Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Entity File Number | 001-33013 | |
Entity Registrant Name | FLUSHING FINANCIAL CORPORATION | |
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 Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 28,904,625 | |
Entity Central Index Key | 0000923139 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | true | |
Amendment Description | This amended and restated Quarterly Report on Form 10-Q/A (this "Quarterly Report") amends and restates in its entirety the Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2023, filed by Flushing Financial Corporation (the "Company") with the Securities and Exchange Commission (the "SEC") on November 7, 2023. As disclosed in the Company's Current Report on Form 8-K filed with the SEC on January 26, 2024, management and the Audit Committee of the Board of Directors of the Company determined that the Company's consolidated financial statements for the three- and nine-month periods ended September 30, 2023, required restatement to correct the accounting treatment of employee retention credits (the "ERCs") and disclosures, which ERCs were incorrectly recognized as income during such periods. The change impacted net income by a decrease of $1.6 million and $2.6 million, respectively, for the three- and nine-month periods ended September 30, 2023. In the course of preparing the Company's consolidated financial statements for the fiscal year ended December 31, 2023, the Company determined that, notwithstanding reliance on its independent tax credit advisors, it is not able to treat the ultimate realization of the ERCs as "probable" under U.S. generally accepted accounting practices, therefore, requiring the restatement of the Company's previously issued consolidated financial statements for the referenced periods and amendments to the Company's related previously filed quarterly reports on Form 10-Q during such year. Although the Company had engaged an independent national tax credit advisory firm that had advised the Company that it qualified for the ERCs as previously reported, the Company determined that it could no longer rely on such advice. In connection with its evaluation of the restatements described above, management of the Company has concluded that a material weakness in the Company's internal control over financial reporting existed as of September 30, 2023. Specifically, the Company did not maintain effective controls over the probability assessment associated with the recognition of income related to the ERCs. See additional discussion included in Part I – Item 4, "Controls and Procedures" of this Quarterly Report |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 200,926 | $ 151,754 |
Securities held-to-maturity: | ||
Securities held-to-maturity, net of allowance of $1,082 and $1,100, respectively, (assets pledged of $4,319 and $4,550, respectively; fair value of $57,665 and $62,550, respectively) | 73,131 | 73,711 |
Securities available for sale, at fair value: | ||
Securities available for sale, at fair value: (assets pledged of $146,171 and $172,235, respectively; $12,782 and $13,023 at fair value pursuant to the fair value option, respectively) | 843,663 | 735,357 |
Loans: | ||
Loans, net of fees and costs | 6,896,074 | 6,934,769 |
Less: Allowance for credit losses | 39,228 | 40,442 |
Net loans | 6,856,846 | 6,894,327 |
Interest and dividends receivable | 55,660 | 45,048 |
Bank premises and equipment, net | 21,302 | 21,750 |
Federal Home Loan Bank of New York stock, at cost | 43,821 | 45,842 |
Bank owned life insurance | 214,321 | 213,131 |
Goodwill | 17,636 | 17,636 |
Core deposit intangibles | 1,651 | 2,017 |
Right of use asset | 41,404 | 43,289 |
Other assets | 209,014 | 179,084 |
Total assets | 8,579,375 | 8,422,946 |
Liabilities | ||
Non-interest bearing | 874,420 | 921,238 |
Interest-bearing | 5,735,077 | 5,515,945 |
Total Due to depositors | 6,609,497 | 6,437,183 |
Mortgagors' escrow deposits | 72,012 | 48,159 |
Borrowed funds: | ||
Federal Home Loan Bank advances and other borrowings | 765,219 | 815,501 |
Subordinated debentures | 187,462 | 186,965 |
Junior subordinated debentures, at fair value | 48,329 | 50,507 |
Total borrowed funds | 1,001,010 | 1,052,973 |
Operating lease liability | 43,067 | 46,125 |
Other liabilities | 187,268 | 161,349 |
Total liabilities | 7,912,854 | 7,745,789 |
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; 28,904,625 shares and 29,476,391 shares outstanding, respectively) | 341 | 341 |
Additional paid-in capital | 264,486 | 264,332 |
Treasury stock, at average cost (5,182,998 shares and 4,611,232 shares, respectively) | (105,433) | (98,535) |
Retained earnings | 548,058 | 547,507 |
Accumulated other comprehensive loss, net of taxes | (40,931) | (36,488) |
Total stockholders' equity | 666,521 | 677,157 |
Total liabilities and stockholders' equity | $ 8,579,375 | $ 8,422,946 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Condition (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Securities held-to-maturity, allowance for credit losses | $ 1,082 | $ 1,100 |
Securities held-to-maturity, assets pledged | 4,319 | 4,550 |
Securities held-to-maturity, fair value | 57,665 | 62,550 |
Securities available for sale, pledged as collateral | 141,852 | 172,235 |
Securities available for sale, fair value option | $ 12,782 | $ 13,023 |
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) | 28,904,625 | 29,476,391 |
Treasury stock, at average cost (in shares) | 5,182,998 | 4,611,232 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest and dividend income | ||||
Interest and fees on loans | $ 91,466 | $ 75,546 | $ 259,732 | $ 212,254 |
Interest and dividends on securities: | ||||
Interest | 10,383 | 5,676 | 26,795 | 14,350 |
Dividends. | 33 | 17 | 92 | 36 |
Other interest income | 2,154 | 506 | 6,095 | 716 |
Total interest and dividend income | 104,036 | 81,745 | 292,714 | 227,356 |
Interest expense | ||||
Deposits | 50,066 | 11,965 | 135,371 | 20,059 |
Other interest expense | 9,543 | 8,574 | 24,276 | 17,882 |
Total interest expense | 59,609 | 20,539 | 159,647 | 37,941 |
Net interest income | 44,427 | 61,206 | 133,067 | 189,415 |
Provision for credit losses | 596 | 2,145 | 9,520 | 5,093 |
Net interest income after provision for credit losses | 43,831 | 59,061 | 123,547 | 184,322 |
Non-interest income | ||||
Banking services fee income | 2,636 | 1,351 | 5,827 | 3,891 |
Net gain on sale of loans | 108 | 73 | ||
Net (loss) gain from fair value adjustments | (1,246) | 5,626 | 1,667 | 6,350 |
Federal Home Loan Bank of New York stock dividends | 624 | 538 | 1,855 | 1,342 |
Life insurance proceeds | 23 | 584 | 1,536 | |
Bank owned life insurance | 1,157 | 1,132 | 3,400 | 3,361 |
Other income | 115 | 348 | 1,745 | 1,108 |
Total non-interest income | 3,309 | 8,995 | 15,186 | 17,661 |
Non-interest expense | ||||
Salaries and employee benefits | 20,346 | 21,438 | 62,598 | 66,196 |
Occupancy and equipment | 3,371 | 3,541 | 10,698 | 10,905 |
Professional services | 2,494 | 2,570 | 7,046 | 7,077 |
FDIC deposit insurance | 912 | 738 | 2,832 | 1,773 |
Data processing | 1,422 | 1,367 | 4,330 | 4,174 |
Depreciation and amortization of bank premises and equipment | 1,482 | 1,488 | 4,474 | 4,395 |
Other real estate owned / foreclosure expense | 185 | 143 | 500 | 259 |
Other operating expenses | 6,176 | 4,349 | 18,176 | 15,171 |
Total non-interest expense | 36,388 | 35,634 | 110,654 | 109,950 |
Income before income taxes | 10,752 | 32,422 | 28,079 | 92,033 |
Provision for income taxes | ||||
Federal | 2,029 | 5,783 | 5,318 | 16,042 |
State and local | 888 | 3,197 | 2,196 | 9,295 |
Total provision for income taxes | 2,917 | 8,980 | 7,514 | 25,337 |
Net income | $ 7,835 | $ 23,442 | $ 20,565 | $ 66,696 |
Basic earnings per common share | $ 0.26 | $ 0.76 | $ 0.69 | $ 2.15 |
Diluted earnings per common share | 0.26 | 0.76 | 0.69 | 2.15 |
Dividends per common share | $ 0.22 | $ 0.22 | $ 0.66 | $ 0.66 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 7,835 | $ 23,442 | $ 20,565 | $ 66,696 |
Other comprehensive income (loss), net of tax: | ||||
Amortization of actuarial gains, net of taxes of $31 and $2, respectively, and of $93 and ($1), respectively. | (69) | (4) | (207) | (19) |
Amortization of prior service credits, net of taxes of $2 and $ - for the three and nine months ended September 30, 2022. | (5) | (21) | ||
Change in net unrealized gains on securities, net of taxes of $2,423 and $10,266, respectively, and of $2,516 and $29,925, respectively. | (5,398) | (22,797) | (5,815) | (66,658) |
Net unrealized gains on cashflow hedges, net of taxes of ($132) and ($3,668), respectively, and of ($624) and ($12,544), respectively. | 294 | 8,190 | 1,473 | 27,856 |
Change in fair value of liabilities related to instrument-specific credit risk, net of taxes of ($116) and $184, respectively, and of ($47) and $389, respectively. | 261 | (414) | 106 | (768) |
Other comprehensive loss, net of tax: | (4,912) | (15,030) | (4,443) | (39,610) |
Comprehensive net income | $ 2,923 | $ 8,412 | $ 16,122 | $ 27,086 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Amortization of actuarial (gains) losses, taxes | $ 31 | $ 2 | $ 93 | $ (1) |
Amortization of prior service credits, taxes | 2 | |||
Net unrealized gains (losses) on securities, taxes | 2,423 | 10,266 | 2,516 | 29,925 |
Net unrealized gains (losses) on cash flow hedges, taxes | (132) | (3,668) | (624) | (12,544) |
Change in fair value of liabilities related to instrument-specific credit risk, taxes | $ (116) | $ 184 | $ (47) | $ 389 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities | ||
Net income | $ 20,565 | $ 66,696 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 9,520 | 5,093 |
Depreciation and amortization of premises and equipment | 4,474 | 4,395 |
Net gain on sales of loans | (108) | (73) |
Net amortization of premiums and discounts | 2,159 | 309 |
Deferred income tax provision | 2,798 | 3,914 |
Net gain from fair value adjustments | (1,667) | (6,350) |
Net loss from fair value adjustments of qualifying hedges | 112 | 161 |
Gain from life insurance proceeds | (584) | (1,536) |
Income from bank owned life insurance | (3,400) | (3,361) |
Stock-based compensation expense | 5,556 | 6,230 |
Deferred compensation | (2,957) | (4,870) |
Amortization of core deposit intangibles | 366 | 415 |
(Increase) decrease in other assets | (18,711) | 6,998 |
Decrease in other liabilities | (6,793) | (13,294) |
Net cash provided by operating activities | 11,330 | 64,727 |
Investing Activities | ||
Purchases of premises and equipment | (4,026) | (3,433) |
Purchases of Federal Home Loan Bank - NY shares | (114,436) | (124,309) |
Redemptions of Federal Home Loan Bank - NY shares | 116,457 | 97,757 |
Purchases of securities held-to-maturity | 0 | (16,475) |
Proceeds from prepayments of securities held-to-maturity | 593 | 190 |
Purchases of securities available for sale | (171,934) | (222,810) |
Proceeds from maturities and prepayments of securities available for sale | 46,762 | 80,503 |
Proceeds from bank owned life insurance | 3,075 | 3,307 |
Change in cash collateral | 25,800 | 44,015 |
Net repayments (originations) of loans | 134,166 | (173,311) |
Purchases of loans | (120,720) | (207,546) |
Proceeds from sale of loans | 9,042 | 29,247 |
Net cash used in investing activities | (75,221) | (492,865) |
Financing Activities | ||
Net (decrease) increase in noninterest-bearing deposits | (46,818) | 24,757 |
Net increase (decrease) in interest-bearing deposits | 218,624 | (253,478) |
Net increase in mortgagors' escrow deposits | 23,853 | 18,631 |
Net (repayments) proceeds from short-term borrowed funds | (285,750) | 750,000 |
Proceeds from long-term borrowing | 274,469 | 63,710 |
Repayment of long-term borrowings | (39,001) | (50,000) |
Purchase of treasury shares and repurchase of shares to satisfy tax obligations | (12,528) | (22,117) |
Cash dividends paid | (19,786) | (20,395) |
Net cash provided by financing activities | 113,063 | 511,108 |
Net increase in cash and cash equivalents, and restricted cash | 49,172 | 82,970 |
Cash, cash equivalents, and restricted cash, beginning of period | 151,754 | 81,723 |
Cash, cash equivalents, and restricted cash, end of period | 200,926 | 164,693 |
Supplemental Cash Flow Disclosure | ||
Interest paid | 154,896 | 32,459 |
Income taxes paid | 6,272 | 24,559 |
Taxes paid if excess tax benefits on stock-based compensation were not tax deductible | $ 6,274 | $ 25,142 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Total |
Balance at Dec. 31, 2021 | $ 341 | $ (6,684) | $ 497,889 | $ (75,293) | $ 263,375 | $ 679,628 |
Balance (in shares) at Dec. 31, 2021 | 30,526,353 | |||||
Net income | 18,219 | 18,219 | ||||
Award of common shares released from Employee Benefit Trust | 287 | 287 | ||||
Vesting of restricted stock unit awards | (285) | 6,304 | (6,019) | |||
Vesting of restricted stock unit awards (in shares) | 297,626 | |||||
Purchase of treasury shares | (8,469) | (8,469) | ||||
Purchase of treasury shares (in shares) | (360,000) | |||||
Stock-based compensation expense | 4,194 | 4,194 | ||||
Repurchase of shares to satisfy tax obligation | (2,376) | (2,376) | ||||
Repurchase of shares to satisfy tax obligation (in shares) | (97,435) | |||||
Dividends on common stock | (6,850) | (6,850) | ||||
Other comprehensive income (loss) | (8,820) | (8,820) | ||||
Balance (in shares) at Mar. 31, 2022 | 30,366,544 | |||||
Balance at Mar. 31, 2022 | $ 341 | (15,504) | 508,973 | (79,834) | 261,837 | 675,813 |
Balance at Dec. 31, 2021 | $ 341 | (6,684) | 497,889 | (75,293) | 263,375 | 679,628 |
Balance (in shares) at Dec. 31, 2021 | 30,526,353 | |||||
Net income | 66,696 | |||||
Other comprehensive income (loss) | (39,610) | (39,610) | ||||
Balance (in shares) at Sep. 30, 2022 | 29,851,253 | |||||
Balance at Sep. 30, 2022 | $ 341 | (46,294) | 543,894 | (90,977) | 263,755 | 670,719 |
Balance at Mar. 31, 2022 | $ 341 | (15,504) | 508,973 | (79,834) | 261,837 | 675,813 |
Balance (in shares) at Mar. 31, 2022 | 30,366,544 | |||||
Net income | 25,035 | 25,035 | ||||
Vesting of restricted stock unit awards | (5) | 43 | (38) | |||
Vesting of restricted stock unit awards (in shares) | 2,015 | |||||
Purchase of treasury shares | (8,534) | (8,534) | ||||
Purchase of treasury shares (in shares) | (387,689) | |||||
Stock-based compensation expense | 1,061 | 1,061 | ||||
Repurchase of shares to satisfy tax obligation | (17) | (17) | ||||
Repurchase of shares to satisfy tax obligation (in shares) | (766) | |||||
Dividends on common stock | (6,786) | (6,786) | ||||
Other comprehensive income (loss) | (15,760) | (15,760) | ||||
Balance (in shares) at Jun. 30, 2022 | 29,980,104 | |||||
Balance at Jun. 30, 2022 | $ 341 | (31,264) | 527,217 | (88,342) | 262,860 | 670,812 |
Net income | 23,442 | 23,442 | ||||
Vesting of restricted stock unit awards | (6) | 86 | (80) | |||
Vesting of restricted stock unit awards (in shares) | 3,995 | |||||
Purchase of treasury shares | (2,685) | (2,685) | ||||
Purchase of treasury shares (in shares) | (131,174) | |||||
Stock-based compensation expense | 975 | 975 | ||||
Repurchase of shares to satisfy tax obligation | (36) | (36) | ||||
Repurchase of shares to satisfy tax obligation (in shares) | (1,672) | |||||
Dividends on common stock | (6,759) | (6,759) | ||||
Other comprehensive income (loss) | (15,030) | (15,030) | ||||
Balance (in shares) at Sep. 30, 2022 | 29,851,253 | |||||
Balance at Sep. 30, 2022 | $ 341 | (46,294) | 543,894 | (90,977) | 263,755 | 670,719 |
Balance at Dec. 31, 2022 | $ 341 | (36,488) | 547,507 | (98,535) | 264,332 | $ 677,157 |
Balance (in shares) at Dec. 31, 2022 | 29,476,391 | 29,476,391 | ||||
Net income | 4,044 | $ 4,044 | ||||
Vesting of restricted stock unit awards | (220) | 5,484 | (5,264) | |||
Vesting of restricted stock unit awards (in shares) | 256,798 | |||||
Purchase of treasury shares | (3,053) | (3,053) | ||||
Purchase of treasury shares (in shares) | (159,516) | |||||
Stock-based compensation expense | 3,808 | 3,808 | ||||
Repurchase of shares to satisfy tax obligation | (1,656) | (1,656) | ||||
Repurchase of shares to satisfy tax obligation (in shares) | (85,217) | |||||
Dividends on common stock | (6,659) | (6,659) | ||||
Other comprehensive income (loss) | (1,296) | (1,296) | ||||
Balance (in shares) at Mar. 31, 2023 | 29,488,456 | |||||
Balance at Mar. 31, 2023 | $ 341 | (37,784) | 544,672 | (97,760) | 262,876 | 672,345 |
Balance at Dec. 31, 2022 | $ 341 | (36,488) | 547,507 | (98,535) | 264,332 | $ 677,157 |
Balance (in shares) at Dec. 31, 2022 | 29,476,391 | 29,476,391 | ||||
Net income | $ 20,565 | |||||
Other comprehensive income (loss) | (4,443) | $ (4,443) | ||||
Balance (in shares) at Sep. 30, 2023 | 28,904,625 | 28,904,625 | ||||
Balance at Sep. 30, 2023 | $ 341 | (40,931) | 548,058 | (105,433) | 264,486 | $ 666,521 |
Balance at Mar. 31, 2023 | $ 341 | (37,784) | 544,672 | (97,760) | 262,876 | 672,345 |
Balance (in shares) at Mar. 31, 2023 | 29,488,456 | |||||
Net income | 8,686 | 8,686 | ||||
Vesting of restricted stock unit awards | (5) | 35 | (30) | |||
Vesting of restricted stock unit awards (in shares) | 1,690 | |||||
Purchase of treasury shares | (6,841) | (6,841) | ||||
Purchase of treasury shares (in shares) | (528,815) | |||||
Stock-based compensation expense | 898 | 898 | ||||
Repurchase of shares to satisfy tax obligation | (8) | (8) | ||||
Repurchase of shares to satisfy tax obligation (in shares) | (612) | |||||
Dividends on common stock | (6,598) | (6,598) | ||||
Other comprehensive income (loss) | 1,765 | 1,765 | ||||
Balance (in shares) at Jun. 30, 2023 | 28,960,719 | |||||
Balance at Jun. 30, 2023 | $ 341 | (36,019) | 546,755 | (104,574) | 263,744 | 670,247 |
Net income | 7,835 | 7,835 | ||||
Vesting of restricted stock unit awards | (3) | 111 | (108) | |||
Vesting of restricted stock unit awards (in shares) | 5,430 | |||||
Purchase of treasury shares | (942) | (942) | ||||
Purchase of treasury shares (in shares) | (59,352) | |||||
Stock-based compensation expense | 850 | 850 | ||||
Repurchase of shares to satisfy tax obligation | (28) | (28) | ||||
Repurchase of shares to satisfy tax obligation (in shares) | (2,172) | |||||
Dividends on common stock | (6,529) | (6,529) | ||||
Other comprehensive income (loss) | (4,912) | $ (4,912) | ||||
Balance (in shares) at Sep. 30, 2023 | 28,904,625 | 28,904,625 | ||||
Balance at Sep. 30, 2023 | $ 341 | $ (40,931) | $ 548,058 | $ (105,433) | $ 264,486 | $ 666,521 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | |||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends on common share (in dollars per share) | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Basis of Presentation | 1. Basis of Presentation The primary business of Flushing Financial Corporation (the “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/A (“Quarterly Report”) include the collective results of the Company and its direct and indirect wholly owned subsidiaries, including the Bank, Flushing Service Corporation and FSB Properties Inc., which are collectively herein referred to as “we,” “us,” “our” and the “Company.” The 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, 2022. When necessary, certain reclassifications were made to prior-year amounts to conform to the current-year presentation. Such reclassifications had no effect on the prior period net income or shareholders’ equity and were insignificant amounts. This Quarterly Report amends and restates in its entirety the Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2023, filed with the SEC on November 7, 2023. As disclosed in the Company’s Current Report on Form 8-K filed with the SEC on January 26, 2024, management and the Audit Committee of the Board of Directors of the Company determined that the Company’s consolidated financial statements for the three- and nine-month periods ended September 30, 2023, required restatement to correct the accounting treatment of employee retention credits (the “ERCs”) and disclosures, which ERCs were incorrectly recognized as income during such periods. The change impacted net income by a decrease of $1.6 million and $2.6 million, respectively, for the three- and nine-month periods ended September 30, 2023. In the course of preparing the Company’s consolidated financial statements for the fiscal year ended December 31, 2023, the Company determined that, notwithstanding reliance on its independent tax credit advisors, it is not able to treat the ultimate realization of the ERCs as “probable” under U.S. generally accepted accounting practices, therefore, requiring the restatement of the Company’s previously issued consolidated financial statements for the referenced periods and amendments to the Company’s related previously filed quarterly reports on Form 10-Q during such year. Although the Company had engaged an independent national tax credit advisory firm that had advised the Company that it qualified for the ERCs as previously reported, the Company determined that it could no longer rely on such advice. The following tables summarize the effects of the restatements on select consolidated financial statements as reported as of and for the periods stated and are unaudited: Consolidated Statements of Financial Condition: As of September 30, 2023 (In thousands) As Reported Adjustments As Restated Other assets $ 206,922 $ 2,092 $ 209,014 Total assets 8,577,283 2,092 8,579,375 Other liabilities 182,556 4,712 187,268 Total liabilities 7,908,142 4,712 7,912,854 Retained earnings 550,678 (2,620) 548,058 Total stockholders’ equity 669,141 (2,620) 666,521 Total liabilities and stockholders’ equity 8,577,283 2,092 8,579,375 Consolidated Statements of Income: For the three months ended September 30, 2023 (In thousands, except per share data) As Reported Adjustments As Restated Other income $ 282 $ (167) $ 115 Total non-interest income 3,476 (167) 3,309 Salaries and employee benefits 17,825 2,521 20,346 Professional services 3,042 (548) 2,494 Total non-interest expense 34,415 1,973 36,388 Income before income taxes 12,892 (2,140) 10,752 Federal income tax 2,435 (406) 2,029 State and local income tax 1,058 (170) 888 Total provision for income tax 3,493 (576) 2,917 Net income 9,399 (1,564) 7,835 Basic earnings per common share 0.32 (0.06) 0.26 Diluted earnings per common share 0.32 (0.06) 0.26 Consolidated Statements of Comprehensive Income: For the three months ended September 30, 2023 (In thousands) As Reported Adjustments As Restated Net income $ 9,399 $ (1,564) $ 7,835 Comprehensive net income 4,487 (1,564) 2,923 Consolidated Statements of Income: For the nine months ended September 30, 2023 (In thousands, except per share data) As Reported Adjustments As Restated Other income $ 2,065 $ (320) $ 1,745 Total non-interest income 15,506 (320) 15,186 Salaries and employee benefits 58,205 4,393 62,598 Professional services 8,182 (1,136) 7,046 Total non-interest expense 107,397 3,257 110,654 Income before income taxes 31,656 (3,577) 28,079 Federal income tax 5,996 (678) 5,318 State and local income tax 2,475 (279) 2,196 Total provision for income tax 8,471 (957) 7,514 Net income 23,185 (2,620) 20,565 Basic earnings per common share 0.77 (0.08) 0.69 Diluted earnings per common share 0.77 (0.08) 0.69 Consolidated Statements of Comprehensive Income: For the nine months ended September 30, 2023 (In thousands) As Reported Adjustments As Restated Net income $ 23,185 $ (2,620) $ 20,565 Comprehensive net income 18,742 (2,620) 16,122 Consolidated Statements of Cash Flows: Operating Activities: For the nine months ended September 30, 2023 (In thousands) As Reported Adjustments As Restated Net income $ 23,185 $ (2,620) $ 20,565 (Increase) decrease in other assets (16,619) (2,092) (18,711) (Decrease) Increase in other liabilities (11,505) $ 4,712 $ (6,793) In addition, the following footnotes have been updated to reflect the restated amounts: |
Use of Estimates
Use of Estimates | 9 Months Ended |
Sep. 30, 2023 | |
