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 No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | ☒ | |||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | Emerging growth company |
Page | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
ITEM 1. | Financial Statements (unaudited) | |||||||
Consolidated Statements of Financial Condition as of June 30, 2023 and December 31, 2022 | ||||||||
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2023 and 2022 | ||||||||
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2023 and 2022 | ||||||||
Consolidated Statements of Changes in Stockholders’ Equity for the Three and Six Months Ended June 30, 2023 and 2022 | ||||||||
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and 2022 | ||||||||
Notes to Consolidated Financial Statements | ||||||||
PART II - OTHER INFORMATION | ||||||||
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
ITEM 5. | Other Information | |||||||
Part I Item 1. – Financial Statements Consolidated Statements of Financial Condition (Dollars in thousands except for per share amounts) | |||||||||||
June 30, 2023 | December 31, 2022 | ||||||||||
Assets | (unaudited) | ||||||||||
Cash and due from banks | $ | $ | |||||||||
Interest-bearing deposits in banks | |||||||||||
Total cash and cash equivalents | |||||||||||
Securities: | |||||||||||
Available for sale, at fair value | |||||||||||
Held-to-maturity, at amortized cost: | |||||||||||
Traditional securities, net of allowance for credit losses of $ | |||||||||||
Property Assessed Clean Energy ("PACE") assessments, net of allowance for credit losses of $ | |||||||||||
Loans held for sale | |||||||||||
Loans receivable, net of deferred loan origination costs | |||||||||||
Allowance for credit losses | ( | ( | |||||||||
Loans receivable, net | |||||||||||
Resell agreements | |||||||||||
Federal Home Loan Bank of New York ("FHLBNY") stock, at cost | |||||||||||
Accrued interest and dividends receivable | |||||||||||
Premises and equipment, net | |||||||||||
Bank-owned life insurance | |||||||||||
Right-of-use lease asset | |||||||||||
Deferred tax asset, net | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Equity method investments | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Deposits | $ | $ | |||||||||
Subordinated debt, net | |||||||||||
FHLBNY advances | |||||||||||
Other borrowings | |||||||||||
Operating leases | |||||||||||
Other liabilities | |||||||||||
Total liabilities | $ | $ | |||||||||
Stockholders’ equity | |||||||||||
Common stock, par value $ | $ | $ | |||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss, net of income taxes | ( | ( | |||||||||
Treasury stock, at cost ( | ( | ||||||||||
Total Amalgamated Financial Corp. stockholders' equity | |||||||||||
Noncontrolling interests | |||||||||||
Total stockholders' equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Consolidated Statements of Income (unaudited) (Dollars in thousands, except for per share amounts) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
INTEREST AND DIVIDEND INCOME | |||||||||||||||||||||||
Loans | $ | $ | $ | $ | |||||||||||||||||||
Securities | |||||||||||||||||||||||
Interest-bearing deposits in banks | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Trust Department fees | |||||||||||||||||||||||
Service charges on deposit accounts | |||||||||||||||||||||||
Bank-owned life insurance income | |||||||||||||||||||||||
Losses on sale of securities | ( | ( | ( | ( | |||||||||||||||||||
Gains on sale of loans, net | |||||||||||||||||||||||
Equity method investments income (loss) | ( | ( | |||||||||||||||||||||
Other income | |||||||||||||||||||||||
Total non-interest income | |||||||||||||||||||||||
NON-INTEREST EXPENSE | |||||||||||||||||||||||
Compensation and employee benefits | |||||||||||||||||||||||
Occupancy and depreciation | |||||||||||||||||||||||
Professional fees | |||||||||||||||||||||||
Data processing | |||||||||||||||||||||||
Office maintenance and depreciation | |||||||||||||||||||||||
Amortization of intangible assets | |||||||||||||||||||||||
Advertising and promotion | |||||||||||||||||||||||
Federal deposit insurance premiums | |||||||||||||||||||||||
Other expense | |||||||||||||||||||||||
Total non-interest expense | |||||||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Income tax expense | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share - basic | $ | $ | $ | $ | |||||||||||||||||||
Earnings per common share - diluted | $ | $ | $ | $ |
Consolidated Statements of Comprehensive Income (unaudited) (Dollars in thousands) | |||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss), net of taxes: | |||||||||||||||||||||||
Change in total obligation for postretirement benefits, prior service credit, and other benefits | |||||||||||||||||||||||
Net unrealized gains (losses) on securities: | |||||||||||||||||||||||
Unrealized holding gains (losses) on securities available for sale | ( | ( | ( | ||||||||||||||||||||
Reclassification adjustment for losses realized in income | |||||||||||||||||||||||
Accretion of net unrealized loss on securities transferred to held-to-maturity | |||||||||||||||||||||||
Net unrealized gains (losses) on securities | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income (loss), before tax | ( | ( | ( | ||||||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||||||||
Total other comprehensive income (loss), net of taxes | ( | ( | ( | ||||||||||||||||||||
Total comprehensive income (loss), net of taxes | $ | $ | ( | $ | $ | ( |
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) (Dollars in thousands) |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares of Common Stock Outstanding | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss, net of income taxes | Treasury Stock, at cost | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under Employee Stock Purchase Plan | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock, net, $ | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vesting, net of repurchases | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares of Common Stock Outstanding | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss, net of income taxes | Treasury Stock, at cost | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | $ | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
— | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 adjusted for change in accounting principle | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | — | — | — | — | ( | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under Employee Stock Purchase Plan | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock, net, $ | — | — | ( | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of repurchases | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vesting, net of repurchases | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of taxes | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | $ |
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares of Common Stock Outstanding | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss, net of income taxes | Treasury Stock, at cost | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at April 1, 2022 | $ | $ | $ | $ | (40,846) | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under Employee Stock Purchase Plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock, net, $ | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of repurchases | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vesting, net of repurchases | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Shares of Common Stock Outstanding | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock, at cost | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Common stock issued under Employee Stock Purchase Plan | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock, net, $ | — | — | — | ( | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of repurchases | ( | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vesting, net of repurchases | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of taxes | — | — | — | — | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | $ | $ | $ |
Consolidated Statements of Cash Flows (unaudited) (Dollars in thousands) | |||||||||||
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of intangible assets | |||||||||||
Deferred income tax expense | |||||||||||
Provision for credit losses | |||||||||||
Stock-based compensation expense | |||||||||||
Net amortization on loan fees, costs, premiums, and discounts | |||||||||||
Net amortization on securities premiums, discounts, and net unrealized loss on securities transferred to held-to-maturity | |||||||||||
OTTI gain recognized in earnings | ( | ||||||||||
Net (income) loss from equity method investments | ( | ||||||||||
Net loss on sale of securities available for sale | |||||||||||
Net gain on sale of loans | ( | ( | |||||||||
Net gain on redemption of bank-owned life insurance | ( | ( | |||||||||
Proceeds from sales of loans held for sale | |||||||||||
Originations of loans held for sale | ( | ( | |||||||||
Increase in cash surrender value of bank-owned life insurance | ( | ( | |||||||||
Net gain on repurchase of subordinated debt | ( | ||||||||||
Increase in accrued interest and dividends receivable | ( | ( | |||||||||
Decrease in other assets | |||||||||||
Decrease in accrued expenses and other liabilities | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||
Net increase in loans | ( | ( | |||||||||
Purchase of securities available for sale | ( | ( | |||||||||
Purchase of securities held-to-maturity | ( | ( | |||||||||
Proceeds from sales of securities available for sale | |||||||||||
Maturities, principal payments and redemptions of securities available for sale | |||||||||||
Maturities, principal payments and redemptions of securities held-to-maturity | |||||||||||
Decrease in resell agreements | |||||||||||
Decrease (increase) in equity method investments | ( | ||||||||||
Decrease in FHLBNY stock, net | |||||||||||
Purchases of premises and equipment, net | ( | ( | |||||||||
Proceeds from redemption of bank-owned life insurance | |||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||
Net increase in deposits | |||||||||||
Net increase in other borrowings | |||||||||||
Net decrease in FHLBNY advances | ( | ||||||||||
Repurchase of subordinated debt | ( |
Common stock issued under Employee Stock Purchase Plan | |||||||||||
Repurchase of shares | ( | ( | |||||||||
Dividends paid | ( | ( | |||||||||
Payments related to repurchase of common stock for equity awards | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Increase in cash, cash equivalents, and restricted cash | |||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | |||||||||||
Cash, cash equivalents, and restricted cash at end period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Interest paid during the period | $ | $ | |||||||||
Income taxes paid during the period | |||||||||||
Loans transferred from held-for-sale | |||||||||||
Loans transferred to held-for-sale | |||||||||||
Securities available for sale transferred to held-to-maturity | |||||||||||
Notes to Consolidated Financial Statements (unaudited) | ||
Notes to Consolidated Financial Statements (unaudited) | ||
January 1, 2023 | |||||||||||||||||
Gross Adjustment | Tax Impact | Net Adjustment to Retained Earnings | |||||||||||||||
Assets: | |||||||||||||||||
Allowance for credit losses on held-to-maturity securities | $ | $ | ( | $ | |||||||||||||
Allowance for credit losses on loans | ( | ||||||||||||||||
Liabilities: | |||||||||||||||||
Allowance for credit losses on off-balance sheet credit exposures | ( | ||||||||||||||||
Total Day 1 Adjustment for Adoption of ASU 2016-13 | $ | $ | ( | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
Notes to Consolidated Financial Statements (unaudited) | ||
Notes to Consolidated Financial Statements (unaudited) | ||
Notes to Consolidated Financial Statements (unaudited) | ||
Balance as of January 1, 2023 | Current Period Change | Income Tax Effect | Balance as of June 30, 2023 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Unrealized gains (losses) on benefits plans | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Unrealized gains (losses) on available for sale securities | ( | ( | ( | ||||||||||||||||||||
Unaccreted unrealized loss on securities transferred to held-to-maturity | ( | ( | ( | ||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | ( |
Balance as of January 1, 2022 | Current Period Change | Income Tax Effect | Balance as of June 30, 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Unrealized gains (losses) on benefits plans | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||
Unrealized gains (losses) on available for sale securities | ( | ( | |||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( |
Notes to Consolidated Financial Statements (unaudited) | ||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Postretirement Benefit Plans | |||||||||||||||||||||||
Change in obligation for postretirement benefits and for prior service credit | $ | $ | $ | $ | |||||||||||||||||||
Reclassification adjustment for prior service expense included in compensation and employee benefits | |||||||||||||||||||||||
Change in obligation for other benefits | |||||||||||||||||||||||
Change in total obligation for postretirement benefits and for prior service credit and for other benefits | |||||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Net change in total obligation for postretirement benefits and prior service credit and for other benefits | |||||||||||||||||||||||
Securities | |||||||||||||||||||||||
Unrealized holding gains (losses) on available for sale securities | ( | ( | ( | ||||||||||||||||||||
Reclassification adjustment for losses realized in loss on sale of securities | |||||||||||||||||||||||
Accretion of net unrealized loss on securities transferred to held-to-maturity recognized in interest income from securities | |||||||||||||||||||||||
Change in unrealized gains (losses) on available for sale securities | ( | ( | ( | ||||||||||||||||||||
Income tax benefit (expense) | ( | ||||||||||||||||||||||
Net change in unrealized gains (losses) on securities | ( | ( | ( | ||||||||||||||||||||
Total | $ | ( | $ | ( | $ | $ | ( |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2023 | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Available for sale: | |||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||
Government sponsored entities ("GSE") residential CMOs ("collateralized mortgage obligations") | $ | $ | $ | ( | $ | ||||||||||||||||||
GSE commercial certificates & CMO | ( | ||||||||||||||||||||||
Non-GSE residential certificates | ( | ||||||||||||||||||||||
Non-GSE commercial certificates | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Other debt: | |||||||||||||||||||||||
U.S. Treasury | ( | ||||||||||||||||||||||
ABS | ( | ||||||||||||||||||||||
Trust preferred | ( | ||||||||||||||||||||||
Corporate | ( | ||||||||||||||||||||||
Residential PACE assessments | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Total available for sale | $ | $ | $ | ( | $ | ||||||||||||||||||
Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
Traditional securities: | |||||||||||||||||||||||
GSE residential CMOs | $ | $ | $ | ( | $ | ||||||||||||||||||
GSE commercial certificates | ( | ||||||||||||||||||||||
GSE residential certificates | ( | ||||||||||||||||||||||
Non-GSE commercial certificates | ( | ||||||||||||||||||||||
Non-GSE residential certificates | ( | ||||||||||||||||||||||
ABS | ( | ||||||||||||||||||||||
Municipal | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
PACE assessments: | |||||||||||||||||||||||
Commercial PACE assessments | ( | ||||||||||||||||||||||
Residential PACE assessments | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Allowance for credit losses | ( | ||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | ( | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
December 31, 2022 | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Available for sale: | |||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||
GSE residential CMOs | $ | $ | $ | ( | $ | ||||||||||||||||||
GSE commercial certificates & CMO | ( | ||||||||||||||||||||||
Non-GSE residential certificates | ( | ||||||||||||||||||||||
Non-GSE commercial certificates | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Other debt: | |||||||||||||||||||||||
U.S. Treasury | ( | ||||||||||||||||||||||
ABS | ( | ||||||||||||||||||||||
Trust preferred | ( | ||||||||||||||||||||||
Corporate | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Total available for sale | $ | $ | $ | ( | $ | ||||||||||||||||||
