(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act: | |||||||||||
Large accelerated filer | ☐ | ☒ | |||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
ASSETS: | |||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-bearing deposits in other financial institutions | |||||||||||
Total cash and cash equivalents | |||||||||||
Trading securities | |||||||||||
Debt securities available-for-sale, at estimated fair value (and | |||||||||||
Debt securities held-to-maturity, at amortized cost | |||||||||||
(estimated fair value of $ | |||||||||||
Equity securities | |||||||||||
Loans held-for-sale | |||||||||||
Loans held-for-investment, net | |||||||||||
Less: allowance for loan losses | ( | ( | |||||||||
Net loans held-for-investment | |||||||||||
Accrued interest receivable | |||||||||||
Bank-owned life insurance | |||||||||||
Federal Home Loan Bank (“FHLB”) of New York stock, at cost | |||||||||||
Operating lease right-of-use assets | |||||||||||
Premises and equipment, net | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||
LIABILITIES: | |||||||||||
Deposits | $ | $ | |||||||||
Securities sold under agreements to repurchase | |||||||||||
FHLB advances and other borrowings | |||||||||||
Operating lease liabilities | |||||||||||
Advance payments by borrowers for taxes and insurance | |||||||||||
Accrued expenses and other liabilities | |||||||||||
Total liabilities | |||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
June 30, 2021 and December 31, 2020, | |||||||||||
Additional paid-in-capital | |||||||||||
Unallocated common stock held by employee stock ownership plan | ( | ( | |||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive income | |||||||||||
Treasury stock at cost: | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Loans | $ | $ | $ | $ | |||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Other securities | |||||||||||||||||||||||
FHLB of New York dividends | |||||||||||||||||||||||
Deposits in other financial institutions | |||||||||||||||||||||||
Total interest income | |||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Borrowings | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
(Credit) provision for loan losses | ( | ( | |||||||||||||||||||||
Net interest income after provision for loan losses | |||||||||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Fees and service charges for customer services | |||||||||||||||||||||||
Income on bank-owned life insurance | |||||||||||||||||||||||
Gains on available-for-sale debt securities, net | |||||||||||||||||||||||
Gains (losses) on trading securities, net | ( | ||||||||||||||||||||||
Gains on sales of loans | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total non-interest income | |||||||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Compensation and employee benefits | |||||||||||||||||||||||
Occupancy | |||||||||||||||||||||||
Furniture and equipment | |||||||||||||||||||||||
Data processing | |||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Advertising | |||||||||||||||||||||||
Federal Deposit Insurance Corporation insurance | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
Total non-interest expense | |||||||||||||||||||||||
Income before income tax expense | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Net income per common share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
See accompanying notes to unaudited consolidated financial statements. | |||||||||||||||||||||||
NORTHFIELD BANCORP, INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - (Continued) (Unaudited) (In thousands) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Unrealized (losses) gains on debt securities available-for-sale: | |||||||||||||||||||||||
Net unrealized holding (losses) gains | ( | ( | |||||||||||||||||||||
Less: reclassification adjustment for net gains included in net income | ( | ( | ( | ( | |||||||||||||||||||
Net unrealized (losses) gains | ( | ( | |||||||||||||||||||||
Income tax benefit (expense) related to net unrealized holding (losses) gains on debt securities available-for-sale | ( | ( | |||||||||||||||||||||
Income tax expense (benefit) related to reclassification adjustment for (gains) losses included in net income | |||||||||||||||||||||||
Other comprehensive (loss) income, net of tax | ( | ( | |||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Shares Outstanding | Par Value | Additional Paid-in Capital | Unallocated Common Stock Held by the Employee Stock Ownership Plan | Retained Earnings | Accumulated Other Comprehensive Income (loss) Net of tax | Treasury Stock | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | |||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of treasury stock (average cost of $ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | |||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of treasury stock (average cost of $ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | $ | $ | ( | $ |
Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||
Shares Outstanding | Par Value | Additional Paid-in Capital | Unallocated Common Stock Held by the Employee Stock Ownership Plan | Retained Earnings | Accumulated Other Comprehensive Income (loss) Net of tax | Treasury Stock | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | |||||||||||||||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | |||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issuance | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of treasury stock (average cost of $ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||
( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | |||||||||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | |||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issuance | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net | |||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends declared and paid ($ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of treasury stock (average cost of $ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | ( | $ | $ | $ | ( | $ |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Credit) provision for loan losses | ( | ||||||||||
ESOP and stock compensation expense | |||||||||||
Depreciation | |||||||||||
Amortization of premiums, and deferred loan costs, net of (accretion) discounts, and deferred loan fees | |||||||||||
Amortization of intangible assets | |||||||||||
Amortization of operating lease right-of-use assets | |||||||||||
Income on bank-owned life insurance | ( | ( | |||||||||
Net gain on sale of loans held-for-sale | ( | ( | |||||||||
Gains on available-for-sale debt securities, net | ( | ( | |||||||||
(Gains) losses on trading securities, net | ( | ||||||||||
Net sales of trading securities | |||||||||||
Decrease in accrued interest receivable | |||||||||||
Increase in other assets | ( | ( | |||||||||
Increase (decrease) in accrued expenses and other liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Net increase in loans receivable | ( | ( | |||||||||
Proceeds from sale of loans held-for-sale | |||||||||||
Purchases of FHLB of New York stock | ( | ( | |||||||||
Redemptions of FHLB of New York stock | |||||||||||
Purchases of debt securities available-for-sale | ( | ( | |||||||||
Purchases of equity securities | ( | ||||||||||
Principal payments and maturities on debt securities available-for-sale | |||||||||||
Principal payments and maturities on debt securities held-to-maturity | |||||||||||
Proceeds from sale of debt securities available-for-sale | |||||||||||
Proceeds from sale of equity securities | |||||||||||
Proceeds from bank-owned life insurance | |||||||||||
Purchases and improvements of premises and equipment | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Net increase in deposits | |||||||||||
Dividends paid | ( | ( | |||||||||
Exercise of stock options | |||||||||||
Purchase of treasury stock | ( | ( | |||||||||
Increase in advance payments by borrowers for taxes and insurance | ( | ||||||||||
Proceeds from securities sold under agreements to repurchase and other borrowings | |||||||||||
Repayments related to securities sold under agreements to repurchase and other borrowings | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net increase (decrease) in cash and cash equivalents | ( | ||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Supplemental cash flow information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | $ | |||||||||
Income taxes | |||||||||||
Non-cash transactions: | |||||||||||
Loan charge-offs, net | |||||||||||
Transfer of loans held-for-investment to loans-held-for-sale at fair value | |||||||||||
Transfer of loans held-for-sale at fair value to loans held-for-investment | |||||||||||
Transfer of loans held-for-investment to other real estate owned | |||||||||||
Right-of-use assets obtained in exchange for new lease liabilities |
July 1, 2020 | |||||
Fair Value | |||||
Total Purchase Price | $ | ||||
Assets acquired: | |||||
Cash and cash equivalents | $ | ||||
Debt securities available for sale | |||||
Loans | |||||
Accrued interest receivable | |||||
Bank-owned life insurance | |||||
Premises and equipment | |||||
Other assets | |||||
Total assets acquired | |||||
Liabilities assumed: | |||||
Deposits | |||||
Other liabilities | |||||
Total liabilities assumed | |||||
Net assets acquired | $ | ||||
Goodwill recorded in the merger | $ |
July 1, 2020 | |||||
Contractually required principal and interest | $ | ||||
Contractual cash flows not expected to be collected (non-accretable discount) | |||||
Expected cash flows to be collected at acquisition | |||||
Interest component of expected cash flows (accretable yield) | ( | ||||
Fair value of acquired loans | $ |
June 30, 2021 | |||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||
Amortized | unrealized | unrealized | fair | ||||||||||||||||||||
cost | gains | losses | value | ||||||||||||||||||||
U.S. Government agency securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Pass-through certificates: | |||||||||||||||||||||||
Government sponsored enterprises ("GSEs") | ( | ||||||||||||||||||||||
Real estate mortgage investment conduits ("REMICs"): | |||||||||||||||||||||||
GSE | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||
Corporate bonds | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Total debt securities available-for-sale | $ | $ | $ | ( | $ |
December 31, 2020 | |||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||
Amortized | unrealized | unrealized | fair | ||||||||||||||||||||
cost | gains | losses | value | ||||||||||||||||||||
U.S. Government agency securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Pass-through certificates: | |||||||||||||||||||||||
GSE | ( | ||||||||||||||||||||||
REMICs: | |||||||||||||||||||||||
GSE | ( | ||||||||||||||||||||||
Non-GSE | |||||||||||||||||||||||
( | |||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Total debt securities available-for-sale | $ | $ | $ | ( | $ |
Available-for-sale | Amortized cost | Estimated fair value | ||||||||||||
Due in one year or less | $ | $ | ||||||||||||
Due after one year through five years | ||||||||||||||
Due after five years through ten years | ||||||||||||||
$ | $ |
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Unrealized | Estimated | Unrealized | Estimated | Unrealized | Estimated | ||||||||||||||||||||||||||||||
losses | fair value | losses | fair value | losses | fair value | ||||||||||||||||||||||||||||||
U.S. Government agency securities | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Pass-through certificates: | |||||||||||||||||||||||||||||||||||
GSE | ( | ( | ( | ||||||||||||||||||||||||||||||||
REMICs: | |||||||||||||||||||||||||||||||||||
GSE | ( | ( | |||||||||||||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | $ | ( | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Unrealized | Estimated | Unrealized | Estimated | Unrealized | Estimated | ||||||||||||||||||||||||||||||
losses | fair value | losses | fair value | losses | fair value | ||||||||||||||||||||||||||||||
U.S. Government agency securities | $ | ( | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Pass-through certificates: | |||||||||||||||||||||||||||||||||||
GSE | ( | ( | ( | ||||||||||||||||||||||||||||||||
REMICs: | |||||||||||||||||||||||||||||||||||
GSE | ( | ( | |||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | $ | ( | $ |
June 30, 2021 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Pass-through certificates: | |||||||||||||||||||||||
GSE | $ | $ | $ | $ | |||||||||||||||||||
Total securities held-to-maturity | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Pass-through certificates: | |||||||||||||||||||||||
GSE | $ | $ | $ | $ | |||||||||||||||||||
Total securities held-to-maturity | $ | $ | $ | $ |
June 30, | December 31, | |||||||||||||
2021 | 2020 | |||||||||||||
Real estate loans: | ||||||||||||||
Multifamily | $ | $ | ||||||||||||
Commercial mortgage | ||||||||||||||
One-to-four family residential mortgage | ||||||||||||||
Home equity and lines of credit | ||||||||||||||
Construction and land | ||||||||||||||
Total real estate loans | ||||||||||||||
Commercial and industrial loans (1) | ||||||||||||||
Other loans | ||||||||||||||
Total commercial and industrial and other loans | ||||||||||||||
Deferred origination loan costs, net (2) | ||||||||||||||
Loans held-for-investment, net (excluding PCD/PCI) | ||||||||||||||
PCD/PCI loans | ||||||||||||||
Total Loans held-for-investment, net | ||||||||||||||
Allowance for loan losses | ( | ( | ||||||||||||
Net loans held-for-investment | $ | $ | ||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||
Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total multifamily | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total one-to-four family residential | |||||||||||||||||||||||||||||||||||||||||||||||
Construction and land | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total construction and land | |||||||||||||||||||||||||||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total home equity and lines of credit | |||||||||||||||||||||||||||||||||||||||||||||||
Total real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total other | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans held-for-investment, net | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | Commercial | One-to-Four Family | Construction and Land | Home Equity and Lines of Credit | Commercial and Industrial | Other | Total | ||||||||||||||||||||||||||||||||||||||||
Internal Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans held-for-investment, net | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Total Non-Performing Loans | |||||||||||||||||||||||||||||||||||
Non-Accruing Loans | |||||||||||||||||||||||||||||||||||
Current | 30-89 Days Past Due | 90 Days or More Past Due | Total | 90 Days or More Past Due and Accruing | Total Non-Performing Loans | ||||||||||||||||||||||||||||||
Loans held-for-investment: | |||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Substandard | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||||||
One-to-four family residential | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total one-to-four family residential | |||||||||||||||||||||||||||||||||||
Construction and land | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total construction and land | |||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total multifamily | |||||||||||||||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total home equity and lines of credit | |||||||||||||||||||||||||||||||||||
Total real estate | |||||||||||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total commercial and industrial loans | |||||||||||||||||||||||||||||||||||
Other loans | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total other | |||||||||||||||||||||||||||||||||||
Total non-performing loans | $ | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Total Non-Performing Loans | |||||||||||||||||||||||||||||||||||
Non-Accruing Loans | |||||||||||||||||||||||||||||||||||
Current | 30-89 Days Past Due | 90 Days or More Past Due | Total | 90 Days or More Past Due and Accruing | Total Non-Performing Loans | ||||||||||||||||||||||||||||||
Loans held-for-investment: | |||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||||||
One-to-four family residential | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total one-to-four family residential | |||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total multifamily | |||||||||||||||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total home equity and lines of credit | |||||||||||||||||||||||||||||||||||
Total real estate | |||||||||||||||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total commercial and industrial loans | |||||||||||||||||||||||||||||||||||
Other loans | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Total other | |||||||||||||||||||||||||||||||||||
Total non-performing loans | $ | $ | $ | $ | $ | $ |
June 30, 2021 | |||||||||||||||||||||||||||||||||||
Past Due Loans | |||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | 90 Days or More Past Due and Accruing | Total Past Due | Current | Total Loans Receivable, net | ||||||||||||||||||||||||||||||
Loans held-for-investment: | |||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||||||
One-to-four family residential | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total one-to-four family residential | |||||||||||||||||||||||||||||||||||
Construction and land | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total construction and land | |||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total multifamily | |||||||||||||||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total home equity and lines of credit | |||||||||||||||||||||||||||||||||||
Total real estate | |||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total commercial and industrial | |||||||||||||||||||||||||||||||||||
Other loans | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total other loans | |||||||||||||||||||||||||||||||||||
Total loans held-for-investment | $ | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Past Due Loans | |||||||||||||||||||||||||||||||||||
30-89 Days Past Due | 90 Days or More Past Due | 90 Days or More Past Due and Accruing | Total Past Due | Current | Total Loans Receivable, net | ||||||||||||||||||||||||||||||
Loans held-for-investment: | |||||||||||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total commercial | |||||||||||||||||||||||||||||||||||
One-to-four family residential | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total one-to-four family residential | |||||||||||||||||||||||||||||||||||
