Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Entity Listings [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
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 | |
Entity Address, City or Town | Suite 560, Hauppauge | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11788 | |
City Area Code | 631 | |
Local Phone Number | 537-1000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 39,243,718 | |
Entity Central Index Key | 0000846617 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Stock | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common Stock, $0.01 Par Value | |
Trading Symbol | DCOM | |
Security Exchange Name | NASDAQ | |
Preferred Stock, Series A | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Preferred Stock, Series A, $0.01 Par Value | |
Trading Symbol | DCOMP | |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Cash and due from banks | $ 432,994 | $ 393,722 |
Securities available-for-sale, at fair value | 1,277,036 | 1,563,711 |
Securities held-to-maturity | 383,922 | 179,309 |
Loans held for sale | 17,053 | 5,493 |
Loans held for investment, net of fees and costs | 9,249,849 | 9,244,661 |
Allowance for credit losses | (79,615) | (83,853) |
Total loans held for investment, net | 9,170,234 | 9,160,808 |
Premises and fixed assets, net | 49,940 | 50,368 |
Premises held for sale | 556 | 556 |
Restricted stock | 38,898 | 37,732 |
Bank Owned Life Insurance ("BOLI") | 297,628 | 295,789 |
Goodwill | 155,797 | 155,797 |
Other intangible assets | 7,776 | 8,362 |
Operating lease assets | 61,467 | 64,258 |
Derivative assets | 71,826 | 45,086 |
Accrued interest receivable | 38,456 | 40,149 |
Other assets | 74,662 | 65,224 |
Total assets | 12,078,245 | 12,066,364 |
Due to depositors: | ||
Interest-bearing deposits | 6,476,476 | 6,538,551 |
Non-interest-bearing deposits | 3,953,627 | 3,920,423 |
Total deposits | 10,430,103 | 10,458,974 |
Federal Home Loan Bank of New York ("FHLBNY") advances | 50,000 | 25,000 |
Other short-term borrowings | 2,853 | 1,862 |
Subordinated debt, net | 197,050 | 197,096 |
Derivative cash collateral | 64,450 | 4,550 |
Operating lease liabilities | 63,600 | 66,103 |
Derivative liabilities | 60,586 | 40,728 |
Other liabilities | 54,316 | 79,431 |
Total liabilities | 10,922,958 | 10,873,744 |
Commitments and contingencies | ||
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 March 31, 2022 and December 31, 2021) | 116,569 | 116,569 |
Common stock ($0.01 par, 80,000,000 shares authorized, 41,610,939 shares issued at March 31, 2022 and December 31, 2021, respectively, and 39,459,909 shares and 39,877,833 shares outstanding at March 31, 2022 and December 31, 2021, respectively) | 416 | 416 |
Additional paid-in capital | 494,969 | 494,125 |
Retained earnings | 677,990 | 654,726 |
Accumulated other comprehensive loss, net of deferred taxes | (49,380) | (6,181) |
Unearned equity awards | (10,562) | (7,842) |
Treasury stock, at cost (2,151,030 shares and 1,733,106 shares at March 31, 2022 and December 31, 2021, respectively) | (74,715) | (59,193) |
Total stockholders' equity | 1,155,287 | 1,192,620 |
Total liabilities and stockholders' equity | $ 12,078,245 | $ 12,066,364 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 41,610,939 |
Common stock, shares outstanding (in shares) | 39,459,909 | 39,877,833 |
Treasury stock (in shares) | 2,151,030 | 1,733,106 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Interest income: | ||
Loans | $ 86,420,000 | $ 81,382,000 |
Securities | 7,131,000 | 4,380,000 |
Other short-term investments | 368,000 | 993,000 |
Total interest income | 93,919,000 | 86,755,000 |
Interest expense: | ||
Deposits and escrow | 2,531,000 | 5,298,000 |
Borrowed funds | 2,278,000 | 3,616,000 |
Derivative cash collateral | 1,000 | |
Total interest expense | 4,810,000 | 8,914,000 |
Net interest income | 89,109,000 | 77,841,000 |
(Credit) provision for credit losses | (1,592,000) | 15,779,000 |
Net interest income after (credit) provision for credit losses | 90,701,000 | 62,062,000 |
Non-interest income: | ||
Service charges and other fees | 4,058,000 | 2,920,000 |
Title fees | 421,000 | 433,000 |
Loan level derivative income | 6,000 | 1,792,000 |
BOLI income | 1,839,000 | 1,339,000 |
Gain on sale of Small Business Administration ("SBA") loans | 242,000 | 164,000 |
Gain on sale of residential loans | 148,000 | 723,000 |
Net gain on equity securities | 0 | 131,000 |
Net gain on sale of securities and other assets | 710,000 | |
Loss on termination of derivatives | (16,505,000) | |
Other | 489,000 | 910,000 |
Total non-interest income (loss) | 7,203,000 | (7,383,000) |
Non-interest expense: | ||
Salaries and employee benefits | 30,834,000 | 24,819,000 |
Occupancy and equipment | 7,584,000 | 6,977,000 |
Data processing costs | 3,805,000 | 3,528,000 |
Marketing | 1,295,000 | 860,000 |
Professional services | 2,094,000 | 1,865,000 |
Federal deposit insurance premiums | 1,150,000 | 939,000 |
Loss from extinguishment of debt | 1,594,000 | |
Curtailment loss | 1,543,000 | |
Merger expenses and transaction costs | 37,942,000 | |
Amortization of other intangible assets | 586,000 | 357,000 |
Other | 2,540,000 | 2,381,000 |
Total non-interest expense | 49,888,000 | 82,805,000 |
Income (loss) before income taxes | 48,016,000 | (28,126,000) |
Income tax expense (benefit) | 13,485,000 | (7,092,000) |
Net income (loss) | 34,531,000 | (21,034,000) |
Preferred stock dividends | 1,821,000 | 1,821,000 |
Net income (loss) available to common stockholders | $ 32,710,000 | $ (22,855,000) |
Earnings (loss) per common share: | ||
Basic | $ 0.82 | $ (0.66) |
Diluted | $ 0.82 | $ (0.66) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net income (loss) | $ 34,531 | $ (21,034) |
Other comprehensive income (loss): | ||
Change in net unrealized gain (loss) during the period | (70,131) | (15,534) |
Reclassification adjustment for net gains included in net gain on sale of securities and other assets | (1,187) | |
Accretion of net unrealized loss on securities transferred to held to maturity | 170 | |
Change in pension and other postretirement obligations: | ||
Reclassification adjustment for expense included in other expense | (934) | (422) |
Reclassification adjustment for curtailment loss | 1,543 | |
Change in the net actuarial gain (loss) | 997 | 885 |
Change in unrealized gain (loss) on derivatives: | ||
Change in net unrealized gain or loss during the period | 6,852 | 4,948 |
Reclassification adjustment for loss included in loss on termination of derivatives | 16,505 | |
Reclassification adjustment for expense included in interest expense | 31 | 854 |
Other comprehensive (loss) income before income taxes | (63,015) | 7,592 |
Deferred tax (benefit) expense | (19,816) | 1,137 |
Total other comprehensive (loss) income, net of tax | (43,199) | 6,455 |
Total comprehensive loss | $ (8,668) | $ (14,579) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | 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 (Loss) IncomeCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive (Loss) Income | 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, 2020 | $ 116,569 | $ 116,569 | $ 348 | $ 348 | $ 278,295 | $ 278,295 | $ 1,686 | $ 602,327 | $ 600,641 | $ (5,924) | $ (5,924) | $ (1,496) | $ (1,496) | $ (287,337) | $ (287,337) | $ 1,686 | $ 702,782 | $ 701,096 | |
Balance (in shares) at Dec. 31, 2020 | 21,232,984 | 21,232,984 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income (loss) | (21,034) | (21,034) | |||||||||||||||||
Other comprehensive income (loss), net of tax | 6,455 | 6,455 | |||||||||||||||||
Reverse merger with Bridge Bancorp, Inc. | $ 65 | 206,641 | $ (2,603) | 287,107 | 491,210 | ||||||||||||||
Reverse merger with Bridge Bancorp, Inc. (in shares) | 19,992,284 | ||||||||||||||||||
Exercise of stock options, net | 292 | 80 | 372 | ||||||||||||||||
Exercise of stock options, net (in shares) | 15,928 | ||||||||||||||||||
Release of shares, net of forfeitures | $ 3 | 8,562 | (8,340) | (33) | 192 | ||||||||||||||
Release of shares, net of forfeitures (in shares) | 335,959 | ||||||||||||||||||
Stock-based compensation | 836 | 836 | |||||||||||||||||
Shares received to satisfy distribution of retirement benefits | (1,359) | $ 1,496 | (1,130) | (993) | |||||||||||||||
Shares received to satisfy distribution of retirement benefits (in shares) | (41,101) | ||||||||||||||||||
Cash dividends declared and paid to preferred stockholders | (1,821) | (1,821) | |||||||||||||||||
Cash dividends declared and paid to common stockholders | (5,175) | (5,175) | |||||||||||||||||
Balance at Mar. 31, 2021 | 116,569 | $ 416 | 492,431 | 574,297 | 531 | (10,107) | (1,313) | 1,172,824 | |||||||||||
Balance (in shares) at Mar. 31, 2021 | 41,536,054 | ||||||||||||||||||
Balance at Dec. 31, 2021 | 116,569 | $ 416 | 494,125 | 654,726 | (6,181) | (7,842) | (59,193) | $ 1,192,620 | |||||||||||
Balance (in shares) at Dec. 31, 2021 | 39,877,833 | 39,877,833 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income (loss) | 34,531 | $ 34,531 | |||||||||||||||||
Other comprehensive income (loss), net of tax | (43,199) | (43,199) | |||||||||||||||||
Release of shares, net of forfeitures | 844 | (146) | (3,939) | 3,284 | 43 | ||||||||||||||
Release of shares, net of forfeitures (in shares) | 127,812 | ||||||||||||||||||
Stock-based compensation | 1,219 | 1,219 | |||||||||||||||||
Shares received related to tax withholding | (1,414) | (1,414) | |||||||||||||||||
Shares received related to tax withholding (in shares) | (40,731) | ||||||||||||||||||
Cash dividends declared and paid to preferred stockholders | (1,821) | (1,821) | |||||||||||||||||
Cash dividends declared and paid to common stockholders | (9,300) | (9,300) | |||||||||||||||||
Purchase of treasury stock | (17,392) | (17,392) | |||||||||||||||||
Purchase of treasury stock (in shares) | (505,005) | ||||||||||||||||||
Balance at Mar. 31, 2022 | $ 116,569 | $ 416 | $ 494,969 | $ 677,990 | $ (49,380) | $ (10,562) | $ (74,715) | $ 1,155,287 | |||||||||||
Balance (in shares) at Mar. 31, 2022 | 39,459,909 | 39,459,909 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 34,531,000 | $ (21,034,000) | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net gain on sales of securities available-for-sale and other assets | (710,000) | ||
Net gain on equity securities | 0 | (131,000) | |
Net gain on sale of loans held for sale | (390,000) | (887,000) | |
Loss on termination of derivatives | 16,505,000 | ||
Net depreciation, amortization and accretion | 2,768,000 | (977,000) | |
Amortization of other intangible assets | 586,000 | 357,000 | |
Stock-based compensation | 1,219,000 | 836,000 | |
(Credit) provision for credit losses | (1,592,000) | 15,779,000 | |
Originations of loans held for sale | (6,179,000) | (12,868,000) | |
Proceeds from sale of loans originated for sale | 9,158,000 | 20,291,000 | |
Increase in cash surrender value of BOLI | (1,839,000) | (1,340,000) | |
Decrease in other assets | 8,967,000 | 59,613,000 | |
Increase (decrease) in other liabilities | 32,394,000 | (84,352,000) | |
Net cash provided by (used in) operating activities | 79,623,000 | (8,918,000) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of securities available-for-sale | 134,558,000 | ||
Proceeds from sales of marketable equity securities | 6,101,000 | ||
Purchases of securities available-for-sale | (3,000,000) | (327,222,000) | |
Purchases of securities held-to-maturity | (31,944,000) | ||
Proceeds from calls and principal repayments of securities available-for-sale | 49,853,000 | 214,029,000 | |
Proceeds from calls and principal repayments of securities held-to-maturity | 2,733,000 | ||
Proceeds from the sale of portfolio loans transferred to held for sale | 1,069,000 | 3,900,000 | |
Net increase in loans | (23,179,000) | (326,077,000) | |
(Purchases) sales of fixed assets, net | (1,842,000) | 1,651,000 | |
(Purchases) redemptions of restricted stock, net | (1,166,000) | 39,006,000 | |
Net cash received in business combination | 0 | 715,988,000 | |
Net cash (used in) provided by investing activities | (7,476,000) | 461,934,000 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
(Decrease) increase in deposits | (28,872,000) | 870,519,000 | |
Proceeds (repayments) from FHLBNY advances, short-term, net | 25,000,000 | (745,000,000) | |
Repayments of FHLBNY advances, long-term | (140,150,000) | ||
Proceeds of other short-term borrowings, net | 991,000 | 6,763,000 | |
Proceeds from exercise of stock options | 372,000 | ||
Release of stock for benefit plan awards | 43,000 | 192,000 | |
Payments related to tax withholding for equity awards | (1,414,000) | ||
BMP ESOP shares received to satisfy distribution of retirement benefits | (993,000) | ||
Purchase of treasury stock | (17,392,000) | ||
Cash dividends paid to preferred stockholders | (1,821,000) | (1,821,000) | |
Cash dividends paid to common stockholders | (9,410,000) | (9,778,000) | |
Net cash used in financing activities | (32,875,000) | (19,896,000) | |
Increase in cash and cash equivalents | 39,272,000 | 433,120,000 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 393,722,000 | 243,603,000 | $ 243,603,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 432,994,000 | 676,723,000 | $ 393,722,000 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for income taxes | 1,601,000 | 4,625,000 | |
Cash paid for interest | 4,933,000 | 8,624,000 | |
Securities available-for-sale transferred to held-to-maturity | 175,260,000 | ||
Loans transferred to held for sale | $ 15,172,000 | 18,144,000 | |
Cumulative change due to Current Expected Credit Loss ("CECL") Standard adoption | 1,686,000 | ||
Net non-cash liabilities assumed in Merger (See Note 2) | $ 324,479,000 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
BASIS OF PRESENTATION. | |
BASIS OF PRESENTATION | 1. 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 unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q 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 March 31, 2022, we operated 60 branch locations throughout Long Island and the New York City boroughs of Brooklyn, Queens, Manhattan, and the Bronx. 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 unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The unaudited consolidated financial statements included herein reflect all normal recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. In preparing the interim financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reported periods. Such estimates are subject to change in the future as additional information becomes available or previously existing circumstances are modified. Actual future results could differ significantly from those estimates. The annualized results of operations for the three months ended March 31, 2022 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain reclassifications have been made to prior year amounts, and the related discussion and analysis, to conform to the current year presentation. These reclassifications did not have an impact on net income or total stockholders' equity. The unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which remain significantly unchanged and have been followed similarly as in prior periods. 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. 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 outbreak of COVID-19 has materially, adversely impacted labor supply, supply chains, and certain industries in which our customers and vendors operate, and could materially impair their ability to fulfill their obligations to us. Further additional outbreaks of COVID-19 variants could lead to economic recession and other severe disruptions in the U.S. economy, may disrupt banking and other financial activity in the areas in which we operate, and could potentially create widespread business continuity issues for us. 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. |
MERGER
MERGER | 3 Months Ended |
Mar. 31, 2022 | |
MERGER | |
MERGER | 2 . As described in Note 1. Basis of Presentation, 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. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
