QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |||||||||||||
(Address of Principal Executive Offices) | Zip Code |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☑ | Accelerated filer | ☐ | ||||||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||||||||
Emerging growth company | ||||||||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o |
Part I. Financial Information | ||||||||
Page | ||||||||
Item 1. | Financial Statements | |||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
ITEM 1. | FINANCIAL STATEMENTS |
September 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | ||||||||||
Equity securities | |||||||||||
Debt securities available-for-sale, at estimated fair value | |||||||||||
Debt securities held-to-maturity, net (estimated fair value of $ | |||||||||||
Loans receivable, net | |||||||||||
Loans held-for-sale | |||||||||||
Federal Home Loan Bank stock | |||||||||||
Accrued interest receivable | |||||||||||
Other real estate owned and other repossessed assets | |||||||||||
Office properties and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Net deferred tax asset | |||||||||||
Bank owned life insurance | |||||||||||
Goodwill and intangible assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Liabilities: | |||||||||||
Deposits | $ | ||||||||||
Borrowed funds | |||||||||||
Advance payments by borrowers for taxes and insurance | |||||||||||
Operating lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost; | ( | ( | |||||||||
Unallocated common stock held by the employee stock ownership plan | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||||||
Interest and dividend income: | |||||||||||||||||||||||
Loans receivable and loans held-for-sale | $ | ||||||||||||||||||||||
Securities: | |||||||||||||||||||||||
Equity | |||||||||||||||||||||||
Government-sponsored enterprise obligations | |||||||||||||||||||||||
Mortgage-backed securities | |||||||||||||||||||||||
Municipal bonds and other debt | |||||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||
Federal Home Loan Bank stock | |||||||||||||||||||||||
Total interest and dividend income | |||||||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | |||||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||
Total interest expense | |||||||||||||||||||||||
Net interest income | |||||||||||||||||||||||
Provision for credit losses | ( | ( | |||||||||||||||||||||
Net interest income after provision for credit losses | |||||||||||||||||||||||
Non-interest income | |||||||||||||||||||||||
Fees and service charges | |||||||||||||||||||||||
Income on bank owned life insurance | |||||||||||||||||||||||
Gain on loans, net | |||||||||||||||||||||||
(Loss) gain on securities, net | ( | ( | |||||||||||||||||||||
Gain on sale of other real estate owned, net | |||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total non-interest income | |||||||||||||||||||||||
Non-interest expense | |||||||||||||||||||||||
Compensation and fringe benefits | |||||||||||||||||||||||
Advertising and promotional expense | |||||||||||||||||||||||
Office occupancy and equipment expense | |||||||||||||||||||||||
Federal deposit insurance premiums | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Data processing and communication | |||||||||||||||||||||||
Debt extinguishment | |||||||||||||||||||||||
Other operating expenses | |||||||||||||||||||||||
Total non-interest expenses | |||||||||||||||||||||||
Income before income tax expense | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | $ | ||||||||||||||||||||||
Basic earnings per share | $ | ||||||||||||||||||||||
Diluted earnings per share | $ | ||||||||||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Net income | $ | ||||||||||||||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||||||
Change in funded status of retirement obligations | |||||||||||||||||||||||
Unrealized (losses) gains on debt securities available-for-sale | ( | ( | ( | ||||||||||||||||||||
Accretion of loss on debt securities reclassified to held-to-maturity | |||||||||||||||||||||||
Reclassification adjustment for security gains included in net income | ( | ||||||||||||||||||||||
Other-than-temporary impairment accretion on debt securities recorded prior to January 1, 2020 | |||||||||||||||||||||||
Net gains (losses) on derivatives | ( | ||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ||||||||||||||||||||||
Total comprehensive income | $ |
Common stock | Additional paid-in capital | Retained earnings | Treasury stock | Unallocated common stock held by ESOP | Accumulated other comprehensive loss | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Cumulative effect of adopting | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Common stock issued to finance acquisitions | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Purchase of treasury stock ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan ( | — | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures ( | — | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||
Cash dividend paid ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan ( | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures ( | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Cash dividend paid ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | ( | ( | ( |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
ESOP and stock-based compensation expense | |||||||||||
Amortization of premiums and accretion of discounts on securities, net | |||||||||||
Amortization of premiums and accretion of fees and costs on loans, net | |||||||||||
Amortization of other intangible assets | |||||||||||
Amortization of debt modification costs and premium on borrowings | |||||||||||
Provision for credit losses | ( | ||||||||||
Loss from extinguishment of debt | |||||||||||
Depreciation and amortization of office properties and equipment | |||||||||||
Gain on securities, net | ( | ( | |||||||||
Mortgage loans originated for sale | ( | ( | |||||||||
Proceeds from mortgage loan sales | |||||||||||
Gain on sales of mortgage loans, net | ( | ( | |||||||||
Gain on sale of other real estate owned | ( | ( | |||||||||
Income on bank owned life insurance | ( | ( | |||||||||
Amortization of lease right-of-use assets | |||||||||||
Increase in accrued interest receivable | ( | ( | |||||||||
Deferred tax benefit | ( | ( | |||||||||
Decrease (increase) in other assets | ( | ||||||||||
Increase in other liabilities | |||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of loans receivable | ( | ( | |||||||||
Net (originations) payoffs of loans receivable | ( | ||||||||||
Proceeds from disposition of loans receivable | |||||||||||
Gain on disposition of loans receivable | ( | ( | |||||||||
Gain on disposition of leased equipment | ( | ( | |||||||||
Net proceeds from sale of other real estate owned | |||||||||||
Proceeds from sales of equity securities | |||||||||||
Proceeds from principal repayments/calls/maturities of debt securities available for sale | |||||||||||
Proceeds from sales of debt securities available for sale | |||||||||||
Proceeds from principal repayments/calls/maturities of debt securities held to maturity | |||||||||||
Purchases of equity securities | ( | ( | |||||||||
Purchases of debt securities available for sale | ( | ( | |||||||||
Purchases of debt securities held to maturity | ( | ( | |||||||||
Proceeds from redemptions of Federal Home Loan Bank stock | |||||||||||
Purchases of Federal Home Loan Bank stock | ( | ( | |||||||||
Purchases of office properties and equipment | ( | ( | |||||||||
Death benefit proceeds from bank owned life insurance, net | |||||||||||
Cash received, net of cash consideration paid for acquisitions | |||||||||||
Net cash (used in) provided by investing activities | ( |
Cash flows from financing activities: | |||||||||||
Net increase in deposits | |||||||||||
Repayments of principal under finance leases | ( | ( | |||||||||
Net proceeds (repayments) of borrowed funds | ( | ||||||||||
Payments related to extinguishment of debt | ( | ( | |||||||||
Net increase in advance payments by borrowers for taxes and insurance | |||||||||||
Dividends paid | ( | ( | |||||||||
Exercise of stock options | |||||||||||
Purchase of treasury stock | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | ||||||||||
Supplemental cash flow information: | |||||||||||
Non-cash investing activities: | |||||||||||
Real estate acquired through foreclosure and other assets repossessed | $ | ||||||||||
Cash paid during the year for: | |||||||||||
Interest | |||||||||||
Income taxes | |||||||||||
Significant non-cash transactions: | |||||||||||
Investment in low income housing tax credit | |||||||||||
Right-of-use assets obtained in exchange for new lease liabilities | |||||||||||
Acquisitions: | |||||||||||
Non-cash assets acquired: | |||||||||||
Debt securities available-for-sale | |||||||||||
Debt securities held to maturity | |||||||||||
Loans receivable, net | |||||||||||
Office properties and equipment, net | |||||||||||
Accrued interest receivable | |||||||||||
Right of use assets - leases | |||||||||||
Deferred tax asset | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total non-cash assets acquired | |||||||||||
Liabilities assumed: | |||||||||||
Deposits | |||||||||||
Borrowed funds | |||||||||||
Advance payment by borrowers | |||||||||||
Other liabilities | |||||||||||
Total liabilities assumed | |||||||||||
Net non-cash (liabilities) assets acquired | ( | ||||||||||
Common stock issued for acquisitions |
At August 27, 2021 | |||||
(In millions) | |||||
Purchase price of loans at acquisition | $ | ||||
Allowance for credit losses at acquisition | |||||
Accretable fair value marks at acquisition | |||||
Par value of acquired loans at acquisition | $ |
At April 3, 2020 | |||||
(In millions) | |||||
Cash and cash equivalents | $ | ||||
Debt securities available-for-sale | |||||
Debt securities held to maturity | |||||
Loans receivable, net | |||||
Accrued interest receivable | |||||
Right-of-use assets | |||||
Net deferred tax asset | |||||
Intangible assets | |||||
Other assets | |||||
Total assets acquired | |||||
Deposits | |||||
Borrowed funds | |||||
Other liabilities | |||||
Total liabilities assumed | |||||
Net assets acquired | $ |
At April 3, 2020 | |||||
(In millions) | |||||
Purchase price of loans at acquisition | $ | ||||
Allowance for credit losses at acquisition | |||||
Accretable fair value marks at acquisition | |||||
Par value of acquired loans at acquisition | $ |
For the Three Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(Dollars in thousands, except per share data) | |||||||||||
Earnings for basic and diluted earnings per common share | |||||||||||
Earnings applicable to common stockholders | $ | $ | |||||||||
Shares | |||||||||||
Weighted-average common shares outstanding - basic | |||||||||||
Effect of dilutive common stock equivalents (1) | |||||||||||
Weighted-average common shares outstanding - diluted | |||||||||||
Earnings per common share | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
For the Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(Dollars in thousands, except per share data) | |||||||||||
Earnings for basic and diluted earnings per common share | |||||||||||
Earnings applicable to common stockholders | $ | $ | |||||||||
Shares | |||||||||||
Weighted-average common shares outstanding - basic | |||||||||||
Effect of dilutive common stock equivalents (1) | |||||||||||
Weighted-average common shares outstanding - diluted | |||||||||||
Earnings per common share | |||||||||||
Basic | $ | $ | |||||||||
Diluted | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Unrealized (losses) gains recognized on equity securities | $ | ( | ( | ( | |||||||||||||||||||
Net losses recognized on equity securities sold | ( | ||||||||||||||||||||||
Net (losses) gains recognized on equity securities | $ | ( | ( | ( |
At September 30, 2021 | |||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Government-sponsored enterprises | $ | ||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | |||||||||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||||
Government National Mortgage Association | |||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | |||||||||||||||||||||||
Total debt securities available-for-sale | $ |
At September 30, 2021 | |||||||||||||||||||||||||||||||||||
Amortized cost | Net unrealized losses (1) | Carrying value | Gross unrecognized gains (2) | Gross unrecognized losses (2) | Estimated fair value | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | $ | ||||||||||||||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | |||||||||||||||||||||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||||||||||||||||
Government National Mortgage Association | |||||||||||||||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | ||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity, net of allowance for credit losses | |||||||||||||||||||||||||||||||||||
At December 31, 2020 | |||||||||||||||||||||||
Amortized cost | Gross unrealized gains | Gross unrealized losses | Estimated fair value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Government-sponsored enterprises | $ | ||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | |||||||||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||||
Government National Mortgage Association | |||||||||||||||||||||||
Total mortgage-backed securities available-for-sale | |||||||||||||||||||||||
Total debt securities available-for-sale | $ |
At December 31, 2020 | |||||||||||||||||||||||||||||||||||
Amortized cost | Net unrealized losses (1) | Carrying value | Gross unrecognized gains (2) | Gross unrecognized losses (2) | Estimated fair value | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | $ | ||||||||||||||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | |||||||||||||||||||||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||||||||||||||||
Government National Mortgage Association | |||||||||||||||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | $ | ||||||||||||||||||||||||||||||||||
Allowance for credit losses | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity, net of allowance for credit losses | |||||||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Estimated fair value | Unrealized losses | Estimated fair value | Unrealized losses | Estimated fair value | Unrealized losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | $ | ||||||||||||||||||||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||||||||||||||||
Government National Mortgage Association | |||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | |||||||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | |||||||||||||||||||||||||||||||||||
Municipal bonds | |||||||||||||||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | |||||||||||||||||||||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||||||||||||||||
Total mortgage-backed securities held-to-maturity | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | |||||||||||||||||||||||||||||||||||
Total | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
Estimated fair value | Unrealized losses | Estimated fair value | Unrealized losses | Estimated fair value | Unrealized losses | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | $ | ||||||||||||||||||||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||||||||||||||||
Government National Mortgage Association | |||||||||||||||||||||||||||||||||||
Total debt securities available-for-sale | |||||||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||||||||||||
Government-sponsored enterprises | |||||||||||||||||||||||||||||||||||
Corporate and other debt securities | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | |||||||||||||||||||||||||||||||||||
Total debt securities held-to-maturity | |||||||||||||||||||||||||||||||||||
Total | $ |
September 30, 2021 | |||||||||||
Carrying value | Estimated fair value | ||||||||||
(In thousands) | |||||||||||
Due in one year or less | $ | ||||||||||
Due after one year through five years | |||||||||||
Due after five years through ten years | |||||||||||
Due after ten years | |||||||||||
Total | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Multi-family loans | $ | ||||||||||
Commercial real estate loans | |||||||||||
Commercial and industrial loans | |||||||||||
Construction loans | |||||||||||
Total commercial loans | |||||||||||
Residential mortgage loans | |||||||||||
Consumer and other loans | |||||||||||
Total loans | |||||||||||
Deferred fees, premiums and accretable purchase accounting adjustments, net | ( | ( | |||||||||
Allowance for credit losses | ( | ( | |||||||||
Net loans | $ |
Term Loans by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total Multi-family | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer and other | |||||||||||||||||||||||||||||||||||||||||||||||
All classes | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ |
Term Loans by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Revolving Loans | Total | ||||||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total Multi-family | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial and industrial | |||||||||||||||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total Construction | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total residential mortgage | |||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total Consumer and other | |||||||||||||||||||||||||||||||||||||||||||||||
All classes | |||||||||||||||||||||||||||||||||||||||||||||||
Pass | |||||||||||||||||||||||||||||||||||||||||||||||
Watch | |||||||||||||||||||||||||||||||||||||||||||||||
Special mention | |||||||||||||||||||||||||||||||||||||||||||||||
Substandard | |||||||||||||||||||||||||||||||||||||||||||||||
Total loans | $ |
September 30, 2021 | |||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | Current | Total Loans Receivable | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Multi-family | $ | ||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | Current | Total Loans Receivable | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Multi-family | $ | ||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||
Residential mortgage | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Non-accrual: | |||||||||||||||||||||||
Multi-family | $ | $ | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Construction | |||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||
Residential mortgage and consumer | |||||||||||||||||||||||
Total non-accrual loans | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Real Estate | Other | Total | Real Estate | Other | Total | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Multi-family | $ | $ | |||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Construction | |||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||