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. Management performed a qualitative review of goodwill at September 30, 2023, concluding no impairment was indicated. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 2022 2023 2022 (As Restated) (As Restated) (Dollars in thousands, except per share data) Net income, as reported $ 7,835 $ 23,442 $ 20,565 $ 66,696 Divided by: Total weighted average common shares outstanding and common stock equivalents (1) 29,703 30,695 30,017 30,960 Basic earnings per common share $ 0.26 $ 0.76 $ 0.69 $ 2.15 Diluted earnings per common share $ 0.26 $ 0.76 $ 0.69 $ 2.15 Dividend Payout ratio 84.6 % 28.9 % 95.7 % 30.7 % (1) For the three and nine months ended September 30, 2023, and 2022, there were no common stock equivalents that were anti-dilutive. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Securities | 4. Securities The following table summarizes the Company’s portfolio of securities held-to-maturity on September 30, 2023: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Municipals $ 66,353 $ 51,031 $ — $ 15,322 Total municipals 66,353 51,031 — 15,322 FNMA 7,860 6,634 — 1,226 Total mortgage-backed securities 7,860 6,634 — 1,226 Allowance for credit losses (1,082) — — — Total $ 73,131 $ 57,665 $ — $ 16,548 The following table summarizes the Company’s portfolio of securities held-to-maturity on December 31, 2022: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Municipals $ 66,936 $ 55,561 $ — $ 11,375 Total municipals 66,936 55,561 — 11,375 FNMA 7,875 6,989 — 886 Total mortgage-backed securities 7,875 6,989 — 886 Allowance for credit losses (1,100) — — — Total $ 73,711 $ 62,550 $ — $ 12,261 The following table summarizes the Company’s portfolio of securities available for sale on September 30, 2023: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 83,037 $ 81,481 $ 138 $ 1,694 Corporate 173,139 152,345 — 20,794 Mutual funds 11,066 11,066 — — Collateralized loan obligations 260,727 259,441 411 1,697 Other 1,451 1,451 — — Total other securities 529,420 505,784 549 24,185 REMIC and CMO 164,303 131,476 — 32,827 GNMA 8,678 6,542 1 2,137 FNMA 157,897 128,781 — 29,116 FHLMC 90,942 71,080 — 19,862 Total mortgage-backed securities 421,820 337,879 1 83,942 Total Securities excluding portfolio layer adjustments 951,240 843,663 550 108,127 Unallocated portfolio layer basis adjustments (1) (7,721) n/a — (7,721) Total securities available for sale $ 943,519 $ 843,663 $ 550 $ 100,406 (1) Represents the amount of portfolio layer method basis adjustments related to available for sale (“AFS”) securities hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses for the individual securities being hedged. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. The following table summarizes the Company’s portfolio of securities available for sale on December 31, 2022: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 83,720 $ 81,103 $ 2 $ 2,619 Corporate 146,430 131,766 — 14,664 Mutual funds 11,211 11,211 — — Collateralized loan obligations 129,684 125,478 — 4,206 Other 1,516 1,516 — — Total other securities 372,561 351,074 2 21,489 REMIC and CMO 175,712 148,414 — 27,298 GNMA 9,193 7,317 3 1,879 FNMA 172,690 148,265 — 24,425 FHLMC 96,725 80,287 — 16,438 Total mortgage-backed securities 454,320 384,283 3 70,040 Total securities available for sale $ 826,881 $ 735,357 $ 5 $ 91,529 The corporate securities held by the Company at September 30, 2023 and December 31, 2022, are issued by U.S. banking institutions. The CMOs held by the Company at September 30, 2023 and December 31, 2022, 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, 2023, 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 $ 66,353 $ 51,031 Total other securities 66,353 51,031 Mortgage-backed securities 7,860 6,634 74,213 57,665 Allowance for credit losses (1,082) - Total securities held-to-maturity $ 73,131 $ 57,665 Amortized Securities available for sale (1) Cost Fair Value (In thousands) Due in one year or less $ 59,934 $ 58,951 Due after one year through five years 84,849 79,070 Due after five years through ten years 244,126 227,135 Due after ten years 129,445 129,562 Total other securities 518,354 494,718 Mutual funds 11,066 11,066 Mortgage-backed securities 421,820 337,879 Total securities available for sale $ 951,240 $ 843,663 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $7.7 million related to AFS securities hedged in a closed portfolio at September 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. 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, 2023 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 $ 51,031 $ 15,322 $ — $ — $ 51,031 $ 15,322 Total other securities 3 51,031 15,322 — — 51,031 15,322 FNMA 1 6,634 1,226 — — 6,634 1,226 Total mortgage-backed securities 1 6,634 1,226 — — 6,634 1,226 Total 4 $ 57,665 $ 16,548 $ — $ — $ 57,665 $ 16,548 Available for sale securities (1) U.S. Government Agencies & Treasury 8 $ 74,192 $ 1,694 $ 5,316 $ 26 $ 68,876 $ 1,668 Corporate 26 152,345 20,794 29,023 2,679 123,322 18,115 CLO 20 148,517 1,697 28,056 71 120,461 1,626 Total other securities 54 375,054 24,185 62,395 2,776 312,659 21,409 REMIC and CMO 46 131,210 32,827 — — 131,210 32,827 GNMA 12 6,458 2,137 113 2 6,345 2,135 FNMA 47 128,781 29,116 2,085 101 126,696 29,015 FHLMC 18 71,080 19,862 — — 71,080 19,862 Total mortgage-backed securities 123 337,529 83,942 2,198 103 335,331 83,839 Total 177 $ 712,583 $ 108,127 $ 64,593 $ 2,879 $ 647,990 $ 105,248 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $7.7 million related to AFS securities hedged in a closed portfolio at September 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. At December 31, 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 $ 55,561 $ 11,375 $ 55,561 $ 11,375 $ — $ — Total other securities 3 55,561 11,375 55,561 11,375 — — FNMA 1 6,989 886 6,989 886 — — Total mortgage-backed securities 1 6,989 886 6,989 886 — — Total 4 $ 62,550 $ 12,261 $ 62,550 $ 12,261 $ — $ — Available for sale securities U.S. government agencies 7 $ 77,856 $ 2,619 $ 77,059 $ 2,517 $ 797 $ 102 Corporate 20 131,766 14,664 45,447 3,553 86,319 11,111 CLO 19 125,478 4,206 95,518 2,916 29,960 1,290 Total other securities 46 335,100 21,489 218,024 8,986 117,076 12,503 REMIC and CMO 47 148,120 27,298 40,911 3,457 107,209 23,841 GNMA 8 7,133 1,879 64 — 7,069 1,879 FNMA 47 148,229 24,425 38,296 3,871 109,933 20,554 FHLMC 18 80,287 16,438 24,838 2,397 55,449 14,041 Total mortgage-backed securities 120 383,769 70,040 104,109 9,725 279,660 60,315 Total 166 $ 718,869 $ 91,529 $ 322,133 $ 18,711 $ 396,736 $ 72,818 The Company reviewed each available for sale security that had an unrealized loss at September 30, 2023, and December 31, 2022. 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 the U.S. government, and that issuers of the 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, 2023, and December 31, 2022 as part of its quarterly Current Expected Credit Loss (“CECL”) process, resulting in an allowance for credit losses of $1.1 million at each of September 30, 2023 and December 31, 2022. It is the Company’s policy to exclude accrued interest receivable from the calculation of the allowance for credit losses on held-to-maturity and the valuation of available for sale securities. Accrued interest receivable on held-to-maturity securities totaled $0.1 million each at September 30, 2023 and December 31, 2022 and accrued interest receivable on available for sale debt securities totaled $6.7 million and $3.7 million at September 30, 2023 and December 31, 2022, respectively. The following table presents the activity in the allowance for credit losses for debt securities held-to-maturity. For the three months ended For the nine months ended September 30, September 30, 2023 2022 2023 2022 (In thousands) Beginning balance $ 1,079 $ 1,085 $ 1,100 $ 862 Provision (benefit) 3 11 (18) 234 Allowance for credit losses $ 1,082 $ 1,096 $ 1,082 $ 1,096 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, 2023 and 2022. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Loans | 5. Loans The following represents the composition of loans as of the dates indicated: September 30, December 31, 2023 2022 (In thousands) Multi-family residential $ 2,614,219 $ 2,601,384 Commercial real estate 1,953,243 1,913,040 One-to-four family ― mixed-use property 537,744 554,314 One-to-four family ― residential 222,874 241,246 Construction 59,903 70,951 Small Business Administration 21,896 23,275 Commercial business and other 1,487,775 1,521,548 Net unamortized premiums and unearned loan fees 9,059 9,011 Total loans, net of fees and costs excluding portfolio layer basis adjustments 6,906,713 6,934,769 Unallocated portfolio layer basis adjustments (1) (10,639) — Total loans, net of fees and costs $ 6,896,074 $ 6,934,769 (1) This amount represents portfolio layer method basis adjustments related to loans hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual loans, however, the amounts impact the net loan balance. These basis adjustments would be 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 an accrual basis. Accrued interest receivable totaled $42.1 million and $36.8 million at September 30, 2023, and December 31, 2022, 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. The Company recorded a provision for credit losses on loans totaling $0.6 million and $2.1 million for the three months ended September 30, 2023 and 2022, respectively. The provision recorded during the three months ended September 30, 2023, was driven by increasing reserves for the elevated risk presented by the current rate environment to adjustable-rate loan’s debt coverage ratios, partially offset by a fully reserved loan paid off during the quarter. The Company recorded a provision for credit losses on loans totaling $9.5 million and $4.9 million for the nine months ended September 30, 2023 and 2022, respectively. The provision recorded during the nine months ended September 30, 2023, was driven by fully reserving for two non-accrual business loans that were subsequently charged-off, and increasing reserves for the elevated risk presented by the current rate environment to adjustable-rate loan’s debt coverage ratios. During the nine months ended September 30, 2023, the reasonable and supportable forecast period and reversion period were two and four quarters, respectively unchanged, from December 31, 2022. The ACL - loans totaled $39.2 million on September 30, 2023 compared to $40.4 million on December 31, 2022. On September 30, 2023, the ACL - loans represented 0.57% of gross loans and 225.4% of non-performing loans. On December 31, 2022, the ACL - loans represented 0.58% of gross loans and 124.9% of non-performing loans. The Company may modify 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. When modifying a loan, an assessment of whether a borrower is experiencing financial difficulty is made on the date of modification. This modification may include reducing the loan interest rate, extending the loan term, any other-than-insignificant payment delay, principal forgiveness, or any combination of these types of modifications. When such modifications are performed, a change to the allowance for credit losses is generally not required as the methodologies used to estimate the allowance already capture the effect of borrowers experiencing financial difficulty. On September 30, 2023, there were no commitments to lend additional funds to borrowers who have received a loan modification as a result of financial difficulty. On January 1, 2023, the Company adopted ASU No. 2022-02, “Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures” without material impact on the business operations or consolidated financial statements. See Note 14 (“New Authoritative Accounting Pronouncements”) of the Notes to the Consolidated Financial Statements. The following tables show loan modifications made to borrowers experiencing financial difficulty during the periods indicated: For the three months ended, September 30, 2023 (Dollars in thousands) Term Extension Loan Modifications Made to Borrowers Experiencing Financial Difficulty Number Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect Commercial business and other 3 $ 1,638 0.1 % Extended Maturity to June 2025 (20 months). Total 3 $ 1,638 For the nine months ended, September 30, 2023 (Dollars in thousands) Term Extension Loan Modifications Made to Borrowers Experiencing Financial Difficulty Number Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect Commercial business and other 3 $ 1,638 0.1 % Extended Maturity to June 2025 (20 months). Total 3 $ 1,638 (Dollars in thousands) Other-than-insignificant Payment Delay Loan Modifications Made to Borrowers Experiencing Financial Difficulty Number Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect Small Business Administration 1 $ 1,494 6.8 % Provided twelve month payment deferral to be collected at maturity. Total 1 $ 1,494 The following table shows the payment status of borrowers experiencing financial difficulty and for which a modification has occurred at September 30, 2023: Payment Status of Borrowers Experiencing Financial Difficulty (Amortized Cost Basis) (In thousands) Current 30-89 Days Past Due 90+ Days Past Due Total Modified Small Business Administration $ — $ 1,494 $ — $ 1,494 Commercial business and other 1,638 — — 1,638 Total $ 1,638 $ 1,494 $ — $ 3,132 The following table shows loans modified as Troubled Debt Restructured (“TDR”) during the periods 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 Loan 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 The following table shows loans classified as TDR at amortized cost that are performing according to their restructured terms at the periods indicated: December 31, 2022 Number Amortized (Dollars in thousands) of contracts Cost Multi-family residential 6 $ 1,673 Commercial real estate 1 7,572 One-to-four family - mixed-use property 4 1,222 One-to-four family - residential 1 253 Small Business Administration 1 242 Commercial business and other 3 855 Total performing 16 $ 11,817 The following table shows our recorded investment for loans classified as TDR at amortized cost that are not performing according to their restructured terms at the periods indicated. December 31, 2022 Number Amortized (Dollars in thousands) of contracts Cost Commercial business and other 2 $ 3,263 Total troubled debt restructurings that subsequently defaulted 2 $ 3,263 The following tables show 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 periods shown below: At or for the nine months September 30, 2023 (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 $ 3,547 $ 3,600 $ 3,600 $ 2 $ — Commercial real estate 254 — — — — One-to-four family - mixed-use property 1,045 1,090 1,090 2 — One-to-four family - residential 3,953 3,643 3,643 — — Small Business Administration 950 1,265 1,265 — — Commercial business and other 20,193 7,680 3,746 16 — Total $ 29,942 $ 17,278 $ 13,344 $ 20 $ — At or for the year ended December 31, 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 $ 3,547 $ 3,547 $ — $ — Commercial real estate 640 254 254 — — One-to-four family - mixed-use property (1) 1,582 1,045 1,045 — — One-to-four family - residential 7,483 3,953 3,953 — — Small Business Administration 952 950 950 — — Construction — — — — 2,600 Commercial business and other (1) 1,945 20,193 3,291 171 — Total $ 15,254 $ 29,942 $ 13,040 $ 171 $ 2,600 (1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.2 million and Commercial business and other totaling less than $0.1 million. The following is a summary of interest foregone on non-accrual loans for the periods indicated. For the three months ended For the nine months ended September 30, September 30, 2023 2022 2023 2022 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 425 $ 618 $ 1,405 $ 1,578 Less: Interest income included in the results of operations 2 181 20 618 Total foregone interest $ 423 $ 437 $ 1,385 $ 960 The following tables show the aging analysis of the amortized cost basis of loans at the period indicated by class of loans: At September 30, 2023 (In thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans (1) Multi-family residential $ 1,131 $ 599 $ 3,600 $ 5,330 $ 2,612,299 $ 2,617,629 Commercial real estate 3,994 — — 3,994 1,950,468 1,954,462 One-to-four family - mixed-use property 1,537 195 1,090 2,822 537,697 540,519 One-to-four family - residential 3,367 26 3,643 7,036 217,091 224,127 Construction — — — — 59,775 59,775 Small Business Administration — 1,494 1,265 2,759 19,077 21,836 Commercial business and other 89 2,237 7,654 9,980 1,478,385 1,488,365 Total $ 10,118 $ 4,551 $ 17,252 $ 31,921 $ 6,874,792 $ 6,906,713 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $10.6 million related to loans hedged in a closed pool at September 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. At December 31, 2022 (In thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Multi-family residential $ 1,475 $ 1,787 $ 3,547 $ 6,809 $ 2,598,363 $ 2,605,172 Commercial real estate 2,561 — 254 2,815 1,912,083 1,914,898 One-to-four family - mixed-use property 3,721 — 797 4,518 552,777 557,295 One-to-four family - residential 2,734 — 3,953 6,687 235,793 242,480 Construction — — 2,600 2,600 68,224 70,824 Small Business Administration 329 — 950 1,279 21,914 23,193 Commercial business and other 7,636 16 10,324 17,976 1,502,931 1,520,907 Total $ 18,456 $ 1,803 $ 22,425 $ 42,684 $ 6,892,085 $ 6,934,769 The following tables show the activity in the ACL on loans for the following three-month periods September 30, 2023 One-to-four One-to-four Commercial Multi-family Commercial family - mixed- family - Construction Small Business business and (In thousands) residential real estate use property residential loans Administration other Total Beginning balance $ 9,718 $ 8,206 $ 1,615 $ 654 $ 132 $ 2,162 $ 16,106 $ 38,593 Charge-offs — — — — — — (21) (21) Recoveries — — — 6 — 48 9 63 Provision (benefit) 917 562 10 57 32 (194) (791) 593 Ending balance $ 10,635 $ 8,768 $ 1,625 $ 717 $ 164 $ 2,016 $ 15,303 $ 39,228 September 30, 2022 One-to-four One-to-four Commercial Multi-family Commercial family - mixed- family - Construction Small Business business and (In thousands) residential real estate use property residential loans Administration other Total 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 The following tables show the activity in the ACL on loans for the following nine-month periods September 30, 2023 One-to-four One-to-four Commercial Multi-family Commercial family - mixed- family - Construction Small Business business and (In thousands) residential real estate use property residential loans Administration other Total Beginning balance $ 9,552 $ 8,184 $ 1,875 $ 901 $ 261 $ 2,198 $ 17,471 $ 40,442 Charge-offs — (8) — (12) — (7) (11,023) (11,050) Recoveries 1 — — 50 — 219 28 298 Provision (benefit) 1,082 592 (250) (222) (97) (394) 8,827 9,538 Ending balance $ 10,635 $ 8,768 $ 1,625 $ 717 $ 164 $ 2,016 $ 15,303 $ 39,228 September 30, 2022 One-to-four One-to-four Commercial Multi-family Commercial family - mixed- family - Construction Small Business Taxi business and (In thousands) residential real estate use property residential loans Administration medallion other Total 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 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 amortized cost of substandard loans was $47.1 million at September 30, 2023, an increase of $21.4 million from $25.7 million at December 31, 2022. The increase was primarily due to a business relationship that was downgraded to substandard due to declining macroeconomic factors. The loans were individually evaluated for impairment, and it was determined no reserve was deemed necessary at September 30, 2023. The following table summarizes the various risk categories of mortgage and non-mortgage loans by loan portfolio segments and by class of loans by year of origination at September 30, 2023: For the year ended Revolving Loans Revolving Loans Amortized Cost converted to (In thousands) 2023 2022 2021 2020 2019 Prior Basis term loans Total Multi-family Residential Pass $ 171,298 $ 468,879 $ 279,408 $ 217,501 $ 306,987 $ 1,127,156 $ 4,075 $ — $ 2,575,304 Watch — 881 — 1,944 — 32,691 — — 35,516 Special Mention — — — — — 1,461 — — 1,461 Substandard — — — — — 5,348 — — 5,348 Total Multi-family Residential $ 171,298 $ 469,760 $ 279,408 $ 219,445 $ 306,987 $ 1,166,656 $ 4,075 $ — $ 2,617,629 Commercial Real Estate Pass $ 134,977 $ 326,545 $ 177,860 $ 148,835 $ 218,458 $ 913,106 $ — $ — $ 1,919,781 Watch — — 1,443 — 9,570 23,668 — — 34,681 Total Commercial Real Estate $ 134,977 $ 326,545 $ 179,303 $ 148,835 $ 228,028 $ 936,774 $ — $ — $ 1,954,462 Gross charge-offs $ — $ — $ — $ — $ — $ 8 $ — $ — $ 8 1-4 Family Mixed-Use Property Pass $ 18,557 $ 43,937 $ 41,987 $ 31,274 $ 61,270 $ 335,314 $ — $ — $ 532,339 Watch — — — — 724 5,564 — — 6,288 Special Mention — — — — — 636 — — 636 Substandard — — — — — 1,256 — — 1,256 Total 1-4 Family Mixed-Use Property $ 18,557 $ 43,937 $ 41,987 $ 31,274 $ 61,994 $ 342,770 $ — $ — $ 540,519 1-4 Family Residential Pass $ 5,108 $ 23,319 $ 8,506 $ 16,857 $ 38,153 $ 104,508 $ 7,475 $ 10,252 $ 214,178 Watch — 510 274 — 740 1,527 — 1,321 4,372 Special Mention — — — — — 204 — 197 401 Substandard — — — — — 4,733 — 443 5,176 Total 1-4 Family Residential $ 5,108 $ 23,829 $ 8,780 $ 16,857 $ 38,893 $ 110,972 $ 7,475 $ 12,213 $ 224,127 Gross charge-offs $ — $ — $ — $ — $ — $ 12 $ — $ — $ 12 Construction Pass $ 5,520 $ 3 $ 5,793 $ — $ — — $ 48,459 $ — $ 59,775 Total Construction $ 5,520 $ 3 $ 5,793 $ — $ — $ — $ 48,459 $ — $ 59,775 Small Business Administration Pass $ 806 $ 3,301 $ 3,166 $ 3,613 $ 702 $ 4,006 $ — $ — $ 15,594 Watch — — — — 48 2,876 — — 2,924 Special Mention — — 1,494 — — 349 — — 1,843 Substandard — — 318 — — 1,157 — — 1,475 Total Small Business Administration $ 806 $ 3,301 $ 4,978 $ 3,613 $ 750 $ 8,388 $ — $ — $ 21,836 Gross charge-offs $ — $ — $ — $ — $ — $ 7 $ — $ — $ 7 Commercial Business Pass $ 64,537 $ 124,017 $ 77,139 $ 33,986 $ 32,087 $ 62,001 $ 285,765 $ — $ 679,532 Watch 266 6,437 4,015 2,433 14,664 20,105 2,747 — 50,667 Special Mention — — 3,925 — 27 — 2,000 — 5,952 Substandard 14,935 2,454 — — 28 12,937 3,475 — 33,829 Doubtful — — — — — — 3,929 — 3,929 Total Commercial Business $ 79,738 $ 132,908 $ 85,079 $ 36,419 $ 46,806 $ 95,043 $ 297,916 $ — $ 773,909 Gross charge-offs $ — $ — $ 1,675 $ — $ 14 $ 11 $ 9,267 $ — $ 10,967 Commercial Business - Secured by RE Pass $ 35,585 $ 178,373 $ 131,700 $ 106,902 $ 40,114 $ 143,676 $ — $ — $ 636,350 Watch 9,776 — — — 597 53,025 — — 63,398 Special Mention — — — — 14,403 — — — 14,403 Total Commercial Business - Secured by RE $ 45,361 $ 178,373 $ 131,700 $ 106,902 $ 55,114 $ 196,701 $ — $ — $ 714,151 Other Pass $ — $ — $ — $ — $ — $ 180 $ 125 $ — $ 305 Total Other $ — $ — $ — $ — $ — $ 180 $ 125 $ — $ 305 Gross charge-offs $ — $ — $ — $ — $ — $ 56 $ — $ — $ 56 Total by Loan Type Total Pass $ 436,388 $ 1,168,374 $ 725,559 $ 558,968 $ 697,771 $ 2,689,947 $ 345,899 $ 10,252 $ 6,633,158 Total Watch 10,042 7,828 5,732 4,377 26,343 139,456 2,747 1,321 197,846 Total Special Mention — — 5,419 — 14,430 2,650 2,000 197 24,696 Total Substandard 14,935 2,454 318 — 28 25,431 3,475 443 47,084 Total Doubtful — — — — — — 3,929 — 3,929 Total Loans (1) $ 461,365 $ 1,178,656 $ 737,028 $ 563,345 $ 738,572 $ 2,857,484 $ 358,050 $ 12,213 $ 6,906,713 Total Gross charge-offs $ — $ — $ 1,675 $ — $ 14 $ 94 $ 9,267 $ — $ 11,050 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $10.6 million related to loans hedged in a closed pool at September 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. Included within net loans were $4.7 million and $5.2 million at September 30, 2023 and December 31, 2022, 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, 2023 December 31, 2022 (In thousands) Real Estate Business Assets Real Estate Business Assets Multi-family residential $ 3,600 $ — $ 3,547 $ — Commercial real estate — — 254 — One-to-four family - mixed-use property 1,090 — 1,045 — One-to-four family - residential 3,643 — 3,953 — Small Business Administration — 1,265 — 950 Commercial business and other — 7,680 2,853 17,340 Total $ 8,333 $ 8,945 $ 11,652 $ 18,290 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 $443.2 million and $438.5 million on September 30, 2023, and December 31, 2022, 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, 2023, and 2022. For the three months ended For the nine months ended September 30, September 30, 2023 2022 2023 2022 (In thousands) Balance at beginning of period $ 813 $ 1,444 $ 970 $ 1,209 Provision (benefit) (1) 120 (631) (37) (396) Allowance for Off-Balance Sheet - Credit losses (2) $ 933 $ 813 $ 933 $ 813 (1) Included in “Other operating expenses” on the Consolidated Statements of Income. (2) Included in “Other liabilities” on the Consolidated Statements of Financial Condition. |
Loans Held for Sale