BASIS OF PRESENTATION | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 . Summary of Significant Accounting Policies In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair presentation of the Company’s financial condition as of March 31, 2022 and December 31, 2021, the results of operations and statements of comprehensive income for the three months ended March 31, 2022 and 2021, the changes in stockholders’ equity for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. Please see "Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies" for a discussion of areas in the accompanying unaudited condensed consolidated financial statements utilizing significant estimates. The Company’s cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Company to post cash collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. Derivative cash collateral represents cash collateral collected for these derivative agreements in a net asset position. Interest expense on derivative cash collateral is accrued based on the amount outstanding during the period. A reclassification has been made to the December 31, 2021 amount to conform to the current year presentation. The Company reported derivative cash collateral totaling $4.6 million in other liabilities in its consolidated financial statements as of December 31, 2021. Disclosures about the Company’s hedging activities are presented in Note 10 - Derivatives and Hedging Activities. Adoption of Recent Accounting Standards 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 2021-01 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. ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method ASU 2022-01 clarifies the accounting for and promotes consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple layers. The amendments in ASU 2022-01 apply to all entities that elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815. For public business entities, ASU 2022-01 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. If an entity adopts ASU 2022-01 in an interim period, the effect of adopting the amendments related to basis adjustments should be reflected as of the beginning of the fiscal year of adoption (that is, the initial application date). The adoption of ASU 2022-01 is not expected to have a material effect on the Company's consolidated financial statements. ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ASU 2022-02 eliminates troubled debt restructuring (“TDR”) recognition and measurement guidance and, instead, requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. ASU 2022-02 enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For entities that have adopted the amendments of ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. If an entity elects to early adopt in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The adoption of ASU 2022-02 is not expected to have a material effect on the Company's consolidated financial statements. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2022 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 4 . 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, 2022 $ (7,864) $ (1,306) $ 2,989 $ (6,181) Other comprehensive (loss) income before reclassifications (48,075) 683 4,697 (42,695) Amounts reclassified from accumulated other comprehensive loss 116 (641) 21 (504) Net other comprehensive (loss) income during the period (47,959) 42 4,718 (43,199) Balance as of March 31, 2022 $ (55,823) $ (1,264) $ 7,707 $ (49,380) Balance as of January 1, 2021 $ 12,694 $ (6,086) $ (12,532) $ (5,924) Other comprehensive (loss) income before reclassifications (10,570) 1,659 16,476 7,565 Amounts reclassified from accumulated other comprehensive loss (822) (288) — (1,110) Net other comprehensive (loss) income during the period (11,392) 1,371 16,476 6,455 Balance as of March 31, 2021 $ 1,302 $ (4,715) $ 3,944 $ 531 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. Three Months Ended March 31, (In thousands) 2022 2021 Change in unrealized gain (loss) on securities: Change in net unrealized gain (loss) during the period $ (70,131) $ (15,534) Reclassification adjustment for net gains included in net gain on sale of securities and other assets — (1,187) Accretion of net unrealized loss on securities transferred to held-to-maturity 170 — Net change (69,961) (16,721) Tax benefit (22,002) (5,329) Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax (47,959) (11,392) Change in pension and other postretirement obligations: Reclassification adjustment for expense included in other expense (934) (422) Reclassification adjustment for curtailment loss — 1,543 Change in the net actuarial gain (loss) 997 885 Net change 63 2,006 Tax expense 21 635 Net change in pension and other postretirement obligations 42 1,371 Change in unrealized gain (loss) on derivatives: Change in net unrealized gain (loss) during the period 6,852 4,948 Reclassification adjustment for loss included in loss on termination of derivatives — 16,505 Reclassification adjustment for expense included in interest expense 31 854 Net change 6,883 22,307 Tax expense 2,165 5,831 Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax 4,718 16,476 Other comprehensive (loss) income, net of tax $ (43,199) $ 6,455 |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 3 Months Ended |
Mar. 31, 2022 | |
EARNINGS PER COMMON SHARE | |
EARNINGS PER COMMON SHARE | 5 . 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. 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: Three Months Ended March 31, (In thousands except share and per share amounts) 2022 2021 Net income (loss) available to common stockholders $ 32,710 $ (22,855) Less: Dividends paid and earnings allocated to participating securities (374) 165 Income (loss) attributable to common stock $ 32,336 $ (22,690) Weighted average common shares outstanding, including participating securities 39,680,652 34,543,114 Less: weighted average participating securities (429,404) (282,176) Weighted average common shares outstanding 39,251,248 34,260,938 Basic EPS $ 0.82 $ (0.66) Income (loss) attributable to common stock $ 32,336 $ (22,690) Weighted average common shares outstanding 39,251,248 34,260,938 Weighted average common equivalent shares outstanding — 1,067 Weighted average common and equivalent shares outstanding 39,251,248 34,262,005 Diluted EPS $ 0.82 $ (0.66) 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 121,253 and 180,020 weighted-average stock options outstanding for the three months ended March 31, 2022 and 2021, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period. |
PREFERRED STOCK
PREFERRED STOCK | 3 Months Ended |
Mar. 31, 2022 | |
PREFERRED STOCK. | |
PREFERRED STOCK | 6 . 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 its 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. |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2022 | |
SECURITIES | |
SECURITIES | 7 . The following tables summarize the major categories of securities as of the dates indicated: March 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Securities available-for-sale: Treasury securities $ 247,665 $ — $ (13,134) $ 234,531 Corporate securities 151,382 980 (4,937) 147,425 Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") 443,266 905 (26,055) 418,116 Agency collateralized mortgage obligations ("CMOs") 469,808 7 (29,632) 440,183 State and municipal obligations 38,619 2 (1,840) 36,781 Total securities available-for-sale $ 1,350,740 $ 1,894 $ (75,598) $ 1,277,036 March 31, 2022 Gross Gross Amortized Unrecognized Unrecognized Fair (In thousands) Cost Gains Losses Value Securities held-to-maturity: Agency notes $ 88,858 $ — $ (5,025) $ 83,833 Pass-through MBS issued by GSEs 180,379 — (13,503) 166,876 Agency CMOs 114,685 — (6,705) 107,980 Total securities held-to-maturity $ 383,922 $ — $ (25,233) $ 358,689 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 The Company reassessed classification of certain investments during the three months ended March 31, 2022 and transferred securities with a book value of $182.1 million from available-for-sale to held-to-maturity. The transfer occurred at fair value totaling $175.3 million. The related unrealized losses of $6.8 million were converted to a discount that is being accreted through interest income on a level-yield method over the term of the securities, while the unrealized losses recorded in other comprehensive income are amortized out of other comprehensive income through interest income on a level-yield method over the remaining term of securities, with no net change to interest income. No gain or loss was recorded at the time of transfer. There were no transfers of securities held-to-maturity to securities available-for-sale during the three months ended March 31, 2022. There were no transfers to or from securities held-to-maturity during the three months ended March 31, 2021. The carrying amount of securities available-for-sale pledged at March 31, 2022 and December 31, 2021 was $451.4 million and $595.8 million, respectively. The carrying amount of securities held-to-maturity pledged at March 31, 2022 and December 31, 2021 was $352.4 million and $132.0 million, respectively. At March 31, 2022 and December 31, 2021, 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. March 31, 2022 Amortized Fair (In thousands) Cost Value Available-for-sale Within one year $ 4,226 $ 4,196 One to five years 277,389 262,734 Five to ten years 150,906 146,993 Beyond ten years 5,145 4,814 Pass-through MBS issued by GSEs and agency CMO 913,074 858,299 Total $ 1,350,740 $ 1,277,036 Held-to-maturity Within one year $ — $ — One to five years 10,000 9,827 Five to ten years 78,858 74,006 Beyond ten years — — Pass-through MBS issued by GSEs and agency CMO 295,064 274,856 Total $ 383,922 $ 358,689 The following table presents the information related to sales of securities available-for-sale as of the periods indicated: Three Months Ended March 31, (In thousands) 2022 2021 Securities available-for-sale Proceeds $ — $ 134,558 Gross gains — 1,307 Tax expense on gains — 414 Gross losses — 120 Tax benefit on losses — 38 Three Months Ended March 31, (In thousands) 2022 2021 Proceeds: Marketable equity securities $ — $ 6,101 There were no gains on marketable equity securities for the three months ended March 31, 2022. Net gain of $131 thousand was recognized on marketable equity securities for the three months ended March 31, 2021. Marketable equity securities were fully liquidated in connection with the termination of the BMP during the three months ended March 31, 2021. There were no sales of securities held-to-maturity during the three months ended March 31, 2022 and 2021. The following table summarizes the gross unrealized losses and fair value of securities available-for-sale aggregated by investment category and the length of time the securities were in a continuous unrealized loss position as of the dates indicated: March 31, 2022 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: Treasury securities $ 234,530 $ 13,134 $ — $ — $ 234,530 $ 13,134 Corporate securities 95,535 4,847 2,910 90 98,445 4,937 Pass-through MBS issued by GSEs 290,385 18,572 70,248 7,483 360,633 26,055 Agency CMOs 320,114 16,773 116,425 12,859 436,539 29,632 State and municipal obligations 31,150 1,308 4,190 532 35,340 1,840 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 As of March 31, 2022, 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, given the high-quality composition of the Company’s held-to-maturity portfolio, the Company did not record an allowance for credit losses on the held-to-maturity portfolio. 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 $4.5 million and $4.4 million at March 31, 2022 and December 31, 2021, respectively, was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above. 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 March 31, 2022, 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. Substantially all of 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. Substantially all of 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 | 3 Months Ended |
Mar. 31, 2022 | |
LOANS HELD FOR INVESTMENT, NET | |
LOANS HELD FOR INVESTMENT, NET | 8. The following table presents the loan categories for the period ended as indicated: (In thousands) March 31, 2022 December 31, 2021 One-to-four family residential and cooperative/condominium apartment $ 669,099 $ 669,282 Multifamily residential and residential mixed-use 3,371,267 3,356,346 Commercial real estate ("CRE") 3,946,918 3,945,948 Acquisition, development, and construction 329,349 322,628 Total real estate loans 8,316,633 8,294,204 C&I 921,009 933,559 Other loans 12,207 16,898 Total 9,249,849 9,244,661 Allowance for credit losses (79,615) (83,853) Loans held for investment, net $ 9,170,234 $ 9,160,808 Included in C&I loans was Small Business Administration (“SBA”) Paycheck Protection Program (“PPP”) loans totaling $33.0 million and $66.0 million at March 31, 2022 and December 31, 2021, 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. The following tables present data regarding the allowance for credit losses activity for the periods indicated: At or for the Three Months Ended March 31, 2022 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 credit losses: Beginning balance $ 5,932 $ 7,816 $ 29,166 $ 4,857 $ 47,771 $ 35,331 $ 751 $ 83,853 (Credit) provision for credit losses (1,404) (757) (521) (99) (2,781) 1,516 (389) (1,654) Charge-offs — — — — — (2,635) (3) (2,638) Recoveries — 2 — — 2 51 1 54 Ending balance $ 4,528 $ 7,061 $ 28,645 $ 4,758 $ 44,992 $ 34,263 $ 360 $ 79,615 At or for the Three Months Ended March 31, 2021 Real Estate Loans One-to-Four Family Multifamily Residential and Residential Cooperative/ and Condominium Residential Total Real Other Apartment Mixed-Use CRE ADC Estate C&I Loans Total Allowance for credit losses: Beginning balance, prior to the adoption of CECL $ 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 1,235 (1,397) 7,813 1,408 9,059 3,219 371 12,649 Charge-offs (14) (236) (8) — (258) (4,017) — (4,275) Ending balance $ 5,133 $ 10,421 $ 44,837 $ 3,899 $ 64,290 $ 33,378 $ 532 $ 98,200 The following tables present the amortized cost basis of loans on non-accrual status as of the periods indicated: March 31, 2022 Non-accrual with Non-accrual with (In thousands) No Allowance Allowance Reserve One-to-four family residential and cooperative/condominium apartment $ - $ 5,241 $ 151 CRE 1,254 3,719 1,564 Acquisition, development, and construction 665 - - C&I 334 24,666 14,829 Other - 83 79 Total $ 2,253 $ 33,709 $ 16,623 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 held for investment during the three months ended March 31, 2022 and 2021. The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated: March 31, 2022 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 $ 4,220 $ 685 $ 341 $ 5,241 $ 10,487 $ 658,612 $ 669,099 Multifamily residential and residential mixed-use 6,545 — — — 6,545 3,364,722 3,371,267 CRE 12,493 — — 4,972 17,465 3,929,453 3,946,918 Acquisition, development, and construction — — — 665 665 328,684 329,349 Total real estate 23,258 685 341 10,878 35,162 8,281,471 8,316,633 C&I 3,689 239 839 25,000 29,767 891,242 921,009 Other 169 — — 84 253 11,954 12,207 Total $ 27,116 $ 924 $ 1,180 $ 35,962 $ 65,182 $ 9,184,667 $ 9,249,849 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 Acquisition, development, and construction — — — — — 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 Accruing Loans 90 Days or More Past Due: The Company continued accruing interest on loans with an outstanding balance of $1.2 million at March 31, 2022, and loans with an outstanding balance of $3.0 million at December 31, 2021, 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: The Company had collateral dependent loans which were individually evaluated to determine expected credit losses as of the dates indicated: March 31, 2022 December 31, 2021 Real Estate Associated Allowance Real Estate Associated Allowance (In thousands) Collateral Dependent for Credit Losses Collateral Dependent for Credit Losses CRE $ 4,781 $ 1,357 $ 3,837 $ 600 Acquisition, development, and construction 14,165 - - - C&I 818 - 348 - Total $ 19,764 $ 1,357 $ 4,185 $ 600 TDRs As of March 31, 2022, the Company had TDRs totaling $26.8 million. The Company has allocated $3.1 million of allowance for those loans at March 31, 2022, with no commitments to lend additional amounts. 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. During the three months ended March 31, 2022, TDR modifications included extensions of maturity dates, or favorable interest rates and loan terms than the prevailing market interest rates and loan terms. The following table presents the loans by category modified as TDRs that occurred during the three months ended March 31, 2022: Modifications During the Three Months Ended March 31, 2022 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 1 $ 37 $ 37 CRE 1 991 991 Acquisition, development, and construction 1 13,500 13,500 C&I 2 11,409 11,409 Total 5 $ 25,937 $ 25,937 There were no loans modified in a manner that met the criteria of a TDR during the three months ended March 31, 2021. There were no TDR charge-offs during the three months ended March 31, 2022 and 2021. There were no TDRs that subsequently defaulted during the three months ended March 31, 2022 and 2021. 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: March 31, 2022 (In thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total One-to-four family residential, and condominium/cooperative apartment: Pass $ 54,932 $ 128,132 $ 76,520 $ 65,332 $ 68,429 $ 193,054 $ 48,569 $ 11,190 $ 646,158 Special mention — — — 334 748 1,810 845 742 4,479 Substandard — — 1,042 1,232 413 14,897 — 878 18,462 Doubtful — — — — — — — — — Total one-to-four family residential, and condominium/cooperative apartment 54,932 128,132 77,562 66,898 69,590 209,761 49,414 12,810 669,099 Multifamily residential and residential mixed-use: Pass 235,590 587,949 330,142 426,898 134,833 1,300,004 14,567 825 3,030,808 Special mention — — 10,985 22,251 4,216 29,032 — — 66,484 Substandard — — 1,493 35,304 37,720 199,458 — — 273,975 Doubtful — — — — — — — — — Total multifamily residential and residential mixed-use 235,590 587,949 342,620 484,453 176,769 1,528,494 14,567 825 3,371,267 CRE: Pass 166,352 864,565 800,777 525,522 298,706 1,038,627 46,693 5,998 3,747,240 Special mention — 5,289 881 28,819 18,877 30,315 — — 84,181 Substandard — 4,528 1,605 7,276 45,292 56,690 — — 115,391 Doubtful — — — 106 — — — — 106 Total CRE 166,352 874,382 803,263 561,723 362,875 1,125,632 46,693 5,998 3,946,918 Acquisition, development, and construction: Pass 8,648 159,843 64,407 40,083 19,783 6,263 14,997 1,160 315,184 Special mention — — — — — — — — — Substandard — 665 — — 13,500 — — — 14,165 Doubtful — — — — — — — — — Total acquisition, development, and construction: 8,648 160,508 64,407 40,083 33,283 6,263 14,997 1,160 329,349 C&I: Pass 23,876 66,028 93,456 48,768 47,221 58,045 481,706 10,237 829,337 Special mention 4,581 — 2,185 365 2,175 1,116 9,312 1,349 21,083 Substandard — 465 5,955 5,922 3,419 5,298 15,521 13,011 49,591 Doubtful — 496 — 8,797 775 10,930 — — 20,998 Total C&I 28,457 66,989 101,596 63,852 53,590 75,389 506,539 24,597 921,009 Total: Pass 489,398 1,806,517 1,365,302 1,106,603 568,972 2,595,993 606,532 29,410 8,568,727 Special mention 4,581 5,289 14,051 51,769 26,016 62,273 10,157 2,091 176,227 Substandard — 5,658 10,095 49,734 100,344 276,343 15,521 13,889 471,584 Doubtful — 496 — 8,903 775 10,930 — — 21,104 Total Loans $ 493,979 $ 1,817,960 $ 1,389,448 $ 1,217,009 $ 696,107 $ 2,945,539 $ 632,210 $ 45,390 $ 9,237,642 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 Acquisition, development, and construction: 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 acquisition, development, and construction: 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 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) March 31, 2022 December 31, 2021 Performing $ 12,124 $ 16,533 Non-accrual 83 365 Total $ 12,207 $ 16,898 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2022 | |
