Outstanding Options Vested Options Weighted Weighted Average Average Contractual Contractual Years Years Amount Remaining Amount Remaining Exercise Prices: $34.87 46,799 8.1 46,799 8.1 $35.35 42,475 7.1 42,475 7.1 $36.19 31,979 6.1 31,979 6.1 Total 121,253 7.2 121,253 7.2 |
Activity Related to Restricted Stock Awards | Weighted- Average Number of Grant-Date Shares Fair Value Unvested allocated shares outstanding at January 1, 2021 — $ — Shares acquired in the Merger 101,778 25.98 Shares granted 390,027 26.48 Shares vested (9,838) 25.41 Shares forfeited (35,044) 25.89 Unvested allocated shares at December 31, 2021 446,923 $ 26.45 |
Information Related to Restricted Stock Award Plan | Year Ended December 31, (Dollars in thousands) 2021 2020 2019 Compensation expense recognized $ 5,253 $ 4,217 $ 1,540 Income tax benefit (expense) recognized on vesting of RSAs 27 (211) 11 |
Performance Shares [Member] | Long Term Incentive Award Program | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Activity Related to Performance Based Equity Awards | Weighted- Average Number of Grant-Date Shares Fair Value Maximum aggregate share payout at January 1, 2021 — $ — Shares granted 38,948 31.40 Maximum aggregate share payout at December 31, 2021 38,948 $ 31.40 Minimum aggregate share payout — — Expected aggregate share payout 29,951 $ 30.72 |
Information Related to Performance Based Share Award Plan | Year Ended December 31, (In thousands) 2021 2020 2019 Compensation expense recognized $ 154 $ 2,279 $ 132 Income tax benefit recognized on vesting of PSAs — 60 — |
EARNINGS PER COMMON SHARE ("E_2
EARNINGS PER COMMON SHARE ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER COMMON SHARE ("EPS") | |
Reconciliation of Numerators and Denominators of Basic and Diluted EPS | The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented: Year Ended December 31, (In thousands except share and per share amounts) 2021 2020 2019 Net income available to common stockholders $ 96,710 $ 37,535 $ 36,186 Less: Dividends paid and earnings allocated to participating securities (1,215) (149) (184) Income attributable to common stock $ 95,495 $ 37,386 $ 36,002 Weighted average common shares outstanding, including participating securities 39,327,959 21,729,484 23,240,571 Less: weighted average participating securities (425,533) (191,536) (137,563) Weighted average common shares outstanding 38,902,426 21,537,948 23,103,008 Basic EPS $ 2.45 $ 1.74 $ 1.56 Income attributable to common stock $ 95,495 $ 37,386 $ 36,002 Weighted average common shares outstanding 38,902,426 21,537,948 23,103,008 Weighted average common equivalent shares outstanding 611 500 82,903 Weighted average common and equivalent shares outstanding 38,903,037 21,538,448 23,185,911 Diluted EPS $ 2.45 $ 1.74 $ 1.55 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
Schedule of financial instruments with off-balance sheet risk | 2021 2020 (In thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Available lines of credit $ 69,333 $ 981,726 $ — $ 210,660 Other loan commitments 89,537 136,553 14,613 68,286 Stand-by letters of credit 34,852 689 8,610 — |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Fair value, assets and liabilities measured on recurring basis | Fair Value Measurements at December 31, 2021 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Securities available-for-sale: Agency notes $ 80,254 $ — $ 80,254 $ — Treasury securities 244,769 — 244,769 — Corporate securities 152,030 — 152,030 — Pass-through MBS issued by GSEs 526,454 — 526,454 — Agency CMOs 521,258 — 521,258 — State and municipal obligations 38,946 — 38,946 — Derivative – cash flow hedges 4,358 — 4,358 — Derivative – freestanding derivatives, net 40,728 — 40,728 — Financial Liabilities: Derivative – freestanding derivatives, net 40,728 — 40,728 — Fair Value Measurements at December 31, 2020 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Marketable equity securities (Registered mutual funds) Domestic equity mutual funds $ 1,769 $ 1,769 $ — $ — International equity mutual funds 468 468 — — Fixed income mutual funds 3,733 3,733 — — Securities available-for-sale: Agency notes 47,421 — 47,421 — Corporate securities 64,461 — 64,461 — Pass-through MBS issued by GSEs 143,483 — 143,483 — Agency CMOs 283,496 — 283,496 — Derivative – freestanding derivatives, net 30,596 — 30,596 — Financial Liabilities: Derivative – cash flow hedges 18,442 — 18,442 — Derivative – freestanding derivatives, net 30,596 — 30,596 — |
Schedule of assets measured at fair value on a non-recurring basis | December 31, 2021 Fair Value Measurements Using: Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Carrying Assets Inputs Inputs (In thousands) Value (Level 1) (Level 2) (Level 3) Individually evaluated loans $ 1,900 $ — $ — $ 1,900 |
Fair value measurements, nonrecurring | Fair Value Measurements at December 31, 2021 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 393,722 $ 393,722 $ — $ — $ 393,722 Securities held-to-maturity 179,309 — 179,309 — 179,309 Loans held for investment, net 9,158,908 — — 9,169,872 9,169,872 Accrued interest receivable 40,149 — 4,481 35,668 40,149 Financial Liabilities: Savings, money market and checking accounts 9,605,731 9,605,731 — — 9,605,731 Certificates of Deposits ("CDs") 853,242 — 857,342 — 857,342 FHLBNY advances 25,000 — 25,014 — 25,014 Subordinated debt, net 197,096 — 202,334 — 202,334 Other short-term borrowings 1,862 1,862 — — 1,862 Accrued interest payable 870 — 870 — 870 Fair Value Measurements at December 31, 2020 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 243,603 $ 243,603 $ — $ — $ 243,603 Loans held for investment, net 5,580,583 — — 5,598,787 5,598,787 Accrued interest receivable 34,815 2 1,584 33,229 34,815 Financial Liabilities: Savings, money market and checking accounts 3,202,484 3,202,484 — — 3,202,484 CDs 1,322,638 — 1,328,554 — 1,328,554 FHLBNY advances 1,204,010 — 1,207,890 — 1,207,890 Subordinated debt, net 114,052 — 114,340 — 114,340 Other short-term borrowings 120,000 120,000 — — 120,000 Accrued interest payable 1,734 — 1,734 — 1,734 |
REGULATORY CAPITAL MATTERS (Tab
REGULATORY CAPITAL MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
REGULATORY CAPITAL MATTERS | |
Schedule of the Company's and Bank's actual capital amounts and ratios | The following tables present actual capital levels and minimum required levels for the Company and the Bank under Basel III rules at December 31, 2021 and 2020: For Capital To Be Categorized (Dollars in thousands) Actual Adequacy Purposes (1) as “Well Capitalized” (1) Minimum Minimum December 31, 2021 Amount Ratio Amount Ratio Amount Ratio Tier 1 capital / % of average total assets Bank $ 1,215,586 10.0 % $ 488,506 4.0 % $ 610,633 5.0 % Consolidated Company 1,037,235 8.5 490,420 4.0 N/A N/A Common equity Tier 1 capital / % of risk-weighted assets Bank 1,215,586 12.5 436,539 4.5 630,557 6.5 Consolidated Company 920,666 9.5 436,700 4.5 N/A N/A Tier 1 capital / % of risk-weighted assets Bank 1,215,586 12.5 582,052 6.0 776,070 8.0 Consolidated Company 1,037,235 10.7 582,267 6.0 N/A N/A Total capital / % of risk-weighted assets Bank 1,304,242 13.4 776,070 8.0 970,087 10.0 Consolidated Company 1,304,891 13.4 776,356 8.0 N/A N/A (1) In accordance with the Basel III rules. For Capital To Be Categorized (Dollars in thousands) Actual Adequacy Purposes (1) as “Well Capitalized” (1) Minimum Minimum December 31, 2020 Amount Ratio Amount Ratio Amount Ratio Tier 1 capital / % of average total assets Bank $ 653,393 10.2 % $ 257,143 4.0 % $ 321,428 5.0 % Consolidated Company 651,382 10.0 261,949 4.0 N/A N/A Common equity Tier 1 capital / % of risk-weighted assets Bank 653,393 12.5 235,243 4.5 339,796 6.5 Consolidated Company 534,813 10.2 235,499 4.5 N/A N/A Tier 1 capital / % of risk-weighted assets Bank 653,393 12.5 313,658 6.0 418,210 8.0 Consolidated Company 651,382 12.4 313,999 6.0 N/A N/A Total capital / % of risk-weighted assets Bank 695,300 13.3 418,210 8.0 522,763 10.0 Consolidated Company 808,289 15.4 418,666 8.0 N/A N/A (1) In accordance with the Basel III rules. |
CONDENSED HOLDING COMPANY ONL_2
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS | |
Schedule of condensed statements of financial condition | December 31, (In thousands) 2021 2020 ASSETS: Cash and due from banks $ 27,364 $ 106,014 Securities available-for-sale, at fair value 3,068 — Marketable equity securities, at fair value — 5,970 Investment in subsidiaries 1,366,796 703,107 Other assets 4,285 1,018 Total assets $ 1,401,513 $ 816,109 LIABILITIES AND STOCKHOLDERS’ EQUITY: Subordinated debt, net $ 197,096 $ 114,052 Other liabilities 11,797 961 Stockholders’ equity 1,192,620 701,096 Total liabilities and stockholders’ equity $ 1,401,513 $ 816,109 |
Schedule of condensed statements of income and other comprehensive income | Year Ended December 31, (In thousands) 2021 2020 2019 Net interest loss $ (8,427) $ (5,147) $ (5,147) Dividends received from Bank 20,000 30,000 52,500 Non-interest income 136 361 531 Non-interest expense (4,361) (1,176) (1,003) Income before income taxes and equity in undistributed earnings of direct subsidiaries 7,348 24,038 46,881 Income tax credit 4,051 1,819 1,785 Income before equity in undistributed earnings of direct subsidiaries 11,399 25,857 48,666 Equity in undistributed earnings of subsidiaries 92,597 16,461 (12,480) Net income $ 103,996 $ 42,318 $ 36,186 |
Schedule of condensed statements of cash flows | Year Ended December 31, 2021 2020 2019 Cash flows from operating activities: Net income $ 103,996 $ 42,318 $ 36,186 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of direct subsidiaries (92,597) (16,461) 12,480 Net gain on marketable equity securities (131) (361) (531) Net accretion (157) 146 147 Decrease (increase) in other assets 761 (502) 26 Increase in other liabilities 269 214 388 Net cash provided by operating activities 12,141 25,354 48,696 Cash flows from investing activities: Proceeds sales of marketable equity securities 6,101 546 570 Purchases of securities available-for-sale and marketable equity securities (3,000) (261) (266) Reimbursement from subsidiary, including purchases of securities available-for-sale — 2 26 Net cash received in business combination 11,545 — — Net cash provided by investing activities 14,646 287 330 Cash flows from financing activities: Redemption of preferred stock — (3) (1) Proceeds from preferred stock issuance, net — 116,569 — Proceeds from exercise of stock options 431 38 367 Release of stock for benefit plan awards 1,153 84 131 Payments related to tax withholding for equity awards (111) (3,060) (133) BMP ESOP shares received to satisfy distribution of retirement benefits (993) — (4) Treasury shares repurchased (59,280) (35,356) (24,191) Cash dividends paid to preferred stockholders (7,286) (4,783) — Cash dividends paid to common stockholders (39,351) (18,696) (20,082) Net cash (used in) provided by financing activities (105,437) 54,793 (43,913) Net (decrease) increase in cash and due from banks (78,650) 80,434 5,113 Cash and due from banks, beginning of period 106,014 25,580 20,467 Cash and due from banks, end of period $ 27,364 $ 106,014 $ 25,580 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Thousands | Feb. 01, 2021$ / sharesshares | Sep. 30, 2021item | Dec. 31, 2021USD ($)segmentitem$ / shares | Jan. 01, 2021USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018USD ($) |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common stock converted into right to receive shares (in shares) | shares | 0.6480 | |||||||
Preferred stock, Series A, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Number of branch locations | item | 60 | |||||||
Number Of Real Estate Investments Dissolved | item | 2 | |||||||
Operating right-of-use assets | $ 64,258 | $ 33,898 | $ 41,600 | |||||
Operating lease liabilities | 66,103 | 39,874 | $ 41,600 | |||||
Unrecognized Tax Benefits | $ 0 | 0 | ||||||
Number of Reportable Segments | segment | 1 | |||||||
Number of Operating Segments | segment | 1 | |||||||
Allowance for credit losses | $ 83,853 | 41,461 | $ 28,441 | $ 21,782 | ||||
Collectively evaluated for impairment | 8,980,000 | 5,604,975 | ||||||
Collectively evaluated for impairment, allowance | 41,400 | 34,987 | ||||||
Individually evaluated for impairment | 51,400 | 17,069 | ||||||
Individually evaluated for impairment, allowance | 22,300 | 6,474 | ||||||
Pooled PCD loans, allowance for credit loss | 6,200 | |||||||
Retained earnings | $ 654,726 | 600,641 | ||||||
Core deposits | ||||||||
Intangible Asset Useful Life | 10 years | |||||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for credit losses | (3,919) | |||||||
Maximum | Furniture Fixtures And Equipment [Member] | ||||||||
Property Plant and Equipment Useful Life | 10 years | |||||||
Minimum | Furniture Fixtures And Equipment [Member] | ||||||||
Property Plant and Equipment Useful Life | 3 years | |||||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for credit losses | $ (3,900) | |||||||
Reserve for unfunded commitments | 1,400 | |||||||
Retained earnings | $ 1,700 | |||||||
PCD loans | ||||||||
Individually evaluated for impairment | 75,200 | |||||||
Individually evaluated for impairment, allowance | 13,900 | |||||||
Pooled PCD loans | 138,300 | |||||||
One-to-four family residential and cooperative/condominium apartment | ||||||||
Allowance for credit losses | 5,932 | 644 | 269 | 198 | ||||
Collectively evaluated for impairment | 184,989 | |||||||
Collectively evaluated for impairment, allowance | 644 | |||||||
One-to-four family residential and cooperative/condominium apartment | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for credit losses | 1,048 | |||||||
Multifamily residential and residential mixed-use | ||||||||
Allowance for credit losses | 7,816 | 17,016 | 10,142 | 13,446 | ||||
Collectively evaluated for impairment | 2,756,880 | |||||||
Collectively evaluated for impairment, allowance | 17,016 | |||||||
Individually evaluated for impairment | 1,863 | |||||||
Multifamily residential and residential mixed-use | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for credit losses | (8,254) | |||||||
Commercial real estate ("CRE") | ||||||||
Allowance for credit losses | 29,166 | 9,059 | 3,900 | 3,777 | ||||
Collectively evaluated for impairment | 1,875,463 | |||||||
Collectively evaluated for impairment, allowance | 9,059 | |||||||
Individually evaluated for impairment | 2,704 | |||||||
Commercial real estate ("CRE") | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for credit losses | 4,849 | |||||||
Commercial and Industrial ("C&I") Loans | ||||||||
Allowance for credit losses | 35,331 | 12,737 | 12,870 | 3,946 | ||||
Collectively evaluated for impairment | 629,031 | |||||||
Collectively evaluated for impairment, allowance | 6,263 | |||||||
Individually evaluated for impairment | 12,502 | |||||||
Individually evaluated for impairment, allowance | 6,474 | |||||||
Commercial and Industrial ("C&I") Loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for credit losses | (1,935) | |||||||
Other Loans | ||||||||
Allowance for credit losses | $ 751 | 12 | $ 16 | $ 18 | ||||
Collectively evaluated for impairment | 2,316 | |||||||
Collectively evaluated for impairment, allowance | 12 | |||||||
Other Loans | Cumulative Effect, Period of Adoption, Adjustment | ||||||||
Allowance for credit losses | $ (8) |
MERGER (Details)
MERGER (Details) $ / shares in Units, shares in Thousands, $ in Millions | Feb. 01, 2021USD ($)$ / sharesshares | Jan. 31, 2021shares | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Sep. 30, 2015USD ($) |
MERGER | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Share conversion ratio | 0.6480 | ||||
Preferred stock, Series A, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Aggregate principal amount | $ | $ 80 | ||||
Preferred Stock | |||||
MERGER | |||||
Share conversion ratio | 1 | ||||
Legacy Dime | |||||
MERGER | |||||
Common stock, par value (in dollars per share) | $ 0.01 | ||||
Aggregate principal amount | $ | $ 115 | ||||
Fixed interest rate of debentures | 4.50% | ||||
Legacy Dime | Preferred Stock | |||||
MERGER | |||||
Preferred stock, Series A, par value (in dollars per share) | $ 0.01 | ||||
Merger Agreement | |||||
MERGER | |||||