Residential mortgage and consumer | |||||||||||||||||||||||||||||||||||
Total collateral-dependent loans | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
TDR with payment status current classified as non-accrual: | |||||||||||||||||||||||
Commercial real estate | $ | $ | |||||||||||||||||||||
Residential mortgage and consumer | |||||||||||||||||||||||
Total TDR with payment status current classified as non-accrual | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
TDR 30-89 days delinquent classified as non-accrual: | |||||||||||||||||||||||
Commercial real estate | $ | $ | |||||||||||||||||||||
Residential mortgage and consumer | |||||||||||||||||||||||
Total TDR 30-89 days delinquent classified as non-accrual | $ | $ |
September 30, 2021 | |||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | # of loans | Amount | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | ||||||||||||||||||||||||||||||||
Residential mortgage and consumer | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Accrual | Non-accrual | Total | |||||||||||||||||||||||||||||||||
# of loans | Amount | # of loans | Amount | # of loans | Amount | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Commercial loans: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | ||||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Total commercial loans | |||||||||||||||||||||||||||||||||||
Residential mortgage and consumer | |||||||||||||||||||||||||||||||||||
Total | $ | $ | $ |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Number of Loans | Pre-modification Recorded Investment | Post- modification Recorded Investment | Number of Loans | Pre-modification Recorded Investment | Post- modification Recorded Investment | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Residential mortgage and consumer |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Number of Loans | Pre-modification Recorded Investment | Post- modification Recorded Investment | Number of Loans | Pre-modification Recorded Investment | Post- modification Recorded Investment | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||||
Commercial real estate | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||||||||||||||
Residential mortgage and consumer |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Number of Loans | Pre-modification Interest Yield | Post- modification Interest Yield | Number of Loans | Pre-modification Interest Yield | Post- modification Interest Yield | ||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||||
Commercial real estate | % | % | % | % | |||||||||||||||||||||||||||||||
Residential mortgage and consumer | % | % | % | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Number of Loans | Pre-modification Interest Yield | Post- modification Interest Yield | Number of Loans | Pre-modification Interest Yield | Post- modification Interest Yield | ||||||||||||||||||||||||||||||
Troubled Debt Restructurings: | |||||||||||||||||||||||||||||||||||
Commercial real estate | % | % | % | % | |||||||||||||||||||||||||||||||
Commercial and industrial | % | % | % | % | |||||||||||||||||||||||||||||||
Residential mortgage and consumer | % | % | % | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Provision for loan losses | $ | ( | ( | ||||||||||||||||||||
Provision for debt securities held-to-maturity | ( | ( | ( | ||||||||||||||||||||
Provision for off-balance sheet credit exposures | ( | ( | ( | ||||||||||||||||||||
Total provision for credit losses | $ | ( | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at beginning of period | $ | ||||||||||||||||||||||
Adjustment for adoption of ASC 326 | — | — | ( | ||||||||||||||||||||
Gross charge offs | ( | ( | ( | ( | |||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Net charge-offs | ( | ( | ( | ||||||||||||||||||||
Allowance at acquisition on loans purchased with credit deterioration | |||||||||||||||||||||||
Provision for credit loss expense | ( | ( | |||||||||||||||||||||
Balance at end of the period | $ |
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Multi- Family Loans | Commercial Real Estate Loans | Commercial and Industrial Loans | Construction Loans | Residential Mortgage Loans | Consumer and Other Loans | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance at acquisition on loans purchased with credit deterioration | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit loss expense | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance-September 30, 2021 | $ |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Multi- Family Loans | Commercial Real Estate Loans | Commercial and Industrial Loans | Construction Loans | Residential Mortgage Loans | Consumer and Other Loans | Unallocated | Total | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for adoption of ASC 326 | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Balance as of January 1, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance at acquisition on loans purchased with credit deterioration | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit loss expense | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Ending balance-December 31, 2020 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at beginning of the period | $ | ||||||||||||||||||||||
Impact of adopting ASC 326 | — | — | |||||||||||||||||||||
Provision for credit losses | ( | ( | ( | ||||||||||||||||||||
Balance at end of the period | $ |
September 30, 2021 | |||||||||||||||||
Municipal Bonds | Corporate and Other Debt Securities | Total | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Allowance for credit losses: | |||||||||||||||||
Beginning balance-December 31, 2020 | $ | ||||||||||||||||
Provision for credit loss | ( | ( | ( | ||||||||||||||
Ending balance-September 30, 2021 | $ |
December 31, 2020 | |||||||||||||||||
Municipal Bonds | Corporate and Other Debt Securities | Total | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Allowance for credit losses: | |||||||||||||||||
Beginning balance - December 31, 2019 | $ | ||||||||||||||||
Impact of adopting ASC 326 | |||||||||||||||||
Provision for credit loss | |||||||||||||||||
Ending balance - December 31, 2020 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Balance at beginning of the period | $ | ||||||||||||||||||||||
Impact of adopting ASC 326 | — | — | |||||||||||||||||||||
Provision for credit losses | ( | ( | ( | ||||||||||||||||||||
Balance at end of the period | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
Non-interest bearing: | |||||||||||
Checking accounts | $ | ||||||||||
Interest bearing: | |||||||||||
Checking accounts | |||||||||||
Money market deposits | |||||||||||
Savings | |||||||||||
Certificates of deposit | |||||||||||
Total deposits | $ |
September 30, 2021 | December 31, 2020 | |||||||||||||
(In thousands) | ||||||||||||||
Mortgage servicing rights | $ | |||||||||||||
Core deposit premiums | ||||||||||||||
Other | ||||||||||||||
Total other intangible assets | ||||||||||||||
Goodwill | ||||||||||||||
Goodwill and intangible assets | $ |
Gross Intangible Asset | Accumulated Amortization | Valuation Allowance | Net Intangible Assets | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
September 30, 2021 | ||||||||||||||||||||||||||
Mortgage servicing rights | $ | ( | ( | |||||||||||||||||||||||
Core deposit premiums | ( | |||||||||||||||||||||||||
Other | ( | |||||||||||||||||||||||||
Total other intangible assets | $ | ( | ( | |||||||||||||||||||||||
December 31, 2020 | ||||||||||||||||||||||||||
Mortgage servicing rights | $ | ( | ( | |||||||||||||||||||||||
Core deposit premiums | ( | |||||||||||||||||||||||||
Other | ( | |||||||||||||||||||||||||
Total other intangible assets | $ | ( | ( |
September 30, 2021 | December 31, 2020 | ||||||||||
(Dollars in thousands) | |||||||||||
Operating lease right-of-use assets | $ | ||||||||||
Operating lease liabilities | |||||||||||
Weighted average remaining lease term | |||||||||||
Weighted average discount rate | % | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Included in office occupancy and equipment expense: | |||||||||||||||||||||||
Operating lease cost | $ | ||||||||||||||||||||||
Short-term lease cost | |||||||||||||||||||||||
Included in other income: | |||||||||||||||||||||||
Sublease income |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities: | |||||||||||||||||||||||
Operating cash flows from operating leases | $ | ||||||||||||||||||||||
Operating lease liabilities arising from obtaining right-of-use assets (non-cash): | |||||||||||||||||||||||
Operating leases |
September 30, 2021 | December 31, 2020 | ||||||||||
(In thousands) | |||||||||||
2021 | $ | ||||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
Thereafter | |||||||||||
Total lease payments | |||||||||||
Less: Imputed interest | ( | ( | |||||||||
Total operating lease liabilities | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Stock option expense | $ | ||||||||||||||||||||||
Restricted stock expense | |||||||||||||||||||||||
Total share-based compensation expense | $ |
Number of Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value | |||||||||||||||||||||||
Outstanding at December 31, 2020 | $ | $ | ||||||||||||||||||||||||
Granted | — | |||||||||||||||||||||||||
Exercised | ( | |||||||||||||||||||||||||
Forfeited | ( | |||||||||||||||||||||||||
Expired | ( | |||||||||||||||||||||||||
Outstanding at September 30, 2021 | ||||||||||||||||||||||||||
Exercisable at September 30, 2021 | $ | $ |
Number of Shares Awarded | Weighted Average Grant Date Fair Value | |||||||||||||
Outstanding at December 31, 2020 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Outstanding and non-vested at September 30, 2021 | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Interest cost | $ | ||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Net loss | |||||||||||||||||||||||
Total net periodic benefit cost | $ |
September 30, 2021 | |||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
(in millions) | (In thousands) | (in millions) | (In thousands) | ||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest Rate Swaps | $ | $ | $ | $ | |||||||||||||||||||
Total derivatives designated as hedging instruments | $ | $ | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest Rate Swaps | $ | $ | $ | $ | |||||||||||||||||||
Other Contracts | |||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | |||||||||||||||||||||
Netting Adjustments (1) | |||||||||||||||||||||||
Net Derivatives on the Balance Sheet | $ | $ | |||||||||||||||||||||
Cash Collateral (2) | |||||||||||||||||||||||
Net Derivative Amounts | $ | $ |
December 31, 2020 | |||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
(in millions) | (In thousands) | (in millions) | (In thousands) | ||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest Rate Swaps | $ | $ | $ | $ | |||||||||||||||||||
Total derivatives designated as hedging instruments | $ | $ | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest Rate Swaps | $ | $ | $ | $ | |||||||||||||||||||
Other Contracts | |||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | |||||||||||||||||||||
Netting Adjustments (1) | |||||||||||||||||||||||
Net Derivatives on the Balance Sheet | $ | $ | |||||||||||||||||||||
Cash Collateral (2) | |||||||||||||||||||||||
Net Derivative Amounts | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Cash Flow Hedges - Interest rate swaps | |||||||||||||||||||||||
Amount of gain (loss) recognized in other comprehensive income (loss) | $ | ( | |||||||||||||||||||||
Amount of loss reclassified from accumulated other comprehensive income (loss) to interest expense | ( | ( | ( | ( | |||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
The effects of fair value and cash flow hedging: | Income statement location | (In thousands) | ||||||||||||||||||||||||
Fair Value Hedges - Gain or (loss) on relationships in Subtopic 815-20 | ||||||||||||||||||||||||||
Interest contracts | ||||||||||||||||||||||||||
Hedged items | Interest income | $ | ( | |||||||||||||||||||||||
Derivatives designated as hedging instruments | Interest income | ( | ( | ( | ||||||||||||||||||||||
Cash Flow Hedges - Gain or (loss) on relationships in Subtopic 815-20 | ||||||||||||||||||||||||||
Interest contracts | ||||||||||||||||||||||||||
Amount of loss reclassified from accumulated other comprehensive income (loss) | Interest expense | ( | ( | ( | ( | |||||||||||||||||||||
Amount of gain or (loss) reclassified from accumulated other comprehensive income (loss) as a result that a forecasted transaction is no longer probable of occurring | Other expense | |||||||||||||||||||||||||
Total amounts of income and expense line items presented in the income statement in which the effects of fair value are recorded | $ | ( | ( | ( | ( |
Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | ||||||||||||||||||||||
Balance sheet location | September 30, 2021 | December 31, 2020 | September 30, 2021 | December 31, 2020 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Loans receivable, net (1)(2) | $ | $ | |||||||||||||||||||||
Consolidated Statements of Income location | Amount of Gain (Loss) Recognized in Income on Derivative | |||||||||||||||||||||||||
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Other Contracts | Other income / (expense) | $ | ( | |||||||||||||||||||||||
Total | $ | ( |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Gross | Tax | Net | Gross | Tax | Net | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Net income | $ | ( | ( | ||||||||||||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||||||
Change in funded status of retirement obligations | ( | ( | |||||||||||||||||||||||||||||||||
Unrealized losses on debt securities available-for-sale | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Accretion of loss on debt securities reclassified to held-to-maturity from available-for-sale | ( | ( | |||||||||||||||||||||||||||||||||
Other-than-temporary impairment accretion on debt securities recorded prior to January 1, 2020 | ( | ( | |||||||||||||||||||||||||||||||||
Net gains on derivatives | ( | ( | |||||||||||||||||||||||||||||||||
Total other comprehensive income | ( | ( | |||||||||||||||||||||||||||||||||
Total comprehensive income | $ | ( | ( |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Gross | Tax | Net | Gross | Tax | Net | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Net income | $ | ( | ( | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||||||||||||
Change in funded status of retirement obligations | ( | ( | |||||||||||||||||||||||||||||||||
Unrealized (losses) gains on debt securities available-for-sale | ( | ( | ( | ||||||||||||||||||||||||||||||||
Accretion of loss on securities reclassified to held-to-maturity from available-for-sale | ( | ( | |||||||||||||||||||||||||||||||||
Reclassification adjustment for security gains included in net income | ( | ( | |||||||||||||||||||||||||||||||||
Other-than-temporary impairment accretion on debt securities recorded prior to January 1, 2020 | ( | ( | |||||||||||||||||||||||||||||||||
Net gains (losses) on derivatives | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||
Total comprehensive income | $ | ( | ( |
Change in funded status of retirement obligations | Accretion of loss on debt securities reclassified to held-to-maturity | Unrealized gains on debt securities available-for-sale and gains included in net income | Other-than- temporary impairment accretion on debt securities | Unrealized losses on derivatives | Total accumulated other comprehensive loss | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Balance - December 31, 2020 | $ | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net change | ( | ||||||||||||||||||||||||||||||||||
Balance - September 30, 2021 | $ | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Balance - December 31, 2019 | $ | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||
Net change | ( | ( | |||||||||||||||||||||||||||||||||
Balance - September 30, 2020 | $ | ( | ( | ( | ( | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Reclassification adjustment for gains included in net income | |||||||||||||||||||||||
Gain on securities, net | $ | ( | |||||||||||||||||||||
Change in funded status of retirement obligations | |||||||||||||||||||||||
Amortization of net loss | |||||||||||||||||||||||
Compensation and fringe benefits | |||||||||||||||||||||||
Reclassification adjustment for unrealized losses on derivatives | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Total before tax | |||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Net of tax | $ |
Common stock | Additional paid-in capital | Retained earnings | Treasury stock | Unallocated common stock held by ESOP | Accumulated other comprehensive loss | Total stockholders’ equity | |||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan ( | — | ( | ( | — | — | ||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures ( | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Cash dividend paid ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Purchase of treasury stock ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan ( | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Restricted stock forfeitures ( | — | ( | — | — | |||||||||||||||||||||||||||||||||||||
Cash dividend paid ($ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
ESOP shares allocated or committed to be released | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | ( | ( | ( |
At September 30, 2021 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Equity securities | $ | ||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
Government-sponsored enterprises | $ | ||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | |||||||||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||||
Government National Mortgage Association | |||||||||||||||||||||||
Total debt securities available-for-sale | $ | ||||||||||||||||||||||
Interest rate swaps | $ | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Interest rate swaps | $ | ||||||||||||||||||||||
Other contracts | |||||||||||||||||||||||
Total derivatives | $ |
At December 31, 2020 | |||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Equity securities | $ | ||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||
Government-sponsored enterprises | |||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||
Federal Home Loan Mortgage Corporation | $ | ||||||||||||||||||||||
Federal National Mortgage Association | |||||||||||||||||||||||
Government National Mortgage Association | |||||||||||||||||||||||
