Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
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 | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2022 | |
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, $0.01 par value | |
Trading Symbol | FFIC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 29,805,453 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 164,693 | $ 81,723 |
Securities held-to-maturity: | ||
Held to maturity securities | 73,912 | 57,868 |
Securities available for sale, at fair value: | ||
Securities available for sale | 819,861 | 777,236 |
Loans: | ||
Net unamortized premiums and unearned loan fees | 8,927 | 4,239 |
Less: Allowance for credit losses | (41,268) | (37,135) |
Net loans | 6,915,406 | 6,600,970 |
Interest and dividends receivable | 42,571 | 38,698 |
Bank premises and equipment, net | 22,376 | 23,338 |
Federal Home Loan Bank of New York stock, at cost | 62,489 | 35,937 |
Bank owned life insurance | 212,353 | 210,754 |
Goodwill | 17,636 | 17,636 |
Core deposit intangibles | 2,147 | 2,562 |
Right of use asset | 44,885 | 50,200 |
Other assets | 179,090 | 148,989 |
Total assets | 8,557,419 | 8,045,911 |
Liabilities | ||
Non-interest bearing | 992,378 | 967,621 |
Interest-bearing | 5,062,383 | 5,365,911 |
Total Due to depositors | 6,054,761 | 6,333,532 |
Mortgagors' escrow deposits | 70,544 | 51,913 |
Borrowed funds: | ||
Federal Home Loan Bank advances and other borrowings | 1,336,185 | 636,187 |
Subordinated debentures | 186,893 | 122,885 |
Junior subordinated debentures, at fair value | 49,752 | 56,472 |
Total borrowed funds | 1,572,830 | 815,544 |
Operating lease liability | 48,330 | 54,155 |
Other liabilities | 140,235 | 111,139 |
Total liabilities | 7,886,700 | 7,366,283 |
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 both September 30, 2022 and December 31, 2021; 29,851,253 shares and 30,526,353 shares outstanding at September 30, 2022 and December 31, 2021, respectively) | 341 | 341 |
Additional paid-in capital | 263,755 | 263,375 |
Treasury stock, at average cost (4,236,370 shares and 3,561,270 shares at September 30, 2022 and December 31, 2021, respectively) | (90,977) | (75,293) |
Retained earnings | 543,894 | 497,889 |
Accumulated other comprehensive loss, net of taxes | (46,294) | (6,684) |
Total stockholders' equity | 670,719 | 679,628 |
Total liabilities and stockholders' equity | 8,557,419 | 8,045,911 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 7,880 | 7,894 |
Securities available for sale, at fair value: | ||
Securities available for sale | 468,366 | 572,184 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity: | ||
Held to maturity securities | 66,032 | 49,974 |
Securities available for sale, at fair value: | ||
Securities available for sale | 351,495 | 205,052 |
Multi-Family Residential | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 2,608,192 | 2,517,026 |
Commercial Real Estate Loans [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 1,914,326 | 1,775,629 |
One-To-Four Family - Mixed Used Property | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 560,885 | 571,795 |
One-To-Four Family - Residential | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 240,484 | 276,571 |
Construction Portfolio Segment [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 63,651 | 59,761 |
Small Business Administration [Member] | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | 27,712 | 93,811 |
Commercial Business and Other | ||
Loans: | ||
Loans and Leases Receivable, before Fees, Gross | $ 1,532,497 | $ 1,339,273 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities held-to-maturity, fair value | $ 59,713 | $ 62,029 |
Securities held-to-maturity, allowance for credit losses | $ 1,096 | $ 862 |
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) | 29,851,253 | 30,526,353 |
Treasury stock, at average cost (in shares) | 4,236,370 | 3,561,270 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, assets pledged | $ 4,548 | $ 5,643 |
Securities held-to-maturity, fair value | 6,986 | 8,667 |
Securities available for sale, pledged as collateral | 210,525 | 212,388 |
Securities available for sale, fair value option | 317 | 388 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, assets pledged | 0 | 0 |
Securities held-to-maturity, fair value | 52,727 | 53,362 |
Securities held-to-maturity, allowance for credit losses | 1,096 | 862 |
Securities available for sale, pledged as collateral | 0 | 0 |
Securities available for sale, fair value option | $ 12,625 | $ 14,180 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest and dividend income | ||||
Interest and fees on loans | $ 75,546 | $ 69,198 | $ 212,254 | $ 206,218 |
Interest and dividends on securities: | ||||
Interest | 5,676 | 3,706 | 14,350 | 10,463 |
Dividends | 17 | 7 | 36 | 22 |
Other interest income | 506 | 42 | 716 | 129 |
Total interest and dividend income | 81,745 | 72,953 | 227,356 | 216,832 |
Interest expense | ||||
Deposits | 11,965 | 4,705 | 20,059 | 16,349 |
Other interest expense | 8,574 | 4,884 | 17,882 | 15,188 |
Total interest expense | 20,539 | 9,589 | 37,941 | 31,537 |
Net interest income | 61,206 | 63,364 | 189,415 | 185,295 |
Provision (benefit) for credit losses | 2,145 | (6,927) | 5,093 | (5,705) |
Net interest income after provision (benefit) for credit losses | 59,061 | 70,291 | 184,322 | 191,000 |
Non-interest income | ||||
Banking services fee income | 1,351 | 865 | 3,891 | 4,823 |
Net gain on sale of loans | 131 | 73 | 289 | |
Net gain on disposition of assets | 621 | |||
Net (loss) gain on sale of securities | (10) | 0 | 113 | |
Net gain (loss) from fair value adjustments | 5,626 | (2,289) | 6,350 | (7,855) |
Federal Home Loan Bank of New York stock dividends | 538 | 491 | 1,342 | 1,680 |
Life insurance proceeds | 1,536 | |||
Bank owned life insurance | 1,132 | 1,015 | 3,361 | 3,021 |
Other income | 348 | 663 | 1,108 | 1,275 |
Total non-interest income | 8,995 | 866 | 17,661 | 3,967 |
Non-interest expense | ||||
Salaries and employee benefits | 21,438 | 20,544 | 66,196 | 63,087 |
Occupancy and equipment | 3,541 | 3,534 | 10,905 | 10,423 |
Professional services | 2,570 | 1,899 | 7,077 | 6,287 |
FDIC deposit insurance | 738 | 618 | 1,773 | 2,560 |
Data processing | 1,367 | 1,759 | 4,174 | 5,287 |
Depreciation and amortization of bank premises and equipment | 1,488 | 1,627 | 4,395 | 4,904 |
Other real estate owned / foreclosure expense | 143 | 182 | 259 | 194 |
Other operating expenses | 4,349 | 6,182 | 15,171 | 15,773 |
Total non-interest expense | 35,634 | 36,345 | 109,950 | 108,515 |
Income before income taxes | 32,422 | 34,812 | 92,033 | 86,452 |
Provision for income taxes | ||||
Federal | 5,783 | 6,410 | 16,042 | 16,338 |
State and local | 3,197 | 2,989 | 9,295 | 6,404 |
Total provision for income taxes | 8,980 | 9,399 | 25,337 | 22,742 |
Net income | $ 23,442 | $ 25,413 | $ 66,696 | $ 63,710 |
Basic earnings per common share | $ 0.76 | $ 0.81 | $ 2.15 | $ 2.02 |
Diluted earnings per common share | 0.76 | 0.81 | 2.15 | 2.02 |
Dividends per common share | $ 0.22 | $ 0.21 | $ 0.66 | $ 0.63 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 23,442 | $ 25,413 | $ 66,696 | $ 63,710 |
Other comprehensive income (loss), net of tax: | ||||
Amortization of actuarial losses, net of taxes of $2 and ($39) for the three months ended September 30, 2022 and 2021, respectively, and of ($1) and ($116) for the nine months ended September 30, 2022 and 2021, respectively. | (4) | 86 | (19) | 259 |
Amortization of prior service credits, net of taxes of $2 and $7 for the three months ended September 30, 2022 and 2021, respectively, and of $0 and $19 for the nine months ended September 30, 2022 and 2021, respectively. | (5) | (14) | (21) | (44) |
Net unrealized losses on securities, net of taxes of $10,266 and $1,209 for the three months ended September 30, 2022 and 2021, respectively, and of $29,925 and $1,518 for the nine months ended September 30, 2022 and 2021, respectively. | (22,797) | (2,645) | (66,658) | (3,365) |
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 for the nine months ended September 30, 2021. | 7 | (78) | ||
Net unrealized gains (losses) on cash flow hedges, net of taxes of ($3,668) and ($910) for the three months ended September 30, 2022 and 2021 respectively, and of ($12,544) and ($4,485) for the nine months ended September 30, 2022 and 2021 respectively. | 8,190 | 1,991 | 27,856 | 10,310 |
Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of $184 and ($27) for the three months ended September 30, 2022 and 2021, respectively, and of $389 and ($139) for the nine months ended September 30, 2022 and 2021, respectively. | (414) | 58 | (768) | 250 |
Total other comprehensive income (loss), net of tax | (15,030) | (517) | (39,610) | 7,332 |
Comprehensive net income | $ 8,412 | $ 24,896 | $ 27,086 | $ 71,042 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Amortization of actuarial (gains) losses, taxes | $ 2 | $ (39) | $ (1) | $ (116) |
Amortization of prior service credits, taxes | 2 | 7 | 0 | 19 |
Net unrealized gains (losses) on securities, taxes | 10,266 | 1,209 | 29,925 | (1,518) |
Reclassification adjustment for net losses included in net income, taxes | (3) | 35 | ||
Net unrealized gains (losses) on cash flow hedges, taxes | (3,668) | (910) | (12,544) | (4,485) |
Change in fair value of liabilities related to instrument-specific credit risk, taxes | $ 184 | $ (27) | $ 389 | $ (139) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||
Net income | $ 66,696 | $ 63,710 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (benefit) for credit losses | 5,093 | (5,705) |
Depreciation and amortization of premises and equipment | 4,395 | 4,904 |
Net gain on sales of loans | (73) | (289) |
Net amortization of premiums and (accretion) of discounts | 309 | (1,062) |
Net gain from disposition of assets | 0 | (621) |
Net gain from sale of securities | 0 | (113) |
Deferred income tax provision (benefit) | 3,914 | (762) |
Gain from bank owned life insurance proceeds | (1,536) | 0 |
Net loss (gain) from fair value adjustments of qualifying hedges | 161 | (957) |
Net (gain) loss from fair value adjustments | (6,350) | 7,855 |
Income from bank owned life insurance | (3,361) | (3,021) |
Stock-based compensation expense | 6,230 | 5,516 |
Deferred compensation | (4,870) | (2,571) |
Amortization of core deposit intangibles | 415 | 464 |
Decrease in other assets | 6,998 | 821 |
Decrease in other liabilities | (13,294) | (8,524) |
Net cash provided by operating activities | 64,727 | 59,645 |
Investing Activities | ||
Purchases of premises and equipment | (3,433) | (2,839) |
Net (purchases) redemptions of Federal Home Loan Bank-NY shares | (26,552) | 7,281 |
Purchases of securities held-to-maturity | (16,475) | 0 |
Proceeds from prepayments of securities held-to-maturity | 190 | 0 |
Proceeds from bank owned life insurance | 3,307 | 0 |
Purchases of securities available for sale | (222,810) | (508,402) |
Proceeds from sales and calls of securities available for sale | 0 | 58,613 |
Change in cash collateral | 44,015 | 0 |
Proceeds from maturities and prepayments of securities available for sale | 80,503 | 294,004 |
Net (originations) and repayments of loans | (173,311) | 232,391 |
Purchases of loans | (207,546) | (192,705) |
Proceeds from sale of loans | 29,247 | 24,967 |
Net cash used in investing activities | (492,865) | (86,690) |
Financing Activities | ||
Net increase in non-interest bearing deposits | 24,757 | 162,587 |
Net (decrease) increase in interest-bearing deposits | (253,478) | 168,174 |
Net increase in mortgagors' escrow deposits | 18,631 | 21,585 |
Net proceeds (repayments) from short-term borrowed funds | 750,000 | (25,000) |
Proceeds from long-term borrowing | 63,710 | 0 |
Repayment of long-term borrowings | (50,000) | (251,393) |
Purchases of treasury stock | (22,117) | (7,778) |
Cash dividends paid | (20,395) | (19,920) |
Net cash provided by financing activities | 511,108 | 48,255 |
Net increase in cash and cash equivalents | 82,970 | 21,210 |
Cash and cash equivalents, beginning of period | 81,723 | 157,388 |
Cash and cash equivalents, end of period | 164,693 | 178,598 |
Supplemental Cash Flow Disclosure | ||
Interest paid | 32,459 | 30,727 |
Income taxes paid | 24,559 | 21,419 |
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible | $ 25,142 | $ 21,083 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Dec. 31, 2020 | $ 341 | $ 261,533 | $ 442,789 | $ (69,400) | $ (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) | (153) | 5,211 | |||
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 loss | 5,563 | 5,563 | ||||
Balance at Mar. 31, 2021 | 341 | 260,019 | 455,023 | (65,479) | (10,703) | 639,201 |
Balance at Dec. 31, 2020 | 341 | 261,533 | 442,789 | (69,400) | (16,266) | 618,997 |
Net income | 63,710 | |||||
Other comprehensive loss | 7,332 | 7,332 | ||||
Balance at Sep. 30, 2021 | 341 | 262,009 | 486,418 | (71,738) | (8,934) | 668,096 |
Balance at Mar. 31, 2021 | 341 | 260,019 | 455,023 | (65,479) | (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) | (8) | 229 | |||
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 loss | 2,286 | 2,286 | ||||
Balance at Jun. 30, 2021 | 341 | 260,958 | 467,620 | (65,335) | (8,417) | 655,167 |
Net income | 25,413 | 25,413 | ||||
Award of common shares released from Employee Benefit Trust | 74 | 74 | ||||
Purchase of treasury shares | (6,403) | (6,403) | ||||
Stock-based compensation expense | 977 | 977 | ||||
Dividends on common stock | (6,615) | (6,615) | ||||
Other comprehensive loss | (517) | (517) | ||||
Balance at Sep. 30, 2021 | 341 | 262,009 | 486,418 | (71,738) | (8,934) | 668,096 |
Balance at Dec. 31, 2021 | 341 | 263,375 | 497,889 | (75,293) | (6,684) | 679,628 |
Net income | 18,219 | 18,219 | ||||
Award of common shares released from Employee Benefit Trust | 287 | 287 | ||||
Vesting of restricted stock unit awards | (6,019) | (285) | 6,304 | |||
Purchase of treasury shares | (8,469) | (8,469) | ||||
Stock-based compensation expense | 4,194 | 4,194 | ||||
Repurchase of shares to satisfy tax obligation | (2,376) | (2,376) | ||||
Dividends on common stock | (6,850) | (6,850) | ||||
Other comprehensive loss | (8,820) | (8,820) | ||||
Balance at Mar. 31, 2022 | 341 | 261,837 | 508,973 | (79,834) | (15,504) | 675,813 |
Balance at Dec. 31, 2021 | 341 | 263,375 | 497,889 | (75,293) | (6,684) | 679,628 |
Net income | 66,696 | |||||
Other comprehensive loss | (39,610) | (39,610) | ||||
Balance at Sep. 30, 2022 | 341 | 263,755 | 543,894 | (90,977) | (46,294) | 670,719 |
Balance at Mar. 31, 2022 | 341 | 261,837 | 508,973 | (79,834) | (15,504) | 675,813 |
Net income | 25,035 | 25,035 | ||||
Vesting of restricted stock unit awards | (38) | (5) | 43 | |||
Purchase of treasury shares | (8,534) | (8,534) | ||||
Stock-based compensation expense | 1,061 | 1,061 | ||||
Repurchase of shares to satisfy tax obligation | (17) | (17) | ||||
Dividends on common stock | (6,786) | (6,786) | ||||
Other comprehensive loss | (15,760) | (15,760) | ||||
Balance at Jun. 30, 2022 | 341 | 262,860 | 527,217 | (88,342) | (31,264) | 670,812 |
Net income | 23,442 | 23,442 | ||||
Vesting of restricted stock unit awards | (80) | (6) | 86 | |||
Purchase of treasury shares | (2,685) | (2,685) | ||||
Stock-based compensation expense | 975 | 975 | ||||
Repurchase of shares to satisfy tax obligation | (36) | (36) | ||||
Dividends on common stock | (6,759) | (6,759) | ||||
Other comprehensive loss | (15,030) | (15,030) | ||||
Balance at Sep. 30, 2022 | $ 341 | $ 263,755 | $ 543,894 | $ (90,977) | $ (46,294) | $ 670,719 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Dividends on common share (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.21 | $ 0.21 | $ 0.21 |
Common Stock [Member] | ||||||
Common shares released from Employee Benefit Trust, shares (in shares) | 17,964 | 5,493 | 6,445 | 5,682 | ||
Restricted stock unit awards vested, shares (in shares) | 3,995 | 2,015 | 297,626 | 10,932 | 248,896 | |
Purchase of treasury shares (in shares) | 387,689 | |||||
Treasury Stock [Member] | ||||||
Purchase of treasury shares (in shares) | 131,174 | 360,000 | 285,643 | |||
Repurchase of shares to satisfy tax obligation, shares (in shares) | 1,672 | 766 | 97,435 | 3,886 | 70,292 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
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 Service Corporation, FSB Properties Inc., and Flushing Preferred Funding Corporation, which was dissolved as of June 30, 2021, 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, 2021. 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, 2022 | |
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 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. A review of goodwill was performed at September 30, 2022 and no impairment was indicated. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 2021 2022 2021 (Dollars in thousands, except per share data) Net income, as reported $ 23,442 $ 25,413 $ 66,696 $ 63,710 Divided by: Total weighted average common shares outstanding and common stock equivalents (1) 30,695 31,567 30,960 31,616 Basic earnings per common share $ 0.76 $ 0.81 $ 2.15 $ 2.02 Diluted earnings per common share $ 0.76 $ 0.81 $ 2.15 $ 2.02 Dividend Payout ratio 28.9 % 25.9 % 30.7 % 31.2 % (1) For the three and nine months ended September 30, 2022 and 2021, there were no common stock equivalents that were anti- dilutive. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Securities | 4. Securities The Company did not hold any trading securities at September 30, 2022 and December 31, 2021. Securities available for sale are recorded at fair value. Securities held-to-maturity (“HTM”) are recorded at amortized cost. The following table summarizes the Company’s portfolio of securities held-to-maturity at September 30, 2022: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 67,128 $ 52,727 $ — $ 14,401 Total municipals 67,128 52,727 — 14,401 FNMA 7,880 6,986 — 894 Total mortgage-backed securities 7,880 6,986 — 894 Allowance for Credit Losses (1,096) — — — Total $ 73,912 $ 59,713 $ — $ 15,295 The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2021: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 50,836 $ 53,362 $ 2,526 $ — Total municipals 50,836 53,362 2,526 — FNMA 7,894 8,667 773 — Total mortgage-backed securities 7,894 8,667 773 — Allowance for Credit Losses (862) — — — Total $ 57,868 $ 62,029 $ 3,299 $ — The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2022: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 84,400 $ 81,591 $ 11 $ 2,820 Corporate 146,428 132,499 — 13,929 Mutual funds 11,131 11,131 — — Collateralized loan obligations 130,371 124,780 — 5,591 Other 1,494 1,494 — — Total other securities 373,824 351,495 11 22,340 REMIC and CMO 181,595 155,954 — 25,641 GNMA 9,385 7,400 4 1,989 FNMA 204,305 174,122 — 30,183 FHLMC 156,524 130,890 — 25,634 Total mortgage-backed securities 551,809 468,366 4 83,447 Total securities available for sale $ 925,633 $ 819,861 $ 15 $ 105,787 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2021: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 5,599 $ 5,590 $ — $ 9 Corporate 107,423 104,370 136 3,189 Mutual funds 12,485 12,485 — — Collateralized loan obligations 81,166 80,912 1 255 Other 1,695 1,695 — — Total other securities 208,368 205,052 137 3,453 REMIC and CMO 210,948 208,509 1,217 3,656 GNMA 10,572 10,286 30 316 FNMA 203,777 202,938 1,321 2,160 FHLMC 152,760 150,451 326 2,635 Total mortgage-backed securities 578,057 572,184 2,894 8,767 Total securities available for sale $ 786,425 $ 777,236 $ 3,031 $ 12,220 The corporate securities held by the Company at September 30, 2022 and December 31, 2021 are issued by U.S. banking institutions. The CMOs held by the Company at September 30, 2022 and December 31, 2021 are either fully guaranteed or issued by a government sponsored enterprise. 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, 2022, 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 $ 67,128 $ 52,727 Total other securities 67,128 52,727 Mortgage-backed securities 7,880 6,986 75,008 59,713 Allowance for credit losses (1,096) - Total securities held-to-maturity $ 73,912 $ 59,713 Amortized Securities available for sale: Cost Fair Value (In thousands) Due in one year or less $ 10,016 $ 9,907 Due after one year through five years 134,500 127,090 Due after five years through ten years 195,895 181,787 Due after ten years 22,282 21,580 Total other securities 362,693 340,364 Mutual funds 11,131 11,131 Mortgage-backed securities 551,809 468,366 Total securities available for sale $ 925,633 $ 819,861 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, 2022 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 3 $ 52,727 $ 14,401 $ 52,727 $ 14,401 $ — $ — Total other securities 3 52,727 14,401 52,727 14,401 — — FNMA 1 6,986 894 6,986 894 — — Total mortgage-backed securities 1 6,986 894 6,986 894 — — Total 4 $ 59,713 $ 15,295 $ 59,713 $ 15,295 $ — $ — Available for sale securities U.S. government agencies 7 $ 77,678 $ 2,820 $ 77,678 $ 2,820 $ — $ — Corporate 19 119,999 13,929 43,114 3,386 76,885 10,543 CLO 19 124,780 5,591 104,671 4,448 20,109 1,143 Total other securities 45 322,457 22,340 225,463 10,654 96,994 11,686 REMIC and CMO 47 155,637 25,641 61,979 5,523 93,658 20,118 GNMA 9 7,237 1,989 337 31 6,900 1,958 FNMA 51 174,122 30,183 58,057 7,479 116,065 22,704 FHLMC 26 130,891 25,634 40,649 4,754 90,242 20,880 Total mortgage-backed securities 133 467,887 83,447 161,022 17,787 306,865 65,660 Total 178 $ 790,344 $ 105,787 $ 386,485 $ 28,441 $ 403,859 $ 77,346 At December 31, 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) Available for sale securities U.S. government agencies 2 $ 5,577 $ 9 $ 1,130 $ 5 $ 4,447 $ 4 Corporate 13 94,234 3,189 65,453 1,970 28,781 1,219 CLO 4 31,012 255 10,000 1 21,012 254 Total other securities 19 130,823 3,453 76,583 1,976 54,240 1,477 REMIC and CMO 15 124,131 3,656 105,959 2,800 18,172 856 GNMA 4 9,924 316 1,138 16 8,786 300 FNMA 25 171,109 2,160 153,657 1,587 17,452 573 FHLMC 18 129,115 2,635 98,297 1,448 30,818 1,187 Total mortgage-backed securities 62 434,279 8,767 359,051 5,851 75,228 2,916 Total 81 $ 565,102 $ 12,220 $ 435,634 $ 7,827 $ 129,468 $ 4,393 The Company reviewed each available for sale security that had an unrealized loss at September 30, 2022 and December 31, 2021. The Company does not have the intent to sell these securities, and it is more likely than not the Company will not be required to sell the securities before recovery of the securities’ amortized cost basis. If the Company identifies any decline in the fair value due to credit loss factors and evaluation indicates that a credit loss exists, then the present value of cash flows that is expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of the cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. All of these securities are rated investment grade or above and have a long history of no credit losses. It is not anticipated that these securities would be settled at a price that is less than the amortized cost of the Company’s investment. 