Loans Held for Sale | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 and December 31, 2022, 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, 2023 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Performing loans Commercial 2 $ 2,000 $ — $ — Total 2 $ 2,000 $ — $ — For the three months ended September 30, 2022 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Performing loans Multi-family residential 1 $ 10,682 $ — $ — Total 1 $ 10,682 $ — $ — For the nine months ended September 30, 2023 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Performing loans Commercial 2 $ 2,000 $ — $ — Total 2 $ 2,000 $ — $ — Delinquent and non-performing loans Multi-family residential 7 $ 3,622 $ — $ 69 Commercial 3 1,867 (8) — One-to-four family - mixed-use property 3 1,553 — 39 Total 13 $ 7,042 $ (8) $ 108 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 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Leases | 7. Leases The Company has 31 operating leases for branches (including headquarters) and office spaces, 9 operating leases for vehicles, and one operating lease for equipment. Our leases have remaining lease terms ranging from one month to approximately 13 years, none of which has a renewal option reasonably certain of exercise, which has been reflected in the Company’s calculation of the 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 are as follows: (Dollars in thousands) September 30, 2023 December 31, 2022 Operating lease ROU asset $ 41,404 $ 43,289 Operating lease liability $ 43,067 $ 46,125 Weighted-average remaining lease term-operating leases 6.3 years 6.6 years Weighted average discount rate-operating leases 3.2 % 2.9 % The components of lease expense and cash flow information related to leases were as follows: For the three months ended (In thousands) Line Item Presented September 30, 2023 September 30, 2022 Lease Cost Operating lease cost Occupancy and equipment $ 2,142 $ 2,100 Operating lease cost Other operating expenses 23 23 Short-term lease cost Professional services, Occupancy and equipment and Other operating expenses 39 36 Variable lease cost Occupancy and equipment 262 275 Total lease cost $ 2,466 $ 2,434 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,387 $ 2,342 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,757 $ — For the nine months ended (In thousands) Line Item Presented September 30, 2023 September 30, 2022 Lease Cost Operating lease cost Occupancy and equipment $ 6,584 $ 6,299 Operating lease cost Other operating expenses 69 71 Short-term lease cost Professional Services, Occupancy and equipment and Other operating expenses 177 132 Variable lease cost Occupancy and equipment 785 713 Total lease cost $ 7,615 $ 7,215 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,042 $ 7,111 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,801 $ 47 The Company’s minimum annual rental payments for Bank facilities due under non-cancelable leases are as follows as of September 30, 2023: Minimum Rental (In thousands) Years ended December 31: 2023 $ 1,794 2024 9,863 2025 9,244 2026 8,363 2027 4,286 Thereafter 14,143 Total minimum payments required 47,693 Less: implied interest 4,626 Total lease obligations $ 43,067 |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, PRSUs granted in 2023 and 2022 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. As of September 30, 2023, 746,765 shares were available for future issuance under the 2014 Omnibus Plan. For the three months ended September 30, 2023 and 2022, the Company’s net income, as reported, included $1.0 million and $0.7 million, respectively, of stock-based compensation costs, including the benefit or expense of phantom stock awards, and $0.3 million and $0.2 million of income tax benefit respectively, related to the stock-based compensation plans. For the nine months ended September 30, 2023 and 2022, the Company’s net income, as reported, included $4.6 million and $5.6 million, respectively, of stock-based compensation costs, including the benefit or expense of phantom stock awards, and $1.2 million and $1.5 million of income tax benefit, respectively, related to the stock-based compensation plans. During the three months ended September 30, 2023 and 2022, the Company did not grant any RSU or PRSUs. During the nine months ended September 30, 2023 and 2022, the Company granted 235,850 and 212,811 of RSU awards and 79,050 and 63,250 of PRSU awards, respectively. The Company uses the fair value of the common stock on the date of award to measure compensation cost for restricted stock unit awards and performance restricted stock units. 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 under the 2014 Omnibus Plan for the nine months ended September 30, 2023: RSU Awards PRSU Awards Weighted-Average Weighted-Average Grant-Date Grant-Date Shares Fair Value Shares Fair Value Non-vested awards at December 31, 2022 275,588 $ 22.30 68,800 $ 20.90 Granted 235,850 19.84 79,050 19.99 Vested (222,757) 21.19 (59,870) 20.03 Forfeited (2,840) 22.14 — — Non-vested awards at September 30, 2023 285,841 $ 21.14 87,980 $ 20.67 Vested but unissued at September 30, 2023 253,468 $ 20.78 148,505 $ 20.80 As of September 30, 2023, there was $5.0 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 2.7 years. The total fair value of awards vested for the three months ended September 30, 2023 and 2022, was $0.3 million, and $1,000, respectively. The total fair value of awards vested for the nine months ended September 30, 2023 and 2022 was $5.5 million and $7.1 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, 2023: Phantom Stock Plan Shares Fair Value Weighted-Average Fair Value Outstanding at December 31, 2022 158,410 $ 19.38 Granted 21,346 $ 17.43 Distributions (1,132) $ 17.27 Outstanding at September 30, 2023 178,624 $ 13.13 Vested at September 30, 2023 178,624 $ 13.13 The Company recorded stock-based compensation expense (benefit) for the Phantom Stock Plan of $0.2 million and ($0.3) million for the three months ended September 30, 2023 and 2022, respectively. The total fair value of the distributions from the Phantom Stock Plan was $3,000 and $6,000 for the three months ended September 30, 2023 and 2022, respectively. The Company recorded stock-based compensation benefit for the Phantom Stock Plan of $1.0 million and $0.7 million for the nine months ended September 30, 2023 and 2022, respectively. The total fair value of the distributions from the Phantom Stock Plan was $20,000 and $23,000 for the nine months ended September 30, 2023, and 2022, respectively. |
Pension and Other Postretiremen
Pension and Other Postretirement Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
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) 2023 2022 2023 2022 Employee Pension Plan: Interest cost $ 203 $ 138 $ 609 $ 414 Amortization of unrecognized loss — 1 — 3 Expected return on plan assets (278) (257) (832) (772) Net employee pension benefit (1) $ (75) $ (118) $ (223) $ (355) Outside Director Pension Plan: Service cost $ 2 $ 3 $ 6 $ 9 Interest cost 15 11 44 34 Amortization of unrecognized gain (40) (7) (120) (21) Net outside director pension (benefit) expense (2) $ (23) $ 7 $ (70) $ 22 Other Postretirement Benefit Plans: Service cost $ 40 $ 67 $ 120 $ 201 Interest cost 95 70 286 209 Amortization of unrecognized gain (60) — (180) — Amortization of past service credit — (7) — (21) Net other postretirement expense (1) $ 75 $ 130 $ 226 $ 389 (1) Reported in the Consolidated Statements of Income as part of salaries and employee benefits. (2) Reported in the Consolidated Statements of Income as part of other operating expenses. The Company previously disclosed in its Consolidated Financial Statements for the year ended December 31, 2022 that it expects to contribute $0.2 million to the Outside Director Pension Plan (the “Outside Director Pension Plan”) and $0.3 million to the other postretirement benefit plans (the “Other Postretirement Benefit Plans”), during the year ending December 31, 2023. The Company does not expect to make a contribution to the Employee Pension Plan. As of September 30, 2023, the Company had contributed $56,000 to the Outside Director Pension Plan and $81,000 to the Other Postretirement Benefit Plans. As of September 30, 2023, the Company has not revised its expected contributions for the year ending December 31, 2023. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023, the Company carried financial assets and financial liabilities under the fair value option with fair values of $12.8 million and $48.3 million, respectively. At December 31, 2022, the Company carried financial assets and financial liabilities under the fair value option with fair values of $13.0 million and $50.5 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, 2023 and 2022. 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 (loss) gain from fair value adjustments, at or for the periods ended as indicated: Changes in Fair Values For Items Measured at Fair Value Fair Value Fair Value Pursuant to Election of the Fair Value Option Measurements at Measurements at For the three months ended September 30, For the nine months ended September 30, Description September 30, 2023 December 31, 2022 2023 2022 2023 2022 (In thousands) Mortgage-backed securities $ 266 $ 295 $ 1 $ (6) $ 3 $ (18) Other securities 12,516 12,728 (338) (661) (422) (1,681) Borrowed funds 48,329 50,507 (909) 6,293 2,086 8,049 Net (loss) gain from fair value adjustments $ (1,246) $ 5,626 $ 1,667 $ 6,350 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, 2023 and December 31, 2022. The fair value of borrowed funds includes accrued interest payable of $0.4 million at both September 30, 2023 and December 31, 2022. 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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022: 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 2023 2022 2023 2022 2023 2022 2023 2022 Assets: (In thousands) Securities available for sale: Mortgage-backed securities $ — $ — $ 337,879 $ 384,283 $ — $ — $ 337,879 $ 384,283 Other securities 11,066 11,211 493,267 338,347 1,451 1,516 505,784 351,074 Interest rate swaps — — 104,576 74,586 — — 104,576 74,586 Total assets $ 11,066 $ 11,211 $ 935,722 $ 797,216 $ 1,451 $ 1,516 $ 948,239 $ 809,943 Liabilities: Borrowings $ — $ — $ — $ — $ 48,329 $ 50,507 $ 48,329 $ 50,507 Interest rate swaps — — 22,016 18,407 — — 22,016 18,407 Total liabilities $ — $ — $ 22,016 $ 18,407 $ 48,329 $ 50,507 $ 70,345 $ 68,914 The following tables set 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, 2023 September 30, 2022 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,434 $ 47,777 $ 1,662 $ 55,352 Net (loss) gain from fair value adjustment of financial assets (1) 16 — (171) — Net (gain) loss from fair value adjustment of financial liabilities (1) — 909 — (6,293) Increase (decrease) in accrued interest 1 20 3 95 Change in unrealized (gains) losses included in other comprehensive loss — (377) — 598 Ending balance $ 1,451 $ 48,329 $ 1,494 $ 49,752 Changes in unrealized gains held at period end $ — $ 2,338 $ — $ 2,177 (1) Presented in the Consolidated Statements of Income under net (loss) gain from fair value adjustments. For the nine months ended September 30, 2023 September 30, 2022 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,516 $ 50,507 $ 1,695 $ 56,472 Net (loss) gain from fair value adjustment of financial assets (1) (67) — (206) — Net (gain) loss from fair value adjustment of financial liabilities (1) — (2,086) — (8,049) Increase (decrease) in accrued interest 2 60 5 172 Change in unrealized (gains) losses included in other comprehensive loss — (152) — 1,157 Ending balance $ 1,451 $ 48,329 $ 1,494 $ 49,752 Changes in unrealized gains held at period end $ — $ 2,338 $ — $ 2,177 (1) Presented in the Consolidated Statements of Income under net (loss) gain 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, 2023 Valuation Input Weighted Fair Value Technique Unobservable Range Average (Dollars in thousands) Assets: Trust preferred securities $ 1,451 Discounted cash flows Spread over 3-month SOFR n/a 4.4 % Liabilities: Junior subordinated debentures $ 48,329 Discounted cash flows Spread over 3-month SOFR n/a 4.4 % December 31, 2022 Valuation Input Weighted Fair Value Technique Unobservable Range Average (Dollars in thousands) Assets: Trust preferred securities $ 1,516 Discounted cash flows Spread over 3-month Libor n/a 3.6 % Liabilities: Junior subordinated debentures $ 50,507 Discounted cash flows Spread over 3-month Libor n/a 3.6 % 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, 2023 and December 31, 2022, 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, 2023 and December 31, 2022: 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 2023 2022 2023 2022 2023 2022 2023 2022 (In thousands) Assets: Certain delinquent loans $ — $ — $ — $ — $ 1,045 $ 18,330 $ 1,045 $ 18,330 Total assets $ — $ — $ — $ — $ 1,045 $ 18,330 $ 1,045 $ 18,330 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, 2023 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Certain delinquent loans $ 1,045 Discounted Cashflow Discount Rate 4.3% to 9.8 % 9.4 % Probability of Default 35.0% to 42.0 % 41.6 % At December 31, 2022 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Certain delinquent loans $ 18,189 Sales approach Adjustment to sales comparison value -20.0% to 0.0 % -1.3 % Reduction for planned expedited disposal 10.0% to 15.0 % 13.6 % Certain delinquent loans $ 141 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, 2023 and December 31, 2022. The methods and assumptions used to estimate fair value at September 30, 2023 and December 31, 2022 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. Certain Delinquent Loans: For certain delinquent 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, 2023 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 200,926 $ 200,926 $ 200,926 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,860 6,634 — 6,634 — Other securities 65,271 51,031 — — 51,031 Securities available for sale Mortgage-backed securities 337,879 337,879 — 337,879 — Other securities 505,784 505,784 11,066 493,267 1,451 Loans 6,896,074 6,511,963 — — 6,511,963 FHLB-NY stock 43,821 43,821 — 43,821 — Accrued interest receivable 55,660 55,660 — 6,723 48,937 Interest rate swaps 104,576 104,576 — 104,576 — Liabilities: Deposits $ 6,681,509 $ 6,630,112 $ 4,360,140 $ 2,269,972 $ — Borrowed Funds 1,001,010 950,476 — 902,147 48,329 Accrued interest payable 10,001 10,001 — 10,001 — Interest rate swaps 22,016 22,016 — 22,016 — December 31, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 151,754 $ 151,754 $ 151,754 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,875 6,989 — 6,989 — Other securities 65,836 55,561 — — 55,561 Securities available for sale Mortgage-backed securities 384,283 384,283 — 384,283 — Other securities 351,074 351,074 11,211 338,347 1,516 Loans 6,934,769 6,651,795 — — 6,651,795 FHLB-NY stock 45,842 45,842 — 45,842 — Accrued interest receivable 45,048 45,048 — 3,819 41,229 Interest rate swaps 74,856 74,856 — 74,856 — Liabilities: Deposits $ 6,485,342 $ 6,453,978 $ 4,959,004 $ 1,494,974 $ — Borrowed Funds 1,052,973 1,027,370 — 976,863 50,507 Accrued interest payable 10,034 10,034 — 10,034 — Interest rate swaps 18,407 18,407 — 18,407 — |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Financial Instruments | 11. Derivative Financial Instruments At September 30, 2023 and December 31, 2022, 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 and securities with $946.8 million and $273.6 million of swaps outstanding at September 30, 2023 and December 31, 2022, respectively; 2) to facilitate risk management strategies for our loan customers with $480.0 million of swaps outstanding, which include $240.0 million each with customers and bank bank The Company adopted ASU No. 2022-01, “ Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method” For non-portfolio layer method fair value hedges, the hedge basis (the amount of the change in fair value) is added to (or subtracted from) the carrying amount of the hedged item. For portfolio layer method hedges, the hedge basis does not adjust the carrying value of the hedged item and is instead maintained on a closed portfolio basis. These basis adjustments would be allocated to the amortized cost of specific loans or AFS securities within the pools if either of the hedges were de-designated. The Company did not have any portfolio layer hedges prior to the first quarter of 2023. At September 30, 2023 and December 31, 2022, 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, 2023 and December 31, 2022, derivatives with a combined notional amount of $480.9 million and $221.2 million, respectively, were not designated as hedges. At September 30, 2023 and December 31, 2022, derivatives with a combined notional amount of $946.8 million and $273.6 million, respectively, were designated as fair value hedges. At September 30, 2023 and December 31, 2022, derivatives with a combined notional amount of $825.8 million and $871.5 million, respectively, were designated as cash flow hedges. For cash flow hedges, the changes in the fair value of the derivatives 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 effected earnings. During the three months ended September 30, 2023 and 2022, $7.1 million in reduced expense and $1.0 million in additional expense, respectively, was reclassified from accumulated other comprehensive loss to interest expense. During the nine months ended September 30, 2023 and 2022, $18.2 million in reduced expense and $6.1 million in additional expense 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 $25.0 million in reduced expense. Changes in the fair value of interest rate swaps not designated as hedges are reflected in “Net (loss) gain 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: Assets Liabilities Notional Notional Amount Fair Value (1) Amount Fair Value (1) September 30, 2023 (In thousands) Cash flow hedges: Interest rate swaps (borrowings and deposits) $ 825,750 $ 37,211 $ - $ - Fair value hedges: Interest rate swaps (loans and securities) 946,825 45,346 - - Non hedge: Interest rate swaps (loans and deposits) 240,974 22,019 239,974 22,016 Total $ 2,013,549 $ 104,576 $ 239,974 $ 22,016 December 31, 2022 Cash flow hedges: Interest rate swaps (borrowings and deposits) $ 700,750 $ 31,716 $ 170,750 $ 210 Fair value hedges: Interest rate swaps (loans) 273,607 24,673 - - Non hedge: Interest rate swaps (loans) 110,598 18,197 110,598 18,197 Total $ 1,084,955 $ 74,586 $ 281,348 $ 18,407 (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, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Loans Multi-family residential $ 77,216 $ 82,613 $ (13,979) $ (10,480) Commercial real estate 143,327 167,353 (14,358) (15,442) Total $ 220,543 $ 249,966 $ (28,337) $ (25,922) Portfolio Layer Loans held for Investment (1) $ 2,615,651 $ — $ (10,639) $ — Securities available for sale (2) 273,313 — (7,721) — Total $ 2,888,964 $ — $ (18,360) $ — (1) Carrying amount represents the amortized cost. At September 30, 2023, the amortized cost of the portfolio layer method closed portfolio was $2.6 billion, of which $500 million was designated as hedged. The cumulative amount of basis adjustments was $10.6 million. (2) Carrying amount represents the fair value. At September 30, 2023, the fair value of the portfolio layer method closed portfolio was $273 million, of which $200 million was designated as hedged. The cumulative amount of basis adjustments was $7.7 million. 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 Affected Line Item in the Statements September 30, September 30, (In thousands) Where Net Income is Presented 2023 2022 2023 2022 Financial Derivatives: Interest rate swaps - fair value hedge (loans) Interest and fees on loans $ 5,335 $ 253 $ 9,901 $ (2,068) Interest rate swaps - fair value hedge (securities) Interest and dividends on securities 942 — 1,787 — Interest rate swaps - non hedge (municipal deposits) Deposits 1 — 4 — Interest rate swaps - cash flow hedge (short-term advances) Other interest expense 994 64 4,336 (3,890) Interest rate swaps - cash flow hedge (brokered deposits) Deposits 6,060 793 13,886 842 Total net income (expense) from the effects of derivative instruments $ 13,332 $ 1,110 $ 29,914 $ (5,116) The Company’s interest rate swaps are subject to master netting arrangements between the Company and its 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: Gross Amount Net Amount Gross Amounts Offset in Statement of Presented in Statement of Financial Cash (In thousands) Recognized Financial Condition Financial Condition Instruments Collateral Net Amount September 30, 2023 Assets: Interest rate swaps $ 104,576 $ — $ 104,576 $ — $ (110,755) $ (6,179) Liabilities: Interest rate swaps 22,016 — 22,016 — — 22,016 December 31, 2022 Assets: Interest rate swaps $ 74,586 $ — $ 74,586 $ — $ (72,185) $ 2,401 Liabilities: Interest rate swaps 18,407 — 18,407 — — 18,407 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
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, 2023 Unrealized Gains (Losses) Unrealized Gains (Losses) Fair Value on Available for Sale on Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (63,523) $ 26,559 $ (413) $ 1,358 $ (36,019) Other comprehensive income before reclassifications, net of tax (6,928) 5,162 — 261 (1,505) Amounts reclassified from accumulated other comprehensive income, net of tax 1,530 (4,868) (69) — (3,407) Net current period other comprehensive income, net of tax (5,398) 294 (69) 261 (4,912) Ending balance, net of tax $ (68,921) $ 26,853 $ (482) $ 1,619 $ (40,931) For the three months ended September 30, 2022 Unrealized Gains (Losses) Unrealized Gains (Losses) Fair Value on Available for Sale on 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 (loss), 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 nine months ended September 30, 2023 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 $ (63,106) $ 25,380 $ (275) $ 1,513 $ (36,488) Other comprehensive income before reclassifications, net of tax (11,144) 14,050 — 106 3,012 Amounts reclassified from accumulated other comprehensive income, net of tax 5,329 (12,577) (207) — (7,455) Net current period other comprehensive income (loss), net of tax (5,815) 1,473 (207) 106 (4,443) Ending balance, net of tax $ (68,921) $ 26,853 $ (482) $ 1,619 $ (40,931) 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) 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, 2023 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) Fair Value hedges: Interest rate swaps benefit (expense) $ (2,217) Interest and dividend income 687 Provision for income taxes $ (1,530) Cash flow hedges: Interest rate swaps benefit (expense) $ 7,053 Interest expense (2,185) Provision for income taxes $ 4,868 Amortization of defined benefit pension items: Actuarial losses benefit (expense) $ 100 (1) Other operating expenses (31) Provision for income taxes $ 69 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 benefit (expense) $ (1,030) Interest expense 320 Provision for income taxes $ (710) Amortization of defined benefit pension items: Actuarial losses benefit (expense) $ 6 (1) Other operating expenses Prior service credits benefit (expense) 7 (1) Other operating expenses 13 Total before tax (4) Provision for income taxes $ 9 For the nine months ended September 30, 2023 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented (In thousands) Fair Value hedges: Interest rate swaps benefit (expense) $ (7,721) Interest and dividend income 2,392 Provision for income taxes $ (5,329) Cash flow hedges: Interest rate swaps benefit (expense) $ 18,222 Interest expense (5,645) Provision for income taxes $ 12,577 Amortization of defined benefit pension items: Actuarial losses benefit (expense) $ 300 (1) Other operating expense (93) Provision for income taxes $ 207 For the nine months ended September 30, 2022 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented (In thousands) Cash flow hedges: Interest rate swaps benefit (expense) $ (6,117) Interest expense 1,918 Provision for income taxes $ (4,199) Amortization of defined benefit pension items: Actuarial losses benefit (expense) $ 18 (1) Other operating expense Prior service credits benefit (expense) 21 (1) Other operating expense 39 Total before tax 1 Provision for income taxes $ 40 (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, 2023 | |
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, 2023, 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 6.02% and 6.37% at September 30, 2023 and December 31, 2022, respectively. Set forth below is a summary of the Bank’s compliance with banking regulatory capital standards. September 30, 2023 December 31, 2022 (As Restated) Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 915,547 10.58 % $ 915,628 10.56 % Requirement to be well-capitalized 432,820 5.00 433,667 5.00 Excess 482,727 5.58 481,961 5.56 Common Equity Tier I risk-based capital: Capital level $ 915,547 13.45 % $ 915,628 13.79 % Requirement to be well-capitalized 442,391 6.50 431,734 6.50 Excess 473,156 6.95 483,894 7.29 Tier I risk-based capital: Capital level $ 915,547 13.45 % $ 915,628 13.79 % Requirement to be well-capitalized 544,482 8.00 531,365 8.00 Excess 371,065 5.45 384,263 5.79 Total risk-based capital: Capital level $ 954,335 14.02 % $ 954,457 14.37 % Requirement to be well-capitalized 680,602 10.00 664,206 10.00 Excess 273,733 4.02 290,251 4.37 The Company is subject to the same regulatory capital requirements as the Bank. As of September 30, 2023, the 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 Company at September 30, 2023 and December 31, 2022 was 4.83% and 5.25%, respectively. Set forth below is a summary of the Company’s compliance with banking regulatory capital standards. September 30, 2023 December 31, 2022 (As Restated) Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 736,744 8.51 % $ 746,880 8.61 % Requirement to be well-capitalized 432,763 5.00 433,607 5.00 Excess 303,981 3.51 313,273 3.61 Common Equity Tier I risk-based capital: Capital level $ 690,294 10.14 % $ 698,258 10.52 % Requirement to be well-capitalized 442,291 6.50 431,635 6.50 Excess 248,003 3.64 266,623 4.02 Tier I risk-based capital: Capital level $ 736,744 10.83 % $ 746,880 11.25 % Requirement to be well-capitalized 544,358 8.00 531,243 8.00 Excess 192,386 2.83 215,637 3.25 Total risk-based capital: Capital level $ 965,532 14.19 % $ 975,709 14.69 % Requirement to be well-capitalized 680,448 10.00 664,054 10.00 Excess 285,084 4.19 311,655 4.69 |
New Authoritative Accounting Pr
New Authoritative Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
New Authoritative Accounting Pronouncements | 14. New Authoritative Accounting Pronouncements Accounting Standards Adopted in 2023: In March 2022, FASB issued 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. The ASU was adopted on January 1, 2023 prospectively, without material impact on our business operations or to our consolidated financial statements. In March 2022, the FASB issued ASU 2022-01, “Derivatives and Hedging (Topic 815): Fair Value Hedging – Portfolio Layer Method”, which expanded the current last-of-layer method to allow multiple hedged layers of a single closed portfolio and allow hedge accounting to be achieved using different types of derivatives and layering techniques, including the use of amortizing swaps with clarification that such a trade would be viewed as being a single layer. Under this expanded scope, both prepayable and nonrepayable financial assets may be included in a single closed portfolio hedge. This update also provides clarifications to breach requirements and disclosures. As a result of these changes, the last-of- layer method has been renamed the portfolio layer method. No cumulative-effect adjustment to the opening balance of retained earnings was required upon adoption of these amendments. The Company did not have any portfolio layer or last of layer hedges prior to the first quarter of 2023. The amendments related to disclosures were applied on a prospective basis. The ASU was adopted in the first quarter of 2023 – see Notes 4 (“Securities”), 5 (“Loans”) and 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements for more information regarding the impact to our consolidated financial statements. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Basis of Presentation | Consolidated Statements of Financial Condition: As of September 30, 2023 (In thousands) As Reported Adjustments As Restated Other assets $ 206,922 $ 2,092 $ 209,014 Total assets 8,577,283 2,092 8,579,375 Other liabilities 182,556 4,712 187,268 Total liabilities 7,908,142 4,712 7,912,854 Retained earnings 550,678 (2,620) 548,058 Total stockholders’ equity 669,141 (2,620) 666,521 Total liabilities and stockholders’ equity 8,577,283 2,092 8,579,375 Consolidated Statements of Income: For the three months ended September 30, 2023 (In thousands, except per share data) As Reported Adjustments As Restated Other income $ 282 $ (167) $ 115 Total non-interest income 3,476 (167) 3,309 Salaries and employee benefits 17,825 2,521 20,346 Professional services 3,042 (548) 2,494 Total non-interest expense 34,415 1,973 36,388 Income before income taxes 12,892 (2,140) 10,752 Federal income tax 2,435 (406) 2,029 State and local income tax 1,058 (170) 888 Total provision for income tax 3,493 (576) 2,917 Net income 9,399 (1,564) 7,835 Basic earnings per common share 0.32 (0.06) 0.26 Diluted earnings per common share 0.32 (0.06) 0.26 Consolidated Statements of Comprehensive Income: For the three months ended September 30, 2023 (In thousands) As Reported Adjustments As Restated Net income $ 9,399 $ (1,564) $ 7,835 Comprehensive net income 4,487 (1,564) 2,923 Consolidated Statements of Income: For the nine months ended September 30, 2023 (In thousands, except per share data) As Reported Adjustments As Restated Other income $ 2,065 $ (320) $ 1,745 Total non-interest income 15,506 (320) 15,186 Salaries and employee benefits 58,205 4,393 62,598 Professional services 8,182 (1,136) 7,046 Total non-interest expense 107,397 3,257 110,654 Income before income taxes 31,656 (3,577) 28,079 Federal income tax 5,996 (678) 5,318 State and local income tax 2,475 (279) 2,196 Total provision for income tax 8,471 (957) 7,514 Net income 23,185 (2,620) 20,565 Basic earnings per common share 0.77 (0.08) 0.69 Diluted earnings per common share 0.77 (0.08) 0.69 Consolidated Statements of Comprehensive Income: For the nine months ended September 30, 2023 (In thousands) As Reported Adjustments As Restated Net income $ 23,185 $ (2,620) $ 20,565 Comprehensive net income 18,742 (2,620) 16,122 Consolidated Statements of Cash Flows: Operating Activities: For the nine months ended September 30, 2023 (In thousands) As Reported Adjustments As Restated Net income $ 23,185 $ (2,620) $ 20,565 (Increase) decrease in other assets (16,619) (2,092) (18,711) (Decrease) Increase in other liabilities (11,505) $ 4,712 $ (6,793) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