LEASES | |
LEASES | 9 . The Company recognizes operating lease assets and corresponding lease liabilities related to its office facilities and retail branches. The operating lease assets represent the Company’s right to use an underlying asset for the lease term, and the lease liability represents the Company’s obligation to make lease payments over the lease term. The operating lease asset and lease liability are determined at the commencement date of the lease based on the present value of the lease payments. As most of our leases do not provide an implicit rate, the Company used its incremental borrowing rate, the rate of interest to borrow on a collateralized basis for a similar term, at the lease commencement date. The Company made a policy election to exclude the recognition requirements of ASU 2016-02 to short-term leases, those 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. Maturities of the Company’s operating lease liabilities at March 31, 2022 are as follows: Rent to be (In thousands) Capitalized 2022 $ 9,020 2023 10,707 2024 10,600 2025 10,366 2026 9,645 Thereafter 17,386 Total undiscounted lease payments 67,724 Less amounts representing interest (4,124) Operating lease liabilities $ 63,600 Other information related to the Company’s operating leases was as follows: Three Months Ended March 31, (In thousands) 2022 2021 Operating lease cost $ 3,262 $ 3,158 Cash paid for amounts included in the measurement of operating lease liabilities — 3,050 March 31, December 31, 2022 2021 Weighted average remaining lease term 6.4 years 6.6 years Weighted average discount rate 1.79 % 1.79 % |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 3 Months Ended |
Mar. 31, 2022 | |
DERIVATIVES AND HEDGING ACTIVITIES | |
DERIVATIVES AND HEDGING ACTIVITIES | 10. 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 $1.7 million will be reclassified as a decrease to interest expense. During the three months ended March 31, 2022, the Company did not terminate any derivatives. During the three months ended March 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. 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 dates indicated. March 31, 2022 December 31, 2021 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 $ 11,240 $ — 4 $ 150,000 $ 4,358 $ — The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive income (loss) for the periods indicated: Three Months Ended March 31, (In thousands) 2022 2021 Gain (loss) recognized in other comprehensive income $ 6,852 $ 4,948 Gain recognized on termination of derivatives — 16,505 Loss reclassified from other comprehensive income into interest expense (31) (854) 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 Company to post cash collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. As of March 31, 2022 and December 31, 2021, the Company did not post collateral to the third-party counterparties. As of March 31, 2022, the Company received $11.3 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2021, the Company received $4.6 million in collateral from its third-party counterparties. 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: March 31, 2022 Notional Fair Value Fair Value (In thousands) Count Amount Assets Liabilities Included in derivative assets/(liabilities): Loan level interest rate swaps with borrower 20 $ 115,621 $ 4,258 $ — Loan level interest rate swaps with borrower 162 1,051,421 — (50,760) Loan level interest rate floors with borrower 1 23,769 9 — Loan level interest rate floors with borrower 42 334,329 — (5,559) Loan level interest rate swaps with third-party counterparties 20 115,621 — (4,258) Loan level interest rate swaps with third-party counterparties 162 1,051,421 50,760 — Loan level interest rate floors with third-party counterparties 1 23,769 — (9) Loan level interest rate floors with third-party counterparties 42 334,329 5,559 — 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 98 $ 599,003 $ 27,440 $ — Loan level interest rate swaps with borrower 87 612,610 — (12,620) Loan level interest rate floors with borrower 33 291,990 615 Loan level interest rate floors with borrower 12 100,774 — (53) Loan level interest rate swaps with third-party counterparties 98 599,003 — (27,440) Loan level interest rate swaps with third-party counterparties 87 612,610 12,620 — Loan level interest rate floors with third-party counterparties 33 291,990 — (615) Loan level interest rate floors with third-party counterparties 12 100,774 53 — 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: Three Months Ended March 31, (In thousands) 2022 2021 Loan level derivative income $ 6 $ 1,792 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 and receive collateral for agreements in a net asset position. As of March 31, 2022, the Company did not post collateral to its third-party counterparties. As of December 31, 2021, posted collateral was $14.0 million. As of March 31, 2022, the Company received $53.2 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2021, the Company did not receive collateral from its third-party counterparties. 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. For derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, any breach of the above provisions by the Company may require settlement of its obligations under the agreements at the termination value with the respective counterparty. As of March 31, 2022, there were no derivatives in a net liability position, and therefore the termination value was zero. There were no provisions breached for the three months ended March 31, 2022. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 11. 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 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 March 31, 2022 and December 31, 2021. 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 March 31, 2022 and December 31, 2021 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 March 31, 2022 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Securities available-for-sale: Treasury securities $ 234,531 $ — $ 234,531 $ — Corporate securities 147,425 — 147,425 — Pass-through MBS issued by GSEs 418,116 — 418,116 — Agency CMOs 440,183 — 440,183 — State and municipal obligations 36,781 — 36,781 — Derivative – cash flow hedges 11,240 — 11,240 — Derivative – freestanding derivatives, net 60,586 — 60,586 — Financial Liabilities: Derivative – freestanding derivatives, net 60,586 — 60,586 — 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 — 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. March 31, 2022 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 $ 1,179 $ — $ — $ 1,179 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 March 31, 2022 had a carrying amount of $1.2 million, which is made up of the outstanding balance of $2.5 million, net of a valuation allowance of $1.3 million. Collateral dependent individually analyzed loans as of March 31, 2022 resulted in a credit loss provision of $757 thousand, which is included in the amounts reported in the consolidated statements of income for the three months ended March 31, 2022. 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. 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 March 31, 2022 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 432,994 $ 432,994 $ — $ — $ 432,994 Securities held-to-maturity 383,922 — 358,689 — 358,689 Loans held for investment, net 9,169,055 — — 9,095,834 9,095,834 Accrued interest receivable 38,456 — 4,483 33,973 38,456 Financial Liabilities: Savings, money market and checking accounts 9,648,328 9,648,328 — — 9,648,328 Certificates of Deposits ("CDs") 781,775 — 782,385 — 782,385 FHLBNY advances 50,000 — 50,039 — 50,039 Subordinated debt, net 197,050 — 198,650 — 198,650 Other short-term borrowings 2,853 2,853 — — 2,853 Accrued interest payable 1,611 — 1,611 — 1,611 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 — 177,354 — 177,354 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 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 |
OTHER INTANGIBLE ASSETS
OTHER INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2022 | |
OTHER INTANGIBLE ASSETS | |
OTHER INTANGIBLE ASSETS | 12. 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. March 31, 2022 December 31, 2021 Core Deposit Non-complete Core Deposit Non-complete (In thousands) Intangibles Agreement Total Intangibles Agreement Total Gross carrying value $ 10,204 $ 780 $ 10,984 $ 10,204 $ 780 $ 10,984 Accumulated amortization (2,428) (780) (3,208) (1,962) (660) (2,622) Net carrying amount $ 7,776 $ - $ 7,776 $ 8,242 $ 120 $ 8,362 Amortization expense recognized on intangible assets was $586 thousand and $357 thousand for the three months ended March 31, 2022 and 2021, respectively. Estimated amortization expense for the remainder of 2022 through 2026 and thereafter is as follows: (In thousands) Total 2022 $ 1,292 2023 1,425 2024 1,163 2025 958 2026 795 Thereafter 2,143 Total $ 7,776 |
FHLBNY ADVANCES
FHLBNY ADVANCES | 3 Months Ended |
Mar. 31, 2022 | |
FHLBNY ADVANCES | |
FHLBNY ADVANCES | 13. The Bank had borrowings from the FHLBNY (“Advances”) totaling $50.0 million and $25.0 million at March 31, 2022 and December 31, 2021, respectively, all of which were fixed rate. The average interest rate on outstanding FHLBNY Advances was 0.76% and 0.35% at March 31, 2022 and December 31, 2021, respectively. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow up to $3.97 billion as of March 31, 2022 and $4.19 billion as of December 31, 2021, 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 March 31, 2022 there were no callable Advances. The Company’s prepayment penalty expense was recognized as a loss on extinguishment of debt during the three months ended March 31, 2021. The following table is a summary of FHLBNY extinguishments for the periods presented: Three Months Ended March 31, (Dollars in thousands) 2022 2021 FHLBNY advances extinguished $ - $ 130,150 Weighted average rate - % 1.91 % Loss on extinguishment of debt $ - $ 1,594 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 March 31, 2022 and December 31, 2021. There are no FHLBNY advances with contractual maturities after 2022 at March 31, 2022 and December 31, 2021: March 31, 2022 (Dollars in thousands) Weighted Contractual Maturity Amount Average Rate 2022, fixed rate at rates from 0.75% to 0.77% $ 50,000 0.76 % Total FHLBNY advances $ 50,000 0.76 % December 31, 2021 (Dollars in thousands) Weighted Contractual Maturity Amount Average 2022, fixed rate at 0.35% $ 25,000 0.35 % Total FHLBNY advances $ 25,000 0.35 % |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 3 Months Ended |
Mar. 31, 2022 | |
SUBORDINATED DEBENTURES. | |
SUBORDINATED DEBENTURES | 14. 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 basis points, payable quarterly in arrears. Debt issuance cost directly associated with subordinated debt offering was capitalized and netted with subordinated notes payable on the consolidated statements of financial condition. 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 basis points. The remaining $40.0 million of the subordinated debentures are callable at par after ten years, have a stated maturity of September 30, 2030 and bear interest at a fixed annual rate of 5.75% per year, from and including September 21, 2015 until but excluding September 30, 2025. From and including September 30, 2025 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 345 basis points. The subordinated debentures totaled $197.1 million at March 31, 2022 and $197.1 million at December 31, 2021. Interest expense related to the subordinated debt was $2.2 million and $1.9 million during the three months ended March 31, 2022 and 2021, respectively. The subordinated debentures are included in tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations. |
RETIREMENT AND POSTRETIREMENT P
RETIREMENT AND POSTRETIREMENT PLANS | 3 Months Ended |
Mar. 31, 2022 | |
RETIREMENT AND POSTRETIREMENT PLANS | |
RETIREMENT AND POSTRETIREMENT PLANS | 15. 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. 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. 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. The following table represents the components of net periodic benefit (credit) cost included in other non-interest expense, except for service cost which is reported in salaries and employee benefits expense, in the consolidated statements of income. Net expenses associated with these plans were comprised of the following components: Three Months Ended March 31, 2022 2021 BNB Bank Employee BNB Bank Employee (In thousands) Pension Plan Retirement Plan Pension Plan Retirement Plan Service cost $ 268 $ — $ 148 $ — Interest cost 195 155 249 183 Expected return on assets (858) (490) (984) (428) Amortization of unrealized loss — 62 206 229 Net periodic credit $ (395) $ (273) $ (381) $ (16) There were no contributions to the BNB Bank Pension Plan or the Employee Retirement Plan for the three months ended March 31, 2022. 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. 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. 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. The Outside Director Retirement Plan was frozen on March 31, 2005, and only outside directors serving prior to that date are eligible for benefits. 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. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2022 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 16. 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 March 31, 2022, there were 999,802 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 Awards 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, 2022 121,253 $ 35.39 Options exercised — — Options forfeited — — Options outstanding at March 31, 2022 121,253 $ 35.39 7.0 $ — Options vested and exercisable at March 31, 2022 121,253 $ 35.39 7.0 $ — Information related to stock options during each period is as follows: Three Months Ended March 31, (In thousands) 2022 2021 Cash received for option exercise cost $ — $ 372 Income tax (expense) benefit recognized on stock option exercises — — Intrinsic value of options exercised — 66 The range of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options (by option exercise cost) as of March 31, 2022 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 7.9 46,799 7.9 $35.35 42,475 6.9 42,475 6.9 $36.19 31,979 5.9 31,979 5.9 Total 121,253 7.0 121,253 7.0 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. 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, 2022 446,923 $ 26.45 Shares granted 64,359 34.48 Shares vested (138,529) 25.50 Shares forfeited (2,722) 29.23 Unvested allocated shares outstanding at March 31, 2022 370,031 $ 28.18 Information related to RSAs during each period is as follows: Three Months Ended March 31, (Dollars in thousands) 2022 2021 Compensation expense recognized $ 1,024 $ 836 Income tax benefit recognized on vesting of RSAs 329 — As of March 31, 2022, there was $7.9 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 long-term incentive award program (“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. 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, 2022 38,948 $ 31.40 Shares granted 60,755 29.63 Maximum aggregate share payout at March 31, 2022 99,703 $ 30.32 Minimum aggregate share payout — — Expected aggregate share payout 80,682 $ 29.42 Information related to PSAs during each period is as follows: Three Months Ended March 31, (In thousands) 2022 2021 Compensation expense recognized $ 195 $ — Income tax benefit recognized on vesting of PSAs — — As of March 31, 2022, there was $2.0 million 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 2.6 years. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2022 | |
INCOME TAXES | |
INCOME TAXES | 17. During the three months ended March 31, 2022 and 2021, the Company’s consolidated effective tax rates were 28.1% and 25.2%, respectively. There were no significant unusual income tax items during the three months ended March 31, 2022 or 2021. |
MERGER RELATED EXPENSES
MERGER RELATED EXPENSES | 3 Months Ended |
Mar. 31, 2022 | |
MERGER RELATED EXPENSES | |