Construction and land | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Total construction and land | |||||||||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total multifamily | |||||||||||||||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total home equity and lines of credit | |||||||||||||||||||||||||||||||||||
Total real estate | |||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Special Mention | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total commercial and industrial | |||||||||||||||||||||||||||||||||||
Other loans | |||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||
Total other loans | |||||||||||||||||||||||||||||||||||
Total loans held-for-investment | $ | $ | $ | $ | $ | $ |
For the Three Months Ended June 30, 2021 | For the Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | With No Related Allowance | Interest Income | Interest Income | |||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||||
Commercial | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
One-to-four family residential | |||||||||||||||||||||||||||||
Construction and land | |||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||
Other | |||||||||||||||||||||||||||||
Total non-accrual loans | $ | $ | $ | $ | $ |
December 31, 2020 | |||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||
With No Allowance Recorded: | |||||||||||||||||
Real estate loans: | |||||||||||||||||
Commercial | $ | $ | $ | — | |||||||||||||
One-to-four family residential | — | ||||||||||||||||
Multifamily | — | ||||||||||||||||
Home equity and lines of credit | — | ||||||||||||||||
Total Real Estate | — | ||||||||||||||||
With a Related Allowance Recorded: | |||||||||||||||||
Real estate loans: | |||||||||||||||||
Commercial | ( | ||||||||||||||||
Home equity and lines of credit | ( | ||||||||||||||||
Total Real Estate | ( | ||||||||||||||||
Commercial and industrial loans | ( | ||||||||||||||||
Total: | |||||||||||||||||
Real estate loans | |||||||||||||||||
Commercial | ( | ||||||||||||||||
One-to-four family residential | |||||||||||||||||
Multifamily | |||||||||||||||||
Home equity and lines of credit | ( | ||||||||||||||||
Commercial and industrial loans | ( | ||||||||||||||||
$ | $ | $ | ( |
For the Three Months Ended | For the Six Months Ended | ||||||||||||||||||||||
June 30, 2020 | June 30, 2020 | ||||||||||||||||||||||
Average Recorded Investment | Interest Income | Average Recorded Investment | Interest Income | ||||||||||||||||||||
With No Allowance Recorded: | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
One-to-four family residential | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||
With a Related Allowance Recorded: | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
One-to-four family residential | |||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||
Total: | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
Commercial | |||||||||||||||||||||||
One-to-four family residential | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||
$ | $ | $ | $ |
Six Months Ended June 30, 2020 | ||||||||||||||||||||
Number of Relationships | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment(1) | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||
Residential | $ | $ | ||||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Total Troubled Debt Restructurings | $ | $ | ||||||||||||||||||
(1) Amounts are at time of modification |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||
Balance at beginning of period | $ | $ | |||||||||
Impact of CECL adoption | |||||||||||
Balance at beginning of period | |||||||||||
Provision for credit losses | |||||||||||
Balance at end of period | $ | $ |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial (1) | One-to-Four Family | Construction and Land | Home Equity and Lines of Credit | Commercial and Industrial | Other | Total Loans (excluding PCD) | PCD | Total | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions (credit) | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | One-to-Four Family | Construction and Land | Multifamily | Home Equity and Lines of Credit | Commercial and Industrial | Other | Total Loans (excluding PCI) | PCI | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions (credit) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial (1) | One-to-Four Family | Construction and Land | Home Equity and Lines of Credit | Commercial and Industrial | Other | Total Loans (excluding PCD) | PCD | Total | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Impact of CECL adoption | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions (credit) | ( | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | One-to-Four Family | Construction and Land | Multifamily | Home Equity and Lines of Credit | Commercial and Industrial | Other | Total Loans (excluding PCI) | PCI | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provisions (credit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial (1) | One-to-Four Family | Construction and Land | Home Equity and Lines of Credit | Commercial and Industrial | Other | Total Loans (excluding PCD) | PCD | Total | |||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP loans not evaluated for impairment (2) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | One-to-Four Family | Construction and Land | Multifamily | Home Equity and Lines of Credit | Commercial and Industrial | Other | Total Loans (excluding PCI) | PCI | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance: collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPP loans not evaluated for impairment (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
Non-interest-bearing checking | $ | $ | |||||||||
NOW and interest-bearing checking | |||||||||||
Savings and money market | |||||||||||
Certificates of deposit | |||||||||||
Total deposits | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
NOW and interest-bearing checking, savings, and money market | $ | $ | $ | $ | |||||||||||||||||||
Certificates of deposit | |||||||||||||||||||||||
Total interest expense on deposit accounts | $ | $ | $ | $ |
Number of Stock Options | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Contractual Life (years) | ||||||||||||||||||||
Outstanding - December 31, 2020 | $ | $ | |||||||||||||||||||||
Forfeited | ( | — | |||||||||||||||||||||
Exercised | ( | — | |||||||||||||||||||||
Outstanding - June 30, 2021 | |||||||||||||||||||||||
Exercisable - June 30, 2021 |
Number of Shares Awarded | Weighted Average Grant Date Fair Value | ||||||||||
Non-vested at December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Non-vested at June 30, 2021 |
Fair Value Measurements at June 30, 2021 Using: | |||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||
U.S. Government agency | $ | $ | $ | $ | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Pass-through certificates: | |||||||||||||||||||||||
GSE | |||||||||||||||||||||||
REMICs: | |||||||||||||||||||||||
GSE | |||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Total debt securities available-for-sale | |||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Measured on a non-recurring basis: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Loans individually evaluated for impairment: | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||
One-to-four family residential mortgage | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||
Total individually evaluated real estate loans | |||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||
Other real estate owned | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value Measurements at December 31, 2020 Using: | |||||||||||||||||||||||
Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Measured on a recurring basis: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||
Debt securities available-for-sale: | |||||||||||||||||||||||
U.S. Government agency securities | $ | $ | $ | $ | |||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Pass-through certificates: | |||||||||||||||||||||||
GSE | |||||||||||||||||||||||
REMICs: | |||||||||||||||||||||||
GSE | |||||||||||||||||||||||
Non-GSE | |||||||||||||||||||||||
Other debt securities: | |||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Total debt securities available-for-sale | |||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Measured on a non-recurring basis: | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Impaired loans: | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Home equity and lines of credit | |||||||||||||||||||||||
Total impaired real estate loans | |||||||||||||||||||||||
Commercial and industrial loans | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Fair Value | Valuation Methodology | Unobservable Inputs | Range of Inputs | ||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||
Individually evaluated loans | $ | $ | Appraisals | Discount for costs to sell | |||||||||||||||||||||||||||||||
Discount for quick sale | |||||||||||||||||||||||||||||||||||
Discounted cash flows | Interest rates | ||||||||||||||||||||||||||||||||||
Other real estate owned | Appraisals | Discount for costs to sell | N/A |
June 30, 2021 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||||||||
Debt securities available-for-sale | |||||||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
FHLBNY stock, at cost | |||||||||||||||||||||||||||||
Net loans held-for-investment | |||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||||||||
Advance payments by borrowers for taxes and insurance | |||||||||||||||||||||||||||||
Derivative liabilities |
December 31, 2020 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Carrying Value | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||||||||
Debt securities available-for-sale | |||||||||||||||||||||||||||||
Debt securities held-to-maturity | |||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||
FHLBNY stock, at cost | |||||||||||||||||||||||||||||
Loans held-for-sale | |||||||||||||||||||||||||||||
Net loans held-for-investment | |||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||||||||
Advance payments by borrowers for taxes and insurance | |||||||||||||||||||||||||||||
Derivative liabilities |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income available to common stockholders | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding-basic | |||||||||||||||||||||||
Effect of non-vested restricted stock and stock options outstanding | |||||||||||||||||||||||
Weighted average shares outstanding-diluted | |||||||||||||||||||||||
Earnings per share-basic | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share-diluted | $ | $ | $ | $ | |||||||||||||||||||
Anti-dilutive shares |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Variable lease cost | |||||||||||||||||||||||
Net lease cost | $ | $ | $ | $ | |||||||||||||||||||
Cash paid for amounts included in measurement of operating lease liabilities | $ | $ | $ | $ | |||||||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ | $ | $ | $ | |||||||||||||||||||
Weighted average remaining lease term | |||||||||||||||||||||||
Weighted average discount rate | % | % |
Year | Amount | ||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: imputed interest | |||||
Present value of lease liabilities | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Fees and service charges for customer services: | ||||||||||||||||||||||||||
Service charges | $ | $ | $ | $ | ||||||||||||||||||||||
ATM and card interchange fees | ||||||||||||||||||||||||||
Investment fees | ||||||||||||||||||||||||||
Total fees and service charges for customer services | ||||||||||||||||||||||||||
Income on bank-owned life insurance (1) | ||||||||||||||||||||||||||
Gains on available-for-sale debt securities, net (1) | ||||||||||||||||||||||||||
Gains (losses) on trading securities, net (1) | ( | |||||||||||||||||||||||||
Gains on sales of loans (1) | ||||||||||||||||||||||||||
Swap income (1) | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total non-interest income | $ | $ | $ | $ | ||||||||||||||||||||||
Fair Value | ||||||||||||||
Balance Sheet Location | June 30, 2021 | December 31, 2020 | ||||||||||||
Other assets | $ | $ | ||||||||||||
Other liabilities |
For the Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||
Multifamily Originations | Weighted Average Interest Rate | Weighted Average LTV Ratio | Weighted Average Months to Next Rate Change or Maturity for Fixed Rate Loans | (F)ixed or (V)ariable | Amortization Term | |||||||||||||||||||||||||||
$ | 385,363 | 3.12% | 62% | 74 | V | 10 to 30 Years | ||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||
Multifamily Originations | Weighted Average Interest Rate | Weighted Average LTV Ratio | Weighted Average Months to Next Rate Change or Maturity for Fixed Rate Loans | (F)ixed or (V)ariable | Amortization Term | |||||||||||||||||||||||||||
$ | 258,084 | 3.66% | 60% | 92 | V | 30 Years | ||||||||||||||||||||||||||
1,500 | 4.40% | 47% | 180 | F | 15 Years | |||||||||||||||||||||||||||
$ | 259,584 | 3.66% | 60% |
Year | Amount | Weighted Average Rate | ||||||||||||
2021 | $48,275 | 2.00% | ||||||||||||
2022 | 120,000 | 2.29% | ||||||||||||
2023 | 87,500 | 2.89% | ||||||||||||
2024 | 50,000 | 2.47% | ||||||||||||
2025 | 112,500 | 1.48% | ||||||||||||
Thereafter | 45,000 | 1.45% | ||||||||||||
$463,275 | 2.11% |
For the Six Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||||||||
Average Outstanding Balance | Interest | Average Yield/ Rate (1) | Average Outstanding Balance | Interest | Average Yield/ Rate (1) | ||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans (2) | $ | 3,911,215 | $ | 80,976 | 4.18 | % | $ | 3,529,569 | $ | 70,680 | 4.03 | % | |||||||||||||||||||||||
Mortgage-backed securities (3) | 1,041,493 | 5,641 | 1.09 | 934,114 | 9,926 | 2.14 | |||||||||||||||||||||||||||||
Other securities (3) | 121,609 | 908 | 1.51 | 142,446 | 1,801 | 2.54 | |||||||||||||||||||||||||||||
Federal Home Loan Bank of New York stock | 28,169 | 706 | 5.05 | 30,371 | 1,033 | 6.84 | |||||||||||||||||||||||||||||
Interest-earning deposits in financial institutions | 141,899 | 72 | 0.10 | 103,673 | 203 | 0.39 | |||||||||||||||||||||||||||||
Total interest-earning assets | 5,244,385 | 88,303 | 3.40 | 4,740,173 | 83,643 | 3.55 | |||||||||||||||||||||||||||||
Non-interest-earning assets | 303,183 | 295,218 | |||||||||||||||||||||||||||||||||
Total assets | $ | 5,547,568 | $ | 5,035,391 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings, NOW, and money market accounts | $ | 2,761,541 | $ | 1,777 | 0.13 | % | $ | 2,067,140 | $ | 6,967 | 0.68 | % | |||||||||||||||||||||||
Certificates of deposit | 592,983 | 1,764 | 0.60 | 1,068,660 | 9,785 | 1.84 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 3,354,524 | 3,541 | 0.21 | 3,135,800 | 16,752 | 1.07 | |||||||||||||||||||||||||||||
Borrowed funds | 574,240 | 5,899 | 2.07 | 677,293 | 6,728 | 2.00 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 3,928,764 | 9,440 | 0.48 | $ | 3,813,093 | 23,480 | 1.24 | |||||||||||||||||||||||||||
Non-interest bearing deposits | 767,495 | 423,563 | |||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 96,759 | 92,543 | |||||||||||||||||||||||||||||||||
Total liabilities | 4,793,018 | 4,329,199 | |||||||||||||||||||||||||||||||||
Stockholders' equity | 754,550 | 706,192 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 5,547,568 | $ | 5,035,391 | |||||||||||||||||||||||||||||||
Net interest income | $ | 78,863 | $ | 60,163 | |||||||||||||||||||||||||||||||
Net interest rate spread (4) | 2.92 | % | 2.31 | % | |||||||||||||||||||||||||||||||
Net interest-earning assets (5) | $ | 1,315,621 | $ | 927,080 | |||||||||||||||||||||||||||||||
Net interest margin (6) | 3.03 | % | 2.55 | % | |||||||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 133.49 | % | 124.31 | % |
For the Three Months Ended | |||||||||||||||||||||||||||||||||||
June 30, 2021 | June 30, 2020 | ||||||||||||||||||||||||||||||||||
Average Outstanding Balance | Interest | Average Yield/ Rate (1) | Average Outstanding Balance | Interest | Average Yield/ Rate (1) | ||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loans (2) | $ | 3,948,136 | $ | 39,699 | 4.03 | % | $ | 3,587,772 | $ | 35,343 | 3.96 | % | |||||||||||||||||||||||
Mortgage-backed securities (3) | 967,526 | 2,682 | 1.11 | 913,203 | 4,304 | 1.90 | |||||||||||||||||||||||||||||
Other securities (3) | 141,475 | 484 | 1.37 | 128,818 | 777 | 2.43 | |||||||||||||||||||||||||||||
Federal Home Loan Bank of New York stock | 27,703 | 336 | 4.86 | 29,478 | 456 | 6.22 | |||||||||||||||||||||||||||||
Interest-earning deposits in financial institutions | 150,494 | 35 | 0.09 | 137,120 | 31 | 0.09 | |||||||||||||||||||||||||||||
Total interest-earning assets | 5,235,334 | 43,236 | 3.31 | 4,796,391 | 40,911 | 3.43 | |||||||||||||||||||||||||||||
Non-interest-earning assets | 295,768 | 300,511 | |||||||||||||||||||||||||||||||||
Total assets | $ | 5,531,102 | $ | 5,096,902 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings, NOW, and money market accounts | $ | 2,754,346 | $ | 845 | 0.12 | % | $ | 2,132,213 | $ | 2,894 | 0.55 | % | |||||||||||||||||||||||
Certificates of deposit | 574,899 | 826 | 0.58 | 1,023,276 | 4,579 | 1.80 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 3,329,245 | 1,671 | 0.20 | 3,155,489 | 7,473 | 0.95 | |||||||||||||||||||||||||||||
Borrowed funds | 556,682 | 2,878 | 2.07 | 675,109 | 3,208 | 1.91 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 3,885,927 | 4,549 | 0.47 | $ | 3,830,598 | $ | 10,681 | 1.12 | ||||||||||||||||||||||||||
Non-interest bearing deposits | 795,613 | 465,082 | |||||||||||||||||||||||||||||||||
Accrued expenses and other liabilities | 95,274 | 91,957 | |||||||||||||||||||||||||||||||||
Total liabilities | 4,776,814 | 4,387,637 | |||||||||||||||||||||||||||||||||
Stockholders' equity | 754,288 | 709,265 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 5,531,102 | $ | 5,096,902 | |||||||||||||||||||||||||||||||
Net interest income | $ | 38,687 | $ | 30,230 | |||||||||||||||||||||||||||||||
Net interest rate spread (4) | 2.84 | % | 2.31 | % | |||||||||||||||||||||||||||||||
Net interest-earning assets (5) | $ | 1,349,407 | $ | 965,793 | |||||||||||||||||||||||||||||||
Net interest margin (6) | 2.96 | % | 2.53 | % | |||||||||||||||||||||||||||||||
Average interest-earning assets to interest-bearing liabilities | 134.73 | % | 125.21 | % |
June 30, 2021 | December 31, 2020 | ||||||||||
Non-accrual loans: | |||||||||||
Held-for-investment | |||||||||||
Real estate loans: | |||||||||||
Commercial | $ | 5,028 | $ | 6,229 | |||||||
One-to-four family residential | 320 | 906 | |||||||||
Construction and land | 1,107 | — | |||||||||
Multifamily | 1,131 | 1,153 | |||||||||