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, 2023 2022 2023 2022 (As Restated) (As Restated) (Dollars in thousands, except per share data) Net income, as reported $ 7,835 $ 23,442 $ 20,565 $ 66,696 Divided by: Total weighted average common shares outstanding and common stock equivalents (1) 29,703 30,695 30,017 30,960 Basic earnings per common share $ 0.26 $ 0.76 $ 0.69 $ 2.15 Diluted earnings per common share $ 0.26 $ 0.76 $ 0.69 $ 2.15 Dividend Payout ratio 84.6 % 28.9 % 95.7 % 30.7 % (1) For the three and nine months ended September 30, 2023, and 2022, there were no common stock equivalents that were anti-dilutive. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of portfolio of securities | The following table summarizes the Company’s portfolio of securities held-to-maturity on September 30, 2023: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Municipals $ 66,353 $ 51,031 $ — $ 15,322 Total municipals 66,353 51,031 — 15,322 FNMA 7,860 6,634 — 1,226 Total mortgage-backed securities 7,860 6,634 — 1,226 Allowance for credit losses (1,082) — — — Total $ 73,131 $ 57,665 $ — $ 16,548 The following table summarizes the Company’s portfolio of securities held-to-maturity on December 31, 2022: Gross Gross Amortized Unrecognized Unrecognized Cost Fair Value Gains Losses (In thousands) Municipals $ 66,936 $ 55,561 $ — $ 11,375 Total municipals 66,936 55,561 — 11,375 FNMA 7,875 6,989 — 886 Total mortgage-backed securities 7,875 6,989 — 886 Allowance for credit losses (1,100) — — — Total $ 73,711 $ 62,550 $ — $ 12,261 The following table summarizes the Company’s portfolio of securities available for sale on September 30, 2023: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 83,037 $ 81,481 $ 138 $ 1,694 Corporate 173,139 152,345 — 20,794 Mutual funds 11,066 11,066 — — Collateralized loan obligations 260,727 259,441 411 1,697 Other 1,451 1,451 — — Total other securities 529,420 505,784 549 24,185 REMIC and CMO 164,303 131,476 — 32,827 GNMA 8,678 6,542 1 2,137 FNMA 157,897 128,781 — 29,116 FHLMC 90,942 71,080 — 19,862 Total mortgage-backed securities 421,820 337,879 1 83,942 Total Securities excluding portfolio layer adjustments 951,240 843,663 550 108,127 Unallocated portfolio layer basis adjustments (1) (7,721) n/a — (7,721) Total securities available for sale $ 943,519 $ 843,663 $ 550 $ 100,406 (1) Represents the amount of portfolio layer method basis adjustments related to available for sale (“AFS”) securities hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual securities, however, the amounts impact the unrealized gains or losses for the individual securities being hedged. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. The following table summarizes the Company’s portfolio of securities available for sale on December 31, 2022: Gross Gross Amortized Unrealized Unrealized Cost Fair Value Gains Losses (In thousands) U.S. government agencies $ 83,720 $ 81,103 $ 2 $ 2,619 Corporate 146,430 131,766 — 14,664 Mutual funds 11,211 11,211 — — Collateralized loan obligations 129,684 125,478 — 4,206 Other 1,516 1,516 — — Total other securities 372,561 351,074 2 21,489 REMIC and CMO 175,712 148,414 — 27,298 GNMA 9,193 7,317 3 1,879 FNMA 172,690 148,265 — 24,425 FHLMC 96,725 80,287 — 16,438 Total mortgage-backed securities 454,320 384,283 3 70,040 Total securities available for sale $ 826,881 $ 735,357 $ 5 $ 91,529 |
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 $ 66,353 $ 51,031 Total other securities 66,353 51,031 Mortgage-backed securities 7,860 6,634 74,213 57,665 Allowance for credit losses (1,082) - Total securities held-to-maturity $ 73,131 $ 57,665 Amortized Securities available for sale (1) Cost Fair Value (In thousands) Due in one year or less $ 59,934 $ 58,951 Due after one year through five years 84,849 79,070 Due after five years through ten years 244,126 227,135 Due after ten years 129,445 129,562 Total other securities 518,354 494,718 Mutual funds 11,066 11,066 Mortgage-backed securities 421,820 337,879 Total securities available for sale $ 951,240 $ 843,663 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $7.7 million related to AFS securities hedged in a closed portfolio at September 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. |
Schedule of securities with gross unrealized losses and their fair value | At September 30, 2023 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 $ 51,031 $ 15,322 $ — $ — $ 51,031 $ 15,322 Total other securities 3 51,031 15,322 — — 51,031 15,322 FNMA 1 6,634 1,226 — — 6,634 1,226 Total mortgage-backed securities 1 6,634 1,226 — — 6,634 1,226 Total 4 $ 57,665 $ 16,548 $ — $ — $ 57,665 $ 16,548 Available for sale securities (1) U.S. Government Agencies & Treasury 8 $ 74,192 $ 1,694 $ 5,316 $ 26 $ 68,876 $ 1,668 Corporate 26 152,345 20,794 29,023 2,679 123,322 18,115 CLO 20 148,517 1,697 28,056 71 120,461 1,626 Total other securities 54 375,054 24,185 62,395 2,776 312,659 21,409 REMIC and CMO 46 131,210 32,827 — — 131,210 32,827 GNMA 12 6,458 2,137 113 2 6,345 2,135 FNMA 47 128,781 29,116 2,085 101 126,696 29,015 FHLMC 18 71,080 19,862 — — 71,080 19,862 Total mortgage-backed securities 123 337,529 83,942 2,198 103 335,331 83,839 Total 177 $ 712,583 $ 108,127 $ 64,593 $ 2,879 $ 647,990 $ 105,248 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $7.7 million related to AFS securities hedged in a closed portfolio at September 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. At December 31, 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 $ 55,561 $ 11,375 $ 55,561 $ 11,375 $ — $ — Total other securities 3 55,561 11,375 55,561 11,375 — — FNMA 1 6,989 886 6,989 886 — — Total mortgage-backed securities 1 6,989 886 6,989 886 — — Total 4 $ 62,550 $ 12,261 $ 62,550 $ 12,261 $ — $ — Available for sale securities U.S. government agencies 7 $ 77,856 $ 2,619 $ 77,059 $ 2,517 $ 797 $ 102 Corporate 20 131,766 14,664 45,447 3,553 86,319 11,111 CLO 19 125,478 4,206 95,518 2,916 29,960 1,290 Total other securities 46 335,100 21,489 218,024 8,986 117,076 12,503 REMIC and CMO 47 148,120 27,298 40,911 3,457 107,209 23,841 GNMA 8 7,133 1,879 64 — 7,069 1,879 FNMA 47 148,229 24,425 38,296 3,871 109,933 20,554 FHLMC 18 80,287 16,438 24,838 2,397 55,449 14,041 Total mortgage-backed securities 120 383,769 70,040 104,109 9,725 279,660 60,315 Total 166 $ 718,869 $ 91,529 $ 322,133 $ 18,711 $ 396,736 $ 72,818 |
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. For the three months ended For the nine months ended September 30, September 30, 2023 2022 2023 2022 (In thousands) Beginning balance $ 1,079 $ 1,085 $ 1,100 $ 862 Provision (benefit) 3 11 (18) 234 Allowance for credit losses $ 1,082 $ 1,096 $ 1,082 $ 1,096 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of composition of loans | September 30, December 31, 2023 2022 (In thousands) Multi-family residential $ 2,614,219 $ 2,601,384 Commercial real estate 1,953,243 1,913,040 One-to-four family ― mixed-use property 537,744 554,314 One-to-four family ― residential 222,874 241,246 Construction 59,903 70,951 Small Business Administration 21,896 23,275 Commercial business and other 1,487,775 1,521,548 Net unamortized premiums and unearned loan fees 9,059 9,011 Total loans, net of fees and costs excluding portfolio layer basis adjustments 6,906,713 6,934,769 Unallocated portfolio layer basis adjustments (1) (10,639) — Total loans, net of fees and costs $ 6,896,074 $ 6,934,769 (1) This amount represents portfolio layer method basis adjustments related to loans hedged in a closed portfolio. Under GAAP portfolio layer method basis adjustments are not allocated to individual loans, however, the amounts impact the net loan balance. These basis adjustments would be |
Schedule of loans modifications made to borrowers | For the three months ended, September 30, 2023 (Dollars in thousands) Term Extension Loan Modifications Made to Borrowers Experiencing Financial Difficulty Number Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect Commercial business and other 3 $ 1,638 0.1 % Extended Maturity to June 2025 (20 months). Total 3 $ 1,638 For the nine months ended, September 30, 2023 (Dollars in thousands) Term Extension Loan Modifications Made to Borrowers Experiencing Financial Difficulty Number Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect Commercial business and other 3 $ 1,638 0.1 % Extended Maturity to June 2025 (20 months). Total 3 $ 1,638 (Dollars in thousands) Other-than-insignificant Payment Delay Loan Modifications Made to Borrowers Experiencing Financial Difficulty Number Amortized Cost Basis % of Total Class of Financing Receivable Financial Effect Small Business Administration 1 $ 1,494 6.8 % Provided twelve month payment deferral to be collected at maturity. Total 1 $ 1,494 |
Schedule of financing receivable modified past due | Payment Status of Borrowers Experiencing Financial Difficulty (Amortized Cost Basis) (In thousands) Current 30-89 Days Past Due 90+ Days Past Due Total Modified Small Business Administration $ — $ 1,494 $ — $ 1,494 Commercial business and other 1,638 — — 1,638 Total $ 1,638 $ 1,494 $ — $ 3,132 |
Summary of aging analysis of amortized cost basis of loans | At September 30, 2023 (In thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans (1) Multi-family residential $ 1,131 $ 599 $ 3,600 $ 5,330 $ 2,612,299 $ 2,617,629 Commercial real estate 3,994 — — 3,994 1,950,468 1,954,462 One-to-four family - mixed-use property 1,537 195 1,090 2,822 537,697 540,519 One-to-four family - residential 3,367 26 3,643 7,036 217,091 224,127 Construction — — — — 59,775 59,775 Small Business Administration — 1,494 1,265 2,759 19,077 21,836 Commercial business and other 89 2,237 7,654 9,980 1,478,385 1,488,365 Total $ 10,118 $ 4,551 $ 17,252 $ 31,921 $ 6,874,792 $ 6,906,713 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $10.6 million related to loans hedged in a closed pool at September 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. At December 31, 2022 (In thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 90 Days Total Past Due Current Total Loans Multi-family residential $ 1,475 $ 1,787 $ 3,547 $ 6,809 $ 2,598,363 $ 2,605,172 Commercial real estate 2,561 — 254 2,815 1,912,083 1,914,898 One-to-four family - mixed-use property 3,721 — 797 4,518 552,777 557,295 One-to-four family - residential 2,734 — 3,953 6,687 235,793 242,480 Construction — — 2,600 2,600 68,224 70,824 Small Business Administration 329 — 950 1,279 21,914 23,193 Commercial business and other 7,636 16 10,324 17,976 1,502,931 1,520,907 Total $ 18,456 $ 1,803 $ 22,425 $ 42,684 $ 6,892,085 $ 6,934,769 |
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 Loan 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 |
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 September 30, 2023 (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 $ 3,547 $ 3,600 $ 3,600 $ 2 $ — Commercial real estate 254 — — — — One-to-four family - mixed-use property 1,045 1,090 1,090 2 — One-to-four family - residential 3,953 3,643 3,643 — — Small Business Administration 950 1,265 1,265 — — Commercial business and other 20,193 7,680 3,746 16 — Total $ 29,942 $ 17,278 $ 13,344 $ 20 $ — At or for the year ended December 31, 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 $ 3,547 $ 3,547 $ — $ — Commercial real estate 640 254 254 — — One-to-four family - mixed-use property (1) 1,582 1,045 1,045 — — One-to-four family - residential 7,483 3,953 3,953 — — Small Business Administration 952 950 950 — — Construction — — — — 2,600 Commercial business and other (1) 1,945 20,193 3,291 171 — Total $ 15,254 $ 29,942 $ 13,040 $ 171 $ 2,600 (1) Included in the above analysis are non-accrual performing TDR one-to-four family – mixed-use property totaling $0.2 million and Commercial business and other totaling less than $0.1 million. |
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, 2023 2022 2023 2022 (In thousands) Interest income that would have been recognized had the loans performed in accordance with their original terms $ 425 $ 618 $ 1,405 $ 1,578 Less: Interest income included in the results of operations 2 181 20 618 Total foregone interest $ 423 $ 437 $ 1,385 $ 960 |
Summary of activity in the allowance for loan losses | September 30, 2023 One-to-four One-to-four Commercial Multi-family Commercial family - mixed- family - Construction Small Business business and (In thousands) residential real estate use property residential loans Administration other Total Beginning balance $ 9,718 $ 8,206 $ 1,615 $ 654 $ 132 $ 2,162 $ 16,106 $ 38,593 Charge-offs — — — — — — (21) (21) Recoveries — — — 6 — 48 9 63 Provision (benefit) 917 562 10 57 32 (194) (791) 593 Ending balance $ 10,635 $ 8,768 $ 1,625 $ 717 $ 164 $ 2,016 $ 15,303 $ 39,228 September 30, 2022 One-to-four One-to-four Commercial Multi-family Commercial family - mixed- family - Construction Small Business business and (In thousands) residential real estate use property residential loans Administration other Total 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, 2023 One-to-four One-to-four Commercial Multi-family Commercial family - mixed- family - Construction Small Business business and (In thousands) residential real estate use property residential loans Administration other Total Beginning balance $ 9,552 $ 8,184 $ 1,875 $ 901 $ 261 $ 2,198 $ 17,471 $ 40,442 Charge-offs — (8) — (12) — (7) (11,023) (11,050) Recoveries 1 — — 50 — 219 28 298 Provision (benefit) 1,082 592 (250) (222) (97) (394) 8,827 9,538 Ending balance $ 10,635 $ 8,768 $ 1,625 $ 717 $ 164 $ 2,016 $ 15,303 $ 39,228 September 30, 2022 One-to-four One-to-four Commercial Multi-family Commercial family - mixed- family - Construction Small Business Taxi business and (In thousands) residential real estate use property residential loans Administration medallion other Total 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 |
Summary of risk category of mortgage and non-mortgage loans by loan portfolio segments and class of loans by year of origination | For the year ended Revolving Loans Revolving Loans Amortized Cost converted to (In thousands) 2023 2022 2021 2020 2019 Prior Basis term loans Total Multi-family Residential Pass $ 171,298 $ 468,879 $ 279,408 $ 217,501 $ 306,987 $ 1,127,156 $ 4,075 $ — $ 2,575,304 Watch — 881 — 1,944 — 32,691 — — 35,516 Special Mention — — — — — 1,461 — — 1,461 Substandard — — — — — 5,348 — — 5,348 Total Multi-family Residential $ 171,298 $ 469,760 $ 279,408 $ 219,445 $ 306,987 $ 1,166,656 $ 4,075 $ — $ 2,617,629 Commercial Real Estate Pass $ 134,977 $ 326,545 $ 177,860 $ 148,835 $ 218,458 $ 913,106 $ — $ — $ 1,919,781 Watch — — 1,443 — 9,570 23,668 — — 34,681 Total Commercial Real Estate $ 134,977 $ 326,545 $ 179,303 $ 148,835 $ 228,028 $ 936,774 $ — $ — $ 1,954,462 Gross charge-offs $ — $ — $ — $ — $ — $ 8 $ — $ — $ 8 1-4 Family Mixed-Use Property Pass $ 18,557 $ 43,937 $ 41,987 $ 31,274 $ 61,270 $ 335,314 $ — $ — $ 532,339 Watch — — — — 724 5,564 — — 6,288 Special Mention — — — — — 636 — — 636 Substandard — — — — — 1,256 — — 1,256 Total 1-4 Family Mixed-Use Property $ 18,557 $ 43,937 $ 41,987 $ 31,274 $ 61,994 $ 342,770 $ — $ — $ 540,519 1-4 Family Residential Pass $ 5,108 $ 23,319 $ 8,506 $ 16,857 $ 38,153 $ 104,508 $ 7,475 $ 10,252 $ 214,178 Watch — 510 274 — 740 1,527 — 1,321 4,372 Special Mention — — — — — 204 — 197 401 Substandard — — — — — 4,733 — 443 5,176 Total 1-4 Family Residential $ 5,108 $ 23,829 $ 8,780 $ 16,857 $ 38,893 $ 110,972 $ 7,475 $ 12,213 $ 224,127 Gross charge-offs $ — $ — $ — $ — $ — $ 12 $ — $ — $ 12 Construction Pass $ 5,520 $ 3 $ 5,793 $ — $ — — $ 48,459 $ — $ 59,775 Total Construction $ 5,520 $ 3 $ 5,793 $ — $ — $ — $ 48,459 $ — $ 59,775 Small Business Administration Pass $ 806 $ 3,301 $ 3,166 $ 3,613 $ 702 $ 4,006 $ — $ — $ 15,594 Watch — — — — 48 2,876 — — 2,924 Special Mention — — 1,494 — — 349 — — 1,843 Substandard — — 318 — — 1,157 — — 1,475 Total Small Business Administration $ 806 $ 3,301 $ 4,978 $ 3,613 $ 750 $ 8,388 $ — $ — $ 21,836 Gross charge-offs $ — $ — $ — $ — $ — $ 7 $ — $ — $ 7 Commercial Business Pass $ 64,537 $ 124,017 $ 77,139 $ 33,986 $ 32,087 $ 62,001 $ 285,765 $ — $ 679,532 Watch 266 6,437 4,015 2,433 14,664 20,105 2,747 — 50,667 Special Mention — — 3,925 — 27 — 2,000 — 5,952 Substandard 14,935 2,454 — — 28 12,937 3,475 — 33,829 Doubtful — — — — — — 3,929 — 3,929 Total Commercial Business $ 79,738 $ 132,908 $ 85,079 $ 36,419 $ 46,806 $ 95,043 $ 297,916 $ — $ 773,909 Gross charge-offs $ — $ — $ 1,675 $ — $ 14 $ 11 $ 9,267 $ — $ 10,967 Commercial Business - Secured by RE Pass $ 35,585 $ 178,373 $ 131,700 $ 106,902 $ 40,114 $ 143,676 $ — $ — $ 636,350 Watch 9,776 — — — 597 53,025 — — 63,398 Special Mention — — — — 14,403 — — — 14,403 Total Commercial Business - Secured by RE $ 45,361 $ 178,373 $ 131,700 $ 106,902 $ 55,114 $ 196,701 $ — $ — $ 714,151 Other Pass $ — $ — $ — $ — $ — $ 180 $ 125 $ — $ 305 Total Other $ — $ — $ — $ — $ — $ 180 $ 125 $ — $ 305 Gross charge-offs $ — $ — $ — $ — $ — $ 56 $ — $ — $ 56 Total by Loan Type Total Pass $ 436,388 $ 1,168,374 $ 725,559 $ 558,968 $ 697,771 $ 2,689,947 $ 345,899 $ 10,252 $ 6,633,158 Total Watch 10,042 7,828 5,732 4,377 26,343 139,456 2,747 1,321 197,846 Total Special Mention — — 5,419 — 14,430 2,650 2,000 197 24,696 Total Substandard 14,935 2,454 318 — 28 25,431 3,475 443 47,084 Total Doubtful — — — — — — 3,929 — 3,929 Total Loans (1) $ 461,365 $ 1,178,656 $ 737,028 $ 563,345 $ 738,572 $ 2,857,484 $ 358,050 $ 12,213 $ 6,906,713 Total Gross charge-offs $ — $ — $ 1,675 $ — $ 14 $ 94 $ 9,267 $ — $ 11,050 (1) The table above excludes the unallocated portfolio layer basis adjustments totaling $10.6 million related to loans hedged in a closed pool at September 30, 2023. See Note 11 (“Derivative Financial Instruments”) of the Notes to the Consolidated Financial Statements. |
Summary of types of collateral-dependent loans by class of loans | Collateral Type September 30, 2023 December 31, 2022 (In thousands) Real Estate Business Assets Real Estate Business Assets Multi-family residential $ 3,600 $ — $ 3,547 $ — Commercial real estate — — 254 — One-to-four family - mixed-use property 1,090 — 1,045 — One-to-four family - residential 3,643 — 3,953 — Small Business Administration — 1,265 — 950 Commercial business and other — 7,680 2,853 17,340 Total $ 8,333 $ 8,945 $ 11,652 $ 18,290 |
Summary of allowance for off balance sheet | For the three months ended For the nine months ended September 30, September 30, 2023 2022 2023 2022 (In thousands) Balance at beginning of period $ 813 $ 1,444 $ 970 $ 1,209 Provision (benefit) (1) 120 (631) (37) (396) Allowance for Off-Balance Sheet - Credit losses (2) $ 933 $ 813 $ 933 $ 813 (1) Included in “Other operating expenses” on the Consolidated Statements of Income. (2) 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 | December 31, 2022 Number Amortized (Dollars in thousands) of contracts Cost Commercial business and other 2 $ 3,263 Total troubled debt restructurings that subsequently defaulted 2 $ 3,263 |
Performing According to Restructured Terms [Member] | |
Notes Tables | |
Schedule of recorded investment for loans classified as TDR at amortized cost | December 31, 2022 Number Amortized (Dollars in thousands) of contracts Cost Multi-family residential 6 $ 1,673 Commercial real estate 1 7,572 One-to-four family - mixed-use property 4 1,222 One-to-four family - residential 1 253 Small Business Administration 1 242 Commercial business and other 3 855 Total performing 16 $ 11,817 |
Loans Held for Sale (Tables)
Loans Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of loans sold | The following table shows loans sold during the periods indicated: For the three months ended September 30, 2023 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Performing loans Commercial 2 $ 2,000 $ — $ — Total 2 $ 2,000 $ — $ — For the three months ended September 30, 2022 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Performing loans Multi-family residential 1 $ 10,682 $ — $ — Total 1 $ 10,682 $ — $ — For the nine months ended September 30, 2023 (Dollars in thousands) Loans sold Proceeds Net charge-offs Net gain Performing loans Commercial 2 $ 2,000 $ — $ — Total 2 $ 2,000 $ — $ — Delinquent and non-performing loans Multi-family residential 7 $ 3,622 $ — $ 69 Commercial 3 1,867 (8) — One-to-four family - mixed-use property 3 1,553 — 39 Total 13 $ 7,042 $ (8) $ 108 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 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases | |
Summary of supplemental balance sheet information related to leases | (Dollars in thousands) September 30, 2023 December 31, 2022 Operating lease ROU asset $ 41,404 $ 43,289 Operating lease liability $ 43,067 $ 46,125 Weighted-average remaining lease term-operating leases 6.3 years 6.6 years Weighted average discount rate-operating leases 3.2 % 2.9 % |
Schedule of components of lease expense and cash flow information related to leases | For the three months ended (In thousands) Line Item Presented September 30, 2023 September 30, 2022 Lease Cost Operating lease cost Occupancy and equipment $ 2,142 $ 2,100 Operating lease cost Other operating expenses 23 23 Short-term lease cost Professional services, Occupancy and equipment and Other operating expenses 39 36 Variable lease cost Occupancy and equipment 262 275 Total lease cost $ 2,466 $ 2,434 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3,387 $ 2,342 Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,757 $ — For the nine months ended (In thousands) Line Item Presented September 30, 2023 September 30, 2022 Lease Cost Operating lease cost Occupancy and equipment $ 6,584 $ 6,299 Operating lease cost Other operating expenses 69 71 Short-term lease cost Professional Services, Occupancy and equipment and Other operating expenses 177 132 Variable lease cost Occupancy and equipment 785 713 Total lease cost $ 7,615 $ 7,215 Other information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,042 $ 7,111 Right-of-use assets obtained in exchange for new operating lease liabilities $ 3,801 $ 47 |
Schedule of Minimum annual rental payments for Bank facilities due under non-cancelable leases | Minimum Rental (In thousands) Years ended December 31: 2023 $ 1,794 2024 9,863 2025 9,244 2026 8,363 2027 4,286 Thereafter 14,143 Total minimum payments required 47,693 Less: implied interest 4,626 Total lease obligations $ 43,067 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 awards at December 31, 2022 275,588 $ 22.30 68,800 $ 20.90 Granted 235,850 19.84 79,050 19.99 Vested (222,757) 21.19 (59,870) 20.03 Forfeited (2,840) 22.14 — — Non-vested awards at September 30, 2023 285,841 $ 21.14 87,980 $ 20.67 Vested but unissued at September 30, 2023 253,468 $ 20.78 148,505 $ 20.80 |
Summary of the Phantom Stock Plan | Phantom Stock Plan Shares Fair Value Weighted-Average Fair Value Outstanding at December 31, 2022 158,410 $ 19.38 Granted 21,346 $ 17.43 Distributions (1,132) $ 17.27 Outstanding at September 30, 2023 178,624 $ 13.13 Vested at September 30, 2023 178,624 $ 13.13 |
Pension and Other Postretirem_2
Pension and Other Postretirement Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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) 2023 2022 2023 2022 Employee Pension Plan: Interest cost $ 203 $ 138 $ 609 $ 414 Amortization of unrecognized loss — 1 — 3 Expected return on plan assets (278) (257) (832) (772) Net employee pension benefit (1) $ (75) $ (118) $ (223) $ (355) Outside Director Pension Plan: Service cost $ 2 $ 3 $ 6 $ 9 Interest cost 15 11 44 34 Amortization of unrecognized gain (40) (7) (120) (21) Net outside director pension (benefit) expense (2) $ (23) $ 7 $ (70) $ 22 Other Postretirement Benefit Plans: Service cost $ 40 $ 67 $ 120 $ 201 Interest cost 95 70 286 209 Amortization of unrecognized gain (60) — (180) — Amortization of past service credit — (7) — (21) Net other postretirement expense (1) $ 75 $ 130 $ 226 $ 389 (2) Reported in the Consolidated Statements of Income as part of other operating expenses. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of financial assets and financial liabilities | Changes in Fair Values For Items Measured at Fair Value Fair Value Fair Value Pursuant to Election of the Fair Value Option Measurements at Measurements at For the three months ended September 30, For the nine months ended September 30, Description September 30, 2023 December 31, 2022 2023 2022 2023 2022 (In thousands) Mortgage-backed securities $ 266 $ 295 $ 1 $ (6) $ 3 $ (18) Other securities 12,516 12,728 (338) (661) (422) (1,681) Borrowed funds 48,329 50,507 (909) 6,293 2,086 8,049 Net (loss) gain from fair value adjustments $ (1,246) $ 5,626 $ 1,667 $ 6,350 |