Amortized Cost | Gross Unrecognized Gains | Gross Unrecognized Losses | Fair Value | ||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
Traditional securities: | |||||||||||||||||||||||
GSE residential CMOs | $ | $ | $ | ( | $ | ||||||||||||||||||
GSE commercial certificates | ( | ||||||||||||||||||||||
GSE residential certificates | ( | ||||||||||||||||||||||
Non-GSE commercial certificates | ( | ||||||||||||||||||||||
Non-GSE residential certificates | ( | ||||||||||||||||||||||
ABS | ( | ||||||||||||||||||||||
Municipal | ( | ||||||||||||||||||||||
Other | |||||||||||||||||||||||
( | |||||||||||||||||||||||
PACE assessments: | |||||||||||||||||||||||
Commercial PACE assessments | ( | ||||||||||||||||||||||
Residential PACE assessments | ( | ||||||||||||||||||||||
( | |||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | ( | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
Available for Sale | Held-to-maturity | ||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Due within one year | $ | $ | $ | $ | |||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended, | Six Months Ended, | ||||||||||||||||||||||
June 30, 2023 | June 30, 2022 | June 30, 2023 | June 30, 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Proceeds | $ | $ | $ | $ | |||||||||||||||||||
Realized gains | $ | $ | $ | $ | |||||||||||||||||||
Realized losses | ( | ( | ( | ( | |||||||||||||||||||
Net realized losses | $ | ( | $ | ( | $ | ( | $ | ( |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||||||||||||||
GSE residential CMOs | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
GSE commercial certificates & CMO | |||||||||||||||||||||||||||||||||||
Non-GSE residential certificates | |||||||||||||||||||||||||||||||||||
Non-GSE commercial certificates | |||||||||||||||||||||||||||||||||||
Other debt: | |||||||||||||||||||||||||||||||||||
U.S. Treasury | |||||||||||||||||||||||||||||||||||
ABS | |||||||||||||||||||||||||||||||||||
Trust preferred | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Residential PACE assessments | |||||||||||||||||||||||||||||||||||
Total available for sale | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | ||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||
Traditional securities: | |||||||||||||||||||||||||||||||||||
GSE CMOs | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
GSE commercial certificates | |||||||||||||||||||||||||||||||||||
GSE residential certificates | |||||||||||||||||||||||||||||||||||
Non GSE commercial certificates | |||||||||||||||||||||||||||||||||||
Non GSE residential certificates | |||||||||||||||||||||||||||||||||||
ABS | |||||||||||||||||||||||||||||||||||
Municipal | |||||||||||||||||||||||||||||||||||
PACE assessments: | |||||||||||||||||||||||||||||||||||
Commercial PACE assessments | |||||||||||||||||||||||||||||||||||
Residential PACE assessments | |||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | $ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||||||||||||||
GSE residential CMOs | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
GSE commercial certificates & CMO | |||||||||||||||||||||||||||||||||||
Non-GSE residential certificates | |||||||||||||||||||||||||||||||||||
Non-GSE commercial certificates | |||||||||||||||||||||||||||||||||||
Other debt: | |||||||||||||||||||||||||||||||||||
U.S. Treasury | |||||||||||||||||||||||||||||||||||
ABS | |||||||||||||||||||||||||||||||||||
Trust preferred | |||||||||||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||||||||
Total available for sale | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||
Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | ||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||
Traditional securities: | |||||||||||||||||||||||||||||||||||
GSE CMOs | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
GSE commercial certificates | |||||||||||||||||||||||||||||||||||
GSE residential certificates | |||||||||||||||||||||||||||||||||||
Non GSE commercial certificates | |||||||||||||||||||||||||||||||||||
Non GSE residential certificates | |||||||||||||||||||||||||||||||||||
ABS | |||||||||||||||||||||||||||||||||||
Municipal | |||||||||||||||||||||||||||||||||||
PACE assessments: | |||||||||||||||||||||||||||||||||||
Commercial PACE assessments | |||||||||||||||||||||||||||||||||||
Residential PACE assessments | |||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | $ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
(In thousands) | Non-GSE commercial certificates | Commercial PACE | Residential PACE | Total | |||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Provision for (recovery of) credit losses | ( | ||||||||||||||||||||||
Charge-offs | |||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ |
(In thousands) | Non-GSE commercial certificates | Commercial PACE | Residential PACE | Total | |||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Adoption of ASU No. 2016-13 | |||||||||||||||||||||||
Provision for (recovery of) credit losses | ( | ||||||||||||||||||||||
Charge-offs | ( | ( | |||||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Ending balance | $ | $ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2023 | December 31, 2022 | ||||||||||
(In thousands) | |||||||||||
Commercial and industrial | $ | $ | |||||||||
Multifamily | |||||||||||
Commercial real estate | |||||||||||
Construction and land development | |||||||||||
Total commercial portfolio | |||||||||||
Residential real estate lending | |||||||||||
Consumer solar | |||||||||||
Consumer and other | |||||||||||
Total retail portfolio | |||||||||||
Total loans receivable | |||||||||||
Net deferred loan origination costs | |||||||||||
Total loans receivable, net of deferred loan origination costs | |||||||||||
Allowance for credit losses | ( | ( | |||||||||
Total loans receivable, net | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
30-89 Days Past Due | Non- Accrual | 90 Days or More Delinquent and Still Accruing Interest | Total Past Due | Current | Total Loans Receivable | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||
Total commercial portfolio | |||||||||||||||||||||||||||||||||||
Residential real estate lending | |||||||||||||||||||||||||||||||||||
Consumer solar | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total retail portfolio | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
30-89 Days Past Due | Non- Accrual | 90 Days or More Delinquent and Still Accruing Interest | Total Past Due | Current | Total Loans Receivable | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||||||||
Total commercial portfolio | |||||||||||||||||||||||||||||||||||
Residential real estate lending | |||||||||||||||||||||||||||||||||||
Consumer solar | |||||||||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Total retail portfolio | |||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
Term Extension | Term Extension | |||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||
(Dollars in thousands) | Amortized Cost | % of Portfolio | Amortized Cost | % of Portfolio | ||||||||||||||||||||||
Commercial and industrial | $ | % | $ | % | ||||||||||||||||||||||
Multifamily | % | % | ||||||||||||||||||||||||
Commercial real estate | % | % | ||||||||||||||||||||||||
Construction and land development | % | % |
Term Extension | ||||||||
Three Months Ended June 30, 2023 | ||||||||
Multifamily | Modification added a weighted average | |||||||
Commercial real estate | Modification added a weighted average | |||||||
Term Extension | ||||||||
Six Months Ended June 30, 2023 | ||||||||
Commercial and industrial | Modification added a weighted average | |||||||
Multifamily | Modification added a weighted average | |||||||
Commercial real estate | Modifications added a weighted average | |||||||
Construction and land development | Modifications added a weighted average |
Notes to Consolidated Financial Statements (unaudited) | ||
Term Loans by Origination Year | ||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 & Prior | Revolving loans | Revolving Loans Converted to Term | Total | ||||||||||||||||||
Commercial and Industrial: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total commercial and industrial | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Current period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Multifamily: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total multifamily | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Current period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial real estate: | — | |||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total commercial real estate | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Current period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Construction and land development: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total construction and land development | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Current period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Residential real estate lending: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total residential real estate lending | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Current period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Consumer solar: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total consumer solar | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Current period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Consumer and other: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
Special Mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total consumer and other | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Current period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Total Loans: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special Mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Doubtful | ||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Current period gross charge-offs | $ | $ | $ | $ | $ | $ | $ | $ |
(In thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||
Commercial and industrial | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||||||||
Residential real estate lending | |||||||||||||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ |
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer Solar | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ | $ |
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | ( | ||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer Solar | Consumer and Other | Total | |||||||||||||||||||||||||||||||||||||||
Allowance for credit losses: | |||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance - ALLL | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Adoption of ASU No. 2016-13 | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Beginning balance - ACL | |||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) credit losses | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance - ACL | $ | $ | $ | $ | $ | $ | $ | $ |
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | ( | ||||||||||||||||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Recoveries | |||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | $ | $ | $ | $ | $ | $ |
Nonaccrual with No Allowance | Nonaccrual with Allowance | Reserve | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Commercial and industrial | $ | $ | $ | |||||||||||||||||
Multifamily | ||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||
Construction and land development | ||||||||||||||||||||
Total commercial portfolio | ||||||||||||||||||||
Residential real estate lending | ||||||||||||||||||||
Consumer solar | ||||||||||||||||||||
Consumer and other | ||||||||||||||||||||
Total retail portfolio | ||||||||||||||||||||
$ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
Real Estate Collateral Dependent | Associated Allowance for Credit Losses | |||||||||||||
(In thousands) | ||||||||||||||
Multifamily | $ | $ | ||||||||||||
Commercial real estate | ||||||||||||||
Construction and land development | ||||||||||||||
$ | $ |
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||
Total loans | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | |||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | $ | $ | $ | $ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
December 31, 2022 | |||||||||||||||||||||||
(In thousands) | Recorded Investment | Average Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||||
Loans without a related allowance: | |||||||||||||||||||||||
Residential real estate lending | $ | $ | $ | $ | — | ||||||||||||||||||
Multifamily | — | ||||||||||||||||||||||
Construction and land development | — | ||||||||||||||||||||||
Commercial real estate | — | ||||||||||||||||||||||
Commercial and industrial | — | ||||||||||||||||||||||
— | |||||||||||||||||||||||
Loans with a related allowance: | |||||||||||||||||||||||
Residential real estate lending | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Total individually impaired loans: | |||||||||||||||||||||||
Residential real estate lending | |||||||||||||||||||||||
Multifamily | |||||||||||||||||||||||
Construction and land development | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
$ | $ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
Amount | Weighted Average Rate | Amount | Weighted Average Rate | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Non-interest-bearing demand deposit accounts | $ | 0.00 | % | $ | 0.00 | % | |||||||||||||||||
NOW accounts | % | % | |||||||||||||||||||||
Money market deposit accounts | % | % | |||||||||||||||||||||
Savings accounts | % | % | |||||||||||||||||||||
Time deposits | % | % | |||||||||||||||||||||
Brokered CDs | % | % | |||||||||||||||||||||
$ | % | $ | % |
(In thousands) | Balance | |||||||
2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
$ |
Notes to Consolidated Financial Statements (unaudited) | ||
Notes to Consolidated Financial Statements (unaudited) | ||
Notes to Consolidated Financial Statements (unaudited) | ||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||||||||
Income attributable to common stock | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding, basic | |||||||||||||||||||||||
Basic earnings per common share | $ | $ | $ | $ | |||||||||||||||||||
Income attributable to common stock | $ | $ | $ | $ | |||||||||||||||||||
Weighted average common shares outstanding, basic | |||||||||||||||||||||||
Incremental shares from assumed conversion of options and RSUs | |||||||||||||||||||||||
Weighted average common shares outstanding, diluted | |||||||||||||||||||||||
Diluted earnings per common share | $ | $ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Intrinsic Value (in thousands) | |||||||||||||||||||||||
Outstanding, January 1, 2023 | $ | years | ||||||||||||||||||||||||
Granted | — | |||||||||||||||||||||||||
Forfeited/ Expired | — | |||||||||||||||||||||||||
Exercised | ( | — | ||||||||||||||||||||||||
Outstanding, June 30, 2023 | years | $ | ||||||||||||||||||||||||
Vested and Exercisable, June 30, 2023 | $ | years | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
Shares | Grant Date Fair Value | ||||||||||
Unvested, January 1, 2023 | $ | ||||||||||
Awarded | |||||||||||
Forfeited/Expired | ( | ||||||||||
Vested | ( | ||||||||||
Unvested, June 30, 2023 | $ | ||||||||||
Shares | Grant Date Fair Value | ||||||||||
Unvested, January 1, 2023 | $ | ||||||||||
Awarded | |||||||||||
Forfeited/Expired | ( | ||||||||||
Vested | ( | ||||||||||
Unvested, June 30, 2023 | $ | ||||||||||
Notes to Consolidated Financial Statements (unaudited) | ||
Number of Shares | |||||
Shares available for purchase at December 31, 2022 | |||||
Purchases during the three months ended: | |||||
March 31, 2023 | ( | ||||
June 30, 2023 | ( | ||||
( | |||||
Remaining shares available for purchase at June 30, 2023 |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2023 | |||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||
GSE residential CMOs | $ | $ | $ | $ | |||||||||||||||||||
GSE commercial certificates & CMO | |||||||||||||||||||||||
Non-GSE residential certificates | |||||||||||||||||||||||
Non-GSE commercial certificates | |||||||||||||||||||||||
Other debt: | |||||||||||||||||||||||
U.S. Treasury | |||||||||||||||||||||||
ABS | |||||||||||||||||||||||
Trust preferred | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Residential PACE | |||||||||||||||||||||||
Total assets carried at fair value | $ | $ | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
December 31, 2022 | |||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Available for sale securities: | |||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||
GSE residential CMOs | $ | $ | $ | $ | |||||||||||||||||||