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 tranche of the purchased collateralized loan obligations (“CLO”) and the issuer of Corporate securities are global systematically important banks. 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, management 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 each held-to-maturity security at September 30, 2022 as part of its quarterly Current Expected Credit Loss (“CECL”) process, with an allowance for credit losses of $1.1 million and $0.9 million at September 30, 2022 and December 31, 2021, respectively. It is the Company’s policy to exclude accrued interest receivable from the calculation of the allowance for credit losses on HTM and valuation of AFS securities. Accrued interest receivable on held-to-maturity securities totaled $0.1 million each at September 30, 2022 and December 31, 2021 and accrued interest receivable on available for sale debt securities totaled $3.0 million and $1.5 million at September 30, 2022 and December 31, 2021, respectively. 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, 2022 2021 2022 2021 (In thousands) Beginning balance $ 1,085 $ 844 $ 862 $ 907 Provision (benefit) 11 (1) 234 (64) Allowance for credit losses $ 1,096 $ 843 $ 1,096 $ 843 During the three months ended September 30, 2022, the Company modified one investment security totaling $21.0 million as troubled debt restructured (“TDR”) by granting a payment forbearance until January 2023. At September 30, 2022, this security is non-accrual and non-performing. Realized gains and losses on the sales of securities are determined using the specific identification method. The Company did not sell any securities during the three and nine months ended September 30, 2022. 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 following table represents the gross gains and gross losses realized from the sale of available for sale securities for the periods indicated: For the three months ended For the nine months ended September 30, September 30, 2022 2021 2022 2021 Gross gains from the sale of securities $ — $ — $ — $ 123 Gross losses from the sale of securities — (10) — (10) Net gains from the sale of securities $ — $ (10) $ — $ 113 |
Loans
Loans | 9 Months Ended |
Sep. 30, 2022 | |
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 $36.1 million and $35.8 million at September 30, 2022 and December 31, 2021, 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, 2022, the Company recorded a provision for credit losses on loans totaling $2.1 million, compared to a benefit for credit losses on loans totaling $6.9 million for the three months ended September 30, 2021. The Company recorded a provision for credit losses on loans totaling $4.9 million for the nine months ended September 30, 2022 compared to a benefit of $5.6 million for the nine months ended September 30, 2021. The provision recorded during the nine months ended September 30, 2022 was driven by loan growth, increased reserves on two previously identified credits, coupled with the ongoing environmental uncertainty resulting from high and rising inflation including increasing interest rates. During the nine months ended September 30, 2022, the Company made no changes to the reasonable and supportable forecast period and decreased the reversion period from six quarters to two quarters in order to revert back to our historical losses sooner as the economic forecast in the model is more favorable than the current conditions. The ACL - loans totaled $41.3 million at September 30, 2022 compared to $37.1 million at December 31, 2021. At September 30, 2022, the ACL - loans represented 0.59% of gross loans and 142.3% of non-performing loans. At December 31, 2021, the ACL - loans represented 0.56% of gross loans and 248.7% of non-performing loans. The Company may restructure loans 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, 2022, 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 three months ended September 30, 2022 and 2021, there were no TDR loans that defaulted within 12 months of their modification date. there were no TDR loans that defaulted within 12 months of their modification date. During the nine months ended September 30, 2021 there was The following table shows loans modified as TDR during the period indicated: For the three months ended September 30, 2022 (Dollars in thousands) Number Balance Modification description Commercial business and other 1 $ 2,982 Amortization extension. Total 1 $ 2,982 For the nine months ended September 30, 2022 (Dollars in thousands) Number Balance Modification description Small Business Administration 1 $ 271 Amortization extension. Commercial business and other 5 8,204 One loan received a below market interest rate and four loans had an amortization extension. Total 6 $ 8,475 For the nine months ended September 30, 2021 (Dollars in thousands) Number Balance Modification description Commercial business and other 2 $ 674 Amortization extensions. Total 2 $ 674 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, 2022 December 31, 2021 Number Amortized Number Amortized (Dollars in thousands) of contracts Cost of contracts Cost Multi-family residential 6 $ 1,677 6 $ 1,690 Commercial real estate 1 7,572 1 7,572 One-to-four family - mixed-use property (1) 4 1,237 5 1,636 One-to-four family - residential 1 257 3 483 Small Business Administration 1 255 — — Commercial business and other (1) 6 3,805 5 1,381 Total performing 19 $ 14,803 20 $ 12,762 (1) These loans continue to pay as agreed, however the Company records interest received on a cash basis. The following table shows loans classified as TDR at amortized cost that were not performing according to their restructured terms at the periods indicated: September 30, 2022 Number Amortized (Dollars in thousands) of contracts Cost Commercial business and other 1 $ 3,000 Total non-performing 1 $ 3,000 There were no loans classified as TDR that were not performing according to their modified agreement as of December 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 the period shown below: At or for the nine months ended September 30, 2022 (In thousands) Non-accrual amortized cost beginning of the reporting period Non-accrual amortized cost end of the reporting period Non-accrual with no related allowance Interest income recognized Loans ninety days or more past due and still accruing Multi-family residential $ 2,652 $ 3,715 $ 3,715 $ — $ — Commercial real estate 640 1,908 1,908 — — One-to-four family - mixed-use property (1) 1,582 1,046 1,046 — — One-to-four family - residential 7,482 4,191 4,191 — — Small Business Administration 952 950 950 — — Commercial business and other (1) 1,945 18,252 4,882 159 2,000 Total $ 15,253 $ 30,062 $ 16,692 $ 159 $ 2,000 (1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.2 million. Commercial business and other contains a non-accrual performing TDR totaling $2.9 million. 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 the period shown below: At or for the year ended December 31, 2021 (In thousands) Non-accrual amortized cost beginning of the reporting period Non-accrual amortized cost end of the 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 $ 2,652 $ 2,652 $ 19 $ — Commercial real estate 1,766 640 640 — — One-to-four family - mixed-use property (1) 1,706 1,582 1,582 6 — One-to-four family - residential 5,313 7,482 7,482 1 — Small Business Administration 1,168 952 952 — — Taxi medallion (2) 2,758 — — — — Commercial business and other (1) 5,660 1,945 305 78 — Total $ 20,947 $ 15,253 $ 13,613 $ 104 $ — (1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million. Commercial business and other contains a non-accrual performing TDR totaling less than $0.1 million. (2) Taxi medallions were completely charged-off during the year ended December 31, 2021. 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, 2022 2021 2022 2021 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 618 $ 415 $ 1,578 $ 1,330 Less: Interest income included in the results of operations 181 156 618 480 Total foregone interest $ 437 $ 259 $ 960 $ 850 The following tables show the aging analysis of the amortized cost basis of loans at the period indicated by class of loans: September 30, 2022 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 $ 4,920 $ 1,077 $ 3,715 $ 9,712 $ 2,601,630 $ 2,611,342 Commercial real estate — 4,066 3,908 7,974 1,908,038 1,916,012 One-to-four family - mixed-use property 2,311 318 796 3,425 560,359 563,784 One-to-four family - residential 99 229 4,191 4,519 237,121 241,640 Construction — — — — 63,487 63,487 Small Business Administration — — 950 950 26,607 27,557 Commercial business and other 325 9,597 2,343 12,265 1,520,587 1,532,852 Total $ 7,655 $ 15,287 $ 15,903 $ 38,845 $ 6,917,829 $ 6,956,674 December 31, 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 $ 3,652 $ 4,193 $ 2,652 $ 10,497 $ 2,508,730 $ 2,519,227 Commercial real estate 5,743 — 640 6,383 1,770,992 1,777,375 One-to-four family - mixed-use property 2,319 — 1,321 3,640 571,296 574,936 One-to-four family - residential 163 224 7,483 7,870 269,942 277,812 Construction — — — — 59,473 59,473 Small Business Administration — — 952 952 90,884 91,836 Commercial business and other 101 40 1,386 1,527 1,335,919 1,337,446 Total $ 11,978 $ 4,457 $ 14,434 $ 30,869 $ 6,607,236 $ 6,638,105 The following tables show the activity in the ACL on loans for the three month periods indicated: September 30, 2022 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 $ 9,405 $ 8,443 $ 1,959 $ 866 $ 300 $ 2,118 $ — $ 16,333 $ 39,424 Charge-offs — — — (2) — — — (322) (324) Recoveries — — — — — 12 — 22 34 Provision (benefit) 355 (29) 3 (59) (44) (68) — 1,976 2,134 Ending balance $ 9,760 $ 8,414 $ 1,962 $ 805 $ 256 $ 2,062 $ — $ 18,009 $ 41,268 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 Provision (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 The following tables show the activity in the ACL on loans for the nine month periods indicated: September 30, 2022 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 $ 8,185 $ 7,158 $ 1,755 $ 784 $ 186 $ 1,209 $ — $ 17,858 $ 37,135 Charge-offs — — — (2) — (1,054) — (354) (1,410) Recoveries 1 — — 4 — 39 447 195 686 Provision (benefit) 1,574 1,256 207 19 70 1,868 (447) 310 4,857 Ending balance $ 9,760 $ 8,414 $ 1,962 $ 805 $ 256 $ 2,062 $ — $ 18,009 $ 41,268 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 $ 6,557 $ 8,327 $ 1,986 $ 869 $ 497 $ 2,251 $ — $ 24,666 $ 45,153 Charge-offs (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 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 previously 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 as 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. 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, 2022: Revolving Loans Revolving Loans Amortized Cost converted to (In thousands) 2022 2021 2020 2019 2018 Prior Basis term loans Total 1-4 Family Residential Pass $ 14,376 $ 8,756 $ 18,790 $ 42,039 $ 29,191 $ 99,631 $ 7,588 $ 13,558 $ 233,929 Watch — 289 — 732 — 1,330 63 841 3,255 Special Mention — — — — — — — — — Substandard — — — — — 4,010 — 446 4,456 Total 1-4 Family Residential $ 14,376 $ 9,045 $ 18,790 $ 42,771 $ 29,191 $ 104,971 $ 7,651 $ 14,845 $ 241,640 1-4 Family Mixed-Use Pass $ 38,477 $ 44,662 $ 32,958 $ 64,949 $ 67,082 $ 304,622 $ — $ — $ 552,750 Watch — — 888 741 — 7,207 — — 8,836 Special Mention — — — — — 962 — — 962 Substandard — — — — — 1,236 — — 1,236 Total 1-4 Family Mixed-Use $ 38,477 $ 44,662 $ 33,846 $ 65,690 $ 67,082 $ 314,027 $ — $ — $ 563,784 Commercial Real Estate Pass $ 302,056 $ 182,756 $ 153,420 $ 234,022 $ 245,188 $ 763,516 $ — $ — $ 1,880,958 Watch — 1,605 — 8,602 6,784 10,081 — — 27,072 Special Mention — — — — — 4,066 — — 4,066 Substandard — — — 2,000 — 1,916 — — 3,916 Total Commercial Real Estate $ 302,056 $ 184,361 $ 153,420 $ 244,624 $ 251,972 $ 779,579 $ — $ — $ 1,916,012 Construction Pass $ 1,984 $ 15,769 $ 13,814 $ — — $ — $ 22,870 $ — $ 54,437 Watch — — — — 6,450 — — — 6,450 Special Mention — — — — — 2,600 — — 2,600 Substandard — — — — — — — — — Total Construction $ 1,984 $ 15,769 $ 13,814 $ — $ 6,450 $ 2,600 $ 22,870 $ — $ 63,487 Multi-family Pass $ 417,745 $ 290,993 $ 226,506 $ 318,909 $ 385,967 $ 925,965 $ 6,175 $ — $ 2,572,260 Watch — 1,117 1,462 — 14,810 15,927 — — 33,316 Special Mention — — — — 725 568 — — 1,293 Substandard — — — — 2,882 1,591 — — 4,473 Total Multi-family $ 417,745 $ 292,110 $ 227,968 $ 318,909 $ 404,384 $ 944,051 $ 6,175 $ — $ 2,611,342 Commercial Business - Secured by RE Pass $ 167,534 $ 141,946 $ 89,845 $ 34,367 $ 56,849 $ 96,077 $ — $ — $ 586,618 Watch — — 20,842 49,095 17,976 57,727 — — 145,640 Special Mention — — — 576 — — — — 576 Substandard — — — — — 3,513 — — 3,513 Total Commercial Business - Secured by RE $ 167,534 $ 141,946 $ 110,687 $ 84,038 $ 74,825 $ 157,317 $ — $ — $ 736,347 Commercial Business Pass $ 142,249 $ 97,440 $ 44,163 $ 42,581 $ 46,191 $ 61,019 $ 265,892 $ — $ 699,535 Watch 2,336 — 488 22,117 16,096 18,538 4,236 — 63,811 Special Mention — 2,461 4,727 37 1,919 481 59 — 9,684 Substandard 1,454 1,435 72 31 2,862 1,869 14,855 — 22,578 Doubtful — — — — — — 792 — 792 Total Commercial Business $ 146,039 $ 101,336 $ 49,450 $ 64,766 $ 67,068 $ 81,907 $ 285,834 $ — $ 796,400 Small Business Administration Pass $ 2,709 $ 9,533 $ 4,727 $ 686 $ 1,304 $ 1,887 $ — $ — $ 20,846 Watch — — — 53 2,517 2,893 — — 5,463 Special Mention — — — — — 42 — — 42 Substandard — — — — — 1,206 — — 1,206 Total Small Business Administration $ 2,709 $ 9,533 $ 4,727 $ 739 $ 3,821 $ 6,028 $ — $ — $ 27,557 Other Pass $ — $ — $ — $ — $ — $ 22 $ 83 $ — $ 105 Total Other $ — $ — $ — $ — $ — $ 22 $ 83 $ — $ 105 Total by Loan Type Total Pass $ 1,087,130 $ 791,855 $ 584,223 $ 737,553 $ 831,772 $ 2,252,739 $ 302,608 $ 13,558 $ 6,601,438 Total Watch 2,336 3,011 23,680 81,340 64,633 113,703 4,299 841 293,843 Total Special Mention — 2,461 4,727 613 2,644 8,719 59 — 19,223 Total Substandard 1,454 1,435 72 2,031 5,744 15,341 14,855 446 41,378 Total Doubtful — — — — — — 792 — 792 Total Loans $ 1,090,920 $ 798,762 $ 612,702 $ 821,537 $ 904,793 $ 2,390,502 $ 322,613 $ 14,845 $ 6,956,674 Included within net loans as of September 30, 2022 and December 31, 2021 were $5.3 million and $8.7 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, 2022 December 31, 2021 (In thousands) Real Estate Business Assets Real Estate Business Assets Multi-family residential $ 3,715 $ — $ 2,652 $ — Commercial real estate 2,402 — 1,158 — One-to-four family - mixed-use property 1,046 — 1,582 — One-to-four family - residential 4,191 — 7,482 — Small Business Administration — 950 — 952 Commercial business and other — 17,758 — 1,427 Total $ 11,354 $ 18,708 $ 12,874 $ 2,379 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 $412.3 million and $472.9 million at September 30, 2022 and December 31, 2021, 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, 2022 and 2021. For the three months ended For the nine months ended September 30, September 30, 2022 2021 2022 2021 (In thousands) Balance at beginning of period $ 1,444 $ 1,570 $ 1,209 $ 1,815 Off-Balance Sheet- Benefit (631) (259) (396) (504) Allowance for Off-Balance Sheet - Credit losses (1) $ 813 $ 1,311 $ 813 $ 1,311 (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, 2022 | |
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, 2022 and December 31, 2021, the Bank did not have any loans held for sale. The following table shows loans sold during the periods indicated: For the three months ended September 30, 2022 Net (Dollars in thousands) Loans sold Proceeds charge-offs Net gain Performing loans Multi-family residential 1 $ 10,682 $ — $ — Total 1 $ 10,682 $ — $ — For the three months ended September 30, 2021 Net (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, 2022 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Performing loans Multi-family residential 5 $ 20,818 $ — $ — Commercial 1 4,312 — — Total 6 $ 25,130 $ — $ — Delinquent and non-performing loans Commercial 1 3,687 — 73 One-to-four family - mixed-use property 1 430 — — Total 2 $ 4,117 $ — $ 73 For the nine months ended September 30, 2021 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Delinquent and non-performing loans Multi-family residential 10 $ 12,069 $ (43) $ 78 Commercial 4 7,380 (64) 104 One-to-four family - mixed-use property 13 5,518 (14) 107 Total 27 $ 24,967 $ (121) $ 289 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 7. Leases The Company has 28 operating leases for branches (including headquarters) and office spaces, 10 operating leases for vehicles, and one operating lease for equipment. Our leases have remaining lease terms ranging from three months to approximately 14 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 has agreement 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, 2022 December 31, 2021 Operating lease ROU asset $ 44,885 $ 50,200 Operating lease liability $ 48,330 $ 54,155 Weighted-average remaining lease term-operating leases 6.8 years 7.4 years Weighted average discount rate-operating leases 3.1 % 3.1 % The components of lease expense and cash flow information related to leases were as follows: For the three months ended (Dollars in thousands) Line Item Presented September 30, 2022 September 30, 2021 Lease Cost Operating lease cost Occupancy and equipment $ 2,100 $ 2,197 Operating lease cost Other operating expenses 23 20 Short-term lease cost Professional Services and Other operating expenses 36 34 Variable lease cost Occupancy and equipment 275 230 Total lease cost $ 2,434 $ 2,481 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,342 $ 2,435 Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 28 For the nine months ended (Dollars in thousands) Line Item Presented September 30, 2022 September 30, 2021 Lease Cost Operating lease cost Occupancy and equipment $ 6,299 $ 6,503 Operating lease cost Other operating expenses 71 62 Short-term lease cost Professional Services and Other operating expenses 132 129 Variable lease cost Occupancy and equipment 713 826 Total lease cost $ 7,215 $ 7,520 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 7,111 $ 10,483 Right-of-use assets obtained in exchange for new operating lease liabilities $ 47 $ 4,827 The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows as of September 30, 2022: Minimum Rental (In thousands) Years ended December 31: 2022 $ 2,084 2023 9,502 2024 9,336 2025 8,662 2026 7,769 Thereafter 16,277 Total minimum payments required 53,630 Less: implied interest 5,300 Total lease obligations $ 48,330 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Stock-Based Compensation | 8. Stock-Based Compensation The Company has a 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, 2022, PRSUs granted in 2022 and 2020 are being accrued at target and PRSUs granted in 2021 are being accrued above target. The different levels of accrual are commensurate with the projected performance of the respective grant. 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, 968,657 shares were available for future issuance under the 2014 Omnibus Plan at September 30, 2022. For the three months ended September 30, 2022 and 2021, the Company’s net income, as reported, included $0.7 million and $1.2 million, respectively, of stock-based compensation costs, including the benefit or expense of phantom stock awards, and $0.2 million and $0.3 million of income tax benefit respectively, related to the stock-based compensation plans. For the nine months ended September 30, 2022 and 2021, the Company’s net income, as reported, included $5.6 million and $6.3 million, respectively, of stock-based compensation costs, including the benefit or expense of phantom stock awards, and $1.5 million and $1.7 million of income tax benefit, respectively, related to the stock-based compensation plans. During the three months ended September 30, 2022 and 2021, the Company did no t grant any RSU or PRSU s. 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. Forfeitures are recorded in the period they occur. The following table summarizes the Company’s RSU and PRSU awards at or for the nine months ended September 30, 2022: RSU Awards PRSU Awards Weighted-Average Weighted-Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value Non-vested at December 31, 2021 310,430 $ 21.49 102,920 $ 20.02 Granted 212,811 24.83 63,250 25.11 Vested (219,873) 23.62 (71,390) 23.48 Forfeited (1,895) 23.99 — — Non-vested at September 30, 2022 301,473 $ 22.28 94,780 $ 20.81 Vested but unissued at September 30, 2022 227,051 $ 22.41 118,245 $ 20.76 As of September 30, 2022, there was $5.2 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 2.6 years. The total fair value of awards vested for the three months ended September 30, 2021 was $0.4 million. The total fair value of awards vested for the nine months ended September 30, 2022 and 2021 was $7.1 million and $5.4 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, 2022: Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2021 128,881 $ 24.30 Granted 28,762 23.94 Distributions (993) 23.36 Outstanding at September 30, 2022 156,650 $ 19.37 Vested at September 30, 2022 156,407 $ 19.37 The Company recorded stock-based compensation (benefit) expense for the Phantom Stock Plan of ($0.3) million and $0.2 million for the three months ended September 30, 2022 and 2021, respectively. The total fair value of the distributions from the Phantom Stock Plan was $6,000 and $2,000 for each of the three months ended September 30, 2022 and 2021, respectively. The Company recorded stock-based compensation (benefit) expense for the Phantom Stock Plan of ($0.7) million and $0.8 million for the nine months ended September 30, 2022 and 2021, respectively. The total fair value of the distributions from the Phantom Stock Plan was $23,000 and $50,000 for the nine months ended September 30, 2022, and 2021, respectively. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