MERGER RELATED EXPENSES | 18. 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. There were no costs associated with merger expenses and transaction costs for the three months ended March 31, 2022. Costs associated with employee severance and other merger-related compensation expense incurred in connection with the Merger totaled $12.1 million for the three months ended March 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 $25.8 million for the three months ended March 31, 2021, and were recorded in merger expenses and transaction costs in the consolidated statements of income. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 19. SUBSEQUENT EVENT Subordinated Notes Issuance On May 6, 2022, the Company issued $160.0 million aggregate principal amount of fixed-to-floating rate subordinated notes due 2032 (“the Notes”). The Notes are callable at par after five years, have a stated maturity of May 15, 2032 and bear interest at a fixed annual rate of 5.00% per year, payable semi-annually in arrears on May 15 and November 15 of each year, commencing on November 15, 2022. The last interest payment for the fixed rate period will be May 15, 2027. From and including May 15, 2027 to, but excluding the maturity date or early redemption date, the interest rate will reset quarterly to an annual interest rate equal to the benchmark rate (which is expected to be Three-Month Term SOFR) plus 218 basis points, payable quarterly in arrears on February 15, May 15, August 15 and November 15 of each year, commencing on August 15, 2027. The Company intends to use the net proceeds of the offering for the repayment of $115.0 million of the Company’s 4.50% fixed-to-floating rate subordinated notes due 2027, and $40.0 million of the Company’s 5.25% fixed-to-floating rate subordinated debentures due 2025. The repayment of the subordinated notes due 2027 is expected to result in a pre-tax write-off of debt issuance costs of approximately $750 thousand. For a further discussion of the subordinated debentures, please see Note 14 to the condensed consolidated financial statements. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
BASIS OF PRESENTATION. | |
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 outbreak of COVID-19 has materially, adversely impacted labor supply, supply chains, and certain industries in which our customers and vendors operate, and could materially impair their ability to fulfill their obligations to us. Further additional outbreaks of COVID-19 variants could lead to economic recession and other severe disruptions in the U.S. economy, may disrupt banking and other financial activity in the areas in which we operate, and could potentially create widespread business continuity issues for us. 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. |
ASU 2016 13, Financial Instruments - Credit Losses (Topic 326) | 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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
BASIS OF PRESENTATION | |
Adoption of New Accounting Standards | 3 . Summary of Significant Accounting Policies In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments necessary for a fair presentation of the Company’s financial condition as of March 31, 2022 and December 31, 2021, the results of operations and statements of comprehensive income for the three months ended March 31, 2022 and 2021, the changes in stockholders’ equity for the three months ended March 31, 2022 and 2021, and cash flows for the three months ended March 31, 2022 and 2021. Please see "Part I - Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies" for a discussion of areas in the accompanying unaudited condensed consolidated financial statements utilizing significant estimates. The Company’s cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Company to post cash collateral if the derivative exposure exceeds a threshold amount and receive collateral for agreements in a net asset position. Derivative cash collateral represents cash collateral collected for these derivative agreements in a net asset position. Interest expense on derivative cash collateral is accrued based on the amount outstanding during the period. A reclassification has been made to the December 31, 2021 amount to conform to the current year presentation. The Company reported derivative cash collateral totaling $4.6 million in other liabilities in its consolidated financial statements as of December 31, 2021. Disclosures about the Company’s hedging activities are presented in Note 10 - Derivatives and Hedging Activities. Adoption of Recent Accounting Standards 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 2021-01 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. ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging-Portfolio Layer Method ASU 2022-01 clarifies the accounting for and promotes consistency in the reporting of hedge basis adjustments applicable to both a single hedged layer and multiple layers. The amendments in ASU 2022-01 apply to all entities that elect to apply the portfolio layer method of hedge accounting in accordance with Topic 815. For public business entities, ASU 2022-01 is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. If an entity adopts ASU 2022-01 in an interim period, the effect of adopting the amendments related to basis adjustments should be reflected as of the beginning of the fiscal year of adoption (that is, the initial application date). The adoption of ASU 2022-01 is not expected to have a material effect on the Company's consolidated financial statements. ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ASU 2022-02 eliminates troubled debt restructuring (“TDR”) recognition and measurement guidance and, instead, requires that an entity evaluate whether the modification represents a new loan or a continuation of an existing loan. ASU 2022-02 enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. For entities that have adopted the amendments of ASU 2016-13, the amendments in ASU 2022-02 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. If an entity elects to early adopt in an interim period, the guidance should be applied as of the beginning of the fiscal year that includes the interim period. The adoption of ASU 2022-02 is not expected to have a material effect on the Company's consolidated financial statements. |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). | |
Activity in Accumulated Other Comprehensive Income (Loss), Net of Tax | 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, 2022 $ (7,864) $ (1,306) $ 2,989 $ (6,181) Other comprehensive (loss) income before reclassifications (48,075) 683 4,697 (42,695) Amounts reclassified from accumulated other comprehensive loss 116 (641) 21 (504) Net other comprehensive (loss) income during the period (47,959) 42 4,718 (43,199) Balance as of March 31, 2022 $ (55,823) $ (1,264) $ 7,707 $ (49,380) Balance as of January 1, 2021 $ 12,694 $ (6,086) $ (12,532) $ (5,924) Other comprehensive (loss) income before reclassifications (10,570) 1,659 16,476 7,565 Amounts reclassified from accumulated other comprehensive loss (822) (288) — (1,110) Net other comprehensive (loss) income during the period (11,392) 1,371 16,476 6,455 Balance as of March 31, 2021 $ 1,302 $ (4,715) $ 3,944 $ 531 |
Other Comprehensive Income (Loss) | 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. Three Months Ended March 31, (In thousands) 2022 2021 Change in unrealized gain (loss) on securities: Change in net unrealized gain (loss) during the period $ (70,131) $ (15,534) Reclassification adjustment for net gains included in net gain on sale of securities and other assets — (1,187) Accretion of net unrealized loss on securities transferred to held-to-maturity 170 — Net change (69,961) (16,721) Tax benefit (22,002) (5,329) Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax (47,959) (11,392) Change in pension and other postretirement obligations: Reclassification adjustment for expense included in other expense (934) (422) Reclassification adjustment for curtailment loss — 1,543 Change in the net actuarial gain (loss) 997 885 Net change 63 2,006 Tax expense 21 635 Net change in pension and other postretirement obligations 42 1,371 Change in unrealized gain (loss) on derivatives: Change in net unrealized gain (loss) during the period 6,852 4,948 Reclassification adjustment for loss included in loss on termination of derivatives — 16,505 Reclassification adjustment for expense included in interest expense 31 854 Net change 6,883 22,307 Tax expense 2,165 5,831 Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax 4,718 16,476 Other comprehensive (loss) income, net of tax $ (43,199) $ 6,455 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
EARNINGS PER COMMON SHARE | |
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: Three Months Ended March 31, (In thousands except share and per share amounts) 2022 2021 Net income (loss) available to common stockholders $ 32,710 $ (22,855) Less: Dividends paid and earnings allocated to participating securities (374) 165 Income (loss) attributable to common stock $ 32,336 $ (22,690) Weighted average common shares outstanding, including participating securities 39,680,652 34,543,114 Less: weighted average participating securities (429,404) (282,176) Weighted average common shares outstanding 39,251,248 34,260,938 Basic EPS $ 0.82 $ (0.66) Income (loss) attributable to common stock $ 32,336 $ (22,690) Weighted average common shares outstanding 39,251,248 34,260,938 Weighted average common equivalent shares outstanding — 1,067 Weighted average common and equivalent shares outstanding 39,251,248 34,262,005 Diluted EPS $ 0.82 $ (0.66) |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
SECURITIES | |
Major Categories of Securities Owned by Entity | March 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Securities available-for-sale: Treasury securities $ 247,665 $ — $ (13,134) $ 234,531 Corporate securities 151,382 980 (4,937) 147,425 Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") 443,266 905 (26,055) 418,116 Agency collateralized mortgage obligations ("CMOs") 469,808 7 (29,632) 440,183 State and municipal obligations 38,619 2 (1,840) 36,781 Total securities available-for-sale $ 1,350,740 $ 1,894 $ (75,598) $ 1,277,036 March 31, 2022 Gross Gross Amortized Unrecognized Unrecognized Fair (In thousands) Cost Gains Losses Value Securities held-to-maturity: Agency notes $ 88,858 $ — $ (5,025) $ 83,833 Pass-through MBS issued by GSEs 180,379 — (13,503) 166,876 Agency CMOs 114,685 — (6,705) 107,980 Total securities held-to-maturity $ 383,922 $ — $ (25,233) $ 358,689 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 |
Schedule of amortized cost and fair value of debt securities | March 31, 2022 Amortized Fair (In thousands) Cost Value Available-for-sale Within one year $ 4,226 $ 4,196 One to five years 277,389 262,734 Five to ten years 150,906 146,993 Beyond ten years 5,145 4,814 Pass-through MBS issued by GSEs and agency CMO 913,074 858,299 Total $ 1,350,740 $ 1,277,036 Held-to-maturity Within one year $ — $ — One to five years 10,000 9,827 Five to ten years 78,858 74,006 Beyond ten years — — Pass-through MBS issued by GSEs and agency CMO 295,064 274,856 Total $ 383,922 $ 358,689 |
Summary of Sale of Available-for-sale Securities | Three Months Ended March 31, (In thousands) 2022 2021 Securities available-for-sale Proceeds $ — $ 134,558 Gross gains — 1,307 Tax expense on gains — 414 Gross losses — 120 Tax benefit on losses — 38 |
Sales of Marketable Equity Securities | Three Months Ended March 31, (In thousands) 2022 2021 Proceeds: Marketable equity securities $ — $ 6,101 |
Gross Unrealized Losses and Fair Value of Investment Securities by Investment Category and Length of Time in a Continuous Unrealized Loss Position | March 31, 2022 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: Treasury securities $ 234,530 $ 13,134 $ — $ — $ 234,530 $ 13,134 Corporate securities 95,535 4,847 2,910 90 98,445 4,937 Pass-through MBS issued by GSEs 290,385 18,572 70,248 7,483 360,633 26,055 Agency CMOs 320,114 16,773 116,425 12,859 436,539 29,632 State and municipal obligations 31,150 1,308 4,190 532 35,340 1,840 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 |
LOANS HELD FOR INVESTMENT, NET
LOANS HELD FOR INVESTMENT, NET (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
LOANS HELD FOR INVESTMENT, NET | |
Loan Categories | The following table presents the loan categories for the period ended as indicated: (In thousands) March 31, 2022 December 31, 2021 One-to-four family residential and cooperative/condominium apartment $ 669,099 $ 669,282 Multifamily residential and residential mixed-use 3,371,267 3,356,346 Commercial real estate ("CRE") 3,946,918 3,945,948 Acquisition, development, and construction 329,349 322,628 Total real estate loans 8,316,633 8,294,204 C&I 921,009 933,559 Other loans 12,207 16,898 Total 9,249,849 9,244,661 Allowance for credit losses (79,615) (83,853) Loans held for investment, net $ 9,170,234 $ 9,160,808 |
Activity in Allowance for Loan Losses | At or for the Three Months Ended March 31, 2022 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 credit losses: Beginning balance $ 5,932 $ 7,816 $ 29,166 $ 4,857 $ 47,771 $ 35,331 $ 751 $ 83,853 (Credit) provision for credit losses (1,404) (757) (521) (99) (2,781) 1,516 (389) (1,654) Charge-offs — — — — — (2,635) (3) (2,638) Recoveries — 2 — — 2 51 1 54 Ending balance $ 4,528 $ 7,061 $ 28,645 $ 4,758 $ 44,992 $ 34,263 $ 360 $ 79,615 At or for the Three Months Ended March 31, 2021 Real Estate Loans One-to-Four Family Multifamily Residential and Residential Cooperative/ and Condominium Residential Total Real Other Apartment Mixed-Use CRE ADC Estate C&I Loans Total Allowance for credit losses: Beginning balance, prior to the adoption of CECL $ 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 1,235 (1,397) 7,813 1,408 9,059 3,219 371 12,649 Charge-offs (14) (236) (8) — (258) (4,017) — (4,275) Ending balance $ 5,133 $ 10,421 $ 44,837 $ 3,899 $ 64,290 $ 33,378 $ 532 $ 98,200 |
Financing Receivable, Nonaccrual | March 31, 2022 Non-accrual with Non-accrual with (In thousands) No Allowance Allowance Reserve One-to-four family residential and cooperative/condominium apartment $ - $ 5,241 $ 151 CRE 1,254 3,719 1,564 Acquisition, development, and construction 665 - - C&I 334 24,666 14,829 Other - 83 79 Total $ 2,253 $ 33,709 $ 16,623 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 |
Past Due Financing Receivables | The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated: March 31, 2022 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 $ 4,220 $ 685 $ 341 $ 5,241 $ 10,487 $ 658,612 $ 669,099 Multifamily residential and residential mixed-use 6,545 — — — 6,545 3,364,722 3,371,267 CRE 12,493 — — 4,972 17,465 3,929,453 3,946,918 Acquisition, development, and construction — — — 665 665 328,684 329,349 Total real estate 23,258 685 341 10,878 35,162 8,281,471 8,316,633 C&I 3,689 239 839 25,000 29,767 891,242 921,009 Other 169 — — 84 253 11,954 12,207 Total $ 27,116 $ 924 $ 1,180 $ 35,962 $ 65,182 $ 9,184,667 $ 9,249,849 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 Acquisition, development, and construction — — — — — 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 |
Schedule of collateral dependent loans | March 31, 2022 December 31, 2021 Real Estate Associated Allowance Real Estate Associated Allowance (In thousands) Collateral Dependent for Credit Losses Collateral Dependent for Credit Losses CRE $ 4,781 $ 1,357 $ 3,837 $ 600 Acquisition, development, and construction 14,165 - - - C&I 818 - 348 - Total $ 19,764 $ 1,357 $ 4,185 $ 600 |
Schedule of loans by class modified as trouble debt restructurings | Modifications During the Three Months Ended March 31, 2022 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 1 $ 37 $ 37 CRE 1 991 991 Acquisition, development, and construction 1 13,500 13,500 C&I 2 11,409 11,409 Total 5 $ 25,937 $ 25,937 |
Credit Risk Profile of the Real Estate Loans | March 31, 2022 (In thousands) 2022 2021 2020 2019 2018 2017 and Prior Revolving Revolving-Term Total One-to-four family residential, and condominium/cooperative apartment: Pass $ 54,932 $ 128,132 $ 76,520 $ 65,332 $ 68,429 $ 193,054 $ 48,569 $ 11,190 $ 646,158 Special mention — — — 334 748 1,810 845 742 4,479 Substandard — — 1,042 1,232 413 14,897 — 878 18,462 Doubtful — — — — — — — — — Total one-to-four family residential, and condominium/cooperative apartment 54,932 128,132 77,562 66,898 69,590 209,761 49,414 12,810 669,099 Multifamily residential and residential mixed-use: Pass 235,590 587,949 330,142 426,898 134,833 1,300,004 14,567 825 3,030,808 Special mention — — 10,985 22,251 4,216 29,032 — — 66,484 Substandard — — 1,493 35,304 37,720 199,458 — — 273,975 Doubtful — — — — — — — — — Total multifamily residential and residential mixed-use 235,590 587,949 342,620 484,453 176,769 1,528,494 14,567 825 3,371,267 CRE: Pass 166,352 864,565 800,777 525,522 298,706 1,038,627 46,693 5,998 3,747,240 Special mention — 5,289 881 28,819 18,877 30,315 — — 84,181 Substandard — 4,528 1,605 7,276 45,292 56,690 — — 115,391 Doubtful — — — 106 — — — — 106 Total CRE 166,352 874,382 803,263 561,723 362,875 1,125,632 46,693 5,998 3,946,918 Acquisition, development, and construction: Pass 8,648 159,843 64,407 40,083 19,783 6,263 14,997 1,160 315,184 Special mention — — — — — — — — — Substandard — 665 — — 13,500 — — — 14,165 Doubtful — — — — — — — — — Total acquisition, development, and construction: 8,648 160,508 64,407 40,083 33,283 6,263 14,997 1,160 329,349 C&I: Pass 23,876 66,028 93,456 48,768 47,221 58,045 481,706 10,237 829,337 Special mention 4,581 — 2,185 365 2,175 1,116 9,312 1,349 21,083 Substandard — 465 5,955 5,922 3,419 5,298 15,521 13,011 49,591 Doubtful — 496 — 8,797 775 10,930 — — 20,998 Total C&I 28,457 66,989 101,596 63,852 53,590 75,389 506,539 24,597 921,009 Total: Pass 489,398 1,806,517 1,365,302 1,106,603 568,972 2,595,993 606,532 29,410 8,568,727 Special mention 4,581 5,289 14,051 51,769 26,016 62,273 10,157 2,091 176,227 Substandard — 5,658 10,095 49,734 100,344 276,343 15,521 13,889 471,584 Doubtful — 496 — 8,903 775 10,930 — — 21,104 Total Loans $ 493,979 $ 1,817,960 $ 1,389,448 $ 1,217,009 $ 696,107 $ 2,945,539 $ 632,210 $ 45,390 $ 9,237,642 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 Acquisition, development, and construction: 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 acquisition, development, and construction: 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 (In thousands) March 31, 2022 December 31, 2021 Performing $ 12,124 $ 16,533 Non-accrual 83 365 Total $ 12,207 $ 16,898 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
LEASES | |