Total debt securities available-for-sale | $ | ||||||||||||||||||||||
Interest rate swaps | $ | ||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives: | |||||||||||||||||||||||
Interest rate swaps | $ | ||||||||||||||||||||||
Other contracts | |||||||||||||||||||||||
Total derivatives | $ |
Security Type | Valuation Technique | Unobservable Input | Range | Weighted Average Input | Carrying Value at September 30, 2021 | ||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
MSR, net | Estimated cash flow | Prepayment speeds | $ | ||||||||||||||||||||||||||||||||||||||
Collateral-dependent loans | Market comparable | Lack of marketability | |||||||||||||||||||||||||||||||||||||||
Operating lease equipment | Market comparable | Lack of marketability | |||||||||||||||||||||||||||||||||||||||
$ |
Security Type | Valuation Technique | Unobservable Input | Range | Weighted Average Input | Carrying Value at December 31, 2020 | ||||||||||||||||||||||||||||||||||||
Minimum | Maximum | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
MSR, net | Estimated cash flow | Prepayment speeds | $ | ||||||||||||||||||||||||||||||||||||||
Operating lease equipment | Market comparable | Lack of marketability | |||||||||||||||||||||||||||||||||||||||
$ |
September 30, 2021 | |||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||
value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | ||||||||||||||||||||||||||||
Equities | |||||||||||||||||||||||||||||
Debt securities available-for-sale | |||||||||||||||||||||||||||||
Debt securities held-to-maturity, net | |||||||||||||||||||||||||||||
FHLB stock | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Net loans | |||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits, other than time deposits | $ | ||||||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||||||||
Derivative financial instruments |
December 31, 2020 | |||||||||||||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||||||||||||
value | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | ||||||||||||||||||||||||||||
Equities | |||||||||||||||||||||||||||||
Debt securities available-for-sale | |||||||||||||||||||||||||||||
Debt securities held-to-maturity, net | |||||||||||||||||||||||||||||
FHLB stock | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Net loans | |||||||||||||||||||||||||||||
Derivative financial instruments | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits, other than time deposits | $ | ||||||||||||||||||||||||||||
Time deposits | |||||||||||||||||||||||||||||
Borrowed funds | |||||||||||||||||||||||||||||
Derivative financial instruments |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Revenue from contracts with customers included in: | |||||||||||||||||||||||
Fees and service charges | $ | ||||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total revenue from contracts with customers | $ |
Standard | Description | Required date of adoption | Effect on Consolidated Financial Statements | ||||||||
Standards Adopted in 2021 | |||||||||||
Codification Improvements | The amendments include all disclosure guidance in the Disclosure Section to reduce the potential that disclosure requirements would be missed. | January 1, 2021 | The amendments in ASU 2020-10 do not change current GAAP. The update did not impact the Company’s Consolidated Financial Statements. | ||||||||
Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs | The amendments in this update clarify guidance as to whether a callable debt security with multiple call dates is within the scope of paragraph 310-20-35-33. | January 1, 2021 | The amendments in ASU 2020-08 will be applied under a prospective approach. The adoption of this ASU did not have a material impact on the Company’s Consolidated Financial Statements. | ||||||||
Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) | This update clarifies the application of the alternative provided in ASU 2016-01 to measure certain equity securities without a readily determinable fair value. The amendments in this update clarify that a company should consider observable transactions that require it to either apply or discontinue the equity method of accounting under Topic 323 for the purposes of applying the measurement alternative in accordance with Topic 321 immediately before applying or upon discontinuing the equity method. The amendments further provide clarification related to the accounting for certain forward contracts and purchased options. | January 1, 2021 | The amendments in ASU 2020-01 will be applied prospectively. The Company does not currently apply the measurement alternative in Topic 321 to any of its investments and the update did not have a material impact on the Company’s Consolidated Financial Statements. | ||||||||
Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | The amendments simplify the accounting for income taxes by removing certain exceptions to general principles in Topic 740 and also clarify and amend existing guidance. | January 1, 2021 | The Company adopted ASU 2019-12 with no material impact on its Consolidated Financial Statements. | ||||||||
Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework-Changes to the Disclosure Requirements for Defined Benefit Plans. | The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures that no longer are considered cost beneficial, clarifying the specific requirements of disclosures, and adding disclosure requirements identified as relevant. | January 1, 2021 | ASU 2018-14 will be applied under a retrospective approach to disclosures with regard to the Company’s employee benefit plans. The adoption of this update did not have a material impact on the Company’s Consolidated Financial Statements. | ||||||||
Standards Not Yet Adopted | |||||||||||
Lessors – Certain Leases with Variable Lease Payments | The update affects lessors with lease contracts that have variable lease payments that do not depend on a reference index or a rate and where the lessor would have recognized a selling loss at lease commencement if classified as sales-type or direct financing even if the lessor expects the arrangement to be profitable. To reduce the risk of recognizing losses at lease commencement in such circumstances, the update requires lessors to classify and account for such leases as operating. | January 1, 2022 Early adoption permitted | The amendments may be applied either retrospectively or prospectively. The update is not expected to have a material impact on the Company’s Consolidated Financial Statements. |
Standard | Description | Required date of adoption | Effect on Consolidated Financial Statements | ||||||||
Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity | The amendments simplify the accounting for certain financial instruments with the characteristics of liabilities and equity by reducing the number of models for convertible debt instruments and convertible preferred stock and amends how convertible instruments and equity contracts with an option to be settled in cash or shares affect the EPS calculation. | January 1, 2022 Early adoption permitted not earlier than fiscal years beginning 2021 | The amendments are to be applied under either a modified retrospective or a fully retrospective approach. The update is not expected to have a material impact on the Company’s Consolidated Financial Statements. | ||||||||
Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting | The amendments provide expedients and exceptions for applying GAAP to contracts or hedging relationships affected by the discontinuance of LIBOR as a benchmark rate to alleviate the burden and cost of such modifications. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also provide a one-time election to sell and/or transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform. | Effective for a limited time as of March 12, 2020 through December 31, 2022 | The Company continues to evaluate its financial instruments indexed to USD-LIBOR for which Topic 848 provides expedients, exceptions and elections. The Company has established a crossfunctional team to develop transition plans to address potential revisions to documentation, as well as customer management and communication, internal training, financial, operational and risk management implications, and legal and contract management. In addition, the Company has engaged with its regulators and with industry working groups and trade associations to develop strategies for transitioning away from LIBOR. | ||||||||
Reference Rate Reform (Topic 848) | The update specifically addresses whether Topic 848 applies to derivative instruments that do not reference a rate that is expected to be discontinued but that instead use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform, commonly referred to as the “discounting transition.” This ASU extends certain optional expedients provided in Topic 848 to contract modifications and derivatives affected by the discounting transition. | Effective for a limited time as of March 12, 2020 through December 31, 2022 | The amendments in ASU 2021-01 may be applied under a retrospective approach as of any date from the beginning of an interim period that includes or is after March 12, 2020 or prospectively to new modifications made on or after any date within the interim period including January 7, 2021. The Update is not expected to have a material impact on the Company’s Consolidated Financial Statements. |
ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Average Outstanding Balance | Interest Earned/ Paid | Average Yield/ Rate | Average Outstanding Balance | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 844,365 | $ | 268 | 0.13 | % | $ | 978,037 | $ | 233 | 0.10 | % | ||||||||||||||||||||||||||
Equity securities | 8,747 | 65 | 2.97 | % | 7,177 | 45 | 2.51 | % | ||||||||||||||||||||||||||||||
Debt securities available-for-sale | 2,501,016 | 9,683 | 1.55 | % | 2,758,679 | 13,473 | 1.95 | % | ||||||||||||||||||||||||||||||
Debt securities held-to-maturity, net | 1,174,563 | 7,806 | 2.66 | % | 1,200,933 | 8,277 | 2.76 | % | ||||||||||||||||||||||||||||||
Net loans | 21,284,262 | 211,189 | 3.97 | % | 20,879,661 | 215,221 | 4.12 | % | ||||||||||||||||||||||||||||||
Stock in FHLB | 192,111 | 2,234 | 4.65 | % | 223,032 | 3,452 | 6.19 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 26,005,064 | 231,245 | 3.56 | % | 26,047,519 | 240,701 | 3.70 | % | ||||||||||||||||||||||||||||||
Non-interest-earning assets | 1,151,571 | 1,157,358 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 27,156,635 | $ | 27,204,877 | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Savings deposits | $ | 2,060,893 | $ | 1,381 | 0.27 | % | $ | 2,033,495 | $ | 2,690 | 0.53 | % | ||||||||||||||||||||||||||
Interest-bearing checking | 6,658,248 | 6,833 | 0.41 | % | 5,901,759 | 8,658 | 0.59 | % | ||||||||||||||||||||||||||||||
Money market accounts | 4,613,066 | 4,475 | 0.39 | % | 4,349,536 | 8,520 | 0.78 | % | ||||||||||||||||||||||||||||||
Certificates of deposit | 2,299,850 | 2,994 | 0.52 | % | 3,923,651 | 14,241 | 1.45 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 15,632,057 | 15,683 | 0.40 | % | 16,208,441 | 34,109 | 0.84 | % | ||||||||||||||||||||||||||||||
Borrowed funds | 3,863,460 | 20,960 | 2.17 | % | 4,493,591 | 24,970 | 2.22 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 19,495,517 | 36,643 | 0.75 | % | 20,702,032 | 59,079 | 1.14 | % | ||||||||||||||||||||||||||||||
Non-interest-bearing liabilities | 4,827,551 | 3,856,553 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 24,323,068 | 24,558,585 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 2,833,567 | 2,646,292 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 27,156,635 | $ | 27,204,877 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 194,602 | $ | 181,622 | ||||||||||||||||||||||||||||||||||
Net interest rate spread(1) | 2.81 | % | 2.56 | % | ||||||||||||||||||||||||||||||||||
Net interest-earning assets(2) | $ | 6,509,547 | $ | 5,345,487 | ||||||||||||||||||||||||||||||||||
Net interest margin(3) | 2.99 | % | 2.79 | % | ||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to total interest-bearing liabilities | 1.33 | 1.26 |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||||||||||||||
Average Outstanding Balance | Interest Earned/ Paid | Average Yield/ Rate | Average Outstanding Balance | Interest Earned/ Paid | Average Yield/ Rate | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 496,273 | $ | 367 | 0.10 | % | $ | 880,015 | $ | 1,367 | 0.21 | % | ||||||||||||||||||||||||||
Equity securities | 19,074 | 394 | 2.75 | % | 6,480 | 110 | 2.26 | % | ||||||||||||||||||||||||||||||
Debt securities available-for-sale | 2,578,106 | 31,538 | 1.63 | % | 2,657,564 | 46,371 | 2.33 | % | ||||||||||||||||||||||||||||||
Debt securities held-to-maturity | 1,189,302 | 23,462 | 2.63 | % | 1,158,357 | 25,802 | 2.97 | % | ||||||||||||||||||||||||||||||
Net loans | 20,854,173 | 621,462 | 3.97 | % | 21,157,077 | 657,483 | 4.14 | % | ||||||||||||||||||||||||||||||
Stock in FHLB | 185,520 | 6,417 | 4.61 | % | 247,260 | 11,881 | 6.41 | % | ||||||||||||||||||||||||||||||
Total interest-earning assets | 25,322,448 | 683,640 | 3.60 | % | 26,106,753 | 743,014 | 3.79 | % | ||||||||||||||||||||||||||||||
Non-interest-earning assets | 1,137,556 | 1,080,136 | ||||||||||||||||||||||||||||||||||||
Total assets | $ | 26,460,004 | $ | 27,186,889 | ||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||||||||||
Savings deposits | $ | 2,028,057 | $ | 4,265 | 0.28 | % | $ | 2,039,596 | $ | 9,505 | 0.62 | % | ||||||||||||||||||||||||||
Interest-bearing checking | 6,328,197 | 20,397 | 0.43 | % | 5,786,659 | 34,191 | 0.79 | % | ||||||||||||||||||||||||||||||
Money market accounts | 4,557,672 | 16,136 | 0.47 | % | 4,172,144 | 32,624 | 1.04 | % | ||||||||||||||||||||||||||||||
Certificates of deposit | 2,408,527 | 12,070 | 0.67 | % | 4,082,118 | 49,959 | 1.63 | % | ||||||||||||||||||||||||||||||
Total interest-bearing deposits | 15,322,453 | 52,868 | 0.46 | % | 16,080,517 | 126,279 | 1.05 | % | ||||||||||||||||||||||||||||||
Borrowed funds | 3,774,346 | 60,725 | 2.15 | % | 5,066,253 | 79,843 | 2.10 | % | ||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 19,096,799 | 113,593 | 0.79 | % | 21,146,770 | 206,122 | 1.30 | % | ||||||||||||||||||||||||||||||
Non-interest-bearing liabilities | 4,574,136 | 3,402,930 | ||||||||||||||||||||||||||||||||||||
Total liabilities | 23,670,935 | 24,549,700 | ||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 2,789,069 | 2,637,189 | ||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 26,460,004 | $ | 27,186,889 | ||||||||||||||||||||||||||||||||||
Net interest income | $ | 570,047 | $ | 536,892 | ||||||||||||||||||||||||||||||||||
Net interest rate spread(1) | 2.81 | % | 2.49 | % | ||||||||||||||||||||||||||||||||||
Net interest-earning assets(2) | $ | 6,225,649 | $ | 4,959,983 | ||||||||||||||||||||||||||||||||||
Net interest margin(3) | 3.00 | % | 2.74 | % | ||||||||||||||||||||||||||||||||||
Ratio of interest-earning assets to total interest-bearing liabilities | 1.33 | 1.23 |
September 30, 2021 | December 31, 2020 | ||||||||||
(Dollars in thousands) | |||||||||||
Commercial loans: | |||||||||||
Multi-family loans | $ | 7,655,135 | 7,122,840 | ||||||||
Commercial real estate loans | 5,135,123 | 4,947,212 | |||||||||
Commercial and industrial loans | 3,933,926 | 3,575,641 | |||||||||
Construction loans | 509,620 | 404,367 | |||||||||
Total commercial loans | 17,233,804 | 16,050,060 | |||||||||
Residential mortgage loans | 3,930,683 | 4,119,894 | |||||||||
Consumer and other | 740,827 | 702,801 | |||||||||
Total loans | 21,905,314 | 20,872,755 | |||||||||
Deferred fees, premiums and other, net | (17,071) | (9,318) | |||||||||
Allowance for loan losses | (263,515) | (282,986) | |||||||||
Net loans | $ | 21,624,728 | 20,580,451 |
Segment and industry sector | Principal and Interest Deferral | Principal Deferral | Total | Deferred Loan % of Total Loans (1) | ||||||||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Accommodation and food service | $ | — | 170 | 170 | 0.8 | % | ||||||||||||||||||||
Arts, entertainment and recreation | — | 23 | 23 | 0.1 | % | |||||||||||||||||||||
Real estate and rental | — | 1 | 1 | — | % | |||||||||||||||||||||
Total deferred commercial and industrial | — | 194 | 194 | 0.9 | % | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||
Accommodation and food service | — | 61 | 61 | 0.3 | % | |||||||||||||||||||||
Other | — | 7 | 7 | — | % | |||||||||||||||||||||
Total deferred commercial real estate | — | 68 | 68 | 0.3 | % | |||||||||||||||||||||
Construction | — | — | — | — | % | |||||||||||||||||||||
Multi-family | — | 99 | 99 | 0.5 | % | |||||||||||||||||||||
Total deferred commercial loans | — | 361 | 361 | 1.7 | % | |||||||||||||||||||||
Residential and consumer | 49 | — | 49 | 0.2 | % | |||||||||||||||||||||
Total deferred loans (2) | $ | 49 | 361 | 410 | 1.9 | % |
Segment/Industry | Loan Balance (in millions) | % of Total Segment | ||||||||||||
Commercial and industrial: | ||||||||||||||
Accommodation and food service | $ | 285 | 7 | % | ||||||||||
Administrative and support and waste management | 149 | 4 | % | |||||||||||
Agriculture, forestry, fishing and hunting | 23 | 1 | % | |||||||||||
Arts, entertainment, and recreation | 101 | 3 | % | |||||||||||
Construction | 307 | 8 | % | |||||||||||
Educational service | 134 | 3 | % | |||||||||||
Finance and insurance | 267 | 7 | % | |||||||||||
Health care and social assistance | 622 | 16 | % | |||||||||||
Information | 136 | 3 | % | |||||||||||
Management of companies and enterprises | 6 | 0 | % | |||||||||||
Manufacturing | 216 | 5 | % | |||||||||||
Mining, quarrying, and oil and gas extraction | 48 | 1 | % | |||||||||||
Professional, scientific, and technical services | 125 | 3 | % | |||||||||||
Public administration | 1 | 0 | % | |||||||||||
Real estate and rental | 619 | 16 | % | |||||||||||
Retail trade - clothing, home, gasoline, health | 167 | 4 | % | |||||||||||
Retail trade - sporting, hobby, vending, e-commerce | 7 | 0 | % | |||||||||||
Transportation - air, rail, truck, water, pipeline | 265 | 7 | % | |||||||||||
Utilities | 2 | 0 | % | |||||||||||
Wholesale trade | 223 | 6 | % | |||||||||||
Other | 231 | 6 | % | |||||||||||
Total commercial and industrial | $ | 3,934 | 100 | % | ||||||||||
Commercial real estate: | ||||||||||||||
Accommodation and food service | $ | 113 | 2 | % | ||||||||||
Arts, entertainment, and recreation | 17 | 0 | % | |||||||||||
Health care and social assistance | 159 | 3 | % | |||||||||||
Mixed use property | 504 | 10 | % | |||||||||||
Office | 1,244 | 24 | % | |||||||||||
Retail store | 926 | 18 | % | |||||||||||
Shopping center | 1,000 | 20 | % | |||||||||||