GSE commercial certificates & CMO | |||||||||||||||||||||||
Non-GSE residential certificates | |||||||||||||||||||||||
Non-GSE commercial certificates | |||||||||||||||||||||||
Other debt: | |||||||||||||||||||||||
U.S. Treasury | |||||||||||||||||||||||
ABS | |||||||||||||||||||||||
Trust preferred | |||||||||||||||||||||||
Corporate | |||||||||||||||||||||||
Total assets carried at fair value | $ | $ | $ | $ |
June 30, 2023 | |||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Estimated Fair Value | ||||||||||||||||||||||||
Fair Value Measurements: | |||||||||||||||||||||||||||||
Individually analyzed loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
$ | $ | $ | $ | $ |
December 31, 2022 | |||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Estimated Fair Value | ||||||||||||||||||||||||
Fair Value Measurements: | |||||||||||||||||||||||||||||
Impaired loans | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||||||
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2023 | |||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Estimated Fair Value | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Loans receivable, net | |||||||||||||||||||||||||||||
Accrued interest receivable | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits payable on demand | |||||||||||||||||||||||||||||
Time deposits and brokered CDs | |||||||||||||||||||||||||||||
Other borrowings | |||||||||||||||||||||||||||||
Subordinated debt, net | |||||||||||||||||||||||||||||
Accrued interest payable |
Notes to Consolidated Financial Statements (unaudited) | ||
December 31, 2022 | |||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Estimated Fair Value | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||
Loans held for sale | |||||||||||||||||||||||||||||
Loans receivable, net | |||||||||||||||||||||||||||||
Resell agreements | |||||||||||||||||||||||||||||
Accrued interest and dividends receivable | |||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits payable on demand | |||||||||||||||||||||||||||||
Time deposits and brokered CDs | |||||||||||||||||||||||||||||
FHLBNY advances | |||||||||||||||||||||||||||||
Subordinated debt, net | |||||||||||||||||||||||||||||
Accrued interest payable |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2023 | December 31, 2022 | ||||||||||
(In thousands) | |||||||||||
Commitments to extend credit | $ | $ | |||||||||
Standby letters of credit | |||||||||||
Total | $ | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | |||||||||||||||||||
Cash paid for amounts included in the measurement of operating leases liability | $ | $ | $ | $ | |||||||||||||||||||
Note: Sublease income and variable income or expense considered immaterial |
(In thousands) | As of June 30, 2023 | ||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total undiscounted operating lease payments | |||||
Less: present value adjustment | |||||
Total Operating leases liability | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
(In thousands) | Total | ||||
2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2023 | December 31, 2022 | ||||||||||
(In thousands) | |||||||||||
Unconsolidated Variable Interest Entities | |||||||||||
Tax credit investments included in equity investments | $ | $ | |||||||||
Loans and letters of credit commitments | |||||||||||
Funded portion of loans and letters of credit commitments | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Tax credits and other tax benefits recognized | $ | $ | $ | $ |
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
(In thousands) | Average Balance | Income / Expense | Yield / Rate | Average Balance | Income / Expense | Yield / Rate | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | $ | 114,010 | $ | 1,056 | 3.72 | % | $ | 305,134 | $ | 551 | 0.72 | % | |||||||||||||||||||||||
Securities(1) | 3,259,797 | 39,393 | 4.85 | % | 3,443,987 | 23,308 | 2.71 | % | |||||||||||||||||||||||||||
Resell agreements | 5,570 | 113 | 8.14 | % | 231,468 | 1,044 | 1.81 | % | |||||||||||||||||||||||||||
Total loans, net (2)(3) | 4,202,911 | 45,360 | 4.33 | % | 3,504,223 | 33,766 | 3.86 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 7,582,288 | 85,922 | 4.55 | % | 7,484,812 | 58,669 | 3.14 | % | |||||||||||||||||||||||||||
Non-interest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 5,034 | 9,296 | |||||||||||||||||||||||||||||||||
Other assets | 208,944 | 266,186 | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,796,266 | $ | 7,760,294 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings, NOW and money market deposits | $ | 3,203,681,000 | $ | 13,298 | 1.66 | % | $ | 3,030,788 | $ | 1,332 | 0.18 | % | |||||||||||||||||||||||
Time deposits | 158,992 | 610 | 1.54 | % | 192,181 | 149 | 0.31 | % | |||||||||||||||||||||||||||
Brokered CDs | 411,510 | 4,908 | 4.78 | % | — | — | 0.00 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 3,774,183 | 18,816 | 2.00 | % | 3,222,969 | 1,481 | 0.18 | % | |||||||||||||||||||||||||||
FHLBNY advances | 104,834 | 1,363 | 5.21 | % | — | — | 0.00 | % | |||||||||||||||||||||||||||
Other Borrowings | 266,170 | 2,758 | 4.16 | % | 83,886 | 690 | 3.30 | % | |||||||||||||||||||||||||||
Total borrowings | 371,004 | 4,121 | 4.46 | % | 83,886 | 690 | 3.30 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,145,187 | 22,937 | 2.22 | % | 3,306,855 | 2,171 | 0.26 | % | |||||||||||||||||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand and transaction deposits | 3,055,770 | 3,855,735 | |||||||||||||||||||||||||||||||||
Other liabilities | 67,710 | 80,274 | |||||||||||||||||||||||||||||||||
Total liabilities | 7,268,667 | 7,242,864 | |||||||||||||||||||||||||||||||||
Stockholders' equity | 527,599 | 517,430 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 7,796,266 | $ | 7,760,294 | |||||||||||||||||||||||||||||||
Net interest income / interest rate spread | $ | 62,985 | 2.33 | % | $ | 56,498 | 2.88 | % | |||||||||||||||||||||||||||
Net interest-earning assets / net interest margin | $ | 3,437,101 | 3.33 | % | $ | 4,177,957 | 3.03 | % | |||||||||||||||||||||||||||
Total deposits / total cost of deposits | $ | 6,829,953 | 1.10 | % | $ | 7,078,704 | 0.08 | % | |||||||||||||||||||||||||||
Total funding / total cost of funds | $ | 7,200,957 | 1.28 | % | $ | 7,162,590 | 0.12 | % |
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||
(In thousands) | Average Balance | Income / Expense | Yield / Rate | Average Balance | Income / Expense | Yield / Rate | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | $ | 102,550 | $ | 1,673 | 3.29 | % | $ | 364,178 | $ | 730 | 0.40 | % | |||||||||||||||||||||||
Securities(1) | 3,310,492 | 78,586 | 4.79 | % | 3,319,009 | 41,743 | 2.54 | % | |||||||||||||||||||||||||||
Resell agreements | 12,071 | 432 | 7.22 | % | 225,378 | 1,764 | 1.58 | % | |||||||||||||||||||||||||||
Total loans, net (2)(3) | 4,166,389 | 90,166 | 4.36 | % | 3,392,788 | 64,893 | 3.86 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 7,591,502 | 170,857 | 4.54 | % | 7,301,353 | 109,130 | 3.01 | % | |||||||||||||||||||||||||||
Non-interest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 4,527 | 9,261 | |||||||||||||||||||||||||||||||||
Other assets | 212,960 | 266,932 | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,808,989 | $ | 7,577,546 | |||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings, NOW and money market deposits | $ | 3,147,765 | $ | 22,853 | 1.46 | % | $ | 2,963,809 | $ | 2,579 | 0.18 | % | |||||||||||||||||||||||
Time deposits | 154,429 | 907 | 1.18 | % | 195,741 | 304 | 0.31 | % | |||||||||||||||||||||||||||
Brokered CDs | 389,718 | 8,891 | 4.60 | % | — | — | 0.00 | % | |||||||||||||||||||||||||||
Total interest-bearing deposits | 3,691,912 | 32,651 | 1.78 | % | 3,159,550 | 2,883 | 0.18 | % | |||||||||||||||||||||||||||
FHLBNY advances | 179,116 | 4,373 | 4.92 | % | — | — | 0.00 | % | |||||||||||||||||||||||||||
Other Borrowings | 180,389 | 3,569 | 3.99 | % | 84,239 | 1,381 | 3.31 | % | |||||||||||||||||||||||||||
Total borrowings | 359,505 | 7,942 | 4.45 | % | 84,239 | 1,381 | 3.31 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 4,051,417 | 40,593 | 2.02 | % | 3,243,789 | 4,264 | 0.27 | % | |||||||||||||||||||||||||||
Non-interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand and transaction deposits | 3,170,729 | 3,703,455 | |||||||||||||||||||||||||||||||||
Other liabilities | 71,732 | 91,510 | |||||||||||||||||||||||||||||||||
Total liabilities | 7,293,878 | 7,038,754 | |||||||||||||||||||||||||||||||||
Stockholders' equity | 515,111 | 538,792 | |||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 7,808,989 | $ | 7,577,546 | |||||||||||||||||||||||||||||||
Net interest income / interest rate spread | $ | 130,264 | 2.52 | % | $ | 104,866 | 2.74 | % | |||||||||||||||||||||||||||
Net interest-earning assets / net interest margin | $ | 3,540,085 | 3.46 | % | $ | 4,057,564 | 2.90 | % | |||||||||||||||||||||||||||
Total deposits / total cost of deposits | $ | 6,862,641 | 0.96 | % | $ | 6,863,005 | 0.08 | % | |||||||||||||||||||||||||||
Total funding / total cost of funds | $ | 7,222,146 | 1.13 | % | $ | 6,947,244 | 0.12 | % |
Three Months Ended June 30, 2023 over June 30, 2022 | Six Months Ended June 30, 2023 over June 30, 2022 | ||||||||||||||||||||||||||||||||||
(In thousands) | Volume | Changes Due To Rate | Net Change | Volume | Changes Due To Rate | Net Change | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | $ | (797) | $ | 1,302 | $ | 505 | $ | (1,485) | $ | 2,428 | $ | 943 | |||||||||||||||||||||||
Securities and FHLBNY stock | (2,080) | 18,165 | 16,085 | (201) | 37,044 | 36,843 | |||||||||||||||||||||||||||||
Resell Agreements | (1,084) | 153 | (931) | (1,923) | 591 | (1,332) | |||||||||||||||||||||||||||||
Total loans, net | 7,014 | 4,580 | 11,594 | 15,624 | 9,649 | 25,273 | |||||||||||||||||||||||||||||
Total interest income | 3,053 | 24,200 | 27,253 | 12,015 | 49,712 | 61,727 | |||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Savings, NOW and money market deposits | 683 | 11,283 | 11,966 | 1,267 | 19,007 | 20,274 | |||||||||||||||||||||||||||||
Time deposits | (104) | 565 | 461 | (194) | 797 | 603 | |||||||||||||||||||||||||||||
Brokered CDs | 2,454 | 2,454 | 4,908 | 8,891 | — | 8,891 | |||||||||||||||||||||||||||||
Total deposits | 3,033 | 14,302 | 17,335 | 9,964 | 19,804 | 29,768 | |||||||||||||||||||||||||||||
FHLBNY advances | 1,363 | — | 1,363 | 4,373 | — | 4,373 | |||||||||||||||||||||||||||||
Other borrowings | 1,589 | 479 | 2,068 | 1,658 | 530 | 2,188 | |||||||||||||||||||||||||||||
Total borrowings | 2,952 | 479 | 3,431 | 6,031 | 530 | 6,561 | |||||||||||||||||||||||||||||
Total interest expense | 5,985 | 14,781 | 20,766 | 15,995 | 20,334 | 36,329 | |||||||||||||||||||||||||||||
Change in net interest income | $ | (2,932) | $ | 9,419 | $ | 6,487 | $ | (3,980) | $ | 29,378 | $ | 25,398 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Trust Department fees | $ | 4,006 | $ | 3,479 | $ | 7,935 | $ | 6,970 | |||||||||||||||
Service charges on deposit accounts | 2,712 | 2,826 | 5,166 | 5,273 | |||||||||||||||||||
Bank-owned life insurance income | 546 | 1,283 | 1,327 | 2,097 | |||||||||||||||||||
Losses on sale of securities | (267) | (582) | (3,353) | (420) | |||||||||||||||||||
Gains on sale of loans, net | 2 | 492 | 4 | 335 | |||||||||||||||||||
Equity method investments income | 556 | (638) | 711 | (206) | |||||||||||||||||||
Other income | 389 | 386 | 1,360 | 619 | |||||||||||||||||||
Total non-interest income | $ | 7,944 | $ | 7,246 | $ | 13,150 | $ | 14,668 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Compensation and employee benefits, net | $ | 21,165 | $ | 18,046 | $ | 43,180 | $ | 35,715 | |||||||||||||||
Occupancy and depreciation | 3,436 | 3,457 | 6,835 | 6,897 | |||||||||||||||||||
Professional fees | 2,759 | 2,745 | 4,989 | 5,560 | |||||||||||||||||||
Data processing | 4,082 | 4,327 | 8,631 | 9,511 | |||||||||||||||||||
Office maintenance and depreciation | 718 | 784 | 1,445 | 1,509 | |||||||||||||||||||
Amortization of intangible assets | 222 | 261 | 444 | 523 | |||||||||||||||||||
Advertising and promotion | 1,028 | 761 | 2,615 | 1,615 | |||||||||||||||||||
Federal deposit insurance premiums | 1,100 | 761 | 1,818 | 1,427 | |||||||||||||||||||
Other expense | 3,019 | 3,204 | 6,199 | 5,986 | |||||||||||||||||||
Total non-interest expense | $ | 37,529 | $ | 34,346 | $ | 76,156 | $ | 68,743 |
June 30, 2023 | December 31, 2022 | ||||||||||||||||||||||
(In thousands) | Amount | % of Portfolio | Amount | % of Portfolio | |||||||||||||||||||
Available for sale: | |||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||
GSE residential CMOs | $ | 368,658 | 11.4 | % | $ | 389,260 | 11.6 | % | |||||||||||||||
GSE commercial certificates & CMO | 139,492 | 4.3 | % | 213,786 | 6.4 | % | |||||||||||||||||
Non-GSE residential certificates | 101,373 | 3.1 | % | 107,080 | 3.2 | % | |||||||||||||||||
Non-GSE commercial certificates | 95,683 | 3.0 | % | 97,482 | 2.9 | % | |||||||||||||||||
Other debt: | |||||||||||||||||||||||
U.S. Treasury | 194 | 0.0 | % | 192 | 0.0 | % | |||||||||||||||||
ABS | 728,397 | 22.5 | % | 862,163 | 25.7 | % | |||||||||||||||||
Trust preferred | 10,134 | 0.3 | % | 10,143 | 0.3 | % | |||||||||||||||||
Corporate | 113,861 | 3.5 | % | 132,370 | 3.9 | % | |||||||||||||||||
Residential PACE | 22,456 | 0.7 | % | — | 0.0 | % | |||||||||||||||||
Total available for sale | 1,580,248 | 48.8 | % | 1,812,476 | 54.0 | % | |||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||
Traditional securities: | |||||||||||||||||||||||
GSE residential CMOs | $ | 66,982 | 2.1 | % | $ | 69,391 | 2.1 | % | |||||||||||||||
GSE commercial certificates | 89,859 | 2.8 | % | 90,335 | 2.7 | % | |||||||||||||||||
GSE residential certificates | 420 | 0.0 | % | 428 | 0.0 | % | |||||||||||||||||
Non GSE commercial certificates | 32,651 | 1.0 | % | 32,635 | 1.0 | % | |||||||||||||||||
Non GSE residential certificates | 48,599 | 1.5 | % | 50,468 | 1.5 | % | |||||||||||||||||
ABS | 284,377 | 8.8 | % | 288,682 | 8.6 | % | |||||||||||||||||
Municipal | 94,549 | 2.9 | % | 95,485 | 2.8 | % | |||||||||||||||||
Other | — | 0.0 | % | 2,000 | 0.1 | % | |||||||||||||||||
PACE assessments: | |||||||||||||||||||||||
Commercial PACE | 262,093 | 8.1 | % | 255,424 | 7.6 | % | |||||||||||||||||
Residential PACE | 775,708 | 24.0 | % | 656,453 | 19.6 | % | |||||||||||||||||
Total held-to-maturity | 1,655,238 | 51.2 | % | 1,541,301 | 46.0 | % | |||||||||||||||||
Total securities | $ | 3,235,486 | 100.0 | % | $ | 3,353,777 | 100.0 | % |
Contractual Maturity as of June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
One Year or Less | One to Five Years | Five to Ten Years | Due after Ten Years | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Weighted Average Yield (1) | Amortized Cost | Weighted Average Yield (1) | Amortized Cost | Weighted Average Yield (1) | Amortized Cost | Weighted Average Yield (1) | |||||||||||||||||||||||||||||||||||||||
Available for sale: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||||||||||||||||||||||||||
GSE residential CMOs | $ | — | 0.0 | % | $ | — | 0.0 | % | $ | 47,577 | 2.9 | % | $ | 359,224 | 3.5 | % | |||||||||||||||||||||||||||||||
GSE commercial certificates & CMO | — | 0.0 | % | 22,361 | 2.8 | % | 86,471 | 5.1 | % | 39,182 | 2.5 | % | |||||||||||||||||||||||||||||||||||
Non-GSE residential certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 116,941 | 2.8 | % | |||||||||||||||||||||||||||||||||||
Non-GSE commercial certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 106,510 | 3.5 | % | |||||||||||||||||||||||||||||||||||
Other debt: | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | 199 | 1.3 | % | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | |||||||||||||||||||||||||||||||||||
ABS | — | 0.0 | % | 2,250 | 2.4 | % | 276,914 | 6.9 | % | 480,789 | 5.8 | % | |||||||||||||||||||||||||||||||||||
Trust preferred | — | 0.0 | % | 10,990 | 6.1 | % | — | 0.0 | % | — | 0.0 | % | |||||||||||||||||||||||||||||||||||
Corporate | — | 0.0 | % | 55,070 | 4.1 | % | 81,007 | 3.8 | % | — | 0.0 | % | |||||||||||||||||||||||||||||||||||
Residential PACE | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 22,861 | 6.9 | % | |||||||||||||||||||||||||||||||||||
Held-to-maturity: | |||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||||||||||||||||||||||||||
GSE CMOs | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 66,982 | 3.0 | % | |||||||||||||||||||||||||||||||||||
GSE commercial certificates | — | 0.0 | % | 4,870 | 2.9 | % | 13,953 | 3.3 | % | 71,036 | 2.6 | % | |||||||||||||||||||||||||||||||||||
GSE residential certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 420 | 3.9 | % | |||||||||||||||||||||||||||||||||||
