Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Entity Listings [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Entity File Number | 001-34096 | ||
Entity Registrant Name | Dime Community Bancshares, Inc. | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 11-2934195 | ||
Entity Address, Address Line One | 898 Veterans Memorial Highway, Suite 560 | ||
Entity Address, City or Town | Hauppauge | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 11788 | ||
City Area Code | 631 | ||
Local Phone Number | 537-1000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 610.4 | ||
Entity Common Stock, Shares Outstanding | 38,826,981 | ||
Auditor Name | Crowe LLP | ||
Auditor Firm ID | 173 | ||
Auditor Location | New York, New York | ||
Entity Central Index Key | 0000846617 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | DCOM | ||
Security Exchange Name | NASDAQ | ||
Preferred Stock, Series A | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Preferred Stock, Series A, par value $0.01 per share | ||
Trading Symbol | DCOMP | ||
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Cash and due from banks | $ 457,547 | $ 169,297 |
Securities available-for-sale, at fair value | 886,240 | 950,587 |
Securities held-to-maturity | 594,639 | 585,798 |
Loans held for sale | 10,159 | |
Loans held for investment, net of fees and costs | 10,773,428 | 10,566,831 |
Allowance for credit losses | (71,743) | (83,507) |
Total loans held for investment, net | 10,701,685 | 10,483,324 |
Premises and fixed assets, net | 44,868 | 46,749 |
Premises held for sale | 905 | |
Restricted stock. | 98,750 | 88,745 |
Bank Owned Life Insurance ("BOLI") | 349,816 | 333,292 |
Goodwill | 155,797 | 155,797 |
Other intangible assets | 5,059 | 6,484 |
Operating lease assets | 52,729 | 57,857 |
Derivative assets | 122,132 | 154,485 |
Accrued interest receivable | 55,666 | 48,561 |
Other assets | 100,013 | 108,945 |
Total assets | 13,636,005 | 13,189,921 |
Due to depositors: | ||
Interest-bearing deposits | 7,585,020 | 6,734,997 |
Non-interest-bearing deposits | 2,884,378 | 3,449,763 |
Deposits (excluding mortgage escrow deposits) | 10,469,398 | 10,184,760 |
Non-interest-bearing mortgage escrow deposits | 61,121 | 69,455 |
Interest-bearing mortgage escrow deposits | 136 | 192 |
Total mortgage escrow deposits | 61,257 | 69,647 |
Federal Home Loan Bank of New York ("FHLBNY") advances | 1,313,000 | 1,131,000 |
Other short-term borrowings | 1,360 | |
Subordinated debt, net | 200,196 | 200,283 |
Derivative cash collateral | 108,100 | 153,040 |
Operating lease liabilities | 55,454 | 60,340 |
Derivative liabilities | 121,265 | 137,335 |
Other liabilities | 81,110 | 82,573 |
Total liabilities | 12,409,780 | 12,020,338 |
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 December 31, 2023 and December 31, 2022) | 116,569 | 116,569 |
Common stock ($0.01 par, 80,000,000 shares authorized, 41,637,256 and 41,621,772 shares issued at December 31, 2023 and December 31, 2022, and 38,822,654 shares and 38,573,000 shares outstanding at December 31, 2023 and December 31, 2022, respectively) | 416 | 416 |
Additional paid-in capital | 494,454 | 495,410 |
Retained earnings | 813,007 | 762,762 |
Accumulated other comprehensive loss, net of deferred taxes | (91,579) | (94,379) |
Unearned equity awards | (8,622) | (8,078) |
Treasury stock, at cost (2,814,602 shares and 3,048,772 shares at December 31, 2023 and December 31, 2022, respectively) | (98,020) | (103,117) |
Total stockholders' equity | 1,226,225 | 1,169,583 |
Total liabilities and stockholders' equity | $ 13,636,005 | $ 13,189,921 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
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) | 41,637,256 | 41,621,772 |
Common stock, shares outstanding (in shares) | 38,822,654 | 38,573,000 |
Treasury stock (in shares) | 2,814,602 | 3,048,772 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | |||
Loans | $ 554,488 | $ 406,601 | $ 359,016 |
Securities | 32,179 | 29,224 | 22,634 |
Other short-term investments | 22,693 | 3,400 | 2,976 |
Total interest income | 609,360 | 439,225 | 384,626 |
Interest expense: | |||
Deposits and escrow | 219,045 | 38,433 | 16,527 |
Borrowed funds | 66,472 | 19,117 | 10,490 |
Derivative cash collateral | 7,272 | 1,812 | |
Total interest expense | 292,789 | 59,362 | 27,017 |
Net interest income | 316,571 | 379,863 | 357,609 |
Provision for credit losses | 2,770 | 5,374 | 6,212 |
Net interest income after provision for credit losses | 313,801 | 374,489 | 351,397 |
Non-interest income: | |||
Service charges and other fees | 16,437 | 16,206 | 15,998 |
Title fees | 1,295 | 2,031 | 2,338 |
Loan level derivative income | 7,081 | 3,637 | 2,909 |
BOLI income | 9,748 | 10,346 | 7,071 |
Gain on sale of SBA loans | 1,592 | 1,797 | 23,033 |
Gain on sale of residential loans | 115 | 448 | 1,758 |
Net (loss) gain on equity securities | (758) | 131 | |
Net (loss) gain on sale of securities and other assets | (1,469) | 1,397 | 1,705 |
Loss on termination of derivatives | (16,505) | ||
Other | 2,165 | 2,294 | 3,630 |
Total non-interest income | 36,206 | 38,156 | 42,068 |
Non-interest expense: | |||
Salaries and employee benefits | 117,437 | 120,108 | 108,331 |
Severance | 9,093 | 2,198 | 1,875 |
Occupancy and equipment | 29,055 | 30,220 | 30,697 |
Data processing costs | 16,474 | 15,175 | 16,638 |
Marketing | 6,781 | 5,900 | 4,661 |
Professional services | 6,155 | 8,069 | 9,284 |
Federal deposit insurance premiums | 8,853 | 3,900 | 4,077 |
Loss from extinguishment of debt for FHLBNY advances and subordinated debt | 740 | 1,751 | |
Curtailment loss | (1,543) | ||
Merger expenses and transaction costs | 44,824 | ||
Branch restructuring costs | 5,059 | ||
Amortization of other intangible assets | 1,425 | 1,878 | 2,622 |
Other | 17,855 | 12,542 | 13,937 |
Total non-interest expense | 213,128 | 200,730 | 245,299 |
Income before income taxes | 136,879 | 211,915 | 148,166 |
Income tax expense | 40,785 | 59,359 | 44,170 |
Net income | 96,094 | 152,556 | 103,996 |
Preferred stock dividends | 7,286 | 7,286 | 7,286 |
Net income available to common stockholders | $ 88,808 | $ 145,270 | $ 96,710 |
Earnings per common share: | |||
Basic (in dollars per share) | $ 2.29 | $ 3.73 | $ 2.45 |
Diluted (in dollars per share) | $ 2.29 | $ 3.73 | $ 2.45 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $ 96,094 | $ 152,556 | $ 103,996 |
Other comprehensive income (loss): | |||
Change in net unrealized gain (loss) during the period | 10,355 | (138,630) | (28,865) |
Reclassification adjustment for net losses (gains) included in net (loss) gain on sale of securities and other assets | 1,447 | (1,207) | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | 3,142 | 2,953 | |
Change in pension and other postretirement obligations: | |||
Reclassification adjustment for expense included in other expense | (1,547) | (3,715) | (1,092) |
Reclassification adjustment for curtailment loss | 1,543 | ||
Change in the net actuarial (loss) gain | (190) | (2,062) | 6,563 |
Change in unrealized gain (loss) on derivatives: | |||
Change in net unrealized (loss) gain during the period | (11,782) | 14,412 | 5,277 |
Reclassification adjustment for loss included in loss on termination of derivatives | (16,505) | ||
Reclassification adjustment for expense included in interest expense | 2,092 | (1,621) | 940 |
Other comprehensive income (loss) before income taxes | 3,517 | (128,663) | (336) |
Deferred tax expense (benefit) | 717 | (40,465) | (79) |
Total other comprehensive income (loss), net of tax | 2,800 | (88,198) | (257) |
Total comprehensive income | $ 98,894 | $ 64,358 | $ 103,739 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Preferred Stock Cumulative Effect, CECL Adoption, Adjusted Balance | Preferred Stock | Common Stock Cumulative Effect, CECL Adoption, Adjusted Balance | Common Stock | Additional Paid-in Capital Cumulative Effect, CECL Adoption, Adjusted Balance | Additional Paid-in Capital | Retained Earnings Cumulative Effect, CECL Adoption, Adjustment | Retained Earnings Cumulative Effect, CECL Adoption, Adjusted Balance | Retained Earnings | Accumulated Other Comprehensive Loss, Net of Deferred Taxes Cumulative Effect, CECL Adoption, Adjusted Balance | Accumulated Other Comprehensive Loss, Net of Deferred Taxes | Unearned Equity Awards | Common Stock Held by BMP [Member] Cumulative Effect, CECL Adoption, Adjusted Balance | Common Stock Held by BMP [Member] | Treasury Stock, at Cost Cumulative Effect, CECL Adoption, Adjusted Balance | Treasury Stock, at Cost | Cumulative Effect, CECL Adoption, Adjustment | Cumulative Effect, CECL 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) | $ 1,686 | $ 702,782 | $ 701,096 | ||
Balance (in shares) at Dec. 31, 2020 | 21,232,984 | 21,232,984 | |||||||||||||||||
Treasury Stock, at cost, beginning balance at Dec. 31, 2020 | $ (287,337) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income | 103,996 | 103,996 | |||||||||||||||||
Other comprehensive loss, net of tax | (257) | (257) | |||||||||||||||||
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 | 258 | 173 | 431 | ||||||||||||||||
Exercise of stock options, net (in shares) | 20,629 | ||||||||||||||||||
Release of shares, net of forfeitures | $ 3 | 10,411 | (10,646) | 1,385 | 1,153 | ||||||||||||||
Release of shares, net of forfeitures (in shares) | 431,440 | ||||||||||||||||||
Stock-based compensation | 5,407 | 5,407 | |||||||||||||||||
Shares received to satisfy distribution of retirement benefits (in shares) | (41,101) | ||||||||||||||||||
Proceeds from Preferred Stock issuance, net | (1,359) | $ 1,496 | (1,130) | (993) | |||||||||||||||
Shares received related to tax withholding | (111) | (111) | |||||||||||||||||
Shares received related to tax withholding (in shares) | (3,342) | ||||||||||||||||||
Cash dividends declared and paid to preferred stockholders | (7,286) | (7,286) | |||||||||||||||||
Cash dividends declared and paid to common stockholders | (44,311) | (44,311) | |||||||||||||||||
Redemption of real estate investment trust ("REIT") preferred stock | (121) | (121) | |||||||||||||||||
Purchase of treasury stock | (59,280) | (59,280) | |||||||||||||||||
Purchase of treasury stock (in shares) | (1,755,061) | ||||||||||||||||||
Balance at Dec. 31, 2021 | 116,569 | $ 416 | 494,125 | 654,726 | (6,181) | (7,842) | 1,192,620 | ||||||||||||
Balance (in shares) at Dec. 31, 2021 | 39,877,833 | ||||||||||||||||||
Treasury Stock, at cost, ending balance at Dec. 31, 2021 | (59,193) | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income | 152,556 | 152,556 | |||||||||||||||||
Other comprehensive loss, net of tax | (88,198) | (88,198) | |||||||||||||||||
Release of shares, net of forfeitures | 1,287 | (4,514) | 4,394 | 1,167 | |||||||||||||||
Release of shares, net of forfeitures (in shares) | 171,838 | ||||||||||||||||||
Stock-based compensation | 4,278 | 4,278 | |||||||||||||||||
Shares received related to tax withholding | (2) | (1,556) | (1,558) | ||||||||||||||||
Shares received related to tax withholding (in shares) | (45,430) | ||||||||||||||||||
Cash dividends declared and paid to preferred stockholders | (7,286) | (7,286) | |||||||||||||||||
Cash dividends declared and paid to common stockholders | (37,234) | (37,234) | |||||||||||||||||
Purchase of treasury stock | (46,762) | (46,762) | |||||||||||||||||
Purchase of treasury stock (in shares) | (1,431,241) | ||||||||||||||||||
Balance at Dec. 31, 2022 | 116,569 | $ 416 | 495,410 | 762,762 | (94,379) | (8,078) | $ 1,169,583 | ||||||||||||
Balance (in shares) at Dec. 31, 2022 | 38,573,000 | 38,573,000 | |||||||||||||||||
Treasury Stock, at cost, ending balance at Dec. 31, 2022 | (103,117) | $ (103,117) | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||||||
Net income | 96,094 | 96,094 | |||||||||||||||||
Other comprehensive loss, net of tax | 2,800 | 2,800 | |||||||||||||||||
Release of shares, net of forfeitures | (955) | (5,182) | 7,301 | 1,164 | |||||||||||||||
Release of shares, net of forfeitures (in shares) | 331,395 | ||||||||||||||||||
Stock-based compensation | 4,638 | 4,638 | |||||||||||||||||
Shares received related to tax withholding | (1) | (1,257) | (1,258) | ||||||||||||||||
Shares received related to tax withholding (in shares) | (44,928) | ||||||||||||||||||
Cash dividends declared and paid to preferred stockholders | (7,286) | (7,286) | |||||||||||||||||
Cash dividends declared and paid to common stockholders | (38,563) | (38,563) | |||||||||||||||||
Purchase of treasury stock | (947) | (947) | |||||||||||||||||
Purchase of treasury stock (in shares) | (36,813) | ||||||||||||||||||
Balance at Dec. 31, 2023 | $ 116,569 | $ 416 | $ 494,454 | $ 813,007 | $ (91,579) | $ (8,622) | $ 1,226,225 | ||||||||||||
Balance (in shares) at Dec. 31, 2023 | 38,822,654 | 38,822,654 | |||||||||||||||||
Treasury Stock, at cost, ending balance at Dec. 31, 2023 | $ (98,020) | $ (98,020) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 96,094 | $ 152,556 | $ 103,996 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net loss (gain) on sales of securities available-for-sale and other assets | 1,469 | (1,397) | (1,705) |
Loss on equity securities | 758 | (131) | |
Net gain on sale of loans held for sale | (1,707) | (2,245) | (24,791) |
Loss on termination of derivatives | 16,505 | ||
Net depreciation, amortization and accretion | 6,025 | 8,314 | 7,805 |
Amortization of fair value hedge basis point adjustments | 561 | ||
Amortization of other intangible assets | 1,425 | 1,878 | 2,622 |
Loss on extinguishment of debt | 740 | 1,751 | |
Stock-based compensation | 4,638 | 4,278 | 5,407 |
Provision for credit losses | 2,770 | 5,374 | 6,212 |
Originations of loans held for sale | (8,219) | (20,709) | (48,610) |
Proceeds from sale of loans originated for sale | 32,433 | 46,474 | 77,184 |
Increase in cash surrender value of BOLI | (9,103) | (8,190) | (6,721) |
Gain from death benefits from BOLI | (645) | (2,156) | (350) |
Decrease (Increase) in other assets | 10,332 | (35,170) | 125,486 |
(Decrease) increase in other liabilities | (45,957) | 145,425 | (118,333) |
Net cash provided by operating activities | 90,874 | 295,172 | 146,327 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of securities available-for-sale | 77,804 | 138,077 | |
Proceeds from sales of marketable equity securities | 6,101 | ||
Purchases of securities available-for-sale | (86,084) | (39,232) | (1,095,028) |
Purchases of securities held-to-maturity | (28,328) | (63,210) | (40,249) |
Proceeds from calls and principal repayments of securities available-for-sale | 76,858 | 165,097 | 411,031 |
Proceeds from calls and principal repayments of securities held-to-maturity | 22,986 | 31,736 | 1,360 |
Purchase of BOLI | (8,000) | (30,000) | (40,000) |
Proceeds received from cash surrender value of BOLI | 1,224 | 2,843 | 1,464 |
Loans purchased | (9,855) | ||
Proceeds from the sale of portfolio loans transferred to held for sale | 5,000 | 13,201 | 684,898 |
Net increase in loans | (259,805) | (1,359,782) | 282,683 |
(Purchases) sales of fixed assets, net | (5,721) | (3,745) | 14 |
Proceeds from the sale of fixed assets and premises held for sale | 25 | 1,914 | |
Purchases of restricted stock, net | (10,005) | (51,013) | 46,337 |
Net cash received in business combination | 715,988 | ||
Net cash used in investing activities | (214,046) | (1,332,191) | 1,102,821 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Increase in deposits | 276,411 | (204,233) | 518,682 |
(Repayments) proceeds from FHLBNY advances, short-term, net | 20,000 | 1,070,000 | (1,228,865) |
Repayments of FHLBNY advances, long-term | 162,000 | (190,150) | |
Proceeds from FHLBNY advances, long-term | (1,360) | 36,000 | 25,000 |
(Repayments) proceeds of other short-term borrowings, net | (502) | (118,138) | |
Proceeds from subordinated debentures issuance, net | 157,559 | ||
Redemption of subordinated debentures | (155,000) | ||
Proceeds from exercise of stock options | 431 | ||
Release of stock for benefit plan awards | 1,164 | 1,167 | 1,153 |
Payments related to tax withholding for equity awards | (1,258) | (1,558) | (111) |
BMP Employee Stock Ownership Plan shares received to satisfy distribution of retirement benefits | (993) | ||
Purchase of treasury stock | (947) | (46,762) | (59,280) |
Redemption of REIT preferred stock | (121) | ||
Cash dividends paid to preferred stockholders | (7,286) | (7,286) | (7,286) |
Cash dividends paid to common stockholders | (37,302) | (36,791) | (39,351) |
Net cash provided by financing activities | 411,422 | 812,594 | (1,099,029) |
Increase (decrease) in cash and cash equivalents | 288,250 | (224,425) | 150,119 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 169,297 | 393,722 | 243,603 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 457,547 | 169,297 | 393,722 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||
Cash paid for income taxes | 37,910 | 43,518 | 34,771 |
Cash paid for interest | 280,815 | 54,910 | 28,460 |
Securities available-for-sale transferred to held-to-maturity | 372,154 | 140,399 | |
Loans transferred to held for sale | 37,346 | 34,997 | 692,751 |
Loans transferred to held for investment | 4,051 | ||
Premises transferred to held for sale | 905 | 2,799 | |
Operating lease assets in exchange for operating lease liabilities | $ 6,333 | $ 5,098 | 9,769 |
Cumulative change due to Current Expected Credit Loss ("CECL") Standard adoption | 1,686 | ||
Net non-cash liabilities assumed in Merger (See Note 2) | $ 324,937 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF ACCOUNTING POLICIES | |
SUMMARY OF ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Principles of Consolidation On February 1, 2021, Dime Community Bancshares, Inc., a Delaware corporation (“Legacy Dime”) merged with and into Bridge Bancorp, Inc., a New York corporation (“Bridge”) (the “Merger”), with Bridge as the surviving corporation under the name “Dime Community Bancshares, Inc.” (the “Holding Company”). At the effective time of the Merger (the “Effective Time”), each outstanding share of Legacy Dime common stock, par value $0.01 per share, was converted into the right to receive 0.6480 shares of the Holding Company’s common stock, par value $0.01 per share. At the Effective Time, each outstanding share of Legacy Dime’s Series A preferred stock, par value $0.01 (the “Dime Preferred Stock”), was converted into the right to receive one share of a newly created series of the Holding Company’s preferred stock having the same powers, preferences and rights as the Dime Preferred Stock. Immediately following the Merger, Dime Community Bank, a New York-chartered commercial bank and a wholly-owned subsidiary of Legacy Dime, merged with and into BNB Bank, a New York-chartered trust company and a wholly-owned subsidiary of Bridge, with BNB Bank as the surviving bank, under the name “Dime Community Bank” (the “Bank”). The audited consolidated financial statements presented in this Annual Report on Form 10-K include the collective results of the Holding Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.” The Merger was accounted for as a reverse merger using the acquisition method of accounting, which means that for accounting and financial reporting purposes, Legacy Dime was deemed to have acquired Bridge in the Merger, even though Bridge was the legal acquirer. Accordingly, Legacy Dime’s historical financial statements are the historical financial statements of the combined company for all periods before February 1, 2021 (the “Merger Date”). The Company’s results of operations for 2021 include the results of operations of Bridge on and after the Merger Date. Results for periods before the Merger Date reflect only those of Legacy Dime and do not include the results of operations of Bridge. The number of shares issued and outstanding, earnings per share, additional paid-in capital, dividends paid and all references to share quantities of the Company have been retrospectively adjusted to reflect the equivalent number of shares issued to holders of Legacy Dime common stock in the Merger. The assets and liabilities of Bridge as of the Merger Date were recorded at their estimated fair values and added to those of Legacy Dime. See Note 2. Merger for further information. As of December 31, 2023, we operated 60 branch locations throughout Long Island and New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island, 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 Dime Abstract LLC (“Dime Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. In September 2021, the Company dissolved two REITs, DSBW Preferred Funding Corporation and DSBW Residential Preferred Funding Corporation, which were wholly-owned subsidiaries of the Bank, and the preferred shares outstanding were redeemed by its shareholders. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and general practices within the financial institution industry. The accompanying consolidated financial statements include the accounts of the Holding Company and the Bank and its subsidiaries. Inter-company accounts and transactions have been eliminated in consolidation. The following is a description of the significant accounting policies that the Company follows in preparing its consolidated financial statements. Use of Estimates To prepare consolidated financial statements in conformity with GAAP, management makes judgments, estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. Summary of Significant Accounting Policies Cash and Cash Equivalents - Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest separately in accrued interest receivable in the consolidated statements of financial condition. A debt security is placed on non-accrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on non-accrual is reversed against interest income. There were no non-accrual debt securities at December 31, 2023 and 2022, and there was no accrued interest related to debt securities reversed against interest income for the year ended December 31, 2023 and 2022. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. Restricted Stock Loans Held for Sale - Loans collection and the Bank has reasonable assurance that the loan will be fully collectable based upon an individual loan evaluation assessing such factors as collateral and collectability, accrued interest will be recognized as earned. If a payment is received when a loan is non-accrual, the payment is applied to the principal balance. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms. Unless otherwise noted, the above policy is applied consistently to all loan segments. Allowance for Credit Losses Allowance for credit losses on held-to-maturity securities For a debt security in the held-to-maturity portfolio that does not share common risk characteristics with any of the pools of debt securities, expected credit loss on each security is individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the security. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities or agencies, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to technically default. Therefore, for those securities, the Company does not record expected credit losses. Allowance for credit losses on available-for-sale securities Allowance for credit losses on loans held for investment - The Company evaluates its loan pooling methodology at least annually. The Company has identified the following loan pools used to measure the allowance for credit losses as follows: One-to-four family residential, including condominium and cooperative apartment loans - Multifamily residential and residential mixed-use loans - Commercial real estate and commercial mixed-use loans - Acquisition, development, and construction loans Commercial, industrial and agricultural loans - speaking, they are subject to renewal on an annual basis based upon review of the borrower’s financial statements. Term loans are generally secured by either specific or general asset liens of the borrower’s business. These loans are granted based upon the strength of the cash generation ability of the borrower. Included in C&I loans are also certain SBA loans in which the loan is secured by underlying assets of the business (excludes SBA Paycheck Protection Program (“PPP”) loans from allowance for credit losses as these loans carry a 100% guarantee from the SBA). The Bank may sell a portion of the loan, guaranteed by the SBA, to a third-party investor. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates. Other loans Loan restructurings Troubled debt restructurings Management estimates the allowance for credit losses on each loan pool using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historically observed credit loss experience of peer banks within our geography provide the basis for the estimation of expected credit losses on similar loan pools. Within the model, assumptions are made in the determination of probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods. Statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of the peer group. These models are then utilized to forecast future expected loan losses based on expected future behavior of the same macro-economic variables. Adjustments to the quantitative results are adjusted using qualitative factors. These factors include: (1) lending policies and procedures; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio; (4) the experience, ability, and depth of the lending management and other relevant staff; (5) the volume and severity of past due loans; (6) the quality of our loan review system; (7) the value of underlying collateral for collateralized loans; (8) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (9) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Collectively evaluated loans totaled $10.73 billion and $10.52 billion at December 31, 2023 and 2022, respectively. The associated allowance for credit losses on the collectively evaluated loans totaled $55.4 million and $57.1 million at December 31, 2023 and 2022, respectively. Individually evaluated loans - which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs), except when the loan is collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated costs to sell the collateral if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. Individually evaluated loans totaled $35.4 million and $47.6 million at December 31, 2023 and 2022, respectively. The associated allowance for credit losses on the individually evaluated loans totaled $16.3 million and $26.4 million at December 31, 2023 and 2022, respectively. The fair value of real estate collateral is determined based on recent appraised values. Appraisals are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Appraisals undergo a second review process to ensure that the methodology employed, and the values derived are reasonable. Generally, collateral values for real estate loans for which measurement of expected losses is dependent on collateral values are updated every twelve months. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. Once the expected credit loss amount is determined, an allowance is provided for equal to the calculated expected credit loss and included in the allowance for credit losses. Pursuant to the Company’s policy, credit losses must be charged-off in the period the loans, or portions thereof, are deemed uncollectable. Allowance for credit losses on off-balance sheet credit exposures For further discussion of our loan accounting and acquisitions, see Note 2 - Merger and Note 5 - Loans. Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific liabilities on the consolidated statements of financial condition. The Company also formally assesses, both at the hedge’s inception and on an on-going basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly. In addition, the Company obtains collateral above certain thresholds of the fair value of its hedges from each counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business. Other Real Estate Owned (“OREO”) Premises and Fixed Assets, Net forty three Leases - ● Carryover of historical lease determination and lease classification conclusions. ● Carryover of historical initial direct cost balances for existing leases. ● Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component. Adoption of the leasing standard resulted in the recognition of operating right-of-use assets, and operating lease liabilities. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of adoption. There was no material impact to the timing of expense or income recognition in the Company’s consolidated statements of operations. Disclosures about the Company’s leasing activities are presented in Note 8. The Company made a policy election to exclude the recognition requirements of ASC 2016-02 on short-term leases with original terms of 12 months or less. Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion, and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. The Company does not lease properties from any related parties. Goodwill and Other Intangible Assets Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years. Servicing Right Assets - i.e., Transfers of Financial Assets - Bank Owned Life Insurance Income Taxes - A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not satisfying the "more likely than not" test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to tax matters in income tax expense. The Company had no unrecognized tax positions at December 31, 2023 or 2022. Employee Benefits - The Company provides a 401(k) plan, which covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the 60 th The Holding Company and Bank maintain the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”), the Dime Community Bancshares, Inc. 2019 Equity Incentive Plan, (the “2019 Equity Incentive Plan”), and the 2012 Stock-Based Compensation Plan (the “2012 Equity Incentive Plan”), (collectively the “Stock Plans”); which are discussed more fully in Note 20 Stock-Based Compensation. Under the Stock Plans, compensation cost is recognized for stock options and restricted stock awards issued to employees based on the fair value of the awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Holding Company’s common stock (“Common Stock”) at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. Basic and Diluted EPS - Comprehensive Income Disclosures about Segments of an Enterprise and Related Information For the years ended December 31, 2023, 2022 and 2021, there was no customer that accounted for more than 10% of the Company's consolidated revenue. Reclassifications Adoption of New Accounting Standards Standards Adopted in 2021 ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) The Company adopted ASU No. 2016-13 on January 1, 2021 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. ASU 2016-13 was effective for the Company as of January 1, 2020. Under Section 4014 of the CARES Act, financial institutions required to adopt ASU 2016-13 as of January 1, 2020 were provided an option to delay the adoption of the CECL Standard framework. The Company elected to defer adoption of the CECL Standard until January 1, 2021. The CECL Standard requires that the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. This standard requires financial institutions and other organizations to use forward-looking information to better inform their credit loss estimates. Results for reporting periods beginning after January 1, 2021 are presented under the CECL Standard while prior period amounts will continue to be reported in accordance with previously applicable GAAP. The adoption of the CECL Standard resulted in an initial decrease of $3.9 million to the allowance for credit losses and an increase of $1.4 million to the reserve for unfunded commitments in other liabilities, for the year ended December 31, 2021. The after-tax cumulative-effect adjustment of $1.7 million was recorded in retained earnings as of January 1, 2021. There were no held-to-maturity securities as of January 1, 2021 and, therefore, no impact from the adoption of the CECL Standard. Standards Adopted in 2023 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. As of July 1, 2023, the Company has transitioned LIBOR based transactions to other indexes. The LIBOR transition did not have a material effect on the Company's consolidated financial statements. ASU 2021-01, Reference Rate Reform (Topic 848): Scope ASU 2021-01 clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining, or contract price alignment due to reference rate reform are in the scope of ASC 848. Entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. ASU 2020-01 is effective upon issuance and generally can be applied through December 31, 2022. As of July 1, 2023, the Company has transitioned LIBOR based derivatives to other indexes such as fallback rate SOFR. The LIBOR transition did not 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 On March 28, 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. The purpose of this updated guidance is to further align risk management objectives with hedge accounting results on the application of the last-of-layer method, which was first introduced in ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2022-01 became effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption in the interim period, permitted. For entities who have already adopted ASU 2017-12, immediate adoption is allowed. This ASU became effective for the Company on January 1, 2023, on a prospective basis. This standard did not have a material impact on the consolidated financial statements. ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ASU 2022-02 eliminates 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. This ASU became effective for the Company on January 1, 2023. The Company adopted ASU 2022-02 on its effective date using the modified retrospective method. The adoption of ASU 2022-02 did not have a material impact on the Company's consolidated financial statements. |
MERGER
MERGER | 12 Months Ended |
Dec. 31, 2023 | |
MERGER | |
MERGER | 2. MERGER As described in Note 1. Summary of Significant Accounting Policies, on February 1, 2021, we completed our Merger with Legacy Dime. Pursuant to the merger agreement, Legacy Dime merged with and into Bridge with Bridge as the surviving corporation under the name “Dime Community Bancshares, Inc.” At the effective time of the Merger, each outstanding share of Legacy Dime common stock, par value $0.01 per share, was converted into 0.6480 shares of the Company’s common stock, par value $0.01 per share. At the Effective Time, each outstanding share of Legacy Dime’s Series A preferred stock, par value $0.01 was converted into one share of a newly created series of the Company’s preferred stock having the same powers, preferences and rights as the Dime Preferred Stock. In connection with the Merger, the Company assumed $115.0 million in aggregate principal amount of the 4.50% Fixed-to-Floating Rate Subordinated Debentures due 2027 of Legacy Dime. The Merger constituted a business combination and was accounted for as a reverse merger using the acquisition method of accounting. As a result, Legacy Dime was the accounting acquirer and Bridge was the legal acquirer and the accounting acquiree. Accordingly, the historical financial statements of Legacy Dime became the historical financial statements of the combined company. In addition, the assets and liabilities of Bridge have been recorded at their estimated fair values and added to those of Legacy Dime as of the Merger Date. The determination of fair value required management to make estimates about discount rates, expected future cash flows, market conditions and other future events that are subjective and subject to change. The Company issued 21.2 million shares of its common stock to Legacy Dime stockholders in connection with the Merger, which represented 51.5% of the voting interests in the Company upon completion of the Merger. In accordance with FASB ASC 805-40-30-2, the purchase price in a reverse acquisition is determined based on the number of equity interests the legal acquiree would have had to issue to give the owners of the legal acquirer the same percentage equity interest in the combined entity that results from the reverse acquisition. The table below summarizes the ownership of the combined company following the Merger, for each shareholder group, as well as the market capitalization of the combined company using shares of Bridge and Legacy Dime common stock outstanding at January 31, 2021 and Bridge’s closing price on January 31, 2021. Dime Community Bancshares, Inc. Ownership and Market Value Number of Market Value at Bridge Percentage $24.43 Bridge (Dollars and shares in thousands) Outstanding Shares Ownership Share Price Bridge shareholders 19,993 48.5% $ 488,420 Legacy Dime shareholders 21,233 51.5% 518,720 Total 41,226 100.0% $ 1,007,140 The table below summarizes the hypothetical number of shares as of January 31, 2021 that Legacy Dime would have to issue to give Bridge owners the same percentage ownership in the combined company. Hypothetical Legacy Dime Ownership Number of Legacy Dime Percentage (Shares in thousands) Outstanding Shares Ownership Bridge shareholders 30,853 48.5% Legacy Dime shareholders 32,767 51.5% Total 63,620 100.0% The purchase price is calculated based on the number of hypothetical shares of Legacy Dime common stock issued to Bridge shareholders multiplied by the share price as demonstrated in the table below. (Dollars and shares in thousands) Number of hypothetical Legacy Dime shares issued to Bridge shareholders 30,853 Legacy Dime market price per share as of February 1, 2021 $ 15.90 Purchase price determination of hypothetical Legacy Dime shares issued to Bridge shareholders $ 490,560 Value of Bridge stock options hypothetically converted to options to acquire shares of Legacy Dime common stock 643 Cash in lieu of fractional shares 7 Purchase price consideration $ 491,210 The following table provides the purchase price allocation as of the Merger Date and the Bridge assets acquired and liabilities assumed at their estimated fair value as of the Merger Date as recorded by Dime Community Bancshares. We recorded the estimate of fair value based on initial valuations available at the Merger Date. We finalized all valuations and recorded final adjustments during the fourth quarter of 2021. In the fourth quarter of 2021, we obtained additional information and evidence that resulted in a subsequent adjustment to decrease the estimated fair value of our acquired BNB Bank Pension Plan assets, which resulted in an increase to goodwill resulting from the Merger of $458 thousand, net of tax. The subsequent adjustment to assets acquired was recorded in other assets in the consolidated statements of financial condition. (In thousands) Purchase price consideration $ 491,210 Fair value of assets acquired: Cash and due from banks 715,988 Securities available-for-sale 651,997 Loans held for sale 10,000 Loans held for investment 4,531,640 Premises and fixed assets 37,881 Restricted stock 23,362 BOLI 94,085 Other intangible assets 10,984 Operating lease assets 45,603 Other assets 117,016 Total assets acquired 6,238,556 Fair value of liabilities assumed: Deposits 5,405,575 Other short-term borrowings 216,298 Subordinated debt 83,200 Operating lease liabilities 45,285 Other liabilities 97,147 Total liabilities assumed 5,847,505 Fair value of net identifiable assets 391,051 Goodwill resulting from Merger $ 100,159 As a result of the Merger, we recorded $100.2 million of goodwill. The goodwill recorded is not deductible for income tax purposes. The Company is required to record PCD assets, defined as a more-than-insignificant deterioration in credit quality since origination or issuance, at the purchase price plus the allowance for credit losses expected at the time of acquisition. Under this method, there is no credit loss expense affecting net income on acquisition of PCD assets. Changes in estimates of expected losses after acquisition are recognized as credit loss expense (or reversal of credit loss expense) in subsequent periods as they arise. Any non-credit discount or premium resulting from acquiring a pool of purchased financial assets with credit deterioration shall be allocated to each individual asset. At the acquisition date, the initial allowance for credit losses determined on a collective basis shall be allocated to individual assets to appropriately allocate any non-credit discount or premium. The non-credit discount or premium, after the adjustment for the allowance for credit losses, shall be accreted to interest income using the interest method based on the effective interest rate determined after the adjustment for credit losses at the adoption date. (In thousands) PCD loans: Unpaid principal balance $ 295,306 Non-credit discount at acquisition (9,050) Unpaid principal balance, net 286,256 Allowance for credit losses at acquisition (52,284) Fair value at acquisition 233,972 Non-PCD loans: Unpaid principal balance 4,289,236 Premium at acquisition 8,432 Fair value at acquisition 4,297,668 Total fair value at acquisition $ 4,531,640 Supplemental disclosures of cash flow information related to investing and financing activities regarding the Merger are as follows for the year ended December 31, 2021: (In thousands) Business combination: Fair value of tangible assets acquired $ 6,227,572 Goodwill, core deposit intangible and other intangible assets acquired 111,143 Liabilities assumed 5,847,505 Purchase price consideration 491,210 Other intangible assets consisted of core deposit intangibles and a non-compete agreement with estimated fair values at the Merger Date of $10.2 million and $780 thousand, respectively. Core deposit intangibles are being amortized over a life of 10 years on an accelerated basis. The non-compete agreement was amortized over a life of 13 months. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 12 Months Ended |