Summary of maturities of operating lease liabilities | Maturities of the Company’s operating lease liabilities at March 31, 2022 are as follows: Rent to be (In thousands) Capitalized 2022 $ 9,020 2023 10,707 2024 10,600 2025 10,366 2026 9,645 Thereafter 17,386 Total undiscounted lease payments 67,724 Less amounts representing interest (4,124) Operating lease liabilities $ 63,600 |
Summary of other information related to operating leases | Three Months Ended March 31, (In thousands) 2022 2021 Operating lease cost $ 3,262 $ 3,158 Cash paid for amounts included in the measurement of operating lease liabilities — 3,050 March 31, December 31, 2022 2021 Weighted average remaining lease term 6.4 years 6.6 years Weighted average discount rate 1.79 % 1.79 % |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 income (loss) for the periods indicated: Three Months Ended March 31, (In thousands) 2022 2021 Gain (loss) recognized in other comprehensive income $ 6,852 $ 4,948 Gain recognized on termination of derivatives — 16,505 Loss reclassified from other comprehensive income into interest expense (31) (854) |
Designated as Hedging Instrument | |
Derivatives, Fair Value [Line Items] | |
Fair Value of Derivative Financial Instruments and Classification on Consolidated Statements of Financial Condition | March 31, 2022 December 31, 2021 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 $ 11,240 $ — 4 $ 150,000 $ 4,358 $ — |
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 | March 31, 2022 Notional Fair Value Fair Value (In thousands) Count Amount Assets Liabilities Included in derivative assets/(liabilities): Loan level interest rate swaps with borrower 20 $ 115,621 $ 4,258 $ — Loan level interest rate swaps with borrower 162 1,051,421 — (50,760) Loan level interest rate floors with borrower 1 23,769 9 — Loan level interest rate floors with borrower 42 334,329 — (5,559) Loan level interest rate swaps with third-party counterparties 20 115,621 — (4,258) Loan level interest rate swaps with third-party counterparties 162 1,051,421 50,760 — Loan level interest rate floors with third-party counterparties 1 23,769 — (9) Loan level interest rate floors with third-party counterparties 42 334,329 5,559 — 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 98 $ 599,003 $ 27,440 $ — Loan level interest rate swaps with borrower 87 612,610 — (12,620) Loan level interest rate floors with borrower 33 291,990 615 Loan level interest rate floors with borrower 12 100,774 — (53) Loan level interest rate swaps with third-party counterparties 98 599,003 — (27,440) Loan level interest rate swaps with third-party counterparties 87 612,610 12,620 — Loan level interest rate floors with third-party counterparties 33 291,990 — (615) Loan level interest rate floors with third-party counterparties 12 100,774 53 — |
Loan Level Derivative Income | Three Months Ended March 31, (In thousands) 2022 2021 Loan level derivative income $ 6 $ 1,792 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Fair value, assets and liabilities measured on recurring basis | Fair Value Measurements at March 31, 2022 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Securities available-for-sale: Treasury securities $ 234,531 $ — $ 234,531 $ — Corporate securities 147,425 — 147,425 — Pass-through MBS issued by GSEs 418,116 — 418,116 — Agency CMOs 440,183 — 440,183 — State and municipal obligations 36,781 — 36,781 — Derivative – cash flow hedges 11,240 — 11,240 — Derivative – freestanding derivatives, net 60,586 — 60,586 — Financial Liabilities: Derivative – freestanding derivatives, net 60,586 — 60,586 — 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 — |
Schedule of assets measured at fair value on a non-recurring basis | March 31, 2022 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 $ 1,179 $ — $ — $ 1,179 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 March 31, 2022 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 432,994 $ 432,994 $ — $ — $ 432,994 Securities held-to-maturity 383,922 — 358,689 — 358,689 Loans held for investment, net 9,169,055 — — 9,095,834 9,095,834 Accrued interest receivable 38,456 — 4,483 33,973 38,456 Financial Liabilities: Savings, money market and checking accounts 9,648,328 9,648,328 — — 9,648,328 Certificates of Deposits ("CDs") 781,775 — 782,385 — 782,385 FHLBNY advances 50,000 — 50,039 — 50,039 Subordinated debt, net 197,050 — 198,650 — 198,650 Other short-term borrowings 2,853 2,853 — — 2,853 Accrued interest payable 1,611 — 1,611 — 1,611 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 — 177,354 — 177,354 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 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 |
OTHER INTANGIBLE ASSETS (Tables
OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
OTHER INTANGIBLE ASSETS | |
Schedule of acquired intangible assets | March 31, 2022 December 31, 2021 Core Deposit Non-complete Core Deposit Non-complete (In thousands) Intangibles Agreement Total Intangibles Agreement Total Gross carrying value $ 10,204 $ 780 $ 10,984 $ 10,204 $ 780 $ 10,984 Accumulated amortization (2,428) (780) (3,208) (1,962) (660) (2,622) Net carrying amount $ 7,776 $ - $ 7,776 $ 8,242 $ 120 $ 8,362 |
Schedule of estimated amortization expense | (In thousands) Total 2022 $ 1,292 2023 1,425 2024 1,163 2025 958 2026 795 Thereafter 2,143 Total $ 7,776 |
FHLBNY ADVANCES (Tables)
FHLBNY ADVANCES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
FHLBNY ADVANCES | |
Summary of FHLBNY extinguishments | Three Months Ended March 31, (Dollars in thousands) 2022 2021 FHLBNY advances extinguished $ - $ 130,150 Weighted average rate - % 1.91 % Loss on extinguishment of debt $ - $ 1,594 |
Schedule of contractual maturities and weighted average interest rates of FHLBNY advances | March 31, 2022 (Dollars in thousands) Weighted Contractual Maturity Amount Average Rate 2022, fixed rate at rates from 0.75% to 0.77% $ 50,000 0.76 % Total FHLBNY advances $ 50,000 0.76 % December 31, 2021 (Dollars in thousands) Weighted Contractual Maturity Amount Average 2022, fixed rate at 0.35% $ 25,000 0.35 % Total FHLBNY advances $ 25,000 0.35 % |
RETIREMENT AND POSTRETIREMENT_2
RETIREMENT AND POSTRETIREMENT PLANS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
RETIREMENT AND POSTRETIREMENT PLANS | |
Schedule of net periodic cost of defined benefit plan | Three Months Ended March 31, 2022 2021 BNB Bank Employee BNB Bank Employee (In thousands) Pension Plan Retirement Plan Pension Plan Retirement Plan Service cost $ 268 $ — $ 148 $ — Interest cost 195 155 249 183 Expected return on assets (858) (490) (984) (428) Amortization of unrealized loss — 62 206 229 Net periodic credit $ (395) $ (273) $ (381) $ (16) |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
STOCK-BASED COMPENSATION | |
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, 2022 121,253 $ 35.39 Options exercised — — Options forfeited — — Options outstanding at March 31, 2022 121,253 $ 35.39 7.0 $ — Options vested and exercisable at March 31, 2022 121,253 $ 35.39 7.0 $ — |
Information Related to Stock Option Plan | Three Months Ended March 31, (In thousands) 2022 2021 Cash received for option exercise cost $ — $ 372 Income tax (expense) benefit recognized on stock option exercises — — Intrinsic value of options exercised — 66 |
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 7.9 46,799 7.9 $35.35 42,475 6.9 42,475 6.9 $36.19 31,979 5.9 31,979 5.9 Total 121,253 7.0 121,253 7.0 |
Activity Related to Restricted Stock Awards | Weighted- Average Number of Grant-Date Shares Fair Value Unvested allocated shares outstanding at January 1, 2022 446,923 $ 26.45 Shares granted 64,359 34.48 Shares vested (138,529) 25.50 Shares forfeited (2,722) 29.23 Unvested allocated shares outstanding at March 31, 2022 370,031 $ 28.18 |
Information Related to Restricted Stock Award Plan | Three Months Ended March 31, (Dollars in thousands) 2022 2021 Compensation expense recognized $ 1,024 $ 836 Income tax benefit recognized on vesting of RSAs 329 — |
Activity Related to Performance Based Equity Awards | Weighted- Average Number of Grant-Date Shares Fair Value Maximum aggregate share payout at January 1, 2022 38,948 $ 31.40 Shares granted 60,755 29.63 Maximum aggregate share payout at March 31, 2022 99,703 $ 30.32 Minimum aggregate share payout — — Expected aggregate share payout 80,682 $ 29.42 |
Information Related to Performance Based Share Award Plan | Three Months Ended March 31, (In thousands) 2022 2021 Compensation expense recognized $ 195 $ — Income tax benefit recognized on vesting of PSAs — — |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) $ / shares in Units, $ in Thousands | Feb. 01, 2021$ / sharesshares | Sep. 30, 2021item | Mar. 31, 2022USD ($)item$ / shares | Dec. 31, 2021USD ($)$ / shares | Jan. 01, 2021USD ($) |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | ||
Share conversion ratio | 0.6480 | ||||
Common stock converted into right to receive shares (in shares) | shares | 0.6480 | ||||
Number of branch locations | item | 60 | ||||
Number Of Real Estate Investments Dissolved | item | 2 | ||||
Retained earnings | $ 677,990 | $ 654,726 | |||
Preferred Stock | |||||
Share conversion ratio | 1 | ||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||
Collectively evaluated for impairment, allowance | 3,900 | ||||
Reserve for unfunded commitments | $ 1,400 | ||||
Retained earnings | $ 1,700 |
MERGER (Details)
MERGER (Details) $ / shares in Units, $ in Millions | Feb. 01, 2021USD ($)$ / sharesshares | Mar. 31, 2022$ / shares | Dec. 31, 2021$ / 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 | ||
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 | Bridge shareholders | ||||
MERGER | ||||
Number of Bridge Outstanding Shares | shares | 21,200,000 | |||
Percentage Ownership | 51.50% |
SUMMARY OF ACCOUNTING POLICIES
SUMMARY OF ACCOUNTING POLICIES - Narrative (Details) $ in Millions | Dec. 31, 2021USD ($) |
BASIS OF PRESENTATION | |
Collateral received against obligations in net asset position | $ 4.6 |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance | $ 1,192,620 | $ 701,096 |
Total other comprehensive (loss) income, net of tax | (43,199) | 6,455 |
Balance | 1,155,287 | 1,172,824 |
Accumulated Other Comprehensive (Loss) Income | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance | (6,181) | (5,924) |
Other comprehensive (loss) income before reclassifications | (42,695) | 7,565 |
Amounts reclassified from accumulated other comprehensive loss | (504) | (1,110) |
Total other comprehensive (loss) income, net of tax | (43,199) | 6,455 |
Balance | (49,380) | 531 |
Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance | (7,864) | 12,694 |
Other comprehensive (loss) income before reclassifications | (48,075) | (10,570) |
Amounts reclassified from accumulated other comprehensive loss | 116 | (822) |
Total other comprehensive (loss) income, net of tax | (47,959) | (11,392) |
Balance | (55,823) | 1,302 |
Defined Benefit Plans | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance | (1,306) | (6,086) |
Other comprehensive (loss) income before reclassifications | 683 | 1,659 |
Amounts reclassified from accumulated other comprehensive loss | (641) | (288) |
Total other comprehensive (loss) income, net of tax | 42 | 1,371 |
Balance | (1,264) | (4,715) |
Derivatives | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance | 2,989 | (12,532) |
Other comprehensive (loss) income before reclassifications | 4,697 | 16,476 |
Amounts reclassified from accumulated other comprehensive loss | 21 | |
Total other comprehensive (loss) income, net of tax | 4,718 | 16,476 |
Balance | $ 7,707 | $ 3,944 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Before and After Tax Amounts by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Change in unrealized gain or loss on securities: | ||
Change in net unrealized gain (loss) during the period | $ (70,131) | $ (15,534) |
Reclassification adjustment for net gains included in net gain on securities and other assets | (1,187) | |
Accretion of net unrealized loss on securities transferred to held to maturity | 170 | |
Net change | (69,961) | (16,721) |
Tax benefit | (22,002) | (5,329) |
Net change in unrealized gain or loss on securities, net of reclassification adjustments and tax | (47,959) | (11,392) |
Change in pension and other postretirement obligations: | ||
Reclassification adjustment for expense included in other expense | (934) | (422) |
Reclassification adjustment for curtailment loss | 1,543 | |
Change in the net actuarial gain or loss | 997 | 885 |
Net change | 63 | 2,006 |
Tax expense | 21 | 635 |
Net change in pension and other postretirement obligations | 42 | 1,371 |
Change in unrealized gain or loss on derivatives: | ||
Change in net unrealized gain or loss during the period | 6,852 | 4,948 |
Reclassification adjustment for loss included in loss on termination of derivatives | 16,505 | |
Reclassification adjustment for expense included in interest expense | 31 | 854 |
Net change | 6,883 | 22,307 |
Tax benefit | 2,165 | 5,831 |
Net change in unrealized gain or loss on derivatives, net of reclassification adjustments and tax | 4,718 | 16,476 |
Total other comprehensive (loss) income, net of tax | $ (43,199) | $ 6,455 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | ||
Net income (loss) available to common stockholders | $ 32,710 | $ (22,855) |
Less: Dividends paid and earnings allocated to participating securities | (374) | 165 |
Income (loss) attributable to common stock | $ 32,336 | $ (22,690) |
Weighted average common shares outstanding, including participating securities (in shares) | 39,680,652 | 34,543,114 |
Less: weighted average participating securities (in shares) | (429,404) | (282,176) |
Weighted average common shares outstanding (in shares) | 39,251,248 | 34,260,938 |
Basic EPS (in dollars per share) | $ 0.82 | $ (0.66) |
Weighted average common shares outstanding (in shares) | 39,251,248 | 34,260,938 |
Weighted average common equivalent shares outstanding (in shares) | 1,067 | |
Weighted average common and equivalent shares outstanding (in shares) | 39,251,248 | 34,262,005 |
Diluted EPS (in dollars per share) | $ 0.82 | $ (0.66) |
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) | 121,253 | 180,020 |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) $ / shares in Units, $ in Millions | Feb. 01, 2021 | Jun. 10, 2020USD ($)shares | Feb. 05, 2020USD ($)$ / sharesshares | Mar. 31, 2022$ / shares | Dec. 31, 2021$ / shares |
Public Offering [Abstract] | |||||
Preferred stock, Series A, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||
Preferred stock, liquidation preference (in dollars per share) | 25 | $ 25 | |||
Share conversion ratio | 0.6480 | ||||
Preferred Stock, Series A [Member] | |||||
Public Offering [Abstract] | |||||
Number of share issued in public offering (in shares) | 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 | ||||
Preferred Stock | |||||
Public Offering [Abstract] | |||||
Share conversion ratio | 1 |
SECURITIES - Available-for-sale
SECURITIES - Available-for-sale Major Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Securities available-for-sale: | ||
Amortized Cost | $ 1,350,740 | $ 1,574,094 |
Gross Unrealized Gains | 1,894 | 11,403 |
Gross Unrealized Losses | (75,598) | (21,786) |
Fair Value | 1,277,036 | 1,563,711 |
Agency Notes | ||
Securities available-for-sale: | ||
Amortized Cost | 82,476 | |
Gross Unrealized Losses | (2,222) | |
Fair Value | 80,254 | |
Treasury Securities | ||
Securities available-for-sale: | ||
Amortized Cost | 247,665 | 247,916 |
Gross Unrealized Losses | (13,134) | (3,147) |
Fair Value | 234,531 | 244,769 |
Corporate Securities | ||
Securities available-for-sale: | ||
Amortized Cost | 151,382 | 148,430 |
Gross Unrealized Gains | 980 | 4,354 |
Gross Unrealized Losses | (4,937) | (754) |
Fair Value | 147,425 | 152,030 |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ||
Securities available-for-sale: | ||
Amortized Cost | 443,266 | 528,749 |
Gross Unrealized Gains | 905 | 4,271 |
Gross Unrealized Losses | (26,055) | (6,566) |
Fair Value | 418,116 | 526,454 |
Agency collateralized mortgage obligations ("CMOs") | ||
Securities available-for-sale: | ||
Amortized Cost | 469,808 | 527,348 |
Gross Unrealized Gains | 7 | 2,705 |
Gross Unrealized Losses | (29,632) | (8,795) |
Fair Value | 440,183 | 521,258 |
State and municipal obligations. | ||
Securities available-for-sale: | ||
Amortized Cost | 38,619 | 39,175 |
Gross Unrealized Gains | 2 | 73 |
Gross Unrealized Losses | (1,840) | (302) |
Fair Value | $ 36,781 | $ 38,946 |
SECURITIES - Securities Held-to
SECURITIES - Securities Held-to-maturity Major Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 383,922 | $ 179,309 |
Gross Unrecognized Gains | 59 | |
Gross Unrecognized Losses | (25,233) | (2,014) |
Fair Value | 358,689 | 177,354 |
Agency Notes | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 88,858 | |
Gross Unrecognized Losses | (5,025) | |
Fair Value | 83,833 | |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 180,379 | 118,382 |
Gross Unrecognized Gains | 59 | |
Gross Unrecognized Losses | (13,503) | (1,141) |
Fair Value | 166,876 | 117,300 |
Agency collateralized mortgage obligations ("CMOs") | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 114,685 | 60,927 |
Gross Unrecognized Losses | (6,705) | (873) |
Fair Value | $ 107,980 | $ 60,054 |
SECURITIES - Narrative (Details
SECURITIES - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Securities available-for-sale: | |||
Securities available-for-sale transferred to held-to-maturity | $ 175,260 | ||
Transfers Of Securities Held-to-maturity To Securities Available-for-sale | 0 | ||
Transfers To Or From Securities Held-to-maturity | 0 | ||
Securities held-to-maturity | $ 358,689 | $ 177,354 | |
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 | 4,500 | $ 4,400 | |
Unrealized loss on transfer of securities to held to maturity | 6,800 | ||