Non GSE commercial certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 32,651 | 2.1 | % | |||||||||||||||||||||||||||||||||||
Non GSE residential certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 48,599 | 3.1 | % | |||||||||||||||||||||||||||||||||||
Other debt: | |||||||||||||||||||||||||||||||||||||||||||||||
ABS | — | 0.0 | % | — | 0.0 | % | 6,997 | 5.1 | % | 277,380 | 5.9 | % | |||||||||||||||||||||||||||||||||||
Commercial PACE | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 262,093 | 4.9 | % | |||||||||||||||||||||||||||||||||||
Residential PACE | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 775,708 | 4.9 | % | |||||||||||||||||||||||||||||||||||
Municipal | — | 0.0 | % | 9,429 | 3.7 | % | 3,556 | 2.2 | % | 81,564 | 2.7 | % | |||||||||||||||||||||||||||||||||||
Total securities | $ | 199 | 1.3 | % | $ | 104,970 | 3.7 | % | $ | 516,475 | 5.6 | % | $ | 2,741,940 | 4.6 | % |
Expected Avg. Life in Years | Credit Ratings Highest Rating if split rated | |||||||||||||||||||||||||||||||
(In thousands) | Amount | % | % Floating | % AAA | % AA | % A | % BBB | %Not Rated | Total | |||||||||||||||||||||||
CLO Commercial & Industrial | $ | 575,205 | 57 | % | 2.8 | 100 | % | 98 | % | 2 | % | 0 | % | 0 | % | 0 | % | 100 | % | |||||||||||||
Consumer | 178,057 | 17 | % | 5.5 | 0 | % | 13 | % | 25 | % | 61 | % | 1 | % | 0 | % | 100 | % | ||||||||||||||
Mortgage | 179,345 | 18 | % | 1.9 | 84 | % | 100 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | ||||||||||||||
Student | 80,167 | 8 | % | 4.5 | 72 | % | 100 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | ||||||||||||||
Total Securities: | $ | 1,012,774 | 100 | % | 3.2 | 77 | % | 84 | % | 5 | % | 11 | % | 0 | % | 0 | % | 100 | % | |||||||||||||
(In thousands) | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||
Amount | % of total loans | Amount | % of total loans | ||||||||||||||||||||
Commercial portfolio: | |||||||||||||||||||||||
Commercial and industrial | $ | 949,403 | 22.3 | % | $ | 925,641 | 22.5 | % | |||||||||||||||
Multifamily mortgages | 1,095,752 | 25.8 | % | 967,521 | 23.6 | % | |||||||||||||||||
Commercial real estate mortgages | 333,340 | 7.8 | % | 335,133 | 8.2 | % | |||||||||||||||||
Construction and land development mortgages | 28,664 | 0.7 | % | 37,696 | 0.9 | % | |||||||||||||||||
Total commercial portfolio | 2,407,159 | 56.6 | % | 2,265,991 | 55.2 | % | |||||||||||||||||
Retail portfolio: | |||||||||||||||||||||||
Residential real estate lending | 1,388,571 | 32.7 | % | 1,371,779 | 33.5 | % | |||||||||||||||||
Consumer solar(1) | 411,873 | 9.7 | % | 416,849 | 10.2 | % | |||||||||||||||||
Consumer and other(1) | 44,135 | 1.0 | % | 47,150 | 1.1 | % | |||||||||||||||||
Total retail portfolio | 1,844,579 | 43.4 | % | 1,835,778 | 44.8 | % | |||||||||||||||||
Total loans | 4,251,738 | 100.0 | % | 4,101,769 | 100.0 | % | |||||||||||||||||
Net deferred loan origination costs(2) | — | 4,233 | |||||||||||||||||||||
Allowance for credit losses(3) | (67,431) | (45,031) | |||||||||||||||||||||
Total loans, net | $ | 4,184,307 | $ | 4,060,971 |
(In thousands) | One year or less | After one but within five years | After five years but within 15 years | After 15 years | Total | ||||||||||||||||||||||||
June 30, 2023: | |||||||||||||||||||||||||||||
Commercial Portfolio: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 289,871 | $ | 245,931 | $ | 308,643 | $ | 104,958 | $ | 949,403 | |||||||||||||||||||
Multifamily | 201,239 | 550,751 | 337,578 | 6,184 | 1,095,752 | ||||||||||||||||||||||||
Commercial real estate | 117,473 | 133,418 | 68,037 | 14,412 | 333,340 | ||||||||||||||||||||||||
Construction and land development | 27,054 | 1,610 | — | — | 28,664 | ||||||||||||||||||||||||
Retail Portfolio: | |||||||||||||||||||||||||||||
Residential real estate lending | 14,209 | 2,427 | 152,015 | 1,219,920 | 1,388,571 | ||||||||||||||||||||||||
Consumer solar | 63 | 7,206 | 46,017 | 358,587 | 411,873 | ||||||||||||||||||||||||
Consumer and other | 1,167 | 2,834 | 28,343 | 11,791 | 44,135 | ||||||||||||||||||||||||
Total Loans | $ | 651,076 | $ | 944,177 | $ | 940,633 | $ | 1,715,852 | $ | 4,251,738 |
(In thousands) | After one but within five years | After 5 years but within 15 years | More than 15 years | Total | ||||||||||||||||||||||
Gross loan maturing after one year with: | ||||||||||||||||||||||||||
Fixed interest rates | $ | 763,264 | $ | 837,894 | $ | 1,110,711 | $ | 2,711,869 | ||||||||||||||||||
Floating or adjustable interest rates | 180,913 | 102,739 | 605,141 | 888,793 | ||||||||||||||||||||||
Total Loans | $ | 944,177 | $ | 940,633 | $ | 1,715,852 | $ | 3,600,662 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Balance at beginning of period | $ | 67,323 | $ | 37,542 | $ | 45,031 | $ | 35,866 | |||||||||||||||
Adoption of ASU 2016-13 | — | — | 21,229 | — | |||||||||||||||||||
Loan charge-offs: | |||||||||||||||||||||||
Commercial portfolio: | |||||||||||||||||||||||
Commercial and industrial | 1,726 | — | 1,726 | — | |||||||||||||||||||
Multifamily | — | — | 1,127 | 416 | |||||||||||||||||||
Commercial real estate | — | — | — | — | |||||||||||||||||||
Construction and land development | — | — | — | — | |||||||||||||||||||
Retail portfolio: | |||||||||||||||||||||||
Residential real estate lending | 1 | 782 | 59 | 821 | |||||||||||||||||||
Consumer solar | 1,824 | 949 | 3,631 | 1,797 | |||||||||||||||||||
Consumer and other | 221 | 46 | 239 | 66 | |||||||||||||||||||
Total loan charge-offs | 3,772 | 1,777 | 6,782 | 3,100 | |||||||||||||||||||
Recoveries of loans previously charged-off: | |||||||||||||||||||||||
Commercial portfolio: | |||||||||||||||||||||||
Commercial and industrial | 38 | 6 | 42 | 12 | |||||||||||||||||||
Multifamily | — | — | — | — | |||||||||||||||||||
Commercial real estate | — | — | — | — | |||||||||||||||||||
Construction and land development | — | 1 | — | 2 | |||||||||||||||||||
Retail portfolio: | |||||||||||||||||||||||
Residential real estate lending | 89 | 674 | 327 | 1,325 | |||||||||||||||||||
Consumer solar | 631 | 89 | 842 | 124 | |||||||||||||||||||
Consumer and other | 6 | 30 | 14 | 43 | |||||||||||||||||||
Total loan recoveries | 764 | 800 | 1,225 | 1,506 | |||||||||||||||||||
Net charge-offs | 3,008 | 977 | 5,557 | 1,594 | |||||||||||||||||||
Provision for credit losses | 3,116 | 2,912 | 6,728 | 5,205 | |||||||||||||||||||
Balance at end of period | $ | 67,431 | $ | 39,477 | $ | 67,431 | $ | 39,477 |
At June 30, 2023 | At December 31, 2022 | ||||||||||||||||||||||
(In thousands) | Amount | % of total loans | Amount | % of total loans | |||||||||||||||||||
Commercial Portfolio: | |||||||||||||||||||||||
Commercial and industrial | $ | 16,793 | 22.3 | % | $ | 12,916 | 22.5 | % | |||||||||||||||
Multifamily | 6,397 | 25.8 | % | 7,104 | 23.6 | % | |||||||||||||||||
Commercial real estate | 2,285 | 7.8 | % | 3,627 | 8.2 | % | |||||||||||||||||
Construction and land development | 324 | 0.7 | % | 825 | 0.9 | % | |||||||||||||||||
Total commercial portfolio | $ | 25,799 | 56.6 | % | $ | 24,472 | 55.2 | % | |||||||||||||||
Retail Portfolio: | |||||||||||||||||||||||
Residential real estate lending | $ | 15,274 | 32.7 | % | $ | 11,338 | 33.5 | % | |||||||||||||||
Consumer solar | 23,218 | 9.7 | % | 6,867 | 10.2 | % | |||||||||||||||||
Consumer and other | 3,140 | 1.0 | % | 2,354 | 1.1 | % | |||||||||||||||||
Total retail portfolio | $ | 41,632 | 43.4 | % | $ | 20,559 | 44.8 | % | |||||||||||||||
Total allowance for credit losses | $ | 67,431 | $ | 45,031 |
(In thousands) | June 30, 2023 | December 31, 2022 | |||||||||
Loans 90 days past due and accruing | $ | — | $ | — | |||||||
Nonaccrual loans held for sale | 1,546 | 6,914 | |||||||||
Nonaccrual loans - Commercial | 28,078 | 18,308 | |||||||||
Nonaccrual loans - Retail | 5,606 | 3,391 | |||||||||
Nonaccrual securities | 35 | 36 | |||||||||
Total nonperforming assets | $ | 35,265 | $ | 28,649 | |||||||
Nonaccrual loans: | |||||||||||
Commercial and industrial | $ | 7,575 | $ | 9,629 | |||||||
Multifamily | 2,376 | 3,828 | |||||||||
Commercial real estate | 4,660 | 4,851 | |||||||||
Construction and land development | 13,467 | — | |||||||||
Total commercial portfolio | 28,078 | 18,308 | |||||||||
Residential real estate lending | 2,470 | 1,807 | |||||||||
Consumer solar | 2,811 | 1,584 | |||||||||
Consumer and other | 325 | — | |||||||||
Total retail portfolio | 5,606 | 3,391 | |||||||||
Total nonaccrual loans | $ | 33,684 | $ | 21,699 | |||||||
Nonperforming assets to total assets | 0.45 | % | 0.44 | % | |||||||
Nonaccrual assets to total assets | 0.45 | % | 0.36 | % | |||||||
Nonaccrual loans to total loans | 0.79 | % | 0.53 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 200.19 | % | 207.53 | % | |||||||
Allowance for credit losses on loans to total loans | 1.59 | % | 1.10 | % | |||||||
Annualized net charge-offs (recoveries) to average loans | 0.29 | % | 0.16 | % |
Maturities as of June 30, 2023 | |||||
(In thousands) | Balance | ||||
Within three months | $ | 18,279 | |||
After three but within six months | 6,264 | ||||
After six months but within twelve months | 2,541 | ||||
After twelve months | 3,755 | ||||
$ | 30,839 |
Change in Market Interest Rates as of June 30, 2023 | Estimated Increase (Decrease) in: | |||||||||||||||||||||||||
Immediate Shift | Economic Value of Equity | Economic Value of Equity ($) | Year 1 Net Interest Income | Year 1 Net Interest Income ($) | ||||||||||||||||||||||
+400 basis points | -27.4% | (356,849) | -19.2% | (46,643) | ||||||||||||||||||||||
+300 basis points | -18.5% | (240,907) | -11.8% | (28,559) | ||||||||||||||||||||||
+200 basis points | -10.7% | (138,748) | -6.1% | (14,829) | ||||||||||||||||||||||
+100 basis points | -3.6% | (46,292) | -2.3% | (5,644) | ||||||||||||||||||||||
-100 basis points | -3.4% | (43,841) | -0.9% | (2,259) | ||||||||||||||||||||||
-200 basis points | -11.8% | (153,749) | -1.6% | (3,953) |
Actual | For Capital Adequacy Purposes(1) | To Be Considered Well Capitalized | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||
Consolidated: | |||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 750,668 | 15.26 | % | $ | 393,564 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 capital to risk weighted assets | 615,262 | 12.51 | % | 295,173 | 6.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Tier 1 capital to average assets | 615,262 | 7.78 | % | 316,365 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 615,262 | 12.51 | % | 221,380 | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||||
Bank: | |||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 745,912 | 15.17 | % | $ | 393,395 | 8.00 | % | $ | 491,744 | 10.00 | % | |||||||||||||||||||||||
Tier I capital to risk weighted assets | 684,298 | 13.92 | % | 295,046 | 6.00 | % | 393,395 | 8.00 | % | ||||||||||||||||||||||||||
Tier I capital to average assets | 684,298 | 8.65 | % | 316,374 | 4.00 | % | 395,468 | 5.00 | % | ||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 684,298 | 13.92 | % | 221,285 | 4.50 | % | 319,634 | 6.50 | % | ||||||||||||||||||||||||||
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Consolidated: | |||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 721,324 | 14.87 | % | $ | 387,957 | 8.00 | % | N/A | N/A | |||||||||||||||||||||||||
Tier 1 capital to risk weighted assets | 597,022 | 12.31 | % | 290,967 | 6.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Tier 1 capital to average assets | 597,022 | 7.52 | % | 317,738 | 4.00 | % | N/A | N/A | |||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 597,022 | 12.31 | % | 218,226 | 4.50 | % | N/A | N/A | |||||||||||||||||||||||||||
Bank: | |||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 715,458 | 14.75 | % | $ | 388,107 | 8.00 | % | $ | 485,134 | 10.00 | % | |||||||||||||||||||||||
Tier 1 capital to risk weighted assets | 668,864 | 13.79 | % | 291,080 | 6.00 | % | 388,107 | 8.00 | % | ||||||||||||||||||||||||||
Tier 1 capital to average assets | 668,864 | 8.44 | % | 317,111 | 4.00 | % | 396,389 | 5.00 | % | ||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 668,864 | 13.79 | % | 218,310 | 4.50 | % | 315,337 | 6.50 | % |
June 30, 2023 | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Subordinated Debt | $ | 73,737 | $ | — | $ | — | $ | — | $ | 73,737 | |||||||||||||||||||
Operating Leases | 37,741 | 5,665 | 31,117 | 959 | — | ||||||||||||||||||||||||
Purchase Obligations | 23,754 | 4,612 | 9,224 | 4,718 | 5,200 | ||||||||||||||||||||||||
Certificates of Deposit | 629,816 | 450,989 | 124,322 | 28,746 | 25,759 | ||||||||||||||||||||||||
$ | 765,048 | $ | 461,266 | $ | 164,663 | $ | 34,423 | $ | 104,696 |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||
Period (Settlement Date) | Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value that may yet be purchased under plans or programs (2) | ||||||||||||||||||||||
April 1 through April 30, 2023 | — | $ | — | — | $ | 25,672,104 | ||||||||||||||||||||
May 1 through May 31, 2023 | 69,800 | 15.03 | 69,800 | $ | 24,622,884 | |||||||||||||||||||||
June 1 through June 30, 2023 | 92,554 | 15.74 | 69,162 | $ | 23,514,795 | |||||||||||||||||||||
Total | 162,354 | $ | 15.44 | 138,962 |
Exhibit No. | Description of Exhibit | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | Pursuant to Item 601(b)(4)(iii)(A), other instruments that define the rights of holders of the long-term indebtedness of Amalgamated Financial Corp. and its subsidiaries that does not exceed 10% of its consolidated assets have not been filed; however, Amalgamated Financial Corp. agrees to furnish a copy of any such agreement to the SEC upon request. | |||||||
10.1 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101 | Interactive data files for the Quarterly Report on Form 10-Q of Amalgamated Financial Corp. for the quarter ended June 30, 2023, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of Financial Condition at June 30, 2023 and December 31, 2022, (ii) Consolidated Statements of Income for the quarters ended June 30, 2023 and 2022, (iii) Consolidated Statements of Comprehensive Income for the quarters ended June 30, 2023 and 2022, (iv) Consolidated Statements of Changes in Shareholders’ Equity for the quarters ended June 30, 2023 and 2022, (v) Consolidated Statements of Cash Flows for the quarters ended June 30, 2023 and 2022 and (vi) Notes to Consolidated Financial Statements (unaudited). | |||||||
104 | The cover page of Amalgamated Financial Corp.’s Form 10-Q Report for the quarter ended June 30, 2023, formatted in iXBRL (included with the Exhibit 101 attachments). |
August 4, 2023 | By: | /s/ Priscilla Sims Brown | |||||||||
Priscilla Sims Brown | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
August 4, 2023 | By: | /s/ Jason Darby | |||||||||
Jason Darby | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer) | |||||||||||
August 4, 2023 | By: | /s/ Leslie Veluswamy | |||||||||
Leslie Veluswamy | |||||||||||
Chief Accounting Officer | |||||||||||
(Principal Accounting Officer) |
/s/ Priscilla Sims Brown | |||||
Priscilla Sims Brown, President and Chief Executive Officer |
/s/ Jason Darby | ||
Jason Darby, Chief Financial Officer |
/s/ Priscilla Sims Brown | |||||
Priscilla Brown | |||||
President and Chief Executive Officer | |||||
August 4, 2023 | |||||
/s/ Jason Darby | |||||
Jason Darby | |||||
Chief Financial Officer | |||||
August 4, 2023 |
Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Held-to-maturity, allowance for credit losses | $ 707 | $ 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, shares issued (in shares) | 30,736,141 | 30,700,198 |
Common stock, shares outstanding (in shares) | 30,572,606 | 30,700,198 |
Treasury stock, cost (in shares) | 163,535 | 0 |
Traditional securities: | ||
Held-to-maturity, allowance for credit losses | $ 57 | |
PACE assessments: | ||
Held-to-maturity, allowance for credit losses | $ 650 |
Consolidated Statements of Income (unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
INTEREST AND DIVIDEND INCOME | ||||
Loans | $ 45,360 | $ 33,766 | $ 90,166 | $ 64,893 |
Securities | 39,506 | 24,352 | 79,018 | 43,507 |
Interest-bearing deposits in banks | 1,056 | 551 | 1,673 | 730 |
Total interest and dividend income | 85,922 | 58,669 | 170,857 | 109,130 |
INTEREST EXPENSE | ||||
Deposits | 18,816 | 1,481 | 32,651 | 2,883 |
Borrowed funds | 4,121 | 690 | 7,942 | 1,381 |
Total interest expense | 22,937 | 2,171 | 40,593 | 4,264 |
NET INTEREST INCOME | 62,985 | 56,498 | 130,264 | 104,866 |
Provision for credit losses | 3,940 | 2,912 | 8,899 | 5,205 |
Net interest income after provision for credit losses | 59,045 | 53,586 | 121,365 | 99,661 |
NON-INTEREST INCOME | ||||
Trust Department fees | 4,006 | 3,479 | 7,935 | 6,970 |
Service charges on deposit accounts | 2,712 | 2,826 | 5,166 | 5,273 |