Dec. 31, 2023 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Activity in accumulated other comprehensive income (loss), net of tax, was as follows: Total Accumulated Securities Defined Other Available- Benefit Comprehensive (In thousands) for-Sale Plans Derivatives Loss Balance as of January 1, 2022 $ (7,864) $ (1,306) $ 2,989 $ (6,181) Other comprehensive (loss) income before reclassifications (95,030) (1,413) 9,879 (86,564) Amounts reclassified from accumulated other comprehensive income (loss) 2,024 (2,547) (1,111) (1,634) Net other comprehensive (loss) income during the period (93,006) (3,960) 8,768 (88,198) Balance as of December 31, 2022 $ (100,870) $ (5,266) $ 11,757 $ (94,379) Other comprehensive income (loss) before reclassifications 7,498 (109) (8,091) (702) Amounts reclassified from accumulated other comprehensive income (loss) 3,130 (1,055) 1,427 3,502 Net other comprehensive income (loss) during the period 10,628 (1,164) (6,664) 2,800 Balance as of December 31, 2023 $ (90,242) $ (6,430) $ 5,093 $ (91,579) The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the table below for the periods indicated. Year Ended December 31, (In thousands) 2023 2022 2021 Change in unrealized gain (loss) on securities: Change in net unrealized gain (loss) during the period $ 10,355 $ (138,630) $ (28,865) Reclassification adjustment for net losses (gains) included in net (loss) gain on sale of securities and other assets 1,447 — (1,207) Accretion of net unrealized loss on securities transferred to held-to-maturity 3,142 2,953 — Net change 14,944 (135,677) (30,072) Tax expense (benefit) 4,316 (42,671) (9,514) Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax 10,628 (93,006) (20,558) Change in pension and other postretirement obligations: Reclassification adjustment for expense included in other expense (1,547) (3,715) (1,092) Reclassification adjustment for curtailment loss — — 1,543 Change in the net actuarial (loss) gain (190) (2,062) 6,563 Net change (1,737) (5,777) 7,014 Tax (benefit) expense (573) (1,817) 2,234 Net change in pension and other postretirement obligations (1,164) (3,960) 4,780 Change in unrealized gain (loss) on derivatives: Change in net unrealized (loss) gain during the period (11,782) 14,412 5,277 Reclassification adjustment for loss included in loss on termination of derivatives — — 16,505 Reclassification adjustment for expense included in interest expense 2,092 (1,621) 940 Net change (9,690) 12,791 22,722 Tax expense (benefit) (3,026) 4,023 7,201 Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax (6,664) 8,768 15,521 Other comprehensive income (loss), net of tax $ 2,800 $ (88,198) $ (257) |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
SECURITIES | |
SECURITIES | 4. SECURITIES The following tables summarize the major categories of securities as of the dates indicated: December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Securities available-for-sale: Agency notes $ 10,000 $ — $ (629) $ 9,371 Treasury securities 245,877 — (11,687) 234,190 Corporate securities 174,978 — (23,808) 151,170 Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") 230,253 10 (24,978) 205,285 Agency CMOs 305,860 46 (46,491) 259,415 State and municipal obligations 28,741 — (1,932) 26,809 Total securities available-for-sale $ 995,709 $ 56 $ (109,525) $ 886,240 December 31, 2023 Gross Gross Amortized Unrecognized Unrecognized Fair (In thousands) Cost Gains Losses Value Securities held-to-maturity: Agency notes $ 89,563 $ — $ (11,300) $ 78,263 Corporate securities 9,000 — (1,825) 7,175 Pass-through MBS issued by GSEs 279,853 — (37,579) 242,274 Agency CMOs 216,223 16 (27,021) 189,218 Total securities held-to-maturity $ 594,639 $ 16 $ (77,725) $ 516,930 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Securities available-for-sale: Treasury securities $ 246,899 $ — $ (19,643) $ 227,256 Corporate securities 183,791 57 (17,075) 166,773 Pass-through MBS issued by GSEs 272,774 — (31,534) 241,240 Agency CMOs 331,394 2 (50,057) 281,339 State and municipal obligations 37,000 — (3,021) 33,979 Total securities available-for-sale $ 1,071,858 $ 59 $ (121,330) $ 950,587 December 31, 2022 Gross Gross Amortized Unrecognized Unrecognized Fair (In thousands) Cost Gains Losses Value Securities held-to-maturity: Agency notes $ 89,157 $ — $ (14,095) $ 75,062 Corporate securities 9,000 — (553) 8,447 Pass-through MBS issued by GSEs 278,281 — (40,960) 237,321 Agency CMOs 209,360 — (24,431) 184,929 Total securities held-to-maturity $ 585,798 $ — $ (80,039) $ 505,759 During the year ended December 31, 2023, there were no transfers of securities from available-for-sale to securities held-to-maturity. There were no transfers of securities from held-to-maturity to available-for-sale during the year ended December 31, 2023. The Company reassessed classification of certain investments and transferred securities with a book value of $372.2 million from available-for-sale to securities held-to-maturity during the year ended December 31, 2022. The related unrealized losses of $27.7 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 from securities held-to-maturity during the year ended December 31, 2022. There were $140.4 million transferred from securities available-for-sale to securities held-to-maturity during the year ended December 31, 2021. There were no transfers from securities held-to-maturity during the year ended December 31, 2021. The carrying amount of securities pledged at December 31, 2023 2022 At December 31, 2023 and 2022, there were no holdings of securities of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of stockholders’ equity. The amortized cost and fair value of securities are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately. December 31, 2023 Amortized Fair (In thousands) Cost Value Available-for-sale Within one year $ 88,498 $ 86,233 One to five years 198,552 186,041 Five to ten years 172,546 149,266 Beyond ten years — — Pass-through MBS issued by GSEs and agency CMO 536,113 464,700 Total $ 995,709 $ 886,240 Held-to-maturity Within one year $ — $ — One to five years 19,783 18,397 Five to ten years 78,780 67,041 Beyond ten years — — Pass-through MBS issued by GSEs and agency CMO 496,076 431,492 Total $ 594,639 $ 516,930 The following table presents the information related to sales of securities available-for-sale for the periods indicated: Year Ended December 31, (In thousands) 2023 2022 2021 Proceeds $ 77,804 $ — $ 138,077 Gross gains 130 — 1,327 Tax expense on gains 39 — 421 Gross losses 1,577 — 120 Tax benefit on losses 467 — 38 Equity securities included in other assets in the consolidated statements of financial condition had a fair value of $2.2 million as of December 31, 2023. Net loss on equity securities of $758 thousand was recognized for the year ended December 31, 2023. Marketable equity securities were fully liquidated in connection with the termination of the BMP. Prior to termination, the Company held marketable equity securities as the underlying mutual fund investments of the BMP, held in a rabbi trust. A summary of the sales of marketable equity securities is listed below for the periods indicated: Year Ended December 31, (In thousands) 2023 2022 2021 Proceeds: Marketable equity securities $ — $ — $ 6,101 The related gain or loss on marketable equity securities shown in the consolidated statements of operations was due to market valuation changes. Net gain on marketable equity securities of $131 thousand were recognized for the year ended December 31, 2021. There were no sales of securities held-to-maturity during the years ended December 31, 2023, 2022, or 2021. The following table summarizes the gross unrealized losses and fair value of securities aggregated by investment category and the length of time the securities were in a continuous unrealized loss position for the periods indicated: December 31, 2023 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 $ — $ — $ 9,371 $ 629 $ 9,371 $ 629 Treasury securities — — 234,190 11,687 234,190 11,687 Corporate securities 20,935 917 130,235 22,891 151,170 23,808 Pass-through MBS issued by GSEs — — 203,469 24,978 203,469 24,978 Agency CMOs — — 251,900 46,491 251,900 46,491 State and municipal obligations 1,796 54 21,513 1,878 23,309 1,932 December 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 $ — $ — $ 227,256 $ 19,643 $ 227,256 $ 19,643 Corporate securities 110,707 8,494 50,116 8,581 160,823 17,075 Pass-through MBS issued by GSEs 50,813 2,010 190,427 29,524 241,240 31,534 Agency CMOs 55,924 3,454 220,413 46,603 276,337 50,057 State and municipal obligations 10,848 174 22,681 2,847 33,529 3,021 As of December 31, 2023, 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 totaled $5.3 million and $5.4 million at December 31, 2023 and 2022 respectively, and was 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 amortized cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value. At December 31, 2023, 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 | 12 Months Ended |
Dec. 31, 2023 | |
LOANS HELD FOR INVESTMENT, NET | |
LOANS HELD FOR INVESTMENT, NET | 5. LOANS HELD FOR INVESTMENT, NET The following table presents the loan categories for the period ended as indicated: December 31, (In thousands) 2023 2022 One-to-four family residential and cooperative/condominium apartment $ 887,555 $ 773,321 Multifamily residential and residential mixed-use 4,017,176 4,026,826 CRE 4,620,900 4,457,630 ADC 168,513 229,663 Total real estate loans 9,694,144 9,487,440 C&I 1,066,938 1,071,712 Other loans 5,755 7,679 Total 10,766,837 10,566,831 Fair value hedge basis point adjustments (1) 6,591 — Total loans, net of fair value hedge basis point adjustments 10,773,428 10,566,831 Allowance for credit losses (71,743) (83,507) Loans held for investment, net $ 10,701,685 $ 10,483,324 (1) At December 31, 2023, the loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged one-to-four family residential mortgage loans, multifamily residential mortgage loans and CRE loans. C&I loans included SBA PPP loans totaling $1.1 million and $5.8 million at December 31, 2023 and 2022, respectively. In June 2021, the Company sold $596.2 million of SBA PPP loans and recorded a gain of $20.7 million in gain on sale of SBA loans in the consolidated statements of operations. The following tables present data regarding the allowance for credit losses activity for the periods indicated: Real Estate Loans One-to-Four Family Multifamily Residential and Residential Cooperative/ and Condominium Residential Total Real Other (In thousands) Apartment Mixed-Use CRE ADC Estate C&I Loans Total Ending balance as of December 31, 2020 $ 644 $ 17,016 $ 9,059 $ 1,993 $ 28,712 $ 12,737 $ 12 $ 41,461 Impact of adopting CECL as of January 1, 2021 1,048 (8,254) 4,849 381 (1,976) (1,935) (8) (3,919) Beginning balance as of January 1, 2021 1,692 8,762 13,908 2,374 26,736 10,802 4 37,542 Day 1 acquired PCD loans 2,220 3,292 23,124 117 28,753 23,374 157 52,284 Provision for credit losses 1,975 (3,921) (4,497) 2,366 (4,077) 6,016 1,364 3,303 Charge-offs (20) (391) (3,406) — (3,817) (4,984) (777) (9,578) Recoveries 65 74 37 — 176 123 3 302 Ending balance as of December 31, 2021 $ 5,932 $ 7,816 $ 29,166 $ 4,857 $ 47,771 $ 35,331 $ 751 $ 83,853 Provision (credit) for credit losses 37 542 (1,891) (3,134) (4,446) 11,786 (430) 6,910 Charge-offs — — — — — (11,401) (53) (11,454) Recoveries — 2 54 — 56 4,137 5 4,198 Ending balance as of December 31, 2022 $ 5,969 $ 8,360 $ 27,329 $ 1,723 $ 43,381 $ 39,853 $ 273 $ 83,507 Provision (credit) for credit losses 858 (1,121) (721) 266 (718) 3,464 129 2,875 Charge-offs (14) (2) — — (16) (15,364) (300) (15,680) Recoveries — — — — — 1,024 17 1,041 Ending balance as of December 31, 2023 $ 6,813 $ 7,237 $ 26,608 $ 1,989 $ 42,647 $ 28,977 $ 119 $ 71,743 The following tables present the amortized cost basis of loans on non-accrual status as of the periods indicated: December 31, 2023 Non-accrual with Non-accrual with (In thousands) No Allowance Allowance Reserve One-to-four family residential and cooperative/condominium apartment $ — $ 3,248 $ 133 CRE 2,298 8,229 832 ADC — 657 305 C&I 1,482 13,185 12,932 Total $ 3,780 $ 25,319 $ 14,202 December 31, 2022 Non-accrual with Non-accrual with (In thousands) No Allowance Allowance Reserve One-to-four family residential and cooperative/condominium apartment $ — $ 3,203 $ 181 CRE 4,915 3,417 1,424 ADC 657 — — C&I 503 21,443 20,685 Other — 99 99 Total $ 6,075 $ 28,162 $ 22,389 The Company did not recognize interest income on non-accrual loans held for investment during the years ended December 31, 2023 or 2022. The following tables summarize the past due status of the Company’s investment in loans as of the dates indicated: December 31, 2023 Loans 90 Days or Total 30 to 59 60 to 89 More Past Due Past Due Days Days and Still and Total (In thousands) Past Due Past Due Accruing Interest Non-accrual Non-accrual Current Loans Real estate: One-to-four family residential, including condominium and cooperative apartment $ 4,071 $ 73 $ — $ 3,248 $ 7,392 $ 880,163 $ 887,555 Multifamily residential and residential mixed-use — — — — — 4,017,176 4,017,176 CRE 3,160 208 — 10,527 13,895 4,607,005 4,620,900 ADC 430 — — 657 1,087 167,426 168,513 Total real estate 7,661 281 — 14,432 22,374 9,671,770 9,694,144 C&I 4,316 1,009 — 14,667 19,992 1,046,946 1,066,938 Other — — — — — 5,755 5,755 Total $ 11,977 $ 1,290 $ — $ 29,099 $ 42,366 $ 10,724,471 $ 10,766,837 December 31, 2022 Loans 90 Days or Total 30 to 59 60 to 89 More Past Due Past Due Days Days and Still and Total (In thousands) Past Due Past Due Accruing Interest Non-accrual Non-accrual Current Loans Real estate: One-to-four family residential, including condominium and cooperative apartment $ 686 $ — $ — $ 3,203 $ 3,889 $ 769,432 $ 773,321 Multifamily residential and residential mixed-use 4,817 — — — 4,817 4,022,009 4,026,826 CRE 14,189 — — 8,332 22,521 4,435,109 4,457,630 ADC — — — 657 657 229,006 229,663 Total real estate 19,692 — — 12,192 31,884 9,455,556 9,487,440 C&I 3,561 741 — 21,946 26,248 1,045,464 1,071,712 Other 264 1 — 99 364 7,315 7,679 Total $ 23,517 $ 742 $ — $ 34,237 $ 58,496 $ 10,508,335 $ 10,566,831 Accruing Loans 90 Days or More Past Due: At December 31, 2023 and 2022, there were no accruing loans 90 days or more past due. Collateral Dependent Loans: The Company had collateral dependent loans which were individually evaluated to determine expected credit losses as follows: Year Ended December 31, 2023 2022 Real Estate Associated Allowance Real Estate Associated Allowance (In thousands) Collateral Dependent for Credit Losses Collateral Dependent for Credit Losses CRE $ 8,903 $ 621 $ 7,391 $ 1,297 ADC 657 305 657 — C&I 1,444 — 949 — Total $ 11,004 $ 926 $ 8,997 $ 1,297 Related Party Loans Certain directors, executive officers, and their related parties, including their immediate families and companies in which they are principal owners, were loan customers of the Bank during 2023. The following table sets forth selected information about related party loans: Year Ended (In thousands) December 31, 2023 Beginning balance $ 4,956 New loans 531 Repayments (565) Balance at end of period $ 4,922 Loan Restructurings The Company adopted ASU No. 2022-02 on January 1, 2023, which eliminates the recognition and measurement of a TDR. Due to the removal of the TDR designation, the Company applies the loan refinancing and restructuring guidance to determine whether a modification or other forms of restructuring result in a new loan or a continuation of an existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include conditions where there is principal forgiveness, interest rate reductions, other-than-insignificant payment delays, term extensions, and/or a combinations of these modifications. The disclosures related to loan restructuring are only for modifications that directly affect cash flows. The following table shows the amortized cost basis as of December 31, 2023 of the loans modified to borrowers experiencing financial difficulty, disaggregated by loan category and type of concession granted: For the Year Ended December 31, 2023 Term Significant % of Significant Extension and Payment Delay Total Class Term Payment Significant and Interest of Financing (Dollars in thousands) Extension Delay Payment Delay Rate Reduction Total Receivable One-to-four family residential and cooperative/condominium apartment $ — $ 2,856 $ 92 $ — $ 2,948 0.3 % Multifamily residential and residential mixed-use — — — — — 0.0 CRE — 24,706 — — 24,706 0.5 ADC — — — — — 0.0 C&I 1,789 12,020 520 298 14,627 1.4 Other — — — — — 0.0 Total $ 1,789 $ 39,582 $ 612 $ 298 $ 42,281 0.4 % The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty: For the Year Ended December 31, 2023 Weighted Average Weighted Average Weighted Average Payment Delay Interest Rate Months of or Principal (Dollars in thousands) Reductions Term Extensions Forgiveness One-to-four family residential and cooperative/condominium apartment — % 189 $ 76 Multifamily residential and residential mixed-use — — — CRE — — 988 ADC — — — C&I 4.27 13 2,406 Other — — — Total 4.27 % 202 $ 3,470 The Bank monitors the performance of loans modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table describes the performance of loans that have been modified during the year ended December 31, 2023. December 31, 2023 30-59 60-89 90+ (Dollars in thousands) Current Days Past Due Days Past Due Days Past Due Non-Accrual Total One-to-four family residential and cooperative/condominium apartment $ 2,856 $ — $ — $ — $ 92 $ 2,948 Multifamily residential and residential mixed-use — — — — — CRE 24,706 — — — — 24,706 ADC — — — — — — C&I 12,496 — — — 2,131 14,627 Other — — — — — — Total $ 40,058 $ — $ — $ — $ 2,223 $ 42,281 There were no loans made to borrowers experiencing financial difficulty that were modified during the year ended December 31, 2023, that subsequently defaulted. For the purposes of this disclosure, a payment default is defined as 90 or more days past due and still accruing. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms. Prior to our adoption of ASU 2022-02, as of December 31, 2022, the Company had TDRs totaling $22.1 million. The Company had allocated $9.1 million of allowance for those loans at December 31, 2022, with no commitments to lend additional amounts. As of December 31, 2021, the Company had TDRs totaling $942 thousand. The Company had allocated $483 thousand of allowance for those loans at December 31, 2021, with no commitments to lend additional amounts. During the year ended December 31, 2022, TDR modifications included reduction of outstanding principal, extensions of maturity dates, or favorable interest rates and loan terms than the prevailing market interest rates and loan terms. During the year ended December 31, 2022, the Company modified one CRE loan as a TDR, and one Acquisition, Development, and Construction loan, which subsequently paid off during the year. During the year ended December 31, 2021, the Company modified one CRE loan as a TDR, which subsequently paid off during the year. The following table presents the loans by category modified as TDRs that occurred during the year ended December 31, 2022: Modifications During the Year Ended December 31, 2022 2021 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded (Dollars in thousands) of Loans Investment Investment of Loans Investment Investment One-to-four family residential and cooperative/condominium apartment 2 $ 762 $ 762 2 $ 467 $ 467 CRE 1 991 991 1 10,000 10,000 ADC 1 13,500 13,500 — — — C&I 7 21,934 21,938 1 456 488 Other 1 276 276 — — — Total 12 $ 37,463 $ 37,467 4 $ 10,923 $ 10,955 There were no TDR charge-offs during the years ended December 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: December 31, 2023 (In thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total One-to-four family residential, and condominium/cooperative apartment: Pass $ 170,601 $ 213,479 $ 102,684 $ 69,524 $ 62,356 $ 213,131 $ 31,205 $ 12,493 $ 875,473 Special mention — — — — — 33 159 776 968 Substandard — — — 1,005 337 8,711 — 1,061 11,114 Doubtful — — — — — — — — — Total one-to-four family residential, and condominium/cooperative apartment 170,601 213,479 102,684 70,529 62,693 221,875 31,364 14,330 887,555 YTD Gross Charge-Offs — — — — — — — 14 14 Multifamily residential and residential mixed-use: Pass 256,822 1,340,197 578,352 283,633 384,937 981,820 4,841 4,325 3,834,927 Special mention — — 9,334 3,880 3,886 64,273 — — 81,373 Substandard — — — 28,799 5,089 66,988 — — 100,876 Doubtful — — — — — — — — — Total multifamily residential and residential mixed-use 256,822 1,340,197 587,686 316,312 393,912 1,113,081 4,841 4,325 4,017,176 YTD Gross Charge-Offs — — — — — 2 — — 2 CRE: Pass 417,973 990,748 817,171 566,427 484,930 1,025,160 24,839 11,538 4,338,786 Special mention — 28,770 19,872 88,040 10,484 5,754 — 17,862 170,782 Substandard — — 151 61,424 7,289 42,468 — — 111,332 Doubtful — — — — — — — — — Total CRE 417,973 1,019,518 837,194 715,891 502,703 1,073,382 24,839 29,400 4,620,900 YTD Gross Charge-Offs — — — — — — — — — ADC: Pass 16,735 17,534 59,202 9,900 2,665 437 22,444 225 129,142 Special mention — 11,500 14,961 — 12,253 — — — 38,714 Substandard — — — — — — — 657 657 Doubtful — — — — — — — — — Total ADC 16,735 29,034 74,163 9,900 14,918 437 22,444 882 168,513 YTD Gross Charge-Offs — — — — — — — — — C&I: Pass 60,771 138,145 24,865 25,371 25,142 37,019 620,799 31,467 963,579 Special mention 481 12,912 1,199 905 1,204 159 21,108 7,444 45,412 Substandard — 1,857 2,045 5,577 1,768 11,936 15,567 18,449 57,199 Doubtful — — — — — 748 — — 748 Total C&I 61,252 152,914 28,109 31,853 28,114 49,862 657,474 57,360 1,066,938 YTD Gross Charge-Offs — — 77 38 4,166 2,229 5,464 3,390 15,364 Total: Pass 922,902 2,700,103 1,582,274 954,855 960,030 2,257,567 704,128 60,048 10,141,907 Special mention 481 53,182 45,366 92,825 27,827 70,219 21,267 26,082 337,249 Substandard — 1,857 2,196 96,805 14,483 130,103 15,567 20,167 281,178 Doubtful — — — — — 748 — — 748 Total Loans $ 923,383 $ 2,755,142 $ 1,629,836 $ 1,144,485 $ 1,002,340 $ 2,458,637 $ 740,962 $ 106,297 $ 10,761,082 YTD Gross Charge-Offs $ — $ — $ 77 $ 38 $ 4,166 $ 2,231 $ 5,464 $ 3,404 $ 15,380 December 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 $ 225,031 $ 108,185 $ 72,732 $ 65,515 $ 66,038 $ 164,338 $ 41,172 $ 12,563 $ 755,574 Special mention — — — — 735 1,175 579 726 3,215 Substandard — — 1,026 1,227 407 10,779 — 1,093 14,532 Doubtful — — — — — — — — — Total one-to-four family residential, and condominium/cooperative apartment 225,031 108,185 73,758 66,742 67,180 176,292 41,751 14,382 773,321 YTD Gross Charge-Offs — — — — — — — — — Multifamily residential and residential mixed-use: Pass 1,386,549 582,393 316,424 395,933 127,074 1,107,281 12,584 — 3,928,238 Special mention — — — 11,183 — 14,168 — — 25,351 Substandard — — 12,294 7,001 20,311 33,631 — — 73,237 Doubtful — — — — — — — — — Total multifamily residential and residential mixed-use 1,386,549 582,393 328,718 414,117 147,385 1,155,080 12,584 — 4,026,826 YTD Gross Charge-Offs — — — — — — — — — CRE: Pass 1,021,622 854,240 753,552 510,332 308,265 868,099 34,362 24,767 4,375,239 Special mention 2,864 — 19,655 4,653 14,372 15,478 — — 57,022 Substandard — 151 4,550 7,947 1,131 11,590 — — 25,369 Doubtful — — — — — — — — — Total CRE 1,024,486 854,391 777,757 522,932 323,768 895,167 34,362 24,767 4,457,630 YTD Gross Charge-Offs — — — — — — — — — ADC: Pass 36,877 152,543 11,242 15,943 — 2,087 10,033 281 229,006 Special mention — — — — — — — — — Substandard — 657 — — — — — — 657 Doubtful — — — — — — — — — Total ADC 36,877 153,200 11,242 15,943 — 2,087 10,033 281 229,663 YTD Gross Charge-Offs — — — — — — — — — C&I: Pass 175,347 36,511 42,103 37,030 20,628 33,343 628,560 22,239 995,761 Special mention 3,770 — 894 1,529 1,521 843 9,062 478 18,097 Substandard 5,242 1,244 5,364 2,968 970 10,232 11,290 9,412 46,722 Doubtful — — — 8,332 752 2,048 — — 11,132 Total C&I 184,359 37,755 48,361 49,859 23,871 46,466 648,912 32,129 1,071,712 YTD Gross Charge-Offs — 477 4,720 2,088 — 2,414 1,460 242 11,401 Total: Pass 2,845,426 1,733,872 1,196,053 1,024,753 522,005 2,175,148 726,711 59,850 10,283,818 Special mention 6,634 — 20,549 17,365 16,628 31,664 9,641 1,204 103,685 Substandard 5,242 2,052 23,234 19,143 22,819 66,232 11,290 10,505 160,517 Doubtful — — — 8,332 752 2,048 — — 11,132 Total Loans $ 2,857,302 $ 1,735,924 $ 1,239,836 $ 1,069,593 $ 562,204 $ 2,275,092 $ 747,642 $ 71,559 $ 10,559,152 YTD Gross Charge-Offs $ — $ 477 $ 4,720 $ 2,088 $ — $ 2,414 $ 1,460 $ 242 $ 11,401 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: Year Ended December 31, (In thousands) 2023 2022 Performing $ 5,755 $ 7,580 Non-accrual — 99 Total $ 5,755 $ 7,679 |
LOAN SERVICING ACTIVITIES
LOAN SERVICING ACTIVITIES | 12 Months Ended |
Dec. 31, 2023 | |
LOAN SERVICING ACTIVITIES | |
LOAN SERVICING ACTIVITIES | 6. LOAN SERVICING ACTIVITIES The Bank services real estate and C&I loans for others having principal balances outstanding of approximately $346.1 million and $347.9 million at December 31, 2023 and 2022, respectively. Loans serviced for others are not reported as assets. Servicing loans for others generally consists of collecting loan payments, maintaining escrow accounts, disbursing payments to investors, paying taxes and insurance and processing foreclosures. In connection with loans serviced for others, the Bank held borrowers’ escrow balances of $1.3 million at December 31, 2023 and 2022. There are no restrictions on the Company’s consolidated assets or liabilities related to loans sold with servicing rights retained. Upon sale of these loans, the Company recorded an SRA in other assets, and has elected to account for the SRA under the "amortization method" prescribed under GAAP. The activity for SRAs for the periods indicated are as follows: Year Ended December 31, (In thousands) 2023 2022 2021 Servicing right assets: Beginning of year $ 3,349 $ 3,856 $ 1,710 Acquired in the Merger — — 2,070 Additions 458 659 885 Amortized to expense (639) (907) (809) Sold — (259) — End of year 3,168 3,349 3,856 Valuation allowance: Beginning of year (201) (80) — Additions expensed (36) (121) (80) End of year (237) (201) (80) Servicing right assets, net $ 2,931 $ 3,148 $ 3,776 The fair value of SRAs was $3.4 million and $3.5 million, at December 31, 2023 and 2022, respectively. The fair value at December 31, 2023 was determined using discount rates ranging from 10.0% to 14.5%, prepayment speeds ranging from 6.5% to 12.2%, depending on the stratification of the specific servicing right, and a weighted average default rate of 0.67%. The fair value at December 31, 2022 was determined using discount rates ranging from 9.5% to 12.0%, prepayment speeds ranging from 6.7% to 16%, depending on the stratification of the specific servicing right, and a weighted average default rate of 0.67%. |
PREMISES AND FIXED ASSETS, NET
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | 12 Months Ended |
Dec. 31, 2023 | |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | 7. PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE Premises and Fixed Assets, Net The following is a summary of premises and fixed assets, net: December 31, (In thousands) 2023 2022 Land $ 10,824 $ 10,824 Buildings 21,173 21,688 Leasehold improvements 28,307 26,862 Furniture, fixtures and equipment 25,909 25,750 Premises and fixed assets, gross $ 86,213 $ 85,124 Less: accumulated depreciation and amortization (41,345) (38,375) Premises and fixed assets, net $ 44,868 $ 46,749 Depreciation and amortization expense amounted to $6.7 million, $7.4 million and $6.5 million during the years ended December 31, 2023, 2022 and 2021, respectively. Premises Held for Sale During the year ended December 31, 2023, the Company transferred one real estate property utilized as a retail branch to premises held for sale totaling $905 thousand. There were no premises held for sale as of December 31, 2022. During the year ended December 31, 2022, the Company sold one real estate property utilized as a retail branch for $1.9 million and recorded an associated gain of $1.4 million in Gain on sale of securities and other assets in the consolidated statements of operations. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
LEASES | 8. LEASES The following table presents the Company’s remaining maturities of undiscounted lease payments, as well as a reconciliation to the discounted operating lease liabilities in the Consolidated Statements of Financial Condition at December 31, 2023: (In thousands) 2024 $ 13,009 2025 12,833 2026 12,173 2027 10,322 2028 4,297 Thereafter 6,260 Total undiscounted lease payments 58,894 Less amounts representing interest (3,440) Operating lease liabilities $ 55,454 Other information related to our operating leases was as follows: Year Ended December 31, (In thousands) 2023 2022 2021 Operating lease cost $ 12,801 $ 11,428 $ 14,341 Cash paid for amounts included in the measurement of operating lease liabilities 12,560 10,574 13,975 Year Ended December 31, 2023 2022 Weighted average remaining lease term 5.0 years 5.9 years Weighted average discount rate 2.34 % 2.03 % |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 9. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill At December 31, 2023 and 2022, the carrying amount of the Company’s goodwill was $155.8 million. The Company performs its annual goodwill impairment test in the fourth quarter of every year, or more frequently if events or changes in circumstance indicate the asset might be impaired. It was determined during the annual impairment testing that no impairment was needed for the years ended December 31, 2023, 2022 and 2021. The following table presents the change in Goodwill for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 Beginning of year $ 155,797 $ 155,797 $ 55,638 Acquired goodwill (1) - - 100,159 End of year $ 155,797 $ 155,797 $ 155,797 (1) See Note 2. Merger for additional information regarding the acquired goodwill Other Intangible Assets The following table presents the carrying amount and accumulated amortization of intangible assets that are amortizable, all of which are core deposit intangibles: Year Ended December 31, (In thousands) 2023 2022 Gross carrying value $ 10,204 $ 10,204 Accumulated amortization (5,145) (3,720) Net carrying amount $ 5,059 $ 6,484 Amortization expense recognized on intangible assets was $1.4 million and $1.9 million for the years ended December 31, 2023 and 2022, respectively. Estimated amortization expense for 2024 through 2028 and thereafter is as follows: (In thousands) 2024 $ 1,164 2025 958 2026 795 2027 664 2028 560 Thereafter 918 Total $ 5,059 |
RESTRICTED STOCK
RESTRICTED STOCK | 12 Months Ended |
Dec. 31, 2023 | |
RESTRICTED STOCK | |
RESTRICTED STOCK | 10. RESTRICTED STOCK The following is a summary of restricted stock: Year Ended December 31, (In thousands) 2023 2022 FHLBNY capital stock $ 73,475 $ 63,627 FRB capital stock 25,110 24,953 ACBB capital stock 165 165 Restricted stock $ 98,750 $ 88,745 FHLBNY Capital Stock The Bank is a member of the FHLBNY. Membership requires the purchase of shares of FHLBNY capital stock at $100 per share. Members are required to own a particular amount of stock based on the level of borrowings and other factors. The Bank increased its outstanding FHLBNY advances by $182.0 million during the year ended December 31, 2023, resulting in an increase of required FHLBNY stock. The Bank owned 734,751 shares and 636,274 shares at December 31, 2023 and 2022, respectively. The Bank recorded dividend income on the FHLBNY capital stock of $5.4 million, $853 thousand and $1.9 million during the years ended December 31, 2023, 2022 and 2021, respectively. FRB Capital Stock The Bank is a member of the FRB. Membership requires the purchase of shares of FRB capital stock at $50 per share. The Bank owned 502,197 shares at December 31, 2023 and 499,052 shares at December 31, 2022. The Bank recorded dividend income on the FRB capital stock of $1.0 million, $828 thousand, and $442 thousand during the years ended December 31, 2023, 2022, and 2021, respectively. ACBB Capital Stock The Bank has a relationship with ACBB. The relationship requires the purchase of shares of ACBB capital stock between $2,500 and $3,250 per share. The Bank owned 60 shares at December 31, 2023 and 2022. The Bank recorded dividend income on the ACBB capital stock of $2 thousand during the year ended December 31, 2023 and $1 thousand during the years ended December 31, 2022, and 2021, respectively. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
DEPOSITS | 11. DEPOSITS Deposits are summarized as follows: Year Ended December 31, 2023 2022 Weighted Weighted Average Average (Dollars in thousands) Rate Liability Rate Liability Savings (1) 3.67 % $ 2,335,490 2.24 % $ 2,260,101 CDs 4.43 1,607,683 2.25 1,115,364 Money market 3.46 3,125,996 1.50 2,532,270 Interest-bearing checking 0.77 515,987 1.01 827,454 Non-interest-bearing checking (1) — 2,945,499 — 3,519,218 Total 2.56 % $ 10,530,655 1.19 % $ 10,254,407 (1) Includes mortgage escrow deposits. The following table presents a summary of scheduled maturities of CDs outstanding at December 31, 2023: Maturing Weighted Average (Dollars in thousands) Balance Interest Rate 2024 $ 1,489,735 4.60 % 2025 81,297 2.52 2026 25,742 2.26 2027 7,527 0.18 2028 3,382 0.05 2029 and beyond — — Total $ 1,607,683 4.43 % CDs that met or exceeded the Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250 thousand were $115.3 million and $129.6 million at December 31, 2023 and 2022, respectively. |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2023 | |
DERIVATIVES AND HEDGING ACTIVITIES | |
DERIVATIVES AND HEDGING ACTIVITIES | 12. DERIVATIVES AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loan portfolio. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. The Company engages in far value hedges, cash flow hedges and freestanding derivatives. Fair Values of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Financial Condition The tables below present the fair value of the Company’s derivative assets and liabilities as well as their classification on the consolidated statements of financial condition as of December 31, 2023 and December 31, 2022. December 31, 2023 December 31, 2022 Notional Fair Value Notional Fair Value (Dollars in thousands) Amount Assets Amount Assets Derivatives designated as hedging instruments Cash flow hedges - interest rate products $ 150,000 $ 12,492 $ 150,000 $ 17,874 Derivatives not designated as hedging instruments Interest rate products 1,682,961 114,671 1,594,356 137,335 December 31, 2023 December 31, 2022 Notional Fair Value Notional Fair Value (Dollars in thousands) Amount Liabilities Amount Liabilities Derivatives designated as hedging instruments Fair value hedges - interest rate products $ 500,000 $ 6,594 $ — $ — Cash flow hedges - interest rate products 200,000 5,031 — — Derivatives not designated as hedging instruments Interest rate products 1,682,961 114,671 1,594,356 137,335 Other contracts 93,891 24 71,103 33 Effect of Fair Value and Cash Flow Hedge Accounting on the Consolidated Statements of Operations The table below presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations as of December 31, 2023 and December 31, 2022. December 31, 2023 December 31, 2022 Interest Interest Interest Interest Income Expense Income Expense Effects of fair value or cash flow hedges are recorded $ 561 $ 2,275 $ — $ — The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships Interest contracts Hedged items 6,591 — — — Derivatives designated as hedging instruments (6,030) — — — Gain or (loss) on cash flow hedging relationships Interest contracts Gain (loss) reclassified from AOCI into income — 2,275 — 1,134 Fair Value Hedges The Company uses fair value hedges to protect against changes in fair value of certain interest rate sensitive assets. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. In October 2023, the Company entered into interest rate swaps with a notional amount totaling $500.0 million which was designated as a fair value hedge on a closed pool of certain fixed rate loans that are settled daily to market. As of December 31, 2023, the Company posted $6.5 million to the Chicago Mercantile Exchange ("CME") clearing house related to the fair value derivatives settled daily to market. The Company pays an average fixed rate of 4.82% and receives a floating rate based on the US federal funds effective rate for the life of the agreement without an exchange of the underlying notional amount. For derivatives that are designated as fair value hedges, the gain or loss on the derivatives as well as the loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. The amortized cost basis of the closed portfolio of the fixed rate mortgage loans on December 31, 2023 totaled $729.5 million. The amount identified as the last-of-layer in the open hedge relationship was $500.0 million, which is the amount of loans in the closed portfolio anticipated to be outstanding for the designated hedge period. The basis adjustment associated with the hedge was a $6.6 million asset as of December 31, 2023, which would be allocated across the entire remaining closed pool upon termination or maturity of the hedged relationship. During the year ended December 31, 2023, the Company recorded a $561 thousand credit from the swap transaction as a component of interest income in the consolidated statements of operations. As of December 31, 2023, the following amounts were recorded on the consolidated statements of financial condition related to cumulative basis adjustment for fair value hedges: Year Ended December 31, 2023 2022 (Dollars in thousands) Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Fixed Rate Loans $ 506,591 $ 6,591 $ — $ — Cash Flow Hedges The Company uses cash flow hedges to protect against variability in cash flows associated with existing or forecasted issuances of short-term borrowing. Cash flow hedges on liabilities 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. 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 (loss) 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 $6.4 million will be reclassified as a decrease to interest expense. During the years ended December 31, 2023 and 2022, the Company did not terminate any derivatives. During the year ended December 31, 2021, the Company terminated 34 derivatives with notional values totaling $785.0 million, resulting in a termination value of $16.5 million which was recognized in loss on termination of derivatives in non-interest income. The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive loss as of December 31, 2023, 2022 and 2021. Year Ended December 31, (In thousands) 2023 2022 2021 (Loss) gain recognized in other comprehensive income (loss) $ (11,782) $ 14,412 $ 5,277 Gain recognized on termination of derivatives — — 16,505 (Loss) gain reclassified from other comprehensive income into interest expense (2,092) 1,621 (940) All cash flow hedges are recorded gross on the statement of financial condition. Certain cash flow hedges involve derivative agreements with third-party counterparties that contain provisions requiring the Bank to post cash collateral if the derivative exposure exceeds a threshold amount. As of December 31, 2023 and 2022, the Company received $13.5 million and $17.8 million, respectively, in collateral from its third-party counterparties under the agreements in a net asset position. Additionally, the Bank entered certain cash flow hedges that are CME exchanged and settled daily to market. As of December 31, 2023, the Company posted $4.9 million to the CME clearing house 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 ASC 815; therefore, each interest rate derivative is accounted for as a freestanding derivative. The notional amounts of the interest rate derivatives do not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate derivative agreements. The following tables reflect freestanding derivatives included in the consolidated statements of financial condition as of the dates indicated: December 31, 2023 Notional Fair Value Fair Value (In thousands) Count Amount Assets Liabilities Included in derivative assets/(liabilities): Loan level interest rate swaps with borrower 49 $ 491,394 $ 10,985 $ — Loan level interest rate swaps with borrower 178 1,121,085 — 103,570 Loan level interest rate floors with borrower 2 29,721 — — Loan level interest rate floors with borrower 7 40,761 — 116 Loan level interest rate swaps with third-party counterparties 49 491,394 — 10,985 Loan level interest rate swaps with third-party counterparties 178 1,121,085 103,570 — Loan level interest rate floors with third-party counterparties 2 29,721 — — Loan level interest rate floors with third-party counterparties 7 40,761 116 — December 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 3 $ 53,311 $ 1,524 $ — Loan level interest rate swaps with borrower 185 1,214,736 — 126,751 Loan level interest rate floors with borrower 40 326,309 — 9,060 Loan level interest rate swaps with third-party counterparties 3 53,311 — 1,524 Loan level interest rate swaps with third-party counterparties 185 1,214,736 126,751 — Loan level interest rate floors with third-party counterparties 40 326,309 9,060 — Loan level derivative income is recognized on the mark-to-market of the interest rate swap as a fair value adjustment at the time the transaction is closed. Total loan level derivative income is included in non-interest income as follows: Year Ended December 31, (In thousands) 2023 2022 2021 Loan level derivative income $ 7,081 $ 3,637 $ 2,909 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 December 31, 2023 and December 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 December 31, 2023, the Company received $94.7 million in collateral from its third-party counterparties under the agreements in a net asset position. As of December 31, 2022, the Company received $135.3 million in collateral from its third-party counterparties under the agreements in a net asset position. Risk Participation Agreements The Company enters into risk participation agreements to manage economic risks but does not designate the instruments in hedge relationships. As of December 31, 2023 and December 31, 2022, the notional amounts of risk participation agreements for derivative liabilities were $93.9 million and $71.1 million, respectively. The related fair values of the Company’s risk participation agreements were immaterial as of December 31, 2023 and December 31, 2022 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 December 31, 2023, there were no derivatives in a net liability position, and therefore the termination value was zero. There were no provisions breached for the year ended December 31, 2023. |