Number of Bridge Outstanding Shares | shares | 41,226 | ||||
Percentage Ownership | 100.00% | ||||
Merger Agreement | Bridge shareholders | |||||
MERGER | |||||
Number of Bridge Outstanding Shares | shares | 21,200 | 19,993 | |||
Percentage Ownership | 51.50% | 48.50% | |||
Merger Agreement | Legacy Dime shareholders | |||||
MERGER | |||||
Number of Bridge Outstanding Shares | shares | 30,853 | 21,233 | |||
Percentage Ownership | 51.50% |
MERGER - Dime Community Bancsha
MERGER - Dime Community Bancshares, Inc. Ownership and Market Value (Details) - Merger Agreement - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Feb. 01, 2021 | Jan. 31, 2021 |
MERGER | ||
Number of Bridge Outstanding Shares | 41,226 | |
Percentage Ownership | 100.00% | |
Market Value at $24.43 Bridge Share Price | $ 1,007,140 | |
Bridge shareholders | ||
MERGER | ||
Number of Bridge Outstanding Shares | 21,200 | 19,993 |
Percentage Ownership | 51.50% | 48.50% |
Market Value at $24.43 Bridge Share Price | $ 488,420 | |
Bridge Share Price | $ 24.43 | |
Legacy Dime shareholders | ||
MERGER | ||
Number of Bridge Outstanding Shares | 30,853 | 21,233 |
Percentage Ownership | 51.50% | |
Market Value at $24.43 Bridge Share Price | $ 7 | $ 518,720 |
MERGER - Hypothetical Legacy Di
MERGER - Hypothetical Legacy Dime Ownership (Details) - Merger Agreement shares in Thousands | Jan. 31, 2021shares |
MERGER | |
Number of Legacy Dime Outstanding Shares | 63,620 |
Percentage Ownership | 100.00% |
Bridge shareholders | |
MERGER | |
Number of Legacy Dime Outstanding Shares | 30,853 |
Percentage Ownership | 48.50% |
Legacy Dime shareholders | |
MERGER | |
Number of Legacy Dime Outstanding Shares | 32,767 |
Percentage Ownership | 51.50% |
MERGER - Purchase Price (Detail
MERGER - Purchase Price (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Feb. 01, 2021 | Jan. 31, 2021 | Dec. 31, 2021 |
MERGER | |||
Purchase price consideration | $ 491,210 | ||
Merger Agreement | |||
MERGER | |||
Number of hypothetical Legacy Dime shares issued to Bridge shareholders | 41,226 | ||
Number of Bridge Outstanding Shares | 41,226 | ||
Cash in lieu of fractional shares | $ 1,007,140 | ||
Merger Agreement | Bridge shareholders | |||
MERGER | |||
Number of hypothetical Legacy Dime shares issued to Bridge shareholders | 21,200 | 19,993 | |
Number of Bridge Outstanding Shares | 21,200 | 19,993 | |
Cash in lieu of fractional shares | $ 488,420 | ||
Merger Agreement | Legacy Dime shareholders | |||
MERGER | |||
Number of hypothetical Legacy Dime shares issued to Bridge shareholders | 30,853 | 21,233 | |
Legacy Dime market price per share as of February 1, 2021 | $ 15.90 | ||
Purchase price determination of hypothetical Legacy Dime shares issued to Bridge shareholders | $ 490,560 | ||
Number of Bridge Outstanding Shares | 30,853 | 21,233 | |
Cash in lieu of fractional shares | $ 7 | $ 518,720 | |
Purchase price consideration | $ 491,210 | ||
Merger Agreement | Legacy Dime shareholders | Common Stock | |||
MERGER | |||
Number of hypothetical Legacy Dime shares issued to Bridge shareholders | 643 | ||
Number of Bridge Outstanding Shares | 643 |
MERGER - Purchase Price Allocat
MERGER - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Feb. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
MERGER | |||||
Increase to goodwill resulting from merger | $ 458 | ||||
Fair value of assets acquired: | |||||
Premises and fixed assets | 37,900 | ||||
Operating lease assets | 45,600 | ||||
Fair value of liabilities assumed: | |||||
Deposits | 5,410,000 | ||||
Operating lease liabilities | 45,300 | ||||
Total liabilities assumed | $ 5,847,505 | ||||
Goodwill resulting from Merger | $ 155,797 | $ 55,638 | $ 55,638 | $ 55,638 | |
Bridge assets acquired | |||||
Purchase price consideration: | |||||
Purchase price consideration | 491,210 | ||||
Fair value of assets acquired: | |||||
Cash and due from banks | 715,988 | ||||
Securities available-for-sale | 651,997 | ||||
Loans held for sale | 10,000 | ||||
Loans held for investment | 4,531,640 | ||||
Premises and fixed assets | 37,881 | ||||
Restricted stock | 23,362 | ||||
BOLI | 94,085 | ||||
Other intangible assets | 10,984 | ||||
Operating lease assets | 45,603 | ||||
Other assets | 117,016 | ||||
Total assets acquired | 6,238,556 | ||||
Fair value of liabilities assumed: | |||||
Deposits | 5,405,575 | ||||
Other short-term borrowings | 216,298 | ||||
Subordinated debt | 83,200 | ||||
Operating lease liabilities | 45,285 | ||||
Other liabilities | 97,147 | ||||
Total liabilities assumed | 5,847,505 | ||||
Fair value of net identifiable assets | 391,051 | ||||
Goodwill resulting from Merger | $ 100,159 |
MERGER - Loans Acquired (Detail
MERGER - Loans Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Feb. 01, 2021 |
MERGER | ||
Total fair value at acquisition | $ 4,530,000 | $ 4,531,640 |
PCD loans | ||
MERGER | ||
Unpaid principal balance | 295,306 | |
Non-credit discount at acquisition | (9,050) | |
Unpaid principal balance, net | 286,256 | |
Allowance for credit losses at acquisition | (52,284) | |
Total fair value at acquisition | 233,972 | |
Non-PCD loans | ||
MERGER | ||
Unpaid principal balance | 4,289,236 | |
Premium at acquisition | 8,432 | |
Total fair value at acquisition | $ 4,297,668 |
MERGER - Supplemental of cash f
MERGER - Supplemental of cash flow information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Business Acquisition [Line Items] | |
Fair value of tangible assets acquired | $ 6,227,572 |
Goodwill, core deposit intangible and other intangible assets acquired | 111,143 |
Liabilities assumed | 5,847,505 |
Purchase price consideration | $ 491,210 |
MERGER - Other intangible asset
MERGER - Other intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Feb. 01, 2021 | |
Core deposits | ||
MERGER | ||
Other intangible assets | $ 10,200 | |
Weighted average life | 10 years | |
Noncompete Agreements | ||
MERGER | ||
Other intangible assets | $ 780 | |
Weighted average life | 13 months |
MERGER - Pro Forma (Details)
MERGER - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
MERGER | |||
Net interest income | $ 365,075 | $ 338,310 | $ 294,842 |
Non-interest income | 43,419 | 40,976 | 37,555 |
Net income | 132,536 | 84,257 | 85,660 |
Net income available to common shareholders | $ 124,323 | $ 78,453 | $ 84,380 |
Earnings per share: | |||
Basic | $ 3.20 | $ 1.91 | $ 2.05 |
Diluted | $ 3.20 | $ 1.90 | $ 2.05 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | $ 701,096 | $ 596,758 | $ 602,081 |
Total other comprehensive (loss) income, net of tax | (257) | 16 | 560 |
Balance | 1,192,620 | 701,096 | 596,758 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | (5,924) | (5,940) | (6,500) |
Other comprehensive income (loss) before reclassifications | 670 | (130) | |
Amounts reclassified from accumulated other comprehensive loss | (927) | 146 | |
Total other comprehensive (loss) income, net of tax | (257) | 16 | 560 |
Balance | (6,181) | (5,924) | (5,940) |
Securities | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | 12,694 | 4,621 | |
Other comprehensive income (loss) before reclassifications | (19,733) | 11,221 | |
Amounts reclassified from accumulated other comprehensive loss | (825) | (3,148) | |
Total other comprehensive (loss) income, net of tax | (20,558) | 8,073 | |
Balance | (7,864) | 12,694 | 4,621 |
Defined Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | (6,086) | (6,024) | |
Other comprehensive income (loss) before reclassifications | 5,520 | 802 | |
Amounts reclassified from accumulated other comprehensive loss | (740) | (864) | |
Total other comprehensive (loss) income, net of tax | 4,780 | (62) | |
Balance | (1,306) | (6,086) | (6,024) |
Derivatives | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Balance | (12,532) | (4,537) | |
Other comprehensive income (loss) before reclassifications | 14,883 | (12,153) | |
Amounts reclassified from accumulated other comprehensive loss | 638 | 4,158 | |
Total other comprehensive (loss) income, net of tax | 15,521 | (7,995) | |
Balance | $ 2,989 | $ (12,532) | $ (4,537) |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Before and After Tax Amounts by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in unrealized holding gain or loss on securities: | |||
Change in net unrealized gain or loss during the period | $ (28,865) | $ 16,432 | $ 9,693 |
Reclassification adjustment for net gains included in net gain on securities and other assets | (1,207) | (4,592) | (31) |
Net change | (30,072) | 11,840 | 9,662 |
Tax (benefit) expense | (9,514) | 3,767 | 3,084 |
Net change in unrealized holding gain or loss on securities, net of reclassification adjustments and tax | (20,558) | 8,073 | 6,578 |
Change in pension and other postretirement obligations: | |||
Reclassification adjustment for expense included in other expense | (1,092) | (1,272) | 729 |
Reclassification adjustment for curtailment loss | 1,543 | (1,651) | |
Change in the net actuarial gain or loss | 6,563 | 2,817 | (296) |
Net change | 7,014 | (106) | 433 |
Tax expense | 2,234 | (44) | 167 |
Net change in pension and other postretirement obligations | 4,780 | (62) | 266 |
Change in unrealized gain or loss on derivatives: | |||
Change in net unrealized gain or loss during the period | 5,277 | (24,449) | (8,254) |
Reclassification adjustment for loss included in loss on termination of derivatives | 16,505 | 6,596 | |
Reclassification adjustment for expense included in interest expense | 940 | 6,127 | (955) |
Net change | 22,722 | (11,726) | (9,209) |
Tax expense (benefit) | 7,201 | (3,731) | (2,925) |
Net change in unrealized gain or loss on derivatives, net of reclassification adjustments and tax | 15,521 | (7,995) | (6,284) |
Total other comprehensive (loss) income, net of tax | $ (257) | $ 16 | $ 560 |
INVESTMENT AND MORTGAGE-BACKE_3
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Securities Available-for-sale Major Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available-for-sale: | ||
Amortized Cost | $ 1,574,094 | $ 520,261 |
Gross Unrealized Gains | 11,403 | 18,798 |
Gross Unrealized Losses | (21,786) | (198) |
Fair Value | 1,563,711 | 538,861 |
Agency Notes | ||
Securities available-for-sale: | ||
Amortized Cost | 82,476 | 47,500 |
Gross Unrealized Gains | 12 | |
Gross Unrealized Losses | (2,222) | (91) |
Fair Value | 80,254 | 47,421 |
Treasury Securities | ||
Securities available-for-sale: | ||
Amortized Cost | 247,916 | |
Gross Unrealized Losses | (3,147) | |
Fair Value | 244,769 | |
Corporate Securities | ||
Securities available-for-sale: | ||
Amortized Cost | 148,430 | 62,021 |
Gross Unrealized Gains | 4,354 | 2,440 |
Gross Unrealized Losses | (754) | |
Fair Value | 152,030 | 64,461 |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ||
Securities available-for-sale: | ||
Amortized Cost | 528,749 | 135,842 |
Gross Unrealized Gains | 4,271 | 7,672 |
Gross Unrealized Losses | (6,566) | (31) |
Fair Value | 526,454 | 143,483 |
Agency collateralized mortgage obligations ("CMOs") | ||
Securities available-for-sale: | ||
Amortized Cost | 527,348 | 274,898 |
Gross Unrealized Gains | 2,705 | 8,674 |
Gross Unrealized Losses | (8,795) | (76) |
Fair Value | 521,258 | $ 283,496 |
State and municipal obligations. | ||
Securities available-for-sale: | ||
Amortized Cost | 39,175 | |
Gross Unrealized Gains | 73 | |
Gross Unrealized Losses | (302) | |
Fair Value | $ 38,946 |
INVESTMENT AND MORTGAGE-BACKE_4
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Securities Held-to-maturity Major Categories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 179,309 | |
Gross Unrecognized Gains | 59 | |
Gross Unrecognized Losses | (2,014) | |
Fair Value | 177,354 | $ 0 |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 118,382 | |
Gross Unrecognized Gains | 59 | |
Gross Unrecognized Losses | (1,141) | |
Fair Value | 117,300 | |
Agency collateralized mortgage obligations ("CMOs") | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 60,927 | |
Gross Unrecognized Losses | (873) | |
Fair Value | $ 60,054 |
INVESTMENT AND MORTGAGE-BACKE_5
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Securities available-for-sale: | ||
Acquired securities available-for-sale on the Merger Date | $ 652,000,000 | |
Securities held-to-maturity | 177,354,000 | $ 0 |
Securities pledged as collateral, carrying amount | $ 726,400,000 | $ 99,400,000 |
Number of holdings of securities of any one issuer in an amount greater than 10% of stockholders equity | 0 | 0 |
Threshold for disclosure percentage | 10.00% | 10.00% |
Available for sale debt securities, unrealized loss position due to credit | $ 0 | |
Accrued interest receivable on securities | 4,400,000 | |
Agency collateralized mortgage obligations ("CMOs") | ||
Securities available-for-sale: | ||
Securities held-to-maturity | 60,054,000 | |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ||
Securities available-for-sale: | ||
Securities held-to-maturity | 117,300,000 | |
Available for sale debt securities, unrealized loss position due to credit | $ 427,382,000 | $ 5,007,000 |
INVESTMENT AND MORTGAGE-BACKE_6
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Amortized Cost and Fair Value By Contractual Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available for sale, Amortized Cost | ||
Within one year | $ 852 | |
One to five years | 281,148 | |
Five to ten years | 222,851 | |
Beyond ten years | 13,145 | |
Pass-through MBS issued by GSEs and Agency CMO | 1,056,098 | |
Amortized Cost | 1,574,094 | $ 520,261 |
Available for sale, Fair Value | ||
Within one year | 858 | |
One to five years | 277,877 | |
Five to ten years | 224,137 | |
Beyond ten years | 13,127 | |
Pass-through MBS issued by GSEs and Agency CMO | 1,047,712 | |
Total | 1,563,711 | 538,861 |
Held-to-maturity, Amortized Cost | ||
Pass-through MBS issued by GSEs and agency CMO | 179,309 | |
Total | 179,309 | |
Held-to-maturity, Fair Value | ||
Pass-through MBS issued by GSEs and agency CMO | 177,354 | |
Fair Value | $ 177,354 | $ 0 |
INVESTMENT AND MORTGAGE-BACKE_7
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Sales Information and Marketable Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales of Available-for-sale Securities: | |||
Proceeds | $ 138,077 | $ 94,252 | $ 148,857 |
Gross gains | 1,327 | 4,592 | 551 |
Tax expense on gain | 421 | 1,444 | 175 |
Gross losses | 120 | 520 | |
Tax benefit on loss | 38 | 166 | |
Proceeds: | |||
Marketable equity securities | 6,101 | 546 | 570 |
Net gain on equity securities | 131 | 361 | 531 |
Securities transferred to held-to-maturity | 140,399 | ||
Sales of securities held-to-maturity | 0 | 0 | 0 |
Transfers to or from securities held-to-maturity | $ 0 | $ 0 | $ 0 |
INVESTMENT AND MORTGAGE-BACKE_8
INVESTMENT AND MORTGAGE-BACKED SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Securities available-for-sale, Fair Value [Abstract] | ||
Total | $ 0 | |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 422,634,000 | $ 5,007,000 |
12 Consecutive Months or Longer | 4,748,000 | |
Total | 427,382,000 | 5,007,000 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 6,333,000 | 31,000 |
12 Consecutive Months or Longer | 233,000 | |
Total | 6,566,000 | 31,000 |
Securities held-to-maturity, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 97,328,000 | |
Total | 97,328,000 | |
Securities held-to-maturity, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 1,141,000 | |
Total | 1,141,000 | |
Treasury Securities | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 244,769,000 | |
Total | 244,769,000 | |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 3,147,000 | |
Total | 3,147,000 | |
State and municipal obligations | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 18,887,000 | |
Total | 18,887,000 | |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 302,000 | |
Total | 302,000 | |
Agency Notes | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 58,607,000 | 22,409,000 |
12 Consecutive Months or Longer | 21,647,000 | |
Total | 80,254,000 | 22,409,000 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 1,369,000 | 91,000 |
12 Consecutive Months or Longer | 853,000 | |
Total | 2,222,000 | 91,000 |
Corporate Notes | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 37,620,000 | |
Total | 37,620,000 | |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 754,000 | |