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) 2022 2021 2022 2021 Employee Pension Plan: Interest cost $ 138 $ 128 $ 414 $ 384 Amortization of unrecognized loss 1 122 3 366 Expected return on plan assets (257) (274) (772) (822) Net employee pension benefit $ (118) $ (24) $ (355) $ (72) Outside Director Pension Plan: Service cost $ 3 $ 4 $ 9 $ 12 Interest cost 11 12 34 36 Amortization of unrecognized gain (7) (5) (21) (15) Net outside director pension expense $ 7 $ 11 $ 22 $ 33 Other Postretirement Benefit Plans: Service cost $ 67 $ 73 $ 201 $ 219 Interest cost 70 58 209 174 Amortization of actuarial gain — 8 — 24 Amortization of past service credit (7) (21) (21) (63) Net other postretirement expense $ 130 $ 118 $ 389 $ 354 The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2021 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, 2022 | |
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, 2022, the Company carried financial assets and financial liabilities under the fair value option with fair values of $12.9 million and $49.8 million, respectively. At December 31, 2021, the Company carried financial assets and financial liabilities under the fair value option with fair values of $14.6 million and $56.5 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, 2022 and 2021. 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 Description 2022 2021 September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (In thousands) Mortgage-backed securities $ 317 $ 388 $ (6) $ (1) $ (18) $ (3) Other securities 12,625 14,180 (661) 6 (1,681) 7 Borrowed funds 49,752 56,472 6,293 (1,849) 8,049 (8,837) Net gain (loss) from fair value adjustments (1) $ 5,626 $ (1,844) $ 6,350 $ (8,833) (1) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of ($0.4) million for the three months ended September 30, 2021 and $1.0 million for the nine months ended September 30, 2021, 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, 2022 and December 31, 2021. The fair value of borrowed funds includes accrued interest payable of $0.3 million and $0.1 million at September 30, 2022 and December 31, 2021, respectively. The Company generally holds its earning assets 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. A description of the methods and significant assumptions utilized in estimating the fair value of the Company’s financial 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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021: 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 2022 2021 2022 2021 2022 2021 2022 2021 (In thousands) Assets: Securities available for sale Mortgage-backed Securities $ — $ — $ 468,366 $ 572,184 $ — $ — $ 468,366 $ 572,184 Other securities 11,131 12,485 338,870 190,872 1,494 1,695 351,495 205,052 Interest rate swaps — — 83,280 10,683 — — 83,280 10,683 Total assets $ 11,131 $ 12,485 $ 890,516 $ 773,739 $ 1,494 $ 1,695 $ 903,141 $ 787,919 Liabilities: Borrowings $ — $ — $ — $ — $ 49,752 $ 56,472 $ 49,752 $ 56,472 Interest rate swaps — — 18,698 25,071 — — 18,698 25,071 Total liabilities $ — $ — $ 18,698 $ 25,071 $ 49,752 $ 56,472 $ 68,450 $ 81,543 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, 2022 September 30, 2021 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,662 $ 55,352 $ 1,495 $ 49,814 Net (loss) gain from fair value adjustment of financial assets (1) (171) — 53 — Net (gain) loss from fair value adjustment of financial liabilities (1) — (6,293) — 1,850 Increase (decrease) in accrued interest 3 95 — (1) Change in unrealized (gains) losses included in other comprehensive loss — 598 — (85) Ending balance $ 1,494 $ 49,752 $ 1,548 $ 51,578 Changes in unrealized gains held at period end $ — $ 2,177 $ — $ 3,058 For the nine months ended September 30, 2022 September 30, 2021 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,695 $ 56,472 $ 1,295 $ 43,136 Net (loss) gain from fair value adjustment of financial assets (1) (206) — 254 — Net (gain) loss from fair value adjustment of financial liabilities (1) — (8,049) — 8,837 Increase (decrease) in accrued interest 5 172 (1) (6) Change in unrealized (gains) losses included in other comprehensive loss — 1,157 — (389) Ending balance $ 1,494 $ 49,752 $ 1,548 $ 51,578 Changes in unrealized gains held at period end $ — $ 2,177 $ — $ 3,058 (1) Totals in the tables above are presented in the Consolidated Statements of Income under net gain (loss) from fair value adjustments. 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, 2022 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,494 Discounted cash flows Spread over 3-month Libor n/a 3.7 % Liabilities: Junior subordinated debentures $ 49,752 Discounted cash flows Spread over 3-month Libor n/a 3.7 % December 31, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,695 Discounted cash flows Spread over 3-month Libor n/a 2.2 % Liabilities: Junior subordinated debentures $ 56,472 Discounted cash flows Spread over 3-month Libor n/a 2.2 % 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, 2022 and December 31, 2021, 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, 2022 and December 31, 2021: 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 2022 2021 2022 2021 2022 2021 2022 2021 (In thousands) Assets: Non-accrual loans $ — $ — $ — $ — $ 19,033 $ 11,026 $ 19,033 $ 11,026 Total assets $ — $ — $ — $ — $ 19,033 $ 11,026 $ 19,033 $ 11,026 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: At September 30, 2022 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 18,875 Sales approach Adjustment to sales comparison value -11.5% to 0.0 % 0.4 % Reduction for planned expedited disposal 8.0% to 15.0 % 13.6 % Non-accrual loans $ 158 Discounted Cashflow Discount Rate 4.3 % 4.3 % Probability of Default 35.0 % 35.0 % At December 31, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 10,579 Sales approach Reduction for planned expedited disposal 8.0% to 15.0 % 11.9 % Non-accrual loans $ 447 Discounted Cashflow Discount Rate 4.3 % 4.3 % Probability of Default 35.0 % 35.0 % The Company did not have any liabilities that were carried at fair value on a non-recurring basis at September 30, 2022 and December 31, 2021. The methods and assumptions used to estimate fair value at September 30, 2022 and December 31, 2021 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, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 164,693 $ 164,693 $ 164,693 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,880 6,986 — 6,986 — Other securities 66,032 52,727 — — 52,727 Securities available for sale Mortgage-backed securities 468,366 468,366 — 468,366 — Other securities 351,495 351,495 11,131 338,870 1,494 Loans 6,956,674 6,794,125 — — 6,794,125 FHLB-NY stock 62,489 62,489 — 62,489 — Accrued interest receivable 42,571 42,571 — 3,093 39,478 Interest rate swaps 83,280 83,280 — 83,280 — Liabilities: Deposits $ 6,125,305 $ 6,092,158 $ 5,089,198 $ 1,002,960 $ — Borrowed Funds 1,572,830 1,547,433 — 1,497,681 49,752 Accrued interest payable 8,628 8,628 — 8,628 — Interest rate swaps 18,698 18,698 — 18,698 — December 31, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 81,723 $ 81,723 $ 81,723 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,894 8,667 — 8,667 — Other securities 49,974 53,362 — — 53,362 Securities available for sale Mortgage-backed securities 572,184 572,184 — 572,184 — Other securities 205,052 205,052 12,485 190,872 1,695 Loans 6,638,105 6,687,125 — — 6,687,125 FHLB-NY stock 35,937 35,937 — 35,937 — Accrued interest receivable 38,698 38,698 — 1,574 37,124 Interest rate swaps 10,683 10,683 — 10,683 — Liabilities: Deposits $ 6,385,445 $ 6,385,276 $ 5,438,870 $ 946,406 $ — Borrowed Funds 815,544 816,012 — 759,540 56,472 Accrued interest payable 4,777 4,777 — 4,777 — Interest rate swaps 25,071 25,071 — 25,071 — |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Derivative Financial Instruments | 11. Derivative Financial Instruments At September 30, 2022 and December 31, 2021, 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 $287.1 million and $299.6 million at September 30, 2022 and December 31, 2021, respectively; 2) to facilitate risk management strategies for our loan customers with $222.9 million of swaps outstanding, which include $111.4 million with customers and $111.4 million with bank counterparties at September 30, 2022 and $228.0 million of swaps outstanding, which include $114.0 million with customers and $114.0 million with bank counterparties at December 31, 2021; and 3) to mitigate exposure to rising interest rates on certain short-term advances and brokered deposits totaling $871.5 million at September 30, 2022, and $996.5 at December 31, 2021. At September 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, derivatives with a combined notional amount of $222.9 million and $228.0 million, respectively, were not designated as hedges. At September 30, 2022 and December 31, 2021, derivatives with a combined notional amount of $287.1million and $299.6 million, respectively, were designated as fair value hedges. At September 30, 2022 and December 31, 2021, derivatives with a combined notional amount of $871.5 million and $996.5 million, respectively, were designated as cash flow hedges. For cash flow hedges, the changes in the fair value of the derivative are reported in accumulated other comprehensive income (loss), net of tax. Amounts in accumulated other comprehensive loss are reclassified into earnings in the same period during which the hedged forecasted transaction effects earnings. During the three months ended September 30, 2022 and 2021, $1.0 million and $2.6 million, respectively, was 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 loss is $4.1 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, 2022 December 31, 2021 Notional Notional Amount Fair Value (1) Amount Fair Value (1) (In thousands) Interest rate swaps (cash flow hedge) $ 871,500 $ 38,361 $ 355,000 $ 7,328 Interest rate swaps (fair value hedge) 287,085 26,221 — — Interest rate swaps (non-hedge) 111,446 18,698 113,988 3,355 Interest rate swaps (fair value hedge) — — 299,555 (12,329) Interest rate swaps (cash flow hedge) — — 641,500 (9,387) Interest rate swaps (non-hedge) 111,446 (18,698) 113,988 (3,355) Total derivatives $ 1,381,477 $ 64,582 $ 1,524,031 $ (14,388) (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 presents information regarding the Company’s fair value hedged items for the periods indicated: Cumulative Amount of the Fair Hedging Adjustment Line Item in the Consolidated Statement Carrying Amount of the Included in the Carrying Amount of of Financial Condition in Which Hedged the Hedged the Hedged Item Is Included Assets/(Liabilities) Assets/(Liabilities) (In thousands) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Loans Multi-family residential $ 92,692 $ 113,730 $ (11,412) $ 7,608 Commercial real estate 168,117 192,694 (16,105) 3,477 Commercial business and other — 6,298 — 122 Total $ 260,809 $ 312,722 $ (27,517) $ 11,207 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 Statements Where Net Income is Presented 2022 2021 2022 2021 Financial Derivatives: Other interest expense $ — $ (33) $ — $ (305) Net gain (loss) from fair value adjustments — (445) — 978 Interest rate swaps (non-hedge) — (478) — 673 Interest rate swaps (fair value hedge) Interest and fees on loans 253 (1,206) (2,068) (3,231) Other interest expense 64 (2,737) (3,890) (7,942) Deposit 793 — 842 — Interest rate swaps (cash flow hedge) 857 (2,737) (3,048) (7,942) Net income (loss) $ 1,110 $ (4,421) $ (5,116) $ (10,500) 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 Financial Condition as of the dates indicated: September 30, 2022 Gross Amounts Not Offset in the Consolidated Statements of Gross Amount Offset in Net Amount of Assets Financial Condition Gross Amount of the Statements Presented in the Financial Cash Collateral (In thousands) Recognized Assets of Condition Statements of Condition Instruments Received Net Amount Interest rate swaps $ 83,280 $ — $ 83,280 $ — $ 50,505 $ 32,775 Gross Amounts Not Offset in the Consolidated Statements of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Financial Condition Recognized the Statements Presented in the Financial Cash Collateral (In thousands) Liabilities of Condition Statements of Condition Instruments Pledged Net Amount Interest rate swaps $ 18,698 $ — $ 18,698 $ — $ — $ 18,698 December 31, 2021 Gross Amounts Not Offset in the Consolidated Statements of Gross Amount Offset in Net Amount of Assets Financial Condition Gross Amount of the Statements Presented in the Financial Cash Collateral (In thousands) Recognized Assets of Condition Statements of Condition Instruments Received Net Amount Interest rate swaps $ 10,683 $ — $ 10,683 $ — $ — $ 10,683 Gross Amounts Not Offset in the Consolidated Statements of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Financial Condition Recognized the Statements Presented in the Financial Cash Collateral (In thousands) Liabilities of Condition Statements of Condition Instruments Pledged Net Amount Interest rate swaps $ 25,071 $ — $ 25,071 $ — $ 21,527 $ 3,544 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 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 $ (50,133) $ 18,260 $ (1,313) $ 1,922 $ (31,264) Other comprehensive income before reclassifications, net of tax (22,797) 7,480 — (414) (15,731) Amounts reclassified from accumulated other comprehensive income, net of tax — 710 (9) — 701 Net current period other comprehensive income, net of tax (22,797) 8,190 (9) (414) (15,030) Ending balance, net of tax $ (72,930) $ 26,450 $ (1,322) $ 1,508 $ (46,294) 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 (loss), 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 nine months ended September 30, 2022 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 $ (6,272) $ (1,406) $ (1,282) $ 2,276 $ (6,684) Other comprehensive income before reclassifications, net of tax (66,658) 23,657 — (768) (43,769) Amounts reclassified from accumulated other comprehensive income, net of tax — 4,199 (40) — 4,159 Net current period other comprehensive income (loss), net of tax (66,658) 27,856 (40) (768) (39,610) Ending balance, net of tax $ (72,930) $ 26,450 $ (1,322) $ 1,508 $ (46,294) 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) 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, 2022 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 $ (1,030) Interest expense 320 Provision for income taxes $ (710) Net of tax Amortization of defined benefit pension items: Actuarial losses $ 6 (1) Other expense Prior service credits 7 (1) Other expense 13 Total before tax (4) Provision for income taxes $ 9 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 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 losses 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) Interest expense 828 Provision for income taxes $ (1,812) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (125) (1) Other operating expenses Prior service credits 21 (1) Other operating expenses (104) Total before tax 32 Provision for income taxes $ (72) 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, 2022 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 $ (6,117) Interest expense 1,918 Provision for income taxes $ (4,199) Net of tax Amortization of defined benefit pension items: Actuarial losses $ 18 (1) Other expense Prior service credits 21 (1) Other expense 39 Total before tax 1 Provision for income taxes $ 40 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 losses on available for sale securities $ 113 Net loss on sale of securities (35) Provision for income taxes $ 78 Net of tax Cash flow hedges: Interest rate swaps $ (7,883) Interest expense 2,458 Provision for income taxes $ (5,425) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (375) (1) Other operating expenses Prior service credits 63 (1) Other operating expenses (312) Total before tax 97 Provision for income taxes $ (215) 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, 2022 | |
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, 2022, 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 was 5.44% and 6.13% at September 30, 2022 and December 31, 2021, respectively. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. September 30, 2022 December 31, 2021 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 859,779 10.03 % $ 840,105 10.39 % Requirement to be well-capitalized 428,594 5.00 404,366 5.00 Excess 431,185 5.03 435,739 5.39 Common Equity Tier I risk-based capital: Capital level $ 859,779 12.85 % $ 840,105 13.58 % Requirement to be well-capitalized 434,966 6.50 402,100 6.50 Excess 424,813 6.35 438,005 7.08 Tier I risk-based capital: Capital level $ 859,779 12.85 % $ 840,105 13.58 % Requirement to be well-capitalized 535,343 8.00 494,892 8.00 Excess 324,436 4.85 345,213 5.58 Total risk-based capital: Capital level $ 899,274 13.44 % $ 874,400 14.13 % Requirement to be well-capitalized 669,179 10.00 618,615 10.00 Excess 230,095 3.44 255,785 4.13 The Holding Company is subject to the same regulatory capital requirements as the Bank. As of September 30, 2022, 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, 2022 and December 31, 2021 was 5.20% and 5.75%, respectively. Set forth below is a summary of the Holding Company’s compliance with banking regulatory capital standards. September 30, 2022 December 31, 2021 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 749,526 8.74 % $ 726,174 8.98 % Requirement to be well-capitalized 428,619 5.00 404,422 5.00 Excess 320,907 3.74 321,752 3.98 Common Equity Tier I risk-based capital: Capital level $ 701,532 10.49 % $ 671,494 10.86 % Requirement to be well-capitalized 434,803 6.50 401,836 6.50 Excess 266,729 3.99 269,658 4.36 Tier I risk-based capital: Capital level $ 749,526 11.20 % $ 726,174 11.75 % Requirement to be well-capitalized 535,143 8.00 494,568 8.00 Excess 214,383 3.20 231,606 3.75 Total risk-based capital: Capital level $ 979,021 14.64 % $ 885,469 14.32 % Requirement to be well-capitalized 668,928 10.00 618,210 10.00 Excess 310,093 4.64 267,259 4.32 |
New Authoritative Accounting Pr
New Authoritative Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
New Authoritative Accounting Pronouncements | 14. New Authoritative Accounting Pronouncements Accounting Standards Pending Adoption: In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” (Topic 326), which replaces the recognition and measurement guidance related to TDRs for creditors that have adopted ASC Topic 326 (commonly referred to as “CECL”) with the recognition and measurement guidance contained in Accounting Standards Codification (“ASC”) 310-20, to determine whether a modification results in a new loan or a continuation of an existing loan. This ASU also enhances disclosures about loan modifications for borrowers who are experiencing financial difficulty. The guidance also requires public business entities to present gross write-offs by year of origination in their vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in this ASU should be applied on a prospective basis; however, institutions have the option to apply a modified retrospective transition method as it relates to the recognition and measurement of TDRs, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. We do not believe this ASU will have a material impact on our business operations or consolidated financial statements. In January 2021, the FASB issued 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 could 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, 2022 | |
Notes to Financial Statements | |