Home equity and lines of credit | 128 | 191 | |||||||||
Commercial and industrial | 407 | 37 | |||||||||
Other | 3 | — | |||||||||
Total non-accrual loans held-for-investment | 8,124 | 8,516 | |||||||||
Loans delinquent 90 days or more and still accruing: | |||||||||||
Held-for-investment | |||||||||||
Real estate loans: | |||||||||||
Commercial | 216 | 500 | |||||||||
One-to-four family residential | 223 | 174 | |||||||||
Home equity and lines of credit | 98 | — | |||||||||
Commercial and industrial | 194 | 436 | |||||||||
Other | — | 3 | |||||||||
Total loans delinquent 90 days or more and still accruing held-for-investment | 731 | 1,113 | |||||||||
Non-performing loans held-for-sale | |||||||||||
Real estate loans: | |||||||||||
Commercial | — | 18,250 | |||||||||
Multifamily | — | 1,612 | |||||||||
Commercial and industrial | — | 33 | |||||||||
Total non-performing loans held-for-sale | — | 19,895 | |||||||||
Total non-performing loans | 8,855 | 29,524 | |||||||||
Other real estate owned | 100 | — | |||||||||
Total non-performing assets | $ | 8,955 | $ | 29,524 | |||||||
Non-performing loans to total loans | 0.23 | % | 0.77 | % | |||||||
Non-performing assets to total assets | 0.17 | % | 0.54 | % | |||||||
Loans subject to restructuring agreements and still accruing | $ | 7,603 | $ | 7,697 | |||||||
Accruing loans 30 to 89 days delinquent | $ | 5,884 | $ | 13,982 |
June 30, 2021 | December 31, 2020 | ||||||||||
Held-for-investment | |||||||||||
Real estate loans: | |||||||||||
Commercial | $ | 2,654 | $ | 8,792 | |||||||
One-to-four family residential | 1,219 | 1,152 | |||||||||
Multifamily | 1,686 | 1,893 | |||||||||
Construction and land | — | 994 | |||||||||
Home equity and lines of credit | 203 | 380 | |||||||||
Commercial and industrial loans | 122 | 760 | |||||||||
Other loans | — | 11 | |||||||||
Total delinquent accruing loans | $ | 5,884 | $ | 13,982 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Non-Accruing | Accruing | Non-Accruing | Accruing | ||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Commercial | $ | 3,257 | $ | 5,316 | $ | 3,292 | $ | 5,518 | |||||||||||||||
One-to-four family residential | — | 1,610 | 413 | 1,490 | |||||||||||||||||||
Multifamily | — | 619 | — | 626 | |||||||||||||||||||
Home equity and lines of credit | — | 43 | — | 47 | |||||||||||||||||||
Commercial and industrial loans | — | 15 | — | 16 | |||||||||||||||||||
$ | 3,257 | $ | 7,603 | $ | 3,705 | $ | 7,697 | ||||||||||||||||
Performing in accordance with restructured terms | 86.1 | % | 92.4 | % | 87.5 | % | 84.1 | % |
Loan Portfolio by Property Type as of June 30, 2021 | Loans in Forbearance for COVID Relief as of June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Amount | Average Loan Size | Weighted Average LTV Ratio | % of Total Loans | Number of Loans | Amount | Average Loan Size | Weighted Average LTV Ratio | % of Portfolio by Property Type | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate and Multifamily | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily(1) | 1,135 | $ | 2,496,613 | $ | 2,200 | 55 | % | 65.7 | % | 4 | $ | 10,739 | $ | 2,685 | 34 | % | 0.43 | % | |||||||||||||||||||||||||||||||||||||||||
Mixed use (majority of space is non-residential) | 219 | 147,199 | 672 | 46 | % | 3.9 | % | 1 | 2,890 | 2,890 | 37 | % | 1.96 | % | |||||||||||||||||||||||||||||||||||||||||||||
Retail | 86 | 144,399 | 1,679 | 48 | % | 3.8 | % | 1 | 607 | 607 | 55 | % | 0.42 | % | |||||||||||||||||||||||||||||||||||||||||||||
Office buildings | 107 | 103,996 | 972 | 46 | % | 2.7 | % | 1 | 551 | 551 | 46 | % | 0.53 | % | |||||||||||||||||||||||||||||||||||||||||||||
Accommodations | 9 | 51,545 | 5,727 | 37 | % | 1.4 | % | 1 | 155 | 155 | 16 | % | 0.30 | % | |||||||||||||||||||||||||||||||||||||||||||||
Nursing Home | 5 | 27,501 | 5,500 | 57 | % | 0.7 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Medical Office Buildings | 24 | 26,661 | 1,111 | 63 | % | 0.7 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Industrial and Manufacturing (Office and Plant) | 21 | 17,552 | 836 | 44 | % | 0.5 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Warehousing | 29 | 20,677 | 713 | 45 | % | 0.5 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Restaurant | 22 | 12,831 | 583 | 51 | % | 0.3 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Religious | 16 | 10,556 | 660 | 39 | % | 0.3 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Bank Branch | 6 | 5,441 | 907 | 44 | % | 0.1 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Schools/Child Day care | 6 | 5,532 | 922 | 36 | % | 0.2 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Automobile | 18 | 6,384 | 355 | 52 | % | 0.2 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Funeral Home | 2 | 1,756 | 878 | 62 | % | — | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Recreational | 5 | 7,044 | 1,409 | 47 | % | 0.2 | % | 2 | 3,221 | 1,611 | 47 | % | 45.73 | % | |||||||||||||||||||||||||||||||||||||||||||||
Car Wash | 1 | 489 | 489 | 18 | % | — | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Other | 146 | 145,740 | 998 | 59 | % | 3.8 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate and multifamily | 1,857 | 3,231,916 | 1,740 | 54 | % | 85.0 | % | 10 | 18,163 | 1,816 | 38 | % | 0.56 | % | |||||||||||||||||||||||||||||||||||||||||||||
One-to-four family residential | 614 | 193,976 | 316 | 35 | % | 5.1 | % | 5 | 2,297 | 459 | 39 | % | 1.18 | % | |||||||||||||||||||||||||||||||||||||||||||||
Home equity and lines of credit | 1,829 | 99,814 | 55 | 47 | % | 2.6 | % | 1 | 197 | 197 | 29 | % | 0.20 | % | |||||||||||||||||||||||||||||||||||||||||||||
Construction and land | 34 | 63,125 | 1,857 | 40 | % | 1.7 | % | — | — | — | — | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial loans | 2,230 | 209,580 | 94 | NM | 5.5 | % | 5 | 850 | 170 | NM | 0.41 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Other | 121 | 2,170 | 18 | NM | 0.1 | % | — | — | — | — | % | — | % | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans (excluding PCD) | 6,685 | $ | 3,800,581 | 569 | 100.0 | % | 21 | $ | 21,507 | 1,024 | 0.57 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Northfield Bank | Northfield Bancorp, Inc. | For Capital Adequacy Purposes | For Well Capitalized Under Prompt Corrective Action Provisions | ||||||||||||||||||||
As of June 30, 2021: | |||||||||||||||||||||||
CBLR | 11.37% | 12.77% | 8.50% | 8.50% | |||||||||||||||||||
As of December 31, 2020: | |||||||||||||||||||||||
CBLR | 11.96% | 12.73% | 8.00% | 8.00% |
Contractual Obligations | Total | Less than One Year | One to less than Three Years | Three to less than Five Years | More than Five Years | |||||||||||||||||||||||||||
Borrowings | $ | 463,275 | $ | 123,275 | $ | 182,500 | $ | 112,500 | $ | 45,000 | ||||||||||||||||||||||
Operating lease liabilities | 51,964 | 5,785 | 10,784 | 9,289 | 26,106 | |||||||||||||||||||||||||||
Commitments to originate loans | 154,859 | 154,859 | — | — | — | |||||||||||||||||||||||||||
Commitments to fund unused lines of credit | 225,429 | 225,429 | — | — | — |
NPV at June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Interest Rates (basis points) | Estimated Present Value of Assets | Estimated Present Value of Liabilities | Estimated NPV | Estimated Change In NPV | Estimated Change in NPV % | Estimated NPV/Present Value of Assets Ratio | Next 12 Months Net Interest Income Percent Change | Months 13-24 Net Interest Income Percent Change | ||||||||||||||||||||||||||||||||||||||||||
+400 | $ | 5,045,591 | $ | 4,104,276 | $ | 941,315 | $ | (46,092) | (4.67) | % | 18.66 | % | 1.13 | % | 18.50 | % | ||||||||||||||||||||||||||||||||||
+300 | 5,153,110 | 4,200,037 | 953,073 | (34,334) | (3.48) | 18.50 | 0.98 | 14.09 | ||||||||||||||||||||||||||||||||||||||||||
+200 | 5,266,269 | 4,300,242 | 966,027 | (21,380) | (2.17) | 18.34 | 0.85 | 9.87 | ||||||||||||||||||||||||||||||||||||||||||
+100 | 5,381,655 | 4,405,529 | 976,126 | (11,281) | (1.14) | 18.14 | 0.48 | 5.13 | ||||||||||||||||||||||||||||||||||||||||||
— | 5,503,906 | 4,516,499 | 987,407 | — | — | 17.94 | — | — | ||||||||||||||||||||||||||||||||||||||||||
(100) | 5,648,542 | 4,643,777 | 1,004,765 | 17,358 | 1.76 | 17.79 | (2.38) | (5.92) | ||||||||||||||||||||||||||||||||||||||||||
(200) | 5,767,794 | 4,700,457 | 1,067,337 | 79,930 | 8.09 | 18.51 | (3.89) | (8.64) |
NPV at December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in Interest Rates (basis points) | Estimated Present Value of Assets | Estimated Present Value of Liabilities | Estimated NPV | Estimated Change In NPV | Estimated Change in NPV % | Estimated NPV/Present Value of Assets Ratio | Next 12 Months Net Interest Income Percent Change | Months 13-24 Net Interest Income Percent Change | ||||||||||||||||||||||||||||||||||||||||||
+400 | $ | 5,085,541 | $ | 4,262,399 | $ | 823,142 | $ | (29,103) | (3.41) | % | 16.19 | % | 1.52 | % | 20.02 | % | ||||||||||||||||||||||||||||||||||
+300 | 5,183,396 | 4,358,918 | 824,478 | (27,767) | (3.26) | 15.91 | 1.35 | 15.41 | ||||||||||||||||||||||||||||||||||||||||||
+200 | 5,289,795 | 4,459,805 | 829,990 | (22,255) | (2.61) | 15.69 | 1.19 | 10.99 | ||||||||||||||||||||||||||||||||||||||||||
+100 | 5,401,377 | 4,565,784 | 835,593 | (16,652) | (1.95) | 15.47 | 0.78 | 5.98 | ||||||||||||||||||||||||||||||||||||||||||
— | 5,529,750 | 4,677,505 | 852,245 | — | — | 15.41 | — | — | ||||||||||||||||||||||||||||||||||||||||||
(100) | 5,678,960 | 4,781,710 | 897,250 | 45,005 | 5.28 | 15.80 | (2.41) | (5.73) | ||||||||||||||||||||||||||||||||||||||||||
(200) | 5,814,119 | 4,794,445 | 1,019,674 | 167,429 | 19.65 | 17.54 | (3.70) | (7.89) |
Period | (a) Total Number of Shares Purchased | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (in thousands) | ||||||||||||||||||||||
April 1, 2021 to April 30, 2021 | 372,831 | $ | 16.09 | 372,831 | $ | 45,395 | ||||||||||||||||||||
May 1, 2021 to May 31, 2021 | 134,984 | 16.57 | 134,984 | 43,158 | ||||||||||||||||||||||
June 1, 2021 to June 30, 2021 | 392,956 | 16.47 | 392,956 | 36,688 | ||||||||||||||||||||||
Total | 900,771 | 16.32 | 900,771 |
Exhibit Number | Description | |||||||
Certification of Steven M. Klein, President and Chief Executive Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a) | ||||||||
Certification of William R. Jacobs, Chief Financial Officer, Pursuant to Rule 13a-14(a) and Rule 15d-14(a) | ||||||||
Certification of Steven M. Klein, President and Chief Executive Officer, and William R. Jacobs, Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||||||||
101.INS | XBRL (Extensible Business Reporting Language) Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover page information from the Company's Quarterly Report on Form 10-Q filed August 9, 2021, formatted in Inline XBRL |
/s/ Steven M. Klein | ||
Steven M. Klein | ||
President and Chief Executive Officer |
/s/ William R. Jacobs | ||
William R. Jacobs | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
/s/ Steven M. Klein | ||
Steven M. Klein | ||
President and Chief Executive Officer |
/s/ William R. Jacobs | ||
William R. Jacobs | ||
Executive Vice President and Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
/s/ Steven M. Klein | Date: August 9, 2021 | |||||||
Steven M. Klein | ||||||||
President and Chief Executive Officer |
/s/ William R. Jacobs | Date: August 9, 2021 | |||||||
William R. Jacobs | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Debt securities available-for-sale, allowance for credit loss | $ 0 | |
Debt securities held-to-maturity | 6,703 | $ 7,574 |
Debt securities held-to-maturity, allowance for credit loss | $ 0 | |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 150,000,000 | 150,000,000 |
Common stock, shares issued (shares) | 64,770,875 | 64,770,875 |
Common stock, shares outstanding (shares) | 50,843,651 | 52,209,897 |
Treasury stock, shares (shares) | 13,927,224 | 12,560,978 |
Consolidated Statements of Changes In Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per share (usd per share) | $ 0.13 | $ 0.11 | $ 0.24 | $ 0.22 |
Dividends paid per share (usd per share) | 0.13 | 0.11 | 0.24 | 0.22 |
Treasury stock repurchased cost per share (usd per share) | $ 16.32 | $ 12.24 | $ 15.11 | $ 12.24 |
Consolidated Financial Statements |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidated Financial Statements | Consolidated Financial Statements Basis of Presentation The consolidated financial statements are comprised of the accounts of Northfield Bancorp, Inc. (and its wholly owned subsidiaries, Northfield Investments, Inc. and Northfield Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, NSB Services Corp. and NSB Realty Trust, collectively the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting solely of normal and recurring adjustments) necessary for the fair presentation of the consolidated balance sheets and the consolidated statements of comprehensive income for the unaudited periods presented have been included. The results of operations and other data presented for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021 or for any other period. Whenever necessary, certain prior year amounts are reclassified to conform to the current year presentation. In preparing the unaudited consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and the consolidated statements of comprehensive income for the periods indicated. Material estimates that are particularly susceptible to change are: the allowance for loan losses, estimated cash flows of our purchased credit-deteriorated (“PCD”, or, previously, purchased credit-impaired “PCI” ) loans and the valuation allowance against deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of interim financial statements. The consolidated financial statements presented should be read in conjunction with the audited consolidated financial statements and notes to consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC. Loans and Allowance for Credit Losses On January 1, 2021, the Company adopted ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The Company used the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. The adoption of the new standard resulted in the Company recording an increase in the allowance for credit losses of $11.1 million, comprised of $10.4 million and $737,000 for loans and unfunded commitments, respectively, including $6.8 million related to PCD loans. For PCD loans, the allowance for credit losses recorded is recognized through a gross-up that increases the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore results in no impact to shareholders' equity. The remaining increase to the allowance for credit losses of $4.3 million was offset in stockholders' equity and deferred taxes. As a result of adopting CECL, the Company's prior distinction between the originated loan portfolio and the non-PCD acquired loan portfolio is no longer necessary. Results for reporting periods beginning after January 1, 2021 are presented under CECL, while prior period amounts continue to be recorded with previously applicable U.S. GAAP. Further information regarding the impact of CECL can be found in Note 6 - Loans, Note 7 - Allowance for Loan Losses and Note 15 - Recent Accounting Pronouncements Adopted. COVID-19 On March 13, 2020, the Coronavirus Disease (COVID-19) pandemic was declared a national emergency in the United States. The spread of COVID-19 has negatively impacted the national and local economy, disrupted supply chains and increased unemployment levels. While vaccination rollouts, government stimulus, continued business re-openings and increased consumer activity (as social restrictions have eased) led to a sharp rebound in economic activity during the first six months of 2021, there are substantial variations in the pace of recovery across and within corporate sectors and economic activity both on a national level and in the markets we serve has not yet returned to pre-pandemic levels. In addition, the rise in cases of the new COVID-19 delta variant may threaten to undermine the economic recovery. The Company is committed to supporting its customers, employees and communities and continues to update protocols to adapt to the changing environment. The Company's bank branches offer drive through services without interruption, while lobbies are fully open or accessible to clients via appointment. The Company continues to provide secure and efficient remote and in-person work options for back office employees. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act was signed into law. It contains substantial tax and spending provisions intended to address the impact of the COVID-19 pandemic. The CARES Act includes a range of other provisions designed to support the U.S. economy and mitigate the impact of COVID-19 on financial institutions and their customers, including through the authorization of various relief programs and measures that the U.S. Department of the Treasury, the Small Business Administration, the Board of Governors of the Federal Reserve System, and other federal banking agencies have implemented or may implement. The CARES Act also includes a provision that permits a financial institution to elect to suspend temporarily TDR accounting under current U.S. generally accepted accounting principles (“U.S. GAAP”) in certain circumstances. To be eligible, a loan modification must be: (1) related to COVID-19; (2) executed on a loan that was not more than 30 days past due as of December 31, 2019; and (3) executed between March 1, 2020, and the earlier of (a) 60 days after the date of termination of the national emergency or (b) December 31, 2020. This relief was further extended by the Consolidated Appropriations Act to the earlier of January 1, 2022 or 60 days after the date of termination of the national emergency. The relief provided includes short-term (e.g., up to six months) modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment that are insignificant. Borrowers considered current are those that are less than 30 days past due on their contractual payments at the time a modification program is implemented. The banking regulators issued similar guidance, which also clarified that a COVID-19-related modification should not be considered a TDR if the borrower was current on payments at the time the underlying loan modification program was implemented and if the modification is considered to be short-term. In response to the COVID-19 pandemic and its economic impact to customers, the Company introduced a short-term modification program in March 2020 that provided temporary payment relief to those borrowers directly impacted by COVID-19. The program allows for a deferral of payments typically for 90 days, which may be extended for additional 90 day periods. See Note 6 - Loans for additional details of the Company's loan modification program. A provision in the CARES Act provides for a loan guarantee program called the Paycheck Protection Program (“PPP”), which provides 100% federally guaranteed loans for small businesses to cover payroll, utilities, rent and interest. These small business loans are fully guaranteed by the Small Business Administration (“SBA”) and may be forgiven if borrowers maintain their payrolls and satisfy certain other conditions for a period of time during the COVID-19 pandemic. As of June 30, 2021, the Company had originated over 2,300 PPP loans to new and existing customers, totaling approximately $232.2 million. PPP provides for lender processing fees that range from 1% to 5% of the final disbursement made to individual borrowers. As of June 30, 2021, we have received cumulative loan processing fees of $9.5 million, of which $4.7 million has been recognized in earnings through June 30, 2021, including $2.8 million recognized in the six months ended June 30, 2021. The remaining unearned fees will be recognized in income over the remaining term of the loans. PPP loans are fully guaranteed by the SBA and are therefore excluded from the allowance for loan and lease losses calculation. There were 1,453 PPP loans totaling $132.7 million in our loan portfolio at June 30, 2021. The Company continues to maintain a strong liquidity and capital position as a buffer to protect against the economic uncertainties presented by the COVID-19 pandemic. As of June 30, 2021, both the Company and the Bank's capital ratios were in excess of regulatory requirements and are both currently classified as well capitalized. The Company maintains access to multiple sources of liquidity and expects to have sufficient funds available to meet current commitments in the normal course of business. While the Company has not to date incurred any material adverse effects on its results of operations as a result of COVID-19, the full impact of the pandemic is still unknown at this time and will depend on future developments, including the duration of the pandemic, the success of the continued COVID-19 vaccine rollout, and other actions taken by governmental authorities and other third parties in response to the pandemic. In addition, the rise in COVID-19 delta variant cases and actions taken to contain the spread of coronavirus may threaten to undermine the economic recovery and negatively impact the demand for loans and other services we offer. Because of the significant uncertainties related to the ultimate duration of the COVID-19 pandemic and its effects on our customers and prospects, and on the local and national economy, there can be no assurances as to how the crisis may ultimately affect the Company's loan portfolio, and business as a whole. As such, the Company could be subject to certain risks, any of which could have a material, adverse effect on our business, financial condition, liquidity, and results of operations.
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Business Combinations |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations On July 1, 2020, the Company completed its acquisition of VSB Bancorp, Inc. (“Victory”), parent company of Victory State Bank, in a stock transaction, which after purchase accounting adjustments, added $402.8 million to total assets, including $180.4 million to loans, and $354.6 million to deposits, and six branch offices in Staten Island, New York. Under the terms of the merger agreement, each share of Victory common stock was exchanged for 2.0463 shares of Northfield common stock with fractional shares paid out in cash. The transaction was accounted for under the acquisition method of accounting. Under this method of accounting, the purchase price has been allocated to the respective assets acquired and liabilities assumed based upon their estimated fair values, net of tax, as of July 1, 2020, and results of operations have been included in the Company's consolidated statements of income from that date forward. The excess of consideration paid over the fair value of the net assets acquired has been recorded as goodwill. The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition for Victory (in thousands):
The calculation of goodwill is subject to change for up to one year after the date of acquisition as additional information that existed as of the acquisition date estimates and uncertainties become available. As of June 30, 2021, the Company finalized its review of the acquired assets and liabilities and recorded an adjustment to the carrying value of goodwill and a corresponding adjustment to deferred tax assets of $304,000. Fair Value Measurement of Assets Assumed and Liabilities Assumed Described below are the methods used to determine the fair value of the significant assets acquired and liabilities assumed in the Victory acquisition. Cash and Cash Equivalents. The estimated fair values of cash and cash equivalents approximate their stated face amounts, as these financial instruments are either due on demand or have short-term maturities. Debt Securities Available-for-Sale. The estimated fair values of the securities were calculated utilizing Level 2 inputs. Prices for the securities were obtained from an independent nationally recognized third-party pricing service. Loans. The acquired loan portfolio was valued based on current guidance which defines fair value as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. Level 3 inputs were utilized to value the portfolio and included the use of present value techniques employing cash flow estimates and the incorporated assumptions that marketplace participants would use in estimating fair values. In instances where reliable market information was not available, the Company used its own assumptions in an effort to determine reasonable fair value. Specifically, management utilized three separate fair value analyses which a market participant would employ in estimating the total fair value adjustment. The three separate fair valuation methodologies used were: 1) interest rate loan fair value analysis; 2) general credit fair value adjustment; and 3) specific credit fair value adjustment. To prepare the interest rate fair value analysis, loans were grouped by characteristics such as loan type, term, collateral and rate. Market rates for similar loans were obtained from various external data sources and reviewed by Company management for reasonableness. The average of these rates was used as the fair value interest rate a market participant would utilize. A present value approach was utilized to calculate the interest rate fair value adjustment. The general credit fair value adjustment was calculated using a two-part general credit fair value analysis: 1) expected credit losses; and 2) estimated fair value adjustment for qualitative factors. The expected credit losses were calculated using an average of historical losses of the acquired bank and industry bench mark loss rates observed for loans with similar underlying characteristics. The adjustment related to qualitative factors was impacted by general economic conditions and the risk related to lack of familiarity with the originator's underwriting process. To calculate the specific credit fair value adjustment, management reviewed the acquired loan portfolio for loans meeting the definition of an impaired loan with deteriorated credit quality. Loans meeting this definition were reviewed by comparing the contractual cash flows to expected collectible cash flows. The aggregate expected cash flows less the acquisition date fair value resulted in an accretable yield amount. The accretable yield amount will be recognized over the life of the loans on a level yield basis as an adjustment to yield. The following is a summary of the credit impaired loans acquired in the Victory acquisition as of the closing date (in thousands):
Leases. Five lease obligations were added as part of the acquisition, and the Company recorded a $2.5 million operating lease right-of-use asset and operating lease liability for these lease obligations. Deposits. The fair values of deposit liabilities with no stated maturity (i.e., non-interest bearing demand accounts, interest-bearing negotiable orders of withdrawal ("NOW"), savings and money market accounts) are equal to the carrying amounts payable on demand. The fair values of certificates of deposit represent contractual cash flows, discounted to present value using interest rates currently offered on deposits with similar characteristics and remaining maturities.
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Debt Securities Available-for-Sale |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities Available-for-Sale | Debt Securities Available-for-Sale The following is a comparative summary of mortgage-backed and other debt securities available-for-sale at June 30, 2021, and December 31, 2020 (in thousands):
The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at June 30, 2021 (in thousands):
Contractual maturities for mortgage-backed securities are not included above, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Certain debt securities available-for-sale are pledged or encumbered to secure borrowings under Pledge Agreements and Repurchase Agreements and for other purposes required by law. At June 30, 2021, the fair value of debt securities available-for-sale that were pledged to secure borrowings and deposits was $557.0 million. For the three months ended June 30, 2021, the Company had gross proceeds of $89.6 million on sales of debt securities available-for-sale, with gross realized gains of $509,000 and no gross realized losses. For the six months ended June 30, 2021, the Company had gross proceeds of $95.5 million on sales and calls of debt securities available-for-sale, with gross realized gains of $606,000 and no gross realized losses. For the three months ended June 30, 2020, the Company had gross proceeds of $12.6 million on sales of debt securities available-for-sale, with gross realized gains of $74,000 related to sales of securities and gross realized losses of $1,000 related to calls of securities. For the six months ended June 30, 2020, the Company had gross proceeds of $12.6 million on sales of debt securities available-for-sale, with gross realized gains of $74,000 related to sales of securities and gross realized losses of $14,000 related to calls of securities. The Company recognized net gains of $807,000 and $1.2 million on its trading securities portfolio during the three and six months ended June 30, 2021, respectively. During the three and six months ended June 30, 2020, the Company recognized net gains of $1.6 million and net losses of $366,000, respectively, on its trading securities portfolio. Gross unrealized losses on mortgage-backed and other debt securities available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2021, and December 31, 2020, were as follows (in thousands):
The Company held nine pass-through mortgage-backed securities issued or guaranteed by GSEs that were in a continuous unrealized loss position of twelve months or greater at June 30, 2021. There were 17 pass-through mortgage-backed securities issued or guaranteed by GSEs, 41 REMIC mortgage-backed securities issued or guaranteed by GSEs, two corporate bonds and one U.S. Government agency security that were in an unrealized loss position of less than twelve months at June 30, 2021. All securities referred to above were rated investment grade at June 30, 2021. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, the Company considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The Company did not recognize any allowance for credit losses on its available-for-sale debt securities during the three and six months ended June 30, 2021. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. The Company also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If the Company intends to sell an available for sale debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivable associated with debt securities available-for-sale totaling $1.9 million at June 30, 2021 is reported in accrued interest receivable on the consolidated balance sheet. Equity SecuritiesAt June 30, 2021, and December 31, 2020, equity securities totaled $219,000 and $253,000, respectively. Equity securities consist of money market mutual funds recorded at fair value.
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Debt Securities Held-to-Maturity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities Held-to-Maturity | Debt Securities Held-to-Maturity The following is a summary of mortgage-backed securities held-to-maturity at June 30, 2021 and December 31, 2020 (in thousands):
Contractual maturities for mortgage-backed securities are not presented, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. There were no sales of held-to-maturity securities for the six months ended June 30, 2021 or June 30, 2020. At June 30, 2021, debt securities held-to-maturity with a carrying value of $6.4 million were pledged to secure borrowings and deposits. At June 30, 2021 and December 31, 2020, there were no debt securities held-to-maturity in an unrealized loss position. The Company's held-to-maturity securities are residential mortgage-backed securities issued by Ginnie Mae, Freddie MAC and Fannie Mae, and it is expected that the securities will not be settled at prices less than the amortized cost bases of the securities as such securities are backed by the full faith and credit of and/or guaranteed by the U.S. Government. Accordingly, no allowance for credit losses has been recorded for these securities. The Company has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. Accrued interest receivable associated with held-to-maturity securities totaling $19,400 at June 30, 2021 is reported in accrued interest receivable on the consolidated balance sheet.
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Equity Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity Securities | Debt Securities Available-for-Sale The following is a comparative summary of mortgage-backed and other debt securities available-for-sale at June 30, 2021, and December 31, 2020 (in thousands):
The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at June 30, 2021 (in thousands):
Contractual maturities for mortgage-backed securities are not included above, as expected maturities on mortgage-backed securities may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Certain debt securities available-for-sale are pledged or encumbered to secure borrowings under Pledge Agreements and Repurchase Agreements and for other purposes required by law. At June 30, 2021, the fair value of debt securities available-for-sale that were pledged to secure borrowings and deposits was $557.0 million. For the three months ended June 30, 2021, the Company had gross proceeds of $89.6 million on sales of debt securities available-for-sale, with gross realized gains of $509,000 and no gross realized losses. For the six months ended June 30, 2021, the Company had gross proceeds of $95.5 million on sales and calls of debt securities available-for-sale, with gross realized gains of $606,000 and no gross realized losses. For the three months ended June 30, 2020, the Company had gross proceeds of $12.6 million on sales of debt securities available-for-sale, with gross realized gains of $74,000 related to sales of securities and gross realized losses of $1,000 related to calls of securities. For the six months ended June 30, 2020, the Company had gross proceeds of $12.6 million on sales of debt securities available-for-sale, with gross realized gains of $74,000 related to sales of securities and gross realized losses of $14,000 related to calls of securities. The Company recognized net gains of $807,000 and $1.2 million on its trading securities portfolio during the three and six months ended June 30, 2021, respectively. During the three and six months ended June 30, 2020, the Company recognized net gains of $1.6 million and net losses of $366,000, respectively, on its trading securities portfolio. Gross unrealized losses on mortgage-backed and other debt securities available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2021, and December 31, 2020, were as follows (in thousands):
The Company held nine pass-through mortgage-backed securities issued or guaranteed by GSEs that were in a continuous unrealized loss position of twelve months or greater at June 30, 2021. There were 17 pass-through mortgage-backed securities issued or guaranteed by GSEs, 41 REMIC mortgage-backed securities issued or guaranteed by GSEs, two corporate bonds and one U.S. Government agency security that were in an unrealized loss position of less than twelve months at June 30, 2021. All securities referred to above were rated investment grade at June 30, 2021. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. In performing an assessment of whether any decline in fair value is due to a credit loss, the Company considers the extent to which the fair value is less than the amortized cost, changes in credit ratings, any adverse economic conditions, as well as all relevant information at the individual security level such as credit deterioration of the issuer or collateral underlying the security. In assessing the impairment, the Company compares the present value of cash flows expected to be collected with the amortized cost basis of the security. If it is determined that the decline in fair value was due to credit losses, an allowance for credit losses is recorded, limited to the amount the fair value is less than amortized cost basis. The Company did not recognize any allowance for credit losses on its available-for-sale debt securities during the three and six months ended June 30, 2021. The non-credit related decrease in the fair value, such as a decline due to changes in market interest rates, is recorded in other comprehensive income, net of tax. The Company also assesses the intent to sell the securities (as well as the likelihood of a near-term recovery). If the Company intends to sell an available for sale debt security or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis, the debt security is written down to its fair value and the write down is charged to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivable associated with debt securities available-for-sale totaling $1.9 million at June 30, 2021 is reported in accrued interest receivable on the consolidated balance sheet. Equity SecuritiesAt June 30, 2021, and December 31, 2020, equity securities totaled $219,000 and $253,000, respectively. Equity securities consist of money market mutual funds recorded at fair value.