FHLBNY ADVANCES
FHLBNY ADVANCES | 12 Months Ended |
Dec. 31, 2023 | |
FHLBNY ADVANCES | |
FHLBNY ADVANCES | 13. FHLBNY ADVANCES The Bank had borrowings from the FHLBNY (“Advances”) totaling $1.31 billion and $1.13 billion at December 31, 2023 and 2022, respectively, all of which were fixed rate. In accordance with its Advances, Collateral Pledge and Security Agreement with the FHLBNY, the Bank was eligible to borrow or secure municipal letters of credit up to $4.09 billion as of December 31, 2023 and $4.13 billion as of December 31, 2022, and maintained sufficient qualifying collateral, as defined by the FHLBNY. We pledge real estate loans including Residential, Multifamily and CRE. At December 31, 2023 there were no callable Advances and the Bank had $1.19 billion of remaining borrowing capacity through the FHLBNY. During the years ended December 31, 2023 and 2022, the Company did not have any prepayment penalty expense recognized as a loss on extinguishment of debt. During the year ended December 31, 2021, the Company’s prepayment penalty expense was recognized as a loss on extinguishment of debt. The following table is a summary of FHLBNY extinguishments for the periods presented: Year Ended December 31, (Dollars in thousands) 2023 2022 2021 FHLBNY advances extinguished $ - $ - $ 209,010 Weighted average rate - % - % 1.31 % Loss on extinguishment of debt $ - $ - $ 1,751 The following table presents the contractual maturities of FHLBNY advances for each of the next five years. There were no FHLBNY advances with an overnight contractual maturity at December 31, 2023 or 2022. December 31, (Dollars in thousands) 2023 2022 2023, fixed rate at rates from 3.85% to 5.65% — 1,095,000 2024, fixed rate at rates from 4.85% to 5.67% 1,265,000 — 2027, fixed rate at 4.25% 36,000 36,000 2028, fixed rate at 4.04% 12,000 — Total FHLBNY advances $ 1,313,000 $ 1,131,000 Total FHLBNY advances had a weighted average interest rate of 5.23% and 4.55% at December 31, 2023 and December 31, 2022, respectively. |
SUBORDINATED DEBENTURES
SUBORDINATED DEBENTURES | 12 Months Ended |
Dec. 31, 2023 | |
SUBORDINATED DEBENTURES. | |
SUBORDINATED DEBENTURES | 14. SUBORDINATED DEBENTURES 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 The Company used 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 on June 15, 2022, and $40.0 million of the Company’s 5.25% fixed-to-floating rate subordinated debentures due 2025 on June 30, 2022. The repayment of the subordinated notes due 2027 resulted in a pre-tax write-off of debt issuance costs of $740 thousand, which was recognized in loss on extinguishment of debt in non-interest expense. The remaining $40.0 million of fixed-to-floating rate subordinated debentures were issued by the Company in September 2015, are callable at par after ten years The subordinated debentures totaled $200.2 million at December 31, 2023 and $200.3 million at December 31, 2022. Interest expense related to the subordinated debt was $10.2 million, $10.6 million and $8.5 million during the years ended December 31, 2023, 2022 and 2021, respectively. The subordinated debentures are included in tier 2 capital (with certain limitations applicable) under current regulatory guidelines and interpretations. |
OTHER SHORT-TERM BORROWINGS
OTHER SHORT-TERM BORROWINGS | 12 Months Ended |
Dec. 31, 2023 | |
OTHER SHORT-TERM BORROWINGS | |
OTHER SHORT-TERM BORROWINGS | 15. OTHER SHORT-TERM BORROWINGS The following is a summary of other short-term borrowings: December 31, (In thousands) 2023 2022 Repurchase agreements $ — $ 1,360 Other short-term borrowings $ — $ 1,360 Repurchase Agreements The Bank utilizes securities sold under agreements to repurchase (“repurchase agreements”) as part of its borrowing policy to add liquidity. Repurchase agreements represent funds received from customers, generally on an overnight basis, which are collateralized by investment securities, of which 100% were pass-through MBS issued by GSEs. There were no repurchase agreements at December 31, 2023. Repurchase agreements are financing arrangements that at maturity, the securities underlying the agreements are returned to the Bank. The primary risk associated with these secured borrowings is the requirement to pledge a market value-based balance of collateral in excess of the borrowed amount. The excess collateral pledged represents an unsecured exposure to the lending counterparty. As the market value of the collateral changes, both through changes in discount rates and spreads as well as related cash flows, additional collateral may need to be pledged. In accordance with the Bank’s policies, eligible counterparties are defined and monitored to minimize exposure. There was no interest expense on repurchase agreements for the year ended December 31, 2023. Interest expense on repurchase agreements for the years ended December 31, 2022 and 2021 was $1 thousand, respectively. AFX The Bank is a member of AFX, through which it may either borrow or lend funds on an overnight or short-term basis with other member institutions. The availability of funds changes daily. Interest expense on AFX borrowings for the years ended December 31, 2023, 2022 and 2021 was $101 thousand, $1.4 million, and $1 thousand, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
INCOME TAXES | 16. INCOME TAXES The Company’s consolidated Federal, State and City income tax provisions were comprised of the following: Year Ended December 31, (In thousands) 2023 2022 2021 Current expense Federal $ 24,469 $ 39,492 $ 23,759 State and city 15,681 17,205 11,815 Total current expense 40,150 56,697 35,574 Deferred expense Federal 1,393 840 5,490 State and city (758) 1,822 3,106 Total deferred expense 635 2,662 8,596 Total $ 40,785 $ 59,359 $ 44,170 The preceding table excludes tax effects recorded directly to stockholders’ equity in connection with unrealized gains and losses on securities available-for-sale (including losses on such securities upon their transfer to held-to-maturity), interest rate derivatives, and adjustments to other comprehensive income relating to the minimum pension liability, unrecognized gains of pension and other postretirement obligations and changes in the non-credit component of OTTI. These tax effects are disclosed as part of the presentation of the consolidated statements of changes in stockholders’ equity and comprehensive income. The provision for income taxes differed from that computed at the Federal statutory rate as follows: Year Ended December 31, (Dollars in thousands) 2023 2022 2021 Tax at federal statutory rate $ 28,745 $ 44,502 $ 31,115 State and local taxes, net of federal income tax benefit 12,237 13,699 11,601 Benefit plan differences (127) (127) (107) Investment in BOLI (2,047) (2,173) (1,485) Equity based compensation 79 (141) (301) Salaries deduction limitation 2,381 2,054 3,419 Transaction costs — — 181 Other, net (483) 1,545 (253) Total $ 40,785 $ 59,359 $ 44,170 Effective tax rate 29.80 % 28.01 % 29.81 % The increase in effective tax rate in 2023 was primarily the result of an increase in the Section 162M limitation due to executive severance. Deferred tax assets and liabilities are recorded for temporary differences between the book and tax bases of assets and liabilities. The components of Federal, State and City deferred income tax assets and liabilities were as follows: December 31, (In thousands) 2023 2022 Deferred tax assets: Allowance for credit losses and other contingent liabilities $ 26,926 $ 28,175 Tax effect of other components of income on securities available-for-sale 34,745 38,140 Tax effect of other components of income on securities held-to-maturity 7,216 8,138 Operating lease liability 19,229 19,256 Other 2,603 2,074 Total deferred tax assets 90,719 95,783 Deferred tax liabilities: Tax effect of other components of income on derivatives 2,368 5,394 Employee benefit plans 1,707 976 Tax effect of purchase accounting fair value adjustments 1,329 2,352 Difference in book and tax carrying value of fixed assets 2,230 4,261 Difference in book and tax basis of unearned loan fees 3,239 2,431 Operating lease asset 18,266 18,414 States taxes 2,166 2,801 Other 241 1,002 Total deferred tax liabilities 31,546 37,631 Net deferred tax asset (recorded in other assets) $ 59,173 $ 58,152 The Company and its subsidiary are subject to U.S. federal income tax as well as income tax of the State of New York, City of New York and the State of New Jersey. Under generally accepted accounting principles, the Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. No valuation allowances were recognized on deferred tax assets during the years ended December 31, 2023 or 2022, since, at each period end, it was deemed more likely than not that the deferred tax assets would be fully realized. In connection with the Merger, the Company acquired a federal net operating loss (“NOL”) carryforward subject to Internal Revenue Code Section 382. The Company recorded a deferred tax asset that it expects to realize within the carryforward period. At December 31, 2023, the remaining federal NOL carryforward was $2.2 million. At December 31, 2023, the Company had a New York State NOL carryforward of $543 thousand, and recorded a deferred tax asset that it expects to recover within the carryforward period. At December 31, 2023, the Company had a New York City NOL carryforward balance of zero. The New York State NOLs at December 31, 2023 included NOLs acquired in connection with the Merger. At December 31, 2023 and 2022, the Bank had accumulated bad debt reserves totaling $15.1 million for which no provision for income tax was required to be recorded. These bad debt reserves could be subject to recapture into taxable income under certain circumstances, including a distribution of the bad debt benefits to the Holding Company or the failure of the Bank to qualify as a bank for federal income tax purposes. Should the reserves as of December 31, 2023 be fully recaptured, the Bank would recognize $4.8 million in additional income tax expense. The Company expects to take no action in the foreseeable future that would require the establishment of a tax liability associated with these bad debt reserves. The Company is subject to regular examination by various tax authorities in jurisdictions in which it conducts significant business operations. The Company regularly assesses the likelihood of additional examinations in each of the tax jurisdictions resulting from ongoing assessments. Under current accounting rules, all tax positions adopted are subjected to two levels of evaluation. Initially, a determination is made, based on the technical merits of the position, as to whether it is more likely than not that a tax position will be sustained upon examination, including resolution of any related appeals or litigation processes. In conducting this evaluation, management is required to presume that the position will be examined by the appropriate taxing authority possessing full knowledge of all relevant information. The second level of evaluation is the measurement of a tax position that satisfies the more-likely-than-not recognition threshold. This measurement is performed in order to determine the amount of benefit to recognize in the financial statements. The tax position is measured at the largest amount of benefit that is greater than 50% likely to be realized upon ultimate settlement. The Company had no unrecognized tax benefits as of December 31, 2023 or 2022. The Company does not anticipate any material change to unrecognized tax benefits during the year ended December 31, 2024. As of December 31, 2023, the tax years ended December 31, 2023, 2022, 2021, and 2020, remained subject to examination by all of the Company's relevant tax jurisdictions. The Company is currently not under audit in any taxing jurisdictions. |
MERGER RELATED EXPENSES
MERGER RELATED EXPENSES | 12 Months Ended |
Dec. 31, 2023 | |
MERGER RELATED EXPENSES | |
MERGER RELATED EXPENSES | 17. MERGER RELATED EXPENSES Merger-related expenses were recorded in the consolidated statements of operations 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 year ended December 31, 2023 and December 31, 2022. Costs associated with employee severance and other merger-related compensation expense incurred in connection with the Merger totaled $15.9 million for the year ended December 31, 2021 and were recorded in merger expenses and transaction costs expense in the consolidated statements of operations. Transaction costs (inclusive of costs to terminate leases) in connection with the Merger totaled $28.9 million, for the year ended December 31, 2021, and were recorded in merger expenses and transaction costs in the consolidated statements of operations. |
BRANCH RESTRUCTURING COSTS
BRANCH RESTRUCTURING COSTS | 12 Months Ended |
Dec. 31, 2023 | |
BRANCH RESTRUCTURING COSTS | |
BRANCH RESTRUCTURING COSTS | 18. BRANCH RESTRUCTURING COSTS On June 29, 2021, the Company issued a press release announcing that the Bank planned to combine five branch locations into other existing branches. The combinations took place in October 2021. Costs associated with early lease terminations and accelerated depreciation of fixed assets totaled $5.1 million for the year ended December 31, 2021 and were recorded in branch restructuring costs in the consolidated statements of operations. There were no branch restructuring costs for the years ended December 31, 2023 or 2022. |
RETIREMENT AND POSTRETIREMENT P
RETIREMENT AND POSTRETIREMENT PLANS | 12 Months Ended |
Dec. 31, 2023 | |
RETIREMENT AND POSTRETIREMENT PLANS | |
RETIREMENT AND POSTRETIREMENT PLANS | 19. RETIREMENT AND POSTRETIREMENT PLANS The Bank maintains two noncontributory pension plans that existed before the Merger: (i) the Retirement Plan of Dime Community Bank (“Employee Retirement Plan”) and (ii) the BNB Bank Pension Plan, covering all eligible employees. Bank of America, N.A. (“BANA”) was the Trustee for the Employee Retirement Plan and BNB Bank Pension Plan assets as of December 31, 2023. Pentegra Retirement Trust was the trustee for the Employee Retirement Plan prior to the transfer to BANA during the year ended December 31, 2021. The assets of both plans are overseen by the Retirement Committee (“Committee”), comprised of management, who meet quarterly and set investment policy guidelines. Merrill Lynch, Pierce, Fenner & Smith, Inc. (“MLPF&S”) and Blackrock are the investment managers of the assets of both plans. The Committee meets with representatives of MLPF&S and reviews the performance of the plan assets. Pension plan assets include cash and cash equivalents, equities and fixed income securities. Employee Retirement Plan The Bank sponsors the Employee Retirement Plan, a tax-qualified, noncontributory, defined-benefit retirement plan. Prior to April 1, 2000, substantially all full-time employees of at least 21 years of age were eligible for participation after one year of service. Effective April 1, 2000, the Bank froze all participant benefits under the Employee Retirement Plan. On December 21, 2023, the Company’s Board of Directors adopted a resolution to terminate the Employee Retirement Plan effective December 31, 2023. Retirement benefits of the plan were vested as they were earned. For the years ended December 31, 2023 and 2022, the Bank used December 31 as its measurement date for the Employee Retirement Plan. The funded status of the Employee Retirement Plan was as follows: Year Ended December 31, (In thousands) 2023 2022 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 19,021 $ 24,961 Interest cost 900 622 Actuarial (gain) loss 384 (5,004) Benefit payments (1,584) (1,558) Projected benefit obligation at end of year 18,721 19,021 Plan assets at fair value (investments in trust funds managed by trustee) Balance at beginning of year 22,593 28,693 Return on plan assets 294 (4,542) Benefit payments (1,584) (1,558) Balance at end of year 21,303 22,593 Funded status at end of year $ 2,582 $ 3,572 The net periodic cost for the Employee Retirement Plan included the following components: Year Ended December 31, (In thousands) 2023 2022 2021 Interest cost $ 900 $ 622 $ 562 Expected return on plan assets (1,521) (1,949) (1,846) Amortization of unrealized loss 572 261 824 Net periodic benefit (credit) cost $ (49) $ (1,066) $ (460) The change in accumulated other comprehensive loss that resulted from the Employee Retirement Plan is summarized as follows: Year Ended December 31, (In thousands) 2023 2022 Balance at beginning of period $ (5,323) $ (4,097) Amortization of unrealized loss 572 261 Loss recognized during the year (1,612) (1,487) Balance at the end of the period $ (6,363) $ (5,323) Period end component of accumulated other comprehensive loss, net of tax $ 4,343 $ 3,649 Major assumptions utilized to determine the net periodic cost of the Employee Retirement Plan benefit obligations were as follows: At or for the Year Ended December 31, 2023 2022 2021 Discount rate used for net periodic benefit cost 4.90 % 2.55 % 2.15 % Discount rate used to determine benefit obligation at period end 4.70 4.90 2.55 Expected long-term return on plan assets used for net periodic benefit cost 7.00 7.00 7.00 Expected long-term return on plan assets used to determine benefit obligation at period end 7.00 7.00 7.00 Plan Assets At December 31, 2023, the Employee Retirement Plan’s assets included included debt securities. Debt securities include corporate bonds, government issues, mortgage-backed securities, high yield securities and mutual funds. The weighted average expected long-term rate of return is estimated based on current trends in Employee Retirement Plan assets, as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice No. 27 for the real and nominal rate of investment return for a specific mix of asset classes. The long-term rate of return considers historical returns for the S&P 500 index and corporate bonds representing cumulative returns of approximately 9.0% and 5.0%, respectively. These returns were considered along with the target allocations of asset categories. When these overall return expectations were applied to the Employee Retirement Plan’s target allocation, the expected annual rate of return was determined to be 7.00% at both December 31, 2023 and 2022. The Bank did not make any contributions to the Employee Retirement Plan during the year ended December 31, 2023. The Bank does not expect to make contributions to the Employee Retirement Plan during the year ending December 31, 2024. The weighted-average allocation by asset category of the assets of the Employee Retirement Plan was summarized as follows: December 31, 2023 2022 Asset category: Equity securities — % 51 % Debt securities 100 47 Cash equivalents — 2 Total 100 % 100 % The allocation percentages in the above table were consistent with future planned allocation percentages as of December 31, 2023 and 2022, respectively. The following tables present a summary of the Employee Retirement Plan’s investments measured at fair value on a recurring basis by level within the fair value hierarchy, as of the dates indicated. (See Note 24 for a discussion of the fair value hierarchy). December 31, 2023 Fair Value Measurements Using: Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 58 $ — $ 58 Fixed income securities: Government 21,245 — — 21,245 Total Plan Assets $ 21,245 $ 58 $ — $ 21,303 December 31, 2022 Fair Value Measurements Using: Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 541 $ — $ 541 Equities: U.S. large cap 8,398 — — 8,398 U.S. mid cap/small cap 2,348 — — 2,348 International 2,718 — — 2,718 Equities blend 192 — — 192 Fixed income securities: Corporate — 1,305 — 1,305 Government 2,527 — — 2,527 Mortgage-backed — 586 — 586 High yield bonds and bond funds — 3,978 — 3,978 Total Plan Assets $ 16,183 $ 6,410 $ — $ 22,593 Benefit payments for the fiscal year ending December 31 st (In thousands) 2024 $ 1,526 2025 1,518 2026 1,475 2027 1,447 2028 1,401 2029 to 2033 6,621 BNB Bank Pension Plan During 2012, Bridge amended the BNB Bank Pension Plan by revising the formula for determining benefits effective January 1, 2013, except for certain grandfathered Bridge employees. Additionally, new Bridge employees hired on or after October 1, 2012 were not eligible for the BNB Bank Pension Plan. For the year ended December 31, 2023, the Bank used December 31 as its measurement date for the BNB Bank Pension Plan. Effective December 31, 2023, the Bank froze all participant benefits under the BNB Pension Plan, the impact of which is reflected in the recorded curtailment as of December 31, 2023. On December 21, 2023, the Company’s Board of Directors adopted a resolution to terminate the BNB Bank Pension Plan effective December 31, 2023. Retirement benefits of the plan were vested as they were earned. The funded status of the BNB Bank Pension Plan was as follows: Year Ended December 31, (In thousands) 2023 2022 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 27,920 $ 34,495 Service cost 564 807 Interest cost 1,263 793 Actuarial gain (883) (7,111) Curtailment (446) — Benefit payments (1,136) (1,064) Projected benefit obligation at end of year 27,282 27,920 Plan assets at fair value (investments in trust funds managed by trustee) Balance at beginning of year 38,572 47,857 Return on plan assets 734 (8,221) Benefit payments (1,136) (1,064) Balance at end of year 38,170 38,572 Funded status at end of year $ 10,888 $ 10,652 The net periodic cost for the BNB Bank Pension Plan included the following components: Year Ended December 31, (In thousands) 2023 2022 Service cost $ 564 $ 807 Interest cost 1,263 793 Expected return on plan assets (2,760) (3,441) Net periodic benefit credit $ (933) $ (1,841) The change in accumulated other comprehensive income that resulted from the BNB Bank Pension Plan is summarized as follows: Year Ended December 31, (In thousands) 2023 2022 Balance at beginning of period $ (2,358) $ 2,193 Loss recognized during the year (698) (4,551) Balance at the end of the period $ (3,056) $ (2,358) Period end component of accumulated other comprehensive income, net of tax $ 2,087 $ 1,617 Major assumptions utilized to determine the net periodic cost of the BNB Bank Pension Plan benefit obligations were as follows: At or for the Year Ended December 31, 2023 2022 Discount rate used for net periodic benefit cost 4.98 % 2.69 % Discount rate used to determine benefit obligation at period end 4.79 4.98 Expected long-term return on plan assets used for net periodic benefit cost 7.25 7.25 Expected long-term return on plan assets used to determine benefit obligation at period end 7.25 7.25 Plan Assets At December 31, 2023, the BNB Bank Pension Plan’s assets included cash equivalents and debt securities. The weighted average expected long-term rate of return is estimated based on current trends in BNB Bank Pension Plan assets, as well as projected future rates of return on those assets and reasonable actuarial assumptions based on the guidance provided by Actuarial Standard of Practice No. 27 for the real and nominal rate of investment return for a specific mix of asset classes. The long-term rate of return considers historical returns for the S&P 500 index and corporate bonds representing cumulative returns of approximately 9.0% and 5.0%, respectively. These returns were considered along with the target allocations of asset categories. When these overall return expectations were applied to the BNB Bank Pension Plan’s target allocation, the expected annual rate of return was determined to be 7.25% at December 31, 2023 and 2022. The Bank did not make any contributions to the BNB Bank Pension Plan during the year ended December 31, 2023. The Bank does not expect to make contributions to the BNB Bank Pension Plan during the year ending December 31, 2024. The weighted-average allocation by asset category of the assets of the BNB Bank Pension Plan was summarized as follows: December 31, 2023 2022 Asset category: Equity securities - % 51 % Debt securities 99 46 Cash equivalents 1 3 Total 100 % 100 % The following tables present a summary of the BNB Bank Pension Plan’s investments measured at fair value on a recurring basis by level within the fair value hierarchy, as of the dates indicated. (See Note 24 for a discussion of the fair value hierarchy). Fair Value Measurements at December 31, 2023 Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 317 $ — $ 317 Fixed income securities: Government 37,853 — — 37,853 Total Plan Assets $ 37,853 $ 317 $ — $ 38,170 Fair Value Measurements at December 31, 2022 Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 1,001 $ — $ 1,001 Equities: U.S. large cap 14,310 — — 14,310 U.S. mid cap/small cap 4,094 — — 4,094 International 4,658 — — 4,658 Equities blend 308 — — 308 Fixed income securities: Corporate — 2,203 — 2,203 Government 4,275 — — 4,275 Mortgage-backed — 979 — 979 High yield bonds and bond funds — 6,744 — 6,744 Total Plan Assets $ 27,645 $ 10,927 $ — $ 38,572 Benefit payments for the fiscal year ending December 31 st (In thousands) 2024 $ 1,298 2025 1,379 2026 1,501 2027 1,477 2028 1,529 2029 to 2033 9,075 401(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. Newly hired employees are automatically enrolled in the plan on the first day of the month following the 60 th salaries and employee benefits expense for the 401(k) Plan was $2.5 million during the year ended December 31, 2023 and $2.3 million during the years December 31, 2022, and December 31, 2021, respectively. Dime KSOP Plan The Dime Community Bank KSOP Plan (“Dime KSOP Plan”) was terminated by resolution of the Legacy Dime Board of Directors. The effective date of the Dime KSOP Plan termination was February 1, 2021, the date of the Merger. As such, all participants were required to transfer their assets out of the Dime KSOP Plan. The KSOP held Legacy Dime common stock within the accounts of participants totaling $40 thousand at December 31, 2021. During the year ended December 31, 2021, total expense recognized as a component of salaries and employee benefits expense for the Dime KSOP Plan was $338 thousand. 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 As of December 31, 2021, the Bank used December 31 st 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 year ended December 31, 2021 was $1.5 million. The combined funded status of the defined benefit portions of the BMP and the Director Retirement Plan was as follows: Year Ended (In thousands) December 31, 2021 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 9,328 Interest cost 12 Benefit payments (9,063) Actuarial (gain) loss (277) Projected benefit obligation at end of year — Plan assets at fair value: Balance at beginning of year — Contributions 9,063 Benefit payments (9,063) Balance at end of period — Funded status at end of year $ — The combined net periodic cost for the defined benefit portions of the BMP and the Director Retirement Plan included the following components: Year Ended (In thousands) December 31, 2021 Interest cost $ 12 Curtailment loss 1,543 Amortization of unrealized loss — Net periodic benefit cost $ 1,555 The combined change in accumulated other comprehensive loss that resulted from the BMP and Director Retirement Plan is summarized as follows: Year Ended (In thousands) December 31, 2021 Balance at beginning of year $ (1,820) Amortization of unrealized loss — Gain (loss) recognized during the year 277 Curtailment credit 1,543 Balance at the end of year $ — Period end component of accumulated other comprehensive loss, net of tax $ — Postretirement Benefit Plan The Bank offered the Postretirement Benefit Plan to its retired employees who provided at least five consecutive years of credited service and were active employees prior to April 1, 1991. Postretirement Benefit Plan benefits were available only to full-time employees who commence or commenced collecting retirement benefits from the Retirement Plan immediately upon termination of service from the Bank. The Postretirement Benefit Plan was amended effective March 31, 2015 to eliminate plan participation for post-amendment retirees. The plan was terminated during the year ended December 31, 2020. The funded status of the Postretirement Benefit Plan was as follows: Year Ended (In thousands) December 31, 2021 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 13 Interest cost — Actuarial loss — Curtailment gain — Benefit payments (13) Projected benefit obligation at end of year — Plan assets at fair value: Balance at beginning of year — Contributions 13 Benefit payments (13) Balance at end of period — Funded status at end of year $ — |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
STOCK-BASED COMPENSATION | |
STOCK-BASED COMPENSATION | 20. STOCK-BASED COMPENSATION Before the Merger, Bridge and Legacy Dime granted share-based awards under their respective stock-based compensation plans, (collectively, the “Legacy Stock Plans”), which are both subject to the accounting requirements of ASC 718. In May 2021, the Company’s shareholders approved the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”) to provide the Company with sufficient equity compensation to meet the objectives of appropriately incentivizing its officers, other employees, and directors to execute our strategic plan to build shareholder value, while providing appropriate shareholder protections. The Company no longer makes grants under the Legacy Stock Plans. Awards outstanding under the Legacy Stock Plans will continue to remain outstanding and subject to the terms and conditions of the Legacy Stock Plans. At December 31, 2023, there were 638,799 shares reserved for issuance under the 2021 Equity Incentive Plan. In connection with the Merger, all outstanding stock options granted under Legacy Dime’s equity plans, were legally assumed by the combined company and adjusted so that its holder is entitled to receive a number of shares of Dime’s common stock equal to the product of (a) the number of shares of Legacy Dime common stock subject to such award multiplied by (b) the Exchange Ratio and (c) rounded, as applicable, to the nearest whole share, and otherwise subject to the same terms and conditions (including, without limitation, with respect to vesting conditions (taking into account any vesting that occurred at the Merger Date). In connection with the Merger, all outstanding stock options and time-vesting restricted stock units of Bridge, which we refer to as the Bridge equity awards, which were outstanding immediately before the Merger Date continue to be awards in respect of Dime common stock following the Merger, subject to the same terms and conditions that were applicable to such awards before the Merger Date. Stock Option Activity The following table presents a summary of activity related to stock options granted under the Legacy Stock Plans, and changes during the period then ended: Weighted- Average Weighted- Remaining Aggregate Number of Average Exercise Contractual Intrinsic (Dollars in thousands except share and per share amounts) Options Price Years Value Options outstanding at January 1, 2023 92,137 $ 35.39 6.2 — Options exercised — — Options forfeited (65,142) 35.38 Options outstanding at December 31, 2023 26,995 $ 35.39 5.2 $ — Options vested and exercisable at December 31, 2023 26,995 $ 35.39 5.2 $ — Information related to stock options during each period is as follows: Year Ended December 31, (In thousands) 2023 2022 2021 Cash received for option exercise cost $ — $ — $ 431 Income tax (expense) benefit recognized on stock option exercises — — (15) Intrinsic value of options exercised — — 171 The range of exercise prices and weighted-average remaining contractual lives of both outstanding and vested options (by option exercise cost) as of December 31, 2023 were as follows: Outstanding Options Vested Options Weighted Weighted Average Average Contractual Contractual Years Years Amount Remaining Amount Remaining Exercise Prices: $34.87 10,061 6.1 10,061 6.1 $35.35 9,802 5.1 9,802 5.1 $36.19 7,132 4.1 7,132 4.1 Total 26,995 5.2 26,995 5.2 Restricted Stock Awards The Company has made RSA grants to outside Directors and certain officers under the Legacy Stock Plans and the 2021 Equity Incentive Plan. Typically, awards to outside Directors fully vest on the first anniversary of the grant date, while awards to officers vest over a pre-determined requisite period. All awards were made at the fair value of the Company’s common stock on the grant date. Compensation expense on all RSAs is based upon the fair value of the shares on the respective dates of the grant. 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, 2023 350,758 $ 28.63 Shares granted 220,750 25.47 Shares vested (134,648) 29.37 Shares forfeited (80,065) 26.45 Unvested allocated shares outstanding at December 31, 2023 356,795 $ 26.88 Information related to RSAs during each period is as follows: Year Ended December 31, (In thousands) 2023 2022 2021 Compensation expense recognized $ 4,003 $ 3,516 $ 5,253 Income tax (expense) benefit recognized on vesting of RSAs (188) (10) 27 As of December 31, 2023, there was $5.6 million of total unrecognized compensation cost related to unvested RSAs to be recognized over a weighted-average period of 1.7 years. Performance-Based Share Awards The Company maintains a LTIP for certain officers, which meets the criteria for equity-based accounting. For each award, threshold (50% of target), target (100% of target) and stretch (150% of target) opportunities are eligible to be earned over a three-year performance period based on the Company’s relative performance on certain goals that were established at the onset of the performance period and cannot be altered subsequently. Shares of common stock are issued on the grant date and held as unvested stock awards until the end of the performance period. Shares are issued at the stretch opportunity in order to ensure that an adequate number of shares are allocated for shares expected to vest at the end of the performance period. Compensation expense on PSAs is based upon the fair value of the shares on the date of the grant for the expected aggregate share payout as of the period end. As of December 31, 2023 and 2022, 195,066 shares and 60,755 shares have been granted, respectively. 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, 2023 95,831 $ 30.35 Shares granted 195,066 17.69 Shares forfeited (60,987) 25.21 Maximum aggregate share payout at December 31, 2023 229,910 $ 20.97 Minimum aggregate share payout — — Expected aggregate share payout 210,820 $ 20.21 Information related to PSAs during each period is as follows: Year Ended December 31, (In thousands) 2023 2022 2021 Compensation (benefit) expense recognized $ 635 $ 760 $ 154 Income tax expense recognized on vesting of PSAs — 193 — As of December 31, 2023, there was $2.7 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 2.3 years. |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER COMMON SHARE | |
EARNINGS PER COMMON SHARE | 21. EARNINGS PER SHARE Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted-average common shares outstanding during the reporting period. Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock, and prior to 2021, if all likely aggregate PSAs were issued. In determining the weighted average shares outstanding for basic and diluted EPS, treasury shares are excluded. Vested RSA shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. Unvested RSA and PSA shares not yet awarded are recognized as a special class of participating securities under ASC 260, and are included in the calculation of the weighted average shares outstanding for basic and diluted EPS. The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented: Year Ended December 31, (In thousands except share and per share amounts) 2023 2022 2021 Net income available to common stockholders $ 88,808 $ 145,270 $ 96,710 Less: Dividends paid and earnings allocated to participating securities (1,240) (1,688) (1,215) Income attributable to common stock $ 87,568 $ 143,582 $ 95,495 Weighted-average common shares outstanding, including participating securities 38,754,346 38,985,314 39,327,959 Less: weighted-average participating securities (566,869) (446,480) (425,533) Weighted-average common shares outstanding 38,187,477 38,538,834 38,902,426 Basic EPS $ 2.29 $ 3.73 $ 2.45 Income attributable to common stock $ 87,568 $ 143,582 $ 95,495 Weighted-average common shares outstanding 38,187,477 38,538,834 38,902,426 Weighted-average common equivalent shares outstanding — — 611 Weighted-average common and equivalent shares outstanding 38,187,477 38,538,834 38,903,037 Diluted EPS $ 2.29 $ 3.73 $ 2.45 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 69,479, 134,447 and 167,053 weighted-average stock options outstanding for the years ended December 31, 2023, 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 | 12 Months Ended |
Dec. 31, 2023 | |
PREFERRED STOCK. | |