Total | 754,000 | |
Agency collateralized mortgage obligations ("CMOs") | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 349,879,000 | 6,563,000 |
12 Consecutive Months or Longer | 3,182,000 | 4,954,000 |
Total | 353,061,000 | 11,517,000 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 8,672,000 | 30,000 |
12 Consecutive Months or Longer | 123,000 | 46,000 |
Total | 8,795,000 | $ 76,000 |
Securities held-to-maturity, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 60,054,000 | |
Total | 60,054,000 | |
Securities held-to-maturity, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 873,000 | |
Total | $ 873,000 |
LOANS HELD FOR INVESTMENT, NE_2
LOANS HELD FOR INVESTMENT, NET - Loan Categories (Details) - USD ($) $ in Thousands | 1 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2021 | Feb. 01, 2021 | Dec. 31, 2020 | |
Loans held for investment, net: | ||||
Loans | $ 9,244,661 | $ 5,622,044 | ||
Allowance for loan losses | (83,853) | (41,461) | ||
Total loans held for investment, net | 9,160,808 | 5,580,583 | ||
Loans acquired on merger | $ 4,530,000 | $ 4,531,640 | ||
Small Business Administration ("SBA") Paycheck Protection Program ("PPP") [Member] | ||||
Loans held for investment, net: | ||||
Loan and leases carry guarantee rate | 100.00% | |||
Total real estate loans | ||||
Loans held for investment, net: | ||||
Loans | $ 8,294,204 | 4,978,195 | ||
One-to-four family residential and cooperative/condominium apartment | ||||
Loans held for investment, net: | ||||
Loans | 669,282 | 184,989 | ||
Multifamily residential and residential mixed-use | ||||
Loans held for investment, net: | ||||
Loans | 3,356,346 | 2,758,743 | ||
Commercial real estate ("CRE") | ||||
Loans held for investment, net: | ||||
Loans | 3,945,948 | 1,878,167 | ||
Acquisition, development, and construction ("ADC") | ||||
Loans held for investment, net: | ||||
Loans | 322,628 | 156,296 | ||
Commercial and Industrial ("C&I") Loans | ||||
Loans held for investment, net: | ||||
Loans | 933,559 | 641,533 | ||
Commercial and Industrial ("C&I") Loans | Small Business Administration ("SBA") Paycheck Protection Program ("PPP") [Member] | ||||
Loans held for investment, net: | ||||
Loans | 66,000 | 313,400 | ||
Gain recorded on sale of SBA loans | $ 20,700 | |||
Sold amount | $ 596,200 | |||
Commercial and Industrial ("C&I") Loans | Total real estate loans | ||||
Loans held for investment, net: | ||||
Loans | 5,619,728 | |||
Other Loans | ||||
Loans held for investment, net: | ||||
Loans | $ 16,898 | $ 2,316 |
LOANS HELD FOR INVESTMENT, NE_3
LOANS HELD FOR INVESTMENT, NET - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for loan losses [Roll Forward] | |||
Beginning balance | $ 41,461 | $ 28,441 | $ 21,782 |
PCD Day 1 | 52,284 | ||
Provision (credit) for credit loss expense | 3,303 | 26,165 | 17,340 |
Charge-offs | (9,578) | (13,309) | (10,705) |
Recoveries | 302 | 164 | 24 |
Ending balance | 83,853 | 41,461 | 28,441 |
Non-accrual with No Allowance | 1,649 | ||
Non-accrual with Allowance | 38,658 | ||
Reserve | 19,409 | ||
Allowance for loan losses: | |||
Individually evaluated for impairment | 22,300 | 6,474 | |
Collectively evaluated for impairment | 41,400 | 34,987 | |
Total ending allowance balance | 83,853 | 41,461 | 28,441 |
Loans: | |||
Individually evaluated for impairment | 51,400 | 17,069 | |
Collectively evaluated for impairment | 8,980,000 | 5,604,975 | |
Total ending loans balance | 5,622,044 | ||
Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | (3,919) | ||
Ending balance | (3,919) | ||
Allowance for loan losses: | |||
Total ending allowance balance | (3,919) | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 37,542 | ||
Ending balance | 37,542 | ||
Allowance for loan losses: | |||
Total ending allowance balance | 37,542 | ||
Total real estate loans | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 28,712 | 15,555 | 17,818 |
PCD Day 1 | 28,753 | ||
Provision (credit) for credit loss expense | (4,077) | 16,234 | (2,034) |
Charge-offs | (3,817) | (3,207) | (250) |
Recoveries | 176 | 130 | 21 |
Ending balance | 47,771 | 28,712 | 15,555 |
Allowance for loan losses: | |||
Collectively evaluated for impairment | 28,712 | ||
Total ending allowance balance | 47,771 | 28,712 | 15,555 |
Loans: | |||
Individually evaluated for impairment | 4,567 | ||
Collectively evaluated for impairment | 4,973,628 | ||
Total ending loans balance | 4,978,195 | ||
Total real estate loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | (1,976) | ||
Ending balance | (1,976) | ||
Allowance for loan losses: | |||
Total ending allowance balance | (1,976) | ||
Total real estate loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 26,736 | ||
Ending balance | 26,736 | ||
Allowance for loan losses: | |||
Total ending allowance balance | 26,736 | ||
One-to-four family residential and cooperative/condominium apartment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 644 | 269 | 198 |
PCD Day 1 | 2,220 | ||
Provision (credit) for credit loss expense | 1,975 | 386 | 86 |
Charge-offs | (20) | (11) | (22) |
Recoveries | 65 | 7 | |
Ending balance | 5,932 | 644 | 269 |
Non-accrual with Allowance | 7,623 | ||
Reserve | 1,278 | ||
Allowance for loan losses: | |||
Collectively evaluated for impairment | 644 | ||
Total ending allowance balance | 5,932 | 644 | 269 |
Loans: | |||
Collectively evaluated for impairment | 184,989 | ||
Total ending loans balance | 184,989 | ||
One-to-four family residential and cooperative/condominium apartment | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 1,048 | ||
Ending balance | 1,048 | ||
Allowance for loan losses: | |||
Total ending allowance balance | 1,048 | ||
One-to-four family residential and cooperative/condominium apartment | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 1,692 | ||
Ending balance | 1,692 | ||
Allowance for loan losses: | |||
Total ending allowance balance | 1,692 | ||
Multifamily residential and residential mixed-use | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 17,016 | 10,142 | 13,446 |
PCD Day 1 | 3,292 | ||
Provision (credit) for credit loss expense | (3,921) | 9,934 | (3,233) |
Charge-offs | (391) | (3,190) | (83) |
Recoveries | 74 | 130 | 12 |
Ending balance | 7,816 | 17,016 | 10,142 |
Allowance for loan losses: | |||
Collectively evaluated for impairment | 17,016 | ||
Total ending allowance balance | 7,816 | 17,016 | 10,142 |
Loans: | |||
Individually evaluated for impairment | 1,863 | ||
Collectively evaluated for impairment | 2,756,880 | ||
Total ending loans balance | 2,758,743 | ||
Multifamily residential and residential mixed-use | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | (8,254) | ||
Ending balance | (8,254) | ||
Allowance for loan losses: | |||
Total ending allowance balance | (8,254) | ||
Multifamily residential and residential mixed-use | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 8,762 | ||
Ending balance | 8,762 | ||
Allowance for loan losses: | |||
Total ending allowance balance | 8,762 | ||
Acquisition, development, and construction ("ADC") | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 1,993 | 1,244 | 397 |
PCD Day 1 | 117 | ||
Provision (credit) for credit loss expense | 2,366 | 749 | 847 |
Ending balance | 4,857 | 1,993 | 1,244 |
Allowance for loan losses: | |||
Collectively evaluated for impairment | 1,993 | ||
Total ending allowance balance | 4,857 | 1,993 | 1,244 |
Loans: | |||
Collectively evaluated for impairment | 156,296 | ||
Total ending loans balance | 156,296 | ||
Acquisition, development, and construction ("ADC") | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 381 | ||
Ending balance | 381 | ||
Allowance for loan losses: | |||
Total ending allowance balance | 381 | ||
Acquisition, development, and construction ("ADC") | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 2,374 | ||
Ending balance | 2,374 | ||
Allowance for loan losses: | |||
Total ending allowance balance | 2,374 | ||
Commercial real estate ("CRE") | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 9,059 | 3,900 | 3,777 |
PCD Day 1 | 23,124 | ||
Provision (credit) for credit loss expense | (4,497) | 5,165 | 266 |
Charge-offs | (3,406) | (6) | (145) |
Recoveries | 37 | 2 | |
Ending balance | 29,166 | 9,059 | 3,900 |
Non-accrual with No Allowance | 1,301 | ||
Non-accrual with Allowance | 3,752 | ||
Reserve | 797 | ||
Allowance for loan losses: | |||
Collectively evaluated for impairment | 9,059 | ||
Total ending allowance balance | 29,166 | 9,059 | 3,900 |
Loans: | |||
Individually evaluated for impairment | 2,704 | ||
Collectively evaluated for impairment | 1,875,463 | ||
Total ending loans balance | 1,878,167 | ||
Commercial real estate ("CRE") | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 4,849 | ||
Ending balance | 4,849 | ||
Allowance for loan losses: | |||
Total ending allowance balance | 4,849 | ||
Commercial real estate ("CRE") | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 13,908 | ||
Ending balance | 13,908 | ||
Allowance for loan losses: | |||
Total ending allowance balance | 13,908 | ||
Commercial and Industrial ("C&I") Loans | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 12,737 | 12,870 | 3,946 |
PCD Day 1 | 23,374 | ||
Provision (credit) for credit loss expense | 6,016 | 9,928 | 19,368 |
Charge-offs | (4,984) | (10,095) | (10,447) |
Recoveries | 123 | 34 | 3 |
Ending balance | 35,331 | 12,737 | 12,870 |
Non-accrual with No Allowance | 348 | ||
Non-accrual with Allowance | 26,918 | ||
Reserve | 16,973 | ||
Allowance for loan losses: | |||
Individually evaluated for impairment | 6,474 | ||
Collectively evaluated for impairment | 6,263 | ||
Total ending allowance balance | 35,331 | 12,737 | 12,870 |
Loans: | |||
Individually evaluated for impairment | 12,502 | ||
Collectively evaluated for impairment | 629,031 | ||
Total ending loans balance | 641,533 | ||
Commercial and Industrial ("C&I") Loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | (1,935) | ||
Ending balance | (1,935) | ||
Allowance for loan losses: | |||
Total ending allowance balance | (1,935) | ||
Commercial and Industrial ("C&I") Loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 10,802 | ||
Ending balance | 10,802 | ||
Allowance for loan losses: | |||
Total ending allowance balance | 10,802 | ||
Other Loans | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 12 | 16 | 18 |
PCD Day 1 | 157 | ||
Provision (credit) for credit loss expense | 1,364 | 3 | 6 |
Charge-offs | (777) | (7) | (8) |
Recoveries | 3 | ||
Ending balance | 751 | 12 | 16 |
Non-accrual with Allowance | 365 | ||
Reserve | 361 | ||
Allowance for loan losses: | |||
Collectively evaluated for impairment | 12 | ||
Total ending allowance balance | 751 | 12 | $ 16 |
Loans: | |||
Collectively evaluated for impairment | 2,316 | ||
Total ending loans balance | 2,316 | ||
Other Loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | (8) | ||
Ending balance | (8) | ||
Allowance for loan losses: | |||
Total ending allowance balance | (8) | ||
Other Loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | $ 4 | ||
Ending balance | 4 | ||
Allowance for loan losses: | |||
Total ending allowance balance | $ 4 |
LOANS HELD FOR INVESTMENT, NE_4
LOANS HELD FOR INVESTMENT, NET - Impaired Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Unpaid Principal Balance | |||
With no related allowance recorded | $ 4,567 | ||
With related allowance recorded | 12,502 | ||
Total | 17,069 | ||
Recorded Investment | |||
With no related allowance recorded | 4,567 | ||
With related allowance recorded | 12,502 | $ 1,900 | |
Total | 17,069 | ||
Related Allowance | |||
Valuation allowance | 6,474 | ||
Average Recorded Investment | |||
With no related allowance recorded | 3,562 | $ 4,189 | |
Total | 14,167 | 9,314 | |
Interest Income Recognized | |||
With no related allowance recorded | 7 | 282 | |
Total | 8 | 295 | |
One-to-four family residential and cooperative/condominium apartment | |||
Average Recorded Investment | |||
With no related allowance recorded | 1,179 | 9 | |
Interest Income Recognized | |||
With no related allowance recorded | 9 | ||
Multifamily residential and residential mixed-use | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 1,863 | ||
Recorded Investment | |||
With no related allowance recorded | 1,863 | ||
Average Recorded Investment | |||
With no related allowance recorded | 1,188 | 415 | |
Interest Income Recognized | |||
With no related allowance recorded | 6 | 29 | |
Commercial real estate ("CRE") | |||
Unpaid Principal Balance | |||
With no related allowance recorded | 2,704 | ||
Recorded Investment | |||
With no related allowance recorded | 2,704 | ||
Average Recorded Investment | |||
With no related allowance recorded | 1,195 | 3,765 | |
Interest Income Recognized | |||
With no related allowance recorded | 1 | 244 | |
Commercial and Industrial ("C&I") Loans | |||
Unpaid Principal Balance | |||
With related allowance recorded | 12,502 | ||
Recorded Investment | |||
With related allowance recorded | 12,502 | ||
Related Allowance | |||
Valuation allowance | 6,474 | ||
Average Recorded Investment | |||
With related allowance recorded | 10,605 | 5,125 | |
Interest Income Recognized | |||
With related allowance recorded | $ 1 | $ 13 |
LOANS HELD FOR INVESTMENT, NE_5
LOANS HELD FOR INVESTMENT, NET - Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | $ 9,244,661 | $ 5,622,044 |
Non-accrual | 40,307 | 17,928 |
Aggregate outstanding balance | 3,000 | 3,300 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 116,696 | 37,534 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 61,242 | 15,359 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 12,146 | 918 |
Loans 90 Days or More Past Due and Still Accruing Interest | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,001 | 3,329 |
Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 9,127,965 | 5,584,510 |
Total real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 8,294,204 | 4,978,195 |
Non-accrual | 12,676 | 5,425 |
Total real estate loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 77,109 | 21,257 |
Total real estate loans | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 57,385 | 15,351 |
Total real estate loans | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 5,103 | |
Total real estate loans | Loans 90 Days or More Past Due and Still Accruing Interest | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 1,945 | 481 |
Total real estate loans | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 8,217,095 | 4,956,938 |
One-to-four family residential and cooperative/condominium apartment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 669,282 | 184,989 |
Non-accrual | 7,623 | 858 |
One-to-four family residential and cooperative/condominium apartment | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 13,739 | 902 |
One-to-four family residential and cooperative/condominium apartment | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,294 | |
One-to-four family residential and cooperative/condominium apartment | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 877 | |
One-to-four family residential and cooperative/condominium apartment | Loans 90 Days or More Past Due and Still Accruing Interest | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 1,945 | 44 |
One-to-four family residential and cooperative/condominium apartment | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 655,543 | 184,087 |
Multifamily residential and residential mixed-use | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,356,346 | 2,758,743 |
Non-accrual | 1,863 | |
Multifamily residential and residential mixed-use | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 34,322 | 2,300 |
Multifamily residential and residential mixed-use | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 30,983 | |
Multifamily residential and residential mixed-use | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,339 | |
Multifamily residential and residential mixed-use | Loans 90 Days or More Past Due and Still Accruing Interest | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 437 | |
Multifamily residential and residential mixed-use | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,322,024 | 2,756,443 |
Commercial real estate ("CRE") | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,945,948 | 1,878,167 |