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans On January 1, 2021, the Company adopted the CECL standard for measuring credit losses, which replaced the incurred loss methodology. As a result of adopting CECL, the Company combined its originated loan portfolio and the acquired loan portfolio into the respective portfolio segments. Other than to combine the originated and non-PCD acquired loan portfolios, the Company's portfolio segments and loan classes remain unchanged following the adoption of the CECL standard. Prior period disclosures have been revised to conform to current period presentation (by combining originated and acquired portfolio segments), however, the Company did not recast comparative financial information and that is still presented in accordance with previous applicable provisions of U.S. GAAP. The following table summarizes the Company’s loans held-for-investment (in thousands):
(1) Included in commercial and industrial loans at June 30, 2021 and December 31, 2020 are PPP loans totaling $132.7 million and $126.5 million, respectively. (2) Under CECL origination deferred fees, deferred fees on acquired loans, and purchase accounting adjustments in connection with loans acquired are included in loans by respective portfolio. The Company had no loans held-for-sale at June 30, 2021. At December 31, 2020, loans held-for-sale totaled $19.9 million. In addition to originating loans, the Company may acquire loans through portfolio purchases or acquisitions of other companies. Purchased loans that have evidence of more than insignificant credit deterioration since origination are deemed purchased credit deteriorated (“PCD”) loans. In accordance with ASU 2016-13, with its adoption of the CECL standard, the Company did not reassess whether previously recognized PCI loans accounted for under prior accounting guidance met the criteria of a PCD loan as of the date of adoption. All loans considered to be PCI prior to the adoption of CECL were converted to PCD upon adoption. For PCD loans, each loan pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. PCD loans totaled $16.7 million at June 30, 2021, as compared to $18.5 million of PCI loans at December 31, 2020. The majority of the PCD loan balance is attributable to those loans acquired as part of a Federal Deposit Insurance Corporation-assisted transaction. At June 30, 2021, PCD loans consisted of approximately 17% one-to-four family residential loans, 25% commercial real estate loans and 45% commercial and industrial loans, with the remaining balance in construction and home equity loans. At December 31, 2020, PCI loans consisted of approximately 22% one-to-four family residential loans, 23% commercial real estate loans and 40% commercial and industrial loans, with the remaining balance in home equity loans. Credit Quality Indicators The Company monitors the credit quality of its loan portfolio on a regular basis. Credit quality is monitored by reviewing certain credit quality indicators. Management has determined that loan-to-value ratios (at period end) and internally assigned credit risk ratings by loan type are the key credit quality indicators that best measure the credit quality of the Company’s loan receivables. Loan-to-value (“LTV”) ratios used by management in monitoring credit quality are based on current period loan balances and original appraised values at the time of origination (unless a current appraisal has been obtained as a result of the loan being deemed impaired). The Company maintains a credit risk rating system as part of the risk assessment of its loan portfolio. The Company’s lending officers are required to assign a credit risk rating to each loan in their portfolio at origination. This risk rating is reviewed periodically and adjusted if necessary. Monthly, management presents monitored assets to the loan committee. In addition, the Company engages a third-party independent loan reviewer that performs semi-annual reviews of a sample of loans, validating the credit risk ratings assigned to such loans. The credit risk ratings play an important role in the establishment of the provision for loan losses and the allowance for loan losses for originated loans held-for-investment. After determining the loss factor for each originated portfolio segment held-for-investment, the collectively evaluated for impairment balance of the held-for-investment portfolio is multiplied by the collectively evaluated for impairment loss factor for the respective portfolio segment in order to determine the allowance for loans collectively evaluated for impairment. When assigning a risk rating to a loan, management utilizes the Bank’s internal nine-point credit risk rating system. 1.Strong 2.Good 3.Acceptable 4.Adequate 5.Watch 6.Special Mention 7.Substandard 8.Doubtful 9.Loss Loans rated 1 to 5 are considered pass ratings. An asset is classified substandard if it is inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Substandard assets have well defined weaknesses based on objective evidence, and are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Assets classified as doubtful have all of the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses present make collection or liquidation in full highly questionable and improbable based on current circumstances. Assets classified as loss are those considered uncollectible and of such little value that their continuance as assets is not warranted. Assets which do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses, are required to be designated special mention. The following table presents the Company’s loans held-for-investment, excluding PCD loans, by loan class, credit risk ratings and year of origination, at June 30, 2021 (in thousands):
The following table details the recorded investment of loans held-for-investment, excluding PCI loans, net of deferred fees and costs, by loan type and credit quality indicator at December 31, 2020 (in thousands):
Past Due and Non-Accrual Loans Included in loans receivable held-for-investment are loans for which the accrual of interest income has been discontinued due to deterioration in the financial condition of the borrowers. The recorded investment of these non-accrual loans was $8.1 million and $8.5 million at June 30, 2021, and December 31, 2020, respectively. Generally, loans are placed on non-accrual status when they become 90 days or more delinquent, or sooner if considered appropriate by management, and remain on non-accrual status until they are brought current, have six consecutive months of performance under the loan terms, and factors indicating reasonable doubt about the timely collection of payments no longer exist. Therefore, loans may be current in accordance with their loan terms, or may be less than 90 days delinquent and still be on a non-accruing status. When an individual loan no longer demonstrates the similar credit risk characteristics as other loans within its current segment, the Company evaluates each for expected credit losses on an individual basis. All non-accrual loans $500,000 and above and all loans designated as troubled debt restructures (“TDRs”) are individually evaluated. The non-accrual amounts included in loans individually evaluated for impairment were $4.9 million and $5.5 million at June 30, 2021, and December 31, 2020, respectively. Loans on non-accrual status with principal balances less than $500,000, and therefore not individually evaluated for impairment, amounted to $3.2 million at June 30, 2021, and $3.0 million at December 31, 2020. Loans past due 90 days or more and still accruing interest were $731,000 at June 30, 2021, and $1.1 million at December 31, 2020, and consisted of loans that are considered well-secured and in the process of collection. The Company had no loans held-for-sale at June 30, 2021. At December 31, 2020, the Company had $19.9 million in loans held-for-sale. At December 31, 2020, the loans held-for-sale were comprised of commercial real estate and multifamily loans, primarily accommodation (hotel or motel) loans that were modified in the form of interest and/or principal payment deferrals due to COVID-19 related hardships, and had not returned to contractual payments after 180 days of relief. The sale of these loans was completed in March 2021. The following tables set forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due 90 days or more and still accruing), net of deferred fees and costs, at June 30, 2021, and December 31, 2020, excluding PCD/PCI loans (in thousands):
The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD/PCI loans, net of deferred fees and costs, at June 30, 2021, and December 31, 2020 (in thousands):
The following tables summarize information on non-accrual loans, excluding PCD loans, at June 30, 2021 (in thousands):
The following table summarizes impaired loans, excluding PCI loans, at December 31, 2020 (in thousands):
Included in the table above at December 31, 2020, are impaired loans with carrying balances of $7.8 million that were not written down by charge-offs or for which there are no specific reserves in our allowance for loan losses. Loans not written down by charge-offs or specific reserves at December 31, 2020, are considered to have sufficient collateral values, less costs to sell, to support the carrying balances of the loans. The following table summarizes the average recorded investment in impaired loans, excluding PCI loans, and interest income recognized as of, and for, the three and six months ended June 30, 2020 (in thousands):
Collateral-Dependent Loans Loans for which the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral are considered to be collateral-dependent loans. Collateral can have a significant financial effect in mitigating exposure to credit risk and, where there is sufficient collateral, an allowance for expected credit losses is not recognized or is minimal. For collateral-dependent loans, the allowance for expected credit losses is individually assessed based on the fair value of the collateral less estimated costs of sale. The Company's collateral-dependent loans are secured by real estate. Collateral values are generally based on appraisals which are adjusted for changes in market indices. As of June 30, 2021, and December 31, 2020, the Company had $9.8 million and $10.2 million of collateral-dependent impaired loans, respectively. The collateral-dependent loans at June 30, 2021 consisted of $7.7 million of commercial real estate loans, $1.1 million of construction loans, $619,000 of multifamily loans, and $380,000 of one-to-four family residential loans. For the six months ended June 30, 2021, there was no significant deterioration or changes in the collateral securing these loans. Troubled Debt Restructured Loans There were no loans modified in a TDR during the three or six months ended June 30, 2021. The following tables summarizes loans that were modified in a TDR during the six months ended June 30, 2020:
There were four loans (to three borrowers) in the table above, that requested COVID-19 relief and were modified as TDRs during the three months ended June 30, 2020, all of which were modified to restructure payment terms. All four of the loans were delinquent and on non-accrual status prior to the implementation of our COVID-19 customer relief program (discussed further below) and were therefore considered to be TDRs. In response to the COVID-19 pandemic and its economic impact to customers, a short-term modification program that complied with Section 4013 of the CARES Act and the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus was implemented to provide temporary payment relief to those borrowers directly impacted by COVID-19. The program allows for deferral of payments for 90 days, which may extend for an additional 90 day periods, with modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment. As of June 30, 2021, the Company had 21 loan modifications (excluding PCD loans) with principal and/or interest payment deferrals on outstanding loan balances of $21.5 million. Of these 21 payment deferrals, six were principal deferrals totaling $2.1 million, and 15 were principal and interest deferrals totaling $19.4 million. As these deferrals were current as of December 31, 2019, or the date of modification, these loans are not considered TDRs. Loans in deferment status (“COVID-19 Modified Loans”) will continue to accrue interest during the deferment period unless otherwise classified as nonperforming. COVID-19 Modified Loans are required to make escrow payments for real estate taxes and insurance, if applicable. For loans given relief of interest, the deferred interest is generally to be paid back over a period not to exceed 18 months. Principal deferrals may be brought current or recast into outstanding principal at time of rate reset or repaid at the end of the loan's contractual term. COVID-19 Modified Loan agreements generally also include covenants that prohibit distributions, bonuses, or payments of management fees to related entities until all deferred payments are made. At June 30, 2021 and December 31, 2020, the Company had TDRs of $11.5 million and $12.1 million, respectively. Management classifies all TDRs as loans individually evaluated for impairment. Loans individually evaluated for impairment are assessed to determine that the loan’s carrying value is not in excess of the estimated fair value of the collateral less cost to sell, if the loan is collateral-dependent, or the present value of the expected future cash flows, if the loan is not collateral-dependent. Management performs an evaluation of each impaired loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair values down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining the estimated fair value of underlying collateral (and related costs to sell) can be difficult in illiquid real estate markets and is subject to significant assumptions and estimates. Management employs an independent third-party management firm that specializes in appraisal preparation and review to ascertain the reasonableness of updated appraisals. Projecting the expected cash flows under TDRs which are not collateral-dependent is inherently subjective and requires, among other things, an evaluation of the borrower’s current and projected financial condition. Actual results may be significantly different than our projections and our established allowance for loan losses on these loans, which could have a material effect on our financial results. At June 30, 2021 and June 30, 2020, there were no TDRs that were restructured during the preceding twelve months that subsequently defaulted
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Allowance for Credit Losses on Loans (“ACL”) |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Loans (“ACL”) | Allowance for Credit Losses on Loans (“ACL”) On January 1, 2021, the Company adopted the CECL standard, which requires the measurement of expected credit losses for financial assets measured at amortized cost, including loans, and certain off-balance-sheet credit exposures. As a result of the adoption of CECL, the Company recorded a $10.4 million increase to its allowance for credit losses on loans, including $6.8 million related to PCD loans. For PCD loans, the allowance for credit losses recorded is recognized through a gross-up that increases the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore results in no impact to shareholders' equity. Under the CECL standard, the Company determines the ACL on loans based upon a consideration of its historical portfolio loss experience, current borrower-specific risk characteristics, forecasts of future economic conditions, reversion period, prepayments and qualitative adjustments. The allowance is measured on a collective (loan segment) basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. Accrued interest on loans is excluded from the calculation of the ACL due to the Company's non-accrual policy which results in the reversal of uncollectible accrued interest on non-accrual loans against interest income in a timely manner. Accrued interest receivable on loans held-for-investment totaled $12.6 million at June 30, 2021, and is reported in accrued interest receivable on the consolidated balance sheet. The Company’s loan portfolio segmentation includes: multifamily, commercial real estate, one-to-four family residential mortgage, home equity and lines of credit, commercial and industrial, construction and other consumer loans. Allowance for Collectively Evaluated Loans Held-for-Investment In estimating the quantitative component of the allowance on a collective basis, the Company uses a risk rating migration model which calculates an expected life of loan loss percentage for each loan by generating probability of default and loss given default metrics. The metrics are based on the migration of loans from performing to loss by credit quality rating or delinquency categories using historical life-of-loan analysis periods for each loan portfolio pool, and the severity of loss, based on the aggregate net lifetime losses incurred using the Company's own historical loss experience and comparable peer data loss history. The model's expected losses based on loss history are adjusted for qualitative factors. Among other things, these adjustments include and account for differences in: (i) changes in lending policies and procedures; (ii) changes in local, regional, national, and international economic and business conditions and developments that affect the collectability of our portfolio, including the condition of various market segments; (iii) changes in the experience, ability and depth of lending management and other relevant staff; (iv) changes in the quality of our loan review system; (v) the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and (vi) the effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in our existing portfolio. The Company utilizes a two-year reasonable and supportable forecast period after which estimated losses revert to historical loss experience immediately for the remaining life of the loan. In establishing its estimate of expected credit losses, the Company utilizes five externally-sourced forward-looking economic scenarios developed by Moody's Analytics (“Moody's”). Management utilizes five different Moody's scenarios so as to incorporate uncertainties related to the unprecedented economic environment arising from the COVID-19 pandemic. These scenarios, which range from more benign to more severe economic outlooks, represent a ‘most likely outcome’ (the “Baseline” scenario) and four less likely scenarios referred to as the “Upside” scenarios and the “Downside” scenarios. Each scenario is assigned a weighting with a majority of the weighting placed on the Baseline scenario and lower weights placed on both the Upside and Downside scenarios. The weighting assigned by management is based on the economic outlook and available information at the reporting date. The model projects economic variables under each scenario based on detailed statistical analyses. The Company has identified and selected key variables that most closely correlated to its historical credit performance, which include: Gross domestic product, unemployment, and three collateral indices: the Commercial Property Price Index, the Commercial Property Price Apartment Index and the Case-Shiller Home Price Index. Allowance for Individually Evaluated Loans The Company measures specific reserves for individual loans that do not share common risk characteristics with other loans, consisting of all TDRs and non-accrual loans with an outstanding balance of $500,000 or greater. Loans individually evaluated for impairment are assessed to determine that the loan’s carrying value is not in excess of the estimated fair value of the collateral less cost to sell, if the loan is collateral-dependent, or the present value of the expected future cash flows, if the loan is not collateral-dependent. Management performs an evaluation of each impaired loan and generally obtains updated appraisals as part of the evaluation. In addition, management adjusts estimated fair values down to appropriately consider recent market conditions, our willingness to accept a lower sales price to effect a quick sale, and costs to dispose of any supporting collateral. Determining the estimated fair value of underlying collateral (and related costs to sell) can be difficult in illiquid real estate markets and is subject to significant assumptions and estimates. Management employs an independent third-party management firm that specializes in appraisal preparation and review to ascertain the reasonableness of updated appraisals. Projecting the expected cash flows under troubled debt restructurings which are not collateral-dependent is inherently subjective and requires, among other things, an evaluation of the borrower’s current and projected financial condition. Actual results may be significantly different than our projections and our established allowance for credit losses on these loans, which could have a material effect on our financial results. Individually impaired loans that have no impairment losses are not considered for collective allowances described earlier. At June 30, 2021 and December 31, 2020, the specific component of the ACL for loans individually evaluated for impairment was $68,000 and $73,000, respectively. Allowance for Credit Losses – Off-Balance Sheet Exposures An ACL for off-balance-sheet exposures represents an estimate of expected credit losses arising from off-balance sheet exposures such as loan commitments, standby letters of credit and unused lines of credit (loans on books already). Commitments to fund unused lines of credit are agreements to lend additional funds to customers as long as there have been no violations of any of the conditions established in the agreements (original or restructured). Commitments to originate loans generally have a fixed expiration or other termination clauses, which may require payment of a fee. Since some of these loan commitments are expected to expire without being drawn upon, total commitments do not necessarily represent future cash requirements. The reserve for off-balance sheet exposures is determined using the CECL reserve factor in the related funded loan segment, adjusted for an average historical funding rate. The allowance for credit losses for off-balance sheet credit exposures is recorded in other liabilities on the consolidated balance sheets and the corresponding provision is included in other non-interest expense. The table below summarizes the allowance for credit losses for off-balance sheet credit exposures (in thousands):
The following tables set forth activity in our allowance for credit losses on loans, by loan type, as of, and for the three and six months ended June 30, 2021, and June 30, 2020 (in thousands):
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.