Warehouse | 698 | 14 | % | |||||||||||
Other | 474 | 9 | % | |||||||||||
Total commercial real estate | $ | 5,135 | 100 | % | ||||||||||
Multi-family | 7,655 | 100 | % | |||||||||||
Construction | 510 | 100 | % | |||||||||||
Residential and consumer | 4,671 | 100 | % | |||||||||||
Total loans | $ | 21,905 | 100 | % |
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
# of Loans | Amount | # of Loans | Amount | # of Loans | Amount | # of Loans | Amount | # of Loans | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Multi-family | 15 | $ | 19.9 | 11 | $ | 16.6 | 13 | $ | 19.2 | 15 | $ | 35.6 | 13 | $ | 51.1 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | 22 | 9.8 | 24 | 13.0 | 25 | 14.0 | 29 | 15.9 | 28 | 17.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 16 | 3.3 | 13 | 5.2 | 15 | 4.4 | 21 | 9.2 | 19 | 10.9 | |||||||||||||||||||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial loans | 53 | 33.0 | 48 | 34.8 | 53 | 37.6 | 65 | 60.7 | 60 | 79.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential and consumer | 231 | 43.5 | 232 | 42.8 | 239 | 45.7 | 246 | 46.4 | 250 | 52.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total non-accrual loans | 284 | $ | 76.5 | 280 | $ | 77.6 | 292 | $ | 83.3 | 311 | $ | 107.1 | 310 | $ | 132.0 | ||||||||||||||||||||||||||||||||||||||||||||
Accruing troubled debt restructured loans | 47 | $ | 8.1 | 49 | $ | 9.3 | 45 | $ | 9.1 | 47 | $ | 9.2 | 51 | $ | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||
Non-accrual loans to total loans | 0.35 | % | 0.36 | % | 0.40 | % | 0.51 | % | 0.63 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses as a percent of non-accrual loans | 344.61 | % | 348.05 | % | 340.60 | % | 264.17 | % | 217.75 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses as a percent of total loans | 1.20 | % | 1.26 | % | 1.36 | % | 1.36 | % | 1.37 | % |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | Allowance for Loan Losses | Percent of Loans in Each Category to Total Loans | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
End of period allocated to: | |||||||||||||||||||||||
Multi-family loans | $ | 59,169 | 35.0 | % | $ | 56,731 | 34.1 | % | |||||||||||||||
Commercial real estate loans | 87,016 | 23.4 | % | 115,918 | 23.7 | % | |||||||||||||||||
Commercial and industrial loans | 85,036 | 18.0 | % | 79,327 | 17.1 | % | |||||||||||||||||
Construction loans | 9,359 | 2.3 | % | 7,267 | 2.0 | % | |||||||||||||||||
Residential mortgage loans | 19,328 | 17.9 | % | 19,941 | 19.7 | % | |||||||||||||||||
Consumer and other loans | 3,607 | 3.4 | % | 3,802 | 3.4 | % | |||||||||||||||||
Total allowance | $ | 263,515 | 100.0 | % | $ | 282,986 | 100.0 | % |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Balance | Percent of Total Deposits | Balance | Percent of Total Deposits | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Non-interest bearing: | |||||||||||||||||||||||
Checking accounts | $ | 4,345,871 | 21.3 | % | $ | 3,663,073 | 18.8 | % | |||||||||||||||
Interest-bearing: | |||||||||||||||||||||||
Checking accounts | 6,917,964 | 33.9 | % | 6,043,393 | 30.9 | % | |||||||||||||||||
Money market deposits | 4,768,986 | 23.4 | % | 5,037,327 | 25.8 | % | |||||||||||||||||
Savings | 2,052,819 | 10.1 | % | 2,063,447 | 10.6 | % | |||||||||||||||||
Certificates of deposit | 2,314,784 | 11.3 | % | 2,718,179 | 13.9 | % | |||||||||||||||||
Total Deposits | $ | 20,400,424 | 100.0 | % | $ | 19,525,419 | 100.0 | % |
As of September 30, 2021 (1) | |||||||||||||||||||||||||||||||||||
Actual | Minimum Capital Requirement with Conservation Buffer | To be Well Capitalized under Prompt Corrective Action Provisions (2) | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Bank: | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 2,435,271 | 9.02 | % | $ | 1,079,893 | 4.00 | % | $ | 1,349,866 | 5.00 | % | |||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | 2,435,271 | 11.32 | % | 1,506,273 | 7.00 | % | 1,398,682 | 6.50 | % | ||||||||||||||||||||||||||
Tier 1 Risk Based Capital | 2,435,271 | 11.32 | % | 1,829,046 | 8.50 | % | 1,721,455 | 8.00 | % | ||||||||||||||||||||||||||
Total Risk-Based Capital | 2,697,950 | 12.54 | % | 2,259,409 | 10.50 | % | 2,151,818 | 10.00 | % | ||||||||||||||||||||||||||
Investors Bancorp, Inc.: | |||||||||||||||||||||||||||||||||||
Tier 1 Leverage Ratio | $ | 2,769,611 | 10.24 | % | $ | 1,081,515 | 4.00 | % | n/a | n/a | |||||||||||||||||||||||||
Common Equity Tier 1 Risk-Based Capital | 2,769,611 | 12.83 | % | 1,510,878 | 7.00 | % | n/a | n/a | |||||||||||||||||||||||||||
Tier 1 Risk Based Capital | 2,769,611 | 12.83 | % | 1,834,637 | 8.50 | % | n/a | n/a | |||||||||||||||||||||||||||
Total Risk-Based Capital | 3,045,823 | 14.11 | % | 2,266,317 | 10.50 | % | n/a | n/a |
Contractual Obligations | Total | Less than One Year | One-Two Years | Two-Three Years | More than Three Years | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Debt obligations (excluding finance leases) | $ | 3,534,536 | 2,350,000 | 348,965 | 821,019 | 14,552 | ||||||||||||||||||||||||||
Commitments to originate and purchase loans | $ | 266,741 | 266,741 | — | — | — | ||||||||||||||||||||||||||
Commitments to sell loans | $ | — | — | — | — | — |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK |
EVE (1) | Net Interest Income (2) | |||||||||||||||||||||||||||||||||||||
Change in Interest Rates (basis points) | Estimated EVE | Estimated Increase (Decrease) | Estimated Net Interest Income | Estimated Increase (Decrease) | ||||||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | |||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||
+ 200bp | $ | 4,292,312 | (217,356) | (4.8) | % | $ | 763,046 | (21,606) | (2.8) | % | ||||||||||||||||||||||||||||
0bp | $ | 4,509,668 | — | — | $ | 784,652 | — | — | ||||||||||||||||||||||||||||||
-100bp | $ | 4,270,157 | (239,511) | (5.3) | % | $ | 787,255 | 2,603 | 0.3 | % |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period | Total Number of Shares Purchased (1)(2) | Average Price paid Per Share | As part of Publicly Announced Plans or Programs | Yet to be Purchased Under the Plans or Programs (1) | |||||||||||||||||||
July 1, 2021 through July 31, 2021 | 588 | $ | 14.33 | — | 12,000,202 | ||||||||||||||||||
August 1, 2021 through August 31, 2021 | 2,344 | 13.82 | — | 12,000,202 | |||||||||||||||||||
September 1, 2021 through September 30, 2021 | 3,820 | 14.43 | — | 12,000,202 | |||||||||||||||||||
Total | 6,752 | $ | 14.21 | — | 12,000,202 |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
101.INS | 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 Labels Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Presentation Linkbase Document | |||||||
104 | Inline XBRL Cover Page Interactive Data File |
(1) | Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Investors Bancorp, Inc. (Commission File no. 001-36441), originally filed with the Securities and Exchange Commission on July 30, 2019. | ||||
(2) | Incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K of Investors Bancorp, Inc. (Commission File no. 001-36441), originally filed with the Securities and Exchange Commission on July 30, 2021. | ||||
(3) | Incorporated by reference to the Registration Statement on Form S-1 of Investors Bancorp, Inc. (Commission File no. 333-192966), originally filed with the Securities and Exchange Commission on December 20, 2013. | ||||
INVESTORS BANCORP, INC. | |||||||||||||||||
Date: | November 5, 2021 | By: | /s/ Kevin Cummings | ||||||||||||||
Kevin Cummings Chief Executive Officer (Principal Executive Officer) | |||||||||||||||||
By: | /s/ Sean Burke | ||||||||||||||||
Sean Burke Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
Dated: | November 5, 2021 | /s/ Kevin Cummings | ||||||
Kevin Cummings | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Dated: | November 5, 2021 | /s/ Sean Burke | ||||||
Sean Burke | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Dated: | November 5, 2021 | /s/ Kevin Cummings | ||||||
Kevin Cummings | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) | ||||||||
Dated: | November 5, 2021 | /s/ Sean Burke | ||||||
Sean Burke | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Debt securities held-to-maturity, estimated fair value | $ 1,336,957 | $ 1,320,872 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued (shares) | 361,869,872 | 361,869,872 |
Common stock, shares outstanding (shares) | 247,684,887 | 247,929,216 |
Treasury stock (shares) | 114,184,985 | 113,940,656 |
Consolidated Statements of Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Interest and dividend income: | ||||
Loans receivable and loans held-for-sale | $ 211,189 | $ 215,221 | $ 621,462 | $ 657,483 |
Securities: | ||||
Equity | 65 | 45 | 394 | 110 |
Government-sponsored enterprise obligations | 567 | 378 | 1,666 | 994 |
Mortgage-backed securities | 13,321 | 18,095 | 42,738 | 61,251 |
Municipal bonds and other debt | 3,601 | 3,277 | 10,596 | 9,928 |
Interest-bearing deposits | 268 | 233 | 367 | 1,367 |
Federal Home Loan Bank stock | 2,234 | 3,452 | 6,417 | 11,881 |
Total interest and dividend income | 231,245 | 240,701 | 683,640 | 743,014 |
Interest expense: | ||||
Deposits | 15,683 | 34,109 | 52,868 | 126,279 |
Borrowed funds | 20,960 | 24,970 | 60,725 | 79,843 |
Total interest expense | 36,643 | 59,079 | 113,593 | 206,122 |
Net interest income | 194,602 | 181,622 | 570,047 | 536,892 |
Provision for credit losses | (13,015) | 8,336 | (25,677) | 72,840 |
Net interest income after provision for credit losses | 207,617 | 173,286 | 595,724 | 464,052 |
Non-interest income | ||||
Fees and service charges | 5,196 | 5,579 | 15,937 | 12,981 |
Income on bank owned life insurance | 1,508 | 2,067 | 5,012 | 5,059 |
Gain on loans, net | 1,698 | 5,285 | 6,819 | 10,688 |
(Loss) gain on securities, net | (931) | (8) | 3 | 249 |
Gain on sale of other real estate owned, net | 34 | 133 | 86 | 784 |
Other income | 8,447 | 6,870 | 21,172 | 14,965 |
Total non-interest income | 15,952 | 19,926 | 49,029 | 44,726 |
Non-interest expense | ||||
Compensation and fringe benefits | 60,231 | 59,896 | 184,043 | 176,079 |
Advertising and promotional expense | 3,111 | 2,344 | 7,737 | 6,906 |
Office occupancy and equipment expense | 23,535 | 16,882 | 58,683 | 49,303 |
Federal deposit insurance premiums | 2,950 | 2,925 | 9,550 | 10,726 |
General and administrative | 706 | 551 | 1,630 | 1,678 |
Professional fees | 12,925 | 4,097 | 20,896 | 12,386 |
Data processing and communication | 9,985 | 8,998 | 29,313 | 26,698 |
Debt extinguishment | 10,159 | 965 | 10,159 | 1,291 |
Other operating expenses | 8,424 | 7,402 | 22,814 | 21,571 |
Total non-interest expenses | 132,026 | 104,060 | 344,825 | 306,638 |
Income before income tax expense | 91,543 | 89,152 | 299,928 | 202,140 |
Income tax expense | 24,609 | 24,840 | 80,912 | 55,705 |
Net income | $ 66,934 | $ 64,312 | $ 219,016 | $ 146,435 |
Basic earnings per share (usd per share) | $ 0.28 | $ 0.27 | $ 0.93 | $ 0.62 |
Diluted earnings per share (usd per share) | $ 0.28 | $ 0.27 | $ 0.93 | $ 0.62 |
Weighted average shares outstanding | ||||
Basic (shares) | 235,602,277 | 236,833,099 | 235,106,490 | 235,453,133 |
Diluted (shares) | 236,413,268 | 236,872,505 | 236,088,254 | 235,550,801 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 66,934 | $ 64,312 | $ 219,016 | $ 146,435 |
Other comprehensive income (loss), net of tax: | ||||
Change in funded status of retirement obligations | 120 | 300 | 363 | 619 |
Unrealized (losses) gains on debt securities available-for-sale | (8,423) | (1,606) | (30,451) | 35,025 |
Accretion of loss on debt securities reclassified to held-to-maturity | 26 | 48 | 87 | 160 |
Reclassification adjustment for security gains included in net income | 0 | 0 | (299) | 0 |
Other-than-temporary impairment accretion on debt securities recorded prior to January 1, 2020 | 178 | 184 | 550 | 641 |
Net gains (losses) on derivatives | 8,197 | 9,242 | 47,498 | (68,891) |
Total other comprehensive income (loss) | 98 | 8,168 | 17,748 | (32,446) |
Total comprehensive income | $ 67,032 | $ 72,480 | $ 236,764 | $ 113,989 |
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands |
Total |
Adjustment |
Adjusted Balance |
Common stock |
Common stock
Adjusted Balance
|
Additional paid-in capital |
Additional paid-in capital
Adjusted Balance
|
Retained earnings |
Retained earnings
Adjustment
|
Retained earnings
Adjusted Balance
|
Treasury stock |
Treasury stock
Adjusted Balance
|
Unallocated common stock held by ESOP |
Unallocated common stock held by ESOP
Adjusted Balance
|
Accumulated other comprehensive loss |
Accumulated other comprehensive loss
Adjusted Balance
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance, beginning of period at Dec. 31, 2019 | $ 2,621,950 | $ (8,491) | $ 2,613,459 | $ 3,591 | $ 3,591 | $ 2,820,837 | $ 2,820,837 | $ 1,245,793 | $ (8,491) | $ 1,237,302 | $ (1,352,910) | $ (1,352,910) | $ (76,739) | $ (76,739) | $ (18,622) | $ (18,622) |
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net income | 146,435 | 146,435 | ||||||||||||||
Other comprehensive income (loss), net of tax | (32,446) | (32,446) | ||||||||||||||
Common stock issued to finance acquisition | 20,881 | 28 | 20,853 | |||||||||||||
Purchase of treasury stock | (3,418) | (3,418) | ||||||||||||||
Treasury stock allocated to restricted stock plan | 0 | (903) | (195) | 1,098 | ||||||||||||
Compensation cost for stock options and restricted stock | 11,329 | 11,329 | ||||||||||||||
Restricted stock forfeitures | 0 | 230 | (1) | (229) | ||||||||||||
Cash dividend paid | (89,701) | (89,701) | ||||||||||||||
ESOP shares allocated or committed to be released | 3,218 | 820 | 2,398 | |||||||||||||
Balance, end of period at Sep. 30, 2020 | 2,669,757 | 3,619 | 2,853,166 | 1,293,840 | (1,355,459) | (74,341) | (51,068) | |||||||||
Balance, beginning of period at Dec. 31, 2019 | 2,621,950 | $ (8,491) | $ 2,613,459 | 3,591 | $ 3,591 | 2,820,837 | $ 2,820,837 | 1,245,793 | $ (8,491) | $ 1,237,302 | (1,352,910) | $ (1,352,910) | (76,739) | $ (76,739) | (18,622) | $ (18,622) |
Balance, end of period at Dec. 31, 2020 | $ 2,710,003 | 3,619 | 2,856,935 | 1,339,003 | (1,375,996) | (73,542) | (40,016) | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Accounting Standards Update | Accounting Standards Update 2016-13 [Member] | |||||||||||||||
Balance, beginning of period at Jun. 30, 2020 | $ 2,622,900 | 3,619 | 2,849,678 | 1,259,605 | (1,355,626) | (75,140) | (59,236) | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net income | 64,312 | 64,312 | ||||||||||||||
Other comprehensive income (loss), net of tax | 8,168 | 8,168 | ||||||||||||||
Purchase of treasury stock | (57) | (57) | ||||||||||||||
Treasury stock allocated to restricted stock plan | 0 | (167) | (92) | 259 | ||||||||||||
Compensation cost for stock options and restricted stock | 3,479 | 3,479 | ||||||||||||||
Restricted stock forfeitures | 0 | 33 | 2 | (35) | ||||||||||||
Cash dividend paid | (29,987) | (29,987) | ||||||||||||||
ESOP shares allocated or committed to be released | 942 | 143 | 799 | |||||||||||||
Balance, end of period at Sep. 30, 2020 | 2,669,757 | 3,619 | 2,853,166 | 1,293,840 | (1,355,459) | (74,341) | (51,068) | |||||||||
Balance, beginning of period at Dec. 31, 2020 | 2,710,003 | 3,619 | 2,856,935 | 1,339,003 | (1,375,996) | (73,542) | (40,016) | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net income | 219,016 | 219,016 | ||||||||||||||
Other comprehensive income (loss), net of tax | 17,748 | 17,748 | ||||||||||||||
Purchase of treasury stock | (12,054) | (12,054) | ||||||||||||||
Treasury stock allocated to restricted stock plan | 0 | (3,323) | 204 | 3,119 | ||||||||||||
Compensation cost for stock options and restricted stock | 10,739 | 10,739 | ||||||||||||||
Exercise of stock options | 6,110 | (125) | 6,235 | |||||||||||||
Restricted stock forfeitures | 0 | 310 | 8 | (318) | ||||||||||||
Cash dividend paid | (103,922) | (103,922) | ||||||||||||||
ESOP shares allocated or committed to be released | 4,919 | 2,521 | 2,398 | |||||||||||||
Balance, end of period at Sep. 30, 2021 | 2,852,559 | 3,619 | 2,867,057 | 1,454,309 | (1,379,014) | (71,144) | (22,268) | |||||||||
Balance, beginning of period at Jun. 30, 2021 | 2,814,027 | 3,619 | 2,862,730 | 1,422,029 | (1,380,042) | (71,943) | (22,366) | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||
Net income | 66,934 | 66,934 | ||||||||||||||
Other comprehensive income (loss), net of tax | 98 | 98 | ||||||||||||||
Purchase of treasury stock | (96) | (96) | ||||||||||||||
Treasury stock allocated to restricted stock plan | 0 | (174) | 19 | 155 | ||||||||||||
Compensation cost for stock options and restricted stock | 3,572 | 3,572 | ||||||||||||||
Exercise of stock options | 1,048 | 8 | 1,040 | |||||||||||||
Restricted stock forfeitures | 0 | 69 | 2 | (71) | ||||||||||||
Cash dividend paid | (34,675) | (34,675) | ||||||||||||||
ESOP shares allocated or committed to be released | 1,651 | 852 | 799 | |||||||||||||
Balance, end of period at Sep. 30, 2021 | $ 2,852,559 | $ 3,619 | $ 2,867,057 | $ 1,454,309 | $ (1,379,014) | $ (71,144) | $ (22,268) |
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Statement of Stockholders' Equity [Abstract] | ||||
Purchase of treasury stock (shares) | 6,752 | 7,346 | 970,866 | 390,712 |
Treasury stock allocated to restricted stock plan (shares) | 12,468 | 21,144 | 251,634 | 90,067 |
Restricted stock forfeitures (shares) | 5,700 | 2,887 | 26,267 | 18,860 |
Cash dividend paid (usd per share) | $ 0.14 | $ 0.12 | $ 0.42 | $ 0.36 |
Summary of Significant Accounting Principles |
9 Months Ended |
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Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | Summary of Significant Accounting Principles Basis of Presentation The consolidated financial statements are comprised of the accounts of Investors Bancorp, Inc. and its wholly owned subsidiary, Investors Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries (collectively, the “Company”). All significant intercompany transactions have been eliminated in consolidation. In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair presentation of the consolidated financial condition and the consolidated results of operations for the unaudited periods presented have been included. The results of operations and other data presented for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“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 the Form 10-Q. The consolidated financial statements presented should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s December 31, 2020 Annual Report on Form 10-K. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2020 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies since December 31, 2020.