Non-accrual | 5,053 | 2,704 |
Commercial real estate ("CRE") | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 29,048 | 18,055 |
Commercial real estate ("CRE") | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 23,108 | 15,351 |
Commercial real estate ("CRE") | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 887 | |
Commercial real estate ("CRE") | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,916,900 | 1,860,112 |
Acquisition, development, and construction ("ADC") | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 322,628 | 156,296 |
Acquisition, development, and construction ("ADC") | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 322,628 | 156,296 |
Commercial and Industrial ("C&I") Loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 933,559 | 641,533 |
Non-accrual | 27,266 | 12,502 |
Commercial and Industrial ("C&I") Loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 39,115 | 16,267 |
Commercial and Industrial ("C&I") Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,753 | |
Commercial and Industrial ("C&I") Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 7,040 | 917 |
Commercial and Industrial ("C&I") Loans | Loans 90 Days or More Past Due and Still Accruing Interest | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 1,056 | 2,848 |
Commercial and Industrial ("C&I") Loans | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 894,444 | 625,266 |
Commercial and Industrial ("C&I") Loans | Total real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 5,619,728 | |
Other Loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 16,898 | 2,316 |
Non-accrual | 365 | 1 |
Other Loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 472 | 10 |
Other Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 104 | 8 |
Other Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3 | 1 |
Other Loans | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | $ 16,426 | $ 2,306 |
LOANS HELD FOR INVESTMENT, NE_6
LOANS HELD FOR INVESTMENT, NET - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | $ 51,400 | $ 17,069 |
Individually evaluated for impairment | 22,300 | 6,474 |
Commercial real estate ("CRE") | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 2,704 | |
Commercial and Industrial ("C&I") Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 12,502 | |
Individually evaluated for impairment | 6,474 | |
Total real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | $ 4,567 | |
Real Estate Collateral Dependent | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 600 | |
Real Estate Collateral Dependent | Commercial real estate ("CRE") | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 600 | |
Real Estate Collateral Dependent | Total real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 4,185 | |
Real Estate Collateral Dependent | Total real estate loans | Commercial real estate ("CRE") | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 3,837 | |
Real Estate Collateral Dependent | Total real estate loans | Commercial and Industrial ("C&I") Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | $ 348 |
LOANS HELD FOR INVESTMENT, NE_7
LOANS HELD FOR INVESTMENT, NET - Related Party Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Beginning balance | $ 1,700 |
Acquired in Merger | 4,217 |
New loans | 1,243 |
Effect of changes in composition of related parties | (239) |
Repayments | (692) |
Balance at end of period | $ 6,229 |
LOANS HELD FOR INVESTMENT, NE_8
LOANS HELD FOR INVESTMENT, NET - Modified as TDRs (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2021USD ($)contract | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Provision for credit losses | $ 6,212 | $ 26,165 | $ 17,340 | ||
Number of Loans | 1 | 4 | |||
Pre-Modification Outstanding Recorded Investment | 10,923 | ||||
Post-Modification Outstanding Recorded Investment | 923 | ||||
TDRs | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Modifications recorded investment | 942 | $ 942 | $ 942 | 0 | |
Provision for credit losses | 483 | ||||
Commitments to lend additional amounts | 0 | $ 0 | $ 0 | ||
Charge offs relating to TDRs | 0 | ||||
Number of Loans | loan | 0 | 0 | 0 | ||
One-to-four family residential and cooperative/condominium apartment | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Number of Loans | loan | 2 | ||||
Pre-Modification Outstanding Recorded Investment | 467 | ||||
Post-Modification Outstanding Recorded Investment | 467 | ||||
Commercial real estate ("CRE") | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Number of Loans | loan | 1 | ||||
Pre-Modification Outstanding Recorded Investment | 10,000 | ||||
Commercial and Industrial ("C&I") Loans | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Number of Loans | loan | 1 | ||||
Pre-Modification Outstanding Recorded Investment | 456 | ||||
Post-Modification Outstanding Recorded Investment | $ 456 |
LOANS HELD FOR INVESTMENT, NE_9
LOANS HELD FOR INVESTMENT, NET - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | $ 9,244,661 | $ 5,622,044 |
2021 | 1,839,501 | |
2020 | 1,502,001 | |
2019 | 1,289,329 | |
2018 | 726,725 | |
2017 | 878,430 | |
2016 and Prior | 2,356,918 | |
Revolving | 588,432 | |
Revolving-Term | 46,426 | |
Total Loans | 9,227,762 | |
Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 1,828,115 | |
2020 | 1,473,478 | |
2019 | 1,174,655 | |
2018 | 606,030 | |
2017 | 752,529 | |
2016 and Prior | 2,114,512 | |
Revolving | 552,538 | |
Revolving-Term | 29,902 | |
Total Loans | 8,531,759 | |
Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 6,003 | |
2020 | 15,891 | |
2019 | 54,365 | |
2018 | 21,926 | |
2017 | 23,775 | |
2016 and Prior | 45,900 | |
Revolving | 4,071 | |
Revolving-Term | 2,033 | |
Total Loans | 173,964 | |
Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 4,833 | |
2020 | 11,011 | |
2019 | 50,235 | |
2018 | 97,994 | |
2017 | 91,019 | |
2016 and Prior | 196,506 | |
Revolving | 30,823 | |
Revolving-Term | 14,491 | |
Total Loans | 496,912 | |
Doubtful | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 550 | |
2020 | 1,621 | |
2019 | 10,074 | |
2018 | 775 | |
2017 | 11,107 | |
Revolving | 1,000 | |
Total Loans | 25,127 | |
Total real estate loans | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 8,294,204 | 4,978,195 |
Total real estate loans | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 4,681,059 | |
Total real estate loans | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 83,761 | |
Total real estate loans | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 213,375 | |
One-to-four family residential and cooperative/condominium apartment | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 669,282 | 184,989 |
2021 | 129,679 | |
2020 | 89,096 | |
2019 | 82,568 | |
2018 | 76,726 | |
2017 | 80,365 | |
2016 and Prior | 145,946 | |
Revolving | 50,724 | |
Revolving-Term | 14,178 | |
Total Loans | 669,282 | |
One-to-four family residential and cooperative/condominium apartment | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 183,293 | |
2021 | 129,679 | |
2020 | 86,028 | |
2019 | 80,195 | |
2018 | 75,354 | |
2017 | 77,829 | |
2016 and Prior | 129,276 | |
Revolving | 49,878 | |
Revolving-Term | 12,537 | |
Total Loans | 640,776 | |
One-to-four family residential and cooperative/condominium apartment | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2020 | 1,124 | |
2019 | 335 | |
2018 | 752 | |
2017 | 334 | |
2016 and Prior | 2,158 | |
Revolving | 846 | |
Revolving-Term | 747 | |
Total Loans | 6,296 | |
One-to-four family residential and cooperative/condominium apartment | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 1,696 | |
2020 | 1,944 | |
2019 | 2,038 | |
2018 | 597 | |
2017 | 2,202 | |
2016 and Prior | 14,512 | |
Revolving-Term | 894 | |
Total Loans | 22,187 | |
One-to-four family residential and cooperative/condominium apartment | Doubtful | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2018 | 23 | |
Total Loans | 23 | |
Multifamily residential and residential mixed-use | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 3,356,346 | 2,758,743 |
2021 | 590,462 | |
2020 | 353,747 | |
2019 | 505,089 | |
2018 | 183,616 | |
2017 | 398,804 | |
2016 and Prior | 1,309,248 | |
Revolving | 14,555 | |
Revolving-Term | 825 | |
Total Loans | 3,356,346 | |
Multifamily residential and residential mixed-use | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 2,523,258 | |
2021 | 590,462 | |
2020 | 341,206 | |
2019 | 455,277 | |
2018 | 151,226 | |
2017 | 332,749 | |
2016 and Prior | 1,145,609 | |
Revolving | 12,277 | |
Revolving-Term | 825 | |
Total Loans | 3,029,631 | |
Multifamily residential and residential mixed-use | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 56,400 | |
2020 | 11,040 | |
2019 | 14,486 | |
2017 | 11,817 | |
2016 and Prior | 26,252 | |
Total Loans | 63,595 | |
Multifamily residential and residential mixed-use | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 179,085 | |
2020 | 1,501 | |
2019 | 35,326 | |
2018 | 32,390 | |
2017 | 54,238 | |
2016 and Prior | 137,387 | |
Revolving | 2,278 | |
Total Loans | 263,120 | |
Commercial real estate ("CRE") | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 3,945,948 | 1,878,167 |
2021 | 882,483 | |
2020 | 851,450 | |
2019 | 575,675 | |
2018 | 370,839 | |
2017 | 341,690 | |
2016 and Prior | 874,439 | |
Revolving | 43,183 | |
Revolving-Term | 6,188 | |
Total Loans | 3,945,947 | |
Commercial real estate ("CRE") | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 1,831,712 | |
2021 | 872,049 | |
2020 | 848,694 | |
2019 | 529,182 | |
2018 | 306,360 | |
2017 | 298,904 | |
2016 and Prior | 815,238 | |
Revolving | 43,183 | |
Revolving-Term | 6,188 | |
Total Loans | 3,719,798 | |
Commercial real estate ("CRE") | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 13,861 | |
2021 | 6,003 | |
2020 | 1,024 | |
2019 | 39,305 | |
2018 | 18,983 | |
2017 | 11,039 | |
2016 and Prior | 17,438 | |
Total Loans | 93,792 | |
Commercial real estate ("CRE") | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 32,594 | |
2021 | 4,431 | |
2020 | 1,732 | |
2019 | 7,082 | |
2018 | 45,496 | |
2017 | 31,747 | |
2016 and Prior | 41,763 | |
Total Loans | 132,251 | |
Commercial real estate ("CRE") | Doubtful | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2019 | 106 | |
Total Loans | 106 | |
Acquisition, development, and construction ("ADC") | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 322,628 | 156,296 |
2021 | 142,123 | |
2020 | 77,427 | |
2019 | 56,885 | |
2018 | 36,956 | |
2017 | 6,809 | |
2016 and Prior | 774 | |
Revolving | 1,066 | |
Revolving-Term | 588 | |
Total Loans | 322,628 | |
Acquisition, development, and construction ("ADC") | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 142,796 | |
2021 | 142,123 | |
2020 | 76,259 | |
2019 | 56,885 | |
2018 | 23,456 | |
2017 | 6,809 | |
2016 and Prior | 774 | |
Revolving | 1,066 | |
Revolving-Term | 588 | |
Total Loans | 307,960 | |
Acquisition, development, and construction ("ADC") | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 13,500 | |
2020 | 1,078 | |
Total Loans | 1,078 | |
Acquisition, development, and construction ("ADC") | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2020 | 90 | |
2018 | 13,500 | |
Total Loans | 13,590 | |
Commercial and Industrial ("C&I") Loans | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 933,559 | 641,533 |
2021 | 94,754 | |
2020 | 130,281 | |
2019 | 69,112 | |
2018 | 58,588 | |
2017 | 50,762 | |
2016 and Prior | 26,511 | |
Revolving | 478,904 | |
Revolving-Term | 24,647 | |
Total Loans | 933,559 | |
Commercial and Industrial ("C&I") Loans | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 613,691 | |
2021 | 93,802 | |
2020 | 121,291 | |
2019 | 53,116 | |
2018 | 49,634 | |
2017 | 36,238 | |
2016 and Prior | 23,615 | |
Revolving | 446,134 | |
Revolving-Term | 9,764 | |
Total Loans | 833,594 | |
Commercial and Industrial ("C&I") Loans | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 2,131 | |
2020 | 1,625 | |
2019 | 239 | |
2018 | 2,191 | |
2017 | 585 | |
2016 and Prior | 52 | |
Revolving | 3,225 | |
Revolving-Term | 1,286 | |
Total Loans | 9,203 | |
Commercial and Industrial ("C&I") Loans | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 13,315 | |
2021 | 402 | |
2020 | 5,744 | |
2019 | 5,789 | |
2018 | 6,011 | |
2017 | 2,832 | |
2016 and Prior | 2,844 | |
Revolving | 28,545 | |
Revolving-Term | 13,597 | |
Total Loans | 65,764 | |
Commercial and Industrial ("C&I") Loans | Doubtful | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 12,396 | |
2021 | 550 | |
2020 | 1,621 | |
2019 | 9,968 | |
2018 | 752 | |
2017 | 11,107 | |
Revolving | 1,000 | |
Total Loans | 24,998 | |
Commercial and Industrial ("C&I") Loans | Total real estate loans | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 5,619,728 | |
Commercial and Industrial ("C&I") Loans | Total real estate loans | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 5,294,750 | |
Commercial and Industrial ("C&I") Loans | Total real estate loans | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 85,892 | |
Commercial and Industrial ("C&I") Loans | Total real estate loans | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 226,690 | |
Commercial and Industrial ("C&I") Loans | Total real estate loans | Doubtful | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 12,396 | |
Other Loans | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 16,898 | 2,316 |
Other Loans | Credit Risk Profile | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 16,898 | |
Other Loans | Performing | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 2,315 | |
Other Loans | Performing | Credit Risk Profile | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 16,533 | |
Other Loans | Non-Accrual | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | $ 1 | |
Other Loans | Non-Accrual | Credit Risk Profile | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | $ 365 |
LOANS HELD FOR INVESTMENT, N_10
LOANS HELD FOR INVESTMENT, NET - Deferral Loans (Details) $ in Thousands | Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($) |
CARES Act Loan [Abstract] | ||
Principal balances outstanding | $ 9,244,661 | $ 5,622,044 |
COVID-19 [Member] | ||
CARES Act Loan [Abstract] | ||
Number of loans | loan | 7 | |
Principal balances outstanding | $ 5,660 | |
% of portfolio | 0.10% | |
One-to-four family residential and cooperative/condominium apartment | ||
CARES Act Loan [Abstract] | ||
Principal balances outstanding | $ 669,282 | 184,989 |
One-to-four family residential and cooperative/condominium apartment | COVID-19 [Member] | ||
CARES Act Loan [Abstract] | ||
Number of loans | loan | 5 | |
Principal balances outstanding | $ 1,922 | |
% of portfolio | 0.30% | |
Commercial real estate ("CRE") | ||
CARES Act Loan [Abstract] | ||
Principal balances outstanding | $ 3,945,948 | 1,878,167 |
Commercial real estate ("CRE") | COVID-19 [Member] | ||
CARES Act Loan [Abstract] | ||
Number of loans | loan | 1 | |
Principal balances outstanding | $ 3,487 | |
% of portfolio | 0.10% | |
Commercial and Industrial ("C&I") Loans | ||
CARES Act Loan [Abstract] | ||
Principal balances outstanding | $ 933,559 | $ 641,533 |
Commercial and Industrial ("C&I") Loans | COVID-19 [Member] | ||
CARES Act Loan [Abstract] | ||
Number of loans | loan | 1 | |
Principal balances outstanding | $ 251 |
LOAN SERVICING ACTIVITIES - SRA
LOAN SERVICING ACTIVITIES - SRAs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
LOAN SERVICING ACTIVITIES | |||
Balance at beginning of year | $ 1,710 | $ 1,459 | $ 1,315 |
Acquired in the Merger | 2,070 | ||
Additions | 885 | 703 | 509 |
Amortized to expense | (809) | (452) | (365) |
Balance at end of year | 3,856 | 1,710 | 1,459 |
Valuation allowance: | |||
Additions expensed | (80) | ||
End of year | (80) | ||
Servicing right assets, net | $ 3,776 | $ 1,710 | $ 1,459 |
LOAN SERVICING ACTIVITIES - Nar
LOAN SERVICING ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
LOAN SERVICING ACTIVITIES | ||||
Principal balances outstanding | $ 9,244,661 | $ 5,622,044 | ||
Bank held borrowers' escrow balances | 2,900 | 3,900 | ||
Fair value of SRAs | $ 3,856 | $ 1,710 | $ 1,459 | $ 1,315 |
Weighted average default rate | 1.24 | 1.30 | ||
Real estate and C&I loans | ||||