The following tables detail the amount of loans receivable held-for-investment, net of deferred loan fees and costs, that are evaluated, individually and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan portfolio segment, at June 30, 2021 and December 31, 2020 (in thousands):
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties. (2) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for loan losses.
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits Deposit account balances are summarized as follows (in thousands):
Interest expense on deposit accounts is summarized for the periods indicated (in thousands):
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Equity Incentive Plans |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Incentive Plans | Equity Incentive Plans The following table is a summary of the Company’s stock options outstanding as of June 30, 2021, and changes therein during the six months then ended.
Expected future stock option expense related to the non-vested options outstanding as of June 30, 2021, is $15,000 over a weighted average period of 0.4 years. On January 29, 2021, the Company granted to directors and employees, under the 2019 Equity Incentive Plan, 147,315 restricted stock units with a total grant-date fair value of $1.8 million. Of these grants, 32,769 vest one year from the date of grant and 114,546 vest in equal installments over a five-year period beginning one year from the date of grant. The Company also issued 29,615 performance-based restricted stock units to its executive officers with a total grant date fair value of $366,041. Vesting of the performance-based restricted stock units will be based on achievement of certain levels of Core Return on Average Assets and will cliff-vest after a three-year measurement period ended January 29, 2024, based on the Company's performance relative to a peer group as determined by the Compensation Committee of the Board. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 225% of target amounts. The following is a summary of the status of the Company’s restricted stock awards at June 30, 2021, and changes therein during the six months then ended.
Expected future stock award expense related to the non-vested restricted share awards as of June 30, 2021, is $2.3 million over a weighted average period of 3.6 years. During the three months ended June 30, 2021 and June 30, 2020, the Company recorded $261,000 and $432,000, respectively, of stock-based compensation related to the above plan. During the six months ended June 30, 2021 and June 30, 2020, the Company recorded $504,000 and $880,000, respectively, of stock-based compensation related to the above plan.
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Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of June 30, 2021, and December 31, 2020, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the FASB ASC. Financial assets and liabilities are classified in their entirety based on the level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: •Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. •Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means. •Level 3 Inputs – Significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. The methods of determining the fair value of assets and liabilities presented in this note are consistent with our methodologies disclosed in Note 15 to the Consolidated Financial Statements of the Company’s 2020 Annual Report on Form 10-K.
The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at June 30, 2021 and December 31, 2020 (dollars in thousands):
The valuation techniques described below were used to measure fair value of financial instruments in the tables below on a recurring basis and a non-recurring basis at June 30, 2021, and December 31, 2020. Debt Securities Available for Sale: The estimated fair values for mortgage-backed securities, corporate, and other debt securities are obtained from an independent nationally recognized third-party pricing service. The estimated fair values are derived primarily from cash flow models, which include assumptions for interest rates, credit losses, and prepayment speeds. Broker/dealer quotes are utilized as well, when such quotes are available and deemed representative of the market. The significant inputs utilized in the cash flow models are based on market data obtained from sources independent of the Company (Observable Inputs), and are therefore classified as Level 2 within the fair value hierarchy. There were no transfers of securities between Level 1 and Level 2 during the six months ended June 30, 2021 or June 30, 2020. Trading Securities: Fair values are derived from quoted market prices in active markets. The assets consist of publicly traded mutual funds. Equity Securities: Fair values of equity securities consisting of publicly traded mutual funds are derived from quoted market prices in active markets. Loans individually evaluated for impairment: At June 30, 2021 and December 31, 2020, the Company had loans individually evaluated for impairment (excluding PCD/PCI loans) with outstanding principal balances of $6.8 million and $7.4 million, respectively, which were recorded at their estimated fair value of $4.7 million and $5.3 million, respectively. The Company recorded a net decrease in the specific reserve for impaired loans of $5,000 and a net increase of $177,000 for the six months ended June 30, 2021 and June 30, 2020, respectively. Net charge-offs of $2.4 million and $291,000 were recorded for the six months ended June 30, 2021 and June 30, 2020, respectively, utilizing Level 3 inputs. For purposes of estimating the fair value of impaired loans, management utilizes independent appraisals, if the loan is collateral-dependent, adjusted downward by management, as necessary, for changes in relevant valuation factors subsequent to the appraisal date, or the present value of expected future cash flows for non-collateral dependent loans and TDRs. Other Real Estate Owned: At June 30, 2021, the Company had assets acquired through foreclosure of $100,000, recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Estimated fair value is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience, and are considered Level 3 inputs. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If the estimated fair value of the asset declines, a write-down is recorded through non-interest expense. The valuation of foreclosed assets is subjective in nature and may be adjusted in the future because of changes in the economic conditions. In addition, the Company may be required, from time to time, to measure the fair value of certain other financial assets on a nonrecurring basis in accordance with U.S. GAAP. The adjustments to fair value usually result from the application of lower-of-cost-or-market accounting or write downs of individual assets. Fair Value of Financial Instruments: The FASB ASC Topic for Financial Instruments requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The following methods and assumptions were used to estimate the fair value of other financial assets and financial liabilities not already discussed above: (a) Cash and Cash Equivalents Cash and cash equivalents are short-term in nature with original maturities of three months or less; the carrying amount approximates fair value. Certificates of deposit having original terms of six-months or less; the carrying value generally approximates fair value. Certificates of deposit with an original maturity of six months or greater; the fair value is derived from discounted cash flows. (b) Debt Securities (Held-to-Maturity) The estimated fair values for substantially all of our securities are obtained from an independent nationally recognized pricing service. The independent pricing service utilizes market prices of same or similar securities whenever such prices are available. Prices involving distressed sellers are not utilized in determining fair value. Where necessary, the independent third-party pricing service estimates fair value using models employing techniques such as discounted cash flow analysis. The assumptions used in these models typically include assumptions for interest rates, credit losses, and prepayments, utilizing market observable data where available. (c) Investments in Equity Securities at Net Asset Value Per Share The Company uses net asset value as a practical expedient to record its investment in a private SBA Loan Fund since the shares in the fund are not publicly traded, do not have a readily determinable fair value and the net asset value per share is calculated in a manner consistent with the measurement principles of an investment company. (d) Federal Home Loan Bank of New York Stock The fair value for Federal Home Loan Bank of New York ("FHLBNY") stock is its carrying value, since this is the amount for which it could be redeemed and there is no active market for this stock. (e) Loans (Held-for-Investment) Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as originated and purchased, and further segregated by residential mortgage, construction, land, multifamily, commercial and consumer. Each loan category is further segmented into amortizing and non-amortizing and fixed and adjustable rate interest terms and by performing and nonperforming categories. The fair value of loans is estimated using a discounted cash flow analysis. The discount rates used to determine fair value use interest rate spreads that reflect factors such as liquidity, credit, and nonperformance risk of the loans. (f) Loans (Held-for-Sale) Held-for-sale loans are carried at the lower of aggregate cost or estimated fair value, less costs to sell, and therefore fair value is equal to carrying value. (g) Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits, savings, NOW and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. (h) Commitments to Extend Credit and Standby Letters of Credit The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of off-balance sheet commitments is insignificant and therefore not included in the following table. (i) Borrowings The fair value of borrowed funds is estimated by discounting future cash flows based on rates currently available for debt with similar terms and remaining maturity. (j) Advance Payments by Borrowers for Taxes and Insurance Advance payments by borrowers for taxes and insurance have no stated maturity; the fair value is equal to the amount currently payable. (k) Derivatives The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs. The estimated fair value of the Company’s financial instruments at June 30, 2021 and December 31, 2020, is presented in the following tables (in thousands):
Limitations Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. 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 financial instrument. Because no market exists for a significant portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected losses, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on-and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates.
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Earnings Per Share |
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Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding during the period. For purposes of calculating basic earnings per share, weighted average common shares outstanding excludes unallocated employee stock ownership plan (“ESOP”) shares that have not been committed for release and unvested restricted stock. Diluted earnings per share is computed using the same method as basic earnings per share, but reflects the potential dilution that could occur if stock options were exercised and converted into common stock and unvested shares of restricted stock vested. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. When applying the treasury stock method we added the assumed proceeds from option exercises and the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divided this sum by our average stock price for the period to calculate assumed shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per share. The following is a summary of the Company’s earnings per share calculations and reconciliation of basic to diluted earnings per share for the periods indicated (in thousands, except per share data):
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Leases |
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Leases | Leases The Company’s leases primarily relate to real estate property for branches and office space with terms extending from three months up to 34.0 years. At June 30, 2021, all of the Company's leases are classified as operating leases, which are required to be recognized on the consolidated balance sheets as a right-of-use asset and a corresponding lease liability. The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use assets and operating lease liabilities on the consolidated balance sheets. Right-of-use assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recorded at the present value of lease payments over the lease term. As the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate, at lease inception, over a similar term in determining the present value of lease payments. Certain leases include options to renew, with one or more renewal terms ranging from to ten years. If the exercise of a renewal option is considered to be reasonably certain, the Company includes the extended term in the calculation of the right-of-use asset and lease liability. At June 30, 2021, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $34.6 million and $40.7 million, respectively. At December 31, 2020, the Company’s operating lease right-of-use assets and operating lease liabilities included on the consolidated balance sheet were $36.7 million and $42.7 million, respectively. Operating lease expense is recognized on a straight-line basis over the lease term, while variable lease payments are recognized as incurred. Variable lease payments include common area maintenance charges, real estate taxes, repairs and maintenance costs and utilities. Operating and variable lease expenses are recorded in occupancy expense on the consolidated statements of comprehensive income. Supplemental lease information at or for the six months ended June 30, 2021, and June 30, 2020 is as follows (dollars in thousands):
The following table summarizes lease payment obligations for each of the next five years and thereafter in addition to a reconcilement to the Company's current lease liability (in thousands):
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Revenue Recognition |
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Revenue Recognition | Revenue Recognition The Company records revenue from contracts with customers in accordance with ASU 2014-09, Revenue from Contracts with Customers (“Topic 606”). The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities, which comprise the majority of the Company’s revenue. The Company’s revenue streams that are within the scope of Topic 606 include service charges on deposit accounts, ATM and card interchange fees, investment services fees, and other miscellaneous income. Fees and service charges for customer services include: (i) service charges on deposit accounts, including account maintenance fees, overdraft fees, insufficient funds fees, wire fees, and other deposit related fees; (ii) ATM and card interchange fees, which include fees generated when a Bank cardholder uses a non-Bank ATM or a non-Bank cardholder uses a Bank ATM, and fees earned whenever the Bank's debit cards are processed through card payment networks such as Visa; and (iii) investment services fees earned through partnering with a third party investment and brokerage service firm to provide insurance and investment products to customers. The Company's performance obligation for fees and service charges is satisfied and related revenue recognized immediately or in the month of performance of services. For the three and six months ended June 30, 2021 and 2020, other income primarily includes rental income from subleasing one of the Company's branches to a third party and loan servicing fees. Other income is recognized at the time the transaction occurs. The following table summarizes non-interest income for the periods indicated (in thousands):
(1) Not in scope of Topic 606
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Derivatives |
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives The Company has interest rate derivatives resulting from a service provided to certain qualified borrowers in a loan-related transaction and, therefore, are not used to manage interest rate risk in the Company’s assets or liabilities. The interest rate swap agreement which the Company executes with the commercial borrower is collateralized by the borrower’s commercial real estate financed by the Company. The collateral exceeds the maximum potential amount of future payments under the credit derivative. As these interest rate swaps do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. At June 30, 2021, the Company had seven interest rate swaps with a notional amount of $38.7 million. At December 31, 2020, the Company had seven interest rate swaps with a notional amount of $39.2 million. For both the three and six months ended June 30, 2021, the Company recorded net fee income of $0. For the three and six months ended June 30, 2020, the company recorded net fee income of $308,000 and $384,000, respectively. The table below presents the fair value of the derivatives as well as their location on the consolidated balance sheets (in thousands):
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Recent Accounting Pronouncements Adopted |
6 Months Ended |
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Jun. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Recent Accounting Pronouncements Adopted | Recent Accounting Pronouncements Adopted ASU No. 2016-13. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance was subsequently amended by ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”; ASU No. 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief”; and ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. ASU No. 2016-13 and its subsequent updates are collectively known as “CECL”. CECL replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. For available-for-sale debt securities where fair value is less than cost, credit-related impairment would be recognized in an allowance for credit losses and adjusted in each subsequent period for changes in credit risk. CECL also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for credit losses. ASU 2016-13 and its related amendments were initially effective for financial statements for fiscal years and interim periods beginning after December 15, 2019. The Company elected to defer the adoption of the CECL methodology permitted by the CARES Act, signed into law on March 27, 2020, which provided financial institutions with the option to defer adoption of ASU 2016-13 until the earlier of the end of the pandemic or December 31, 2020. This relief was further extended by the Consolidations Appropriations Act enacted on December 27, 2020, to the earlier of the first day of an entity's fiscal year after the date the national emergency terminates or January 1, 2022. The Company adopted ASU 2016-13 and its related amendments on January 1, 2021, using a modified retrospective approach. Our implementation process included: assessment and documentation of governance and reporting processes and related internal controls; model development, documentation and validation; and the incorporation of qualitative adjustments for model limitations, among other things. ASU 2016-13 lists several credit loss methods that are acceptable such as a discounted cash flow method, loss-rate method and probability of default/loss given default (“PD/LGD”) method. The Company utilizes the PD/LGD methodology to estimate its allowance for loan losses. At adoption, the Company recorded an $11.1 million increase to its allowance for credit losses, including reserves of $10.4 million related to loans and $737,000 related to unfunded credit commitments. Of the $10.4 million increase in loan reserves, $6.8 million represents PCD loan-related reserves which were recognized through a gross-up that increases the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore results in no impact to shareholders' equity. The non-PCD loan related increase to the allowance for credit losses of $4.3 million, including the reserves for unfunded loan commitments, was offset in shareholders' equity and deferred tax assets. For further details on the adoption of CECL see Note 6 - Loans and Note 7 - Allowance for Credit Losses on Loans. ASU No. 2019-12. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU No. 2019-12 simplifies accounting for income taxes by removing specific technical exceptions in ASC 740 related to the incremental approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted ASU 2019-12 on January 1, 2021, which did not have a material impact on the Company's financial condition or results of operations.