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Stock Transactions |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Transactions | Stock Transactions Stock Repurchase Program On October 25, 2018, the Company announced its fourth share repurchase program, which authorized the purchase of 10% of its publicly-held outstanding shares of common stock, or 28,886,780 shares. The fourth program commenced immediately upon completion of the third program on December 10, 2018. This program has no expiration date and has 12,000,202 shares yet to be repurchased as of September 30, 2021. During the nine months ended September 30, 2021, the Company purchased approximately 1.0 million shares at a cost of $12.1 million, or $12.42 per share. During the nine months ended September 30, 2021, shares repurchased include 345,866 shares purchased in connection with the vesting of shares of restricted stock under our 2015 Equity Incentive Plan and the withholding of shares to pay income taxes. These shares are repurchased pursuant to the terms of the 2015 Equity Incentive Plan and therefore are not part of the Company’s repurchase program. Stockholders’ Equity The changes in the components of stockholders’ equity for the three months ended September 30, 2021 and 2020 are as follows:
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Business Combinations |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations Citizens Financial Group, Inc. Merger Agreement On July 28, 2021, Citizens Financial Group, Inc. (“Citizens”) and Investors Bancorp, Inc. (“Investors”) announced that they entered into a definitive agreement and plan of merger under which Citizens will acquire all of the outstanding shares of Investors for a combination of stock and cash. Under the terms of the agreement and plan of merger, shareholders of Investors will receive 0.297 of a share of Citizens common stock and $1.46 in cash for each share of Investors they own. Following completion of the transaction, former shareholders of Investors will collectively own approximately 14% of the combined company. The implied total transaction value based on closing prices on July 27, 2021 is approximately $3.5 billion. The agreement and plan of merger has been unanimously approved by the boards of directors of each company and the transaction is expected to close in the first half of 2022, subject to approval by the shareholders of Investors, receipt of required regulatory approvals and other customary closing conditions. Berkshire Bank Branch Acquisition As of the close of business on August 27, 2021, the Company completed its acquisition of eight New Jersey and eastern Pennsylvania branches of Berkshire Bank, the wholly-owned subsidiary of Berkshire Hills Bancorp, Inc. pursuant to the definitive purchase and assumption agreement dated as of December 2, 2020 by and between the Company and Berkshire Bank. The acquisition included the assumption and acquisition of $632 million of deposits and $219 million of consumer and commercial loans, together with the related operations. The Company assumed a net liability of $413.0 million and received consideration of $391.3 million from Berkshire Bank. The acquisition was accounted for under the acquisition method of accounting as prescribed by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations”, as amended. Under this method of accounting, the purchase price has been allocated to the respective assets acquired based on their estimated fair values, net of applicable income tax effects. The excess cost over fair value of assets and liabilities acquired, or $21.7 million, has been recorded as goodwill. The acquired loans and deposits were fair valued on the date of acquisition based on guidance from ASC 820-10 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. The valuation methods utilized took into consideration adjustments for interest rate risk, funding cost, servicing cost, residual risk, credit and liquidity risk. As the Company finalizes its analysis of these assets, there may be adjustments to the recorded carrying values. Any adjustments to carrying values will be recorded in goodwill. The calculation of goodwill is subject to change for up to one year after closing date of the transaction as additional information relative to closing date estimates and uncertainties becomes available. Financial assets acquired in a business combination after January 1, 2020 are recorded in accordance with ASC Topic 326, after which acquired assets are separated into two types. PCD assets are acquired assets that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD assets are acquired assets that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired assets, the Company evaluates risk characteristics that have been determined to be indicators of deteriorated credit quality. In the case of loans, the determining criteria may involve general characteristics, such as loan payment history or changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic. In its acquisition of the eight branches of Berkshire Bank, the Company has purchased loans which have been determined to be PCD. The carrying amount of those loans was as follows:
Fair Value Measurement of Assets Acquired and Liabilities Assumed Described below are the methods used to determine the fair values of the assets acquired and liabilities assumed in the Berkshire Bank branch acquisition based on guidance from ASC 820-10 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. Loans. The estimated fair values of the loan portfolio generally consider adjustments for interest rate risk, required equity return, servicing costs, credit and liquidity risk. Level 3 inputs were utilized to determine the fair value of the acquired loan portfolio and included the use of present value techniques employing cash flow estimates and incorporated assumptions that market 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 fair value. The primary approach to determining the fair value of the loan portfolio was a discounted cash flow methodology that considered factors including the type of loan, underlying collateral, classification status or grade, interest rate structure (fixed or variable interest rate), and remaining term. For the non-credit component, loans were grouped together according to similar characteristics when applying the various valuations techniques. For the credit component, loans were also grouped based on whether they had more than insignificant deterioration in credit since origination (purchase credit deteriorated “PCD” as defined by ASC 326-20). The estimated lifetime loan losses were calculated based on an annual loss rate developed by using the historical annual average charge-off percentages for Mid-Atlantic institutions as a proxy for how a market participant acquirer would value the portfolio. Deposits / Core Deposit Intangible. The core deposit intangible represents the value assigned to the stable and below market rate funding sources within the acquired deposit base; typically demand deposits, interest checking, money market and savings accounts. The core deposit intangible value represents the value of the relationships with deposit customers as a below market rate funding source. The fair value was based on a discounted cash flow methodology that gave appropriate consideration to expected deposit attrition rates, net maintenance costs of the deposit base, projected interest costs and alternative funding costs. Certificates of deposit (time deposits) are not considered to be core deposits as they typically are less stable and generally do not have an “all-in” favorable funding advantage to alternative funding costs. The fair value of certificates of deposit represents the present value of the certificates’ expected contractual payments discounted by market rates for similar certificates and is determined utilizing Level 2 inputs. Gold Coast Bancorp As of the close of business on April 3, 2020, the Company completed its acquisition of Gold Coast Bancorp (“Gold Coast”) pursuant to the Agreement and Plan of Merger, dated as of July 24, 2019 by and between the Company and Gold Coast. As a result of the completion of the acquisition, the Company issued approximately 2.8 million shares to the former stockholders of Gold Coast and paid approximately $31.0 million in cash to the former stockholders of Gold Coast. Under the terms of the merger agreement, 50% of the common shares of Gold Coast were converted into Investors Bancorp common stock and the remaining 50% were exchanged for cash. For each share of Gold Coast Bancorp common stock, Gold Coast shareholders were given an option to receive either (i) 1.422 shares of Investors Bancorp common stock, $0.01 par value per share, (ii) a cash payment of $15.75, or (iii) a combination of Investors Bancorp common stock and cash. The foregoing was subject to proration to ensure that, in the aggregate, 50% of Gold Coast’s shares would be converted into Investors Bancorp common stock. The acquisition was accounted for under the acquisition method of accounting as prescribed by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations”, as amended. Under this method of accounting, the purchase price has been allocated to the respective assets acquired based on their estimated fair values, net of applicable income tax effects. The excess cost over fair value of assets acquired, or $12.0 million, has been recorded as goodwill. The acquired portfolio was fair valued on the date of acquisition based on guidance from ASC 820-10 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. The valuation methods utilized took into consideration adjustments for interest rate risk, funding cost, servicing cost, residual risk, credit and liquidity risk. The accounting for the acquisition of Gold Coast is complete and is reflected in our Consolidated Financial Statements. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for Gold Coast, net of cash consideration paid:
Financial assets acquired in a business combination after January 1, 2020 are recorded in accordance with ASC Topic 326, after which acquired assets are separated into two types. PCD assets are acquired assets that, as of the acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. Non-PCD assets are acquired assets that have experienced no or insignificant deterioration in credit quality since origination. To distinguish between the two types of acquired assets, the Company evaluates risk characteristics that have been determined to be indicators of deteriorated credit quality. In the case of loans, the determining criteria may involve general characteristics, such as loan payment history or changes in creditworthiness since the loan was originated, while others are relevant to recent economic conditions, such as borrowers in industries impacted by the pandemic. In its acquisition of Gold Coast, the Company has purchased loans which have been determined to be PCD. The carrying amount of those loans was as follows:
Fair Value Measurement of Assets Acquired and Liabilities Assumed Described below are the methods used to determine the fair values of the significant assets acquired and liabilities assumed in the Gold Coast acquisition based on guidance from ASC 820-10 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. Securities. The securities acquired are bought and sold in active markets. The estimated fair values of securities were calculated using external third party broker opinions of the market values. Due to the instability of the market at the time of acquisition as well as the odd lot position sizes of the securities, the Company reviewed the data and assumptions used in pricing the securities by third-parties and made qualitative adjustments to reflect the then current market conditions and the characteristics of each position. Loans. The estimated fair values of the loan portfolio generally consider adjustments for interest rate risk, required funding costs, servicing costs, prepayments, credit and liquidity. Level 3 inputs were utilized to determine the fair value of the acquired loan portfolio and included the use of present value techniques employing cash flow estimates and incorporated assumptions that market 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 fair value. The primary approach to determining the fair value of the loan portfolio was a discounted cash flow methodology that considered factors including the type of loan, underlying collateral, classification status or grade, interest rate structure (fixed or variable interest rate), and remaining term. For the non-credit component, loans were grouped together according to similar characteristics when applying the various valuations techniques. For the credit component, loans were also grouped based on whether they had more than insignificant deterioration in credit since origination (purchase credit deteriorated “PCD” as defined by ASC 326-20). The estimated lifetime loan losses were calculated based on an annual loss rate developed by using the historical annual average charge-off percentages for New York institutions as a proxy for how a market participant acquirer would value the portfolio. Additionally, a qualitative credit adjustment was applied to the historical annual loss rates, due to COVID-19 and the uncertainty of future losses. Deposits / Core Deposit Intangible. The core deposit intangible represents the value assigned to the stable and below market rate funding sources within the acquired deposit base; typically demand deposits, interest checking, money market and savings accounts. The core deposit intangible value represents the value of the relationships with deposit customers as a below market rate funding source. The fair value was based on a discounted cash flow methodology that gave appropriate consideration to expected deposit attrition rates, net maintenance costs of the deposit base, projected interest costs and alternative funding costs. Certificates of deposit (time deposits) are not considered to be core deposits as they typically are less stable and generally do not have an “all-in” favorable funding advantage to alternative funding costs. The fair value of certificates of deposit represents the present value of the certificates’ expected contractual payments discounted by market rates for similar certificates and is determined utilizing Level 2 inputs. Borrowed Funds. A discounted cash flow approach was used to determine the fair value of the debt acquired. The fair value of the liability represents the present value of the expected payments discounted using a risk adjusted discount rate. The discount rate was developed based on comparable rated securities, as that backed by companies with similar credit ratings as the Company.
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following is a summary of our earnings per share calculations and reconciliation of basic to diluted earnings per share.
(1) For the three months ended September 30, 2021 and 2020, there were 44,367 and 7,504,227 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented.
(1) For the six months ended September 30, 2021 and 2020, there were 219,597 and 7,433,286 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented.
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities Equity Securities Equity securities are reported at fair value on the Company’s Consolidated Balance Sheets. The Company’s portfolio of equity securities had an estimated fair value of $7.7 million and $36.0 million as of September 30, 2021 and December 31, 2020, respectively. Realized gains and losses from sales of equity securities, as well as changes in fair value of equity securities still held at the reporting date are recognized in the Consolidated Statements of Income. The following table presents the disaggregated net gains and losses on equity securities reported in the Consolidated Statements of Income:
Debt Securities The following tables present the amortized cost, gross unrealized gains and losses, and estimated fair value for available-for-sale debt securities and the amortized cost, net unrealized losses, carrying value, gross unrecognized gains and losses, estimated fair value and allowance for credit losses for held-to-maturity debt securities as of the dates indicated.
(1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary impairment related to other non-credit factors recorded prior to the adoption of the current expected credit losses accounting standard on January 1, 2020 that is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for-sale debt securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. (2) Unrecognized gains and losses of held-to-maturity debt securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an other than temporary impairment charge is recognized on a held-to-maturity security, through the date of the balance sheet. Effective January 1, 2020, held-to-maturity debt securities are evaluated for credit losses to determine if an allowance is necessary. Any allowance required is recorded through the provision for credit losses.
(1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary impairment related to other non-credit factors recorded prior to the adoption of the current expected credit losses accounting standard on January 1, 2020 that is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for-sale debt securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. (2) Unrecognized gains and losses of held-to-maturity debt securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an other than temporary impairment charge is recognized on a held-to-maturity security, through the date of the balance sheet. Effective January 1, 2020, held-to-maturity debt securities are evaluated for credit losses to determine if an allowance is necessary. Any allowance required is recorded through the provision for credit losses. Gross unrealized losses on debt securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2021 and December 31, 2020, were as follows:
We conduct periodic reviews of individual securities to assess whether an allowance for credit loss is required. Held-to-maturity debt securities are evaluated for expected credit loss utilizing a historical loss methodology, or a discounted cash flows approach which is assessed against the book value of the investment security excluding accrued interest. Available-for-sale debt securities are evaluated to determine if a decline in fair value below the amortized cost basis has resulted from a credit loss or other factors. An impairment on available-for-sale securities related to credit factors would be recorded through an allowance for credit losses. The allowance would be limited to the amount by which the security’s amortized cost basis exceeds the fair value. An impairment on available-for-sale securities that has not been recorded through an allowance for credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investment securities will be written down to fair value through the consolidated statement of income when management intends to sell (or may be required to sell) the securities before they recover in value. The majority of our held-to-maturity debt securities portfolio is comprised of agency mortgage-backed securities. For agency (FNMA, FHLMC and GNMA) mortgage-backed securities, and other agency debt instruments, the expectation of non-payment is zero. The timely payment of principal and interest on FNMA and FHLMC securities is guaranteed by each corporation. As each of these corporations is in conservatorship with the federal government, the payment guarantees are considered implicit obligations of the US government. GNMA securities carry the full faith and credit guarantee of the federal government. Because of the existence of government guarantees of timely payment of principal and interest, expected losses on agency securities are assumed to be zero. Changes in the fair value of agency securities in this portfolio are primarily driven by changes in interest rates and other non-credit related factors. At September 30, 2021, our held-to-maturity debt securities portfolio had an allowance for credit losses of $2.0 million. The allowance is related to non-agency corporate and other debt securities. The majority of the allowance is related to a portfolio of collateralized debt obligations backed by pooled TruPS, principally issued by banks and to a lesser extent insurance companies and real estate investment trusts. At September 30, 2021, the TruPS had a carrying value before allowance for credit losses and estimated fair value of $50.6 million and $82.8 million, respectively. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost. Refer to Note 7, Allowance for Credit Losses, for additional information on the Company’s allowance for credit losses. At September 30, 2021, the available-for-sale debt securities portfolio was almost entirely comprised of agency securities. As such, the unrealized losses in this portfolio are primarily driven by changes in interest rates and other non-credit related factors. The Company does not have the intent to sell these securities and does not believe it is more likely than not that the Company will be required to sell these securities before a recovery of amortized cost. As of September 30, 2021, there is no allowance for credit losses related to the Company’s available-for-sale debt securities as the decline in fair value did not result from credit issues. Debt securities with a carrying value before allowance for credit losses of $1.91 billion and an estimated fair value of $1.95 billion are pledged to secure borrowings and municipal deposits. The contractual maturities of the Bank’s mortgage-backed securities are generally less than 20 years with effective lives expected to be shorter due to prepayments. Expected maturities may differ from contractual maturities due to underlying loan prepayments or early call privileges of the issuer; therefore, mortgage-backed securities are not included in the following table. Excluding the allowance for credit losses, the amortized cost and estimated fair value of debt securities other than mortgage-backed securities at September 30, 2021, by contractual maturity, are shown below.
Gains and Losses Gains and losses are determined using the specific identification method. The Company recognized net unrealized losses on equity securities of $931,000 and $147,000, respectively, for the three and nine months ended September 30, 2021. For the three months ended September 30, 2021, the Company received proceeds of $1.1 million from the sale of equity securities which resulted in no net gain. For the nine months ended September 30, 2021, the Company received proceeds of $34.0 million from the sale of equity securities which resulted in a net loss of $248,000 and received proceeds of $8.2 million from the sale of available-for-sale debt securities which resulted in gains of $398,000. For the three and nine months ended September 30, 2020, there were no sales of securities; however, the Company received proceeds of $16.5 million from the call of a held-to-maturity debt security which resulted in a gain of $124,000 and received a principal payment of $26,000 on a held-to-maturity debt security during the nine months ended September 30, 2020. The Company recognized net unrealized losses on equity securities of $8,000 and net unrealized gains of $99,000, respectively, for the three and nine months ended September 30, 2020.
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Loans Receivable, Net | Loans Receivable, Net On January 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments- Credit Losses (Topic 326)” that is referred to as the current expected credit loss methodology, (“CECL”) for measuring credit losses. Refer to Note 7, Allowance for Credit Losses, for further details. All disclosures as of and for the nine months ended September 30, 2021 and December 31, 2020 are presented in accordance with Topic 326. The detail of the loan portfolio as of September 30, 2021 and December 31, 2020 was as follows:
Credit Quality Indicators The Company has lending policies and procedures that provide target market, underwriting and other criteria for identified lending segments to codify the level of credit risk the Company is willing to accept. Approval authority levels are delegated to qualified individuals and approval bodies for the extension of credit within the guidance of these policies and procedures. In addition, the Company maintains an independent loan review department that reviews and validates risk assessment on a continual basis. The Company assigns ratings to borrowers and transactions based on the assessment of a borrower’s ability to service their debt based on relevant information such as: current financial information, historical payment experience, credit documentation, public information and current economic trends, among other factors. In connection with the adoption of CECL on January 1, 2020, the Company implemented new risk rating models for borrowers and transactions within its commercial loan portfolio. The risk rating methodology transitioned to a dual risk rating framework which bifurcates ratings into probability of default (PD) and loss given default (LGD). Relevant risks are evaluated prior to approving a transaction to determine if the transaction is within the Company’s risk appetite and the appropriate rating. Strong credit analysis requires current, reliable financial information and documented assessment of the customer’s: •ability to perform in accordance with the terms of the credit, including adherence to covenants; •assets and liabilities, liquidity, net worth, and contingent and other off-balance sheet items; •tax liabilities; •cash reserves and ability to convert assets to cash; •income statement and the sources, level, stability, and quality of earnings; •projected performance, sensitized for stressed circumstances; and •industry performance relative to peers and industry. Each commercial credit facility is assigned a PD and LGD rating for the purpose of informing a credit decision, facilitating the determination of the expected level of credit loss and other portfolio management activities (as well as relationship profitability). The dual risk rating framework and risk rating methodologies allow for consistent determination of risk across the Commercial business as indicated by the risk rating assigned. The methodology used by the Bank applies the same criteria for identification of a credit as for the regulatory definitions of risk ratings: Pass - “Pass” assets are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less cost to acquire and sell, of any underlying collateral in a timely manner. Watch - A “Watch” asset has all the characteristics of a Pass asset but warrants more than the normal level of supervision. These loans may require more detailed reporting to management because some aspects of underwriting may not conform to policy or adverse events may have affected or could affect the cash flow or ability to continue operating profitably, provided, however, the events do not constitute an undue credit risk. Residential and consumer loans delinquent 30-59 days are considered watch if not a troubled debt restructuring (“TDR”). In addition, any residential or consumer loan currently on deferment in accordance with the CARES Act or the interagency statement issued by bank regulatory agencies are considered watch. Special Mention - A “Special Mention” asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. Residential and consumer loans delinquent 60-89 days are considered special mention if not a TDR. Substandard - A “Substandard” asset is inadequately protected by the current worth and paying capacity of the obligor or by the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Residential and consumer loans delinquent 90 days or greater as well as TDRs are considered substandard. Doubtful - An asset classified “Doubtful” has all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently known facts, conditions, and values. Loss - An asset or portion thereof, classified “Loss” is considered uncollectible and of such little value that its continuance on the institution’s books as an asset, without establishment of a specific valuation allowance or charge-off, is not warranted. This classification does not necessarily mean that an asset has no recovery or salvage value; but rather, there is much doubt about whether, how much, or when the recovery will occur. As such, it is not practical or desirable to defer the write-off. The following table presents the risk category of loans as of September 30, 2021 by class of loan and vintage year:
The following table presents the risk category of loans as of December 31, 2020 by class of loan and vintage year:
Delinquent and Non-Accrual Loans In the absence of other intervening factors, loans on active payment deferral status related to COVID-19 are not reported as past due or placed on non-accrual status in accordance with the CARES Act and Interagency Guidance. The following tables present the payment status of the recorded investment in past due loans as of September 30, 2021 and December 31, 2020 by class of loans:
The following table presents non-accrual loans at the dates indicated:
The Company recognized $844,000 of interest income on non-accrual loans during the nine months ended September 30, 2021. Individually Evaluated Loans Loans which do not share common risk characteristics with other loans are individually evaluated as part of the process of calculating the allowance for credit losses. The evaluation is determined on an individual basis using the present value of expected cash flows or the fair value of the collateral as of the reporting date. When management determines that the fair value of collateral securing a collateral dependent loan inadequately covers the balance of net principal, the net principal balance is written down to the fair value of the collateral, net of estimated selling costs as applicable, rather than assigning an allowance. See Note 16, Fair Value Measurements, for information regarding the valuation process for collateral dependent loans. The following table presents individually evaluated collateral-dependent loans by class of loans at the dates indicated:
For leases, the Company records a residual value of the equipment based on an estimate of the equipment’s value at the end of the lease. On at least an annual basis, the Company reviews the residual values of leased assets and assets off-lease and recognizes an impairment charge if the equipment’s current market value has declined below the estimated value. For the year ended December 31, 2019, the Company recorded an impairment charge of $2.6 million as the fair value of certain equipment decreased at a rate greater than originally projected. An additional impairment charge of $2.2 million was recorded on the same equipment class during the year ended December 31, 2020 given the extended downturn in the market for these assets. For the nine months ended September 30, 2021, the Company recognized an impairment charge of $150,000 on the value of equipment coming off lease in the third quarter of 2021. TDR Loans Included in Non-Accrual Included in the non-accrual table above are TDR loans whose payment status is current but the Company has classified as non-accrual as the loans have not maintained their current payment status for six consecutive months under the restructured terms and therefore do not meet the criteria for accrual status. As of September 30, 2021 and December 31, 2020, these loans are comprised of the following:
The following table presents TDR loans which were also 30-89 days delinquent and classified as non-accrual at the dates indicated:
The Company has no loans past due 90 days or more delinquent that are still accruing interest. Guidance on Non-TDR Loan Modifications due to COVID-19 The Company implemented various consumer and commercial loan modification programs to provide its borrowers relief from the economic impacts of COVID-19. In accordance with the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), the Company elected to not apply troubled debt restructuring classification to any COVID-19 related loan modifications that occurred after March 1, 2020 to borrowers who were current as of December 31, 2019. Accordingly, these modifications are exempt from troubled debt restructuring classification under U.S. generally accepted accounting principles (“U.S. GAAP”) and were not classified as troubled debt restructurings (“TDRs”). The Consolidated Appropriations Act of 2021 extends this provision of the CARES Act to January 1, 2022. In addition, for loans modified in response to the COVID-19 pandemic that did not meet the above criteria (e.g., current payment status at December 31, 2019), the Company applied the guidance included in an interagency statement issued by the bank regulatory agencies. For loan modifications that include a payment deferral and are not TDRs, the borrower’s past due and non-accrual status have not been impacted during the deferral period. Interest income has continued to be recognized over the contractual life of the loan. Troubled Debt Restructurings On a case-by-case basis, the Company may agree to modify the contractual terms of a borrower’s loan to remain competitive and assist customers who may be experiencing financial difficulty, as well as preserve the Company’s position in the loan. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a TDR. Substantially all of our TDR loan modifications involve lowering the monthly payments on such loans through either a reduction in interest rate below a market rate, an extension of the term of the loan, or a combination of these two methods. These modifications rarely result in the forgiveness of principal or accrued interest. In addition, we frequently obtain additional collateral or guarantor support when modifying commercial loans. Restructured loans remain on non-accrual status until payment is reasonably assured (generally six consecutive months of payments) and both principal and interest are deemed collectible. Consistent with the CARES Act and interagency guidance which allows temporary relief for current borrowers affected by COVID-19, we have worked with borrowers and granted certain modifications through programs related to COVID-19 relief. At September 30, 2021, loans with an aggregate outstanding balance of approximately $496.0 million have been granted payment deferment as a result of financial disruptions associated with the COVID-19 pandemic. Such modifications that met the criteria are not included in our TDR totals and discussion below. The following tables present the total TDR loans at September 30, 2021 and December 31, 2020:
The following tables present information about TDRs that occurred during the three and nine months ended September 30, 2021 and 2020:
Post-modification recorded investment represents the net book balance immediately following modification. Collateral dependent loans classified as TDRs were written down to the estimated fair value of the collateral. There were $160,000 in charge offs of TDRs of collateral dependent commercial loans during the three months ended September 30, 2021. There were $171,000 in charge offs of TDRs of collateral dependent residential and commercial loans during the nine months ended September 30, 2021. There were no charge offs for TDRs during the three months ended September 30, 2020. There were $163,000 in charge-offs for a TDR of an unsecured commercial and industrial loan during the nine months ended September 30, 2020. The allowance for credit losses associated with the TDRs presented in the above tables totaled $1.4 million as of September 30, 2021 and December 31, 2020. Loan modifications generally involve the reduction in loan interest rate and/or extension of loan maturity dates and also may include step up interest rates in their modified terms which will impact their weighted average yield in the future. The commercial loan modification which qualified as a TDR in the nine months ended September 30, 2021 resulted from a forbearance agreement. The residential loan modifications which qualified as TDRs in the nine months ended September 30, 2021 had their maturity extended and/or interest rate reduced to current market terms. Residential loans modified in the nine months ended September 30, 2020 and deemed to be TDRs were granted a payment deferral related to COVID-19 but did not meet the criteria to be excluded from TDR under the CARES Act. Two of the commercial loan modifications which qualified as a TDR in the nine months ended September 30, 2020 were loans which had already been on non-accrual status and were granted a deferral of payment due to circumstances related to COVID-19. Another commercial loan modification which qualified as a TDR in the first quarter of 2020 had its maturity extended. The following table presents information about pre and post modification interest yield for TDRs which occurred during the three and nine months ended September 30, 2021 and 2020:
Payment defaults for loans modified as a TDR in the previous 12 months to September 30, 2021 consisted of one commercial real estate loan with a recorded investment of $166,000. There were no payment defaults for loans modified as a TDR in the previous 12 months to September 30, 2020. Non-Performing Loan Sales During the nine months ended September 30, 2021, the Company sold three non-performing multi-family loans with a net book balance of $19.9 million. The Company recognized a recovery of $1.4 million in the allowance for credit losses on the sale of one of the loans. Also during the nine months ended September 30, 2021, the Company sold a non-performing commercial real estate loan with a net book balance of $762,000.