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 2023 2022 2023 2022 2023 2022 2023 2022 Assets: (In thousands) Securities available for sale: Mortgage-backed securities $ — $ — $ 337,879 $ 384,283 $ — $ — $ 337,879 $ 384,283 Other securities 11,066 11,211 493,267 338,347 1,451 1,516 505,784 351,074 Interest rate swaps — — 104,576 74,586 — — 104,576 74,586 Total assets $ 11,066 $ 11,211 $ 935,722 $ 797,216 $ 1,451 $ 1,516 $ 948,239 $ 809,943 Liabilities: Borrowings $ — $ — $ — $ — $ 48,329 $ 50,507 $ 48,329 $ 50,507 Interest rate swaps — — 22,016 18,407 — — 22,016 18,407 Total liabilities $ — $ — $ 22,016 $ 18,407 $ 48,329 $ 50,507 $ 70,345 $ 68,914 |
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, 2023 September 30, 2022 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,434 $ 47,777 $ 1,662 $ 55,352 Net (loss) gain from fair value adjustment of financial assets (1) 16 — (171) — Net (gain) loss from fair value adjustment of financial liabilities (1) — 909 — (6,293) Increase (decrease) in accrued interest 1 20 3 95 Change in unrealized (gains) losses included in other comprehensive loss — (377) — 598 Ending balance $ 1,451 $ 48,329 $ 1,494 $ 49,752 Changes in unrealized gains held at period end $ — $ 2,338 $ — $ 2,177 (1) Presented in the Consolidated Statements of Income under net (loss) gain from fair value adjustments. For the nine months ended September 30, 2023 September 30, 2022 Trust preferred Junior subordinated Trust preferred Junior subordinated securities debentures securities debentures (In thousands) Beginning balance $ 1,516 $ 50,507 $ 1,695 $ 56,472 Net (loss) gain from fair value adjustment of financial assets (1) (67) — (206) — Net (gain) loss from fair value adjustment of financial liabilities (1) — (2,086) — (8,049) Increase (decrease) in accrued interest 2 60 5 172 Change in unrealized (gains) losses included in other comprehensive loss — (152) — 1,157 Ending balance $ 1,451 $ 48,329 $ 1,494 $ 49,752 Changes in unrealized gains held at period end $ — $ 2,338 $ — $ 2,177 (1) Presented in the Consolidated Statements of Income under net (loss) gain 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 2023 2022 2023 2022 2023 2022 2023 2022 (In thousands) Assets: Certain delinquent loans $ — $ — $ — $ — $ 1,045 $ 18,330 $ 1,045 $ 18,330 Total assets $ — $ — $ — $ — $ 1,045 $ 18,330 $ 1,045 $ 18,330 |
Schedule of carrying amounts and estimated fair values of selected financial instruments | September 30, 2023 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 200,926 $ 200,926 $ 200,926 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,860 6,634 — 6,634 — Other securities 65,271 51,031 — — 51,031 Securities available for sale Mortgage-backed securities 337,879 337,879 — 337,879 — Other securities 505,784 505,784 11,066 493,267 1,451 Loans 6,896,074 6,511,963 — — 6,511,963 FHLB-NY stock 43,821 43,821 — 43,821 — Accrued interest receivable 55,660 55,660 — 6,723 48,937 Interest rate swaps 104,576 104,576 — 104,576 — Liabilities: Deposits $ 6,681,509 $ 6,630,112 $ 4,360,140 $ 2,269,972 $ — Borrowed Funds 1,001,010 950,476 — 902,147 48,329 Accrued interest payable 10,001 10,001 — 10,001 — Interest rate swaps 22,016 22,016 — 22,016 — December 31, 2022 Carrying Fair Amount Value Level 1 Level 2 Level 3 (In thousands) Assets: Cash and due from banks $ 151,754 $ 151,754 $ 151,754 $ — $ — Securities held-to-maturity Mortgage-backed securities 7,875 6,989 — 6,989 — Other securities 65,836 55,561 — — 55,561 Securities available for sale Mortgage-backed securities 384,283 384,283 — 384,283 — Other securities 351,074 351,074 11,211 338,347 1,516 Loans 6,934,769 6,651,795 — — 6,651,795 FHLB-NY stock 45,842 45,842 — 45,842 — Accrued interest receivable 45,048 45,048 — 3,819 41,229 Interest rate swaps 74,856 74,856 — 74,856 — Liabilities: Deposits $ 6,485,342 $ 6,453,978 $ 4,959,004 $ 1,494,974 $ — Borrowed Funds 1,052,973 1,027,370 — 976,863 50,507 Accrued interest payable 10,034 10,034 — 10,034 — Interest rate swaps 18,407 18,407 — 18,407 — |
Fair Value, Measurements, Nonrecurring [Member] | |
Notes Tables | |
Schedule of quantitative information about Level 3 | At September 30, 2023 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Certain delinquent loans $ 1,045 Discounted Cashflow Discount Rate 4.3% to 9.8 % 9.4 % Probability of Default 35.0% to 42.0 % 41.6 % At December 31, 2022 Fair Value Valuation Technique Unobservable Input Range Weighted Average (Dollars in thousands) Assets: Certain delinquent loans $ 18,189 Sales approach Adjustment to sales comparison value -20.0% to 0.0 % -1.3 % Reduction for planned expedited disposal 10.0% to 15.0 % 13.6 % Certain delinquent loans $ 141 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, 2023 Valuation Input Weighted Fair Value Technique Unobservable Range Average (Dollars in thousands) Assets: Trust preferred securities $ 1,451 Discounted cash flows Spread over 3-month SOFR n/a 4.4 % Liabilities: Junior subordinated debentures $ 48,329 Discounted cash flows Spread over 3-month SOFR n/a 4.4 % December 31, 2022 Valuation Input Weighted Fair Value Technique Unobservable Range Average (Dollars in thousands) Assets: Trust preferred securities $ 1,516 Discounted cash flows Spread over 3-month Libor n/a 3.6 % Liabilities: Junior subordinated debentures $ 50,507 Discounted cash flows Spread over 3-month Libor n/a 3.6 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Summary of information regarding the Company's derivative financial instruments | Assets Liabilities Notional Notional Amount Fair Value (1) Amount Fair Value (1) September 30, 2023 (In thousands) Cash flow hedges: Interest rate swaps (borrowings and deposits) $ 825,750 $ 37,211 $ - $ - Fair value hedges: Interest rate swaps (loans and securities) 946,825 45,346 - - Non hedge: Interest rate swaps (loans and deposits) 240,974 22,019 239,974 22,016 Total $ 2,013,549 $ 104,576 $ 239,974 $ 22,016 December 31, 2022 Cash flow hedges: Interest rate swaps (borrowings and deposits) $ 700,750 $ 31,716 $ 170,750 $ 210 Fair value hedges: Interest rate swaps (loans) 273,607 24,673 - - Non hedge: Interest rate swaps (loans) 110,598 18,197 110,598 18,197 Total $ 1,084,955 $ 74,586 $ 281,348 $ 18,407 (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, 2023 December 31, 2022 September 30, 2023 December 31, 2022 Loans Multi-family residential $ 77,216 $ 82,613 $ (13,979) $ (10,480) Commercial real estate 143,327 167,353 (14,358) (15,442) Total $ 220,543 $ 249,966 $ (28,337) $ (25,922) Portfolio Layer Loans held for Investment (1) $ 2,615,651 $ — $ (10,639) $ — Securities available for sale (2) 273,313 — (7,721) — Total $ 2,888,964 $ — $ (18,360) $ — (1) Carrying amount represents the amortized cost. At September 30, 2023, the amortized cost of the portfolio layer method closed portfolio was $2.6 billion, of which $500 million was designated as hedged. The cumulative amount of basis adjustments was $10.6 million. (2) Carrying amount represents the fair value. At September 30, 2023, the fair value of the portfolio layer method closed portfolio was $273 million, of which $200 million was designated as hedged. The cumulative amount of basis adjustments was $7.7 million. |
Schedule of effect of derivative instruments on the Consolidated Statements of Income | For the three months ended For the nine months ended Affected Line Item in the Statements September 30, September 30, (In thousands) Where Net Income is Presented 2023 2022 2023 2022 Financial Derivatives: Interest rate swaps - fair value hedge (loans) Interest and fees on loans $ 5,335 $ 253 $ 9,901 $ (2,068) Interest rate swaps - fair value hedge (securities) Interest and dividends on securities 942 — 1,787 — Interest rate swaps - non hedge (municipal deposits) Deposits 1 — 4 — Interest rate swaps - cash flow hedge (short-term advances) Other interest expense 994 64 4,336 (3,890) Interest rate swaps - cash flow hedge (brokered deposits) Deposits 6,060 793 13,886 842 Total net income (expense) from the effects of derivative instruments $ 13,332 $ 1,110 $ 29,914 $ (5,116) |
Schedule of effect of the master netting arrangements on the presentation of the derivative assets and liabilities in the Consolidated Statements of Condition | Gross Amount Net Amount Gross Amounts Offset in Statement of Presented in Statement of Financial Cash (In thousands) Recognized Financial Condition Financial Condition Instruments Collateral Net Amount September 30, 2023 Assets: Interest rate swaps $ 104,576 $ — $ 104,576 $ — $ (110,755) $ (6,179) Liabilities: Interest rate swaps 22,016 — 22,016 — — 22,016 December 31, 2022 Assets: Interest rate swaps $ 74,586 $ — $ 74,586 $ — $ (72,185) $ 2,401 Liabilities: Interest rate swaps 18,407 — 18,407 — — 18,407 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Schedule of changes in accumulated other comprehensive income (loss) by component | For the three months ended September 30, 2023 Unrealized Gains (Losses) Unrealized Gains (Losses) Fair Value on Available for Sale on Cash flow Defined Benefit Option Elected Securities Hedges Pension Items on Liabilities Total (In thousands) Beginning balance, net of tax $ (63,523) $ 26,559 $ (413) $ 1,358 $ (36,019) Other comprehensive income before reclassifications, net of tax (6,928) 5,162 — 261 (1,505) Amounts reclassified from accumulated other comprehensive income, net of tax 1,530 (4,868) (69) — (3,407) Net current period other comprehensive income, net of tax (5,398) 294 (69) 261 (4,912) Ending balance, net of tax $ (68,921) $ 26,853 $ (482) $ 1,619 $ (40,931) For the three months ended September 30, 2022 Unrealized Gains (Losses) Unrealized Gains (Losses) Fair Value on Available for Sale on 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 (loss), 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 nine months ended September 30, 2023 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 $ (63,106) $ 25,380 $ (275) $ 1,513 $ (36,488) Other comprehensive income before reclassifications, net of tax (11,144) 14,050 — 106 3,012 Amounts reclassified from accumulated other comprehensive income, net of tax 5,329 (12,577) (207) — (7,455) Net current period other comprehensive income (loss), net of tax (5,815) 1,473 (207) 106 (4,443) Ending balance, net of tax $ (68,921) $ 26,853 $ (482) $ 1,619 $ (40,931) 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) |
Schedule of amounts reclassified from accumulated other comprehensive income (loss) by component | For the three months ended September 30, 2023 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) Fair Value hedges: Interest rate swaps benefit (expense) $ (2,217) Interest and dividend income 687 Provision for income taxes $ (1,530) Cash flow hedges: Interest rate swaps benefit (expense) $ 7,053 Interest expense (2,185) Provision for income taxes $ 4,868 Amortization of defined benefit pension items: Actuarial losses benefit (expense) $ 100 (1) Other operating expenses (31) Provision for income taxes $ 69 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 benefit (expense) $ (1,030) Interest expense 320 Provision for income taxes $ (710) Amortization of defined benefit pension items: Actuarial losses benefit (expense) $ 6 (1) Other operating expenses Prior service credits benefit (expense) 7 (1) Other operating expenses 13 Total before tax (4) Provision for income taxes $ 9 For the nine months ended September 30, 2023 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented (In thousands) Fair Value hedges: Interest rate swaps benefit (expense) $ (7,721) Interest and dividend income 2,392 Provision for income taxes $ (5,329) Cash flow hedges: Interest rate swaps benefit (expense) $ 18,222 Interest expense (5,645) Provision for income taxes $ 12,577 Amortization of defined benefit pension items: Actuarial losses benefit (expense) $ 300 (1) Other operating expense (93) Provision for income taxes $ 207 For the nine months ended September 30, 2022 Amounts Reclassified from Details about Accumulated Other Accumulated Other Affected Line Item in the Statement Comprehensive Income Components Comprehensive Income Where Net Income is Presented (In thousands) Cash flow hedges: Interest rate swaps benefit (expense) $ (6,117) Interest expense 1,918 Provision for income taxes $ (4,199) Amortization of defined benefit pension items: Actuarial losses benefit (expense) $ 18 (1) Other operating expense Prior service credits benefit (expense) 21 (1) Other operating expense 39 Total before tax 1 Provision for income taxes $ 40 (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, 2023 | |
Notes Tables | |
Summary of compliance with banking regulatory capital standards | September 30, 2023 December 31, 2022 (As Restated) Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 915,547 10.58 % $ 915,628 10.56 % Requirement to be well-capitalized 432,820 5.00 433,667 5.00 Excess 482,727 5.58 481,961 5.56 Common Equity Tier I risk-based capital: Capital level $ 915,547 13.45 % $ 915,628 13.79 % Requirement to be well-capitalized 442,391 6.50 431,734 6.50 Excess 473,156 6.95 483,894 7.29 Tier I risk-based capital: Capital level $ 915,547 13.45 % $ 915,628 13.79 % Requirement to be well-capitalized 544,482 8.00 531,365 8.00 Excess 371,065 5.45 384,263 5.79 Total risk-based capital: Capital level $ 954,335 14.02 % $ 954,457 14.37 % Requirement to be well-capitalized 680,602 10.00 664,206 10.00 Excess 273,733 4.02 290,251 4.37 |
Holding Company | |
Notes Tables | |
Summary of compliance with banking regulatory capital standards | September 30, 2023 December 31, 2022 (As Restated) Percent of Percent of Amount Assets Amount Assets (Dollars in thousands) Tier I (leverage) capital: Capital level $ 736,744 8.51 % $ 746,880 8.61 % Requirement to be well-capitalized 432,763 5.00 433,607 5.00 Excess 303,981 3.51 313,273 3.61 Common Equity Tier I risk-based capital: Capital level $ 690,294 10.14 % $ 698,258 10.52 % Requirement to be well-capitalized 442,291 6.50 431,635 6.50 Excess 248,003 3.64 266,623 4.02 Tier I risk-based capital: Capital level $ 736,744 10.83 % $ 746,880 11.25 % Requirement to be well-capitalized 544,358 8.00 531,243 8.00 Excess 192,386 2.83 215,637 3.25 Total risk-based capital: Capital level $ 965,532 14.19 % $ 975,709 14.69 % Requirement to be well-capitalized 680,448 10.00 664,054 10.00 Excess 285,084 4.19 311,655 4.69 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Income (Loss) | $ 7,835 | $ 8,686 | $ 4,044 | $ 23,442 | $ 25,035 | $ 18,219 | $ 20,565 | $ 66,696 |
Adjustments | ||||||||
Net Income (Loss) | $ (1,564) | $ (2,620) |
Basis of Presentation - Restate
Basis of Presentation - Restatement on Consolidated Statements of Financial Condition (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Other assets | $ 209,014 | $ 179,084 | ||||||
Total assets | 8,579,375 | 8,422,946 | ||||||
Other liabilities | 187,268 | 161,349 | ||||||
Total liabilities | 7,912,854 | 7,745,789 | ||||||
Retained earnings | 548,058 | 547,507 | ||||||
Total stockholders' equity | 666,521 | $ 670,247 | $ 672,345 | 677,157 | $ 670,719 | $ 670,812 | $ 675,813 | $ 679,628 |
Total liabilities and stockholders' equity | 8,579,375 | $ 8,422,946 | ||||||
As Reported | ||||||||
Other assets | 206,922 | |||||||
Total assets | 8,577,283 | |||||||
Other liabilities | 182,556 | |||||||
Total liabilities | 7,908,142 | |||||||
Retained earnings | 550,678 | |||||||
Total stockholders' equity | 669,141 | |||||||
Total liabilities and stockholders' equity | 8,577,283 | |||||||
Adjustments | ||||||||
Other assets | 2,092 | |||||||
Total assets | 2,092 | |||||||
Other liabilities | 4,712 | |||||||
Total liabilities | 4,712 | |||||||
Retained earnings | (2,620) | |||||||
Total stockholders' equity | (2,620) | |||||||
Total liabilities and stockholders' equity | $ 2,092 |
Basis of Presentation - Resta_2
Basis of Presentation - Restatement on Consolidated Statements of Income (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other income | $ 115 | $ 348 | $ 1,745 | $ 1,108 | ||||
Total non-interest income | 3,309 | 8,995 | 15,186 | 17,661 | ||||
Salaries and employee benefits | 20,346 | 21,438 | 62,598 | 66,196 | ||||
Professional services | 2,494 | 2,570 | 7,046 | 7,077 | ||||
Total non-interest expense | 36,388 | 35,634 | 110,654 | 109,950 | ||||
Income before income taxes | 10,752 | 32,422 | 28,079 | 92,033 | ||||
Federal income tax | 2,029 | 5,783 | 5,318 | 16,042 | ||||
State and local income tax | 888 | 3,197 | 2,196 | 9,295 | ||||
Total provision for income tax | 2,917 | 8,980 | 7,514 | 25,337 | ||||
Net Income (Loss) | $ 7,835 | $ 8,686 | $ 4,044 | $ 23,442 | $ 25,035 | $ 18,219 | $ 20,565 | $ 66,696 |
Basic earnings per common share | $ 0.26 | $ 0.76 | $ 0.69 | $ 2.15 | ||||
Diluted earnings per common share | $ 0.26 | $ 0.76 | $ 0.69 | $ 2.15 | ||||
As Reported | ||||||||
Other income | $ 282 | $ 2,065 | ||||||
Total non-interest income | 3,476 | 15,506 | ||||||
Salaries and employee benefits | 17,825 | 58,205 | ||||||
Professional services | 3,042 | 8,182 | ||||||
Total non-interest expense | 34,415 | 107,397 | ||||||
Income before income taxes | 12,892 | 31,656 | ||||||
Federal income tax | 2,435 | 5,996 | ||||||
State and local income tax | 1,058 | 2,475 | ||||||
Total provision for income tax | 3,493 | 8,471 | ||||||
Net Income (Loss) | $ 9,399 | $ 23,185 | ||||||
Basic earnings per common share | $ 0.32 | $ 0.77 | ||||||
Diluted earnings per common share | $ 0.32 | $ 0.77 | ||||||
Adjustments | ||||||||
Other income | $ (167) | $ (320) | ||||||
Total non-interest income | (167) | (320) | ||||||
Salaries and employee benefits | 2,521 | 4,393 | ||||||
Professional services | (548) | (1,136) | ||||||
Total non-interest expense | 1,973 | 3,257 | ||||||
Income before income taxes | (2,140) | (3,577) | ||||||
Federal income tax | (406) | (678) | ||||||
State and local income tax | (170) | (279) | ||||||
Total provision for income tax | (576) | (957) | ||||||
Net Income (Loss) | $ (1,564) | $ (2,620) | ||||||
Basic earnings per common share | $ (0.06) | $ (0.08) | ||||||
Diluted earnings per common share | $ (0.06) | $ (0.08) |
Basis of Presentation - Resta_3
Basis of Presentation - Restatement on Consolidated Statements of Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net Income (Loss) | $ 7,835 | $ 8,686 | $ 4,044 | $ 23,442 | $ 25,035 | $ 18,219 | $ 20,565 | $ 66,696 |
Comprehensive net income | 2,923 | $ 8,412 | 16,122 | $ 27,086 | ||||
As Reported | ||||||||
Net Income (Loss) | 9,399 | 23,185 | ||||||
Comprehensive net income | 4,487 | 18,742 | ||||||
Adjustments | ||||||||
Net Income (Loss) | (1,564) | (2,620) | ||||||
Comprehensive net income | $ (1,564) | $ (2,620) |
Basis of Presentation - Resta_4
Basis of Presentation - Restatement on Consolidated Statements of Cash Flows (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating Activities | ||
Net income | $ 20,565 | $ 66,696 |
(Increase) decrease in other assets | (18,711) | 6,998 |
(Decrease) Increase in other liabilities | (6,793) | $ (13,294) |
As Reported | ||
Operating Activities | ||
Net income | 23,185 | |
(Increase) decrease in other assets | (16,619) | |
(Decrease) Increase in other liabilities | (11,505) | |
Adjustments | ||
Operating Activities | ||
Net income | (2,620) | |
(Increase) decrease in other assets | (2,092) | |
(Decrease) Increase in other liabilities | $ 4,712 |
Use of Estimates (Details)
Use of Estimates (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 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, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share | ||||||||
Net income | $ 7,835 | $ 8,686 | $ 4,044 | $ 23,442 | $ 25,035 | $ 18,219 | $ 20,565 | $ 66,696 |
Total weighted average common shares outstanding and common stock equivalents (in shares) | 29,703 | 30,695 | 30,017 | 30,960 | ||||
Basic earnings per common share (in dollars per share) | $ 0.26 | $ 0.76 | $ 0.69 | $ 2.15 | ||||
Diluted earnings per common share (in dollars per share) | $ 0.26 | $ 0.76 | $ 0.69 | $ 2.15 | ||||
Dividend payout ratio | 84.60% | 28.90% | 95.70% | 30.70% |
Earnings Per Share - Anti Dilut
Earnings Per Share - Anti Dilutive (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | 0 | 0 |
Securities (Details)
Securities (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Allowance for credit loss | $ 0 | $ 0 | |||
Accrued interest receivable on available-for-sale debt securities | 6.7 | 6.7 | $ 3.7 | ||
Proceeds from Sale of Debt Securities, Available-for-sale | 0 | $ 0 | 0 | $ 0 | |
Held-to-maturity Securities | |||||
Specific reserve for outstanding balance of financing receivable in active forbearance | 1.1 | 1.1 | 1.1 | ||
Accrued interest receivable on held-to-maturity securities | $ 0.1 | $ 0.1 | $ 0.1 |
Securities - Amortized Cost and
Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Securities, held-to-maturity, Amortized Cost | $ 74,213 | |||||
Securities held-to-maturity, Fair Value | 57,665 | $ 62,550 | ||||
Securities held-to-maturity, Gross Unrecognized Losses | 16,548 | 12,261 | ||||
Securities held-to-maturity, Allowance for credit losses | (1,082) | $ (1,079) | (1,100) | $ (1,096) | $ (1,085) | $ (862) |
Securities held-to-maturity | 73,131 | 73,711 | ||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 951,240 | |||||
Securities, available-for-sale, Unallocated portfolio layer basis adjustments | (7,721) | |||||
Securities available-for-sale | 943,519 | 826,881 | ||||
Securities, available-for-sale, Fair Value | 843,663 | 735,357 | ||||
Securities available for sale, Gross Unrealized Gains | 550 | 5 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 108,127 | |||||
Securities available for sale, Gross Unrealized Losses | 100,406 | 91,529 | ||||
Other Securities [Member] | ||||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 1,451 | |||||
Securities available-for-sale | 1,516 | |||||
Securities, available-for-sale, Fair Value | 1,451 | 1,516 | ||||
Securities available for sale, Gross Unrealized Gains | 0 | 0 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 0 | |||||
Securities available for sale, Gross Unrealized Losses | 0 | |||||
US Government Agencies Debt Securities [Member] | ||||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 83,037 | |||||
Securities available-for-sale | 83,720 | |||||
Securities, available-for-sale, Fair Value | 81,481 | 81,103 | ||||
Securities available for sale, Gross Unrealized Gains | 138 | 2 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 1,694 | |||||
Securities available for sale, Gross Unrealized Losses | 2,619 | |||||
Corporate Debt Securities [Member] | ||||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 173,139 | |||||
Securities available-for-sale | 146,430 | |||||
Securities, available-for-sale, Fair Value | 152,345 | 131,766 | ||||
Securities available for sale, Gross Unrealized Gains | 0 | 0 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 20,794 | |||||
Securities available for sale, Gross Unrealized Losses | 14,664 | |||||
US States and Political Subdivisions Debt Securities [Member] | ||||||
Securities, held-to-maturity, Amortized Cost | 66,353 | 66,936 | ||||
Securities held-to-maturity, Fair Value | 51,031 | 55,561 | ||||
Securities held-to-maturity, Gross Unrecognized Losses | 15,322 | 11,375 | ||||
Mutual Fund Debt Securities [Member] | ||||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 11,066 | |||||
Securities available-for-sale | 11,211 | |||||
Securities, available-for-sale, Fair Value | 11,066 | 11,211 | ||||
Securities available for sale, Gross Unrealized Gains | 0 | 0 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 0 | |||||
Securities available for sale, Gross Unrealized Losses | 0 | |||||
Collateralized Debt Obligations [Member] | ||||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 260,727 | |||||
Securities available-for-sale | 129,684 | |||||
Securities, available-for-sale, Fair Value | 259,441 | 125,478 | ||||
Securities available for sale, Gross Unrealized Gains | 411 | 0 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 1,697 | |||||
Securities available for sale, Gross Unrealized Losses | 4,206 | |||||
Other Debt Obligations | ||||||
Securities, held-to-maturity, Amortized Cost | 66,353 | 66,936 | ||||
Securities held-to-maturity, Fair Value | 51,031 | 55,561 | ||||
Securities held-to-maturity, Gross Unrecognized Losses | 15,322 | 11,375 | ||||
Collateralized Mortgage Backed Securities | ||||||
Securities, held-to-maturity, Amortized Cost | 7,860 | 7,875 | ||||
Securities held-to-maturity, Fair Value | 6,634 | 6,989 | ||||
Securities held-to-maturity, Gross Unrecognized Losses | 1,226 | 886 | ||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 421,820 | |||||
Securities available-for-sale | 454,320 | |||||
Securities, available-for-sale, Fair Value | 337,879 | 384,283 | ||||
Securities available for sale, Gross Unrealized Gains | 1 | 3 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 83,942 | |||||
Securities available for sale, Gross Unrealized Losses | 70,040 | |||||
REMIC and CMO [Member] | ||||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 164,303 | |||||
Securities available-for-sale | 175,712 | |||||
Securities, available-for-sale, Fair Value | 131,476 | 148,414 | ||||
Securities available for sale, Gross Unrealized Gains | 0 | 0 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 32,827 | |||||
Securities available for sale, Gross Unrealized Losses | 27,298 | |||||
GNMA [Member] | ||||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 8,678 | |||||
Securities available-for-sale | 9,193 | |||||
Securities, available-for-sale, Fair Value | 6,542 | 7,317 | ||||
Securities available for sale, Gross Unrealized Gains | 1 | 3 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 2,137 | |||||