PREFERRED STOCK | 22. PREFERRED STOCK On February 5, 2020, Legacy Dime completed an underwritten public offering of 2,999,200 shares, or $75.0 million in aggregate liquidation preference, of its 5.50% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25.00 per share (the “Legacy Dime Preferred Stock”). The net proceeds received from the issuance of preferred stock at the time of closing were $72.2 million. On June 10, 2020, Legacy Dime completed an underwritten public offering, a reopening of the February 5, 2020 original issuance, of 2,300,000 shares, or $57.5 million in aggregate liquidation preference, of the Legacy Dime Preferred Stock. The net proceeds received from the issuance of preferred stock at the time of closing were $44.3 million. At the Effective Time of the Merger, each outstanding share of the Legacy Dime Preferred Stock was converted into the right to receive one share of a newly created series of the Company’s preferred stock having the same powers, preferences and rights as the Legacy Dime Preferred Stock. The Company expects to pay dividends when, as, and if declared by its board of directors, at a fixed rate of 5.50% per annum, payable quarterly, in arrears, on February 15, May 15, August 15 and November 15 of each year. The Preferred Stock is perpetual and has no stated maturity. The Company may redeem the Preferred Stock at its option at a redemption price equal to $25.00 per share, plus any declared and unpaid dividends (without regard to any undeclared dividends), subject to regulatory approval, on or after June 15, 2025 or within 90 days following a regulatory capital treatment event, as described in the prospectus supplement and accompanying prospectus relating to the offering. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 23. COMMITMENTS AND CONTINGENCIES Loan Commitments and Lines of Credit The contractual amounts of financial instruments with off-balance sheet risk were as follows: Year Ended December 31, 2023 2022 (In thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Available lines of credit $ 114,880 $ 1,072,471 $ 73,929 $ 996,029 Other loan commitments 7,190 89,855 150,663 120,899 Stand-by letters of credit 38,095 — 27,020 355 At December 31, 2023 and 2022, the Bank had outstanding firm loan commitments that were accepted by borrowers that aggregated to $97.0 million and $271.6 million, respectively. Substantially all of the Bank’s commitments expire within three months of their acceptance by the prospective borrowers. The credit risk associated with these commitments is based on the loan type which is comprised of multifamily residential, residential mixed-use, CRE, commercial mixed-use, C&I, and one-to-four family residential loans. At December 31, 2023, the Bank had an available line of credit with the FHLBNY equal to its excess borrowing capacity. At December 31, 2023, this amount approximated $1.19 billion. During the year ended December 31, 2017, the Bank completed a securitization of $280.2 million of its multifamily loans through a FHLMC sponsored “Q-deal” securitization completed in December 2017. With respect to the securitization transaction, the Company also has continuing involvement through a reimbursement agreement executed with Freddie Mac. To the extent the ultimate resolution of defaulted loans results in contractual principal and interest payments that are deficient, the Company is obligated to reimburse FHLMC for such amounts, not to exceed 10% of the original principal amount of the loans comprising the securitization pool at the closing date. Litigation The Company is subject to certain pending and threatened legal actions which arise out of the normal course of business. Litigation is inherently unpredictable, particularly in proceedings where claimants seek substantial or indeterminate damages, or which are in their early stages. The Company cannot predict with certainty the actual loss or range of loss related to such legal proceedings, the manner in which they will be resolved, the timing of final resolution or the ultimate settlement. Consequently, the Company cannot estimate losses or ranges of losses related to such legal matters, even in instances where it is reasonably possible that a loss will be incurred. In the opinion of management, after consultation with counsel, the resolution of all ongoing legal proceedings will not have a material adverse effect on the consolidated financial condition or results of operations of the Company. The Company accounts for potential losses related to litigation in accordance with GAAP. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | 24. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 Inputs Level 2 Inputs e.g. Level 3 Inputs – Assets and Liabilities Measured at Fair Value on a Recurring Basis Securities The Company’s available-for-sale securities are reported at fair value, which were determined utilizing prices obtained from independent parties. The valuations obtained are based upon market data, and often utilize evaluated pricing models that vary by asset and incorporate available trade, bid and other market information. For securities that do not trade on a daily basis, pricing applications apply available information such as benchmarking and matrix pricing. The market inputs normally sought in the evaluation of securities include benchmark yields, reported trades, broker/dealer quotes (obtained only from market makers or broker/dealers recognized as market participants), issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data. For certain securities, additional inputs may be used or some market inputs may not be applicable. Prioritization of inputs may vary on any given day based on market conditions. All MBS, CMOs, treasury securities, and agency notes are guaranteed either implicitly or explicitly by GSEs as of December 31, 2023 and December 31, 2022. In accordance with the Company’s investment policy, corporate securities are rated "investment grade" at the time of purchase and the financials of the issuers are reviewed quarterly. Obtaining market values as of December 31, 2023 and December 31, 2022 for these securities utilizing significant observable inputs was not difficult due to their liquid nature. Derivatives Derivatives represent interest rate swaps and estimated fair values are based on valuation models using observable market data as of the measurement date. The following tables present financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value Measurements at December 31, 2023 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Securities available-for-sale: Agency notes $ 9,371 $ — $ 9,371 $ — Treasury securities 234,190 — 234,190 — Corporate securities 151,170 — 151,170 — Pass-through MBS issued by GSEs 205,285 — 205,285 — Agency CMOs 259,415 — 259,415 — State and municipal obligations 26,809 — 26,809 — Derivative – cash flow hedges 7,461 — 7,461 — Derivative – freestanding derivatives, net 114,671 — 114,671 — Financial Liabilities: Derivative – fair value hedges 6,594 — 6,594 — Derivative – freestanding derivatives, net 114,671 — 114,671 — Fair Value Measurements at December 31, 2022 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Securities available-for-sale: Treasury securities $ 227,256 $ — $ 227,256 $ — Corporate securities 166,773 — 166,773 — Pass-through MBS issued by GSEs 241,240 — 241,240 — Agency CMOs 281,339 — 281,339 — State and municipal obligations 33,979 — 33,979 — Derivative – cash flow hedges 17,150 — 17,150 — Derivative – freestanding derivatives, net 137,335 — 137,335 — Financial Liabilities: Derivative – freestanding derivatives, net 137,335 — 137,335 — Assets Measured at Fair Value on a Non-recurring Basis Certain financial assets 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 reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. December 31, 2023 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 $ 6,336 $ — $ — $ 6,336 December 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 Individually evaluated loans with an allowance for credit losses at December 31, 2023 had a carrying amount of $6.3 million, which is made up of the outstanding balance of $7.3 million, net of a valuation allowance of $1.0 million. Collateral dependent individually analyzed loans as of December 31, 2023 resulted in a credit loss recovery of $371 thousand, which is included in the amounts reported in the consolidated statements of operations for the year ended December 31, 2023. Individually evaluated loans with an allowance for credit losses at December 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 December 31, 2022 resulted in a credit loss provision of $0.7 million, which is included in the amounts reported in the consolidated statements of operations for the year ended December 31, 2022. Financial Instruments Not Measured at Fair Value The following tables present the carrying amounts and estimated fair values of financial instruments other than those measured at fair value on either a recurring or nonrecurring basis for the dates indicated, segmented by level within the fair value hierarchy. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value Measurements at December 31, 2023 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 457,547 $ 457,547 $ — $ — $ 457,547 Securities held-to-maturity 594,639 — 516,930 — 516,930 Loans held for investment, net 10,695,349 — — 10,305,026 10,305,026 Accrued interest receivable 55,666 — 6,593 49,073 55,666 Financial Liabilities: Savings, money market and checking accounts (1) 8,922,972 8,922,972 — — 8,922,972 CDs 1,607,683 — 1,602,087 — 1,602,087 FHLBNY advances 1,313,000 — 1,312,940 — 1,312,940 Subordinated debt, net 200,196 — 160,696 — 160,696 Accrued interest payable 17,298 — 17,298 — 17,298 (1) Includes mortgage escrow deposits. Fair Value Measurements at December 31, 2022 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 169,297 $ 169,297 $ — $ — $ 169,297 Securities held-to-maturity 585,798 — 505,759 — 505,759 Loans held for investment, net 10,482,145 — — 10,005,121 10,005,121 Accrued interest receivable 48,561 — 6,105 42,456 48,561 Financial Liabilities: Savings, money market and checking accounts (1) 9,139,043 9,139,043 — — 9,139,043 CDs 1,115,364 — 1,096,808 — 1,096,808 FHLBNY advances 1,131,000 — 1,131,217 — 1,131,217 Subordinated debt, net 200,283 — 180,583 — 180,583 Other short-term borrowings 1,360 1,360 — — 1,360 Accrued interest payable 5,323 — 5,323 — 5,323 (1) Includes mortgage escrow deposits. |
REGULATORY CAPITAL MATTERS
REGULATORY CAPITAL MATTERS | 12 Months Ended |
Dec. 31, 2023 | |
REGULATORY CAPITAL MATTERS | |
REGULATORY CAPITAL MATTERS | 25. REGULATORY CAPITAL MATTERS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital requirements that involve quantitative measures of the Company’s and Bank’s assets, liabilities, and certain off-balance sheet items calculated under regulatory accounting practices. The Company’s and Bank’s capital amounts and classifications also are subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of total, tier 1, and common equity tier 1 capital to risk-weighted assets and of tier 1 capital to average assets. Tier 1 capital, risk-weighted assets and average assets are as defined by regulation. The required minimums for the Company and Bank are set forth in the tables that follow. The Company and the Bank met all capital adequacy requirements at December 31, 2023 and 2022. Under the Basel III Capital Rules the Company and the Bank are subject to the following minimum capital to risk-weighted assets ratios: a) 4.5% based on common equity tier 1 capital ("CET1"); b) 6.0% based on tier 1 capital; and c) 8.0% based on total regulatory capital. A minimum leverage ratio (tier 1 capital as a percentage of total average assets) of 4.0% is also required under the Basel III Capital Rules. The Basel III Capital Rules additionally require institutions to retain a capital conservation buffer, composed of CET1, of 2.5% above these required minimum capital ratio levels. Including the capital conservation buffer, the Company and the Bank effectively have the following minimum capital to risk-weighted assets ratios: a) 7.0% based on CET1; b) 8.5% based on tier 1 capital; and c) 10.5% based on total regulatory capital. The Company and the Bank made the one-time, permanent election to continue to exclude the effects of accumulated other comprehensive income or loss items included in stockholders’ equity for the purposes of determining the regulatory capital ratios. As of December 31, 2023, the most recent notification from the Federal Deposit Insurance Corporation categorized the Bank as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk-based, tier 1 risk-based, common equity tier 1 risk-based, and tier 1 leverage ratios as set forth in the tables below. Since that notification, there are no conditions or events that management believes have changed the institution’s category. The following tables present actual capital levels and minimum required levels for the Company and the Bank under Basel III rules at December 31, 2023 and 2022: At December 31, 2023 For Capital To Be Categorized Actual Adequacy Purposes (1) as “Well Capitalized” (1) Minimum Minimum (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 capital / % of average total assets Bank $ 1,331,676 9.8 % $ 544,254 4.0 % $ 680,318 5.0 % Consolidated Company 1,158,455 8.5 544,529 4.0 N/A N/A Common equity Tier 1 capital / % of risk-weighted assets Bank 1,331,676 12.6 476,168 4.5 687,798 6.5 Consolidated Company 1,041,886 9.8 476,341 4.5 N/A N/A Tier 1 capital / % of risk-weighted assets Bank 1,331,676 12.6 634,890 6.0 846,520 8.0 Consolidated Company 1,158,455 10.9 635,122 6.0 N/A N/A Total capital / % of risk-weighted assets Bank 1,406,581 13.3 846,520 8.0 1,058,151 10.0 Consolidated Company 1,433,361 13.5 846,829 8.0 N/A N/A (1) In accordance with the Basel III rules. At December 31, 2022 For Capital To Be Categorized Actual Adequacy Purposes (1) as “Well Capitalized” (1) Minimum Minimum (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 capital / % of average total assets Bank $ 1,286,656 10.0 % $ 517,606 4.0 % $ 647,008 5.0 % Consolidated Company 1,103,498 8.5 517,914 4.0 N/A N/A Common equity Tier 1 capital / % of risk-weighted assets Bank 1,286,656 11.9 485,062 4.5 700,645 6.5 Consolidated Company 986,928 9.2 485,243 4.5 N/A N/A Tier 1 capital / % of risk-weighted assets Bank 1,286,656 11.9 646,749 6.0 862,332 8.0 Consolidated Company 1,103,498 10.2 646,990 6.0 N/A N/A Total capital / % of risk-weighted assets Bank 1,373,431 12.7 862,332 8.0 1,077,915 10.0 Consolidated Company 1,390,272 12.9 862,654 8.0 N/A N/A (1) In accordance with the Basel III rules. |
CONDENSED HOLDING COMPANY ONLY
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS | |
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS | 26. CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS The following statements of financial condition as of December 31, 2023 and 2022, and the related statements of operations and cash flows for the years ended December 31, 2023, 2022 and 2021, reflect the Holding Company’s investment in its wholly-owned subsidiary, the Bank, using, as deemed appropriate, the equity method of accounting: DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF FINANCIAL CONDITION December 31, (In thousands) 2023 2022 ASSETS: Cash and due from banks $ 35,114 $ 25,009 Securities available-for-sale, at fair value 2,693 2,489 Investment in subsidiaries 1,395,526 1,348,962 Other assets 4,401 4,389 Total assets $ 1,437,734 $ 1,380,849 LIABILITIES AND STOCKHOLDERS’ EQUITY: Subordinated debt, net $ 200,196 $ 200,283 Other liabilities 11,313 10,983 Stockholders’ equity 1,226,225 1,169,583 Total liabilities and stockholders’ equity $ 1,437,734 $ 1,380,849 DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (1) Year Ended December 31, (In thousands) 2023 2022 2021 Net interest loss $ (9,942) $ (10,394) $ (8,427) Dividends received from Bank 60,000 95,000 20,000 Non-interest income — — 136 Non-interest expense (1,066) (1,720) (4,361) Income before income taxes and equity in undistributed earnings of direct subsidiaries 48,992 82,886 7,348 Income tax credit 7,822 4,001 4,051 Income before equity in undistributed earnings of direct subsidiaries 56,814 86,887 11,399 Equity in undistributed earnings of subsidiaries 39,280 65,669 92,597 Net income $ 96,094 $ 152,556 $ 103,996 (1) Comprehensive income for the Holding Company approximated comprehensive income for the consolidated Company during the years ended December 31, 2023, 2022 and 2021. DIME COMMUNITY BANCSHARES, INC. CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, (In thousands) 2023 2022 2021 Cash flows from operating activities: Net income $ 96,094 $ 152,556 $ 103,996 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of direct subsidiaries (39,280) (65,669) (92,597) Net gain on marketable equity securities — — (131) Net accretion (87) (111) (157) Loss on extinguishment of debt — 740 — (Increase) decrease in other assets (62) (104) 761 (Decrease) increase in other liabilities (931) (1,096) 269 Net cash provided by operating activities 55,734 86,316 12,141 Cash flows from investing activities: Proceeds sales of marketable equity securities — — 6,101 Purchases of securities available-for-sale — — (3,000) Net cash received in business combination — — 11,545 Net cash provided by investing activities — — 14,646 Cash flows from financing activities: Proceeds from subordinated debentures issuance, net — 157,559 — Redemption of subordinated debentures — (155,000) — Proceeds from exercise of stock options — — 431 Release of stock for benefit plan awards 1,164 1,167 1,153 Payments related to tax withholding for equity awards (1,258) (1,558) (111) BMP ESOP shares received to satisfy distribution of retirement benefits — — (993) Treasury shares repurchased (947) (46,762) (59,280) Cash dividends paid to preferred stockholders (7,286) (7,286) (7,286) Cash dividends paid to common stockholders (37,302) (36,791) (39,351) Net cash used in financing activities (45,629) (88,671) (105,437) Net increase (decrease) in cash and due from banks 10,105 (2,355) (78,650) Cash and due from banks, beginning of period 25,009 27,364 106,014 Cash and due from banks, end of period $ 35,114 $ 25,009 $ 27,364 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
SUMMARY OF ACCOUNTING POLICIES | |
Nature of Operations and Principles of Consolidation | Nature of Operations and Principles of Consolidation On February 1, 2021, Dime Community Bancshares, Inc., a Delaware corporation (“Legacy Dime”) merged with and into Bridge Bancorp, Inc., a New York corporation (“Bridge”) (the “Merger”), with Bridge as the surviving corporation under the name “Dime Community Bancshares, Inc.” (the “Holding Company”). At the effective time of the Merger (the “Effective Time”), each outstanding share of Legacy Dime common stock, par value $0.01 per share, was converted into the right to receive 0.6480 shares of the Holding Company’s common stock, par value $0.01 per share. At the Effective Time, each outstanding share of Legacy Dime’s Series A preferred stock, par value $0.01 (the “Dime Preferred Stock”), was converted into the right to receive one share of a newly created series of the Holding Company’s preferred stock having the same powers, preferences and rights as the Dime Preferred Stock. Immediately following the Merger, Dime Community Bank, a New York-chartered commercial bank and a wholly-owned subsidiary of Legacy Dime, merged with and into BNB Bank, a New York-chartered trust company and a wholly-owned subsidiary of Bridge, with BNB Bank as the surviving bank, under the name “Dime Community Bank” (the “Bank”). The audited consolidated financial statements presented in this Annual Report on Form 10-K include the collective results of the Holding Company and its wholly-owned subsidiary, the Bank, which are collectively herein referred to as “we”, “us”, “our” and the “Company.” The Merger was accounted for as a reverse merger using the acquisition method of accounting, which means that for accounting and financial reporting purposes, Legacy Dime was deemed to have acquired Bridge in the Merger, even though Bridge was the legal acquirer. Accordingly, Legacy Dime’s historical financial statements are the historical financial statements of the combined company for all periods before February 1, 2021 (the “Merger Date”). The Company’s results of operations for 2021 include the results of operations of Bridge on and after the Merger Date. Results for periods before the Merger Date reflect only those of Legacy Dime and do not include the results of operations of Bridge. The number of shares issued and outstanding, earnings per share, additional paid-in capital, dividends paid and all references to share quantities of the Company have been retrospectively adjusted to reflect the equivalent number of shares issued to holders of Legacy Dime common stock in the Merger. The assets and liabilities of Bridge as of the Merger Date were recorded at their estimated fair values and added to those of Legacy Dime. See Note 2. Merger for further information. As of December 31, 2023, we operated 60 branch locations throughout Long Island and New York City boroughs of Brooklyn, Queens, Manhattan, Staten Island, 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 Dime Abstract LLC (“Dime Abstract”), a wholly-owned subsidiary of the Bank, which is a broker of title insurance services. In September 2021, the Company dissolved two REITs, DSBW Preferred Funding Corporation and DSBW Residential Preferred Funding Corporation, which were wholly-owned subsidiaries of the Bank, and the preferred shares outstanding were redeemed by its shareholders. The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and general practices within the financial institution industry. The accompanying consolidated financial statements include the accounts of the Holding Company and the Bank and its subsidiaries. Inter-company accounts and transactions have been eliminated in consolidation. The following is a description of the significant accounting policies that the Company follows in preparing its consolidated financial statements. |
Use of Estimates | Use of Estimates To prepare consolidated financial statements in conformity with GAAP, management makes judgments, estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and actual results could differ. |
Cash and Cash Equivalents | Cash and Cash Equivalents - |
Securities | Securities Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. The Company has made a policy election to exclude accrued interest from the amortized cost basis of debt securities and report accrued interest separately in accrued interest receivable in the consolidated statements of financial condition. A debt security is placed on non-accrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on non-accrual is reversed against interest income. There were no non-accrual debt securities at December 31, 2023 and 2022, and there was no accrued interest related to debt securities reversed against interest income for the year ended December 31, 2023 and 2022. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. |
Restricted Stock | Restricted Stock |
Loans Held for Sale | Loans Held for Sale - |
Loans | Loans collection and the Bank has reasonable assurance that the loan will be fully collectable based upon an individual loan evaluation assessing such factors as collateral and collectability, accrued interest will be recognized as earned. If a payment is received when a loan is non-accrual, the payment is applied to the principal balance. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms. Unless otherwise noted, the above policy is applied consistently to all loan segments. Allowance for Credit Losses Allowance for credit losses on held-to-maturity securities For a debt security in the held-to-maturity portfolio that does not share common risk characteristics with any of the pools of debt securities, expected credit loss on each security is individually measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded amortized cost basis of the security. With respect to certain classes of debt securities, primarily U.S. Treasuries and securities issued by Government Sponsored Entities or agencies, the Company considers the history of credit losses, current conditions and reasonable and supportable forecasts, which may indicate that the expectation that nonpayment of the amortized cost basis is or continues to be zero, even if the U.S. government were to technically default. Therefore, for those securities, the Company does not record expected credit losses. Allowance for credit losses on available-for-sale securities Allowance for credit losses on loans held for investment - The Company evaluates its loan pooling methodology at least annually. The Company has identified the following loan pools used to measure the allowance for credit losses as follows: One-to-four family residential, including condominium and cooperative apartment loans - Multifamily residential and residential mixed-use loans - Commercial real estate and commercial mixed-use loans - Acquisition, development, and construction loans Commercial, industrial and agricultural loans - speaking, they are subject to renewal on an annual basis based upon review of the borrower’s financial statements. Term loans are generally secured by either specific or general asset liens of the borrower’s business. These loans are granted based upon the strength of the cash generation ability of the borrower. Included in C&I loans are also certain SBA loans in which the loan is secured by underlying assets of the business (excludes SBA Paycheck Protection Program (“PPP”) loans from allowance for credit losses as these loans carry a 100% guarantee from the SBA). The Bank may sell a portion of the loan, guaranteed by the SBA, to a third-party investor. The credit quality of this portfolio is largely dependent on economic factors, such as unemployment rates. Other loans Loan restructurings Troubled debt restructurings Management estimates the allowance for credit losses on each loan pool using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historically observed credit loss experience of peer banks within our geography provide the basis for the estimation of expected credit losses on similar loan pools. Within the model, assumptions are made in the determination of probability of default, loss given default, reasonable and supportable economic forecasts, prepayment rate, curtailment rate, and recovery lag periods. Statistical regression is utilized to relate historical macro-economic variables to historical credit loss experience of the peer group. These models are then utilized to forecast future expected loan losses based on expected future behavior of the same macro-economic variables. Adjustments to the quantitative results are adjusted using qualitative factors. These factors include: (1) lending policies and procedures; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio; (4) the experience, ability, and depth of the lending management and other relevant staff; (5) the volume and severity of past due loans; (6) the quality of our loan review system; (7) the value of underlying collateral for collateralized loans; (8) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (9) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Collectively evaluated loans totaled $10.73 billion and $10.52 billion at December 31, 2023 and 2022, respectively. The associated allowance for credit losses on the collectively evaluated loans totaled $55.4 million and $57.1 million at December 31, 2023 and 2022, respectively. Individually evaluated loans - which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs), except when the loan is collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated costs to sell the collateral if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. Individually evaluated loans totaled $35.4 million and $47.6 million at December 31, 2023 and 2022, respectively. The associated allowance for credit losses on the individually evaluated loans totaled $16.3 million and $26.4 million at December 31, 2023 and 2022, respectively. The fair value of real estate collateral is determined based on recent appraised values. Appraisals are performed by certified general appraisers (for commercial properties) or certified residential appraisers (for residential properties) whose qualifications and licenses have been reviewed and verified by the Company. Appraisals undergo a second review process to ensure that the methodology employed, and the values derived are reasonable. Generally, collateral values for real estate loans for which measurement of expected losses is dependent on collateral values are updated every twelve months. Non-real estate collateral may be valued using an appraisal, net book value per the borrower’s financial statements, or aging reports, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. Once the expected credit loss amount is determined, an allowance is provided for equal to the calculated expected credit loss and included in the allowance for credit losses. Pursuant to the Company’s policy, credit losses must be charged-off in the period the loans, or portions thereof, are deemed uncollectable. Allowance for credit losses on off-balance sheet credit exposures For further discussion of our loan accounting and acquisitions, see Note 2 - Merger and Note 5 - Loans. |
Derivatives | Derivatives Net cash settlements on derivatives that qualify for hedge accounting are recorded in interest income or interest expense, based on the item being hedged. Net cash settlements on derivatives that do not qualify for hedge accounting are reported in non-interest income. Cash flows on hedges are classified in the cash flow statement same as the cash flows of the items being hedged. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedging relationship. This documentation includes linking cash flow hedges to specific liabilities on the consolidated statements of financial condition. The Company also formally assesses, both at the hedge’s inception and on an on-going basis, whether the derivative instruments that are used are highly effective in offsetting changes in cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in cash flows of the hedged item, or treatment of the derivative as a hedge is no longer appropriate or intended. When hedge accounting is discontinued, subsequent changes in fair value of the derivative are recorded as non-interest income. When a cash flow hedge is discontinued but the hedged cash flows are still expected to occur, gains or losses that were accumulated in other comprehensive income are amortized into earnings over the same periods which the hedged transaction will affect earnings. The Company is exposed to losses if a counterparty fails to make its payments under a contract in which the Company is in the net receiving position. The Company anticipates that the counterparties will be able to fully satisfy their obligations under the agreements. All the contracts to which the Company is a party settle monthly. In addition, the Company obtains collateral above certain thresholds of the fair value of its hedges from each counterparty based upon their credit standing and the Company has netting agreements with the dealers with which it does business. |
Other Real Estate Owned ('OREO") | Other Real Estate Owned (“OREO”) |
Premises and Fixed Assets, Net | Premises and Fixed Assets, Net forty three |
Leases | Leases - ● Carryover of historical lease determination and lease classification conclusions. ● Carryover of historical initial direct cost balances for existing leases. ● Accounting for lease and non-lease components in contracts in which the Company is a lessee as a single lease component. Adoption of the leasing standard resulted in the recognition of operating right-of-use assets, and operating lease liabilities. These amounts were determined based on the present value of remaining minimum lease payments, discounted using the Company’s incremental borrowing rate as of the date of adoption. There was no material impact to the timing of expense or income recognition in the Company’s consolidated statements of operations. Disclosures about the Company’s leasing activities are presented in Note 8. The Company made a policy election to exclude the recognition requirements of ASC 2016-02 on short-term leases with original terms of 12 months or less. Short-term lease payments are recognized in the income statement on a straight-line basis over the lease term. Certain leases may include one or more options to renew. The exercise of lease renewal options is typically at the Company’s discretion, and are included in the operating lease liability if it is reasonably certain that the renewal option will be exercised. Certain real estate leases may contain lease and non-lease components, such as common area maintenance charges, real estate taxes, and insurance, which are generally accounted for separately and are not included in the measurement of the lease liability since they are generally able to be segregated. The Company does not sublease any of its leased properties. The Company does not lease properties from any related parties. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Other intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Core deposit intangible assets are amortized on an accelerated method over their estimated useful lives of ten years. |
Servicing Right Assets | Servicing Right Assets - i.e., |
Transfers of Financial Assets | Transfers of Financial Assets - |
Bank Owned Life Insurance | Bank Owned Life Insurance |
Income Taxes | Income Taxes - A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50% likely of being realized on examination. For tax positions not satisfying the "more likely than not" test, no tax benefit is recorded. The Company recognizes interest and/or penalties related to tax matters in income tax expense. The Company had no unrecognized tax positions at December 31, 2023 or 2022. |
Employee Benefits | Employee Benefits - The Company provides a 401(k) plan, which covers substantially all current employees. Newly hired employees are automatically enrolled in the plan on the 60 th The Holding Company and Bank maintain the Dime Community Bancshares, Inc. 2021 Equity Incentive Plan (the “2021 Equity Incentive Plan”), the Dime Community Bancshares, Inc. 2019 Equity Incentive Plan, (the “2019 Equity Incentive Plan”), and the 2012 Stock-Based Compensation Plan (the “2012 Equity Incentive Plan”), (collectively the “Stock Plans”); which are discussed more fully in Note 20 Stock-Based Compensation. Under the Stock Plans, compensation cost is recognized for stock options and restricted stock awards issued to employees based on the fair value of the awards at the date of grant. A Black-Scholes model is utilized to estimate the fair value of stock options, while the market price of the Holding Company’s common stock (“Common Stock”) at the date of grant is used for restricted stock awards. Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. |
Basic and Diluted EPS | Basic and Diluted EPS - |
Comprehensive Income | Comprehensive Income |
Disclosures about Segments of an Enterprise and Related Information | Disclosures about Segments of an Enterprise and Related Information For the years ended December 31, 2023, 2022 and 2021, there was no customer that accounted for more than 10% of the Company's consolidated revenue. |
Reclassifications | Reclassifications |
Adoption of Recent Accounting Standards | Adoption of New Accounting Standards Standards Adopted in 2021 ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) The Company adopted ASU No. 2016-13 on January 1, 2021 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. ASU 2016-13 was effective for the Company as of January 1, 2020. Under Section 4014 of the CARES Act, financial institutions required to adopt ASU 2016-13 as of January 1, 2020 were provided an option to delay the adoption of the CECL Standard framework. The Company elected to defer adoption of the CECL Standard until January 1, 2021. The CECL Standard requires that the measurement of all expected credit losses for financial assets held at the reporting date be based on historical experience, current conditions, and reasonable and supportable forecasts. This standard requires financial institutions and other organizations to use forward-looking information to better inform their credit loss estimates. Results for reporting periods beginning after January 1, 2021 are presented under the CECL Standard while prior period amounts will continue to be reported in accordance with previously applicable GAAP. The adoption of the CECL Standard resulted in an initial decrease of $3.9 million to the allowance for credit losses and an increase of $1.4 million to the reserve for unfunded commitments in other liabilities, for the year ended December 31, 2021. The after-tax cumulative-effect adjustment of $1.7 million was recorded in retained earnings as of January 1, 2021. There were no held-to-maturity securities as of January 1, 2021 and, therefore, no impact from the adoption of the CECL Standard. Standards Adopted in 2023 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. As of July 1, 2023, the Company has transitioned LIBOR based transactions to other indexes. The LIBOR transition did not have a material effect on the Company's consolidated financial statements. ASU 2021-01, Reference Rate Reform (Topic 848): Scope ASU 2021-01 clarifies that all derivative instruments affected by changes to the interest rates used for discounting, margining, or contract price alignment due to reference rate reform are in the scope of ASC 848. Entities may apply certain optional expedients in ASC 848 to derivative instruments that do not reference LIBOR or another rate expected to be discontinued as a result of reference rate reform if there is a change to the interest rate used for discounting, margining or contract price alignment. ASU 2020-01 is effective upon issuance and generally can be applied through December 31, 2022. As of July 1, 2023, the Company has transitioned LIBOR based derivatives to other indexes such as fallback rate SOFR. The LIBOR transition did not 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 On March 28, 2022, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method. The purpose of this updated guidance is to further align risk management objectives with hedge accounting results on the application of the last-of-layer method, which was first introduced in ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. ASU 2022-01 became effective for public business entities for fiscal years beginning after December 15, 2022, with early adoption in the interim period, permitted. For entities who have already adopted ASU 2017-12, immediate adoption is allowed. This ASU became effective for the Company on January 1, 2023, on a prospective basis. This standard did not have a material impact on the consolidated financial statements. ASU 2022-02, Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures ASU 2022-02 eliminates 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. This ASU became effective for the Company on January 1, 2023. The Company adopted ASU 2022-02 on its effective date using the modified retrospective method. The adoption of ASU 2022-02 did not have a material impact on the Company's consolidated financial statements. |
MERGER (Tables)
MERGER (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
MERGER | |
Schedule of Bridge and legacy Dime common stock | Dime Community Bancshares, Inc. Ownership and Market Value Number of Market Value at Bridge Percentage $24.43 Bridge (Dollars and shares in thousands) Outstanding Shares Ownership Share Price Bridge shareholders 19,993 48.5% $ 488,420 Legacy Dime shareholders 21,233 51.5% 518,720 Total 41,226 100.0% $ 1,007,140 |
Schedule of hypothetical number of shares | Hypothetical Legacy Dime Ownership Number of Legacy Dime Percentage (Shares in thousands) Outstanding Shares Ownership Bridge shareholders 30,853 48.5% Legacy Dime shareholders 32,767 51.5% Total 63,620 100.0% |
Schedule of purchase price | (Dollars and shares in thousands) Number of hypothetical Legacy Dime shares issued to Bridge shareholders 30,853 Legacy Dime market price per share as of February 1, 2021 $ 15.90 Purchase price determination of hypothetical Legacy Dime shares issued to Bridge shareholders $ 490,560 Value of Bridge stock options hypothetically converted to options to acquire shares of Legacy Dime common stock 643 Cash in lieu of fractional shares 7 Purchase price consideration $ 491,210 |
Schedule of purchase price allocation | (In thousands) Purchase price consideration $ 491,210 Fair value of assets acquired: Cash and due from banks 715,988 Securities available-for-sale 651,997 Loans held for sale 10,000 Loans held for investment 4,531,640 Premises and fixed assets 37,881 Restricted stock 23,362 BOLI 94,085 Other intangible assets 10,984 Operating lease assets 45,603 Other assets 117,016 Total assets acquired 6,238,556 Fair value of liabilities assumed: Deposits 5,405,575 Other short-term borrowings 216,298 Subordinated debt 83,200 Operating lease liabilities 45,285 Other liabilities 97,147 Total liabilities assumed 5,847,505 Fair value of net identifiable assets 391,051 Goodwill resulting from Merger $ 100,159 |
Schedule of loans acquired at the Merger Date | (In thousands) PCD loans: Unpaid principal balance $ 295,306 Non-credit discount at acquisition (9,050) Unpaid principal balance, net 286,256 Allowance for credit losses at acquisition (52,284) Fair value at acquisition 233,972 Non-PCD loans: Unpaid principal balance 4,289,236 Premium at acquisition 8,432 Fair value at acquisition 4,297,668 Total fair value at acquisition $ 4,531,640 |
Schedule of supplemental disclosures of cash flow information | (In thousands) Business combination: Fair value of tangible assets acquired $ 6,227,572 Goodwill, core deposit intangible and other intangible assets acquired 111,143 Liabilities assumed 5,847,505 Purchase price consideration 491,210 |
ACCUMULATED OTHER COMPREHENSI_2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS). | |
Schedule of activity in accumulated other comprehensive (loss) income, net of tax | Total Accumulated Securities Defined Other Available- Benefit Comprehensive (In thousands) for-Sale Plans Derivatives Loss Balance as of January 1, 2022 $ (7,864) $ (1,306) $ 2,989 $ (6,181) Other comprehensive (loss) income before reclassifications (95,030) (1,413) 9,879 (86,564) Amounts reclassified from accumulated other comprehensive income (loss) 2,024 (2,547) (1,111) (1,634) Net other comprehensive (loss) income during the period (93,006) (3,960) 8,768 (88,198) Balance as of December 31, 2022 $ (100,870) $ (5,266) $ 11,757 $ (94,379) Other comprehensive income (loss) before reclassifications 7,498 (109) (8,091) (702) Amounts reclassified from accumulated other comprehensive income (loss) 3,130 (1,055) 1,427 3,502 Net other comprehensive income (loss) during the period 10,628 (1,164) (6,664) 2,800 Balance as of December 31, 2023 $ (90,242) $ (6,430) $ 5,093 $ (91,579) |
Schedule of before and after tax amounts allocated to each component of other comprehensive (loss) income | Year Ended December 31, (In thousands) 2023 2022 2021 Change in unrealized gain (loss) on securities: Change in net unrealized gain (loss) during the period $ 10,355 $ (138,630) $ (28,865) Reclassification adjustment for net losses (gains) included in net (loss) gain on sale of securities and other assets 1,447 — (1,207) Accretion of net unrealized loss on securities transferred to held-to-maturity 3,142 2,953 — Net change 14,944 (135,677) (30,072) Tax expense (benefit) 4,316 (42,671) (9,514) Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax 10,628 (93,006) (20,558) Change in pension and other postretirement obligations: Reclassification adjustment for expense included in other expense (1,547) (3,715) (1,092) Reclassification adjustment for curtailment loss — — 1,543 Change in the net actuarial (loss) gain (190) (2,062) 6,563 Net change (1,737) (5,777) 7,014 Tax (benefit) expense (573) (1,817) 2,234 Net change in pension and other postretirement obligations (1,164) (3,960) 4,780 Change in unrealized gain (loss) on derivatives: Change in net unrealized (loss) gain during the period (11,782) 14,412 5,277 Reclassification adjustment for loss included in loss on termination of derivatives — — 16,505 Reclassification adjustment for expense included in interest expense 2,092 (1,621) 940 Net change (9,690) 12,791 22,722 Tax expense (benefit) (3,026) 4,023 7,201 Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax (6,664) 8,768 15,521 Other comprehensive income (loss), net of tax $ 2,800 $ (88,198) $ (257) |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SECURITIES | |
Schedule of major categories of securities owned by entity | December 31, 2023 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Securities available-for-sale: Agency notes $ 10,000 $ — $ (629) $ 9,371 Treasury securities 245,877 — (11,687) 234,190 Corporate securities 174,978 — (23,808) 151,170 Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") 230,253 10 (24,978) 205,285 Agency CMOs 305,860 46 (46,491) 259,415 State and municipal obligations 28,741 — (1,932) 26,809 Total securities available-for-sale $ 995,709 $ 56 $ (109,525) $ 886,240 December 31, 2023 Gross Gross Amortized Unrecognized Unrecognized Fair (In thousands) Cost Gains Losses Value Securities held-to-maturity: Agency notes $ 89,563 $ — $ (11,300) $ 78,263 Corporate securities 9,000 — (1,825) 7,175 Pass-through MBS issued by GSEs 279,853 — (37,579) 242,274 Agency CMOs 216,223 16 (27,021) 189,218 Total securities held-to-maturity $ 594,639 $ 16 $ (77,725) $ 516,930 December 31, 2022 Gross Gross Amortized Unrealized Unrealized Fair (In thousands) Cost Gains Losses Value Securities available-for-sale: Treasury securities $ 246,899 $ — $ (19,643) $ 227,256 Corporate securities 183,791 57 (17,075) 166,773 Pass-through MBS issued by GSEs 272,774 — (31,534) 241,240 Agency CMOs 331,394 2 (50,057) 281,339 State and municipal obligations 37,000 — (3,021) 33,979 Total securities available-for-sale $ 1,071,858 $ 59 $ (121,330) $ 950,587 December 31, 2022 Gross Gross Amortized Unrecognized Unrecognized Fair (In thousands) Cost Gains Losses Value Securities held-to-maturity: Agency notes $ 89,157 $ — $ (14,095) $ 75,062 Corporate securities 9,000 — (553) 8,447 Pass-through MBS issued by GSEs 278,281 — (40,960) 237,321 Agency CMOs 209,360 — (24,431) 184,929 Total securities held-to-maturity $ 585,798 $ — $ (80,039) $ 505,759 |
Amortized cost and fair value of securities are shown by contractual maturity | December 31, 2023 Amortized Fair (In thousands) Cost Value Available-for-sale Within one year $ 88,498 $ 86,233 One to five years 198,552 186,041 Five to ten years 172,546 149,266 Beyond ten years — — Pass-through MBS issued by GSEs and agency CMO 536,113 464,700 Total $ 995,709 $ 886,240 Held-to-maturity Within one year $ — $ — One to five years 19,783 18,397 Five to ten years 78,780 67,041 Beyond ten years — — Pass-through MBS issued by GSEs and agency CMO 496,076 431,492 Total $ 594,639 $ 516,930 |
Summary of sale of available-for-sale securities | Year Ended December 31, (In thousands) 2023 2022 2021 Proceeds $ 77,804 $ — $ 138,077 Gross gains 130 — 1,327 Tax expense on gains 39 — 421 Gross losses 1,577 — 120 Tax benefit on losses 467 — 38 |
Sales of Marketable Equity Securities | Year Ended December 31, (In thousands) 2023 2022 2021 Proceeds: Marketable equity securities $ — $ — $ 6,101 |
Schedule of gross unrealized losses and fair value of investment securities | December 31, 2023 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 $ — $ — $ 9,371 $ 629 $ 9,371 $ 629 Treasury securities — — 234,190 11,687 234,190 11,687 Corporate securities 20,935 917 130,235 22,891 151,170 23,808 Pass-through MBS issued by GSEs — — 203,469 24,978 203,469 24,978 Agency CMOs — — 251,900 46,491 251,900 46,491 State and municipal obligations 1,796 54 21,513 1,878 23,309 1,932 December 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 $ — $ — $ 227,256 $ 19,643 $ 227,256 $ 19,643 Corporate securities 110,707 8,494 50,116 8,581 160,823 17,075 Pass-through MBS issued by GSEs 50,813 2,010 190,427 29,524 241,240 31,534 Agency CMOs 55,924 3,454 220,413 46,603 276,337 50,057 State and municipal obligations 10,848 174 22,681 2,847 33,529 3,021 |
LOANS HELD FOR INVESTMENT, NET
LOANS HELD FOR INVESTMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LOANS HELD FOR INVESTMENT, NET | |
Schedule of loan categories | December 31, (In thousands) 2023 2022 One-to-four family residential and cooperative/condominium apartment $ 887,555 $ 773,321 Multifamily residential and residential mixed-use 4,017,176 4,026,826 CRE 4,620,900 4,457,630 ADC 168,513 229,663 Total real estate loans 9,694,144 9,487,440 C&I 1,066,938 1,071,712 Other loans 5,755 7,679 Total 10,766,837 10,566,831 Fair value hedge basis point adjustments (1) 6,591 — Total loans, net of fair value hedge basis point adjustments 10,773,428 10,566,831 Allowance for credit losses (71,743) (83,507) Loans held for investment, net $ 10,701,685 $ 10,483,324 (1) At December 31, 2023, the loan portfolio included a fair value hedge basis point adjustment to the carrying amount of hedged one-to-four family residential mortgage loans, multifamily residential mortgage loans and CRE loans. |
Schedule of activity in allowance for loan losses | 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 Ending balance as of December 31, 2020 $ 644 $ 17,016 $ 9,059 $ 1,993 $ 28,712 $ 12,737 $ 12 $ 41,461 Impact of adopting CECL as of January 1, 2021 1,048 (8,254) 4,849 381 (1,976) (1,935) (8) (3,919) Beginning balance as of January 1, 2021 1,692 8,762 13,908 2,374 26,736 10,802 4 37,542 Day 1 acquired PCD loans 2,220 3,292 23,124 117 28,753 23,374 157 52,284 Provision for credit losses 1,975 (3,921) (4,497) 2,366 (4,077) 6,016 1,364 3,303 Charge-offs (20) (391) (3,406) — (3,817) (4,984) (777) (9,578) Recoveries 65 74 37 — 176 123 3 302 Ending balance as of December 31, 2021 $ 5,932 $ 7,816 $ 29,166 $ 4,857 $ 47,771 $ 35,331 $ 751 $ 83,853 Provision (credit) for credit losses 37 542 (1,891) (3,134) (4,446) 11,786 (430) 6,910 Charge-offs — — — — — (11,401) (53) (11,454) Recoveries — 2 54 — 56 4,137 5 4,198 Ending balance as of December 31, 2022 $ 5,969 $ 8,360 $ 27,329 $ 1,723 $ 43,381 $ 39,853 $ 273 $ 83,507 Provision (credit) for credit losses 858 (1,121) (721) 266 (718) 3,464 129 2,875 Charge-offs (14) (2) — — (16) (15,364) (300) (15,680) Recoveries — — — — — 1,024 17 1,041 Ending balance as of December 31, 2023 $ 6,813 $ 7,237 $ 26,608 $ 1,989 $ 42,647 $ 28,977 $ 119 $ 71,743 |
Schedule of financing receivable, nonaccrual | December 31, 2023 Non-accrual with Non-accrual with (In thousands) No Allowance Allowance Reserve One-to-four family residential and cooperative/condominium apartment $ — $ 3,248 $ 133 CRE 2,298 8,229 832 ADC — 657 305 C&I 1,482 13,185 12,932 Total $ 3,780 $ 25,319 $ 14,202 December 31, 2022 Non-accrual with Non-accrual with (In thousands) No Allowance Allowance Reserve One-to-four family residential and cooperative/condominium apartment $ — $ 3,203 $ 181 CRE 4,915 3,417 1,424 ADC 657 — — C&I 503 21,443 20,685 Other — 99 99 Total $ 6,075 $ 28,162 $ 22,389 |
Schedule of past due financing receivables | December 31, 2023 Loans 90 Days or Total 30 to 59 60 to 89 More Past Due Past Due Days Days and Still and Total (In thousands) Past Due Past Due Accruing Interest Non-accrual Non-accrual Current Loans Real estate: One-to-four family residential, including condominium and cooperative apartment $ 4,071 $ 73 $ — $ 3,248 $ 7,392 $ 880,163 $ 887,555 Multifamily residential and residential mixed-use — — — — — 4,017,176 4,017,176 CRE 3,160 208 — 10,527 13,895 4,607,005 4,620,900 ADC 430 — — 657 1,087 167,426 168,513 Total real estate 7,661 281 — 14,432 22,374 9,671,770 9,694,144 C&I 4,316 1,009 — 14,667 19,992 1,046,946 1,066,938 Other — — — — — 5,755 5,755 Total $ 11,977 $ 1,290 $ — $ 29,099 $ 42,366 $ 10,724,471 $ 10,766,837 December 31, 2022 Loans 90 Days or Total 30 to 59 60 to 89 More Past Due Past Due Days Days and Still and Total (In thousands) Past Due Past Due Accruing Interest Non-accrual Non-accrual Current Loans Real estate: One-to-four family residential, including condominium and cooperative apartment $ 686 $ — $ — $ 3,203 $ 3,889 $ 769,432 $ 773,321 Multifamily residential and residential mixed-use 4,817 — — — 4,817 4,022,009 4,026,826 CRE 14,189 — — 8,332 22,521 4,435,109 4,457,630 ADC — — — 657 657 229,006 229,663 Total real estate 19,692 — — 12,192 31,884 9,455,556 9,487,440 C&I 3,561 741 — 21,946 26,248 1,045,464 1,071,712 Other 264 1 — 99 364 7,315 7,679 Total $ 23,517 $ 742 $ — $ 34,237 $ 58,496 $ 10,508,335 $ 10,566,831 |
Schedule of collateral dependent loans | Year Ended December 31, 2023 2022 Real Estate Associated Allowance Real Estate Associated Allowance (In thousands) Collateral Dependent for Credit Losses Collateral Dependent for Credit Losses CRE $ 8,903 $ 621 $ 7,391 $ 1,297 ADC 657 305 657 — C&I 1,444 — 949 — Total $ 11,004 $ 926 $ 8,997 $ 1,297 |
Schedule of Related Party Loans | Year Ended (In thousands) December 31, 2023 Beginning balance $ 4,956 New loans 531 Repayments (565) Balance at end of period $ 4,922 |
Schedule of amortized cost basis of loans modified to borrowers | For the Year Ended December 31, 2023 Term Significant % of Significant Extension and Payment Delay Total Class Term Payment Significant and Interest of Financing (Dollars in thousands) Extension Delay Payment Delay Rate Reduction Total Receivable One-to-four family residential and cooperative/condominium apartment $ — $ 2,856 $ 92 $ — $ 2,948 0.3 % Multifamily residential and residential mixed-use — — — — — 0.0 CRE — 24,706 — — 24,706 0.5 ADC — — — — — 0.0 C&I 1,789 12,020 520 298 14,627 1.4 Other — — — — — 0.0 Total $ 1,789 $ 39,582 $ 612 $ 298 $ 42,281 0.4 % |
Schedule of financial effect of loans modified to borrowers | For the Year Ended December 31, 2023 Weighted Average Weighted Average Weighted Average Payment Delay Interest Rate Months of or Principal (Dollars in thousands) Reductions Term Extensions Forgiveness One-to-four family residential and cooperative/condominium apartment — % 189 $ 76 Multifamily residential and residential mixed-use — — — CRE — — 988 ADC — — — C&I 4.27 13 2,406 Other — — — Total 4.27 % 202 $ 3,470 |
Schedule of performance of loans that have been modified | December 31, 2023 30-59 60-89 90+ (Dollars in thousands) Current Days Past Due Days Past Due Days Past Due Non-Accrual Total One-to-four family residential and cooperative/condominium apartment $ 2,856 $ — $ — $ — $ 92 $ 2,948 Multifamily residential and residential mixed-use — — — — — CRE 24,706 — — — — 24,706 ADC — — — — — — C&I 12,496 — — — 2,131 14,627 Other — — — — — — Total $ 40,058 $ — $ — $ — $ 2,223 $ 42,281 |
Schedule of loans by class modified as trouble debt restructurings | Modifications During the Year Ended December 31, 2022 2021 Pre- Post- Pre- Post- Modification Modification Modification Modification Outstanding Outstanding Outstanding Outstanding Number Recorded Recorded Number Recorded Recorded (Dollars in thousands) of Loans Investment Investment of Loans Investment Investment One-to-four family residential and cooperative/condominium apartment 2 $ 762 $ 762 2 $ 467 $ 467 CRE 1 991 991 1 10,000 10,000 ADC 1 13,500 13,500 — — — C&I 7 21,934 21,938 1 456 488 Other 1 276 276 — — — Total 12 $ 37,463 $ 37,467 4 $ 10,923 $ 10,955 |
Schedule of Credit risk profile of the real estate loans | December 31, 2023 (In thousands) 2023 2022 2021 2020 2019 2018 and Prior Revolving Revolving-Term Total One-to-four family residential, and condominium/cooperative apartment: Pass $ 170,601 $ 213,479 $ 102,684 $ 69,524 $ 62,356 $ 213,131 $ 31,205 $ 12,493 $ 875,473 Special mention — — — — — 33 159 776 968 Substandard — — — 1,005 337 8,711 — 1,061 11,114 Doubtful — — — — — — — — — Total one-to-four family residential, and condominium/cooperative apartment 170,601 213,479 102,684 70,529 62,693 221,875 31,364 14,330 887,555 YTD Gross Charge-Offs — — — — — — — 14 14 Multifamily residential and residential mixed-use: Pass 256,822 1,340,197 578,352 283,633 384,937 981,820 4,841 4,325 3,834,927 Special mention — — 9,334 3,880 3,886 64,273 — — 81,373 Substandard — — — 28,799 5,089 66,988 — — 100,876 Doubtful — — — — — — — — — Total multifamily residential and residential mixed-use 256,822 1,340,197 587,686 316,312 393,912 1,113,081 4,841 4,325 4,017,176 YTD Gross Charge-Offs — — — — — 2 — — 2 CRE: Pass 417,973 990,748 817,171 566,427 484,930 1,025,160 24,839 11,538 4,338,786 Special mention — 28,770 19,872 88,040 10,484 5,754 — 17,862 170,782 Substandard — — 151 61,424 7,289 42,468 — — 111,332 Doubtful — — — — — — — — — Total CRE 417,973 1,019,518 837,194 715,891 502,703 1,073,382 24,839 29,400 4,620,900 YTD Gross Charge-Offs — — — — — — — — — ADC: Pass 16,735 17,534 59,202 9,900 2,665 437 22,444 225 129,142 Special mention — 11,500 14,961 — 12,253 — — — 38,714 Substandard — — — — — — — 657 657 Doubtful — — — — — — — — — Total ADC 16,735 29,034 74,163 9,900 14,918 437 22,444 882 168,513 YTD Gross Charge-Offs — — — — — — — — — C&I: Pass 60,771 138,145 24,865 25,371 25,142 37,019 620,799 31,467 963,579 Special mention 481 12,912 1,199 905 1,204 159 21,108 7,444 45,412 Substandard — 1,857 2,045 5,577 1,768 11,936 15,567 18,449 57,199 Doubtful — — — — — 748 — — 748 Total C&I 61,252 152,914 28,109 31,853 28,114 49,862 657,474 57,360 1,066,938 YTD Gross Charge-Offs — — 77 38 4,166 2,229 5,464 3,390 15,364 Total: Pass 922,902 2,700,103 1,582,274 954,855 960,030 2,257,567 704,128 60,048 10,141,907 Special mention 481 53,182 45,366 92,825 27,827 70,219 21,267 26,082 337,249 Substandard — 1,857 2,196 96,805 14,483 130,103 15,567 20,167 281,178 Doubtful — — — — — 748 — — 748 Total Loans $ 923,383 $ 2,755,142 $ 1,629,836 $ 1,144,485 $ 1,002,340 $ 2,458,637 $ 740,962 $ 106,297 $ 10,761,082 YTD Gross Charge-Offs $ — $ — $ 77 $ 38 $ 4,166 $ 2,231 $ 5,464 $ 3,404 $ 15,380 December 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 $ 225,031 $ 108,185 $ 72,732 $ 65,515 $ 66,038 $ 164,338 $ 41,172 $ 12,563 $ 755,574 Special mention — — — — 735 1,175 579 726 3,215 Substandard — — 1,026 1,227 407 10,779 — 1,093 14,532 Doubtful — — — — — — — — — Total one-to-four family residential, and condominium/cooperative apartment 225,031 108,185 73,758 66,742 67,180 176,292 41,751 14,382 773,321 YTD Gross Charge-Offs — — — — — — — — — Multifamily residential and residential mixed-use: Pass 1,386,549 582,393 316,424 395,933 127,074 1,107,281 12,584 — 3,928,238 Special mention — — — 11,183 — 14,168 — — 25,351 Substandard — — 12,294 7,001 20,311 33,631 — — 73,237 Doubtful — — — — — — — — — Total multifamily residential and residential mixed-use 1,386,549 582,393 328,718 414,117 147,385 1,155,080 12,584 — 4,026,826 YTD Gross Charge-Offs — — — — — — — — — CRE: Pass 1,021,622 854,240 753,552 510,332 308,265 868,099 34,362 24,767 4,375,239 Special mention 2,864 — 19,655 4,653 14,372 15,478 — — 57,022 Substandard — 151 4,550 7,947 1,131 11,590 — — 25,369 Doubtful — — — — — — — — — Total CRE 1,024,486 854,391 777,757 522,932 323,768 895,167 34,362 24,767 4,457,630 YTD Gross Charge-Offs — — — — — — — — — ADC: Pass 36,877 152,543 11,242 15,943 — 2,087 10,033 281 229,006 Special mention — — — — — — — — — Substandard — 657 — — — — — — 657 Doubtful — — — — — — — — — Total ADC 36,877 153,200 11,242 15,943 — 2,087 10,033 281 229,663 YTD Gross Charge-Offs — — — — — — — — — C&I: Pass 175,347 36,511 42,103 37,030 20,628 33,343 628,560 22,239 995,761 Special mention 3,770 — 894 1,529 1,521 843 9,062 478 18,097 Substandard 5,242 1,244 5,364 2,968 970 10,232 11,290 9,412 46,722 Doubtful — — — 8,332 752 2,048 — — 11,132 Total C&I 184,359 37,755 48,361 49,859 23,871 46,466 648,912 32,129 1,071,712 YTD Gross Charge-Offs — 477 4,720 2,088 — 2,414 1,460 242 11,401 Total: Pass 2,845,426 1,733,872 1,196,053 1,024,753 522,005 2,175,148 726,711 59,850 10,283,818 Special mention 6,634 — 20,549 17,365 16,628 31,664 9,641 1,204 103,685 Substandard 5,242 2,052 23,234 19,143 22,819 66,232 11,290 10,505 160,517 Doubtful — — — 8,332 752 2,048 — — 11,132 Total Loans $ 2,857,302 $ 1,735,924 $ 1,239,836 $ 1,069,593 $ 562,204 $ 2,275,092 $ 747,642 $ 71,559 $ 10,559,152 YTD Gross Charge-Offs $ — $ 477 $ 4,720 $ 2,088 $ — $ 2,414 $ 1,460 $ 242 $ 11,401 Year Ended December 31, (In thousands) 2023 2022 Performing $ 5,755 $ 7,580 Non-accrual — 99 Total $ 5,755 $ 7,679 |
LOAN SERVICING ACTIVITIES (Tabl
LOAN SERVICING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LOAN SERVICING ACTIVITIES | |
Summary of servicing rights asset activity | Year Ended December 31, (In thousands) 2023 2022 2021 Servicing right assets: Beginning of year $ 3,349 $ 3,856 $ 1,710 Acquired in the Merger — — 2,070 Additions 458 659 885 Amortized to expense (639) (907) (809) Sold — (259) — End of year 3,168 3,349 3,856 Valuation allowance: Beginning of year (201) (80) — Additions expensed (36) (121) (80) End of year (237) (201) (80) Servicing right assets, net $ 2,931 $ 3,148 $ 3,776 |
PREMISES AND FIXED ASSETS, NE_2
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | |
Schedule of components of premises and equipment | December 31, (In thousands) 2023 2022 Land $ 10,824 $ 10,824 Buildings 21,173 21,688 Leasehold improvements 28,307 26,862 Furniture, fixtures and equipment 25,909 25,750 Premises and fixed assets, gross $ 86,213 $ 85,124 Less: accumulated depreciation and amortization (41,345) (38,375) Premises and fixed assets, net $ 44,868 $ 46,749 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LEASES | |
Summary of maturities of operating lease liabilities | The following table presents the Company’s remaining maturities of undiscounted lease payments, as well as a reconciliation to the discounted operating lease liabilities in the Consolidated Statements of Financial Condition at December 31, 2023: (In thousands) 2024 $ 13,009 2025 12,833 2026 12,173 2027 10,322 2028 4,297 Thereafter 6,260 Total undiscounted lease payments 58,894 Less amounts representing interest (3,440) Operating lease liabilities $ 55,454 |
Summary of other information related to operating leases | Year Ended December 31, (In thousands) 2023 2022 2021 Operating lease cost $ 12,801 $ 11,428 $ 14,341 Cash paid for amounts included in the measurement of operating lease liabilities 12,560 10,574 13,975 Year Ended December 31, 2023 2022 Weighted average remaining lease term 5.0 years 5.9 years Weighted average discount rate 2.34 % 2.03 % |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |
Changes in Goodwill | The following table presents the change in Goodwill for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 Beginning of year $ 155,797 $ 155,797 $ 55,638 Acquired goodwill (1) - - 100,159 End of year $ 155,797 $ 155,797 $ 155,797 (1) See Note 2. Merger for additional information regarding the acquired goodwill |
Schedule of carrying amount and accumulated amortization of intangible assets | Year Ended December 31, (In thousands) 2023 2022 Gross carrying value $ 10,204 $ 10,204 Accumulated amortization (5,145) (3,720) Net carrying amount $ 5,059 $ 6,484 |
Schedule of estimated amortization expense | (In thousands) 2024 $ 1,164 2025 958 2026 795 2027 664 2028 560 Thereafter 918 Total $ 5,059 |
RESTRICTED STOCK (Tables)
RESTRICTED STOCK (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RESTRICTED STOCK | |
Summary of restricted stock | Year Ended December 31, (In thousands) 2023 2022 FHLBNY capital stock $ 73,475 $ 63,627 FRB capital stock 25,110 24,953 ACBB capital stock 165 165 Restricted stock $ 98,750 $ 88,745 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Summary of deposits | Year Ended December 31, 2023 2022 Weighted Weighted Average Average (Dollars in thousands) Rate Liability Rate Liability Savings (1) 3.67 % $ 2,335,490 2.24 % $ 2,260,101 CDs 4.43 1,607,683 2.25 1,115,364 Money market 3.46 3,125,996 1.50 2,532,270 Interest-bearing checking 0.77 515,987 1.01 827,454 Non-interest-bearing checking (1) — 2,945,499 — 3,519,218 Total 2.56 % $ 10,530,655 1.19 % $ 10,254,407 (1) Includes mortgage escrow deposits. |
Summary of scheduled maturities of CDs outstanding | Maturing Weighted Average (Dollars in thousands) Balance Interest Rate 2024 $ 1,489,735 4.60 % 2025 81,297 2.52 2026 25,742 2.26 2027 7,527 0.18 2028 3,382 0.05 2029 and beyond — — Total $ 1,607,683 4.43 % |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DERIVATIVES AND HEDGING ACTIVITIES | |
Schedule of fair value of derivative financial instruments and classification on consolidated statements of financial condition | December 31, 2023 December 31, 2022 Notional Fair Value Notional Fair Value (Dollars in thousands) Amount Assets Amount Assets Derivatives designated as hedging instruments Cash flow hedges - interest rate products $ 150,000 $ 12,492 $ 150,000 $ 17,874 Derivatives not designated as hedging instruments Interest rate products 1,682,961 114,671 1,594,356 137,335 December 31, 2023 December 31, 2022 Notional Fair Value Notional Fair Value (Dollars in thousands) Amount Liabilities Amount Liabilities Derivatives designated as hedging instruments Fair value hedges - interest rate products $ 500,000 $ 6,594 $ — $ — Cash flow hedges - interest rate products 200,000 5,031 — — Derivatives not designated as hedging instruments Interest rate products 1,682,961 114,671 1,594,356 137,335 Other contracts 93,891 24 71,103 33 |
Schedule of fair value and cash flow hedge accounting on the consolidated statements of operations | December 31, 2023 December 31, 2022 Interest Interest Interest Interest Income Expense Income Expense Effects of fair value or cash flow hedges are recorded $ 561 $ 2,275 $ — $ — The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships Interest contracts Hedged items 6,591 — — — Derivatives designated as hedging instruments (6,030) — — — Gain or (loss) on cash flow hedging relationships Interest contracts Gain (loss) reclassified from AOCI into income — 2,275 — 1,134 |
Schedule of cumulative basis adjustment for fair value hedges | Year Ended December 31, 2023 2022 (Dollars in thousands) Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Carrying Amount of the Hedged Assets Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets Fixed Rate Loans $ 506,591 $ 6,591 $ — $ — |
Schedule of effect of cash flow hedge accounting on accumulated other comprehensive income (loss) | The table below presents the effect of the cash flow hedge accounting on accumulated other comprehensive loss as of December 31, 2023, 2022 and 2021. Year Ended December 31, (In thousands) 2023 2022 2021 (Loss) gain recognized in other comprehensive income (loss) $ (11,782) $ 14,412 $ 5,277 Gain recognized on termination of derivatives — — 16,505 (Loss) gain reclassified from other comprehensive income into interest expense (2,092) 1,621 (940) |
Not Designated as Hedging Instrument | |
DERIVATIVES AND HEDGING ACTIVITIES | |
Schedule of fair value of derivative financial instruments and classification on consolidated statements of financial condition | December 31, 2023 Notional Fair Value Fair Value (In thousands) Count Amount Assets Liabilities Included in derivative assets/(liabilities): Loan level interest rate swaps with borrower 49 $ 491,394 $ 10,985 $ — Loan level interest rate swaps with borrower 178 1,121,085 — 103,570 Loan level interest rate floors with borrower 2 29,721 — — Loan level interest rate floors with borrower 7 40,761 — 116 Loan level interest rate swaps with third-party counterparties 49 491,394 — 10,985 Loan level interest rate swaps with third-party counterparties 178 1,121,085 103,570 — Loan level interest rate floors with third-party counterparties 2 29,721 — — Loan level interest rate floors with third-party counterparties 7 40,761 116 — December 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 3 $ 53,311 $ 1,524 $ — Loan level interest rate swaps with borrower 185 1,214,736 — 126,751 Loan level interest rate floors with borrower 40 326,309 — 9,060 Loan level interest rate swaps with third-party counterparties 3 53,311 — 1,524 Loan level interest rate swaps with third-party counterparties 185 1,214,736 126,751 — Loan level interest rate floors with third-party counterparties 40 326,309 9,060 — |
Schedule of loan level derivative income | Year Ended December 31, (In thousands) 2023 2022 2021 Loan level derivative income $ 7,081 $ 3,637 $ 2,909 |
FHLBNY ADVANCES (Tables)
FHLBNY ADVANCES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FHLBNY ADVANCES | |
Summary of FHLBNY extinguishments | Year Ended December 31, (Dollars in thousands) 2023 2022 2021 FHLBNY advances extinguished $ - $ - $ 209,010 Weighted average rate - % - % 1.31 % Loss on extinguishment of debt $ - $ - $ 1,751 |
Schedule of contractual maturities and weighted average interest rates of FHLBNY advances | December 31, (Dollars in thousands) 2023 2022 2023, fixed rate at rates from 3.85% to 5.65% — 1,095,000 2024, fixed rate at rates from 4.85% to 5.67% 1,265,000 — 2027, fixed rate at 4.25% 36,000 36,000 2028, fixed rate at 4.04% 12,000 — Total FHLBNY advances $ 1,313,000 $ 1,131,000 |
OTHER SHORT-TERM BORROWINGS (Ta
OTHER SHORT-TERM BORROWINGS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
OTHER SHORT-TERM BORROWINGS | |
Summary of other short-term borrowings | December 31, (In thousands) 2023 2022 Repurchase agreements $ — $ 1,360 Other short-term borrowings $ — $ 1,360 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAXES | |
Schedule of components of income tax expense | Year Ended December 31, (In thousands) 2023 2022 2021 Current expense Federal $ 24,469 $ 39,492 $ 23,759 State and city 15,681 17,205 11,815 Total current expense 40,150 56,697 35,574 Deferred expense Federal 1,393 840 5,490 State and city (758) 1,822 3,106 Total deferred expense 635 2,662 8,596 Total $ 40,785 $ 59,359 $ 44,170 |
Schedule of reconciliation of the expected Federal income tax expense at the statutory tax rate to the actual provision | Year Ended December 31, (Dollars in thousands) 2023 2022 2021 Tax at federal statutory rate $ 28,745 $ 44,502 $ 31,115 State and local taxes, net of federal income tax benefit 12,237 13,699 11,601 Benefit plan differences (127) (127) (107) Investment in BOLI (2,047) (2,173) (1,485) Equity based compensation 79 (141) (301) Salaries deduction limitation 2,381 2,054 3,419 Transaction costs — — 181 Other, net (483) 1,545 (253) Total $ 40,785 $ 59,359 $ 44,170 Effective tax rate 29.80 % 28.01 % 29.81 % |
Schedule of components of deferred tax assets and liabilities | December 31, (In thousands) 2023 2022 Deferred tax assets: Allowance for credit losses and other contingent liabilities $ 26,926 $ 28,175 Tax effect of other components of income on securities available-for-sale 34,745 38,140 Tax effect of other components of income on securities held-to-maturity 7,216 8,138 Operating lease liability 19,229 19,256 Other 2,603 2,074 Total deferred tax assets 90,719 95,783 Deferred tax liabilities: Tax effect of other components of income on derivatives 2,368 5,394 Employee benefit plans 1,707 976 Tax effect of purchase accounting fair value adjustments 1,329 2,352 Difference in book and tax carrying value of fixed assets 2,230 4,261 Difference in book and tax basis of unearned loan fees 3,239 2,431 Operating lease asset 18,266 18,414 States taxes 2,166 2,801 Other 241 1,002 Total deferred tax liabilities 31,546 37,631 Net deferred tax asset (recorded in other assets) $ 59,173 $ 58,152 |
RETIREMENT AND POSTRETIREMENT_2
RETIREMENT AND POSTRETIREMENT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Employee Retirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of funded status of defined benefit plan | Year Ended December 31, (In thousands) 2023 2022 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 19,021 $ 24,961 Interest cost 900 622 Actuarial (gain) loss 384 (5,004) Benefit payments (1,584) (1,558) Projected benefit obligation at end of year 18,721 19,021 Plan assets at fair value (investments in trust funds managed by trustee) Balance at beginning of year 22,593 28,693 Return on plan assets 294 (4,542) Benefit payments (1,584) (1,558) Balance at end of year 21,303 22,593 Funded status at end of year $ 2,582 $ 3,572 |
Schedule of components of net periodic benefit (credit) cost included in other non-interest expense | Year Ended December 31, (In thousands) 2023 2022 2021 Interest cost $ 900 $ 622 $ 562 Expected return on plan assets (1,521) (1,949) (1,846) Amortization of unrealized loss 572 261 824 Net periodic benefit (credit) cost $ (49) $ (1,066) $ (460) |
Schedule of change in accumulated other comprehensive loss | Year Ended December 31, (In thousands) 2023 2022 Balance at beginning of period $ (5,323) $ (4,097) Amortization of unrealized loss 572 261 Loss recognized during the year (1,612) (1,487) Balance at the end of the period $ (6,363) $ (5,323) Period end component of accumulated other comprehensive loss, net of tax $ 4,343 $ 3,649 |
Schedule of major assumptions utilized to determine the net periodic cost of Plan benefit obligations | At or for the Year Ended December 31, 2023 2022 2021 Discount rate used for net periodic benefit cost 4.90 % 2.55 % 2.15 % Discount rate used to determine benefit obligation at period end 4.70 4.90 2.55 Expected long-term return on plan assets used for net periodic benefit cost 7.00 7.00 7.00 Expected long-term return on plan assets used to determine benefit obligation at period end 7.00 7.00 7.00 |
Summary of plan asset allocation by asset category | December 31, 2023 2022 Asset category: Equity securities — % 51 % Debt securities 100 47 Cash equivalents — 2 Total 100 % 100 % |
Summary of fair values of the plan assets | December 31, 2023 Fair Value Measurements Using: Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 58 $ — $ 58 Fixed income securities: Government 21,245 — — 21,245 Total Plan Assets $ 21,245 $ 58 $ — $ 21,303 December 31, 2022 Fair Value Measurements Using: Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 541 $ — $ 541 Equities: U.S. large cap 8,398 — — 8,398 U.S. mid cap/small cap 2,348 — — 2,348 International 2,718 — — 2,718 Equities blend 192 — — 192 Fixed income securities: Corporate — 1,305 — 1,305 Government 2,527 — — 2,527 Mortgage-backed — 586 — 586 High yield bonds and bond funds — 3,978 — 3,978 Total Plan Assets $ 16,183 $ 6,410 $ — $ 22,593 |
Schedule of expected benefit payments maturities | (In thousands) 2024 $ 1,526 2025 1,518 2026 1,475 2027 1,447 2028 1,401 2029 to 2033 6,621 |
BNB Bank Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of funded status of defined benefit plan | Year Ended December 31, (In thousands) 2023 2022 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 27,920 $ 34,495 Service cost 564 807 Interest cost 1,263 793 Actuarial gain (883) (7,111) Curtailment (446) — Benefit payments (1,136) (1,064) Projected benefit obligation at end of year 27,282 27,920 Plan assets at fair value (investments in trust funds managed by trustee) Balance at beginning of year 38,572 47,857 Return on plan assets 734 (8,221) Benefit payments (1,136) (1,064) Balance at end of year 38,170 38,572 Funded status at end of year $ 10,888 $ 10,652 |
Schedule of components of net periodic benefit (credit) cost included in other non-interest expense | Year Ended December 31, (In thousands) 2023 2022 Service cost $ 564 $ 807 Interest cost 1,263 793 Expected return on plan assets (2,760) (3,441) Net periodic benefit credit $ (933) $ (1,841) |
Schedule of change in accumulated other comprehensive loss | Year Ended December 31, (In thousands) 2023 2022 Balance at beginning of period $ (2,358) $ 2,193 Loss recognized during the year (698) (4,551) Balance at the end of the period $ (3,056) $ (2,358) Period end component of accumulated other comprehensive income, net of tax $ 2,087 $ 1,617 |
Schedule of major assumptions utilized to determine the net periodic cost of Plan benefit obligations | At or for the Year Ended December 31, 2023 2022 Discount rate used for net periodic benefit cost 4.98 % 2.69 % Discount rate used to determine benefit obligation at period end 4.79 4.98 Expected long-term return on plan assets used for net periodic benefit cost 7.25 7.25 Expected long-term return on plan assets used to determine benefit obligation at period end 7.25 7.25 |
Summary of plan asset allocation by asset category | December 31, 2023 2022 Asset category: Equity securities - % 51 % Debt securities 99 46 Cash equivalents 1 3 Total 100 % 100 % |
Summary of fair values of the plan assets | Fair Value Measurements at December 31, 2023 Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 317 $ — $ 317 Fixed income securities: Government 37,853 — — 37,853 Total Plan Assets $ 37,853 $ 317 $ — $ 38,170 Fair Value Measurements at December 31, 2022 Quoted Prices in Significant Active Markets for Other Significant Identical Observable Unobservable (In thousands) Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Total Description: Cash and cash equivalents $ — $ 1,001 $ — $ 1,001 Equities: U.S. large cap 14,310 — — 14,310 U.S. mid cap/small cap 4,094 — — 4,094 International 4,658 — — 4,658 Equities blend 308 — — 308 Fixed income securities: Corporate — 2,203 — 2,203 Government 4,275 — — 4,275 Mortgage-backed — 979 — 979 High yield bonds and bond funds — 6,744 — 6,744 Total Plan Assets $ 27,645 $ 10,927 $ — $ 38,572 |
Schedule of expected benefit payments maturities | (In thousands) 2024 $ 1,298 2025 1,379 2026 1,501 2027 1,477 2028 1,529 2029 to 2033 9,075 |
BMP and Outside Director Retirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of funded status of defined benefit plan | Year Ended (In thousands) December 31, 2021 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 9,328 Interest cost 12 Benefit payments (9,063) Actuarial (gain) loss (277) Projected benefit obligation at end of year — Plan assets at fair value: Balance at beginning of year — Contributions 9,063 Benefit payments (9,063) Balance at end of period — Funded status at end of year $ — |
Schedule of components of net periodic benefit (credit) cost included in other non-interest expense | Year Ended (In thousands) December 31, 2021 Interest cost $ 12 Curtailment loss 1,543 Amortization of unrealized loss — Net periodic benefit cost $ 1,555 |
Schedule of change in accumulated other comprehensive loss | Year Ended (In thousands) December 31, 2021 Balance at beginning of year $ (1,820) Amortization of unrealized loss — Gain (loss) recognized during the year 277 Curtailment credit 1,543 Balance at the end of year $ — Period end component of accumulated other comprehensive loss, net of tax $ — |
POSTRETIREMENT PLANS | |
Defined Benefit Plan Disclosure [Line Items] | |
Schedule of funded status of defined benefit plan | Year Ended (In thousands) December 31, 2021 Reconciliation of projected benefit obligation: Projected benefit obligation at beginning of year $ 13 Interest cost — Actuarial loss — Curtailment gain — Benefit payments (13) Projected benefit obligation at end of year — Plan assets at fair value: Balance at beginning of year — Contributions 13 Benefit payments (13) Balance at end of period — Funded status at end of year $ — |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of activity related to stock options | Weighted- Average Weighted- Remaining Aggregate Number of Average Exercise Contractual Intrinsic (Dollars in thousands except share and per share amounts) Options Price Years Value Options outstanding at January 1, 2023 92,137 $ 35.39 6.2 — Options exercised — — Options forfeited (65,142) 35.38 Options outstanding at December 31, 2023 26,995 $ 35.39 5.2 $ — Options vested and exercisable at December 31, 2023 26,995 $ 35.39 5.2 $ — |
Schedule of information related to stock option plan | Year Ended December 31, (In thousands) 2023 2022 2021 Cash received for option exercise cost $ — $ — $ 431 Income tax (expense) benefit recognized on stock option exercises — — (15) Intrinsic value of options exercised — — 171 |
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 10,061 6.1 10,061 6.1 $35.35 9,802 5.1 9,802 5.1 $36.19 7,132 4.1 7,132 4.1 Total 26,995 5.2 26,995 5.2 |
Schedule of activity related to restricted stock awards | Weighted- Average Number of Grant-Date Shares Fair Value Unvested allocated shares outstanding at January 1, 2023 350,758 $ 28.63 Shares granted 220,750 25.47 Shares vested (134,648) 29.37 Shares forfeited (80,065) 26.45 Unvested allocated shares outstanding at December 31, 2023 356,795 $ 26.88 |
Schedule of information related to restricted stock award plan | Year Ended December 31, (In thousands) 2023 2022 2021 Compensation expense recognized $ 4,003 $ 3,516 $ 5,253 Income tax (expense) benefit recognized on vesting of RSAs (188) (10) 27 |
Performance Shares | Long Term Incentive Award Program | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of activity related to performance based equity awards | Weighted- Average Number of Grant-Date Shares Fair Value Maximum aggregate share payout at January 1, 2023 95,831 $ 30.35 Shares granted 195,066 17.69 Shares forfeited (60,987) 25.21 Maximum aggregate share payout at December 31, 2023 229,910 $ 20.97 Minimum aggregate share payout — — Expected aggregate share payout 210,820 $ 20.21 |
Schedule of information related to performance based share award plan | Year Ended December 31, (In thousands) 2023 2022 2021 Compensation (benefit) expense recognized $ 635 $ 760 $ 154 Income tax expense recognized on vesting of PSAs — 193 — |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER COMMON SHARE | |
Schedule of reconciliation of numerators and denominators of basic and diluted EPS | The following is a reconciliation of the numerators and denominators of basic and diluted EPS for the periods presented: Year Ended December 31, (In thousands except share and per share amounts) 2023 2022 2021 Net income available to common stockholders $ 88,808 $ 145,270 $ 96,710 Less: Dividends paid and earnings allocated to participating securities (1,240) (1,688) (1,215) Income attributable to common stock $ 87,568 $ 143,582 $ 95,495 Weighted-average common shares outstanding, including participating securities 38,754,346 38,985,314 39,327,959 Less: weighted-average participating securities (566,869) (446,480) (425,533) Weighted-average common shares outstanding 38,187,477 38,538,834 38,902,426 Basic EPS $ 2.29 $ 3.73 $ 2.45 Income attributable to common stock $ 87,568 $ 143,582 $ 95,495 Weighted-average common shares outstanding 38,187,477 38,538,834 38,902,426 Weighted-average common equivalent shares outstanding — — 611 Weighted-average common and equivalent shares outstanding 38,187,477 38,538,834 38,903,037 Diluted EPS $ 2.29 $ 3.73 $ 2.45 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | Year Ended December 31, 2023 2022 (In thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Available lines of credit $ 114,880 $ 1,072,471 $ 73,929 $ 996,029 Other loan commitments 7,190 89,855 150,663 120,899 Stand-by letters of credit 38,095 — 27,020 355 |
FAIR VALUE OF FINANCIAL INSTR_2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
Schedule of fair value, assets and liabilities measured on recurring basis | Fair Value Measurements at December 31, 2023 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Securities available-for-sale: Agency notes $ 9,371 $ — $ 9,371 $ — Treasury securities 234,190 — 234,190 — Corporate securities 151,170 — 151,170 — Pass-through MBS issued by GSEs 205,285 — 205,285 — Agency CMOs 259,415 — 259,415 — State and municipal obligations 26,809 — 26,809 — Derivative – cash flow hedges 7,461 — 7,461 — Derivative – freestanding derivatives, net 114,671 — 114,671 — Financial Liabilities: Derivative – fair value hedges 6,594 — 6,594 — Derivative – freestanding derivatives, net 114,671 — 114,671 — Fair Value Measurements at December 31, 2022 Using Level 1 Level 2 Level 3 (In thousands) Total Inputs Inputs Inputs Financial Assets: Securities available-for-sale: Treasury securities $ 227,256 $ — $ 227,256 $ — Corporate securities 166,773 — 166,773 — Pass-through MBS issued by GSEs 241,240 — 241,240 — Agency CMOs 281,339 — 281,339 — State and municipal obligations 33,979 — 33,979 — Derivative – cash flow hedges 17,150 — 17,150 — Derivative – freestanding derivatives, net 137,335 — 137,335 — Financial Liabilities: Derivative – freestanding derivatives, net 137,335 — 137,335 — |
Schedule of assets measured at fair value on a non-recurring basis | December 31, 2023 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 $ 6,336 $ — $ — $ 6,336 December 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 |
Schedule of fair value measurements, nonrecurring | Fair Value Measurements at December 31, 2023 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 457,547 $ 457,547 $ — $ — $ 457,547 Securities held-to-maturity 594,639 — 516,930 — 516,930 Loans held for investment, net 10,695,349 — — 10,305,026 10,305,026 Accrued interest receivable 55,666 — 6,593 49,073 55,666 Financial Liabilities: Savings, money market and checking accounts (1) 8,922,972 8,922,972 — — 8,922,972 CDs 1,607,683 — 1,602,087 — 1,602,087 FHLBNY advances 1,313,000 — 1,312,940 — 1,312,940 Subordinated debt, net 200,196 — 160,696 — 160,696 Accrued interest payable 17,298 — 17,298 — 17,298 (1) Includes mortgage escrow deposits. Fair Value Measurements at December 31, 2022 Using Carrying Level 1 Level 2 Level 3 (In thousands) Amount Inputs Inputs Inputs Total Financial Assets: Cash and due from banks $ 169,297 $ 169,297 $ — $ — $ 169,297 Securities held-to-maturity 585,798 — 505,759 — 505,759 Loans held for investment, net 10,482,145 — — 10,005,121 10,005,121 Accrued interest receivable 48,561 — 6,105 42,456 48,561 Financial Liabilities: Savings, money market and checking accounts (1) 9,139,043 9,139,043 — — 9,139,043 CDs 1,115,364 — 1,096,808 — 1,096,808 FHLBNY advances 1,131,000 — 1,131,217 — 1,131,217 Subordinated debt, net 200,283 — 180,583 — 180,583 Other short-term borrowings 1,360 1,360 — — 1,360 Accrued interest payable 5,323 — 5,323 — 5,323 (1) Includes mortgage escrow deposits. |
REGULATORY CAPITAL MATTERS (Tab
REGULATORY CAPITAL MATTERS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
REGULATORY CAPITAL MATTERS | |
Schedule of the Company's and Bank's actual capital amounts and ratios | The following tables present actual capital levels and minimum required levels for the Company and the Bank under Basel III rules at December 31, 2023 and 2022: At December 31, 2023 For Capital To Be Categorized Actual Adequacy Purposes (1) as “Well Capitalized” (1) Minimum Minimum (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 capital / % of average total assets Bank $ 1,331,676 9.8 % $ 544,254 4.0 % $ 680,318 5.0 % Consolidated Company 1,158,455 8.5 544,529 4.0 N/A N/A Common equity Tier 1 capital / % of risk-weighted assets Bank 1,331,676 12.6 476,168 4.5 687,798 6.5 Consolidated Company 1,041,886 9.8 476,341 4.5 N/A N/A Tier 1 capital / % of risk-weighted assets Bank 1,331,676 12.6 634,890 6.0 846,520 8.0 Consolidated Company 1,158,455 10.9 635,122 6.0 N/A N/A Total capital / % of risk-weighted assets Bank 1,406,581 13.3 846,520 8.0 1,058,151 10.0 Consolidated Company 1,433,361 13.5 846,829 8.0 N/A N/A (1) In accordance with the Basel III rules. At December 31, 2022 For Capital To Be Categorized Actual Adequacy Purposes (1) as “Well Capitalized” (1) Minimum Minimum (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Tier 1 capital / % of average total assets Bank $ 1,286,656 10.0 % $ 517,606 4.0 % $ 647,008 5.0 % Consolidated Company 1,103,498 8.5 517,914 4.0 N/A N/A Common equity Tier 1 capital / % of risk-weighted assets Bank 1,286,656 11.9 485,062 4.5 700,645 6.5 Consolidated Company 986,928 9.2 485,243 4.5 N/A N/A Tier 1 capital / % of risk-weighted assets Bank 1,286,656 11.9 646,749 6.0 862,332 8.0 Consolidated Company 1,103,498 10.2 646,990 6.0 N/A N/A Total capital / % of risk-weighted assets Bank 1,373,431 12.7 862,332 8.0 1,077,915 10.0 Consolidated Company 1,390,272 12.9 862,654 8.0 N/A N/A (1) In accordance with the Basel III rules. |
CONDENSED HOLDING COMPANY ONL_2
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS | |
Schedule of condensed statements of financial condition | December 31, (In thousands) 2023 2022 ASSETS: Cash and due from banks $ 35,114 $ 25,009 Securities available-for-sale, at fair value 2,693 2,489 Investment in subsidiaries 1,395,526 1,348,962 Other assets 4,401 4,389 Total assets $ 1,437,734 $ 1,380,849 LIABILITIES AND STOCKHOLDERS’ EQUITY: Subordinated debt, net $ 200,196 $ 200,283 Other liabilities 11,313 10,983 Stockholders’ equity 1,226,225 1,169,583 Total liabilities and stockholders’ equity $ 1,437,734 $ 1,380,849 |
Schedule of condensed statements of income and other comprehensive income | Year Ended December 31, (In thousands) 2023 2022 2021 Net interest loss $ (9,942) $ (10,394) $ (8,427) Dividends received from Bank 60,000 95,000 20,000 Non-interest income — — 136 Non-interest expense (1,066) (1,720) (4,361) Income before income taxes and equity in undistributed earnings of direct subsidiaries 48,992 82,886 7,348 Income tax credit 7,822 4,001 4,051 Income before equity in undistributed earnings of direct subsidiaries 56,814 86,887 11,399 Equity in undistributed earnings of subsidiaries 39,280 65,669 92,597 Net income $ 96,094 $ 152,556 $ 103,996 (1) Comprehensive income for the Holding Company approximated comprehensive income for the consolidated Company during the years ended December 31, 2023, 2022 and 2021. |
Schedule of condensed statements of cash flows | Year Ended December 31, (In thousands) 2023 2022 2021 Cash flows from operating activities: Net income $ 96,094 $ 152,556 $ 103,996 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of direct subsidiaries (39,280) (65,669) (92,597) Net gain on marketable equity securities — — (131) Net accretion (87) (111) (157) Loss on extinguishment of debt — 740 — (Increase) decrease in other assets (62) (104) 761 (Decrease) increase in other liabilities (931) (1,096) 269 Net cash provided by operating activities 55,734 86,316 12,141 Cash flows from investing activities: Proceeds sales of marketable equity securities — — 6,101 Purchases of securities available-for-sale — — (3,000) Net cash received in business combination — — 11,545 Net cash provided by investing activities — — 14,646 Cash flows from financing activities: Proceeds from subordinated debentures issuance, net — 157,559 — Redemption of subordinated debentures — (155,000) — Proceeds from exercise of stock options — — 431 Release of stock for benefit plan awards 1,164 1,167 1,153 Payments related to tax withholding for equity awards (1,258) (1,558) (111) BMP ESOP shares received to satisfy distribution of retirement benefits — — (993) Treasury shares repurchased (947) (46,762) (59,280) Cash dividends paid to preferred stockholders (7,286) (7,286) (7,286) Cash dividends paid to common stockholders (37,302) (36,791) (39,351) Net cash used in financing activities (45,629) (88,671) (105,437) Net increase (decrease) in cash and due from banks 10,105 (2,355) (78,650) Cash and due from banks, beginning of period 25,009 27,364 106,014 Cash and due from banks, end of period $ 35,114 $ 25,009 $ 27,364 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 1 Months Ended | 12 Months Ended | ||||
Feb. 01, 2021 shares | Sep. 30, 2021 item | Dec. 31, 2023 USD ($) segment customer item | Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) customer | Jan. 01, 2021 USD ($) | |
Business Acquisition [Line Items] | ||||||
Common stock converted into right to receive shares (in shares) | shares | 0.6480 | |||||
Number of real estate investments dissolved | item | 2 | |||||
Number of branch locations | item | 60 | |||||
Accrued interest related to debt securities reversed against interest income | $ 0 | $ 0 | ||||
Non-accrual debt securities | 0 | 0 | ||||
Associated allowance for credit losses on the collectively evaluated loans | 55,400,000 | 57,100,000 | ||||
Collectively evaluated for impairment | 10,730,000,000 | 10,520,000,000 | ||||
Individually evaluated for impairment | 35,400,000 | 47,600,000 | ||||
Associated allowance for credit losses on the individually evaluated loans | 16,300,000 | 26,400,000 | ||||
Unrecognized Tax Benefits | $ 0 | $ 0 | ||||
Number of Reportable Segments | segment | 1 | |||||
Number of Operating Segments | segment | 1 | |||||
Customers that accounted for more than 10% of the Company's consolidated revenue | customer | 0 | 0 | 0 | |||
Retained earnings | $ 813,007,000 | $ 762,762,000 | ||||
Held-to-maturity securities | $ 0 | |||||
Core Deposit Intangibles | ||||||
Business Acquisition [Line Items] | ||||||
Intangible Asset Useful Life | 10 years | |||||
Cumulative Effect, CECL Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||||
Business Acquisition [Line Items] | ||||||
Decrease in allowance for credit losses | $ 3,900,000 | |||||
Retained earnings | $ 1,700,000 | |||||
Reserve for unfunded commitments | $ 1,400,000 | |||||
Maximum | Buildings | ||||||
Business Acquisition [Line Items] | ||||||
Property Plant and Equipment Useful Life | 50 years | |||||
Maximum | Furniture Fixtures And Equipment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property Plant and Equipment Useful Life | 10 years | |||||
Minimum | Buildings | ||||||
Business Acquisition [Line Items] | ||||||
Property Plant and Equipment Useful Life | 40 years | |||||
Minimum | Furniture Fixtures And Equipment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Property Plant and Equipment Useful Life | 3 years |
MERGER (Details)
MERGER (Details) $ / shares in Units, shares in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 01, 2021 USD ($) $ / shares shares | Jan. 31, 2021 shares | Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
MERGER | ||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Share conversion ratio | 0.6480 | 1 | ||
Preferred stock, Series A, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |
Preferred Stock | ||||
MERGER | ||||
Share conversion ratio | 1 | |||
Legacy Dime | ||||
MERGER | ||||
Common stock, par value (in dollars per share) | $ 0.01 | |||
Aggregate principal amount | $ | $ 115 | |||
Fixed interest rate of debentures | 4.50% | |||
Legacy Dime | Preferred Stock | ||||
MERGER | ||||
Preferred stock, Series A, par value (in dollars per share) | $ 0.01 | |||
Merger Agreement | ||||
MERGER | ||||
Number of Bridge Outstanding Shares | shares | 41,226 | |||
Percentage Ownership | 100% | |||
Merger Agreement | Bridge shareholders | ||||
MERGER | ||||
Number of Bridge Outstanding Shares | shares | 21,200 | 19,993 | ||
Percentage Ownership | 51.50% | 48.50% | ||
Merger Agreement | Legacy Dime shareholders | ||||
MERGER | ||||
Number of Bridge Outstanding Shares | shares | 30,853 | 21,233 | ||
Percentage Ownership | 51.50% |
MERGER - Dime Community Bancsha
MERGER - Dime Community Bancshares, Inc. Ownership and Market Value (Details) - Merger Agreement - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | |
Feb. 01, 2021 | Jan. 31, 2021 | |
MERGER | ||
Number of Bridge Outstanding Shares | 41,226 | |
Percentage Ownership | 100% | |
Securities available-for-sale acquired on the Merger Date | $ 1,007,140 | |
Bridge shareholders | ||
MERGER | ||
Number of Bridge Outstanding Shares | 21,200 | 19,993 |
Percentage Ownership | 51.50% | 48.50% |
Securities available-for-sale acquired on the Merger Date | $ 488,420 | |
Bridge Share Price | $ 24.43 | |
Legacy Dime shareholders | ||
MERGER | ||
Number of Bridge Outstanding Shares | 30,853 | 21,233 |
Percentage Ownership | 51.50% | |
Securities available-for-sale acquired on the Merger Date | $ 7 | $ 518,720 |
MERGER - Hypothetical Legacy Di
MERGER - Hypothetical Legacy Dime Ownership (Details) - Merger Agreement shares in Thousands | 1 Months Ended |
Jan. 31, 2021 shares | |
MERGER | |
Number of Legacy Dime Outstanding Shares | 63,620 |
Percentage Ownership | 100% |
Bridge shareholders | |
MERGER | |
Number of Legacy Dime Outstanding Shares | 30,853 |
Percentage Ownership | 48.50% |
Legacy Dime shareholders | |
MERGER | |
Number of Legacy Dime Outstanding Shares | 32,767 |
Percentage Ownership | 51.50% |
MERGER - Purchase Price (Detail
MERGER - Purchase Price (Details) - Merger Agreement - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 01, 2021 | Jan. 31, 2021 | Dec. 31, 2023 | |
MERGER | |||
Number of hypothetical Legacy Dime shares issued to Bridge shareholders | 41,226 | ||
Number of Bridge Outstanding Shares | 41,226 | ||
Cash in lieu of fractional shares | $ 1,007,140 | ||
Purchase price consideration | $ 491,210 | ||
Bridge shareholders | |||
MERGER | |||
Number of hypothetical Legacy Dime shares issued to Bridge shareholders | 21,200 | 19,993 | |
Number of Bridge Outstanding Shares | 21,200 | 19,993 | |
Cash in lieu of fractional shares | $ 488,420 | ||
Legacy Dime shareholders | |||
MERGER | |||
Number of hypothetical Legacy Dime shares issued to Bridge shareholders | 30,853 | 21,233 | |
Legacy Dime market price per share as of February 1, 2021 | $ 15.90 | ||
Purchase price determination of hypothetical Legacy Dime shares issued to Bridge shareholders | $ 490,560 | ||
Number of Bridge Outstanding Shares | 30,853 | 21,233 | |
Cash in lieu of fractional shares | $ 7 | $ 518,720 | |
Purchase price consideration | $ 491,210 | ||
Legacy Dime shareholders | Common Stock | |||
MERGER | |||
Number of hypothetical Legacy Dime shares issued to Bridge shareholders | 643 | ||
Number of Bridge Outstanding Shares | 643 |
MERGER - Purchase Price Allocat
MERGER - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Feb. 01, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
MERGER | |||||
Increase to goodwill resulting from merger | $ 458 | ||||
Fair value of liabilities assumed: | |||||
Goodwill resulting from Merger | $ 155,797 | $ 155,797 | $ 155,797 | $ 55,638 | |
Bridge assets acquired | |||||
Fair value of liabilities assumed: | |||||
Goodwill resulting from Merger | 100,200 | ||||
Bridge assets acquired | Other Assets [Member] | |||||
Purchase price consideration: | |||||
Purchase price consideration | 491,210 | ||||
Fair value of assets acquired: | |||||
Cash and due from banks | 715,988 | ||||
Securities available-for-sale | 651,997 | ||||
Loans held for sale | 10,000 | ||||
Loans held for investment | 4,531,640 | ||||
Premises and fixed assets | 37,881 | ||||
Restricted stock | 23,362 | ||||
BOLI | 94,085 | ||||
Other intangible assets | 10,984 | ||||
Operating lease assets | 45,603 | ||||
Other assets | 117,016 | ||||
Total assets acquired | 6,238,556 | ||||
Fair value of liabilities assumed: | |||||
Deposits | 5,405,575 | ||||
Other short-term borrowings | 216,298 | ||||
Subordinated debt | 83,200 | ||||
Operating lease liabilities | 45,285 | ||||
Other liabilities | 97,147 | ||||
Total liabilities assumed | 5,847,505 | ||||
Fair value of net identifiable assets | 391,051 | ||||
Goodwill resulting from Merger | $ 100,159 |
MERGER - Loans Acquired (Detail
MERGER - Loans Acquired (Details) - Bridge assets acquired $ in Thousands | Feb. 01, 2021 USD ($) |
MERGER | |
Total fair value at acquisition | $ 4,531,640 |
PCD loans | |
MERGER | |
Unpaid principal balance | 295,306 |
Non-credit discount at acquisition | (9,050) |
Unpaid principal balance, net | 286,256 |
Allowance for credit losses at acquisition | (52,284) |
Total fair value at acquisition | 233,972 |
Non-PCD loans | |
MERGER | |
Unpaid principal balance | 4,289,236 |
Premium at acquisition | 8,432 |
Total fair value at acquisition | $ 4,297,668 |
MERGER - Supplemental of cash f
MERGER - Supplemental of cash flow information (Details) - Merger Agreement $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |
Fair value of tangible assets acquired | $ 6,227,572 |
Goodwill, core deposit intangible and other intangible assets acquired | 111,143 |
Liabilities assumed | 5,847,505 |
Purchase price consideration | $ 491,210 |
MERGER - Other intangible asset
MERGER - Other intangible assets (Details) - Merger Agreement - USD ($) $ in Thousands | Dec. 31, 2023 | Feb. 01, 2021 |
Core Deposit Intangibles | ||
MERGER | ||
Other intangible assets | $ 10,200 | |
Weighted average life | 10 years | |
Non-compete Agreement | ||
MERGER | ||
Other intangible assets | $ 780 | |
Weighted average life | 13 months |
ACCUMULATED OTHER COMPREHENSI_3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Accumulated Other Comprehensive (loss) income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated other comprehensive (loss) income, net of tax: | |||
Balance | $ 1,169,583 | $ 1,192,620 | $ 701,096 |
Total other comprehensive income (loss), net of tax | 2,800 | (88,198) | (257) |
Balance | 1,226,225 | 1,169,583 | 1,192,620 |
Accumulated Other Comprehensive Loss, Net of Deferred Taxes | |||
Accumulated other comprehensive (loss) income, net of tax: | |||
Balance | (94,379) | (6,181) | (5,924) |
Other comprehensive income (loss) before reclassifications | (702) | (86,564) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,502 | (1,634) | |
Total other comprehensive income (loss), net of tax | 2,800 | (88,198) | (257) |
Balance | (91,579) | (94,379) | (6,181) |
Securities | |||
Accumulated other comprehensive (loss) income, net of tax: | |||
Balance | (100,870) | (7,864) | |
Other comprehensive income (loss) before reclassifications | 7,498 | (95,030) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,130 | 2,024 | |
Total other comprehensive income (loss), net of tax | 10,628 | (93,006) | |
Balance | (90,242) | (100,870) | (7,864) |
Defined Benefit Plans | |||
Accumulated other comprehensive (loss) income, net of tax: | |||
Balance | (5,266) | (1,306) | |
Other comprehensive income (loss) before reclassifications | (109) | (1,413) | |
Amounts reclassified from accumulated other comprehensive income (loss) | (1,055) | (2,547) | |
Total other comprehensive income (loss), net of tax | (1,164) | (3,960) | |
Balance | (6,430) | (5,266) | (1,306) |
Accumulated Other Comprehensive Loss, Derivatives | |||
Accumulated other comprehensive (loss) income, net of tax: | |||
Balance | 11,757 | 2,989 | |
Other comprehensive income (loss) before reclassifications | (8,091) | 9,879 | |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,427 | (1,111) | |
Total other comprehensive income (loss), net of tax | (6,664) | 8,768 | |
Balance | $ 5,093 | $ 11,757 | $ 2,989 |
ACCUMULATED OTHER COMPREHENSI_4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) - Before and After Tax Amounts by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in unrealized gain (loss) on securities: | |||
Change in net unrealized gain (loss) during the period | $ 10,355 | $ (138,630) | $ (28,865) |
Reclassification adjustment for net losses included in net loss on sale of securities and other assets | 1,447 | (1,207) | |
Accretion of net unrealized loss on securities transferred to held-to-maturity | 3,142 | 2,953 | |
Net change | 14,944 | (135,677) | (30,072) |
Tax expense (benefit) | 4,316 | (42,671) | (9,514) |
Net change in unrealized gain (loss) on securities, net of reclassification adjustments and tax | 10,628 | (93,006) | (20,558) |
Change in pension and other postretirement obligations: | |||
Reclassification adjustment for expense included in other expense | (1,547) | (3,715) | (1,092) |
Reclassification adjustment for curtailment loss | 1,543 | ||
Change in the net actuarial (loss) gain | (190) | (2,062) | 6,563 |
Net change | (1,737) | (5,777) | 7,014 |
Tax (benefit) expense | (573) | (1,817) | 2,234 |
Net change in pension and other postretirement obligations | (1,164) | (3,960) | 4,780 |
Change in unrealized gain (loss) on derivatives: | |||
Change in net unrealized (loss) gain during the period | (11,782) | 14,412 | 5,277 |
Reclassification adjustment for loss included in loss on termination of derivatives | (16,505) | ||
Reclassification adjustment for expense included in interest expense | 2,092 | (1,621) | 940 |
Net change | (9,690) | 12,791 | 22,722 |
Tax expense (benefit) | (3,026) | 4,023 | 7,201 |
Net change in unrealized gain (loss) on derivatives, net of reclassification adjustments and tax | (6,664) | 8,768 | 15,521 |
Total other comprehensive income (loss), net of tax | $ 2,800 | $ (88,198) | $ (257) |
SECURITIES - Available-for-sale
SECURITIES - Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities available-for-sale: | ||
Amortized Cost | $ 995,709 | $ 1,071,858 |
Gross Unrealized Gains | 56 | 59 |
Gross Unrealized Losses | (109,525) | (121,330) |
Fair Value | 886,240 | 950,587 |
Agency notes | ||
Securities available-for-sale: | ||
Amortized Cost | 10,000 | |
Gross Unrealized Losses | (629) | |
Fair Value | 9,371 | |
Treasury securities | ||
Securities available-for-sale: | ||
Amortized Cost | 245,877 | 246,899 |
Gross Unrealized Losses | (11,687) | (19,643) |
Fair Value | 234,190 | 227,256 |
Corporate securities | ||
Securities available-for-sale: | ||
Amortized Cost | 174,978 | 183,791 |
Gross Unrealized Gains | 57 | |
Gross Unrealized Losses | (23,808) | (17,075) |
Fair Value | 151,170 | 166,773 |
Pass-through MBS issued by GSEs | ||
Securities available-for-sale: | ||
Amortized Cost | 230,253 | 272,774 |
Gross Unrealized Gains | 10 | |
Gross Unrealized Losses | (24,978) | (31,534) |
Fair Value | 205,285 | 241,240 |
Agency CMOs | ||
Securities available-for-sale: | ||
Amortized Cost | 305,860 | 331,394 |
Gross Unrealized Gains | 46 | 2 |
Gross Unrealized Losses | (46,491) | (50,057) |
Fair Value | 259,415 | 281,339 |
State and municipal obligations. | ||
Securities available-for-sale: | ||
Amortized Cost | 28,741 | 37,000 |
Gross Unrealized Losses | (1,932) | (3,021) |
Fair Value | $ 26,809 | $ 33,979 |
SECURITIES - Held-to-maturity (
SECURITIES - Held-to-maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Securities held-to-maturity: | ||
Amortized Cost | $ 594,639 | $ 585,798 |
Gross Unrecognized Gains | 16 | |
Gross Unrecognized Losses | (77,725) | (80,039) |
Fair Value | 516,930 | 505,759 |
US Government Agencies Debt Securities [Member] | ||
Securities held-to-maturity: | ||
Amortized Cost | 89,563 | 89,157 |
Gross Unrecognized Losses | (11,300) | (14,095) |
Fair Value | 78,263 | 75,062 |
Corporate Debt Securities [Member] | ||
Securities held-to-maturity: | ||
Amortized Cost | 9,000 | 9,000 |
Gross Unrecognized Losses | (1,825) | (553) |
Fair Value | 7,175 | 8,447 |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | ||
Securities held-to-maturity: | ||
Amortized Cost | 279,853 | 278,281 |
Gross Unrecognized Losses | (37,579) | (40,960) |
Fair Value | 242,274 | 237,321 |
Agency collateralized mortgage obligations ("CMOs") | ||
Securities held-to-maturity: | ||
Amortized Cost | 216,223 | 209,360 |
Gross Unrecognized Gains | 16 | |
Gross Unrecognized Losses | (27,021) | (24,431) |
Fair Value | $ 189,218 | $ 184,929 |
SECURITIES - Narrative (Details
SECURITIES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt and Equity Securities, FV-NI [Line Items] | |||
Transfer from securities held-to-maturity | $ 0 | $ 0 | |
Securities available-for-sale transferred to held-to-maturity | 372,154,000 | $ 140,399,000 | |
Unrealized loss on transfer of securities to held to maturity | (27,700,000) | ||
Gain (loss) on transfer of securities to held-to-maturity | $ 0 | ||
Transfer to securities held-to-maturity | $ 372,200,000 | ||
Transfers to or from securities held-to-maturity | 0 | ||
Financial Instrument, Owned, Pledged Status [Extensible Enumeration] | Securities pledged | Securities pledged | |
Net loss on equity securities | $ 758,000 | ||
Number of holdings of securities of any one issuer in an amount greater than 10% of stockholders equity | 0 | 0 | |
Threshold for disclosure percentage | 10% | 10% | |
Available for sale debt securities, unrealized loss position due to credit | $ 0 | ||
Allowance for credit losses on available for sale debt securities | 0 | ||
Accrued interest receivable on securities | 5,300,000 | $ 5,400,000 | |
Securities pledged | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Carrying amount of securities pledged | 457,700,000 | $ 631,400,000 | |
Fair Value | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Securities available-for-sale transferred to held-to-maturity | $ 140,400,000 | ||
Other assets | |||
Debt and Equity Securities, FV-NI [Line Items] | |||
Equity securities | $ 2,200,000 |
SECURITIES - Amortized Cost and
SECURITIES - Amortized Cost and Fair Value By Contractual Maturity, Available-for-sale (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available-for-sale, Amortized Cost | ||
Within one year | $ 88,498 | |
One to five years | 198,552 | |
Five to ten years | 172,546 | |
Pass-through MBS issued by GSEs and Agency CMO | 536,113 | |
Amortized Cost | 995,709 | $ 1,071,858 |
Available for sale, Fair Value | ||
Within one year | 86,233 | |
One to five years | 186,041 | |
Five to ten years | 149,266 | |
Pass-through MBS issued by GSEs and Agency CMO | 464,700 | |
Total Fair Value | $ 886,240 | $ 950,587 |
SECURITIES - Amortized Cost a_2
SECURITIES - Amortized Cost and Fair Value By Contractual Maturity, Held-to-maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Held-to-maturity, Amortized Cost | ||
One to five years | $ 19,783 | |
Five to ten years | 78,780 | |
Pass-through MBS issued by GSEs and agency CMO | 496,076 | |
Total Amortized Cost | 594,639 | |
Held-to-maturity, Fair Value | ||
One to five years | 18,397 | |
Five to ten years | 67,041 | |
Pass-through MBS issued by GSEs and agency CMO | 431,492 | |
Total Fair Value | $ 516,930 | $ 505,759 |
SECURITIES - Sales Information
SECURITIES - Sales Information and Marketable Equity Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sales of Available-for-sale Securities: | |||
Proceeds from sales of securities available-for-sale | $ 77,804 | $ 138,077 | |
Gross gains | 130 | 1,327 | |
Tax expense on gains | 39 | 421 | |
Gross losses | 1,577 | 120 | |
Tax benefit on losses | 467 | 38 | |
Proceeds: | |||
Marketable equity securities | 6,101 | ||
Sales of securities held-to-maturity | $ 0 | $ 0 | $ 0 |
SECURITIES - Continuous Unreali
SECURITIES - Continuous Unrealized Loss Position (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value | ||
Total | $ 0 | |
Agency notes | ||
Fair Value | ||
12 Consecutive Months or Longer | 9,371,000 | |
Total | 9,371,000 | |
Unrealized Losses | ||
12 Consecutive Months or Longer | 629,000 | |
Total | 629,000 | |
Treasury securities | ||
Fair Value | ||
12 Consecutive Months or Longer | 234,190,000 | $ 227,256,000 |
Total | 234,190,000 | 227,256,000 |
Unrealized Losses | ||
12 Consecutive Months or Longer | 11,687,000 | 19,643,000 |
Total | 11,687,000 | 19,643,000 |
Corporate securities | ||
Fair Value | ||
Less than 12 Consecutive Months | 20,935,000 | 110,707,000 |
12 Consecutive Months or Longer | 130,235,000 | 50,116,000 |
Total | 151,170,000 | 160,823,000 |
Unrealized Losses | ||
Less than 12 Consecutive Months | 917,000 | 8,494,000 |
12 Consecutive Months or Longer | 22,891,000 | 8,581,000 |
Total | 23,808,000 | 17,075,000 |
Pass-through MBS issued by GSEs | ||
Fair Value | ||
Less than 12 Consecutive Months | 50,813,000 | |
12 Consecutive Months or Longer | 203,469,000 | 190,427,000 |
Total | 203,469,000 | 241,240,000 |
Unrealized Losses | ||
Less than 12 Consecutive Months | 2,010,000 | |
12 Consecutive Months or Longer | 24,978,000 | 29,524,000 |
Total | 24,978,000 | 31,534,000 |
Agency CMOs | ||
Fair Value | ||
Less than 12 Consecutive Months | 55,924,000 | |
12 Consecutive Months or Longer | 251,900,000 | 220,413,000 |
Total | 251,900,000 | 276,337,000 |
Unrealized Losses | ||
Less than 12 Consecutive Months | 3,454,000 | |
12 Consecutive Months or Longer | 46,491,000 | 46,603,000 |
Total | 46,491,000 | 50,057,000 |
State and municipal obligations. | ||
Fair Value | ||
Less than 12 Consecutive Months | 1,796,000 | 10,848,000 |
12 Consecutive Months or Longer | 21,513,000 | 22,681,000 |
Total | 23,309,000 | 33,529,000 |
Unrealized Losses | ||
Less than 12 Consecutive Months | 54,000 | 174,000 |
12 Consecutive Months or Longer | 1,878,000 | 2,847,000 |
Total | $ 1,932,000 | $ 3,021,000 |
LOANS HELD FOR INVESTMENT, NE_2
LOANS HELD FOR INVESTMENT, NET - Loan Categories (Details) - USD ($) $ in Thousands | 1 Months Ended | ||||
Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans held for investment, net: | |||||
Total loans | $ 10,766,837 | $ 10,566,831 | |||
Fair value hedge basis point adjustments | 6,591 | ||||
Total loans, net of fair value hedge basis point adjustments | 10,773,428 | 10,566,831 | |||
Allowance for credit losses | (71,743) | (83,507) | |||
Total loans held for investment, net | 10,701,685 | 10,483,324 | |||
Total real estate loans | |||||
Loans held for investment, net: | |||||
Total loans | 9,694,144 | 9,487,440 | |||
Total loans, net of fair value hedge basis point adjustments | 9,694,144 | 9,487,440 | |||
Allowance for credit losses | (42,647) | (43,381) | $ (47,771) | $ (28,712) | |
One-to-four family residential and cooperative/condominium apartment | |||||
Loans held for investment, net: | |||||
Total loans | 887,555 | 773,321 | |||
Total loans, net of fair value hedge basis point adjustments | 887,555 | 773,321 | |||
Allowance for credit losses | (6,813) | (5,969) | (5,932) | (644) | |
Multifamily residential and residential mixed-use | |||||
Loans held for investment, net: | |||||
Total loans | 4,017,176 | 4,026,826 | |||
Total loans, net of fair value hedge basis point adjustments | 4,017,176 | 4,026,826 | |||
Allowance for credit losses | (7,237) | (8,360) | (7,816) | (17,016) | |
Commercial real estate ("CRE") | |||||
Loans held for investment, net: | |||||
Total loans | 4,620,900 | 4,457,630 | |||
Total loans, net of fair value hedge basis point adjustments | 4,620,900 | 4,457,630 | |||
Allowance for credit losses | (26,608) | (27,329) | (29,166) | (9,059) | |
Acquisition, development, and construction ("ADC") | |||||
Loans held for investment, net: | |||||
Total loans | 168,513 | 229,663 | |||
Total loans, net of fair value hedge basis point adjustments | 168,513 | 229,663 | |||
Allowance for credit losses | (1,989) | (1,723) | (4,857) | (1,993) | |
Commercial and Industrial ("C&I") Loans | |||||
Loans held for investment, net: | |||||
Total loans | 1,066,938 | 1,071,712 | |||
Total loans, net of fair value hedge basis point adjustments | 1,066,938 | 1,071,712 | |||
Allowance for credit losses | (28,977) | (39,853) | (35,331) | (12,737) | |
Commercial and Industrial ("C&I") Loans | Small Business Administration ("SBA") Paycheck Protection Program ("PPP") | |||||
Loans held for investment, net: | |||||
Total loans, net of fair value hedge basis point adjustments | 1,100 | 5,800 | |||
Gain recorded on sale of SBA loans | $ 20,700 | ||||
Sold amount | $ 596,200 | ||||
Other Loans | |||||
Loans held for investment, net: | |||||
Total loans | 5,755 | 7,679 | |||
Total loans, net of fair value hedge basis point adjustments | 5,755 | 7,679 | |||
Allowance for credit losses | $ (119) | $ (273) | $ (751) | $ (12) |
LOANS HELD FOR INVESTMENT, NE_3
LOANS HELD FOR INVESTMENT, NET - Allowance for Credit Losses Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | $ 83,507 | ||
Provision for credit losses | 2,770 | $ 5,374 | $ 6,212 |
Allowance for credit losses, Ending balance | 71,743 | 83,507 | |
Non-accrual with No Allowance | 3,780 | 6,075 | |
Non-accrual with Allowance | 25,319 | 28,162 | |
Reserve | 14,202 | 22,389 | |
Total real estate loans | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 43,381 | 47,771 | 28,712 |
Day 1 acquired PCD loans | 28,753 | ||
Provision for credit losses | (718) | (4,446) | (4,077) |
Charge-offs | (16) | (11,401) | (3,817) |
Recoveries | 56 | 176 | |
Allowance for credit losses, Ending balance | 42,647 | 43,381 | 47,771 |
Total real estate loans | Cumulative Effect, CECL Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 1,976 | ||
Total real estate loans | Cumulative Effect, CECL Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | (26,736) | ||
One-to-four family residential and cooperative/condominium apartment | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 5,969 | 5,932 | 644 |
Day 1 acquired PCD loans | 2,220 | ||
Provision for credit losses | 858 | 37 | 1,975 |
Charge-offs | (14) | (20) | |
Recoveries | 65 | ||
Allowance for credit losses, Ending balance | 6,813 | 5,969 | 5,932 |
Non-accrual with Allowance | 3,248 | 3,203 | |
Reserve | 133 | 181 | |
One-to-four family residential and cooperative/condominium apartment | Cumulative Effect, CECL Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 1,048 | ||
One-to-four family residential and cooperative/condominium apartment | Cumulative Effect, CECL Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | (1,692) | ||
Multifamily residential and residential mixed-use | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 8,360 | 7,816 | 17,016 |
Day 1 acquired PCD loans | 3,292 | ||
Provision for credit losses | (1,121) | 542 | (3,921) |
Charge-offs | (2) | (391) | |
Recoveries | 2 | 74 | |
Allowance for credit losses, Ending balance | 7,237 | 8,360 | 7,816 |
Multifamily residential and residential mixed-use | Cumulative Effect, CECL Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 8,254 | ||
Multifamily residential and residential mixed-use | Cumulative Effect, CECL Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | (8,762) | ||
Commercial real estate ("CRE") | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 27,329 | 29,166 | 9,059 |
Day 1 acquired PCD loans | 23,124 | ||
Provision for credit losses | (721) | (1,891) | (4,497) |
Charge-offs | (3,406) | ||
Recoveries | 54 | 37 | |
Allowance for credit losses, Ending balance | 26,608 | 27,329 | 29,166 |
Non-accrual with No Allowance | 2,298 | 4,915 | |
Non-accrual with Allowance | 8,229 | 3,417 | |
Reserve | 832 | 1,424 | |
Commercial real estate ("CRE") | Cumulative Effect, CECL Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 4,849 | ||
Commercial real estate ("CRE") | Cumulative Effect, CECL Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | (13,908) | ||
Acquisition, development, and construction ("ADC") | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 1,723 | 4,857 | 1,993 |
Day 1 acquired PCD loans | 117 | ||
Provision for credit losses | 266 | (3,134) | 2,366 |
Allowance for credit losses, Ending balance | 1,989 | 1,723 | 4,857 |
Non-accrual with No Allowance | 657 | ||
Non-accrual with Allowance | 657 | ||
Reserve | 305 | ||
Acquisition, development, and construction ("ADC") | Cumulative Effect, CECL Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 381 | ||
Acquisition, development, and construction ("ADC") | Cumulative Effect, CECL Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | (2,374) | ||
Commercial and Industrial ("C&I") Loans | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 39,853 | 35,331 | 12,737 |
Day 1 acquired PCD loans | 23,374 | ||
Provision for credit losses | 3,464 | 11,786 | 6,016 |
Charge-offs | (15,364) | (11,401) | (4,984) |
Recoveries | 1,024 | 4,137 | 123 |
Allowance for credit losses, Ending balance | 28,977 | 39,853 | 35,331 |
Non-accrual with No Allowance | 1,482 | 503 | |
Non-accrual with Allowance | 13,185 | 21,443 | |
Reserve | 12,932 | 20,685 | |
Commercial and Industrial ("C&I") Loans | Cumulative Effect, CECL Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 1,935 | ||
Commercial and Industrial ("C&I") Loans | Cumulative Effect, CECL Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | (10,802) | ||
Other Loans | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 273 | 751 | 12 |
Day 1 acquired PCD loans | 157 | ||
Provision for credit losses | 129 | (430) | 1,364 |
Charge-offs | (300) | (53) | (777) |
Recoveries | 17 | 5 | 3 |
Allowance for credit losses, Ending balance | 119 | 273 | 751 |
Non-accrual with Allowance | 99 | ||
Reserve | 99 | ||
Other Loans | Cumulative Effect, CECL Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 8 | ||
Other Loans | Cumulative Effect, CECL Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | (4) | ||
Includes other loans | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 83,507 | 83,853 | 41,461 |
Day 1 acquired PCD loans | 52,284 | ||
Provision for credit losses | 2,875 | 6,910 | 3,303 |
Charge-offs | (15,680) | (11,454) | (9,578) |
Recoveries | 1,041 | 4,198 | 302 |
Allowance for credit losses, Ending balance | $ 71,743 | $ 83,507 | 83,853 |
Includes other loans | Cumulative Effect, CECL Adoption, Adjustment | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | 3,919 | ||
Includes other loans | Cumulative Effect, CECL Adoption, Adjusted Balance | |||
Allowance for loan losses [Roll Forward] | |||
Allowance for credit losses, Beginning balance | $ (37,542) |
LOANS HELD FOR INVESTMENT, NE_4
LOANS HELD FOR INVESTMENT, NET - Past Due Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | $ 10,773,428 | $ 10,566,831 |
Total | 10,766,837 | 10,566,831 |
Non-accrual | 29,099 | 34,237 |
Accruing Loans 90 Days or More Past Due | 0 | 0 |
Non-accrual | 29,099 | 34,237 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total | 42,366 | 58,496 |
30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total | 11,977 | 23,517 |
60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total | 1,290 | 742 |
Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total | 10,724,471 | 10,508,335 |
Total real estate loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 9,694,144 | 9,487,440 |
Non-accrual | 14,432 | 12,192 |
Non-accrual | 14,432 | 12,192 |
Total real estate loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 22,374 | 31,884 |
Total real estate loans | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 7,661 | 19,692 |
Total real estate loans | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 281 | |
Total real estate loans | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 9,671,770 | 9,455,556 |
One-to-four family residential and cooperative/condominium apartment | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 887,555 | 773,321 |
Non-accrual | 3,248 | 3,203 |
Non-accrual | 3,248 | 3,203 |
One-to-four family residential and cooperative/condominium apartment | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 7,392 | 3,889 |
One-to-four family residential and cooperative/condominium apartment | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 4,071 | 686 |
One-to-four family residential and cooperative/condominium apartment | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 73 | |
One-to-four family residential and cooperative/condominium apartment | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 880,163 | 769,432 |
Multifamily residential and residential mixed-use | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 4,017,176 | 4,026,826 |
Multifamily residential and residential mixed-use | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 4,817 | |
Multifamily residential and residential mixed-use | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 4,817 | |
Multifamily residential and residential mixed-use | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 4,017,176 | 4,022,009 |
Commercial real estate ("CRE") | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 4,620,900 | 4,457,630 |
Non-accrual | 10,527 | 8,332 |
Non-accrual | 10,527 | 8,332 |
Commercial real estate ("CRE") | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 13,895 | 22,521 |
Commercial real estate ("CRE") | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 3,160 | 14,189 |
Commercial real estate ("CRE") | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 208 | |
Commercial real estate ("CRE") | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 4,607,005 | 4,435,109 |
Acquisition, development, and construction ("ADC") | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 168,513 | 229,663 |
Non-accrual | 657 | 657 |
Non-accrual | 657 | 657 |
Acquisition, development, and construction ("ADC") | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 1,087 | 657 |
Acquisition, development, and construction ("ADC") | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 430 | |
Acquisition, development, and construction ("ADC") | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 167,426 | 229,006 |
Commercial and Industrial ("C&I") Loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 1,066,938 | 1,071,712 |
Non-accrual | 14,667 | 21,946 |
Non-accrual | 14,667 | 21,946 |
Commercial and Industrial ("C&I") Loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 19,992 | 26,248 |
Commercial and Industrial ("C&I") Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 4,316 | 3,561 |
Commercial and Industrial ("C&I") Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 1,009 | 741 |
Commercial and Industrial ("C&I") Loans | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 1,046,946 | 1,045,464 |
Other Loans | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 5,755 | 7,679 |
Non-accrual | 99 | |
Non-accrual | 99 | |
Other Loans | Total Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 364 | |
Other Loans | 30 to 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 264 | |
Other Loans | 60 to 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | 1 | |
Other Loans | Current | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Total loans, net of fair value hedge basis point adjustments | $ 5,755 | $ 7,315 |
LOANS HELD FOR INVESTMENT, NE_5
LOANS HELD FOR INVESTMENT, NET - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | $ 10,773,428 | $ 10,566,831 | ||
Allowance for credit losses | 71,743 | 83,507 | ||
Total real estate loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 9,694,144 | 9,487,440 | ||
Allowance for credit losses | 42,647 | 43,381 | $ 47,771 | $ 28,712 |
Real Estate Collateral Dependent | Total real estate loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 11,004 | 8,997 | ||
Allowance for credit losses | 926 | 1,297 | ||
One-to-four family residential and cooperative/condominium apartment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 887,555 | 773,321 | ||
Allowance for credit losses | 6,813 | 5,969 | 5,932 | 644 |
Multifamily residential and residential mixed-use | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 4,017,176 | 4,026,826 | ||
Allowance for credit losses | 7,237 | 8,360 | 7,816 | 17,016 |
Commercial real estate ("CRE") | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 4,620,900 | 4,457,630 | ||
Allowance for credit losses | 26,608 | 27,329 | 29,166 | 9,059 |
Commercial real estate ("CRE") | Real Estate Collateral Dependent | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 8,903 | 7,391 | ||
Allowance for credit losses | 621 | 1,297 | ||
Acquisition, development, and construction ("ADC") | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 168,513 | 229,663 | ||
Allowance for credit losses | 1,989 | 1,723 | 4,857 | 1,993 |
Acquisition, development, and construction ("ADC") | Real Estate Collateral Dependent | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 657 | 657 | ||
Allowance for credit losses | 305 | |||
Commercial and Industrial ("C&I") Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 1,066,938 | 1,071,712 | ||
Allowance for credit losses | 28,977 | 39,853 | 35,331 | 12,737 |
Commercial and Industrial ("C&I") Loans | Real Estate Collateral Dependent | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 1,444 | 949 | ||
Other Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total loans, net of fair value hedge basis point adjustments | 5,755 | 7,679 | ||
Allowance for credit losses | $ 119 | $ 273 | $ 751 | $ 12 |
LOANS HELD FOR INVESTMENT, NE_6
LOANS HELD FOR INVESTMENT, NET - Related Party Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |
Beginning balance | $ 4,956 |
New loans | 531 |
Repayments | (565) |
Balance at end of period | $ 4,922 |
LOANS HELD FOR INVESTMENT, NE_7
LOANS HELD FOR INVESTMENT, NET - Amortized cost (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 42,281 |
% of Total Class of Financing Receivable | 0.40% |
Term Extension | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 1,789 |
Significant Payment Delay | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 39,582 |
Term Extension and Significant Payment Delay | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 612 |
Significant Payment Delay And Interest Rate Deduction | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 298 |
C&I | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 14,627 |
One-to-four family residential and cooperative/condominium apartment | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 2,948 |
% of Total Class of Financing Receivable | 0.30% |
One-to-four family residential and cooperative/condominium apartment | Significant Payment Delay | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 2,856 |
One-to-four family residential and cooperative/condominium apartment | Term Extension and Significant Payment Delay | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 92 |
Multifamily residential and residential mixed-use | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
% of Total Class of Financing Receivable | 0% |
Commercial real estate ("CRE") | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 24,706 |
% of Total Class of Financing Receivable | 0.50% |
Commercial real estate ("CRE") | Significant Payment Delay | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 24,706 |
Acquisition, development, and construction ("ADC") | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
% of Total Class of Financing Receivable | 0% |
Commercial and industrial ("C&I"), including SBA and PPP loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 14,627 |
% of Total Class of Financing Receivable | 1.40% |
Commercial and industrial ("C&I"), including SBA and PPP loans | Term Extension | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 1,789 |
Commercial and industrial ("C&I"), including SBA and PPP loans | Significant Payment Delay | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 12,020 |
Commercial and industrial ("C&I"), including SBA and PPP loans | Term Extension and Significant Payment Delay | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 520 |
Commercial and industrial ("C&I"), including SBA and PPP loans | Significant Payment Delay And Interest Rate Deduction | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 298 |
Other Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
% of Total Class of Financing Receivable | 0% |
LOANS HELD FOR INVESTMENT, NE_8
LOANS HELD FOR INVESTMENT, NET - Financial effect of the modifications to borrowers experiencing financial difficulty (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Weighted Average Interest Rate Reductions | 4.27% |
Weighted Average months of Term Extensions | 202 months |
Weighted Average Payment Delay or Principal Forgiveness | $ 3,470 |
One-to-four family residential and cooperative/condominium apartment | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Weighted Average months of Term Extensions | 189 months |
Weighted Average Payment Delay or Principal Forgiveness | $ 76 |
Commercial real estate ("CRE") | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Weighted Average Payment Delay or Principal Forgiveness | $ 988 |
Commercial and Industrial ("C&I") Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Weighted Average Interest Rate Reductions | 4.27% |
Weighted Average months of Term Extensions | 13 months |
Weighted Average Payment Delay or Principal Forgiveness | $ 2,406 |
LOANS HELD FOR INVESTMENT, NE_9
LOANS HELD FOR INVESTMENT, NET - Performance of Loans that have been Modified (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 42,281 |
Current | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 40,058 |
Non-Accrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 2,223 |
One-to-four family residential and cooperative/condominium apartment | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 2,948 |
One-to-four family residential and cooperative/condominium apartment | Current | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 2,856 |
One-to-four family residential and cooperative/condominium apartment | Non-Accrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 92 |
Commercial real estate ("CRE") | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 24,706 |
Commercial real estate ("CRE") | Current | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 24,706 |
Commercial and Industrial ("C&I") Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 14,627 |
Commercial and Industrial ("C&I") Loans | Current | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | 12,496 |
Commercial and Industrial ("C&I") Loans | Non-Accrual | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Total loans that have been modified | $ 2,131 |
LOANS HELD FOR INVESTMENT, N_10
LOANS HELD FOR INVESTMENT, NET - Loans by Category Modified as TDRs (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) loan | Dec. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) | Dec. 31, 2021 USD ($) loan | Dec. 31, 2021 USD ($) contract | Dec. 31, 2023 USD ($) loan | Dec. 31, 2020 USD ($) | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | $ 83,507 | $ 83,507 | $ 83,507 | $ 71,743 | ||||
Number of loans | loan | 0 | |||||||
Number of Loans | loan | 12 | 4 | ||||||
Pre-Modification Outstanding Recorded Investment | 37,463 | $ 10,923 | ||||||
Post-Modification Outstanding Recorded Investment | 37,467 | 10,955 | ||||||
TDRs | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Modifications recorded investment | 22,100 | $ 22,100 | 22,100 | 942 | $ 942 | $ 942 | ||
Commitments to lend additional amounts | 0 | 0 | ||||||
Allowance for credit losses | 9,100 | 9,100 | 9,100 | 48 | 48 | 48 | ||
Charge offs relating to TDRs | 0 | 0 | ||||||
Provision for Loan and Lease Losses | 48 | |||||||
C&I | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | 39,853 | $ 39,853 | 39,853 | 35,331 | $ 35,331 | 35,331 | $ 28,977 | $ 12,737 |
Number of Loans | loan | 7 | 1 | ||||||
Pre-Modification Outstanding Recorded Investment | 21,934 | 456 | ||||||
Post-Modification Outstanding Recorded Investment | 21,938 | 488 | ||||||
One-to-four family residential and cooperative/condominium apartment | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | 5,969 | $ 5,969 | 5,969 | 5,932 | $ 5,932 | 5,932 | 6,813 | 644 |
Number of Loans | loan | 2 | 2 | ||||||
Pre-Modification Outstanding Recorded Investment | 762 | 467 | ||||||
Post-Modification Outstanding Recorded Investment | 762 | 467 | ||||||
Multifamily residential and residential mixed-use | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | 8,360 | $ 8,360 | 8,360 | 7,816 | $ 7,816 | 7,816 | 7,237 | 17,016 |
Commercial real estate ("CRE") | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | 27,329 | $ 27,329 | $ 27,329 | 29,166 | $ 29,166 | $ 29,166 | 26,608 | 9,059 |
Number of Loans | 1 | 1 | 1 | 1 | ||||
Pre-Modification Outstanding Recorded Investment | 991 | 10,000 | ||||||
Post-Modification Outstanding Recorded Investment | 991 | 10,000 | ||||||
Acquisition, development, and construction ("ADC") | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | 1,723 | $ 1,723 | $ 1,723 | 4,857 | $ 4,857 | $ 4,857 | 1,989 | 1,993 |
Number of Loans | 1 | 1 | ||||||
Pre-Modification Outstanding Recorded Investment | 13,500 | |||||||
Post-Modification Outstanding Recorded Investment | 13,500 | |||||||
Other Loans | ||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||
Allowance for credit losses | 273 | $ 273 | $ 273 | $ 751 | $ 751 | $ 751 | $ 119 | $ 12 |
Number of Loans | loan | 1 | |||||||
Pre-Modification Outstanding Recorded Investment | 276 | |||||||
Post-Modification Outstanding Recorded Investment | $ 276 |
LOANS HELD FOR INVESTMENT, N_11
LOANS HELD FOR INVESTMENT, NET - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Credit Risk Profile of Real Estate Loans [Abstract] | |||
Total loans, net of fair value hedge basis point adjustments | $ 10,773,428 | $ 10,566,831 | |
Pass | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 922,902 | ||
2022/2021 | 2,700,103 | 2,845,426 | |
2021/2020 | 1,582,274 | 1,733,872 | |
2020/2019 | 954,855 | 1,196,053 | |
2019/2018 | 960,030 | 1,024,753 | |
2018/2017 and Prior | 2,257,567 | 522,005 | |
2016 and Prior | 2,175,148 | ||
Revolving | 704,128 | 726,711 | |
Revolving-Term | 60,048 | 59,850 | |
Total loans, net of fair value hedge basis point adjustments | 10,141,907 | 10,283,818 | |
Special Mention | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 481 | ||
2022/2021 | 53,182 | 6,634 | |
2021/2020 | 45,366 | ||
2020/2019 | 92,825 | 20,549 | |
2019/2018 | 27,827 | 17,365 | |
2018/2017 and Prior | 70,219 | 16,628 | |
2016 and Prior | 31,664 | ||
Revolving | 21,267 | 9,641 | |
Revolving-Term | 26,082 | 1,204 | |
Total loans, net of fair value hedge basis point adjustments | 337,249 | 103,685 | |
Substandard | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2022/2021 | 1,857 | 5,242 | |
2021/2020 | 2,196 | 2,052 | |
2020/2019 | 96,805 | 23,234 | |
2019/2018 | 14,483 | 19,143 | |
2018/2017 and Prior | 130,103 | 22,819 | |
2016 and Prior | 66,232 | ||
Revolving | 15,567 | 11,290 | |
Revolving-Term | 20,167 | 10,505 | |
Total loans, net of fair value hedge basis point adjustments | 281,178 | 160,517 | |
Doubtful | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2019/2018 | 8,332 | ||
2018/2017 and Prior | 748 | 752 | |
2016 and Prior | 2,048 | ||
Total loans, net of fair value hedge basis point adjustments | 748 | 11,132 | |
Total real estate loans | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
Total loans, net of fair value hedge basis point adjustments | 9,694,144 | 9,487,440 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
YTD Gross Charge-Offs 2022/2021 | 477 | ||
YTD Gross Charge-Offs 2021/2020 | 4,720 | ||
YTD Gross Charge-Offs 2020/2019 | 2,088 | ||
YTD Gross Charge-Offs 2018 and Prior/2017 and Prior | 2,414 | ||
YTD Gross Charge-Offs Revolving | 1,460 | ||
YTD Gross Charge-Offs Revolving-Term | 242 | ||
YTD Gross Charge-Offs | 16 | 11,401 | $ 3,817 |
Excludes Other Loans | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2022/2021 | 2,857,302 | ||
2021/2020 | 1,735,924 | ||
2020/2019 | 1,239,836 | ||
2019/2018 | 1,069,593 | ||
2018/2017 and Prior | 562,204 | ||
2016 and Prior | 2,275,092 | ||
Revolving | 747,642 | ||
Revolving-Term | 71,559 | ||
Total loans, net of fair value hedge basis point adjustments | 10,559,152 | ||
C&I | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 61,252 | ||
2022/2021 | 152,914 | 184,359 | |
2021/2020 | 28,109 | 37,755 | |
2020/2019 | 31,853 | 48,361 | |
2019/2018 | 28,114 | 49,859 | |
2018/2017 and Prior | 49,862 | 23,871 | |
2016 and Prior | 46,466 | ||
Revolving | 657,474 | 648,912 | |
Revolving-Term | 57,360 | 32,129 | |
Total loans, net of fair value hedge basis point adjustments | 1,066,938 | 1,071,712 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
YTD Gross Charge-Offs 2022/2021 | 477 | ||
YTD Gross Charge-Offs 2021/2020 | 77 | 4,720 | |
YTD Gross Charge-Offs 2020/2019 | 38 | 2,088 | |
YTD Gross Charge-Offs 2019/2018 | 4,166 | ||
YTD Gross Charge-Offs 2018 and Prior/2017 and Prior | 2,229 | 2,414 | |
YTD Gross Charge-Offs Revolving | 5,464 | 1,460 | |
YTD Gross Charge-Offs Revolving-Term | 3,390 | 242 | |
YTD Gross Charge-Offs | 15,364 | 11,401 | 4,984 |
C&I | Pass | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 60,771 | ||
2022/2021 | 138,145 | 175,347 | |
2021/2020 | 24,865 | 36,511 | |
2020/2019 | 25,371 | 42,103 | |
2019/2018 | 25,142 | 37,030 | |
2018/2017 and Prior | 37,019 | 20,628 | |
2016 and Prior | 33,343 | ||
Revolving | 620,799 | 628,560 | |
Revolving-Term | 31,467 | 22,239 | |
Total loans, net of fair value hedge basis point adjustments | 963,579 | 995,761 | |
C&I | Special Mention | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 481 | ||
2022/2021 | 12,912 | 3,770 | |
2021/2020 | 1,199 | ||
2020/2019 | 905 | 894 | |
2019/2018 | 1,204 | 1,529 | |
2018/2017 and Prior | 159 | 1,521 | |
2016 and Prior | 843 | ||
Revolving | 21,108 | 9,062 | |
Revolving-Term | 7,444 | 478 | |
Total loans, net of fair value hedge basis point adjustments | 45,412 | 18,097 | |
C&I | Substandard | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2022/2021 | 1,857 | 5,242 | |
2021/2020 | 2,045 | 1,244 | |
2020/2019 | 5,577 | 5,364 | |
2019/2018 | 1,768 | 2,968 | |
2018/2017 and Prior | 11,936 | 970 | |
2016 and Prior | 10,232 | ||
Revolving | 15,567 | 11,290 | |
Revolving-Term | 18,449 | 9,412 | |
Total loans, net of fair value hedge basis point adjustments | 57,199 | 46,722 | |
C&I | Doubtful | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2019/2018 | 8,332 | ||
2018/2017 and Prior | 748 | 752 | |
2016 and Prior | 2,048 | ||
Total loans, net of fair value hedge basis point adjustments | 748 | 11,132 | |
One-to-four family residential and cooperative/condominium apartment | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 170,601 | ||
2022/2021 | 213,479 | 225,031 | |
2021/2020 | 102,684 | 108,185 | |
2020/2019 | 70,529 | 73,758 | |
2019/2018 | 62,693 | 66,742 | |
2018/2017 and Prior | 221,875 | 67,180 | |
2016 and Prior | 176,292 | ||
Revolving | 31,364 | 41,751 | |
Revolving-Term | 14,330 | 14,382 | |
Total loans, net of fair value hedge basis point adjustments | 887,555 | 773,321 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
YTD Gross Charge-Offs Revolving-Term | 14 | ||
YTD Gross Charge-Offs | 14 | 20 | |
One-to-four family residential and cooperative/condominium apartment | Pass | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 170,601 | ||
2022/2021 | 213,479 | 225,031 | |
2021/2020 | 102,684 | 108,185 | |
2020/2019 | 69,524 | 72,732 | |
2019/2018 | 62,356 | 65,515 | |
2018/2017 and Prior | 213,131 | 66,038 | |
2016 and Prior | 164,338 | ||
Revolving | 31,205 | 41,172 | |
Revolving-Term | 12,493 | 12,563 | |
Total loans, net of fair value hedge basis point adjustments | 875,473 | 755,574 | |
One-to-four family residential and cooperative/condominium apartment | Special Mention | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2018/2017 and Prior | 33 | 735 | |
2016 and Prior | 1,175 | ||
Revolving | 159 | 579 | |
Revolving-Term | 776 | 726 | |
Total loans, net of fair value hedge basis point adjustments | 968 | 3,215 | |
One-to-four family residential and cooperative/condominium apartment | Substandard | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2020/2019 | 1,005 | 1,026 | |
2019/2018 | 337 | 1,227 | |
2018/2017 and Prior | 8,711 | 407 | |
2016 and Prior | 10,779 | ||
Revolving-Term | 1,061 | 1,093 | |
Total loans, net of fair value hedge basis point adjustments | 11,114 | 14,532 | |
Multifamily residential and residential mixed-use | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 256,822 | ||
2022/2021 | 1,340,197 | 1,386,549 | |
2021/2020 | 587,686 | 582,393 | |
2020/2019 | 316,312 | 328,718 | |
2019/2018 | 393,912 | 414,117 | |
2018/2017 and Prior | 1,113,081 | 147,385 | |
2016 and Prior | 1,155,080 | ||
Revolving | 4,841 | 12,584 | |
Revolving-Term | 4,325 | ||
Total loans, net of fair value hedge basis point adjustments | 4,017,176 | 4,026,826 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
YTD Gross Charge-Offs 2018 and Prior/2017 and Prior | 2 | ||
YTD Gross Charge-Offs | 2 | 391 | |
Multifamily residential and residential mixed-use | Pass | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 256,822 | ||
2022/2021 | 1,340,197 | 1,386,549 | |
2021/2020 | 578,352 | 582,393 | |
2020/2019 | 283,633 | 316,424 | |
2019/2018 | 384,937 | 395,933 | |
2018/2017 and Prior | 981,820 | 127,074 | |
2016 and Prior | 1,107,281 | ||
Revolving | 4,841 | 12,584 | |
Revolving-Term | 4,325 | ||
Total loans, net of fair value hedge basis point adjustments | 3,834,927 | 3,928,238 | |
Multifamily residential and residential mixed-use | Special Mention | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2021/2020 | 9,334 | ||
2020/2019 | 3,880 | ||
2019/2018 | 3,886 | 11,183 | |
2018/2017 and Prior | 64,273 | ||
2016 and Prior | 14,168 | ||
Total loans, net of fair value hedge basis point adjustments | 81,373 | 25,351 | |
Multifamily residential and residential mixed-use | Substandard | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2020/2019 | 28,799 | 12,294 | |
2019/2018 | 5,089 | 7,001 | |
2018/2017 and Prior | 66,988 | 20,311 | |
2016 and Prior | 33,631 | ||
Total loans, net of fair value hedge basis point adjustments | 100,876 | 73,237 | |
Commercial real estate ("CRE") | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 417,973 | ||
2022/2021 | 1,019,518 | 1,024,486 | |
2021/2020 | 837,194 | 854,391 | |
2020/2019 | 715,891 | 777,757 | |
2019/2018 | 502,703 | 522,932 | |
2018/2017 and Prior | 1,073,382 | 323,768 | |
2016 and Prior | 895,167 | ||
Revolving | 24,839 | 34,362 | |
Revolving-Term | 29,400 | 24,767 | |
Total loans, net of fair value hedge basis point adjustments | 4,620,900 | 4,457,630 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
YTD Gross Charge-Offs | 3,406 | ||
Commercial real estate ("CRE") | Pass | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 417,973 | ||
2022/2021 | 990,748 | 1,021,622 | |
2021/2020 | 817,171 | 854,240 | |
2020/2019 | 566,427 | 753,552 | |
2019/2018 | 484,930 | 510,332 | |
2018/2017 and Prior | 1,025,160 | 308,265 | |
2016 and Prior | 868,099 | ||
Revolving | 24,839 | 34,362 | |
Revolving-Term | 11,538 | 24,767 | |
Total loans, net of fair value hedge basis point adjustments | 4,338,786 | 4,375,239 | |
Commercial real estate ("CRE") | Special Mention | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2022/2021 | 28,770 | 2,864 | |
2021/2020 | 19,872 | ||
2020/2019 | 88,040 | 19,655 | |
2019/2018 | 10,484 | 4,653 | |
2018/2017 and Prior | 5,754 | 14,372 | |
2016 and Prior | 15,478 | ||
Revolving-Term | 17,862 | ||
Total loans, net of fair value hedge basis point adjustments | 170,782 | 57,022 | |
Commercial real estate ("CRE") | Substandard | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2021/2020 | 151 | 151 | |
2020/2019 | 61,424 | 4,550 | |
2019/2018 | 7,289 | 7,947 | |
2018/2017 and Prior | 42,468 | 1,131 | |
2016 and Prior | 11,590 | ||
Total loans, net of fair value hedge basis point adjustments | 111,332 | 25,369 | |
Acquisition, development, and construction ("ADC") | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 16,735 | ||
2022/2021 | 29,034 | 36,877 | |
2021/2020 | 74,163 | 153,200 | |
2020/2019 | 9,900 | 11,242 | |
2019/2018 | 14,918 | 15,943 | |
2018/2017 and Prior | 437 | ||
2016 and Prior | 2,087 | ||
Revolving | 22,444 | 10,033 | |
Revolving-Term | 882 | 281 | |
Total loans, net of fair value hedge basis point adjustments | 168,513 | 229,663 | |
Acquisition, development, and construction ("ADC") | Pass | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 16,735 | ||
2022/2021 | 17,534 | 36,877 | |
2021/2020 | 59,202 | 152,543 | |
2020/2019 | 9,900 | 11,242 | |
2019/2018 | 2,665 | 15,943 | |
2018/2017 and Prior | 437 | ||
2016 and Prior | 2,087 | ||
Revolving | 22,444 | 10,033 | |
Revolving-Term | 225 | 281 | |
Total loans, net of fair value hedge basis point adjustments | 129,142 | 229,006 | |
Acquisition, development, and construction ("ADC") | Special Mention | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2022/2021 | 11,500 | ||
2021/2020 | 14,961 | ||
2019/2018 | 12,253 | ||
Total loans, net of fair value hedge basis point adjustments | 38,714 | ||
Acquisition, development, and construction ("ADC") | Substandard | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2021/2020 | 657 | ||
Revolving-Term | 657 | ||
Total loans, net of fair value hedge basis point adjustments | 657 | 657 | |
Other Loans | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
Total loans, net of fair value hedge basis point adjustments | 5,755 | 7,679 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
YTD Gross Charge-Offs | 300 | 53 | $ 777 |
Other Loans | Credit Risk Profile | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
Total loans, net of fair value hedge basis point adjustments | 5,755 | 7,679 | |
Other Loans | Performing | Credit Risk Profile | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
Total loans, net of fair value hedge basis point adjustments | 5,755 | 7,580 | |
Other Loans | Non-Accrual | Credit Risk Profile | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
Total loans, net of fair value hedge basis point adjustments | $ 99 | ||
Excludes Other Loans | |||
Credit Risk Profile of Real Estate Loans [Abstract] | |||
2023/2022 | 923,383 | ||
2022/2021 | 2,755,142 | ||
2021/2020 | 1,629,836 | ||
2020/2019 | 1,144,485 | ||
2019/2018 | 1,002,340 | ||
2018/2017 and Prior | 2,458,637 | ||
Revolving | 740,962 | ||
Revolving-Term | 106,297 | ||
Total loans, net of fair value hedge basis point adjustments | 10,761,082 | ||
Excludes Other Loans | Total real estate loans | |||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | |||
YTD Gross Charge-Offs 2021/2020 | 77 | ||
YTD Gross Charge-Offs 2020/2019 | 38 | ||
YTD Gross Charge-Offs 2019/2018 | 4,166 | ||
YTD Gross Charge-Offs 2018 and Prior/2017 and Prior | 2,231 | ||
YTD Gross Charge-Offs Revolving | 5,464 | ||
YTD Gross Charge-Offs Revolving-Term | 3,404 | ||
YTD Gross Charge-Offs | $ 15,380 |
LOAN SERVICING ACTIVITIES - Act
LOAN SERVICING ACTIVITIES - Activity for SRAs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Servicing right assets: | |||
Beginning of year | $ 3,349 | $ 3,856 | $ 1,710 |
Acquired in the Merger | 2,070 | ||
Additions | 458 | 659 | 885 |
Amortized to expense | (639) | (907) | (809) |
Sold | (259) | ||
End of year | 3,168 | 3,349 | 3,856 |
Valuation allowance: | |||
Beginning of year | 201 | 80 | |
Additions expensed | (36) | (121) | (80) |
End of year | 237 | 201 | 80 |
Servicing right assets, net | $ 2,931 | $ 3,148 | $ 3,776 |
LOAN SERVICING ACTIVITIES - Nar
LOAN SERVICING ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
LOAN SERVICING ACTIVITIES | ||
Bank held borrowers' escrow balances | $ 1,300 | $ 1,300 |
Fair value of SRAs | $ 3,400 | $ 3,500 |
Weighted average default rate | 0.67 | 0.67 |
Total loans, net of fair value hedge basis point adjustments | $ 10,773,428 | $ 10,566,831 |
Real estate and C&I loans | ||
LOAN SERVICING ACTIVITIES | ||
Total loans, net of fair value hedge basis point adjustments | $ 346,100 | $ 347,900 |
Minimum | ||
LOAN SERVICING ACTIVITIES | ||
Discount rates | 10% | 9.50% |
Prepayment speeds | 6.50% | 6.70% |
Maximum | ||
LOAN SERVICING ACTIVITIES | ||
Discount rates | 14.50% | 12% |
Prepayment speeds | 12.20% | 16% |
PREMISES AND FIXED ASSETS, NE_3
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE (Details) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | |
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | |||
Premises and fixed assets, gross | $ 86,213,000 | $ 85,124,000 | |
Less: accumulated depreciation and amortization | (41,345,000) | (38,375,000) | |
Premises and fixed assets, net | 44,868,000 | 46,749,000 | |
Depreciation and amortization | 6,700,000 | $ 7,400,000 | $ 6,500,000 |
Company's premises held for sale | $ 0 | ||
Number of real estate properties utilized | property | 1 | ||
Premises held for investment transferred to held for sale | $ 905,000 | $ 2,799,000 | |
Number of real estate properties, sold | property | 1 | ||
Proceeds from sale of real estate | $ 1,900,000 | ||
Gain on sale | 1,400,000 | ||
Land | |||
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | |||
Premises and fixed assets, gross | 10,824,000 | 10,824,000 | |
Buildings | |||
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | |||
Premises and fixed assets, gross | 21,173,000 | 21,688,000 | |
Leasehold improvements | |||
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | |||
Premises and fixed assets, gross | 28,307,000 | 26,862,000 | |
Furniture, fixtures and equipment | |||
PREMISES AND FIXED ASSETS, NET AND PREMISES HELD FOR SALE | |||
Premises and fixed assets, gross | $ 25,909,000 | $ 25,750,000 |
LEASES - Maturities of the Comp
LEASES - Maturities of the Company's operating lease liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Rent to be Capitalized | ||
2024 | $ 13,009 | |
2025 | 12,833 | |
2026 | 12,173 | |
2027 | 10,322 | |
2028 | 4,297 | |
Thereafter | 6,260 | |
Total undiscounted lease payments | 58,894 | |
Less amounts representing interest | (3,440) | |
Operating lease liabilities | $ 55,454 | $ 60,340 |
LEASES - Other information rela
LEASES - Other information related to operating leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other information related to operating leases: | |||
Operating lease cost | $ 12,801 | $ 11,428 | $ 14,341 |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 12,560 | $ 10,574 | $ 13,975 |
Weighted average remaining lease term | 5 years | 5 years 10 months 24 days | |
Weighted average discount rate | 2.34% | 2.03% |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS - Change in Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |||
Beginning of year | $ 155,797,000 | $ 155,797,000 | $ 55,638,000 |
Acquired goodwill | 100,159,000 | ||
Impairment | 0 | 0 | 0 |
End of year | $ 155,797,000 | $ 155,797,000 | $ 155,797,000 |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
GOODWILL AND OTHER INTANGIBLE ASSETS | |||
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Amortization expense recognized on intangible assets | $ 1,425,000 | $ 1,878,000 | $ 2,622,000 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS - Carrying amount and accumulated amortization of intangible assets, amortizable and arose from merger (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Acquired intangible assets: | ||
Total | $ 5,059 | |
Core Deposit Intangibles | ||
Acquired intangible assets: | ||
Gross carrying value | 10,204 | $ 10,204 |
Accumulated amortization | (5,145) | (3,720) |
Total | $ 5,059 | $ 6,484 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS - Estimated amortization expense (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
GOODWILL AND OTHER INTANGIBLE ASSETS | |
2024 | $ 1,164 |
2025 | 958 |
2026 | 795 |
2027 | 664 |
2028 | 560 |
Thereafter | 918 |
Total | $ 5,059 |
RESTRICTED STOCK - Summary of r
RESTRICTED STOCK - Summary of restricted stock (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Restricted stock. | $ 98,750 | $ 88,745 |
Federal Home Loan Bank of New York | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Restricted stock. | 73,475 | 63,627 |
FRB capital stock | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Restricted stock. | 25,110 | 24,953 |
ACBB capital stock | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Restricted stock. | $ 165 | $ 165 |
RESTRICTED STOCK - Narrative (D
RESTRICTED STOCK - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal Home Loan Bank of New York | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Share price | $ 100 | ||
Decrease in outstanding FHLBNY advances | $ 182,000 | ||
Bank owned shares | 734,751 | 636,274 | |
Dividend income on the FHLBNY capital stock | $ 5,400 | $ 853 | $ 1,900 |
FRB capital stock | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Share price | $ 50 | ||
Bank owned shares | 502,197 | 499,052 | |
Dividend income on the FHLBNY capital stock | $ 1,000 | $ 828 | 442 |
ACBB capital stock | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Bank owned shares | 60 | ||
Dividend income on the FHLBNY capital stock | $ 2 | $ 1 | $ 1 |
ACBB capital stock | Minimum | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Share price | $ 2,500 | ||
ACBB capital stock | Maximum | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Share price | $ 3,250 |
DEPOSITS - Summary of deposits
DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Weighted Average Rate, Savings accounts | 3.67% | 2.24% |
Weighted Average Rate, CDs | 4.43% | 2.25% |
Weighted Average Rate, Money market accounts | 3.46% | 1.50% |
Weighted Average Rate, Interest-bearing checking accounts | 0.77% | 1.01% |
Weighted Average Rate, Total | 2.56 | 1.19 |
Liability, Savings accounts | $ 2,335,490 | $ 2,260,101 |
Liability, CDs | 1,607,683 | 1,115,364 |
Liability, Money market accounts | 3,125,996 | 2,532,270 |
Liability, Interest-bearing checking accounts | 515,987 | 827,454 |
Liability, Non-interest bearing checking accounts | 2,945,499 | 3,519,218 |
Liability, Total | $ 10,530,655 | $ 10,254,407 |
DEPOSITS - Scheduled maturities
DEPOSITS - Scheduled maturities (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Deposits [Abstract] | |
2024 | $ 1,489,735 |
2025 | 81,297 |
2026 | 25,742 |
2027 | 7,527 |
2028 | 3,382 |
Total | $ 1,607,683 |
2024 | 4.60% |
2025 | 2.52% |
2026 | 2.26% |
2027 | 0.18% |
2028 | 0.05% |
Weighted Average Interest Rate, Total | 4.43% |
DEPOSITS - Narrative (Details)
DEPOSITS - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Time Deposits [Line Items] | ||
Deposits in excess of the FDIC limit | $ 115.3 | $ 129.6 |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITIES - Fair value and cash flow hedge accounting on the consolidated statements of financial condition (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Designated as Hedging Instrument | Fair value hedges | Interest Rate Products | ||
DERIVATIVES AND HEDGING ACTIVITIES | ||
Notional amount, liabilities | $ 500,000 | |
Fair Value Liabilities | 6,594 | |
Designated as Hedging Instrument | Cash flow hedges | Interest Rate Products | ||
DERIVATIVES AND HEDGING ACTIVITIES | ||
Notional amount, assets | 150,000 | $ 150,000 |
Notional amount, liabilities | 200,000 | |
Fair Value Assets | 12,492 | 17,874 |
Fair Value Liabilities | 5,031 | |
Not Designated as Hedging Instrument | Interest Rate Products | ||
DERIVATIVES AND HEDGING ACTIVITIES | ||
Notional amount, assets | 1,682,961 | 1,594,356 |
Notional amount, liabilities | 1,682,961 | 1,594,356 |
Fair Value Assets | 114,671 | 137,335 |
Fair Value Liabilities | 114,671 | 137,335 |
Not Designated as Hedging Instrument | Other Contract | ||
DERIVATIVES AND HEDGING ACTIVITIES | ||
Notional amount, liabilities | 93,891 | 71,103 |
Fair Value Liabilities | $ 24 | $ 33 |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITIES - Effect of fair value and cash flow hedge accounting on the consolidated statements of operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest Income | ||
DERIVATIVES AND HEDGING ACTIVITIES | ||
Effects of fair value or cash flow hedges are recorded | $ 561 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | |
Interest Expense | ||
DERIVATIVES AND HEDGING ACTIVITIES | ||
Effects of fair value or cash flow hedges are recorded | $ 2,275 | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense. | |
Interest Rate Products | Interest Income | ||
DERIVATIVES AND HEDGING ACTIVITIES | ||
Change in unrealized gain (loss) on hedged item | $ 6,591 | |
Interest Rate Products | Designated as Hedging Instrument | Fair value hedges | ||
DERIVATIVES AND HEDGING ACTIVITIES | ||
Effects of fair value or cash flow hedges are recorded | $ (6,030) | |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | |
Interest Rate Products | Designated as Hedging Instrument | Cash flow hedges | ||
DERIVATIVES AND HEDGING ACTIVITIES | ||
Cash flow hedging relationships gain (loss) reclassified from AOCI into income | $ 2,275 | $ 1,134 |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense. | Interest Expense. |
DERIVATIVES AND HEDGING ACTIV_5
DERIVATIVES AND HEDGING ACTIVITIES - Fair Value Hedges Narrative (Details) - Fair value hedges - Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Oct. 31, 2023 | |
DERIVATIVES AND HEDGING ACTIVITIES | ||
Clearing house related to the fair value derivatives | $ 6,500 | |
Interest Rate Swaps | ||
DERIVATIVES AND HEDGING ACTIVITIES | ||
Notional amount, liabilities | $ 500,000 | |
Average fixed interest rate | 4.82% | |
Mortgage loans - Amortized Cost | $ 729,500 | |
Last-of-layer in the open hedge relationship | 500,000 | |
Basis adjustment associated with the hedge | 6,600 | |
Interest income from swap transaction | $ 561 |
DERIVATIVES AND HEDGING ACTIV_6
DERIVATIVES AND HEDGING ACTIVITIES - Cumulative basis adjustment for fair value hedges (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
DERIVATIVES AND HEDGING ACTIVITIES | |
Carrying Amount of the Hedged Assets | $ 506,591 |
Hedged Asset, Statement of Financial Position [Extensible Enumeration] | Derivative assets |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets | $ 6,591 |
DERIVATIVES AND HEDGING ACTIV_7
DERIVATIVES AND HEDGING ACTIVITIES - Cash Flow Hedges Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) DerivativeInstrument | Dec. 31, 2022 USD ($) DerivativeInstrument | Dec. 31, 2021 USD ($) DerivativeInstrument | |
DERIVATIVES AND HEDGING ACTIVITIES | |||
Estimated reclassification as a decrease to interest expense during next twelve months | $ 6.4 | ||
Number of derivatives terminated | DerivativeInstrument | 0 | 0 | 34 |
Termination value of derivatives | $ 0 | $ 785 | |
Collateral received against obligations in net asset position | 13.5 | $ 17.8 | |
Designated as Hedging Instrument | Cash flow hedges | |||
DERIVATIVES AND HEDGING ACTIVITIES | |||
Clearing house related to the fair value derivatives | $ 4.9 | ||
Loss on termination of derivatives | |||
DERIVATIVES AND HEDGING ACTIVITIES | |||
Gain (loss) on termination of derivatives | $ (16.5) |
DERIVATIVES AND HEDGING ACTIV_8
DERIVATIVES AND HEDGING ACTIVITIES - Effect on Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss): | |||
(Loss) gain recognized in other comprehensive income (loss) | $ (11,782) | $ 14,412 | $ 5,277 |
Gain recognized on termination of derivatives | (16,505) | ||
Interest Rate Products | Other Comprehensive Income | |||
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss): | |||
(Loss) gain recognized in other comprehensive income (loss) | (11,782) | 14,412 | 5,277 |
Interest Rate Products | Other Comprehensive Income | Interest Expense | |||
Effect of cash flow hedge accounting on Accumulated Other Comprehensive Income (Loss): | |||
(Loss) gain reclassified from other comprehensive income into interest expense | $ (2,092) | $ 1,621 | (940) |
Interest Rate Products | 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_9
DERIVATIVES AND HEDGING ACTIVITIES - Classification on Consolidated Statements of Financial Condition (Details) | 12 Months Ended | |||
Dec. 31, 2023 USD ($) DerivativeInstrument | Dec. 31, 2022 USD ($) DerivativeInstrument | Dec. 31, 2021 USD ($) | Oct. 31, 2023 USD ($) | |
Cash Flow Hedges | ||||
Collateral received against obligations in net asset position | $ 13,500,000 | $ 17,800,000 | ||
Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Loan level derivative income | 7,081,000 | 3,637,000 | $ 2,909,000 | |
Interest Rate Products | Designated as Hedging Instrument | Cash flow hedges | ||||
Cash Flow Hedges | ||||
Notional amount, assets | 150,000,000 | 150,000,000 | ||
Notional amount, liabilities | 200,000,000 | |||
Fair value assets | 12,492,000 | 17,874,000 | ||
Interest Rate Products | Designated as Hedging Instrument | Fair value hedges | ||||
Cash Flow Hedges | ||||
Notional amount, liabilities | 500,000,000 | |||
Interest Rate Products | Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Notional amount, assets | 1,682,961,000 | 1,594,356,000 | ||
Notional amount, liabilities | 1,682,961,000 | 1,594,356,000 | ||
Fair value assets | $ 114,671,000 | $ 137,335,000 | ||
Interest Rate Swaps | Designated as Hedging Instrument | Fair value hedges | ||||
Cash Flow Hedges | ||||
Notional amount, liabilities | $ 500,000,000 | |||
Loan Level Interest Rate Swaps with Borrower (Assets) | Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Count, assets | DerivativeInstrument | 49 | 3 | ||
Notional amount, assets | $ 491,394,000 | $ 53,311,000 | ||
Fair value assets | $ 10,985,000 | $ 1,524,000 | ||
Loan Level Interest Rate Swaps with Borrower (Liabilities) | Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Count, liabilities | DerivativeInstrument | 178 | 185 | ||
Notional amount, liabilities | $ 1,121,085,000 | $ 1,214,736,000 | ||
Fair value liabilities | 103,570,000 | $ 126,751,000 | ||
Posted collateral | $ 0 | |||
Loan level interest rate floors with borrower | Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Count, assets | DerivativeInstrument | 2 | |||
Notional amount, assets | $ 29,721,000 | |||
Loan level interest rate floors with borrower (liabilities) | Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Count, liabilities | DerivativeInstrument | 7 | 40 | ||
Notional amount, liabilities | $ 40,761,000 | $ 326,309,000 | ||
Fair value liabilities | $ 116,000 | $ 9,060,000 | ||
Loan level interest rate swaps with third party counterparties (assets) | Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Count, assets | DerivativeInstrument | 178 | 185 | ||
Count, liabilities | DerivativeInstrument | 49 | |||
Notional amount, assets | $ 1,121,085,000 | $ 1,214,736,000 | ||
Notional amount, liabilities | 491,394,000 | |||
Fair value assets | 103,570,000 | 126,751,000 | ||
Fair value liabilities | 10,985,000 | |||
Posted collateral | 0 | 0 | ||
Collateral received against obligations in net asset position | $ 135,300,000 | |||
Loan level interest rate swaps with third party counterparties (liabilities) | Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Count, liabilities | DerivativeInstrument | 3 | |||
Notional amount, liabilities | $ 53,311,000 | |||
Fair value liabilities | $ 1,524,000 | |||
Loan level interest rate floors with third party counterparties (assets) | Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Count, assets | DerivativeInstrument | 40 | |||
Notional amount, assets | $ 326,309,000 | |||
Fair value assets | $ 9,060,000 | |||
Collateral received against obligations in net asset position | $ 94,700,000 | |||
Loan level interest rate floors with third party counterparties | Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Count, liabilities | DerivativeInstrument | 2 | |||
Notional amount, assets | $ 29,721,000 | |||
Loan level interest rate floors with third party counterparties (liabilities) | Not Designated as Hedging Instrument | ||||
Cash Flow Hedges | ||||
Count, assets | DerivativeInstrument | 7 | |||
Notional amount, assets | $ 40,761,000 | |||
Fair value assets | $ 116,000 | |||
Posted collateral | $ 14,000,000 |
DERIVATIVES AND HEDGING ACTI_10
DERIVATIVES AND HEDGING ACTIVITIES - Risk Participation and Credit Risk Related Contingent Features (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) item | Dec. 31, 2021 USD ($) | Dec. 31, 2022 USD ($) | |
DERIVATIVES AND HEDGING ACTIVITIES | |||
Notional amounts of risk participation agreements for derivative liabilities | $ 93.9 | $ 71.1 | |
Credit Risk Related Contingent Features [Abstract] | |||
Derivatives in a net liability position | 0 | ||
Termination value of derivatives | $ 0 | $ 785 | |
Number of provisions breached | item | 0 |
FHLBNY ADVANCES - Narrative (De
FHLBNY ADVANCES - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Prepayments penalty expenses | $ 0 | $ 0 |
FHLBNY advances with an overnight contractual maturity | 0 | 0 |
Federal Home Loan Bank of New York | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Borrowings from the FHLBNY | 1,310,000,000 | 1,130,000,000 |
Maximum borrowing amount from FHLBNY term advances | 1,190,000,000 | |
Borrowings | 4,090,000,000 | $ 4,130,000,000 |
Federal Home Loan Bank, Advances, Callable Option [Member] | Federal Home Loan Bank of New York | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Borrowings total | $ 0 |
FHLBNY ADVANCES - Summary of FH
FHLBNY ADVANCES - Summary of FHLBNY extinguishments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
FHLBNY ADVANCES | ||
FHLBNY advances extinguished | $ 209,010 | |
Weighted average rate | 1.31% | |
Loss on extinguishment of debt | $ 740 | $ 1,751 |
FHLBNY ADVANCES - Contractual m
FHLBNY ADVANCES - Contractual maturities (Details) - Federal Home Loan Bank of New York - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Contractual Maturity, Amount | ||
2023 | $ 1,095,000 | |
2024 | $ 1,265,000 | |
2027 | 36,000 | 36,000 |
2028 | 12,000 | |
Total FHLBNY advances, amount | $ 1,313,000 | $ 1,131,000 |
Contractual Maturity, Weighted Average Rate | ||
2028 | 4.04% | 4.04% |
Total FHLBNY advances, weighted average interest rate (as a percent) | 5.23% | 4.55% |
Minimum | ||
Contractual Maturity, Weighted Average Rate | ||
2023 | 3.85% | 3.85% |
2024 | 4.85% | 4.85% |
Maximum | ||
Contractual Maturity, Weighted Average Rate | ||
2023 | 5.65% | 5.65% |
2024 | 5.67% | 5.67% |
Weighted Average Rate | ||
Contractual Maturity, Weighted Average Rate | ||
2027 | 4.25% | 4.25% |
SUBORDINATED DEBENTURES (Detail
SUBORDINATED DEBENTURES (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | May 06, 2022 | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 15, 2022 | |
Debt Instrument [Line Items] | ||||||||
Subordinated notes payable, net | $ 200,200 | $ 200,300 | ||||||
Interest expense related to the subordinated debt | $ 10,200 | $ 10,600 | $ 8,500 | |||||
Fixed to Floating Rate Subordinated Notes Due 2032 (the Notes) | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount issued | $ 160,000 | |||||||
Date after debt becomes callable | May 15, 2027 | |||||||
Fixed to Floating Rate Subordinated Notes Due 2032 (the Notes) | Prior to May 15, 2027/ September 21, 2015 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed annual interest rate | 5% | |||||||
Fixed to Floating Rate Subordinated Notes Due 2032 (the Notes) | On or after August 15, 2027/ September 21, 2015 | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to benchmark rate | 2.18% | |||||||
Fixed to Floating Rate Subordinated Notes Due 2027 (4.50%) | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed annual interest rate | 4.50% | |||||||
Net proceeds of the offering for the repayment | $ 115,000 | |||||||
Write-off of debt issuance costs | $ 740 | |||||||
Fixed to Floating Rate Subordinated Notes Due 2025 (5.25%) | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed annual interest rate | 5.25% | |||||||
Net proceeds of the offering for the repayment | $ 40,000 | |||||||
Fixed to Floating Rate Subordinated Notes Due 2030 (5.75%) | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount issued | $ 40,000 | $ 40,000 | ||||||
Date after debt becomes callable | Sep. 30, 2030 | |||||||
Fixed to Floating Rate Subordinated Notes Due 2030 (5.75%) | Prior to May 15, 2027/ September 21, 2015 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fixed annual interest rate | 5.75% | 5.75% | ||||||
Fixed annual rate, first period duration | 5 years | |||||||
Fixed to Floating Rate Subordinated Notes Due 2030 (5.75%) | On or after August 15, 2027/ September 21, 2015 | SOFR | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis points added to benchmark rate | 3.72% |
OTHER SHORT-TERM BORROWINGS - N
OTHER SHORT-TERM BORROWINGS - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OTHER SHORT-TERM BORROWINGS | |||
Other short-term borrowings | $ 1,360 | ||
Repurchase agreements | |||
OTHER SHORT-TERM BORROWINGS | |||
Percentage of pass through for Mortgage Backed Securities | 100% | ||
Other short-term borrowings | $ 0 | 1,360 | |
Interest expense | 0 | 1 | $ 1 |
AFX | |||
OTHER SHORT-TERM BORROWINGS | |||
Interest expense | $ 101 | $ 1,400 | $ 1 |
OTHER SHORT-TERM BORROWINGS - S
OTHER SHORT-TERM BORROWINGS - Summary of other short-term borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Other short-term borrowings | $ 1,360 | |
Repurchase agreements | ||
Short-term Debt [Line Items] | ||
Other short-term borrowings | $ 0 | $ 1,360 |
INCOME TAXES - Components (Deta
INCOME TAXES - Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Total current expense | $ 40,150 | $ 56,697 | $ 35,574 |
Total deferred expense | 635 | 2,662 | 8,596 |
Income tax expense | 40,785 | 59,359 | 44,170 |
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Total current expense | 24,469 | 39,492 | 23,759 |
Total deferred expense | 1,393 | 840 | 5,490 |
State and city | |||
Operating Loss Carryforwards [Line Items] | |||
Total current expense | 15,681 | 17,205 | 11,815 |
Total deferred expense | $ (758) | $ 1,822 | $ 3,106 |
INCOME TAXES - Federal statutor
INCOME TAXES - Federal statutory rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAXES | |||
Tax at Federal statutory rate | $ 28,745 | $ 44,502 | $ 31,115 |
State and local taxes, net of federal income tax benefit | 12,237 | 13,699 | 11,601 |
Benefit plan differences | (127) | (127) | (107) |
Investment in BOLI | 2,047 | 2,173 | 1,485 |
Equity based compensation | 79 | (141) | (301) |
Salaries deduction limitation | 2,381 | 2,054 | 3,419 |
Transaction costs | 181 | ||
Other, net | (483) | 1,545 | (253) |
Total | $ 40,785 | $ 59,359 | $ 44,170 |
Effective tax rate | 29.80% | 28.01% | 29.81% |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for credit losses and other contingent liabilities | $ 26,926 | $ 28,175 |
Tax effect of other components of income on securities available-for-sale | 34,745 | 38,140 |
Tax effect of other components of income on securities held-to-maturity | 7,216 | 8,138 |
Operating lease liability | 19,229 | 19,256 |