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Allowance for Credit Losses |
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Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | Allowance for Credit Losses On January 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the CECL methodology. An analysis of the provision for credit losses is summarized as follows:
Allowance for Credit Losses on Loans Receivable An analysis of the allowance for credit losses for loans receivable is summarized as follows:
Accrued interest receivable on loans, reported as a component of accrued interest receivable on the balance sheet, totaled $73.0 million at September 30, 2021 and is excluded from credit losses. For the nine months ended September 30, 2021 loans in payment deferral with accrued interest and deferred escrow are included in credit losses. The allowance for credit losses represents the estimated amount considered necessary to cover lifetime expected credit losses inherent in financial assets at the balance sheet date. The lifetime estimate considers multiple economic scenarios, including recessionary scenarios that assume deterioration in key economic variables such as gross domestic product, unemployment rate and real estate prices. The Company assesses the selection and probability weightings of each economic scenario. In estimating the allowance for credit losses, multiple economic outlooks are used that include a base or consensus case, a downside recessionary case and an upside scenario to reflect the potential for continued improvement in the economic outlook. In addition, the allowance for credit losses includes qualitative reserves for certain segments that may not be fully recognized through its quantitative models. There are still many unknowns including the duration of the impact of COVID-19 on the economy and the results of the government fiscal and monetary actions along with payment deferral programs. The Company will continue to evaluate the allowance for credit losses and the related economic outlook each quarter. The following tables present the balance in the allowance for credit losses for loans by portfolio segment as of September 30, 2021 and December 31, 2020:
Allowance for Credit Losses on Debt Securities An analysis of the allowance for credit losses for debt securities held-to-maturity is summarized as follows:
The following tables present the balance in the allowance for credit losses for debt securities held-to-maturity by portfolio segment as of September 30, 2021 and December 31, 2020:
Accrued interest receivable on debt securities held-to-maturity totaled $4.9 million at September 30, 2021 and is excluded from the estimate of credit losses. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures An analysis of the allowance for credit losses for off-balance sheet credit exposures is as follows:
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Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits Deposits are summarized as follows:
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table summarizes goodwill and intangible assets at September 30, 2021 and December 31, 2020:
For the nine months ended September 30, 2021, the increase in goodwill reflects the Berkshire Bank branch acquisition. See Note 3, Business Combinations. The following table summarizes other intangible assets as of September 30, 2021 and December 31, 2020:
Mortgage servicing rights are accounted for using the amortization method. Under this method, the Company amortizes the loan servicing asset in proportion to, and over the period of, estimated net servicing revenues. The Company sells loans on a servicing-retained basis. The unpaid principal balance of these loans were $1.42 billion and $1.69 billion at September 30, 2021 and December 31, 2020, respectively, all of which relate to mortgage loans. At September 30, 2021 and December 31, 2020, the servicing asset, included in other intangible assets, had an estimated fair value of $11.3 million and $11.2 million, respectively. At September 30, 2021, fair value was based on expected future cash flows considering a weighted average discount rate of 11.32%, a weighted average constant prepayment rate on mortgages of 13.74% and a weighted average life of 5.3 years. Based on an analysis of fair values as of September 30, 2021, the Company determined that a $83,000 valuation allowance for mortgage servicing rights was required, an increase of approximately $10,000 from the previous quarter. See Note 16, Fair Value Measurements, for additional details. Core deposit premiums are amortized using an accelerated method and having a weighted average amortization period of 10 years. For the nine months ended September 30, 2021, the Company recorded $3.6 million in core deposit premiums resulting from the Berkshire Bank branch acquisition. For the year ended December 31, 2020, the Company recorded $2.5 million in core deposit premiums resulting from the acquisition of Gold Coast.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has operating leases for corporate offices, branch locations and certain equipment. For these operating leases, the Company recognizes a lease liability and a right-of-use asset, measured at the present value of the future minimum lease payments, at the lease commencement date. The Company’s leases have remaining lease terms of up to 15 years, some of which include options to extend the leases for up to 10 years. Certain of our operating leases for branch locations contain variable lease payments related to consumer price index adjustments. The following table presents the balance sheet information related to our operating leases:
In determining the present value of lease payments, the discount rate used for each individual lease is the rate implicit in the lease, unless that rate cannot be readily determined, in which case the Company is required to use its incremental borrowing rate based on the information available at commencement date. For its incremental borrowing rate, the Company uses the borrowing rates offered to the Company by the Federal Home Loan Bank, which reflects the rates a lender would charge the Company to obtain a collateralized loan. The following table presents the components of total operating lease cost recognized in the Consolidated Statements of Income:
The following table presents supplemental cash flow information related to operating leases:
Future minimum operating lease payments and reconciliation to operating lease liabilities at September 30, 2021 and December 31, 2020:
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Equity Incentive Plan |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Incentive Plan | Equity Incentive Plan At the annual meeting held on June 9, 2015, stockholders of the Company approved the Investors Bancorp, Inc. 2015 Equity Incentive Plan (“2015 Plan”) which provides for the issuance or delivery of up to 30,881,296 shares (13,234,841 restricted stock awards and 17,646,455 stock options) of Investors Bancorp, Inc. common stock. Restricted shares granted under the 2015 Plan vest in equal installments, over the service period generally ranging from 5 to 7 years beginning one year from the date of grant. Additionally, certain restricted shares awarded are performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. The vesting of restricted stock may accelerate in accordance with the terms of the 2015 Plan. The product of the number of shares granted and the grant date closing market price of the Company’s common stock determine the fair value of restricted shares under the 2015 Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. For the nine months ended September 30, 2021 and September 30, 2020, the Company granted 251,634 and 90,067 shares of restricted stock awards under the 2015 Plan, respectively. Stock options granted under the 2015 Plan vest in equal installments, over the service period generally ranging from 5 to 7 years beginning one year from the date of grant. The vesting of stock options may accelerate in accordance with the terms of the 2015 Plan. Stock options were granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on the closing market price and have an expiration period of 10 years. For the nine months ended September 30, 2021 and September 30, 2020, the Company granted no stock options under the 2015 Plan. The fair value of stock options granted as part of the 2015 Plan are estimated utilizing the Black-Scholes option pricing model. The weighted average expected life of the stock option represents the period of time that stock options are expected to be outstanding and is estimated using historical data of stock option exercises and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the historical volatility of the Company’s stock. The Company recognizes compensation expense for the fair values of these awards, which have graded vesting, on a straight-line basis over the requisite service period of the awards. Upon exercise of vested options, management expects to draw on treasury stock as the source for shares. The following table presents the share-based compensation expense for the three and nine months ended September 30, 2021 and 2020:
The following is a summary of the Company’s stock option activity and related information for the nine months ended September 30, 2021:
Expected future expense relating to the non-vested options outstanding as of September 30, 2021 is $2.8 million over a weighted average period of 0.66 years. The following is a summary of the status of the Company’s restricted shares as of September 30, 2021 and changes therein during the nine months ended:
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Net Periodic Benefit Plan Expense |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Plan Expense | Net Periodic Benefit Plan Expense The Company has an Executive Supplemental Retirement Wage Replacement Plan (“SERP II”) and the Supplemental ESOP and Retirement Plan (“SERP I”) (collectively, the “SERPs”). The SERP II is a nonqualified, defined benefit plan which provides benefits to certain executives as designated by the Compensation and Benefits Committee of the Board of Directors. More specifically, the SERP II was designed to provide participants with a normal retirement benefit equal to an annual benefit of 60% of the participant’s highest annual base salary and cash incentive (over a consecutive 36-month period within the participant’s credited service period) reduced by the sum of the benefits provided under the Pentegra Defined Benefit Plan for Financial Institutions (“Pentegra DB Plan”) and the SERP I. Effective as of the close of business of December 31, 2016, the SERP II was amended to freeze future benefit accruals subsequent to the 2016 year of service. The SERP I compensates certain executives (as designated by the Compensation and Benefits Committee of the Board of Directors) participating in the ESOP whose contributions are limited by the Internal Revenue Code. The Company also maintains the Amended and Restated Director Retirement Plan (“Directors’ Plan”) for certain directors, which is a nonqualified, defined benefit plan. The Directors’ Plan was frozen on November 21, 2006 such that no new benefits accrued under, and no new directors were eligible to participate in the plan. The SERPs and the Directors’ Plan are unfunded and the costs of the plans are recognized over the period that services are provided. The components of net periodic benefit cost for the Directors’ Plan and the SERP II are as follows:
Due to the unfunded nature of the SERPs and the Directors’ Plan, no contributions have been made or were expected to be made during the nine months ended September 30, 2021. The Company also maintains the Pentegra DB Plan. As of December 31, 2016, the annual benefit provided under the Pentegra DB plan was frozen by an amendment to the plan. Freezing the plan eliminated all future benefit accruals and each participant’s frozen accrued benefit was determined as of December 31, 2016 and no further benefits accrued subsequent to December 31, 2016. Since it is a multi-employer plan, costs of the pension plan are based on contributions required to be made to the pension plan. There was no contribution required during the nine months ended September 30, 2021. We anticipate contributing funds to the plan to meet any minimum funding requirements for the remainder of 2021.
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s floating rate wholesale fundings and pools of fixed-rate assets. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are primarily to reduce cost and add stability to interest expense in an effort to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of amounts subject to variability caused by changes in interest rates from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Changes in the fair value of derivatives designated and that qualify as cash flow hedges are initially recorded in other comprehensive income and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variability in cash flows associated with wholesale funding. The Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of sixteen months (excluding forecasted transactions related to the payment of variable interest on existing financial instruments). During the year ended December 31, 2020, the Company terminated four interest rate swaps with an aggregate notional of $400.0 million. Upon termination, the Company accelerated the reclassification of amounts in other comprehensive income to earnings as a result of the hedged forecasted transactions becoming probable not to occur. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate borrowings. During the next twelve months, the Company estimates that an additional $41.4 million will be reclassified as an increase to interest expense. Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its pools of fixed-rate assets due to changes in benchmark interest rates. The Company may use interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involve the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Such derivatives were used to hedge the changes in fair value of certain of its pools of prepayable fixed-rate assets. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income. The Company terminated two interest rate swaps with an aggregate notional of $475.0 million during the year ended December 31, 2020. The terminated swaps were due to mature in April and May 2021. The remaining balance of the fair value hedging adjustment included in the carrying amount of the assets previously hedged is being amortized into interest income on a straight-line basis over the remaining lives of the assets previously hedged. Derivatives Not Designated as Hedges The Company has credit derivatives resulting from participation in interest rate swaps provided to external lenders as part of loan participation arrangements which are, therefore, not used to manage interest rate risk in the Company’s assets or liabilities. Additionally, the Company provides interest rate risk management services to commercial customers, primarily interest rate swaps. The Company’s market risk from unfavorable movements in interest rates related to these derivative contracts is economically hedged by concurrently entering into offsetting derivative contracts that have identical notional values, terms and indices. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain lenders which participate in loans and commercial customers. Fair Values of Derivative Instruments on the Balance Sheet Amounts included in the Consolidated Balance Sheet related to the fair value of the Company’s derivative instruments are shown below. Asset derivatives depicted below represent derivatives with a positive fair value position, while liability derivatives represent derivatives with a negative fair value position.
(1) Netting adjustments represents the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance on the settle to market rules for cleared derivatives. The Chicago Mercantile Exchange (“CME”) legally characterizes the variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collateral. (2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of collateral cannot reduce the net derivative position below zero. Therefore, excess collateral, if any, is not reflected above.
(1) Netting adjustments represents the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance on the settle to market rules for cleared derivatives. The Chicago Mercantile Exchange (“CME”) legally characterizes the variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collateral. (2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of collateral cannot reduce the net derivative position below zero. Therefore, excess collateral, if any, is not reflected above. Effect of Derivative Instruments on Accumulated Other Comprehensive Income (Loss) The following table presents the effect of the Company’s derivative financial instruments on the Accumulated Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020.
Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of September 30, 2021 and 2020.
There was $4.3 million of fee income related to derivative interest rate swaps executed with commercial loan customers for the three months ended September 30, 2021. Fee income related to derivative interest rate swaps executed with commercial loan customers totaled $3.1 million for the three months ended September 30, 2020. Fee income related to derivative interest rate swaps executed with commercial loan customers totaled $6.1 million and $4.1 million for the nine months ended September 30, 2021 and September 30, 2020, respectively. As of September 30, 2021 and December 31, 2020, the following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustment for fair value hedges:
(1) At September 30, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $390.0 million; the cumulative basis adjustments associated with these hedging relationships was $5.1 million; and the amounts of the designated hedged items were $150.0 million. (2) The balance of Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) as of September 30, 2021 includes $5.2 million of hedging adjustment on discontinued hedging relationships. Location and Amount of Gain or (Loss) Recognized in Income on Derivatives Not Designated as Hedging Instruments The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of September 30, 2021:
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Comprehensive Income |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | Comprehensive Income The components of comprehensive income, gross and net of tax, are as follows:
The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the nine months ended September 30, 2021 and 2020:
The following table presents information about amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income and the affected line item in the statement where net income is presented.