LOAN SERVICING ACTIVITIES | ||||
Principal balances outstanding | $ 471,900 | $ 377,700 | ||
Minimum | ||||
LOAN SERVICING ACTIVITIES | ||||
Discount rates | 7.80% | 4.00% | ||
Prepayment speeds | 5.00% | 5.00% | ||
Maximum | ||||
LOAN SERVICING ACTIVITIES | ||||
Discount rates | 12.00% | 17.00% | ||
Prepayment speeds | 38.00% | 20.00% |
PREMISES AND FIXED ASSETS, NE_3
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)property | Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($)property | Feb. 01, 2021USD ($) | |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | ||||
Premises and fixed assets on merger date | $ 37,900 | |||
Premises and fixed assets, gross | $ 83,377 | $ 56,255 | ||
Less: accumulated depreciation and amortization | (33,009) | (37,202) | ||
Premises and fixed assets, net | 50,368 | 19,053 | ||
Depreciation and amortization | 6,500 | $ 4,100 | $ 4,700 | |
Company's premises held for sale | $ 556 | |||
Number of real estate properties held for sale | property | 0 | 0 | ||
Number of real estate properties utilized | property | 2 | |||
Premises held for investment transferred to held for sale | $ 2,799 | $ 514 | ||
Number of real estate properties, sold | property | 1 | |||
Proceeds from sale of real estate | $ 2,200 | |||
Gain on sale | 550 | |||
Land | ||||
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | ||||
Premises and fixed assets, gross | 10,824 | $ 1,600 | ||
Buildings | ||||
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | ||||
Premises and fixed assets, gross | 21,323 | 10,265 | ||
Leasehold improvements | ||||
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | ||||
Premises and fixed assets, gross | 26,120 | 23,445 | ||
Furniture, fixtures and equipment | ||||
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | ||||
Premises and fixed assets, gross | $ 25,110 | $ 20,945 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2021USD ($)leaseitem | Feb. 01, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Operating lease assets | $ 45.6 | |
Operating lease liabilities | $ 45.3 | |
Number of branches combined to other locations | item | 3 | |
Corporate headquarters office space lease | ||
Lessee, Lease, Description [Line Items] | ||
Decrease in operating lease liability | $ 11.6 | |
Early termination fee | $ 12 | |
Number of leases terminated | lease | 1 | |
Branch office space lease | ||
Lessee, Lease, Description [Line Items] | ||
Decrease in operating lease liability | $ 3.7 | |
Early termination fee | $ 4 | |
Number of leases terminated | lease | 3 |
LEASES - Maturities of the Comp
LEASES - Maturities of the Company's operating lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2019 |
Rent to be Capitalized | |||
2022 | $ 11,934 | ||
2023 | 10,694 | ||
2024 | 10,587 | ||
2025 | 10,352 | ||
2026 | 9,631 | ||
Thereafter | 17,306 | ||
Total undiscounted lease payments | 70,504 | ||
Less amounts representing interest | (4,401) | ||
Operating lease liabilities | $ 66,103 | $ 39,874 | $ 41,600 |
LEASES - Other information rela
LEASES - Other information related to operating leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other information related to operating leases: | |||
Operating lease cost | $ 14,341 | $ 6,522 | $ 6,588 |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 13,975 | $ 7,030 | $ 6,907 |
Weighted average remaining lease term | 6 years 7 months 6 days | ||
Weighted average discount rate | 1.79% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Change in Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |||
Beginning of year | $ 55,638,000 | $ 55,638,000 | $ 55,638,000 |
Acquired goodwill | 100,159,000 | ||
Impairment | 0 | 0 | 0 |
End of year | $ 155,797,000 | $ 55,638,000 | $ 55,638,000 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying amount and accumulated amortization of intangible assets, amortizable and arose from merger (Details) - USD ($) | Feb. 01, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Acquired intangible assets: | |||
Gross carrying value | $ 10,984,000 | ||
Accumulated amortization | (2,622,000) | ||
Net carrying amount | 8,362,000 | $ 0 | |
Core deposits | |||
Acquired intangible assets: | |||
Gross carrying amount of intangible assets | $ 10,200,000 | ||
Gross carrying value | 10,204,000 | ||
Accumulated amortization | (1,962,000) | ||
Net carrying amount | 8,242,000 | ||
Noncompete Agreements | |||
Acquired intangible assets: | |||
Gross carrying amount of intangible assets | $ 780,000 | ||
Gross carrying value | 780,000 | ||
Accumulated amortization | (660,000) | ||
Net carrying amount | $ 120,000 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | ||||
Carrying amount of goodwill | $ 155,797,000 | $ 55,638,000 | $ 55,638,000 | $ 55,638,000 |
Impairment of goodwill | 0 | 0 | 0 | |
Net carrying amount of intangible assets | 8,362,000 | 0 | ||
Amortization expense recognized on intangible assets | $ 2,622,000 | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated amortization expense (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
GOODWILL AND OTHER INTANGIBLE ASSETS | ||
2022 | $ 1,878,000 | |
2023 | 1,425,000 | |
2024 | 1,163,000 | |
2025 | 958,000 | |
Thereafter | 2,938,000 | |
Net carrying amount | $ 8,362,000 | $ 0 |
RESTRICTED STOCK - Summary of r
RESTRICTED STOCK - Summary of restricted stock (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Restricted stock | $ 37,732 | $ 60,707 |
FHLBNY | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Restricted stock | 12,819 | $ 60,707 |
FRB capital stock | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Restricted stock | 24,748 | |
Bankers' Bank capital stock (ACBB) | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Restricted stock | $ 165 |
RESTRICTED STOCK - Narrative (D
RESTRICTED STOCK - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 01, 2021 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Restricted stock | $ 37,732,000 | $ 60,707,000 | ||
FHLBNY | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Share price | $ 100 | |||
Bank owned shares | 128,184 | 607,074 | ||
Capital stock acquired | $ 13,900,000 | |||
Decrease in outstanding FHLBNY advances | $ 1,180,000,000 | |||
Dividend income on the FHLBNY capital stock | 1,900,000 | $ 3,000,000 | $ 3,600,000 | |
Restricted stock | $ 12,819,000 | $ 60,707,000 | ||
FRB capital stock | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Share price | $ 50 | |||
Bank owned shares | 494,965 | 0 | ||
Capital stock acquired | 9,300,000 | |||
Dividend income on the FHLBNY capital stock | $ 442,000 | $ 0 | 0 | |
Restricted stock | $ 24,748,000 | |||
Bankers' Bank capital stock (ACBB) | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Bank owned shares | 60 | 0 | ||
Capital stock acquired | $ 165,000 | |||
Dividend income on the FHLBNY capital stock | $ 1,000 | $ 0 | $ 0 | |
Restricted stock | $ 165,000 | |||
Bankers' Bank capital stock (ACBB) | Minimum | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Share price | $ 2,500 | |||
Bankers' Bank capital stock (ACBB) | Maximum | ||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||||
Share price | $ 3,250 |
DEPOSITS - Summary of deposits
DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
DEPOSITS | ||
Weighted Average Rate, Savings accounts | 0.03% | 0.12% |
Weighted Average Rate, Certificates of deposit | 0.58% | 0.84% |
Weighted Average Rate, Money market accounts | 0.07% | 0.24% |
Weighted Average Rate, Interest-bearing checking accounts | 0.18% | 0.10% |
Weighted Average Rate, Total | 0.09 | 0.36 |
Liability, Savings accounts | $ 1,158,040 | $ 414,809 |
Liability, Certificates of deposit ("CDs") | 853,242 | 1,322,638 |
Liability, Money market accounts | 3,621,552 | 1,716,624 |
Liability, Interest-bearing checking accounts | 905,717 | 290,300 |
Liability, Non-interest bearing checking accounts | 3,920,423 | 780,751 |
Liability, Total | $ 10,458,974 | $ 4,525,122 |
DEPOSITS - Scheduled maturities
DEPOSITS - Scheduled maturities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
DEPOSITS | |
2022 | $ 701,259 |
2023 | 98,015 |
2024 | 27,402 |
2025 | 15,078 |
2026 | 9,110 |
2027 and beyond | 2,378 |
Total | $ 853,242 |
2022 | 0.51% |
2023 | 0.87% |
2024 | 1.20% |
2025 | 1.12% |
2026 | 0.52% |
2027 and beyond | 0.67% |
Total | 0.58% |
DEPOSITS - Narrative (Details)
DEPOSITS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Feb. 01, 2021 | Dec. 31, 2020 |
Time Deposits [Line Items] | |||
Deposits acquired | $ 5,410 | ||
$250,000 or Greater | |||
Time Deposits [Line Items] | |||
Deposits in excess of the FDIC limit | $ 200.1 | $ 279 |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITIES - Cash Flow Hedges Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)DerivativeInstrument | Dec. 31, 2020USD ($)DerivativeInstrument | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Estimated reclassification as an increase to interest expense during next twelve months | $ 57 | |
Number of derivatives terminated | DerivativeInstrument | 34 | 6 |
Termination value of derivatives | $ 785,000 | $ 95,000 |
Non-interest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) on termination of derivatives | $ (16,500) | $ (6,600) |
Interest Expense | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivatives terminated | DerivativeInstrument | 2 | |
Termination value of derivatives | $ 30,000 | |
Gain (loss) on termination of derivatives | $ 175 |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITIES - Classification on Consolidated Statements of Financial Condition (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)DerivativeInstrument | Dec. 31, 2020USD ($)DerivativeInstrument | Dec. 31, 2019USD ($) | |
Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Loan level derivative income | $ 2,909,000 | $ 8,872,000 | $ 910,000 |
Interest Rate Swaps Related to FHLBNY Advances [Member] | Designated as Hedging Instrument | |||
Cash Flow Hedges | |||
Count, assets | DerivativeInstrument | 4 | ||
Count, liabilities | DerivativeInstrument | 32 | ||
Notional amount, assets | $ 150,000,000 | ||
Notional amount, liabilities | $ 655,000,000 | ||
Fair value assets | $ 4,358,000 | ||
Fair value liabilities | $ (18,442,000) | ||
Loan Level Interest Rate Swaps with Borrower (Assets) | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, assets | DerivativeInstrument | 111 | 65 | |
Notional amount, assets | $ 604,529,000 | $ 570,277,000 | |
Fair value assets | $ 28,291,000 | $ 24,764,000 | |
Loan Level Interest Rate Swaps with Borrower (Liabilities) | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, liabilities | DerivativeInstrument | 74 | ||
Notional amount, liabilities | $ 620,459,000 | ||
Fair value liabilities | (11,865,000) | ||
Posted collateral | $ 0 | ||
Loan Level Interest Rate Floors with Borrower [Member] | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, liabilities | DerivativeInstrument | 45 | 41 | |
Notional amount, liabilities | $ 392,764,000 | $ 364,643,000 | |
Fair value liabilities | (5,644,000) | (5,832,000) | |
Loan Level Interest Rate Swaps with Third-part Counterparties [Member] | Designated as Hedging Instrument | |||
Cash Flow Hedges | |||
Posted collateral | $ 0 | $ 5,400,000 | |
Loan Level Interest Rate Swaps with Third-part Counterparties [Member] | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, liabilities | DerivativeInstrument | 111 | 65 | |
Notional amount, liabilities | $ 604,529,000 | $ 570,277,000 | |
Fair value liabilities | (28,291,000) | $ (24,764,000) | |
Posted collateral | $ 14,000,000 | ||
Loan level interest rate swaps with third party counterparties (Assets) | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, assets | DerivativeInstrument | 74 | ||
Notional amount, assets | $ 620,459,000 | ||
Fair value assets | $ 11,865,000 | ||
Loan Level Interest Rate Floors with Third-part Counterparties [Member] | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, assets | DerivativeInstrument | 45 | 41 | |
Notional amount, assets | $ 392,764,000 | $ 364,643,000 | |
Fair value assets | $ 5,644,000 | $ 5,832,000 |
DERIVATIVES AND HEDGING ACTIV_5
DERIVATIVES AND HEDGING ACTIVITIES - Effect on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss): | |||
Gain (loss) recognized in other comprehensive income | $ 5,277 | $ (24,449) | $ (8,254) |
Gain recognized on termination of derivatives | (16,505) | (6,596) | |
Interest Rate Products [Member] | Other Comprehensive Income | |||
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss): | |||
Gain (loss) recognized in other comprehensive income | 5,277 | (24,449) | (8,254) |
Interest Rate Products [Member] | Other Comprehensive Income | Interest Expense | |||
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss): | |||
Loss reclassified from other comprehensive income into interest expense | (940) | (6,127) | $ 955 |
Interest Rate Products [Member] | Other Comprehensive Income | Derivatives. | |||
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss): | |||
Gain recognized on termination of derivatives | $ 16,505 | $ 6,596 |
DERIVATIVES AND HEDGING ACTIV_6
DERIVATIVES AND HEDGING ACTIVITIES - Credit Risk Related Contingent Features (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($)item | |
Credit Risk Related Contingent Features [Abstract] | |
Fair value of derivative liability, including accrued interest | $ | $ 16.5 |
Number of provisions breached | item | 0 |
FHLBNY ADVANCES (Details)
FHLBNY ADVANCES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
FHLBNY advances extinguished | $ 209,010 | $ 70,750 | $ 313,900 |
Weighted average rate | 1.31% | 1.15% | 2.35% |
Loss on extinguishment of debt | $ 1,751 | $ 1,104 | $ 3,780 |
Contractual Maturity, Amount | |||
Total FHLBNY advances, amount | $ 25,000 | $ 1,204,010 | |
Weighted Average Rate | |||
Total FHLBNY advances, Weighted Average Rate (as a percent) | 0.35% | 0.53% | |
Fixed rate at 0.35% | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
FHLBNY advances, fixed rate | 0.35% | ||
Contractual Maturity, Amount | |||
2021/2022 | $ 25,000 | ||
Weighted Average Rate | |||
2021/2022 | 0.35% | ||
Fixed rate at rates from 0.24% to 2.09% | |||
Contractual Maturity, Amount | |||
2021/2022 | $ 1,144,010 | ||
Weighted Average Rate | |||
2021/2022 | 0.52% | ||
Fixed rate at rates from 0.33% to 1.79% | |||
Contractual Maturity, Amount | |||
2022 | $ 60,000 | ||
Weighted Average Rate | |||
2022 | 0.60% | ||
Maximum | Fixed rate at rates from 0.24% to 2.09% | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
FHLBNY advances, fixed rate | 2.09% | ||
Maximum | Fixed rate at rates from 0.33% to 1.79% | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
FHLBNY advances, fixed rate | 1.79% | ||
Minimum | Fixed rate at rates from 0.24% to 2.09% | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
FHLBNY advances, fixed rate | 0.24% | ||
Minimum | Fixed rate at rates from 0.33% to 1.79% | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
FHLBNY advances, fixed rate | 0.33% |
FHLBNY ADVANCES - Narrative (De
FHLBNY ADVANCES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
FHLBNY ADVANCES | |||
Extinguishment of FHLBNY | $ 1,751,000 | $ 1,104,000 | $ 3,780,000 |
Borrowings total | $ 25,000,000 | $ 1,200,000,000 | |
Average interest rate on outstanding FHLBNY | 0.35% | 0.53% | |
Borrowings | $ 4,190,000,000 | $ 2,110,000,000 | |
Callable advances | 0 | ||
FHLBNY advances with an overnight contractual maturity | 0 | 0 | |
FHLBNY advances with contractual maturities after 2022 | $ 0 | $ 0 |
SUBORDINATED DEBENTURES (Detail
SUBORDINATED DEBENTURES (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Feb. 01, 2021 | |
Debt Instrument [Line Items] | ||||||
Fixed-to-floating rate subordinated debentures | $ 80 | |||||
Subordinated notes payable, net | $ 197.1 | $ 114.1 | ||||
Interest expense related to the subordinated debt | $ 8.5 | $ 5.3 | $ 5.3 | |||
Subordinated Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Fixed-to-floating rate subordinated debentures | $ 115 | $ 115 | ||||
Fixed annual interest rate | 4.50% | 4.50% | ||||
Basis points | 2.66% | |||||
Callable Notes After Five Years | Subordinated Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Fixed-to-floating rate subordinated debentures | $ 40 | |||||
Debt Instrument, Term | 5 years | |||||