Bank-owned life insurance income | 546 | 1,283 | 1,327 | 2,097 |
Losses on sale of securities | (267) | (582) | (3,353) | (420) |
Gains on sale of loans, net | 2 | 492 | 4 | 335 |
Equity method investments income (loss) | 556 | (638) | 711 | (206) |
Other income | 389 | 386 | 1,360 | 619 |
Total non-interest income | 7,944 | 7,246 | 13,150 | 14,668 |
NON-INTEREST EXPENSE | ||||
Compensation and employee benefits | 21,165 | 18,046 | 43,180 | 35,715 |
Occupancy and depreciation | 3,436 | 3,457 | 6,835 | 6,897 |
Professional fees | 2,759 | 2,745 | 4,989 | 5,560 |
Data processing | 4,082 | 4,327 | 8,631 | 9,511 |
Office maintenance and depreciation | 718 | 784 | 1,445 | 1,509 |
Amortization of intangible assets | 222 | 261 | 444 | 523 |
Advertising and promotion | 1,028 | 761 | 2,615 | 1,615 |
Federal deposit insurance premiums | 1,100 | 761 | 1,818 | 1,427 |
Other expense | 3,019 | 3,204 | 6,199 | 5,986 |
Total non-interest expense | 37,529 | 34,346 | 76,156 | 68,743 |
Income before income taxes | 29,460 | 26,486 | 58,359 | 45,586 |
Income tax expense | 7,818 | 6,873 | 15,383 | 11,808 |
Net income | $ 21,642 | $ 19,613 | $ 42,976 | $ 33,778 |
Earnings per common share - basic (in dollars per share) | $ 0.71 | $ 0.64 | $ 1.40 | $ 1.09 |
Earnings per common share - diluted (in dollars per share) | $ 0.70 | $ 0.63 | $ 1.39 | $ 1.08 |
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Statement of Stockholders' Equity [Abstract] | ||||
Dividends (in dollars per share) | $ 0.10 | $ 0.08 | $ 0.20 | $ 0.16 |
BASIS OF PRESENTATION AND CONSOLIDATION |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BASIS OF PRESENTATION AND CONSOLIDATION | BASIS OF PRESENTATION AND CONSOLIDATION Basis of Accounting and Changes in Significant Accounting Policies In this discussion, unless the context indicates otherwise, references to “we,” “us,” “our” and the “Company” refer to Amalgamated Financial Corp. and Amalgamated Bank. References to the “Bank” refer to Amalgamated Bank. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes. The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The annualized results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”). A more detailed description of our accounting policies is included in the 2022 Annual Report, which remain significantly unchanged except for the Allowance for Credit Losses ("ACL") policy, resulting from the adoption of the Accounting Standard Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and its amendments, (“ASU No. 2016-13”) as of January 1, 2023, as well as the addition of accounting policies related to treasury stock: Treasury stock - Treasury stock is carried at cost. Shares issued out of treasury are valued based on the weighted average cost. There have been no other significant changes to our accounting policies, or the estimates made pursuant to those policies as described in our 2022 Annual Report. Recently Adopted Accounting Standards ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments The Company adopted ASU No. 2016-13 inclusive of subsequent amendments as of January 1, 2023. ASU No. 2016-13 amends guidance on reporting credit losses for assets held on an amortized cost basis and available-for-sale debt securities, as well as off balance sheet credit exposures. For assets held at amortized cost, ASU No. 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments in ASU No. 2016-13 replace the incurred loss impairment methodology with a methodology that reflects the measurement of expected credit losses based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses will be presented as an allowance rather than as a write-down. For the Company, the amendments affected loans, debt securities, off-balance sheet credit exposures, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company adopted ASU No. 2016-13 on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the adoption date and, accordingly, the Company recorded a net of tax decrease of $17.8 million to retained earnings as of January 1, 2023. The results for prior period amounts continue to be reported in accordance with previously applicable GAAP. The below table illustrates the impact of the adoption of ASU 2016-13.
Allowance for Credit Losses - Available for Sale Securities: Any available for sale security in an unrealized loss position is assessed for Management's intent to sell, or if it is more likely than not that it will be required to sell before the recovery of its amortized cost basis. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. Accrued interest receivable is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status. Securities issued by U.S. government entities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major ratings agencies and have a long history of no credit losses. For debt securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from expected credit losses or other factors in making this assessment. Management considers the extent in which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows is expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income. There was no allowance for credit losses for available for sale securities as of January 1, 2023. Allowance for Credit Losses - Held-to-maturity Securities: Management measures expected credit losses on held-to-maturity securities on a collective basis by security type. Accrued interest receivable is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for securities placed on nonaccrual status. The Company has identified the following portfolio segments and measures the allowance for credit losses using the following methods: Mortgage-backed - Certain residential securities held by the Company are issued by U.S. government entities and agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies and have a long history of no credit losses. Non-GSE residential and commercial mortgage-backed securities held by the Company are secured by pools of commercial or residential certificates. Asset-backed securities ("ABS") - ABS held by the Company are secured by pools of consumer products such as student loans, consumer loans, and consumer residential solar loans. Property assessed clean energy ("PACE assessments") - PACE assessments held by the Company are secured low loan to value long-term funding for energy efficient and renewable energy projects for residential or commercial projects. Other securities - Other securities held by the Company include corporate securities, municipal securities and small investments community reinvestment act investments secured by loans. Allowance for Credit Losses - Loans: The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, and deferred fees and costs. Accrued interest receivable on loans is excluded from the estimate of expected credit losses, as accrued interest receivable is reversed for loans placed on nonaccrual status. Subsequent changes (favorable and unfavorable) in expected credit losses are recognized immediately in net income as a credit loss expense or a reversal of credit loss expense. Loans are charged off against the allowance when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Management calculates the estimation of the allowance for credit losses on loans on a quarterly basis. The Company’s methodology to measure the allowance for credit losses incorporates both quantitative and qualitative information to assess lifetime expected credit losses at the portfolio segment level. The quantitative component of the allowance model calculates future loan level balances by considering the loan segment baseline loss rate based on a peer group and severity rate. Expected credit losses are estimated over the contractual term of the loans, adjusted for forecasted prepayments when appropriate. The baseline loss rate is adjusted for relevant macroeconomic variables by loan segment that consider forecasted economic conditions. The adjusted loss rate is calculated for an eight quarter forecast period then reverts to the historical loss rate on a straight-line basis over four quarters. The loan level cash flows are discounted at the effective interest rate to calculate a loan level allowance which is aggregated at the loan segment level to arrive at the estimated allowance. Economic parameters are developed using available information relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit experience provides the basis for the estimation of expected credit losses, with qualitative adjustments made to loan segments for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels and terms, as well as for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors. The allowance for credit losses on loans is measured on a collective (pool) basis when similar risk characteristics exist. The Company has identified the following portfolio segments and measures the allowance for credit losses using the methods described above. Commercial and Industrial Loans - Loans in this classification are made to businesses and include term loans, lines of credit, and senior secured loans to corporations. Generally, these loans are secured by assets of the business and repayment is expected from the cash flows of the business. A weakened economy, and resultant decreased consumer and/or business spending, will have an effect on the credit quality in this loan class. Multifamily Mortgage Loans - Loans in this classification include income producing residential investment properties of five or more families. Loans are made to established owners with a proven and demonstrable record of strong performance. Repayment is derived generally from the rental income generated from the property and may be supplemented by the owners’ personal cash flow. Credit risk arises with an increase in vacancy rates, property mismanagement and the predominance of non-recourse loans that are customary in the industry. Commercial Real Estate Loans - Loans in this classification include income producing investment properties and owner-occupied real estate used for business purposes. The underlying properties are located largely in the Company’s primary market area. The cash flows of the income producing investment properties are adversely impacted by a downturn in the economy as evidenced by increased vacancy rates, which in turn, will have an effect on credit quality. In the case of owner-occupied real estate used for business purposes, a weakened economy and resultant decreased consumer and/or business spending will have an adverse effect on credit quality. Construction and Land Development Loans - Loans in this classification primarily include land loans to local individuals, contractors and developers for developing the land for sale or for the purpose of making improvements thereon. Repayment is derived primarily from sale of the lots/units including any pre-sold units. Credit risk is affected by market conditions, time to sell at an adequate price and cost overruns. To a lesser extent, this class includes commercial development projects that the Company finances, which in most cases are interest only during construction, and then convert to permanent financing. Construction delays, cost overruns, market conditions and the availability of permanent financing, to the extent such permanent financing is not being provided by the Bank, all affect the credit risk in this loan class. Residential Real Estate Loans - Loans in this classification are generally secured by owner-occupied residential real estate and repayment is dependent on the credit quality of the individual borrower. Loans in this class are secured by both first liens and second liens. The overall health of the economy, including unemployment rates and housing prices, can have an effect on the credit quality in this loan class. Consumer Solar Loans - Loans in this classification may be either secured or unsecured. This portfolio is comprised of residential solar loans. Repayment is dependent on the credit quality of the individual borrower and, if applicable, sale of the collateral securing the loan. Therefore, the overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this loan class. Consumer and Other Loans - Loans in this classification may be either secured or unsecured. This portfolio is comprised of student loans and other consumer products. Repayment is dependent on the credit quality of the individual borrower and, if applicable, sale of the collateral securing the loan. Therefore, the overall health of the economy, including unemployment rates and housing prices, will have an effect on the credit quality in this loan class. Loans that are determined to have unique risk characteristics are evaluated on an individual basis by Management. Loans evaluated individually are not included in the collective evaluation. Factors that may be considered are borrower delinquency trends and nonaccrual status, probability of foreclosure or note sale, changes in the borrower’s circumstances or cash collections, borrower’s industry, or other facts and circumstances of the loan or collateral. Individually Evaluated Loans with an ACL: For collateral-dependent loans where the Company has determined that foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and the Company expects repayment of the loan to be provided substantially through the operation or sale of the collateral, the ACL is measured based on the difference between the fair value of the collateral, less the estimated costs to sell, and the amortized cost basis of the loan as of the measurement date. The fair value of real estate collateral is determined based on recent appraised values. The fair value of non-real estate collateral, may be determined based on an appraisal, net book value per the borrower’s financial statements, aging reports, or by reference to market activity, adjusted or discounted based on management’s historical knowledge, changes in market conditions from the time of the valuation and management’s expertise and knowledge of the borrower and its business. For non-collateral dependent loans, ACL is measured based on the difference between the present value of expected cash flows and the amortized cost basis of the loan as of the measurement date. Allowance for Credit Losses on Off-Balance Sheet Credit Exposures: The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company for its security and loan portfolios. The allowance for credit losses on off-balance sheet credit exposures is recorded in other liabilities on the consolidated statements of financial condition, and adjusted through the credit loss expense which is recorded in the provision for credit losses on the consolidated statements of income. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life, which is the same as the expected loss factor as determined based on the corresponding portfolio segment. At January 1, 2023, the Day 1 adjustment to allowance for credit losses on off-balance sheet credit exposures was $2.7 million, of which $2.6 million related to obligations on the loans portfolio, and $0.1 million related to obligations on the securities portfolio. ASU 2022-02, Financial Instruments - Credit Losses (Topic 326) - Troubled Debt Restructurings and Vintage Disclosures On March 31, 2022, the Financial Accounting Standards Board ("FASB") issued ASU 2022-02, which eliminates the troubled debt restructuring ("TDR") accounting model for creditors that have adopted Topic 326, “Financial Instruments – Credit Losses.” Specifically, rather than applying the recognition and measurement guidance for TDRs, this ASU requires entities to evaluate receivable modifications, consistent with the accounting for other loan modifications, to determine whether a modification made to a borrower results is a new loan or a continuation of the existing loan. In addition, under the new ASU, entities are no longer required to use a discounted cash flow ("DCF") method to measure the ACL as a result of a modification or restructuring with a borrower experiencing financial difficulty. If a DCF method is used, the post-modification-derived effective interest rate is to be used, instead of the original interest rate as stipulated under the current GAAP. This ASU also enhances the disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. This ASU amends the guidance on “vintage disclosures” to require the disclosure of current-period gross write-offs by year of origination. The Company adopted ASU 2022-02 on January 1, 2023 on a prospective basis. The adoption of the standard did not have a material impact on the financial statements. Refer to the Loans receivable, net footnote for updated disclosures for the three and six months ended June 30, 2023. ReclassificationsCertain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholders' equity or net income.
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ACCUMULATED OTHER COMPREHENSIVE LOSS |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE LOSS | ACCUMULATED OTHER COMPREHENSIVE LOSS The following is a summary of the accumulated comprehensive loss balances, net of income taxes:
Other comprehensive income (loss) components and related income tax effects were as follows:
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INVESTMENT SECURITIES |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVESTMENT SECURITIES | INVESTMENT SECURITIES The amortized cost and fair value of investment securities available for sale and held-to-maturity as of June 30, 2023 are as follows:
As of June 30, 2023, available for sale securities with a fair value of $937.0 million and held-to-maturity securities with a fair value of $425.4 million were pledged. The majority of the securities were pledged to the FHLBNY to secure outstanding advances, letters of credit and to provide additional borrowing potential. In addition, securities were pledged to provide capacity to borrow from the Federal Reserve Bank and to collateralize municipal deposits. The amortized cost and fair value of investment securities available for sale and held-to-maturity as of December 31, 2022 are as follows:
There were no transfers to or from securities held-to-maturity during the three or six months ended June 30, 2023. The Company reassessed the classification of certain investments during the three months ended June 30, 2022 and transferred securities with a book value of $277.3 million from available-for-sale to held-to-maturity. The transfer occurred at a fair value totaling $260.1 million. The related unrealized losses of $17.1 million were converted to a discount that is being accreted through interest income on a level-yield method over the term of the securities, while the unrealized losses recorded in other comprehensive income are amortized out of other comprehensive income through interest income on a level-yield method over the remaining term of securities, with no net change to interest income. No gain or loss was recorded at the time of transfer. The following table summarizes the amortized cost and fair value of debt securities available for sale and held-to-maturity, exclusive of mortgage-backed securities, by their contractual maturity as of June 30, 2023. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty:
Proceeds received and gains and losses realized on sales of available for sale securities are summarized below:
There were no sales of held-to-maturity securities during the three or six months ended June 30, 2023 or the three or six months ended June 30, 2022. The Company controls and monitors inherent credit risk in its securities portfolio through due diligence, diversification, concentration limits, periodic securities reviews, and by investing in low risk securities. This includes high quality Non Agency Securities, low loan-to-value PACE Bonds and a significant portion of the securities portfolio in U.S. GSE obligations. GSEs include the Federal Home Loan Mortgage Corporation (“FHLMC”), the Federal National Mortgage Association (“FNMA”), the Government National Mortgage Association (“GNMA”) and the Small Business Administration (“SBA”). GNMA is a wholly owned U.S. Government corporation whereas FHLMC and FNMA are private. Mortgage-related securities may include mortgage pass-through certificates, participation certificates and CMOs. The following summarizes the fair value and unrealized losses for those available for sale and unrecognized losses for those held-to-maturity securities as of June 30, 2023 and December 31, 2022, respectively, segregated between securities that have been in an unrealized or unrecognized loss position for less than twelve months and those that have been in a continuous unrealized or unrecognized loss position for twelve months or longer at the respective dates:
Available for sale securities As discussed in Note 1, upon adoption of the Current Expected Credit Losses ("CECL") standard, no allowance for credit losses was recorded on available for sale securities. During the three months ended March 31, 2023, a Corporate bond related to Silicon Valley Bank ("SIVB") was placed on nonaccrual status following credit concerns over the issuer. As a result, Management charged-off the $1.2 million unrealized loss position given Management's intent to sell the Corporate bond and unlikely recovery of the unrealized position. The sale of the security in the second quarter of 2023 resulted in an immaterial additional loss. During the three months ended June 30, 2023, no available for sale securities were charged-off. As of June 30, 2023, none of the Company’s available for sale debt securities were in an unrealized loss position due to credit and therefore no allowance for credit losses on available for sale debt securities was required. The temporary impairment of fixed income securities is primarily attributable to changes in overall market interest rates and/or changes in credit/liquidity spreads since the investments were acquired. In general, as market interest rates rise and/or credit/liquidity spreads widen, the fair value of fixed rate securities will decrease, as market interest rates fall and/or credit spreads tighten, the fair value of fixed rate securities will increase. With respect to the Company’s security investments that are temporarily impaired as of June 30, 2023, management does not intend to sell these investments and does not believe it will be necessary to do so before anticipated recovery. If either criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. The Company expects to collect all amounts due according to the contractual terms of these investments. Therefore, the Company does not hold an allowance for credit losses for available for sale securities at June 30, 2023. Held-to-maturity securities Management conducts an evaluation of expected credit losses on held-to-maturity securities on a collective basis by security type. Management monitors the credit quality of debt securities held-to-maturity through reasonable and supportable forecasts, reviews of credit trends on underlying assets, credit ratings, and other factors. Holdings of securities issued by GSEs with unrealized losses are either explicitly or implicitly guaranteed by the U.S. government, and are highly rated by major rating agencies and have a long history of no credit losses. With the exception of PACE assessments, which are generally not rated, our traditional securities were rated investment grade by at least one nationally recognized statistical rating organization with no ratings below investment grade. All issues were current as to their interest payments. We have had insignificant losses on PACE assessments that we have invested in and are not aware of any significant losses in the PACE bonds sector given the low loan-to-value position and the superior lien position on the property. Management considers that the temporary impairment of these investments as of June 30, 2023 is primarily due to an increase in interest rates and spreads since the time these investments were acquired. Accrued interest receivable on securities totaling $26.0 million and $22.4 million at June 30, 2023 and December 31, 2022, respectively, was included in other assets in the consolidated balance sheet and excluded from the amortized cost and estimated fair value totals in the table above. The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the three months ended June 30, 2023:
The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the six months ended June 30, 2023:
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LOANS RECEIVABLE, NET |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE, NET | LOANS RECEIVABLE, NET With the adoption of ASU 2016-13 on January 1, 2023, all loan balances in this footnote for the period ended June 30, 2023 are presented at amortized cost, net of deferred loan origination costs. Loan balances for the period ended December 31, 2022 are presented at unpaid principal balance. Loans receivable are summarized as follows:
The following table presents information regarding the past due status of the Company’s loans as of June 30, 2023:
The following table presents information regarding the past due status of the Company’s loans as of December 31, 2022:
The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the three and six months ended June 30, 2023:
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
Two and six loans were permanently modified in the three and six months ended June 30, 2023, respectively and no loans that were modified had a payment default during the three and six months ended June 30, 2023. In order to manage credit quality, we view the Company’s loan portfolio by various segments. For commercial loans, we assign individual credit ratings ranging from 1 (lowest risk) to 10 (highest risk) as an indicator of credit quality. These ratings are based on specific risk factors including (i) historical and projected financial results of the borrower, (ii) market conditions of the borrower’s industry that may affect the borrower’s future financial performance, (iii) business experience of the borrower’s management, (iv) nature of the underlying collateral, if any, including the ability of the collateral to generate sources of repayment, and (v) history of the borrower’s payment performance. These specific risk factors are then utilized as inputs in our credit model to determine the associated allowance for credit loss. Non-rated loans generally include residential mortgages and consumer loans. The below classifications follow regulatory guidelines and can be generally described as follows: •pass loans are of satisfactory quality; •special mention loans have a potential weakness or risk that may result in the deterioration of future repayment; •substandard loans are inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged (these loans have a well-defined weakness, and there is a distinct possibility that the Company will sustain some loss); and •doubtful loans, based on existing circumstances, have weaknesses that make collection or liquidation in full highly questionable and improbable. In addition, residential loans are classified utilizing an inter-agency methodology that incorporates the extent of delinquency. Assigned risk rating grades are continuously updated as new information is obtained. The following tables summarize the Company’s loan portfolio by credit quality indicator as of June 30, 2023:
The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2022:
The activities in the allowance by portfolio for the three months ended June 30, 2023 are as follows:
The activities in the allowance by portfolio for the three months ended June 30, 2022 are as follows:
The activities in the allowance by portfolio for the six months ended June 30, 2023 are as follows:
The activities in the allowance by portfolio for the six months ended June 30, 2022 are as follows:
The amortized cost basis of loans on nonaccrual status and the specific allowance as of June 30, 2023 are as follows:
The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of June 30, 2023:
As of June 30, 2023 and December 31, 2022, mortgage loans with an unpaid principal balance of $2.16 billion and $819.4 million, respectively, were pledged to the FHLBNY to secure outstanding advances, letters of credit and to provide additional borrowing potential. There were $1.6 million in related party loans outstanding as of June 30, 2023 compared to $1.6 million related party loans as of December 31, 2022. Impaired Loans (prior to the adoption of ASU 2016-13) The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio prior to the adoption of ASU 2016-13, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of as of December 31, 2022.
The following is additional information regarding the Company's impaired loans and the allowance related to such loans prior to the adoption of ASU 2016-13, as of and for the year ended December 31, 2022.
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Statistical Disclosure for Banks [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEPOSITS | DEPOSITS Deposits are summarized as follows:
The scheduled maturities of time deposits and brokered CDs as of June 30, 2023 are as follows:
Time deposits of greater than $250,000 totaled $30.8 million as of June 30, 2023 and $36.2 million as of December 31, 2022. The Bank offers time deposits through the Certificate of Deposit Account Registry Service (“CDARS”) for the purpose of providing FDIC insurance to bank customers with balances in excess of FDIC insurance limits. CDARS deposits totaled approximately $48.0 million and $28.3 million as of June 30, 2023 and December 31, 2022, respectively, and are included in Time deposits above. Our total deposits included deposits from Workers United and its related entities, a related party, in the amounts of $92.3 million as of June 30, 2023 and $52.2 million as of December 31, 2022. Included in total deposits are state and municipal deposits totaling $35.7 million and $88.3 million as of June 30, 2023 and December 31, 2022, respectively. Such deposits are secured by letters of credit issued by the FHLBNY or by securities pledged with the FHLBNY.
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BORROWED FUNDS |
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Jun. 30, 2023 | |
Advance from Federal Home Loan Bank [Abstract] | |
BORROWED FUNDS | BORROWED FUNDSFHLBNY advances are collateralized by the FHLBNY stock owned by the Bank plus a pledge of other eligible assets comprised of securities and mortgage loans. Assets are pledged to collateral capacity. As of June 30, 2023, the value of the other eligible assets had an estimated market value net of haircut totaling $2.00 billion (comprised of securities of $394.3 million and mortgage loans of $1.60 billion). The fair value of assets pledged to the FHLBNY is required to exceed outstanding advances. There were no outstanding FHLB advances as of June 30, 2023 and $580.0 million in outstanding FHLBNY advances as of December 31, 2022. For the three months ended June 30, 2023, and 2022, interest expense on FHLBNY advances was $1.4 million and zero, respectively. For the six months ended June 30, 2023, and 2022, interest expense on FHLBNY advances was $4.4 million and zero, respectively. In addition to FHLBNY advances, the Company uses other borrowings for short-term borrowing needs. Federal funds lines of credit are extended to the Company by non-affiliated banks with which a correspondent banking relationship exists. At June 30, 2023, and December 31, 2022 there was no outstanding balance related to federal funds purchased. In addition, following the recent bank failures, the Federal Reserve created a new Bank Term Funding Program ("BTFP") as an additional source of liquidity against high-quality securities, offering loans of up to one year to eligible institutions pledging qualifying assets as collateral. At June 30, 2023, there was an outstanding balance of $230.0 million related to the BTFP, and no outstanding balance at December 31, 2022. For the three months ended June 30, 2023, and 2022, interest expense on other borrowings was $2.1 million and zero, respectively. For the six months ended June 30, 2023, and 2022, interest expense on other borrowings was $2.3 million and zero, respectively. |
SUBORDINATED DEBT |
6 Months Ended |
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Jun. 30, 2023 | |
Federal Home Loan Banks [Abstract] | |
SUBORDINATED DEBT | SUBORDINATED DEBT On November 8, 2021, the Company completed a public offering of $85.0 million of aggregated principal amount of 3.250% Fixed-to-Floating Rate subordinated notes due 2031 (the "Notes"). The fixed rate period is defined from and including November 8, 2021 to, but excluding, November 15, 2026, or the date of earlier redemption. The floating rate period is defined from and including November 15, 2026 to, but excluding, November 15, 2031, or the date of earlier redemption. The floating rate per annum is equal to three-month term SOFR (the "benchmark rate") plus a spread of 230 basis points for each quarterly interest period during the floating rate period, provided however, that if the benchmark rate is less than zero, the benchmark rate shall be deemed to be zero. The subordinated notes will mature on November 15, 2031. The Company may, at its option, beginning with the interest payment date of November 15, 2026, and on any interest payment date thereafter, redeem the Notes, in whole or in part, from time to time, subject to obtaining prior approval of the Board of Governors of the Federal Reserve System (the "Federal Reserve Board") to the extent such approval is then required under the capital adequacy rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption. Interest expense on subordinated debt for the three months ended June 30, 2023 and 2022 was $0.6 million and $0.7 million, respectively. Interest expense on subordinated debt for the six months ended June 30, 2023 and 2022 was $1.2 million and $1.4 million, respectively. On July 26, 2022, September 29, 2022, and March 17, 2023 the Company repurchased $3.25 million, $3.0 million, $4.0 million, respectively, of the subordinated notes due on November 15, 2031. There were no gains on repurchases of subordinated debt for the three months ended June 30, 2023 or 2022. Gains on repurchases of subordinated debt for the six months ended June 30, 2023 and 2022 were $0.8 million and zero, respectively, and are recorded in Non-interest income - other on the consolidated statements of income.
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EARNINGS PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Under the two-class method, earnings available to common stockholders for the period are allocated between common stockholders and participating securities according to participation rights in undistributed earnings. Our time-based and performance-based restricted stock units are not considered participating securities as they do not receive dividend distributions until satisfaction of the related vesting requirements. For the three months ended June 30, 2023 and June 30, 2022, we had 74 thousand and 5 thousand anti-dilutive shares, respectively. For the six months ended June 30, 2023 and June 30, 2022, we had 84 thousand and 32 thousand anti-dilutive shares, respectively. Following is a table setting forth the factors used in the earnings per share computation follow:
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EMPLOYEE BENEFIT PLANS |
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EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS Long Term Incentive Plans Stock Options: The Company does not currently maintain an active stock option plan that is available for issuing new options. As of December 31, 2020, all options are fully vested and the Company will not incur any further expense related to options. A summary of the status of the Company’s options as of June 30, 2023 follows:
The range of exercise prices is $11.00 to $14.65 per share. As noted above, there was no compensation cost attributable to the options for the three and six months ended June 30, 2023 or for the three and six months ended June 30, 2022 as all options had been fully expensed as of December 31, 2020. The fair value of all awards outstanding as of June 30, 2023 and December 31, 2022 was $1.2 million and $4.2 million, respectively. No cash was received for options exercised in the three and six months ended June 30, 2023 or for the three and six months ended June 30, 2022. The Company repurchased 3,999 shares and 4,019 shares for options exercised in the six months ended June 30, 2023 and June 30, 2022, respectively. Restricted Stock Units: The Amalgamated Financial Corp. 2023 Equity Incentive Plan (the “Equity Plan”) provides for the grant of stock-based incentive awards to employees and directors of the Company. The number of shares of common stock of the Company available for stock-based awards in the Equity Plan is 1,300,000 of which 1,265,610 shares were available for issuance as of June 30, 2023. Restricted stock units ("RSUs") represent an obligation to deliver shares to an employee or director at a future date if certain vesting conditions are met. RSUs are subject to a time-based vesting schedule, the satisfaction of performance conditions, or the satisfaction of market conditions, and are settled in shares of the Company’s common stock. RSUs do not provide dividend equivalent rights from the date of grant and do not provide voting rights. RSUs accrue dividends based on dividends paid on common shares, but those dividends are paid in cash upon satisfaction of the specified vesting requirements on the underlying RSU. A summary of the status of the Company’s time-based vesting RSUs for the six months ended June 30, 2023 follows:
A summary of the status of the Company’s performance-based vesting RSUs for the six months ended June 30, 2023 follows:
During the six months ended June 30, 2023, the Company granted 29,923 performance-based RSUs at a fair value of $23.42 per share, respectively which vest subject to the achievement of the Company’s corporate goal for the three-year period from January 1, 2023 to December 31, 2025. The corporate goal is based on the Company achieving a target increase in Tangible Book Value, adjusted for certain factors. The minimum and maximum awards that are achievable are 0 and 44,885 shares, respectively. During the six months ended June 30, 2023, the Company granted 29,747 market-based RSUs at a fair value of $23.56 per share which vest subject to the Bank’s relative total shareholder return compared to a group of peer banks over a three-year period from February 15, 2023 to February 14, 2026. The minimum and maximum awards that are achievable are 0 and 44,621 shares, respectively. During the six months ended June 30, 2023, the Company granted 619 and 2,656 shares at a fair value of $14.45 and $15.23 per share, respectively, related to the vesting of performance-based RSUs to satisfy the achievement of corporate goals above target. As of June 30, 2023, the Company reserved 194,931 shares for issuance upon vesting of performance-based RSUs assuming the Company’s employees achieve the maximum share payout. The Company repurchased 45,130 shares and 42,371 shares for RSUs vested in the six months ended June 30, 2023 and 2022, respectively. Of the 463,550 unvested RSUs and PSUs on June 30, 2023, the minimum units that will vest, solely due to a service test, are 333,596. The maximum units that will vest, assuming the highest payout on performance and market-based units, are 528,527. Compensation expense attributable to RSUs and PSUs was $1.1 million and $2.0 million for the three and six months ended June 30, 2023, and $0.6 million and $1.1 million for the three and six months ended June 30, 2022. Other expenses for directors were $0.1 million and $0.2 million for the three and six months ended June 30, 2023, and $0.1 million and $0.3 million for the three and six months ended June 30, 2022. As of June 30, 2023, there was $7.5 million of total unrecognized compensation cost related to the non-vested RSUs and PSUs granted. This expense may increase or decrease depending on the expected number of performance-based shares to be issued. This expense is expected to be recognized over 2.0 years. Employee Stock Purchase Plan On April 28, 2021, the Company's stockholders approved the Amalgamated Financial Corp. Employee Stock Purchase Plan (the "ESPP") which was implemented on March 2, 2022. The aggregate number of shares of common stock that may be purchased and issued under the ESPP will not exceed 500,000 of previously authorized shares. Under the terms of the ESPP, employees may authorize the withholding of up to 15% of their eligible compensation to purchase the Company's shares of common stock, not to exceed $25,000 of the fair market value of such common stock for any calendar year. The purchase price per shares acquired under the ESPP will never be less than 85% of the fair market value of the Company's common stock on the last day of the offering period. The Company's Board of Directors in its discretion may terminate the ESPP at any time with respect to any shares for which options have not been granted. The Compensation Committee of the Board of Directors (the "Committee") has the right to amend the ESPP without the approval of our stockholders; provided, that no such change may impair the rights of a participant with respect to any outstanding offering period without the consent of such participant, other than a change determined by the Committee to be necessary to comply with applicable law. A participant may not dispose of shares acquired under the ESPP until six months following the grant date of such shares, or any earlier date as of which the Committee has determined that the participant would qualify for a hardship distribution from the Company’s 401(k) Plan. Accordingly, the fair value award associated with their discounted purchase price is expensed at the time of purchase. The below following summarizes the shares purchased under the ESPP since the inception of the plan:
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FAIR VALUE OF FINANCIAL INSTRUMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assumptions are developed based on prioritizing information within a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. A description of the disclosure hierarchy and the types of financial instruments recorded at fair value that management believes would generally qualify for each category are as follows: Level 1 - Valuations are based on quoted prices in active markets for identical assets or liabilities. Accordingly, valuation of these assets and liabilities does not entail a significant degree of judgment. Examples include most U.S. Government securities and exchange-traded equity securities. Level 2 - Valuations are based on either quoted prices in markets that are not considered to be active or significant inputs to the methodology that are observable, either directly or indirectly. Financial instruments in this level would generally include mortgage-related securities and other debt issued by GSEs, non-GSE mortgage-related securities, corporate debt, certain redeemable fund investments and certain trust preferred securities. Level 3 - Valuations are based on inputs to the methodology that are unobservable and significant to the fair value measurement. These inputs reflect management’s own judgments about the assumptions that market participants would use in pricing the assets and liabilities. Assets Measured at Fair Value on a Recurring Basis Available for sale securities The Company’s available for sale securities are reported at fair value. Investments in fixed income securities are generally valued based on evaluations provided by an independent pricing service. These evaluations represent an exit price or their opinion as to what a buyer would pay for a security, typically in an institutional round lot position, in a current sale. The pricing service utilizes evaluated pricing techniques that vary by asset class and incorporate available market information and, because many fixed income securities do not trade on a daily basis, applies available information through processes such as benchmark curves, benchmarking of available securities, sector groupings and matrix pricing. Model processes, such as option adjusted spread models, are used to value securities that have prepayment features. In those limited cases where pricing service evaluations are not available for a fixed income security, management will typically value those instruments using observable market inputs in a discounted cash flow analysis. The following summarizes those financial instruments measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:
Assets Measured at Fair Value on a Non-recurring Basis Certain financial assets and financial liabilities are measured at fair value on a non-recurring basis. That is, they are subject to fair value adjustments in certain circumstances. Financial assets measured at fair value on a non-recurring basis include certain individually evaluated loans (or impaired loans prior to the adoption of ASU 2016-13) reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. The following tables summarize assets measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:
Financial Instruments Not Measured at Fair Value For those financial instruments that are not recorded at fair value in the consolidated statements of financial condition, but are measured at fair value for disclosure purposes, management follows the same fair value measurement principles and guidance as for instruments recorded at fair value. For a description of the methods, factors and significant assumptions utilized in estimating the fair values for significant categories of financial instruments not measured at fair value, refer to footnote 14, Fair Value of Financial Instruments, included in the Annual Report on Form 10-K for the year ended December 31, 2022. An additional category of financial instrument not measured at fair value that was not previously included in the Annual Report on Form 10-K is summarized below: •Other borrowings - Other borrowings are valued using a present value technique that incorporates current rates offered on borrowings of comparable remaining maturity. Other borrowings are categorized as Level 2. There are significant limitations in estimating the fair value of financial instruments for which an active market does not exist. Due to the degree of management judgment that is often required, such estimates tend to be subjective, sensitive to changes in assumptions and imprecise. Such estimates are made as of a point in time and are impacted by then-current observable market conditions; also such estimates do not give consideration to transaction costs or tax effects if estimated unrealized gains or losses were to become realized in the future. Because of inherent uncertainties of valuation, the estimated fair value may differ significantly from the value that would have been used had a ready market for the investment existed and the difference could be material. Lastly, consideration is not given to nonfinancial instruments, including various intangible assets, which could represent substantial value. Fair value estimates are not necessarily representative of the Company’s total enterprise value. The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments:
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COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK | COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK Credit Commitments The Company is party to various credit related financial instruments with off balance sheet risk. The Company, in the normal course of business, issues such financial instruments in order to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Such commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amounts recognized in the consolidated statements of financial condition. The following financial instruments were outstanding whose contract amounts represent credit risk as of the related periods:
Commitments to extend credit are contracts to lend to a customer as long as there is no violation of any condition established in the contract. These commitments have fixed expiration dates and other termination clauses and generally require the payment of nonrefundable fees. Since a portion of the commitments are expected to expire without being drawn upon, the contractual principal amounts do not necessarily represent future cash requirements. The Company’s maximum exposure to credit risk is represented by the contractual amount of these instruments. These instruments represent ultimate exposure to credit risk only to the extent they are subsequently drawn upon by customers. Standby letters of credit are conditional lending commitments issued by the Company to guarantee the financial performance of a customer to a third party. The credit risk involved in issuing standby letters of credit is essentially the same as that involved in extending loan facilities to customers. The balance sheet carrying value of standby letters of credit approximates any nonrefundable fees received but not yet recorded as income. The Company considers this carrying value, which is not material, to approximate the estimated fair value of these financial instruments. The Company reserves for the credit risk inherent in off balance sheet credit commitments. This allowance, which is included in other liabilities, amounted to approximately $5.1 million as of June 30, 2023, compared to a reserve of $1.6 million as of December 31, 2022. The provision for credit losses related to off balance sheet credit commitments was $0.8 million and $0.9 million for the three and six months ended June 30, 2023, and the expense related to off balance sheet credit commitments in other non-interest expense was $0.0 million and $0.3 million for the three and six months ended June 30, 2022. Investment Obligations The Company is a party to agreements with Pace Funding Group LLC, which operates Home Run Financing, for the purchase of PACE assessment securities until December 2023. As of June 30, 2023, the Company had purchased $599.3 million of these obligations and had an estimated remaining commitment of $132.4 million. The PACE assessments have equal-lien priority with property taxes and generally rank senior to first lien mortgages. These investments are currently held in the Company's held-to-maturity investment portfolio. The Company evaluates these obligations for credit risk and the recorded reserve is immaterial. Other Commitments and Contingencies In the ordinary course of business, there are various legal proceedings pending against the Company. Based on the opinion of counsel, management believes that the aggregate liabilities, if any, arising from such actions would not have a material adverse effect on the consolidated financial position or results of operations of the Company. As part of the Company's ongoing investments in VIE projects, we also have commitments to provide financing, which are included in Note 14.
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LEASES |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Bank as a lessee has operating leases primarily consisting of real estate arrangements where the Company operates its headquarters, branches and business production offices. All leases identified as in scope are accounted for as operating leases as of June 30, 2023. These leases are typically long-term leases and generally are not complicated arrangements or structures. Several of the leases contain renewal options at a rate comparable to the fair market value based on comparable analysis to similar properties in the Bank’s geographies. Real estate operating leases are presented as a right-of-use (“ROU”) asset and a related operating lease liability on the Consolidated Statements of Financial Condition. The ROU asset represents the Company’s right to use the underlying asset for the lease term and the operating lease liabilities represent the obligation to make lease payments arising from the lease. The Company applied its incremental borrowing rate (“IBR”) as the discount rate to the remaining lease payments to derive a present value calculation for initial measurement of the operating lease liability. The IBR reflects the interest rate the Company would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Lease expense is recognized on a straight-line basis over the lease term. The following table summarizes our lease cost and other operating lease information:
The weighted average remaining lease term on operating leases at June 30, 2023 and June 30, 2022 was 3.3 years and 4.4 years, respectively. The weighted average discount rate used for the operating lease liability was 3.23% and 3.25% at June 30, 2023 and June 30, 2022, respectively. The following table presents the remaining commitments for operating lease payments for the next five years and thereafter, as well as a reconciliation to the discounted operating leases liability recorded in the Consolidated Statements of Financial Condition as of June 30, 2023:
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GOODWILL AND INTANGIBLE ASSETS |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill In accordance with GAAP, the Company performs an annual test as of June 30 to identify potential impairment of goodwill, or more frequently if events or circumstances indicate a potential impairment may exist. If the carrying amount of the Company, as a sole reporting unit, including goodwill, exceeds its fair value, an impairment loss is recognized in an amount equal to that excess up to the amount of the recorded goodwill. The Company performed its annual test based upon market data as of June 30, 2023 and estimates and assumptions that the Company believes most appropriate for the analysis. Based on the qualitative analysis performed in accordance with ASC 350, the Company determined it is more likely than not that goodwill was not impaired as of June 30, 2023. Changes in certain assumptions used in the Company's assessment could result in significant differences in the results of the impairment test. Should market conditions or management’s assumptions change significantly in the future, an impairment to goodwill is possible. At June 30, 2023 and December 31, 2022, the carrying amount of goodwill was $12.9 million. Intangible Assets The following table reflects the estimated amortization expense, comprised entirely by the Company’s core deposit intangible asset, for the next five years and thereafter:
Accumulated amortization of the core deposit intangible was $6.4 million as of June 30, 2023. Amortization expense recognized on the core deposit intangible was $0.2 million and $0.3 million for the three months ended June 30, 2023 and June 30, 2022, respectively, and $0.4 million and $0.5 million for the six months ended June 30, 2023 and June 30, 2022, respectively.
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VARIABLE INTEREST ENTITIES |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIES Tax Credit Investments The Company makes investments in unconsolidated entities that construct, own and operate solar generation facilities. An unrelated third party is the managing member and has control over the significant activities of the variable interest entities ("VIE"). The Company generates a return through the receipt of tax credits allocated to the projects, as well as operational distributions. The primary risk of loss is generally mitigated by policies requiring that the project qualify for the expected tax credits prior to the Company making its investment. Any loans to the VIE are secured. As of June 30, 2023, the Company's maximum exposure to loss is $66.9 million.
The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
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Jun. 30, 2023 |
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Jun. 30, 2023 |
Jun. 30, 2022 |
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Pay vs Performance Disclosure | ||||
Net income | $ 21,642 | $ 19,613 | $ 42,976 | $ 33,778 |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
BASIS OF PRESENTATION AND CONSOLIDATION (Policies) |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, or GAAP and predominant practices within the banking industry. The Company uses the accrual basis of accounting for financial statement purposes. |
Consolidation | The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The annualized results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results of operations that may be expected for the entire fiscal year. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). All significant inter-company transactions and balances are eliminated in consolidation. In the opinion of management, all adjustments necessary for a fair presentation of the consolidated financial position and the results of operations as of the dates and for the interim periods presented have been included. These unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes appearing in the Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”). |
Treasury stock | Treasury stock - Treasury stock is carried at cost. Shares issued out of treasury are valued based on the weighted average cost. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments The Company adopted ASU No. 2016-13 inclusive of subsequent amendments as of January 1, 2023. ASU No. 2016-13 amends guidance on reporting credit losses for assets held on an amortized cost basis and available-for-sale debt securities, as well as off balance sheet credit exposures. For assets held at amortized cost, ASU No. 2016-13 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The amendments in ASU No. 2016-13 replace the incurred loss impairment methodology with a methodology that reflects the measurement of expected credit losses based on relevant information about past events, including historical loss experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amounts. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses will be presented as an allowance rather than as a write-down. For the Company, the amendments affected loans, debt securities, off-balance sheet credit exposures, and any other financial assets not excluded from the scope that have the contractual right to receive cash. The Company adopted ASU No. 2016-13 on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the adoption date and, accordingly, the Company recorded a net of tax decrease of $17.8 million to retained earnings as of January 1, 2023. The results for prior period amounts continue to be reported in accordance with previously applicable GAAP.
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Reclassifications | Certain reclassifications have been made to prior year amounts to conform to the current year presentation, however such reclassifications did not change stockholders' equity or net income. |
Fair Value of Financial Instruments | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assumptions are developed based on prioritizing information within a fair value hierarchy that gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. A description of the disclosure hierarchy and the types of financial instruments recorded at fair value that management believes would generally qualify for each category are as follows: Level 1 - Valuations are based on quoted prices in active markets for identical assets or liabilities. Accordingly, valuation of these assets and liabilities does not entail a significant degree of judgment. Examples include most U.S. Government securities and exchange-traded equity securities. Level 2 - Valuations are based on either quoted prices in markets that are not considered to be active or significant inputs to the methodology that are observable, either directly or indirectly. Financial instruments in this level would generally include mortgage-related securities and other debt issued by GSEs, non-GSE mortgage-related securities, corporate debt, certain redeemable fund investments and certain trust preferred securities. Level 3 - Valuations are based on inputs to the methodology that are unobservable and significant to the fair value measurement. These inputs reflect management’s own judgments about the assumptions that market participants would use in pricing the assets and liabilities.
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BASIS OF PRESENTATION AND CONSOLIDATION (Tables) |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Standards Update and Change in Accounting Principle | The below table illustrates the impact of the adoption of ASU 2016-13.
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ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Other Comprehensive Loss | The following is a summary of the accumulated comprehensive loss balances, net of income taxes:
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Schedule of Reclassifications out of Accumulated Other Comprehensive Income (Loss) | Other comprehensive income (loss) components and related income tax effects were as follows:
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INVESTMENT SECURITIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Fair Value of Available for Sale Securities | The amortized cost and fair value of investment securities available for sale and held-to-maturity as of June 30, 2023 are as follows:
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Schedule of Amortized Cost and Fair Value of Held to Maturity Securities | The amortized cost and fair value of investment securities available for sale and held-to-maturity as of June 30, 2023 are as follows:
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Schedule of Investments by Contractual Maturity | Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without penalty:
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Schedule of Proceeds Received and Gains (Losses) on Sale of Available for Sale Securities | Proceeds received and gains and losses realized on sales of available for sale securities are summarized below:
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Schedule of Unrealized Losses | The following summarizes the fair value and unrealized losses for those available for sale and unrecognized losses for those held-to-maturity securities as of June 30, 2023 and December 31, 2022, respectively, segregated between securities that have been in an unrealized or unrecognized loss position for less than twelve months and those that have been in a continuous unrealized or unrecognized loss position for twelve months or longer at the respective dates:
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Debt Securities, Held-to-Maturity, Allowance for Credit Loss | The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the three months ended June 30, 2023:
The following table presents the activity in the allowance for credit losses for securities held-to-maturity for the six months ended June 30, 2023:
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LOANS RECEIVABLE, NET (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable | Loans receivable are summarized as follows:
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Schedule of Quality of Bank's Loans | The following table presents information regarding the past due status of the Company’s loans as of June 30, 2023:
The following table presents information regarding the past due status of the Company’s loans as of December 31, 2022:
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Schedule of Troubled Debt Restructurings | The following table presents information regarding loan modifications granted to borrowers experiencing financial difficulty during the three and six months ended June 30, 2023:
The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty:
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Schedule of Loans by Credit Quality Indicator | The following tables summarize the Company’s loan portfolio by credit quality indicator as of June 30, 2023:
The following tables summarize the Company’s loan portfolio by credit quality indicator as of December 31, 2022:
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Schedule of Method for Evaluating Impairment and Allowance for Credit Loss Activity | The activities in the allowance by portfolio for the three months ended June 30, 2023 are as follows:
The activities in the allowance by portfolio for the three months ended June 30, 2022 are as follows:
The activities in the allowance by portfolio for the six months ended June 30, 2023 are as follows:
The activities in the allowance by portfolio for the six months ended June 30, 2022 are as follows:
The below table summarizes collateral dependent loans which were individually evaluated to determine expected credit losses as of June 30, 2023:
The following table provides information regarding the methods used to evaluate the Company’s loans for impairment by portfolio prior to the adoption of ASU 2016-13, and the Company’s allowance by portfolio based upon the method of evaluating loan impairment as of as of December 31, 2022.
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Schedule of Amortized Cost Basis of Loans on Nonaccrual Status and Specific Allowance | The amortized cost basis of loans on nonaccrual status and the specific allowance as of June 30, 2023 are as follows:
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Schedule of Additional Information for Individually Impaired Loans and Allowances | The following is additional information regarding the Company's impaired loans and the allowance related to such loans prior to the adoption of ASU 2016-13, as of and for the year ended December 31, 2022.
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DEPOSITS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Statistical Disclosure for Banks [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposits | Deposits are summarized as follows:
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Schedule of Maturities of Time Deposits | The scheduled maturities of time deposits and brokered CDs as of June 30, 2023 are as follows:
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EARNINGS PER SHARE (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Factors Used in Earnings Per Share Calculation | Following is a table setting forth the factors used in the earnings per share computation follow:
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EMPLOYEE BENEFIT PLANS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | A summary of the status of the Company’s options as of June 30, 2023 follows:
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Schedule of Restricted Stock Unit Activity | A summary of the status of the Company’s time-based vesting RSUs for the six months ended June 30, 2023 follows:
A summary of the status of the Company’s performance-based vesting RSUs for the six months ended June 30, 2023 follows:
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Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The below following summarizes the shares purchased under the ESPP since the inception of the plan:
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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Assets Measured on Recurring Basis | The following summarizes those financial instruments measured at fair value on a recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:
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Schedule of Assets Measured on Nonrecurring Basis | The following tables summarize assets measured at fair value on a non-recurring basis in the Consolidated Statements of Financial Condition as of the dates indicated, categorized by the relevant class of investment and level of the fair value hierarchy:
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Schedule of Basis and Estimated Fair Values of Financial Instruments | The following table summarizes the financial statement basis and estimated fair values for significant categories of financial instruments:
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COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Instruments Outstanding Representing Credit Risk | The following financial instruments were outstanding whose contract amounts represent credit risk as of the related periods:
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LEASES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Cost and Other Information | The following table summarizes our lease cost and other operating lease information:
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Schedule of Remaining Commitments of Operating Lease Payments | The following table presents the remaining commitments for operating lease payments for the next five years and thereafter, as well as a reconciliation to the discounted operating leases liability recorded in the Consolidated Statements of Financial Condition as of June 30, 2023:
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Amortization Expense | The following table reflects the estimated amortization expense, comprised entirely by the Company’s core deposit intangible asset, for the next five years and thereafter:
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VARIABLE INTEREST ENTITIES (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities |
The following table summarizes the tax benefits conveyed by the Company’s solar generation VIE investments:
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INVESTMENT SECURITIES - Proceeds Received and Gains (Losses) Realized on Sale of Available for Sale Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds | $ 29,232 | $ 35,789 | $ 174,537 | $ 35,951 |
Realized gains | 0 | 0 | 0 | 162 |
Realized losses | (267) | (582) | (3,353) | (582) |
Net realized losses | $ (267) | $ (582) | $ (3,353) | $ (420) |
LOANS RECEIVABLE, NET - Loan Modification (Details) - Extended Maturity - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
|
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 0 | $ 583 |
% of Portfolio | 0.00% | 0.10% |
Multifamily | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 327 | $ 327 |
% of Portfolio | 0.00% | 0.00% |
Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 1,059 | $ 1,907 |
% of Portfolio | 0.30% | 0.60% |
Construction and land development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Amortized Cost | $ 0 | $ 6,887 |
% of Portfolio | 0.00% | 24.00% |
LOANS RECEIVABLE, NET - Term Extension (Details) - Commercial portfolio |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2023 |
|
Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Term Extension | 1 year | |
Multifamily | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Term Extension | 1 year | 1 year |
Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Term Extension | 1 year | 9 months 18 days |
Construction and land development | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Term Extension | 9 months 18 days |
LOANS RECEIVABLE, NET - Narrative (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2023
USD ($)
loan
|
Jun. 30, 2023
USD ($)
loan
|
Dec. 31, 2022
USD ($)
|
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified | loan | 2 | 6 | |
Total loans receivable, net | $ 4,184,307 | $ 4,184,307 | $ 4,060,971 |
Related party loans outstanding | 1,600 | 1,600 | 1,600 |
Asset Pledged as Collateral without Right | Federal Home Loan Bank Advances | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Total loans receivable, net | $ 2,160,000 | $ 2,160,000 | $ 819,400 |
DEPOSITS - Schedule of Deposits (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Amount | ||
Non-interest-bearing demand deposit accounts | $ 2,958,104 | $ 3,331,067 |
NOW accounts | 199,262 | 206,434 |
Money market deposit accounts | 2,744,411 | 2,445,396 |
Savings accounts | 363,058 | 386,190 |
Time deposits | 161,335 | 151,699 |
Brokered CDs | 468,481 | 74,251 |
Total deposits | $ 6,894,651 | $ 6,595,037 |
Weighted Average Rate | ||
NOW accounts | 0.95% | 0.73% |
Money market deposit accounts | 2.02% | 0.94% |
Savings accounts | 1.04% | 0.75% |
Time deposits | 1.77% | 2.57% |
Brokered CDs | 5.02% | 3.84% |
Deposits | 1.27% | 0.52% |
DEPOSITS - Schedule of Maturities of Time Deposits (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Balance | |
2023 | $ 450,989 |
2024 | 53,986 |
2025 | 35,654 |
2026 | 34,682 |
2027 | 28,746 |
Thereafter | 25,759 |
Total time deposits | $ 629,816 |
DEPOSITS - Narrative (Details) - USD ($) $ in Millions |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statistical Disclosure for Banks [Abstract] | ||
Time deposits above FDIC limit | $ 30.8 | $ 36.2 |
CDARS deposits | 48.0 | 28.3 |
Deposits from Workers United and its related entities | 92.3 | 52.2 |
State and municipal deposits | $ 35.7 | $ 88.3 |
BORROWED FUNDS (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Other eligible assets pledged as collateral | $ 2,000,000 | $ 2,000,000 | |||
FHLBNY advances | 0 | 0 | $ 580,000 | ||
Interest expense on federal home loan bank and federal reserve bank advances, | 1,400 | $ 0 | 4,400 | $ 0 | |
Other borrowings | 230,000 | 230,000 | $ 0 | ||
Fed funds purchased, interest expense | 2,100 | $ 0 | 2,300 | $ 0 | |
Compromised Securities | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Other eligible assets pledged as collateral | 394,300 | 394,300 | |||
Mortgage-related: | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Other eligible assets pledged as collateral | $ 1,600,000 | $ 1,600,000 |
SUBORDINATED DEBT (Details) - USD ($) |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Nov. 08, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Mar. 17, 2023 |
Dec. 31, 2022 |
Sep. 29, 2022 |
Jul. 26, 2022 |
|
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||||||
Aggregate principal amount | $ 73,766,000 | $ 73,766,000 | $ 77,708,000 | ||||||
Net gain on repurchase of subordinated debt | 780,000 | $ 0 | |||||||
Fixed-to-Floating Rate Notes | Subordinated Debt | |||||||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||||||
Aggregate principal amount | $ 85,000,000 | ||||||||
Interest rate | 3.25% | ||||||||
Redemption price percentage | 100.00% | ||||||||
Interest expense, subordinated debt | 600,000 | $ 700,000 | 1,200,000 | 1,400,000 | |||||
Debt instrument, repurchase amount | $ 4,000,000 | $ 3,000,000 | $ 3,250,000 | ||||||
Net gain on repurchase of subordinated debt | $ 0 | $ 0 | $ 800,000 | $ 0 | |||||
Fixed-to-Floating Rate Notes | Subordinated Debt | Secured Overnight Financing Rate | |||||||||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||||||||
Variable rate | 2.30% |
EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Number of antidilutive shares (in shares) | 74 | 5 | 84 | 32 |
EARNINGS PER SHARE - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Earnings Per Share [Abstract] | ||||
Income attributable to common stock | $ 21,642 | $ 19,613 | $ 42,976 | $ 33,778 |
Weighted average common shares outstanding, basic (in shares) | 30,619 | 30,818 | 30,662 | 30,962 |
Basic earnings per common share (in dollars per share) | $ 0.71 | $ 0.64 | $ 1.40 | $ 1.09 |
Income attributable to common stock | $ 21,642 | $ 19,613 | $ 42,976 | $ 33,778 |
Incremental shares for assumed conversion of options and RSUs (in shares) | 157 | 371 | 158 | 371 |
Weighted average common shares outstanding, diluted (in shares) | 30,776 | 31,189 | 30,820 | 31,333 |
Diluted earnings per common share (in dollars per share) | $ 0.70 | $ 0.63 | $ 1.39 | $ 1.08 |
EMPLOYEE BENEFIT PLANS - ESPP (Details) - Employee Stock - shares |
15 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Apr. 28, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for purchase (in shares) | 478,081 | 500,000 | |||
Purchases (in shares) | (7,835) | (21,919) | (29,754) | ||
Remaining shares available for purchase (in shares) | 448,327 | 448,327 |
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Schedule of Financial Instruments Outstanding Representing Credit Risk (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 664,792 | $ 753,470 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | 641,697 | 723,902 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Total | $ 23,095 | $ 29,568 |
COMMITMENTS, CONTINGENCIES AND OFF BALANCE SHEET RISK - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Reserve for credit risk inherent in off balance sheet credit commitments | $ 5.1 | $ 5.1 | $ 1.6 | ||
Allowance for credit losses on off-balance sheet credit exposures | 0.8 | $ 0.0 | 0.9 | $ 0.3 | |
Property Assessed Clean Energy Commitments | |||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | |||||
Investment obligations, amount fulfilled | 599.3 | 599.3 | |||
Remaining commitment | $ 132.4 | $ 132.4 |
LEASES - Lease Cost and Other Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 1,795 | $ 2,257 | $ 3,572 | $ 4,508 |
Cash paid for amounts included in the measurement of operating leases liability | $ 2,816 | $ 2,632 | $ 5,629 | $ 5,262 |
LEASES - Narrative (Details) |
Jun. 30, 2023 |
Jun. 30, 2022 |
---|---|---|
Leases [Abstract] | ||
Weighted average remaining lease term | 3 years 3 months 18 days | 4 years 4 months 24 days |
Weighted average discount rate | 3.23% | 3.25% |
LEASES - Remaining Commitments of Operating Lease Payments (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | $ 5,665 | |
2024 | 11,324 | |
2025 | 10,593 | |
2026 | 9,200 | |
2027 | 959 | |
Thereafter | 0 | |
Total undiscounted operating lease payments | 37,741 | |
Less: present value adjustment | 1,940 | |
Total Operating leases liability | $ 35,801 | $ 40,779 |
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 12,936 | $ 12,936 | $ 12,936 | ||
Accumulated amortization of intangible assets | 6,400 | 6,400 | |||
Amortization of intangible assets | $ 222 | $ 261 | $ 444 | $ 523 |
GOODWILL AND INTANGIBLE ASSETS - Schedule of Estimated Amortization Expense (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Total | |
2023 | $ 444 |
2024 | 730 |
2025 | 574 |
2026 | 419 |
2027 | 265 |
Thereafter | 229 |
Total | $ 2,661 |
VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Maximum exposure to credit loss | $ 66.9 |
VARIABLE INTEREST ENTITIES - Unconsolidated Variable Interest Entities (Details) - Unconsolidated Variable Interest Entities - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Tax credit investments included in equity investments | $ 6,651 | $ 3,299 |
Loans and letters of credit commitments | 60,276 | 60,857 |
Funded portion of loans and letters of credit commitments | $ 53,945 | $ 47,683 |
VARIABLE INTEREST ENTITIES - Tax Credit Benefit (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Unconsolidated Variable Interest Entities | ||||
Variable Interest Entity [Line Items] | ||||
Tax credits and other tax benefits recognized | $ 813 | $ 668 | $ 1,600 | $ 1,336 |
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