Gain (loss) on transfer of securities to held-to-maturity | 0 | ||
Carrying Amount | |||
Securities available-for-sale: | |||
Securities available-for-sale transferred to held-to-maturity | 182,100 | ||
Securities held-to-maturity | 383,922 | 179,309 | |
Fair Value | |||
Securities available-for-sale: | |||
Securities available-for-sale transferred to held-to-maturity | 175,300 | ||
Securities held-to-maturity | 358,689 | 177,354 | |
Available-for-sale Securities | |||
Securities available-for-sale: | |||
Securities pledged as collateral, carrying amount | 451,400 | 595,800 | |
Held-to-maturity Securities | |||
Securities available-for-sale: | |||
Securities pledged as collateral, carrying amount | 352,400 | 132,000 | |
Agency collateralized mortgage obligations ("CMOs") | |||
Securities available-for-sale: | |||
Securities held-to-maturity | 107,980 | 60,054 | |
Agency Notes | |||
Securities available-for-sale: | |||
Securities held-to-maturity | 83,833 | ||
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | |||
Securities available-for-sale: | |||
Securities held-to-maturity | 166,876 | 117,300 | |
Available for sale debt securities, unrealized loss position due to credit | $ 360,633 | $ 427,382 |
SECURITIES - Amortized Cost and
SECURITIES - Amortized Cost and Fair Value By Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available for sale, Amortized Cost | ||
Within one year | $ 4,226 | |
One to five years | 277,389 | |
Five to ten years | 150,906 | |
Beyond ten years | 5,145 | |
Pass-through MBS issued by GSEs and Agency CMO | 913,074 | |
Amortized Cost | 1,350,740 | $ 1,574,094 |
Available for sale, Fair Value | ||
Within one year | 4,196 | |
One to five years | 262,734 | |
Five to ten years | 146,993 | |
Beyond ten years | 4,814 | |
Pass-through MBS issued by GSEs and Agency CMO | 858,299 | |
Total | 1,277,036 | 1,563,711 |
Held-to-maturity, Amortized Cost | ||
One to five years | 10,000 | |
Five to ten years | 78,858 | |
Pass-through MBS issued by GSEs and agency CMO | 295,064 | |
Total | 383,922 | |
Held-to-maturity, Fair Value | ||
One to five years | 9,827 | |
Five to ten years | 74,006 | |
Pass-through MBS issued by GSEs and agency CMO | 274,856 | |
Fair Value | $ 358,689 | $ 177,354 |
SECURITIES - Sales Information
SECURITIES - Sales Information and Marketable Equity Securities (Details) - USD ($) | 3 Months Ended | 15 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | |
Sales of Available-for-sale Securities: | |||
Proceeds | $ 134,558,000 | ||
Proceeds: | |||
Marketable equity securities | 6,101,000 | ||
Net gain on equity securities | $ 0 | 131,000 | |
Sales of securities held-to-maturity | $ 0 | ||
Agency Notes | |||
Sales of Available-for-sale Securities: | |||
Proceeds | 134,558,000 | ||
Gross gains | 1,307,000 | ||
Tax expense on gain | 414,000 | ||
Gross losses | 120,000 | ||
Tax benefit on loss | $ 38,000 |
SECURITIES - Continuous Unreali
SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 290,385 | $ 422,634 |
12 Consecutive Months or Longer | 70,248 | 4,748 |
Total | 360,633 | 427,382 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 18,572 | 6,333 |
12 Consecutive Months or Longer | 7,483 | 233 |
Total | 26,055 | 6,566 |
Treasury Securities | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 234,530 | 244,769 |
12 Consecutive Months or Longer | 0 | |
Total | 234,530 | 244,769 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 13,134 | 3,147 |
12 Consecutive Months or Longer | 0 | |
Total | 13,134 | 3,147 |
State and municipal obligations | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 31,150 | 18,887 |
12 Consecutive Months or Longer | 4,190 | |
Total | 35,340 | 18,887 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 1,308 | 302 |
12 Consecutive Months or Longer | 532 | |
Total | 1,840 | 302 |
Agency Notes | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 58,607 | |
12 Consecutive Months or Longer | 21,647 | |
Total | 80,254 | |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 1,369 | |
12 Consecutive Months or Longer | 853 | |
Total | 2,222 | |
Corporate Notes | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 95,535 | 37,620 |
12 Consecutive Months or Longer | 2,910 | |
Total | 98,445 | 37,620 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 4,847 | 754 |
12 Consecutive Months or Longer | 90 | |
Total | 4,937 | 754 |
Agency collateralized mortgage obligations ("CMOs") | ||
Securities available-for-sale, Fair Value [Abstract] | ||
Less than 12 Consecutive Months | 320,114 | 349,879 |
12 Consecutive Months or Longer | 116,425 | 3,182 |
Total | 436,539 | 353,061 |
Securities available-for-sale, Unrealized Losses [Abstract] | ||
Less than 12 Consecutive Months | 16,773 | 8,672 |
12 Consecutive Months or Longer | 12,859 | 123 |
Total | $ 29,632 | $ 8,795 |
LOANS HELD FOR INVESTMENT, NE_2
LOANS HELD FOR INVESTMENT, NET - Loan Categories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Loans held for investment, net: | ||
Loans held for investment, net of fees and costs | $ 9,249,849 | $ 9,244,661 |
Allowance for loan losses | (79,615) | (83,853) |
Total loans held for investment, net | $ 9,170,234 | 9,160,808 |
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 held for investment, net of fees and costs | $ 8,316,633 | 8,294,204 |
One-to-four family residential and cooperative/condominium apartment | ||
Loans held for investment, net: | ||
Loans held for investment, net of fees and costs | 669,099 | 669,282 |
Multifamily residential and residential mixed-use | ||
Loans held for investment, net: | ||
Loans held for investment, net of fees and costs | 3,371,267 | 3,356,346 |
Commercial real estate ("CRE") | ||
Loans held for investment, net: | ||
Loans held for investment, net of fees and costs | 3,946,918 | 3,945,948 |
Acquisition, development, and construction | ||
Loans held for investment, net: | ||
Loans held for investment, net of fees and costs | 329,349 | 322,628 |
Commercial and Industrial ("C&I") Loans | ||
Loans held for investment, net: | ||
Loans held for investment, net of fees and costs | 921,009 | 933,559 |
Commercial and Industrial ("C&I") Loans | Small Business Administration ("SBA") Paycheck Protection Program ("PPP") [Member] | ||
Loans held for investment, net: | ||
Loans held for investment, net of fees and costs | 33,000 | 66,000 |
Other Loans | ||
Loans held for investment, net: | ||
Loans held for investment, net of fees and costs | $ 12,207 | $ 16,898 |
LOANS HELD FOR INVESTMENT, NE_3
LOANS HELD FOR INVESTMENT, NET - Allowance for Credit Losses Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Allowance for loan losses [Roll Forward] | |||
Beginning balance | $ 83,853,000 | $ 41,461,000 | $ 41,461,000 |
PCD Day 1 | 52,284,000 | ||
(Credit) provision for credit losses | (1,654,000) | 12,649,000 | |
Charge-offs | (2,638,000) | (4,275,000) | |
Recoveries | 54,000 | ||
Ending balance | 79,615,000 | 98,200,000 | 83,853,000 |
Amortized cost basis of loans on non-accrual status | |||
Non-accrual with No Allowance | 2,253,000 | 1,649,000 | |
Non-accrual with Allowance | 33,709,000 | 38,658,000 | |
Reserve | 16,623,000 | 19,409,000 | |
Interest income on non-accrual loans held for investment | |||
Interest income on non-accrual loans | 0 | 0 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | (3,919,000) | (3,919,000) | |
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 37,542,000 | 37,542,000 | |
Total real estate loans | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 47,771,000 | 28,712,000 | 28,712,000 |
PCD Day 1 | 28,753,000 | ||
(Credit) provision for credit losses | (2,781,000) | 9,059,000 | |
Charge-offs | (258,000) | ||
Recoveries | 2,000 | ||
Ending balance | 44,992,000 | 64,290,000 | 47,771,000 |
Total real estate loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | (1,976,000) | (1,976,000) | |
Total real estate loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 26,736,000 | 26,736,000 | |
One-to-four family residential and cooperative/condominium apartment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 5,932,000 | 644,000 | 644,000 |
PCD Day 1 | 2,220,000 | ||
(Credit) provision for credit losses | (1,404,000) | 1,235,000 | |
Charge-offs | (14,000) | ||
Ending balance | 4,528,000 | 5,133,000 | 5,932,000 |
Amortized cost basis of loans on non-accrual status | |||
Non-accrual with Allowance | 5,241,000 | 7,623,000 | |
Reserve | 151,000 | 1,278,000 | |
One-to-four family residential and cooperative/condominium apartment | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 1,048,000 | 1,048,000 | |
One-to-four family residential and cooperative/condominium apartment | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 1,692,000 | 1,692,000 | |
Multifamily residential and residential mixed-use | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 7,816,000 | 17,016,000 | 17,016,000 |
PCD Day 1 | 3,292,000 | ||
(Credit) provision for credit losses | (757,000) | (1,397,000) | |
Charge-offs | (236,000) | ||
Recoveries | 2,000 | ||
Ending balance | 7,061,000 | 10,421,000 | 7,816,000 |
Multifamily residential and residential mixed-use | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | (8,254,000) | (8,254,000) | |
Multifamily residential and residential mixed-use | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 8,762,000 | 8,762,000 | |
Acquisition, development, and construction | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 4,857,000 | 1,993,000 | 1,993,000 |
PCD Day 1 | 117,000 | ||
(Credit) provision for credit losses | (99,000) | 1,408,000 | |
Ending balance | 4,758,000 | 3,899,000 | 4,857,000 |
Amortized cost basis of loans on non-accrual status | |||
Non-accrual with No Allowance | 665,000 | ||
Acquisition, development, and construction | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 381,000 | 381,000 | |
Acquisition, development, and construction | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 2,374,000 | 2,374,000 | |
Commercial real estate ("CRE") | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 29,166,000 | 9,059,000 | 9,059,000 |
PCD Day 1 | 23,124,000 | ||
(Credit) provision for credit losses | (521,000) | 7,813,000 | |
Charge-offs | (8,000) | ||
Ending balance | 28,645,000 | 44,837,000 | 29,166,000 |
Amortized cost basis of loans on non-accrual status | |||
Non-accrual with No Allowance | 1,254,000 | 1,301,000 | |
Non-accrual with Allowance | 3,719,000 | 3,752,000 | |
Reserve | 1,564,000 | 797,000 | |
Commercial real estate ("CRE") | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 4,849,000 | 4,849,000 | |
Commercial real estate ("CRE") | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 13,908,000 | 13,908,000 | |
Commercial and Industrial ("C&I") Loans | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 35,331,000 | 12,737,000 | 12,737,000 |
PCD Day 1 | 23,374,000 | ||
(Credit) provision for credit losses | 1,516,000 | 3,219,000 | |
Charge-offs | (2,635,000) | (4,017,000) | |
Recoveries | 51,000 | ||
Ending balance | 34,263,000 | 33,378,000 | 35,331,000 |
Amortized cost basis of loans on non-accrual status | |||
Non-accrual with No Allowance | 334,000 | 348,000 | |
Non-accrual with Allowance | 24,666,000 | 26,918,000 | |
Reserve | 14,829,000 | 16,973,000 | |
Commercial and Industrial ("C&I") Loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | (1,935,000) | (1,935,000) | |
Commercial and Industrial ("C&I") Loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 10,802,000 | 10,802,000 | |
Other Loans | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | 751,000 | 12,000 | 12,000 |
PCD Day 1 | 157,000 | ||
(Credit) provision for credit losses | (389,000) | 371,000 | |
Charge-offs | (3,000) | ||
Recoveries | 1,000 | ||
Ending balance | 360,000 | 532,000 | 751,000 |
Amortized cost basis of loans on non-accrual status | |||
Non-accrual with Allowance | 83,000 | 365,000 | |
Reserve | $ 79,000 | 361,000 | |
Other Loans | Cumulative Effect, Period of Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | (8,000) | (8,000) | |
Other Loans | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Beginning balance | $ 4,000 | $ 4,000 |
LOANS HELD FOR INVESTMENT, NE_4
LOANS HELD FOR INVESTMENT, NET - Past Due Status (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | $ 9,249,849 | $ 9,244,661 |
Non-accrual | 35,962 | 40,307 |
Aggregate outstanding balance | 1,200 | 3,000 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 65,182 | 116,696 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 27,116 | 61,242 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 924 | 12,146 |
Loans 90 Days or More Past Due and Still Accruing Interest | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 1,180 | 3,001 |
Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 9,184,667 | 9,127,965 |
Total real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 8,316,633 | 8,294,204 |
Non-accrual | 10,878 | 12,676 |
Total real estate loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 35,162 | 77,109 |
Total real estate loans | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 23,258 | 57,385 |
Total real estate loans | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 685 | 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 | 341 | 1,945 |
Total real estate loans | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 8,281,471 | 8,217,095 |
One-to-four family residential and cooperative/condominium apartment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 669,099 | 669,282 |
Non-accrual | 5,241 | 7,623 |
One-to-four family residential and cooperative/condominium apartment | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 10,487 | 13,739 |
One-to-four family residential and cooperative/condominium apartment | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 4,220 | 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 | 685 | 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 | 341 | 1,945 |
One-to-four family residential and cooperative/condominium apartment | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 658,612 | 655,543 |
Multifamily residential and residential mixed-use | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,371,267 | 3,356,346 |
Multifamily residential and residential mixed-use | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 6,545 | 34,322 |
Multifamily residential and residential mixed-use | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 6,545 | 30,983 |
Multifamily residential and residential mixed-use | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 0 | 3,339 |
Multifamily residential and residential mixed-use | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,364,722 | 3,322,024 |
Commercial real estate ("CRE") | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,946,918 | 3,945,948 |
Non-accrual | 4,972 | 5,053 |
Commercial real estate ("CRE") | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 17,465 | 29,048 |
Commercial real estate ("CRE") | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 12,493 | 23,108 |
Commercial real estate ("CRE") | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 0 | 887 |
Commercial real estate ("CRE") | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,929,453 | 3,916,900 |
Acquisition, development, and construction | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 329,349 | 322,628 |
Non-accrual | 665 | |
Acquisition, development, and construction | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 665 | |
Acquisition, development, and construction | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 0 | |
Acquisition, development, and construction | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 0 | |
Acquisition, development, and construction | Loans 90 Days or More Past Due and Still Accruing Interest | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 0 | |
Acquisition, development, and construction | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 328,684 | 322,628 |
Commercial and Industrial ("C&I") Loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 921,009 | 933,559 |
Non-accrual | 25,000 | 27,266 |
Commercial and Industrial ("C&I") Loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 29,767 | 39,115 |
Commercial and Industrial ("C&I") Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 3,689 | 3,753 |
Commercial and Industrial ("C&I") Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 239 | 7,040 |
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 | 839 | 1,056 |
Commercial and Industrial ("C&I") Loans | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 891,242 | 894,444 |
Other Loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 12,207 | 16,898 |
Non-accrual | 84 | 365 |
Other Loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 253 | 472 |
Other Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 169 | 104 |
Other Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 0 | 3 |
Other Loans | Loans 90 Days or More Past Due and Still Accruing Interest | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | 0 | |
Other Loans | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Principal balances outstanding | $ 11,954 | $ 16,426 |
LOANS HELD FOR INVESTMENT, NE_5
LOANS HELD FOR INVESTMENT, NET - Collateral Dependent Loans (Details) - Real Estate Collateral Dependent - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | $ 1,357 | $ 600 |
Commercial real estate ("CRE") | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 1,357 | 600 |
Total real estate loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 19,764 | 4,185 |
Total real estate loans | Commercial real estate ("CRE") | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 4,781 | 3,837 |
Total real estate loans | Acquisition, development, and construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | 14,165 | |