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Stockholders’ Equity |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ Equity | Stock Transactions Stock Repurchase Program On October 25, 2018, the Company announced its fourth share repurchase program, which authorized the purchase of 10% of its publicly-held outstanding shares of common stock, or 28,886,780 shares. The fourth program commenced immediately upon completion of the third program on December 10, 2018. This program has no expiration date and has 12,000,202 shares yet to be repurchased as of September 30, 2021. During the nine months ended September 30, 2021, the Company purchased approximately 1.0 million shares at a cost of $12.1 million, or $12.42 per share. During the nine months ended September 30, 2021, shares repurchased include 345,866 shares purchased in connection with the vesting of shares of restricted stock under our 2015 Equity Incentive Plan and the withholding of shares to pay income taxes. These shares are repurchased pursuant to the terms of the 2015 Equity Incentive Plan and therefore are not part of the Company’s repurchase program. Stockholders’ Equity The changes in the components of stockholders’ equity for the three months ended September 30, 2021 and 2020 are as follows:
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Fair Value Measurements |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements We use fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. Our debt securities available-for-sale and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, we may be required to record at fair value other assets or liabilities on a non-recurring basis, such as held-to-maturity debt securities, mortgage servicing rights (“MSR”), loans receivable and other real estate owned. These non-recurring fair value adjustments involve the application of lower-of-cost-or-market accounting or write-downs of individual assets. Additionally, in connection with our mortgage banking activities we may have commitments to fund loans held-for-sale and commitments to sell loans, which are considered free-standing derivative instruments, the fair values of which are not material to our financial condition or results of operations. In accordance with FASB ASC 820, “Fair Value Measurements and Disclosures”, we group our assets and liabilities at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value. These levels are: •Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. •Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. •Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include the use of option pricing models, discounted cash flow models and similar techniques. The results cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. We base our fair values on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets Measured at Fair Value on a Recurring Basis Equity securities Our equity securities portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses recognized in the Consolidated Statements of Income. The fair values of equity securities are based on quoted market prices (Level 1). Debt securities available-for-sale Our debt securities available-for-sale portfolio is carried at estimated fair value on a recurring basis, with any unrealized gains and losses, net of taxes, reported as accumulated other comprehensive income (loss) in stockholders’ equity. The fair values of debt securities available-for-sale are provided by a third-party pricing service. The pricing service may use quoted market prices of comparable instruments or a variety of other forms of analysis, incorporating inputs that are currently observable in the markets for similar securities (Level 2). Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. As the Company is responsible for the determination of fair value, a quarterly analysis of the prices received from the pricing service is performed to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and the review of the fair value methodology documentation provided by the independent pricing services has not resulted in material adjustments in the prices obtained from the pricing services. Derivatives Derivatives are reported at fair value utilizing Level 2 inputs. The fair values of interest rate swap and risk participation agreements are based on a valuation model that uses primarily observable inputs, such as benchmark yield curves and interest rate spreads. The following tables present our assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy at September 30, 2021 and December 31, 2020.
There have been no changes in the methodologies used at September 30, 2021 from December 31, 2020, and there were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2021. There were no Level 3 assets measured at fair value on a recurring basis for the nine months ended September 30, 2021 and December 31, 2020. Assets Measured at Fair Value on a Non-Recurring Basis Mortgage Servicing Rights, Net Mortgage servicing rights are carried at the lower of cost or estimated fair value. The estimated fair value of MSR is obtained through independent third-party valuations through an analysis of future cash flows, incorporating assumptions market participants would use in determining fair value including market discount rates, prepayment speeds, servicing income, servicing costs, default rates and other market driven data, including the market’s perception of future interest rate movements. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. At September 30, 2021, the fair value model used prepayment speeds ranging from 4.61% to 31.62% and a discount rate of 11.32% for the valuation of the mortgage servicing rights. At December 31, 2020, the fair value model used prepayment speeds ranging from 14.46% to 23.58% and a discount rate of 12.03% for the valuation of the mortgage servicing rights. A significant degree of judgment is involved in valuing the mortgage servicing rights using Level 3 inputs. The use of different assumptions could have a significant positive or negative effect on the fair value estimate. Collateral Dependent Loans A collateral dependent loan is a loan for which repayment is expected to be provided substantially through the operation or sale of the collateral. A loan is individually evaluated when it is a collateral dependent commercial loan with an outstanding balance greater than $1.0 million and on non-accrual status, a loan modified in a troubled debt restructuring, or is a commercial loan with $1.0 million in outstanding principal if management has specific information that it is probable they will not collect all amounts due under the contractual terms of the loan agreement. Collateral-dependent loans secured by property are carried at the estimated fair value of the collateral less estimated selling costs. Estimated fair value is calculated using an independent third-party appraiser. In the event the most recent appraisal does not reflect the current market conditions due to the passage of time and other factors, management will obtain an updated appraisal or make downward adjustments to the existing appraised value based on their knowledge of the property, local real estate market conditions, recent real estate transactions, and for estimated selling costs, if applicable. Appraisals were generally discounted in a range of 0% to 25%. Collateral securing a loan may consist of real estate or other property such as equipment or inventory. Collateral securing commercial and industrial loans may include real estate, other property or the operating results of the business. For non-collateral dependent loans, management estimates the fair value using discounted cash flows based on inputs that are largely unobservable and instead reflect management’s own estimates of the assumptions as a market participant would in pricing such loans. Other Real Estate Owned and Other Repossessed Assets Other Real Estate Owned and Other Repossessed Assets are recorded at estimated fair value, less estimated selling costs when acquired, thus establishing a new cost basis. Repossessed assets that are available for lease are included in operating lease equipment reviewed below. Fair value of foreclosed real estate property and other repossessed assets is generally based on independent appraisals. These appraisals include adjustments to comparable assets based on the appraisers’ market knowledge and experience, and are discounted an additional 0% to 25% for estimated costs to sell. 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 further declines in the estimated fair value of the asset occur, a writedown is recorded through expense. The valuation of foreclosed and repossessed assets is subjective in nature and may be adjusted in the future because of changes in economic conditions. Operating costs after acquisition are generally expensed. Operating Lease Equipment On at least an annual basis, the Company reviews the lease residuals and off-lease equipment for potential impairment. Repossessed assets are also available for lease and are included in operating lease equipment reviewed. Operating lease equipment is recorded at estimated fair value, generally determined by independent appraisal. If declines in the estimated fair value of the asset occur, a writedown is recorded through expense. The following tables provide the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis that have changed for the periods ended September 30, 2021 and December 31, 2020. For the three months ended September 30, 2021, there was no change to the carrying value of other real estate owned. For the three months ended December 31, 2020, there was no change to the carrying value of other real estate owned or collateral dependent loans.
Other Fair Value Disclosures Fair value estimates, methods and assumptions for the Company’s financial instruments that are not recorded at fair value on a recurring or non-recurring basis are set forth below. Cash and Cash Equivalents For cash, short-term U.S. Treasury securities and due from banks, the carrying amount approximates fair value. Debt Securities Held-to-Maturity, net Our debt securities held-to-maturity portfolio, consisting primarily of agency mortgage-backed securities and other debt securities for which we have a positive intent and ability to hold to maturity, is carried at amortized cost less any allowance for credit losses. The fair values of for the majority of debt securities held-to-maturity are provided by a third-party pricing service. The pricing service may use quoted market prices of comparable instruments or a variety of other forms of analysis, incorporating inputs that are currently observable in the markets for similar securities (Level 2). Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. As the Company is responsible for the determination of fair value, a quarterly analysis of the prices received from the pricing service is performed to determine whether the prices are reasonable estimates of fair value. Specifically, the Company compares the prices received from the pricing service to a secondary pricing source. Additionally, the Company compares changes in the reported market values to relevant market indices to test the reasonableness of the reported prices. The Company’s internal price verification procedures and the review of the fair value methodology documentation provided by the independent pricing services has not resulted in material adjustments in the prices obtained from the pricing services. For certain held-to-maturity debt securities that trade in illiquid markets, valuation techniques, which require inputs that are both significant to the fair value measurement and unobservable, are used to determine fair value of the investment. Valuation techniques are based on various assumptions, including, but not limited to forecasted cash flows, discount rates, required rate of return, adjustments for nonperformance and liquidity, and liquidation values (Level 3). FHLB Stock The fair value of the Federal Home Loan Bank of New York (“FHLB”) stock is its carrying value, since this is the amount for which it could be redeemed. There is no active market for FHLB stock. The Bank is required to hold and purchase FHLB stock based upon the balance of mortgage related assets held by the member and the amount of outstanding FHLB advances. Loans Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type such as residential mortgage and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. The fair value estimates are made at a specific point in time based on relevant market information. The fair value estimates do not reflect any premium or discount that could result from offering for sale a particular financial instrument. Fair value estimates are based on judgments regarding future expected loss experience, risk characteristics and economic conditions. These estimates are subjective, involve uncertainties, and cannot be determined with precision. Loans Held for Sale Residential mortgage loans held for sale are recorded at the lower of cost or fair value and are therefore measured at fair value on a non-recurring basis. When available, the Company uses observable secondary market data, including pricing on recent closed market transactions for loans with similar characteristics. Deposit Liabilities The fair value of deposits with no stated maturity, such as savings, checking 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 rates for currently offered deposits of similar remaining maturities. Borrowings The fair value of borrowings are based on securities dealers’ estimated fair values, when available, or estimated using discounted cash flow analysis. The discount rates used approximate the rates offered for similar borrowings of similar remaining terms. Commitments to Extend Credit The fair value of commitments to extend 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 commitments to originate fixed rate loans, fair value also considers the difference between current levels of interest rates and the committed rates. Due to the short-term nature of our outstanding commitments, the fair values of these commitments are immaterial to our financial condition. The carrying values and estimated fair values of the Company’s financial instruments are presented in the following table.
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 portion of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, 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. Significant assets that are not considered financial assets include deferred tax assets, premises and equipment and bank owned life insurance. Liabilities for pension and other postretirement benefits are not considered financial liabilities. 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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Revenue Recognition |
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Revenue Recognition | Revenue Recognition The Company’s contracts with customers in the scope of Topic 606, Revenue from Contracts with Customers, are contracts for deposit accounts and contracts for non-deposit investment accounts through a third-party service provider. Both types of contracts result in non-interest income being recognized. The revenue resulting from deposit accounts, which includes fees such as insufficient funds fees, wire transfer fees and out-of-network ATM transaction fees, is included as a component of fees and service charges on the Consolidated Statements of Income. The revenue resulting from non-deposit investment accounts is included as a component of other income on the Consolidated Statements of Income. Revenue from contracts with customers included in fees and service charges and other income was as follows:
For our contracts with customers, we satisfy our performance obligations each day as services are rendered. For our deposit account revenue, we receive payment on a daily basis as services are rendered and for our non-deposit investment account revenue, we receive payment on a monthly basis from our third-party service provider as services are rendered.
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Recent Accounting Pronouncements |
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Accounting Changes and Error Corrections [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements
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Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events As defined in FASB ASC 855, “Subsequent Events”, subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with U.S. GAAP. Dividend On October 27, 2021, the Company declared a cash dividend of $0.14 per share. The $0.14 dividend per share will be paid to stockholders on November 26, 2021, with a record date of November 10, 2021.
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Summary of Significant Accounting Principles (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The consolidated financial statements are comprised of the accounts of Investors Bancorp, Inc. and its wholly owned subsidiary, Investors Bank (the “Bank”) and the Bank’s wholly-owned subsidiaries (collectively, the “Company”). All significant intercompany transactions have been eliminated in consolidation. In the opinion of management, all the adjustments (consisting of normal and recurring adjustments) necessary for the fair presentation of the consolidated financial condition and the consolidated results of operations for the unaudited periods presented have been included. The results of operations and other data presented for the three and nine months ended September 30, 2021 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“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 the Form 10-Q. The consolidated financial statements presented should be read in conjunction with the Company’s audited consolidated financial statements and notes to the audited consolidated financial statements included in the Company’s December 31, 2020 Annual Report on Form 10-K. Certain reclassifications have been made in the consolidated financial statements to conform with current year classifications. The accounting and reporting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2020 Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies since December 31, 2020.
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Recent Accounting Pronouncements |
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Business Combinations (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of purchased loans for credit quality carrying amount | In its acquisition of the eight branches of Berkshire Bank, the Company has purchased loans which have been determined to be PCD. The carrying amount of those loans was as follows:
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Summarizes the estimated fair values of the assets acquired and liabilities | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for Gold Coast, net of cash consideration paid:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of our earnings per share calculations and reconciliation of basic to diluted earnings per share | The following is a summary of our earnings per share calculations and reconciliation of basic to diluted earnings per share.
(1) For the three months ended September 30, 2021 and 2020, there were 44,367 and 7,504,227 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented.
(1) For the six months ended September 30, 2021 and 2020, there were 219,597 and 7,433,286 equity awards, respectively, that could potentially dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive for the periods presented.
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Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of disaggregated net gains and losses on equity securities | The following table presents the disaggregated net gains and losses on equity securities reported in the Consolidated Statements of Income:
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Summary of securities | The following tables present the amortized cost, gross unrealized gains and losses, and estimated fair value for available-for-sale debt securities and the amortized cost, net unrealized losses, carrying value, gross unrecognized gains and losses, estimated fair value and allowance for credit losses for held-to-maturity debt securities as of the dates indicated.
(1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary impairment related to other non-credit factors recorded prior to the adoption of the current expected credit losses accounting standard on January 1, 2020 that is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for-sale debt securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. (2) Unrecognized gains and losses of held-to-maturity debt securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an other than temporary impairment charge is recognized on a held-to-maturity security, through the date of the balance sheet. Effective January 1, 2020, held-to-maturity debt securities are evaluated for credit losses to determine if an allowance is necessary. Any allowance required is recorded through the provision for credit losses.
(1) Net unrealized losses of held-to-maturity corporate and other debt securities represent the other than temporary impairment related to other non-credit factors recorded prior to the adoption of the current expected credit losses accounting standard on January 1, 2020 that is being amortized through accumulated other comprehensive income over the remaining life of the securities. For mortgage-backed securities, it represents the net loss on previously designated available-for-sale debt securities transferred to held-to-maturity at fair value and is being amortized through accumulated other comprehensive income over the remaining life of the securities. (2) Unrecognized gains and losses of held-to-maturity debt securities are not reflected in the financial statements, as they represent fair value fluctuations from the later of: (i) the date a security is designated as held-to-maturity; or (ii) the date that an other than temporary impairment charge is recognized on a held-to-maturity security, through the date of the balance sheet. Effective January 1, 2020, held-to-maturity debt securities are evaluated for credit losses to determine if an allowance is necessary. Any allowance required is recorded through the provision for credit losses.
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Schedule of gross unrealized losses on debt securities and the estimated fair value of the related securities, aggregated by investment category | Gross unrealized losses on debt securities and the estimated fair value of the related securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2021 and December 31, 2020, were as follows:
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Summary of amortized cost and estimated fair value of debt securities by contract maturity | Excluding the allowance for credit losses, the amortized cost and estimated fair value of debt securities other than mortgage-backed securities at September 30, 2021, by contractual maturity, are shown below.
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Loans Receivable, Net (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loan portfolio | The detail of the loan portfolio as of September 30, 2021 and December 31, 2020 was as follows:
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Schedule of financing receivable credit quality indicators | The following table presents the risk category of loans as of September 30, 2021 by class of loan and vintage year:
The following table presents the risk category of loans as of December 31, 2020 by class of loan and vintage year:
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Schedule of payment status of the recorded investment in past due loans | The following tables present the payment status of the recorded investment in past due loans as of September 30, 2021 and December 31, 2020 by class of loans:
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Schedule of non-accrual loans status | The following table presents non-accrual loans at the dates indicated:
The following table presents individually evaluated collateral-dependent loans by class of loans at the dates indicated:
The following table presents TDR loans which were also 30-89 days delinquent and classified as non-accrual at the dates indicated:
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Schedule of troubled debt restructured loans | The following tables present the total TDR loans at September 30, 2021 and December 31, 2020:
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Schedule of troubled debt restructuring | The following tables present information about TDRs that occurred during the three and nine months ended September 30, 2021 and 2020:
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Schedule of troubled debt restructuring, interest yield | The following table presents information about pre and post modification interest yield for TDRs which occurred during the three and nine months ended September 30, 2021 and 2020:
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Allowance for Credit Losses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of provisions for credit loss | An analysis of the provision for credit losses is summarized as follows:
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Schedule of financing receivable, allowance for credit loss | An analysis of the allowance for credit losses for loans receivable is summarized as follows:
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Summary of allowance for credit losses for loans by portfolio segment | The following tables present the balance in the allowance for credit losses for loans by portfolio segment as of September 30, 2021 and December 31, 2020:
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Schedule of debt securities, held-to-maturity, allowance for credit loss | An analysis of the allowance for credit losses for debt securities held-to-maturity is summarized as follows:
The following tables present the balance in the allowance for credit losses for debt securities held-to-maturity by portfolio segment as of September 30, 2021 and December 31, 2020:
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Schedule of fair value, off-balance sheet risks |
An analysis of the allowance for credit losses for off-balance sheet credit exposures is as follows:
|
Deposits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of deposits | Deposits are summarized as follows:
|
Goodwill and Other Intangible Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of goodwill and intangible assets | The following table summarizes goodwill and intangible assets at September 30, 2021 and December 31, 2020:
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Summary of intangible assets | The following table summarizes other intangible assets as of September 30, 2021 and December 31, 2020:
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of balance sheet information related to leases | The following table presents the balance sheet information related to our operating leases:
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Schedule of lease cost | The following table presents the components of total operating lease cost recognized in the Consolidated Statements of Income:
The following table presents supplemental cash flow information related to operating leases:
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Schedule of maturity of operating lease liabilities | Future minimum operating lease payments and reconciliation to operating lease liabilities at September 30, 2021 and December 31, 2020:
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Equity Incentive Plan (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share based compensation expense | The following table presents the share-based compensation expense for the three and nine months ended September 30, 2021 and 2020:
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Schedule of company’s stock option activity and related information | The following is a summary of the Company’s stock option activity and related information for the nine months ended September 30, 2021:
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Schedule of status of the company’s restricted shares | The following is a summary of the status of the Company’s restricted shares as of September 30, 2021 and changes therein during the nine months ended:
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Net Periodic Benefit Plan Expense (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of net periodic benefit cost for the Directors’ Plan and the wage replacement plan | The components of net periodic benefit cost for the Directors’ Plan and the SERP II are as follows:
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Derivatives and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value of the company’s derivative financial instruments | Fair Values of Derivative Instruments on the Balance Sheet Amounts included in the Consolidated Balance Sheet related to the fair value of the Company’s derivative instruments are shown below. Asset derivatives depicted below represent derivatives with a positive fair value position, while liability derivatives represent derivatives with a negative fair value position.
(1) Netting adjustments represents the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance on the settle to market rules for cleared derivatives. The Chicago Mercantile Exchange (“CME”) legally characterizes the variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collateral. (2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of collateral cannot reduce the net derivative position below zero. Therefore, excess collateral, if any, is not reflected above.