Earnings Per Share | For the three months ended For the nine months ended September 30, September 30, 2022 2021 2022 2021 (Dollars in thousands, except per share data) Net income, as reported $ 23,442 $ 25,413 $ 66,696 $ 63,710 Divided by: Total weighted average common shares outstanding and common stock equivalents (1) 30,695 31,567 30,960 31,616 Basic earnings per common share $ 0.76 $ 0.81 $ 2.15 $ 2.02 Diluted earnings per common share $ 0.76 $ 0.81 $ 2.15 $ 2.02 Dividend Payout ratio 28.9 % 25.9 % 30.7 % 31.2 % (1) For the three and nine months ended September 30, 2022 and 2021, there were no common stock equivalents that were anti- dilutive. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of portfolio of securities | The following table summarizes the Company’s portfolio of securities held-to-maturity at September 30, 2022: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 67,128 $ 52,727 $ — $ 14,401 Total municipals 67,128 52,727 — 14,401 FNMA 7,880 6,986 — 894 Total mortgage-backed securities 7,880 6,986 — 894 Allowance for Credit Losses (1,096) — — — Total $ 73,912 $ 59,713 $ — $ 15,295 The following table summarizes the Company’s portfolio of securities held-to-maturity at December 31, 2021: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Securities held-to-maturity: Municipals $ 50,836 $ 53,362 $ 2,526 $ — Total municipals 50,836 53,362 2,526 — FNMA 7,894 8,667 773 — Total mortgage-backed securities 7,894 8,667 773 — Allowance for Credit Losses (862) — — — Total $ 57,868 $ 62,029 $ 3,299 $ — The following table summarizes the Company’s portfolio of securities available for sale at September 30, 2022: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 84,400 $ 81,591 $ 11 $ 2,820 Corporate 146,428 132,499 — 13,929 Mutual funds 11,131 11,131 — — Collateralized loan obligations 130,371 124,780 — 5,591 Other 1,494 1,494 — — Total other securities 373,824 351,495 11 22,340 REMIC and CMO 181,595 155,954 — 25,641 GNMA 9,385 7,400 4 1,989 FNMA 204,305 174,122 — 30,183 FHLMC 156,524 130,890 — 25,634 Total mortgage-backed securities 551,809 468,366 4 83,447 Total securities available for sale $ 925,633 $ 819,861 $ 15 $ 105,787 The following table summarizes the Company’s portfolio of securities available for sale at December 31, 2021: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 5,599 $ 5,590 $ — $ 9 Corporate 107,423 104,370 136 3,189 Mutual funds 12,485 12,485 — — Collateralized loan obligations 81,166 80,912 1 255 Other 1,695 1,695 — — Total other securities 208,368 205,052 137 3,453 REMIC and CMO 210,948 208,509 1,217 3,656 GNMA 10,572 10,286 30 316 FNMA 203,777 202,938 1,321 2,160 FHLMC 152,760 150,451 326 2,635 Total mortgage-backed securities 578,057 572,184 2,894 8,767 Total securities available for sale $ 786,425 $ 777,236 $ 3,031 $ 12,220 |
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 $ 67,128 $ 52,727 Total other securities 67,128 52,727 Mortgage-backed securities 7,880 6,986 75,008 59,713 Allowance for credit losses (1,096) - Total securities held-to-maturity $ 73,912 $ 59,713 Amortized Securities available for sale: Cost Fair Value (In thousands) Due in one year or less $ 10,016 $ 9,907 Due after one year through five years 134,500 127,090 Due after five years through ten years 195,895 181,787 Due after ten years 22,282 21,580 Total other securities 362,693 340,364 Mutual funds 11,131 11,131 Mortgage-backed securities 551,809 468,366 Total securities available for sale $ 925,633 $ 819,861 |
Schedule of securities with gross unrealized losses and their fair value | At September 30, 2022 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 3 $ 52,727 $ 14,401 $ 52,727 $ 14,401 $ — $ — Total other securities 3 52,727 14,401 52,727 14,401 — — FNMA 1 6,986 894 6,986 894 — — Total mortgage-backed securities 1 6,986 894 6,986 894 — — Total 4 $ 59,713 $ 15,295 $ 59,713 $ 15,295 $ — $ — Available for sale securities U.S. government agencies 7 $ 77,678 $ 2,820 $ 77,678 $ 2,820 $ — $ — Corporate 19 119,999 13,929 43,114 3,386 76,885 10,543 CLO 19 124,780 5,591 104,671 4,448 20,109 1,143 Total other securities 45 322,457 22,340 225,463 10,654 96,994 11,686 REMIC and CMO 47 155,637 25,641 61,979 5,523 93,658 20,118 GNMA 9 7,237 1,989 337 31 6,900 1,958 FNMA 51 174,122 30,183 58,057 7,479 116,065 22,704 FHLMC 26 130,891 25,634 40,649 4,754 90,242 20,880 Total mortgage-backed securities 133 467,887 83,447 161,022 17,787 306,865 65,660 Total 178 $ 790,344 $ 105,787 $ 386,485 $ 28,441 $ 403,859 $ 77,346 At December 31, 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) Available for sale securities U.S. government agencies 2 $ 5,577 $ 9 $ 1,130 $ 5 $ 4,447 $ 4 Corporate 13 94,234 3,189 65,453 1,970 28,781 1,219 CLO 4 31,012 255 10,000 1 21,012 254 Total other securities 19 130,823 3,453 76,583 1,976 54,240 1,477 REMIC and CMO 15 124,131 3,656 105,959 2,800 18,172 856 GNMA 4 9,924 316 1,138 16 8,786 300 FNMA 25 171,109 2,160 153,657 1,587 17,452 573 FHLMC 18 129,115 2,635 98,297 1,448 30,818 1,187 Total mortgage-backed securities 62 434,279 8,767 359,051 5,851 75,228 2,916 Total 81 $ 565,102 $ 12,220 $ 435,634 $ 7,827 $ 129,468 $ 4,393 |
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, 2022 2021 2022 2021 (In thousands) Beginning balance $ 1,085 $ 844 $ 862 $ 907 Provision (benefit) 11 (1) 234 (64) Allowance for credit losses $ 1,096 $ 843 $ 1,096 $ 843 |
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, 2022 2021 2022 2021 Gross gains from the sale of securities $ — $ — $ — $ 123 Gross losses from the sale of securities — (10) — (10) Net gains from the sale of securities $ — $ (10) $ — $ 113 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of TDR loan modifications | For the three months ended September 30, 2022 (Dollars in thousands) Number Balance Modification description Commercial business and other 1 $ 2,982 Amortization extension. Total 1 $ 2,982 For the nine months ended September 30, 2022 (Dollars in thousands) Number Balance Modification description Small Business Administration 1 $ 271 Amortization extension. Commercial business and other 5 8,204 One loan received a below market interest rate and four loans had an amortization extension. Total 6 $ 8,475 For the nine months ended September 30, 2021 (Dollars in thousands) Number Balance Modification description Commercial business and other 2 $ 674 Amortization extensions. Total 2 $ 674 |
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, 2022 (In thousands) Non-accrual amortized cost beginning of the reporting period Non-accrual amortized cost end of the reporting period Non-accrual with no related allowance Interest income recognized Loans ninety days or more past due and still accruing Multi-family residential $ 2,652 $ 3,715 $ 3,715 $ — $ — Commercial real estate 640 1,908 1,908 — — One-to-four family - mixed-use property (1) 1,582 1,046 1,046 — — One-to-four family - residential 7,482 4,191 4,191 — — Small Business Administration 952 950 950 — — Commercial business and other (1) 1,945 18,252 4,882 159 2,000 Total $ 15,253 $ 30,062 $ 16,692 $ 159 $ 2,000 (1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.2 million. Commercial business and other contains a non-accrual performing TDR totaling $2.9 million. At or for the year ended December 31, 2021 (In thousands) Non-accrual amortized cost beginning of the reporting period Non-accrual amortized cost end of the 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 $ 2,652 $ 2,652 $ 19 $ — Commercial real estate 1,766 640 640 — — One-to-four family - mixed-use property (1) 1,706 1,582 1,582 6 — One-to-four family - residential 5,313 7,482 7,482 1 — Small Business Administration 1,168 952 952 — — Taxi medallion (2) 2,758 — — — — Commercial business and other (1) 5,660 1,945 305 78 — Total $ 20,947 $ 15,253 $ 13,613 $ 104 $ — (1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.3 million. Commercial business and other contains a non-accrual performing TDR totaling less than $0.1 million. (2) Taxi medallions were completely charged-off during the year ended December 31, 2021. |
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, 2022 2021 2022 2021 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 618 $ 415 $ 1,578 $ 1,330 Less: Interest income included in the results of operations 181 156 618 480 Total foregone interest $ 437 $ 259 $ 960 $ 850 |
Summary of aging analysis of amortized cost basis of loans | September 30, 2022 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 $ 4,920 $ 1,077 $ 3,715 $ 9,712 $ 2,601,630 $ 2,611,342 Commercial real estate — 4,066 3,908 7,974 1,908,038 1,916,012 One-to-four family - mixed-use property 2,311 318 796 3,425 560,359 563,784 One-to-four family - residential 99 229 4,191 4,519 237,121 241,640 Construction — — — — 63,487 63,487 Small Business Administration — — 950 950 26,607 27,557 Commercial business and other 325 9,597 2,343 12,265 1,520,587 1,532,852 Total $ 7,655 $ 15,287 $ 15,903 $ 38,845 $ 6,917,829 $ 6,956,674 December 31, 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 $ 3,652 $ 4,193 $ 2,652 $ 10,497 $ 2,508,730 $ 2,519,227 Commercial real estate 5,743 — 640 6,383 1,770,992 1,777,375 One-to-four family - mixed-use property 2,319 — 1,321 3,640 571,296 574,936 One-to-four family - residential 163 224 7,483 7,870 269,942 277,812 Construction — — — — 59,473 59,473 Small Business Administration — — 952 952 90,884 91,836 Commercial business and other 101 40 1,386 1,527 1,335,919 1,337,446 Total $ 11,978 $ 4,457 $ 14,434 $ 30,869 $ 6,607,236 $ 6,638,105 |
Summary of activity in the allowance for loan losses | The following tables show the activity in the ACL on loans for the three month periods indicated: September 30, 2022 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 $ 9,405 $ 8,443 $ 1,959 $ 866 $ 300 $ 2,118 $ — $ 16,333 $ 39,424 Charge-offs — — — (2) — — — (322) (324) Recoveries — — — — — 12 — 22 34 Provision (benefit) 355 (29) 3 (59) (44) (68) — 1,976 2,134 Ending balance $ 9,760 $ 8,414 $ 1,962 $ 805 $ 256 $ 2,062 $ — $ 18,009 $ 41,268 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 Provision (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 The following tables show the activity in the ACL on loans for the nine month periods indicated: September 30, 2022 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 $ 8,185 $ 7,158 $ 1,755 $ 784 $ 186 $ 1,209 $ — $ 17,858 $ 37,135 Charge-offs — — — (2) — (1,054) — (354) (1,410) Recoveries 1 — — 4 — 39 447 195 686 Provision (benefit) 1,574 1,256 207 19 70 1,868 (447) 310 4,857 Ending balance $ 9,760 $ 8,414 $ 1,962 $ 805 $ 256 $ 2,062 $ — $ 18,009 $ 41,268 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 $ 6,557 $ 8,327 $ 1,986 $ 869 $ 497 $ 2,251 $ — $ 24,666 $ 45,153 Charge-offs (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 |
Summary of risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination | Revolving Loans Revolving Loans Amortized Cost converted to (In thousands) 2022 2021 2020 2019 2018 Prior Basis term loans Total 1-4 Family Residential Pass $ 14,376 $ 8,756 $ 18,790 $ 42,039 $ 29,191 $ 99,631 $ 7,588 $ 13,558 $ 233,929 Watch — 289 — 732 — 1,330 63 841 3,255 Special Mention — — — — — — — — — Substandard — — — — — 4,010 — 446 4,456 Total 1-4 Family Residential $ 14,376 $ 9,045 $ 18,790 $ 42,771 $ 29,191 $ 104,971 $ 7,651 $ 14,845 $ 241,640 1-4 Family Mixed-Use Pass $ 38,477 $ 44,662 $ 32,958 $ 64,949 $ 67,082 $ 304,622 $ — $ — $ 552,750 Watch — — 888 741 — 7,207 — — 8,836 Special Mention — — — — — 962 — — 962 Substandard — — — — — 1,236 — — 1,236 Total 1-4 Family Mixed-Use $ 38,477 $ 44,662 $ 33,846 $ 65,690 $ 67,082 $ 314,027 $ — $ — $ 563,784 Commercial Real Estate Pass $ 302,056 $ 182,756 $ 153,420 $ 234,022 $ 245,188 $ 763,516 $ — $ — $ 1,880,958 Watch — 1,605 — 8,602 6,784 10,081 — — 27,072 Special Mention — — — — — 4,066 — — 4,066 Substandard — — — 2,000 — 1,916 — — 3,916 Total Commercial Real Estate $ 302,056 $ 184,361 $ 153,420 $ 244,624 $ 251,972 $ 779,579 $ — $ — $ 1,916,012 Construction Pass $ 1,984 $ 15,769 $ 13,814 $ — — $ — $ 22,870 $ — $ 54,437 Watch — — — — 6,450 — — — 6,450 Special Mention — — — — — 2,600 — — 2,600 Substandard — — — — — — — — — Total Construction $ 1,984 $ 15,769 $ 13,814 $ — $ 6,450 $ 2,600 $ 22,870 $ — $ 63,487 Multi-family Pass $ 417,745 $ 290,993 $ 226,506 $ 318,909 $ 385,967 $ 925,965 $ 6,175 $ — $ 2,572,260 Watch — 1,117 1,462 — 14,810 15,927 — — 33,316 Special Mention — — — — 725 568 — — 1,293 Substandard — — — — 2,882 1,591 — — 4,473 Total Multi-family $ 417,745 $ 292,110 $ 227,968 $ 318,909 $ 404,384 $ 944,051 $ 6,175 $ — $ 2,611,342 Commercial Business - Secured by RE Pass $ 167,534 $ 141,946 $ 89,845 $ 34,367 $ 56,849 $ 96,077 $ — $ — $ 586,618 Watch — — 20,842 49,095 17,976 57,727 — — 145,640 Special Mention — — — 576 — — — — 576 Substandard — — — — — 3,513 — — 3,513 Total Commercial Business - Secured by RE $ 167,534 $ 141,946 $ 110,687 $ 84,038 $ 74,825 $ 157,317 $ — $ — $ 736,347 Commercial Business Pass $ 142,249 $ 97,440 $ 44,163 $ 42,581 $ 46,191 $ 61,019 $ 265,892 $ — $ 699,535 Watch 2,336 — 488 22,117 16,096 18,538 4,236 — 63,811 Special Mention — 2,461 4,727 37 1,919 481 59 — 9,684 Substandard 1,454 1,435 72 31 2,862 1,869 14,855 — 22,578 Doubtful — — — — — — 792 — 792 Total Commercial Business $ 146,039 $ 101,336 $ 49,450 $ 64,766 $ 67,068 $ 81,907 $ 285,834 $ — $ 796,400 Small Business Administration Pass $ 2,709 $ 9,533 $ 4,727 $ 686 $ 1,304 $ 1,887 $ — $ — $ 20,846 Watch — — — 53 2,517 2,893 — — 5,463 Special Mention — — — — — 42 — — 42 Substandard — — — — — 1,206 — — 1,206 Total Small Business Administration $ 2,709 $ 9,533 $ 4,727 $ 739 $ 3,821 $ 6,028 $ — $ — $ 27,557 Other Pass $ — $ — $ — $ — $ — $ 22 $ 83 $ — $ 105 Total Other $ — $ — $ — $ — $ — $ 22 $ 83 $ — $ 105 Total by Loan Type Total Pass $ 1,087,130 $ 791,855 $ 584,223 $ 737,553 $ 831,772 $ 2,252,739 $ 302,608 $ 13,558 $ 6,601,438 Total Watch 2,336 3,011 23,680 81,340 64,633 113,703 4,299 841 293,843 Total Special Mention — 2,461 4,727 613 2,644 8,719 59 — 19,223 Total Substandard 1,454 1,435 72 2,031 5,744 15,341 14,855 446 41,378 Total Doubtful — — — — — — 792 — 792 Total Loans $ 1,090,920 $ 798,762 $ 612,702 $ 821,537 $ 904,793 $ 2,390,502 $ 322,613 $ 14,845 $ 6,956,674 |
Summary of types of collateral-dependent loans by class of loans | Collateral Type September 30, 2022 December 31, 2021 (In thousands) Real Estate Business Assets Real Estate Business Assets Multi-family residential $ 3,715 $ — $ 2,652 $ — Commercial real estate 2,402 — 1,158 — One-to-four family - mixed-use property 1,046 — 1,582 — One-to-four family - residential 4,191 — 7,482 — Small Business Administration — 950 — 952 Commercial business and other — 17,758 — 1,427 Total $ 11,354 $ 18,708 $ 12,874 $ 2,379 |
Summary of allowance for off balance sheet | For the three months ended For the nine months ended September 30, September 30, 2022 2021 2022 2021 (In thousands) Balance at beginning of period $ 1,444 $ 1,570 $ 1,209 $ 1,815 Off-Balance Sheet- Benefit (631) (259) (396) (504) Allowance for Off-Balance Sheet - Credit losses (1) $ 813 $ 1,311 $ 813 $ 1,311 (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, 2022 Number Amortized (Dollars in thousands) of contracts Cost Commercial business and other 1 $ 3,000 Total non-performing 1 $ 3,000 |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Schedule of recorded investment for loans classified as TDR at amortized cost | September 30, 2022 December 31, 2021 Number Amortized Number Amortized (Dollars in thousands) of contracts Cost of contracts Cost Multi-family residential 6 $ 1,677 6 $ 1,690 Commercial real estate 1 7,572 1 7,572 One-to-four family - mixed-use property (1) 4 1,237 5 1,636 One-to-four family - residential 1 257 3 483 Small Business Administration 1 255 — — Commercial business and other (1) 6 3,805 5 1,381 Total performing 19 $ 14,803 20 $ 12,762 (1) These loans continue to pay as agreed, however the Company records interest received on a cash basis. |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of loans sold | For the three months ended September 30, 2022 Net (Dollars in thousands) Loans sold Proceeds charge-offs Net gain Performing loans Multi-family residential 1 $ 10,682 $ — $ — Total 1 $ 10,682 $ — $ — For the three months ended September 30, 2021 Net (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, 2022 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Performing loans Multi-family residential 5 $ 20,818 $ — $ — Commercial 1 4,312 — — Total 6 $ 25,130 $ — $ — Delinquent and non-performing loans Commercial 1 3,687 — 73 One-to-four family - mixed-use property 1 430 — — Total 2 $ 4,117 $ — $ 73 For the nine months ended September 30, 2021 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Delinquent and non-performing loans Multi-family residential 10 $ 12,069 $ (43) $ 78 Commercial 4 7,380 (64) 104 One-to-four family - mixed-use property 13 5,518 (14) 107 Total 27 $ 24,967 $ (121) $ 289 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Summary of supplemental balance sheet information related to leases | (Dollars in thousands) September 30, 2022 December 31, 2021 Operating lease ROU asset $ 44,885 $ 50,200 Operating lease liability $ 48,330 $ 54,155 Weighted-average remaining lease term-operating leases 6.8 years 7.4 years Weighted average discount rate-operating leases 3.1 % 3.1 % |
Schedule of components of lease expense and cash flow information related to leases | For the three months ended (Dollars in thousands) Line Item Presented September 30, 2022 September 30, 2021 Lease Cost Operating lease cost Occupancy and equipment $ 2,100 $ 2,197 Operating lease cost Other operating expenses 23 20 Short-term lease cost Professional Services and Other operating expenses 36 34 Variable lease cost Occupancy and equipment 275 230 Total lease cost $ 2,434 $ 2,481 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 2,342 $ 2,435 Right-of-use assets obtained in exchange for new operating lease liabilities $ — $ 28 For the nine months ended (Dollars in thousands) Line Item Presented September 30, 2022 September 30, 2021 Lease Cost Operating lease cost Occupancy and equipment $ 6,299 $ 6,503 Operating lease cost Other operating expenses 71 62 Short-term lease cost Professional Services and Other operating expenses 132 129 Variable lease cost Occupancy and equipment 713 826 Total lease cost $ 7,215 $ 7,520 Other information Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 7,111 $ 10,483 Right-of-use assets obtained in exchange for new operating lease liabilities $ 47 $ 4,827 |
Schedule of Minimum annual rental payments for Bank facilities due under non-cancelable leases | Minimum Rental (In thousands) Years ended December 31: 2022 $ 2,084 2023 9,502 2024 9,336 2025 8,662 2026 7,769 Thereafter 16,277 Total minimum payments required 53,630 Less: implied interest 5,300 Total lease obligations $ 48,330 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2021 310,430 $ 21.49 102,920 $ 20.02 Granted 212,811 24.83 63,250 25.11 Vested (219,873) 23.62 (71,390) 23.48 Forfeited (1,895) 23.99 — — Non-vested at September 30, 2022 301,473 $ 22.28 94,780 $ 20.81 Vested but unissued at September 30, 2022 227,051 $ 22.41 118,245 $ 20.76 |
Summary of the Phantom Stock Plan | Phantom Stock Plan Shares Fair Value Outstanding at December 31, 2021 128,881 $ 24.30 Granted 28,762 23.94 Distributions (993) 23.36 Outstanding at September 30, 2022 156,650 $ 19.37 Vested at September 30, 2022 156,407 $ 19.37 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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) 2022 2021 2022 2021 Employee Pension Plan: Interest cost $ 138 $ 128 $ 414 $ 384 Amortization of unrecognized loss 1 122 3 366 Expected return on plan assets (257) (274) (772) (822) Net employee pension benefit $ (118) $ (24) $ (355) $ (72) Outside Director Pension Plan: Service cost $ 3 $ 4 $ 9 $ 12 Interest cost 11 12 34 36 Amortization of unrecognized gain (7) (5) (21) (15) Net outside director pension expense $ 7 $ 11 $ 22 $ 33 Other Postretirement Benefit Plans: Service cost $ 67 $ 73 $ 201 $ 219 Interest cost 70 58 209 174 Amortization of actuarial gain — 8 — 24 Amortization of past service credit (7) (21) (21) (63) Net other postretirement expense $ 130 $ 118 $ 389 $ 354 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 Description 2022 2021 September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (In thousands) Mortgage-backed securities $ 317 $ 388 $ (6) $ (1) $ (18) $ (3) Other securities 12,625 14,180 (661) 6 (1,681) 7 Borrowed funds 49,752 56,472 6,293 (1,849) 8,049 (8,837) Net gain (loss) from fair value adjustments (1) $ 5,626 $ (1,844) $ 6,350 $ (8,833) (1) The net gain (loss) from fair value adjustments presented in the above table does not include net gains (losses) of ($0.4) million for the three months ended September 30, 2021 and $1.0 million for the nine months ended September 30, 2021, 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 2022 2021 2022 2021 2022 2021 2022 2021 (In thousands) Assets: Securities available for sale Mortgage-backed Securities $ — $ — $ 468,366 $ 572,184 $ — $ — $ 468,366 $ 572,184 Other securities 11,131 12,485 338,870 190,872 1,494 1,695 351,495 205,052 Interest rate swaps — — 83,280 10,683 — — 83,280 10,683 Total assets $ 11,131 $ 12,485 $ 890,516 $ 773,739 $ 1,494 $ 1,695 $ 903,141 $ 787,919 Liabilities: Borrowings $ — $ — $ — $ — $ 49,752 $ 56,472 $ 49,752 $ 56,472 Interest rate swaps — — 18,698 25,071 — — 18,698 25,071 Total liabilities $ — $ — $ 18,698 $ 25,071 $ 49,752 $ 56,472 $ 68,450 $ 81,543 |