Total real estate loans | Commercial and Industrial ("C&I") Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Individually evaluated for impairment | $ 818 | $ 348 |
LOANS HELD FOR INVESTMENT, NE_6
LOANS HELD FOR INVESTMENT, NET - Modified as TDRs (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022USD ($)loan | Mar. 31, 2021USD ($)loan | Dec. 31, 2021USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
(Credit) provision for credit losses | $ (1,592) | $ 15,779 | |
Number of Loans | loan | 5 | ||
Pre-Modification Outstanding Recorded Investment | $ 25,937 | ||
Post-Modification Outstanding Recorded Investment | 25,937 | ||
TDRs | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Modifications recorded investment | 26,800 | $ 942 | |
(Credit) provision for credit losses | 3,100 | 483 | |
Commitments to lend additional amounts | $ 0 | $ 0 | $ 0 |
Number of Loans | loan | 0 | 0 | |
One-to-four family residential and cooperative/condominium apartment | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number of Loans | loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 37 | ||
Post-Modification Outstanding Recorded Investment | $ 37 | ||
Commercial real estate ("CRE") | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number of Loans | loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 991 | ||
Post-Modification Outstanding Recorded Investment | $ 991 | ||
Acquisition, development, and construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number of Loans | loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 13,500 | ||
Post-Modification Outstanding Recorded Investment | $ 13,500 | ||
Commercial and Industrial ("C&I") Loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Number of Loans | loan | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 11,409 | ||
Post-Modification Outstanding Recorded Investment | $ 11,409 |
LOANS HELD FOR INVESTMENT, NE_7
LOANS HELD FOR INVESTMENT, NET - Deferral Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CARES Act Loan [Abstract] | ||
Principal balances outstanding | $ 9,249,849 | $ 9,244,661 |
One-to-four family residential and cooperative/condominium apartment | ||
CARES Act Loan [Abstract] | ||
Principal balances outstanding | 669,099 | 669,282 |
Commercial real estate ("CRE") | ||
CARES Act Loan [Abstract] | ||
Principal balances outstanding | 3,946,918 | 3,945,948 |
Commercial and Industrial ("C&I") Loans | ||
CARES Act Loan [Abstract] | ||
Principal balances outstanding | $ 921,009 | $ 933,559 |
LOANS HELD FOR INVESTMENT, NE_8
LOANS HELD FOR INVESTMENT, NET - Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | $ 9,249,849 | $ 9,244,661 |
2022 | 493,979 | |
2021 | 1,817,960 | 1,839,501 |
2020 | 1,389,448 | 1,502,001 |
2019 | 1,217,009 | 1,289,329 |
2018 | 696,107 | 726,725 |
2017 and Prior | 2,945,539 | 878,430 |
2016 and Prior | 2,356,918 | |
Revolving | 632,210 | 588,432 |
Revolving-Term | 45,390 | 46,426 |
Total Loans | 9,237,642 | 9,227,762 |
Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2022 | 489,398 | |
2021 | 1,806,517 | 1,828,115 |
2020 | 1,365,302 | 1,473,478 |
2019 | 1,106,603 | 1,174,655 |
2018 | 568,972 | 606,030 |
2017 and Prior | 2,595,993 | 752,529 |
2016 and Prior | 2,114,512 | |
Revolving | 606,532 | 552,538 |
Revolving-Term | 29,410 | 29,902 |
Total Loans | 8,568,727 | 8,531,759 |
Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2022 | 4,581 | |
2021 | 5,289 | 6,003 |
2020 | 14,051 | 15,891 |
2019 | 51,769 | 54,365 |
2018 | 26,016 | 21,926 |
2017 and Prior | 62,273 | 23,775 |
2016 and Prior | 45,900 | |
Revolving | 10,157 | 4,071 |
Revolving-Term | 2,091 | 2,033 |
Total Loans | 176,227 | 173,964 |
Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 5,658 | 4,833 |
2020 | 10,095 | 11,011 |
2019 | 49,734 | 50,235 |
2018 | 100,344 | 97,994 |
2017 and Prior | 276,343 | 91,019 |
2016 and Prior | 196,506 | |
Revolving | 15,521 | 30,823 |
Revolving-Term | 13,889 | 14,491 |
Total Loans | 471,584 | 496,912 |
Doubtful | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 496 | 550 |
2020 | 1,621 | |
2019 | 8,903 | 10,074 |
2018 | 775 | 775 |
2017 and Prior | 10,930 | 11,107 |
Revolving | 1,000 | |
Total Loans | 21,104 | 25,127 |
Total real estate loans | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 8,316,633 | 8,294,204 |
One-to-four family residential and cooperative/condominium apartment | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 669,099 | 669,282 |
2022 | 54,932 | |
2021 | 128,132 | 129,679 |
2020 | 77,562 | 89,096 |
2019 | 66,898 | 82,568 |
2018 | 69,590 | 76,726 |
2017 and Prior | 209,761 | 80,365 |
2016 and Prior | 145,946 | |
Revolving | 49,414 | 50,724 |
Revolving-Term | 12,810 | 14,178 |
Total Loans | 669,099 | 669,282 |
One-to-four family residential and cooperative/condominium apartment | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2022 | 54,932 | |
2021 | 128,132 | 129,679 |
2020 | 76,520 | 86,028 |
2019 | 65,332 | 80,195 |
2018 | 68,429 | 75,354 |
2017 and Prior | 193,054 | 77,829 |
2016 and Prior | 129,276 | |
Revolving | 48,569 | 49,878 |
Revolving-Term | 11,190 | 12,537 |
Total Loans | 646,158 | 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 | 334 | 335 |
2018 | 748 | 752 |
2017 and Prior | 1,810 | 334 |
2016 and Prior | 2,158 | |
Revolving | 845 | 846 |
Revolving-Term | 742 | 747 |
Total Loans | 4,479 | 6,296 |
One-to-four family residential and cooperative/condominium apartment | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2020 | 1,042 | 1,944 |
2019 | 1,232 | 2,038 |
2018 | 413 | 597 |
2017 and Prior | 14,897 | 2,202 |
2016 and Prior | 14,512 | |
Revolving-Term | 878 | 894 |
Total Loans | 18,462 | 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 | 3,371,267 | 3,356,346 |
2022 | 235,590 | |
2021 | 587,949 | 590,462 |
2020 | 342,620 | 353,747 |
2019 | 484,453 | 505,089 |
2018 | 176,769 | 183,616 |
2017 and Prior | 1,528,494 | 398,804 |
2016 and Prior | 1,309,248 | |
Revolving | 14,567 | 14,555 |
Revolving-Term | 825 | 825 |
Total Loans | 3,371,267 | 3,356,346 |
Multifamily residential and residential mixed-use | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2022 | 235,590 | |
2021 | 587,949 | 590,462 |
2020 | 330,142 | 341,206 |
2019 | 426,898 | 455,277 |
2018 | 134,833 | 151,226 |
2017 and Prior | 1,300,004 | 332,749 |
2016 and Prior | 1,145,609 | |
Revolving | 14,567 | 12,277 |
Revolving-Term | 825 | 825 |
Total Loans | 3,030,808 | 3,029,631 |
Multifamily residential and residential mixed-use | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2020 | 10,985 | 11,040 |
2019 | 22,251 | 14,486 |
2018 | 4,216 | |
2017 and Prior | 29,032 | 11,817 |
2016 and Prior | 26,252 | |
Total Loans | 66,484 | 63,595 |
Multifamily residential and residential mixed-use | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2020 | 1,493 | 1,501 |
2019 | 35,304 | 35,326 |
2018 | 37,720 | 32,390 |
2017 and Prior | 199,458 | 54,238 |
2016 and Prior | 137,387 | |
Revolving | 2,278 | |
Total Loans | 273,975 | 263,120 |
Commercial real estate ("CRE") | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 3,946,918 | 3,945,948 |
2022 | 166,352 | |
2021 | 874,382 | 882,483 |
2020 | 803,263 | 851,450 |
2019 | 561,723 | 575,675 |
2018 | 362,875 | 370,839 |
2017 and Prior | 1,125,632 | 341,690 |
2016 and Prior | 874,439 | |
Revolving | 46,693 | 43,183 |
Revolving-Term | 5,998 | 6,188 |
Total Loans | 3,946,918 | 3,945,947 |
Commercial real estate ("CRE") | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2022 | 166,352 | |
2021 | 864,565 | 872,049 |
2020 | 800,777 | 848,694 |
2019 | 525,522 | 529,182 |
2018 | 298,706 | 306,360 |
2017 and Prior | 1,038,627 | 298,904 |
2016 and Prior | 815,238 | |
Revolving | 46,693 | 43,183 |
Revolving-Term | 5,998 | 6,188 |
Total Loans | 3,747,240 | 3,719,798 |
Commercial real estate ("CRE") | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 5,289 | 6,003 |
2020 | 881 | 1,024 |
2019 | 28,819 | 39,305 |
2018 | 18,877 | 18,983 |
2017 and Prior | 30,315 | 11,039 |
2016 and Prior | 17,438 | |
Total Loans | 84,181 | 93,792 |
Commercial real estate ("CRE") | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 4,528 | 4,431 |
2020 | 1,605 | 1,732 |
2019 | 7,276 | 7,082 |
2018 | 45,292 | 45,496 |
2017 and Prior | 56,690 | 31,747 |
2016 and Prior | 41,763 | |
Total Loans | 115,391 | 132,251 |
Commercial real estate ("CRE") | Doubtful | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2019 | 106 | 106 |
Total Loans | 106 | 106 |
Acquisition, development, and construction | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 329,349 | 322,628 |
2022 | 8,648 | |
2021 | 160,508 | 142,123 |
2020 | 64,407 | 77,427 |
2019 | 40,083 | 56,885 |
2018 | 33,283 | 36,956 |
2017 and Prior | 6,263 | 6,809 |
2016 and Prior | 774 | |
Revolving | 14,997 | 1,066 |
Revolving-Term | 1,160 | 588 |
Total Loans | 329,349 | 322,628 |
Acquisition, development, and construction | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2022 | 8,648 | |
2021 | 159,843 | 142,123 |
2020 | 64,407 | 76,259 |
2019 | 40,083 | 56,885 |
2018 | 19,783 | 23,456 |
2017 and Prior | 6,263 | 6,809 |
2016 and Prior | 774 | |
Revolving | 14,997 | 1,066 |
Revolving-Term | 1,160 | 588 |
Total Loans | 315,184 | 307,960 |
Acquisition, development, and construction | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2020 | 1,078 | |
Total Loans | 1,078 | |
Acquisition, development, and construction | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 665 | |
2020 | 90 | |
2018 | 13,500 | 13,500 |
Total Loans | 14,165 | 13,590 |
Commercial and Industrial ("C&I") Loans | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 921,009 | 933,559 |
2022 | 28,457 | |
2021 | 66,989 | 94,754 |
2020 | 101,596 | 130,281 |
2019 | 63,852 | 69,112 |
2018 | 53,590 | 58,588 |
2017 and Prior | 75,389 | 50,762 |
2016 and Prior | 26,511 | |
Revolving | 506,539 | 478,904 |
Revolving-Term | 24,597 | 24,647 |
Total Loans | 921,009 | 933,559 |
Commercial and Industrial ("C&I") Loans | Pass | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2022 | 23,876 | |
2021 | 66,028 | 93,802 |
2020 | 93,456 | 121,291 |
2019 | 48,768 | 53,116 |
2018 | 47,221 | 49,634 |
2017 and Prior | 58,045 | 36,238 |
2016 and Prior | 23,615 | |
Revolving | 481,706 | 446,134 |
Revolving-Term | 10,237 | 9,764 |
Total Loans | 829,337 | 833,594 |
Commercial and Industrial ("C&I") Loans | Special Mention | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2022 | 4,581 | |
2020 | 2,185 | 1,625 |
2019 | 365 | 239 |
2018 | 2,175 | 2,191 |
2017 and Prior | 1,116 | 585 |
2016 and Prior | 52 | |
Revolving | 9,312 | 3,225 |
Revolving-Term | 1,349 | 1,286 |
Total Loans | 21,083 | 9,203 |
Commercial and Industrial ("C&I") Loans | Substandard | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 465 | 402 |
2020 | 5,955 | 5,744 |
2019 | 5,922 | 5,789 |
2018 | 3,419 | 6,011 |
2017 and Prior | 5,298 | 2,832 |
2016 and Prior | 2,844 | |
Revolving | 15,521 | 28,545 |
Revolving-Term | 13,011 | 13,597 |
Total Loans | 49,591 | 65,764 |
Commercial and Industrial ("C&I") Loans | Doubtful | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
2021 | 496 | 550 |
2020 | 1,621 | |
2019 | 8,797 | 9,968 |
2018 | 775 | 752 |
2017 and Prior | 10,930 | 11,107 |
Revolving | 1,000 | |
Total Loans | 20,998 | 24,998 |
Other Loans | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 12,207 | 16,898 |
Other Loans | Credit Risk Profile | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 12,207 | |
Other Loans | Performing | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 16,533 | |
Other Loans | Performing | Credit Risk Profile | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | 12,124 | |
Other Loans | Non-Accrual | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | $ 365 | |
Other Loans | Non-Accrual | Credit Risk Profile | ||
Credit Risk Profile of Real Estate Loans [Abstract] | ||
Principal balances outstanding | $ 83 |
LEASES - Maturities of the Comp
LEASES - Maturities of the Company's operating lease liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Rent to be Capitalized | ||
2022 | $ 9,020 | |
2023 | 10,707 | |
2024 | 10,600 | |
2025 | 10,366 | |
2026 | 9,645 | |
Thereafter | 17,386 | |
Total undiscounted lease payments | 67,724 | |
Less amounts representing interest | (4,124) | |
Operating lease liabilities | $ 63,600 | $ 66,103 |
LEASES - Other information rela
LEASES - Other information related to operating leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Other information related to operating leases: | |||
Operating lease cost | $ 3,262 | $ 3,158 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 3,050 | ||
Weighted average remaining lease term | 6 years 4 months 24 days | 6 years 7 months 6 days | |
Weighted average discount rate | 1.79% | 1.79% |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITIES - Cash Flow Hedges Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2022USD ($)DerivativeInstrument | Mar. 31, 2021USD ($)DerivativeInstrument | Dec. 31, 2021USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Estimated reclassification as a decrease to interest expense during next twelve months | $ 1,700,000 | ||
Number of derivatives terminated | DerivativeInstrument | 0 | 34 | |
Collateral from its third-party counterparties under the agreements in a net asset position | $ 11,300,000 | ||
Termination value of derivatives | $ 0 | $ 785,000,000 | |
Collateral received against obligations in net asset position | $ 4,600,000 | ||
Non-interest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) on termination of derivatives | $ (16,500,000) |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITIES - Classification on Consolidated Statements of Financial Condition (Details) | 3 Months Ended | ||
Mar. 31, 2022USD ($)DerivativeInstrument | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($)DerivativeInstrument | |
Cash Flow Hedges | |||
Collateral received against obligations in net asset position | $ 4,600,000 | ||
Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Loan level derivative income | $ 6,000 | $ 1,792,000 | |
Interest Rate Swaps Related to FHLBNY Advances [Member] | Designated as Hedging Instrument | |||
Cash Flow Hedges | |||
Count, assets | DerivativeInstrument | 4 | 4 | |
Notional amount, assets | $ 150,000,000 | $ 150,000,000 | |
Fair value assets | $ 11,240,000 | $ 4,358,000 | |
Loan Level Interest Rate Swaps with Borrower (Assets) | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, assets | 20 | 98 | |
Notional amount, assets | $ 115,621,000 | $ 599,003,000 | |
Fair value assets | $ 4,258,000 | $ 27,440,000 | |
Loan Level Interest Rate Swaps with Borrower (Liabilities) | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, liabilities | 162 | 12 | |
Notional amount, liabilities | $ 1,051,421,000 | $ 100,774,000 | |
Fair value liabilities | (50,760,000) | $ (53,000) | |
Posted collateral | $ 0 | ||
Loan Level Interest Rate Swaps with Borrower 3 | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, assets | 1 | ||
Count, liabilities | DerivativeInstrument | 87 | ||
Notional amount, assets | $ 23,769,000 | ||
Notional amount, liabilities | $ 612,610,000 | ||
Fair value assets | $ 9,000 | ||
Fair value liabilities | $ (12,620,000) | ||
Loan Level Interest Rate Floors with Borrower | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, liabilities | 42 | 98 | |
Notional amount, liabilities | $ 334,329,000 | $ 599,003,000 | |
Fair value liabilities | $ (5,559,000) | $ (27,440,000) | |
Loan Level Interest Rate Floors with Borrower 2 | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, assets | DerivativeInstrument | 33 | ||
Notional amount, assets | $ 291,990,000 | ||
Fair value assets | $ 615,000 | ||
Loan Level Interest Rate Swaps with Third-part Counterparties 2 | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, liabilities | 20 | ||
Notional amount, liabilities | $ 115,621,000 | ||
Fair value liabilities | (4,258,000) | ||
Loan Level Interest Rate Swaps with Third-part Counterparties | Designated as Hedging Instrument | |||
Cash Flow Hedges | |||
Posted collateral | $ 0 | $ 0 | |
Loan Level Interest Rate Swaps with Third-part Counterparties | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, assets | DerivativeInstrument | 87 | ||
Count, liabilities | 162 | ||
Notional amount, assets | $ 1,051,421,000 | $ 612,610,000 | |
Fair value assets | 50,760,000 | 12,620,000 | |
Posted collateral | $ 0 | $ 14,000,000 | |
Loan level interest rate swaps with third party counterparties (Assets) | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, assets | 1 | 33 | |
Notional amount, liabilities | $ 23,769,000 | $ 291,990,000 | |
Fair value liabilities | (9,000) | $ (615,000) | |
Posted collateral | $ 53,200,000 | ||
Loan Level Interest Rate Floors with Third-part Counterparties | Not Designated as Hedging Instrument [Member] | |||
Cash Flow Hedges | |||
Count, assets | 42 | 12 | |
Notional amount, assets | $ 334,329,000 | $ 100,774,000 | |
Fair value assets | $ 5,559,000 | $ 53,000 |
DERIVATIVES AND HEDGING ACTIV_5
DERIVATIVES AND HEDGING ACTIVITIES - Effect on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss): | ||
Gain (loss) recognized in other comprehensive income | $ 6,852 | $ 4,948 |
Gain recognized on termination of derivatives | (16,505) | |
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 | 6,852 | 4,948 |
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 | $ (31) | (854) |
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 |
DERIVATIVES AND HEDGING ACTIV_6
DERIVATIVES AND HEDGING ACTIVITIES - Credit Risk Related Contingent Features (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Credit Risk Related Contingent Features [Abstract] | ||
Derivatives in a net liability position | $ 0 | |
Termination value of derivatives | $ 0 | $ 785,000,000 |
Number of provisions breached | 0 |