Securities available for sale, Gross Unrealized Losses | 1,879 | |||||
FNMA [Member] | ||||||
Securities, held-to-maturity, Amortized Cost | 7,860 | 7,875 | ||||
Securities held-to-maturity, Fair Value | 6,634 | 6,989 | ||||
Securities held-to-maturity, Gross Unrecognized Losses | 1,226 | 886 | ||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 157,897 | |||||
Securities available-for-sale | 172,690 | |||||
Securities, available-for-sale, Fair Value | 128,781 | 148,265 | ||||
Securities available for sale, Gross Unrealized Gains | 0 | 0 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 29,116 | |||||
Securities available for sale, Gross Unrealized Losses | 24,425 | |||||
FHLMC [Member] | ||||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 90,942 | |||||
Securities available-for-sale | 96,725 | |||||
Securities, available-for-sale, Fair Value | 71,080 | 80,287 | ||||
Securities available for sale, Gross Unrealized Gains | 0 | 0 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | 19,862 | |||||
Securities available for sale, Gross Unrealized Losses | 16,438 | |||||
Available for Sale Securities Excluding Mortgage Backed Securities [Member] | ||||||
Securities available-for-sale, Amortized Cost excluding portfolio layer adjustments | 529,420 | |||||
Securities available-for-sale | 372,561 | |||||
Securities, available-for-sale, Fair Value | 505,784 | 351,074 | ||||
Securities available for sale, Gross Unrealized Gains | 549 | 2 | ||||
Securities available-for-sale, Gross Unrealized Losses excluding portfolio layer adjustments | $ 24,185 | |||||
Securities available for sale, Gross Unrealized Losses | $ 21,489 |
Securities - Available-for-Sale
Securities - Available-for-Sale and Held-to-Maturity by Contractual Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Securities held-to-maturity, Amortized Cost, Due after ten years | $ 66,353 | |||||
Securities, held-to-maturity, Amortized Cost | 74,213 | |||||
Securities held-to-maturity, Allowance for credit losses | (1,082) | $ (1,079) | $ (1,100) | $ (1,096) | $ (1,085) | $ (862) |
Securities held-to-maturity | 73,131 | 73,711 | ||||
Securities held-to-maturity, Fair Value, Due after ten years | 51,031 | |||||
Debt Securities, Held-to-maturity, Fair Value, Total | 57,665 | 62,550 | ||||
Securities available-for-sale, Amortized Cost, Due in one year or less | 59,934 | |||||
Securities available-for-sale, Amortized Cost, Due after one years through five years | 84,849 | |||||
Securities available-for-sale, Amortized Cost, Due after five years through ten years | 244,126 | |||||
Securities available-for-sale, Amortized Cost, Due after ten years | 129,445 | |||||
Securities available-for-sale | 951,240 | |||||
Securities available for sale, Fair Value, Due in one year or less | 58,951 | |||||
Securities available for sale, Fair Value, Due after one years through five years | 79,070 | |||||
Securities available for sale, Fair Value, Due after five years through ten years | 227,135 | |||||
Securities available for sale, Fair Value, Due after ten years | 129,562 | |||||
Securities, available-for-sale, Fair Value | 843,663 | 735,357 | ||||
Basis adjustments | 10,639 | |||||
Designated as Hedging Instrument [Member] | Portfolio Layer Hedges on Closed Portfolio of Securities Available for Sale [Member] | ||||||
Basis adjustments | 7,700 | |||||
Total Other Securities [Member] | ||||||
Securities, held-to-maturity, Amortized Cost, With single maturity date | 66,353 | |||||
Securities held-to-maturity, Fair Value, With single maturity date | 51,031 | |||||
Securities available-for-sale, Amortized Cost, With single maturity date | 518,354 | |||||
Securities available-for-sale, Fair Value, With single maturity date | 494,718 | |||||
Collateralized Mortgage Backed Securities | ||||||
Securities held-to-maturity, Amortized Cost, Without single maturity | 7,860 | |||||
Securities, held-to-maturity, Amortized Cost | 7,860 | 7,875 | ||||
Securities held-to-maturity, Fair Value, Without single maturity date | 6,634 | |||||
Debt Securities, Held-to-maturity, Fair Value, Total | 6,634 | 6,989 | ||||
Securities, available-for-sale, Amortized Cost, Without single maturity date | 421,820 | |||||
Securities available-for-sale | 421,820 | |||||
Securities available-for-sale, Fair Value, Without single maturity date | 337,879 | |||||
Securities, available-for-sale, Fair Value | 337,879 | 384,283 | ||||
Mutual Fund Debt Securities [Member] | ||||||
Securities, available-for-sale, Amortized Cost, Without single maturity date | 11,066 | |||||
Securities available-for-sale | 11,066 | |||||
Securities available-for-sale, Fair Value, Without single maturity date | 11,066 | |||||
Securities, available-for-sale, Fair Value | $ 11,066 | $ 11,211 |
Securities - Available for Sale
Securities - Available for Sale Securities With Gross Unrealized Losses and Their Fair Value (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 4 | 4 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 57,665 | $ 62,550 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 16,548 | 12,261 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 62,550 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | $ 12,261 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 57,665 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 16,548 | |
Securities have been in a continuous unrealized loss position, number of positions | 177 | 166 |
Securities have been in a continuous unrealized loss position, fair value | $ 712,583 | $ 718,869 |
Securities have been in a continuous unrealized loss position, unrealized losses | 108,127 | 91,529 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 64,593 | 322,133 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,879 | 18,711 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 647,990 | 396,736 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 105,248 | $ 72,818 |
Other Debt Obligations | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 3 | 3 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 51,031 | $ 55,561 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 15,322 | 11,375 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 55,561 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | $ 11,375 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 51,031 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 15,322 | |
Securities have been in a continuous unrealized loss position, number of positions | 54 | 46 |
Securities have been in a continuous unrealized loss position, fair value | $ 375,054 | $ 335,100 |
Securities have been in a continuous unrealized loss position, unrealized losses | 24,185 | 21,489 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 62,395 | 218,024 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,776 | 8,986 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 312,659 | 117,076 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 21,409 | $ 12,503 |
US States and Political Subdivisions Debt Securities [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 3 | 3 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 51,031 | $ 55,561 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 15,322 | 11,375 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 55,561 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | $ 11,375 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 51,031 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 15,322 | |
US Government Agencies Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 8 | 7 |
Securities have been in a continuous unrealized loss position, fair value | $ 74,192 | $ 77,856 |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,694 | 2,619 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 5,316 | 77,059 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 26 | 2,517 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 68,876 | 797 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,668 | $ 102 |
Corporate Debt Securities [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 26 | 20 |
Securities have been in a continuous unrealized loss position, fair value | $ 152,345 | $ 131,766 |
Securities have been in a continuous unrealized loss position, unrealized losses | 20,794 | 14,664 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 29,023 | 45,447 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2,679 | 3,553 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 123,322 | 86,319 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 18,115 | $ 11,111 |
Collateralized Loan Obligations [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 20 | 19 |
Securities have been in a continuous unrealized loss position, fair value | $ 148,517 | $ 125,478 |
Securities have been in a continuous unrealized loss position, unrealized losses | 1,697 | 4,206 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 28,056 | 95,518 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 71 | 2,916 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 120,461 | 29,960 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,626 | $ 1,290 |
Collateralized Mortgage Backed Securities | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 6,634 | $ 6,989 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 1,226 | 886 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 6,989 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | $ 886 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 6,634 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,226 | |
Securities have been in a continuous unrealized loss position, number of positions | 123 | 120 |
Securities have been in a continuous unrealized loss position, fair value | $ 337,529 | $ 383,769 |
Securities have been in a continuous unrealized loss position, unrealized losses | 83,942 | 70,040 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 2,198 | 104,109 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 103 | 9,725 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 335,331 | 279,660 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 83,839 | $ 60,315 |
REMIC and CMO [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 46 | 47 |
Securities have been in a continuous unrealized loss position, fair value | $ 131,210 | $ 148,120 |
Securities have been in a continuous unrealized loss position, unrealized losses | 32,827 | 27,298 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 40,911 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 3,457 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 131,210 | 107,209 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 32,827 | $ 23,841 |
GNMA [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 12 | 8 |
Securities have been in a continuous unrealized loss position, fair value | $ 6,458 | $ 7,133 |
Securities have been in a continuous unrealized loss position, unrealized losses | 2,137 | 1,879 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 113 | 64 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 2 | |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 6,345 | 7,069 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 2,135 | $ 1,879 |
FNMA [Member] | ||
Held-to-maturity securities have been in a continuous unrealized loss position, number of positions | 1 | 1 |
Held-to-maturity securities have been in a continuous unrealized loss position, fair value | $ 6,634 | $ 6,989 |
Held-to-maturity securities have been in a continuous unrealized loss position, unrealized loss | 1,226 | 886 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 6,989 |
Held-to-maturity securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | $ 886 |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, fair value | 6,634 | |
Held-to-maturity securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 1,226 | |
Securities have been in a continuous unrealized loss position, number of positions | 47 | 47 |
Securities have been in a continuous unrealized loss position, fair value | $ 128,781 | $ 148,229 |
Securities have been in a continuous unrealized loss position, unrealized losses | 29,116 | 24,425 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 2,085 | 38,296 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 101 | 3,871 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 126,696 | 109,933 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 29,015 | $ 20,554 |
FHLMC [Member] | ||
Securities have been in a continuous unrealized loss position, number of positions | 18 | 18 |
Securities have been in a continuous unrealized loss position, fair value | $ 71,080 | $ 80,287 |
Securities have been in a continuous unrealized loss position, unrealized losses | 19,862 | 16,438 |
Securities have been in a continuous unrealized loss position, less than 12 months, fair value | 0 | 24,838 |
Securities have been in a continuous unrealized loss position, less than 12 months, unrealized losses | 0 | 2,397 |
Securities have been in a continuous unrealized loss position, 12 months or more, fair value | 71,080 | 55,449 |
Securities have been in a continuous unrealized loss position, 12 months or more, unrealized losses | $ 19,862 | $ 14,041 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Activity in the allowance for credit losses for debt securities held-to-maturity | ||||
Beginning balance | $ 1,100 | $ 862 | ||
Provision (benefit) | $ 3 | $ 11 | (18) | 234 |
Ending balance | $ 1,082 | $ 1,096 | $ 1,082 | $ 1,096 |
Loans (Details)
Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2021 | |
Allowance for credit losses - loans | $ 39,228 | $ 41,268 | $ 39,228 | $ 41,268 | $ 40,442 | $ 38,593 | $ 39,424 | $ 37,135 |
Provision for credit losses | 600 | $ 2,100 | $ 9,500 | $ 4,900 | ||||
Percentage of financing receivable non-performing loans | 225.40% | 124.90% | ||||||
Percentage of financing receivable on total loans | 0.57% | 0.58% | ||||||
Loans Receivable [Member] | ||||||||
Interest Receivable | $ 42,100 | $ 42,100 | $ 36,800 |
Loans - Composition of Loans (D
Loans - Composition of Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Loans: | ||
Net unamortized premiums and unearned loan fees | $ 9,059 | $ 9,011 |
Total loans, net of fees and costs excluding portfolio layer basis adjustments | 6,906,713 | 6,934,769 |
Unallocated portfolio layer basis adjustments | (10,639) | |
Total loans, net of fees and costs | 6,896,074 | 6,934,769 |
Multi-Family Residential | ||
Loans: | ||
Loans before allowance for credit losses, fee and costs | 2,614,219 | 2,601,384 |
Commercial Real Estate | ||
Loans: | ||
Loans before allowance for credit losses, fee and costs | 1,953,243 | 1,913,040 |
One-To-Four Family - Mixed Used Property | ||
Loans: | ||
Loans before allowance for credit losses, fee and costs | 537,744 | 554,314 |
One-To-Four Family - Residential | ||
Loans: | ||
Loans before allowance for credit losses, fee and costs | 222,874 | 241,246 |
Construction Portfolio Segment | ||
Loans: | ||
Loans before allowance for credit losses, fee and costs | 59,903 | 70,951 |
Total loans, net of fees and costs excluding portfolio layer basis adjustments | 59,775 | 70,824 |
Small Business Administration | ||
Loans: | ||
Loans before allowance for credit losses, fee and costs | 21,896 | 23,275 |
Commercial Business and Other | ||
Loans: | ||
Loans before allowance for credit losses, fee and costs | $ 1,487,775 | $ 1,521,548 |
Loans - Loans Modifications Mad
Loans - Loans Modifications Made to Borrowers and Payment Status (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 USD ($) contract | Sep. 30, 2022 contract | Sep. 30, 2023 USD ($) contract | Sep. 30, 2022 contract | Dec. 31, 2022 contract | |
Number of TDR loan modifications | contract | 1 | 6 | |||
Nonperforming Financial Instruments [Member] | |||||
Number of TDR loan modifications | contract | 2 | ||||
Payment Deferral | |||||
Number of TDR loan modifications | contract | 3 | 3 | |||
Amortized Cost Basis | $ 1,638 | $ 1,638 | |||
Payment Deferral | Current | |||||
Total modified payment status of borrowers | 1,638 | 1,638 | |||
Payment Deferral | 30-89 Days Past Due | |||||
Total modified payment status of borrowers | 1,494 | 1,494 | |||
Payment Deferral | Total Past Due | |||||
Total modified payment status of borrowers | $ 3,132 | $ 3,132 | |||
Other Than Insignificant Payment Delay | |||||
Number of TDR loan modifications | contract | 1 | ||||
Amortized Cost Basis | $ 1,494 | ||||
Commercial Business and Other | |||||
Number of TDR loan modifications | contract | 1 | 5 | |||
Commercial Business and Other | Payment Deferral | |||||
Number of TDR loan modifications | contract | 3 | 3 | |||
Amortized Cost Basis | $ 1,638 | $ 1,638 | |||
Total Class of Financing Receivables, percentage | 0.10% | 0.10% | |||
Commercial Business and Other | Payment Deferral | Current | |||||
Total modified payment status of borrowers | $ 1,638 | $ 1,638 | |||
Commercial Business and Other | Payment Deferral | Total Past Due | |||||
Total modified payment status of borrowers | 1,638 | 1,638 | |||
Small Business Administration | |||||
Number of TDR loan modifications | contract | 1 | ||||
Small Business Administration | Payment Deferral | 30-89 Days Past Due | |||||
Total modified payment status of borrowers | 1,494 | 1,494 | |||
Small Business Administration | Payment Deferral | Total Past Due | |||||
Total modified payment status of borrowers | $ 1,494 | $ 1,494 | |||
Small Business Administration | Other Than Insignificant Payment Delay | |||||
Number of TDR loan modifications | contract | 1 | ||||
Amortized Cost Basis | $ 1,494 | ||||
Total Class of Financing Receivables, percentage | 6.80% |
Loans - Loans Modified and Clas
Loans - Loans Modified and Classified as TDR (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 USD ($) contract | Sep. 30, 2022 USD ($) contract | |
Number of TDR loan modifications | contract | 1 | 6 |
Balance | $ | $ 2,982 | $ 8,475 |
Commercial Business and Other | ||
Number of TDR loan modifications | contract | 1 | 5 |
Balance | $ | $ 2,982 | $ 8,204 |
Small Business Administration | ||
Number of TDR loan modifications | contract | 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 contract | Sep. 30, 2022 contract | Dec. 31, 2022 USD ($) contract | |
Number of contracts | 1 | 6 | |
Performing Financial Instruments [Member] | |||
Number of contracts | 16 | ||
Amortized Cost | $ | $ 11,817 | ||
Multi-Family Residential | Performing Financial Instruments [Member] | |||
Number of contracts | 6 | ||
Amortized Cost | $ | $ 1,673 | ||
Commercial Real Estate [Member] | Performing Financial Instruments [Member] | |||
Number of contracts | 1 | ||
Amortized Cost | $ | $ 7,572 | ||
One-To-Four Family - Mixed Used Property | Performing Financial Instruments [Member] | |||
Number of contracts | 4 | ||
Amortized Cost | $ | $ 1,222 | ||
One-To-Four Family - Residential | Performing Financial Instruments [Member] | |||
Number of contracts | 1 | ||
Amortized Cost | $ | $ 253 | ||
Small Business Administration | |||
Number of contracts | 1 | ||
Small Business Administration | Performing Financial Instruments [Member] | |||
Number of contracts | 1 | ||
Amortized Cost | $ | $ 242 | ||
Commercial Business and Other | |||
Number of contracts | 1 | 5 | |
Commercial Business and Other | Performing Financial Instruments [Member] | |||
Number of contracts | 3 | ||
Amortized Cost | $ | $ 855 |
Loans - Troubled Debt Restruc_2
Loans - Troubled Debt Restructurings That Are Not Performing (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 contract | Sep. 30, 2022 contract | Dec. 31, 2022 USD ($) contract item | |
Number of contracts | contract | 1 | 6 | |
Nonperforming Financial Instruments [Member] | |||
Number of contracts | contract | 2 | ||
Amortized Cost | $ | $ 3,263 | ||
Commercial Business and Other Portfolio Segment [Member] | Nonperforming Financial Instruments [Member] | |||
Number of contracts | item | 2 | ||
Amortized Cost | $ | $ 3,263 |
Loans - Non-Accrual at Amortize
Loans - Non-Accrual at Amortized Cost (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Financing Receivable, Excluding Accrued Interest, Nonaccrual | ||
Non-accrual amortized cost beginning of the reporting period | $ 29,942 | $ 15,254 |
Non-accrual amortized cost end of the reporting period | 17,278 | 29,942 |
Non-accrual with no related allowance | 13,344 | 13,040 |
Interest income recognized | 20 | 171 |
Loans ninety days or more past due and still accruing | 2,600 | |
Multi-family Residential Portfolio Segment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | ||
Non-accrual amortized cost beginning of the reporting period | 3,547 | 2,652 |
Non-accrual amortized cost end of the reporting period | 3,600 | 3,547 |
Non-accrual with no related allowance | 3,600 | 3,547 |
Interest income recognized | 2 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | ||
Non-accrual amortized cost beginning of the reporting period | 254 | 640 |
Non-accrual amortized cost end of the reporting period | 254 | |
Non-accrual with no related allowance | 254 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | ||
Non-accrual amortized cost beginning of the reporting period | 1,045 | 1,582 |
Non-accrual amortized cost end of the reporting period | 1,090 | 1,045 |
Non-accrual with no related allowance | 1,090 | 1,045 |
Interest income recognized | 2 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Performing Financial Instruments [Member] | ||
Non-accrual loans | 200 | |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | ||
Non-accrual amortized cost beginning of the reporting period | 3,953 | 7,483 |
Non-accrual amortized cost end of the reporting period | 3,643 | 3,953 |
Non-accrual with no related allowance | 3,643 | 3,953 |
Construction Portfolio Segment | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | ||
Loans ninety days or more past due and still accruing | 2,600 | |
Small Business Administration Portfolio Segment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | ||
Non-accrual amortized cost beginning of the reporting period | 950 | 952 |
Non-accrual amortized cost end of the reporting period | 1,265 | 950 |
Non-accrual with no related allowance | 1,265 | 950 |
Commercial Business and Other Portfolio Segment [Member] | ||
Financing Receivable, Excluding Accrued Interest, Nonaccrual | ||
Non-accrual amortized cost beginning of the reporting period | 20,193 | 1,945 |
Non-accrual amortized cost end of the reporting period | 7,680 | 20,193 |
Non-accrual with no related allowance | 3,746 | 3,291 |
Interest income recognized | $ 16 | 171 |
Commercial Business and Other Portfolio Segment [Member] | Performing Financial Instruments [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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Summary of Interest Foregone on Non-accrual Loans and Loans Classified as TDR | ||||
Interest income that would have been recognized had the loans performed in accordance with their original terms | $ 425 | $ 618 | $ 1,405 | $ 1,578 |
Less: Interest income included in the results of operations | 2 | 181 | 20 | 618 |
Total foregone interest | $ 423 | $ 437 | $ 1,385 | $ 960 |
Loans - Age Analysis of Recorde
Loans - Age Analysis of Recorded Investment in Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Total Loans | $ 6,906,713 | $ 6,934,769 |
30 to 59 Days Past Due | ||
Total Loans | 10,118 | 18,456 |
60 to 89 Days Past Due | ||
Total Loans | 4,551 | 1,803 |
Greater than 90 Days Past Due | ||
Total Loans | 17,252 | 22,425 |
Total Past Due | ||
Total Loans | 31,921 | 42,684 |
Current | ||
Total Loans | 6,874,792 | 6,892,085 |
Multi-family Residential Portfolio Segment [Member] | ||
Total Loans | 2,617,629 | 2,605,172 |
Multi-family Residential Portfolio Segment [Member] | 30 to 59 Days Past Due | ||
Total Loans | 1,131 | 1,475 |
Multi-family Residential Portfolio Segment [Member] | 60 to 89 Days Past Due | ||
Total Loans | 599 | 1,787 |
Multi-family Residential Portfolio Segment [Member] | Greater than 90 Days Past Due | ||
Total Loans | 3,600 | 3,547 |
Multi-family Residential Portfolio Segment [Member] | Total Past Due | ||
Total Loans | 5,330 | 6,809 |
Multi-family Residential Portfolio Segment [Member] | Current | ||
Total Loans | 2,612,299 | 2,598,363 |
Commercial Real Estate [Member] | ||
Total Loans | 1,954,462 | 1,914,898 |
Commercial Real Estate [Member] | 30 to 59 Days Past Due | ||
Total Loans | 3,994 | 2,561 |
Commercial Real Estate [Member] | 60 to 89 Days Past Due | ||
Total Loans | 0 | 0 |
Commercial Real Estate [Member] | Greater than 90 Days Past Due | ||
Total Loans | 0 | 254 |
Commercial Real Estate [Member] | Total Past Due | ||
Total Loans | 3,994 | 2,815 |
Commercial Real Estate [Member] | Current | ||
Total Loans | 1,950,468 | 1,912,083 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Total Loans | 540,519 | 557,295 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | 30 to 59 Days Past Due | ||
Total Loans | 1,537 | 3,721 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | 60 to 89 Days Past Due | ||
Total Loans | 195 | 0 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Greater than 90 Days Past Due | ||
Total Loans | 1,090 | 797 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Total Past Due | ||
Total Loans | 2,822 | 4,518 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Current | ||
Total Loans | 537,697 | 552,777 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Total Loans | 224,127 | 242,480 |
One-To-Four Family - Residential Portfolio Segment [Member] | 30 to 59 Days Past Due | ||
Total Loans | 3,367 | 2,734 |
One-To-Four Family - Residential Portfolio Segment [Member] | 60 to 89 Days Past Due | ||
Total Loans | 26 | 0 |
One-To-Four Family - Residential Portfolio Segment [Member] | Greater than 90 Days Past Due | ||
Total Loans | 3,643 | 3,953 |
One-To-Four Family - Residential Portfolio Segment [Member] | Total Past Due | ||
Total Loans | 7,036 | 6,687 |
One-To-Four Family - Residential Portfolio Segment [Member] | Current | ||
Total Loans | 217,091 | 235,793 |
Construction Portfolio Segment | ||
Total Loans | 59,775 | 70,824 |
Construction Portfolio Segment | 30 to 59 Days Past Due | ||
Total Loans | 0 | 0 |
Construction Portfolio Segment | 60 to 89 Days Past Due | ||
Total Loans | 0 | 0 |
Construction Portfolio Segment | Greater than 90 Days Past Due | ||
Total Loans | 0 | 2,600 |
Construction Portfolio Segment | Total Past Due | ||
Total Loans | 0 | 2,600 |
Construction Portfolio Segment | Current | ||
Total Loans | 59,775 | 68,224 |
Small Business Administration Portfolio Segment [Member] | ||
Total Loans | 21,836 | 23,193 |
Small Business Administration Portfolio Segment [Member] | 30 to 59 Days Past Due | ||
Total Loans | 0 | 329 |
Small Business Administration Portfolio Segment [Member] | 60 to 89 Days Past Due | ||
Total Loans | 1,494 | 0 |
Small Business Administration Portfolio Segment [Member] | Greater than 90 Days Past Due | ||
Total Loans | 1,265 | 950 |
Small Business Administration Portfolio Segment [Member] | Total Past Due | ||
Total Loans | 2,759 | 1,279 |
Small Business Administration Portfolio Segment [Member] | Current | ||
Total Loans | 19,077 | 21,914 |
Commercial Business and Other Portfolio Segment [Member] | ||
Total Loans | 1,488,365 | 1,520,907 |
Commercial Business and Other Portfolio Segment [Member] | 30 to 59 Days Past Due | ||
Total Loans | 89 | 7,636 |
Commercial Business and Other Portfolio Segment [Member] | 60 to 89 Days Past Due | ||
Total Loans | 2,237 | 16 |
Commercial Business and Other Portfolio Segment [Member] | Greater than 90 Days Past Due | ||
Total Loans | 7,654 | 10,324 |
Commercial Business and Other Portfolio Segment [Member] | Total Past Due | ||
Total Loans | 9,980 | 17,976 |
Commercial Business and Other Portfolio Segment [Member] | Current | ||
Total Loans | $ 1,478,385 | $ 1,502,931 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 38,593 | $ 39,424 | $ 40,442 | $ 37,135 |
Charge-offs | (21) | (324) | (11,050) | (1,410) |
Recoveries | 63 | 34 | 298 | 686 |
Provision (benefit) | 593 | 2,134 | 9,538 | 4,857 |
Ending balance | 39,228 | 41,268 | 39,228 | 41,268 |
Multi-family Residential Portfolio Segment [Member] | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 9,718 | 9,405 | 9,552 | 8,185 |
Recoveries | 1 | 1 | ||
Provision (benefit) | 917 | 355 | 1,082 | 1,574 |
Ending balance | 10,635 | 9,760 | 10,635 | 9,760 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 8,206 | 8,443 | 8,184 | 7,158 |
Charge-offs | (8) | |||
Provision (benefit) | 562 | (29) | 592 | 1,256 |
Ending balance | 8,768 | 8,414 | 8,768 | 8,414 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,615 | 1,959 | 1,875 | 1,755 |
Provision (benefit) | 10 | 3 | (250) | 207 |
Ending balance | 1,625 | 1,962 | 1,625 | 1,962 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 654 | 866 | 901 | 784 |
Charge-offs | (2) | (12) | (2) | |
Recoveries | 6 | 50 | 4 | |
Provision (benefit) | 57 | (59) | (222) | 19 |
Ending balance | 717 | 805 | 717 | 805 |
Construction Portfolio Segment | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 132 | 300 | 261 | 186 |
Provision (benefit) | 32 | (44) | (97) | 70 |
Ending balance | 164 | 256 | 164 | 256 |
Small Business Administration Portfolio Segment [Member] | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 2,162 | 2,118 | 2,198 | 1,209 |
Charge-offs | (7) | (1,054) | ||
Recoveries | 48 | 12 | 219 | 39 |
Provision (benefit) | (194) | (68) | (394) | 1,868 |
Ending balance | 2,016 | 2,062 | 2,016 | 2,062 |
Taxi Medallion Portfolio Segment [Member] | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Recoveries | 447 | |||
Provision (benefit) | (447) | |||
Commercial Business and Other Portfolio Segment [Member] | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 16,106 | 16,333 | 17,471 | 17,858 |
Charge-offs | (21) | (322) | (11,023) | (354) |
Recoveries | 9 | 22 | 28 | 195 |
Provision (benefit) | (791) | 1,976 | 8,827 | 310 |
Ending balance | $ 15,303 | $ 18,009 | $ 15,303 | $ 18,009 |
Loans - Risk Category of Mortga
Loans - Risk Category of Mortgage and Non-mortgage Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
2023 | $ 461,365 | $ 461,365 | |||
2022 | 1,178,656 | 1,178,656 | |||
2021 | 737,028 | 737,028 | |||
2020 | 563,345 | 563,345 | |||
2019 | 738,572 | 738,572 | |||
Prior | 2,857,484 | 2,857,484 | |||
Revolving Loans Amortized Cost Basis | 358,050 | 358,050 | |||
Revolving Loans converted to term loans | 12,213 | 12,213 | |||
Total Loans | 6,906,713 | 6,906,713 | $ 6,934,769 | ||
Gross charge-offs | |||||
2021 | 1,675 | ||||
2019 | 14 | ||||
Prior | 94 | ||||
Revolving Loans Amortized Cost Basis | 9,267 | ||||
Charge-offs | 21 | $ 324 | 11,050 | $ 1,410 | |
Basis adjustments | 10,639 | 10,639 | |||
Portfolio Layer Hedges on Closed Portfolio of Loans [Member] | Designated as Hedging Instrument [Member] | |||||
Gross charge-offs | |||||
Basis adjustments | 10,600 | 10,600 | |||
Pass | |||||
2023 | 436,388 | 436,388 | |||
2022 | 1,168,374 | 1,168,374 | |||
2021 | 725,559 | 725,559 | |||
2020 | 558,968 | 558,968 | |||
2019 | 697,771 | 697,771 | |||
Prior | 2,689,947 | 2,689,947 | |||
Revolving Loans Amortized Cost Basis | 345,899 | 345,899 | |||
Revolving Loans converted to term loans | 10,252 | 10,252 | |||
Total Loans | 6,633,158 | 6,633,158 | |||
Watch | |||||
2023 | 10,042 | 10,042 | |||
2022 | 7,828 | 7,828 | |||
2021 | 5,732 | 5,732 | |||
2020 | 4,377 | 4,377 | |||
2019 | 26,343 | 26,343 | |||
Prior | 139,456 | 139,456 | |||
Revolving Loans Amortized Cost Basis | 2,747 | 2,747 | |||
Revolving Loans converted to term loans | 1,321 | 1,321 | |||
Total Loans | 197,846 | 197,846 | |||
Special Mention | |||||
2021 | 5,419 | 5,419 | |||
2019 | 14,430 | 14,430 | |||
Prior | 2,650 | 2,650 | |||
Revolving Loans Amortized Cost Basis | 2,000 | 2,000 | |||
Revolving Loans converted to term loans | 197 | 197 | |||
Total Loans | 24,696 | 24,696 | |||
Substandard | |||||
2023 | 14,935 | 14,935 | |||
2022 | 2,454 | 2,454 | |||
2021 | 318 | 318 | |||
2019 | 28 | 28 | |||
Prior | 25,431 | 25,431 | |||
Revolving Loans Amortized Cost Basis | 3,475 | 3,475 | |||
Revolving Loans converted to term loans | 443 | 443 | |||
Total Loans | 47,084 | 47,084 | 25,700 | ||
Increase in amortized cost | 21,400 | 21,400 | |||
Doubtful | |||||
Revolving Loans Amortized Cost Basis | 3,929 | 3,929 | |||
Total Loans | 3,929 | 3,929 | |||
One-To-Four Family - Residential Portfolio Segment [Member] | |||||
2023 | 5,108 | 5,108 | |||
2022 | 23,829 | 23,829 | |||
2021 | 8,780 | 8,780 | |||
2020 | 16,857 | 16,857 | |||
2019 | 38,893 | 38,893 | |||
Prior | 110,972 | 110,972 | |||
Revolving Loans Amortized Cost Basis | 7,475 | 7,475 | |||
Revolving Loans converted to term loans | 12,213 | 12,213 | |||
Total Loans | 224,127 | 224,127 | 242,480 | ||
Gross charge-offs | |||||
Prior | 12 | ||||
Charge-offs | $ 2 | 12 | 2 | ||
One-To-Four Family - Residential Portfolio Segment [Member] | Pass | |||||
2023 | 5,108 | 5,108 | |||
2022 | 23,319 | 23,319 | |||
2021 | 8,506 | 8,506 | |||
2020 | 16,857 | 16,857 | |||
2019 | 38,153 | 38,153 | |||
Prior | 104,508 | 104,508 | |||
Revolving Loans Amortized Cost Basis | 7,475 | 7,475 | |||
Revolving Loans converted to term loans | 10,252 | 10,252 | |||
Total Loans | 214,178 | 214,178 | |||
One-To-Four Family - Residential Portfolio Segment [Member] | Watch | |||||
2022 | 510 | 510 | |||
2021 | 274 | 274 | |||
2019 | 740 | 740 | |||
Prior | 1,527 | 1,527 | |||
Revolving Loans converted to term loans | 1,321 | 1,321 | |||
Total Loans | 4,372 | 4,372 | |||
One-To-Four Family - Residential Portfolio Segment [Member] | Special Mention | |||||
Prior | 204 | 204 | |||
Revolving Loans converted to term loans | 197 | 197 | |||
Total Loans | 401 | 401 | |||
One-To-Four Family - Residential Portfolio Segment [Member] | Substandard | |||||
Prior | 4,733 | 4,733 | |||
Revolving Loans converted to term loans | 443 | 443 | |||
Total Loans | 5,176 | 5,176 | |||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | |||||
2023 | 18,557 | 18,557 | |||
2022 | 43,937 | 43,937 | |||
2021 | 41,987 | 41,987 | |||
2020 | 31,274 | 31,274 | |||
2019 | 61,994 | 61,994 | |||
Prior | 342,770 | 342,770 | |||
Total Loans | 540,519 | 540,519 | 557,295 | ||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Pass | |||||
2023 | 18,557 | 18,557 | |||
2022 | 43,937 | 43,937 | |||
2021 | 41,987 | 41,987 | |||
2020 | 31,274 | 31,274 | |||
2019 | 61,270 | 61,270 | |||
Prior | 335,314 | 335,314 | |||
Total Loans | 532,339 | 532,339 | |||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Watch | |||||
2019 | 724 | 724 | |||
Prior | 5,564 | 5,564 | |||
Total Loans | 6,288 | 6,288 | |||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Special Mention | |||||
Prior | 636 | 636 | |||
Total Loans | 636 | 636 | |||
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Substandard | |||||
Prior | 1,256 | 1,256 | |||
Total Loans | 1,256 | 1,256 | |||
Commercial Real Estate [Member] | |||||
2023 | 134,977 | 134,977 | |||
2022 | 326,545 | 326,545 | |||
2021 | 179,303 | 179,303 | |||
2020 | 148,835 | 148,835 | |||
2019 | 228,028 | 228,028 | |||
Prior | 936,774 | 936,774 | |||
Total Loans | 1,954,462 | 1,954,462 | 1,914,898 | ||
Gross charge-offs | |||||
Prior | 8 | ||||
Charge-offs | 8 | ||||
Commercial Real Estate [Member] | Pass | |||||
2023 | 134,977 | 134,977 | |||
2022 | 326,545 | 326,545 | |||
2021 | 177,860 | 177,860 | |||
2020 | 148,835 | 148,835 | |||
2019 | 218,458 | 218,458 | |||
Prior | 913,106 | 913,106 | |||
Total Loans | 1,919,781 | 1,919,781 | |||
Commercial Real Estate [Member] | Watch | |||||
2021 | 1,443 | 1,443 | |||
2019 | 9,570 | 9,570 | |||
Prior | 23,668 | 23,668 | |||
Total Loans | 34,681 | 34,681 | |||
Construction Portfolio Segment | |||||
2023 | 5,520 | 5,520 | |||
2022 | 3 | 3 | |||
2021 | 5,793 | 5,793 | |||
Revolving Loans Amortized Cost Basis | 48,459 | 48,459 | |||
Total Loans | 59,775 | 59,775 | 70,824 | ||
Construction Portfolio Segment | Pass | |||||
2023 | 5,520 | 5,520 | |||
2022 | 3 | 3 | |||
2021 | 5,793 | 5,793 | |||
Revolving Loans Amortized Cost Basis | 48,459 | 48,459 | |||
Total Loans | 59,775 | 59,775 | |||
Multi-family Residential Portfolio Segment [Member] | |||||
2023 | 171,298 | 171,298 | |||
2022 | 469,760 | 469,760 | |||
2021 | 279,408 | 279,408 | |||
2020 | 219,445 | 219,445 | |||
2019 | 306,987 | 306,987 | |||
Prior | 1,166,656 | 1,166,656 | |||
Revolving Loans Amortized Cost Basis | 4,075 | 4,075 | |||
Total Loans | 2,617,629 | 2,617,629 | 2,605,172 | ||
Multi-family Residential Portfolio Segment [Member] | Pass | |||||
2023 | 171,298 | 171,298 | |||
2022 | 468,879 | 468,879 | |||
2021 | 279,408 | 279,408 | |||
2020 | 217,501 | 217,501 | |||
2019 | 306,987 | 306,987 | |||
Prior | 1,127,156 | 1,127,156 | |||
Revolving Loans Amortized Cost Basis | 4,075 | 4,075 | |||
Total Loans | 2,575,304 | 2,575,304 | |||
Multi-family Residential Portfolio Segment [Member] | Watch | |||||
2022 | 881 | 881 | |||
2020 | 1,944 | 1,944 | |||
Prior | 32,691 | 32,691 | |||
Total Loans | 35,516 | 35,516 | |||
Multi-family Residential Portfolio Segment [Member] | Special Mention | |||||
Prior | 1,461 | 1,461 | |||
Total Loans | 1,461 | 1,461 | |||
Multi-family Residential Portfolio Segment [Member] | Substandard | |||||
Prior | 5,348 | 5,348 | |||
Total Loans | 5,348 | 5,348 | |||
Commercial Business Secured By Portfolio Segment [member] | |||||
2023 | 45,361 | 45,361 | |||
2022 | 178,373 | 178,373 | |||
2021 | 131,700 | 131,700 | |||
2020 | 106,902 | 106,902 | |||
2019 | 55,114 | 55,114 | |||
Prior | 196,701 | 196,701 | |||
Total Loans | 714,151 | 714,151 | |||
Commercial Business Secured By Portfolio Segment [member] | Pass | |||||
2023 | 35,585 | 35,585 | |||
2022 | 178,373 | 178,373 | |||
2021 | 131,700 | 131,700 | |||
2020 | 106,902 | 106,902 | |||
2019 | 40,114 | 40,114 | |||
Prior | 143,676 | 143,676 | |||
Total Loans | 636,350 | 636,350 | |||
Commercial Business Secured By Portfolio Segment [member] | Watch | |||||
2023 | 9,776 | 9,776 | |||
2019 | 597 | 597 | |||
Prior | 53,025 | 53,025 | |||
Total Loans | 63,398 | 63,398 | |||
Commercial Business Secured By Portfolio Segment [member] | Special Mention | |||||
2019 | 14,403 | 14,403 | |||
Total Loans | 14,403 | 14,403 | |||
Commercial Business Portfolio Segment [Member] | |||||
2023 | 79,738 | 79,738 | |||
2022 | 132,908 | 132,908 | |||
2021 | 85,079 | 85,079 | |||
2020 | 36,419 | 36,419 | |||
2019 | 46,806 | 46,806 | |||
Prior | 95,043 | 95,043 | |||
Revolving Loans Amortized Cost Basis | 297,916 | 297,916 | |||
Total Loans | 773,909 | 773,909 | |||
Gross charge-offs | |||||
2021 | 1,675 | ||||
2019 | 14 | ||||
Prior | 11 | ||||
Revolving Loans Amortized Cost Basis | 9,267 | ||||
Charge-offs | 10,967 | ||||
Commercial Business Portfolio Segment [Member] | Pass | |||||
2023 | 64,537 | 64,537 | |||
2022 | 124,017 | 124,017 | |||
2021 | 77,139 | 77,139 | |||
2020 | 33,986 | 33,986 | |||
2019 | 32,087 | 32,087 | |||
Prior | 62,001 | 62,001 | |||
Revolving Loans Amortized Cost Basis | 285,765 | 285,765 | |||
Total Loans | 679,532 | 679,532 | |||
Commercial Business Portfolio Segment [Member] | Watch | |||||
2023 | 266 | 266 | |||
2022 | 6,437 | 6,437 | |||
2021 | 4,015 | 4,015 | |||
2020 | 2,433 | 2,433 | |||
2019 | 14,664 | 14,664 | |||
Prior | 20,105 | 20,105 | |||
Revolving Loans Amortized Cost Basis | 2,747 | 2,747 | |||
Total Loans | 50,667 | 50,667 | |||
Commercial Business Portfolio Segment [Member] | Special Mention | |||||
2021 | 3,925 | 3,925 | |||
2019 | 27 | 27 | |||
Revolving Loans Amortized Cost Basis | 2,000 | 2,000 | |||
Total Loans | 5,952 | 5,952 | |||
Commercial Business Portfolio Segment [Member] | Substandard | |||||
2023 | 14,935 | 14,935 | |||
2022 | 2,454 | 2,454 | |||
2019 | 28 | 28 | |||
Prior | 12,937 | 12,937 | |||
Revolving Loans Amortized Cost Basis | 3,475 | 3,475 | |||
Total Loans | 33,829 | 33,829 | |||
Commercial Business Portfolio Segment [Member] | Doubtful | |||||
Revolving Loans Amortized Cost Basis | 3,929 | 3,929 | |||
Total Loans | 3,929 | 3,929 | |||
Small Business Administration Portfolio Segment [Member] | |||||
2023 | 806 | 806 | |||
2022 | 3,301 | 3,301 | |||
2021 | 4,978 | 4,978 | |||
2020 | 3,613 | 3,613 | |||
2019 | 750 | 750 | |||
Prior | 8,388 | 8,388 | |||
Total Loans | 21,836 | 21,836 | 23,193 | ||
Gross charge-offs | |||||
Prior | 7 | ||||
Charge-offs | 7 | $ 1,054 | |||
Small Business Administration Portfolio Segment [Member] | Pass | |||||
2023 | 806 | 806 | |||
2022 | 3,301 | 3,301 | |||
2021 | 3,166 | 3,166 | |||
2020 | 3,613 | 3,613 | |||
2019 | 702 | 702 | |||
Prior | 4,006 | 4,006 | |||
Total Loans | 15,594 | 15,594 | |||
Small Business Administration Portfolio Segment [Member] | Watch | |||||
2019 | 48 | 48 | |||
Prior | 2,876 | 2,876 | |||
Total Loans | 2,924 | 2,924 | |||
Small Business Administration Portfolio Segment [Member] | Special Mention | |||||
2021 | 1,494 | 1,494 | |||
Prior | 349 | 349 | |||
Total Loans | 1,843 | 1,843 | |||
Small Business Administration Portfolio Segment [Member] | Substandard | |||||
2021 | 318 | 318 | |||
Prior | 1,157 | 1,157 | |||
Total Loans | 1,475 | 1,475 | |||
Other Portfolio Segment [Member] | |||||
Prior | 180 | 180 | |||
Revolving Loans Amortized Cost Basis | 125 | 125 | |||
Total Loans | 305 | 305 | |||
Gross charge-offs | |||||
Prior | 56 | ||||
Charge-offs | 56 | ||||
Other Portfolio Segment [Member] | Pass | |||||
Prior | 180 | 180 | |||
Revolving Loans Amortized Cost Basis | 125 | 125 | |||
Total Loans | 305 | 305 | |||
Consumer Portfolio Segment [Member] | |||||
Mortgage loans in process of foreclosure, amount | $ 4,700 | $ 4,700 | $ 5,200 |
Loans - Amortized Cost of Colla
Loans - Amortized Cost of Collateral (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 6,906,713 | $ 6,934,769 |
Basis adjustments | 10,639 | |
Portfolio Layer Hedges on Closed Portfolio of Loans [Member] | Designated as Hedging Instrument [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Basis adjustments | 10,600 | |
Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 8,333 | 11,652 |
Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 8,945 | 18,290 |
Multi-family Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,617,629 | 2,605,172 |
Multi-family Residential Portfolio Segment [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,600 | 3,547 |
Commercial Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,954,462 | 1,914,898 |
Commercial Real Estate [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 254 | |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 540,519 | 557,295 |
One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,090 | 1,045 |
One-To-Four Family - Residential Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 224,127 | 242,480 |
One-To-Four Family - Residential Portfolio Segment [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,643 | 3,953 |
Construction Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 59,775 | 70,824 |
Small Business Administration Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 21,836 | 23,193 |
Small Business Administration Portfolio Segment [Member] | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,265 | 950 |
Commercial Business and Other Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,488,365 | 1,520,907 |
Commercial Business and Other Portfolio Segment [Member] | Real Estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,853 | |
Commercial Business and Other Portfolio Segment [Member] | Business Assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 7,680 | $ 17,340 |
Loans - Off-Balance Sheet Credi
Loans - Off-Balance Sheet Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance at beginning of period | $ 813 | $ 1,444 | $ 970 | $ 1,209 | |
Off-Balance Sheet- Provision (Benefit) | 120 | (631) | (37) | (396) | |
Balance at end of period | 933 | $ 813 | 933 | $ 813 | |
Extension of credit | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Commitment to extend credit | $ 443,200 | $ 443,200 | $ 438,500 |
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, 2023 USD ($) loan | Sep. 30, 2022 USD ($) loan | Sep. 30, 2023 USD ($) loan | Sep. 30, 2022 USD ($) loan | |
Nonperforming Financial Instruments [Member] | ||||
Loans sold | loan | 13 | 2 | ||
Proceeds | $ 7,042 | $ 4,117 | ||
Net Charge-offs | (8) | |||
Net gain | $ 108 | $ 73 | ||
Nonperforming Financial Instruments [Member] | Multi-family Residential Portfolio Segment [Member] | ||||
Loans sold | loan | 7 | |||
Proceeds | $ 3,622 | |||
Net gain | $ 69 | |||
Nonperforming Financial Instruments [Member] | Commercial Real Estate [Member] | ||||
Loans sold | loan | 3 | 1 | ||
Proceeds | $ 1,867 | $ 3,687 | ||
Net Charge-offs | $ (8) | |||
Net gain | $ 73 | |||
Nonperforming Financial Instruments [Member] | One-To-Four Family - Mixed-Use Property Portfolio Segment [Member] | ||||
Loans sold | loan | 3 | 1 | ||
Proceeds | $ 1,553 | $ 430 | ||
Net gain | $ 39 | |||
Performing Financial Instruments [Member] | ||||
Loans sold | loan | 2 | 1 | 2 | 6 |
Proceeds | $ 2,000 | $ 10,682 | $ 2,000 | $ 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 [Member] | ||||
Loans sold | loan | 2 | 2 | 1 | |
Proceeds | $ 2,000 | $ 2,000 | $ 4,312 |
Leases (Details)
Leases (Details) | Sep. 30, 2023 lease agreement | Dec. 31, 2022 agreement |
Number lease agreements qualified as short-term leases | agreement | 4 | 2 |
Minimum [Member] | ||
Term of contract | 1 month | |
Maximum [Member] | ||
Term of contract | 13 years | |
Branches And Office Space [Member] | ||
Number of leases | 31 | |
Vehicles [Member] | ||
Number of leases | 9 | |
Equipment [Member] | ||
Number of leases | 1 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Operating lease ROU asset | $ 41,404 | $ 41,404 | $ 43,289 | ||
Operating lease liability | $ 43,067 | $ 43,067 | $ 46,125 | ||
Weighted-average remaining lease term-operating leases (Year) | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 7 months 6 days | ||
Weighted average discount rate-operating leases | 3.20% | 3.20% | 2.90% | ||
Short-term lease cost | $ 39 | $ 36 | $ 177 | $ 132 | |
Variable lease cost | 262 | 275 | 785 | 713 | |
Total lease cost | 2,466 | 2,434 | 7,615 | 7,215 | |
Operating cash flows from operating leases | 3,387 | 2,342 | 8,042 | 7,111 | |
Right-of-use assets obtained in exchange for new operating lease liabilities | 1,757 | 3,801 | 47 | ||
Occupancy and equipment | |||||
Operating lease cost | 2,142 | 2,100 | 6,584 | 6,299 | |
Other operating expense | |||||
Operating lease cost | $ 23 | $ 23 | $ 69 | $ 71 |
Leases - Minimum Annual Rental
Leases - Minimum Annual Rental Payments for Bank facilities Due Under Non-cancelable Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Leases | ||
2023 | $ 1,794 | |
2024 | 9,863 | |
2025 | 9,244 | |
2026 | 8,363 | |
2027 | 4,286 | |
Thereafter | 14,143 | |
Total minimum payments required | 47,693 | |
Less: implied interest | 4,626 | |
Total lease obligations | $ 43,067 | $ 46,125 |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jan. 31, 2019 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock-based compensation benefit | $ 1,000,000 | $ 700,000 | $ 4,600,000 | $ 5,600,000 | |
Income tax benefits related to the stock-based compensation plans | $ 300,000 | 200,000 | $ 1,200,000 | $ 1,500,000 | |
Omnibus Plan 2014 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 746,765 | 746,765 | |||
The 2019 Long-term Incentive Compensation Program [Member] | |||||
Awards vesting period | 3 years | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Awards granted | 235,850 | 212,811 | |||
Restricted Stock Units (RSUs) [Member] | Omnibus Plan 2014 [Member] | |||||
Total unrecognized compensation cost | $ 5,000,000 | $ 5,000,000 | |||
Weighted-average period of recognition of compensation cost | 2 years 8 months 12 days | ||||
Total fair value of awards vested | 300,000 | 1,000,000 | $ 5,500,000 | $ 7,100,000 | |
Performance-based Restricted Stock Units [Member] | |||||
Awards granted | 79,050 | 63,250 | |||
Phantom Share Units (PSUs) [Member] | Phantom Stock Plan [Member] | |||||
Stock-based compensation benefit | 200,000 | (300,000) | $ 1,000,000 | $ 700,000 | |
Total fair value of awards vested | $ 3,000 | $ 6,000 | $ 20,000 | $ 23,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 1 year |
Stock-based Compensation - RSU
Stock-based Compensation - RSU and PRSU awards (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Restricted Stock Units (RSUs) [Member] | ||
Non-vested awards, beginning balance (in shares) | 275,588 | |
Non-vested awards, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 22.30 | |
Granted (in shares) | 235,850 | 212,811 |
Granted, weighted-average grant-date fair value (in dollars per share) | $ 19.84 | |
Vested (in shares) | (222,757) | |
Vested, weighted-average grant-date fair value (in dollars per share) | $ 21.19 | |
Forfeited (in shares) | (2,840) | |
Forfeited, weighted-average grant-date fair value (in dollars per share) | $ 22.14 | |
Non-vested awards, ending balance (in shares) | 285,841 | |
Non-vested awards, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 21.14 | |
Vested but unissued (in shares) | 253,468 | |
Vested but unissued, weighted-average grant-date fair value (in dollars per share) | $ 20.78 | |
Performance-based Restricted Stock Units [Member] | ||
Non-vested awards, beginning balance (in shares) | 68,800 | |
Non-vested awards, weighted-average grant-date fair value, beginning balance (in dollars per share) | $ 20.90 | |
Granted (in shares) | 79,050 | 63,250 |
Granted, weighted-average grant-date fair value (in dollars per share) | $ 19.99 | |
Vested (in shares) | (59,870) | |
Vested, weighted-average grant-date fair value (in dollars per share) | $ 20.03 | |
Non-vested awards, ending balance (in shares) | 87,980 | |
Non-vested awards, weighted-average grant-date fair value, ending balance (in dollars per share) | $ 20.67 | |
Vested but unissued (in shares) | 148,505 | |
Vested but unissued, weighted-average grant-date fair value (in dollars per share) | $ 20.80 |
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, 2023 $ / shares shares | |
Outstanding, beginning balance (in shares) | shares | 158,410 |
Outstanding, beginning balance, Fair Value (in dollars per share) | $ / shares | $ 19.38 |
Granted (in shares) | shares | 21,346 |
Granted, Weighted Average Fair Value (in dollars per share) | $ / shares | $ 17.43 |
Distributions (in shares) | shares | (1,132) |
Distributions , Weighted Average Fair Value (in dollars per share) | $ / shares | $ 17.27 |
Outstanding, ending balance (in shares) | shares | 178,624 |
Outstanding, ending, Fair Value (in dollars per share) | $ / shares | $ 13.13 |
Vested at June 30, 2023 (in shares) | shares | 178,624 |
Vested at June 30, 2023, Fair Value (in dollars per share) | $ / shares | $ 13.13 |
Pension and Other Postretirem_3
Pension and Other Postretirement Benefit Plans (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Directors' Plan [Member] | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 200,000 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 56,000 | |
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 | 81,000 | |
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 Plans - The Components of the Net Pension (Benefit) Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Employee Pension Plan [Member] | ||||
Interest cost | $ 203 | $ 138 | $ 609 | $ 414 |
Amortization of unrecognized loss | 1 | 3 | ||
Expected return on plan assets | (278) | (257) | (832) | (772) |
Net postretirement benefit expense | (75) | (118) | (223) | (355) |
Directors' Plan [Member] | ||||
Service cost | 2 | 3 | 6 | 9 |
Interest cost | 15 | 11 | 44 | 34 |
Amortization of unrecognized loss | (40) | (7) | (120) | (21) |
Net postretirement benefit expense | (23) | 7 | (70) | 22 |
Other Post Retirement Benefit Plan Defined Benefit [Member] | ||||
Service cost | 40 | 67 | 120 | 201 |
Interest cost | 95 | 70 | 286 | 209 |
Amortization of unrecognized loss | (60) | (180) | ||
Amortization of past service credit | (7) | (21) | ||
Net postretirement benefit expense | $ 75 | $ 130 | $ 226 | $ 389 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial Assets at Fair Value Option | $ 12,800 | $ 12,800 | $ 13,000 | ||
Financial Liabilities at Fair Value Option | 48,300 | 48,300 | 50,500 | ||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (1,246) | $ 5,626 | 1,667 | $ 6,350 | |
Financial Liabilities at Fair Value Option Contractual Principal | 61,900 | 61,900 | 61,900 | ||
Financial Liabilities at Fair Value Option Accrued Interest Payable | $ 400 | $ 400 | 400 | ||
Appraised Value of Property [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Collateral Dependent Loans Measurement Input | 0.85 | 0.85 | |||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 0 | $ 0 | $ 0 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial Assets at Fair Value Option | $ 12,800 | $ 12,800 | $ 13,000 | ||
Net gain from fair value adjustments | (1,246) | $ 5,626 | 1,667 | $ 6,350 | |
Collateralized Mortgage Backed Securities | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial Assets at Fair Value Option | 266 | 266 | 295 | ||
Net gain from fair value adjustments | 1 | (6) | 3 | (18) | |
Other Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial Assets at Fair Value Option | 12,516 | 12,516 | 12,728 | ||
Net gain from fair value adjustments | (338) | (661) | (422) | (1,681) | |
Junior Subordinated Debentures [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financial Assets at Fair Value Option | 48,329 | 48,329 | $ 50,507 | ||
Net gain from fair value adjustments | (909) | 6,293 | 2,086 | 8,049 | |
Financial Assets and Liabilities, Excluding Interest Rate Caps / Swaps [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net gain from fair value adjustments | $ (1,246) | $ 5,626 | $ 1,667 | $ 6,350 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Fair Value Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 943,519 | $ 826,881 |
Collateralized Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 454,320 | |
Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,516 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 948,239 | 809,943 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 70,345 | 68,914 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 337,879 | 384,283 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 505,784 | 351,074 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Swaps, Net Amount | 104,576 | 74,586 |
Interest Rate Swaps, Net Amount | 22,016 | 18,407 |
Fair Value, Measurements, Recurring [Member] | Junior Subordinated Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Borrowings | 48,329 | 50,507 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 11,066 | 11,211 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 11,066 | 11,211 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 935,722 | 797,216 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 22,016 | 18,407 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 337,879 | 384,283 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 493,267 | 338,347 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest Rate Swaps, Net Amount | 104,576 | 74,586 |
Interest Rate Swaps, Net Amount | 22,016 | 18,407 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,451 | 1,516 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 48,329 | 50,507 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,451 | 1,516 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Junior Subordinated Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Borrowings | 48,329 | 50,507 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,045 | 18,330 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 1,045 | $ 18,330 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Trust Preferred Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance | $ 1,434 | $ 1,662 | $ 1,516 | $ 1,695 |
Net (loss) gain from fair value adjustment of financial assets | 16 | (171) | (67) | (206) |
Increase (decrease) in accrued interest | 1 | 3 | 2 | 5 |
Ending balance | 1,451 | 1,494 | 1,451 | 1,494 |
Junior Subordinated Debentures [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance | 47,777 | 55,352 | 50,507 | 56,472 |
Net (gain) loss from fair value adjustment of financial liabilities | 909 | (6,293) | (2,086) | (8,049) |
Increase (decrease) in accrued interest | 20 | 95 | 60 | 172 |
Change in unrealized (gains) losses included in other comprehensive loss | (377) | 598 | (152) | 1,157 |
Ending balance | 48,329 | 49,752 | 48,329 | 49,752 |
Changes in unrealized gains held at period end | $ 2,338 | $ 2,177 | $ 2,338 | $ 2,177 |
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, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 943,519 | $ 826,881 |
Valuation Technique, Discounted Cash Flow [Member] | Junior Subordinated Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Borrowings | $ 48,329 | $ 50,507 |
Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | Junior Subordinated Debentures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liabilities, Weighted average | 0.044 | 0.036 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 1,451 | $ 1,516 |
Trust Preferred Securities [Member] | Valuation Technique, Discounted Cash Flow [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Weighted average | 0.044 | 0.036 |
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, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain delinquent loans | $ 1,045 | $ 18,330 |
Total assets | 1,045 | 18,330 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain delinquent loans | 1,045 | 18,330 |
Total assets | $ 1,045 | $ 18,330 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Qualitative Information About Non-recurring Level 3 Fair Value of Financial Instruments (Details) - Fair Value, Measurements, Nonrecurring [Member] $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain delinquent loans | $ 1,045 | $ 18,330 |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0.100 | |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0.150 | |
Valuation, Market Approach [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0.136 | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain delinquent loans | $ 18,189 | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | (0.200) | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0 | |
Valuation, Market Approach [Member] | Measurement Input, Comparability Adjustment [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | (0.013) | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Certain delinquent loans | $ 1,045 | $ 141 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0.043 | 0.043 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0.098 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Discount Rate [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0.094 | 0.043 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0.350 | 0.350 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0.420 | |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Loss Severity [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans, measurement input | 0.416 | 0.350 |
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, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity | $ 73,131 | $ 73,711 |
Securities available for sale | 943,519 | 826,881 |
Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | (6,179) | 2,401 |
Interest rate swaps | 22,016 | 18,407 |
Collateralized Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 454,320 | |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks | 200,926 | 151,754 |
Loans | 6,896,074 | 6,934,769 |
FHLB-NY stock | 43,821 | 45,842 |
Accrued interest receivable | 55,660 | 45,048 |
Deposits | 6,681,509 | 6,485,342 |
Borrowed Funds | 1,001,010 | 1,052,973 |
Accrued interest payable | 10,001 | 10,034 |
Reported Value Measurement [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 104,576 | 74,856 |
Interest rate swaps | 22,016 | 18,407 |
Reported Value Measurement [Member] | Collateralized Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity | 7,860 | 7,875 |
Securities available for sale | 337,879 | 384,283 |
Reported Value Measurement [Member] | Other Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity | 65,271 | 65,836 |
Securities available for sale | 505,784 | 351,074 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks | 200,926 | 151,754 |
Loans | 6,511,963 | 6,651,795 |
FHLB-NY stock | 43,821 | 45,842 |
Accrued interest receivable | 55,660 | 45,048 |
Deposits | 6,630,112 | 6,453,978 |
Borrowed Funds | 950,476 | 1,027,370 |
Accrued interest payable | 10,001 | 10,034 |
Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 104,576 | 74,856 |
Interest rate swaps | 22,016 | 18,407 |
Estimate of Fair Value Measurement [Member] | Collateralized Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity | 6,634 | 6,989 |
Securities available for sale | 337,879 | 384,283 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity | 51,031 | 55,561 |
Securities available for sale | 505,784 | 351,074 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks | 200,926 | 151,754 |
Deposits | 4,360,140 | 4,959,004 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | Other Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 11,066 | 11,211 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
FHLB-NY stock | 43,821 | 45,842 |
Accrued interest receivable | 6,723 | 3,819 |
Deposits | 2,269,972 | 1,494,974 |
Borrowed Funds | 902,147 | 976,863 |
Accrued interest payable | 10,001 | 10,034 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 104,576 | 74,856 |
Interest rate swaps | 22,016 | 18,407 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity | 6,634 | 6,989 |
Securities available for sale | 337,879 | 384,283 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | Other Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 493,267 | 338,347 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 6,511,963 | 6,651,795 |
Accrued interest receivable | 48,937 | 41,229 |
Borrowed Funds | 48,329 | 50,507 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | Other Debt Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities held-to-maturity | 51,031 | 55,561 |
Securities available for sale | $ 1,451 | $ 1,516 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Junior subordinated debentures | $ 48,329 | $ 48,329 | $ 50,507 | ||
Notional amount, Assets | 2,013,549 | 2,013,549 | 1,084,955 | ||
Short term advances and brokered CD's | 826,800 | 826,800 | 871,500 | ||
Customer [Member] | |||||
Derivative instruments | 240,000 | 240,000 | 110,600 | ||
Bank [Member] | |||||
Derivative instruments | 240,000 | 240,000 | 110,600 | ||
Customer and Bank [Member] | |||||
Derivative instruments | 480,000 | 480,000 | 221,200 | ||
Cash Flow Hedging [Member] | |||||
Amount reclassified from accumulated other comprehensive loss to interest expense | 7,100 | $ 1,000 | 18,200 | $ 6,100 | |
Amount to be reclassified from the accumulated comprehensive income (loss) into earnings | 25,000 | ||||
Not Designated as Hedging Instrument [Member] | |||||
Notional amount, Assets | 480,900 | 480,900 | 221,200 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Notional amount, Assets | 825,800 | 825,800 | 871,500 | ||
Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||||
Amount of hedged item | 946,800 | 946,800 | 273,600 | ||
Interest Rate Swap [Member] | |||||
Notional amount, Assets | 946,800 | 946,800 | 273,600 | ||
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | |||||
Notional amount, Assets | 240,974 | 240,974 | 110,598 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Notional amount, Assets | 825,750 | 825,750 | 700,750 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||||
Notional amount, Assets | 946,825 | 946,825 | $ 273,607 | ||
Portfolio Layer Hedges on Closed Portfolio of Securities Available for Sale [Member] | Designated as Hedging Instrument [Member] | |||||
Notional amount, Assets | 273,313 | 273,313 | |||
Notional amount | 200,000 | 200,000 | |||
Portfolio Layer Hedges on Closed Portfolio of Loans [Member] | Designated as Hedging Instrument [Member] | |||||
Notional amount, Assets | 2,615,651 | 2,615,651 | |||
Notional amount | $ 500,000 | $ 500,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Notional amount, Assets | $ 2,013,549 | $ 1,084,955 |
Notional amount, Liability | 239,974 | 281,348 |
Assets Fair Value | 104,576 | 74,586 |
Liabilities, Fair Value | 22,016 | 18,407 |
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Notional amount, Assets | 825,800 | 871,500 |
Not Designated as Hedging Instrument [Member] | ||
Notional amount, Assets | 480,900 | 221,200 |
Interest Rate Swap [Member] | ||
Notional amount, Assets | 946,800 | 273,600 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||
Notional amount, Assets | 946,825 | 273,607 |
Assets Fair Value | 45,346 | 24,673 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | ||
Notional amount, Assets | 825,750 | 700,750 |
Notional amount, Liability | 170,750 | |
Assets Fair Value | 37,211 | 31,716 |
Liabilities, Fair Value | 210 | |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||
Notional amount, Assets | 240,974 | 110,598 |
Notional amount, Liability | 239,974 | 110,598 |
Assets Fair Value | 22,019 | 18,197 |
Liabilities, Fair Value | $ 22,016 | $ 18,197 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Value of Hedged Items (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Notional amount, Assets | $ 2,013,549 | $ 1,084,955 |
Notional amount, Liability | 239,974 | 281,348 |
Basis adjustments | 10,639 | |
Designated as Hedging Instrument [Member] | Portfolio Layer Hedges on Closed Portfolio of Loans [Member] | ||
Notional amount, Assets | 2,615,651 | |
Cumulative amount, Hedged Liabilities | (10,639) | |
Basis adjustments | 10,600 | |
Designated as Hedging Instrument [Member] | Portfolio Layer Hedges on Closed Portfolio of Securities Available for Sale [Member] | ||
Notional amount, Assets | 273,313 | |
Cumulative amount, Hedged Liabilities | (7,721) | |
Basis adjustments | 7,700 | |
Designated as Hedging Instrument [Member] | Portfolio Layer Hedges on Closed Portfolio [Member] | ||
Notional amount, Assets | 2,888,964 | |
Cumulative amount, Hedged Liabilities | (18,360) | |
Designated as Hedging Instrument [Member] | Loans Receivable [Member] | ||
Notional amount, Assets | 220,543 | 249,966 |
Cumulative amount, Hedged Liabilities | (28,337) | (25,922) |
Multi-family Residential Portfolio Segment [Member] | Designated as Hedging Instrument [Member] | ||
Notional amount, Assets | 77,216 | 82,613 |
Cumulative amount, Hedged Liabilities | (13,979) | (10,480) |
Commercial Real Estate [Member] | Designated as Hedging Instrument [Member] | ||
Notional amount, Assets | 143,327 | 167,353 |
Cumulative amount, Hedged Liabilities | $ (14,358) | $ (15,442) |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Total net income (expense) from the effects of derivative instruments | $ 13,332 | $ 1,110 | $ 29,914 | $ (5,116) |
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | ||||
Total net income (expense) from the effects of derivative instruments | $ 1 | $ 4 | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Deposits | Interest Expense, Deposits | Interest Expense, Deposits | Interest Expense, Deposits |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | ||||
Total net income (expense) from the effects of derivative instruments | $ 253 | $ (2,068) | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and fees on loans | Interest and fees on loans | Interest and fees on loans | Interest and fees on loans |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest and fees on loans. | ||||
Total net income (expense) from the effects of derivative instruments | $ 5,335 | $ 9,901 | ||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Interest and dividends on securities | ||||
Total net income (expense) from the effects of derivative instruments | $ 942 | $ 1,787 | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating | Interest and Dividend Income, Operating |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Other interest expense | ||||
Total net income (expense) from the effects of derivative instruments | $ 994 | $ 64 | $ 4,336 | $ (3,890) |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Deposit | ||||
Total net income (expense) from the effects of derivative instruments | $ 6,060 | $ 793 | $ 13,886 | $ 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, 2023 | Dec. 31, 2022 |
Interest Rate Swaps, Gross Amount of Recognized Assets | $ 104,576 | $ 74,586 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Financial Condition | 0 | 0 |
Interest Rate Swaps, Net Amount of Assets Presented in the Statement of Financial Condition | 104,576 | 74,586 |
Interest Rate Swaps, Cash Collateral | (110,755) | (72,185) |
Interest Rate Swaps, Net Amount | (6,179) | 2,401 |
Interest Rate Swaps, Gross Amount of Recognized Liabilities | 22,016 | 18,407 |
Interest Rate Swaps, Gross Amount Offset in the Statement of Financial Condition | 0 | 0 |
Interest Rate Swaps, Net Amount of Liabilities Presented in the Statement of Financial Condition | 22,016 | 18,407 |
Interest Rate Swaps, Net Amount | $ 22,016 | $ 18,407 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 670,247 | $ 672,345 | $ 677,157 | $ 670,812 | $ 675,813 | $ 679,628 | $ 677,157 | $ 679,628 |
Other comprehensive loss, net of tax: | (4,912) | 1,765 | (1,296) | (15,030) | (15,760) | (8,820) | (4,443) | (39,610) |
Balance | 666,521 | 670,247 | 672,345 | 670,719 | 670,812 | 675,813 | 666,521 | 670,719 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||||||
Balance | (63,523) | (63,106) | (50,133) | (6,272) | (63,106) | (6,272) | ||
Other comprehensive income before reclassifications, net of tax | (6,928) | (22,797) | (11,144) | (66,658) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 1,530 | 0 | 5,329 | |||||
Other comprehensive loss, net of tax: | (5,398) | (22,797) | (5,815) | (66,658) | ||||
Balance | (68,921) | (63,523) | (72,930) | (50,133) | (68,921) | (72,930) | ||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Balance | 26,559 | 25,380 | 18,260 | (1,406) | 25,380 | (1,406) | ||
Other comprehensive income before reclassifications, net of tax | 5,162 | 7,480 | 14,050 | 23,657 | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (4,868) | 710 | (12,577) | 4,199 | ||||
Other comprehensive loss, net of tax: | 294 | 8,190 | 1,473 | 27,856 | ||||
Balance | 26,853 | 26,559 | 26,450 | 18,260 | 26,853 | 26,450 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Balance | (413) | (275) | (1,313) | (1,282) | (275) | (1,282) | ||
Other comprehensive income before reclassifications, net of tax | 0 | |||||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (69) | (9) | (207) | (40) | ||||
Other comprehensive loss, net of tax: | (69) | (9) | (207) | (40) | ||||
Balance | (482) | (413) | (1,322) | (1,313) | (482) | (1,322) | ||
Accumulated Gain (Loss), Financial Liability, Fair Value Option, Attributable to Parent [Member] | ||||||||
Balance | 1,358 | 1,513 | 1,922 | 2,276 | 1,513 | 2,276 | ||
Other comprehensive income before reclassifications, net of tax | 261 | (414) | 106 | (768) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | 0 | |||||||
Other comprehensive loss, net of tax: | 261 | (414) | 106 | (768) | ||||
Balance | 1,619 | 1,358 | 1,508 | 1,922 | 1,619 | 1,508 | ||
AOCI Attributable to Parent [Member] | ||||||||
Balance | (36,019) | (37,784) | (36,488) | (31,264) | (15,504) | (6,684) | (36,488) | (6,684) |
Other comprehensive income before reclassifications, net of tax | (1,505) | (15,731) | 3,012 | (43,769) | ||||
Amounts reclassified from accumulated other comprehensive income (loss), net of tax | (3,407) | 701 | (7,455) | 4,159 | ||||
Other comprehensive loss, net of tax: | (4,912) | 1,765 | (1,296) | (15,030) | (15,760) | (8,820) | (4,443) | (39,610) |
Balance | $ (40,931) | $ (36,019) | $ (37,784) | $ (46,294) | $ (31,264) | $ (15,504) | $ (40,931) | $ (46,294) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) Reclassified by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Interest and dividend income | $ 104,036 | $ 81,745 | $ 292,714 | $ 227,356 | ||||
Interest (expense) | (59,609) | (20,539) | (159,647) | (37,941) | ||||
Other operating expense | 6,176 | 4,349 | 18,176 | 15,171 | ||||
Provision for income taxes | 2,917 | 8,980 | 7,514 | 25,337 | ||||
Total before tax | 10,752 | 32,422 | 28,079 | 92,033 | ||||
Net Income (Loss) | 7,835 | $ 8,686 | $ 4,044 | 23,442 | $ 25,035 | $ 18,219 | 20,565 | 66,696 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | ||||||||
Interest (expense) | (6,117) | |||||||
Provision for income taxes | 1,918 | |||||||
Net Income (Loss) | (4,199) | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | ||||||||
Interest (expense) | 7,053 | (1,030) | 18,222 | |||||
Provision for income taxes | (2,185) | 320 | (5,645) | |||||
Net Income (Loss) | 4,868 | (710) | 12,577 | |||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||||
Other operating expense | 100 | 6 | 300 | 18 | ||||
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 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||||||
Provision for income taxes | (31) | (4) | (93) | |||||
Total before tax | 13 | 39 | ||||||
Tax expense (benefit) | 1 | |||||||
Net Income (Loss) | 69 | $ 9 | 207 | $ 40 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI Attributable to Parent [Member] | Interest Rate Swap [Member] | Fair Value Hedging [Member] | ||||||||
Interest and dividend income | (2,217) | (7,721) | ||||||
Provision for income taxes | 687 | 2,392 | ||||||
Net Income (Loss) | $ (1,530) | $ (5,329) |
Regulatory Capital (Details)
Regulatory Capital (Details) | Sep. 30, 2023 | Dec. 31, 2022 |
Savings Bank [Member] | ||
Capital Conservation Buffer | 6.02% | 6.37% |
Holding Company | ||
Capital Conservation Buffer | 4.83% | 5.25% |
Regulatory Capital - Summary of
Regulatory Capital - Summary of the Bank's Compliance (Details) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Savings Bank [Member] | ||
Tier I (leverage) capital: | ||
Tier I (leverage) capital, capital level, amount | $ 915,547 | $ 915,628 |
Tier I (leverage) capital, capital level, percent | 0.1058 | 0.1056 |
Tier I (leverage) capital, requirement to be well-capitalized, amount | $ 432,820 | $ 433,667 |
Tier I (leverage) capital, requirement to be well-capitalized, percent | 0.0500 | 0.0500 |
Tier I (leverage) capital, excess, amount | $ 482,727 | $ 481,961 |
Tier I (leverage) capital, excess, percent | 0.0558 | 0.0556 |
Common Equity Tier I risk-based capital: | ||
Common Equity Tier I risk-based capital, capital level, amount | $ 915,547 | $ 915,628 |
Common Equity Tier I risk-based capital, capital level, percent | 0.1345 | 0.1379 |
Common Equity Tier I risk-based capital, requirement to be well-capitalized, amount | $ 442,391 | $ 431,734 |
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 | $ 473,156 | $ 483,894 |
Common Equity Tier I risk-based capital, excess, percent | 0.0695% | 0.0729% |
Tier I risk-based capital: | ||
Tier I risk-based capital, capital level, amount | $ 915,547 | $ 915,628 |
Tier I risk-based capital, capital level, percent | 0.1345 | 0.1379 |
Tier I risk-based capital, requirement to be well-capitalized, amount | $ 544,482 | $ 531,365 |
Tier I risk-based capital, requirement to be well-capitalized, percent | 0.0800 | 0.0800 |
Tier I risk-based capital, excess, amount | $ 371,065 | $ 384,263 |
Tier I risk-based capital, excess, percent | 0.0545 | 0.0579 |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 954,335 | $ 954,457 |
Total risk-based capital, capital level, percent | 0.1402 | 0.1437 |
Total risk-based capital, requirement to be well-capitalized, amount | $ 680,602 | $ 664,206 |
Total risk-based capital, requirement to be well-capitalized, percent | 0.1000 | 0.1000 |
Total risk-based capital, excess, amount | $ 273,733 | $ 290,251 |
Total risk-based capital, excess, percent | 0.0402 | 0.0437 |
Holding Company | ||
Tier I (leverage) capital: | ||
Tier I (leverage) capital, capital level, amount | $ 736,744 | $ 746,880 |
Tier I (leverage) capital, capital level, percent | 0.0851 | 0.0861 |
Tier I (leverage) capital, requirement to be well-capitalized, amount | $ 432,763 | $ 433,607 |
Tier I (leverage) capital, requirement to be well-capitalized, percent | 0.0500 | 0.0500 |
Tier I (leverage) capital, excess, amount | $ 303,981 | $ 313,273 |
Tier I (leverage) capital, excess, percent | 0.0351 | 0.0361 |
Common Equity Tier I risk-based capital: | ||
Common Equity Tier I risk-based capital, capital level, amount | $ 690,294 | $ 698,258 |
Common Equity Tier I risk-based capital, capital level, percent | 0.1014 | 0.1052 |
Common Equity Tier I risk-based capital, requirement to be well-capitalized, amount | $ 442,291 | $ 431,635 |
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 | $ 248,003 | $ 266,623 |
Common Equity Tier I risk-based capital, excess, percent | 0.0364% | 0.0402% |
Tier I risk-based capital: | ||
Tier I risk-based capital, capital level, amount | $ 736,744 | $ 746,880 |
Tier I risk-based capital, capital level, percent | 0.1083 | 0.1125 |
Tier I risk-based capital, requirement to be well-capitalized, amount | $ 544,358 | $ 531,243 |
Tier I risk-based capital, requirement to be well-capitalized, percent | 0.0800 | 0.0800 |
Tier I risk-based capital, excess, amount | $ 192,386 | $ 215,637 |
Tier I risk-based capital, excess, percent | 0.0283 | 0.0325 |
Total risk-based capital: | ||
Total risk-based capital, capital level, amount | $ 965,532 | $ 975,709 |
Total risk-based capital, capital level, percent | 0.1419 | 0.1469 |
Total risk-based capital, requirement to be well-capitalized, amount | $ 680,448 | $ 664,054 |
Total risk-based capital, requirement to be well-capitalized, percent | 0.1000 | 0.1000 |
Total risk-based capital, excess, amount | $ 285,084 | $ 311,655 |
Total risk-based capital, excess, percent | 0.0419 | 0.0469 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net Income (Loss) | $ 7,835 | $ 8,686 | $ 4,044 | $ 23,442 | $ 25,035 | $ 18,219 | $ 20,565 | $ 66,696 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |