Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Cover [Abstract] | ||
Entity Central Index Key | 0000923139 | |
Entity Registrant Name | Flushing Financial Corporation | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Entity File Number | 001-33013 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 11-3209278 | |
Entity Address, Address Line One | 220 RXR Plaza | |
Entity Address, City or Town | Uniondale | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 11556 | |
City Area Code | (718) | |
Local Phone Number | 961-5400 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | FFIC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 30,676,195 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 178,598 | $ 157,388 |
Securities held-to-maturity: | ||
Held to maturity securities | 57,888 | 57,832 |
Securities available for sale, at fair value: | ||
Securities available for sale | 796,799 | 647,974 |
Loans: | ||
Net unamortized premiums and unearned loan fees | 3,265 | 3,045 |
Allowance for Credit losses - Loans | (36,363) | (45,153) |
Net loans | 6,593,991 | 6,659,521 |
Interest and dividends receivable | 40,912 | 44,041 |
Bank premises and equipment, net | 24,018 | 28,179 |
Federal Home Loan Bank of New York stock, at cost | 36,158 | 43,439 |
Bank owned life insurance | 184,730 | 181,710 |
Goodwill | 17,636 | 17,636 |
Core deposit intangibles | 2,708 | 3,172 |
Right of Use Asset | 50,155 | 50,743 |
Other assets | 93,741 | 84,759 |
Total assets | 8,077,334 | 7,976,394 |
Liabilities | ||
Non-interest bearing | 941,259 | 778,672 |
Interest-bearing | 5,480,132 | 5,312,061 |
Total Deposits | 6,421,391 | 6,090,733 |
Mortgagors' escrow deposits | 67,207 | 45,622 |
Borrowed funds: | ||
Federal Home Loan Bank advances | 611,186 | 887,579 |
Subordinated debentures | 90,161 | 90,180 |
Junior subordinated debentures, at fair value | 51,578 | 43,136 |
Total borrowed funds | 752,925 | 1,020,895 |
Operating lease liability | 54,239 | 59,100 |
Other liabilities | 113,476 | 141,047 |
Total liabilities | 7,409,238 | 7,357,397 |
Stockholders' Equity | ||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued) | ||
Common stock ($0.01 par value; 100,000,000 shares authorized; 34,087,623 shares issued at September 30, 2021 and December 31, 2020; 30,675,861 shares and 30,775,854 shares outstanding at September 30, 2021 and December 31, 2020, respectively) | 341 | 341 |
Additional paid-in capital | 262,009 | 261,533 |
Treasury stock, at average cost (3,411,762 shares and 3,373,389 shares at September 30, 2021 and December 31, 2020, respectively) | (71,738) | (69,400) |
Retained earnings | 486,418 | 442,789 |
Accumulated other comprehensive loss, net of taxes | (8,934) | (16,266) |
Total stockholders' equity | 668,096 | 618,997 |
Total liabilities and stockholders' equity | 8,077,334 | 7,976,394 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 7,899 | 7,914 |
Securities available for sale, at fair value: | ||
Securities available for sale | 584,145 | 404,460 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 49,989 | 49,918 |
Securities available for sale, at fair value: | ||
Securities available for sale | 212,654 | 243,514 |
Multi-Family Residential [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 2,498,980 | 2,533,952 |
Commercial Real Estate Loans [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 1,745,855 | 1,754,754 |
One-To-Four Family - Mixed Used Property [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 579,100 | 602,981 |
One-To-Four Family - Residential [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 280,343 | 245,211 |
Co-Operative Apartments [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 7,804 | 8,051 |
Construction Portfolio Segment [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 71,464 | 83,322 |
Small Business Administration [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 148,855 | 167,376 |
Taxi Medallion [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 2,757 | |
Commercial Business and Other [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | $ 1,294,688 | $ 1,303,225 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Securities held-to-maturity, fair value | $ 61,451 | $ 63,529 |
Securities held-to-maturity, allowance for credit losses | $ 843 | $ 907 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 34,087,623 | 34,087,623 |
Common stock, shares outstanding (in shares) | 30,675,861 | 30,775,854 |
Treasury stock, at average cost (in shares) | 3,411,762 | 3,373,389 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, assets pledged | $ 5,663 | $ 5,853 |
Securities held-to-maturity, fair value | 8,698 | 8,991 |
Securities available for sale, pledged as collateral | 233,695 | 264,968 |
Securities available for sale, fair value option | 412 | 505 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, assets pledged | 0 | 0 |
Securities held-to-maturity, fair value | 52,753 | 54,538 |
Securities held-to-maturity, allowance for credit losses | 843 | 907 |
Securities available for sale, pledged as collateral | 0 | 6,453 |
Securities available for sale, fair value option | $ 14,120 | $ 13,998 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and dividend income | ||||
Interest and fees on loans | $ 69,198 | $ 60,367 | $ 206,218 | $ 182,033 |
Interest and dividends on securities: | ||||
Interest | 3,706 | 3,525 | 10,463 | 12,963 |
Dividends | 7 | 9 | 22 | 35 |
Other interest income | 42 | 13 | 129 | 325 |
Total interest and dividend income | 72,953 | 63,914 | 216,832 | 195,356 |
Interest expense | ||||
Deposits | 4,705 | 7,093 | 16,349 | 35,842 |
Other interest expense | 4,884 | 6,897 | 15,188 | 20,047 |
Total interest expense | 9,589 | 13,990 | 31,537 | 55,889 |
Net interest income | 63,364 | 49,924 | 185,295 | 139,467 |
(Benefit) provision for credit losses | (6,927) | 2,470 | (5,705) | 19,267 |
Net interest income after (benefit) provision for credit losses | 70,291 | 47,454 | 191,000 | 120,200 |
Non-interest income | ||||
Banking services fee income | 865 | 1,316 | 4,823 | 3,058 |
Net (loss) gain on sale of securities | (10) | 113 | (91) | |
Net gain on sale of loans | 131 | 289 | 42 | |
Net gain on disposition of assets | 621 | 0 | ||
Net (loss) gain from fair value adjustments | (2,289) | (2,225) | (7,855) | 1,987 |
Life insurance proceeds | 0 | 659 | ||
Federal Home Loan Bank of New York stock dividends | 491 | 874 | 1,680 | 2,719 |
Bank owned life insurance | 1,015 | 923 | 3,021 | 2,798 |
Other income | 663 | 463 | 1,275 | 1,052 |
Total non-interest income | 866 | 1,351 | 3,967 | 12,224 |
Non-interest expense | ||||
Salaries and employee benefits | 20,544 | 17,335 | 63,087 | 52,139 |
Occupancy and equipment | 3,534 | 3,021 | 10,423 | 8,688 |
Professional services | 1,899 | 2,064 | 6,287 | 6,911 |
FDIC deposit insurance | 618 | 727 | 2,560 | 2,114 |
Data processing | 1,759 | 1,668 | 5,287 | 5,175 |
Depreciation and amortization | 1,627 | 1,542 | 4,904 | 4,633 |
Other real estate owned/foreclosure expense | 182 | 240 | 194 | 121 |
Other operating expenses | 6,182 | 3,388 | 15,773 | 11,339 |
Total non-interest expense | 36,345 | 29,985 | 108,515 | 91,120 |
Income before income taxes | 34,812 | 18,820 | 86,452 | 41,304 |
Provision for income taxes | ||||
Federal | 6,410 | 3,359 | 16,338 | 8,655 |
State and local | 2,989 | 1,130 | 6,404 | 1,436 |
Total taxes | 9,399 | 4,489 | 22,742 | 10,091 |
Net income | $ 25,413 | $ 14,331 | $ 63,710 | $ 31,213 |
Basic earnings per common share | $ 0.81 | $ 0.50 | $ 2.02 | $ 1.08 |
Diluted earnings per common share | 0.81 | 0.50 | 2.02 | 1.08 |
Dividends per common share | $ 0.21 | $ 0.21 | $ 0.63 | $ 0.63 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 25,413 | $ 14,331 | $ 63,710 | $ 31,213 |
Other comprehensive income (loss), net of tax: | ||||
Amortization of actuarial losses, net of taxes of ($39) and ($30) for the three months ended September 30, 2021 and 2020, respectively, and of ($116) and ($91) for the nine months ended September 30, 2021 and 2020, respectively. | 86 | 67 | 259 | 201 |
Amortization of prior service credits, net of taxes of $7 and $6 for the three months ended September 30, 2021 and 2020, respectively, and of $19 and $20 for the nine months ended September 30, 2021 and 2020, respectively. | (14) | (15) | (44) | (44) |
Net unrealized gains (losses) on securities, net of taxes of $1,209 and ($1,449) for the three months ended September 30, 2021 and 2020, respectively, and of $1,518 and ($2,000) for the nine months ended September 30, 2021 and 2020, respectively. | (2,645) | 3,185 | (3,365) | 4,397 |
Reclassification adjustment for net losses (gains) included in income, net of taxes of ($3) for the three months ended September 30, 2021, and net of taxes of $35 and ($29) for the nine months ended September 30, 2021 and 2020, respectively. | 7 | (78) | 62 | |
Net unrealized gains (losses) on cash flow hedges, net of taxes of ($910) and ($849) for the three months ended September 30, 2021 and 2020 respectively, and of ($4,485) and $6,253 for the nine months ended September 30, 2021 and 2020 respectively. | 1,991 | 1,866 | 10,310 | (13,744) |
Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of ($27) and ($50) for the three months ended September 30, 2021 and 2020, respectively, and of ($139) and ($280) for the nine months ended September 30, 2021 and 2020, respectively. | 58 | 111 | 250 | 627 |
Total other comprehensive income (loss), net of tax | (517) | 5,214 | 7,332 | (8,501) |
Comprehensive income | $ 24,896 | $ 19,545 | $ 71,042 | $ 22,712 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Amortization of actuarial losses, taxes | $ 39 | $ 30 | $ 116 | $ 91 |
Amortization of prior service credits, taxes | (7) | (6) | (19) | (20) |
Net unrealized gains (losses) on securities, taxes | (1,209) | 1,449 | (1,518) | 2,000 |
Reclassification adjustment for net losses included in net income, taxes | 3 | (35) | 29 | |
Net unrealized gains (losses) on cash flow hedges, taxes | 910 | 849 | 4,485 | (6,253) |
Change in fair value of liabilities related to instrument-specific credit risk, taxes | $ 27 | $ 50 | $ 139 | $ 280 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 63,710 | $ 31,213 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
(Benefit) Provision for credit losses | (5,705) | 19,267 |
Depreciation and amortization of bank premises and equipment | 4,904 | 4,633 |
Amortization of premium, net of (accretion) of discount | (1,062) | 4,721 |
Net (gain) loss from fair value adjustments | 7,855 | (1,987) |
Net (gain) loss from fair value adjustments on qualifying hedges | (957) | 2,208 |
Net gain from sale of loans | (289) | (42) |
Net (gain) loss from sale of securities | (113) | 91 |
Net gain from disposition of assets | (621) | 0 |
Net loss from OREO | 0 | 36 |
Income from bank owned life insurance | (3,021) | (2,798) |
Life insurance proceeds | 0 | (659) |
Amortization of core deposit intangibles | 464 | 0 |
Stock-based compensation expense | 5,516 | 5,510 |
Deferred compensation | (2,571) | (3,579) |
Deferred income tax benefit | (762) | (4,174) |
(Decrease) Increase in other liabilities | (8,524) | 6,143 |
Decrease (Increase) in other assets | 821 | (15,043) |
Net cash provided by operating activities | 59,645 | 45,540 |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of bank premises and equipment | (2,839) | (1,723) |
Net redemptions (purchases) of Federal Home Loan Bank of New York shares | 7,281 | (198) |
Proceeds from maturities and calls of securities held-to-maturity | 0 | 180 |
Proceeds from prepayments of securities held-to-maturity | 0 | 129 |
Purchases of securities available for sale | (508,402) | (130,397) |
Proceeds from sales and calls of securities available for sale | 58,613 | 143,376 |
Proceeds from maturities and prepayments of securities available for sale | 294,004 | 142,320 |
Proceeds from bank owned life insurance | 0 | 2,477 |
Net repayments (originations) of loans | 232,391 | (11,295) |
Purchases of loans | (192,705) | (132,893) |
Proceeds from sale of real estate owned | 0 | 203 |
Proceeds from sale of loans | 24,967 | 580 |
Net cash (used in) provided by investing activities | (86,690) | 12,759 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in non-interest bearing deposits | 162,587 | 172,882 |
Net increase (decrease) in interest-bearing deposits | 168,174 | (288,694) |
Net increase in mortgagors' escrow deposits | 21,585 | 12,761 |
Net proceeds from short-term borrowed funds | (25,000) | 0 |
Proceeds from long-term borrowings | 0 | 240,378 |
Repayment of long-term borrowings | (251,393) | (147,771) |
Purchases of treasury stock | (7,778) | (3,872) |
Cash dividends paid | (19,920) | (18,210) |
Net cash provided by (used in) financing activities | 48,255 | (32,526) |
Net increase in cash and cash equivalents | 21,210 | 25,773 |
Cash and cash equivalents, beginning of period | 157,388 | 49,787 |
Cash and cash equivalents, end of period | 178,598 | 75,560 |
SUPPLEMENTAL CASH FLOW DISCLOSURE | ||
Interest paid | 30,727 | 57,334 |
Income taxes paid | 21,419 | 13,594 |
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible | $ 21,083 | $ 13,404 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2019 | $ 315 | $ 226,691 | $ (71,487) | $ 433,960 | $ (9,807) | $ 579,672 |
Impact of adoption of ASC 326 - Credit Losses | (875) | (875) | ||||
Net income | (1,390) | (1,390) | ||||
Award of common shares released from Employee Benefit Trust | 1,398 | 1,398 | ||||
Vesting of restricted stock unit awards | (5,626) | 5,782 | (156) | |||
Stock-based compensation expense | 3,430 | 3,430 | ||||
Purchase of treasury shares | (2,342) | (2,342) | ||||
Repurchase of shares to satisfy tax obligation | (1,493) | (1,493) | ||||
Dividends on common stock | (6,084) | (6,084) | ||||
Other comprehensive income (loss) | (22,633) | (22,633) | ||||
Balance at Mar. 31, 2020 | 315 | 225,893 | (69,540) | 425,455 | (32,440) | 549,683 |
Balance at Dec. 31, 2019 | 315 | 226,691 | (71,487) | 433,960 | (9,807) | 579,672 |
Net income | 31,213 | |||||
Other comprehensive income (loss) | (8,501) | (8,501) | ||||
Balance at Sep. 30, 2020 | 315 | 227,877 | (69,409) | 445,931 | (18,308) | 586,406 |
Balance at Mar. 31, 2020 | 315 | 225,893 | (69,540) | 425,455 | (32,440) | 549,683 |
Net income | 18,272 | 18,272 | ||||
Award of common shares released from Employee Benefit Trust | 40 | 40 | ||||
Vesting of restricted stock unit awards | (133) | 134 | (1) | |||
Stock-based compensation expense | 1,101 | 1,101 | ||||
Repurchase of shares to satisfy tax obligation | (30) | (30) | ||||
Dividends on common stock | (6,063) | (6,063) | ||||
Other comprehensive income (loss) | 8,918 | 8,918 | ||||
Balance at Jun. 30, 2020 | 315 | 226,901 | (69,436) | 437,663 | (23,522) | 571,921 |
Net income | 14,331 | 14,331 | ||||
Award of common shares released from Employee Benefit Trust | 31 | 31 | ||||
Vesting of restricted stock unit awards | (34) | 34 | ||||
Stock-based compensation expense | 979 | 979 | ||||
Purchase of treasury shares | (7) | (7) | ||||
Dividends on common stock | (6,063) | (6,063) | ||||
Other comprehensive income (loss) | 5,214 | 5,214 | ||||
Balance at Sep. 30, 2020 | 315 | 227,877 | (69,409) | 445,931 | (18,308) | 586,406 |
Balance at Dec. 31, 2020 | 341 | 261,533 | (69,400) | 442,789 | (16,266) | 618,997 |
Net income | 19,039 | 19,039 | ||||
Award of common shares released from Employee Benefit Trust | 74 | 74 | ||||
Vesting of restricted stock unit awards | (5,058) | 5,211 | (153) | |||
Stock-based compensation expense | 3,470 | 3,470 | ||||
Repurchase of shares to satisfy tax obligation | (1,290) | (1,290) | ||||
Dividends on common stock | (6,652) | (6,652) | ||||
Other comprehensive income (loss) | 5,563 | 5,563 | ||||
Balance at Mar. 31, 2021 | 341 | 260,019 | (65,479) | 455,023 | (10,703) | 639,201 |
Balance at Dec. 31, 2020 | 341 | 261,533 | (69,400) | 442,789 | (16,266) | 618,997 |
Net income | 63,710 | |||||
Other comprehensive income (loss) | 7,332 | 7,332 | ||||
Balance at Sep. 30, 2021 | 341 | 262,009 | (71,738) | 486,418 | (8,934) | 668,096 |
Balance at Mar. 31, 2021 | 341 | 260,019 | (65,479) | 455,023 | (10,703) | 639,201 |
Net income | 19,258 | 19,258 | ||||
Award of common shares released from Employee Benefit Trust | 91 | 91 | ||||
Vesting of restricted stock unit awards | (221) | 229 | (8) | |||
Stock-based compensation expense | 1,069 | 1,069 | ||||
Repurchase of shares to satisfy tax obligation | (85) | (85) | ||||
Dividends on common stock | (6,653) | (6,653) | ||||
Other comprehensive income (loss) | 2,286 | 2,286 | ||||
Balance at Jun. 30, 2021 | 341 | 260,958 | (65,335) | 467,620 | (8,417) | 655,167 |
Net income | 25,413 | 25,413 | ||||
Award of common shares released from Employee Benefit Trust | 74 | 74 | ||||
Stock-based compensation expense | 977 | 977 | ||||
Purchase of treasury shares | (6,403) | (6,403) | ||||
Dividends on common stock | (6,615) | (6,615) | ||||
Other comprehensive income (loss) | (517) | (517) | ||||
Balance at Sep. 30, 2021 | $ 341 | $ 262,009 | $ (71,738) | $ 486,418 | $ (8,934) | $ 668,096 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Dividends on common share (in dollars per share) | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 | $ 0.21 |
Common Stock [Member] | ||||||
Common shares released from Employee Benefit Trust, shares (in shares) | 5,493 | 6,445 | 5,682 | 5,015 | 10,956 | 116,414 |
Restricted stock unit awards vested, shares (in shares) | 10,932 | 248,896 | 9,284 | 6,390 | 272,946 | |
Treasury Stock [Member] | ||||||
Purchase of treasury shares (in shares) | 285,643 | 40,000 | 142,405 | |||
Repurchase of shares to satisfy tax obligation, shares (in shares) | 3,886 | 70,292 | 0 | 2,558 | 74,145 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Basis of Presentation | 1. Basis of Presentation The primary business of Flushing Financial Corporation (the “Holding Company”), a Delaware corporation, is the operation of its wholly owned subsidiary, Flushing Bank (the “Bank”). The unaudited consolidated financial statements presented in this Quarterly Report on Form 10-Q (“Quarterly Report”) include the collective results of the Holding Company and its direct and indirect wholly-owned subsidiaries, including the Bank, Flushing Preferred Funding Corporation, which was dissolved as of June 30, 2021, Flushing Service Corporation, and FSB Properties Inc., which are collectively herein referred to as “we,” “us,” “our” and the “Company.” The Holding Company also owns Flushing Financial Capital Trust II, Flushing Financial Capital Trust III, and Flushing Financial Capital Trust IV (the “Trusts”), which are special purpose business trusts. The Trusts are not included in the Company’s consolidated financial statements, as the Company would not absorb the losses of the Trusts if any losses were to occur. The accompanying unaudited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The information furnished in these interim statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for such presented periods of the Company. Such adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report. All inter-company balances and transactions have been eliminated in consolidation. The results of operations in the interim statements are not necessarily indicative of the results that may be expected for the full year. The accompanying unaudited consolidated financial statements have been prepared in conformity with the instructions to Quarterly Report on Form 10-Q and Article 10, Rule 10-01 of Regulation S-X for interim financial statements. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The unaudited consolidated interim financial information should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts. |
Use of Estimates
Use of Estimates | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Use of Estimates | 2. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements, and reported amounts of revenue and expenses during the reporting period. Estimates that are particularly susceptible to change in the near term, including novel Coronavirus Disease 2019 and its associated variants (“COVID-19”) related changes, are used in connection with the determination of the allowance for credit losses, the evaluation of goodwill for impairment, the review of the need for a valuation allowance of the Company’s deferred tax assets and the fair value of financial instruments. In response to COVID-19, the Company actively assist customers by providing modifications in the form of deferrals of interest, principal and/or escrow for terms ranging from one |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Earnings Per Share | 3. Earnings Per Share Earnings per common share have been computed based on the following: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 (In thousands, except per share data) Net income $ 25,413 $ 14,331 $ 63,710 $ 31,213 Divided by: Total weighted average common shares outstanding and common stock equivalents 31,567 28,874 31,616 28,865 Basic earnings per common share $ 0.81 $ 0.50 $ 2.02 $ 1.08 Diluted earnings per common share (1) $ 0.81 $ 0.50 $ 2.02 $ 1.08 Dividend payout ratio 25.9 % 42.0 % 31.2 % 58.3 % (1) For the three and nine months ended September 30, 2021 and 2020, there were no common stock equivalents and there were no common stock equivalents that were anti-dilutive. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Securities | 4. Securities The Company did not hold any trading securities at September 30, 2021 and December 31, 2020. Securities available for sale are recorded at fair value. Securities held-to-maturity (“HTM”) are recorded at amortized cost. Allowance for credit losses The Company’s estimate of expected credit losses for held-to-maturity debt securities is based on historical information, current conditions and a reasonable and supportable forecast. The Company’s portfolio is made up of three securities totaling $58.7 million (before allowance for credit losses): the first with an amortized cost of $29.9 million structured similar to a commercial owner occupied loan and modeled for credit losses similar to commercial business loans secured by real estate with an allowance for credit losses of $0.2 million at September 30, 2021; the second with an amortized cost of $21.0 million that currently is under forbearance with an individually evaluated allowance for credit loss of $0.6 million at September 30, 2021; and the third with an amortized cost of $7.9 million issued and guaranteed by Fannie Mae, which is a government sponsored enterprise that has a credit rating and perceived credit risk comparable to the U.S. government. Accordingly, the Company assumes a zero loss expectation from the portfolio. The security currently in forbearance is considered current and as such, continues to accrue interest at its original contractual terms. Accrued interest receivable on held-to-maturity securities totaled $0.1 million at September 30, 2021 and December 31, 2020 and is excluded from estimates of credit losses. The following table summarizes the Company’s portfolio of securities held-to-maturity at September 30, 2021: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 50,832 $ 52,753 $ 2,078 $ 157 Total other securities 50,832 52,753 2,078 157 FNMA 7,899 8,698 799 — Total mortgage-backed securities 7,899 8,698 799 — Allowance for Credit Losses (843) — — — Total $ 57,888 $ 61,451 $ 2,877 $ 157 The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2020: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 50,825 $ 54,538 $ 3,713 $ — Total other securities 50,825 54,538 3,713 — FNMA 7,914 8,991 1,077 — Total mortgage-backed securities 7,914 8,991 1,077 — Allowance for Credit Losses (907) — — — Total $ 57,832 $ 63,529 $ 4,790 $ — The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2021: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: U.S Government Agencies $ 5,643 $ 5,645 $ 5 $ 3 Corporate 107,421 105,956 189 1,654 Mutual funds 12,572 12,572 — — Collateralized loan obligations 87,167 86,933 5 239 Other 1,548 1,548 — — Total other securities 214,351 212,654 199 1,896 REMIC and CMO 229,499 229,890 2,372 1,981 GNMA 11,362 11,088 38 312 FNMA 194,973 195,030 1,815 1,758 FHLMC 149,751 148,137 445 2,059 Total mortgage-backed securities 585,585 584,145 4,670 6,110 Total securities available for sale $ 799,936 $ 796,799 $ 4,869 $ 8,006 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2020: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: U.S Government Agencies $ 6,452 $ 6,453 $ 2 $ 1 Corporate 130,000 123,865 131 6,266 Mutual funds 12,703 12,703 — — Collateralized loan obligations 100,561 99,198 — 1,363 Other 1,295 1,295 — — Total other securities 251,011 243,514 133 7,630 REMIC and CMO 175,142 180,877 5,735 — GNMA 13,009 13,053 66 22 FNMA 143,154 146,169 3,046 31 FHLMC 63,796 64,361 648 83 Total mortgage-backed securities 395,101 404,460 9,495 136 Total securities available for sale $ 646,112 $ 647,974 $ 9,628 $ 7,766 We did not hold any private issue CMO’s that are collateralized by commercial real estate mortgages at September 30, 2021 and December 31, 2020. The corporate securities held by the Company at September 30, 2021 and December 31, 2020 are issued by U.S. banking institutions. The following tables detail the amortized cost and fair value of the Company’s securities classified as held-to-maturity and available for sale at September 30, 2021, by contractual maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Amortized Securities held-to-maturity: Cost Fair Value (In thousands) Due after ten years $ 50,832 $ 52,753 Total other securities 50,832 52,753 Mortgage-backed securities 7,899 8,698 Total held-to-maturity securities 58,731 61,451 Allowance for Credit Losses (843) — Total held-to-maturity securities, net of allowance for credit losses $ 57,888 $ 61,451 Amortized Securities available for sale: Cost Fair Value (In thousands) Due after one year through five years $ 20,000 $ 19,932 Due after five years through ten years 169,572 167,957 Due after ten years 12,207 12,193 Total 201,779 200,082 Mutual funds 12,572 12,572 Total other securities 214,351 212,654 Mortgage-backed securities 585,585 584,145 Total available for sale securities $ 799,936 $ 796,799 The following tables show the Company’s securities with gross unrealized losses and their fair value, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position, at the dates indicated: At September 30, 2021 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 20,819 $ 157 $ 20,819 $ 157 $ — $ — Total other securities 1 20,819 157 20,819 157 — — Total securities held-to-maturity 1 $ 20,819 $ 157 $ 20,819 $ 157 $ — $ — Available for sale securities U.S Government Agencies 1 $ 4,489 $ 3 $ 4,489 $ 3 $ — $ — Corporate 11 80,792 1,654 51,698 748 29,094 906 Collateralized loan obligations 3 21,027 239 — — 21,027 239 Total other securities 15 106,308 1,896 56,187 751 50,121 1,145 REMIC and CMO 12 110,359 1,981 110,359 1,981 — — GNMA 2 10,196 312 10,196 312 — — FNMA 17 136,324 1,758 136,324 1,758 — — FHLMC 15 123,759 2,059 123,759 2,059 — — Total mortgage-backed securities 46 380,638 6,110 380,638 6,110 — — Total securities available for sale 61 $ 486,946 $ 8,006 $ 436,825 $ 6,861 $ 50,121 $ 1,145 At December 31, 2020 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Available for sale securities U.S Government Agencies 1 $ 4,988 $ 1 $ 4,988 $ 1 $ — $ — Corporate 14 113,734 6,266 — — 113,734 6,266 Collateralized loan obligations 13 99,199 1,363 7,441 52 91,758 1,311 Total other securities 28 217,921 7,630 12,429 53 205,492 7,577 GNMA 1 10,341 22 10,341 22 — — FNMA 5 32,463 31 23,864 28 8,599 3 FHLMC 3 30,095 83 30,095 83 — — Total mortgage-backed securities 9 72,899 136 64,300 133 8,599 3 Total securities available for sale 37 $ 290,820 $ 7,766 $ 76,729 $ 186 $ 214,091 $ 7,580 The Company reviewed each available for sale security that had an unrealized loss at September 30, 2021 and December 31, 2020. At September 30, 2021 and December 31, 2020, the Company evaluated whether the decline in fair value of a debt security resulted from credit losses or other factors under Accounting Standards Codification (“ASC”) Topic 326, Credit Losses In determining the risk of loss for available for sale securities, the Company considered that mortgage-backed securities are either fully guaranteed or issued by a government sponsored enterprise, which has a credit rating and perceived credit risk comparable to U.S. government, the issuer of Corporate securities are global systematically important banks, the tranche of the purchased CLO’s and municipal securities remain investment grade. Each of these securities is performing according to its terms and, in the opinion of management, will continue to perform according to its terms. Based on this review, m anagement believes that the unrealized losses have resulted from other factors not deemed credit-related and no allowance for credit loss was recorded The Company reviewed the held-to-maturity security that had an unrealized loss at September 30, 2021 as part of its quarterly CECL process. This security is currently under forbearance with an allowance for credit losses of $0.6 million at September 30, 2021. Accrued interest receivable on available-for-sale debt securities totaled $1.6 million and $1.3 million at September 30, 2021 and December 31, 2020, respectively, and is excluded from the estimate of credit losses. The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity. Other Securities For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 (In thousands) Beginning balance $ 844 $ 402 $ 907 $ 340 Provision (benefit) (1) — (64) 62 Allowance for credit losses $ 843 $ 402 $ 843 $ 402 Realized gains and losses on the sales of securities are determined using the specific identification method. The Company sold $20.0 million and $45.0 million in corporate securities during the three and nine months ended September 30, 2021, respectively. The Company sold $130.8 million in mortgage-backed securities during the nine months ended September 30, 2020. The Company did not sell any securities during the three months ended September 30, 2020. The following table represents the gross gains and gross losses realized from the sale of securities available for sale for the periods indicated: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 (In thousands) Gross gains from the sale of securities $ — $ — $ 123 $ 1,476 Gross losses from the sale of securities (10) — (10) (1,567) Net gains (losses) from the sale of securities $ (10) $ — $ 113 $ (91) |
Loans
Loans | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Loans | 5. Loans Loans are reported at their outstanding principal balance net of any unearned income, charge-offs, deferred loan fees and costs on originated loans and unamortized premiums or discounts on purchased loans. Loan fees and certain loan origination costs are deferred. Net loan origination costs and premiums or discounts on loans purchased are amortized into interest income over the contractual life of the loans using the level-yield method. Prepayment penalties received on loans which pay in full prior to their scheduled maturity are included in interest income in the period they are collected. Interest on loans is recognized on the accrual basis. Accrued interest receivable totaled $38.0 million and $41.5 million at September 30, 2021 and December 31, 2020, respectively, and was reported in “Interest and dividends receivable” on the Consolidated Statements of Financial Condition. The accrual of income on loans is generally discontinued when certain factors, such as contractual delinquency of 90 days or more, indicate reasonable doubt as to the timely collectability of such income. Uncollected interest previously recognized on non-accrual loans is reversed from interest income at the time the loan is placed on non-accrual status. A non-accrual loan can be returned to accrual status when contractual delinquency returns to less than 90 days delinquent. Payments received on non-accrual loans that do not bring the loan to less than 90 days delinquent are recorded on a cash basis. Payments can also be applied first as a reduction of principal until all principal is recovered and then subsequently to interest, if in management’s opinion, it is evident that recovery of all principal due is likely to occur. Allowance for credit losses The Allowance for credit losses (“ACL”) is an estimate that is deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial assets. Loans are charged off against that ACL when management believes that a loan balance is uncollectable based on quarterly analysis of credit risk. The amount of the ACL is based upon a loss rate model that considers multiple factors which reflects management’s assessment of the credit quality of the loan portfolio. Management estimates the allowance balance using relevant information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The factors are both quantitative and qualitative in nature including, but not limited to, historical losses, economic conditions, trends in delinquencies, value and adequacy of underlying collateral, volume and portfolio mix, and internal loan processes. During the three months ended September 30, 2021, the Company recorded a benefit for credit losses on loans totaling $6.9 million compared to a provision for credit losses on loans of $2.5 million for the three months ending September 30, 2020. The Company recorded a benefit for credit losses on loans totaling $5.6 million for the nine months ended September 30, 2021 compared to a provision of $19.2 million for the nine months ended September 30, 2020. The benefit recorded during the three months ended September 30, 2021 was driven by the improving economic outlook. During the three months ended September 30, 2021, the Company made no changes to the reasonable and supportable forecast period or the reversion period from what was used for the June 30, 2021 ACL. The ACL - loans totaled $36.4 million at September 30, 2021 compared to $45.2 million at December 31, 2020. At September 30, 2021, the ACL - loans represented 0.55% of gross loans and 179.9% of non-performing loans. At December 31, 2020, the ACL - loans represented 0.67% of gross loans and 214.3% of non-performing loans. Pursuant to the CARES Act and later modified by Consolidated Appropriations Act, certain loan modifications are not classified as TDR, if the related loans were not more than 30 days past due as of December 31, 2019. The Company has elected that loans temporarily modified for borrowers directly impacted by COVID-19 are not considered TDR, assuming the above criteria is met. As such, these loans are considered current and continue to accrue interest at its original contractual terms until the completion of the deferred period. Once the deferred period is over, the borrower will resume making payment and normal delinquency-based non-accrual policies will apply. The Company may restructure loans that are not directly impacted by COVID-19 to enable a borrower experiencing financial difficulties to continue making payments when it is deemed to be in the Company’s best long-term interest. This restructure may include reducing the interest rate or amount of the monthly payment for a specified period of time, after which the interest rate and repayment terms revert to the original terms of the loan. We classify these loans as TDR. The Company believes that restructuring these loans in this manner will allow certain borrowers to become and remain current on their loans. All loans classified as TDR are individually evaluated, however TDR loans which have been current for six consecutive months at the time they are restructured as TDR remain on accrual status and are not included as part of non-performing loans. Loans which were delinquent at the time they are restructured as a TDR are placed on non-accrual status and reported as non-accrual performing TDR loans until they have made timely payments for six consecutive months. These restructurings have not included a reduction of principal balance. The allocation of a portion of the ACL for a performing TDR loan is based upon the present value of the future expected cash flows discounted at the loan’s original effective rate, or for a non-performing TDR loan which is collateral dependent, the fair value of the collateral. At September 30, 2021, there were no commitments to lend additional funds to borrowers whose loans were modified to a TDR. The modification of loans to a TDR did not have a significant effect on our operating results, nor did it require a significant allocation of the ACL. During the nine months ended September 30, 2021 there was one commercial business TDR loan totaling $0.3 million that defaulted within 12 months of its modification date. During the nine months ended September 30, 2020, there were no TDR loans that defaulted within 12 months of their modification date. During the three months ended September 30, 2021 and 2020, there were no TDR loans that defaulted within 12 months of their modification date. The following table shows loans modified as TDR during the periods indicated: For the three months ended September 30, 2021 September 30, 2020 (Dollars in thousands) Number Balance Modification description Number Balance Modification description One-to-four family - mixed-use property — $ — 1 $ 270 Below market interest rate Commercial business and other — — — — Total — $ — 1 $ 270 For the nine months ended September 30, 2021 September 30, 2020 (Dollars in thousands) Number Balance Modification description Number Balance Modification description One-to-four family - mixed-use property — $ — 1 $ 270 Below market interest rate Commercial business and other 2 674 Amortization period extended — — Total 2 $ 674 1 $ 270 The following table shows loans classified as TDR at amortized cost that are performing according to their restructured terms at the periods indicated: September 30, 2021 December 31, 2020 Number Amortized Number Amortized (Dollars in thousands) of contracts Cost of contracts Cost Multi-family residential 6 $ 1,681 6 $ 1,700 Commercial real estate 1 7,572 1 7,702 One-to-four family - mixed-use property (1) 5 1,655 5 1,731 One-to-four family - residential 3 489 3 507 Taxi medallion (2) — — 2 440 Commercial business and other (1) 4 1,740 8 3,831 Total performing troubled debt restructured 19 $ 13,137 25 $ 15,911 (1) These loans continue to pay as agreed, however the Company records interest received on a cash basis. (2) These loans were completely charged off during the three months ended March 31, 2021. The following table shows loans classified as TDR at amortized cost that are not performing according to their restructured terms at the periods indicated: September 30, 2021 December 31, 2020 Number Amortized Number Amortized (Dollars in thousands) of contracts Cost of contracts Cost Taxi medallion (1) — $ — 11 $ 1,922 Commercial business and other — — 1 279 Total troubled debt restructurings that subsequently defaulted — $ — 12 $ 2,201 (1) These loans were completely charged off during the three months ended March 31, 2021. Subsequently, recoveries totaling $1.5 million have been recorded as of September 30, 2021. The following table shows our non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing for period shown below: At or for the nine months ended September 30, 2021 (In thousands) Non-Accrual Amortized Cost Beginning of Reporting Period Non-Accrual Amortized Cost Ending of Reporting Period Non-Accrual with no related Allowance Interest Income Recognized Loans ninety days or more past due and still accruing: Multi-family residential $ 2,576 $ 4,461 $ 4,461 $ 19 $ — Commercial real estate 1,766 640 640 — — One-to-four family - mixed-use property (1) 1,706 2,510 2,510 4 — One-to-four family - residential 5,313 7,509 7,509 1 — Construction — — — — 873 Small Business Administration 1,168 991 991 — — Taxi medallion (2) 2,758 — — — — Commercial business and other (1) 5,660 2,500 875 63 1,052 Total $ 20,947 $ 18,611 $ 16,986 $ 87 $ 1,925 (1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million at September 30, 2021. (2) Taxi medallion loans were completely charged off during the three months ended March 31, 2021. The following table shows our non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing for period shown below: At or for the twelve months ended December 31, 2020 (In thousands) Non-Accrual Amortized Cost Beginning of Reporting Period Non-Accrual Amortized Cost Ending of Reporting Period Non-Accrual with no related Allowance Interest Income Recognized Loans ninety days or more past due and still accruing: Multi-family residential $ 2,723 $ 2,576 $ 2,576 $ — $ 201 Commercial real estate 2,714 1,766 1,766 — 2,547 One-to-four family - mixed-use property (1) 1,704 1,706 1,706 — — One-to-four family - residential 9,992 5,313 5,313 — — Small Business Administration 1,169 1,168 1,168 — — Taxi medallion (1) 2,318 2,758 2,758 — — Commercial business and other (1) 7,406 5,660 1,593 58 — Total $ 28,026 $ 20,947 $ 16,880 $ 58 $ 2,748 (1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million, non-accrual performing TDR taxi medallion loans totaling $0.4 million and non-accrual performing TDR commercial business loans totaling $2.2 million at December 31, 2020. The following is a summary of interest foregone on non-accrual loans and loans classified as TDR for the periods indicated: For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 415 $ 491 $ 1,330 $ 1,296 Less: Interest income included in the results of operations 156 78 480 240 Total foregone interest $ 259 $ 413 $ 850 $ 1,056 The following tables show the aging of the amortized cost basis in past-due loans at the period indicated by class of loans: September 30, 2021 Greater 30 - 59 Days 60 - 89 Days than Total Past (In thousands) Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 16,453 $ — $ 4,461 $ 20,914 $ 2,480,107 $ 2,501,021 Commercial real estate 1,119 838 640 2,597 1,745,136 1,747,733 One-to-four family - mixed-use property 1,657 172 2,246 4,075 578,268 582,343 One-to-four family - residential 372 504 7,509 8,385 280,858 289,243 Construction — — 873 873 70,495 71,368 Small Business Administration 2,085 — 2,043 4,128 141,506 145,634 Taxi medallion — — — — — — Commercial business and other 458 — 1,960 2,418 1,290,594 1,293,012 Total $ 22,144 $ 1,514 $ 19,732 $ 43,390 $ 6,586,964 $ 6,630,354 December 31, 2020 Greater 30 - 59 Days 60 - 89 Days than Total Past (In thousands) Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 7,582 $ 3,186 $ 2,777 $ 13,545 $ 2,522,432 $ 2,535,977 Commercial real estate 17,903 5,123 4,313 27,339 1,731,045 1,758,384 One-to-four family - mixed-use property 5,673 1,132 1,433 8,238 598,647 606,885 One-to-four family - residential 3,087 805 5,313 9,205 243,486 252,691 Construction loans 750 — — 750 82,411 83,161 Small Business Administration 1,823 — 1,168 2,991 162,579 165,570 Taxi medallion — — 2,318 2,318 279 2,597 Commercial business and other 129 1,273 1,593 2,995 1,296,414 1,299,409 Total $ 36,947 $ 11,519 $ 18,915 $ 67,381 $ 6,637,293 $ 6,704,674 The following tables show the activity in the ACL on loans for the three month periods indicated: September 30, 2021 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 6,559 $ 5,868 $ 1,492 $ 716 $ 185 $ 2,302 $ — $ 25,548 $ 42,670 Charge-offs — — — — — — — (1,019) (1,019) Recoveries — — 123 147 — 8 1,235 125 1,638 Benefit (161) (112) (169) (232) (17) (646) (1,235) (4,354) (6,926) Ending balance $ 6,398 $ 5,756 $ 1,446 $ 631 $ 168 $ 1,664 $ — $ 20,300 $ 36,363 September 30, 2020 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 8,935 $ 6,971 $ 2,826 $ 1,161 $ 183 $ 1,386 $ — $ 15,248 $ 36,710 Charge-offs — — — — — — (951) (13) (964) Recoveries 14 — 60 2 — 47 — 4 127 Provision (benefit) (1,553) 1,576 (1,208) (483) 35 450 951 2,702 2,470 Ending balance $ 7,396 $ 8,547 $ 1,678 $ 680 $ 218 $ 1,883 $ — $ 17,941 $ 38,343 The following tables show the activity in the ACL on loans for the nine month periods indicated: September 30, 2021 One-to-four family - One-to-four Small Commercial Multi-family Commercial mixed-use family - Construction Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 6,557 $ 8,327 $ 1,986 $ 869 $ 497 $ 2,251 $ — $ 24,666 $ 45,153 Charge-off's (43) (64) (32) — — — (2,758) (2,230) (5,127) Recoveries 10 — 133 154 — 27 1,457 198 1,979 Provision (benefit) (126) (2,507) (641) (392) (329) (614) 1,301 (2,334) (5,642) Ending balance $ 6,398 $ 5,756 $ 1,446 $ 631 $ 168 $ 1,664 $ — $ 20,300 $ 36,363 September 30, 2020 One-to-four family - One-to-four Small Commercial Multi-family Commercial mixed-use family - Construction Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,391 $ 4,429 $ 1,817 $ 756 $ 441 $ 363 $ — $ 8,554 $ 21,751 Impact of CECL Adoption (650) 1,170 (55) (160) (279) 1,180 — (827) 379 Charge-off's — — (3) — — (178) (951) (2,121) (3,253) Recoveries 27 — 138 10 — 67 — 18 260 Provision (benefit) 2,628 2,948 (219) 74 56 451 951 12,317 19,206 Ending balance $ 7,396 $ 8,547 $ 1,678 $ 680 $ 218 $ 1,883 $ — $ 17,941 $ 38,343 In accordance with our policy and the current regulatory guidelines, we designate loans as “Special Mention,” which are considered “Criticized Loans,” and “Substandard,” “Doubtful,” or “Loss,” which are considered “Classified Loans”. If a loan does not fall within one of the previous mentioned categories and management believes weakness is evident then we designate the loan as “Watch”, all other loans would be considered “Pass.” Loans that are non-accrual are designated as Substandard, Doubtful or Loss. These loan designations are updated quarterly. We designate a loan as Substandard when a well-defined weakness is identified that may jeopardize the orderly liquidation of the debt. We designate a loan Doubtful when it displays the inherent weakness of a Substandard loan with the added provision that collection of the debt in full, on the basis of existing facts, is highly improbable. We designate a loan as Loss if it is deemed the debtor is incapable of repayment. The Company does not hold any loans designated as Loss, as loans that are designated as Loss are charged to the Allowance for Credit Losses. We designate a loan as Special Mention if the asset does not warrant classification within one of the other classifications, but does contain a potential weakness that deserves closer attention. Loans that are in forbearance pursuant to the CARES Act generally continued to be reported in the same category as they were reported immediately prior to modification. The following table summarizes the risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination at September 30, 2021: Revolving Loans, Lines of Credit Amortized Cost converted to (In thousands) 2021 2020 2019 2018 2017 Prior Basis term loans Total 1-4 Family Residential Pass $ 53,687 $ 31,937 $ 35,424 $ 32,594 $ 21,016 $ 73,993 $ 10,907 $ 15,953 $ 275,511 Watch — — 725 — 2,216 1,229 146 847 5,163 Special Mention — — — 278 — 350 — 337 965 Substandard — — — 1,841 1,117 3,845 — 801 7,604 Total 1-4 Family Residential $ 53,687 $ 31,937 $ 36,149 $ 34,713 $ 24,349 $ 79,417 $ 11,053 $ 17,938 $ 289,243 1-4 Family Mixed-Use Pass $ 32,110 $ 35,677 $ 70,360 $ 73,236 $ 52,100 $ 298,763 $ — $ — $ 562,246 Watch — — — 2,834 6,131 7,088 — — 16,053 Special Mention — — — — — 1,279 — — 1,279 Substandard — — — 506 760 1,499 — — 2,765 Total 1-4 Family Mixed Use $ 32,110 $ 35,677 $ 70,360 $ 76,576 $ 58,991 $ 308,629 $ — $ — $ 582,343 Commercial Real Estate Pass $ 131,648 $ 167,334 $ 254,288 $ 247,434 $ 184,502 $ 660,127 $ — $ — $ 1,645,333 Watch 4,191 932 4,472 12,499 2,643 67,755 — — 92,492 Special Mention — — — — — 1,632 — — 1,632 Substandard — — 7,572 — — 704 — — 8,276 Total Commercial Real Estate $ 135,839 $ 168,266 $ 266,332 $ 259,933 $ 187,145 $ 730,218 $ — $ — $ 1,747,733 Construction Pass $ 3,477 $ 25,417 $ 14,798 $ 1,993 $ — $ — $ 4,233 $ — $ 49,918 Watch — — 2,115 9,125 5,880 — — — 17,120 Special Mention — — — 857 2,600 — — — 3,457 Substandard — — — 873 — — — — 873 Total Construction $ 3,477 $ 25,417 $ 16,913 $ 12,848 $ 8,480 $ — $ 4,233 $ — $ 71,368 Multifamily Pass $ 218,819 $ 237,600 $ 334,594 $ 430,396 $ 352,582 $ 884,680 $ 5,300 $ — $ 2,463,971 Watch — 2,885 3,707 13,649 — 9,987 398 — 30,626 Special Mention — 973 — — — — — — 973 Substandard — — 1,176 2,549 984 742 — — 5,451 Total Multifamily $ 218,819 $ 241,458 $ 339,477 $ 446,594 $ 353,566 $ 895,409 $ 5,698 $ — $ 2,501,021 Commercial Business - Secured by RE Pass $ 131,864 $ 92,989 $ 38,483 $ 45,725 $ 27,927 $ 96,840 $ — $ — $ 433,828 Watch — 23,346 51,319 18,546 12,064 46,477 — — 151,752 Special Mention — — 598 — — — — — 598 Substandard — — — — — 3,639 — — 3,639 Total Commercial Business - Secured by RE $ 131,864 $ 116,335 $ 90,400 $ 64,271 $ 39,991 $ 146,956 $ — $ — $ 589,817 Commercial Business Pass $ 86,496 $ 68,366 $ 84,638 $ 73,370 $ 28,721 $ 52,443 $ 190,737 $ — $ 584,771 Watch 17 1,676 22,545 18,947 32,250 37 12,697 — 88,169 Special Mention — — — 2,433 34 — 13,128 — 15,595 Substandard — 4,897 31 315 5,253 1,458 1,490 — 13,444 Doubtful — — — — — — 1,085 — 1,085 Total Commercial Business $ 86,513 $ 74,939 $ 107,214 $ 95,065 $ 66,258 $ 53,938 $ 219,137 $ — $ 703,064 Small Business Administration Pass $ 104,557 $ 28,148 $ 1,273 $ 1,545 $ 640 $ 2,875 $ — $ — $ 139,038 Watch — — 59 2,583 2,076 833 — — 5,551 Special Mention — — — — — 48 — — 48 Substandard — — — — 991 6 — — 997 Total Small Business Administration $ 104,557 $ 28,148 $ 1,332 $ 4,128 $ 3,707 $ 3,762 $ — $ — $ 145,634 Other Pass $ — $ — $ — $ — $ — $ 52 $ 79 $ — $ 131 Total Other $ — $ — $ — $ — $ — $ 52 $ 79 $ — $ 131 Total Loans $ 766,866 $ 722,177 $ 928,177 $ 994,128 $ 742,487 $ 2,218,381 $ 240,200 $ 17,938 $ 6,630,354 Included within net loans as of September 30, 2021 and December 31, 2020 were $9.3 million and $5.9 million, respectively, of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction. A loan is considered collateral dependent when the borrower is experiencing financial difficulties and repayment is expected to be substantially provided by the operation or sale of the collateral. The following table presents types of collateral-dependent loans by class of loans as of the periods indicated: Collateral Type September 30, 2021 December 31, 2020 (In thousands) Real Estate Business Assets Real Estate Business Assets Multi-family residential $ 4,461 $ — $ 2,576 $ — Commercial real estate 1,166 — 2,994 — One-to-four family - mixed-use property 2,510 — 1,706 — One-to-four family - residential 7,509 — 5,313 — Small Business Administration — 991 — 1,168 Commercial business and other — 1,974 — 3,482 Taxi Medallion — — — 2,758 Total $ 15,646 $ 2,965 $ 12,589 $ 7,408 Off-Balance Sheet Credit Losses Also included within scope of the CECL standard are off-balance sheet loan commitments, which includes the unfunded portion of committed lines of credit and commitments “in-process”. Commitments “in‐process” reflect loans not in the Company’s books but rather negotiated loan / line of credit terms and rates that the Company has offered to customers and is committed to honoring. In reference to “in‐process” credits, the Company defines an unfunded commitment as a credit that has been offered to and accepted by a borrower, which has not closed and by which the obligation is not unconditionally cancellable. Commitments to extend credit (principally real estate mortgage loans) and lines of credit (principally home equity lines of credit and business lines of credit) totaled $445.9 million and $474.0 million at September 30, 2021 and December 31, 2020, respectively. The following table presents the activity in the allowance for off balance sheet credit losses for the three and nine months ended September 30, 2021 and 2020. For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 (In thousands) Balance at beginning of period $ 1,570 $ 1,264 $ 1,815 $ — Off-Balance Sheet - CECL Adoption — — — 553 Off-Balance Sheet- Provision (Benefit) (259) 295 (504) 1,006 Allowance for Off-Balance Sheet - Credit losses (1) $ 1,311 $ 1,559 $ 1,311 $ 1,559 (1) Included in “Other liabilities” on the Consolidated Statements of Financial Condition. |
Loans Held for Sale
Loans Held for Sale | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Loans held for sale | 6. Loans held for sale Loans held for sale are carried at the lower of cost or estimated fair value. At September 30, 2021 and December 31, 2020, the Bank did not have any loans held for sale. The Company has implemented a strategy of selling certain delinquent and non-performing loans. Once the Company has decided to sell a loan, the sale usually closes in a short period of time, generally within the same quarter. Loans designated held for sale are reclassified from loans held for investment to loans held for sale. Terms of sale include cash due upon the closing of the sale, no contingencies or recourse to the Company and servicing is released to the buyer. Additionally, at times the Company may sell participating interests in performing loans. There were no loans sold for the three months ended September 30, 2020. The following tables show loans sold during the period indicated: For the three months ended September 30, 2021 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 2 $ 1,316 $ — $ 15 Commercial real estate 1 4,344 — 87 One-to-four family - mixed-use property 3 723 — 29 Total 6 $ 6,383 $ — $ 131 For the nine months ended September 30, 2021 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 10 $ 12,069 $ (43) $ 78 Commercial real estate 4 7,380 (64) 104 One-to-four family - mixed-use property 13 5,518 (14) 107 Total 27 $ 24,967 $ (121) $ 289 For the nine months ended September 30, 2020 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 1 $ 284 $ — $ 42 One-to-four family - mixed-use property 1 296 — — Total 2 $ 580 $ — $ 42 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | 7. Leases The Company has 28 operating leases for branches (including headquarters) and office spaces, ten operating leases for vehicles, and one operating lease for equipment. Our leases have remaining lease terms ranging from one month to approximately 15 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of lease term. The Company has elected the short-term lease recognition exemption such that the Company will not recognize Right of Use (“ROU”) assets or lease liabilities for leases with a term of less than 12 months from the commencement date. The Company’s operating lease expense totaled $2.2 million and $1.9 million and was recorded in Occupancy and equipment on the Consolidated Statements of Income for the three month periods ended September 30, 2021 and 2020, respectively. The Company’s operating lease expense totaled $6.6 million and $5.7 million and was recorded in Occupancy and equipment on the Consolidated Statements of Income for the nine month periods ended September 30, 2021 and 2020, respectively. The Company has one agreement that qualifies as a short-term lease with expense totaling approximately $34,000 for each of the three month periods ended September 30, 2021 and 2020 and approximately $129,000 and $102,000 for the nine month periods ended September 30, 2021 and 2020, included in Professional services on the Consolidated Statements of Income. The Company has $0.2 million and $0.3 million in variable lease payments, which include insurance and real estate tax expenses and was recorded in Occupancy and equipment on the Consolidated Statements of Income, for each of the three months ended September 30, 2021 and 2020. The Company has $0.8 million in variable lease payments, which include insurance and real estate tax expenses and was recorded in Occupancy and equipment on the Consolidated Statements of Income, for each of the nine months ended September 30, 2021 and 2020. At September 30, 2021, the weighted-average remaining lease term for our operating leases is approximately eight years Certain leases have escalation clauses for operating expenses and real estate taxes. The Company’s non-cancelable operating lease agreements expire through 2036. Supplemental balance sheet information related to leases was as follows: (Dollars in thousands) September 30, 2021 December 31, 2020 Operating lease ROU asset $ 50,155 $ 50,743 Operating lease liability $ 54,239 $ 59,100 Weighted-average remaining lease term-operating leases 7.5 years 8.3 years Weighted average discount rate-operating leases 3.2 % 3.2 % The components of lease expense and cash flow information related to leases were as follows: For the three months ended (Dollars in thousands) September 30, 2021 September 30, 2020 Lease Cost Operating lease cost $ 2,217 $ 1,895 Short-term lease cost 34 34 Variable lease cost 230 281 Total lease cost $ 2,481 $ 2,210 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,435 $ 2,101 Right-of-use assets obtained in exchange for new operating lease liabilities $ 28 $ 6,772 For the nine months ended (Dollars in thousands) September 30, 2021 September 30, 2020 Lease Cost Operating lease cost $ 6,565 $ 5,676 Short-term lease cost 129 102 Variable lease cost 826 832 Total lease cost $ 7,520 $ 6,610 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 10,483 $ 6,283 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,827 $ 6,822 The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows as of September 30, 2021: Minimum Rental (In thousands) Years ended December 31: 2021 $ 1,995 2022 9,162 2023 9,292 2024 9,127 2025 8,479 Thereafter 22,897 Total minimum payments required 60,952 Less: Implied interest 6,713 Total lease obligations $ 54,239 The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows as of December 31, 2020: Minimum Rental (In thousands) Years ended December 31: 2021 $ 8,757 2022 8,871 2023 9,006 2024 8,847 2024 8,212 Thereafter 23,547 Total minimum payments required $ 67,240 Less: Implied interest 8,140 Total lease obligations $ 59,100 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Stock-Based Compensation | 8. Stock-Based Compensation The Company has long-term incentive compensation program for certain Company executive officers that includes grants of performance-based restricted stock units (“PRSUs”) in addition to time-based restricted stock units (“RSU”). Under the terms of the PRSU Agreement, the number of PRSUs that may be earned depends on the extent to which performance goals for the award are achieved over a three-year performance period, as determined by the Compensation Committee of the Board. As of September 30, 2021, PRSUs granted in 2021 and 2020 are being accrued at target and PRSUs granted in 2019 are being accrued above target. On May 18, 2021, stockholders approved an amendment to the 2014 Omnibus Plan (the “Amendment”) authorizing an additional 1,100,000 shares available for future issuance. Including the additional shares authorized from the Amendment, 1,171,343 shares were available for future issuance under the 2014 Omnibus Plan at September 30, 2021. For the three months ended September 30, 2021 and 2020, the Company’s net income, as reported, included $1.2 million and $0.9 million, respectively, of stock-based compensation costs, including the benefit or expense of phantom stock awards, and $0.3 million and $0.2 million of income tax benefit, respectively, related to the stock-based compensation plans. For the nine months ended September 30, 2021 and 2020, the Company’s net income, as reported, included $6.3 million and $4.3 million, respectively, of stock-based compensation costs, including the benefit or expense of phantom stock awards, and $1.7 million and $1.0 million of income tax benefit, respectively, related to the stock-based compensation plans. During the three months ended September 30, 2021 and 2020, the Company did not grant any RSU or PRSU’s. During the nine months ended September 30, 2021 and 2020, the Company granted 238,985 and 172,728 RSU, respectively. During the nine months ended September 30, 2021 and 2020, the Company granted 62,790 and 72,143 in PRSU awards, respectively. The Company uses the fair value of the common stock on the date of award to measure compensation cost for restricted stock unit awards. Compensation cost is recognized over the vesting period of the award using the straight-line method. The following table summarizes the Company’s RSU and PRSU awards at or for the nine months ended September 30, 2021: RSU Awards PRSU Awards Weighted-Average Weighted-Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value Non-vested at December 31, 2020 336,898 $ 23.48 66,580 $ 21.26 Granted 238,985 18.44 62,790 18.46 Vested (250,056) 21.26 (41,570) 19.08 Forfeited (5,597) 21.36 — — Non-vested at September 30, 2021 320,230 $ 21.48 87,800 $ 20.29 Vested but unissued at September 30, 2021 224,709 $ 21.08 108,685 $ 20.48 As of September 30, 2021, there was $5.3 million of total unrecognized compensation cost related to RSU and PRSU awards granted. That cost is expected to be recognized over a weighted-average period of 2.4 years. The total fair value of awards vested for the three months ended September 30, 2021 and 2020 was $0.4 million and $0.2 million, respectively. The total fair value of awards vested for the nine months ended September 30, 2021 and 2020 was $5.4 million and $5.2 million, respectively. The vested but unissued RSU and PRSU awards consist of awards made to employees and directors who are eligible for retirement. According to the terms of these awards, which provide for vesting upon retirement, these employees and directors have no risk of forfeiture. These shares will be issued at the original contractual vesting and settlement dates. Phantom Stock Plan: The following table summarizes the Phantom Stock Plan at or for the nine months ended September 30, 2021: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2020 120,248 $ 16.64 Granted 10,232 19.85 Forfeited (11) 18.25 Distributions (2,606) 19.03 Outstanding at September 30, 2021 127,863 $ 22.60 Vested at September 30, 2021 127,763 $ 22.60 The Company recorded stock-based compensation expense (benefit) for the Phantom Stock Plan of $0.2 million and ($0.1) million for the three months ended September 30, 2021 and 2020, respectively. The total fair value of the distributions from the Phantom Stock Plan was $24,000 and $3,000 for the three months ended September 30, 2021 and 2020, respectively. The Company recorded stock-based compensation expense (benefit) for the Phantom Stock Plan of $0.8 million and ($1.2) million for the nine months ended September 30, 2021 and 2020, respectively. The total fair value of the distributions from the Phantom Stock Plan was $50,000 and $10,000 for the nine months ended September 30, 2021 and 2020, respectively. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Pension and Other Postretirement Benefit Plans | 9. Pension and Other Postretirement Benefit Plans The following table sets forth information regarding the components of net expense for the pension and other postretirement benefit plans. Three months ended Nine months ended September 30, September 30, (In thousands) 2021 2020 2021 2020 Employee Pension Plan: Interest cost $ 128 $ 163 $ 384 $ 489 Amortization of actuarial loss 122 111 366 333 Expected return on plan assets (274) (257) (822) (771) Net employee pension (benefit) expense $ (24) $ 17 $ (72) $ 51 Outside Director Pension Plan: Service cost $ 4 $ 4 $ 12 $ 11 Interest cost 12 16 36 48 Amortization of actuarial gain (5) (14) (15) (41) Amortization of past service liability — — — — Net outside director pension expense $ 11 $ 6 $ 33 $ 18 Other Postretirement Benefit Plans: Service cost $ 73 $ 69 $ 219 $ 206 Interest cost 58 64 174 194 Amortization of actuarial gain 8 — 24 — Amortization of past service credit (21) (21) (63) (64) Net other postretirement expense $ 118 $ 112 $ 354 $ 336 The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2020 that it expects to contribute $0.3 million to each of the Outside Director Pension Plan (the “Outside Director Pension Plan”) and the other |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Fair Value of Financial Instruments | 10. Fair Value of Financial Instruments The Company carries certain financial assets and financial liabilities at fair value in accordance with GAAP which defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. GAAP permits entities to choose to measure many financial instruments and certain other items at fair value. At September 30, 2021, the Company carried financial assets and financial liabilities under the fair value option with fair values of $14.5 million and $51.6 million, respectively. At December 31, 2020, the Company carried financial assets and financial liabilities under the fair value option with fair values of $14.5 million and $43.1 million, respectively. The Company did not elect to carry any additional financial assets or financial liabilities under the fair value option during the three and nine months ended September 30, 2021 and 2020. The following table presents the financial assets and financial liabilities reported at fair value under the fair value option, and the changes in fair value included in the Consolidated Statement of Income – Net gain (loss) from fair value adjustments, at or for the periods ended as indicated: Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at September 30, at December 31, Three Months Ended Nine Months Ended (In thousands) 2021 2020 September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Mortgage-backed securities $ 412 $ 505 $ (1) $ (1) $ (3) $ 1 Other securities 14,120 13,998 6 83 7 120 Borrowed funds 51,578 43,136 (1,849) (2,897) (8,837) 5,086 Net gain (loss) from fair value adjustments (1)(2) $ (1,844) $ (2,815) $ (8,833) $ 5,207 (1) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of ($0.4) million and $0.6 million for the three months ended September 30, 2021 and 2020, respectively, from the change in the fair value of interest rate swaps. (2) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $1.0 million and ($3.2) million for the nine months ended September 30, 2021 and 2020, respectively, from the change in the fair value of interest rate swaps. Included in the fair value of the financial assets and financial liabilities selected for the fair value option is the accrued interest receivable or payable for the related instrument. The Company reports as interest income or interest expense in the Consolidated Statement of Income, the interest receivable or payable on the financial instruments selected for the fair value option at their respective contractual rates. The borrowed funds had a contractual principal amount of $61.9 million at both September 30, 2021 and December 31, 2020. The fair value of borrowed funds includes accrued interest payable of $0.1 million each at September 30, 2021 and December 31, 2020. The Company generally holds its earning assets, other than securities available for sale, to maturity and settles its liabilities at maturity. However, fair value estimates are made at a specific point in time and are based on relevant market information. These estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular instrument. Accordingly, as assumptions change, such as interest rates and prepayments, fair value estimates change and these amounts may not necessarily be realized in an immediate sale. Disclosure of fair value does not require fair value information for items that do not meet the definition of a financial instrument or certain other financial instruments specifically excluded from its requirements. These items include core deposit intangibles and other customer relationships, premises and equipment, leases, income taxes and equity. Further, fair value disclosure does not attempt to value future income or business. These items may be material and accordingly, the fair value information presented does not purport to represent, nor should it be construed to represent, the underlying “market” or franchise value of the Company. Financial assets and financial liabilities reported at fair value are required to be measured based on either: (1) quoted prices in active markets for identical financial instruments (Level 1); (2) significant other observable inputs (Level 2); or (3) significant unobservable inputs (Level 3). A description of the methods and significant assumptions utilized in estimating the fair value of the Company’s assets and liabilities that are carried at fair value on a recurring basis are as follows: Level 1 – when quoted market prices are available in an active market. At September 30, 2021 and December 31, 2020, Level 1 included one mutual fund. Level 2 – when quoted market prices are not available, fair value is estimated using quoted market prices for similar financial instruments and adjusted for differences between the quoted instrument and the instrument being valued. Fair value can also be estimated by using pricing models, or discounted cash flows. Pricing models primarily use market-based or independently sourced market parameters as inputs, including, but not limited to, yield curves, interest rates, equity or debt prices and credit spreads. In addition to observable market information, models also incorporate maturity and cash flow assumptions. At September 30, 2021 and December 31, 2020, Level 2 included mortgage-backed securities, CLOs, corporate debt, municipals and interest rate swaps. Level 3 – when there is limited activity or less transparency around inputs to the valuation, financial instruments are classified as Level 3. At September 30, 2021 and December 31, 2020, Level 3 included trust preferred securities owned and junior subordinated debentures issued by the Company. The methods described above may produce fair values that may not be indicative of net realizable value or reflective of future fair values. While the Company believes its valuation methods are appropriate and consistent with those of other market participants, the use of different methodologies, assumptions and models to determine fair value of certain financial instruments could produce different estimates of fair value at the reporting date. The following table sets forth the Company’s assets and liabilities that are carried at fair value on a recurring basis, including those reported at fair value under the fair value option, and the level that was used to determine their fair value, at September 30, 2021 and December 31, 2020: Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a recurring basis 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Assets: Securities available for sale Mortgage-backed Securities $ — $ — $ 584,145 $ 404,460 $ — $ — $ 584,145 $ 404,460 Other securities 12,572 12,703 198,534 229,516 1,548 1,295 212,654 243,514 Interest rate swaps — — 7,393 1,319 — — 7,393 1,319 Total assets $ 12,572 $ 12,703 $ 790,072 $ 635,295 $ 1,548 $ 1,295 $ 804,192 $ 649,293 Liabilities: Borrowings $ — $ — $ — $ — $ 51,578 $ 43,136 $ 51,578 $ 43,136 Interest rate swaps — — 33,196 60,987 — — 33,196 60,987 Total liabilities $ — $ — $ 33,196 $ 60,987 $ 51,578 $ 43,136 $ 84,774 $ 104,123 The following table sets forth the Company’s assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 of the valuation hierarchy for the periods indicated: For the three months ended September 30, 2021 September 30, 2020 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,495 $ 49,814 $ 1,068 $ 35,570 Net gain from fair value adjustment of financial assets (1) 53 — 82 — Net loss from fair value adjustment of financial liabilities (1) — 1,850 — 2,897 Decrease in accrued interest receivable — — (1) — Decrease in accrued interest payable — (1) — (19) Change in unrealized gains included in other comprehensive income — (85) — (161) Ending balance $ 1,548 $ 51,578 $ 1,149 $ 38,287 Changes in unrealized gains held at period end $ — 3,058 — 2,384 (1) Totals in the table above are presented in the Consolidated Statements of Income under net gain (loss) from fair value adjustments. For the nine months ended September 30, 2021 September 30, 2020 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,295 $ 43,136 $ 1,332 $ 44,384 Net gain (loss) from fair value adjustment of financial assets (1) 254 — (180) — Net loss (gain) from fair value adjustment of financial liabilities (1) — 8,837 — (5,086) Decrease in accrued interest receivable (1) — (3) — Decrease in accrued interest payable — (6) — (104) Change in unrealized gains included in other comprehensive income — (389) — (907) Ending balance $ 1,548 $ 51,578 $ 1,149 $ 38,287 Changes in unrealized gains held at period end $ — 3,058 — 2,384 ________________________________________ (1) During the three and nine months ended September 30, 2021 and 2020, there were no transfers between Levels 1, 2 and 3. The following tables present the quantitative information about recurring Level 3 fair value of financial instruments and the fair value measurements at the periods indicated: September 30, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,548 Discounted cash flows Discount rate n/a 2.9 % Liabilities: Junior subordinated debentures $ 51,578 Discounted cash flows Discount rate n/a 2.9 % December 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,295 Discounted cash flows Discount rate n/a 4.2 % Liabilities: Junior subordinated debentures $ 43,136 Discounted cash flows Discount rate n/a 4.2 % The significant unobservable inputs used in the fair value measurement of the Company’s trust preferred securities and junior subordinated debentures valued under Level 3 at September 30, 2021 and December 31, 2020, are the effective yields used in the cash flow models. Significant increases or decreases in the effective yield in isolation would result in a significantly lower or higher fair value measurement. The following table sets forth the Company’s assets and liabilities that are carried at fair value on a non-recurring basis and the level that was used to determine their fair value at September 30, 2021 and December 31, 2020: Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a non-recurring basis 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Assets Non-accrual loans $ — $ — $ — $ — $ 11,614 $ 11,980 $ 11,614 $ 11,980 Total assets $ — $ — $ — $ — $ 11,614 $ 11,980 $ 11,614 $ 11,980 The following tables present the qualitative information about non-recurring Level 3 fair value of financial instruments and the fair value measurements at the periods indicated: September 30, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 11,163 Sales approach Reduction for planned expedited disposal 8.0% to 15.0% 11.8% Non-accrual loans $ 451 Discounted Cashflow Discount Rate 4.3% 4.3% Probability of Default 35.0% 35.0% At December 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 10,690 Sales approach Reduction for planned expedited disposal (100.0%) to 15.0% 6.8% Non-accrual loans $ 1,290 Discounted Cashflow Discount Rate 4.3% to 5.5% 4.9% Probability of Default 20.0% to 35.0% 27.4% The Company did not have any liabilities that were carried at fair value on a non-recurring basis at September 30, 2021 and December 31, 2020. The methods and assumptions used to estimate fair value at September 30, 2021 and December 31, 2020 are as follows: Securities: The fair values of securities are contained in Note 4 (“Securities”) of the Notes to Consolidated Financial Statements. Fair value is based upon quoted market prices, where available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities and adjusted for differences between the quoted instrument and the instrument being valued. When there is limited activity or less transparency around inputs to the valuation, securities are valued using discounted cash flows. Non-accrual Loans: For non-accruing loans, fair value is generally estimated by discounting management’s estimate of future cash flows with a discount rate commensurate with the risk associated with such assets or, for collateral dependent loans, 85% of the appraised or internally estimated value of the property. See Note 5 (“Loans”) of the Notes to the Consolidated Financial Statements. Junior Subordinated Debentures: The fair value of the junior subordinated debentures was developed using a credit spread based on stated spreads for recently issued subordinated debt instruments for issuers of similar asset size and credit quality of the Company and with similar durations adjusting for differences in the junior subordinated debt’s credit rating, liquidity and time to maturity. The unrealized net gain/loss attributable to changes in our own credit risk was determined by adjusting the fair value as determined in the proceeding sentence by the average rate of default on debt instruments with a similar debt rating as our junior subordinated debentures, with the difference from the original calculation and this calculation resulting in the instrument-specific unrealized gain/loss. Interest Rate Swaps: The fair value of interest rate swaps is based upon broker quotes. The following tables set forth the carrying amounts and estimated fair values of selected financial instruments based on the assumptions described above used by the Company in estimating fair value at the periods indicated: September 30, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 178,598 $ 178,598 $ 178,598 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,899 8,698 - 8,698 - Other securities 50,832 52,753 - - 52,753 Securities available for sale Mortgage-backed securities 584,145 584,145 - 584,145 - Other securities 212,654 212,654 12,572 198,534 1,548 Loans 6,630,354 6,722,201 - - 6,722,201 FHLB-NY stock 36,158 36,158 - 36,158 - Accrued interest receivable 40,912 40,912 2 1,591 39,319 Interest rate swaps 7,393 7,393 - 7,393 - Liabilities: Deposits $ 6,488,598 $ 6,491,487 $ 5,448,500 $ 1,042,987 $ - Borrowings 752,925 753,952 - 702,374 51,578 Accrued interest payable 5,698 5,698 - 5,698 - Interest rate swaps 33,196 33,196 - 33,196 - December 31, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 157,388 $ 157,388 $ 157,388 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,914 8,991 — 8,991 — Other securities 50,825 54,538 — — 54,538 Securities available for sale Mortgage-backed securities 404,460 404,460 — 404,460 — Other securities 243,514 243,514 12,703 229,516 1,295 Loans 6,704,674 6,793,985 — — 6,793,985 FHLB-NY stock 43,439 43,439 — 43,439 — Accrued interest receivable 44,041 44,041 2 1,389 42,650 Interest rate swaps 1,319 1,319 — 1,319 — Liabilities: Deposits $ 6,136,355 $ 6,141,775 $ 4,997,994 $ 1,143,781 $ — Borrowings 1,020,895 1,017,573 — 974,437 43,136 Accrued interest payable 4,755 4,755 — 4,755 — Interest rate swaps 60,987 60,987 — 60,987 — |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Derivative Financial Instruments | 11. Derivative Financial Instruments At September 30, 2021 and December 31, 2020, the Company’s derivative financial instruments consisted of interest rate swaps. The Company’s interest rate swaps are used for three purposes: 1) to mitigate the Company’s exposure to rising interest rates on certain fixed rate loans totaling $308.4. million and $316.1 million at September 30, 2021 and December 31, 2020, respectively; 2) to facilitate risk management strategies for our loan customers with $229.7 million of swaps outstanding, which include $114.8 million with customers and $114.8 million with bank counterparties at September 30, 2021 and $125.6 million of swaps outstanding, which include $62.8 million with customers and $62.8 million with bank counterparties at December 31, 2020; and 3) to mitigate exposure to rising interest rates on certain short-term advances and brokered CD’s totaling $996.5 million and $1,021.5 million at September 30, 2021 and December 31, 2020, respectively. Additionally, at December 31, 2020, the Company had swaps outstanding to mitigate the Company’s exposure to rising interest rates on a portion ($18.0 million) of its floating rate junior subordinated debentures that have a contractual value of $61.9 million. These swaps were terminated during the three months ended September 30, 2021, realizing a loss of $4.7 million upon termination. At September 30, 2021 and December 31, 2020, we held derivatives designated as cash flow hedges, fair value hedges and certain derivatives not designated as hedges. The Company’s derivative instruments are carried at fair value in the Company’s financial statements as part of Other Assets for derivatives with positive fair values and Other Liabilities for derivatives with negative fair values. The accounting for changes in the fair value of a derivative instrument is dependent upon whether or not it qualifies and has been designated as a hedge for accounting purposes, and further, by the type of hedging relationship. At September 30, 2021 and December 31, 2020, derivatives with a combined notional amount of $229.7 million and $143.6 million, respectively, were not designated as hedges. At September 30, 2021 and December 31, 2020, derivatives with a combined notional amount of $308.4 million and $316.1 million, respectively, were designated as fair value hedges. At September 30, 2021 and December 31, 2020, derivatives with a combined notional amount of $996.5 million and $1,021.5 million, respectively, were designated as cash flow hedges. For cash flow hedges, the changes in the fair value of the derivative is reported in accumulated other comprehensive income (loss), net of tax. Amounts in accumulated other comprehensive income (loss) are reclassified into earnings in the same period during which the hedged forecasted transaction effects earnings. During the three months ended September 30, 2021 and 2020, $2.6 million and $1.4 million, respectively, were reclassified from accumulated other comprehensive loss to interest expense. During the nine months ended September 30, 2021 and 2020, $7.9 million and $2.1 million, respectively, were reclassified from accumulated other comprehensive loss to interest expense. The estimated amount to be reclassified in the next 12 months out of accumulated other comprehensive income (loss) is $10.5 million. Changes in the fair value of interest rate swaps not designated as hedges are reflected in “Net gain/loss from fair value adjustments” in the Consolidated Statements of Income. The following table sets forth information regarding the Company’s derivative financial instruments at the periods indicated: September 30, 2021 December 31, 2020 Notional Net Carrying Notional Net Carrying Amount Value (1) Amount Value (1) (In thousands) Interest rate swaps (non-hedge) $ 114,835 $ 3,225 $ 62,779 $ 1,319 Interest rate swaps (cash flow hedge) 355,000 4,168 — — Interest rate swaps (fair value hedge) 308,350 (15,296) 316,051 (28,689) Interest rate swaps (cash flow hedge) 641,500 (14,675) 1,021,500 (25,300) Interest rate swaps (non-hedge) 114,835 (3,225) 80,779 (6,998) Total derivatives $ 1,534,520 $ (25,803) $ 1,481,109 $ (59,668) (1) Derivatives in a positive position are recorded as “Other assets” and derivatives in a negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition. The following table sets forth the effect of derivative instruments on the Consolidated Statements of Income for the periods indicated: For the three months ended For the nine months ended September 30, September 30, (In thousands) Affected Line Item in the Statement Where Net income is Presented 2021 2020 2021 2020 Financial Derivatives: Other interest expense $ (33) $ (132) $ (305) $ (298) Net gain (loss) from fair value adjustments (445) 590 978 (3,220) Interest rate swaps (non-hedge) (478) 458 673 (3,518) Interest rate swaps (fair value hedge) Interest and fees on loans (1,206) (1,158) (3,231) (4,863) Interest rate swaps (cash flow hedge) Other interest expense (2,737) (2,511) (7,942) (4,057) Net loss $ (4,421) $ (3,211) $ (10,500) $ (12,438) The Company’s interest rate swaps are subject to master netting arrangements between the Company and its three designated counterparties. The Company has not made a policy election to offset its derivative positions. The following tables present the effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition as of the dates indicated: September 30, 2021 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount Offset in Net Amount of Assets Condition Gross Amount of the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Recognized Assets Condition Condition Instruments Received Net Amount Interest rate swaps $ 7,393 $ — $ 7,393 $ — $ — $ 7,393 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 33,196 $ — $ 33,196 $ — $ 29,067 $ 4,129 December 31, 2020 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount Offset in Net Amount of Assets Condition Gross Amount of the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Recognized Assets Condition Condition Instruments Received Net Amount Interest rate swaps $ 1,319 $ — $ 1,319 $ — $ — $ 1,319 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 60,987 $ — $ 60,987 $ 99 $ 63,517 $ (2,629) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Accumulated Other Comprehensive Income (Loss) | 12. Accumulated Other Comprehensive Income (Loss): The following tables set forth the changes in accumulated other comprehensive income (loss) by component for the periods indicated: For the three months ended September 30, 2021 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ 485 $ (9,202) $ (1,741) $ 2,041 $ (8,417) Other comprehensive income before reclassifications, net of tax (2,645) 179 — 58 (2,408) Amounts reclassified from accumulated other comprehensive income, net of tax 7 1,812 72 — 1,891 Net current period other comprehensive income, net of tax (2,638) 1,991 72 58 (517) Ending balance, net of tax $ (2,153) $ (7,211) $ (1,669) $ 2,099 $ (8,934) For the three months ended September 30, 2020 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (2,708) $ (21,473) $ (878) $ 1,537 $ (23,522) Other comprehensive income before reclassifications, net of tax 3,185 937 — 111 4,233 Amounts reclassified from accumulated other comprehensive income, net of tax — 929 52 — 981 Net current period other comprehensive income (loss), net of tax 3,185 1,866 52 111 5,214 Ending balance, net of tax $ 477 $ (19,607) $ (826) $ 1,648 $ (18,308) For the nine months ended September 30, 2021 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ 1,290 $ (17,521) $ (1,884) $ 1,849 $ (16,266) Other comprehensive income before reclassifications, net of tax (3,365) 4,885 — 250 1,770 Amounts reclassified from accumulated other comprehensive income, net of tax (78) 5,425 215 — 5,562 Net current period other comprehensive income (loss), net of tax (3,443) 10,310 215 250 7,332 Ending balance, net of tax $ (2,153) $ (7,211) $ (1,669) $ 2,099 $ (8,934) For the nine months ended September 30, 2020 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (3,982) $ (5,863) $ (983) $ 1,021 $ (9,807) Other comprehensive income before reclassifications, net of tax 4,397 (15,215) — 627 (10,191) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 62 1,471 157 — 1,690 Net current period other comprehensive income, net of tax 4,459 (13,744) 157 627 (8,501) Ending balance, net of tax $ 477 $ (19,607) $ (826) $ 1,648 $ (18,308) The following tables set forth significant amounts reclassified from accumulated other comprehensive income (loss) by component for the periods indicated: For the three months ended September 30, 2021 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized loss on available for sale securities $ (10) Net loss on sale of securities 3 Provision for income taxes $ (7) Net of tax Cash flow hedges: Interest rate swaps $ (2,640) Other interest expense 828 Provision for income taxes $ (1,812) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (125) (1) Other operating expense Prior service credits 21 (1) Other operating expense (104) Total before tax 32 Provision for income taxes $ (72) Net of tax For the three months ended September 30, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Cash flow hedges: Interest rate swaps $ (1,352) Other interest expense 423 Provision for income taxes $ (929) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (97) (1) Other operating expense Prior service credits 21 (1) Other operating expense (76) Total before tax 24 Provision for income taxes $ (52) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 9 (“Pension and Other Postretirement Benefit Plans”) for additional information. For the nine months ended September 30, 2021 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized gains on available for sale securities $ 113 Net gains on sale of securities (35) Provision for income taxes $ 78 Net of tax Cash flow hedges: Interest rate swaps $ (7,883) Other interest expense 2,458 Tax benefit $ (5,425) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (375) (1) Other operating expense Prior service credits 63 (1) Other operating expense (312) Total before tax 97 Provision for income taxes $ (215) Net of tax For the nine months ended September 30, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized losses on available for sale securities $ (91) Net loss on sale of securities 29 Provision for income taxes $ (62) Net of tax Cash flow hedges: Interest rate swaps $ (2,140) Other interest expense 669 Provision for income taxes $ (1,471) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (292) (1) Other operating expense Prior service credits 64 (1) Other operating expense (228) Total before tax 71 Provision for income taxes $ (157) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 9 (“Pension and Other Postretirement Benefit Plans”) for additional information. |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
Regulatory Capital | 13. Regulatory Capital Under current capital regulations, the Bank is required to comply with four separate capital adequacy standards and a Capital Conservation Buffer (“CCB”). As of September 30, 2021, the Bank continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. The CCB for the Bank at September 30, 2021 and December 31, 2020 was 5.46% and 4.30%, respectively. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. September 30, 2021 December 31, 2020 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 800,352 9.93 % $ 733,010 9.27 % Requirement to be well capitalized 403,092 5.00 395,510 5.00 Excess 397,260 4.93 337,500 4.27 Common Equity Tier I risk-based capital: Capital level $ 800,352 12.91 % $ 733,010 11.65 % Requirement to be well capitalized 402,849 6.50 408,929 6.50 Excess 397,503 6.41 324,081 5.15 Tier 1 risk-based capital: Capital level $ 800,352 12.91 % $ 733,010 11.65 % Requirement to be well capitalized 495,814 8.00 503,297 8.00 Excess 304,538 4.91 229,713 3.65 Total risk-based capital: Capital level $ 834,131 13.46 % $ 773,807 12.30 % Requirement to be well capitalized 619,768 10.00 629,121 10.00 Excess 214,363 3.46 144,686 2.30 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of September 30, 2021, the Holding Company continues to be categorized as “well-capitalized” under the prompt corrective action regulations and continues to exceed all regulatory capital requirements. The CCB for the Holding Company at September 30, 2021 and December 31, 2020 was 5.44% and 4.54%, respectively. Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. September 30, 2021 December 31, 2020 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 711,276 8.83 % $ 662,987 8.38 % Requirement to be well capitalized 402,936 5.00 395,439 5.00 Excess 308,340 3.83 267,548 3.38 Common Equity Tier I risk-based capital: Capital level $ 661,340 10.68 % $ 621,247 9.88 % Requirement to be well capitalized 402,623 6.50 408,694 6.50 Excess 258,717 4.18 212,553 3.38 Tier 1 risk-based capital: Capital level $ 711,276 11.48 % $ 662,987 10.54 % Requirement to be well capitalized 495,537 8.00 503,008 8.00 Excess 215,739 3.48 159,979 2.54 Total risk-based capital: Capital level $ 832,255 13.44 % $ 794,034 12.63 % Requirement to be well capitalized 619,421 10.00 628,760 10.00 Excess 212,834 3.44 165,274 2.63 |
New Authoritative Accounting Pr
New Authoritative Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Notes To Financial Statements | |
New Authoritative Accounting Pronouncements | 14. New Authoritative Accounting Pronouncements Accounting Standards Pending Adoption: In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-01, “Reference Rate Reform” (Topic 848), which clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform” (Topic 848), which 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. For transactions that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered "minor" so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or re-measurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. ASU 2020-04 also provides numerous optional expedients for derivative accounting. ASU 2020-04 is effective March 12, 2020 through December 31, 2022. An entity may elect to apply ASU 2020-04 for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected for a Topic or an Industry Subtopic within the Codification, the amendments in this ASU must be applied prospectively for all eligible contract modifications for that Topic or Industry Subtopic. We anticipate this ASU will simplify any modifications we execute between the selected start date (yet to be determined) and December 31, 2022 that are directly related to LIBOR transition by allowing prospective recognition of the continuation of the contract, rather than extinguishment of the old contract resulting in writing off unamortized fees/costs. We are evaluating the impacts of this ASU and have not yet determined whether LIBOR transition and this ASU will have material effects on our business operations and consolidated financial statements. The amendments in this Update apply to contract modifications that replace a reference rate reform and contemporaneous modifications of other terms related to the replacement of the reference rate. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share | |
Earnings Per Share | For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 (In thousands, except per share data) Net income $ 25,413 $ 14,331 $ 63,710 $ 31,213 Divided by: Total weighted average common shares outstanding and common stock equivalents 31,567 28,874 31,616 28,865 Basic earnings per common share $ 0.81 $ 0.50 $ 2.02 $ 1.08 Diluted earnings per common share (1) $ 0.81 $ 0.50 $ 2.02 $ 1.08 Dividend payout ratio 25.9 % 42.0 % 31.2 % 58.3 % (1) For the three and nine months ended September 30, 2021 and 2020, there were no common stock equivalents and there were no common stock equivalents that were anti-dilutive. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of portfolio of securities | The following table summarizes the Company’s portfolio of securities held-to-maturity at September 30, 2021: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 50,832 $ 52,753 $ 2,078 $ 157 Total other securities 50,832 52,753 2,078 157 FNMA 7,899 8,698 799 — Total mortgage-backed securities 7,899 8,698 799 — Allowance for Credit Losses (843) — — — Total $ 57,888 $ 61,451 $ 2,877 $ 157 The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2020: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 50,825 $ 54,538 $ 3,713 $ — Total other securities 50,825 54,538 3,713 — FNMA 7,914 8,991 1,077 — Total mortgage-backed securities 7,914 8,991 1,077 — Allowance for Credit Losses (907) — — — Total $ 57,832 $ 63,529 $ 4,790 $ — The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2021: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: U.S Government Agencies $ 5,643 $ 5,645 $ 5 $ 3 Corporate 107,421 105,956 189 1,654 Mutual funds 12,572 12,572 — — Collateralized loan obligations 87,167 86,933 5 239 Other 1,548 1,548 — — Total other securities 214,351 212,654 199 1,896 REMIC and CMO 229,499 229,890 2,372 1,981 GNMA 11,362 11,088 38 312 FNMA 194,973 195,030 1,815 1,758 FHLMC 149,751 148,137 445 2,059 Total mortgage-backed securities 585,585 584,145 4,670 6,110 Total securities available for sale $ 799,936 $ 796,799 $ 4,869 $ 8,006 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2020: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) Securities available for sale: U.S Government Agencies $ 6,452 $ 6,453 $ 2 $ 1 Corporate 130,000 123,865 131 6,266 Mutual funds 12,703 12,703 — — Collateralized loan obligations 100,561 99,198 — 1,363 Other 1,295 1,295 — — Total other securities 251,011 243,514 133 7,630 REMIC and CMO 175,142 180,877 5,735 — GNMA 13,009 13,053 66 22 FNMA 143,154 146,169 3,046 31 FHLMC 63,796 64,361 648 83 Total mortgage-backed securities 395,101 404,460 9,495 136 Total securities available for sale $ 646,112 $ 647,974 $ 9,628 $ 7,766 |
Schedule of amortized cost and fair value of the Company's securities classified as held-to-maturity and available for sale | Amortized Securities held-to-maturity: Cost Fair Value (In thousands) Due after ten years $ 50,832 $ 52,753 Total other securities 50,832 52,753 Mortgage-backed securities 7,899 8,698 Total held-to-maturity securities 58,731 61,451 Allowance for Credit Losses (843) — Total held-to-maturity securities, net of allowance for credit losses $ 57,888 $ 61,451 Amortized Securities available for sale: Cost Fair Value (In thousands) Due after one year through five years $ 20,000 $ 19,932 Due after five years through ten years 169,572 167,957 Due after ten years 12,207 12,193 Total 201,779 200,082 Mutual funds 12,572 12,572 Total other securities 214,351 212,654 Mortgage-backed securities 585,585 584,145 Total available for sale securities $ 799,936 $ 796,799 |
Schedule of securities with gross unrealized losses and their fair value | At September 30, 2021 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Held-to-maturity securities Municipals 1 $ 20,819 $ 157 $ 20,819 $ 157 $ — $ — Total other securities 1 20,819 157 20,819 157 — — Total securities held-to-maturity 1 $ 20,819 $ 157 $ 20,819 $ 157 $ — $ — Available for sale securities U.S Government Agencies 1 $ 4,489 $ 3 $ 4,489 $ 3 $ — $ — Corporate 11 80,792 1,654 51,698 748 29,094 906 Collateralized loan obligations 3 21,027 239 — — 21,027 239 Total other securities 15 106,308 1,896 56,187 751 50,121 1,145 REMIC and CMO 12 110,359 1,981 110,359 1,981 — — GNMA 2 10,196 312 10,196 312 — — FNMA 17 136,324 1,758 136,324 1,758 — — FHLMC 15 123,759 2,059 123,759 2,059 — — Total mortgage-backed securities 46 380,638 6,110 380,638 6,110 — — Total securities available for sale 61 $ 486,946 $ 8,006 $ 436,825 $ 6,861 $ 50,121 $ 1,145 At December 31, 2020 Total Less than 12 months 12 months or more Unrealized Unrealized Unrealized Count Fair Value Losses Fair Value Losses Fair Value Losses (Dollars in thousands) Available for sale securities U.S Government Agencies 1 $ 4,988 $ 1 $ 4,988 $ 1 $ — $ — Corporate 14 113,734 6,266 — — 113,734 6,266 Collateralized loan obligations 13 99,199 1,363 7,441 52 91,758 1,311 Total other securities 28 217,921 7,630 12,429 53 205,492 7,577 GNMA 1 10,341 22 10,341 22 — — FNMA 5 32,463 31 23,864 28 8,599 3 FHLMC 3 30,095 83 30,095 83 — — Total mortgage-backed securities 9 72,899 136 64,300 133 8,599 3 Total securities available for sale 37 $ 290,820 $ 7,766 $ 76,729 $ 186 $ 214,091 $ 7,580 |
Schedule of allowance for credit losses for debt securities held-to-maturity | The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity. Other Securities For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 (In thousands) Beginning balance $ 844 $ 402 $ 907 $ 340 Provision (benefit) (1) — (64) 62 Allowance for credit losses $ 843 $ 402 $ 843 $ 402 |
Schedule of gross gains and gross losses realized from the sale of securities available for sale | For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 (In thousands) Gross gains from the sale of securities $ — $ — $ 123 $ 1,476 Gross losses from the sale of securities (10) — (10) (1,567) Net gains (losses) from the sale of securities $ (10) $ — $ 113 $ (91) |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of TDR loan modifications | For the three months ended September 30, 2021 September 30, 2020 (Dollars in thousands) Number Balance Modification description Number Balance Modification description One-to-four family - mixed-use property — $ — 1 $ 270 Below market interest rate Commercial business and other — — — — Total — $ — 1 $ 270 For the nine months ended September 30, 2021 September 30, 2020 (Dollars in thousands) Number Balance Modification description Number Balance Modification description One-to-four family - mixed-use property — $ — 1 $ 270 Below market interest rate Commercial business and other 2 674 Amortization period extended — — Total 2 $ 674 1 $ 270 |
Schedule of non-accrual loans at amortized cost with no related allowance and interest income recognized for loans ninety days or more past due and still accruing | At or for the nine months ended September 30, 2021 (In thousands) Non-Accrual Amortized Cost Beginning of Reporting Period Non-Accrual Amortized Cost Ending of Reporting Period Non-Accrual with no related Allowance Interest Income Recognized Loans ninety days or more past due and still accruing: Multi-family residential $ 2,576 $ 4,461 $ 4,461 $ 19 $ — Commercial real estate 1,766 640 640 — — One-to-four family - mixed-use property (1) 1,706 2,510 2,510 4 — One-to-four family - residential 5,313 7,509 7,509 1 — Construction — — — — 873 Small Business Administration 1,168 991 991 — — Taxi medallion (2) 2,758 — — — — Commercial business and other (1) 5,660 2,500 875 63 1,052 Total $ 20,947 $ 18,611 $ 16,986 $ 87 $ 1,925 (1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million at September 30, 2021. (2) Taxi medallion loans were completely charged off during the three months ended March 31, 2021. At or for the twelve months ended December 31, 2020 (In thousands) Non-Accrual Amortized Cost Beginning of Reporting Period Non-Accrual Amortized Cost Ending of Reporting Period Non-Accrual with no related Allowance Interest Income Recognized Loans ninety days or more past due and still accruing: Multi-family residential $ 2,723 $ 2,576 $ 2,576 $ — $ 201 Commercial real estate 2,714 1,766 1,766 — 2,547 One-to-four family - mixed-use property (1) 1,704 1,706 1,706 — — One-to-four family - residential 9,992 5,313 5,313 — — Small Business Administration 1,169 1,168 1,168 — — Taxi medallion (1) 2,318 2,758 2,758 — — Commercial business and other (1) 7,406 5,660 1,593 58 — Total $ 28,026 $ 20,947 $ 16,880 $ 58 $ 2,748 (1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million, non-accrual performing TDR taxi medallion loans totaling $0.4 million and non-accrual performing TDR commercial business loans totaling $2.2 million at December 31, 2020. |
Summary of interest foregone on non-accrual loans and loans classified as TDR | For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 415 $ 491 $ 1,330 $ 1,296 Less: Interest income included in the results of operations 156 78 480 240 Total foregone interest $ 259 $ 413 $ 850 $ 1,056 |
Summary of aging of the amortized cost basis in past-due loans | September 30, 2021 Greater 30 - 59 Days 60 - 89 Days than Total Past (In thousands) Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 16,453 $ — $ 4,461 $ 20,914 $ 2,480,107 $ 2,501,021 Commercial real estate 1,119 838 640 2,597 1,745,136 1,747,733 One-to-four family - mixed-use property 1,657 172 2,246 4,075 578,268 582,343 One-to-four family - residential 372 504 7,509 8,385 280,858 289,243 Construction — — 873 873 70,495 71,368 Small Business Administration 2,085 — 2,043 4,128 141,506 145,634 Taxi medallion — — — — — — Commercial business and other 458 — 1,960 2,418 1,290,594 1,293,012 Total $ 22,144 $ 1,514 $ 19,732 $ 43,390 $ 6,586,964 $ 6,630,354 December 31, 2020 Greater 30 - 59 Days 60 - 89 Days than Total Past (In thousands) Past Due Past Due 90 Days Due Current Total Loans Multi-family residential $ 7,582 $ 3,186 $ 2,777 $ 13,545 $ 2,522,432 $ 2,535,977 Commercial real estate 17,903 5,123 4,313 27,339 1,731,045 1,758,384 One-to-four family - mixed-use property 5,673 1,132 1,433 8,238 598,647 606,885 One-to-four family - residential 3,087 805 5,313 9,205 243,486 252,691 Construction loans 750 — — 750 82,411 83,161 Small Business Administration 1,823 — 1,168 2,991 162,579 165,570 Taxi medallion — — 2,318 2,318 279 2,597 Commercial business and other 129 1,273 1,593 2,995 1,296,414 1,299,409 Total $ 36,947 $ 11,519 $ 18,915 $ 67,381 $ 6,637,293 $ 6,704,674 |
Summary of activity in the allowance for loan losses | September 30, 2021 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 6,559 $ 5,868 $ 1,492 $ 716 $ 185 $ 2,302 $ — $ 25,548 $ 42,670 Charge-offs — — — — — — — (1,019) (1,019) Recoveries — — 123 147 — 8 1,235 125 1,638 Benefit (161) (112) (169) (232) (17) (646) (1,235) (4,354) (6,926) Ending balance $ 6,398 $ 5,756 $ 1,446 $ 631 $ 168 $ 1,664 $ — $ 20,300 $ 36,363 September 30, 2020 One-to-four family - One-to-four Commercial Multi-family Commercial mixed-use family - Construction Small Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 8,935 $ 6,971 $ 2,826 $ 1,161 $ 183 $ 1,386 $ — $ 15,248 $ 36,710 Charge-offs — — — — — — (951) (13) (964) Recoveries 14 — 60 2 — 47 — 4 127 Provision (benefit) (1,553) 1,576 (1,208) (483) 35 450 951 2,702 2,470 Ending balance $ 7,396 $ 8,547 $ 1,678 $ 680 $ 218 $ 1,883 $ — $ 17,941 $ 38,343 The following tables show the activity in the ACL on loans for the nine month periods indicated: September 30, 2021 One-to-four family - One-to-four Small Commercial Multi-family Commercial mixed-use family - Construction Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 6,557 $ 8,327 $ 1,986 $ 869 $ 497 $ 2,251 $ — $ 24,666 $ 45,153 Charge-off's (43) (64) (32) — — — (2,758) (2,230) (5,127) Recoveries 10 — 133 154 — 27 1,457 198 1,979 Provision (benefit) (126) (2,507) (641) (392) (329) (614) 1,301 (2,334) (5,642) Ending balance $ 6,398 $ 5,756 $ 1,446 $ 631 $ 168 $ 1,664 $ — $ 20,300 $ 36,363 September 30, 2020 One-to-four family - One-to-four Small Commercial Multi-family Commercial mixed-use family - Construction Business Taxi business and (In thousands) residential real estate property residential loans Administration medallion other Total Allowance for credit losses: Beginning balance $ 5,391 $ 4,429 $ 1,817 $ 756 $ 441 $ 363 $ — $ 8,554 $ 21,751 Impact of CECL Adoption (650) 1,170 (55) (160) (279) 1,180 — (827) 379 Charge-off's — — (3) — — (178) (951) (2,121) (3,253) Recoveries 27 — 138 10 — 67 — 18 260 Provision (benefit) 2,628 2,948 (219) 74 56 451 951 12,317 19,206 Ending balance $ 7,396 $ 8,547 $ 1,678 $ 680 $ 218 $ 1,883 $ — $ 17,941 $ 38,343 |
Summary of risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination | The following table summarizes the risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination at September 30, 2021: Revolving Loans, Lines of Credit Amortized Cost converted to (In thousands) 2021 2020 2019 2018 2017 Prior Basis term loans Total 1-4 Family Residential Pass $ 53,687 $ 31,937 $ 35,424 $ 32,594 $ 21,016 $ 73,993 $ 10,907 $ 15,953 $ 275,511 Watch — — 725 — 2,216 1,229 146 847 5,163 Special Mention — — — 278 — 350 — 337 965 Substandard — — — 1,841 1,117 3,845 — 801 7,604 Total 1-4 Family Residential $ 53,687 $ 31,937 $ 36,149 $ 34,713 $ 24,349 $ 79,417 $ 11,053 $ 17,938 $ 289,243 1-4 Family Mixed-Use Pass $ 32,110 $ 35,677 $ 70,360 $ 73,236 $ 52,100 $ 298,763 $ — $ — $ 562,246 Watch — — — 2,834 6,131 7,088 — — 16,053 Special Mention — — — — — 1,279 — — 1,279 Substandard — — — 506 760 1,499 — — 2,765 Total 1-4 Family Mixed Use $ 32,110 $ 35,677 $ 70,360 $ 76,576 $ 58,991 $ 308,629 $ — $ — $ 582,343 Commercial Real Estate Pass $ 131,648 $ 167,334 $ 254,288 $ 247,434 $ 184,502 $ 660,127 $ — $ — $ 1,645,333 Watch 4,191 932 4,472 12,499 2,643 67,755 — — 92,492 Special Mention — — — — — 1,632 — — 1,632 Substandard — — 7,572 — — 704 — — 8,276 Total Commercial Real Estate $ 135,839 $ 168,266 $ 266,332 $ 259,933 $ 187,145 $ 730,218 $ — $ — $ 1,747,733 Construction Pass $ 3,477 $ 25,417 $ 14,798 $ 1,993 $ — $ — $ 4,233 $ — $ 49,918 Watch — — 2,115 9,125 5,880 — — — 17,120 Special Mention — — — 857 2,600 — — — 3,457 Substandard — — — 873 — — — — 873 Total Construction $ 3,477 $ 25,417 $ 16,913 $ 12,848 $ 8,480 $ — $ 4,233 $ — $ 71,368 Multifamily Pass $ 218,819 $ 237,600 $ 334,594 $ 430,396 $ 352,582 $ 884,680 $ 5,300 $ — $ 2,463,971 Watch — 2,885 3,707 13,649 — 9,987 398 — 30,626 Special Mention — 973 — — — — — — 973 Substandard — — 1,176 2,549 984 742 — — 5,451 Total Multifamily $ 218,819 $ 241,458 $ 339,477 $ 446,594 $ 353,566 $ 895,409 $ 5,698 $ — $ 2,501,021 Commercial Business - Secured by RE Pass $ 131,864 $ 92,989 $ 38,483 $ 45,725 $ 27,927 $ 96,840 $ — $ — $ 433,828 Watch — 23,346 51,319 18,546 12,064 46,477 — — 151,752 Special Mention — — 598 — — — — — 598 Substandard — — — — — 3,639 — — 3,639 Total Commercial Business - Secured by RE $ 131,864 $ 116,335 $ 90,400 $ 64,271 $ 39,991 $ 146,956 $ — $ — $ 589,817 Commercial Business Pass $ 86,496 $ 68,366 $ 84,638 $ 73,370 $ 28,721 $ 52,443 $ 190,737 $ — $ 584,771 Watch 17 1,676 22,545 18,947 32,250 37 12,697 — 88,169 Special Mention — — — 2,433 34 — 13,128 — 15,595 Substandard — 4,897 31 315 5,253 1,458 1,490 — 13,444 Doubtful — — — — — — 1,085 — 1,085 Total Commercial Business $ 86,513 $ 74,939 $ 107,214 $ 95,065 $ 66,258 $ 53,938 $ 219,137 $ — $ 703,064 Small Business Administration Pass $ 104,557 $ 28,148 $ 1,273 $ 1,545 $ 640 $ 2,875 $ — $ — $ 139,038 Watch — — 59 2,583 2,076 833 — — 5,551 Special Mention — — — — — 48 — — 48 Substandard — — — — 991 6 — — 997 Total Small Business Administration $ 104,557 $ 28,148 $ 1,332 $ 4,128 $ 3,707 $ 3,762 $ — $ — $ 145,634 Other Pass $ — $ — $ — $ — $ — $ 52 $ 79 $ — $ 131 Total Other $ — $ — $ — $ — $ — $ 52 $ 79 $ — $ 131 Total Loans $ 766,866 $ 722,177 $ 928,177 $ 994,128 $ 742,487 $ 2,218,381 $ 240,200 $ 17,938 $ 6,630,354 |
Summary of types of collateral-dependent loans by class of loans | Collateral Type September 30, 2021 December 31, 2020 (In thousands) Real Estate Business Assets Real Estate Business Assets Multi-family residential $ 4,461 $ — $ 2,576 $ — Commercial real estate 1,166 — 2,994 — One-to-four family - mixed-use property 2,510 — 1,706 — One-to-four family - residential 7,509 — 5,313 — Small Business Administration — 991 — 1,168 Commercial business and other — 1,974 — 3,482 Taxi Medallion — — — 2,758 Total $ 15,646 $ 2,965 $ 12,589 $ 7,408 |
Summary of allowance for off balance sheet | For the three months ended For the nine months ended September 30, September 30, 2021 2020 2021 2020 (In thousands) Balance at beginning of period $ 1,570 $ 1,264 $ 1,815 $ — Off-Balance Sheet - CECL Adoption — — — 553 Off-Balance Sheet- Provision (Benefit) (259) 295 (504) 1,006 Allowance for Off-Balance Sheet - Credit losses (1) $ 1,311 $ 1,559 $ 1,311 $ 1,559 (1) Included in “Other liabilities” on the Consolidated Statements of Financial Condition. |
Nonperforming Financial Instruments [Member] | |
Notes Tables | |
Schedule of recorded investment for loans classified as TDR at amortized cost | September 30, 2021 December 31, 2020 Number Amortized Number Amortized (Dollars in thousands) of contracts Cost of contracts Cost Taxi medallion (1) — $ — 11 $ 1,922 Commercial business and other — — 1 279 Total troubled debt restructurings that subsequently defaulted — $ — 12 $ 2,201 (1) These loans were completely charged off during the three months ended March 31, 2021. Subsequently, recoveries totaling $1.5 million have been recorded as of September 30, 2021. |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Schedule of recorded investment for loans classified as TDR at amortized cost | September 30, 2021 December 31, 2020 Number Amortized Number Amortized (Dollars in thousands) of contracts Cost of contracts Cost Multi-family residential 6 $ 1,681 6 $ 1,700 Commercial real estate 1 7,572 1 7,702 One-to-four family - mixed-use property (1) 5 1,655 5 1,731 One-to-four family - residential 3 489 3 507 Taxi medallion (2) — — 2 440 Commercial business and other (1) 4 1,740 8 3,831 Total performing troubled debt restructured 19 $ 13,137 25 $ 15,911 (1) These loans continue to pay as agreed, however the Company records interest received on a cash basis. (2) These loans were completely charged off during the three months ended March 31, 2021. |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of loans sold | For the three months ended September 30, 2021 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 2 $ 1,316 $ — $ 15 Commercial real estate 1 4,344 — 87 One-to-four family - mixed-use property 3 723 — 29 Total 6 $ 6,383 $ — $ 131 For the nine months ended September 30, 2021 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 10 $ 12,069 $ (43) $ 78 Commercial real estate 4 7,380 (64) 104 One-to-four family - mixed-use property 13 5,518 (14) 107 Total 27 $ 24,967 $ (121) $ 289 For the nine months ended September 30, 2020 Net Recoveries (Dollars in thousands) Loans sold Proceeds (Charge-offs) Net gain Delinquent and non-performing loans Multi-family residential 1 $ 284 $ — $ 42 One-to-four family - mixed-use property 1 296 — — Total 2 $ 580 $ — $ 42 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of supplemental balance sheet information related to leases | (Dollars in thousands) September 30, 2021 December 31, 2020 Operating lease ROU asset $ 50,155 $ 50,743 Operating lease liability $ 54,239 $ 59,100 Weighted-average remaining lease term-operating leases 7.5 years 8.3 years Weighted average discount rate-operating leases 3.2 % 3.2 % |
Schedule of components of lease expense and cash flow information related to leases | For the three months ended (Dollars in thousands) September 30, 2021 September 30, 2020 Lease Cost Operating lease cost $ 2,217 $ 1,895 Short-term lease cost 34 34 Variable lease cost 230 281 Total lease cost $ 2,481 $ 2,210 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,435 $ 2,101 Right-of-use assets obtained in exchange for new operating lease liabilities $ 28 $ 6,772 For the nine months ended (Dollars in thousands) September 30, 2021 September 30, 2020 Lease Cost Operating lease cost $ 6,565 $ 5,676 Short-term lease cost 129 102 Variable lease cost 826 832 Total lease cost $ 7,520 $ 6,610 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 10,483 $ 6,283 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,827 $ 6,822 |
Schedule of Minimum annual rental payments for Bank facilities due under non-cancelable leases | For the nine months ended (Dollars in thousands) September 30, 2021 September 30, 2020 Lease Cost Operating lease cost $ 6,565 $ 5,676 Short-term lease cost 129 102 Variable lease cost 826 832 Total lease cost $ 7,520 $ 6,610 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 10,483 $ 6,283 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,827 $ 6,822 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Summary of the Company's RSU and PRSU awards | RSU Awards PRSU Awards Weighted-Average Weighted-Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value Non-vested at December 31, 2020 336,898 $ 23.48 66,580 $ 21.26 Granted 238,985 18.44 62,790 18.46 Vested (250,056) 21.26 (41,570) 19.08 Forfeited (5,597) 21.36 — — Non-vested at September 30, 2021 320,230 $ 21.48 87,800 $ 20.29 Vested but unissued at September 30, 2021 224,709 $ 21.08 108,685 $ 20.48 |
Phantom Share Units (PSUs) [Member] | |
Notes Tables | |
Summary of the Phantom Stock Plan | Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2020 120,248 $ 16.64 Granted 10,232 19.85 Forfeited (11) 18.25 Distributions (2,606) 19.03 Outstanding at September 30, 2021 127,863 $ 22.60 Vested at September 30, 2021 127,763 $ 22.60 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of net expense for the pension and other postretirement benefit plans | Three months ended Nine months ended September 30, September 30, (In thousands) 2021 2020 2021 2020 Employee Pension Plan: Interest cost $ 128 $ 163 $ 384 $ 489 Amortization of actuarial loss 122 111 366 333 Expected return on plan assets (274) (257) (822) (771) Net employee pension (benefit) expense $ (24) $ 17 $ (72) $ 51 Outside Director Pension Plan: Service cost $ 4 $ 4 $ 12 $ 11 Interest cost 12 16 36 48 Amortization of actuarial gain (5) (14) (15) (41) Amortization of past service liability — — — — Net outside director pension expense $ 11 $ 6 $ 33 $ 18 Other Postretirement Benefit Plans: Service cost $ 73 $ 69 $ 219 $ 206 Interest cost 58 64 174 194 Amortization of actuarial gain 8 — 24 — Amortization of past service credit (21) (21) (63) (64) Net other postretirement expense $ 118 $ 112 $ 354 $ 336 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of financial assets and financial liabilities | Fair Value Fair Value Changes in Fair Values For Items Measured at Fair Value Measurements Measurements Pursuant to Election of the Fair Value Option at September 30, at December 31, Three Months Ended Nine Months Ended (In thousands) 2021 2020 September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Mortgage-backed securities $ 412 $ 505 $ (1) $ (1) $ (3) $ 1 Other securities 14,120 13,998 6 83 7 120 Borrowed funds 51,578 43,136 (1,849) (2,897) (8,837) 5,086 Net gain (loss) from fair value adjustments (1)(2) $ (1,844) $ (2,815) $ (8,833) $ 5,207 (1) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of ($0.4) million and $0.6 million for the three months ended September 30, 2021 and 2020, respectively, from the change in the fair value of interest rate swaps. (2) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of $1.0 million and ($3.2) million for the nine months ended September 30, 2021 and 2020, respectively, from the change in the fair value of interest rate swaps. |
Schedule of assets and liabilities that are carried at fair value on recurring basis | Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a recurring basis 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Assets: Securities available for sale Mortgage-backed Securities $ — $ — $ 584,145 $ 404,460 $ — $ — $ 584,145 $ 404,460 Other securities 12,572 12,703 198,534 229,516 1,548 1,295 212,654 243,514 Interest rate swaps — — 7,393 1,319 — — 7,393 1,319 Total assets $ 12,572 $ 12,703 $ 790,072 $ 635,295 $ 1,548 $ 1,295 $ 804,192 $ 649,293 Liabilities: Borrowings $ — $ — $ — $ — $ 51,578 $ 43,136 $ 51,578 $ 43,136 Interest rate swaps — — 33,196 60,987 — — 33,196 60,987 Total liabilities $ — $ — $ 33,196 $ 60,987 $ 51,578 $ 43,136 $ 84,774 $ 104,123 |
Schedule of assets and liabilities that are carried at fair value on a recurring basis, classified within Level 3 | For the three months ended September 30, 2021 September 30, 2020 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,495 $ 49,814 $ 1,068 $ 35,570 Net gain from fair value adjustment of financial assets (1) 53 — 82 — Net loss from fair value adjustment of financial liabilities (1) — 1,850 — 2,897 Decrease in accrued interest receivable — — (1) — Decrease in accrued interest payable — (1) — (19) Change in unrealized gains included in other comprehensive income — (85) — (161) Ending balance $ 1,548 $ 51,578 $ 1,149 $ 38,287 Changes in unrealized gains held at period end $ — 3,058 — 2,384 (1) Totals in the table above are presented in the Consolidated Statements of Income under net gain (loss) from fair value adjustments. For the nine months ended September 30, 2021 September 30, 2020 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,295 $ 43,136 $ 1,332 $ 44,384 Net gain (loss) from fair value adjustment of financial assets (1) 254 — (180) — Net loss (gain) from fair value adjustment of financial liabilities (1) — 8,837 — (5,086) Decrease in accrued interest receivable (1) — (3) — Decrease in accrued interest payable — (6) — (104) Change in unrealized gains included in other comprehensive income — (389) — (907) Ending balance $ 1,548 $ 51,578 $ 1,149 $ 38,287 Changes in unrealized gains held at period end $ — 3,058 — 2,384 ________________________________________ (1) |
Schedule of assets and liabilities that are carried at fair value on non-recurring basis | Quoted Prices in Active Markets Significant Other Significant Other for Identical Assets Observable Inputs Unobservable Inputs Total carried at fair value (Level 1) (Level 2) (Level 3) on a non-recurring basis 2021 2020 2021 2020 2021 2020 2021 2020 (In thousands) Assets Non-accrual loans $ — $ — $ — $ — $ 11,614 $ 11,980 $ 11,614 $ 11,980 Total assets $ — $ — $ — $ — $ 11,614 $ 11,980 $ 11,614 $ 11,980 |
Schedule of carrying amounts and estimated fair values of selected financial instruments | September 30, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 178,598 $ 178,598 $ 178,598 $ - $ - Securities held-to-maturity Mortgage-backed securities 7,899 8,698 - 8,698 - Other securities 50,832 52,753 - - 52,753 Securities available for sale Mortgage-backed securities 584,145 584,145 - 584,145 - Other securities 212,654 212,654 12,572 198,534 1,548 Loans 6,630,354 6,722,201 - - 6,722,201 FHLB-NY stock 36,158 36,158 - 36,158 - Accrued interest receivable 40,912 40,912 2 1,591 39,319 Interest rate swaps 7,393 7,393 - 7,393 - Liabilities: Deposits $ 6,488,598 $ 6,491,487 $ 5,448,500 $ 1,042,987 $ - Borrowings 752,925 753,952 - 702,374 51,578 Accrued interest payable 5,698 5,698 - 5,698 - Interest rate swaps 33,196 33,196 - 33,196 - December 31, 2020 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 157,388 $ 157,388 $ 157,388 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,914 8,991 — 8,991 — Other securities 50,825 54,538 — — 54,538 Securities available for sale Mortgage-backed securities 404,460 404,460 — 404,460 — Other securities 243,514 243,514 12,703 229,516 1,295 Loans 6,704,674 6,793,985 — — 6,793,985 FHLB-NY stock 43,439 43,439 — 43,439 — Accrued interest receivable 44,041 44,041 2 1,389 42,650 Interest rate swaps 1,319 1,319 — 1,319 — Liabilities: Deposits $ 6,136,355 $ 6,141,775 $ 4,997,994 $ 1,143,781 $ — Borrowings 1,020,895 1,017,573 — 974,437 43,136 Accrued interest payable 4,755 4,755 — 4,755 — Interest rate swaps 60,987 60,987 — 60,987 — |
Fair Value, Measurements, Nonrecurring [Member] | |
Notes Tables | |
Schedule of quantitative information about Level 3 | September 30, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 11,163 Sales approach Reduction for planned expedited disposal 8.0% to 15.0% 11.8% Non-accrual loans $ 451 Discounted Cashflow Discount Rate 4.3% 4.3% Probability of Default 35.0% 35.0% At December 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 10,690 Sales approach Reduction for planned expedited disposal (100.0%) to 15.0% 6.8% Non-accrual loans $ 1,290 Discounted Cashflow Discount Rate 4.3% to 5.5% 4.9% Probability of Default 20.0% to 35.0% 27.4% |
Fair Value, Measurements, Recurring [Member] | |
Notes Tables | |
Schedule of quantitative information about Level 3 | September 30, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,548 Discounted cash flows Discount rate n/a 2.9 % Liabilities: Junior subordinated debentures $ 51,578 Discounted cash flows Discount rate n/a 2.9 % December 31, 2020 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,295 Discounted cash flows Discount rate n/a 4.2 % Liabilities: Junior subordinated debentures $ 43,136 Discounted cash flows Discount rate n/a 4.2 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Summary of information regarding the Company's derivative financial instruments | September 30, 2021 December 31, 2020 Notional Net Carrying Notional Net Carrying Amount Value (1) Amount Value (1) (In thousands) Interest rate swaps (non-hedge) $ 114,835 $ 3,225 $ 62,779 $ 1,319 Interest rate swaps (cash flow hedge) 355,000 4,168 — — Interest rate swaps (fair value hedge) 308,350 (15,296) 316,051 (28,689) Interest rate swaps (cash flow hedge) 641,500 (14,675) 1,021,500 (25,300) Interest rate swaps (non-hedge) 114,835 (3,225) 80,779 (6,998) Total derivatives $ 1,534,520 $ (25,803) $ 1,481,109 $ (59,668) (1) Derivatives in a positive position are recorded as “Other assets” and derivatives in a negative position are recorded as “Other liabilities” in the Consolidated Statements of Financial Condition. |
Schedule of effect of derivative instruments on the Consolidated Statements of Income | For the three months ended For the nine months ended September 30, September 30, (In thousands) Affected Line Item in the Statement Where Net income is Presented 2021 2020 2021 2020 Financial Derivatives: Other interest expense $ (33) $ (132) $ (305) $ (298) Net gain (loss) from fair value adjustments (445) 590 978 (3,220) Interest rate swaps (non-hedge) (478) 458 673 (3,518) Interest rate swaps (fair value hedge) Interest and fees on loans (1,206) (1,158) (3,231) (4,863) Interest rate swaps (cash flow hedge) Other interest expense (2,737) (2,511) (7,942) (4,057) Net loss $ (4,421) $ (3,211) $ (10,500) $ (12,438) |
Schedule of effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition | September 30, 2021 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount Offset in Net Amount of Assets Condition Gross Amount of the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Recognized Assets Condition Condition Instruments Received Net Amount Interest rate swaps $ 7,393 $ — $ 7,393 $ — $ — $ 7,393 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 33,196 $ — $ 33,196 $ — $ 29,067 $ 4,129 December 31, 2020 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount Offset in Net Amount of Assets Condition Gross Amount of the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Recognized Assets Condition Condition Instruments Received Net Amount Interest rate swaps $ 1,319 $ — $ 1,319 $ — $ — $ 1,319 Gross Amounts Not Offset in the Consolidated Statement of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Condition Recognized the Statement of Presented in the Statement of Financial Cash Collateral (In thousands) Liabilities Condition Condition Instruments Pledged Net Amount Interest rate swaps $ 60,987 $ — $ 60,987 $ 99 $ 63,517 $ (2,629) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of changes in accumulated other comprehensive income (loss) by component | For the three months ended September 30, 2021 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ 485 $ (9,202) $ (1,741) $ 2,041 $ (8,417) Other comprehensive income before reclassifications, net of tax (2,645) 179 — 58 (2,408) Amounts reclassified from accumulated other comprehensive income, net of tax 7 1,812 72 — 1,891 Net current period other comprehensive income, net of tax (2,638) 1,991 72 58 (517) Ending balance, net of tax $ (2,153) $ (7,211) $ (1,669) $ 2,099 $ (8,934) For the three months ended September 30, 2020 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (2,708) $ (21,473) $ (878) $ 1,537 $ (23,522) Other comprehensive income before reclassifications, net of tax 3,185 937 — 111 4,233 Amounts reclassified from accumulated other comprehensive income, net of tax — 929 52 — 981 Net current period other comprehensive income (loss), net of tax 3,185 1,866 52 111 5,214 Ending balance, net of tax $ 477 $ (19,607) $ (826) $ 1,648 $ (18,308) For the nine months ended September 30, 2021 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ 1,290 $ (17,521) $ (1,884) $ 1,849 $ (16,266) Other comprehensive income before reclassifications, net of tax (3,365) 4,885 — 250 1,770 Amounts reclassified from accumulated other comprehensive income, net of tax (78) 5,425 215 — 5,562 Net current period other comprehensive income (loss), net of tax (3,443) 10,310 215 250 7,332 Ending balance, net of tax $ (2,153) $ (7,211) $ (1,669) $ 2,099 $ (8,934) For the nine months ended September 30, 2020 Unrealized Gains Unrealized Gains (Losses) on (Losses) on Fair Value Available for Sale Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (3,982) $ (5,863) $ (983) $ 1,021 $ (9,807) Other comprehensive income before reclassifications, net of tax 4,397 (15,215) — 627 (10,191) Amounts reclassified from accumulated other comprehensive income (loss), net of tax 62 1,471 157 — 1,690 Net current period other comprehensive income, net of tax 4,459 (13,744) 157 627 (8,501) Ending balance, net of tax $ 477 $ (19,607) $ (826) $ 1,648 $ (18,308) |
Schedule of amounts reclassified from accumulated other comprehensive income (loss) by component | For the three months ended September 30, 2021 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized loss on available for sale securities $ (10) Net loss on sale of securities 3 Provision for income taxes $ (7) Net of tax Cash flow hedges: Interest rate swaps $ (2,640) Other interest expense 828 Provision for income taxes $ (1,812) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (125) (1) Other operating expense Prior service credits 21 (1) Other operating expense (104) Total before tax 32 Provision for income taxes $ (72) Net of tax For the three months ended September 30, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Cash flow hedges: Interest rate swaps $ (1,352) Other interest expense 423 Provision for income taxes $ (929) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (97) (1) Other operating expense Prior service credits 21 (1) Other operating expense (76) Total before tax 24 Provision for income taxes $ (52) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 9 (“Pension and Other Postretirement Benefit Plans”) for additional information. For the nine months ended September 30, 2021 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized gains on available for sale securities $ 113 Net gains on sale of securities (35) Provision for income taxes $ 78 Net of tax Cash flow hedges: Interest rate swaps $ (7,883) Other interest expense 2,458 Tax benefit $ (5,425) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (375) (1) Other operating expense Prior service credits 63 (1) Other operating expense (312) Total before tax 97 Provision for income taxes $ (215) Net of tax For the nine months ended September 30, 2020 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Loss Components Comprehensive Loss Where Net Income is Presented (In thousands) Unrealized losses on available for sale securities $ (91) Net loss on sale of securities 29 Provision for income taxes $ (62) Net of tax Cash flow hedges: Interest rate swaps $ (2,140) Other interest expense 669 Provision for income taxes $ (1,471) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (292) (1) Other operating expense Prior service credits 64 (1) Other operating expense (228) Total before tax 71 Provision for income taxes $ (157) Net of tax (1) These accumulated other comprehensive loss components are included in the computation of net periodic pension cost. See Note 9 (“Pension and Other Postretirement Benefit Plans”) for additional information. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Summary of compliance with banking regulatory capital standards | September 30, 2021 December 31, 2020 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 800,352 9.93 % $ 733,010 9.27 % Requirement to be well capitalized 403,092 5.00 395,510 5.00 Excess 397,260 4.93 337,500 4.27 Common Equity Tier I risk-based capital: Capital level $ 800,352 12.91 % $ 733,010 11.65 % Requirement to be well capitalized 402,849 6.50 408,929 6.50 Excess 397,503 6.41 324,081 5.15 Tier 1 risk-based capital: Capital level $ 800,352 12.91 % $ 733,010 11.65 % Requirement to be well capitalized 495,814 8.00 503,297 8.00 Excess 304,538 4.91 229,713 3.65 Total risk-based capital: Capital level $ 834,131 13.46 % $ 773,807 12.30 % Requirement to be well capitalized 619,768 10.00 629,121 10.00 Excess 214,363 3.46 144,686 2.30 |
Holding Company | |
Notes Tables | |
Summary of compliance with banking regulatory capital standards | September 30, 2021 December 31, 2020 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 711,276 8.83 % $ 662,987 8.38 % Requirement to be well capitalized 402,936 5.00 395,439 5.00 Excess 308,340 3.83 267,548 3.38 Common Equity Tier I risk-based capital: Capital level $ 661,340 10.68 % $ 621,247 9.88 % Requirement to be well capitalized 402,623 6.50 408,694 6.50 Excess 258,717 4.18 212,553 3.38 Tier 1 risk-based capital: Capital level $ 711,276 11.48 % $ 662,987 10.54 % Requirement to be well capitalized 495,537 8.00 503,008 8.00 Excess 215,739 3.48 159,979 2.54 Total risk-based capital: Capital level $ 832,255 13.44 % $ 794,034 12.63 % Requirement to be well capitalized 619,421 10.00 628,760 10.00 Excess 212,834 3.44 165,274 2.63 |
Use of Estimates (Details)
Use of Estimates (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021USD ($)item | Dec. 31, 2020USD ($)item | |
Net loans | $ 6,593,991 | $ 6,659,521 |
Small Business Administration Portfolio Segment [Member] | Paycheck Protection Program [Member] | ||
Number of active forbearances | item | 38 | 134 |
Outstanding balance in active forbearance | $ 162,000 | $ 364,400 |
Financing Receivable | $ 9,500 | |
Small Business Administration Portfolio Segment [Member] | Paycheck Protection Program [Member] | Minimum [Member] | ||
Escrow term | 1 month | |
Small Business Administration Portfolio Segment [Member] | Paycheck Protection Program [Member] | Maximum [Member] | ||
Escrow term | 30 months |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share | ||||||||
Net income | $ 25,413 | $ 19,258 | $ 19,039 | $ 14,331 | $ 18,272 | $ (1,390) | $ 63,710 | $ 31,213 |
Total weighted average common shares outstanding and common stock equivalents (in shares) | 31,567 | 28,874 | 31,616 | 28,865 | ||||
Basic earnings per common share (in dollars per share) | $ 0.81 | $ 0.50 | $ 2.02 | $ 1.08 | ||||
Diluted earnings per common share (in dollars per share) | $ 0.81 | $ 0.50 | $ 2.02 | $ 1.08 | ||||
Dividend payout ratio | 25.90% | 42.00% | 31.20% | 58.30% |
Earnings Per Share - Anti Dilut
Earnings Per Share - Anti Dilutive (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Securities (Details)
Securities (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)security | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)security | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | $ 0 | $ 0 | ||
Securities held-to-maturity, amortized cost | 58,731 | 58,731 | |||
Allowance for credit loss | 0 | 0 | |||
Accrued interest receivable on available-for-sale debt securities | 1,600 | 1,600 | 1,300 | ||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 20,000 | $ 0 | $ 45,000 | $ 130,800 | |
Held-to-maturity Securities | |||||
Number of securities in portfolio | security | 3 | 3 | |||
Securities held-to-maturity, amortized cost | $ 58,700 | $ 58,700 | |||
Outstanding balance in active forbearance | 21,000 | 21,000 | |||
Specific reserve for outstanding balance of financing receivable in active forbearance | 600 | 600 | |||
Accrued interest receivable on held-to-maturity securities | 100 | 100 | $ 100 | ||
Commercial Real Estate | Held-to-maturity Securities | |||||
Securities held-to-maturity, amortized cost | 29,900 | 29,900 | |||
Allowance for credit loss | $ 200 | $ 200 | |||
Collateralized Mortgage Obligations by Commercial Real Estate [Member] | |||||
Private Issue Collateralized Mortgage Obligations, Number | 0 | 0 | 0 | ||
FNMA | Held-to-maturity Securities | |||||
Securities held-to-maturity, amortized cost | $ 7,900 | $ 7,900 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost | $ 58,731 | |||||
Securities held-to-maturity, amortized cost | 57,888 | $ 57,832 | ||||
Securities held-to-maturity, fair value | 61,451 | 63,529 | ||||
Securities held-to-maturity, gross Unrecognized gains | 2,877 | 4,790 | ||||
Securities held-to-maturity, gross Unrecognized losses | 157 | |||||
Securities held-to-maturity, allowance for credit losses | (843) | $ (844) | (907) | $ (402) | $ (402) | $ (340) |
Securities available for sale, amortized cost, total other securities | 799,936 | 646,112 | ||||
Securities available for sale, fair value | 796,799 | 647,974 | ||||
Securities available for sale, gross unrealized gains | 4,869 | 9,628 | ||||
Securities available for sale, gross unrealized losses | 8,006 | 7,766 | ||||
Other Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 1,548 | 1,295 | ||||
Securities available for sale, fair value | 1,548 | 1,295 | ||||
Securities available for sale, gross unrealized gains | 0 | 0 | ||||
Securities available for sale, gross unrealized losses | 0 | 0 | ||||
US Government Agencies Debt Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 5,643 | 6,452 | ||||
Securities available for sale, fair value | 5,645 | 6,453 | ||||
Securities available for sale, gross unrealized gains | 5 | 2 | ||||
Securities available for sale, gross unrealized losses | 3 | 1 | ||||
Corporate Debt Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 107,421 | 130,000 | ||||
Securities available for sale, fair value | 105,956 | 123,865 | ||||
Securities available for sale, gross unrealized gains | 189 | 131 | ||||
Securities available for sale, gross unrealized losses | 1,654 | 6,266 | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Securities held-to-maturity, amortized cost | 50,832 | 50,825 | ||||
Securities held-to-maturity, fair value | 52,753 | 54,538 | ||||
Securities held-to-maturity, gross Unrecognized gains | 2,078 | 3,713 | ||||
Securities held-to-maturity, gross Unrecognized losses | 157 | |||||
Mutual Fund Debt Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 12,572 | 12,703 | ||||
Securities available for sale, fair value | 12,572 | 12,703 | ||||
Securities available for sale, gross unrealized gains | 0 | 0 | ||||
Securities available for sale, gross unrealized losses | 0 | 0 | ||||
Collateralized Debt Obligations [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 87,167 | 100,561 | ||||
Securities available for sale, fair value | 86,933 | 99,198 | ||||
Securities available for sale, gross unrealized gains | 5 | 0 | ||||
Securities available for sale, gross unrealized losses | 239 | 1,363 | ||||
Other Debt Obligations [Member] | ||||||
Securities held-to-maturity, amortized cost | 50,832 | 50,825 | ||||
Securities held-to-maturity, amortized cost | 49,989 | 49,918 | ||||
Securities held-to-maturity, fair value | 52,753 | 54,538 | ||||
Securities held-to-maturity, gross Unrecognized gains | 2,078 | 3,713 | ||||
Securities held-to-maturity, gross Unrecognized losses | 157 | |||||
Securities held-to-maturity, allowance for credit losses | (843) | (907) | ||||
Securities available for sale, fair value | 212,654 | 243,514 | ||||
Collateralized Mortgage Backed Securities [Member] | ||||||
Securities held-to-maturity, amortized cost | 7,899 | 7,914 | ||||
Securities held-to-maturity, amortized cost | 7,899 | 7,914 | ||||
Securities held-to-maturity, fair value | 8,698 | 8,991 | ||||
Securities held-to-maturity, gross Unrecognized gains | 799 | 1,077 | ||||
Securities held-to-maturity, gross Unrecognized losses | 0 | |||||
Securities available for sale, amortized cost, total other securities | 585,585 | 395,101 | ||||
Securities available for sale, fair value | 584,145 | 404,460 | ||||
Securities available for sale, gross unrealized gains | 4,670 | 9,495 | ||||
Securities available for sale, gross unrealized losses | 6,110 | 136 | ||||
REMIC and CMO [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 229,499 | 175,142 | ||||
Securities available for sale, fair value | 229,890 | 180,877 | ||||
Securities available for sale, gross unrealized gains | 2,372 | 5,735 | ||||
Securities available for sale, gross unrealized losses | 1,981 | 0 | ||||
GNMA [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 11,362 | 13,009 | ||||
Securities available for sale, fair value | 11,088 | 13,053 | ||||
Securities available for sale, gross unrealized gains | 38 | 66 | ||||
Securities available for sale, gross unrealized losses | 312 | 22 | ||||
FNMA [Member] | ||||||
Securities held-to-maturity, amortized cost | 7,899 | 7,914 | ||||
Securities held-to-maturity, fair value | 8,698 | 8,991 | ||||
Securities held-to-maturity, gross Unrecognized gains | 799 | 1,077 | ||||
Securities held-to-maturity, gross Unrecognized losses | 0 | |||||
Securities available for sale, amortized cost, total other securities | 194,973 | 143,154 | ||||
Securities available for sale, fair value | 195,030 | 146,169 | ||||
Securities available for sale, gross unrealized gains | 1,815 | 3,046 | ||||
Securities available for sale, gross unrealized losses | 1,758 | 31 | ||||
FHLMC [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 149,751 | 63,796 | ||||
Securities available for sale, fair value | 148,137 | 64,361 | ||||
Securities available for sale, gross unrealized gains | 445 | 648 | ||||
Securities available for sale, gross unrealized losses | 2,059 | 83 | ||||
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 214,351 | 251,011 | ||||
Securities available for sale, fair value | 212,654 | 243,514 | ||||
Securities available for sale, gross unrealized gains | 199 | 133 | ||||
Securities available for sale, gross unrealized losses | $ 1,896 | $ 7,630 |
Securities - Securities Availab
Securities - Securities Available-for-sale and Held-to-maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Securities held-to-maturity, amortized cost, due after ten years | $ 50,832 | |||||
Securities held-to-maturity, fair value, due after ten years | 52,753 | |||||
Securities held-to-maturity, amortized cost | 58,731 | |||||
Securities held-to-maturity, allowance for credit losses | (843) | $ (844) | $ (907) | $ (402) | $ (402) | $ (340) |
Securities held-to-maturity, amortized cost | 57,888 | 57,832 | ||||
Securities held-to-maturity, fair value | 61,451 | 63,529 | ||||
Securities available for sale, amortized cost, due after one years through five years | 20,000 | |||||
Securities available for sale, fair value, due after one years through five years | 19,932 | |||||
Securities available for sale, amortized cost, due after five years through ten years | 169,572 | |||||
Securities available for sale, fair value, due after five years through ten years | 167,957 | |||||
Securities available for sale, amortized cost, due after ten years | 12,207 | |||||
Securities available for sale, fair value, due after ten years | 12,193 | |||||
Securities available for sale, amortized cost, total other securities | 799,936 | 646,112 | ||||
Securities available for sale, fair value, total other securities | 796,799 | 647,974 | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Securities held-to-maturity, amortized cost | 50,832 | 50,825 | ||||
Securities held-to-maturity, fair value | 52,753 | 54,538 | ||||
Total Other Securities [Member] | ||||||
Securities held-to-maturity, amortized cost | 50,832 | |||||
Securities held-to-maturity, fair value | 52,753 | |||||
Securities available for sale, amortized cost, total other securities | 201,779 | |||||
Securities available for sale, fair value, total other securities | 200,082 | |||||
Collateralized Mortgage Backed Securities [Member] | ||||||
Securities held-to-maturity, amortized cost | 7,899 | 7,914 | ||||
Securities held-to-maturity, amortized cost | 7,899 | 7,914 | ||||
Securities held-to-maturity, fair value | 8,698 | 8,991 | ||||
Securities available for sale, amortized cost, total other securities | 585,585 | 395,101 | ||||
Securities available for sale, fair value, total other securities | 584,145 | 404,460 | ||||
Mutual Fund Debt Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 12,572 | 12,703 | ||||
Securities available for sale, fair value, total other securities | $ 12,572 | $ 12,703 |
Securities - Available for Sale
Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 20,819 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 157 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 20,819 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 157 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | |
Securities have been in a continuous unrealized loss position, number of positions | 61 | 37 |
Securities have been in a continuous unrealized loss position, fair value | $ 486,946 | $ 290,820 |
Securities have been in a continuous unrealized loss position, unrealized losses | 8,006 | 7,766 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 436,825 | 76,729 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 6,861 | 186 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 50,121 | 214,091 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,145 | $ 7,580 |
US States and Political Subdivisions Debt Securities [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 20,819 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 157 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 20,819 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 157 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | |
US Government Agencies Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Securities have been in a continuous unrealized loss position, fair value | $ 4,489 | $ 4,988 |
Securities have been in a continuous unrealized loss position, unrealized losses | 3 | 1 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 4,489 | 4,988 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 3 | 1 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | $ 0 |
Corporate Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 11 | 14 |
Securities have been in a continuous unrealized loss position, fair value | $ 80,792 | $ 113,734 |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,654 | 6,266 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 51,698 | 0 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 748 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 29,094 | 113,734 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 906 | $ 6,266 |
Collateralized Loan Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 3 | 13 |
Securities have been in a continuous unrealized loss position, fair value | $ 21,027 | $ 99,199 |
Securities have been in a continuous unrealized loss position, unrealized losses | 239 | 1,363 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 7,441 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 52 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 21,027 | 91,758 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 239 | $ 1,311 |
Other Debt Obligations [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 20,819 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 157 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 20,819 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 157 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | |
Securities have been in a continuous unrealized loss position, number of positions | 15 | 28 |
Securities have been in a continuous unrealized loss position, fair value | $ 106,308 | $ 217,921 |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,896 | 7,630 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 56,187 | 12,429 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 751 | 53 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 50,121 | 205,492 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,145 | $ 7,577 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 46 | 9 |
Securities have been in a continuous unrealized loss position, fair value | $ 380,638 | $ 72,899 |
Securities have been in a continuous unrealized loss position, unrealized losses | 6,110 | 136 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 380,638 | 64,300 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 6,110 | 133 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 8,599 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | $ 3 |
REMIC and CMO [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 12 | |
Securities have been in a continuous unrealized loss position, fair value | $ 110,359 | |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,981 | |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 110,359 | |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,981 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | |
GNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 2 | 1 |
Securities have been in a continuous unrealized loss position, fair value | $ 10,196 | $ 10,341 |
Securities have been in a continuous unrealized loss position, unrealized losses | 312 | 22 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 10,196 | 10,341 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 312 | 22 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | $ 0 |
FNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 17 | 5 |
Securities have been in a continuous unrealized loss position, fair value | $ 136,324 | $ 32,463 |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,758 | 31 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 136,324 | 23,864 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 1,758 | 28 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 8,599 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | $ 3 |
FHLMC [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 15 | 3 |
Securities have been in a continuous unrealized loss position, fair value | $ 123,759 | $ 30,095 |
Securities have been in a continuous unrealized loss position, unrealized losses | 2,059 | 83 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 123,759 | 30,095 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,059 | 83 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 0 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | $ 0 |
Securities - Allowance for cred
Securities - Allowance for credit losses for debt securities held-to-maturity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Activity in the allowance for credit losses for debt securities held-to-maturity | |||
Beginning balance | $ 844 | $ 907 | $ 340 |
Provision (benefit) | (1) | (64) | 62 |
Allowance for credit losses - securities | 843 | 843 | $ 402 |
Other Debt Obligations [Member] | |||
Activity in the allowance for credit losses for debt securities held-to-maturity | |||
Beginning balance | 907 | ||
Allowance for credit losses - securities | $ 843 | $ 843 |
Securities - Gross Gain (Loss)
Securities - Gross Gain (Loss) Realized From the Sale of Securities Available for Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Notes To Financial Statements | |||
Gross gains from the sale of securities | $ 0 | $ 123 | $ 1,476 |
Gross losses from the sale of securities | (10) | (10) | (1,567) |
Net losses from the sale of securities | $ (10) | $ 113 | $ (91) |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | |
Provision (benefit) for credit losses | $ (6,926) | $ 2,470 | $ (5,642) | $ 19,206 | ||||
Allowance for credit losses | 36,363 | 38,343 | $ 36,363 | 38,343 | $ 45,153 | $ 42,670 | $ 36,710 | $ 21,751 |
Percentage of financing receivable on total loans | 0.55% | 0.67% | ||||||
Percentage of financing receivable non-performing loans | 179.90% | 214.30% | ||||||
Loans Receivable [Member] | ||||||||
Interest Receivable | 38,000 | $ 38,000 | $ 41,500 | |||||
Commercial Real Estate | ||||||||
Provision (benefit) for credit losses | (112) | 1,576 | (2,507) | 2,948 | ||||
Allowance for credit losses | 5,756 | 8,547 | 5,756 | 8,547 | 8,327 | 5,868 | 6,971 | 4,429 |
Multi-family Residential Portfolio Segment [Member] | ||||||||
Provision (benefit) for credit losses | (161) | (1,553) | (126) | 2,628 | ||||
Allowance for credit losses | 6,398 | 7,396 | 6,398 | 7,396 | 6,557 | 6,559 | 8,935 | 5,391 |
Taxi Medallion Portfolio Segment [Member] | ||||||||
Provision (benefit) for credit losses | (1,235) | 951 | 1,301 | 951 | ||||
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||||||
Non-accrual loans | 400 | |||||||
Commercial Business and Other Portfolio Segment [Member] | ||||||||
Provision (benefit) for credit losses | (4,354) | 2,702 | (2,334) | 12,317 | ||||
Allowance for credit losses | $ 20,300 | $ 17,941 | $ 20,300 | $ 17,941 | 24,666 | $ 25,548 | $ 15,248 | $ 8,554 |
Commercial Business and Other Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||||||
Non-accrual loans | $ 2,200 |
Loans - Loans Modified and Clas
Loans - Loans Modified and Classified as TDR (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | |
Number of TDR loan modifications | 1 | 2 | 1 |
Balance | $ 270,000 | $ 674,000 | $ 270,000 |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | ||
One-To-Four Family - Mixed Used Property [Member] | |||
Number of TDR loan modifications | 1 | 1 | |
Balance | $ 270,000 | $ 270,000 | |
Commercial Business and Other [Member] | |||
Number of TDR loan modifications | 2 | ||
Balance | $ 674,000 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings That Are Performing (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)contract | |
Number of contracts | 1 | 2 | 1 | |
Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 19 | 25 | ||
Amortized Cost | $ 13,137,000 | $ 15,911,000 | ||
Multi-Family Residential [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 6 | 6 | ||
Amortized Cost | $ 1,681,000 | $ 1,700,000 | ||
Commercial Real Estate | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 1 | 1 | ||
Amortized Cost | $ 7,572,000 | $ 7,702,000 | ||
One-To-Four Family - Mixed Used Property [Member] | ||||
Number of contracts | 1 | 1 | ||
One-To-Four Family - Mixed Used Property [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 5 | 5 | ||
Amortized Cost | $ 1,655,000 | $ 1,731,000 | ||
One-To-Four Family - Residential [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 3 | 3 | ||
Amortized Cost | $ 489,000 | $ 507,000 | ||
Taxi Medallion Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 2 | |||
Amortized Cost | $ 440,000 | |||
Commercial Business and Other [Member] | ||||
Number of contracts | 2 | |||
Commercial Business and Other [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 4 | 8 | ||
Amortized Cost | $ 1,740,000 | $ 3,831,000 |
Loans - Troubled Debt Restruc_2
Loans - Troubled Debt Restructurings That Are Not Performing (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2021USD ($)contractloan | Sep. 30, 2020USD ($)loan | Dec. 31, 2020USD ($)contract | |
Number of contracts | 1 | 2 | 1 | ||
Number of contracts | loan | 0 | 0 | 0 | ||
TDR subsequent recoveries | $ 1,500,000 | $ 1,500,000 | |||
Nonperforming Financial Instruments [Member] | |||||
Number of contracts | contract | 12 | ||||
Amortized Cost | $ 2,201,000 | ||||
One-To-Four Family - Mixed Used Property [Member] | |||||
Number of contracts | 1 | 1 | |||
Taxi Medallion Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Number of contracts | contract | 0 | 11 | |||
Amortized Cost | $ 0 | $ 0 | $ 1,922,000 | ||
Commercial Business and Other Portfolio Segment [Member] | |||||
Number of contracts | loan | 1 | ||||
Recorded investment, subsequent default | $ 300,000 | ||||
Commercial Business and Other Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||||
Number of contracts | contract | 1 | ||||
Amortized Cost | $ 279,000 |
Loans - Non-Accrual at Amortize
Loans - Non-Accrual at Amortized Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Total Non-accrual amortized cost | $ 18,611 | $ 20,947 | $ 28,026 |
Non-Accrual with no related Allowance | 16,986 | 16,880 | |
Interest income recognized | 87 | 58 | |
Loans ninety days or more past due and still accruing: | 1,925 | 2,748 | |
Multi-family Residential Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 4,461 | 2,576 | 2,723 |
Non-Accrual with no related Allowance | 4,461 | 2,576 | |
Interest income recognized | 19 | ||
Loans ninety days or more past due and still accruing: | 201 | ||
Commercial Real Estate | |||
Total Non-accrual amortized cost | 640 | 1,766 | 2,714 |
Non-Accrual with no related Allowance | 640 | 1,766 | |
Loans ninety days or more past due and still accruing: | 2,547 | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 2,510 | 1,706 | 1,704 |
Non-Accrual with no related Allowance | 2,510 | 1,706 | |
Interest income recognized | 4 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 7,509 | 5,313 | 9,992 |
Non-Accrual with no related Allowance | 7,509 | 5,313 | |
Interest income recognized | 1 | ||
Construction Portfolio Segment [Member] | |||
Loans ninety days or more past due and still accruing: | 873 | ||
Small Business Administration Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 991 | 1,168 | 1,169 |
Non-Accrual with no related Allowance | 991 | 1,168 | |
Taxi Medallion Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 2,758 | 2,318 | |
Non-Accrual with no related Allowance | 2,758 | ||
Commercial Business and Other Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 2,500 | 5,660 | $ 7,406 |
Non-Accrual with no related Allowance | 875 | 1,593 | |
Interest income recognized | 63 | $ 58 | |
Loans ninety days or more past due and still accruing: | $ 1,052 |
Loans - Non-performing Loans (D
Loans - Non-performing Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loans ninety days or more past due and still accruing | $ 1,925 | $ 2,748 |
Multi-family Residential Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 201 | |
Commercial Real Estate | ||
Loans ninety days or more past due and still accruing | 2,547 | |
Commercial Business and Other Portfolio Segment [Member] | ||
Loans ninety days or more past due and still accruing | 1,052 | |
Performing Financial Instruments [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Non-accrual loans | $ 300 | 300 |
Performing Financial Instruments [Member] | Taxi Medallion Portfolio Segment [Member] | ||
Non-accrual loans | 400 | |
Performing Financial Instruments [Member] | Commercial Business and Other Portfolio Segment [Member] | ||
Non-accrual loans | $ 2,200 |
Loans - Foregone on Non-accrual
Loans - Foregone on Non-accrual Loans and Loans Classified as TDR (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Note 4 - Loans and Allowance for Loan Losses - Summary of Interest Foregone on Non-accrual Loans and Loans Classified as TDR (Details) | ||||
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 415 | $ 491 | $ 1,330 | $ 1,296 |
Less: Interest income included in the results of operations | 156 | 78 | 480 | 240 |
Total foregone interest | $ 259 | $ 413 | $ 850 | $ 1,056 |
Loans - Age Analysis of Recorde
Loans - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loans, Past Due | $ 43,390 | $ 67,381 |
Loans, Current | 6,586,964 | 6,637,293 |
Loans | 6,630,354 | 6,704,674 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 22,144 | 36,947 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 1,514 | 11,519 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 19,732 | 18,915 |
Multi-family Residential Portfolio Segment [Member] | ||
Loans, Past Due | 20,914 | 13,545 |
Loans, Current | 2,480,107 | 2,522,432 |
Loans | 2,501,021 | 2,535,977 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 16,453 | 7,582 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | 3,186 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 4,461 | 2,777 |
Commercial Real Estate | ||
Loans, Past Due | 2,597 | 27,339 |
Loans, Current | 1,745,136 | 1,731,045 |
Loans | 1,747,733 | 1,758,384 |
Commercial Real Estate | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 1,119 | 17,903 |
Commercial Real Estate | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 838 | 5,123 |
Commercial Real Estate | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 640 | 4,313 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Loans, Past Due | 4,075 | 8,238 |
Loans, Current | 578,268 | 598,647 |
Loans | 582,343 | 606,885 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 1,657 | 5,673 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 172 | 1,132 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 2,246 | 1,433 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Loans, Past Due | 8,385 | 9,205 |
Loans, Current | 280,858 | 243,486 |
Loans | 289,243 | 252,691 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 372 | 3,087 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 504 | 805 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 7,509 | 5,313 |
Construction Portfolio Segment [Member] | ||
Loans, Past Due | 873 | 750 |
Loans, Current | 70,495 | 82,411 |
Loans | 71,368 | 83,161 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 0 | 750 |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 873 | 0 |
Small Business Administration Portfolio Segment [Member] | ||
Loans, Past Due | 4,128 | 2,991 |
Loans, Current | 141,506 | 162,579 |
Loans | 145,634 | 165,570 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 2,085 | 1,823 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 2,043 | 1,168 |
Taxi Medallion Portfolio Segment [Member] | ||
Loans, Past Due | 0 | 2,318 |
Loans, Current | 0 | 279 |
Loans | 0 | 2,597 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | 0 |
Taxi Medallion Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | 0 | 2,318 |
Commercial Business and Other Portfolio Segment [Member] | ||
Loans, Past Due | 2,418 | 2,995 |
Loans, Current | 1,290,594 | 1,296,414 |
Loans | 1,293,012 | 1,299,409 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans, Past Due | 458 | 129 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans, Past Due | 0 | 1,273 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans, Past Due | $ 1,960 | $ 1,593 |
Loans - Activity in the Allowan
Loans - Activity in the Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Beginning balance | $ 42,670 | $ 36,710 | $ 45,153 | $ 21,751 |
Impact of CECL Adoption | (379) | |||
Charge-off's | (1,019) | (964) | (5,127) | (3,253) |
Recoveries | 1,638 | 127 | 1,979 | 260 |
Provision (benefit) | (6,926) | 2,470 | (5,642) | 19,206 |
Ending balance | 36,363 | 38,343 | 36,363 | 38,343 |
Multi-family Residential Portfolio Segment [Member] | ||||
Beginning balance | 6,559 | 8,935 | 6,557 | 5,391 |
Impact of CECL Adoption | 650 | |||
Charge-off's | (43) | |||
Recoveries | 14 | 10 | 27 | |
Provision (benefit) | (161) | (1,553) | (126) | 2,628 |
Ending balance | 6,398 | 7,396 | 6,398 | 7,396 |
Commercial Real Estate | ||||
Beginning balance | 5,868 | 6,971 | 8,327 | 4,429 |
Impact of CECL Adoption | (1,170) | |||
Charge-off's | (64) | |||
Provision (benefit) | (112) | 1,576 | (2,507) | 2,948 |
Ending balance | 5,756 | 8,547 | 5,756 | 8,547 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Beginning balance | 1,492 | 2,826 | 1,986 | 1,817 |
Impact of CECL Adoption | 55 | |||
Charge-off's | (32) | (3) | ||
Recoveries | 123 | 60 | 133 | 138 |
Provision (benefit) | (169) | (1,208) | (641) | (219) |
Ending balance | 1,446 | 1,678 | 1,446 | 1,678 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||||
Beginning balance | 716 | 1,161 | 869 | 756 |
Impact of CECL Adoption | 160 | |||
Recoveries | 147 | 2 | 154 | 10 |
Provision (benefit) | (232) | (483) | (392) | 74 |
Ending balance | 631 | 680 | 631 | 680 |
Construction Portfolio Segment [Member] | ||||
Beginning balance | 185 | 183 | 497 | 441 |
Impact of CECL Adoption | 279 | |||
Provision (benefit) | (17) | 35 | (329) | 56 |
Ending balance | 168 | 218 | 168 | 218 |
Small Business Administration Portfolio Segment [Member] | ||||
Beginning balance | 2,302 | 1,386 | 2,251 | 363 |
Impact of CECL Adoption | (1,180) | |||
Charge-off's | (178) | |||
Recoveries | 8 | 47 | 27 | 67 |
Provision (benefit) | (646) | 450 | (614) | 451 |
Ending balance | 1,664 | 1,883 | 1,664 | 1,883 |
Taxi Medallion Portfolio Segment [Member] | ||||
Charge-off's | (951) | (2,758) | (951) | |
Recoveries | 1,235 | 1,457 | ||
Provision (benefit) | (1,235) | 951 | 1,301 | 951 |
Commercial Business and Other Portfolio Segment [Member] | ||||
Beginning balance | 25,548 | 15,248 | 24,666 | 8,554 |
Impact of CECL Adoption | 827 | |||
Charge-off's | (1,019) | (13) | (2,230) | (2,121) |
Recoveries | 125 | 4 | 198 | 18 |
Provision (benefit) | (4,354) | 2,702 | (2,334) | 12,317 |
Ending balance | $ 20,300 | $ 17,941 | $ 20,300 | $ 17,941 |
Loans - Risk category of our lo
Loans - Risk category of our loan portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
2021 | $ 766,866 | |
2020 | 722,177 | |
2019 | 928,177 | |
2018 | 994,128 | |
2017 | 742,487 | |
Prior | 2,218,381 | |
Revolving Loans Amortized Cost Basis | 240,200 | |
Lines of credit converted to term loans | 17,938 | |
Total | 6,630,354 | |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
2021 | 53,687 | |
2020 | 31,937 | |
2019 | 36,149 | |
2018 | 34,713 | |
2017 | 24,349 | |
Prior | 79,417 | |
Revolving Loans Amortized Cost Basis | 11,053 | |
Lines of credit converted to term loans | 17,938 | |
Total | 289,243 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Pass [Member] | ||
2021 | 53,687 | |
2020 | 31,937 | |
2019 | 35,424 | |
2018 | 32,594 | |
2017 | 21,016 | |
Prior | 73,993 | |
Revolving Loans Amortized Cost Basis | 10,907 | |
Lines of credit converted to term loans | 15,953 | |
Total | 275,511 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Watch [Member] | ||
2019 | 725 | |
2017 | 2,216 | |
Prior | 1,229 | |
Revolving Loans Amortized Cost Basis | 146 | |
Lines of credit converted to term loans | 847 | |
Total | 5,163 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention [Member] | ||
2018 | 278 | |
Prior | 350 | |
Lines of credit converted to term loans | 337 | |
Total | 965 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | ||
2018 | 1,841 | |
2017 | 1,117 | |
Prior | 3,845 | |
Lines of credit converted to term loans | 801 | |
Total | 7,604 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
2021 | 32,110 | |
2020 | 35,677 | |
2019 | 70,360 | |
2018 | 76,576 | |
2017 | 58,991 | |
Prior | 308,629 | |
Total | 582,343 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Pass [Member] | ||
2021 | 32,110 | |
2020 | 35,677 | |
2019 | 70,360 | |
2018 | 73,236 | |
2017 | 52,100 | |
Prior | 298,763 | |
Total | 562,246 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Watch [Member] | ||
2018 | 2,834 | |
2017 | 6,131 | |
Prior | 7,088 | |
Total | 16,053 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | ||
Prior | 1,279 | |
Total | 1,279 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | ||
2018 | 506 | |
2017 | 760 | |
Prior | 1,499 | |
Total | 2,765 | |
Commercial Real Estate | ||
2021 | 135,839 | |
2020 | 168,266 | |
2019 | 266,332 | |
2018 | 259,933 | |
2017 | 187,145 | |
Prior | 730,218 | |
Total | 1,747,733 | |
Commercial Real Estate | Pass [Member] | ||
2021 | 131,648 | |
2020 | 167,334 | |
2019 | 254,288 | |
2018 | 247,434 | |
2017 | 184,502 | |
Prior | 660,127 | |
Total | 1,645,333 | |
Commercial Real Estate | Watch [Member] | ||
2021 | 4,191 | |
2020 | 932 | |
2019 | 4,472 | |
2018 | 12,499 | |
2017 | 2,643 | |
Prior | 67,755 | |
Total | 92,492 | |
Commercial Real Estate | Special Mention [Member] | ||
Prior | 1,632 | |
Total | 1,632 | |
Commercial Real Estate | Substandard [Member] | ||
2019 | 7,572 | |
Prior | 704 | |
Total | 8,276 | |
Construction Portfolio Segment [Member] | ||
2021 | 3,477 | |
2020 | 25,417 | |
2019 | 16,913 | |
2018 | 12,848 | |
2017 | 8,480 | |
Revolving Loans Amortized Cost Basis | 4,233 | |
Total | 71,368 | |
Construction Portfolio Segment [Member] | Pass [Member] | ||
2021 | 3,477 | |
2020 | 25,417 | |
2019 | 14,798 | |
2018 | 1,993 | |
Revolving Loans Amortized Cost Basis | 4,233 | |
Total | 49,918 | |
Construction Portfolio Segment [Member] | Watch [Member] | ||
2019 | 2,115 | |
2018 | 9,125 | |
2017 | 5,880 | |
Total | 17,120 | |
Construction Portfolio Segment [Member] | Special Mention [Member] | ||
2018 | 857 | |
2017 | 2,600 | |
Total | 3,457 | |
Construction Portfolio Segment [Member] | Substandard [Member] | ||
2018 | 873 | |
Total | 873 | |
Multi-family Residential Portfolio Segment [Member] | ||
2021 | 218,819 | |
2020 | 241,458 | |
2019 | 339,477 | |
2018 | 446,594 | |
2017 | 353,566 | |
Prior | 895,409 | |
Revolving Loans Amortized Cost Basis | 5,698 | |
Total | 2,501,021 | |
Multi-family Residential Portfolio Segment [Member] | Pass [Member] | ||
2021 | 218,819 | |
2020 | 237,600 | |
2019 | 334,594 | |
2018 | 430,396 | |
2017 | 352,582 | |
Prior | 884,680 | |
Revolving Loans Amortized Cost Basis | 5,300 | |
Total | 2,463,971 | |
Multi-family Residential Portfolio Segment [Member] | Watch [Member] | ||
2020 | 2,885 | |
2019 | 3,707 | |
2018 | 13,649 | |
Prior | 9,987 | |
Revolving Loans Amortized Cost Basis | 398 | |
Total | 30,626 | |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | ||
2020 | 973 | |
Total | 973 | |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | ||
2019 | 1,176 | |
2018 | 2,549 | |
2017 | 984 | |
Prior | 742 | |
Total | 5,451 | |
Commercial Business Secured By Portfolio Segment [member] | ||
2021 | 131,864 | |
2020 | 116,335 | |
2019 | 90,400 | |
2018 | 64,271 | |
2017 | 39,991 | |
Prior | 146,956 | |
Total | 589,817 | |
Commercial Business Secured By Portfolio Segment [member] | Pass [Member] | ||
2021 | 131,864 | |
2020 | 92,989 | |
2019 | 38,483 | |
2018 | 45,725 | |
2017 | 27,927 | |
Prior | 96,840 | |
Total | 433,828 | |
Commercial Business Secured By Portfolio Segment [member] | Watch [Member] | ||
2020 | 23,346 | |
2019 | 51,319 | |
2018 | 18,546 | |
2017 | 12,064 | |
Prior | 46,477 | |
Total | 151,752 | |
Commercial Business Secured By Portfolio Segment [member] | Special Mention [Member] | ||
2019 | 598 | |
Total | 598 | |
Commercial Business Secured By Portfolio Segment [member] | Substandard [Member] | ||
Prior | 3,639 | |
Total | 3,639 | |
Commercial Business Portfolio Segment [Member] | ||
2021 | 86,513 | |
2020 | 74,939 | |
2019 | 107,214 | |
2018 | 95,065 | |
2017 | 66,258 | |
Prior | 53,938 | |
Revolving Loans Amortized Cost Basis | 219,137 | |
Total | 703,064 | |
Commercial Business Portfolio Segment [Member] | Pass [Member] | ||
2021 | 86,496 | |
2020 | 68,366 | |
2019 | 84,638 | |
2018 | 73,370 | |
2017 | 28,721 | |
Prior | 52,443 | |
Revolving Loans Amortized Cost Basis | 190,737 | |
Total | 584,771 | |
Commercial Business Portfolio Segment [Member] | Watch [Member] | ||
2021 | 17 | |
2020 | 1,676 | |
2019 | 22,545 | |
2018 | 18,947 | |
2017 | 32,250 | |
Prior | 37 | |
Revolving Loans Amortized Cost Basis | 12,697 | |
Total | 88,169 | |
Commercial Business Portfolio Segment [Member] | Special Mention [Member] | ||
2018 | 2,433 | |
2017 | 34 | |
Revolving Loans Amortized Cost Basis | 13,128 | |
Total | 15,595 | |
Commercial Business Portfolio Segment [Member] | Substandard [Member] | ||
2020 | 4,897 | |
2019 | 31 | |
2018 | 315 | |
2017 | 5,253 | |
Prior | 1,458 | |
Revolving Loans Amortized Cost Basis | 1,490 | |
Total | 13,444 | |
Commercial Business Portfolio Segment [Member] | Doubtful [Member] | ||
Revolving Loans Amortized Cost Basis | 1,085 | |
Total | 1,085 | |
Small Business Administration Portfolio Segment [Member] | ||
2021 | 104,557 | |
2020 | 28,148 | |
2019 | 1,332 | |
2018 | 4,128 | |
2017 | 3,707 | |
Prior | 3,762 | |
Total | 145,634 | |
Small Business Administration Portfolio Segment [Member] | Pass [Member] | ||
2021 | 104,557 | |
2020 | 28,148 | |
2019 | 1,273 | |
2018 | 1,545 | |
2017 | 640 | |
Prior | 2,875 | |
Total | 139,038 | |
Small Business Administration Portfolio Segment [Member] | Watch [Member] | ||
2019 | 59 | |
2018 | 2,583 | |
2017 | 2,076 | |
Prior | 833 | |
Total | 5,551 | |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | ||
Prior | 48 | |
Total | 48 | |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | ||
2017 | 991 | |
Prior | 6 | |
Total | 997 | |
Other Portfolio Segment [Member] | ||
Prior | 52 | |
Revolving Loans Amortized Cost Basis | 79 | |
Total | 131 | |
Other Portfolio Segment [Member] | Pass [Member] | ||
Prior | 52 | |
Revolving Loans Amortized Cost Basis | 79 | |
Total | 131 | |
Consumer Portfolio Segment [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 9,300 | $ 5,900 |
Loans - Amortized Cost of Colla
Loans - Amortized Cost of Collateral (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | $ 15,646 | $ 12,589 |
Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 2,965 | 7,408 |
Multi-family Residential Portfolio Segment [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 4,461 | 2,576 |
Commercial Real Estate | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 1,166 | 2,994 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 2,510 | 1,706 |
One-To-Four Family - Residential Portfolio Segment [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 7,509 | 5,313 |
Small Business Administration Portfolio Segment [Member] | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 991 | 1,168 |
Commercial Business and Other Portfolio Segment [Member] | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | $ 1,974 | 3,482 |
Taxi Medallion Portfolio Segment [Member] | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | $ 2,758 |
Loans - Off-Balance Sheet Credi
Loans - Off-Balance Sheet Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of period | $ 1,570 | $ 1,264 | $ 1,815 | ||
Off-Balance Sheet - CECL Adoption | $ 553 | ||||
Off-Balance Sheet- Provision (Benefit) | (259) | 295 | (504) | 1,006 | |
Balance at end of period | 1,311 | $ 1,559 | 1,311 | $ 1,559 | |
Extension Of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Commitment to extend credit | $ 445,900 | $ 445,900 | $ 474,000 |
Loans Held for Sale (Details)
Loans Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Note to Financial Statements | ||
Loans Receivable Held-for-sale, Net, Not Part of Disposal Group, Ending Balance | $ 0 | $ 0 |
Loans Held for Sale - Delinquen
Loans Held for Sale - Delinquent and Non-performing Loans Sold During the Period Indicated (Details) - Nonperforming Financial Instruments [Member] $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)loan | Sep. 30, 2020loan | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | |
Loans sold | loan | 6 | 0 | 27 | 2 |
Proceeds | $ 6,383 | $ 24,967 | $ 580 | |
Net Recoveries (Charge-offs) | (121) | |||
Net gain | $ 131 | $ 289 | ||
Net gain (loss) | $ 42 | |||
Multi-family Residential Portfolio Segment [Member] | ||||
Loans sold | loan | 2 | 10 | 1 | |
Proceeds | $ 1,316 | $ 12,069 | $ 284 | |
Net Recoveries (Charge-offs) | (43) | |||
Net gain | $ 15 | $ 78 | ||
Net gain (loss) | $ 42 | |||
Commercial Real Estate | ||||
Loans sold | loan | 1 | 4 | ||
Proceeds | $ 4,344 | $ 7,380 | ||
Net Recoveries (Charge-offs) | (64) | |||
Net gain | $ 87 | $ 104 | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Loans sold | loan | 3 | 13 | 1 | |
Proceeds | $ 723 | $ 5,518 | $ 296 | |
Net Recoveries (Charge-offs) | (14) | |||
Net gain | $ 29 | $ 107 |
Leases - (Details)
Leases - (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($)lease | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)lease | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Net gain on disposition of assets | $ 621,000 | $ 0 | |||
Short-term lease expense | $ 34,000 | $ 34,000 | 129,000 | $ 102,000 | |
Variable lease payments | 800,000 | 800,000 | |||
Operating lease cost | $ 2,217,000 | 1,895,000 | $ 6,565,000 | 5,700,000 | $ 5,676,000 |
Weighted-average remaining lease term-operating leases (Year) | 7 years 6 months | 7 years 6 months | 8 years 3 months 18 days | ||
Weighted average discount rate-operating leases | 3.20% | 3.20% | 3.20% | ||
Minimum [Member] | |||||
Term of contract | 1 month | 1 month | |||
Maximum [Member] | |||||
Term of contract | 15 years | 15 years | |||
Branches And Office Space [Member] | |||||
Number of leases | lease | 28 | 28 | |||
Vehicles [Member] | |||||
Number of leases | lease | 10 | 10 | |||
Equipment [Member] | |||||
Number of leases | lease | 1 | 1 | |||
Professional Services [Member] | |||||
Short-term lease expense | $ 34,000 | $ 129,000 | $ 102,000 |
Leases - Balance Sheet Disclosu
Leases - Balance Sheet Disclosures and Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Leases [Abstract] | |||||
Operating lease ROU assets | $ 50,155 | $ 50,155 | $ 50,743 | ||
Operating lease liability | $ 54,239 | $ 54,239 | $ 59,100 | ||
Weighted-average remaining lease term-operating leases (Year) | 7 years 6 months | 7 years 6 months | 8 years 3 months 18 days | ||
Weighted average discount rate-operating leases | 3.20% | 3.20% | 3.20% | ||
Operating lease cost | $ 2,217 | $ 1,895 | $ 6,565 | $ 5,700 | $ 5,676 |
Short-term lease cost | 34 | 34 | 129 | 102 | |
Variable lease cost | 230 | 281 | 826 | 832 | |
Total lease cost | 2,481 | 2,210 | 7,520 | 6,610 | |
Operating cash flows from operating leases | 2,435 | 2,101 | 10,483 | 6,283 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 28 | $ 6,772 | $ 4,827 | $ 6,822 |
Leases - Minimum Annual Rental
Leases - Minimum Annual Rental Payments for Bank facilities Due Under Non-cancelable Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 | $ 1,995 | |
2021 | 9,162 | $ 8,757 |
2022 | 9,292 | 8,871 |
2023 | 9,127 | 9,006 |
2024 | 8,479 | 8,847 |
2025 | 8,212 | |
Thereafter | 22,897 | 23,547 |
Total minimum payments required | 60,952 | 67,240 |
Less: implied interest | 6,713 | 8,140 |
Total lease obligations | $ 54,239 | $ 59,100 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) | May 18, 2021 | Jan. 31, 2019 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Stock-based compensation (benefit) expense | $ 1,200,000 | $ 900,000 | $ 6,300,000 | $ 4,300,000 | ||
Income tax benefits related to the stock-based compensation plans | $ 300,000 | 200,000 | $ 1,700,000 | $ 1,000,000 | ||
Omnibus Plan 2014 [Member] | ||||||
Number of shares authorized | 1,171,343 | 1,171,343 | ||||
Number of additional shares authorized | 1,100,000 | |||||
The 2019 Long-term Incentive Compensation Program [Member] | ||||||
Awards vesting period | 3 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Awards granted | 238,985 | 172,728 | ||||
Restricted Stock Units (RSUs) [Member] | Omnibus Plan 2014 [Member] | ||||||
Total unrecognized compensation cost | $ 5,300,000 | $ 5,300,000 | ||||
Weighted-average period of recognition of compensation cost | 2 years 4 months 24 days | |||||
Total fair value of awards vested | 400,000 | 200,000 | $ 5,400,000 | $ 5,200,000 | ||
Performance-based Restricted Stock Units [Member] | ||||||
Awards granted | 62,790 | 72,143 | ||||
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | ||||||
Stock-based compensation (benefit) expense | 200,000 | (100,000) | $ 800,000 | $ (1,200,000) | ||
Total fair value of awards vested | $ 24,000 | $ 3,000 | $ 50,000 | $ 10,000 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Restricted Stock Units (RSUs) [Member] | ||
Non-vested RSU's, beginning balance (in shares) | 336,898 | |
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 23.48 | |
Granted RSU's (in shares) | 238,985 | 172,728 |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 18.44 | |
Vested RSU's (in shares) | (250,056) | |
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 21.26 | |
Forfeited RSU's (in shares) | (5,597) | |
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | $ 21.36 | |
Non-vested RSU's, ending balance (in shares) | 320,230 | |
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 21.48 | |
Vested RSU's but unissued (in shares) | 224,709 | |
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 21.08 | |
Performance-based Restricted Stock Units [Member] | ||
Non-vested RSU's, beginning balance (in shares) | 66,580 | |
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 21.26 | |
Granted RSU's (in shares) | 62,790 | 72,143 |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 18.46 | |
Vested RSU's (in shares) | (41,570) | |
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 19.08 | |
Forfeited RSU's (in shares) | 0 | |
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | $ 0 | |
Non-vested RSU's, ending balance (in shares) | 87,800 | |
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 20.29 | |
Vested RSU's but unissued (in shares) | 108,685 | |
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 20.48 |
Stock-based Compensation - Phan
Stock-based Compensation - Phantom Stock Plan (Details) - Phantom Share Units (PSUs) [Member] - Phantom Stock Plan [Member] | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Outstanding, beginning balance (in shares) | shares | 120,248 |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 16.64 |
Granted (in shares) | shares | 10,232 |
Granted (in dollars per share) | $ / shares | $ 19.85 |
Forfeited (in shares) | shares | (11) |
Forfeited (in dollars per share) | $ / shares | $ 18.25 |
Distributions (in shares) | shares | (2,606) |
Distributions (in dollars per share) | $ / shares | $ 19.03 |
Outstanding, ending balance (in shares) | shares | 127,863 |
Outstanding, ending (in dollars per share) | $ / shares | $ 22.60 |
Vested at September 30, 2021 (in shares) | shares | 127,763 |
Vested at September 30, 2021 (in dollars per share) | $ / shares | $ 22.60 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefits - The Components of the Net Pension Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Employee Pension Plan [Member] | ||||
Interest cost | $ 128 | $ 163 | $ 384 | $ 489 |
Amortization of actuarial (gain) loss | 122 | 111 | 366 | 333 |
Expected return on plan assets | (274) | (257) | (822) | (771) |
Net pension (benefit) expense | (24) | 17 | (72) | 51 |
Directors' Plan [Member] | ||||
Service cost | 4 | 4 | 12 | 11 |
Interest cost | 12 | 16 | 36 | 48 |
Amortization of actuarial (gain) loss | (5) | (14) | (15) | (41) |
Amortization of past service credit | 0 | 0 | 0 | 0 |
Net pension (benefit) expense | 11 | 6 | 33 | 18 |
Other Post Retirement Benefit Plan Defined Benefit [Member] | ||||
Service cost | 73 | 69 | 219 | 206 |
Interest cost | 58 | 64 | 174 | 194 |
Amortization of actuarial (gain) loss | 8 | 24 | ||
Amortization of past service credit | (21) | (21) | (63) | (64) |
Net pension (benefit) expense | $ 118 | $ 112 | $ 354 | $ 336 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefit Plans (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Directors' Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 108,000 | |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 97,000 | |
Retirement Plan [Member] | Savings Bank [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Financial Assets at Fair Value Option | $ 14,500 | $ 14,500 | $ 14,500 | ||
Financial Liabilities at Fair Value Option | 51,600 | 51,600 | 43,100 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (2,289) | $ (2,225) | (7,855) | $ 1,987 | |
Financial Liabilities at Fair Value Option Contractual Principal | 61,900 | 61,900 | 61,900 | ||
Financial Liabilities at Fair Value Option Accrued Interest Payable | 100 | 100 | 100 | ||
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | $ 0 | 0 | $ 0 | 0 | |
Appraised Value of Property [Member] | |||||
Collateral Dependent Loans Measurement Input | 85 | 85 | |||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | $ 0 | ||
Interest Rate Swap [Member] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (400) | $ 600 | $ 1,000 | $ (3,200) |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Financial Assets and Liabilities Reported Under the Fair Value Option (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Financial Assets at Fair Value Option | $ 14,500 | $ 14,500 | $ 14,500 | ||
Net loss from fair value adjustments | (2,289) | $ (2,225) | (7,855) | $ 1,987 | |
Collateralized Mortgage Backed Securities [Member] | |||||
Financial Assets at Fair Value Option | 412 | 412 | 505 | ||
Net loss from fair value adjustments | (1) | (1) | (3) | 1 | |
Other Securities [Member] | |||||
Financial Assets at Fair Value Option | 14,120 | 14,120 | 13,998 | ||
Net loss from fair value adjustments | 6 | 83 | 7 | 120 | |
Junior Subordinated Debentures [Member] | |||||
Financial Assets at Fair Value Option | 51,578 | 51,578 | $ 43,136 | ||
Net loss from fair value adjustments | (1,849) | (2,897) | (8,837) | 5,086 | |
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | |||||
Net loss from fair value adjustments | $ (1,844) | $ (2,815) | $ (8,833) | $ 5,207 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 |
Securities available for sale, fair value | $ 796,799 | $ 647,974 | |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | $ 0 | |
Collateralized Mortgage Backed Securities [Member] | |||
Securities available for sale, fair value | 584,145 | 404,460 | |
Other Securities [Member] | |||
Securities available for sale, fair value | 1,548 | 1,295 | |
Fair Value, Measurements, Recurring [Member] | |||
Total assets | 804,192 | 649,293 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 84,774 | 104,123 | |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Securities available for sale, fair value | 584,145 | 404,460 | |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | |||
Securities available for sale, fair value | 212,654 | 243,514 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||
Interest Rate Swaps, Net Amount | 7,393 | 1,319 | |
Interest Rate Swaps, Net Amount | 33,196 | 60,987 | |
Fair Value, Measurements, Recurring [Member] | Junior Subordinated Debentures [Member] | |||
Borrowings | 51,578 | 43,136 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total assets | 12,572 | 12,703 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Securities available for sale, fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | |||
Securities available for sale, fair value | 12,572 | 12,703 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | |||
Interest Rate Swaps, Net Amount | 0 | 0 | |
Interest Rate Swaps, Net Amount | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Junior Subordinated Debentures [Member] | |||
Borrowings | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total assets | 790,072 | 635,295 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 33,196 | 60,987 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Securities available for sale, fair value | 584,145 | 404,460 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | |||
Securities available for sale, fair value | 198,534 | 229,516 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | |||
Interest Rate Swaps, Net Amount | 7,393 | 1,319 | |
Interest Rate Swaps, Net Amount | 33,196 | 60,987 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Junior Subordinated Debentures [Member] | |||
Borrowings | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total assets | 1,548 | 1,295 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 51,578 | 43,136 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | |||
Securities available for sale, fair value | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | |||
Securities available for sale, fair value | 1,548 | 1,295 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | |||
Interest Rate Swaps, Net Amount | 0 | 0 | |
Interest Rate Swaps, Net Amount | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | |||
Borrowings | 51,578 | 43,136 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Total assets | 11,614 | 11,980 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Total assets | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Total assets | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total assets | $ 11,614 | $ 11,980 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Recurring Basis, Classified Within Level 3 (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Trust Preferred Securities [Member] | ||||
Beginning balance | $ 1,495 | $ 1,068 | $ 1,295 | $ 1,332 |
Net gain (loss) from fair value adjustment of financial assets | 53 | 82 | 254 | (180) |
Decrease in accrued interest receivable | (1) | (1) | (3) | |
Ending balance | 1,548 | 1,149 | 1,548 | 1,149 |
Junior Subordinated Debentures [Member] | ||||
Beginning balance | 49,814 | 35,570 | 43,136 | 44,384 |
Net loss (gain) from fair value adjustment of financial liabilities | 1,850 | 2,897 | 8,837 | (5,086) |
Decrease in accrued interest payable | (1) | (19) | (6) | (104) |
Change in unrealized gains included in other comprehensive income | (85) | (161) | (389) | (907) |
Ending balance | 51,578 | 38,287 | 51,578 | 38,287 |
Changes in unrealized gains held at period end | $ 3,058 | $ 2,384 | $ 3,058 | $ 2,384 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Quantitative Information About Recurring Level 3 Fair Value of Financial Instruments (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Securities available for sale, fair value | $ 796,799 | $ 647,974 |
Valuation Technique, Discounted Cash Flow [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | $ 51,578 | $ 43,136 |
Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities, Weighted average | 2.9 | 4.2 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Securities available for sale, fair value | $ 1,548 | $ 1,295 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Assets, Weighted average | 2.9 | 4.2 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Assets and Liabilities Carried at Fair Value on a Non-recurring Basis, Fair Value (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Impaired loans | $ 11,614 | $ 11,980 |
Total assets | 11,614 | 11,980 |
Fair Value, Inputs, Level 1 [Member] | ||
Impaired loans | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Impaired loans | 0 | 0 |
Total assets | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 11,614 | 11,980 |
Total assets | $ 11,614 | $ 11,980 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Quantitative Information About Non-recurring Level 3 Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Nonrecurring [Member] $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Impaired loans | $ 11,614 | $ 11,980 |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | ||
Impaired loans | $ 11,163 | $ 10,690 |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||
Impaired loans, measurement input | 8 | (100) |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Maximum [Member] | ||
Impaired loans, measurement input | 15 | 15 |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Impaired loans, measurement input | 11.8 | 6.8 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans | $ 451 | $ 1,290 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Impaired loans, measurement input | 4.3 | 4.3 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Impaired loans, measurement input | 5.5 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Impaired loans, measurement input | 4.3 | 4.9 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||
Impaired loans, measurement input | 35 | 20 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Maximum [Member] | ||
Impaired loans, measurement input | 35 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Impaired loans, measurement input | 35 | 27.4 |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments - Carrying Amounts and Estimated Fair Values of Selected Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Securities held-to-maturity, amortized cost | $ 57,888 | $ 57,832 |
Securities available for sale, fair value | 796,799 | 647,974 |
Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 7,393 | 1,319 |
Interest rate swaps | 4,129 | (2,629) |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,899 | 7,914 |
Securities available for sale, fair value | 584,145 | 404,460 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 49,989 | 49,918 |
Securities available for sale, fair value | 212,654 | 243,514 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 178,598 | 157,388 |
Loans | 6,630,354 | 6,704,674 |
FHLB-NY stock | 36,158 | 43,439 |
Accrued interest receivable | 40,912 | 44,041 |
Deposits | 6,488,598 | 6,136,355 |
Borrowings | 752,925 | 1,020,895 |
Accrued interest payable | 5,698 | 4,755 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 7,393 | 1,319 |
Interest rate swaps | 33,196 | 60,987 |
Reported Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,899 | 7,914 |
Securities available for sale, fair value | 584,145 | 404,460 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 50,832 | 50,825 |
Securities available for sale, fair value | 212,654 | 243,514 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 178,598 | 157,388 |
Loans | 6,722,201 | 6,793,985 |
FHLB-NY stock | 36,158 | 43,439 |
Accrued interest receivable | 40,912 | 44,041 |
Deposits | 6,491,487 | 6,141,775 |
Borrowings | 753,952 | 1,017,573 |
Accrued interest payable | 5,698 | 4,755 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 7,393 | 1,319 |
Interest rate swaps | 33,196 | 60,987 |
Estimate of Fair Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 8,698 | 8,991 |
Securities available for sale, fair value | 584,145 | 404,460 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 52,753 | 54,538 |
Securities available for sale, fair value | 212,654 | 243,514 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 178,598 | 157,388 |
Loans | 0 | 0 |
FHLB-NY stock | 0 | 0 |
Accrued interest receivable | 2 | 2 |
Deposits | 5,448,500 | 4,997,994 |
Borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | 0 |
Interest rate swaps | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 12,572 | 12,703 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | 0 | 0 |
Loans | 0 | 0 |
FHLB-NY stock | 36,158 | 43,439 |
Accrued interest receivable | 1,591 | 1,389 |
Deposits | 1,042,987 | 1,143,781 |
Borrowings | 702,374 | 974,437 |
Accrued interest payable | 5,698 | 4,755 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 7,393 | 1,319 |
Interest rate swaps | 33,196 | 60,987 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 8,698 | 8,991 |
Securities available for sale, fair value | 584,145 | 404,460 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 198,534 | 229,516 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | 0 | 0 |
Loans | 6,722,201 | 6,793,985 |
FHLB-NY stock | 0 | 0 |
Accrued interest receivable | 39,319 | 42,650 |
Deposits | 0 | 0 |
Borrowings | 51,578 | 43,136 |
Accrued interest payable | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 0 | 0 |
Interest rate swaps | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 0 | 0 |
Securities available for sale, fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 52,753 | 54,538 |
Securities available for sale, fair value | $ 1,548 | $ 1,295 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Junior subordinated debentures | $ 51,578 | $ 51,578 | $ 43,136 | ||
Notional amount | 1,534,520 | 1,534,520 | 1,481,109 | ||
Short term advances and brokered CD's | 996,500 | 996,500 | 1,021,500 | ||
Derivative instruments | (25,803) | (25,803) | (59,668) | ||
Customer [Member] | |||||
Derivative instruments | 114,800 | 114,800 | 62,800 | ||
Bank [Member] | |||||
Derivative instruments | 114,800 | 114,800 | 62,800 | ||
Customer and Bank [Member] | |||||
Derivative instruments | 229,700 | 229,700 | 125,600 | ||
Cash Flow Hedging [Member] | |||||
Amount reclassified from accumulated other comprehensive loss to interest expense | 2,600 | $ 1,400 | 7,900 | $ 2,100 | |
Amount to be reclassified from the accumulated comprehensive income (loss) into earnings | 10,500 | ||||
Not Designated as Hedging Instrument [Member] | |||||
Notional amount | 229,700 | 229,700 | 143,600 | ||
Designated as Hedging Instrument [Member] | |||||
Notional amount | 308,400 | 308,400 | 316,100 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Notional amount | 996,500 | 996,500 | 1,021,500 | ||
Interest Rate Swap [Member] | |||||
Notional amount | 308,400 | 308,400 | 316,100 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Notional amount | 114,835 | 114,835 | 80,779 | ||
Derivative instruments | (3,225) | (3,225) | (6,998) | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Notional amount | 641,500 | 641,500 | 1,021,500 | ||
Derivative instruments | (14,675) | $ (14,675) | (25,300) | ||
Floating Rate Junior Subordinated Debentures [Member] | |||||
Amount of hedged item | 18,000 | ||||
Junior subordinated debentures | $ 61,900 | ||||
Gain (loss) on termination of swaps | $ (4,700) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Interest rate swaps, notional amount | $ 1,534,520 | $ 1,481,109 |
Interest rate swaps, net carrying value | (25,803) | (59,668) |
Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 308,400 | 316,100 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Interest rate swaps, notional amount | 996,500 | 1,021,500 |
Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 229,700 | 143,600 |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Interest rate swaps, notional amount | 355,000 | |
Interest rate swaps, net carrying value | 4,168 | |
Interest Rate Swaps 1 [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 114,835 | 62,779 |
Interest rate swaps, net carrying value | 3,225 | 1,319 |
Interest Rate Swaps 2 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Interest rate swaps, notional amount | 308,350 | 316,051 |
Interest rate swaps, net carrying value | (15,296) | (28,689) |
Interest Rate Swap [Member] | ||
Interest rate swaps, notional amount | 308,400 | 316,100 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Interest rate swaps, notional amount | 641,500 | 1,021,500 |
Interest rate swaps, net carrying value | (14,675) | (25,300) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 114,835 | 80,779 |
Interest rate swaps, net carrying value | $ (3,225) | $ (6,998) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net loss | $ (4,421) | $ (3,211) | $ (10,500) | $ (12,438) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Net loss | (478) | 458 | 673 | (3,518) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other interest expense | ||||
Net loss | (33) | (132) | (305) | (298) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Net gain (loss) from fair value adjustments | ||||
Net loss | (445) | 590 | 978 | (3,220) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest and fees on loans | ||||
Net loss | (1,206) | (1,158) | (3,231) | (4,863) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other interest expense | ||||
Net loss | $ (2,737) | $ (2,511) | $ (7,942) | $ (4,057) |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Master Netting Arrangements on Derivative Assets and Liabilities in the Consolidated Statements of Condition (Details) - Interest Rate Swap [Member] - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 7,393 | $ 1,319 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | 0 | 0 |
Interest Rate Swaps, Net Amount of Assets Presented in the Statement of Condition | 7,393 | 1,319 |
Interest Rate Swaps, Financial Instruments | 0 | 0 |
Interest Rate Swaps, Cash Collateral Received | 0 | |
Interest Rate Swaps, Net Amount | 7,393 | 1,319 |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | 33,196 | 60,987 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | 0 | |
Interest Rate Swaps, Net Amount of Liabilities Presented in the Statement of Condition | 33,196 | 60,987 |
Interest Rate Swaps, Financial Instruments | 0 | 99 |
Interest Rate Swaps, Cash Collateral Received | 29,067 | 63,517 |
Interest Rate Swaps, Net Amount | $ 4,129 | (2,629) |
Interest Rate Swaps, Gross Amount Offset in the Statement of Condition | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ 655,167 | $ 639,201 | $ 618,997 | $ 571,921 | $ 549,683 | $ 579,672 | $ 618,997 | $ 579,672 |
Total other comprehensive income (loss), net of tax | (517) | 2,286 | 5,563 | 5,214 | 8,918 | (22,633) | 7,332 | (8,501) |
Balance | 668,096 | 655,167 | 639,201 | 586,406 | 571,921 | 549,683 | 668,096 | 586,406 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||
Balance | 485 | 1,290 | (2,708) | (3,982) | 1,290 | (3,982) | ||
Other comprehensive income before reclassifications, net of tax | (2,645) | 3,185 | (3,365) | 4,397 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 7 | 0 | (78) | 62 | ||||
Total other comprehensive income (loss), net of tax | (2,638) | 3,185 | (3,443) | 4,459 | ||||
Balance | (2,153) | 485 | 477 | (2,708) | (2,153) | 477 | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Balance | (9,202) | (17,521) | (21,473) | (5,863) | (17,521) | (5,863) | ||
Other comprehensive income before reclassifications, net of tax | 179 | 937 | 4,885 | (15,215) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 1,812 | 929 | 5,425 | 1,471 | ||||
Total other comprehensive income (loss), net of tax | 1,991 | 1,866 | 10,310 | (13,744) | ||||
Balance | (7,211) | (9,202) | (19,607) | (21,473) | (7,211) | (19,607) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Balance | (1,741) | (1,884) | (878) | (983) | (1,884) | (983) | ||
Other comprehensive income before reclassifications, net of tax | 0 | 0 | ||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 72 | 52 | 215 | 157 | ||||
Total other comprehensive income (loss), net of tax | 72 | 52 | 215 | 157 | ||||
Balance | (1,669) | (1,741) | (826) | (878) | (1,669) | (826) | ||
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | ||||||||
Balance | 2,041 | 1,849 | 1,537 | 1,021 | 1,849 | 1,021 | ||
Other comprehensive income before reclassifications, net of tax | 58 | 111 | 250 | 627 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | ||||||
Total other comprehensive income (loss), net of tax | 58 | 111 | 250 | 627 | ||||
Balance | 2,099 | 2,041 | 1,648 | 1,537 | 2,099 | 1,648 | ||
AOCI Attributable to Parent [Member] | ||||||||
Balance | (8,417) | (10,703) | (16,266) | (23,522) | (32,440) | (9,807) | (16,266) | (9,807) |
Other comprehensive income before reclassifications, net of tax | (2,408) | 4,233 | 1,770 | (10,191) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 1,891 | 981 | 5,562 | 1,690 | ||||
Total other comprehensive income (loss), net of tax | (517) | 2,286 | 5,563 | 5,214 | 8,918 | (22,633) | 7,332 | (8,501) |
Balance | $ (8,934) | $ (8,417) | $ (10,703) | $ (18,308) | $ (23,522) | $ (32,440) | $ (8,934) | $ (18,308) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Amounts Reclassified (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other interest expense | $ (9,589) | $ (13,990) | $ (31,537) | $ (55,889) | ||||
Other operating expense | 6,182 | 3,388 | 15,773 | 11,339 | ||||
Total before tax | 34,812 | 18,820 | 86,452 | 41,304 | ||||
Provision for income taxes | 9,399 | 4,489 | 22,742 | 10,091 | ||||
Net income | 25,413 | $ 19,258 | $ 19,039 | 14,331 | $ 18,272 | $ (1,390) | 63,710 | 31,213 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||
Net gain (loss) on sale of securities | (10) | 113 | (91) | |||||
Provision for income taxes | 3 | (35) | 29 | |||||
Net income | (7) | 78 | (62) | |||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Provision for income taxes | 828 | 423 | 2,458 | 669 | ||||
Net income | (1,812) | (929) | (5,425) | (1,471) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||||||||
Other interest expense | (2,640) | (1,352) | (7,883) | (2,140) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||||
Other operating expense | (125) | (97) | (375) | (292) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||||||||
Other operating expense | 21 | 21 | 63 | 64 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Total before tax | (104) | (76) | (312) | (228) | ||||
Provision for income taxes | 32 | 24 | 97 | 71 | ||||
Net income | $ (72) | $ (52) | $ (215) | $ (157) |
Regulatory Capital (Details)
Regulatory Capital (Details) | Sep. 30, 2021 | Dec. 31, 2020 |
Savings Bank [Member] | ||
Capital Conservation Buffer | 5.46% | 4.30% |
Holding Company | ||
Capital Conservation Buffer | 5.44% | 4.54% |
Regulatory Capital - Summary of
Regulatory Capital - Summary of the Bank's Compliance (Details) $ in Thousands | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Savings Bank [Member] | ||
Tier I (leverage) capital: | ||
Tier I (leverage) capital, capital level, amount | $ 800,352 | $ 733,010 |
Tier I (leverage) capital, capital level, percent | 9.93 | 9.27 |
Tier I (leverage) capital, requirement to be well capitalized, amount | $ 403,092 | $ 395,510 |
Tier I (leverage) capital, requirement to be well capitalized, percent | 5 | 5 |
Tier I (leverage) capital, excess, amount | $ 397,260 | $ 337,500 |
Tier I (leverage) capital, excess, percent | 4.93 | 4.27 |
Common Equity Tier I risk-based capital: | ||
Common Equity Tier I risk-based capital, capital level, amount | $ 800,352 | $ 733,010 |
Common Equity Tier I risk-based capital, capital level, percent | 12.91 | 11.65 |
Common Equity Tier I risk-based capital, requirement to be well capitalized, amount | $ 402,849 | $ 408,929 |
Common Equity Tier I risk-based capital, requirement to be well capitalized, percent | 6.50% | 6.50% |
Common Equity Tier I risk-based capital, excess, amount | $ 397,503 | $ 324,081 |
Common Equity Tier I risk-based capital, excess, percent | 6.41% | 5.15% |
Tier I risk-based capital: | ||
Tier I risk-based capital, capital level, amount | $ 800,352 | $ 733,010 |
Tier I risk-based capital, capital level, percent | 12.91 | 11.65 |
Tier I risk-based capital, requirement to be well capitalized, amount | $ 495,814 | $ 503,297 |
Tier I risk-based capital, requirement to be well capitalized, percent | 8 | 8 |
Tier I risk-based capital, excess, amount | $ 304,538 | $ 229,713 |
Tier I risk-based capital, excess, percent | 4.91 | 3.65 |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 834,131 | $ 773,807 |
Total risk-based capital, capital level, percent | 13.46 | 12.30 |
Total risk-based capital, requirement to be well capitalized, amount | $ 619,768 | $ 629,121 |
Total risk-based capital, requirement to be well capitalized, percent | 10 | 10 |
Total risk-based capital, excess, amount | $ 214,363 | $ 144,686 |
Total risk-based capital, excess, percent | 3.46 | 2.30 |
Holding Company | ||
Tier I (leverage) capital: | ||
Tier I (leverage) capital, capital level, amount | $ 711,276 | $ 662,987 |
Tier I (leverage) capital, capital level, percent | 8.83 | 8.38 |
Tier I (leverage) capital, requirement to be well capitalized, amount | $ 402,936 | $ 395,439 |
Tier I (leverage) capital, requirement to be well capitalized, percent | 5 | 5 |
Tier I (leverage) capital, excess, amount | $ 308,340 | $ 267,548 |
Tier I (leverage) capital, excess, percent | 3.83 | 3.38 |
Common Equity Tier I risk-based capital: | ||
Common Equity Tier I risk-based capital, capital level, amount | $ 661,340 | $ 621,247 |
Common Equity Tier I risk-based capital, capital level, percent | 10.68 | 9.88 |
Common Equity Tier I risk-based capital, requirement to be well capitalized, amount | $ 402,623 | $ 408,694 |
Common Equity Tier I risk-based capital, requirement to be well capitalized, percent | 6.50% | 6.50% |
Common Equity Tier I risk-based capital, excess, amount | $ 258,717 | $ 212,553 |
Common Equity Tier I risk-based capital, excess, percent | 4.18% | 3.38% |
Tier I risk-based capital: | ||
Tier I risk-based capital, capital level, amount | $ 711,276 | $ 662,987 |
Tier I risk-based capital, capital level, percent | 11.48 | 10.54 |
Tier I risk-based capital, requirement to be well capitalized, amount | $ 495,537 | $ 503,008 |
Tier I risk-based capital, requirement to be well capitalized, percent | 8 | 8 |
Tier I risk-based capital, excess, amount | $ 215,739 | $ 159,979 |
Tier I risk-based capital, excess, percent | 3.48 | 2.54 |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 832,255 | $ 794,034 |
Total risk-based capital, capital level, percent | 13.44 | 12.63 |
Total risk-based capital, requirement to be well capitalized, amount | $ 619,421 | $ 628,760 |
Total risk-based capital, requirement to be well capitalized, percent | 10 | 10 |
Total risk-based capital, excess, amount | $ 212,834 | $ 165,274 |
Total risk-based capital, excess, percent | 3.44 | 2.63 |