Fixed annual interest rate | 5.25% | |||||
Debt instrument variable rate description | three-month LIBOR | |||||
Basis points | 3.60% | |||||
Callable Notes After Ten Years | Subordinated Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Fixed-to-floating rate subordinated debentures | $ 40 | |||||
Debt Instrument, Term | 10 years | |||||
Fixed annual interest rate | 5.75% | |||||
Debt instrument variable rate description | three-month LIBOR | |||||
Basis points | 3.45% |
OTHER SHORT-TERM BORROWINGS - N
OTHER SHORT-TERM BORROWINGS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Repurchase agreements | |||
OTHER SHORT-TERM BORROWINGS | |||
Percentage of pass through for Mortgage Backed Securities | 100.00% | ||
Carrying Amount | $ 3,800 | ||
Repurchase of securities | 1,900 | ||
Interest expense | 3 | $ 0 | $ 0 |
AFX | |||
OTHER SHORT-TERM BORROWINGS | |||
Interest expense | $ 226 | $ 45 | $ 1 |
OTHER SHORT-TERM BORROWINGS - S
OTHER SHORT-TERM BORROWINGS - Summary of other short-term borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Other short-term borrowings | $ 1,862 | $ 120,000 |
Repurchase agreements | ||
Short-term Debt [Line Items] | ||
Other short-term borrowings | $ 1,862 | |
AFX | ||
Short-term Debt [Line Items] | ||
Other short-term borrowings | $ 120,000 |
INCOME TAXES - Components (Deta
INCOME TAXES - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Current | $ 35,574 | $ 14,631 | $ 13,059 |
Total deferred | 8,596 | (1,965) | (2,383) |
Income tax expense | 44,170 | 12,666 | 10,676 |
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Current | 23,759 | 13,107 | 10,129 |
Total deferred | 5,490 | (1,181) | (1,437) |
Income tax expense | 29,249 | 11,926 | 8,692 |
State and city | |||
Operating Loss Carryforwards [Line Items] | |||
Current | 11,815 | 1,524 | 2,930 |
Total deferred | 3,106 | (784) | (946) |
Income tax expense | $ 14,921 | $ 740 | $ 1,984 |
INCOME TAXES - Federal statutor
INCOME TAXES - Federal statutory rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAXES | |||
Tax at Federal statutory rate | $ 31,115 | $ 11,546 | $ 9,841 |
State and local taxes, net of federal income tax benefit | 11,601 | 567 | 1,567 |
Benefit plan differences | (107) | (240) | (261) |
Adjustments for prior period returns and tax items | (238) | 125 | 19 |
Investment in BOLI | 1,485 | 1,020 | 594 |
Equity based compensation | (301) | 96 | (33) |
Salaries deduction limitation | 3,419 | 1,428 | 126 |
Transaction costs | 181 | 256 | |
Other, net | (15) | (92) | 11 |
Total | $ 44,170 | $ 12,666 | $ 10,676 |
Effective tax rate | 29.81% | 23.04% | 22.78% |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Allowance for credit losses and other contingent liabilities | $ 29,777 | $ 13,261 |
Employee benefit plans | 4,227 | |
Tax effect of purchase accounting fair value adjustments | 287 | |
Tax effect of other components of income on derivatives | 5,831 | |
Tax effect of other components of income on securities available-for-sale | 3,608 | |
Operating lease liability | 20,532 | 12,673 |
Other | 1,976 | 2 |
Total deferred tax assets | 55,893 | 36,281 |
Deferred tax liabilities: | ||
Tax effect of other components of income on derivatives | 1,371 | |
Tax effect of other components of income on securities available-for-sale and derivatives | 6,161 | |
Employee benefit plans | 2,803 | |
Tax effect of purchase accounting fair value adjustments | 3,945 | |
Difference in book and tax carrying value of fixed assets | 3,950 | 906 |
Difference in book and tax basis of unearned loan fees | 2,413 | 2,490 |
Operating lease asset | 19,871 | 10,774 |
Other | 1,141 | 685 |
Total deferred tax liabilities | 35,494 | 21,016 |
Net deferred tax asset (recorded in other assets) | $ 20,399 | $ 15,265 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
INCOME TAXES | ||
Valuation allowances | $ 0 | |
Federal NOL carryforward | 2,700 | |
State NOL carryforward | 1,600 | |
City NOL carryforward | 0 | |
Bad debt reserves totaling | 15,100 | |
Additional income tax expense | $ 4,800 | |
Unrecognized tax benefits | $ 0 | $ 0 |
MERGER RELATED EXPENSES (Detail
MERGER RELATED EXPENSES (Details) - Bridge shareholders - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition [Line Items] | |||
Costs associated with employee severance and other merger-related compensation expense | $ 15.9 | ||
Merger expenses | $ 0 | ||
Transaction costs | $ 28.9 | $ 4.7 |
BRANCH RESTRUCTURING COSTS (Det
BRANCH RESTRUCTURING COSTS (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)item | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
BRANCH RESTRUCTURING COSTS | |||
Number of branches combined into existing branches | item | 5 | ||
Restructuring costs | $ | $ 5.1 | $ 0 | $ 0 |
RETIREMENT AND POSTRETIREMENT_3
RETIREMENT AND POSTRETIREMENT PLANS - Funded status of the Employee Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Plans [Member] | |||
Reconciliation of projected benefit obligation: | |||
Acquired in the Merger | $ 33,897 | ||
Service cost | 893 | ||
Interest cost | 609 | ||
Actuarial gain | (304) | ||
Benefit payments | (600) | ||
Projected benefit obligation at end of year | 34,495 | ||
Plan assets at fair value (investments in trust funds managed by trustee) | |||
Acquired in the Merger | 43,685 | ||
Return on plan assets | 4,772 | ||
Benefit payments | (600) | ||
Balance at end of year | 47,857 | ||
Funded status at end of year | 13,362 | ||
Employee Retirement Plan | |||
Reconciliation of projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 26,891 | $ 25,405 | |
Interest cost | 562 | 732 | $ 901 |
Actuarial gain | (903) | 2,204 | |
Benefit payments | (1,589) | (1,450) | |
Projected benefit obligation at end of year | 24,961 | 26,891 | 25,405 |
Plan assets at fair value (investments in trust funds managed by trustee) | |||
Balance at beginning of year | 27,142 | 25,202 | |
Return on plan assets | 3,140 | 3,390 | |
Benefit payments | (1,589) | (1,450) | |
Balance at end of year | 28,693 | 27,142 | 25,202 |
Funded status at end of year | 3,732 | 251 | |
RETIREMENT PLANS | BMP and Outside Director Retirement Plan | |||
Reconciliation of projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 9,328 | 9,360 | |
Interest cost | 12 | 234 | 351 |
Actuarial gain | (277) | 505 | |
Benefit payments | (9,063) | (771) | |
Projected benefit obligation at end of year | 9,328 | 9,360 | |
Plan assets at fair value (investments in trust funds managed by trustee) | |||
Contributions | 9,063 | 771 | |
Benefit payments | (9,063) | (771) | |
Funded status at end of year | (9,328) | ||
POSTRETIREMENT PLANS | |||
Reconciliation of projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 13 | 1,608 | |
Interest cost | 42 | 56 | |
Actuarial gain | 105 | ||
Curtailment gain | (1,600) | (1,577) | |
Benefit payments | (13) | (165) | |
Projected benefit obligation at end of year | 13 | $ 1,608 | |
Plan assets at fair value (investments in trust funds managed by trustee) | |||
Contributions | 13 | 165 | |
Benefit payments | $ (13) | (165) | |
Funded status at end of year | $ (13) |
RETIREMENT AND POSTRETIREMENT_4
RETIREMENT AND POSTRETIREMENT PLANS - Net periodic cost for the Employee Retirement Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
BMP and Outside Director Retirement Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Curtailment gain | $ (1,500) | |||
Retirement Plans [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 893 | |||
Interest cost | 609 | |||
Expected return on plan assets | (2,883) | |||
Net periodic (credit) cost | (1,381) | |||
Employee Retirement Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Interest cost | 562 | $ 732 | $ 901 | |
Expected return on plan assets | (1,846) | (1,713) | (1,528) | |
Amortization of unrealized loss | 824 | 914 | 913 | |
Net periodic (credit) cost | (460) | (67) | 286 | |
RETIREMENT PLANS | BMP and Outside Director Retirement Plan | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Interest cost | 12 | 234 | 351 | |
Curtailment gain | 1,543 | |||
Amortization of unrealized loss | 179 | 59 | ||
Net periodic (credit) cost | $ 1,555 | 413 | 410 | |
POSTRETIREMENT PLANS | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Interest cost | 42 | 56 | ||
Curtailment gain | 1,651 | |||
Amortization of unrealized loss | (9) | (20) | ||
Net periodic (credit) cost | $ 1,684 | $ 36 |
RETIREMENT AND POSTRETIREMENT_5
RETIREMENT AND POSTRETIREMENT PLANS - Change in Accumulated Other Comprehensive Loss from Employee Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Gain (loss) recognized during the year | $ (6,563) | $ (2,817) | $ 296 |
Curtailment credit | (1,543) | 1,651 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (6,181) | (5,924) | |
Retirement Plans [Member] | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Gain (loss) recognized during the year | 2,193 | ||
Balance at the end of the period | 2,193 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | (1,503) | ||
RETIREMENT PLANS | BMP and Outside Director Retirement Plan | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Balance at beginning of period | (1,820) | (1,494) | |
Amortization of unrealized loss | 179 | ||
Gain (loss) recognized during the year | 277 | (505) | |
Curtailment credit | 1,543 | ||
Balance at the end of the period | (1,820) | (1,494) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | 1,228 | ||
Employee Retirement Plan | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Balance at beginning of period | (7,119) | (7,506) | |
Amortization of unrealized loss | 825 | 914 | |
Gain (loss) recognized during the year | 2,197 | (527) | |
Balance at the end of the period | (4,097) | (7,119) | (7,506) |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Total | $ 2,808 | 4,858 | |
POSTRETIREMENT PLANS | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Balance at beginning of period | 188 | ||
Amortization of unrealized loss | (9) | ||
Recognition of prior service cost | (74) | ||
Gain (loss) recognized during the year | $ (105) | ||
Balance at the end of the period | $ 188 |
RETIREMENT AND POSTRETIREMENT_6
RETIREMENT AND POSTRETIREMENT PLANS - Major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Plans [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate used for net periodic benefit cost | 2.69% | ||
Discount rate used to determine benefit obligation at period end | 2.69% | ||
Expected long-term return on plan assets used for net periodic benefit cost | 7.25% | ||
Expected long-term return on plan assets used to determine benefit obligation at period end | 7.25% | ||
Employee Retirement Plan | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate used for net periodic benefit cost | 2.55% | 2.97% | 4.04% |
Discount rate used to determine benefit obligation at period end | 2.55% | 2.15% | 2.97% |
Expected long-term return on plan assets used for net periodic benefit cost | 7.00% | 7.00% | 7.00% |
Expected long-term return on plan assets used to determine benefit obligation at period end | 7.00% | 7.00% | 7.00% |
RETIREMENT PLANS | Board Member Retirement Plan | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate used for net periodic benefit cost | 2.60% | 3.80% | |
Discount rate used to determine benefit obligation at period end | 1.55% | 2.60% | |
RETIREMENT PLANS | Outside Director Retirement Plan [Member] | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate used for net periodic benefit cost | 2.68% | 3.84% | |
Discount rate used to determine benefit obligation at period end | 1.69% | 2.68% | |
POSTRETIREMENT PLANS | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate used for net periodic benefit cost | 2.69% | 3.82% | |
Discount rate used to determine benefit obligation at period end | 0.29% | 2.69% |
RETIREMENT AND POSTRETIREMENT_7
RETIREMENT AND POSTRETIREMENT PLANS - Weighted average allocation by asset category (Details) | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 100.00% | |
Retirement Plans [Member] | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 60.00% | |
Retirement Plans [Member] | Debt securities (bond mutual funds) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 37.00% | |
Retirement Plans [Member] | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 3.00% | |
Employee Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 100.00% | 100.00% |
Employee Retirement Plan | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 54.00% | 67.00% |
Employee Retirement Plan | Debt securities (bond mutual funds) | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 42.00% | 30.00% |
Employee Retirement Plan | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 4.00% | 3.00% |
RETIREMENT AND POSTRETIREMENT_8
RETIREMENT AND POSTRETIREMENT PLANS - Employee Retirement Plan's investments measured at fair value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | $ 47,857 | ||
Expected annual rates of return | 7.25% | ||
Percentage of investments for long term growth. | 97.00% | ||
Percentage of near term benefit payments | 3.00% | ||
Percentage of cumulative long term return on index | 9.00% | ||
Percentage of cumulative long term return on bonds | 5.00% | ||
Employee Retirement Plan's target allocation, expected annual rate of return | 7.25% | ||
Actuarial gain | $ (304) | ||
Retirement Plans [Member] | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,581 | ||
Retirement Plans [Member] | U.S. large cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 13,623 | ||
Retirement Plans [Member] | U.S. mid cap/small cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 5,669 | ||
Retirement Plans [Member] | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 8,332 | ||
Retirement Plans [Member] | Equities blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 900 | ||
Retirement Plans [Member] | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,696 | ||
Retirement Plans [Member] | Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,700 | ||
Retirement Plans [Member] | Mortgage-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 2,549 | ||
Retirement Plans [Member] | High yield bonds and bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 11,807 | ||
Retirement Plans [Member] | Level 1 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 30,224 | ||
Retirement Plans [Member] | Level 1 Inputs [Member] | U.S. large cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 13,623 | ||
Retirement Plans [Member] | Level 1 Inputs [Member] | U.S. mid cap/small cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 5,669 | ||
Retirement Plans [Member] | Level 1 Inputs [Member] | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 8,332 | ||
Retirement Plans [Member] | Level 1 Inputs [Member] | Equities blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 900 | ||
Retirement Plans [Member] | Level 1 Inputs [Member] | Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,700 | ||
Retirement Plans [Member] | Level 2 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 17,633 | ||
Retirement Plans [Member] | Level 2 Inputs [Member] | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,581 | ||
Retirement Plans [Member] | Level 2 Inputs [Member] | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,696 | ||
Retirement Plans [Member] | Level 2 Inputs [Member] | Mortgage-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 2,549 | ||
Retirement Plans [Member] | Level 2 Inputs [Member] | High yield bonds and bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 11,807 | ||
Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | $ 28,693 | $ 27,142 | $ 25,202 |
Expected annual rates of return | 7.00% | 7.00% | 7.00% |
Percentage of investments for long term growth. | 97.00% | ||
Percentage of near term benefit payments | 3.00% | ||
Percentage of cumulative long term return on index | 9.00% | ||
Percentage of cumulative long term return on bonds | 5.00% | ||
Employee Retirement Plan's target allocation, expected annual rate of return | 7.00% | 7.00% | |
Actuarial gain | $ (903) | $ 2,204 | |
Employee Retirement Plan | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,001 | 720 | |
Employee Retirement Plan | U.S. large cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 8,579 | ||
Employee Retirement Plan | U.S. mid cap/small cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 2,896 | ||
Employee Retirement Plan | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 3,560 | ||
Employee Retirement Plan | Equities blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 479 | ||
Employee Retirement Plan | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,288 | ||
Employee Retirement Plan | Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,406 | ||
Employee Retirement Plan | Mortgage-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,858 | ||
Employee Retirement Plan | High yield bonds and bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 7,626 | ||
Employee Retirement Plan | Domestic Large Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 3,336 | ||
Employee Retirement Plan | Domestic Mid Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,571 | ||
Employee Retirement Plan | Domestic Small Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 618 | ||
Employee Retirement Plan | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 4,678 | ||
Employee Retirement Plan | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 8,300 | ||
Employee Retirement Plan | Domestic Large Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 5,564 | ||
Employee Retirement Plan | Domestic Mid Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 28,693 | 742 | |
Employee Retirement Plan | Domestic Small Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,613 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 19,223 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 720 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | U.S. large cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 8,579 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | U.S. mid cap/small cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 2,896 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 3,560 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | Equities blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 479 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,406 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | Domestic Large Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 3,336 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | Domestic Mid Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,571 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | Domestic Small Cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 618 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | International Equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 4,678 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | Fixed Income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 8,300 | ||
Employee Retirement Plan | Level 1 Inputs [Member] | Domestic Mid Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 16,920 | ||
Employee Retirement Plan | Level 2 Inputs [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 7,919 | ||
Employee Retirement Plan | Level 2 Inputs [Member] | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,001 | ||
Employee Retirement Plan | Level 2 Inputs [Member] | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,288 | ||
Employee Retirement Plan | Level 2 Inputs [Member] | Mortgage-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,858 | ||
Employee Retirement Plan | Level 2 Inputs [Member] | High yield bonds and bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 7,626 | ||
Employee Retirement Plan | Level 2 Inputs [Member] | Domestic Large Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 5,564 | ||
Employee Retirement Plan | Level 2 Inputs [Member] | Domestic Mid Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | $ 11,773 | 742 | |
Employee Retirement Plan | Level 2 Inputs [Member] | Domestic Small Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | $ 1,613 |
RETIREMENT AND POSTRETIREMENT_9
RETIREMENT AND POSTRETIREMENT PLANS - Benefit payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Retirement Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 1,119 |
2023 | 1,264 |
2024 | 1,274 |
2025 | 1,360 |
2026 | 1,563 |
2027 to 2031 | 9,153 |
Employee Retirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 1,501 |
2023 | 1,490 |
2024 | 1,477 |
2025 | 1,412 |
2026 | 1,368 |
2027 to 2031 | $ 6,503 |
RETIREMENT AND POSTRETIREMEN_10
RETIREMENT AND POSTRETIREMENT PLANS - 401(K) Plan - (Details) - 401 K Plan | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum contribution by employee, for the calendar year | $ 19,500 |
Percentage of match for first 1% of employee contributions | 100.00% |
Percentage of employee contribution on which 100% match by employer | 1.00% |
Percentage of match on next 1% of employee contributions | 50.00% |
Common stock within the accounts of participants | $ 9,700,000 |
Total expense recognized as a component of salaries and employee benefits expense | $ 2,000,000 |
Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Percentage of employee contribution on which 50% match by employer | 6.00% |
Maximum Percentage of participating employee contribution | 3.50% |
RETIREMENT AND POSTRETIREMEN_11
RETIREMENT AND POSTRETIREMENT PLANS - Dime KSOP Plan, BMP and Outside Director Retire - Narratives (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dime KSOP Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution plan cost | $ 300 | $ 1,900 | $ 1,900 | |
Dime KSOP Plan | Common stock | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Plan Assets | $ 40 | 33,700 | ||
BMP and Outside Director Retirement Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Termination age of board members | 75 years | |||
Curtailment loss | $ 1,500 | |||
BMP and Outside Director Retirement Plan | RETIREMENT PLANS | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Obligation | 9,328 | $ 9,360 | ||
Curtailment loss | $ (1,543) | |||
Benefits paid | 9,063 | 771 | ||
Outside Director Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Obligation | 2,800 | |||
Board Member Retirement Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Obligation | $ 6,200 | |||
Board Member Retirement Plan | Common stock | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total Plan Assets | $ 2,200 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - 2021 Equity Incentive Plan - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for issuance | 1,123,844 | |
Unvested and outstanding share-based awards | 0 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Information Related to Stock Option Plans [Abstract] | |||
Cash received for option exercise cost | $ 431 | $ 38 | $ 367 |
Stock Option Awards [Member] | |||
Number of Options [Roll Forward] | |||
Options outstanding at January 1, 2021 as adjusted for conversion (in shares) | 18,685 | ||
Options acquired (in shares) | 180,020 | ||
Options exercised (in shares) | (48,031) | ||
Options forfeited (in shares) | (29,421) | ||
Options outstanding, end of period (in shares) | 121,253 | ||
Options vested and exercisable, end of period (in shares) | 121,253 | ||
Weighted-Average Exercise Price [Abstract] | |||
Options outstanding at January 1, 2021 as adjusted for conversion (in dollars per share) | $ 23.23 | ||
Options acquired (in dollars per share) | 35.39 | ||
Options exercised (in dollars per share) | 30.66 | ||
Options forfeited (in dollars per share) | 35.38 | ||
Options outstanding, end of period (in dollars per share) | 35.39 | ||
Options vested and exercisable. end of period (in dollars per share) | $ 35.39 | ||
Weighted-Average Remaining Contractual Years | |||
Options outstanding | 7 years 2 months 12 days | ||
Options vested and exercisable | 7 years 2 months 12 days | ||
Aggregate Intrinsic Value [Abstract] | |||
Options outstanding | $ 14 | ||
Options vested and exercisable | 14 | ||
Information Related to Stock Option Plans [Abstract] | |||
Cash received for option exercise cost | 431 | 38 | 367 |
Income tax benefit recognized on stock option exercises | (15) | 39 | |
Intrinsic value of options exercised | $ 171 | $ 8 | $ 229 |
STOCK-BASED COMPENSATION - St_2
STOCK-BASED COMPENSATION - Stock Option Awards Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
$34.87 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Prices | $ / shares | $ 34.87 |
$35.35 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Prices | $ / shares | 35.35 |
$36.19 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Prices | $ / shares | 36.19 |
Stock Option Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise Prices | $ / shares | $ 35.39 |
Outstanding Options, Amount | 121,253 |
Outstanding Options, Weighted Average Contractual Years Remaining | 7 years 2 months 12 days |
Vested Options, Amount | 121,253 |
Vested Options, Weighted Average Contractual Years Remaining | 7 years 2 months 12 days |
Stock Option Awards [Member] | $34.87 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Options, Amount | 46,799 |
Outstanding Options, Weighted Average Contractual Years Remaining | 8 years 1 month 6 days |
Vested Options, Amount | 46,799 |
Vested Options, Weighted Average Contractual Years Remaining | 8 years 1 month 6 days |
Stock Option Awards [Member] | $35.35 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Options, Amount | 42,475 |
Outstanding Options, Weighted Average Contractual Years Remaining | 7 years 1 month 6 days |
Vested Options, Amount | 42,475 |
Vested Options, Weighted Average Contractual Years Remaining | 7 years 1 month 6 days |
Stock Option Awards [Member] | $36.19 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding Options, Amount | 31,979 |
Outstanding Options, Weighted Average Contractual Years Remaining | 6 years 1 month 6 days |
Vested Options, Amount | 31,979 |
Vested Options, Weighted Average Contractual Years Remaining | 6 years 1 month 6 days |
STOCK-BASED COMPENSATION - Rest
STOCK-BASED COMPENSATION - Restricted Stock Awards (Details) - Restricted Stock Awards [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Awards [Abstract] | |||
Unrecognized compensation cost | $ 6,800 | ||
Weighted average remaining years for which compensation expense is to be recognized | 2 years 9 months 18 days | ||
Number of Shares | |||
Shares acquired in the merger (in shares) | 101,778 | ||
Shares granted (in shares) | 390,027 | ||
Shares vested (in shares) | (9,838) | ||
Shares forfeited (in shares) | (35,044) | ||
Unvested allocated shares outstanding, end of period (in shares) | 446,923 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Shares acquired in the merger (in dollars per share) | $ 25.98 | ||
Shares granted (in dollars per share) | 26.48 | ||
Shares vested (in dollars per share) | 25.41 | ||
Shares forfeited (in dollars per share) | 25.89 | ||
Unvested allocated shares outstanding, end of period (in dollars per share) | $ 26.45 | ||
Information Related to RSAs | |||
Acceleration cost | $ 2,500 | ||
Compensation expense recognized | 5,253 | $ 4,217 | $ 1,540 |
Income tax benefit recognized on vesting of RSA | $ 27 | $ (211) | $ 11 |
Weighted average remaining years for which compensation expense is to be recognized | 2 years 9 months 18 days |
STOCK-BASED COMPENSATION - Perf
STOCK-BASED COMPENSATION - Performance Based Equity Awards (Details) - Performance Shares [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Performance Based Equity Awards [Abstract] | |||
Percentage of threshold target for each award eligible to be earned based on relative performance | 50.00% | ||
Percentage of target for each award eligible to be earned based on relative performance | 100.00% | ||
Percentage of maximum target for each award eligible to be earned based on relative performance | 150.00% | ||
Award vesting period | 3 years | ||
Unvested and outstanding share-based awards | 38,948 | 0 | |
Number of Shares | |||
Shares granted (in shares) | 38,948 | ||
Expected aggregate share payout, Number of Shares | 29,951 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Shares granted, Weighted-Average Grant-Date Fair Value | $ 31.40 | ||
Expected aggregate share payout, Weighted-Average Grant-Date Fair Value | $ 30.72 | ||
Information Related to Stock Awards | |||
Acceleration cost | $ 1,700 | ||
Compensation expense recognized | 154 | $ 2,279 | $ 132 |
Income tax benefit recognized on vesting of PSAs | $ 60 | ||
Unrecognized compensation cost | $ 765,000 | ||
Weighted average remaining years for which compensation expense is to be recognized | 2 years 6 months | ||
Maximum | |||
Number of Shares | |||
Maximum aggregate share payout ending balance, Number of Shares | 38,948 | ||
Weighted-Average Grant-Date Fair Value [Abstract] | |||
Maximum aggregate share payout ending balance, Weighted-Average Grant-Date Fair Value | $ 31.40 |
STOCK-BASED COMPENSATION - Sale
STOCK-BASED COMPENSATION - Sales Incentive Awards (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Performance Shares [Member] | |||
Information Related to Stock Awards | |||
Award vesting period | 3 years | ||
Compensation expense recognized | $ 154 | $ 2,279 | $ 132 |
Unvested and outstanding share-based awards | 38,948 | 0 | |
Sales Incentive Award Program [Member] | |||
Information Related to Stock Awards | |||
Award vesting period | 1 year | ||
Compensation expense recognized | $ 341 | $ 727 | $ 171 |
Unvested and outstanding share-based awards | 0 | 0 |
EARNINGS PER COMMON SHARE ("E_3
EARNINGS PER COMMON SHARE ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | |||
Net income available to common stockholders | $ 96,710 | $ 37,535 | $ 36,186 |
Less: Dividends paid and earnings allocated to participating securities | (1,215) | (149) | (184) |
Income attributable to common stock | $ 95,495 | $ 37,386 | $ 36,002 |
Weighted average common shares outstanding, including participating securities (in shares) | 39,327,959 | 21,729,484 | 23,240,571 |
Less: weighted average participating securities (in shares) | (425,533) | (191,536) | (137,563) |
Weighted average common shares outstanding (in shares) | 38,902,426 | 21,537,948 | 23,103,008 |
Basic EPS (in dollars per share) | $ 2.45 | $ 1.74 | $ 1.56 |
Weighted average common shares outstanding (in shares) | 38,902,426 | 21,537,948 | 23,103,008 |
Weighted average common equivalent shares outstanding (in shares) | 611 | 500 | 82,903 |
Weighted average common and equivalent shares outstanding (in shares) | 38,903,037 | 21,538,448 | 23,185,911 |
Diluted EPS (in dollars per share) | $ 2.45 | $ 1.74 | $ 1.55 |
Stock Option Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | |||
Weighted average shares excluded from earnings per share calculation (in shares) | 167,053 | 15,498 | 0 |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 10, 2020 | Feb. 05, 2020 | Dec. 31, 2021 | Feb. 01, 2021 | Dec. 31, 2020 |
Public Offering [Abstract] | |||||
Preferred stock, Series A, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred stock, liquidation preference (in dollars per share) | 25 | $ 25 | |||
Preferred Stock, Series A [Member] | |||||
Public Offering [Abstract] | |||||
Number of share issued in public offering (in shares) | 2,300,000 | 2,999,200 | |||
Preferred stock, liquidation preference | $ 57.5 | $ 75 | |||
Preferred stock, interest rate | 5.50% | 5.50% | |||
Preferred stock, Series A, par value (in dollars per share) | $ 0.01 | ||||
Preferred stock, liquidation preference (in dollars per share) | $ 25 | ||||
Proceeds from issuance of preferred stock | $ 44.3 | $ 72.2 | |||
Preferred stock, redemption price (in dollars per share) | $ 25 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Available lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed line of credit | $ 69,333 | |
Variable line of credit | 981,726 | $ 210,660 |
Other loan commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed line of credit | 89,537 | 14,613 |
Variable line of credit | 136,553 | 68,286 |
Stand-by letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed line of credit | 34,852 | $ 8,610 |
Variable line of credit | $ 689 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Other Commitments [Line Items] | |||
Commitment outstanding | $ 226.1 | $ 82.9 | |
Commitment expiry period | 3 months | ||
Collateral amount | $ 280.2 | ||
Percentage of reimbursement of federal home loan | 10.00% | ||
FHLBNY | |||
Other Commitments [Line Items] | |||
Line of credit | $ 3.2 |
FAIR VALUE OF FINANCIAL INSTR_3
FAIR VALUE OF FINANCIAL INSTRUMENTS - Assets and Liabilities Measured at Fair Value on a Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Assets | |||
Derivative assets | $ 45,086 | $ 18,932 | |
Financial Liabilities | |||
Derivative liabilities | 40,728 | 37,374 | |
Impaired Loans [Abstract] | |||
Individually evaluated CRE loans with an allowance for credit losses, Outstanding balance | 1,900 | 12,502 | |
With related allowance recorded | 1,900 | 12,502 | |
Valuation allowance | 6,474 | ||
Provision for credit losses | 6,212 | 26,165 | $ 17,340 |
Recurring | Cash flow hedges | |||
Financial Assets | |||
Derivative assets | 4,358 | ||
Financial Liabilities | |||
Derivative liabilities | 18,442 | ||
Recurring | Freestanding derivatives, net | |||
Financial Assets | |||
Derivative assets | 40,728 | 30,596 | |
Financial Liabilities | |||
Derivative liabilities | 40,728 | 30,596 | |
Recurring | Level 2 Inputs [Member] | Cash flow hedges | |||
Financial Assets | |||
Derivative assets | 4,358 | ||
Financial Liabilities | |||
Derivative liabilities | 18,442 | ||
Recurring | Level 2 Inputs [Member] | Freestanding derivatives, net | |||
Financial Assets | |||
Derivative assets | 40,728 | 30,596 | |
Financial Liabilities | |||
Derivative liabilities | 40,728 | 30,596 | |
Nonrecurring [Member] | |||
Impaired Loans [Abstract] | |||
Individually evaluated CRE loans with an allowance for credit losses, Outstanding balance | 2,500 | ||
With related allowance recorded | 2,500 | ||
Valuation allowance | 600 | ||
Provision for credit losses | 600 | ||
Nonrecurring [Member] | Level 3 Inputs [Member] | |||
Impaired Loans [Abstract] | |||
Individually evaluated loans | 1,900 | ||
Carrying Amount | Nonrecurring [Member] | |||
Impaired Loans [Abstract] | |||
Individually evaluated loans | 1,900 | ||
Agency Notes | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 80,254 | 47,421 | |
Agency Notes | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | 80,254 | 47,421 | |
Treasury Securities | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 244,769 | ||
Treasury Securities | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | 244,769 | ||
Corporate Securities | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 152,030 | 64,461 | |
Corporate Securities | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | 152,030 | 64,461 | |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 143,483 | ||
Mortgage-backed securities | 526,454 | ||
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | 143,483 | ||
Mortgage-backed securities | 526,454 | ||
Agency collateralized mortgage obligations ("CMOs") | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 521,258 | 283,496 | |
Agency collateralized mortgage obligations ("CMOs") | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | 521,258 | 283,496 | |
State and municipal obligations. | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 38,946 | ||
State and municipal obligations. | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | $ 38,946 | ||
Domestic Equity Mutual Funds | Recurring | |||
Financial Assets | |||
Marketable equity securities (Registered Mutual Funds) | 1,769 | ||
Domestic Equity Mutual Funds | Recurring | Level 1 Inputs [Member] | |||
Financial Assets | |||
Marketable equity securities (Registered Mutual Funds) | 1,769 | ||
International Equity Mutual Funds | Recurring | |||
Financial Assets | |||
Marketable equity securities (Registered Mutual Funds) | 468 | ||
International Equity Mutual Funds | Recurring | Level 1 Inputs [Member] | |||
Financial Assets | |||
Marketable equity securities (Registered Mutual Funds) | 468 | ||
Fixed Income Mutual Funds | Recurring | |||
Financial Assets | |||
Marketable equity securities (Registered Mutual Funds) | 3,733 | ||
Fixed Income Mutual Funds | Recurring | Level 1 Inputs [Member] | |||
Financial Assets | |||
Marketable equity securities (Registered Mutual Funds) | $ 3,733 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Balance Sheet Groupings (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Assets [Abstract] | ||
Securities held-to-maturity | $ 177,354 | $ 0 |
Carrying Amount | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 393,722 | 243,603 |
Securities held-to-maturity | 179,309 | |
Loans held for investment, net | 9,158,908 | 5,580,583 |
Accrued interest receivable | 40,149 | 34,815 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 9,605,731 | 3,202,484 |
Certificates of Deposits ("CDs") | 853,242 | 1,322,638 |
FHLBNY Advances | 25,000 | 1,204,010 |
Subordinated debt, net | 197,096 | 114,052 |
Other short-term borrowings | 1,862 | 120,000 |
Accrued interest payable | 870 | 1,734 |
Fair Value | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 393,722 | 243,603 |
Securities held-to-maturity | 179,309 | |
Loans held for investment, net | 9,169,872 | 5,598,787 |
Accrued interest receivable | 40,149 | 34,815 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 9,605,731 | 3,202,484 |
Certificates of Deposits ("CDs") | 857,342 | 1,328,554 |
FHLBNY Advances | 25,014 | 1,207,890 |
Subordinated debt, net | 202,334 | 114,340 |
Other short-term borrowings | 1,862 | 120,000 |
Accrued interest payable | 870 | 1,734 |
Level 1 Inputs [Member] | Fair Value | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 393,722 | 243,603 |
Accrued interest receivable | 2 | |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 9,605,731 | 3,202,484 |
Other short-term borrowings | 1,862 | 120,000 |
Level 2 Inputs [Member] | Fair Value | ||
Financial Assets [Abstract] | ||
Securities held-to-maturity | 179,309 | |
Accrued interest receivable | 4,481 | 1,584 |
Financial Liabilities [Abstract] | ||
Certificates of Deposits ("CDs") | 857,342 | 1,328,554 |
FHLBNY Advances | 25,014 | 1,207,890 |
Subordinated debt, net | 202,334 | 114,340 |
Accrued interest payable | 870 | 1,734 |
Level 3 Inputs [Member] | Fair Value | ||
Financial Assets [Abstract] | ||
Loans held for investment, net | 9,169,872 | 5,598,787 |
Accrued interest receivable | $ 35,668 | $ 33,229 |
REGULATORY CAPITAL MATTERS (Det
REGULATORY CAPITAL MATTERS (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual, Ratio (as a percent) | 4.5 | 7 |
Tier One Risk Based Capital to Risk Weighted Assets | 6 | 8.5 |
Capital to Risk Weighted Assets | 8 | 10.5 |
Common Equity Tier One Capital Ratio | 4.5 | 7 |
Basel III | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual, Ratio (as a percent) | 9.5 | 10.2 |
Tier One Risk Based Capital to Risk Weighted Assets | 10.7 | 12.4 |
Capital to Risk Weighted Assets | 13.4 | 15.4 |
For Capital Adequacy Purposes, Ratio (as a percent) | 4 | 4 |
Additional capital conservation buffer (as a percentage) | 2.50% | |
Common Equity Tier One Capital Ratio | 9.5 | 10.2 |
BNB Bank | Basel III | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual, Ratio (as a percent) | 12.5 | 12.5 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.5 | 12.5 |
Capital to Risk Weighted Assets | 13.4 | 13.3 |
For Capital Adequacy Purposes, Ratio (as a percent) | 4 | 4 |
Common Equity Tier One Capital Ratio | 12.5 | 12.5 |
REGULATORY CAPITAL MATTERS - Sc
REGULATORY CAPITAL MATTERS - Schedule of the Company's and Bank's actual capital amounts and ratios (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Common equity Tier 1 capital / % of risk weighted assets | ||
Actual, Ratio (as a percent) | 4.5 | 7 |
Tier 1 Capital / % of risk weighted assets | ||
Actual, Ratio (as a percent) | 6 | 8.5 |
Total Capital / % of risk weighted assets | ||
Actual, Ratio (as a percent) | 8 | 10.5 |
Basel III | ||
Tier 1 Capital / % of average total assets | ||
Actual, Amount | $ 1,037,235 | $ 651,382 |
Actual, Ratio (as a percent) | 8.5 | 10 |
For Capital Adequacy Purposes, Amount | $ 490,420 | $ 261,949 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 4 | 4 |
Common equity Tier 1 capital / % of risk weighted assets | ||
Actual, Amount | $ 920,666 | $ 534,813 |
Actual, Ratio (as a percent) | 9.5 | 10.2 |
For Capital Adequacy Purposes, Amount | $ 436,700 | $ 235,499 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 4.50% | 4.50% |
Tier 1 Capital / % of risk weighted assets | ||
Actual, Amount | $ 1,037,235 | $ 651,382 |
Actual, Ratio (as a percent) | 10.7 | 12.4 |
For Capital Adequacy Purposes, Amount | $ 582,267 | $ 313,999 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 6 | 6 |
Total Capital / % of risk weighted assets | ||
Actual, Amount | $ 1,304,891 | $ 808,289 |
Actual, Ratio (as a percent) | 13.4 | 15.4 |
For Capital Adequacy Purposes, Amount | $ 776,356 | $ 418,666 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 8 | 8 |
BNB Bank | Basel III | ||
Tier 1 Capital / % of average total assets | ||
Actual, Amount | $ 1,215,586 | $ 653,393 |
Actual, Ratio (as a percent) | 10 | 10.2 |
For Capital Adequacy Purposes, Amount | $ 488,506 | $ 257,143 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 4 | 4 |
To Be Categorized as "Well Capitalized", Amount | $ 610,633 | $ 321,428 |
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent) | 5 | 5 |
Common equity Tier 1 capital / % of risk weighted assets | ||
Actual, Amount | $ 1,215,586 | $ 653,393 |
Actual, Ratio (as a percent) | 12.5 | 12.5 |
For Capital Adequacy Purposes, Amount | $ 436,539 | $ 235,243 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 4.50% | 4.50% |
To Be Categorized as "Well Capitalized", Amount | $ 630,557 | $ 339,796 |
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent) | 6.50% | 6.50% |
Tier 1 Capital / % of risk weighted assets | ||
Actual, Amount | $ 1,215,586 | $ 653,393 |
Actual, Ratio (as a percent) | 12.5 | 12.5 |
For Capital Adequacy Purposes, Amount | $ 582,052 | $ 313,658 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 6 | 6 |
To Be Categorized as "Well Capitalized", Amount | $ 776,070 | $ 418,210 |
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent) | 8 | 8 |
Total Capital / % of risk weighted assets | ||
Actual, Amount | $ 1,304,242 | $ 695,300 |
Actual, Ratio (as a percent) | 13.4 | 13.3 |
For Capital Adequacy Purposes, Amount | $ 776,070 | $ 418,210 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 8 | 8 |
To Be Categorized as "Well Capitalized", Amount | $ 970,087 | $ 522,763 |
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent) | 10 | 10 |
CONDENSED HOLDING COMPANY ONL_3
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF FINANCIAL CONDITION (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS: | ||||
Cash and due from banks | $ 393,722 | $ 243,603 | ||
Securities available-for-sale, at fair value | 1,563,711 | 538,861 | ||
Marketable equity securities at fair value | 5,970 | |||
Other assets | 65,224 | 27,551 | ||
Total assets | 12,066,364 | 6,781,610 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Subordinated debt, net | 197,096 | 114,052 | ||
Other liabilities | 83,981 | 40,082 | ||
Stockholders' equity | 1,192,620 | 701,096 | $ 596,758 | $ 602,081 |
Total liabilities and stockholders' equity | 12,066,364 | 6,781,610 | ||
Parent Company | ||||
ASSETS: | ||||
Cash and due from banks | 27,364 | 106,014 | ||
Securities available-for-sale, at fair value | 3,068 | |||
Marketable equity securities at fair value | 5,970 | |||
Investment in subsidiaries | 1,366,796 | 703,107 | ||
Other assets | 4,285 | 1,018 | ||
Total assets | 1,401,513 | 816,109 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Subordinated debt, net | 197,096 | 114,052 | ||
Other liabilities | 11,797 | 961 | ||
Stockholders' equity | 1,192,620 | 701,096 | ||
Total liabilities and stockholders' equity | $ 1,401,513 | $ 816,109 |
CONDENSED HOLDING COMPANY ONL_4
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF INCOME AND OTHER COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Condensed financial information | |||
Net interest loss | $ 357,609 | $ 177,704 | $ 147,421 |
Non-interest income (loss) | 42,068 | 21,273 | 12,168 |
Non-interest expense | (245,299) | (117,828) | (95,387) |
Income tax credit | 44,170 | 12,666 | 10,676 |
Net income | 103,996 | 42,318 | 36,186 |
Parent Company | |||
Condensed financial information | |||
Net interest loss | (8,427) | (5,147) | (5,147) |
Dividends received from Bank | 20,000 | 30,000 | 52,500 |
Non-interest income (loss) | 136 | 361 | 531 |
Non-interest expense | (4,361) | (1,176) | (1,003) |
Income before income taxes and equity in undistributed earnings of direct subsidiaries | 7,348 | 24,038 | 46,881 |
Income tax credit | 4,051 | 1,819 | 1,785 |
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total | 11,399 | 25,857 | 48,666 |
Equity in undistributed earnings of subsidiaries | 92,597 | 16,461 | (12,480) |
Net income | $ 103,996 | $ 42,318 | $ 36,186 |
CONDENSED HOLDING COMPANY ONL_5
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net gain on marketable equity securities | $ (131) | $ (361) | $ (531) |
Decrease (increase) in other assets | 118,641 | (13,106) | 3,186 |
Increase in other liabilities | (118,333) | (11,578) | (3,336) |
Net cash provided by operating activities | 146,327 | 59,932 | 68,491 |
Cash flows from Investing Activities: | |||
Proceeds from sales of marketable equity securities | 6,101 | 546 | 570 |
Purchases of investment securities available-for-sale and marketable equity securities | 0 | (261) | (266) |
Net cash received in business combination | 715,988 | ||
Net cash provided by (used in) investing activities | 1,102,821 | (324,385) | (10,365) |
Cash flows from Financing Activities: | |||
Proceeds from preferred stock issuance, net | 116,569 | ||
Proceeds from exercise of stock options | 431 | 38 | 367 |
Release of stock for benefit plan awards | 1,153 | 84 | 131 |
Payments related to tax withholding for equity awards | (111) | (3,060) | (133) |
BMP ESOP shares received to satisfy distribution of retirement benefits | (993) | (4) | |
Treasury shares repurchased | (59,280) | (35,356) | (24,191) |
Cash dividends paid to preferred stockholders | (7,286) | (4,783) | |
Cash dividends paid to common stockholders | (39,351) | (18,711) | (20,082) |
Net cash (used in) provided by financing activities | (1,099,029) | 352,568 | (49,894) |
Increase (decrease) in cash and cash equivalents | 150,119 | 88,115 | 8,232 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 243,603 | 155,488 | 147,256 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 393,722 | 243,603 | 155,488 |
Parent Company | |||
Cash flows from Operating Activities: | |||
Net income | 103,996 | 42,318 | 36,186 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of subsidiaries | (92,597) | (16,461) | 12,480 |
Net gain on marketable equity securities | (131) | (361) | (531) |
Net accretion | (157) | 146 | 147 |
Decrease (increase) in other assets | 761 | (502) | 26 |
Increase in other liabilities | 269 | 214 | 388 |
Net cash provided by operating activities | 12,141 | 25,354 | 48,696 |
Cash flows from Investing Activities: | |||
Proceeds from sales of marketable equity securities | 6,101 | 546 | 570 |
Purchases of investment securities available-for-sale and marketable equity securities | (3,000) | (261) | (266) |
Reimbursement from subsidiary, including purchases of investment securities available-for-sale | 2 | 26 | |
Net cash received in business combination | 11,545 | ||
Net cash provided by (used in) investing activities | 14,646 | 287 | 330 |
Cash flows from Financing Activities: | |||
Redemption of preferred stock | (3) | (1) | |
Proceeds from preferred stock issuance, net | 116,569 | ||
Proceeds from exercise of stock options | 431 | 38 | 367 |
Release of stock for benefit plan awards | 1,153 | 84 | 131 |
Payments related to tax withholding for equity awards | (111) | (3,060) | (133) |
BMP ESOP shares received to satisfy distribution of retirement benefits | (993) | (4) | |
Treasury shares repurchased | (59,280) | (35,356) | (24,191) |
Cash dividends paid to preferred stockholders | (7,286) | (4,783) | |
Cash dividends paid to common stockholders | (39,351) | (18,696) | (20,082) |
Net cash (used in) provided by financing activities | (105,437) | 54,793 | (43,913) |
Increase (decrease) in cash and cash equivalents | (78,650) | 80,434 | 5,113 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 106,014 | 25,580 | 20,467 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 27,364 | $ 106,014 | $ 25,580 |