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 | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Financial Assets | |||
Derivative assets | $ 71,826 | $ 45,086 | |
Financial Liabilities | |||
Derivative liabilities | 60,586 | 40,728 | |
Impaired Loans [Abstract] | |||
Individually evaluated CRE loans with an allowance for credit losses, Outstanding balance | 1,900 | ||
With related allowance recorded | 1,900 | ||
(Credit) provision for credit losses | (1,592) | $ 15,779 | |
Recurring | Cash flow hedges | |||
Financial Assets | |||
Derivative assets | 11,240 | 4,358 | |
Recurring | Freestanding derivatives, net | |||
Financial Assets | |||
Derivative assets | 60,586 | 40,728 | |
Financial Liabilities | |||
Derivative liabilities | 60,586 | 40,728 | |
Recurring | Level 2 Inputs [Member] | Cash flow hedges | |||
Financial Assets | |||
Derivative assets | 11,240 | 4,358 | |
Recurring | Level 2 Inputs [Member] | Freestanding derivatives, net | |||
Financial Assets | |||
Derivative assets | 60,586 | 40,728 | |
Financial Liabilities | |||
Derivative liabilities | 60,586 | 40,728 | |
Nonrecurring [Member] | |||
Impaired Loans [Abstract] | |||
Individually evaluated CRE loans with an allowance for credit losses, Outstanding balance | 2,500 | 2,500 | |
With related allowance recorded | 2,500 | 2,500 | |
Valuation allowance | 1,300 | ||
(Credit) provision for credit losses | 757 | 600 | |
Nonrecurring [Member] | Level 3 Inputs [Member] | |||
Impaired Loans [Abstract] | |||
Individually evaluated loans | 1,179 | 1,900 | |
Carrying Amount | |||
Impaired Loans [Abstract] | |||
Individually evaluated loans | 1,200 | ||
Carrying Amount | Nonrecurring [Member] | |||
Impaired Loans [Abstract] | |||
Individually evaluated loans | 1,179 | 1,900 | |
Agency Notes | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 80,254 | ||
Agency Notes | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | 80,254 | ||
Treasury Securities | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 234,531 | 244,769 | |
Treasury Securities | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | 234,531 | 244,769 | |
Corporate Securities | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 147,425 | 152,030 | |
Corporate Securities | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | 147,425 | 152,030 | |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | Recurring | |||
Financial Assets | |||
Mortgage-backed securities | 418,116 | 526,454 | |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Mortgage-backed securities | 418,116 | 526,454 | |
Agency collateralized mortgage obligations ("CMOs") | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 440,183 | 521,258 | |
Agency collateralized mortgage obligations ("CMOs") | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | 440,183 | 521,258 | |
State and municipal obligations. | Recurring | |||
Financial Assets | |||
Securities available-for-sale: | 36,781 | 38,946 | |
State and municipal obligations. | Recurring | Level 2 Inputs [Member] | |||
Financial Assets | |||
Securities available-for-sale: | $ 36,781 | $ 38,946 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Balance Sheet Groupings (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial Assets [Abstract] | ||
Securities held-to-maturity | $ 358,689 | $ 177,354 |
Carrying Amount | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 432,994 | 393,722 |
Securities held-to-maturity | 383,922 | 179,309 |
Loans held for investment, net | 9,169,055 | 9,158,908 |
Accrued interest receivable | 38,456 | 40,149 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 9,648,328 | 9,605,731 |
Certificates of Deposits ("CDs") | 781,775 | 853,242 |
FHLBNY Advances | 50,000 | 25,000 |
Subordinated debt, net | 197,050 | 197,096 |
Other short-term borrowings | 2,853 | 1,862 |
Accrued interest payable | 1,611 | 870 |
Fair Value | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 432,994 | 393,722 |
Securities held-to-maturity | 358,689 | 177,354 |
Loans held for investment, net | 9,095,834 | 9,169,872 |
Accrued interest receivable | 38,456 | 40,149 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 9,648,328 | 9,605,731 |
Certificates of Deposits ("CDs") | 782,385 | 857,342 |
FHLBNY Advances | 50,039 | 25,014 |
Subordinated debt, net | 198,650 | 202,334 |
Other short-term borrowings | 2,853 | 1,862 |
Accrued interest payable | 1,611 | 870 |
Level 1 Inputs [Member] | Fair Value | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 432,994 | 393,722 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 9,648,328 | 9,605,731 |
Other short-term borrowings | 2,853 | 1,862 |
Level 2 Inputs [Member] | Fair Value | ||
Financial Assets [Abstract] | ||
Securities held-to-maturity | 358,689 | 177,354 |
Accrued interest receivable | 4,483 | 4,481 |
Financial Liabilities [Abstract] | ||
Certificates of Deposits ("CDs") | 782,385 | 857,342 |
FHLBNY Advances | 50,039 | 25,014 |
Subordinated debt, net | 198,650 | 202,334 |
Accrued interest payable | 1,611 | 870 |
Level 3 Inputs [Member] | Fair Value | ||
Financial Assets [Abstract] | ||
Loans held for investment, net | 9,095,834 | 9,169,872 |
Accrued interest receivable | $ 33,973 | $ 35,668 |
OTHER INTANGIBLE ASSETS - Carry
OTHER INTANGIBLE ASSETS - Carrying amount and accumulated amortization of intangible assets, amortizable and arose from merger (Details) - USD ($) $ in Thousands | Feb. 01, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Acquired intangible assets: | |||
Gross carrying value | $ 10,984 | $ 10,984 | |
Accumulated amortization | (3,208) | (2,622) | |
Net carrying amount | 7,776 | 8,362 | |
Core deposits | |||
Acquired intangible assets: | |||
Gross carrying amount of intangible assets | $ 10,200 | ||
Gross carrying value | 10,204 | 10,204 | |
Accumulated amortization | (2,428) | (1,962) | |
Net carrying amount | 7,776 | 8,242 | |
Noncompete Agreements | |||
Acquired intangible assets: | |||
Gross carrying amount of intangible assets | $ 780 | ||
Gross carrying value | 780 | 780 | |
Accumulated amortization | $ (780) | (660) | |
Net carrying amount | $ 120 |
OTHER INTANGIBLE ASSETS - Narra
OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
OTHER INTANGIBLE ASSETS | |||
Carrying amount of goodwill | $ 155,797 | $ 155,797 | |
Net carrying amount of intangible assets | 7,776 | $ 8,362 | |
Amortization expense recognized on intangible assets | $ 586 | $ 357 |
OTHER INTANGIBLE ASSETS - Estim
OTHER INTANGIBLE ASSETS - Estimated amortization expense (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
OTHER INTANGIBLE ASSETS | ||
2022 | $ 1,292 | |
2023 | 1,425 | |
2024 | 1,163 | |
2025 | 958 | |
2026 | 795 | |
Thereafter | 2,143 | |
Net carrying amount | $ 7,776 | $ 8,362 |
FHLBNY ADVANCES (Details)
FHLBNY ADVANCES (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
FHLBNY advances extinguished | $ 130,150 | ||
Loss on extinguishment of debt | $ 1,594 | ||
Contractual Maturity, Amount | |||
Total FHLBNY advances, amount | $ 50,000 | $ 25,000 | |
Weighted Average Rate | |||
Total FHLBNY advances, Weighted Average Rate (as a percent) | 0.76% | 0.35% | |
Fixed rate at 0.35% | |||
Contractual Maturity, Amount | |||
2022 | $ 25,000 | ||
Weighted Average Rate | |||
2022 | 0.35% | ||
Fixed rate at rates from 0.75% to 0.77% | |||
Contractual Maturity, Amount | |||
2022 | $ 50,000 | ||
Weighted Average Rate | |||
2022 | 0.76% | ||
Maximum | Fixed rate at rates from 0.75% to 0.77% | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
FHLBNY advances, fixed rate | 0.77% | ||
Minimum | Fixed rate at rates from 0.75% to 0.77% | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
FHLBNY advances, fixed rate | 0.75% |
FHLBNY ADVANCES - Narrative (De
FHLBNY ADVANCES - Narrative (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
FHLBNY ADVANCES | |||
Borrowings total | $ 50,000,000 | $ 25,000,000 | |
Average interest rate on outstanding FHLBNY | 0.76% | 0.35% | |
Borrowings | $ 3,970,000,000 | 4,190,000,000 | |
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 | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2017 | Dec. 31, 2021 | Feb. 01, 2021 | |
Debt Instrument [Line Items] | ||||||
Fixed-to-floating rate subordinated debentures | $ 80 | |||||
Subordinated notes payable, net | $ 197.1 | $ 197.1 | ||||
Interest expense related to the subordinated debt | $ 2.2 | $ 1.9 | ||||
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 | 0.0525% | |||||
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 | 0.0575% | |||||
Debt instrument variable rate description | three-month LIBOR | |||||
Basis points | 3.45% |
RETIREMENT AND POSTRETIREMENT_3
RETIREMENT AND POSTRETIREMENT PLANS - Net periodic cost for the Employee Retirement Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Retirement Plans [Member] | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 268 | $ 148 |
Interest cost | 195 | 249 |
Expected return on assets | (858) | (984) |
Amortization of unrealized loss | 206 | |
Net periodic credit | (395) | (381) |
Employee Retirement Plan | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Interest cost | 155 | 183 |
Expected return on assets | (490) | (428) |
Amortization of unrealized loss | 62 | 229 |
Net periodic credit | (273) | $ (16) |
RETIREMENT PLANS | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 0 |
RETIREMENT AND POSTRETIREMENT_4
RETIREMENT AND POSTRETIREMENT PLANS - 401(K) Plan - (Details) - 401 K Plan - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | |||
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 | $ 9,400,000 | ||
Total expense recognized as a component of salaries and employee benefits expense | $ 800,000 | $ 643,000 | |
Subsequent event | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum contribution by employee, for the calendar year | $ 20,500 | ||
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 POSTRETIREMENT_5
RETIREMENT AND POSTRETIREMENT PLANS - Dime KSOP Plan - BMP and Outside Director Retirement Plan (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
BMP and Outside Director Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Termination Age of Board Members | 75 years | |
Curtailment loss | $ 1.5 | |
Outside Director Retirement Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Obligation | $ 2.8 | |
Board Member Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Obligation | $ 6.2 |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) - 2021 Equity Incentive Plan - shares | Mar. 31, 2022 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for issuance | 999,802 | |
Unvested and outstanding share-based awards | 0 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Information Related to Stock Option Plans [Abstract] | ||
Cash received for option exercise cost | $ 372 | |
Stock Option Awards [Member] | ||
Number of Options [Roll Forward] | ||
Options outstanding, beginning of period (in shares) | 121,253 | |
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, beginning of period (in dollars per share) | $ 35.39 | |
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 | |
Options vested and exercisable | 7 years | |
Aggregate Intrinsic Value [Abstract] | ||
Options outstanding | $ 0 | |
Options vested and exercisable | $ 0 | |
Information Related to Stock Option Plans [Abstract] | ||
Cash received for option exercise cost | 372 | |
Intrinsic value of options exercised | $ 66 |
STOCK-BASED COMPENSATION - St_2
STOCK-BASED COMPENSATION - Stock Option Awards Exercise Price Range (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
$34.87 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Prices | $ 34.87 | |
$35.35 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Prices | 35.35 | |
$36.19 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Prices | 36.19 | |
Stock Option Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Prices | $ 35.39 | $ 35.39 |
Outstanding Options, Amount | 121,253 | 121,253 |
Outstanding Options, Weighted Average Contractual Years Remaining | 7 years | |
Vested Options, Amount | 121,253 | |
Vested Options, Weighted Average Contractual Years Remaining | 7 years | |
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 | 7 years 10 months 24 days | |
Vested Options, Amount | 46,799 | |
Vested Options, Weighted Average Contractual Years Remaining | 7 years 10 months 24 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 | 6 years 10 months 24 days | |
Vested Options, Amount | 42,475 | |
Vested Options, Weighted Average Contractual Years Remaining | 6 years 10 months 24 days | |
Stock Option Awards [Member] | $36.19 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding Options, Amount | 31,979 | |
Outstanding Options, Weighted Average Contractual Years Remaining | 5 years 10 months 24 days | |
Vested Options, Amount | 31,979 | |
Vested Options, Weighted Average Contractual Years Remaining | 5 years 10 months 24 days |
STOCK-BASED COMPENSATION - Rest
STOCK-BASED COMPENSATION - Restricted Stock Awards (Details) - Restricted Stock Awards [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restricted Stock Awards [Abstract] | ||
Unrecognized compensation cost | $ 7,900 | |
Weighted average remaining years for which compensation expense is to be recognized | 2 years 9 months 18 days | |
Number of Shares | ||
Unvested allocated shares outstanding, beginning of period (in shares) | 446,923 | |
Shares granted (in shares) | 64,359 | |
Shares vested (in shares) | (138,529) | |
Shares forfeited (in shares) | (2,722) | |
Unvested allocated shares outstanding, end of period (in shares) | 370,031 | |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Unvested allocated shares outstanding, beginning of period (in dollars per share) | $ 26.45 | |
Shares granted (in dollars per share) | 34.48 | |
Shares vested (in dollars per share) | 25.50 | |
Shares forfeited (in dollars per share) | 29.23 | |
Unvested allocated shares outstanding, end of period (in dollars per share) | $ 28.18 | |
Information Related to RSAs | ||
Compensation expense recognized | $ 1,024 | $ 836 |
Income tax benefit recognized on vesting of RSA | $ 329 | |
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] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
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 |
Number of Shares | |
Shares granted (in shares) | shares | 60,755 |
Expected aggregate share payout, Number of Shares | shares | 80,682 |
Weighted-Average Grant-Date Fair Value [Abstract] | |
Shares granted, Weighted-Average Grant-Date Fair Value | $ / shares | $ 29.63 |
Expected aggregate share payout, Weighted-Average Grant-Date Fair Value | $ / shares | $ 29.42 |
Information Related to Stock Awards | |
Compensation expense recognized | $ | $ 195 |
Unrecognized compensation cost | $ | $ 2,000 |
Weighted average remaining years for which compensation expense is to be recognized | 2 years 7 months 6 days |
Maximum | |
Number of Shares | |
Maximum aggregate share payout beginning balance, Number of Shares | shares | 38,948 |
Maximum aggregate share payout ending balance, Number of Shares | shares | 99,703 |
Weighted-Average Grant-Date Fair Value [Abstract] | |
Maximum aggregate share payout beginning balance, Weighted-Average Grant-Date Fair Value | $ / shares | $ 31.40 |
Maximum aggregate share payout ending balance, Weighted-Average Grant-Date Fair Value | $ / shares | $ 30.32 |
INCOME TAXES (Details)
INCOME TAXES (Details) - item | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
INCOME TAXES | ||
Effective tax rate | 28.10% | 25.20% |
Number of significant and unusual income tax items in the period | 0 | 0 |
MERGER RELATED EXPENSES (Detail
MERGER RELATED EXPENSES (Details) - Bridge shareholders - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Acquisition [Line Items] | ||
Costs associated with employee severance and other merger-related compensation expense | $ 12.1 | |
Merger expenses | $ 0 | |
Transaction costs | $ 25.8 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - USD ($) $ in Thousands | May 06, 2022 | Sep. 30, 2015 | Dec. 31, 2017 | Feb. 01, 2021 |
Subsequent Event [Line Items] | ||||
Fixed-to-floating rate subordinated debentures | $ 80,000 | |||
Subordinated Debentures | ||||
Subsequent Event [Line Items] | ||||
Fixed-to-floating rate subordinated debentures | $ 115,000 | $ 115,000 | ||
Fixed annual interest rate | 4.50% | 4.50% | ||
Basis points | 2.66% | |||
Callable Notes After Five Years | Subordinated Debentures | ||||
Subsequent Event [Line Items] | ||||
Fixed-to-floating rate subordinated debentures | $ 40,000 | |||
Debt Instrument, Term | 5 years | |||
Fixed annual interest rate | 0.0525% | |||
Basis points | 3.60% | |||
Callable Notes After Ten Years | Subordinated Debentures | ||||
Subsequent Event [Line Items] | ||||
Fixed-to-floating rate subordinated debentures | $ 40,000 | |||
Debt Instrument, Term | 10 years | |||
Fixed annual interest rate | 0.0575% | |||
Basis points | 3.45% | |||
Subsequent event | ||||
Subsequent Event [Line Items] | ||||
Write-off of debt issuance costs | $ 750 | |||
Subsequent event | Fixed to Floating Rate Subordinated Notes Due 2032 | ||||
Subsequent Event [Line Items] | ||||
Fixed-to-floating rate subordinated debentures | $ 160,000 | |||
Debt Instrument, Term | 5 years | |||
Fixed annual interest rate | 5.00% | |||
Subsequent event | Fixed to Floating Rate Subordinated Notes Due 2032 | Three-Month Term SOFR | ||||
Subsequent Event [Line Items] | ||||
Basis points | 218.00% | |||
Subsequent event | Callable Notes After Five Years | Subordinated Debentures | ||||
Subsequent Event [Line Items] | ||||
Fixed-to-floating rate subordinated debentures | $ 115,000 | |||
Fixed annual interest rate | 4.50% | |||
Subsequent event | Callable Notes After Ten Years | Subordinated Debentures | ||||
Subsequent Event [Line Items] | ||||
Fixed-to-floating rate subordinated debentures | $ 40,000 | |||
Fixed annual interest rate | 5.25% |