(1) Netting adjustments represents the amounts recorded to convert derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance on the settle to market rules for cleared derivatives. The Chicago Mercantile Exchange (“CME”) legally characterizes the variation margin posted between counterparties as settlements of the outstanding derivative contracts instead of cash collateral. (2) Cash collateral represents the amount that cannot be used to offset our derivative assets and liabilities from a gross basis to a net basis in accordance with the applicable accounting guidance. The application of collateral cannot reduce the net derivative position below zero. Therefore, excess collateral, if any, is not reflected above.
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Schedule of effect of the company’s derivative financial instruments on the consolidated statement of income | The following table presents the effect of the Company’s derivative financial instruments on the Accumulated Comprehensive Income (Loss) for the three and nine months ended September 30, 2021 and 2020.
The following table presents the effect of the Company’s derivative financial instruments on the Consolidated Statements of Income as of September 30, 2021 and 2020.
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Schedule of cumulative basis adjustment for fair value hedges | As of September 30, 2021 and December 31, 2020, the following amounts were recorded on the Consolidated Balance Sheets related to cumulative basis adjustment for fair value hedges:
(1) At September 30, 2021, the amortized cost basis of the closed portfolios used in these hedging relationships was $390.0 million; the cumulative basis adjustments associated with these hedging relationships was $5.1 million; and the amounts of the designated hedged items were $150.0 million. (2) The balance of Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) as of September 30, 2021 includes $5.2 million of hedging adjustment on discontinued hedging relationships.
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Schedule of derivatives not designated as hedging instruments | The table below presents the effect of the Company’s derivative financial instruments that are not designated as hedging instruments on the Consolidated Statements of Income as of September 30, 2021:
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Comprehensive Income (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of comprehensive income | The components of comprehensive income, gross and net of tax, are as follows:
|
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Schedule of component of accumulated other comprehensive loss | The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the nine months ended September 30, 2021 and 2020:
The following table presents information about amounts reclassified from accumulated other comprehensive loss to the consolidated statements of income and the affected line item in the statement where net income is presented.
|
Stockholders’ Equity (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of stockholders’ equity | The changes in the components of stockholders’ equity for the three months ended September 30, 2021 and 2020 are as follows:
|
Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value, assets measured on recurring basis | The following tables present our assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy at September 30, 2021 and December 31, 2020.
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Schedule of carrying value of our assets measured at fair value on a non-recurring basis | The following tables provide the level of valuation assumptions used to determine the carrying value of our assets measured at fair value on a non-recurring basis that have changed for the periods ended September 30, 2021 and December 31, 2020. For the three months ended September 30, 2021, there was no change to the carrying value of other real estate owned. For the three months ended December 31, 2020, there was no change to the carrying value of other real estate owned or collateral dependent loans.
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Schedule of carrying amounts and estimated fair values | The carrying values and estimated fair values of the Company’s financial instruments are presented in the following table.
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Revenue Recognition (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of disaggregation of revenue | Revenue from contracts with customers included in fees and service charges and other income was as follows:
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Stock Transactions (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Oct. 25, 2018 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Stock Transactions | |||||
Percentage of shares to be repurchased (percentage) | 10.00% | ||||
Number of shares authorized to be repurchased (shares) | 28,886,780 | ||||
Remaining number of shares authorized to be repurchased (shares) | 12,000,202 | 12,000,202 | |||
Purchase of treasury stock (shares) | 6,752 | 7,346 | 970,866 | 390,712 | |
Stock repurchased during period, value | $ 96 | $ 57 | $ 12,054 | $ 3,418 | |
Stock repurchase cost, per share (usd per share) | $ 12.42 | ||||
2015 Plan | |||||
Stock Transactions | |||||
Purchase of treasury stock (shares) | 345,866 |
Business Combinations (Carrying amount of those loans) (Details) - USD ($) $ in Millions |
Aug. 27, 2021 |
Apr. 03, 2020 |
---|---|---|
Berkshire Bank | ||
Business Acquisition | ||
Purchase price of loans at acquisition | $ 90.0 | |
Allowance for credit losses at acquisition | 1.0 | |
Accretable fair value marks at acquisition | 3.8 | |
Par value of acquired loans at acquisition | $ 94.8 | |
Gold Coast Bancorp, Inc. | ||
Business Acquisition | ||
Purchase price of loans at acquisition | $ 244.7 | |
Allowance for credit losses at acquisition | 4.2 | |
Accretable fair value marks at acquisition | 2.6 | |
Par value of acquired loans at acquisition | $ 251.5 |
Business Combinations (Summarizes the estimated fair values of the assets acquired and liabilities) (Details) - Gold Coast Bancorp, Inc. $ in Millions |
Apr. 03, 2020
USD ($)
|
---|---|
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | |
Cash and cash equivalents | $ 7.3 |
Debt securities available-for-sale | 51.5 |
Debt securities held to maturity | 8.4 |
Loans receivable, net | 443.5 |
Accrued interest receivable | 1.3 |
Right-of-use assets | 3.7 |
Net deferred tax asset | 3.9 |
Intangible assets | 14.5 |
Other assets | 1.2 |
Total assets acquired | 535.3 |
Deposits | 489.9 |
Borrowed funds | 14.9 |
Other liabilities | 9.7 |
Total liabilities assumed | 514.5 |
Net assets acquired | $ 20.8 |
Earnings Per Share (Summary of Calculations and Reconciliation of Basic to Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings for basic and diluted earnings per common share | ||||
Earnings applicable to common stockholders | $ 66,934 | $ 64,312 | $ 219,016 | $ 146,435 |
Shares | ||||
Weighted-average common shares outstanding - basic (shares) | 235,602,277 | 236,833,099 | 235,106,490 | 235,453,133 |
Effect of dilutive common stock equivalents (shares) | 810,991 | 39,406 | 981,764 | 97,668 |
Weighted-average common shares outstanding - diluted (shares) | 236,413,268 | 236,872,505 | 236,088,254 | 235,550,801 |
Earnings per common share | ||||
Basic (usd per share) | $ 0.28 | $ 0.27 | $ 0.93 | $ 0.62 |
Diluted (usd per share) | $ 0.28 | $ 0.27 | $ 0.93 | $ 0.62 |
Equity awards | ||||
Earnings per common share | ||||
Securities excluded from computation of diluted earnings per share (shares) | 44,367 | 7,504,227 | 219,597 | 7,433,286 |
Securities (Equity Securities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
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Investments, Debt and Equity Securities [Abstract] | ||||
Unrealized (losses) gains recognized on equity securities | $ (931) | $ (8) | $ (147) | $ 99 |
Net losses recognized on equity securities sold | 0 | 0 | (248) | 0 |
Net (losses) gains recognized on equity securities | $ (931) | $ (8) | $ (395) | $ 99 |
Securities (Amortized Cost and Estimated Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Estimated fair value | ||
Total | $ 1,336,957 | $ 1,320,872 |
Debt Securities Other than Securities Pledged | ||
Carrying value | ||
Due in one year or less | 10,490 | |
Due after one year through five years | 10,367 | |
Due after five years through ten years | 158,622 | |
Due after ten years | 301,084 | |
Total | 480,563 | |
Estimated fair value | ||
Due in one year or less | 10,503 | |
Due after one year through five years | 10,549 | |
Due after five years through ten years | 161,926 | |
Due after ten years | 342,679 | |
Total | $ 525,657 |
Allowance for Credit Losses (Narrative) (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
---|---|
Credit Loss [Abstract] | |
Accrued interest receivable | $ 73.0 |
Held-to-maturity, accrued interest receivable | $ 4.9 |
Allowance for Credit Losses (Provisions) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Credit Loss [Abstract] | |||||
Provision for loan losses | $ (7,345) | $ 14,859 | $ (22,758) | $ 71,535 | $ 64,890 |
Provision for debt securities held-to-maturity | (80) | (149) | (1,265) | 531 | $ 700 |
Provision for off-balance sheet credit exposures | (5,590) | (6,374) | (1,654) | 774 | |
Provision for credit losses | $ (13,015) | $ 8,336 | $ (25,677) | $ 72,840 |
Allowance for Credit Losses (Rollforward) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Financing Receivable, Allowance for Credit Loss | |||||
Balance at beginning of the period | $ 270,114 | $ 273,319 | $ 282,986 | $ 228,120 | $ 228,120 |
Gross charge offs | (1,106) | (1,472) | (2,484) | (17,459) | (18,388) |
Recoveries | 855 | 805 | 4,774 | 4,686 | 7,735 |
Net charge-offs | (251) | (667) | 2,290 | (12,773) | |
Allowance at acquisition on loans purchased with credit deterioration | 997 | 0 | 997 | 4,180 | 4,180 |
Provision for credit loss expense | (7,345) | 14,859 | (22,758) | 71,535 | 64,890 |
Balance at end of the period | $ 263,515 | $ 287,511 | 263,515 | 287,511 | 282,986 |
Adjustment | |||||
Financing Receivable, Allowance for Credit Loss | |||||
Balance at beginning of the period | $ 0 | $ (3,551) | (3,551) | ||
Balance at end of the period | $ 0 |
Allowance for Credit Losses (Held To Maturity) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Dec. 31, 2020 |
|
Debt Securities, Held-to-maturity, Allowance for Credit Loss | |||||
Balance at beginning of the period | $ 2,079 | $ 3,244 | $ 3,264 | $ 0 | $ 0 |
Provision for credit losses | (80) | (149) | (1,265) | 531 | 700 |
Balance at end of the period | $ 1,999 | $ 3,095 | 1,999 | 3,095 | 3,264 |
Adjustment | |||||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | |||||
Balance at beginning of the period | $ 0 | $ 2,564 | 2,564 | ||
Balance at end of the period | $ 0 |
Allowance for Credit Losses (Off Balance Sheet) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Off-Balance Sheet, Credit Loss, Liability | ||||
Balance at beginning of the period | $ 21,603 | $ 20,247 | $ 17,667 | $ 425 |
Provision for credit losses | (5,590) | (6,374) | (1,654) | 774 |
Balance at end of the period | $ 16,013 | $ 13,873 | 16,013 | 13,873 |
Adjustment | ||||
Off-Balance Sheet, Credit Loss, Liability | ||||
Balance at beginning of the period | $ 0 | $ 12,674 |
Deposits (Summary of Deposits) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Non-interest bearing: | ||
Checking accounts | $ 4,345,871 | $ 3,663,073 |
Interest bearing: | ||
Checking accounts | 6,917,964 | 6,043,393 |
Money market deposits | 4,768,986 | 5,037,327 |
Savings | 2,052,819 | 2,063,447 |
Certificates of deposit | 2,314,784 | 2,718,179 |
Total deposits | $ 20,400,424 | $ 19,525,419 |
Goodwill and Other Intangible Assets (Summary of Intangible Assets) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite-Lived Intangible Assets | ||
Gross Intangible Asset | $ 43,071 | $ 41,772 |
Accumulated Amortization | (25,979) | (25,664) |
Valuation Allowance | (83) | (1,010) |
Net Intangible Assets | 17,009 | 15,098 |
Goodwill | 116,228 | 94,535 |
Goodwill and intangible assets | 133,237 | 109,633 |
Mortgage servicing rights | ||
Finite-Lived Intangible Assets | ||
Gross Intangible Asset | 15,560 | 17,559 |
Accumulated Amortization | (5,330) | (5,592) |
Valuation Allowance | (83) | (1,010) |
Net Intangible Assets | 10,147 | 10,957 |
Core deposit premiums | ||
Finite-Lived Intangible Assets | ||
Gross Intangible Asset | 26,661 | 23,063 |
Accumulated Amortization | (20,328) | (19,503) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | 6,333 | 3,560 |
Other | ||
Finite-Lived Intangible Assets | ||
Gross Intangible Asset | 850 | 1,150 |
Accumulated Amortization | (321) | (569) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | $ 529 | $ 581 |
Leases (Narrative) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Lessee, Lease, Description | ||
Right of use assets | $ 1.2 | |
Lease liability | $ 1.2 | |
Finance lease, asset extensible list | Other assets | Other assets |
Finance lease, liability extensible list | Other liabilities | Other liabilities |
Maximum | ||
Lessee, Lease, Description | ||
Remaining lease term (in years) | 15 years | |
Renewal term (in years) | 10 years |
Leases (Supplemental Balance Sheet Information) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 203,522 | $ 199,981 |
Operating lease liabilities | $ 216,374 | $ 212,559 |
Weighted average remaining lease term (in years) | 8 years 8 months 12 days | 9 years 4 months 24 days |
Weighted average discount rate (percentage) | 2.41% | 2.49% |
Leases (Supplemental Income and Expense Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Included in office occupancy and equipment expense: | ||||
Operating lease cost | $ 7,534 | $ 6,589 | $ 21,963 | $ 19,396 |
Short-term lease cost | 227 | 104 | 657 | 293 |
Included in other income: | ||||
Sublease income | $ 39 | $ 67 | $ 125 | $ 185 |
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Cash paid for amounts included in the measurement of operating lease liabilities: | ||||
Operating cash flows from operating leases | $ 7,372 | $ 6,419 | $ 21,905 | $ 17,998 |
Operating lease liabilities arising from obtaining right-of-use assets (non-cash): | ||||
Operating leases | $ 9,310 | $ 4,909 | $ 22,544 | $ 12,746 |
Leases (Maturity of Lease Liabilities) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due | ||
Remainder of the year | $ 7,634 | |
Year One | 30,431 | $ 28,844 |
Year Two | 29,317 | 27,448 |
Year Three | 29,009 | 26,354 |
Year Four | 28,345 | 26,300 |
Year Five | 25,496 | |
Thereafter | 115,765 | |
Thereafter | 104,729 | |
Total lease payments | 240,501 | 239,171 |
Less: Imputed interest | (24,127) | (26,612) |
Total operating lease liabilities | $ 216,374 | $ 212,559 |
Equity Incentive Plan (Shares-based compensation expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Share-based Payment Arrangement [Abstract] | ||||
Stock option expense | $ 927 | $ 941 | $ 2,783 | $ 2,940 |
Restricted stock expense | 2,645 | 2,539 | 7,956 | 8,383 |
Total share-based compensation expense | $ 3,572 | $ 3,480 | $ 10,739 | $ 11,323 |
Equity Incentive Plan (Restricted Stock) (Details) - Restricted Stock - $ / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Number of Shares Awarded | ||
Beginning balance (shares) | 1,974,235 | |
Granted (shares) | 251,634 | 90,067 |
Vested (shares) | (793,115) | |
Forfeited (shares) | (26,267) | |
Ending balance (shares) | 1,406,487 | |
Weighted Average Grant Date Fair Value | ||
Beginning balance (usd per share) | $ 12.44 | |
Granted (usd per share) | 13.20 | |
Vested (usd per share) | 12.36 | |
Forfeited (usd per share) | 11.79 | |
Ending balance (usd per share) | $ 12.50 |
Net Periodic Benefit Plan Expense (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Retirement Benefits [Abstract] | ||||
Maximum annual contributions per employee, percent (percentage) | 60.00% | |||
Annual benefit, period (in months) | 36 months | |||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | ||||
Interest cost | $ 250,000 | $ 325,000 | $ 750,000 | $ 973,000 |
Net loss | 142,000 | 298,000 | 426,000 | 896,000 |
Total net periodic benefit cost | $ 392,000 | $ 623,000 | 1,176,000 | $ 1,869,000 |
Multi-employer contributions | $ 0 |
Derivatives and Hedging Activities (Narrative) (Details) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Sep. 30, 2021
USD ($)
|
Sep. 30, 2020
USD ($)
|
Dec. 31, 2020
USD ($)
derivative
|
|
Derivative | |||||
Interest rate swaps terminated | derivative | 2 | ||||
Derivative contracts | Cash Flow Hedging | |||||
Derivative | |||||
Interest rate swaps terminated | derivative | 4 | ||||
Notional amounts of swaps terminated | $ 400.0 | ||||
Derivative contracts | Fair Value Hedging | |||||
Derivative | |||||
Notional amounts of swaps terminated | $ 475.0 | ||||
Derivatives designated as hedging instruments: | Derivative contracts | |||||
Derivative | |||||
Hedging term (months) | 16 months | ||||
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense | $ 41.4 | ||||
Fee income from derivative instrument | $ 4.3 | $ 3.1 | $ 6.1 | $ 4.1 |
Derivatives and Hedging Activities (Effective Derivative Instrument) (Details) - Derivative contracts - Cash Flow Hedging - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Derivative Instruments, Gain (Loss) | ||||
Amount of gain (loss) recognized in other comprehensive income (loss) | $ 486 | $ 1,698 | $ 34,667 | $ (115,703) |
Interest expense | ||||
Derivative Instruments, Gain (Loss) | ||||
Amount of loss reclassified from accumulated other comprehensive income (loss) to interest expense | $ (10,917) | $ (11,158) | $ (31,404) | $ (19,875) |
Derivatives and Hedging Activities (Cumulative Basis Adjustment for Fair Value Hedges) (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Carrying Amount of the Hedged Assets/(Liabilities) | $ 149,966 | $ 0 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | 5,134 | $ 8,798 |
Amortized cost basis of hedged item | 390,000 | |
Cumulative adjustment basis of hedged item | 5,100 | |
Hedging adjustment on discontinued hedging relationships | $ 5,200 |
Stockholders’ Equity (Additional Information) (Details) - $ / shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Equity [Abstract] | ||||
Purchase of treasury stock (shares) | 6,752 | 7,346 | 970,866 | 390,712 |
Treasury stock allocated to restricted stock plan (shares) | 12,468 | 21,144 | 251,634 | 90,067 |
Restricted stock forfeitures (shares) | 5,700 | 2,887 | 26,267 | 18,860 |
Cash dividend paid (usd per share) | $ 0.14 | $ 0.12 | $ 0.42 | $ 0.36 |
Revenue Recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Disaggregation of Revenue | ||||
Revenue | $ 7,594 | $ 6,813 | $ 24,128 | $ 18,655 |
Fees and service charges | ||||
Disaggregation of Revenue | ||||
Revenue | 3,854 | 3,369 | 11,185 | 10,227 |
Other income | ||||
Disaggregation of Revenue | ||||
Revenue | $ 3,740 | $ 3,444 | $ 12,943 | $ 8,428 |
Subsequent Event (Details) |
Oct. 27, 2021
$ / shares
|
---|---|
Subsequent Event | |
Subsequent Event | |
Dividends declared (usd per share) | $ 0.14 |
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