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Consolidated Financial Statements (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The consolidated financial statements are comprised of the accounts of Northfield Bancorp, Inc. (and its wholly owned subsidiaries, Northfield Investments, Inc. and Northfield Bank (the “Bank”), and the Bank’s wholly-owned subsidiaries, NSB Services Corp. and NSB Realty Trust, collectively the “Company”). All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting solely of normal and recurring adjustments) necessary for the fair presentation of the consolidated balance sheets and the consolidated statements of comprehensive income for the unaudited periods presented have been included. The results of operations and other data presented for the three and six months ended June 30, 2021 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2021 or for any other period. Whenever necessary, certain prior year amounts are reclassified to conform to the current year presentation. In preparing the unaudited consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”), management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and the consolidated statements of comprehensive income for the periods indicated. Material estimates that are particularly susceptible to change are: the allowance for loan losses, estimated cash flows of our purchased credit-deteriorated (“PCD”, or, previously, purchased credit-impaired “PCI” ) loans and the valuation allowance against deferred tax assets. Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. |
Loans and Allowance for Credit Losses | On January 1, 2021, the Company adopted ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”) which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (“CECL”) methodology. The Company used the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. The adoption of the new standard resulted in the Company recording an increase in the allowance for credit losses of $11.1 million, comprised of $10.4 million and $737,000 for loans and unfunded commitments, respectively, including $6.8 million related to PCD loans. For PCD loans, the allowance for credit losses recorded is recognized through a gross-up that increases the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore results in no impact to shareholders' equity. The remaining increase to the allowance for credit losses of $4.3 million was offset in stockholders' equity and deferred taxes. As a result of adopting CECL, the Company's prior distinction between the originated loan portfolio and the non-PCD acquired loan portfolio is no longer necessary. Results for reporting periods beginning after January 1, 2021 are presented under CECL, while prior period amounts continue to be recorded with previously applicable U.S. GAAP. Further information regarding the impact of CECL can be found in Note 6 - Loans, Note 7 - Allowance for Loan Losses and Note 15 - Recent Accounting Pronouncements Adopted. |
Fair Value Measurements | The following tables present the assets reported on the consolidated balance sheets at their estimated fair value as of June 30, 2021, and December 31, 2020, by level within the fair value hierarchy as required by the Fair Value Measurements and Disclosures Topic of the FASB ASC. Financial assets and liabilities are classified in their entirety based on the level of input that is significant to the fair value measurement. The fair value hierarchy is as follows: •Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. •Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlations or other means. •Level 3 Inputs – Significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities.
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Fair Value of Financial Instruments | The FASB ASC Topic for Financial Instruments requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured at fair value on a recurring or non-recurring basis are discussed above. The following methods and assumptions were used to estimate the fair value of other financial assets and financial liabilities not already discussed above: (a) Cash and Cash Equivalents Cash and cash equivalents are short-term in nature with original maturities of three months or less; the carrying amount approximates fair value. Certificates of deposit having original terms of six-months or less; the carrying value generally approximates fair value. Certificates of deposit with an original maturity of six months or greater; the fair value is derived from discounted cash flows. (b) Debt Securities (Held-to-Maturity) The estimated fair values for substantially all of our securities are obtained from an independent nationally recognized pricing service. The independent pricing service utilizes market prices of same or similar securities whenever such prices are available. Prices involving distressed sellers are not utilized in determining fair value. Where necessary, the independent third-party pricing service estimates fair value using models employing techniques such as discounted cash flow analysis. The assumptions used in these models typically include assumptions for interest rates, credit losses, and prepayments, utilizing market observable data where available. (c) Investments in Equity Securities at Net Asset Value Per Share The Company uses net asset value as a practical expedient to record its investment in a private SBA Loan Fund since the shares in the fund are not publicly traded, do not have a readily determinable fair value and the net asset value per share is calculated in a manner consistent with the measurement principles of an investment company. (d) Federal Home Loan Bank of New York Stock The fair value for Federal Home Loan Bank of New York ("FHLBNY") stock is its carrying value, since this is the amount for which it could be redeemed and there is no active market for this stock. (e) Loans (Held-for-Investment) Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as originated and purchased, and further segregated by residential mortgage, construction, land, multifamily, commercial and consumer. Each loan category is further segmented into amortizing and non-amortizing and fixed and adjustable rate interest terms and by performing and nonperforming categories. The fair value of loans is estimated using a discounted cash flow analysis. The discount rates used to determine fair value use interest rate spreads that reflect factors such as liquidity, credit, and nonperformance risk of the loans. (f) Loans (Held-for-Sale) Held-for-sale loans are carried at the lower of aggregate cost or estimated fair value, less costs to sell, and therefore fair value is equal to carrying value. (g) Deposits The fair value of deposits with no stated maturity, such as non-interest bearing demand deposits, savings, NOW and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. (h) Commitments to Extend Credit and Standby Letters of Credit The fair value of commitments to extend credit and standby letters of credit is estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. For fixed-rate loan commitments, fair value also considers the difference between current levels of interest rates and the committed rates. The fair value of off-balance sheet commitments is insignificant and therefore not included in the following table. (i) Borrowings The fair value of borrowed funds is estimated by discounting future cash flows based on rates currently available for debt with similar terms and remaining maturity. (j) Advance Payments by Borrowers for Taxes and Insurance Advance payments by borrowers for taxes and insurance have no stated maturity; the fair value is equal to the amount currently payable. (k) Derivatives The fair value of the Company's derivatives is determined using discounted cash flow analysis using observable market-based inputs, which are considered Level 2 inputs.
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Earnings Per Share | Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding during the period. For purposes of calculating basic earnings per share, weighted average common shares outstanding excludes unallocated employee stock ownership plan (“ESOP”) shares that have not been committed for release and unvested restricted stock.Diluted earnings per share is computed using the same method as basic earnings per share, but reflects the potential dilution that could occur if stock options were exercised and converted into common stock and unvested shares of restricted stock vested. These potentially dilutive shares would then be included in the weighted average number of shares outstanding for the period using the treasury stock method. When applying the treasury stock method we added the assumed proceeds from option exercises and the average unamortized compensation costs related to unvested shares of restricted stock and stock options. We then divided this sum by our average stock price for the period to calculate assumed shares repurchased. The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per share. |
Recently Issued and Adopted Accounting Pronouncements | ASU No. 2016-13. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). This guidance was subsequently amended by ASU No. 2019-04, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments”; ASU No. 2019-05, “Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief”; and ASU No. 2019-11, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”. ASU No. 2016-13 and its subsequent updates are collectively known as “CECL”. CECL replaces the current incurred loss impairment model that recognizes losses when a probable threshold is met with a requirement to recognize lifetime expected credit losses immediately when a financial asset is originated or purchased. For available-for-sale debt securities where fair value is less than cost, credit-related impairment would be recognized in an allowance for credit losses and adjusted in each subsequent period for changes in credit risk. CECL also expands the disclosure requirements regarding an entity’s assumptions, models, and methods for estimating the allowance for credit losses. ASU 2016-13 and its related amendments were initially effective for financial statements for fiscal years and interim periods beginning after December 15, 2019. The Company elected to defer the adoption of the CECL methodology permitted by the CARES Act, signed into law on March 27, 2020, which provided financial institutions with the option to defer adoption of ASU 2016-13 until the earlier of the end of the pandemic or December 31, 2020. This relief was further extended by the Consolidations Appropriations Act enacted on December 27, 2020, to the earlier of the first day of an entity's fiscal year after the date the national emergency terminates or January 1, 2022. The Company adopted ASU 2016-13 and its related amendments on January 1, 2021, using a modified retrospective approach. Our implementation process included: assessment and documentation of governance and reporting processes and related internal controls; model development, documentation and validation; and the incorporation of qualitative adjustments for model limitations, among other things. ASU 2016-13 lists several credit loss methods that are acceptable such as a discounted cash flow method, loss-rate method and probability of default/loss given default (“PD/LGD”) method. The Company utilizes the PD/LGD methodology to estimate its allowance for loan losses. At adoption, the Company recorded an $11.1 million increase to its allowance for credit losses, including reserves of $10.4 million related to loans and $737,000 related to unfunded credit commitments. Of the $10.4 million increase in loan reserves, $6.8 million represents PCD loan-related reserves which were recognized through a gross-up that increases the amortized cost basis of loans with a corresponding increase to the allowance for credit losses, and therefore results in no impact to shareholders' equity. The non-PCD loan related increase to the allowance for credit losses of $4.3 million, including the reserves for unfunded loan commitments, was offset in shareholders' equity and deferred tax assets. For further details on the adoption of CECL see Note 6 - Loans and Note 7 - Allowance for Credit Losses on Loans. ASU No. 2019-12. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” ASU No. 2019-12 simplifies accounting for income taxes by removing specific technical exceptions in ASC 740 related to the incremental approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition for deferred tax liabilities for outside basis differences. ASU No. 2019-12 also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The amendments in this update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company adopted ASU 2019-12 on January 1, 2021, which did not have a material impact on the Company's financial condition or results of operations.
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Business Combinations (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the estimated fair values of the assets acquired and the liabilities assumed at the date of acquisition for Victory (in thousands):
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Schedule of Credit Impaired Loans Acquired in Acquisition | The following is a summary of the credit impaired loans acquired in the Victory acquisition as of the closing date (in thousands):
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Debt Securities Available-for-Sale (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comparative Summary of Mortgage-Backed Securities and Other Securities Available-for-Sale | The following is a comparative summary of mortgage-backed and other debt securities available-for-sale at June 30, 2021, and December 31, 2020 (in thousands):
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Summary of Expected Maturity Distribution of Debt Securities Available-for-Sale, Other Than Mortgage-Backed Securities | The following is a summary of the expected maturity distribution of debt securities available-for-sale, other than mortgage-backed securities, at June 30, 2021 (in thousands):
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Gross Unrealized Losses on Mortgage-Backed Securities | Gross unrealized losses on mortgage-backed and other debt securities available-for-sale, and the estimated fair value of the related securities, aggregated by security category and length of time that individual securities have been in a continuous unrealized loss position, at June 30, 2021, and December 31, 2020, were as follows (in thousands):
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Debt Securities Held-to-Maturity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Held-to-Maturity | The following is a summary of mortgage-backed securities held-to-maturity at June 30, 2021 and December 31, 2020 (in thousands):
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loans Held-for-Investment | The following table summarizes the Company’s loans held-for-investment (in thousands):
(1) Included in commercial and industrial loans at June 30, 2021 and December 31, 2020 are PPP loans totaling $132.7 million and $126.5 million, respectively. (2) Under CECL origination deferred fees, deferred fees on acquired loans, and purchase accounting adjustments in connection with loans acquired are included in loans by respective portfolio.
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Schedule of Loans Held-for-Investment, Excluding PCD Loans, Net of Deferred Fees and Costs | The following table presents the Company’s loans held-for-investment, excluding PCD loans, by loan class, credit risk ratings and year of origination, at June 30, 2021 (in thousands):
The following table details the recorded investment of loans held-for-investment, excluding PCI loans, net of deferred fees and costs, by loan type and credit quality indicator at December 31, 2020 (in thousands):
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Allowance For Loan Losses And Loans Receivable By Portfolio Segment Table | The following tables set forth activity in our allowance for credit losses on loans, by loan type, as of, and for the three and six months ended June 30, 2021, and June 30, 2020 (in thousands):
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.
The following tables detail the amount of loans receivable held-for-investment, net of deferred loan fees and costs, that are evaluated, individually and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan portfolio segment, at June 30, 2021 and December 31, 2020 (in thousands):
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties. (2) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for loan losses.
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Estimated Expected Future Cash Flows of Each PCI Loan Pool | The following tables set forth the detail, and delinquency status, of non-performing loans (non-accrual loans and loans past due 90 days or more and still accruing), net of deferred fees and costs, at June 30, 2021, and December 31, 2020, excluding PCD/PCI loans (in thousands):
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Detail and Delinquency Status of Originated Loans Held-for-Investment, Net of Deferred Fees and Costs, by Performing and Non-Performing Loans | The following tables set forth the detail and delinquency status of loans held-for-investment, excluding PCD/PCI loans, net of deferred fees and costs, at June 30, 2021, and December 31, 2020 (in thousands):
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Schedule of Non-accrual Loans, Excluding PCD Loans | The following tables summarize information on non-accrual loans, excluding PCD loans, at June 30, 2021 (in thousands):
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Summary of Impaired Loans | The following table summarizes impaired loans, excluding PCI loans, at December 31, 2020 (in thousands):
The following table summarizes the average recorded investment in impaired loans, excluding PCI loans, and interest income recognized as of, and for, the three and six months ended June 30, 2020 (in thousands):
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Troubled Debt Restructurings on Financing Receivables | The following tables summarizes loans that were modified in a TDR during the six months ended June 30, 2020:
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Allowance for Credit Losses on Loans (“ACL”) (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Credit Losses for Off-Balance Sheet credit Exposures | The table below summarizes the allowance for credit losses for off-balance sheet credit exposures (in thousands):
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Allowance For Loan Losses And Loans Receivable By Portfolio Segment Table | The following tables set forth activity in our allowance for credit losses on loans, by loan type, as of, and for the three and six months ended June 30, 2021, and June 30, 2020 (in thousands):
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties.
The following tables detail the amount of loans receivable held-for-investment, net of deferred loan fees and costs, that are evaluated, individually and collectively, for impairment, and the related portion of the allowance for loan losses that is allocated to each loan portfolio segment, at June 30, 2021 and December 31, 2020 (in thousands):
(1) Commercial includes commercial real estate loans collateralized by owner-occupied, non-owner occupied, and multifamily properties. (2) PPP loans are guaranteed by the SBA and therefore excluded from the allowance for loan losses.
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Deposits (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit Account Balances | Deposit account balances are summarized as follows (in thousands):
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Interest Expense on Deposits | Interest expense on deposit accounts is summarized for the periods indicated (in thousands):
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Equity Incentive Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Options Outstanding | The following table is a summary of the Company’s stock options outstanding as of June 30, 2021, and changes therein during the six months then ended.
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Status of the Company's Restricted Share Awards | The following is a summary of the status of the Company’s restricted stock awards at June 30, 2021, and changes therein during the six months then ended.
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Fair Value of Assets and Liabilities Measured on Recurring and Non Recurring Basis |
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Level 3 Assets Measured at Fair Value on a Non-Recurring Basis | The following table presents qualitative information for Level 3 assets measured at fair value on a non-recurring basis at June 30, 2021 and December 31, 2020 (dollars in thousands):
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Estimated Fair Values of Significant Financial Instruments | The estimated fair value of the Company’s financial instruments at June 30, 2021 and December 31, 2020, is presented in the following tables (in thousands):
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Calculations and Reconciliation | The following is a summary of the Company’s earnings per share calculations and reconciliation of basic to diluted earnings per share for the periods indicated (in thousands, except per share data):
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease, Cost | Supplemental lease information at or for the six months ended June 30, 2021, and June 30, 2020 is as follows (dollars in thousands):
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Lessee, Operating Lease, Liability, Maturity | The following table summarizes lease payment obligations for each of the next five years and thereafter in addition to a reconcilement to the Company's current lease liability (in thousands):
|
Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Non-Interest Income | The following table summarizes non-interest income for the periods indicated (in thousands):
(1) Not in scope of Topic 606
|
Derivatives (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Liabilities at Fair Value | The table below presents the fair value of the derivatives as well as their location on the consolidated balance sheets (in thousands):
|
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Schedule of Derivative Assets at Fair Value | The table below presents the fair value of the derivatives as well as their location on the consolidated balance sheets (in thousands):
|
Business Combinations - Additional Information (Details) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jul. 01, 2020
USD ($)
loan
lease_obligation
shares
|
Jun. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Business Acquisition [Line Items] | |||
Total assets | $ 5,426,910 | $ 5,514,544 | |
Net loans held-for-investment | 3,777,780 | 3,785,631 | |
Deposits | 4,108,269 | 4,076,551 | |
Operating lease liabilities | 40,721 | 42,734 | |
Operating lease right-of-use assets | 34,574 | $ 36,741 | |
Victory | |||
Business Acquisition [Line Items] | |||
Total assets | $ 402,800 | ||
Net loans held-for-investment | 180,400 | ||
Deposits | $ 354,600 | ||
Number of branches | loan | 6 | ||
Victory | |||
Business Acquisition [Line Items] | |||
Common stock exchange rate (shares) | shares | 2.0463 | ||
Adjustment to the carrying value of goodwill | 304 | ||
Adjustment to deferred tax assets | $ 304 | ||
Number of lease obligations | lease_obligation | 5 | ||
Operating lease liabilities | $ 2,500 | ||
Operating lease right-of-use assets | $ 2,500 |
Business Combinations - Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
Jul. 01, 2020 |
---|---|---|---|
Liabilities assumed: | |||
Goodwill recorded in the merger | $ 41,012 | $ 41,320 | |
Victory | |||
Business Acquisition [Line Items] | |||
Total Purchase Price | $ 41,173 | ||
Assets acquired: | |||
Cash and cash equivalents | 72,875 | ||
Debt securities available for sale | 126,931 | ||
Loans | 180,431 | ||
Accrued interest receivable | 1,415 | ||
Bank-owned life insurance | 5,714 | ||
Premises and equipment | 7,789 | ||
Other assets | 5,010 | ||
Total assets acquired | 400,165 | ||
Liabilities assumed: | |||
Deposits | 354,592 | ||
Other liabilities | 7,001 | ||
Total liabilities assumed | 361,593 | ||
Net assets acquired | 38,572 | ||
Goodwill recorded in the merger | $ 2,601 |
Business Combinations - Summary of Credit Impaired Loans Acquired (Details) - Victory $ in Thousands |
Jul. 01, 2020
USD ($)
|
---|---|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |
Contractually required principal and interest | $ 7,809 |
Contractual cash flows not expected to be collected (non-accretable discount) | 3,315 |
Expected cash flows to be collected at acquisition | 4,494 |
Interest component of expected cash flows (accretable yield) | (599) |
Fair value of acquired loans | $ 3,895 |
Debt Securities Available-for-Sale - Summary of Expected Maturity Distribution of Debt Securities Available-for-Sale, Other than Mortgage-Backed Securities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Amortized cost | ||
Amortized cost | $ 1,083,047 | $ 1,246,673 |
Estimated fair value | ||
Estimated fair value | 1,097,423 | $ 1,264,805 |
Other Than Mortgage Backed Securities | ||
Amortized cost | ||
Due in one year or less | 35,282 | |
Due after one year through five years | 73,463 | |
Due after five years through ten years | 17,768 | |
Amortized cost | 126,513 | |
Estimated fair value | ||
Due in one year or less | 35,757 | |
Due after one year through five years | 73,804 | |
Due after five years through ten years | 17,717 | |
Estimated fair value | $ 127,278 |
Debt Securities Held-to-Maturity - Mortgage Backed Securities Held-to-Maturity (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 6,417 | $ 7,234 |
Gross Unrealized Gains | 286 | 340 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 6,703 | 7,574 |
Mortgage Backed Securities Pass Through Certificates | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 6,417 | 7,234 |
Gross Unrealized Gains | 286 | 340 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 6,703 | $ 7,574 |
Debt Securities Held-to-Maturity - Additional Information (Details) security in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2021
USD ($)
security
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
security
|
|
Investments, Debt and Equity Securities [Abstract] | |||
Held-to-maturity securities sold | $ 0 | $ 0 | |
Held-to-maturity securities pledged to secure borrowings and deposits | $ 6,400,000 | ||
Held-to-maturity securities unrealized loss position | security | 0.0 | 0.0 | |
Allowance for credit losses | $ 0 | ||
Accrued interest receivable associated with held-to-maturity securities | $ 19,400 |
Equity Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Equity securities | $ 219 | $ 253 |
Loans - Narrative, Loans Held-for-Investment (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held-for-sale | $ 0 | $ 19,895 |
PCI loans | $ 3,817,273 | $ 3,823,238 |
One-to-four family residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of PCI loans | 17.00% | 22.00% |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of PCI loans | 25.00% | 23.00% |
Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of PCI loans | 45.00% | 40.00% |
PCD/PCI loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
PCI loans | $ 16,692 | $ 18,518 |
Loans - Narrative, Past Due and Non-Accrual Loans (Details) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Receivables [Abstract] | ||
Non-accrual loans | $ 8,124,000 | $ 8,500,000 |
Criteria days for delinquent status | 90 days | 90 days |
Principal balance of loans on non accrual status, less then | $ 500,000 | |
Impairment of loans | 4,900,000 | $ 5,500,000 |
Loans on non accrual status with principal balances below threshold definition of an impaired loan | 3,200,000 | 3,000,000.0 |
90 days or more past due and accruing | 731,000 | 1,100,000 |
Loans held-for-sale | $ 0 | $ 19,895,000 |
Loans - Narrative, Collateral-Dependent Loans (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Collateral-dependent impaired loans | $ 9,800 | $ 10,200 |
Real estate loans: | Commercial mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Collateral-dependent impaired loans | 7,700 | |
Real estate loans: | Construction and land | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Collateral-dependent impaired loans | 1,100 | |
Real estate loans: | Multifamily | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Collateral-dependent impaired loans | 619 | |
Real estate loans: | One-to-Four Family | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Collateral-dependent impaired loans | $ 380 |
Allowance for Credit Losses on Loans (“ACL”) - Narrative (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss | $ 37,607 | $ 39,493 | $ 43,197 | $ 38,520 | $ 36,800 | $ 28,707 |
Financing receivable, accrued interest receivable | 12,600 | |||||
Individually evaluated for impairment threshold | 500 | |||||
Individually evaluated for impairment | 73 | $ 68 | ||||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss | 10,353 | |||||
PCD loan related reserves | $ 6,800 |
Allowance for Credit Losses on Loans (“ACL”) - Allowance for Credit Losses for Off-Balance Sheet Credit (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
|
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | $ 1,702 | $ 808 |
Provision for credit losses | 106 | 263 |
Ending balance | 1,808 | 1,808 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | 0 | 737 |
Cumulative Effect, Period of Adoption, Adjusted Balance | ||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Beginning balance | $ 1,702 | $ 1,545 |
Deposits - Deposit Account Balances (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Deposits [Abstract] | ||
Non-interest-bearing checking | $ 826,823 | $ 695,831 |
NOW and interest-bearing checking | 979,788 | 905,208 |
Savings and money market | 1,788,545 | 1,953,885 |
Certificates of deposit | 513,113 | 521,627 |
Total deposits | $ 4,108,269 | $ 4,076,551 |
Deposits - Interest Expense On Deposits (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Deposits [Abstract] | ||||
NOW and interest-bearing checking, savings, and money market | $ 845 | $ 2,894 | $ 1,777 | $ 6,967 |
Certificates of deposit | 826 | 4,579 | 1,764 | 9,785 |
Total interest expense on deposit accounts | $ 1,671 | $ 7,473 | $ 3,541 | $ 16,752 |
Equity Incentive Plans - Stock Options Outstanding (Details) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021
$ / shares
shares
|
Dec. 31, 2020
$ / shares
shares
|
|
Number of Stock Options | ||
Beginning Balance (shares) | shares | 2,214,193 | |
Forfeited (shares) | shares | (41,090) | |
Exercised (shares) | shares | (138,605) | |
Ending Balance (shares) | shares | 2,034,498 | 2,214,193 |
Exercisable (shares) | shares | 2,017,419 | |
Weighted Average Grant Date Fair Value | ||
Beginning Balance (usd per share) | $ 4.01 | |
Forfeited (usd per share) | 3.96 | |
Exercised (usd per share) | 3.92 | |
Ending Balance (usd per share) | 4.01 | $ 4.01 |
Exercisable (usd per share) | 4.01 | |
Weighted Average Exercise Price | ||
Beginning Balance (usd per share) | 13.94 | |
Forfeited (usd per share) | 13.62 | |
Exercised (usd per share) | 13.78 | |
Ending Balance (usd per share) | 13.96 | $ 13.94 |
Exercisable (usd per share) | $ 13.94 | |
Weighted Average Contractual Life (years) | ||
Outstanding | 3 years 5 months 23 days | 3 years 11 months 15 days |
Exercisable | 3 years 5 months 19 days |
Equity Incentive Plans - Status of the Company's Restricted Share Awards (Details) |
6 Months Ended |
---|---|
Jun. 30, 2021
$ / shares
shares
| |
Number of Shares Awarded | |
Beginning Balance (shares) | shares | 104,010 |
Granted (shares) | shares | 176,930 |
Vested (shares) | shares | (38,470) |
Forfeited (shares) | shares | (5,585) |
Ending Balance (shares) | shares | 236,885 |
Weighted Average Grant Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | $ 15.91 |
Granted (in dollars per share) | $ / shares | 12.59 |
Vested (in dollars per share) | $ / shares | 15.81 |
Forfeited (in dollars per share) | $ / shares | 15.28 |
Ending Balance (in dollars per share) | $ / shares | $ 13.46 |
Fair Value Measurements - Qualitative Information for Level 3 Assets Measured at Fair Value on a Non-Recurring Basis (Details) $ in Thousands |
Jun. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
---|---|---|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Individually evaluated loans | $ 4,705 | $ 5,325 |
Other real estate owned | $ 100 | $ 0 |
Appraisals | Discount for costs to sell | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans receivable | 0.070 | 0.070 |
Other real estate owned inputs | 0.070 | |
Appraisals | Discount for quick sale | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans receivable | 0.100 | 0.100 |
Discounted cash flows | Interest rates | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans receivable | 0.0488 | 0.0488 |
Discounted cash flows | Interest rates | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans receivable | 0.0625 | 0.0625 |
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Fair Value Disclosures [Abstract] | |||
Impaired loans held-for-investment and held-for-sale with outstanding principal balances | $ 6,800 | $ 7,400 | |
Estimated fair value of impaired loans held-for-investment and held-for-sale | 4,700 | $ 5,300 | |
Increase (decrease) in net impairment charges | 5 | $ 177 | |
Net recoveries (charge offs) | 2,400 | 291 | |
Assets acquired through foreclosure | $ 100 | $ 0 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net income available to common stockholders | $ 19,794 | $ 10,793 | $ 38,471 | $ 15,344 |
Weighted average shares outstanding-basic (shares) | 48,907,585 | 46,837,473 | 49,216,157 | 46,814,647 |
Effect of non-vested restricted stock and stock options outstanding (shares) | 400,076 | 34,017 | 252,651 | 112,857 |
Weighted average shares outstanding-diluted (shares) | 49,307,661 | 46,871,490 | 49,468,808 | 46,927,504 |
Earnings per share-basic (usd per share) | $ 0.40 | $ 0.23 | $ 0.78 | $ 0.33 |
Earnings per share-diluted (usd per share) | $ 0.40 | $ 0.23 | $ 0.78 | $ 0.33 |
Anti-dilutive shares (shares) | 125,744 | 2,316,695 | 564,061 | 1,659,262 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 34,574 | $ 36,741 |
Operating lease liabilities | $ 40,721 | $ 42,734 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Renewal term | 5 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Term of lease | 34 years | |
Renewal term | 10 years |
Leases - Supplemental Lease Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 1,453 | $ 1,423 | $ 2,908 | $ 2,862 |
Variable lease cost | 1,010 | 956 | 2,245 | 1,500 |
Net lease cost | 2,463 | 2,379 | 5,153 | 4,362 |
Cash paid for amounts included in measurement of operating lease liabilities | 1,691 | 1,524 | 3,399 | 3,069 |
Right-of-use assets obtained in exchange for new lease liabilities | $ 0 | $ 0 | $ 0 | $ 3,028 |
Weighted average remaining lease term | 12 years 2 months 26 days | 12 years 7 months 17 days | 12 years 2 months 26 days | 12 years 7 months 17 days |
Weighted average discount rate | 3.61% | 3.59% | 3.61% | 3.59% |
Leases - Lease Payments Obligations (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
2021 | $ 2,937 | |
2022 | 5,550 | |
2023 | 5,504 | |
2024 | 5,067 | |
2025 | 4,710 | |
Thereafter | 28,196 | |
Total lease payments | 51,964 | |
Less: imputed interest | 11,243 | |
Present value of lease liabilities | $ 40,721 | $ 42,734 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Total fees and service charges for customer services | $ 1,327 | $ 666 | $ 2,524 | $ 1,786 |
Income on bank-owned life insurance | 857 | 865 | 1,705 | 1,741 |
Gains on available-for-sale debt securities, net | 509 | 73 | 606 | 60 |
Gains (losses) on trading securities, net | 807 | 1,626 | 1,171 | (366) |
Gains on sales of loans | 1,401 | 665 | 1,401 | 665 |
Swap income | 0 | 308 | 0 | 384 |
Other | 15 | 35 | 145 | 76 |
Total non-interest income | 4,916 | 4,238 | 7,552 | 4,346 |
Service charges | ||||
Disaggregation of Revenue [Line Items] | ||||
Total fees and service charges for customer services | 690 | 356 | 1,410 | 1,109 |
ATM and card interchange fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total fees and service charges for customer services | 483 | 275 | 882 | 579 |
Investment fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Total fees and service charges for customer services | $ 154 | $ 35 | $ 232 | $ 98 |
Derivatives - Additional Information (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
instrument
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
instrument
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
instrument
|
|
Derivative [Line Items] | |||||
Swap income | $ 0 | $ 308 | $ 0 | $ 384 | |
Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Number of derivative instruments held | instrument | 7 | 7 | 7 | ||
Derivative, notional amount | $ 38,700 | $ 38,700 | $ 39,200 |
Derivatives - Fair Value of Derivatives (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Other assets | ||
Derivative [Line Items] | ||
Fair value of derivative asset | $ 788 | $ 1,498 |
Other liabilities | ||
Derivative [Line Items] | ||
Fair value of derivative liability | $ 790 | $ 1,502 |
Recent Accounting Pronouncements Adopted (Details) - USD ($) $ in Thousands |
Dec. 31, 2020 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|---|---|---|
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Allowance for credit loss | $ 37,607 | $ 39,493 | $ 43,197 | $ 38,520 | $ 36,800 | $ 28,707 |
Unfounded credit commitment | 808 | $ 1,808 | 1,702 | |||
Cumulative Effect, Period of Adoption, Adjustment | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Increase in allowance for credit losses | 11,100 | |||||
Allowance for credit loss | 10,353 | |||||
Unfounded credit commitment | 737 | $ 0 | ||||
PCD loan related reserves | 6,800 | |||||
Non-PCD loan related reserves | $ 4,300 |
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