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, 2022 September 30, 2021 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,662 $ 55,352 $ 1,495 $ 49,814 Net (loss) gain from fair value adjustment of financial assets (1) (171) — 53 — Net (gain) loss from fair value adjustment of financial liabilities (1) — (6,293) — 1,850 Increase (decrease) in accrued interest 3 95 — (1) Change in unrealized (gains) losses included in other comprehensive loss — 598 — (85) Ending balance $ 1,494 $ 49,752 $ 1,548 $ 51,578 Changes in unrealized gains held at period end $ — $ 2,177 $ — $ 3,058 For the nine months ended September 30, 2022 September 30, 2021 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,695 $ 56,472 $ 1,295 $ 43,136 Net (loss) gain from fair value adjustment of financial assets (1) (206) — 254 — Net (gain) loss from fair value adjustment of financial liabilities (1) — (8,049) — 8,837 Increase (decrease) in accrued interest 5 172 (1) (6) Change in unrealized (gains) losses included in other comprehensive loss — 1,157 — (389) Ending balance $ 1,494 $ 49,752 $ 1,548 $ 51,578 Changes in unrealized gains held at period end $ — $ 2,177 $ — $ 3,058 (1) Totals in the tables above are presented in the Consolidated Statements of Income under net gain (loss) from fair value adjustments. |
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 2022 2021 2022 2021 2022 2021 2022 2021 (In thousands) Assets: Non-accrual loans $ — $ — $ — $ — $ 19,033 $ 11,026 $ 19,033 $ 11,026 Total assets $ — $ — $ — $ — $ 19,033 $ 11,026 $ 19,033 $ 11,026 |
Schedule of carrying amounts and estimated fair values of selected financial instruments | September 30, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 164,693 $ 164,693 $ 164,693 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,880 6,986 — 6,986 — Other securities 66,032 52,727 — — 52,727 Securities available for sale Mortgage-backed securities 468,366 468,366 — 468,366 — Other securities 351,495 351,495 11,131 338,870 1,494 Loans 6,956,674 6,794,125 — — 6,794,125 FHLB-NY stock 62,489 62,489 — 62,489 — Accrued interest receivable 42,571 42,571 — 3,093 39,478 Interest rate swaps 83,280 83,280 — 83,280 — Liabilities: Deposits $ 6,125,305 $ 6,092,158 $ 5,089,198 $ 1,002,960 $ — Borrowed Funds 1,572,830 1,547,433 — 1,497,681 49,752 Accrued interest payable 8,628 8,628 — 8,628 — Interest rate swaps 18,698 18,698 — 18,698 — December 31, 2021 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 81,723 $ 81,723 $ 81,723 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,894 8,667 — 8,667 — Other securities 49,974 53,362 — — 53,362 Securities available for sale Mortgage-backed securities 572,184 572,184 — 572,184 — Other securities 205,052 205,052 12,485 190,872 1,695 Loans 6,638,105 6,687,125 — — 6,687,125 FHLB-NY stock 35,937 35,937 — 35,937 — Accrued interest receivable 38,698 38,698 — 1,574 37,124 Interest rate swaps 10,683 10,683 — 10,683 — Liabilities: Deposits $ 6,385,445 $ 6,385,276 $ 5,438,870 $ 946,406 $ — Borrowed Funds 815,544 816,012 — 759,540 56,472 Accrued interest payable 4,777 4,777 — 4,777 — Interest rate swaps 25,071 25,071 — 25,071 — |
Fair Value, Measurements, Nonrecurring [Member] | |
Notes Tables | |
Schedule of quantitative information about Level 3 | At September 30, 2022 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 18,875 Sales approach Adjustment to sales comparison value -11.5% to 0.0 % 0.4 % Reduction for planned expedited disposal 8.0% to 15.0 % 13.6 % Non-accrual loans $ 158 Discounted Cashflow Discount Rate 4.3 % 4.3 % Probability of Default 35.0 % 35.0 % At December 31, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Non-accrual loans $ 10,579 Sales approach Reduction for planned expedited disposal 8.0% to 15.0 % 11.9 % Non-accrual loans $ 447 Discounted Cashflow Discount Rate 4.3 % 4.3 % Probability of Default 35.0 % 35.0 % |
Fair Value, Measurements, Recurring [Member] | |
Notes Tables | |
Schedule of quantitative information about Level 3 | September 30, 2022 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,494 Discounted cash flows Spread over 3-month Libor n/a 3.7 % Liabilities: Junior subordinated debentures $ 49,752 Discounted cash flows Spread over 3-month Libor n/a 3.7 % December 31, 2021 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Trust preferred securities $ 1,695 Discounted cash flows Spread over 3-month Libor n/a 2.2 % Liabilities: Junior subordinated debentures $ 56,472 Discounted cash flows Spread over 3-month Libor n/a 2.2 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Summary of information regarding the Company's derivative financial instruments | September 30, 2022 December 31, 2021 Notional Notional Amount Fair Value (1) Amount Fair Value (1) (In thousands) Interest rate swaps (cash flow hedge) $ 871,500 $ 38,361 $ 355,000 $ 7,328 Interest rate swaps (fair value hedge) 287,085 26,221 — — Interest rate swaps (non-hedge) 111,446 18,698 113,988 3,355 Interest rate swaps (fair value hedge) — — 299,555 (12,329) Interest rate swaps (cash flow hedge) — — 641,500 (9,387) Interest rate swaps (non-hedge) 111,446 (18,698) 113,988 (3,355) Total derivatives $ 1,381,477 $ 64,582 $ 1,524,031 $ (14,388) (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 fair value hedged items for the periods indicated | Cumulative Amount of the Fair Hedging Adjustment Line Item in the Consolidated Statement Carrying Amount of the Included in the Carrying Amount of of Financial Condition in Which Hedged the Hedged the Hedged Item Is Included Assets/(Liabilities) Assets/(Liabilities) (In thousands) September 30, 2022 December 31, 2021 September 30, 2022 December 31, 2021 Loans Multi-family residential $ 92,692 $ 113,730 $ (11,412) $ 7,608 Commercial real estate 168,117 192,694 (16,105) 3,477 Commercial business and other — 6,298 — 122 Total $ 260,809 $ 312,722 $ (27,517) $ 11,207 |
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 Statements Where Net Income is Presented 2022 2021 2022 2021 Financial Derivatives: Other interest expense $ — $ (33) $ — $ (305) Net gain (loss) from fair value adjustments — (445) — 978 Interest rate swaps (non-hedge) — (478) — 673 Interest rate swaps (fair value hedge) Interest and fees on loans 253 (1,206) (2,068) (3,231) Other interest expense 64 (2,737) (3,890) (7,942) Deposit 793 — 842 — Interest rate swaps (cash flow hedge) 857 (2,737) (3,048) (7,942) Net income (loss) $ 1,110 $ (4,421) $ (5,116) $ (10,500) |
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, 2022 Gross Amounts Not Offset in the Consolidated Statements of Gross Amount Offset in Net Amount of Assets Financial Condition Gross Amount of the Statements Presented in the Financial Cash Collateral (In thousands) Recognized Assets of Condition Statements of Condition Instruments Received Net Amount Interest rate swaps $ 83,280 $ — $ 83,280 $ — $ 50,505 $ 32,775 Gross Amounts Not Offset in the Consolidated Statements of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Financial Condition Recognized the Statements Presented in the Financial Cash Collateral (In thousands) Liabilities of Condition Statements of Condition Instruments Pledged Net Amount Interest rate swaps $ 18,698 $ — $ 18,698 $ — $ — $ 18,698 December 31, 2021 Gross Amounts Not Offset in the Consolidated Statements of Gross Amount Offset in Net Amount of Assets Financial Condition Gross Amount of the Statements Presented in the Financial Cash Collateral (In thousands) Recognized Assets of Condition Statements of Condition Instruments Received Net Amount Interest rate swaps $ 10,683 $ — $ 10,683 $ — $ — $ 10,683 Gross Amounts Not Offset in the Consolidated Statements of Gross Amount of Gross Amount Offset in Net Amount of Liabilities Financial Condition Recognized the Statements Presented in the Financial Cash Collateral (In thousands) Liabilities of Condition Statements of Condition Instruments Pledged Net Amount Interest rate swaps $ 25,071 $ — $ 25,071 $ — $ 21,527 $ 3,544 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Schedule of changes in accumulated other comprehensive income (loss) by component | For the three months ended September 30, 2022 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 $ (50,133) $ 18,260 $ (1,313) $ 1,922 $ (31,264) Other comprehensive income before reclassifications, net of tax (22,797) 7,480 — (414) (15,731) Amounts reclassified from accumulated other comprehensive income, net of tax — 710 (9) — 701 Net current period other comprehensive income, net of tax (22,797) 8,190 (9) (414) (15,030) Ending balance, net of tax $ (72,930) $ 26,450 $ (1,322) $ 1,508 $ (46,294) 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 (loss), 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 nine months ended September 30, 2022 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 $ (6,272) $ (1,406) $ (1,282) $ 2,276 $ (6,684) Other comprehensive income before reclassifications, net of tax (66,658) 23,657 — (768) (43,769) Amounts reclassified from accumulated other comprehensive income, net of tax — 4,199 (40) — 4,159 Net current period other comprehensive income (loss), net of tax (66,658) 27,856 (40) (768) (39,610) Ending balance, net of tax $ (72,930) $ 26,450 $ (1,322) $ 1,508 $ (46,294) 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) |
Schedule of amounts reclassified from accumulated other comprehensive income (loss) by component | For the three months ended September 30, 2022 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 $ (1,030) Interest expense 320 Provision for income taxes $ (710) Net of tax Amortization of defined benefit pension items: Actuarial losses $ 6 (1) Other expense Prior service credits 7 (1) Other expense 13 Total before tax (4) Provision for income taxes $ 9 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 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 losses 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) Interest expense 828 Provision for income taxes $ (1,812) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (125) (1) Other operating expenses Prior service credits 21 (1) Other operating expenses (104) Total before tax 32 Provision for income taxes $ (72) 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, 2022 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 $ (6,117) Interest expense 1,918 Provision for income taxes $ (4,199) Net of tax Amortization of defined benefit pension items: Actuarial losses $ 18 (1) Other expense Prior service credits 21 (1) Other expense 39 Total before tax 1 Provision for income taxes $ 40 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 losses on available for sale securities $ 113 Net loss on sale of securities (35) Provision for income taxes $ 78 Net of tax Cash flow hedges: Interest rate swaps $ (7,883) Interest expense 2,458 Provision for income taxes $ (5,425) Net of tax Amortization of defined benefit pension items: Actuarial losses $ (375) (1) Other operating expenses Prior service credits 63 (1) Other operating expenses (312) Total before tax 97 Provision for income taxes $ (215) 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, 2022 | |
Notes Tables | |
Summary of compliance with banking regulatory capital standards | September 30, 2022 December 31, 2021 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 859,779 10.03 % $ 840,105 10.39 % Requirement to be well-capitalized 428,594 5.00 404,366 5.00 Excess 431,185 5.03 435,739 5.39 Common Equity Tier I risk-based capital: Capital level $ 859,779 12.85 % $ 840,105 13.58 % Requirement to be well-capitalized 434,966 6.50 402,100 6.50 Excess 424,813 6.35 438,005 7.08 Tier I risk-based capital: Capital level $ 859,779 12.85 % $ 840,105 13.58 % Requirement to be well-capitalized 535,343 8.00 494,892 8.00 Excess 324,436 4.85 345,213 5.58 Total risk-based capital: Capital level $ 899,274 13.44 % $ 874,400 14.13 % Requirement to be well-capitalized 669,179 10.00 618,615 10.00 Excess 230,095 3.44 255,785 4.13 |
Holding Company | |
Notes Tables | |
Summary of compliance with banking regulatory capital standards | September 30, 2022 December 31, 2021 Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 749,526 8.74 % $ 726,174 8.98 % Requirement to be well-capitalized 428,619 5.00 404,422 5.00 Excess 320,907 3.74 321,752 3.98 Common Equity Tier I risk-based capital: Capital level $ 701,532 10.49 % $ 671,494 10.86 % Requirement to be well-capitalized 434,803 6.50 401,836 6.50 Excess 266,729 3.99 269,658 4.36 Tier I risk-based capital: Capital level $ 749,526 11.20 % $ 726,174 11.75 % Requirement to be well-capitalized 535,143 8.00 494,568 8.00 Excess 214,383 3.20 231,606 3.75 Total risk-based capital: Capital level $ 979,021 14.64 % $ 885,469 14.32 % Requirement to be well-capitalized 668,928 10.00 618,210 10.00 Excess 310,093 4.64 267,259 4.32 |
Use of Estimates (Details)
Use of Estimates (Details) | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Notes to Financial Statements | |
Goodwill, Impairment Loss | $ 0 |
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, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share | ||||||||
Net income | $ 23,442 | $ 25,035 | $ 18,219 | $ 25,413 | $ 19,258 | $ 19,039 | $ 66,696 | $ 63,710 |
Total weighted average common shares outstanding and common stock equivalents (in shares) | 30,695 | 31,567 | 30,960 | 31,616 | ||||
Basic earnings per common share (in dollars per share) | $ 0.76 | $ 0.81 | $ 2.15 | $ 2.02 | ||||
Diluted earnings per common share (in dollars per share) | $ 0.76 | $ 0.81 | $ 2.15 | $ 2.02 | ||||
Dividend payout ratio | 28.90% | 25.90% | 30.70% | 31.20% |
Earnings Per Share - Anti Dilut
Earnings Per Share - Anti Dilutive (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
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, 2022 USD ($) item | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Securities, Trading, and Equity Securities, FV-NI, Total | $ 0 | $ 0 | $ 0 | ||
Allowance for credit loss | 0 | 0 | |||
Accrued interest receivable on available-for-sale debt securities | $ 3,000 | 3,000 | 1,500 | ||
Number of investment securities | item | 1 | ||||
Payment investment amount | $ 21,000 | 21,000 | |||
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | $ 20,000 | 0 | $ 45,000 | |
Held-to-maturity Securities | |||||
Specific reserve for outstanding balance of financing receivable in active forbearance | 1,100 | 1,100 | 900 | ||
Accrued interest receivable on held-to-maturity securities | $ 100 | $ 100 | $ 100 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Securities held-to-maturity, amortized cost | $ 75,008 | |||||
Securities held-to-maturity, amortized cost | 73,912 | $ 57,868 | ||||
Securities held-to-maturity, fair value | 59,713 | 62,029 | ||||
Securities held-to-maturity, gross Unrecognized gains | 3,299 | |||||
Securities held-to-maturity, gross Unrecognized losses | 15,295 | |||||
Securities held-to-maturity, allowance for credit losses | (1,096) | $ (1,085) | (862) | $ (843) | $ (844) | $ (907) |
Securities available for sale, amortized cost, total other securities | 925,633 | 786,425 | ||||
Securities available for sale, fair value | 819,861 | 777,236 | ||||
Securities available for sale, gross unrealized gains | 15 | 3,031 | ||||
Securities available for sale, gross unrealized losses | 105,787 | 12,220 | ||||
Other Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 1,494 | 1,695 | ||||
Securities available for sale, fair value | 1,494 | 1,695 | ||||
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 | 84,400 | 5,599 | ||||
Securities available for sale, fair value | 81,591 | 5,590 | ||||
Securities available for sale, gross unrealized gains | 11 | 0 | ||||
Securities available for sale, gross unrealized losses | 2,820 | 9 | ||||
Corporate Debt Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 146,428 | 107,423 | ||||
Securities available for sale, fair value | 132,499 | 104,370 | ||||
Securities available for sale, gross unrealized gains | 0 | 136 | ||||
Securities available for sale, gross unrealized losses | 13,929 | 3,189 | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Securities held-to-maturity, amortized cost | 67,128 | 50,836 | ||||
Securities held-to-maturity, fair value | 52,727 | 53,362 | ||||
Securities held-to-maturity, gross Unrecognized gains | 2,526 | |||||
Securities held-to-maturity, gross Unrecognized losses | 14,401 | |||||
Mutual Fund Debt Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 11,131 | 12,485 | ||||
Securities available for sale, fair value | 11,131 | 12,485 | ||||
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 | 130,371 | 81,166 | ||||
Securities available for sale, fair value | 124,780 | 80,912 | ||||
Securities available for sale, gross unrealized gains | 0 | 1 | ||||
Securities available for sale, gross unrealized losses | 5,591 | 255 | ||||
Other Debt Obligations [Member] | ||||||
Securities held-to-maturity, amortized cost | 67,128 | 50,836 | ||||
Securities held-to-maturity, amortized cost | 66,032 | 49,974 | ||||
Securities held-to-maturity, fair value | 52,727 | 53,362 | ||||
Securities held-to-maturity, gross Unrecognized gains | 2,526 | |||||
Securities held-to-maturity, gross Unrecognized losses | 14,401 | |||||
Securities held-to-maturity, allowance for credit losses | (1,096) | (862) | ||||
Securities available for sale, fair value | 351,495 | 205,052 | ||||
Collateralized Mortgage Backed Securities [Member] | ||||||
Securities held-to-maturity, amortized cost | 7,880 | 7,894 | ||||
Securities held-to-maturity, amortized cost | 7,880 | 7,894 | ||||
Securities held-to-maturity, fair value | 6,986 | 8,667 | ||||
Securities held-to-maturity, gross Unrecognized gains | 773 | |||||
Securities held-to-maturity, gross Unrecognized losses | 894 | |||||
Securities available for sale, amortized cost, total other securities | 551,809 | 578,057 | ||||
Securities available for sale, fair value | 468,366 | 572,184 | ||||
Securities available for sale, gross unrealized gains | 4 | 2,894 | ||||
Securities available for sale, gross unrealized losses | 83,447 | 8,767 | ||||
REMIC and CMO [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 181,595 | 210,948 | ||||
Securities available for sale, fair value | 155,954 | 208,509 | ||||
Securities available for sale, gross unrealized gains | 0 | 1,217 | ||||
Securities available for sale, gross unrealized losses | 25,641 | 3,656 | ||||
GNMA [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 9,385 | 10,572 | ||||
Securities available for sale, fair value | 7,400 | 10,286 | ||||
Securities available for sale, gross unrealized gains | 4 | 30 | ||||
Securities available for sale, gross unrealized losses | 1,989 | 316 | ||||
FNMA [Member] | ||||||
Securities held-to-maturity, amortized cost | 7,880 | 7,894 | ||||
Securities held-to-maturity, fair value | 6,986 | 8,667 | ||||
Securities held-to-maturity, gross Unrecognized gains | 773 | |||||
Securities held-to-maturity, gross Unrecognized losses | 894 | |||||
Securities available for sale, amortized cost, total other securities | 204,305 | 203,777 | ||||
Securities available for sale, fair value | 174,122 | 202,938 | ||||
Securities available for sale, gross unrealized gains | 0 | 1,321 | ||||
Securities available for sale, gross unrealized losses | 30,183 | 2,160 | ||||
FHLMC [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 156,524 | 152,760 | ||||
Securities available for sale, fair value | 130,890 | 150,451 | ||||
Securities available for sale, gross unrealized gains | 0 | 326 | ||||
Securities available for sale, gross unrealized losses | 25,634 | 2,635 | ||||
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 373,824 | 208,368 | ||||
Securities available for sale, fair value | 351,495 | 205,052 | ||||
Securities available for sale, gross unrealized gains | 11 | 137 | ||||
Securities available for sale, gross unrealized losses | $ 22,340 | $ 3,453 |
Securities - Securities Availab
Securities - Securities Available-for-sale and Held-to-maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Securities held-to-maturity, amortized cost, due after ten years | $ 67,128 | |||||
Securities held-to-maturity, fair value, due after ten years | 52,727 | |||||
Securities held-to-maturity, amortized cost | 75,008 | |||||
Securities held-to-maturity, allowance for credit losses | (1,096) | $ (1,085) | $ (862) | $ (843) | $ (844) | $ (907) |
Securities held-to-maturity, amortized cost | 73,912 | 57,868 | ||||
Securities held-to-maturity, fair value | 59,713 | 62,029 | ||||
Securities available for sale, amortized cost, due in one year or less | 10,016 | |||||
Securities available for sale, fair value, due in one year or less | 9,907 | |||||
Securities available for sale, amortized cost, due after one years through five years | 134,500 | |||||
Securities available for sale, fair value, due after one years through five years | 127,090 | |||||
Securities available for sale, amortized cost, due after five years through ten years | 195,895 | |||||
Securities available for sale, fair value, due after five years through ten years | 181,787 | |||||
Securities available for sale, amortized cost, due after ten years | 22,282 | |||||
Securities available for sale, fair value, due after ten years | 21,580 | |||||
Securities available for sale, amortized cost, total other securities | 925,633 | 786,425 | ||||
Securities available for sale, fair value, total other securities | 819,861 | 777,236 | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Securities held-to-maturity, amortized cost | 67,128 | 50,836 | ||||
Securities held-to-maturity, fair value | 52,727 | 53,362 | ||||
Total Other Securities [Member] | ||||||
Securities held-to-maturity, amortized cost | 67,128 | |||||
Securities held-to-maturity, fair value | 52,727 | |||||
Securities available for sale, amortized cost, total other securities | 362,693 | |||||
Securities available for sale, fair value, total other securities | 340,364 | |||||
Collateralized Mortgage Backed Securities [Member] | ||||||
Securities held-to-maturity, amortized cost | 7,880 | 7,894 | ||||
Securities held-to-maturity, amortized cost | 7,880 | 7,894 | ||||
Securities held-to-maturity, fair value | 6,986 | 8,667 | ||||
Securities available for sale, amortized cost, total other securities | 551,809 | 578,057 | ||||
Securities available for sale, fair value, total other securities | 468,366 | 572,184 | ||||
Mutual Fund Debt Securities [Member] | ||||||
Securities available for sale, amortized cost, total other securities | 11,131 | 12,485 | ||||
Securities available for sale, fair value, total other securities | $ 11,131 | $ 12,485 |
Securities - Available for Sale
Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 4 | |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 59,713 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 15,295 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 59,713 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 15,295 | |
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 | 178 | 81 |
Securities have been in a continuous unrealized loss position, fair value | $ 790,344 | $ 565,102 |
Securities have been in a continuous unrealized loss position, unrealized losses | 105,787 | 12,220 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 386,485 | 435,634 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 28,441 | 7,827 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 403,859 | 129,468 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 77,346 | $ 4,393 |
Other Debt Obligations [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 3 | |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 52,727 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 14,401 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 52,727 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 14,401 | |
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 | 45 | 19 |
Securities have been in a continuous unrealized loss position, fair value | $ 322,457 | $ 130,823 |
Securities have been in a continuous unrealized loss position, unrealized losses | 22,340 | 3,453 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 225,463 | 76,583 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 10,654 | 1,976 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 96,994 | 54,240 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 11,686 | $ 1,477 |
US States and Political Subdivisions Debt Securities [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 3 | |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 52,727 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 14,401 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 52,727 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 14,401 | |
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 | 7 | 2 |
Securities have been in a continuous unrealized loss position, fair value | $ 77,678 | $ 5,577 |
Securities have been in a continuous unrealized loss position, unrealized losses | 2,820 | 9 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 77,678 | 1,130 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,820 | 5 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 0 | 4,447 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 0 | $ 4 |
Corporate Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 19 | 13 |
Securities have been in a continuous unrealized loss position, fair value | $ 119,999 | $ 94,234 |
Securities have been in a continuous unrealized loss position, unrealized losses | 13,929 | 3,189 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 43,114 | 65,453 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 3,386 | 1,970 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 76,885 | 28,781 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 10,543 | $ 1,219 |
Collateralized Loan Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 19 | 4 |
Securities have been in a continuous unrealized loss position, fair value | $ 124,780 | $ 31,012 |
Securities have been in a continuous unrealized loss position, unrealized losses | 5,591 | 255 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 104,671 | 10,000 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 4,448 | 1 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 20,109 | 21,012 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,143 | $ 254 |
Collateralized Mortgage Backed 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 | $ 6,986 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 894 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 6,986 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 894 | |
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 | 133 | 62 |
Securities have been in a continuous unrealized loss position, fair value | $ 467,887 | $ 434,279 |
Securities have been in a continuous unrealized loss position, unrealized losses | 83,447 | 8,767 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 161,022 | 359,051 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 17,787 | 5,851 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 306,865 | 75,228 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 65,660 | $ 2,916 |
REMIC and CMO [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 47 | 15 |
Securities have been in a continuous unrealized loss position, fair value | $ 155,637 | $ 124,131 |
Securities have been in a continuous unrealized loss position, unrealized losses | 25,641 | 3,656 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 61,979 | 105,959 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 5,523 | 2,800 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 93,658 | 18,172 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 20,118 | $ 856 |
GNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 9 | 4 |
Securities have been in a continuous unrealized loss position, fair value | $ 7,237 | $ 9,924 |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,989 | 316 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 337 | 1,138 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 31 | 16 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 6,900 | 8,786 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,958 | $ 300 |
FNMA [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 | $ 6,986 | |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 894 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 6,986 | |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 894 | |
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 | 51 | 25 |
Securities have been in a continuous unrealized loss position, fair value | $ 174,122 | $ 171,109 |
Securities have been in a continuous unrealized loss position, unrealized losses | 30,183 | 2,160 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 58,057 | 153,657 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 7,479 | 1,587 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 116,065 | 17,452 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 22,704 | $ 573 |
FHLMC [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 26 | 18 |
Securities have been in a continuous unrealized loss position, fair value | $ 130,891 | $ 129,115 |
Securities have been in a continuous unrealized loss position, unrealized losses | 25,634 | 2,635 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 40,649 | 98,297 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 4,754 | 1,448 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 90,242 | 30,818 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 20,880 | $ 1,187 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Activity in the allowance for credit losses for debt securities held-to-maturity | ||||
Beginning balance | $ 1,085 | $ 844 | $ 862 | $ 907 |
Provision (benefit) | 11 | (1) | 234 | (64) |
Allowance for credit losses | $ 1,096 | $ 843 | $ 1,096 | $ 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 | |
Notes to Financial Statements | ||
Gross gains from the sale of securities | $ 123 | |
Gross losses from the sale of securities | $ (10) | (10) |
Net gains from the sale of securities | $ (10) | $ 113 |
Loans (Details)
Loans (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) loan contract | Sep. 30, 2021 USD ($) loan | Dec. 31, 2021 USD ($) contract | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Aggregate outstanding loans | $ 6,956,674 | $ 6,956,674 | $ 6,638,105 | |||||
Provision (benefit) for credit losses | 2,134 | $ (6,926) | 4,857 | $ (5,642) | ||||
Allowance for credit losses | $ 41,268 | 36,363 | $ 41,268 | $ 36,363 | $ 37,135 | $ 39,424 | $ 42,670 | $ 45,153 |
Percentage of financing receivable on total loans | 0.59% | 0.56% | ||||||
Percentage of financing receivable non-performing loans | 142.30% | 248.70% | ||||||
Number of TDR loan modifications | loan | 1 | 6 | 2 | |||||
Performing Financial Instruments [Member] | ||||||||
Number of TDR loan modifications | contract | 19 | 20 | ||||||
Loans Receivable [Member] | ||||||||
Interest Receivable | $ 36,100 | $ 36,100 | $ 35,800 | |||||
Commercial Real Estate | ||||||||
Aggregate outstanding loans | 1,916,012 | 1,916,012 | 1,777,375 | |||||
Provision (benefit) for credit losses | (29) | (112) | 1,256 | $ (2,507) | ||||
Allowance for credit losses | 8,414 | 5,756 | $ 8,414 | $ 5,756 | $ 7,158 | 8,443 | 5,868 | 8,327 |
Number of TDR loan modifications | loan | 2 | |||||||
Commercial Real Estate | Performing Financial Instruments [Member] | ||||||||
Number of TDR loan modifications | contract | 1 | 1 | ||||||
Small Business Administration Portfolio Segment [Member] | ||||||||
Aggregate outstanding loans | 27,557 | $ 27,557 | $ 91,836 | |||||
Provision (benefit) for credit losses | (68) | (646) | 1,868 | $ (614) | ||||
Allowance for credit losses | 2,062 | 1,664 | $ 2,062 | 1,664 | 1,209 | 2,118 | 2,302 | 2,251 |
Small Business Administration [Member] | ||||||||
Number of TDR loan modifications | loan | 1 | |||||||
Small Business Administration [Member] | Performing Financial Instruments [Member] | ||||||||
Number of TDR loan modifications | contract | 1 | |||||||
Multi-family Residential Portfolio Segment [Member] | ||||||||
Aggregate outstanding loans | 2,611,342 | $ 2,611,342 | 2,519,227 | |||||
Provision (benefit) for credit losses | 355 | (161) | 1,574 | (126) | ||||
Allowance for credit losses | 9,760 | 6,398 | 9,760 | 6,398 | 8,185 | 9,405 | 6,559 | 6,557 |
Taxi Medallion Portfolio Segment [Member] | ||||||||
Provision (benefit) for credit losses | (1,235) | (447) | 1,301 | |||||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||||||
Aggregate outstanding loans | 563,784 | 563,784 | 574,936 | |||||
Provision (benefit) for credit losses | 3 | (169) | 207 | (641) | ||||
Allowance for credit losses | 1,962 | 1,446 | 1,962 | 1,446 | 1,755 | 1,959 | 1,492 | 1,986 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||||||
Non-accrual loans | 200 | 200 | 300 | |||||
Commercial Business and Other Portfolio Segment [Member] | ||||||||
Aggregate outstanding loans | 1,532,852 | 1,532,852 | 1,337,446 | |||||
Provision (benefit) for credit losses | 1,976 | (4,354) | 310 | (2,334) | ||||
Allowance for credit losses | 18,009 | $ 20,300 | 18,009 | $ 20,300 | 17,858 | $ 16,333 | $ 25,548 | $ 24,666 |
Commercial Business and Other Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||||||||
Non-accrual loans | $ 2,900 | $ 2,900 | ||||||
Commercial Business and Other Portfolio Segment [Member] | Performing Financial Instruments [Member] | Maximum [Member] | ||||||||
Non-accrual loans | $ 100 |
Loans - Loans Modified and Clas
Loans - Loans Modified and Classified as TDR (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) contract loan | Sep. 30, 2021 contract | Sep. 30, 2022 USD ($) loan contract | Sep. 30, 2021 USD ($) loan | Dec. 31, 2021 USD ($) | |
Number of TDR loan modifications | loan | 1 | 6 | 2 | ||
Balance | $ | $ 2,982 | $ 8,475 | $ 674 | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | $ | $ 0 | $ 0 | |||
Number of contracts | contract | 0 | 0 | 0 | ||
Nonperforming Financial Instruments [Member] | |||||
Number of TDR loan modifications | loan | 1 | ||||
Recorded investment, subsequent default | $ | $ 0 | $ 0 | |||
Commercial Business and Other | |||||
Number of TDR loan modifications | loan | 1 | 5 | |||
Balance | $ | $ 2,982 | $ 8,204 | |||
Number of contracts | loan | 1 | 1 | |||
Recorded investment, subsequent default | $ | $ 3,000 | $ 3,000 | |||
Commercial Business and Other | Nonperforming Financial Instruments [Member] | |||||
Number of TDR loan modifications | loan | 1 | ||||
Commercial Real Estate | |||||
Number of TDR loan modifications | loan | 2 | ||||
Balance | $ | $ 674 | ||||
Small Business Administration [Member] | |||||
Number of TDR loan modifications | loan | 1 | ||||
Balance | $ | $ 271 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings That Are Performing (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) loan | Sep. 30, 2022 USD ($) loan contract | Sep. 30, 2021 loan | Dec. 31, 2021 USD ($) contract | |
Number of contracts | loan | 1 | 6 | 2 | |
Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 19 | 20 | ||
Amortized Cost | $ 14,803 | $ 14,803 | $ 12,762 | |
Nonperforming Financial Instruments [Member] | ||||
Number of contracts | loan | 1 | |||
Amortized Cost | 3,000 | $ 3,000 | ||
Multi-Family Residential | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 6 | 6 | ||
Amortized Cost | 1,677 | $ 1,677 | $ 1,690 | |
Commercial Real Estate | ||||
Number of contracts | loan | 2 | |||
Commercial Real Estate | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 1 | 1 | ||
Amortized Cost | 7,572 | $ 7,572 | $ 7,572 | |
One-To-Four Family - Mixed Used Property | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 4 | 5 | ||
Amortized Cost | 1,237 | $ 1,237 | $ 1,636 | |
One-To-Four Family - Residential | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 1 | 3 | ||
Amortized Cost | 257 | $ 257 | $ 483 | |
Small Business Administration [Member] | ||||
Number of contracts | loan | 1 | |||
Small Business Administration [Member] | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 1 | |||
Amortized Cost | $ 255 | $ 255 | ||
Commercial Business and Other | ||||
Number of contracts | loan | 1 | 5 | ||
Commercial Business and Other | Performing Financial Instruments [Member] | ||||
Number of contracts | contract | 6 | 5 | ||
Amortized Cost | $ 3,805 | $ 3,805 | $ 1,381 | |
Commercial Business and Other | Nonperforming Financial Instruments [Member] | ||||
Number of contracts | loan | 1 | |||
Amortized Cost | $ 3,000 | $ 3,000 |
Loans - Non-Accrual at Amortize
Loans - Non-Accrual at Amortized Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total Non-accrual amortized cost | $ 30,062 | $ 15,253 | $ 20,947 |
Non-Accrual with no related Allowance | 16,692 | 13,613 | |
Interest income recognized | 159 | 104 | |
Loans ninety days or more past due and still accruing: | 2,000 | ||
Multi-family Residential Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 3,715 | 2,652 | 2,576 |
Non-Accrual with no related Allowance | 3,715 | 2,652 | |
Interest income recognized | 19 | ||
Commercial Real Estate | |||
Total Non-accrual amortized cost | 1,908 | 640 | 1,766 |
Non-Accrual with no related Allowance | 1,908 | 640 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 1,046 | 1,582 | 1,706 |
Non-Accrual with no related Allowance | 1,046 | 1,582 | |
Interest income recognized | 6 | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Non-accrual loans | 200 | 300 | |
One-To-Four Family - Residential Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 4,191 | 7,482 | 5,313 |
Non-Accrual with no related Allowance | 4,191 | 7,482 | |
Interest income recognized | 1 | ||
Small Business Administration Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 950 | 952 | 1,168 |
Non-Accrual with no related Allowance | 950 | 952 | |
Taxi Medallion Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 2,758 | ||
Commercial Business and Other Portfolio Segment [Member] | |||
Total Non-accrual amortized cost | 18,252 | 1,945 | $ 5,660 |
Non-Accrual with no related Allowance | 4,882 | 305 | |
Interest income recognized | 159 | 78 | |
Loans ninety days or more past due and still accruing: | 2,000 | ||
Commercial Business and Other Portfolio Segment [Member] | Performing Financial Instruments [Member] | |||
Non-accrual loans | $ 2,900 | ||
Commercial Business and Other Portfolio Segment [Member] | Performing Financial Instruments [Member] | Maximum [Member] | |||
Non-accrual loans | $ 100 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Note 5 - Loans - 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 | $ 618 | $ 415 | $ 1,578 | $ 1,330 |
Less: Interest income included in the results of operations | 181 | 156 | 618 | 480 |
Total foregone interest | $ 437 | $ 259 | $ 960 | $ 850 |
Loans - Age Analysis of Recorde
Loans - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Total | $ 6,956,674 | |
Total loans | 6,956,674 | $ 6,638,105 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total | 7,655 | 11,978 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total | 15,287 | 4,457 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total | 15,903 | 14,434 |
Total Past Due [Member] | ||
Total | 38,845 | 30,869 |
Current [Member] | ||
Total | 6,917,829 | 6,607,236 |
Multi-family Residential Portfolio Segment [Member] | ||
Total | 2,611,342 | |
Total loans | 2,611,342 | 2,519,227 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total | 4,920 | 3,652 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total | 1,077 | 4,193 |
Multi-family Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total | 3,715 | 2,652 |
Multi-family Residential Portfolio Segment [Member] | Total Past Due [Member] | ||
Total | 9,712 | 10,497 |
Multi-family Residential Portfolio Segment [Member] | Current [Member] | ||
Total | 2,601,630 | 2,508,730 |
Commercial Real Estate | ||
Total | 1,916,012 | |
Total loans | 1,916,012 | 1,777,375 |
Commercial Real Estate | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total | 0 | 5,743 |
Commercial Real Estate | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total | 4,066 | 0 |
Commercial Real Estate | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total | 3,908 | 640 |
Commercial Real Estate | Total Past Due [Member] | ||
Total | 7,974 | 6,383 |
Commercial Real Estate | Current [Member] | ||
Total | 1,908,038 | 1,770,992 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Total | 563,784 | |
Total loans | 563,784 | 574,936 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total | 2,311 | 2,319 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total | 318 | 0 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total | 796 | 1,321 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Total Past Due [Member] | ||
Total | 3,425 | 3,640 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Current [Member] | ||
Total | 560,359 | 571,296 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Total | 241,640 | |
Total loans | 241,640 | 277,812 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total | 99 | 163 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total | 229 | 224 |
One-To-Four Family - Residential Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total | 4,191 | 7,483 |
One-To-Four Family - Residential Portfolio Segment [Member] | Total Past Due [Member] | ||
Total | 4,519 | 7,870 |
One-To-Four Family - Residential Portfolio Segment [Member] | Current [Member] | ||
Total | 237,121 | 269,942 |
Construction Portfolio Segment [Member] | ||
Total | 63,487 | |
Total loans | 63,487 | 59,473 |
Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total | 0 | 0 |
Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total | 0 | 0 |
Construction Portfolio Segment [Member] | Total Past Due [Member] | ||
Total | 0 | 0 |
Construction Portfolio Segment [Member] | Current [Member] | ||
Total | 63,487 | 59,473 |
Small Business Administration Portfolio Segment [Member] | ||
Total | 27,557 | |
Total loans | 27,557 | 91,836 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total | 0 | 0 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total | 0 | 0 |
Small Business Administration Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total | 950 | 952 |
Small Business Administration Portfolio Segment [Member] | Total Past Due [Member] | ||
Total | 950 | 952 |
Small Business Administration Portfolio Segment [Member] | Current [Member] | ||
Total | 26,607 | 90,884 |
Commercial Business and Other Portfolio Segment [Member] | ||
Total loans | 1,532,852 | 1,337,446 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Total | 325 | 101 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Total | 9,597 | 40 |
Commercial Business and Other Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Total | 2,343 | 1,386 |
Commercial Business and Other Portfolio Segment [Member] | Total Past Due [Member] | ||
Total | 12,265 | 1,527 |
Commercial Business and Other Portfolio Segment [Member] | Current [Member] | ||
Total | $ 1,520,587 | $ 1,335,919 |
Loans - Activity in the Allowan
Loans - Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning balance | $ 39,424 | $ 42,670 | $ 37,135 | $ 45,153 |
Charge-off's | (324) | (1,019) | (1,410) | (5,127) |
Recoveries | 34 | 1,638 | 686 | 1,979 |
Provision (benefit) | 2,134 | (6,926) | 4,857 | (5,642) |
Ending balance | 41,268 | 36,363 | 41,268 | 36,363 |
Multi-family Residential Portfolio Segment [Member] | ||||
Beginning balance | 9,405 | 6,559 | 8,185 | 6,557 |
Charge-off's | (43) | |||
Recoveries | 1 | 10 | ||
Provision (benefit) | 355 | (161) | 1,574 | (126) |
Ending balance | 9,760 | 6,398 | 9,760 | 6,398 |
Commercial Real Estate | ||||
Beginning balance | 8,443 | 5,868 | 7,158 | 8,327 |
Charge-off's | (64) | |||
Provision (benefit) | (29) | (112) | 1,256 | (2,507) |
Ending balance | 8,414 | 5,756 | 8,414 | 5,756 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Beginning balance | 1,959 | 1,492 | 1,755 | 1,986 |
Charge-off's | (32) | |||
Recoveries | 123 | 133 | ||
Provision (benefit) | 3 | (169) | 207 | (641) |
Ending balance | 1,962 | 1,446 | 1,962 | 1,446 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||||
Beginning balance | 866 | 716 | 784 | 869 |
Charge-off's | (2) | (2) | ||
Recoveries | 147 | 4 | 154 | |
Provision (benefit) | (59) | (232) | 19 | (392) |
Ending balance | 805 | 631 | 805 | 631 |
Construction Portfolio Segment [Member] | ||||
Beginning balance | 300 | 185 | 186 | 497 |
Provision (benefit) | (44) | (17) | 70 | (329) |
Ending balance | 256 | 168 | 256 | 168 |
Small Business Administration Portfolio Segment [Member] | ||||
Beginning balance | 2,118 | 2,302 | 1,209 | 2,251 |
Charge-off's | (1,054) | |||
Recoveries | 12 | 8 | 39 | 27 |
Provision (benefit) | (68) | (646) | 1,868 | (614) |
Ending balance | 2,062 | 1,664 | 2,062 | 1,664 |
Taxi Medallion Portfolio Segment [Member] | ||||
Charge-off's | (2,758) | |||
Recoveries | 1,235 | 447 | 1,457 | |
Provision (benefit) | (1,235) | (447) | 1,301 | |
Commercial Business and Other Portfolio Segment [Member] | ||||
Beginning balance | 16,333 | 25,548 | 17,858 | 24,666 |
Charge-off's | (322) | (1,019) | (354) | (2,230) |
Recoveries | 22 | 125 | 195 | 198 |
Provision (benefit) | 1,976 | (4,354) | 310 | (2,334) |
Ending balance | $ 18,009 | $ 20,300 | $ 18,009 | $ 20,300 |
Loans - Risk category of our lo
Loans - Risk category of our loan portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2022 | $ 1,090,920 | |
2021 | 798,762 | |
2020 | 612,702 | |
2019 | 821,537 | |
2018 | 904,793 | |
Prior | 2,390,502 | |
Revolving Loans Amortized Cost Basis | 322,613 | |
Revolving Loans converted to term loans | 14,845 | |
Total | 6,956,674 | |
Pass [Member] | ||
2022 | 1,087,130 | |
2021 | 791,855 | |
2020 | 584,223 | |
2019 | 737,553 | |
2018 | 831,772 | |
Prior | 2,252,739 | |
Revolving Loans Amortized Cost Basis | 302,608 | |
Revolving Loans converted to term loans | 13,558 | |
Total | 6,601,438 | |
Watch [Member] | ||
2022 | 2,336 | |
2021 | 3,011 | |
2020 | 23,680 | |
2019 | 81,340 | |
2018 | 64,633 | |
Prior | 113,703 | |
Revolving Loans Amortized Cost Basis | 4,299 | |
Revolving Loans converted to term loans | 841 | |
Total | 293,843 | |
Special Mention [Member] | ||
2021 | 2,461 | |
2020 | 4,727 | |
2019 | 613 | |
2018 | 2,644 | |
Prior | 8,719 | |
Revolving Loans Amortized Cost Basis | 59 | |
Total | 19,223 | |
Substandard [Member] | ||
2022 | 1,454 | |
2021 | 1,435 | |
2020 | 72 | |
2019 | 2,031 | |
2018 | 5,744 | |
Prior | 15,341 | |
Revolving Loans Amortized Cost Basis | 14,855 | |
Revolving Loans converted to term loans | 446 | |
Total | 41,378 | |
Doubtful [Member] | ||
Revolving Loans Amortized Cost Basis | 792 | |
Total | 792 | |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
2022 | 14,376 | |
2021 | 9,045 | |
2020 | 18,790 | |
2019 | 42,771 | |
2018 | 29,191 | |
Prior | 104,971 | |
Revolving Loans Amortized Cost Basis | 7,651 | |
Revolving Loans converted to term loans | 14,845 | |
Total | 241,640 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Pass [Member] | ||
2022 | 14,376 | |
2021 | 8,756 | |
2020 | 18,790 | |
2019 | 42,039 | |
2018 | 29,191 | |
Prior | 99,631 | |
Revolving Loans Amortized Cost Basis | 7,588 | |
Revolving Loans converted to term loans | 13,558 | |
Total | 233,929 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Watch [Member] | ||
2021 | 289 | |
2019 | 732 | |
Prior | 1,330 | |
Revolving Loans Amortized Cost Basis | 63 | |
Revolving Loans converted to term loans | 841 | |
Total | 3,255 | |
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard [Member] | ||
Prior | 4,010 | |
Revolving Loans converted to term loans | 446 | |
Total | 4,456 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
2022 | 38,477 | |
2021 | 44,662 | |
2020 | 33,846 | |
2019 | 65,690 | |
2018 | 67,082 | |
Prior | 314,027 | |
Total | 563,784 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Pass [Member] | ||
2022 | 38,477 | |
2021 | 44,662 | |
2020 | 32,958 | |
2019 | 64,949 | |
2018 | 67,082 | |
Prior | 304,622 | |
Total | 552,750 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Watch [Member] | ||
2020 | 888 | |
2019 | 741 | |
Prior | 7,207 | |
Total | 8,836 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention [Member] | ||
Prior | 962 | |
Total | 962 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard [Member] | ||
Prior | 1,236 | |
Total | 1,236 | |
Commercial Real Estate | ||
2022 | 302,056 | |
2021 | 184,361 | |
2020 | 153,420 | |
2019 | 244,624 | |
2018 | 251,972 | |
Prior | 779,579 | |
Total | 1,916,012 | |
Commercial Real Estate | Pass [Member] | ||
2022 | 302,056 | |
2021 | 182,756 | |
2020 | 153,420 | |
2019 | 234,022 | |
2018 | 245,188 | |
Prior | 763,516 | |
Total | 1,880,958 | |
Commercial Real Estate | Watch [Member] | ||
2021 | 1,605 | |
2019 | 8,602 | |
2018 | 6,784 | |
Prior | 10,081 | |
Total | 27,072 | |
Commercial Real Estate | Special Mention [Member] | ||
Prior | 4,066 | |
Total | 4,066 | |
Commercial Real Estate | Substandard [Member] | ||
2019 | 2,000 | |
Prior | 1,916 | |
Total | 3,916 | |
Construction Portfolio Segment [Member] | ||
2022 | 1,984 | |
2021 | 15,769 | |
2020 | 13,814 | |
2018 | 6,450 | |
Prior | 2,600 | |
Revolving Loans Amortized Cost Basis | 22,870 | |
Total | 63,487 | |
Construction Portfolio Segment [Member] | Pass [Member] | ||
2022 | 1,984 | |
2021 | 15,769 | |
2020 | 13,814 | |
Revolving Loans Amortized Cost Basis | 22,870 | |
Total | 54,437 | |
Construction Portfolio Segment [Member] | Watch [Member] | ||
2018 | 6,450 | |
Total | 6,450 | |
Construction Portfolio Segment [Member] | Special Mention [Member] | ||
Prior | 2,600 | |
Total | 2,600 | |
Multi-family Residential Portfolio Segment [Member] | ||
2022 | 417,745 | |
2021 | 292,110 | |
2020 | 227,968 | |
2019 | 318,909 | |
2018 | 404,384 | |
Prior | 944,051 | |
Revolving Loans Amortized Cost Basis | 6,175 | |
Total | 2,611,342 | |
Multi-family Residential Portfolio Segment [Member] | Pass [Member] | ||
2022 | 417,745 | |
2021 | 290,993 | |
2020 | 226,506 | |
2019 | 318,909 | |
2018 | 385,967 | |
Prior | 925,965 | |
Revolving Loans Amortized Cost Basis | 6,175 | |
Total | 2,572,260 | |
Multi-family Residential Portfolio Segment [Member] | Watch [Member] | ||
2021 | 1,117 | |
2020 | 1,462 | |
2018 | 14,810 | |
Prior | 15,927 | |
Total | 33,316 | |
Multi-family Residential Portfolio Segment [Member] | Special Mention [Member] | ||
2018 | 725 | |
Prior | 568 | |
Total | 1,293 | |
Multi-family Residential Portfolio Segment [Member] | Substandard [Member] | ||
2018 | 2,882 | |
Prior | 1,591 | |
Total | 4,473 | |
Commercial Business Secured By Portfolio Segment [member] | ||
2022 | 167,534 | |
2021 | 141,946 | |
2020 | 110,687 | |
2019 | 84,038 | |
2018 | 74,825 | |
Prior | 157,317 | |
Total | 736,347 | |
Commercial Business Secured By Portfolio Segment [member] | Pass [Member] | ||
2022 | 167,534 | |
2021 | 141,946 | |
2020 | 89,845 | |
2019 | 34,367 | |
2018 | 56,849 | |
Prior | 96,077 | |
Total | 586,618 | |
Commercial Business Secured By Portfolio Segment [member] | Watch [Member] | ||
2020 | 20,842 | |
2019 | 49,095 | |
2018 | 17,976 | |
Prior | 57,727 | |
Total | 145,640 | |
Commercial Business Secured By Portfolio Segment [member] | Special Mention [Member] | ||
2019 | 576 | |
Total | 576 | |
Commercial Business Secured By Portfolio Segment [member] | Substandard [Member] | ||
Prior | 3,513 | |
Total | 3,513 | |
Commercial Business Portfolio Segment [Member] | ||
2022 | 146,039 | |
2021 | 101,336 | |
2020 | 49,450 | |
2019 | 64,766 | |
2018 | 67,068 | |
Prior | 81,907 | |
Revolving Loans Amortized Cost Basis | 285,834 | |
Total | 796,400 | |
Commercial Business Portfolio Segment [Member] | Pass [Member] | ||
2022 | 142,249 | |
2021 | 97,440 | |
2020 | 44,163 | |
2019 | 42,581 | |
2018 | 46,191 | |
Prior | 61,019 | |
Revolving Loans Amortized Cost Basis | 265,892 | |
Total | 699,535 | |
Commercial Business Portfolio Segment [Member] | Watch [Member] | ||
2022 | 2,336 | |
2020 | 488 | |
2019 | 22,117 | |
2018 | 16,096 | |
Prior | 18,538 | |
Revolving Loans Amortized Cost Basis | 4,236 | |
Total | 63,811 | |
Commercial Business Portfolio Segment [Member] | Special Mention [Member] | ||
2021 | 2,461 | |
2020 | 4,727 | |
2019 | 37 | |
2018 | 1,919 | |
Prior | 481 | |
Revolving Loans Amortized Cost Basis | 59 | |
Total | 9,684 | |
Commercial Business Portfolio Segment [Member] | Substandard [Member] | ||
2022 | 1,454 | |
2021 | 1,435 | |
2020 | 72 | |
2019 | 31 | |
2018 | 2,862 | |
Prior | 1,869 | |
Revolving Loans Amortized Cost Basis | 14,855 | |
Total | 22,578 | |
Commercial Business Portfolio Segment [Member] | Doubtful [Member] | ||
Revolving Loans Amortized Cost Basis | 792 | |
Total | 792 | |
Small Business Administration Portfolio Segment [Member] | ||
2022 | 2,709 | |
2021 | 9,533 | |
2020 | 4,727 | |
2019 | 739 | |
2018 | 3,821 | |
Prior | 6,028 | |
Total | 27,557 | |
Small Business Administration Portfolio Segment [Member] | Pass [Member] | ||
2022 | 2,709 | |
2021 | 9,533 | |
2020 | 4,727 | |
2019 | 686 | |
2018 | 1,304 | |
Prior | 1,887 | |
Total | 20,846 | |
Small Business Administration Portfolio Segment [Member] | Watch [Member] | ||
2019 | 53 | |
2018 | 2,517 | |
Prior | 2,893 | |
Total | 5,463 | |
Small Business Administration Portfolio Segment [Member] | Special Mention [Member] | ||
Prior | 42 | |
Total | 42 | |
Small Business Administration Portfolio Segment [Member] | Substandard [Member] | ||
Prior | 1,206 | |
Total | 1,206 | |
Other Portfolio Segment [Member] | ||
Prior | 22 | |
Revolving Loans Amortized Cost Basis | 83 | |
Total | 105 | |
Other Portfolio Segment [Member] | Pass [Member] | ||
Prior | 22 | |
Revolving Loans Amortized Cost Basis | 83 | |
Total | 105 | |
Consumer Portfolio Segment [Member] | ||
Mortgage Loans in Process of Foreclosure, Amount | $ 5,300 | $ 8,700 |
Loans - Amortized Cost of Colla
Loans - Amortized Cost of Collateral (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | $ 11,354 | $ 12,874 |
Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 18,708 | 2,379 |
Multi-family Residential Portfolio Segment [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 3,715 | 2,652 |
Commercial Real Estate | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 2,402 | 1,158 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 1,046 | 1,582 |
One-To-Four Family - Residential Portfolio Segment [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 4,191 | 7,482 |
Small Business Administration Portfolio Segment [Member] | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | 950 | 952 |
Commercial Business and Other Portfolio Segment [Member] | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collateral Type | $ 17,758 | $ 1,427 |
Loans - Off-Balance Sheet Credi
Loans - Off-Balance Sheet Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of period | $ 1,444 | $ 1,570 | $ 1,209 | $ 1,815 | |
Off-Balance Sheet- Provision (Benefit) | (631) | (259) | (396) | (504) | |
Balance at end of period | 813 | $ 1,311 | 813 | $ 1,311 | |
Extension of credit | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Commitment to extend credit | $ 412,300 | $ 412,300 | $ 472,900 |
Loans Held for Sale - Delinquen
Loans Held for Sale - Delinquent and Non-performing Loans Sold During the Period Indicated (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2021 USD ($) loan | |
Nonperforming Financial Instruments [Member] | ||||
Loans sold | loan | 6 | 2 | 27 | |
Proceeds | $ 6,383 | $ 4,117 | $ 24,967 | |
Net Charge-offs | (121) | |||
Net gain | $ 131 | $ 73 | $ 289 | |
Nonperforming Financial Instruments [Member] | Multi-family Residential Portfolio Segment [Member] | ||||
Loans sold | loan | 2 | 10 | ||
Proceeds | $ 1,316 | $ 12,069 | ||
Net Charge-offs | (43) | |||
Net gain | $ 15 | $ 78 | ||
Nonperforming Financial Instruments [Member] | Commercial Real Estate | ||||
Loans sold | loan | 1 | 1 | 4 | |
Proceeds | $ 4,344 | $ 3,687 | $ 7,380 | |
Net Charge-offs | (64) | |||
Net gain | $ 87 | $ 73 | $ 104 | |
Nonperforming Financial Instruments [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Loans sold | loan | 3 | 1 | 13 | |
Proceeds | $ 723 | $ 430 | $ 5,518 | |
Net Charge-offs | (14) | |||
Net gain | $ 29 | $ 107 | ||
Performing Financial Instruments [Member] | ||||
Loans sold | loan | 1 | 6 | ||
Proceeds | $ 10,682 | $ 25,130 | ||
Performing Financial Instruments [Member] | Multi-family Residential Portfolio Segment [Member] | ||||
Loans sold | loan | 1 | 5 | ||
Proceeds | $ 10,682 | $ 20,818 | ||
Performing Financial Instruments [Member] | Commercial Real Estate | ||||
Loans sold | loan | 1 | |||
Proceeds | $ 4,312 |
Leases - (Details)
Leases - (Details) | Sep. 30, 2022 lease |
Minimum [Member] | |
Term of contract | 3 months |
Branches And Office Space [Member] | |
Number of leases | 28 |
Vehicles [Member] | |
Number of leases | 10 |
Equipment [Member] | |
Number of leases | 1 |
Equipment [Member] | Maximum [Member] | |
Term of contract | 14 years |
Leases - Balance Sheet Disclosu
Leases - Balance Sheet Disclosures and Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Operating lease ROU assets | $ 44,885 | $ 44,885 | $ 50,200 | ||
Operating lease liability | $ 48,330 | $ 48,330 | $ 54,155 | ||
Weighted-average remaining lease term-operating leases (Year) | 6 years 9 months 18 days | 6 years 9 months 18 days | 7 years 4 months 24 days | ||
Weighted average discount rate-operating leases | 3.10% | 3.10% | 3.10% | ||
Operating lease cost | $ 6,299 | $ 6,503 | |||
Short-term lease cost | $ 36 | $ 34 | 132 | 129 | |
Variable lease cost | 275 | 230 | 713 | 826 | |
Total lease cost | 2,434 | 2,481 | 7,215 | 7,520 | |
Operating cash flows from operating leases | 2,342 | 2,435 | 7,111 | 10,483 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 28 | 47 | 4,827 | ||
Occupancy and equipment | |||||
Operating lease cost | 2,100 | 2,197 | |||
Other operating expenses 1 | |||||
Operating lease cost | $ 23 | $ 20 | $ 71 | $ 62 |
Leases - Minimum Annual Rental
Leases - Minimum Annual Rental Payments for Bank facilities Due Under Non-cancelable Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 | $ 2,084 | |
2023 | 9,502 | |
2024 | 9,336 | |
2025 | 8,662 | |
2026 | 7,769 | |
Thereafter | 16,277 | |
Total minimum payments required | 53,630 | |
Less: implied interest | 5,300 | |
Total lease obligations | $ 48,330 | $ 54,155 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
May 18, 2021 | Jan. 31, 2019 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Stock-based compensation expense (benefit) | $ 700,000 | $ 1,200,000 | $ 5,600,000 | $ 6,300,000 | ||
Income tax benefits related to the stock-based compensation plans | $ 200,000 | $ 300,000 | $ 1,500,000 | $ 1,700,000 | ||
Omnibus Plan 2014 [Member] | ||||||
Number of additional shares authorized | 1,100,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 968,657 | 968,657 | ||||
The 2019 Long-term Incentive Compensation Program [Member] | ||||||
Awards vesting period | 3 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Awards granted | 0 | 0 | 212,811 | 238,985 | ||
Restricted Stock Units (RSUs) [Member] | Omnibus Plan 2014 [Member] | ||||||
Total unrecognized compensation cost | $ 5,200,000 | $ 5,200,000 | ||||
Weighted-average period of recognition of compensation cost | 2 years 7 months 6 days | |||||
Total fair value of awards vested | $ 400,000 | $ 7,100,000 | $ 5,400,000 | |||
Performance-based Restricted Stock Units [Member] | ||||||
Awards granted | 0 | 0 | 63,250 | 62,790 | ||
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | ||||||
Stock-based compensation expense (benefit) | $ (300,000) | $ 200,000 | $ (700,000) | $ 800,000 | ||
Total fair value of awards vested | $ 6,000 | $ 2,000 | $ 23,000 | $ 50,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock Units (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Restricted Stock Units (RSUs) [Member] | ||||
Non-vested RSU's, beginning balance (in shares) | 310,430 | |||
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 21.49 | |||
Granted RSU's (in shares) | 0 | 0 | 212,811 | 238,985 |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 24.83 | |||
Vested RSU's (in shares) | (219,873) | |||
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 23.62 | |||
Forfeited RSU's (in shares) | (1,895) | |||
Forfeited RSU's, weighted-average grant-date fair value (in dollars per share) | $ 23.99 | |||
Non-vested RSU's, ending balance (in shares) | 301,473 | 301,473 | ||
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 22.28 | $ 22.28 | ||
Vested RSU's but unissued (in shares) | 227,051 | 227,051 | ||
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 22.41 | $ 22.41 | ||
Performance-based Restricted Stock Units [Member] | ||||
Non-vested RSU's, beginning balance (in shares) | 102,920 | |||
Non-vested RSU's, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 20.02 | |||
Granted RSU's (in shares) | 0 | 0 | 63,250 | 62,790 |
Granted RSU's, weighted-average grant-date fair value (in dollars per share) | $ 25.11 | |||
Vested RSU's (in shares) | (71,390) | |||
Vested RSU's, weighted-average grant-date fair value (in dollars per share) | $ 23.48 | |||
Non-vested RSU's, ending balance (in shares) | 94,780 | 94,780 | ||
Non-vested RSU's, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 20.81 | $ 20.81 | ||
Vested RSU's but unissued (in shares) | 118,245 | 118,245 | ||
Vested RSU's but unissued, weighted-average grant-date fair value (in dollars per share) | $ 20.76 | $ 20.76 |
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, 2022 $ / shares shares | |
Outstanding, beginning balance (in shares) | shares | 128,881 |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 24.30 |
Granted (in shares) | shares | 28,762 |
Granted (in dollars per share) | $ / shares | $ 23.94 |
Distributions (in shares) | shares | (993) |
Distributions (in dollars per share) | $ / shares | $ 23.36 |
Outstanding, ending balance (in shares) | shares | 156,650 |
Outstanding, ending (in dollars per share) | $ / shares | $ 19.37 |
Vested at September 30, 2021 (in shares) | shares | 156,407 |
Vested at September 30, 2021 (in dollars per share) | $ / shares | $ 19.37 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Directors' Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 300,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 100,000 | |
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 | 18,000 | |
Employee Pension Plan [Member] | Savings Bank [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 |
Pension and Other Postretirem_4
Pension and Other Postretirement Benefits - The Components of the Net Pension (Benefit) Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Employee Pension Plan [Member] | ||||
Interest cost | $ 138 | $ 128 | $ 414 | $ 384 |
Amortization of actuarial (gain) loss | 1 | 122 | 3 | 366 |
Expected return on plan assets | (257) | (274) | (772) | (822) |
Net pension expense (benefit) | (118) | (24) | (355) | (72) |
Directors' Plan [Member] | ||||
Service cost | 3 | 4 | 9 | 12 |
Interest cost | 11 | 12 | 34 | 36 |
Amortization of actuarial (gain) loss | (7) | (5) | (21) | (15) |
Net pension expense (benefit) | 7 | 11 | 22 | 33 |
Other Post Retirement Benefit Plan Defined Benefit [Member] | ||||
Service cost | 67 | 73 | 201 | 219 |
Interest cost | 70 | 58 | 209 | 174 |
Amortization of actuarial (gain) loss | 8 | 24 | ||
Amortization of past service credit | (7) | (21) | (21) | (63) |
Net pension expense (benefit) | $ 130 | $ 118 | $ 389 | $ 354 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Financial Assets at Fair Value Option | $ 12,900 | $ 12,900 | $ 14,600 | ||
Financial Liabilities at Fair Value Option | 49,800 | 49,800 | 56,500 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 5,626 | $ (2,289) | 6,350 | $ (7,855) | |
Financial Liabilities at Fair Value Option Contractual Principal | 61,900 | 61,900 | 61,900 | ||
Financial Liabilities at Fair Value Option Accrued Interest Payable | $ 300 | $ 300 | 100 | ||
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) | $ 1,000 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Financial Assets at Fair Value Option | $ 12,900 | $ 12,900 | $ 14,600 | ||
Net loss from fair value adjustments | 5,626 | $ (2,289) | 6,350 | $ (7,855) | |
Collateralized Mortgage Backed Securities [Member] | |||||
Financial Assets at Fair Value Option | 317 | 317 | 388 | ||
Net loss from fair value adjustments | (6) | (1) | (18) | (3) | |
Other Securities [Member] | |||||
Financial Assets at Fair Value Option | 12,625 | 12,625 | 14,180 | ||
Net loss from fair value adjustments | (661) | 6 | (1,681) | 7 | |
Junior Subordinated Debentures [Member] | |||||
Financial Assets at Fair Value Option | 49,752 | 49,752 | $ 56,472 | ||
Net loss from fair value adjustments | 6,293 | (1,849) | 8,049 | (8,837) | |
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | |||||
Net loss from fair value adjustments | $ 5,626 | $ (1,844) | $ 6,350 | $ (8,833) |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities available for sale, fair value | $ 819,861 | $ 777,236 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 468,366 | 572,184 |
Other Securities [Member] | ||
Securities available for sale, fair value | 1,494 | 1,695 |
Fair Value, Measurements, Recurring [Member] | ||
Total assets | 903,141 | 787,919 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 68,450 | 81,543 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 468,366 | 572,184 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 351,495 | 205,052 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 83,280 | 10,683 |
Interest Rate Swaps, Net Amount | 18,698 | 25,071 |
Fair Value, Measurements, Recurring [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 49,752 | 56,472 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total assets | 11,131 | 12,485 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 11,131 | 12,485 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total assets | 890,516 | 773,739 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 18,698 | 25,071 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities available for sale, fair value | 468,366 | 572,184 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 338,870 | 190,872 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 83,280 | 10,683 |
Interest Rate Swaps, Net Amount | 18,698 | 25,071 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | 1,494 | 1,695 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 49,752 | 56,472 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Securities available for sale, fair value | 1,494 | 1,695 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | 49,752 | 56,472 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Total assets | 19,033 | 11,026 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets | $ 19,033 | $ 11,026 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Trust Preferred Securities [Member] | ||||
Beginning balance | $ 1,662 | $ 1,495 | $ 1,695 | $ 1,295 |
Net gain from fair value adjustment of financial assets | (171) | 53 | (206) | 254 |
Increase (decrease) in accrued interest | 3 | 5 | (1) | |
Ending balance | 1,494 | 1,548 | 1,494 | 1,548 |
Junior Subordinated Debentures [Member] | ||||
Beginning balance | 55,352 | 49,814 | 56,472 | 43,136 |
Net loss from fair value adjustment of financial liabilities | (6,293) | 1,850 | (8,049) | 8,837 |
Increase (decrease) in accrued interest | 95 | (1) | 172 | (6) |
Change in unrealized gains included in other comprehensive income | 598 | (85) | 1,157 | (389) |
Ending balance | 49,752 | 51,578 | 49,752 | 51,578 |
Changes in unrealized gains held at period end | $ 2,177 | $ 3,058 | $ 2,177 | $ 3,058 |
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, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Securities available for sale, fair value | $ 819,861 | $ 777,236 |
Valuation Technique, Discounted Cash Flow [Member] | Junior Subordinated Debentures [Member] | ||
Borrowings | $ 49,752 | $ 56,472 |
Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | Junior Subordinated Debentures [Member] | ||
Liabilities, Weighted average | 3.7 | 2.2 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Securities available for sale, fair value | $ 1,494 | $ 1,695 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Measurement Input, Discount Rate [Member] | ||
Assets, Weighted average | 3.7 | 2.2 |
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, 2022 | Dec. 31, 2021 |
Impaired loans | $ 19,033 | $ 11,026 |
Total assets | 19,033 | 11,026 |
Fair Value, Inputs, Level 3 [Member] | ||
Impaired loans | 19,033 | 11,026 |
Total assets | $ 19,033 | $ 11,026 |
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, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Impaired loans | $ 19,033 | $ 11,026 |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | ||
Impaired loans | $ 10,579 | |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||
Impaired loans, measurement input | 8 | 8 |
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 | 13.6 | 11.9 |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Impaired loans | $ 18,875 | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Impaired loans, measurement input | (11.5) | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Impaired loans, measurement input | 0 | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Impaired loans, measurement input | 0.4 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Impaired loans | $ 158 | $ 447 |
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] | Weighted Average [Member] | ||
Impaired loans, measurement input | 4.3 | 4.3 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||
Impaired loans, measurement input | 35 | 35 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Impaired loans, measurement input | 35 | 35 |
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, 2022 | Dec. 31, 2021 |
Securities held-to-maturity, amortized cost | $ 73,912 | $ 57,868 |
Securities available for sale, fair value | 819,861 | 777,236 |
Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 32,775 | 10,683 |
Interest rate swaps | 18,698 | 3,544 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,880 | 7,894 |
Securities available for sale, fair value | 468,366 | 572,184 |
Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 66,032 | 49,974 |
Securities available for sale, fair value | 351,495 | 205,052 |
Reported Value Measurement [Member] | ||
Cash and due from banks | 164,693 | 81,723 |
Loans | 6,956,674 | 6,638,105 |
FHLB-NY stock | 62,489 | 35,937 |
Accrued interest receivable | 42,571 | 38,698 |
Deposits | 6,125,305 | 6,385,445 |
Borrowings | 1,572,830 | 815,544 |
Accrued interest payable | 8,628 | 4,777 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 83,280 | 10,683 |
Interest rate swaps | 18,698 | 25,071 |
Reported Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 7,880 | 7,894 |
Securities available for sale, fair value | 468,366 | 572,184 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 66,032 | 49,974 |
Securities available for sale, fair value | 351,495 | 205,052 |
Estimate of Fair Value Measurement [Member] | ||
Cash and due from banks | 164,693 | 81,723 |
Loans | 6,794,125 | 6,687,125 |
FHLB-NY stock | 62,489 | 35,937 |
Accrued interest receivable | 42,571 | 38,698 |
Deposits | 6,092,158 | 6,385,276 |
Borrowings | 1,547,433 | 816,012 |
Accrued interest payable | 8,628 | 4,777 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 83,280 | 10,683 |
Interest rate swaps | 18,698 | 25,071 |
Estimate of Fair Value Measurement [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 6,986 | 8,667 |
Securities available for sale, fair value | 468,366 | 572,184 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 52,727 | 53,362 |
Securities available for sale, fair value | 351,495 | 205,052 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | 164,693 | 81,723 |
Deposits | 5,089,198 | 5,438,870 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations [Member] | ||
Securities available for sale, fair value | 11,131 | 12,485 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
FHLB-NY stock | 62,489 | 35,937 |
Accrued interest receivable | 3,093 | 1,574 |
Deposits | 1,002,960 | 946,406 |
Borrowings | 1,497,681 | 759,540 |
Accrued interest payable | 8,628 | 4,777 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Interest Rate Swaps, Net Amount | 83,280 | 10,683 |
Interest rate swaps | 18,698 | 25,071 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities [Member] | ||
Securities held-to-maturity, amortized cost | 6,986 | 8,667 |
Securities available for sale, fair value | 468,366 | 572,184 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations [Member] | ||
Securities available for sale, fair value | 338,870 | 190,872 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Loans | 6,794,125 | 6,687,125 |
Accrued interest receivable | 39,478 | 37,124 |
Borrowings | 49,752 | 56,472 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations [Member] | ||
Securities held-to-maturity, amortized cost | 52,727 | 53,362 |
Securities available for sale, fair value | $ 1,494 | $ 1,695 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Junior subordinated debentures | $ 49,752 | $ 49,752 | $ 56,472 | |
Notional amount, Assets | 1,381,477 | 1,381,477 | 1,524,031 | |
Short term advances and brokered CD's | 871,500 | 871,500 | 996,500 | |
Derivative instruments | 64,582 | 64,582 | (14,388) | |
Customer [Member] | ||||
Derivative instruments | 111,400 | 111,400 | 114,000 | |
Bank [Member] | ||||
Derivative instruments | 111,400 | 111,400 | 114,000 | |
Customer and Bank [Member] | ||||
Derivative instruments | 222,900 | 222,900 | 228,000 | |
Cash Flow Hedging [Member] | ||||
Amount reclassified from accumulated other comprehensive loss to interest expense | 1,000 | $ 2,600 | ||
Amount to be reclassified from the accumulated comprehensive income (loss) into earnings | 4,100 | |||
Not Designated as Hedging Instrument [Member] | ||||
Notional amount, Assets | 222,900 | 222,900 | 228,000 | |
Designated as Hedging Instrument [Member] | ||||
Notional amount, Assets | 260,809 | 260,809 | 312,722 | |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Amount of hedged item | 287,100 | 287,100 | 299,600 | |
Notional amount, Assets | 871,500 | 871,500 | 996,500 | |
Interest Rate Swap [Member] | ||||
Notional amount, Assets | 287,100 | 287,100 | 299,600 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Notional amount, Assets | 111,446 | 111,446 | 113,988 | |
Derivative instruments | $ (18,698) | $ (18,698) | (3,355) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||||
Notional amount, Assets | 641,500 | |||
Derivative instruments | $ (9,387) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Interest rate swaps, notional amount | $ 1,381,477 | $ 1,524,031 |
Interest rate swaps, net carrying value | 64,582 | (14,388) |
Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 260,809 | 312,722 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Interest rate swaps, notional amount | 871,500 | 996,500 |
Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 222,900 | 228,000 |
Interest Rate Swaps 1 [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Interest rate swaps, notional amount | 871,500 | 355,000 |
Interest rate swaps, net carrying value | 38,361 | 7,328 |
Interest Rate Swaps 1 [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 111,446 | 113,988 |
Interest rate swaps, net carrying value | 18,698 | 3,355 |
Interest Rate Swaps 2 [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Interest rate swaps, notional amount | 287,085 | |
Interest rate swaps, net carrying value | 26,221 | |
Interest Rate Swap [Member] | ||
Interest rate swaps, notional amount | 287,100 | 299,600 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Interest rate swaps, notional amount | 299,555 | |
Interest rate swaps, net carrying value | (12,329) | |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Interest rate swaps, notional amount | 641,500 | |
Interest rate swaps, net carrying value | (9,387) | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Interest rate swaps, notional amount | 111,446 | 113,988 |
Interest rate swaps, net carrying value | $ (18,698) | $ (3,355) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Value of Hedged Items (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Notional amount, Assets | $ 1,381,477 | $ 1,524,031 |
Designated as Hedging Instrument [Member] | ||
Notional amount, Assets | 260,809 | 312,722 |
Cumulative amount, Hedged Assets | (27,517) | 11,207 |
Multi-family Residential Portfolio Segment [Member] | Designated as Hedging Instrument [Member] | ||
Notional amount, Assets | 92,692 | 113,730 |
Cumulative amount, Hedged Assets | (11,412) | 7,608 |
Commercial Real Estate | Designated as Hedging Instrument [Member] | ||
Notional amount, Assets | 168,117 | 192,694 |
Cumulative amount, Hedged Assets | 3,477 | |
Cumulative amount, Hedged Liabilities | $ (16,105) | |
Commercial Business and Other Portfolio Segment [Member] | Designated as Hedging Instrument [Member] | ||
Notional amount, Assets | 6,298 | |
Cumulative amount, Hedged Assets | $ 122 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net loss | $ 1,110 | $ (4,421) | $ (5,116) | $ (10,500) |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||
Net loss | 857 | (2,737) | (3,048) | (7,942) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Net loss | (478) | 673 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other interest expense | ||||
Net loss | (33) | (305) | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Net gain (loss) from fair value adjustments | ||||
Net loss | (445) | 978 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest and fees on loans. | ||||
Net loss | 253 | (1,206) | (2,068) | (3,231) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other interest expense | ||||
Net loss | 64 | $ (2,737) | (3,890) | $ (7,942) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Deposit | ||||
Net loss | $ 793 | $ 842 |
Derivative Financial Instrume_7
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, 2022 | Dec. 31, 2021 |
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 83,280 | $ 10,683 |
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 | 83,280 | 10,683 |
Interest Rate Swaps, Financial Instruments | 0 | 0 |
Interest Rate Swaps, Cash Collateral Received | 50,505 | |
Interest Rate Swaps, Net Amount | 32,775 | 10,683 |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | 18,698 | 25,071 |
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 | 18,698 | 25,071 |
Interest Rate Swaps, Financial Instruments | 0 | 0 |
Interest Rate Swaps, Cash Collateral Received | 0 | 21,527 |
Interest Rate Swaps, Net Amount | $ 18,698 | 3,544 |
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, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 670,812 | $ 675,813 | $ 679,628 | $ 655,167 | $ 639,201 | $ 618,997 | $ 679,628 | $ 618,997 |
Total other comprehensive income (loss), net of tax | (15,030) | (15,760) | (8,820) | (517) | 2,286 | 5,563 | (39,610) | 7,332 |
Balance | 670,719 | 670,812 | 675,813 | 668,096 | 655,167 | 639,201 | 670,719 | 668,096 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||
Balance | (50,133) | (6,272) | 485 | 1,290 | (6,272) | 1,290 | ||
Other comprehensive income before reclassifications, net of tax | (22,797) | (2,645) | (66,658) | (3,365) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 7 | (78) | |||||
Total other comprehensive income (loss), net of tax | (22,797) | (2,638) | (66,658) | (3,443) | ||||
Balance | (72,930) | (50,133) | (2,153) | 485 | (72,930) | (2,153) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Balance | 18,260 | (1,406) | (9,202) | (17,521) | (1,406) | (17,521) | ||
Other comprehensive income before reclassifications, net of tax | 7,480 | 179 | 23,657 | 4,885 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 710 | 1,812 | 4,199 | 5,425 | ||||
Total other comprehensive income (loss), net of tax | 8,190 | 1,991 | 27,856 | 10,310 | ||||
Balance | 26,450 | 18,260 | (7,211) | (9,202) | 26,450 | (7,211) | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Balance | (1,313) | (1,282) | (1,741) | (1,884) | (1,282) | (1,884) | ||
Other comprehensive income before reclassifications, net of tax | 0 | 0 | ||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (9) | 72 | (40) | 215 | ||||
Total other comprehensive income (loss), net of tax | (9) | 72 | (40) | 215 | ||||
Balance | (1,322) | (1,313) | (1,669) | (1,741) | (1,322) | (1,669) | ||
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | ||||||||
Balance | 1,922 | 2,276 | 2,041 | 1,849 | 2,276 | 1,849 | ||
Other comprehensive income before reclassifications, net of tax | (414) | 58 | (768) | 250 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | 0 | ||||||
Total other comprehensive income (loss), net of tax | (414) | 58 | (768) | 250 | ||||
Balance | 1,508 | 1,922 | 2,099 | 2,041 | 1,508 | 2,099 | ||
AOCI Attributable to Parent [Member] | ||||||||
Balance | (31,264) | (15,504) | (6,684) | (8,417) | (10,703) | (16,266) | (6,684) | (16,266) |
Other comprehensive income before reclassifications, net of tax | (15,731) | (2,408) | (43,769) | 1,770 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 701 | 1,891 | 4,159 | 5,562 | ||||
Total other comprehensive income (loss), net of tax | (15,030) | (15,760) | (8,820) | (517) | 2,286 | 5,563 | (39,610) | 7,332 |
Balance | $ (46,294) | $ (31,264) | $ (15,504) | $ (8,934) | $ (8,417) | $ (10,703) | $ (46,294) | $ (8,934) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassified by component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other interest expense | $ (20,539) | $ (9,589) | $ (37,941) | $ (31,537) | ||||
Other operating expense | 4,349 | 6,182 | 15,171 | 15,773 | ||||
Provision for income taxes | 8,980 | 9,399 | 25,337 | 22,742 | ||||
Total before tax | 32,422 | 34,812 | 92,033 | 86,452 | ||||
Net income | 23,442 | $ 25,035 | $ 18,219 | 25,413 | $ 19,258 | $ 19,039 | 66,696 | 63,710 |
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 | ||||||
Provision for income taxes | 3 | (35) | ||||||
Net income | (7) | 78 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Provision for income taxes | 320 | 828 | 1,918 | 2,458 | ||||
Net income | (710) | (1,812) | (4,199) | (5,425) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||||||||
Other interest expense | (1,030) | (2,640) | (6,117) | (7,883) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||||
Other operating expense | 6 | (125) | 18 | (375) | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Attributable to Parent [Member] | ||||||||
Other operating expense | 7 | 21 | 21 | 63 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Provision for income taxes | (4) | 32 | 1 | 97 | ||||
Total before tax | 13 | (104) | 39 | (312) | ||||
Net income | $ 9 | $ (72) | $ 40 | $ (215) |
Regulatory Capital (Details)
Regulatory Capital (Details) | Sep. 30, 2022 | Dec. 31, 2021 |
Savings Bank [Member] | ||
Capital Conservation Buffer | 5.44% | 6.13% |
Holding Company | ||
Capital Conservation Buffer | 5.20% | 5.75% |
Regulatory Capital - Summary of
Regulatory Capital - Summary of the Bank's Compliance (Details) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Savings Bank [Member] | ||
Tier I (leverage) capital: | ||
Tier I (leverage) capital, capital level, amount | $ 859,779 | $ 840,105 |
Tier I (leverage) capital, capital level, percent | 0.1003 | 0.1039 |
Tier I (leverage) capital, requirement to be well capitalized, amount | $ 428,594 | $ 404,366 |
Tier I (leverage) capital, requirement to be well capitalized, percent | 0.0500 | 0.0500 |
Tier I (leverage) capital, excess, amount | $ 431,185 | $ 435,739 |
Tier I (leverage) capital, excess, percent | 0.0503 | 0.0539 |
Common Equity Tier I risk-based capital: | ||
Common Equity Tier I risk-based capital, capital level, amount | $ 859,779 | $ 840,105 |
Common Equity Tier I risk-based capital, capital level, percent | 0.1285 | 0.1358 |
Common Equity Tier I risk-based capital, requirement to be well capitalized, amount | $ 434,966 | $ 402,100 |
Common Equity Tier I risk-based capital, requirement to be well capitalized, percent | 0.065% | 0.065% |
Common Equity Tier I risk-based capital, excess, amount | $ 424,813 | $ 438,005 |
Common Equity Tier I risk-based capital, excess, percent | 0.0635% | 0.0708% |
Tier I risk-based capital: | ||
Tier I risk-based capital, capital level, amount | $ 859,779 | $ 840,105 |
Tier I risk-based capital, capital level, percent | 0.1285 | 0.1358 |
Tier I risk-based capital, requirement to be well capitalized, amount | $ 535,343 | $ 494,892 |
Tier I risk-based capital, requirement to be well capitalized, percent | 0.0800 | 0.0800 |
Tier I risk-based capital, excess, amount | $ 324,436 | $ 345,213 |
Tier I risk-based capital, excess, percent | 0.0485 | 0.0558 |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 899,274 | $ 874,400 |
Total risk-based capital, capital level, percent | 0.1344 | 0.1413 |
Total risk-based capital, requirement to be well capitalized, amount | $ 669,179 | $ 618,615 |
Total risk-based capital, requirement to be well capitalized, percent | 0.1000 | 0.1000 |
Total risk-based capital, excess, amount | $ 230,095 | $ 255,785 |
Total risk-based capital, excess, percent | 0.0344 | 0.0413 |
Holding Company | ||
Tier I (leverage) capital: | ||
Tier I (leverage) capital, capital level, amount | $ 749,526 | $ 726,174 |
Tier I (leverage) capital, capital level, percent | 0.0874 | 0.0898 |
Tier I (leverage) capital, requirement to be well capitalized, amount | $ 428,619 | $ 404,422 |
Tier I (leverage) capital, requirement to be well capitalized, percent | 0.0500 | 0.0500 |
Tier I (leverage) capital, excess, amount | $ 320,907 | $ 321,752 |
Tier I (leverage) capital, excess, percent | 0.0374 | 0.0398 |
Common Equity Tier I risk-based capital: | ||
Common Equity Tier I risk-based capital, capital level, amount | $ 701,532 | $ 671,494 |
Common Equity Tier I risk-based capital, capital level, percent | 0.1049 | 0.1086 |
Common Equity Tier I risk-based capital, requirement to be well capitalized, amount | $ 434,803 | $ 401,836 |
Common Equity Tier I risk-based capital, requirement to be well capitalized, percent | 0.065% | 0.065% |
Common Equity Tier I risk-based capital, excess, amount | $ 266,729 | $ 269,658 |
Common Equity Tier I risk-based capital, excess, percent | 0.0399% | 0.0436% |
Tier I risk-based capital: | ||
Tier I risk-based capital, capital level, amount | $ 749,526 | $ 726,174 |
Tier I risk-based capital, capital level, percent | 0.1120 | 0.1175 |
Tier I risk-based capital, requirement to be well capitalized, amount | $ 535,143 | $ 494,568 |
Tier I risk-based capital, requirement to be well capitalized, percent | 0.0800 | 0.0800 |
Tier I risk-based capital, excess, amount | $ 214,383 | $ 231,606 |
Tier I risk-based capital, excess, percent | 0.0320 | 0.0375 |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 979,021 | $ 885,469 |
Total risk-based capital, capital level, percent | 0.1464 | 0.1432 |
Total risk-based capital, requirement to be well capitalized, amount | $ 668,928 | $ 618,210 |
Total risk-based capital, requirement to be well capitalized, percent | 0.1000 | 0.1000 |
Total risk-based capital, excess, amount | $ 310,093 | $ 267,259 |
Total risk-based capital, excess, percent | 0.0464 | 0.0432 |