Other | 2,603 | 2,074 |
Total deferred tax assets | 90,719 | 95,783 |
Deferred tax liabilities: | ||
Tax effect of other components of income on derivatives | 2,368 | 5,394 |
Employee benefit plans | 1,707 | 976 |
Tax effect of purchase accounting fair value adjustments | 1,329 | 2,352 |
Difference in book and tax carrying value of fixed assets | 2,230 | 4,261 |
Difference in book and tax basis of unearned loan fees | 3,239 | 2,431 |
Operating lease asset | 18,266 | 18,414 |
States taxes | 2,166 | 2,801 |
Other | 241 | 1,002 |
Total deferred tax liabilities | 31,546 | 37,631 |
Net deferred tax asset (recorded in other assets) | $ 59,173 | $ 58,152 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
INCOME TAXES | ||
Valuation allowances | $ 0 | $ 0 |
Federal NOL carryforward | 2,200 | |
State NOL carryforward | 543 | |
City NOL carryforward | 0 | |
Bad debt reserves totaling | 15,100 | 15,100 |
Additional income tax expense | 4,800 | |
Unrecognized tax benefits | $ 0 | $ 0 |
MERGER RELATED EXPENSES (Detail
MERGER RELATED EXPENSES (Details) - Bridge shareholders - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Costs associated with employee severance and other merger-related compensation expense | $ 15.9 | ||
Merger expenses | $ 0 | $ 0 | $ 28.9 |
BRANCH RESTRUCTURING COSTS (Det
BRANCH RESTRUCTURING COSTS (Details) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 29, 2021 location | |
BRANCH RESTRUCTURING COSTS | ||||
Number of branches combined into existing branches | location | 5 | |||
Restructuring costs | $ | $ 0 | $ 0 | $ 5.1 |
RETIREMENT AND POSTRETIREMENT_3
RETIREMENT AND POSTRETIREMENT PLANS - Funded status of the Employee Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Retirement Plan | |||
Reconciliation of projected benefit obligation: | |||
Projected benefit obligation at beginning of year | $ 19,021 | $ 24,961 | |
Interest cost | 900 | 622 | $ 562 |
Actuarial (gain) loss | 384 | (5,004) | |
Benefit payments | (1,584) | (1,558) | |
Projected benefit obligation at end of year | 18,721 | 19,021 | 24,961 |
Plan assets at fair value (investments in trust funds managed by trustee) | |||
Balance at beginning of year | 22,593 | 28,693 | |
Return on plan assets | 294 | (4,542) | |
Benefit payments | (1,584) | (1,558) | |
Balance at end of year | 21,303 | 22,593 | 28,693 |
Funded status at end of year | 2,582 | 3,572 | |
BNB Bank Pension Plan | |||
Reconciliation of projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 27,920 | 34,495 | |
Service cost | 564 | 807 | |
Interest cost | 1,263 | 793 | |
Actuarial (gain) loss | (883) | (7,111) | |
Curtailment | (446) | ||
Benefit payments | (1,136) | (1,064) | |
Projected benefit obligation at end of year | 27,282 | 27,920 | 34,495 |
Plan assets at fair value (investments in trust funds managed by trustee) | |||
Balance at beginning of year | 38,572 | 47,857 | |
Return on plan assets | 734 | (8,221) | |
Benefit payments | (1,136) | (1,064) | |
Balance at end of year | 38,170 | 38,572 | 47,857 |
Funded status at end of year | $ 10,888 | $ 10,652 | |
Retirement Plans | BMP and Outside Director Retirement Plan | |||
Reconciliation of projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 9,328 | ||
Interest cost | 12 | ||
Actuarial (gain) loss | (277) | ||
Benefit payments | (9,063) | ||
Plan assets at fair value (investments in trust funds managed by trustee) | |||
Contributions | 9,063 | ||
Benefit payments | (9,063) | ||
Postretirement Benefit Plan | |||
Reconciliation of projected benefit obligation: | |||
Projected benefit obligation at beginning of year | 13 | ||
Benefit payments | (13) | ||
Plan assets at fair value (investments in trust funds managed by trustee) | |||
Contributions | 13 | ||
Benefit payments | $ (13) |
RETIREMENT AND POSTRETIREMENT_4
RETIREMENT AND POSTRETIREMENT PLANS - Net periodic benefit (credit) cost for the Employee Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other | Other | |
Curtailment loss | $ 1,543 | ||
BMP and Outside Director Retirement Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Curtailment loss | (1,500) | ||
Employee Retirement Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Interest cost | $ 900 | $ 622 | 562 |
Expected return on assets | (1,521) | (1,949) | (1,846) |
Amortization of unrealized loss | 572 | 261 | 824 |
Net periodic credit | (49) | (1,066) | (460) |
BNB Bank Pension Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | 564 | 807 | |
Interest cost | 1,263 | 793 | |
Expected return on assets | (2,760) | (3,441) | |
Net periodic credit | $ (933) | $ (1,841) | |
Retirement Plans | BMP and Outside Director Retirement Plan | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Interest cost | 12 | ||
Curtailment loss | 1,543 | ||
Net periodic credit | $ 1,555 |
RETIREMENT AND POSTRETIREMENT_5
RETIREMENT AND POSTRETIREMENT PLANS - Change in Accumulated Other Comprehensive Loss from Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Gain (loss) recognized during the year | $ 190 | $ 2,062 | $ (6,563) |
Curtailment credit | (1,543) | ||
Accumulated other comprehensive loss, net of deferred taxes | (91,579) | (94,379) | |
Employee Retirement Plan | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Balance at beginning of period | (5,323) | (4,097) | |
Amortization of unrealized loss | 572 | 261 | |
Gain (loss) recognized during the year | (1,612) | (1,487) | |
Balance at the end of the period | (6,363) | (5,323) | (4,097) |
Accumulated other comprehensive loss, net of deferred taxes | 4,343 | 3,649 | |
BNB Bank Pension Plan | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Balance at beginning of period | (2,358) | 2,193 | |
Gain (loss) recognized during the year | (698) | (4,551) | |
Balance at the end of the period | (3,056) | (2,358) | 2,193 |
Accumulated other comprehensive loss, net of deferred taxes | $ 2,087 | $ 1,617 | |
Retirement Plans | BMP and Outside Director Retirement Plan | |||
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax [Abstract] | |||
Balance at beginning of period | (1,820) | ||
Gain (loss) recognized during the year | 277 | ||
Curtailment credit | $ 1,543 |
RETIREMENT AND POSTRETIREMENT_6
RETIREMENT AND POSTRETIREMENT PLANS - Major assumptions utilized to determine the net periodic cost of the Plan (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Retirement Plan | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate used for net periodic benefit cost | 4.90% | 2.55% | 2.15% |
Discount rate used to determine benefit obligation at period end | 4.70% | 4.90% | 2.55% |
Expected long-term return on plan assets used for net periodic benefit cost | 7% | 7% | 7% |
Expected long-term return on plan assets used to determine benefit obligation at period end | 7% | 7% | 7% |
BNB Bank Pension Plan | |||
Defined Benefit Plan, Assumptions Used in Calculations [Abstract] | |||
Discount rate used for net periodic benefit cost | 4.98% | 2.69% | |
Discount rate used to determine benefit obligation at period end | 4.79% | 4.98% | |
Expected long-term return on plan assets used for net periodic benefit cost | 7.25% | 7.25% | |
Expected long-term return on plan assets used to determine benefit obligation at period end | 7.25% | 7.25% |
RETIREMENT AND POSTRETIREMENT_7
RETIREMENT AND POSTRETIREMENT PLANS - Weighted average allocation by asset category (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Employee Retirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 100% | 100% |
Employee Retirement Plan | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 51% | |
Employee Retirement Plan | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 100% | 47% |
Employee Retirement Plan | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 2% | |
BNB Bank Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 100% | 100% |
BNB Bank Pension Plan | Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 51% | |
BNB Bank Pension Plan | Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 99% | 46% |
BNB Bank Pension Plan | Cash and cash equivalents | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual Asset category | 1% | 3% |
RETIREMENT AND POSTRETIREMENT_8
RETIREMENT AND POSTRETIREMENT PLANS - Employee Retirement Plans investments measured at fair value (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Employee Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | $ 21,303 | $ 22,593 | $ 28,693 |
Expected annual rates of return | 7% | 7% | 7% |
Percentage of cumulative long term return on index | 9% | ||
Percentage of cumulative long term return on bonds | 5% | ||
Employee Retirement Plan's target allocation, expected annual rate of return | 7% | 7% | |
Actuarial (gain) loss | $ 384 | $ (5,004) | |
Employee Retirement Plan | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 58 | 541 | |
Employee Retirement Plan | U.S. large cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 8,398 | ||
Employee Retirement Plan | U.S. mid cap/small cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 2,348 | ||
Employee Retirement Plan | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 2,718 | ||
Employee Retirement Plan | Equities blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 192 | ||
Employee Retirement Plan | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,305 | ||
Employee Retirement Plan | Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 21,245 | 2,527 | |
Employee Retirement Plan | Mortgage-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 586 | ||
Employee Retirement Plan | High yield bonds and bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 3,978 | ||
Employee Retirement Plan | Domestic Mid Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 21,303 | 22,593 | |
Employee Retirement Plan | Level 1 Inputs | U.S. large cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 8,398 | ||
Employee Retirement Plan | Level 1 Inputs | U.S. mid cap/small cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 2,348 | ||
Employee Retirement Plan | Level 1 Inputs | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 2,718 | ||
Employee Retirement Plan | Level 1 Inputs | Equities blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 192 | ||
Employee Retirement Plan | Level 1 Inputs | Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 21,245 | 2,527 | |
Employee Retirement Plan | Level 1 Inputs | Domestic Mid Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 21,245 | 16,183 | |
Employee Retirement Plan | Level 2 Inputs | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 58 | 541 | |
Employee Retirement Plan | Level 2 Inputs | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 1,305 | ||
Employee Retirement Plan | Level 2 Inputs | Mortgage-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 586 | ||
Employee Retirement Plan | Level 2 Inputs | High yield bonds and bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 3,978 | ||
Employee Retirement Plan | Level 2 Inputs | Domestic Mid Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 58 | 6,410 | |
BNB Bank Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | $ 38,170 | $ 38,572 | $ 47,857 |
Expected annual rates of return | 7.25% | 7.25% | |
Percentage of cumulative long term return on index | 9% | ||
Percentage of cumulative long term return on bonds | 5% | ||
Employee Retirement Plan's target allocation, expected annual rate of return | 7.25% | ||
Actuarial (gain) loss | $ (883) | $ (7,111) | |
BNB Bank Pension Plan | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 317 | 1,001 | |
BNB Bank Pension Plan | U.S. large cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 14,310 | ||
BNB Bank Pension Plan | U.S. mid cap/small cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 4,094 | ||
BNB Bank Pension Plan | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 4,658 | ||
BNB Bank Pension Plan | Equities blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 308 | ||
BNB Bank Pension Plan | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 2,203 | ||
BNB Bank Pension Plan | Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 37,853 | 4,275 | |
BNB Bank Pension Plan | Mortgage-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 979 | ||
BNB Bank Pension Plan | High yield bonds and bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 6,744 | ||
BNB Bank Pension Plan | Domestic Mid Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 38,572 | ||
BNB Bank Pension Plan | Level 1 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 37,853 | ||
BNB Bank Pension Plan | Level 1 Inputs | U.S. large cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 14,310 | ||
BNB Bank Pension Plan | Level 1 Inputs | U.S. mid cap/small cap | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 4,094 | ||
BNB Bank Pension Plan | Level 1 Inputs | International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 4,658 | ||
BNB Bank Pension Plan | Level 1 Inputs | Equities blend | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 308 | ||
BNB Bank Pension Plan | Level 1 Inputs | Government | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 37,853 | 4,275 | |
BNB Bank Pension Plan | Level 1 Inputs | Domestic Mid Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 27,645 | ||
BNB Bank Pension Plan | Level 2 Inputs | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 317 | ||
BNB Bank Pension Plan | Level 2 Inputs | Cash and cash equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | $ 317 | 1,001 | |
BNB Bank Pension Plan | Level 2 Inputs | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 2,203 | ||
BNB Bank Pension Plan | Level 2 Inputs | Mortgage-backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 979 | ||
BNB Bank Pension Plan | Level 2 Inputs | High yield bonds and bond funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 6,744 | ||
BNB Bank Pension Plan | Level 2 Inputs | Domestic Mid Cap. | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | $ 10,927 |
RETIREMENT AND POSTRETIREMENT_9
RETIREMENT AND POSTRETIREMENT PLANS - Benefit payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Employee Retirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | $ 1,526 |
2025 | 1,518 |
2026 | 1,475 |
2027 | 1,447 |
2028 | 1,401 |
2029 to 2033 | 6,621 |
BNB Bank Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2024 | 1,298 |
2025 | 1,379 |
2026 | 1,501 |
2027 | 1,477 |
2028 | 1,529 |
2029 to 2033 | $ 9,075 |
RETIREMENT AND POSTRETIREMEN_10
RETIREMENT AND POSTRETIREMENT PLANS - Dime KSOP Plan - BMP and Outside Director Retirement Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Curtailment loss | $ (1,543) | ||
Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Obligation | $ 13 | ||
Benefits paid | 13 | ||
Dime KSOP Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Contribution plan cost | 338 | ||
Dime KSOP Plan | Defined Benefit Plan, Equity Securities, Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Plan Assets | 40 | ||
BMP and Outside Director Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Termination Age of Board Members | 75 years | ||
Curtailment loss | 1,500 | ||
BMP and Outside Director Retirement Plan | Retirement Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Obligation | $ 9,328 | ||
Curtailment loss | (1,543) | ||
Benefits paid | 9,063 | ||
Outside Director Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Obligation | 2,800 | ||
Board Member Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Obligation | $ 6,200 |
RETIREMENT AND POSTRETIREMEN_11
RETIREMENT AND POSTRETIREMENT PLANS - 401(K) Plan - (Details) - 401 K Plan - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Maximum contribution by employee, for the calendar year | $ 22,500 | |
Percentage of match for first 1% of employee contributions | 100% | |
Percentage of employee contribution on which 100% match by employer | 1% | |
Percentage of match on next 1% of employee contributions | 50% | |
Common stock within the accounts of participants | $ 6,300,000 | $ 7,800,000 |
Total expense recognized as a component of salaries and employee benefits expense | $ 2,500,000 | $ 2,300,000 |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of employee contribution on which 50% match by employer | 6% | |
Maximum Percentage of participating employee contribution | 3.50% |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Details) | Dec. 31, 2023 shares |
2021 Equity Incentive Plan | |
STOCK-BASED COMPENSATION | |
Shares reserved for issuance | 638,799 |
STOCK-BASED COMPENSATION - Stoc
STOCK-BASED COMPENSATION - Stock Option Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Information Related to Stock Option Plans [Abstract] | |||
Cash received for option exercise cost | $ 431 | ||
Employee Stock Option [Member] | |||
Number of Options | |||
Options outstanding, beginning of period (in shares) | 92,137 | ||
Options forfeited (in shares) | (65,142) | ||
Options outstanding, end of period (in shares) | 26,995 | 92,137 | |
Options vested and exercisable, end of period (in shares) | 26,995 | ||
Weighted-Average Exercise Price | |||
Options outstanding, beginning of period (in dollars per share) | $ 35.39 | ||
Options forfeited (in dollars per share) | 35.38 | ||
Options outstanding, end of period (in dollars per share) | 35.39 | $ 35.39 | |
Options vested and exercisable. end of period (in dollars per share) | $ 35.39 | ||
Weighted-Average Remaining Contractual Years | |||
Outstanding options, weighted average remaining contractual years | 5 years 2 months 12 days | 6 years 2 months 12 days | |
Options vested and exercisable, weighted average remaining contractual years | 5 years 2 months 12 days | ||
Information Related to Stock Option Plans [Abstract] | |||
Cash received for option exercise cost | 431 | ||
Income tax (expense) benefit recognized on stock option exercises | (15) | ||
Intrinsic value of options exercised | $ 171 |
STOCK-BASED COMPENSATION - St_2
STOCK-BASED COMPENSATION - Stock Option Awards Exercise Price Range (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
$34.87 | ||
STOCK-BASED COMPENSATION | ||
Exercise Prices | $ 34.87 | |
$35.35 | ||
STOCK-BASED COMPENSATION | ||
Exercise Prices | 35.35 | |
$36.19 | ||
STOCK-BASED COMPENSATION | ||
Exercise Prices | 36.19 | |
Employee Stock Option [Member] | ||
STOCK-BASED COMPENSATION | ||
Exercise Prices | $ 35.39 | $ 35.39 |
Outstanding Options, Amount | 26,995 | 92,137 |
Outstanding options, weighted average remaining contractual years | 5 years 2 months 12 days | 6 years 2 months 12 days |
Vested Options, Amount | 26,995 | |
Vested Options, Weighted Average Contractual Years Remaining | 5 years 2 months 12 days | |
Employee Stock Option [Member] | $34.87 | ||
STOCK-BASED COMPENSATION | ||
Outstanding Options, Amount | 10,061 | |
Outstanding options, weighted average remaining contractual years | 6 years 1 month 6 days | |
Vested Options, Amount | 10,061 | |
Vested Options, Weighted Average Contractual Years Remaining | 6 years 1 month 6 days | |
Employee Stock Option [Member] | $35.35 | ||
STOCK-BASED COMPENSATION | ||
Outstanding Options, Amount | 9,802 | |
Outstanding options, weighted average remaining contractual years | 5 years 1 month 6 days | |
Vested Options, Amount | 9,802 | |
Vested Options, Weighted Average Contractual Years Remaining | 5 years 1 month 6 days | |
Employee Stock Option [Member] | $36.19 | ||
STOCK-BASED COMPENSATION | ||
Outstanding Options, Amount | 7,132 | |
Outstanding options, weighted average remaining contractual years | 4 years 1 month 6 days | |
Vested Options, Amount | 7,132 | |
Vested Options, Weighted Average Contractual Years Remaining | 4 years 1 month 6 days |
STOCK-BASED COMPENSATION - Rest
STOCK-BASED COMPENSATION - Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Restricted Stock Awards [Abstract] | |||
Weighted average remaining years for which compensation expense is to be recognized | 2 years 3 months 18 days | ||
Restricted Stock Awards | |||
Restricted Stock Awards [Abstract] | |||
Unrecognized compensation cost | $ 5,600 | ||
Weighted average remaining years for which compensation expense is to be recognized | 1 year 8 months 12 days | ||
Number of Shares | |||
Unvested allocated shares outstanding, beginning of period (in shares) | 350,758 | ||
Shares granted (in shares) | 220,750 | ||
Shares vested (in shares) | (134,648) | ||
Shares forfeited (in shares) | (80,065) | ||
Unvested allocated shares outstanding, end of period (in shares) | 356,795 | 350,758 | |
Weighted-Average Grant-Date Fair Value | |||
Unvested allocated shares outstanding, beginning of period (in dollars per share) | $ 28.63 | ||
Shares granted (in dollars per share) | 25.47 | ||
Shares vested (in dollars per share) | 29.37 | ||
Shares forfeited (in dollars per share) | 26.45 | ||
Unvested allocated shares outstanding, end of period (in dollars per share) | $ 26.88 | $ 28.63 | |
Information Related to RSAs | |||
Compensation (benefit) expense recognized | $ 4,003 | $ 3,516 | $ 5,253 |
Income tax (expense) benefit recognized on vesting of RSAs | $ (188) | $ (10) | $ 27 |
STOCK-BASED COMPENSATION - Perf
STOCK-BASED COMPENSATION - Performance Based Equity Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Information related to PSAs | |||
Weighted average remaining years for which compensation expense is to be recognized | 2 years 3 months 18 days | ||
Performance Shares | |||
Performance Based Equity Awards | |||
Percentage of threshold target for each award eligible to be earned based on relative performance | 50% | ||
Percentage of target for each award eligible to be earned based on relative performance | 100% | ||
Percentage of maximum target for each award eligible to be earned based on relative performance | 150% | ||
Award vesting period | 3 years | ||
Unvested and outstanding share-based awards | 195,066 | 60,755 | |
Number of Shares | |||
Shares granted, Number of Shares | 195,066 | ||
Shares forfeited (in shares) | (60,987) | ||
Expected aggregate share payout, Number of Shares | 210,820 | ||
Weighted-Average Grant-Date Fair Value | |||
Shares granted, Weighted-Average Grant-Date Fair Value | $ 17.69 | ||
Shares forfeited, Weighted-Average Grant-Date Fair Value | 25.21 | ||
Expected aggregate share payout, Weighted-Average Grant-Date Fair Value | $ 20.21 | ||
Information related to PSAs | |||
Compensation (benefit) expense recognized | $ 635 | $ 760 | $ 154 |
Income tax expense recognized on vesting of PSAs | $ 193 | ||
Unrecognized compensation cost | $ 2,700 | ||
Performance Shares | Maximum | |||
Number of Shares | |||
Maximum aggregate share payout beginning balance, Number of Shares | 95,831 | ||
Maximum aggregate share payout ending balance, Number of Shares | 229,910 | 95,831 | |
Weighted-Average Grant-Date Fair Value | |||
Maximum aggregate share payout beginning balance, Weighted-Average Grant-Date Fair Value | $ 30.35 | ||
Maximum aggregate share payout ending balance, Weighted-Average Grant-Date Fair Value | $ 20.97 | $ 30.35 |
EARNINGS PER COMMON SHARE (Deta
EARNINGS PER COMMON SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | |||
Net income available to common stockholders | $ 88,808 | $ 145,270 | $ 96,710 |
Less: Dividends paid and earnings allocated to participating securities | (1,240) | (1,688) | (1,215) |
Income attributable to common stock | $ 87,568 | $ 143,582 | $ 95,495 |
Weighted-average common shares outstanding, including participating securities (in shares) | 38,754,346 | 38,985,314 | 39,327,959 |
Less: weighted-average participating securities (in shares) | (566,869) | (446,480) | (425,533) |
Weighted-average common shares outstanding (in shares) | 38,187,477 | 38,538,834 | 38,902,426 |
Basic EPS (in dollars per share) | $ 2.29 | $ 3.73 | $ 2.45 |
Weighted-average common shares outstanding (in shares) | 38,187,477 | 38,538,834 | 38,902,426 |
Weighted-average common equivalent shares outstanding (in shares) | 611 | ||
Weighted-average common and equivalent shares outstanding (in shares) | 38,187,477 | 38,538,834 | 38,903,037 |
Diluted EPS (in dollars per share) | $ 2.29 | $ 3.73 | $ 2.45 |
Employee Stock Option | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract] | |||
Weighted average shares excluded from earnings per share calculation (in shares) | 69,479 | 134,447 | 167,053 |
PREFERRED STOCK (Details)
PREFERRED STOCK (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Feb. 01, 2021 $ / shares | Jun. 10, 2020 USD ($) shares | Feb. 05, 2020 USD ($) $ / shares shares | Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares | |
Public Offering [Abstract] | |||||
Preferred stock, Series A, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | ||
Preferred stock, Series A, liquidation value (in dollars per share) | $ 25 | $ 25 | |||
Share conversion ratio | 0.6480 | 1 | |||
Preferred Stock, Series A | |||||
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, Series A, liquidation value (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 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available lines of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed line of credit | $ 114,880 | $ 73,929 |
Variable line of credit | 1,072,471 | 996,029 |
Other loan commitments | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed line of credit | 7,190 | 150,663 |
Variable line of credit | 89,855 | 120,899 |
Stand-by letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fixed line of credit | $ 38,095 | 27,020 |
Variable line of credit | $ 355 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narratives (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2017 | |
Other Commitments [Line Items] | |||
Commitment outstanding | $ 97 | $ 271.6 | |
Commitment expiry period | 3 months | ||
Collateral amount | $ 280.2 | ||
Percentage of reimbursement of federal home loan | 10% | ||
Federal Home Loan Bank of New York [Member] | |||
Other Commitments [Line Items] | |||
Line of credit | $ 1,190 |
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 | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Assets | ||
Derivative assets | $ 122,132 | $ 154,485 |
Financial Liabilities | ||
Derivative liabilities | 121,265 | 137,335 |
Certain individually evaluated loans | ||
Individually evaluated loans | 6,300 | |
Recurring | Cash flow hedges | ||
Financial Assets | ||
Derivative assets | 7,461 | 17,150 |
Recurring | Freestanding derivatives, net | ||
Financial Assets | ||
Derivative assets | 114,671 | 137,335 |
Financial Liabilities | ||
Derivative liabilities | 114,671 | 137,335 |
Recurring | Fair value hedges | ||
Financial Liabilities | ||
Derivative liabilities | 6,594 | |
Recurring | Level 2 Inputs | Cash flow hedges | ||
Financial Assets | ||
Derivative assets | 7,461 | 17,150 |
Recurring | Level 2 Inputs | Freestanding derivatives, net | ||
Financial Assets | ||
Derivative assets | 114,671 | 137,335 |
Financial Liabilities | ||
Derivative liabilities | 114,671 | 137,335 |
Recurring | Level 2 Inputs | Fair value hedges | ||
Financial Liabilities | ||
Derivative liabilities | 6,594 | |
Nonrecurring | Level 3 Inputs | ||
Certain individually evaluated loans | ||
Individually evaluated loans | 6,336 | 1,179 |
Carrying Amount | ||
Certain individually evaluated loans | ||
Individually evaluated loans | 10,695,349 | 10,482,145 |
Carrying Amount | Nonrecurring | ||
Certain individually evaluated loans | ||
Individually evaluated loans | 6,336 | 1,179 |
US Government Agencies Debt Securities [Member] | Recurring | ||
Financial Assets | ||
Securities available-for-sale: | 9,371 | 227,256 |
US Government Agencies Debt Securities [Member] | Recurring | Level 2 Inputs | ||
Financial Assets | ||
Securities available-for-sale: | 9,371 | 227,256 |
US Treasury Securities [Member] | Recurring | ||
Financial Assets | ||
Securities available-for-sale: | 234,190 | 166,773 |
US Treasury Securities [Member] | Recurring | Level 2 Inputs | ||
Financial Assets | ||
Securities available-for-sale: | 234,190 | 166,773 |
Corporate securities | Recurring | ||
Financial Assets | ||
Securities available-for-sale: | 151,170 | 241,240 |
Corporate securities | Recurring | Level 2 Inputs | ||
Financial Assets | ||
Securities available-for-sale: | 151,170 | 241,240 |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | Recurring | ||
Financial Assets | ||
Marketable equity securities (Registered Mutual Funds) | 281,339 | |
Mortgage-backed securities | 205,285 | |
Pass-through mortgage-backed securities ("MBS") issued by government sponsored entities ("GSEs") | Recurring | Level 2 Inputs | ||
Financial Assets | ||
Marketable equity securities (Registered Mutual Funds) | 281,339 | |
Mortgage-backed securities | 205,285 | |
Agency collateralized mortgage obligations ("CMOs") | Recurring | ||
Financial Assets | ||
Securities available-for-sale: | 259,415 | 33,979 |
Agency collateralized mortgage obligations ("CMOs") | Recurring | Level 2 Inputs | ||
Financial Assets | ||
Securities available-for-sale: | 259,415 | $ 33,979 |
State and municipal obligations. | Recurring | ||
Financial Assets | ||
Securities available-for-sale: | 26,809 | |
State and municipal obligations. | Recurring | Level 2 Inputs | ||
Financial Assets | ||
Securities available-for-sale: | $ 26,809 |
FAIR VALUE OF FINANCIAL INSTR_4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Individually evaluated loans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract] | |||
Individually evaluated loans | $ 6,300 | ||
Individually evaluated loans outstanding balance, net of a valuation allowance | 10,701,685 | $ 10,483,324 | |
Allowance for credit losses | 71,743 | 83,507 | |
Provision for credit losses | 2,770 | 5,374 | $ 6,212 |
Nonrecurring | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract] | |||
Individually evaluated loans outstanding balance, net of a valuation allowance | 7,300 | 2,500 | |
Allowance for credit losses | 1,000 | 1,300 | |
Provision for credit losses | 371,000 | 700 | |
Nonrecurring | Level 3 Inputs | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract] | |||
Individually evaluated loans | 6,336 | 1,179 | |
Carrying Amount | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract] | |||
Individually evaluated loans | 10,695,349 | 10,482,145 | |
Carrying Amount | Nonrecurring | |||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis [Abstract] | |||
Individually evaluated loans | $ 6,336 | $ 1,179 |
FAIR VALUE OF FINANCIAL INSTR_5
FAIR VALUE OF FINANCIAL INSTRUMENTS - Financial Instruments Not Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Assets [Abstract] | ||
Securities held-to-maturity | $ 516,930 | $ 505,759 |
Loans held for investment, net | 6,300 | |
Carrying Amount | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 457,547 | 169,297 |
Securities held-to-maturity | 594,639 | 585,798 |
Loans held for investment, net | 10,695,349 | 10,482,145 |
Accrued interest receivable | 55,666 | 48,561 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 8,922,972 | 9,139,043 |
CDs | 1,607,683 | 1,115,364 |
FHLBNY Advances | 1,313,000 | 1,131,000 |
Subordinated debt, net | 200,196 | 200,283 |
Other short-term borrowings | 1,360 | |
Accrued interest payable | 17,298 | 5,323 |
Fair Value | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 457,547 | 169,297 |
Securities held-to-maturity | 516,930 | 505,759 |
Loans held for investment, net | 10,305,026 | 10,005,121 |
Accrued interest receivable | 55,666 | 48,561 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 8,922,972 | 9,139,043 |
CDs | 1,602,087 | 1,096,808 |
FHLBNY Advances | 1,312,940 | 1,131,217 |
Subordinated debt, net | 160,696 | 180,583 |
Other short-term borrowings | 1,360 | |
Accrued interest payable | 17,298 | 5,323 |
Level 1 Inputs | Fair Value | ||
Financial Assets [Abstract] | ||
Cash and due from banks | 457,547 | 169,297 |
Financial Liabilities [Abstract] | ||
Savings, money market and checking accounts | 8,922,972 | 9,139,043 |
Other short-term borrowings | 1,360 | |
Level 2 Inputs | Fair Value | ||
Financial Assets [Abstract] | ||
Securities held-to-maturity | 516,930 | 505,759 |
Accrued interest receivable | 6,593 | 6,105 |
Financial Liabilities [Abstract] | ||
CDs | 1,602,087 | 1,096,808 |
FHLBNY Advances | 1,312,940 | 1,131,217 |
Subordinated debt, net | 160,696 | 180,583 |
Accrued interest payable | 17,298 | 5,323 |
Level 3 Inputs | Fair Value | ||
Financial Assets [Abstract] | ||
Loans held for investment, net | 10,305,026 | 10,005,121 |
Accrued interest receivable | $ 49,073 | $ 42,456 |
REGULATORY CAPITAL MATTERS (Det
REGULATORY CAPITAL MATTERS (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Basel III | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Additional capital conservation buffer (as a percentage) | 0.025% |
REGULATORY CAPITAL MATTERS - Sc
REGULATORY CAPITAL MATTERS - Schedule of the Company's and Bank's actual capital amounts and ratios (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Common equity Tier 1 capital / % of risk weighted assets | ||
Actual, Ratio (as a percent) | 0.045 | 0.070 |
Tier 1 Capital / % of risk weighted assets | ||
Actual, Ratio (as a percent) | 0.060 | 0.085 |
Total Capital / % of risk weighted assets | ||
Actual, Ratio (as a percent) | 0.080 | 0.105 |
Basel III | ||
Tier 1 Capital / % of average total assets | ||
Actual, Amount | $ 1,158,455 | $ 1,103,498 |
Actual, Ratio (as a percent) | 0.085 | 0.085 |
For Capital Adequacy Purposes, Amount | $ 544,529 | $ 517,914 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 0.040 | 0.040 |
Common equity Tier 1 capital / % of risk weighted assets | ||
Actual, Amount | $ 1,041,886 | $ 986,928 |
Actual, Ratio (as a percent) | 0.098 | 0.092 |
For Capital Adequacy Purposes, Amount | $ 476,341 | $ 485,243 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 0.045% | 0.045% |
Tier 1 Capital / % of risk weighted assets | ||
Actual, Amount | $ 1,158,455 | $ 1,103,498 |
Actual, Ratio (as a percent) | 0.109 | 0.102 |
For Capital Adequacy Purposes, Amount | $ 635,122 | $ 646,990 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 0.060 | 0.060 |
Total Capital / % of risk weighted assets | ||
Actual, Amount | $ 1,433,361 | $ 1,390,272 |
Actual, Ratio (as a percent) | 0.135 | 0.129 |
For Capital Adequacy Purposes, Amount | $ 846,829 | $ 862,654 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 0.080 | 0.080 |
BNB Bank | Basel III | ||
Tier 1 Capital / % of average total assets | ||
Actual, Amount | $ 1,331,676 | $ 1,286,656 |
Actual, Ratio (as a percent) | 0.098 | 0.100 |
For Capital Adequacy Purposes, Amount | $ 544,254 | $ 517,606 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 0.040 | 0.040 |
To Be Categorized as "Well Capitalized", Amount | $ 680,318 | $ 647,008 |
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent) | 0.050 | 0.050 |
Common equity Tier 1 capital / % of risk weighted assets | ||
Actual, Amount | $ 1,331,676 | $ 1,286,656 |
Actual, Ratio (as a percent) | 0.126 | 0.119 |
For Capital Adequacy Purposes, Amount | $ 476,168 | $ 485,062 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 0.045% | 0.045% |
To Be Categorized as "Well Capitalized", Amount | $ 687,798 | $ 700,645 |
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent) | 0.065% | 0.065% |
Tier 1 Capital / % of risk weighted assets | ||
Actual, Amount | $ 1,331,676 | $ 1,286,656 |
Actual, Ratio (as a percent) | 0.126 | 0.119 |
For Capital Adequacy Purposes, Amount | $ 634,890 | $ 646,749 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 0.060 | 0.060 |
To Be Categorized as "Well Capitalized", Amount | $ 846,520 | $ 862,332 |
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent) | 0.080 | 0.080 |
Total Capital / % of risk weighted assets | ||
Actual, Amount | $ 1,406,581 | $ 1,373,431 |
Actual, Ratio (as a percent) | 0.133 | 0.127 |
For Capital Adequacy Purposes, Amount | $ 846,520 | $ 862,332 |
For Capital Adequacy Purposes, Minimum Ratio (as a percent) | 0.080 | 0.080 |
To Be Categorized as "Well Capitalized", Amount | $ 1,058,151 | $ 1,077,915 |
To Be Categorized as "Well Capitalized", Minimum Ratio (as a percent) | 0.100 | 0.100 |
CONDENSED HOLDING COMPANY ONL_3
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF FINANCIAL CONDITION (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS: | ||||
Cash and due from banks | $ 457,547 | $ 169,297 | ||
Securities available-for-sale, at fair value | 886,240 | 950,587 | ||
Other assets | 100,013 | 108,945 | ||
Total assets | 13,636,005 | 13,189,921 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Subordinated debt, net | 200,196 | 200,283 | ||
Other liabilities | 81,110 | 82,573 | ||
Stockholders' equity | 1,226,225 | 1,169,583 | $ 1,192,620 | $ 701,096 |
Total liabilities and stockholders' equity | 13,636,005 | 13,189,921 | ||
Parent Company | ||||
ASSETS: | ||||
Cash and due from banks | 35,114 | 25,009 | ||
Securities available-for-sale, at fair value | 2,693 | 2,489 | ||
Investment in subsidiaries | 1,395,526 | 1,348,962 | ||
Other assets | 4,401 | 4,389 | ||
Total assets | 1,437,734 | 1,380,849 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||
Subordinated debt, net | 200,196 | 200,283 | ||
Other liabilities | 11,313 | 10,983 | ||
Stockholders' equity | 1,226,225 | 1,169,583 | ||
Total liabilities and stockholders' equity | $ 1,437,734 | $ 1,380,849 |
CONDENSED HOLDING COMPANY ONL_4
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed financial information | |||
Net interest loss | $ 316,571 | $ 379,863 | $ 357,609 |
Non-interest income | 36,206 | 38,156 | 42,068 |
Non-interest expense | (213,128) | (200,730) | (245,299) |
Income tax credit | (40,785) | (59,359) | (44,170) |
Net income | 96,094 | 152,556 | 103,996 |
Parent Company | |||
Condensed financial information | |||
Net interest loss | (9,942) | (10,394) | (8,427) |
Dividends received from Bank | 60,000 | 95,000 | 20,000 |
Non-interest income | 136 | ||
Non-interest expense | (1,066) | (1,720) | (4,361) |
Income before income taxes and equity in undistributed earnings of direct subsidiaries | 48,992 | 82,886 | 7,348 |
Income tax credit | 7,822 | 4,001 | 4,051 |
Income before equity in undistributed earnings of direct subsidiaries | 56,814 | 86,887 | 11,399 |
Equity in undistributed earnings of subsidiaries | 39,280 | 65,669 | 92,597 |
Net income | $ 96,094 | $ 152,556 | $ 103,996 |
CONDENSED HOLDING COMPANY ONL_5
CONDENSED HOLDING COMPANY ONLY FINANCIAL STATEMENTS - CONDENSED STATEMENTS OF CASH FLOWS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net gain on marketable equity securities | $ 758 | $ (131) | |
Loss on extinguishment of debt | $ 740 | 1,751 | |
(Increase) decrease in other assets | 10,332 | (35,170) | 125,486 |
(Decrease) increase in other liabilities | (45,957) | 145,425 | (118,333) |
Net cash provided by operating activities | 90,874 | 295,172 | 146,327 |
Cash flows from Investing Activities: | |||
Proceeds from sales of marketable equity securities | 6,101 | ||
Purchases of securities available-for-sale | (86,084) | (39,232) | (1,095,028) |
Net cash received in business combination | 715,988 | ||
Net cash used in investing activities | (214,046) | (1,332,191) | 1,102,821 |
Cash flows from Financing Activities: | |||
Proceeds from subordinated debentures issuance, net | 157,559 | ||
Redemption of subordinated debentures | (155,000) | ||
Proceeds from exercise of stock options | 431 | ||
Release of stock for benefit plan awards | 1,164 | 1,167 | 1,153 |
Payments related to tax withholding for equity awards | (1,258) | (1,558) | (111) |
BMP ESOP shares received to satisfy distribution of retirement benefits | (993) | ||
Treasury shares repurchased | (947) | (46,762) | (59,280) |
Cash dividends paid to preferred stockholders | (7,286) | (7,286) | (7,286) |
Cash dividends paid to common stockholders | (37,302) | (36,791) | (39,351) |
Net cash provided by financing activities | 411,422 | 812,594 | (1,099,029) |
Increase (decrease) in cash and cash equivalents | 288,250 | (224,425) | 150,119 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 169,297 | 393,722 | 243,603 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 457,547 | 169,297 | 393,722 |
Parent Company | |||
Cash flows from operating activities: | |||
Net income | 96,094 | 152,556 | 103,996 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of subsidiaries | (39,280) | (65,669) | (92,597) |
Net gain on marketable equity securities | (131) | ||
Net accretion | (87) | (111) | (157) |
Loss on extinguishment of debt | 740 | ||
(Increase) decrease in other assets | (62) | (104) | 761 |
(Decrease) increase in other liabilities | (931) | (1,096) | 269 |
Net cash provided by operating activities | 55,734 | 86,316 | 12,141 |
Cash flows from Investing Activities: | |||
Proceeds from sales of marketable equity securities | 6,101 | ||
Purchases of securities available-for-sale | (3,000) | ||
Net cash received in business combination | 11,545 | ||
Net cash used in investing activities | 14,646 | ||
Cash flows from Financing Activities: | |||
Proceeds from subordinated debentures issuance, net | 157,559 | ||
Redemption of subordinated debentures | (155,000) | ||
Proceeds from exercise of stock options | 431 | ||
Release of stock for benefit plan awards | 1,164 | 1,167 | 1,153 |
Payments related to tax withholding for equity awards | (1,258) | (1,558) | (111) |
BMP ESOP shares received to satisfy distribution of retirement benefits | (993) | ||
Treasury shares repurchased | (947) | (46,762) | (59,280) |
Cash dividends paid to preferred stockholders | (7,286) | (7,286) | (7,286) |
Cash dividends paid to common stockholders | (37,302) | (36,791) | (39,351) |
Net cash provided by financing activities | (45,629) | (88,671) | (105,437) |
Increase (decrease) in cash and cash equivalents | 10,105 | (2,355) | (78,650) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 25,009 | 27,364 | 106,014 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 35,114 | $ 25,009 | $ 27,364 |
Document Information
Document Information | 12 Months Ended |
Dec. 31, 2023 | |
Document Information: | |
Document Type | 10-K |
Amendment | false |
CIK | 0000846617 |
Registrant Name | Dime Community Bancshares, Inc. |
Period End Date | Dec. 31, 2023 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 96,094 | $ 152,556 | $ 103,996 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |