QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | ||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
☒ | Smaller reporting company | |||||||||||||
Emerging Growth Company |
PAGE | |||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
(Unaudited) | (Audited) | ||||||||||
(In thousands) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Securities available-for-sale, at fair value | |||||||||||
Securities held-to-maturity, net (fair value of $ | |||||||||||
Other investments | |||||||||||
Loans held for sale | |||||||||||
Loans receivable, net of allowance for credit losses of $ | |||||||||||
Real estate owned, net | |||||||||||
Interest and dividends receivable | |||||||||||
Premises and equipment, net | |||||||||||
Right-of-use assets | |||||||||||
Bank owned life insurance | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
Liabilities | |||||||||||
Deposits | $ | $ | |||||||||
Advances from the Federal Home Loan Bank | |||||||||||
Advances by borrowers for taxes and insurance | |||||||||||
Lease liabilities | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Shareholders’ equity | |||||||||||
Preferred stock, $ | |||||||||||
Common stock $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Treasury stock, at cost: | ( | ( | |||||||||
Unallocated common shares held by Employee Stock Ownership Plan | ( | ( | |||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders’ equity | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Interest and dividend income: | ||||||||||||||||||||||||||
Loans | $ | $ | $ | $ | ||||||||||||||||||||||
Taxable investment income | ||||||||||||||||||||||||||
Non-taxable investment income | ||||||||||||||||||||||||||
Total interest income | ||||||||||||||||||||||||||
Interest expense: | ||||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||||
Borrowed funds | ||||||||||||||||||||||||||
Total interest expense | ||||||||||||||||||||||||||
Net interest income | ||||||||||||||||||||||||||
Release of provision for credit losses (1) | ( | ( | ( | ( | ||||||||||||||||||||||
Net interest income after release of credit losses | ||||||||||||||||||||||||||
Non-interest income: | ||||||||||||||||||||||||||
Fees and service charges | ||||||||||||||||||||||||||
Gain on securities, net | ||||||||||||||||||||||||||
Gain on sale of loans | ||||||||||||||||||||||||||
Other income | ||||||||||||||||||||||||||
Total non-interest income | ||||||||||||||||||||||||||
Non-interest expense: | ||||||||||||||||||||||||||
Compensation and benefits | ||||||||||||||||||||||||||
Occupancy and equipment | ||||||||||||||||||||||||||
Data processing | ||||||||||||||||||||||||||
Advertising | ||||||||||||||||||||||||||
Professional services | ||||||||||||||||||||||||||
Provision for (release of) losses on commitments and letters of credit (1) | ( | |||||||||||||||||||||||||
Federal deposit insurance premiums | ||||||||||||||||||||||||||
Other expense | ||||||||||||||||||||||||||
Total non-interest expenses | ||||||||||||||||||||||||||
(Loss) income before income tax expense | ( | ( | ||||||||||||||||||||||||
Income tax expense | ||||||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Basic (loss) earnings per share | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Diluted (loss) earnings per share | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Weighted average shares outstanding - basic | ||||||||||||||||||||||||||
Weighted average shares outstanding - diluted (2) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Other comprehensive income loss, net of tax (1): | ||||||||||||||||||||||||||
Unrealized loss on securities available-for-sale: | ||||||||||||||||||||||||||
Unrealized loss arising during the period | ( | ( | ( | ( | ||||||||||||||||||||||
Reclassification adjustment for gain included in net income | ( | |||||||||||||||||||||||||
( | ( | ( | ( | |||||||||||||||||||||||
Unrealized gain (loss) on cash flow hedge: | ||||||||||||||||||||||||||
Unrealized gain arising during the period | ||||||||||||||||||||||||||
Reclassification adjustment for (gain) loss included in net income | ( | ( | ( | |||||||||||||||||||||||
Post-Retirement plans: | ||||||||||||||||||||||||||
Net benefit arising from plan amendment (2) | ||||||||||||||||||||||||||
Reclassification adjustment for amortization of: | ||||||||||||||||||||||||||
Net actuarial (gain) loss | ( | ( | ||||||||||||||||||||||||
( | ( | |||||||||||||||||||||||||
Total other comprehensive loss, net of tax (1) | ( | ( | ( | ( | ||||||||||||||||||||||
Comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Unallocated Common Stock Held by ESOP | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Purchase of Treasury stock | ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan | — | ( | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Purchase of Treasury stock | ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan | ( | — | — | ( | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released ( | — | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Unallocated Common Stock Held by ESOP | Total Shareholders’ Equity | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except share data) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Purchase of Treasury stock | ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan | — | ( | ( | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Cumulative effect of adopting ASU No. 2016-13 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of adopting ASU No. 2022-02 | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Purchase of Treasury stock | ( | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Treasury stock allocated to restricted stock plan | — | ( | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Compensation cost for stock options and restricted stock | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
ESOP shares committed to be released ( | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Cash flows from operating activities | ||||||||||||||
Net (loss) income | $ | ( | $ | |||||||||||
Adjustments to reconcile net (loss) income to net cash (used in) operating activities: | ||||||||||||||
Depreciation and amortization of premises and equipment | ||||||||||||||
Change in right-of-use asset | ||||||||||||||
(Accretion) amortization of: | ||||||||||||||
Deferred loan fees, costs, and discounts, net | ( | ( | ||||||||||||
Premiums and discounts on securities | ||||||||||||||
Change in deferred taxes | ||||||||||||||
Release of provision for credit losses | ( | ( | ||||||||||||
Gain on sales and calls of securities | ( | |||||||||||||
Proceeds from sales of loans held for sale | ||||||||||||||
Gains on sale of loans, net | ( | |||||||||||||
Origination of loans held for sale | ( | |||||||||||||
Loss on disposal of premises and equipment | ||||||||||||||
Increase in bank owned life insurance cash surrender value | ( | ( | ||||||||||||
ESOP and stock-based compensation expense | ||||||||||||||
Increase in interest and dividends receivable | ( | ( | ||||||||||||
Decrease (increase) in other assets | ( | |||||||||||||
(Decrease) increase in other liabilities | ( | |||||||||||||
Change in lease liability | ( | ( | ||||||||||||
Net cash (used in) provided by operating activities | ( | |||||||||||||
Cash flows from investing activities | ||||||||||||||
Net originations of loans receivable | ( | ( | ||||||||||||
Purchases of residential mortgage loans | ( | ( | ||||||||||||
Purchases of securities available-for-sale | ( | |||||||||||||
Purchases of securities held-to-maturity | ( | |||||||||||||
Proceeds from sales and calls of securities available for sale | ||||||||||||||
Principal payments and maturities on securities available-for-sale | ||||||||||||||
Purchases of other investments | ( | |||||||||||||
Purchase of Federal Home Loan Bank stock | ( | ( | ||||||||||||
Redemption of Federal Home Loan Bank stock | ||||||||||||||
Proceeds from bank owned life insurance | ||||||||||||||
Proceeds from disposal of fixed assets | ||||||||||||||
Purchases of premises and equipment | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Net (decrease) increase in deposits | ( | |||||||||||||
Proceeds from advances from Federal Home Loan Bank | ||||||||||||||
Repayments of advances from Federal Home Loan Bank | ( | ( | ||||||||||||
Net increase in advances by borrowers for taxes and insurance | ||||||||||||||
Purchase of treasury stock | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ |
Nine Months Ended September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Supplemental disclosures of cash flow information | ||||||||||||||
Cash paid during the period for: | ||||||||||||||
Interest | $ | $ | ||||||||||||
Income taxes | ||||||||||||||
Supplemental noncash disclosures | ||||||||||||||
Transfers of assets to held for sale | ||||||||||||||
Transfers of loans to other real estate owned | ||||||||||||||
Lease liabilities arising from obtaining right-of-use assets |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | ( | $ | |||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
U.S. Government agency obligations | ( | |||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ( | |||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential one-to-four family | ( | |||||||||||||||||||||||||
Multifamily | ( | |||||||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
December 31, 2022 | ||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | ( | $ | |||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
U.S. Government agency obligations | ( | |||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ( | |||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential one-to-four family | ( | |||||||||||||||||||||||||
Multifamily | ( | |||||||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||
Corporate bonds | $ | $ | $ | ( | $ | |||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | |||||||||||||||||||||
Allowance for credit loss | ( | |||||||||||||||||||||||||
$ | ||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Corporate bonds | $ | $ | $ | ( | $ | |||||||||||||||||||||
Asset-backed securities | ( | |||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ |
Amortized Cost (1) | Estimated Fair Value | ||||||||||
(In thousands) | |||||||||||
Available-for-sale | |||||||||||
Due in one year or less | $ | $ | |||||||||
Due from one year to five years | |||||||||||
Due from five to ten years | |||||||||||
Due after ten years | |||||||||||
Mortgage-backed and asset-backed securities | |||||||||||
Total | $ | $ | |||||||||
Held-to-maturity | |||||||||||
Due from one year to five years | $ | $ | |||||||||
Due from five to ten years | |||||||||||
Mortgage-backed and asset-backed securities | |||||||||||
Total | $ | $ |
AAA | A1 | BBB+ | BBB | BBB- | Total | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Corporate bonds | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||||||||||||||
Total held-to-maturity | $ | $ | $ | $ | $ | $ |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||||
Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Number of Securities | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
U.S. Government agency obligations | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential one-to-four family | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Multifamily | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury note | $ | ( | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||
Corporate bonds | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
U.S. Government agency obligations | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||
Residential one-to-four family | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Multifamily | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | $ | ( | $ |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||||
Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Number of Securities | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | $ | ( | $ |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||||
Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Number of Securities | Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Corporate Bonds | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ | $ | ( | $ |
September 30, 2023 | ||||||||
(In thousands) | ||||||||
Residential one-to-four family | $ | |||||||
Multifamily | ||||||||
Non-residential | ||||||||
Construction | ||||||||
Junior liens | ||||||||
Commercial and industrial | ||||||||
Consumer and other | ||||||||
Total loans | ||||||||
Allowance for credit losses on loans (1) | ( | |||||||
Loans receivable, net | $ |
December 31, 2022 | |||||
(In thousands) | |||||
Residential one-to-four family | $ | ||||
Multifamily | |||||
Non-residential | |||||
Construction | |||||
Junior liens | |||||
Commercial and industrial | |||||
Consumer and other | |||||
Total gross loans | |||||
Deferred fees, costs and premiums and discounts, net | |||||
Total loans | |||||
Allowance for loan losses | ( | ||||
Loans receivable, net | $ |
Term Loans by Origination Year | ||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | Pre-2019 | Revolving Loans | Total | |||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Residential one-to-four family | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Non-residential | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Special mention | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Substandard (1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total gross loans | $ | $ | $ | $ | $ | $ | $ | $ |
Pass | Special Mention | Substandard | Doubtful / Loss | Total | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||
Non-residential | ||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days and Greater Past Due | Total Past Due | Current | Total Loans Receivable | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Non-residential | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Non-residential | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Non-accrual | Interest Income Recognized on Non-accrual Loans | Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | Amortized Cost Basis of Non-accrual Loans Without Related Allowance | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | ||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ |
Non-accrual | Loans Past Due 90 Days and Still Accruing | |||||||||||||
(In thousands) | ||||||||||||||
Residential one-to-four family | $ | $ | ||||||||||||
Multifamily | ||||||||||||||
Junior liens | ||||||||||||||
Commercial and industrial (1) | ||||||||||||||
Total | $ | $ |
September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | Average Recorded Investment | Interest Income Recognized | Cash Basis Interest Recognized | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | — | $ | $ | $ | |||||||||||||||||||||||||||||||
Multifamily | — | |||||||||||||||||||||||||||||||||||||
Non-residential | — | |||||||||||||||||||||||||||||||||||||
Junior liens | — | |||||||||||||||||||||||||||||||||||||
— | ||||||||||||||||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||||||||||||
Residential one-to-four family | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
December 31, 2022 | ||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance for Loan Losses Allocated | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | — | ||||||||||||||||
Multifamily | — | |||||||||||||||||||
Non-residential | — | |||||||||||||||||||
Junior liens | — | |||||||||||||||||||
— | ||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||
Residential one-to-four family | ||||||||||||||||||||
Total | $ | $ | $ |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Impact of adopting ASU 2016-13 and ASU 2022-02 | ||||||||||||||||||||||||||
Charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||
Recoveries | ||||||||||||||||||||||||||
Net charge-offs | ( | ( | ( | ( | ||||||||||||||||||||||
Recovery of provision for credit loss on loans | ( | ( | ( | ( | ||||||||||||||||||||||
Balance at end of period | $ | $ | $ | $ |
Balance at June 30, 2023 | Charge-offs | Recoveries | (Recovery of) Provision for Credit Loss - Loans | Balance at September 30, 2023 | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||
Multifamily | ( | |||||||||||||||||||||||||||||||
Non-residential | ( | |||||||||||||||||||||||||||||||
Construction | ( | |||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||
Consumer and other | ( | |||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ |
Balance at June 30, 2022 | Charge-offs | Recoveries | (Recovery of) Provision for Loan Loss | Balance at September 30, 2022 | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||
Non-residential | ( | |||||||||||||||||||||||||||||||
Construction | ( | |||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||
Consumer and other | ( | |||||||||||||||||||||||||||||||
Unallocated | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ |
Balance at December 31, 2022 | Impact of adopting ASU 2016-13 and ASU 2022-02 | Charge-offs | Recoveries | (Recovery of) Provision for Credit Loss - Loans | Balance at September 30, 2023 | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Multifamily | ( | |||||||||||||||||||||||||||||||||||||
Non-residential | ||||||||||||||||||||||||||||||||||||||
Construction | ( | |||||||||||||||||||||||||||||||||||||
Commercial and industrial | ( | |||||||||||||||||||||||||||||||||||||
Junior liens | ( | |||||||||||||||||||||||||||||||||||||
Consumer and other | ( | |||||||||||||||||||||||||||||||||||||
Unallocated | ( | |||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | ( | $ |
Balance at December 31, 2021 | Charge-offs | Recoveries | (Recovery of) Provision for Loan Loss | Balance at September 30, 2022 | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||
Non-residential | ||||||||||||||||||||||||||||||||
Construction | ( | |||||||||||||||||||||||||||||||
Commercial and industrial | ( | |||||||||||||||||||||||||||||||
Junior liens | ( | |||||||||||||||||||||||||||||||
Consumer and other | ( | |||||||||||||||||||||||||||||||
Unallocated | ||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | ( | $ |
Loans | Allowance for Credit Losses on Loans | |||||||||||||||||||||||||||||||||||||
September 30, 2023 | Individually Evaluated | Collectively Evaluated | Total | Individually Evaluated | Collectively Evaluated | Total | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Non-residential | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Loans | Allowance for Loan Losses | |||||||||||||||||||||||||||||||||||||
December 31, 2022 | Individually Evaluated | Collectively Evaluated | Total | Individually Evaluated | Collectively Evaluated | Total | ||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Residential one-to-four family | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||||||||||||||
Non-residential | ||||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial (1) | ||||||||||||||||||||||||||||||||||||||
Junior liens | ||||||||||||||||||||||||||||||||||||||
Consumer and other | ||||||||||||||||||||||||||||||||||||||
Unallocated | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||
(Dollars in thousands) | ||||||||||||||
Right-of-use assets | $ | $ | ||||||||||||
Lease liabilities | ||||||||||||||
Weighted average remaining lease term for operating leases | ||||||||||||||
Weighted average discount rate used in the measurement of lease liabilities | % | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Operating lease cost | $ | $ | $ | $ | ||||||||||||||||||||||
Finance lease cost | ||||||||||||||||||||||||||
Variable lease cost | ||||||||||||||||||||||||||
Total lease cost included as a component of occupancy and equipment | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of operating lease liabilities: | ||||||||||||||||||||||||||
Operating cash flows from operating leases | $ | $ | $ | $ | ||||||||||||||||||||||
Operating lease liabilities arising from obtaining right-of-use assets (non-cash): | ||||||||||||||||||||||||||
Operating leases | $ | $ | $ | $ |
Through September 30, | (In thousands) | |||||||
2024 | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
Total undiscounted lease payments | ||||||||
Less: imputed interest | ||||||||
Total | $ |
September 30, 2023 | December 31, 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Non-interest bearing deposits | $ | $ | ||||||||||||
NOW and demand accounts | ||||||||||||||
Savings | ||||||||||||||
Time deposits | ||||||||||||||
Total | $ | $ |
(In thousands) | ||||||||
Remainder of 2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
$ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Stock option expense | $ | $ | $ | $ | ||||||||||||||||||||||
Restricted stock expense | ||||||||||||||||||||||||||
Total share-based compensation expense | $ | $ | — | $ | $ | $ | — | $ |
Number of Stock Options | Weighted Average Grant Date Fair Value | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (years) | ||||||||||||||||||||
Outstanding - December 31, 2022 | $ | $ | |||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||
Outstanding - September 30, 2023 | $ | $ | |||||||||||||||||||||
Exercisable - September 30, 2023 |
Number of Shares Awarded | Weighted Average Grant Date Fair Value | |||||||||||||
Outstanding - December 31, 2022 | $ | |||||||||||||
Granted | ||||||||||||||
Forfeited | ( | |||||||||||||
Vested | ( | |||||||||||||
Outstanding - September 30, 2023 | $ |
September 30, 2023 | December 31, 2022 | ||||||||||
(Dollars in thousands) | |||||||||||
Notional amounts | $ | $ | |||||||||
Weighted average pay rates | % | % | |||||||||
Weighted average receive rates | % | % | |||||||||
Weighted average maturity (in years) | |||||||||||
Gross unrealized gain included in other assets | $ | $ | |||||||||
Gross unrealized loss included in other liabilities | |||||||||||
Unrealized gains, net | $ | $ |
Amount of Gain Recognized in OCI (Net of Tax) on Derivative (1) | Location of Gain (Loss) Reclassified from OCI into Income/(Expense) | Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) | ||||||||||||||||||
(In thousands) | ||||||||||||||||||||
Three months ended September 30, 2023 | ||||||||||||||||||||
Interest rate contracts | $ | Interest Expense | $ | |||||||||||||||||
Three months ended September 30, 2022 | ||||||||||||||||||||
Interest rate contracts | $ | Interest Expense | $ | |||||||||||||||||
Nine months ended September 30, 2023 | ||||||||||||||||||||
Interest rate contracts | $ | Interest Expense | $ | |||||||||||||||||
Nine months ended September 30, 2022 | ||||||||||||||||||||
Interest rate contracts | $ | Interest Expense | $ | ( |
Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect | After Tax | Before Tax | Tax Effect | After Tax | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Unrealized loss on securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||
Unrealized loss arising during the period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge: | ||||||||||||||||||||||||||||||||||||||
Unrealized gain arising during the period | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for loss included in net (loss) income | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Total gain | ||||||||||||||||||||||||||||||||||||||
Post-retirement plans: | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for amortization of: | ||||||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Total other comprehensive loss | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||||||||
Before Tax | Tax Effect | After Tax | Before Tax | Tax Effect | After Tax | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on securities available-for-sale: | ||||||||||||||||||||||||||||||||||||||
Unrealized loss arising during the period | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||
Reclassification adjustment for gain included in net income | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||
Unrealized gain on cash flow hedge: | ||||||||||||||||||||||||||||||||||||||
Unrealized gain arising during the period | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for (gain) loss included in net (loss) income | ( | ( | ||||||||||||||||||||||||||||||||||||
Total gain | ||||||||||||||||||||||||||||||||||||||
Post-retirement plans: | ||||||||||||||||||||||||||||||||||||||
Net benefit arising from plan amendment (1) | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for amortization of: | ||||||||||||||||||||||||||||||||||||||
Net actuarial (gain) loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | ( | ( | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
Unrealized Gains on Cash Flow Hedges | Unrealized Losses on Available-for-Sale Securities | Post-Retirement Plans | Total | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassification | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | ( | |||||||||||||||||||||||
Net current period other comprehensive gain (loss) | ( | ( | ( | |||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | ( | $ | $ | ( |
Unrealized Gains on Cash Flow Hedges | Unrealized Losses on Available-for-Sale Securities | Post-Retirement Plans | Total | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassification | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | ||||||||||||||||||||||||
Net current period other comprehensive gain (loss) | ( | ( | ||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | ( | $ | ( | $ | ( |
Unrealized Gains and (Losses) on Cash Flow Hedges | Unrealized Gains and (Losses) on Available-for-Sale Securities | Post-Retirement Plans | Total | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||
Other comprehensive income (loss) before reclassification | ( | |||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | ( | ( | |||||||||||||||||||||||
Net current period other comprehensive gain (loss) | ( | ( | ( | |||||||||||||||||||||||
Balance at September 30, 2023 | $ | $ | ( | $ | $ | ( |
Unrealized Gains and (Losses) on Cash Flow Hedges | Unrealized Gains and (Losses) on Available-for-Sale Securities | Post-Retirement Plans | Total | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | $ | ( | $ | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassification | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from accumulated other comprehensive income | ( | |||||||||||||||||||||||||
Net current period other comprehensive gain (loss) | ( | ( | ||||||||||||||||||||||||
Balance at September 30, 2022 | $ | $ | ( | $ | ( | $ | ( |
Details about Accumulated Other Comprehensive Income Components | Three Months Ended September 30, | Nine Months Ended September 30, | Affected Line Item in the Statement Where Net Income is Presented | |||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||
Unrealized gains on securities available for sale: | ||||||||||||||||||||||||||||||||
Realized gains on securities available for sale | $ | $ | $ | $ | Gain on securities, net | |||||||||||||||||||||||||||
Losses on cash flow hedges: | ||||||||||||||||||||||||||||||||
Interest rate contracts | ( | Interest expense | ||||||||||||||||||||||||||||||
Amortization of post-retirement plan items: | ||||||||||||||||||||||||||||||||
Net actuarial loss | ( | ( | Compensation and employee benefits | |||||||||||||||||||||||||||||
Total tax effect (1) | Income tax expense | |||||||||||||||||||||||||||||||
Total reclassification for the period, net of tax | $ | $ | $ | $ | ( |
Fair Value Measurements at September 30, 2023, Using | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | $ | ||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
U.S. Government agency obligations | ||||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential one-to-four family | ||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Total securities available-for-sale | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Total financial assets measured on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | ||||||||||||||||||||||
Measured on a nonrecurring basis: | ||||||||||||||||||||||||||
Nonfinancial assets | ||||||||||||||||||||||||||
Real estate owned | $ | $ | $ | $ |
Fair Value Measurements at December 31, 2022, Using | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Securities available-for-sale: | ||||||||||||||||||||||||||
U.S. Treasury note | $ | $ | $ | $ | ||||||||||||||||||||||
Corporate bonds | ||||||||||||||||||||||||||
U.S. Government agency obligations | ||||||||||||||||||||||||||
Obligations issued by U.S. states and their political subdivisions | ||||||||||||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||||||||
Residential one-to-four family | ||||||||||||||||||||||||||
Multifamily | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Total securities available-for-sale | ||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Total financial assets measured on a recurring basis | $ | $ | $ | $ | ||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Derivatives | $ | $ | $ | $ | ||||||||||||||||||||||
Measured on a nonrecurring basis: | ||||||||||||||||||||||||||
Nonfinancial assets | ||||||||||||||||||||||||||
Assets held for sale | $ | $ | $ | $ | ||||||||||||||||||||||
Fair Value Measurements at September 30, 2023, Using | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Book Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Securities held-to-maturity | $ | $ | $ | $ | ||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Time deposits | ||||||||||||||||||||||||||
FHLB advances | ||||||||||||||||||||||||||
Fair Value Measurements at December 31, 2022, Using | ||||||||||||||||||||||||||
Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||||
Book Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Measured on a recurring basis: | ||||||||||||||||||||||||||
Financial assets | ||||||||||||||||||||||||||
Securities held-to-maturity | $ | $ | $ | $ | ||||||||||||||||||||||
Loans, net | ||||||||||||||||||||||||||
Financial liabilities | ||||||||||||||||||||||||||
Time deposits | ||||||||||||||||||||||||||
FHLB advances |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Service charges on deposits | $ | $ | $ | $ | ||||||||||||||||||||||
Interchange income | ||||||||||||||||||||||||||
Total revenue from contracts with customers | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
(Income in thousands) | ||||||||||||||||||||||||||
Net (loss) income applicable to common shares | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Shares | ||||||||||||||||||||||||||
Average number of common shares outstanding | ||||||||||||||||||||||||||
Less: Average unallocated ESOP shares | ||||||||||||||||||||||||||
Average number of common shares outstanding used to calculate basic earnings per common share | ||||||||||||||||||||||||||
Common stock equivalents | ||||||||||||||||||||||||||
Average number of common shares outstanding used to calculate diluted earnings per common share | ||||||||||||||||||||||||||
Earnings per common share | ||||||||||||||||||||||||||
Basic | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Diluted | $ | ( | $ | $ | ( | $ |
Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||||||||||||||
(Dollar in thousands) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Loans (1) | $ | 1,577,173 | $ | 16,728 | 4.21 | % | $ | 1,465,114 | $ | 13,692 | 3.71 | % | |||||||||||||||||||||||
Mortgage-backed securities | 170,326 | 840 | 1.96 | % | 197,406 | 1,055 | 2.12 | % | |||||||||||||||||||||||||||
Other investment securities | 194,953 | 1,507 | 3.07 | % | 204,506 | 1,230 | 2.39 | % | |||||||||||||||||||||||||||
FHLB stock | 21,047 | 456 | 8.60 | % | 13,141 | 139 | 4.20 | % | |||||||||||||||||||||||||||
Cash and cash equivalents | 51,884 | 642 | 4.91 | % | 49,163 | 256 | 2.07 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 2,015,383 | 20,173 | 3.97 | % | 1,929,330 | 16,372 | 3.37 | % | |||||||||||||||||||||||||||
Non-interest earning assets | 58,042 | 61,264 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,073,425 | $ | 1,990,594 | |||||||||||||||||||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||||||||||||||
NOW, savings, and money market deposits | $ | 684,228 | $ | 2,123 | 1.23 | % | $ | 831,191 | $ | 759 | 0.36 | % | |||||||||||||||||||||||
Time deposits | 558,252 | 4,911 | 3.49 | % | 405,823 | 665 | 0.65 | % | |||||||||||||||||||||||||||
Interest-bearing deposits | 1,242,480 | 7,034 | 2.25 | % | 1,237,014 | 1,424 | 0.46 | % | |||||||||||||||||||||||||||
FHLB advances | 395,359 | 3,263 | 3.27 | % | 243,647 | 1,133 | 1.84 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,637,839 | 10,297 | 2.49 | % | 1,480,661 | 2,557 | 0.69 | % | |||||||||||||||||||||||||||
Non-interest bearing deposits | 25,540 | 49,869 | |||||||||||||||||||||||||||||||||
Non-interest bearing other | 44,628 | 48,103 | |||||||||||||||||||||||||||||||||
Total liabilities | 1,708,007 | 1,578,633 | |||||||||||||||||||||||||||||||||
Total shareholders' equity | 365,418 | 411,961 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,073,425 | $ | 1,990,594 | |||||||||||||||||||||||||||||||
Net interest income | $ | 9,876 | $ | 13,815 | |||||||||||||||||||||||||||||||
Net interest rate spread (2) | 1.48 | % | 2.68 | % | |||||||||||||||||||||||||||||||
Net interest margin (3) | 1.94 | % | 2.84 | % |
Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Average Yield/Cost | Average Balance | Interest | Average Yield/Cost | ||||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
Loans (1) | $ | 1,571,204 | $ | 48,778 | 4.15 | % | $ | 1,372,306 | $ | 37,792 | 3.68 | % | |||||||||||||||||||||||
Mortgage-backed securities | 174,742 | 2,789 | 2.13 | % | 191,662 | 2,842 | 1.98 | % | |||||||||||||||||||||||||||
Other investment securities | 197,522 | 4,523 | 3.06 | % | 204,009 | 3,395 | 2.22 | % | |||||||||||||||||||||||||||
FHLB stock | 21,343 | 1,106 | 6.93 | % | 11,080 | 371 | 4.48 | % | |||||||||||||||||||||||||||
Cash and cash equivalents | 46,363 | 1,574 | 4.54 | % | 103,526 | 444 | 0.57 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 2,011,174 | 58,770 | 3.91 | % | 1,882,583 | 44,844 | 3.18 | % | |||||||||||||||||||||||||||
Non-interest earning assets | 56,762 | 69,008 | |||||||||||||||||||||||||||||||||
Total assets | $ | 2,067,936 | $ | 1,951,591 | |||||||||||||||||||||||||||||||
Liabilities and shareholders' equity: | |||||||||||||||||||||||||||||||||||
NOW, savings, and money market deposits | $ | 753,419 | $ | 6,350 | 1.13 | % | $ | 799,762 | $ | 1,323 | 0.22 | % | |||||||||||||||||||||||
Time deposits | 472,866 | 10,011 | 2.83 | % | 431,724 | 1,933 | 0.60 | % | |||||||||||||||||||||||||||
Interest-bearing deposits | 1,226,285 | 16,361 | 1.78 | % | 1,231,486 | 3,256 | 0.35 | % | |||||||||||||||||||||||||||
FHLB advances | 395,800 | 9,686 | 3.27 | % | 205,828 | 2,672 | 1.74 | % | |||||||||||||||||||||||||||
Total interest-bearing liabilities | 1,622,085 | 26,047 | 2.15 | % | 1,437,314 | 5,928 | 0.55 | % | |||||||||||||||||||||||||||
Non-interest bearing deposits | 23,092 | 45,338 | |||||||||||||||||||||||||||||||||
Non-interest bearing other | 44,572 | 47,691 | |||||||||||||||||||||||||||||||||
Total liabilities | 1,689,749 | 1,530,343 | |||||||||||||||||||||||||||||||||
Total shareholders' equity | 378,187 | 421,248 | |||||||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 2,067,936 | $ | 1,951,591 | |||||||||||||||||||||||||||||||
Net interest income | $ | 32,723 | $ | 38,916 | |||||||||||||||||||||||||||||||
Net interest rate spread (2) | 1.76 | % | 2.64 | % | |||||||||||||||||||||||||||||||
Net interest margin (3) | 2.18 | % | 2.76 | % |
September 30, 2023 | December 31, 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Residential one-to-four family | $ | 567,384 | $ | 594,521 | ||||||||||
Multifamily | 689,966 | 690,278 | ||||||||||||
Non-residential real estate | 236,325 | 216,394 | ||||||||||||
Construction and land | 45,064 | 17,990 | ||||||||||||
Junior liens | 22,297 | 18,477 | ||||||||||||
Commercial and industrial | 9,904 | 4,682 | ||||||||||||
Consumer and other | 50 | 38 | ||||||||||||
Total loans | 1,570,990 | 1,542,380 | ||||||||||||
Deferred fees, costs, premiums and discounts, net (1) | — | 2,747 | ||||||||||||
Total loans | 1,570,990 | 1,545,127 | ||||||||||||
Less: Allowance for credit losses | 13,872 | 13,400 | ||||||||||||
Loans receivable, net | $ | 1,557,118 | $ | 1,531,727 | ||||||||||
September 30, 2023 | December 31, 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Residential one-to-four family | $ | 5,889 | $ | 7,498 | ||||||||||
Multifamily | 153 | 182 | ||||||||||||
Junior liens | 50 | 52 | ||||||||||||
Commercial and industrial | 47 | 35 | ||||||||||||
Total non-performing loans | 6,139 | 7,767 | ||||||||||||
Other real estate owned | 593 | — | ||||||||||||
Total non-performing assets | $ | 6,732 | $ | 7,767 |
September 30, 2023 | December 31, 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Non-interest bearing deposits | $ | 23,787 | $ | 37,907 | ||||||||||
NOW and demand accounts (1) | 378,268 | 410,937 | ||||||||||||
Savings (1) | 278,665 | 423,758 | ||||||||||||
Core deposits | 680,720 | 872,602 | ||||||||||||
Time deposits | 572,384 | 416,260 | ||||||||||||
Total deposits | $ | 1,253,104 | $ | 1,288,862 |
Net Interest Income | |||||||||||||||||
Change in Interest Rates (basis points) | Amount | Change | Percent | ||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
+200 | $ | 48,138 | $ | (587) | (1.2) | % | |||||||||||
+100 | 48,436 | (289) | (0.6) | ||||||||||||||
0 | 48,725 | — | — | ||||||||||||||
-100 | 50,085 | 1,360 | 2.8 | ||||||||||||||
-200 | 50,268 | 1,543 | 3.2 |
EVE | NPV as a Percent of Portfolio Value of Assets | ||||||||||||||||||||||||||||
Change in Interest Rates (basis points) | Estimated EVE | Estimated Increase (Decrease) | |||||||||||||||||||||||||||
Amount | Percent | NPV Ratio | Change | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
+200 | $ | 7,890 | $ | (76,453) | (90.7) | % | 0.4 | % | (3.7) | ||||||||||||||||||||
+100 | 45,245 | (39,098) | (46.4) | 2.2 | (1.9) | ||||||||||||||||||||||||
0 | 84,343 | — | — | 4.1 | — | ||||||||||||||||||||||||
-100 | 123,910 | 39,567 | 46.9 | 6.0 | 1.9 | ||||||||||||||||||||||||
-200 | 163,183 | 78,841 | 93.5 | 7.9 | 3.8 |
Actual | Minimum Capital Adequacy | For Classification With Capital Buffer | For Classification as Well Capitalized | |||||||||||||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 | $ | 298,111 | 20.26 | % | $ | 66,200 | 4.50 | % | $ | 102,977 | 7.00 | % | $ | 95,622 | 6.50 | % | ||||||||||||||||||||||||||||||||||
Tier 1 capital | 298,111 | 20.26 | % | 88,266 | 6.00 | % | 125,044 | 8.50 | % | 117,688 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||
Total capital | 312,586 | 21.25 | % | 117,688 | 8.00 | % | 154,466 | 10.50 | % | 147,111 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 (leverage) capital | 298,111 | 14.22 | % | 83,872 | 4.00 | % | N/A | N/A | 104,841 | 5.00 | % | |||||||||||||||||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common equity tier 1 | $ | 298,132 | 20.85 | % | $ | 64,348 | 4.50 | % | $ | 100,097 | 7.00 | % | $ | 92,947 | 6.50 | % | ||||||||||||||||||||||||||||||||||
Tier 1 capital | 298,132 | 20.85 | % | 85,797 | 6.00 | % | 121,546 | 8.50 | % | 114,396 | 8.00 | % | ||||||||||||||||||||||||||||||||||||||
Total capital | 313,221 | 21.90 | % | 114,396 | 8.00 | % | 150,145 | 10.50 | % | 142,995 | 10.00 | % | ||||||||||||||||||||||||||||||||||||||
Tier 1 (leverage) capital | 298,132 | 14.61 | % | 81,611 | 4.00 | % | N/A | N/A | 102,013 | 5.00 | % |
Period | Total Number of Shares Purchased (1) | Average Price paid Per Share | As part of Publicly Announced Plans or Programs | Yet to be Purchased Under the Plans or Programs (1) | ||||||||||||||||||||||
July | 125,787 | 10.01 | 125,787 | 250 | ||||||||||||||||||||||
August | 56,981 | 9.57 | 56,981 | 1,211,651 | ||||||||||||||||||||||
September | 115,442 | 8.93 | 115,442 | 1,096,209 | ||||||||||||||||||||||
Total | 298,210 | $9.51 | 298,210 |
101 | The following materials from the Company’s Form 10-Q for the quarter ended September 30, 2023, formatted in Inline XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Balance Sheets; (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Shareholder’s Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements. | ||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
Dated: | November 13, 2023 | By: | /s/ James D. Nesci | |||||||||||
James D. Nesci | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Dated: | November 13, 2023 | By: | /s/ Kelly Pecoraro | |||||||||||
Kelly Pecoraro | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Dated: | November 13, 2023 | /s/ James D. Nesci | ||||||||||||
James D. Nesci | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Dated: | November 13, 2023 | /s/ Kelly Pecoraro | ||||||||||||
Kelly Pecoraro | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Dated: | November 13, 2023 | /s/ James D. Nesci | ||||||||||||
James D. Nesci | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Dated: | November 13, 2023 | /s/ Kelly Pecoraro | ||||||||||||
Kelly Pecoraro | ||||||||||||||
Executive Vice President and Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Securities, held-to-maturity, fair value | $ 27,914 | $ 29,115 |
Allowance for credit loss | 168 | |
Loans receivable, allowance | $ 13,872 | $ 13,400 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (USD per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 70,000,000 | 70,000,000 |
Common stock, issued (in shares) | 28,522,500 | 28,522,500 |
Common stock, outstanding (in shares) | 25,174,412 | 27,523,219 |
Treasury stock (in shares) | 3,348,088 | 999,281 |
Consolidated Statements of Operations - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
Interest and dividend income: | ||||||||
Loans | $ 16,728,000 | $ 13,692,000 | $ 48,778,000 | $ 37,792,000 | ||||
Taxable investment income | 3,339,000 | 2,571,000 | 9,663,000 | 6,708,000 | ||||
Non-taxable investment income | 106,000 | 109,000 | 329,000 | 344,000 | ||||
Total interest income | 20,173,000 | 16,372,000 | 58,770,000 | 44,844,000 | ||||
Interest expense: | ||||||||
Deposits | 7,034,000 | 1,424,000 | 16,361,000 | 3,256,000 | ||||
Borrowed funds | 3,263,000 | 1,133,000 | 9,686,000 | 2,672,000 | ||||
Total interest expense | 10,297,000 | 2,557,000 | 26,047,000 | 5,928,000 | ||||
Net interest income | 9,876,000 | 13,815,000 | 32,723,000 | 38,916,000 | ||||
Release of provision for credit losses (1) | [1] | (717,000) | (419,000) | (597,000) | (777,000) | |||
Net interest income after release of credit losses | 10,593,000 | 14,234,000 | 33,320,000 | 39,693,000 | ||||
Non-interest income: | ||||||||
Fees and service charges | 291,000 | 650,000 | 833,000 | 1,815,000 | ||||
Gain on securities, net | 0 | 0 | 0 | 14,000 | ||||
Gain on sale of loans | 0 | 0 | 159,000 | 0 | ||||
Other income | 78,000 | 149,000 | 241,000 | 391,000 | ||||
Total non-interest income | 369,000 | 799,000 | 1,233,000 | 2,220,000 | ||||
Non-interest expense: | ||||||||
Compensation and benefits | 6,640,000 | 7,433,000 | 21,552,000 | 21,627,000 | ||||
Occupancy and equipment | 2,104,000 | 1,921,000 | 6,210,000 | 5,716,000 | ||||
Data processing | 1,473,000 | 1,559,000 | 4,609,000 | 4,430,000 | ||||
Advertising | 85,000 | 125,000 | 234,000 | 993,000 | ||||
Professional services | 646,000 | 1,012,000 | 2,390,000 | 3,279,000 | ||||
Provision for (release of) losses on commitments and letters of credit (1) | [1] | 0 | 170,000 | 0 | (108,000) | |||
Federal deposit insurance premiums | 263,000 | 98,000 | 599,000 | 275,000 | ||||
Other expense | 1,183,000 | 1,351,000 | 3,425,000 | 3,692,000 | ||||
Total non-interest expenses | 12,394,000 | 13,669,000 | 39,019,000 | 39,904,000 | ||||
(Loss) income before income tax expense | (1,432,000) | 1,364,000 | (4,466,000) | 2,009,000 | ||||
Income tax expense | 0 | 123,000 | 0 | 175,000 | ||||
Net (loss) income | $ (1,432,000) | $ 1,241,000 | $ (4,466,000) | $ 1,834,000 | ||||
Basic (loss) earnings per share (in dollars per share) | $ (0.06) | $ 0.05 | $ (0.18) | $ 0.07 | ||||
Diluted (loss) earnings per share (in dollars per share) | $ (0.06) | $ 0.05 | $ (0.18) | $ 0.07 | ||||
Weighted average shares outstanding - basic (in shares) | 23,278,490 | 26,128,851 | 24,289,599 | 26,278,775 | ||||
Weighted average shares outstanding - diluted (in shares) | [2] | 23,278,490 | 26,246,039 | 24,289,599 | 26,318,267 | |||
|
Consolidated Statements of Comprehensive Loss - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
Statement of Comprehensive Income [Abstract] | ||||||||
Net (loss) income | $ (1,432,000) | $ 1,241,000 | $ (4,466,000) | $ 1,834,000 | ||||
Unrealized loss on securities available-for-sale: | ||||||||
Unrealized loss arising during the period | (5,926,000) | (12,968,000) | (5,687,000) | (39,512,000) | ||||
Reclassification adjustment for gain included in net income | 0 | 0 | 0 | (14,000) | ||||
Unrealized loss on securities available-for-sale: | (5,926,000) | (12,968,000) | (5,687,000) | (39,526,000) | ||||
Unrealized gain (loss) on cash flow hedge: | ||||||||
Unrealized gain arising during the period | 3,435,000 | 4,294,000 | 7,144,000 | 11,745,000 | ||||
Reclassification adjustment for (gain) loss included in net income | (1,535,000) | (198,000) | (3,885,000) | 270,000 | ||||
Unrealized gain (loss) on cash flow hedge: | 1,900,000 | 4,096,000 | 3,259,000 | 12,015,000 | ||||
Post-Retirement plans: | ||||||||
Net benefit arising from plan amendment | [1] | 0 | 0 | 0 | 164,000 | |||
Reclassification adjustment for amortization of: Net actuarial (gain) loss | (1,000) | 65,000 | (5,000) | 165,000 | ||||
Unrealized (gain) loss on post-retirement plans | (1,000) | 65,000 | (5,000) | 329,000 | ||||
Total other comprehensive (loss) income, net of tax | [2] | (4,027,000) | (8,807,000) | (2,433,000) | (27,182,000) | |||
Comprehensive loss | $ (5,459,000) | $ (7,566,000) | $ (6,899,000) | $ (25,348,000) | ||||
|
Consolidated Statements of Changes in Shareholders’ Equity (Parenthetical) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Statement of Stockholders' Equity [Abstract] | ||||
ESOP shares committed to be released (in shares) | 22,818 | 22,818 | 68,454 | 68,454 |
Consolidated Statements of Cash Flows - USD ($) |
9 Months Ended | |||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Net Cash Provided by (Used in) Operating Activities [Abstract] | ||||
Net (loss) income | $ (4,466,000) | $ 1,834,000 | ||
Adjustments to reconcile net (loss) income to net cash (used in) operating activities: | ||||
Depreciation and amortization of premises and equipment | 2,072,000 | 1,973,000 | ||
Change in right-of-use asset | 2,109,000 | 1,943,000 | ||
(Accretion) amortization of: | ||||
Deferred loan fees, costs, and discounts, net | (479,000) | (451,000) | ||
Premiums and discounts on securities | 810,000 | 819,000 | ||
Change in deferred taxes | 0 | 175,000 | ||
Release of provision for credit losses | [1] | (597,000) | (777,000) | |
Gain on sales and calls of securities | 0 | (14,000) | ||
Proceeds from sales of loans held for sale | 2,408,000 | 0 | ||
Gains on sale of loans, net | (159,000) | 0 | ||
Origination of loans held for sale | (4,684,000) | 0 | ||
Loss on disposal of premises and equipment | 13,000 | 0 | ||
Increase in bank owned life insurance cash surrender value | (343,000) | (350,000) | ||
ESOP and stock-based compensation expense | 2,836,000 | 996,000 | ||
Increase in interest and dividends receivable | (894,000) | (1,059,000) | ||
Decrease (increase) in other assets | 2,049,000 | (2,261,000) | ||
(Decrease) increase in other liabilities | (3,642,000) | 483,000 | ||
Change in lease liability | (1,946,000) | (1,844,000) | ||
Net cash (used in) provided by operating activities | (4,913,000) | 1,467,000 | ||
Cash flows from investing activities | ||||
Net originations of loans receivable | (19,217,000) | (120,056,000) | ||
Purchases of residential mortgage loans | (6,804,000) | (86,369,000) | ||
Purchases of securities available-for-sale | 0 | (80,039,000) | ||
Purchases of securities held-to-maturity | 0 | (7,600,000) | ||
Proceeds from sales and calls of securities available for sale | 2,520,000 | 2,408,000 | ||
Principal payments and maturities on securities available-for-sale | 21,821,000 | 40,828,000 | ||
Purchases of other investments | 0 | (150,000) | ||
Purchase of Federal Home Loan Bank stock | (48,425,000) | (12,548,000) | ||
Redemption of Federal Home Loan Bank stock | 43,875,000 | 7,493,000 | ||
Proceeds from bank owned life insurance | 582,000 | 0 | ||
Proceeds from disposal of fixed assets | 38,000 | 0 | ||
Purchases of premises and equipment | (4,329,000) | (4,841,000) | ||
Net cash used in investing activities | (9,939,000) | (260,874,000) | ||
Cash flows from financing activities | ||||
Net (decrease) increase in deposits | (35,758,000) | 19,457,000 | ||
Proceeds from advances from Federal Home Loan Bank | 1,848,000,000 | 646,000,000 | ||
Repayments of advances from Federal Home Loan Bank | (1,756,000,000) | (536,000,000) | ||
Net increase in advances by borrowers for taxes and insurance | 313,000 | 1,344,000 | ||
Purchase of treasury stock | (30,478,000) | (7,516,000) | ||
Net cash provided by financing activities | 26,077,000 | 123,285,000 | ||
Net increase (decrease) in cash and cash equivalents | 11,225,000 | (136,122,000) | ||
Cash and cash equivalents at beginning of period | 41,182,000 | 193,446,000 | ||
Cash and cash equivalents at end of period | 52,407,000 | 57,324,000 | ||
Supplemental disclosures of cash flow information | ||||
Cash paid during the period for interest | 24,794,000 | 5,974,000 | ||
Cash paid during the period for income taxes | 36,000 | 190,000 | ||
Supplemental noncash disclosures | ||||
Transfers of assets to held for sale | 0 | 917,000 | ||
Transfers of loans to other real estate owned | 593,000 | 0 | ||
Lease liabilities arising from obtaining right-of-use assets | $ 2,088,000 | $ 2,023,000 | ||
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Blue Foundry Service Corp., Rutherford Center Development Corp., and Blue Foundry Investment Company (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank. On July 15, 2021, the Company became the holding company for the Bank when Blue Foundry, MHC completed its conversion into the stock holding company form of organization. In connection with the conversion, the Company sold 27,772,500 shares of common stock at a price of $10 per share, for gross proceeds of $277.7 million. The Company also contributed 750,000 shares of common stock and $1.5 million in cash to Blue Foundry Charitable Foundation, Inc. and established an Employee Stock Ownership Plan (“ESOP”) acquiring 2,281,800 shares of common stock. Shares of the Company’s common stock began trading on July 16, 2021 on the Nasdaq Global Select Market under the trading symbol “BLFY.” Segment Reporting: The Company operates as a single operating segment for financial reporting purposes. Basis of Financial Statement Presentation: The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the consolidated balance sheets and the consolidated statements of income for the periods presented. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements may be reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three and nine months ended September 30, 2023 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed on March 30, 2023. The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2022 Annual Report on Form 10-K. Except for the below, there have been no changes to the Company’s significant accounting policies since December 31, 2022. Adoption of New Accounting Standards: The Company adopted Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (“ASU 2020-04”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and hedging relationships, subject to meeting certain criteria, that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was effective for all entities as of March 12, 2020 through December 31, 2022. However, in December 2022, the FASB issued ASU 2022-06, deferring the sunset date to December 31, 2024. The Company has evaluated the regulatory requirements to cease the use of LIBOR and has put in place systems and capabilities for this purpose. The adoption did not have a material impact on the Company’s consolidated financial statements. The Company adopted ASU No. 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss model for loans and other financial assets with an expected loss model and is referred to as the current expected credit loss (“CECL”) model. The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. The adoption of the new standard resulted in the Company recording an increase in the allowances for credit losses of $18 thousand, comprised of an increase of $660 thousand on loans, establishing a $170 thousand reserve on held-to-maturity securities and a reversal in the reserve for commitments and letters of credit of $811 thousand. There was no allowance for credit losses required on available-for-sale securities. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loans receivable and held-to maturity debt securities. It also applies to off-balance-sheet credit exposures (loan commitments, standby letters of credit, financial guarantees and other similar instruments) and net investments in certain leases recognized by a lessor. In addition, the amendments in ASU 2016-13 require credit losses on available-for-sale securities to be presented as a valuation allowance rather than a direct write-down on the basis of the securities. Results for reporting periods beginning after January 1, 2023, are presented under CECL, while prior period amounts continue to be presented under previously-applied U.S. GAAP. Loans Under the CECL model, the allowance for credit losses on financial assets is a valuation allowance estimated at each balance sheet date in accordance with U.S. GAAP, and is deducted from the financial assets’ amortized cost basis to present the net amount expected to be collected on the financial assets. The Company estimates the allowance for credit losses on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to write-off accrued interest receivable by reversing interest income in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the amortized cost basis and therefore excludes it from the measurement of the allowance for credit loss. Changes in expected credit losses are reflected through a charge to the provision for credit losses. The Company’s estimate of the allowance for credit loss reflects losses expected over the remaining contractual life of the assets. When the Company deems all or a portion of a financial asset to be uncollectible, the appropriate amount is written off and the allowance for credit losses is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible. When available information confirms that specific loans, securities, other assets, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for credit losses. Subsequent recoveries, if any, are credited to the allowance for credit losses when received. The Company measures expected credit losses of financial assets on a collective portfolio segment basis when the financial assets share similar risk characteristics. The Company generally measures expected credit losses using discounted cash flows (“DCF”) models at the portfolio segment level, whereby the total shortfall in comparing the portfolio segment DCFs to the amortized cost basis reflects management’s estimate of expected credit losses. Our CECL models for loans includes the following major items: –a historical loss period, which represents a full economic credit cycle utilizing loss experience including peer bank historical loss data, to calculate probabilities of default at the portfolio segment level; –macroeconomic variable forecasts, including the national housing price index, unemployment and gross domestic product, to adjust probabilities of default over a reasonable and supportable forecast period of one year, based on management’s current review of the reliability of extended forecasts; –a reversion period of one year to adjust probabilities of default (after the reasonable and supportable forecast period) to historical means using a straight-line approach; –a risk index that measures loss given defaults as a function of probabilities of default at the portfolio segment level; –expected prepayment rates based on our historical experience and benchmark assumptions where internal data is limited; and –incorporation of qualitative factors not captured within the modeled results. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable and where the borrower is experiencing financial difficulty, the allowance for credit loss is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. Fair value is calculated based on the value of the underlying collateral less an appraisal discount and the estimated cost to sell. Off-Balance-Sheet Exposures The Company records changes in the allowance for credit losses on off-balance-sheet credit exposures through a charge to provision for credit losses. The allowance for credit loss on off-balance-sheet credit exposures is estimated by portfolio segment at each balance sheet date under the CECL model using the same methodologies as portfolio loans, taking into consideration management’s assumption of the likelihood that funding will occur, and is included in other liabilities on the Company’s consolidated balance sheets. Securities For securities available-for-sale, ASU 2016-13 eliminates the concept of other-than-temporary impairment and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions 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 less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. The allowance for credit losses on held-to-maturity debt securities is initially recognized upon acquisition of the securities, and subsequently remeasured on a recurring basis. Expected credit losses on held-to-maturity debt securities through the life of the financial instrument are estimated and recognized as an allowance for credit losses on the balance sheet with a corresponding adjustment to current earnings. Subsequent favorable or unfavorable changes in expected cash flow will decrease or increase the allowance for credit losses through a charge to the provision for credit losses. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type. The held-to-maturity portfolio is classified into the following major security types: corporate bonds and asset-backed securities. At each reporting period, the Company evaluates whether the securities in a segment continue to exhibit similar risk characteristics as the other securities in the segment. If the risk characteristics of a security change, such that they are no longer similar to other securities in the segment, the Company will evaluate the security with a different segment that shares more similar risk characteristics. The Company has a non-accrual policy that results in a timely reversal of interest receivable, therefore the Company made the election to exclude accrued interest receivable on securities from the estimate of credit losses. In addition, the Company adopted ASU No. 2022-02, “Financial Instruments - Credit Losses (“ASU 2022-02”): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures.” The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments in this ASU were applied on a modified retrospective basis to recognize any change in the allowance for credit losses that had been recognized for receivables previously modified (or reasonably expected to be modified) in a TDR. This election resulted in a cumulative-effect adjustment to retained earnings as of January 1, 2023 of $8 thousand. Accounting Standards Not Yet Adopted: As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (“JOBS”) Act, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies.
|
SECURITIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SECURITIES | SECURITIES The amortized cost of securities available-for-sale and their estimated fair values at September 30, 2023 and December 31, 2022 are as follows:
The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at September 30, 2023 and December 31, 2022, are as follows:
At September 30, 2023, the allowance for credit losses on securities held-to-maturity totaled $168 thousand and related to the corporate bonds. The asset-backed securities are in a AAA tranche determined by a third party. No loss is expected on these securities. There were no sales of available-for-sale securities for the three and nine months ended September 30, 2023. There were no sales of securities in the third quarter of 2022, while proceeds from sales of securities available-for-sale totaled $2.4 million resulting in gross realized gains of $14 thousand and no gross realized losses for the nine months ended September 30, 2022. Securities pledged at September 30, 2023 and December 31, 2022, had a carrying amount of $5.8 million and $4.2 million, respectively, and were pledged to secure public deposits and our credit line with the Federal Reserve Bank. The amortized cost and fair value of debt securities are shown below by contractual maturity as of September 30, 2023. Expected maturities on mortgage and asset-backed securities generally exceed 20 years; however, they may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity are shown separately.
(1) Excludes the allowance for credit losses on held-to-maturity securities at September 30, 2023. Credit Quality Indicators Credit ratings are a key measure for estimating the probability of a bond’s default and for monitoring credit quality on an on-going basis. For bonds other than U.S. Treasuries and bonds issued or guaranteed by U.S. government agencies, credit ratings issued by one or more nationally recognized statistical rating organization are considered in conjunction with an assessment by the Company’s management. Investment grade reflects a credit quality of BBB- or above. None of the Company’s securities are on non-accrual status, nor are any past due. The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost at September 30, 2023.
At September 30, 2023, there was one security with a value of $2.0 million included in the BBB rating that had a split rating. The following tables summarize available-for-sale securities with unrealized losses at September 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position.
Of the available-for-sale securities in an unrealized loss position at September 30, 2023, 66 are comprised of U.S. Government agency obligations, Treasury notes, and mortgage-backed securities. These securities were all issued by U.S. Government-sponsored entities and agencies, which the government has affirmed its commitment to support. Corporate bonds, obligations issued by U.S. states and their political subdivisions and asset-backed securities in an unrealized loss position all experienced a decline in fair value, which is attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery or maturity. The following tables summarizes held-to-maturity securities with unrealized losses at September 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position.
The held-to-maturity securities in an unrealized loss position at September 30, 2023, are corporate bonds and asset-backed securities, which experienced a decline in fair value attributable to changes in interest rates and liquidity, not credit quality. The Company also does not intend to sell these securities, nor does it foresee being required to sell them before the anticipated recovery or maturity.
|
LOANS RECEIVABLE |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE | LOANS RECEIVABLE The Company adopted ASU 2016-13 on January 1, 2023. All disclosures as of September 30, 2023 are presented in accordance with ASU 2016-13. The Company did not reclassify comparative financial periods and has presented those disclosures under previously-applied U.S. GAAP. A summary of loans receivable, net at September 30, 2023 and December 31, 2022, follows:
(1) For more information, see Footnote 4 - Allowance for Credit Losses. Loans are recorded at amortized cost, which includes principal balance, net deferred fees or costs, premiums and discounts. The Company elected to exclude accrued interest receivable from amortized cost. Accrued interest receivable is reported separately in the consolidated balance sheets and totaled $6.0 million and $5.3 million at September 30, 2023 and December 31, 2022, respectively. Loan origination fees and certain direct loan origination costs are deferred and the net fee or cost is recognized in interest income as an adjustment of yield. At September 30, 2023, net deferred loan fees are included in loans by respective segment and totaled $2.2 million. The portfolio classes in the above table have unique risk characteristics with respect to credit quality: •Payment on multifamily and non-residential mortgages is driven principally by operating results of the managed properties or underlying business and secondarily by the sale or refinance of such properties. Both primary and secondary sources of repayment and the value of the properties in liquidation, may be affected to a greater extent by adverse conditions in the real estate market or the economy in general. •Properties underlying construction loans often do not generate sufficient cash flows to service debt and thus repayment is subject to the ability of the borrower and, if applicable, guarantors, to complete development or construction of the property and carry the project, often for extended periods of time. As a result, the performance of these loans is contingent upon future events whose probability at the time of origination is uncertain. •Commercial and industrial (“C&I”) loans include C&I revolving lines of credit, term loans, SBA 7a loans and to a lesser extent, Paycheck Protection Program (“PPP”) loans. Payments on C&I loans are driven principally by the cash flows of the businesses and secondarily by the sale or refinance of any collateral securing the loans. Both the cash flow and value of the collateral in liquidation may be affected by adverse general economic conditions. •The ability of borrowers to service debt in the residential one-to-four family, junior liens and consumer loan portfolios is generally subject to personal income which may be impacted by general economic conditions, such as increased unemployment levels. These loans are predominately collateralized by first and second liens on single family properties. If a borrower cannot maintain the loan, the Company’s ability to recover against the collateral in sufficient amount and in a timely manner may be significantly influenced by market, legal and regulatory conditions. Credit Quality Indicators The Company categorizes loans into risk categories based on relevant information about the quality and realizable value of collateral, if any, and the ability of borrowers to service their debts such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans individually by classifying the loans by credit risk. This analysis is performed whenever credit is extended, renewed, or modified, or when an observable event occurs indicating a potential decline in credit quality, and no less than annually for large balance loans. The Company used the following definitions for risk ratings for loan classification: Pass – Loans classified as pass are loans performing under the original contractual terms, do not currently pose any identified risk and can range from the highest to pass/watch quality, depending on the degree of potential risk. Special Mention – Loans classified as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or the Company’s credit position at some future date. Substandard – Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor, or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the repayment and liquidation of the debt. They are characterized by a distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Doubtful – Loans classified as doubtful have all the weaknesses inherent in those classified as Substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently known facts, conditions, and values, highly questionable and improbable. Loss – Assets classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the asset has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off the asset even though partial recovery may be effected in the future. The following table presents the risk category of loans by class of loan and vintage as of September 30, 2023:
(1) Balance represents PPP loans which carry the federal guarantee of the SBA. The following table presents the risk category of loans by class of loans as of December 31, 2022:
Past Due and Non-accrual Loans The following table presents the recorded investment in past due and current loans by loan portfolio class as of September 30, 2023 and December 31, 2022:
The following table presents information on non-accrual loans at September 30, 2023:
The following table presents the recorded investment in non-accrual loans at December 31, 2022:
(1) Loans 90 days past due and accruing were comprised of PPP loans which carry the federal guarantee of the SBA. The Company had $2.4 million of loans held-for-sale at September 30, 2023 and no loans held-for-sale at December 31, 2022. Gains and losses on sales of loans are specifically identified and accounted for in accordance with U.S. GAAP. Impaired Loans The following table presents, under previously applicable U.S. GAAP, information related to impaired loans by class of loans at and as of September 30, 2022 and at December 31, 2022:
The recorded investment in loans includes deferred fees, costs and discounts. For purposes of this disclosure, the unpaid principal balance would not be reduced for partial charge-offs. The Company adopted ASU 2022-02 on January 1, 2023. Modifications made to borrowers experiencing financial difficulty may include principal forgiveness, interest rate reductions, other than insignificant payment delays, terms extensions or a combination thereof. At September 30, 2023, loans with modifications to borrowers experiencing financial difficulty totaled $5.5 million. These loans included one construction loan of $3.5 million and one residential loan of $374 thousand related to term extensions and two residential loans of $1.6 million related to other than insignificant payment delays. The Company did not reclassify comparative financial periods and has presented those disclosures under previously-applied U.S. GAAP. Prior to the adoption of ASU 2022-02, the Company classified certain loans as troubled debt restructuring (“TDR”) loans when credit terms to a borrower in financial difficulty were modified in accordance with ASC 310-40. The total recorded investment of loans whose terms were modified in TDRs was $4.8 million as of December 31, 2022. The Company allocated $27 thousand of specific reserves to TDR loans as of December 31, 2022. The modification of the terms of TDR loans may have included one or a combination of the following: a reduction of the stated interest rate of the loan, short-term deferral of payment, or an extension of the maturity date. A TDR loan was considered to be in payment default once it is 90 days contractually past due under the modified terms. There were no TDRs for which there was a payment default within twelve months following the modification during the period ended September 30, 2022. There were no TDRs during the three months ended September 30, 2022 and TDRs totaled $453 thousand during the nine months ended September 30, 2022. The Company had $3.8 million and $4.5 million in consumer mortgage loans secured by residential real estate properties for which foreclosure proceedings are in process at September 30, 2023 and December 31, 2022, respectively. At September 30, 2023, the Company had one one-to-four family loan with a carrying value of $593 thousand in real estate owned. There was no real estate owned at December 31, 2022.
|
ALLOWANCE FOR CREDIT LOSSES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES | ALLOWANCE FOR CREDIT LOSSES On January 1, 2023, the Company adopted ASU 2016-13, which requires the measurement of expected credit losses for financial assets measured at amortized cost, including loans, held-to-maturity securities and certain off-balance-sheet credit exposures and ASU 2022-02, which eliminates the recognition and measurement guidance of TDRs, so that creditors will apply the same guidance to all modifications when determining whether a modification results in a new receivable or continuation of an existing receivable. See Note 1 - Summary of Significant Accounting Policies for a description of the adoption of ASU 2016-13 and the Company’s allowance methodology. Under ASU 2016-13, the Company’s methodology for determining the allowance for credit losses on loans is based upon key assumptions, including the lookback period, historical loss experience, economic forecasts over a reasonable and supportable forecast period, reversion period, prepayments and qualitative adjustments. The allowance is measured on a pool basis when similar risk characteristics exist. Loans that do not share common risk characteristics are evaluated on an individual basis and are excluded from the collective evaluation. Allowance for Credit Losses - Loans The allowance for credit losses on loans is summarized in the following table:
The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended September 30, 2023 and 2022:
The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the nine months ended September 30, 2023 and 2022:
During the three and nine months ended September 30, 2023, one residential loan, that was originated in 2006, had a charge-off of $18 thousand. The loan was transferred to other real estate owned in the third quarter of 2023. Consumer and other charge-offs relate to overdrafts, which were originated in 2023, as it is our policy to charge these off within 60 days of occurrence. The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at September 30, 2023 and December 31, 2022:
(1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses. Allowance for Credit Losses - Securities The Company recorded an allowance of credit losses on securities of $170 thousand upon adoption of ASU 2016-13 on January 1, 2023. Prior year disclosures have not been restated. At September 30, 2023, the balance of the allowance of credit losses on securities was $168 thousand. For the three and nine months ended September 30, 2023, the Company recorded a decrease in provision for credit losses of $2 thousand on held-to-maturity securities. Accrued interest receivable on securities is reported as a component of accrued interest receivable on the consolidated balance sheets and totaled $1.8 million and $1.0 million at September 30, 2023 and December 31, 2022, respectively. The Company made the election to exclude accrued interest receivable from the estimate of credit losses on securities. Allowance for Credit Losses - Off-Balance-Sheet Exposures The allowance for credit losses on off-balance-sheet exposures is reported in other liabilities in the consolidated balance sheets. The liability represents an estimate of expected credit losses arising from off-balance-sheet exposures such as letters of credit, guarantees and unfunded loan commitments. The process for measuring lifetime expected credit losses on these exposures is consistent with that for loans as discussed above, but is subject to an additional estimate reflecting the likelihood that funding will occur. No liability is recognized for off-balance-sheet credit exposures that are unconditionally cancellable by the Company. Adjustments to the liability are reported as a component of provision for credit losses. The Company recorded a decrease in the allowance for credit losses for off-balance-sheet exposures of $811 thousand upon adoption on January 1, 2023. Prior year disclosures have not been restated. At September 30, 2023 and December 31, 2022, the balance of the allowance for credit losses for off-balance-sheet exposures was $435 thousand and $1.7 million, respectively. The Company recorded a recovery of provision for credit loss on off-balance-sheet exposures of $201 thousand and $443 thousand for the three and nine months ended September 30, 2023, respectively. For the three and nine months ended September 30, 2022, the Company recorded a provision on unfunded lending commitments of $170 thousand and a recovery of $108 thousand, respectively, in other non-interest expense.
|
LEASES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LEASES | LEASES The Company leases certain office space, land and equipment under operating leases. These leases have original terms ranging from one year to 40 years. Operating lease liabilities and right-of-use assets are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. The Company had the following related to operating leases:
The following table is a summary of the Company’s components of net lease cost for the three and nine months ended September 30, 2023 and 2022. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.
The following table presents supplemental cash flow information related to operating leases:
Future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2023 are as follows:
|
DEPOSITS |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DEPOSITS | DEPOSITS Deposits at September 30, 2023 and December 31, 2022 are summarized as follows:
Money market accounts are included within the NOW and demand accounts and savings captions. Included in time deposits are brokered deposits totaling $125.0 million and $75.0 million at September 30, 2023 and December 31, 2022, respectively. Time deposits mature as follows for the years ending December 31:
|
STOCK-BASED COMPENSATION |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Employee Stock Ownership Plan The Company maintains an ESOP, a tax-qualified plan designed to invest primarily in the Company’s common stock. The ESOP provides employees with the opportunity to receive a funded retirement benefit from the Bank, based primarily on the value of the Company’s common stock. The ESOP borrowed funds from the Company to purchase 2,281,800 shares of stock at $10 per share. The loan is secured by the shares purchased, which are held until allocated to participants. Shares are released for allocation to participants as loan payments are made. Loan payments are principally funded by discretionary cash contributions by the Bank, as well as dividends, if any, paid to the ESOP on unallocated shares. When loan payments are made, ESOP shares are allocated to participants at the end of the plan year (December 31) based on relative compensation, subject to federal tax law limits. Participants receive the allocated vested shares at the end of employment. Dividends on allocated shares, if any, increase participants accounts. At September 30, 2023, the principal balance on the ESOP loan was $21.2 million. There were no contributions to the ESOP during the three and nine months ended September 30, 2023, as loan payments are made annually during the fourth quarter of each year. ESOP shares are committed to be released from unallocated and compensation expense is recognized over the service period. At September 30, 2023 and December 31, 2022, there were 2,099,256 unallocated shares and 182,544 shares allocated to participants. The fair value of unallocated shares at September 30, 2023 and December 31, 2022 was $17.6 million and $27.0 million, respectively, computed using the closing trading price of the Company’s common stock on each date. For the three and nine months ended September 30, 2023, ESOP compensation expense for the shares committed to be released from unallocated was $216 thousand and $699 thousand respectively. Shares committed to be released from unallocated total 22,818 and 68,454 for the three and nine months ended September 30, 2022, respectively. During the three and nine months ended September 30, 2022, the Company recorded $266 thousand and $870 thousand, respectively, of ESOP compensation expense. Equity Incentive Plan At the annual meeting held on August 25, 2022, stockholders of the Company approved the Blue Foundry Bancorp 2022 Equity Incentive Plan (“Equity Plan”) which provides for the granting of up to 3,993,150 shares (1,140,900 restricted stock awards and 2,852,250 stock options) of the Company’s common stock. Restricted shares granted under the Equity Plan generally vest in equal installments, over a service period between and seven years beginning one year from the date of grant. Additionally, certain restricted shares awarded can be performance vesting awards, which may or may not vest depending upon the attainment of certain corporate financial targets. The vesting of the awards accelerate upon death, disability or an involuntary termination at or following a change in control. The product of the number of shares granted and the grant date closing market price of the Company’s common stock determine the fair value of restricted shares under the Equity Plan. Management recognizes compensation expense for the fair value of restricted shares on a straight-line basis over the requisite service period. Stock options granted under the Equity Plan generally vest in equal installments, over a service period between and seven years beginning one year from the date of grant. The vesting of the options accelerate upon death, disability or an involuntary termination at or following a change in control. Stock options were granted at an exercise price equal to the fair value of the Company’s common stock on the grant date based on the closing market price and have an expiration period of ten years. There were no stock options granted during the nine months ended September 30, 2023. The fair value of stock options granted during 2022 were estimated utilizing the Black-Scholes option pricing model using the following assumptions: an expected life of 6.5 years, risk-free rate of 3.15%, volatility of 29.74% and a dividend yield of 0.88%. Due to the limited historical information of the Company’s stock, management considered the weighted historical volatility of the Company and similar entities for an appropriate period in determining the volatility rate used in the estimation of fair value. The expected life of the stock option was estimated using the simplified method. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The Company recognizes compensation expense for the fair values of these awards, which have straight-line vesting, on a straight-line basis over the requisite service period of the awards. Upon exercise of vested options, management expects to draw on treasury stock as the source for shares. The following table presents the share-based compensation expense for the three and nine months ended September 30, 2023 and 2022.
The following is a summary of the Company’s stock option activity and related information for the nine months ended September 30, 2023:
Expected future expense relating to the non-vested options outstanding as of September 30, 2023 is $8.6 million over a weighted average period of 5.5 years. On March 6, 2023, the Company granted to employees, under the 2022 Equity Incentive Plan, 372,540 restricted stock awards with a total grant-date fair value of $4.5 million. Of these grants, 12,300 vest one year from the date of grant and 360,240 vest in equal installments over a seven-year period beginning one year from the date of grant. The Company also issued 360,240 performance-based restricted stock awards to its officers with a total grant date fair value of $4.3 million. Vesting of the performance-based restricted stock units will be based on achievement of certain levels of loan growth, deposit growth and net interest margin and will convert to a seven-year time vest after the one-year measurement period ending December 31, 2023. At the end of the performance period, the number of actual shares to be awarded may vary between 0% and 100% of target amounts. The following is a summary of the status of the Company’s restricted shares as of September 30, 2023 and changes therein during the nine months ended:
Expected future expense relating to the non-vested restricted shares outstanding as of September 30, 2023 is $6.6 million over a weighted average period of 5.4 years.
|
DERIVATIVES AND HEDGING ACTIVITIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES The Company utilizes interest rate swap agreements as part of its asset liability management strategy to help manage its interest rate risk position. The notional amount of the interest rate swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual interest rate swap agreements. The Company had interest rate swaps with notional amounts totaling $259.0 million and $109.0 million at September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023, they were designated as cash flow hedges of certain Federal Home Loan Bank (“FHLB”) advances and brokered deposits and, as of December 31, 2022, they were designated as cash flow hedges of certain Federal Home Loan Bank (“FHLB”) advances. They were determined to be highly effective during all periods presented. The Company expects the hedges to remain highly effective during the remaining terms of the swaps. Summary information about the interest rate swaps designated as cash flow hedges as of period-end is as follows:
At September 30, 2023, the Company held $15.3 million as cash collateral pledged from the counterparty for these interest-rate swaps and had no securities pledged to the counterparty. At December 31, 2022, the Company held $11.5 million as cash collateral pledged from the counterparty and had no securities pledged to the counterparty. Interest income or expense recorded on these swap transactions is reported as a component of interest expense on FHLB advances or brokered deposits. Interest income during the three months ended September 30, 2023 totaled $1.5 million and interest income for the three months ended September 30, 2022 totaled $198 thousand. Interest income during the nine months ended September 30, 2023 totaled $3.9 million and interest expense for the nine months ended September 30, 2022 totaled $270 thousand. At September 30, 2023, the Company expected $1.8 million of the unrealized gain to be reclassified as a reduction to interest expense during the remainder of 2023. Cash Flow Hedge The effect of cash flow hedge accounting on accumulated other comprehensive income for the three and nine months ended September 30, 2023 and September 30, 2022, is as follows:
(1) Net of tax, adjusted for deferred tax valuation allowance.
|
ACCUMULATED OTHER COMPREHENSIVE INCOME |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME | ACCUMULATED OTHER COMPREHENSIVE INCOME Accumulated other comprehensive income represents the net unrealized holding gains on securities available-for-sale, derivatives and the funded status of the Company’s post-retirement plans, as of the balance sheet dates, net of the related tax effect. The tax effect in accumulated other comprehensive income is adjusted to reflect the Company’s valuation allowance on deferred tax assets. The following table presents the components of other comprehensive income (loss) both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated:
(1) Benefit arising from plan amendment approved in June 2022. The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated:
The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of income for the periods indicated:
(1) Reflects deferred tax valuation allowance.
|
FAIR VALUE OF ASSETS AND LIABILITIES |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF ASSETS AND LIABILITIES | FAIR VALUE OF ASSETS AND LIABILITIES Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. The Company used the following methods and significant assumptions to estimate fair value: Securities: For securities available-for-sale, fair value was estimated using a market approach. The majority of the Company’s securities are fixed income instruments that are not quoted on an exchange, but are traded in active markets. Prices for these instruments are obtained through third party data service providers or dealer market participants with which the Company has historically transacted both purchases and sales of securities. Prices obtained from these sources include market quotations and matrix pricing. Matrix pricing, a Level 2 input as defined by ASC 820, is a mathematical technique used principally to value certain securities to benchmark or comparable securities. The Company evaluates the quality of Level 2 matrix pricing through comparison to similar assets with greater liquidity and evaluation of projected cash flows. The Company also holds debt instruments issued by the U.S. government and U.S. government sponsored agencies that are traded in active markets with readily accessible quoted market prices that are considered Level 1 inputs. Derivatives: The fair values of derivatives are based on valuation models using observable market data as of the measurement date (Level 2). The Company’s derivatives are traded in an over-the-counter market where quoted market prices are not always available. Therefore, the fair values of derivatives are determined using quantitative models that utilize multiple market inputs. The inputs will vary based on the type of derivative, but could include interest rates, prices and indices to generate continuous yield or pricing curves, prepayment rates and volatility factors to value the position. The majority of market inputs are actively quoted and can be validated through external sources, including brokers, market transactions and third-party pricing services. Impaired loans: The fair value of impaired loans with specific allocations of the allowance for loan losses is generally based on recent real estate appraisals. These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the independent appraisers to adjust for differences between the comparable sales and income data available. Such adjustments are usually significant and typically result in a Level 3 classification of the inputs for determining fair value. Other real estate owned (OREO): Property acquired through foreclosure or deed in lieu of foreclosure is carried at fair value less estimated disposal costs of the acquired property. Fair value of OREO is based on the appraised value of the collateral using discount rates similar to those used in impaired loan valuation. Assets held for sale: Nonrecurring adjustments to certain non-residential properties classified as assets held for sale are measured at fair value, less costs to sell. Fair values are based on contracts or letters of intent. The following table summarizes the fair value of assets and liabilities as of September 30, 2023:
The following table summarizes the fair value of assets and liabilities as of December 31, 2022:
Other Fair Value Disclosures Fair value estimates, methods and assumptions for the Company’s financial instruments that are not recorded at fair value on a recurring or non-recurring basis are set forth below. Securities held-to-maturity: The Company’s debt securities held-to-maturity portfolio is carried at amortized cost less allowance for credit losses. The fair values of debt securities held-to-maturity are provided by a third-party pricing service. The pricing service may use quoted market prices of comparable instruments or a variety of other forms of analysis, incorporating inputs that are currently observable in the markets for similar securities. Inputs that are often used in the valuation methodologies include, but are not limited to, benchmark yields, credit spreads, default rates, prepayment speeds and non-binding broker quotes. Loans, net: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as residential mortgage and consumer. Each loan category is further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. Estimated fair value of loans is determined using a discounted cash flow model that employs an exit discount rate that reflects the current market pricing for loans with similar characteristics and remaining maturity, adjusted for estimated credit losses inherent in the portfolio at the balance sheet date. Time deposits: The fair value of time deposits is based on the discounted value of contractual cash flows. The discount rate is estimated using rates for currently offered deposits of similar remaining maturities. Federal Home Loan Bank advances: The fair value of borrowings is based on securities dealers’ estimated fair values, when available, or estimated using discounted cash flow analysis. The discount rates used approximate the rates offered for similar borrowings of similar remaining terms. The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s consolidated balance sheets at September 30, 2023 and December 31, 2022. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, other investments, non-maturity deposits, overnight borrowings and accrued interest, which are excluded from the table below.
|
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME | REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME All of the Company’s revenue from contracts with customers in the scope of ASC 606 is recognized within non-interest income in the statements of income. The following table presents the Company’s sources of revenue from contracts with customers for the three and nine months ended September 30, 2023 and 2022, respectively:
Service Charges on Deposit Accounts: The Company earns fees from its deposit customers for transaction-based, account maintenance and, prior to November 1, 2022, overdraft services. Transaction based fees, which include services such as ATM use fees, stop payment charges, statement rendering and wire transfer fees, are recognized at the time the transaction is executed as that is the point in time the Company fulfills the customer’s request. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which the Company satisfies the performance obligation. When they were assessed, overdraft fees were recognized at the point in time the overdraft occurred. Service charges on deposits are withdrawn from the customer’s account balance. Interchange Income: The Company earns interchange fees from debit cardholder transactions conducted through a payment network. Interchange fees from debit cardholder transactions represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. In addition, the Company earns interchange fees from credit cardholder transactions through its partnership with a third party.
|
EARNINGS PER SHARE |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS PER SHARE | EARNINGS PER SHARE Basic earnings per share (“EPS”) represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as unexercised stock options and unvested restricted stock) were exercised or converted into additional common shares that would then share in the earnings of the entity. Diluted EPS is computed by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period, plus the effect of potential dilutive common share equivalents. Shares held by the Employee Stock Ownership Plan (“ESOP”) that have not been allocated to employees in accordance with the terms of the ESOP, referred to as “unallocated ESOP shares,” are not deemed outstanding for earnings per share calculations.
Excluded from the earnings per share calculation are anti-dilutive equity awards for the three and nine months ended September 30, 2023, totaling 1,496,475 and 1,278,351, respectively. For the three and nine months ended September 30, 2022, anti-dilutive equity awards totaling 98,000 and 33,000, respectively, were excluded from the earnings per share calculation. Due to the Company’s net loss for the three and nine months ended September 30, 2023, the assumed vesting of outstanding restricted stock units had an antidilutive effect on diluted earnings per share.
|
SUBSEQUENT EVENTS |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTSAs defined in FASB ASC 855, “Subsequent Events,” subsequent events are events or transactions that occur after the balance sheet date but before financial statements are issued or available to be issued. Financial statements are considered issued when they are widely distributed to stockholders and other financial statement users for general use and reliance in a form and format that complies with U.S. GAAP. The Company performed an evaluation and determined that there are no subsequent events to report. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
9 Months Ended |
---|---|
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation: The accompanying consolidated financial statements include the accounts of Blue Foundry Bancorp (the “Company”), and its wholly owned subsidiary, Blue Foundry Bank (the “Bank”), and the Bank’s wholly owned subsidiaries, Blue Foundry Service Corp., Rutherford Center Development Corp., and Blue Foundry Investment Company (collectively, the “Company”). All intercompany accounts and transactions have been eliminated in consolidation. Blue Foundry Bancorp owns 100% of the common stock of Blue Foundry Bank. |
Segment Reporting | Segment Reporting: The Company operates as a single operating segment for financial reporting purposes. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation: The consolidated financial statements of the Company have been prepared in conformity with U.S. generally accepted accounting principles. Certain information and note disclosures usually included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for the preparation of the Quarterly Reports on Form 10-Q and with Regulation S-X. The interim unaudited consolidated financial statements reflect all normal and recurring adjustments, which are, in the opinion of management, considered necessary for a fair presentation of the consolidated balance sheets and the consolidated statements of income for the periods presented. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheets and revenues and expenses for the period. Actual results could differ from those estimates. Some items in the prior year financial statements may be reclassified to conform to the current presentation. Reclassifications had no effect on prior year net income or shareholders’ equity. The results of operations and other data presented for the three and nine months ended September 30, 2023 are not necessarily indicative of the results of operations that may be expected for subsequent periods or the full year results. These financial statements should be read in conjunction with the annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed on March 30, 2023. The accounting policies of the Company conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1, Summary of Significant Accounting Policies, included in the Company’s 2022 Annual Report on Form 10-K. Except for the below, there have been no changes to the Company’s significant accounting policies since December 31, 2022.
|
Adoption of New Accounting Standards and Accounting Standards Not Yet Adopted | Adoption of New Accounting Standards: The Company adopted Accounting Standards Update (“ASU”) 2020-04, “Reference Rate Reform (“ASU 2020-04”): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides temporary optional guidance to ease the potential burden in accounting for reference rate reform. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts and hedging relationships, subject to meeting certain criteria, that reference the London Inter-Bank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued. It is intended to help stakeholders during the global market-wide reference rate transition period. The guidance was effective for all entities as of March 12, 2020 through December 31, 2022. However, in December 2022, the FASB issued ASU 2022-06, deferring the sunset date to December 31, 2024. The Company has evaluated the regulatory requirements to cease the use of LIBOR and has put in place systems and capabilities for this purpose. The adoption did not have a material impact on the Company’s consolidated financial statements. The Company adopted ASU No. 2016-13, “Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments,” which replaces the incurred loss model for loans and other financial assets with an expected loss model and is referred to as the current expected credit loss (“CECL”) model. The Company adopted ASU 2016-13 using the modified retrospective method for all financial assets measured at amortized cost and off-balance-sheet credit exposures. The adoption of the new standard resulted in the Company recording an increase in the allowances for credit losses of $18 thousand, comprised of an increase of $660 thousand on loans, establishing a $170 thousand reserve on held-to-maturity securities and a reversal in the reserve for commitments and letters of credit of $811 thousand. There was no allowance for credit losses required on available-for-sale securities. The CECL model is applicable to the measurement of credit losses on financial assets measured at amortized cost, including loans receivable and held-to maturity debt securities. It also applies to off-balance-sheet credit exposures (loan commitments, standby letters of credit, financial guarantees and other similar instruments) and net investments in certain leases recognized by a lessor. In addition, the amendments in ASU 2016-13 require credit losses on available-for-sale securities to be presented as a valuation allowance rather than a direct write-down on the basis of the securities. Results for reporting periods beginning after January 1, 2023, are presented under CECL, while prior period amounts continue to be presented under previously-applied U.S. GAAP. Loans Under the CECL model, the allowance for credit losses on financial assets is a valuation allowance estimated at each balance sheet date in accordance with U.S. GAAP, and is deducted from the financial assets’ amortized cost basis to present the net amount expected to be collected on the financial assets. The Company estimates the allowance for credit losses on loans based on the underlying assets’ amortized cost basis, which is the amount at which the financing receivable is originated or acquired, adjusted for applicable accretion or amortization of premium, discount, net deferred fees or costs, collection of cash, and charge-offs. In the event that collection of principal becomes uncertain, the Company has policies in place to write-off accrued interest receivable by reversing interest income in a timely manner. Therefore, the Company has made a policy election to exclude accrued interest from the amortized cost basis and therefore excludes it from the measurement of the allowance for credit loss. Changes in expected credit losses are reflected through a charge to the provision for credit losses. The Company’s estimate of the allowance for credit loss reflects losses expected over the remaining contractual life of the assets. When the Company deems all or a portion of a financial asset to be uncollectible, the appropriate amount is written off and the allowance for credit losses is reduced by the same amount. The Company applies judgment to determine when a financial asset is deemed uncollectible. When available information confirms that specific loans, securities, other assets, or portions thereof, are uncollectible, these amounts are charged-off against the allowance for credit losses. Subsequent recoveries, if any, are credited to the allowance for credit losses when received. The Company measures expected credit losses of financial assets on a collective portfolio segment basis when the financial assets share similar risk characteristics. The Company generally measures expected credit losses using discounted cash flows (“DCF”) models at the portfolio segment level, whereby the total shortfall in comparing the portfolio segment DCFs to the amortized cost basis reflects management’s estimate of expected credit losses. Our CECL models for loans includes the following major items: –a historical loss period, which represents a full economic credit cycle utilizing loss experience including peer bank historical loss data, to calculate probabilities of default at the portfolio segment level; –macroeconomic variable forecasts, including the national housing price index, unemployment and gross domestic product, to adjust probabilities of default over a reasonable and supportable forecast period of one year, based on management’s current review of the reliability of extended forecasts; –a reversion period of one year to adjust probabilities of default (after the reasonable and supportable forecast period) to historical means using a straight-line approach; –a risk index that measures loss given defaults as a function of probabilities of default at the portfolio segment level; –expected prepayment rates based on our historical experience and benchmark assumptions where internal data is limited; and –incorporation of qualitative factors not captured within the modeled results. For collateral dependent financial assets where the Company has determined that foreclosure of the collateral is probable and where the borrower is experiencing financial difficulty, the allowance for credit loss is measured based on the difference between the fair value of the collateral and the amortized cost basis of the asset as of the measurement date. Fair value is calculated based on the value of the underlying collateral less an appraisal discount and the estimated cost to sell. Off-Balance-Sheet Exposures The Company records changes in the allowance for credit losses on off-balance-sheet credit exposures through a charge to provision for credit losses. The allowance for credit loss on off-balance-sheet credit exposures is estimated by portfolio segment at each balance sheet date under the CECL model using the same methodologies as portfolio loans, taking into consideration management’s assumption of the likelihood that funding will occur, and is included in other liabilities on the Company’s consolidated balance sheets. Securities For securities available-for-sale, ASU 2016-13 eliminates the concept of other-than-temporary impairment and instead requires entities to determine if impairment is related to credit loss or non-credit loss. In making the assessment of whether a loss is from credit or other factors, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and adverse conditions 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 less than the amortized cost basis, a credit loss exists and an allowance is created, limited by the amount that the fair value is less than the amortized cost basis. The allowance for credit losses on held-to-maturity debt securities is initially recognized upon acquisition of the securities, and subsequently remeasured on a recurring basis. Expected credit losses on held-to-maturity debt securities through the life of the financial instrument are estimated and recognized as an allowance for credit losses on the balance sheet with a corresponding adjustment to current earnings. Subsequent favorable or unfavorable changes in expected cash flow will decrease or increase the allowance for credit losses through a charge to the provision for credit losses. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type. The held-to-maturity portfolio is classified into the following major security types: corporate bonds and asset-backed securities. At each reporting period, the Company evaluates whether the securities in a segment continue to exhibit similar risk characteristics as the other securities in the segment. If the risk characteristics of a security change, such that they are no longer similar to other securities in the segment, the Company will evaluate the security with a different segment that shares more similar risk characteristics. The Company has a non-accrual policy that results in a timely reversal of interest receivable, therefore the Company made the election to exclude accrued interest receivable on securities from the estimate of credit losses. In addition, the Company adopted ASU No. 2022-02, “Financial Instruments - Credit Losses (“ASU 2022-02”): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures.” The amendments in this ASU were issued to (1) eliminate accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty; (2) require disclosures of current period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments in this ASU were applied on a modified retrospective basis to recognize any change in the allowance for credit losses that had been recognized for receivables previously modified (or reasonably expected to be modified) in a TDR. This election resulted in a cumulative-effect adjustment to retained earnings as of January 1, 2023 of $8 thousand. Accounting Standards Not Yet Adopted: As an “emerging growth company” as defined in Title 1 of the Jumpstart Our Business Startups (“JOBS”) Act, the Company elected to use the extended transition period to delay the adoption of new or reissued accounting pronouncements applicable to public companies until such pronouncements were made applicable to private companies.
|
SECURITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of amortized cost of securities available-for-sale and their estimated fair value | The amortized cost of securities available-for-sale and their estimated fair values at September 30, 2023 and December 31, 2022 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of amortized cost of securities held-to-maturity and their estimated fair value | The amortized cost of securities held-to-maturity, allowance for credit losses and their estimated fair values at September 30, 2023 and December 31, 2022, are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of amortized cost and fair value of debt securities shown by contractual maturity | The amortized cost and fair value of debt securities are shown below by contractual maturity as of September 30, 2023. Expected maturities on mortgage and asset-backed securities generally exceed 20 years; however, they may differ from contractual maturities as borrowers may have the right to call or prepay obligations with or without penalties. Securities not due at a single maturity are shown separately.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of credit profile of debt securities held-to-maturity | The table below indicates the credit profile of the Company’s debt securities held-to-maturity at amortized cost at September 30, 2023.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of available-for-sale securities with unrealized losses | The following tables summarize available-for-sale securities with unrealized losses at September 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of held-for-maturity with unrealized losses | The following tables summarizes held-to-maturity securities with unrealized losses at September 30, 2023 and December 31, 2022, aggregated by major security type and length of time in a continuous loss position.
|
LOANS RECEIVABLE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of loans receivable | A summary of loans receivable, net at September 30, 2023 and December 31, 2022, follows:
(1) For more information, see Footnote 4 - Allowance for Credit Losses.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of credit quality indicators | The following table presents the risk category of loans by class of loan and vintage as of September 30, 2023:
(1) Balance represents PPP loans which carry the federal guarantee of the SBA. The following table presents the risk category of loans by class of loans as of December 31, 2022:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of past due and current loans | The following table presents the recorded investment in past due and current loans by loan portfolio class as of September 30, 2023 and December 31, 2022:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of non-accrual loans and loans past due 90 days or more and still on accrual | The following table presents information on non-accrual loans at September 30, 2023:
The following table presents the recorded investment in non-accrual loans at December 31, 2022:
(1) Loans 90 days past due and accruing were comprised of PPP loans which carry the federal guarantee of the SBA.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of impaired loans by class of loans | The following table presents, under previously applicable U.S. GAAP, information related to impaired loans by class of loans at and as of September 30, 2022 and at December 31, 2022:
|
ALLOWANCE FOR CREDIT LOSSES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes in allowance for loan losses by class of loans | The allowance for credit losses on loans is summarized in the following table:
The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the three months ended September 30, 2023 and 2022:
The following tables present the activity in the Company’s allowance for credit losses by class of loans based on the analysis performed for the nine months ended September 30, 2023 and 2022:
The following table represents the allocation of allowance for loan losses and the related recorded investment, including deferred fees and costs, in loans by loan portfolio segment, disaggregated based on the impairment methodology at September 30, 2023 and December 31, 2022:
(1) Includes PPP loans which carry the federal guarantee of the SBA and do not have an allowance for credit losses.
|
LEASES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of balance sheet information related to operating leases | The Company had the following related to operating leases:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of lease cost | The following table is a summary of the Company’s components of net lease cost for the three and nine months ended September 30, 2023 and 2022. The variable lease cost primarily represents variable payments such as common area maintenance and utilities.
The following table presents supplemental cash flow information related to operating leases:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of future undiscounted operating lease payments | Future undiscounted lease payments for operating leases with initial terms of one year or more as of September 30, 2023 are as follows:
|
DEPOSITS (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of deposits | Deposits at September 30, 2023 and December 31, 2022 are summarized as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of timed deposit maturities | Time deposits mature as follows for the years ending December 31:
|
STOCK-BASED COMPENSATION (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share-based compensation expense | The following table presents the share-based compensation expense for the three and nine months ended September 30, 2023 and 2022.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock option activity | The following is a summary of the Company’s stock option activity and related information for the nine months ended September 30, 2023:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of restricted shares activity | The following is a summary of the status of the Company’s restricted shares as of September 30, 2023 and changes therein during the nine months ended:
|
DERIVATIVES AND HEDGING ACTIVITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of interest-rate swaps designated as cash flow hedges | Summary information about the interest rate swaps designated as cash flow hedges as of period-end is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of effect of cash flow hedge accounting on AOCI | The effect of cash flow hedge accounting on accumulated other comprehensive income for the three and nine months ended September 30, 2023 and September 30, 2022, is as follows:
(1) Net of tax, adjusted for deferred tax valuation allowance.
|
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of components of comprehensive (loss) income gross and net of tax | The following table presents the components of other comprehensive income (loss) both gross and net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated:
(1) Benefit arising from plan amendment approved in June 2022.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in accumulated other comprehensive income by component, net of tax | The following is a summary of the changes in accumulated other comprehensive income by component, net of tax, inclusive of a deferred tax valuation allowance, for the periods indicated:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of reclassification out of each component of accumulated other comprehensive income (loss) | The following table presents information about amounts reclassified from accumulated other comprehensive income (loss) to the consolidated statements of income for the periods indicated:
(1) Reflects deferred tax valuation allowance.
|
FAIR VALUE OF ASSETS AND LIABILITIES (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of fair value of assets and liabilities | The following table summarizes the fair value of assets and liabilities as of September 30, 2023:
The following table summarizes the fair value of assets and liabilities as of December 31, 2022:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of carrying amounts and fair value of financial instruments not carried at fair value | The following tables present the book value, fair value, and placement in the fair value hierarchy of financial instruments not recorded at fair values in their entirety on a recurring basis on the Company’s consolidated balance sheets at September 30, 2023 and December 31, 2022. The fair value measurements presented are consistent with Topic 820, Fair Value Measurement, in which fair value represents exit price. These tables exclude financial instruments for which the carrying amount approximates fair value. Financial instruments for which the carrying amount approximates fair value include cash and cash equivalents, other investments, non-maturity deposits, overnight borrowings and accrued interest, which are excluded from the table below.
|
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of sources of revenue from contracts with customers | The following table presents the Company’s sources of revenue from contracts with customers for the three and nine months ended September 30, 2023 and 2022, respectively:
|
EARNINGS PER SHARE (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jul. 15, 2021
USD ($)
$ / shares
shares
|
Sep. 30, 2023
USD ($)
shares
|
Sep. 30, 2022
USD ($)
shares
|
Sep. 30, 2023
USD ($)
segment
shares
|
Sep. 30, 2022
USD ($)
shares
|
Jun. 30, 2023
USD ($)
shares
|
Dec. 31, 2022
USD ($)
shares
|
Jun. 30, 2022
USD ($)
shares
|
Dec. 31, 2021
USD ($)
shares
|
|
Lessee, Lease, Description [Line Items] | |||||||||
Stock price per share (in usd per share) | $ / shares | $ 10 | ||||||||
Gross offering proceeds | $ 277,700 | ||||||||
Charitable contribution in cash | $ 1,500 | ||||||||
Shares in ESOP (in shares) | shares | 2,281,800 | 2,281,800 | 2,281,800 | ||||||
Loans receivable, allowance | $ 13,872 | $ 13,600 | $ 13,872 | $ 13,600 | $ 14,413 | $ 13,400 | $ 14,050 | $ 14,425 | |
Reversal in reserve for commitments and letters of credit | 435 | $ 435 | 1,700 | ||||||
Number of operating segments | segment | 1 | ||||||||
Shareholders' equity | $ (359,149) | $ (397,338) | $ (359,149) | $ (397,338) | (366,534) | $ (393,718) | (412,293) | (429,471) | |
ESOP shares committed to be released (in shares) | shares | 22,818 | 22,818 | 68,454 | 68,454 | |||||
Common stock, outstanding (in shares) | shares | 25,174,412 | 25,174,412 | 27,523,219 | ||||||
Unallocated Common Stock Held by ESOP | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | $ 20,308 | $ 21,220 | $ 20,308 | $ 21,220 | 20,536 | $ 20,993 | 21,449 | 21,905 | |
Retained Earnings | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | (167,271) | (171,201) | (167,271) | (171,201) | (168,703) | (171,763) | (170,050) | (169,457) | |
Common Stock | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | $ (285) | $ (285) | $ (285) | $ (285) | $ (285) | $ (285) | $ (285) | $ (285) | |
Common stock, outstanding (in shares) | shares | 25,174,412 | 28,155,292 | 25,174,412 | 28,155,292 | 25,493,422 | 27,523,219 | 28,522,500 | 28,522,500 | |
Additional Paid-In Capital | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | $ (273,194) | $ (278,861) | $ (273,194) | $ (278,861) | $ (272,267) | $ (279,454) | $ (282,154) | $ (282,006) | |
Treasury Stock | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | 34,141 | 4,235 | 34,141 | 4,235 | 31,060 | 12,072 | 0 | 0 | |
Accumulated Other Comprehensive Income (Loss) | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | $ 27,152 | $ 27,554 | $ 27,152 | $ 27,554 | 23,125 | 24,719 | 18,747 | 372 | |
Cumulative Effect, Period of Adoption, Adjustment | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Allowance for credit losses | 18 | ||||||||
Loans receivable, allowance | $ 0 | 668 | $ 0 | $ 0 | |||||
Held-to-maturities securities allowance | 170 | ||||||||
Reversal in reserve for commitments and letters of credit | (811) | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2022-02 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | 8 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2022-02 | Unallocated Common Stock Held by ESOP | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | 0 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Loans receivable, allowance | 660 | ||||||||
Shareholders' equity | 18 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | Unallocated Common Stock Held by ESOP | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | 0 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accounting Standards Update 2022-02 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | 8 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accounting Standards Update 2016-13 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | 18 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Accounting Standards Update 2022-02 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | $ 0 | ||||||||
Common stock, outstanding (in shares) | shares | 0 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Accounting Standards Update 2016-13 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | $ 0 | ||||||||
Common stock, outstanding (in shares) | shares | 0 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-In Capital | Accounting Standards Update 2022-02 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | $ 0 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Additional Paid-In Capital | Accounting Standards Update 2016-13 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | 0 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Accounting Standards Update 2022-02 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | 0 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Treasury Stock | Accounting Standards Update 2016-13 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | 0 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2022-02 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | 0 | ||||||||
Cumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Accounting Standards Update 2016-13 | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shareholders' equity | $ 0 | ||||||||
Public stock offering | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shares of common stock sold (in shares) | shares | 27,772,500 | ||||||||
Donation of shares to Blue Foundry Charitable Foundation | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Shares of common stock sold (in shares) | shares | 750,000 | ||||||||
Blue Foundry Bancorp - NJ | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Ownership interest percentage | 100.00% | 100.00% |
SECURITIES - Summary of amortized cost of securities available-for-sale and their estimated fair value (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 325,519 | $ 350,431 |
Gross Unrealized Gains | 59 | 53 |
Gross Unrealized Losses | (41,929) | (36,236) |
Estimated Fair Value | 283,649 | 314,248 |
U.S. Treasury note | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 46,935 | 46,937 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (2,698) | (3,178) |
Estimated Fair Value | 44,237 | 43,759 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 79,052 | 81,725 |
Gross Unrealized Gains | 59 | 4 |
Gross Unrealized Losses | (6,466) | (5,431) |
Estimated Fair Value | 72,645 | 76,298 |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,290 | 16,367 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (607) | (944) |
Estimated Fair Value | 14,683 | 15,423 |
Obligations issued by U.S. states and their political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 15,594 | 16,559 |
Gross Unrealized Gains | 0 | 49 |
Gross Unrealized Losses | (793) | (340) |
Estimated Fair Value | 14,801 | 16,268 |
Residential one-to-four family | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 153,360 | 164,843 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (29,732) | (24,657) |
Estimated Fair Value | 123,628 | 140,186 |
Multifamily | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,765 | 19,475 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,418) | (1,317) |
Estimated Fair Value | 12,347 | 18,158 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,523 | 4,525 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (215) | (369) |
Estimated Fair Value | $ 1,308 | $ 4,156 |
SECURITIES - Summary of amortized cost of securities held-to-maturity and their estimated fair value (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | $ 33,466 | $ 33,705 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (5,552) | (4,590) | |
Estimated Fair Value | 27,914 | 29,115 | |
Securities, held-to-maturity, allowance for credit losses | (168) | $ 0 | |
Securities held-to-maturity | 27,746 | ||
Corporate bonds | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 18,600 | 18,600 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (3,567) | (2,281) | |
Estimated Fair Value | 15,033 | 16,319 | |
Asset-backed securities | |||
Schedule of Held-to-maturity Securities [Line Items] | |||
Amortized Cost | 14,866 | 15,105 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | (1,985) | (2,309) | |
Estimated Fair Value | $ 12,881 | $ 12,796 |
SECURITIES - Narrative (Details) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
security
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
security
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
security
|
|
Schedule of Held-to-maturity Securities [Line Items] | |||||
Securities, held-to-maturity, allowance for credit losses | $ (168,000) | $ 0 | $ (168,000) | $ 0 | |
Proceeds from sales and calls of available-for-sale securities | 0 | $ 0 | 0 | 2,400,000 | |
Gross realized gains on sales and calls of available for sale securities | 14,000 | ||||
Gross realized losses on sales and calls of available for sale securities | $ 0 | ||||
Value of securities with BBB Split rating | $ 33,466,000 | $ 33,466,000 | $ 33,705,000 | ||
Number of available-for-sale securities in unrealized loss positions | security | 110 | 110 | 105 | ||
BBB Split Rating | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of securities with a BBB split rating | security | 1 | 1 | |||
Value of securities with BBB Split rating | $ 2,000,000 | $ 2,000,000 | |||
Debt Securities | Asset Pledged as Collateral | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Carrying amount of securities pledged | $ 5,800,000 | $ 5,800,000 | $ 4,200,000 | ||
U.S. Government agency obligations | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available-for-sale securities in unrealized loss positions | security | 4 | 4 | 5 | ||
Obligations issued by U.S. states and their political subdivisions | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available-for-sale securities in unrealized loss positions | security | 16 | 16 | 8 | ||
Corporate bonds | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Value of securities with BBB Split rating | $ 18,600,000 | $ 18,600,000 | $ 18,600,000 | ||
Number of available-for-sale securities in unrealized loss positions | security | 27 | 27 | 31 | ||
Asset-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Value of securities with BBB Split rating | $ 14,866,000 | $ 14,866,000 | $ 15,105,000 | ||
Number of available-for-sale securities in unrealized loss positions | security | 1 | 1 | 2 | ||
US Government agency obligations, Treasury notes and mortgage-backed securities | |||||
Schedule of Held-to-maturity Securities [Line Items] | |||||
Number of available-for-sale securities in unrealized loss positions | security | 66 | 66 |
SECURITIES - Summary of amortized cost and fair value of debt securities shown by contractual maturity (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Term of mortgage and asset backed securities, maturity (exceeds) | 20 years | |
Amortized Cost | ||
Due in one year or less | $ 45,805 | |
Due from one year to five years | 86,865 | |
Due from five to ten years | 20,619 | |
Due after ten years | 3,582 | |
Mortgage-backed and asset-backed securities | 168,648 | |
Amortized Cost | 325,519 | $ 350,431 |
Estimated Fair Value | ||
Due in one year or less | 44,887 | |
Due from one year to five years | 81,504 | |
Due from five to ten years | 16,471 | |
Due after ten years | 3,504 | |
Mortgage-backed and asset-backed securities | 137,283 | |
Total | 283,649 | 314,248 |
Amortized Cost | ||
Due from one year to five years | 16,600 | |
Due from five to ten years | 2,000 | |
Mortgage-backed and asset-backed securities | 14,866 | |
Amortized Cost | 33,466 | 33,705 |
Estimated Fair Value | ||
Due from one year to five years | 13,419 | |
Due from five to ten years | 1,614 | |
Mortgage-backed and asset-backed securities | 12,881 | |
Estimated Fair Value | $ 27,914 | $ 29,115 |
SECURITIES - Summary of credit profile of debt securities held-to-maturity (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | $ 33,466 | $ 33,705 |
AAA | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 8,886 | |
A1 | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 5,980 | |
BBB+ | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 1,600 | |
BBB | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 11,000 | |
BBB- | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 6,000 | |
Corporate bonds | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 18,600 | 18,600 |
Corporate bonds | AAA | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 0 | |
Corporate bonds | A1 | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 0 | |
Corporate bonds | BBB+ | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 1,600 | |
Corporate bonds | BBB | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 11,000 | |
Corporate bonds | BBB- | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 6,000 | |
Asset-backed securities | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 14,866 | $ 15,105 |
Asset-backed securities | AAA | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 8,886 | |
Asset-backed securities | A1 | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 5,980 | |
Asset-backed securities | BBB+ | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 0 | |
Asset-backed securities | BBB | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | 0 | |
Asset-backed securities | BBB- | ||
Debt Securities, Held-to-Maturity, Credit Quality Indicator [Line Items] | ||
Total held-to-maturity | $ 0 |
SECURITIES - Summary of available-for-sale securities with unrealized losses (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
---|---|---|
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | $ (175) | $ (14,459) |
Estimated Fair Value | 7,932 | 172,191 |
Unrealized Losses | (41,754) | (21,777) |
Estimated Fair Value | $ 263,490 | $ 130,720 |
Number of Securities | security | 110 | 105 |
Unrealized Losses | $ (41,929) | $ (36,236) |
Estimated Fair Value | 271,422 | 302,911 |
U.S. Treasury note | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | (1,342) |
Estimated Fair Value | 0 | 28,670 |
Unrealized Losses | (2,698) | (1,836) |
Estimated Fair Value | $ 44,237 | $ 15,089 |
Number of Securities | security | 5 | 5 |
Unrealized Losses | $ (2,698) | $ (3,178) |
Estimated Fair Value | 44,237 | 43,759 |
Corporate bonds | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | (3,608) |
Estimated Fair Value | 0 | 58,509 |
Unrealized Losses | (6,466) | (1,823) |
Estimated Fair Value | $ 60,421 | $ 15,522 |
Number of Securities | security | 27 | 31 |
Unrealized Losses | $ (6,466) | $ (5,431) |
Estimated Fair Value | 60,421 | 74,031 |
U.S. Government agency obligations | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | (5) |
Estimated Fair Value | 0 | 696 |
Unrealized Losses | (607) | (939) |
Estimated Fair Value | $ 14,683 | $ 14,727 |
Number of Securities | security | 4 | 5 |
Unrealized Losses | $ (607) | $ (944) |
Estimated Fair Value | 14,683 | 15,423 |
Obligations issued by U.S. states and their political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | (175) | (65) |
Estimated Fair Value | 7,924 | 5,641 |
Unrealized Losses | (618) | (275) |
Estimated Fair Value | $ 6,877 | $ 1,568 |
Number of Securities | security | 16 | 8 |
Unrealized Losses | $ (793) | $ (340) |
Estimated Fair Value | 14,801 | 7,209 |
Residential one-to-four family | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | (8,273) |
Estimated Fair Value | 8 | 60,986 |
Unrealized Losses | (29,732) | (16,384) |
Estimated Fair Value | $ 123,617 | $ 79,189 |
Number of Securities | security | 51 | 49 |
Unrealized Losses | $ (29,732) | $ (24,657) |
Estimated Fair Value | 123,625 | 140,175 |
Multifamily | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | (1,166) |
Estimated Fair Value | 0 | 17,689 |
Unrealized Losses | (1,418) | (151) |
Estimated Fair Value | $ 12,347 | $ 469 |
Number of Securities | security | 6 | 5 |
Unrealized Losses | $ (1,418) | $ (1,317) |
Estimated Fair Value | 12,347 | 18,158 |
Asset-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Unrealized Losses | (215) | (369) |
Estimated Fair Value | $ 1,308 | $ 4,156 |
Number of Securities | security | 1 | 2 |
Unrealized Losses | $ (215) | $ (369) |
Estimated Fair Value | $ 1,308 | $ 4,156 |
SECURITIES - Summary of held-for-maturity securities with unrealized losses (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
security
|
Dec. 31, 2022
USD ($)
security
|
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses | $ (379) | $ (1,177) |
Estimated Fair Value | 2,621 | 10,423 |
Unrealized Losses | (5,173) | (3,414) |
Estimated Fair Value | $ 25,293 | $ 18,692 |
Number of Securities | security | 11 | 11 |
Unrealized Losses | $ (5,552) | $ (4,591) |
Estimated Fair Value | 27,914 | 29,115 |
Corporate bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses | (379) | (1,177) |
Estimated Fair Value | 2,621 | 10,423 |
Unrealized Losses | (3,188) | (1,104) |
Estimated Fair Value | $ 12,412 | $ 5,896 |
Number of Securities | security | 9 | 9 |
Unrealized Losses | $ (3,567) | $ (2,281) |
Estimated Fair Value | 15,033 | 16,319 |
Asset-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Unrealized Losses | (1,985) | (2,310) |
Estimated Fair Value | $ 12,881 | $ 12,796 |
Number of Securities | security | 2 | 2 |
Unrealized Losses | $ (1,985) | $ (2,310) |
Estimated Fair Value | $ 12,881 | $ 12,796 |
LOANS RECEIVABLE - Summary of loans receivable (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | $ 1,542,380 | |||||
Deferred fees, costs and premiums and discounts, net | 2,747 | |||||
Total loans | $ 1,570,990 | 1,545,127 | ||||
Allowance for credit losses on loans | (13,872) | $ (14,413) | (13,400) | $ (13,600) | $ (14,050) | $ (14,425) |
Loans receivable, net | 1,557,118 | 1,531,727 | ||||
Residential one-to-four family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 597,254 | |||||
Multifamily | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 690,690 | |||||
Non-residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 216,061 | |||||
Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 17,799 | |||||
Junior liens | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 18,631 | |||||
Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 4,653 | |||||
Consumer and other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total loans | 39 | |||||
Residential Portfolio Segment | Residential one-to-four family | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 594,521 | |||||
Total loans | 567,384 | 597,254 | ||||
Allowance for credit losses on loans | (1,966) | (1,994) | (2,264) | (2,547) | (2,582) | (2,822) |
Residential Portfolio Segment | Multifamily | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 690,278 | |||||
Total loans | 689,966 | 690,690 | ||||
Allowance for credit losses on loans | (6,823) | (7,017) | (5,491) | (6,059) | (5,139) | (5,263) |
Nonresidential Portfolio Segment | Non-residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 216,394 | |||||
Total loans | 236,325 | 216,061 | ||||
Allowance for credit losses on loans | (3,728) | (3,813) | (3,357) | (3,104) | (3,640) | (2,846) |
Construction and Land Portfolio Segment | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 17,990 | |||||
Total loans | 45,064 | 17,799 | ||||
Junior Lien Portfolio Segment | Junior liens | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 18,477 | |||||
Total loans | 22,297 | 18,631 | ||||
Allowance for credit losses on loans | (54) | (50) | (451) | (468) | (468) | (636) |
Commercial Portfolio Segment | Construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses on loans | (1,167) | $ (1,428) | (1,697) | $ (1,281) | $ (2,094) | $ (2,678) |
Commercial Portfolio Segment | Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 4,682 | |||||
Total loans | 9,904 | 4,653 | ||||
Consumer and Other Portfolio Segment | Consumer and other | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Total gross loans | 38 | |||||
Total loans | $ 50 | $ 39 |
LOANS RECEIVABLE - Narrative (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
loan
|
Dec. 31, 2022
USD ($)
|
|
Financing Receivable, Past Due [Line Items] | ||||
Accrued interest receivable | $ 6,000,000 | $ 5,300,000 | ||
Net deferred loan fees | 2,200,000 | |||
Loans held for sale | 2,435,000 | 0 | ||
Amount of loans modified | 5,500,000 | |||
Loans with terms modified in troubled debt restructurings | 4,800,000 | |||
Reserves specific to troubled debt restructuring | 27,000 | |||
Number of loans restructurings with subsequent default in the next twelve months | $ 0 | |||
Troubled debt restructuring during the period | $ 0 | $ 453,000 | ||
Mortgage loans in process of foreclosure | 3,800,000 | 4,500,000 | ||
Real estate owned, net | $ 593,000 | $ 0 | ||
Number of loans in real estate owned | loan | 1 | |||
Construction and Land Portfolio Segment | Extended Maturity | ||||
Financing Receivable, Past Due [Line Items] | ||||
Amount of loans modified | $ 3,500,000 | |||
Number of loans modified as trouble debt restructuring during the period | loan | 1 | |||
Residential Portfolio Segment | Extended Maturity | ||||
Financing Receivable, Past Due [Line Items] | ||||
Amount of loans modified | $ 374,000 | |||
Number of loans modified as trouble debt restructuring during the period | loan | 1 | |||
Residential Portfolio Segment | Payment Deferral | ||||
Financing Receivable, Past Due [Line Items] | ||||
Amount of loans modified | $ 1,600,000 | |||
Number of loans modified as trouble debt restructuring during the period | loan | 2 |
LOANS RECEIVABLE - Credit quality indicators (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | $ 81,481 | |
2022 | 523,602 | |
2021 | 310,078 | |
2020 | 66,236 | |
2019 | 85,747 | |
Pre-2019 | 503,825 | |
Revolving Loans | 21 | |
Total | 1,570,990 | $ 1,545,127 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,534,434 | |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 2,224 | |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 8,469 | |
Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Residential one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 597,254 | |
Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 690,690 | |
Non-residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 216,061 | |
Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 17,799 | |
Junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 18,631 | |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 4,653 | |
Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 39 | |
Residential Portfolio Segment | Residential one-to-four family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 12,286 | |
2022 | 98,347 | |
2021 | 116,375 | |
2020 | 14,973 | |
2019 | 18,839 | |
Pre-2019 | 306,564 | |
Revolving Loans | 0 | |
Total | 567,384 | 597,254 |
Residential Portfolio Segment | Residential one-to-four family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 12,286 | |
2022 | 98,347 | |
2021 | 116,375 | |
2020 | 14,973 | |
2019 | 18,839 | |
Pre-2019 | 300,468 | |
Revolving Loans | 0 | |
Total | 561,288 | 589,137 |
Residential Portfolio Segment | Residential one-to-four family | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 204 | |
Revolving Loans | 0 | |
Total | 204 | 247 |
Residential Portfolio Segment | Residential one-to-four family | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 5,892 | |
Revolving Loans | 0 | |
Total | 5,892 | 7,870 |
Residential Portfolio Segment | Residential one-to-four family | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 17,196 | |
2022 | 283,153 | |
2021 | 159,490 | |
2020 | 35,620 | |
2019 | 59,653 | |
Pre-2019 | 134,854 | |
Revolving Loans | 0 | |
Total | 689,966 | 690,690 |
Residential Portfolio Segment | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 17,196 | |
2022 | 283,153 | |
2021 | 159,490 | |
2020 | 35,620 | |
2019 | 59,653 | |
Pre-2019 | 134,374 | |
Revolving Loans | 0 | |
Total | 689,486 | 689,277 |
Residential Portfolio Segment | Multifamily | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 327 | |
Revolving Loans | 0 | |
Total | 327 | 897 |
Residential Portfolio Segment | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 153 | |
Revolving Loans | 0 | |
Total | 153 | 516 |
Residential Portfolio Segment | Multifamily | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Nonresidential Portfolio Segment | Non-residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 27,219 | |
2022 | 119,960 | |
2021 | 14,858 | |
2020 | 15,196 | |
2019 | 5,432 | |
Pre-2019 | 53,660 | |
Revolving Loans | 0 | |
Total | 236,325 | 216,061 |
Nonresidential Portfolio Segment | Non-residential | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 27,219 | |
2022 | 119,960 | |
2021 | 14,858 | |
2020 | 15,196 | |
2019 | 5,432 | |
Pre-2019 | 52,738 | |
Revolving Loans | 0 | |
Total | 235,403 | 214,981 |
Nonresidential Portfolio Segment | Non-residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 922 | |
Revolving Loans | 0 | |
Total | 922 | 1,080 |
Nonresidential Portfolio Segment | Non-residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Nonresidential Portfolio Segment | Non-residential | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 13,750 | |
2022 | 16,215 | |
2021 | 15,099 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 0 | |
Revolving Loans | 0 | |
Total | 45,064 | 17,799 |
Construction and Land Portfolio Segment | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 13,750 | |
2022 | 16,215 | |
2021 | 15,099 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 0 | |
Revolving Loans | 0 | |
Total | 45,064 | 17,799 |
Construction and Land Portfolio Segment | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Construction and Land Portfolio Segment | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Construction and Land Portfolio Segment | Construction | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 4,374 | |
2022 | 5,820 | |
2021 | 1,209 | |
2020 | 324 | |
2019 | 1,823 | |
Pre-2019 | 8,747 | |
Revolving Loans | 0 | |
Total | 22,297 | 18,631 |
Junior Lien Portfolio Segment | Junior liens | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 4,374 | |
2022 | 5,820 | |
2021 | 1,209 | |
2020 | 324 | |
2019 | 1,823 | |
Pre-2019 | 8,697 | |
Revolving Loans | 0 | |
Total | 22,247 | 18,579 |
Junior Lien Portfolio Segment | Junior liens | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Junior Lien Portfolio Segment | Junior liens | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 50 | |
Revolving Loans | 0 | |
Total | 50 | 52 |
Junior Lien Portfolio Segment | Junior liens | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Commercial Portfolio Segment | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 6,627 | |
2022 | 107 | |
2021 | 3,047 | |
2020 | 123 | |
2019 | 0 | |
Pre-2019 | 0 | |
Revolving Loans | 0 | |
Total | 9,904 | 4,653 |
Commercial Portfolio Segment | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 6,627 | |
2022 | 107 | |
2021 | 3,000 | |
2020 | 123 | |
2019 | 0 | |
Pre-2019 | 0 | |
Revolving Loans | 0 | |
Total | 9,857 | 4,653 |
Commercial Portfolio Segment | Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Commercial Portfolio Segment | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 0 | |
2022 | 0 | |
2021 | 47 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 0 | |
Revolving Loans | 0 | |
Total | 47 | 0 |
Commercial Portfolio Segment | Commercial and industrial | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Consumer and Other Portfolio Segment | Consumer and other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 29 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 0 | |
Revolving Loans | 21 | |
Total | 50 | 39 |
Consumer and Other Portfolio Segment | Consumer and other | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2023 | 29 | |
2022 | 0 | |
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
Pre-2019 | 0 | |
Revolving Loans | 21 | |
Total | $ 50 | 8 |
Consumer and Other Portfolio Segment | Consumer and other | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | |
Consumer and Other Portfolio Segment | Consumer and other | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 31 | |
Consumer and Other Portfolio Segment | Consumer and other | Doubtful / Loss | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 0 |
LOANS RECEIVABLE - Aging analysis (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financing Receivable, Past Due [Line Items] | ||
Total | $ 1,570,990 | $ 1,545,127 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,051 | 7,913 |
30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 845 |
90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,051 | 7,068 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,565,939 | 1,537,214 |
Residential one-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 597,254 | |
Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 690,690 | |
Non-residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 216,061 | |
Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 17,799 | |
Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 18,631 | |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,653 | |
Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 39 | |
Residential Portfolio Segment | Residential one-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 567,384 | 597,254 |
Residential Portfolio Segment | Residential one-to-four family | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,954 | 7,583 |
Residential Portfolio Segment | Residential one-to-four family | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential Portfolio Segment | Residential one-to-four family | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 845 |
Residential Portfolio Segment | Residential one-to-four family | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,954 | 6,738 |
Residential Portfolio Segment | Residential one-to-four family | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 562,430 | 589,671 |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 689,966 | 690,690 |
Residential Portfolio Segment | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 182 |
Residential Portfolio Segment | Multifamily | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential Portfolio Segment | Multifamily | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Residential Portfolio Segment | Multifamily | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 182 |
Residential Portfolio Segment | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 689,966 | 690,508 |
Nonresidential Portfolio Segment | Non-residential | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 236,325 | 216,061 |
Nonresidential Portfolio Segment | Non-residential | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Nonresidential Portfolio Segment | Non-residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 236,325 | 216,061 |
Construction and Land Portfolio Segment | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 45,064 | 17,799 |
Construction and Land Portfolio Segment | Construction | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Construction and Land Portfolio Segment | Construction | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Construction and Land Portfolio Segment | Construction | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Construction and Land Portfolio Segment | Construction | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Construction and Land Portfolio Segment | Construction | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 45,064 | 17,799 |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 22,297 | 18,631 |
Junior Lien Portfolio Segment | Junior liens | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 50 | 52 |
Junior Lien Portfolio Segment | Junior liens | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Junior Lien Portfolio Segment | Junior liens | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 50 | 52 |
Junior Lien Portfolio Segment | Junior liens | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 22,247 | 18,579 |
Commercial Portfolio Segment | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9,904 | 4,653 |
Commercial Portfolio Segment | Commercial and industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 47 | 96 |
Commercial Portfolio Segment | Commercial and industrial | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Commercial Portfolio Segment | Commercial and industrial | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 47 | 96 |
Commercial Portfolio Segment | Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 9,857 | 4,557 |
Consumer and Other Portfolio Segment | Consumer and other | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 50 | 39 |
Consumer and Other Portfolio Segment | Consumer and other | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | 90 Days and Greater Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 0 | 0 |
Consumer and Other Portfolio Segment | Consumer and other | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 50 | $ 39 |
LOANS RECEIVABLE - Summary of past due loans in non-accrual and past 90 days still on accrual (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | $ 6,139 | $ 7,767 |
Interest Income Recognized on Non-accrual Loans | 0 | |
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | 0 | 61 |
Amortized Cost Basis of Non-accrual Loans Without Related Allowance | 6,139 | |
Residential Portfolio Segment | Residential one-to-four family | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 5,889 | 7,498 |
Interest Income Recognized on Non-accrual Loans | 0 | |
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans Without Related Allowance | 5,889 | |
Residential Portfolio Segment | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 153 | 182 |
Interest Income Recognized on Non-accrual Loans | 0 | |
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | 0 | 0 |
Amortized Cost Basis of Non-accrual Loans Without Related Allowance | 153 | |
Commercial Portfolio Segment | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 47 | 35 |
Interest Income Recognized on Non-accrual Loans | 0 | |
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | 0 | 61 |
Amortized Cost Basis of Non-accrual Loans Without Related Allowance | 47 | |
Junior Lien Portfolio Segment | Junior liens | ||
Financing Receivable, Past Due [Line Items] | ||
Non-accrual | 50 | 52 |
Interest Income Recognized on Non-accrual Loans | 0 | |
Amortized Cost Basis of Loans >= 90 Day Past Due and Still Accruing | 0 | $ 0 |
Amortized Cost Basis of Non-accrual Loans Without Related Allowance | $ 50 |
LOANS RECEIVABLE - Summary of impaired loans by class of loan (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2022 |
Dec. 31, 2022 |
|
With no related allowance recorded: | ||
Unpaid Principal Balance | $ 11,052 | $ 10,770 |
Recorded Investment | 11,190 | 10,908 |
Average Recorded Investment | 11,286 | |
Interest Income Recognized | 202 | |
Cash Basis Interest Recognized | 185 | |
With an allowance recorded: | ||
Unpaid Principal Balance | 1,116 | 743 |
Recorded Investment | 1,125 | 749 |
Allowance for Loan Losses Allocated | 33 | 27 |
Average Recorded Investment | 857 | |
Interest Income Recognized | 33 | |
Cash Basis Interest Recognized | 29 | |
Total | ||
Unpaid Principal Balance | 12,168 | 11,513 |
Recorded Investment | 12,315 | 11,657 |
Allowance for Loan Losses Allocated | 33 | 27 |
Average Recorded Investment | 12,143 | |
Interest Income Recognized | 235 | |
Cash Basis Interest Recognized | 214 | |
Residential Portfolio Segment | Residential one-to-four family | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 7,027 | 7,368 |
Recorded Investment | 7,327 | 7,669 |
Average Recorded Investment | 7,346 | |
Interest Income Recognized | 74 | |
Cash Basis Interest Recognized | 71 | |
With an allowance recorded: | ||
Unpaid Principal Balance | 1,116 | 743 |
Recorded Investment | 1,125 | 749 |
Allowance for Loan Losses Allocated | 33 | 27 |
Average Recorded Investment | 857 | |
Interest Income Recognized | 33 | |
Cash Basis Interest Recognized | 29 | |
Total | ||
Allowance for Loan Losses Allocated | 33 | 27 |
Residential Portfolio Segment | Multifamily | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 652 | 516 |
Recorded Investment | 651 | 516 |
Average Recorded Investment | 666 | |
Interest Income Recognized | 19 | |
Cash Basis Interest Recognized | 15 | |
Nonresidential Portfolio Segment | Non-residential | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 3,320 | 2,834 |
Recorded Investment | 3,159 | 2,671 |
Average Recorded Investment | 3,220 | |
Interest Income Recognized | 107 | |
Cash Basis Interest Recognized | 97 | |
Junior Lien Portfolio Segment | Junior liens | ||
With no related allowance recorded: | ||
Unpaid Principal Balance | 53 | 52 |
Recorded Investment | 53 | $ 52 |
Average Recorded Investment | 54 | |
Interest Income Recognized | 2 | |
Cash Basis Interest Recognized | $ 2 |
ALLOWANCE FOR CREDIT LOSSES - Allowance for credit losses rollforward (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 14,413 | $ 14,050 | $ 13,400 | $ 14,425 |
Charge-offs | (29) | (33) | (47) | (52) |
Recoveries | 2 | 2 | 3 | 4 |
Net charge-offs | (27) | (31) | (44) | (48) |
Recovery of provision for credit loss on loans | (514) | (419) | (152) | (777) |
Balance at end of period | 13,872 | 13,600 | 13,872 | 13,600 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 0 | $ 0 | $ 668 | $ 0 |
ALLOWANCE FOR CREDIT LOSSES - Summary of allowance for credit lost by portfolio segment (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 14,413 | $ 14,050 | $ 13,400 | $ 14,425 |
Charge-offs | (29) | (33) | (47) | (52) |
Recoveries | 2 | 2 | 3 | 4 |
Recovery of provision for credit loss on loans | (514) | (419) | (152) | (777) |
Balance at end of period | 13,872 | 13,600 | 13,872 | 13,600 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 668 | 0 |
Residential Portfolio Segment | Residential one-to-four family | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 1,994 | 2,582 | 2,264 | 2,822 |
Charge-offs | (18) | 0 | (18) | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Recovery of provision for credit loss on loans | (10) | (35) | (97) | (275) |
Balance at end of period | 1,966 | 2,547 | 1,966 | 2,547 |
Residential Portfolio Segment | Residential one-to-four family | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | (183) | |||
Residential Portfolio Segment | Multifamily | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 7,017 | 5,139 | 5,491 | 5,263 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Recovery of provision for credit loss on loans | (194) | 920 | (725) | 796 |
Balance at end of period | 6,823 | 6,059 | 6,823 | 6,059 |
Residential Portfolio Segment | Multifamily | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 2,057 | |||
Nonresidential Portfolio Segment | Non-residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 3,813 | 3,640 | 3,357 | 2,846 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Recovery of provision for credit loss on loans | (85) | (536) | 225 | 258 |
Balance at end of period | 3,728 | 3,104 | 3,728 | 3,104 |
Nonresidential Portfolio Segment | Non-residential | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 146 | |||
Commercial Portfolio Segment | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 1,428 | 2,094 | 1,697 | 2,678 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Recovery of provision for credit loss on loans | (261) | (813) | 302 | (1,397) |
Balance at end of period | 1,167 | 1,281 | 1,167 | 1,281 |
Commercial Portfolio Segment | Construction | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | (832) | |||
Commercial and industrial | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 111 | 42 | 47 | 51 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Recovery of provision for credit loss on loans | 23 | 6 | 110 | (3) |
Balance at end of period | 134 | 48 | 134 | 48 |
Commercial and industrial | Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | (23) | |||
Junior Lien Portfolio Segment | Junior liens | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 50 | 468 | 451 | 636 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Recovery of provision for credit loss on loans | 4 | 0 | 8 | (168) |
Balance at end of period | 54 | 468 | 54 | 468 |
Junior Lien Portfolio Segment | Junior liens | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | (405) | |||
Consumer Portfolio Segment | Consumer and other | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 38 |
Charge-offs | (11) | (33) | (29) | (52) |
Recoveries | 2 | 2 | 3 | 4 |
Recovery of provision for credit loss on loans | 9 | 31 | 25 | 10 |
Balance at end of period | 0 | 0 | 0 | 0 |
Consumer Portfolio Segment | Consumer and other | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 1 | |||
Unallocated Financing Receivables | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 85 | 93 | 91 | |
Charge-offs | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | |
Recovery of provision for credit loss on loans | 8 | 0 | 2 | |
Balance at end of period | $ 0 | $ 93 | 0 | $ 93 |
Unallocated Financing Receivables | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ (93) |
ALLOWANCE FOR CREDIT LOSSES - Summary of loans by portfolio segment evaluated for impairment (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Loans | ||
Individually Evaluated | $ 6,378 | $ 11,657 |
Collectively Evaluated | 1,564,612 | 1,533,470 |
Total | 1,570,990 | 1,545,127 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 27 |
Collectively Evaluated | 13,872 | 13,373 |
Total | 13,872 | 13,400 |
Residential Portfolio Segment | Residential one-to-four family | ||
Loans | ||
Individually Evaluated | 6,328 | 8,418 |
Collectively Evaluated | 561,056 | 588,836 |
Total | 567,384 | 597,254 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 27 |
Collectively Evaluated | 1,966 | 2,237 |
Total | 1,966 | 2,264 |
Residential Portfolio Segment | Multifamily | ||
Loans | ||
Individually Evaluated | 0 | 516 |
Collectively Evaluated | 689,966 | 690,174 |
Total | 689,966 | 690,690 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 6,823 | 5,491 |
Total | 6,823 | 5,491 |
Nonresidential Portfolio Segment | Non-residential | ||
Loans | ||
Individually Evaluated | 0 | 2,671 |
Collectively Evaluated | 236,325 | 213,390 |
Total | 236,325 | 216,061 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 3,728 | 3,357 |
Total | 3,728 | 3,357 |
Commercial Portfolio Segment | Construction | ||
Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 45,064 | 17,799 |
Total | 45,064 | 17,799 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 1,167 | 1,697 |
Total | 1,167 | 1,697 |
Commercial and industrial | Commercial and industrial | ||
Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 9,904 | 4,653 |
Total | 9,904 | 4,653 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 134 | 47 |
Total | 134 | 47 |
Junior Lien Portfolio Segment | Junior liens | ||
Loans | ||
Individually Evaluated | 50 | 52 |
Collectively Evaluated | 22,247 | 18,579 |
Total | 22,297 | 18,631 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 54 | 451 |
Total | 54 | 451 |
Consumer Portfolio Segment | Consumer and other | ||
Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 50 | 39 |
Total | 50 | 39 |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | 0 |
Collectively Evaluated | 0 | 0 |
Total | $ 0 | 0 |
Unallocated Financing Receivables | ||
Loans | ||
Individually Evaluated | 0 | |
Collectively Evaluated | 0 | |
Total | 0 | |
Allowance for Credit Losses on Loans | ||
Individually Evaluated | 0 | |
Collectively Evaluated | 93 | |
Total | $ 93 |
ALLOWANCE FOR CREDIT LOSSES - Narrative (Details) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
security
|
Sep. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Provision for credit losses on held-to-maturity securities | $ (2) | ||||
Accrued interest receivable | $ 1,800 | 1,800 | $ 1,000 | ||
Reversal in reserve for commitments and letters of credit | 435 | 435 | 1,700 | ||
Recovery of provision of credit loss on off-balance sheet exposures | (201) | $ 170 | (443) | $ (108) | |
Allowance for credit loss | $ 168 | $ 0 | 168 | 0 | |
Transfers of loans to other real estate owned | $ (593) | $ 0 | |||
Number of loans transferred to other real estate owned | security | 1 | ||||
Residential Portfolio Segment | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Transfers of loans to other real estate owned | $ (18) | ||||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | |||||
Held-to-maturities securities allowance | 170 | ||||
Reversal in reserve for commitments and letters of credit | $ (811) |
LEASES - Narrative (Details) |
Sep. 30, 2023 |
---|---|
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease original lease terms (in years) | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease original lease terms (in years) | 40 years |
LEASES - Lease liabilities and ROU assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
Right-of-use assets | $ 25,885 | $ 25,906 |
Lease liabilities | $ 27,466 | $ 27,324 |
Weighted average remaining lease terms for operating leases (in years) | 10 years 6 months | 11 years 3 months 18 days |
Weighted average discount rate used in the measurement of lease liabilities | 2.40% | 2.19% |
LEASES - Summary of components of net lease cost (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Leases [Abstract] | ||||
Operating lease cost | $ 873 | $ 777 | $ 2,588 | $ 2,317 |
Finance lease cost | 0 | 6 | 4 | 18 |
Variable lease cost | 75 | 56 | 202 | 169 |
Total lease cost included as a component of occupancy and equipment | $ 948 | $ 839 | $ 2,794 | $ 2,504 |
LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Leases [Abstract] | ||||
Operating cash flows from operating leases | $ 894 | $ 747 | $ 2,596 | $ 2,272 |
Operating leases | $ 0 | $ 2,023 | $ 2,088 | $ 2,023 |
LEASES - Schedule of future undiscounted lease payments (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Leases [Abstract] | ||
2024 | $ 3,410 | |
2025 | 3,113 | |
2026 | 3,044 | |
2027 | 2,923 | |
2028 | 2,694 | |
Thereafter | 15,963 | |
Total undiscounted lease payments | 31,147 | |
Less: imputed interest | 3,681 | |
Total | $ 27,466 | $ 27,324 |
DEPOSITS - Summary of deposits (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Deposits [Abstract] | ||
Non-interest bearing deposits | $ 23,787 | $ 37,907 |
NOW and demand accounts | 378,268 | 410,937 |
Savings | 278,665 | 423,758 |
Time deposits | 572,384 | 416,260 |
Total | 1,253,104 | 1,288,862 |
Brokers deposits included in time deposits | $ 125,000 | $ 75,000 |
DEPOSITS - Schedule of timed deposit maturities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Deposits [Abstract] | ||
Remainder of 2023 | $ 162,274 | |
2024 | 384,264 | |
2025 | 17,493 | |
2026 | 3,772 | |
2027 | 2,076 | |
2028 | 2,505 | |
Time deposits | $ 572,384 | $ 416,260 |
STOCK-BASED COMPENSATION - Employee stock ownership plan (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Jul. 15, 2021 |
|
Share-Based Payment Arrangement [Abstract] | ||||
Shares in ESOP (in shares) | 2,281,800 | 2,281,800 | 2,281,800 | |
Price per share, ESOP (in usd per share) | $ 10 | |||
ESOP loan balance | $ 21,200,000 | $ 21,200,000 | ||
Contributions to ESOP | $ 0 | $ 0 | ||
Unallocated ESOP shares (in shares) | 2,099,256 | 2,099,256 | 2,099,256 | |
Allocated ESOP shares (in shares) | 182,544 | 182,544 | 182,544 | |
Fair value of unallocated ESOP shares | $ 17,600,000 | $ 17,600,000 | $ 27,000,000 |
STOCK-BASED COMPENSATION - ESOP compensation expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Share-Based Payment Arrangement [Abstract] | ||||
ESOP and stock-based compensation expense | $ 216 | $ 266 | $ 699 | $ 870 |
ESOP shares committed to be released (in shares) | 22,818 | 22,818 | 68,454 | 68,454 |
STOCK-BASED COMPENSATION - Equity incentive plan (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Mar. 06, 2023 |
Aug. 25, 2022 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Granted (in shares) | 0 | 0 | |||
Expected future expense of non-vested options | $ 8,600 | $ 8,600 | |||
Restricted Stock | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Expected period of recognition (in years) | 5 years 4 months 24 days | ||||
Expected future expense of non-vested RSUs | $ 6,600 | $ 6,600 | |||
Option | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Expected period of recognition (in years) | 5 years 6 months | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares authorized for grant (in shares) | 3,993,150 | ||||
Expected life of stock options (in years) | 6 years 6 months | ||||
Risk free interest rate | 3.15% | ||||
Volatility rate | 29.74% | ||||
Expected dividend yield | 0.88% | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares authorized for grant (in shares) | 1,140,900 | ||||
Initial period before vesting begins (in years) | 1 year | ||||
Shares granted (in shares) | 372,540 | ||||
Aggregate grant date fair value | $ 4,500 | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Share-Based Payment Arrangement, Tranche One | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Vesting service period (in years) | 1 year | ||||
Shares granted (in shares) | 12,300 | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Share-Based Payment Arrangement, Tranche Two | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Vesting service period (in years) | 7 years | ||||
Shares granted (in shares) | 360,240 | ||||
Term after grant date vesting starts (in years) | 1 year | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Minimum | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Vesting service period (in years) | 5 years | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Restricted Stock | Maximum | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Vesting service period (in years) | 7 years | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Option | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Number of shares authorized for grant (in shares) | 2,852,250 | ||||
Initial period before vesting begins (in years) | 1 year | ||||
Expiration period of options (in years) | 10 years | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Option | Minimum | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Vesting service period (in years) | 5 years | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Option | Maximum | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Vesting service period (in years) | 7 years | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Performance Shares | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Vesting service period (in years) | 7 years | ||||
Shares granted (in shares) | 360,240 | ||||
Aggregate grant date fair value | $ 4,300 | ||||
Term of measurement period for PSUs (in years) | 1 year | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Performance Shares | Minimum | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Percentage of target awarded | 0.00% | ||||
Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) | Performance Shares | Maximum | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Percentage of target awarded | 100.00% |
STOCK-BASED COMPENSATION - Share-based compensation expense (Details) - Blue Foundry Bancorp 2022 Equity Incentive Plan (Equity Plan) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 693 | $ 126 | $ 2,137 | $ 126 |
Stock option expense | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 403 | 57 | 1,199 | 57 |
Restricted stock expense | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 290 | $ 69 | $ 938 | $ 69 |
STOCK-BASED COMPENSATION - Summary of option activity (Details) - $ / shares |
3 Months Ended | 9 Months Ended | 12 Months Ended |
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Number of Stock Options | |||
Outstanding (in shares) | 2,591,063 | ||
Granted (in shares) | 0 | 0 | |
Forfeited (in shares) | (100,200) | ||
Outstanding (in shares) | 2,490,863 | 2,490,863 | 2,591,063 |
Exercisable, end of period (in shares) | 0 | 0 | |
Weighted Average Grant Date Fair Value | |||
Outstanding (in dollars per share) | $ 4.12 | ||
Forfeited (in dollars per share) | 4.25 | ||
Outstanding (in dollars per share) | $ 4.12 | 4.12 | $ 4.12 |
Weighted Average Exercise Price | |||
Outstanding (in dollars per share) | 11.65 | ||
Forfeited (in dollars per share) | 11.69 | ||
Outstanding (in dollars per share) | $ 11.65 | $ 11.65 | $ 11.65 |
Weighted Average Remaining Contractual Life (years) | |||
Outstanding (in years) | 9 years | 9 years 9 months 18 days | |
Forfeited (in years) | 9 years |
STOCK-BASED COMPENSATION - Summary of RSU activity (Details) - $ / shares |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Number of Shares Awarded | |||
Outstanding, beginning balance (in shares) | 951,562 | 299,481 | |
Granted (in shares) | 732,780 | ||
Forfeited (in shares) | (20,800) | ||
Vested (in shares) | (59,899) | ||
Outstanding, ending balance (in shares) | 951,562 | ||
Weighted Average Grant Date Fair Value | |||
Outstanding, beginning balance (in dollars per share) | $ 11.54 | ||
Granted (in dollars per share) | 12.00 | ||
Forfeited (in dollars per share) | $ 12.00 | ||
Vested (in dollars per share) | 11.54 | ||
Outstanding, ending balance (in dollars per share) | $ 12.15 |
DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2022 |
Dec. 31, 2022 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Cash pledged as collateral | $ 15,300,000 | $ 11,500,000 | ||
Interest expense | (1,500,000) | $ (198,000) | $ (270,000) | |
Asset Pledged as Collateral with Right | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Securities available-for-sale: | 0 | 0 | ||
Interest Rate Swap | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Unrealized losses expected to be reclassified | 1,800,000 | |||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Interest rate swaps, notional amount | $ 259,000,000 | $ 109,000,000 |
DERIVATIVES AND HEDGING ACTIVITIES - Summary of interest-rate swaps designated as cash flow hedges (Details) - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amounts | $ 259,000,000 | $ 109,000,000 |
Weighted average pay rates | 2.91% | 1.46% |
Weighted average receive rates | 5.43% | 4.61% |
Weighted average maturity (in years) | 3 years 4 months 24 days | 4 years 2 months 12 days |
Unrealized gains, net | $ 14,350,000 | $ 11,091,000 |
Other Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized gains, net | 14,350,000 | 11,091,000 |
Other Liabilities | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Unrealized gains, net | $ 0 | $ 0 |
DERIVATIVES AND HEDGING ACTIVITIES - Summary of effect of cash flow hedge accounting on AOCI (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative | $ 1,900 | $ 4,096 | $ 3,259 | $ 12,015 |
Interest Rate Swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in OCI (Net of Tax) on Derivative | 1,900 | 4,096 | 3,259 | 12,015 |
Interest Rate Swap | Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Reclassified from OCI to Income/(Expense) | $ 1,535 | $ 198 | $ 3,885 | $ (270) |
ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of components of other comprehensive loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Unrealized gain (loss) arising during the period, before tax | $ (2,433) | $ (27,357) | ||||||
Unrealized (gain) loss arising during the period, tax effect | 0 | 175 | ||||||
Unrealized gain (loss) arising during the period, after tax | $ (2,491) | $ (8,674) | 1,457 | (27,603) | ||||
Total other comprehensive income (loss), before tax | (4,027) | (8,930) | ||||||
Total other comprehensive income (loss), tax effect | 0 | 123 | ||||||
Total other comprehensive income (loss), after tax | (4,027) | (8,807) | (2,433) | (27,182) | ||||
Unrealized loss on securities available-for-sale: | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Unrealized gain (loss) arising during the period, before tax | (5,926) | (13,091) | (5,687) | (39,687) | ||||
Unrealized (gain) loss arising during the period, tax effect | 0 | 123 | 0 | 175 | ||||
Unrealized gain (loss) arising during the period, after tax | (5,926) | (12,968) | (5,687) | (39,512) | ||||
Reclassification adjustment for gain included in net income, before tax | 0 | (14) | ||||||
Reclassification adjustment for gain included in net income, tax effect | 0 | 0 | ||||||
Reclassification adjustment for gain included in net income, after tax | 0 | (14) | ||||||
Total other comprehensive income (loss), before tax | (5,687) | (39,701) | ||||||
Total other comprehensive income (loss), tax effect | 0 | 175 | ||||||
Total other comprehensive income (loss), after tax | (5,926) | (12,968) | (5,687) | (39,526) | ||||
Unrealized gain on cash flow hedge: | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Unrealized gain (loss) arising during the period, before tax | 3,435 | 4,294 | 7,144 | 11,745 | ||||
Unrealized (gain) loss arising during the period, tax effect | 0 | 0 | 0 | 0 | ||||
Unrealized gain (loss) arising during the period, after tax | 3,435 | 4,294 | 7,144 | 11,745 | ||||
Reclassification adjustment for gain included in net income, before tax | (1,535) | (198) | (3,885) | 270 | ||||
Reclassification adjustment for gain included in net income, tax effect | 0 | 0 | 0 | 0 | ||||
Reclassification adjustment for gain included in net income, after tax | (1,535) | (198) | (3,885) | 270 | ||||
Total other comprehensive income (loss), before tax | 1,900 | 4,096 | 3,259 | 12,015 | ||||
Total other comprehensive income (loss), tax effect | 0 | 0 | 0 | 0 | ||||
Total other comprehensive income (loss), after tax | 1,900 | 4,096 | 3,259 | 12,015 | ||||
Post-Retirement Plans | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Unrealized gain (loss) arising during the period, before tax | 0 | 164 | ||||||
Unrealized (gain) loss arising during the period, tax effect | 0 | 0 | ||||||
Unrealized gain (loss) arising during the period, after tax | 0 | 0 | 0 | [1] | 164 | [1] | ||
Reclassification adjustment for gain included in net income, before tax | (1) | 65 | (5) | 165 | ||||
Reclassification adjustment for gain included in net income, tax effect | 0 | 0 | 0 | 0 | ||||
Reclassification adjustment for gain included in net income, after tax | (1) | 65 | (5) | 165 | ||||
Total other comprehensive income (loss), before tax | (5) | 329 | ||||||
Total other comprehensive income (loss), tax effect | 0 | 0 | ||||||
Total other comprehensive income (loss), after tax | $ (1) | $ 65 | $ (5) | $ 329 | ||||
|
ACCUMULATED OTHER COMPREHENSIVE INCOME - Changes in accumulated other comprehensive income by component, net of tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | $ 366,534 | $ 412,293 | $ 393,718 | $ 429,471 | ||||
Other comprehensive income (loss) before reclassification | (2,491) | (8,674) | 1,457 | (27,603) | ||||
Amounts reclassified from accumulated other comprehensive income | (1,536) | (133) | (3,890) | 421 | ||||
Total other comprehensive income (loss), after tax | (4,027) | (8,807) | (2,433) | (27,182) | ||||
Balance at end of period | 359,149 | 397,338 | 359,149 | 397,338 | ||||
Total | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (23,125) | (18,747) | (24,719) | (372) | ||||
Balance at end of period | (27,152) | (27,554) | (27,152) | (27,554) | ||||
Unrealized gain on cash flow hedge: | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | 12,450 | 7,673 | 11,091 | (246) | ||||
Other comprehensive income (loss) before reclassification | 3,435 | 4,294 | 7,144 | 11,745 | ||||
Amounts reclassified from accumulated other comprehensive income | (1,535) | (198) | (3,885) | 270 | ||||
Total other comprehensive income (loss), after tax | 1,900 | 4,096 | 3,259 | 12,015 | ||||
Balance at end of period | 14,350 | 11,769 | 14,350 | 11,769 | ||||
Unrealized Gains and (Losses) on Available-for-Sale Securities | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | (35,944) | (25,467) | (36,183) | 1,091 | ||||
Other comprehensive income (loss) before reclassification | (5,926) | (12,968) | (5,687) | (39,512) | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | (14) | |||||
Total other comprehensive income (loss), after tax | (5,926) | (12,968) | (5,687) | (39,526) | ||||
Balance at end of period | (41,870) | (38,435) | (41,870) | (38,435) | ||||
Post-Retirement Plans | ||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||||||
Balance at beginning of period | 369 | (953) | 373 | (1,217) | ||||
Other comprehensive income (loss) before reclassification | 0 | 0 | 0 | [1] | 164 | [1] | ||
Amounts reclassified from accumulated other comprehensive income | (1) | 65 | (5) | 165 | ||||
Total other comprehensive income (loss), after tax | (1) | 65 | (5) | 329 | ||||
Balance at end of period | $ 368 | $ (888) | $ 368 | $ (888) | ||||
|
ACCUMULATED OTHER COMPREHENSIVE INCOME - Summary of reclassification out of each component of accumulated other comprehensive income (loss) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on securities, net | $ 0 | $ 0 | $ 0 | $ 14,000 |
Interest (expense) income | 9,876,000 | 13,815,000 | 32,723,000 | 38,916,000 |
Compensation and employee benefits | (6,640,000) | (7,433,000) | (21,552,000) | (21,627,000) |
Income tax expense | 0 | (123,000) | 0 | (175,000) |
Total reclassification for the period, net of tax | 1,432,000 | (1,241,000) | 4,466,000 | (1,834,000) |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax expense | 0 | 0 | 0 | 0 |
Total reclassification for the period, net of tax | (1,536,000) | (133,000) | (3,890,000) | 421,000 |
Unrealized Gains and (Losses) on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Interest (expense) income | 1,535,000 | 198,000 | 3,885,000 | (270,000) |
Post-Retirement Plans | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Compensation and employee benefits | 1,000 | (65,000) | 5,000 | (165,000) |
Unrealized loss on securities available-for-sale: | Reclassification out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain on securities, net | $ 0 | $ 0 | $ 0 | $ 14,000 |
FAIR VALUE OF ASSETS AND LIABILITIES - Summary of assets and liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financial assets | ||
Securities available-for-sale: | $ 283,649 | $ 314,248 |
U.S. Treasury note | ||
Financial assets | ||
Securities available-for-sale: | 44,237 | 43,759 |
Corporate bonds | ||
Financial assets | ||
Securities available-for-sale: | 72,645 | 76,298 |
U.S. Government agency obligations | ||
Financial assets | ||
Securities available-for-sale: | 14,683 | 15,423 |
Obligations issued by U.S. states and their political subdivisions | ||
Financial assets | ||
Securities available-for-sale: | 14,801 | 16,268 |
Residential one-to-four family | ||
Financial assets | ||
Securities available-for-sale: | 123,628 | 140,186 |
Multifamily | ||
Financial assets | ||
Securities available-for-sale: | 12,347 | 18,158 |
Asset-backed securities | ||
Financial assets | ||
Securities available-for-sale: | 1,308 | 4,156 |
Measured on a recurring basis: | ||
Financial assets | ||
Securities available-for-sale: | 283,649 | 314,248 |
Derivatives | 14,350 | 11,091 |
Financial assets | 297,999 | 325,339 |
Financial liabilities | ||
Derivatives | 0 | 0 |
Measured on a nonrecurring basis: | ||
Derivatives | 14,350 | 11,091 |
Measured on a recurring basis: | U.S. Treasury note | ||
Financial assets | ||
Securities available-for-sale: | 44,237 | 43,759 |
Measured on a recurring basis: | Corporate bonds | ||
Financial assets | ||
Securities available-for-sale: | 72,645 | 76,298 |
Measured on a recurring basis: | U.S. Government agency obligations | ||
Financial assets | ||
Securities available-for-sale: | 14,683 | 15,423 |
Measured on a recurring basis: | Obligations issued by U.S. states and their political subdivisions | ||
Financial assets | ||
Securities available-for-sale: | 14,801 | 16,268 |
Measured on a recurring basis: | Residential one-to-four family | ||
Financial assets | ||
Securities available-for-sale: | 123,628 | 140,186 |
Measured on a recurring basis: | Multifamily | ||
Financial assets | ||
Securities available-for-sale: | 12,347 | 18,158 |
Measured on a recurring basis: | Asset-backed securities | ||
Financial assets | ||
Securities available-for-sale: | 1,308 | 4,156 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | ||
Financial assets | ||
Securities available-for-sale: | 55,416 | 55,054 |
Derivatives | 0 | 0 |
Financial assets | 55,416 | 55,054 |
Financial liabilities | ||
Derivatives | 0 | 0 |
Measured on a nonrecurring basis: | ||
Derivatives | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Treasury note | ||
Financial assets | ||
Securities available-for-sale: | 44,237 | 43,759 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Corporate bonds | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | U.S. Government agency obligations | ||
Financial assets | ||
Securities available-for-sale: | 11,179 | 11,295 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Obligations issued by U.S. states and their political subdivisions | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Residential one-to-four family | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Multifamily | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Quoted Prices in Active Markets for Identical Assets | Asset-backed securities | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Other Observable Inputs | ||
Financial assets | ||
Securities available-for-sale: | 228,233 | 259,194 |
Derivatives | 14,350 | 11,091 |
Financial assets | 242,583 | 270,285 |
Financial liabilities | ||
Derivatives | 0 | 0 |
Measured on a nonrecurring basis: | ||
Derivatives | 14,350 | 11,091 |
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Treasury note | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Other Observable Inputs | Corporate bonds | ||
Financial assets | ||
Securities available-for-sale: | 72,645 | 76,298 |
Measured on a recurring basis: | Significant Other Observable Inputs | U.S. Government agency obligations | ||
Financial assets | ||
Securities available-for-sale: | 3,504 | 4,128 |
Measured on a recurring basis: | Significant Other Observable Inputs | Obligations issued by U.S. states and their political subdivisions | ||
Financial assets | ||
Securities available-for-sale: | 14,801 | 16,268 |
Measured on a recurring basis: | Significant Other Observable Inputs | Residential one-to-four family | ||
Financial assets | ||
Securities available-for-sale: | 123,628 | 140,186 |
Measured on a recurring basis: | Significant Other Observable Inputs | Multifamily | ||
Financial assets | ||
Securities available-for-sale: | 12,347 | 18,158 |
Measured on a recurring basis: | Significant Other Observable Inputs | Asset-backed securities | ||
Financial assets | ||
Securities available-for-sale: | 1,308 | 4,156 |
Measured on a recurring basis: | Significant Unobservable Inputs | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Derivatives | 0 | 0 |
Financial assets | 0 | 0 |
Financial liabilities | ||
Derivatives | 0 | 0 |
Measured on a nonrecurring basis: | ||
Derivatives | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Treasury note | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Corporate bonds | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | U.S. Government agency obligations | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Obligations issued by U.S. states and their political subdivisions | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Residential one-to-four family | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Multifamily | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a recurring basis: | Significant Unobservable Inputs | Asset-backed securities | ||
Financial assets | ||
Securities available-for-sale: | 0 | 0 |
Measured on a nonrecurring basis: | Assets held for sale | ||
Financial assets | ||
Derivatives | 917 | |
Measured on a nonrecurring basis: | ||
Derivatives | 917 | |
Measured on a nonrecurring basis: | Real estate owned | ||
Financial assets | ||
Derivatives | 593 | |
Measured on a nonrecurring basis: | ||
Derivatives | 593 | |
Measured on a nonrecurring basis: | Quoted Prices in Active Markets for Identical Assets | Assets held for sale | ||
Financial assets | ||
Derivatives | 0 | |
Measured on a nonrecurring basis: | ||
Derivatives | 0 | |
Measured on a nonrecurring basis: | Quoted Prices in Active Markets for Identical Assets | Real estate owned | ||
Financial assets | ||
Derivatives | 0 | |
Measured on a nonrecurring basis: | ||
Derivatives | 0 | |
Measured on a nonrecurring basis: | Significant Other Observable Inputs | Assets held for sale | ||
Financial assets | ||
Derivatives | 917 | |
Measured on a nonrecurring basis: | ||
Derivatives | 917 | |
Measured on a nonrecurring basis: | Significant Other Observable Inputs | Real estate owned | ||
Financial assets | ||
Derivatives | 593 | |
Measured on a nonrecurring basis: | ||
Derivatives | 593 | |
Measured on a nonrecurring basis: | Significant Unobservable Inputs | Assets held for sale | ||
Financial assets | ||
Derivatives | 0 | |
Measured on a nonrecurring basis: | ||
Derivatives | $ 0 | |
Measured on a nonrecurring basis: | Significant Unobservable Inputs | Real estate owned | ||
Financial assets | ||
Derivatives | 0 | |
Measured on a nonrecurring basis: | ||
Derivatives | $ 0 |
FAIR VALUE OF ASSETS AND LIABILITIES - Summary of fair value hierarchy (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Financial assets | ||
Securities held-to-maturity | $ 33,466 | $ 33,705 |
Loans, net | 1,557,118 | 1,531,727 |
Financial liabilities | ||
Time deposits | 572,384 | 416,260 |
FHLB advances | 402,500 | 310,500 |
Quoted Prices in Active Markets for Identical Assets | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Loans, net | 0 | 0 |
Financial liabilities | ||
Time deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Significant Other Observable Inputs | ||
Financial assets | ||
Securities held-to-maturity | 27,914 | 29,115 |
Loans, net | 0 | 0 |
Financial liabilities | ||
Time deposits | 565,713 | 408,904 |
FHLB advances | 403,612 | 318,688 |
Significant Unobservable Inputs | ||
Financial assets | ||
Securities held-to-maturity | 0 | 0 |
Loans, net | 1,336,222 | 1,332,882 |
Financial liabilities | ||
Time deposits | 0 | 0 |
FHLB advances | $ 0 | $ 0 |
REVENUE FROM CONTRACTS WITH CUSTOMERS AND OTHER INCOME (Details) - Noninterest income - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 218 | $ 267 | $ 674 | $ 783 |
Service charges on deposits | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | 205 | 255 | 636 | 752 |
Interchange income | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue from contracts with customers | $ 13 | $ 12 | $ 38 | $ 31 |
EARNINGS PER SHARE (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|||
Earnings Per Share [Abstract] | ||||||
Net (loss) income applicable to common shares | $ (1,432,000) | $ 1,241,000 | $ (4,466,000) | $ 1,834,000 | ||
Shares | ||||||
Average number of common shares outstanding (in shares) | 25,320,701 | 28,262,210 | 26,354,461 | 28,434,783 | ||
Less: Average unallocated ESOP shares (in shares) | 2,042,211 | 2,133,359 | 2,064,862 | 2,156,008 | ||
Average number of common shares outstanding used to calculate basic earnings per common share (in shares) | 23,278,490 | 26,128,851 | 24,289,599 | 26,278,775 | ||
Common stock equivalents (in shares) | 0 | 117,188 | 0 | 39,492 | ||
Average number of common shares outstanding used to calculate basic earnings per common share, diluted (in shares) | [1] | 23,278,490 | 26,246,039 | 24,289,599 | 26,318,267 | |
Basic (loss) earnings per share (in dollars per share) | $ (0.06) | $ 0.05 | $ (0.18) | $ 0.07 | ||
Diluted (loss) earnings per share (in dollars per share) | $ (0.06) | $ 0.05 | $ (0.18) | $ 0.07 | ||
Anti-dilutive stock options excluded from earnings per share calculation (in shares) | 1,496,475 | 98,000 | 1,278,351 | 33,000 | ||
|
VY")I9Z5
MOR@%N5*V(%S3R)S7>J4A.*PN9^%X"&Q8]IROAV63K%)DA(352NLF<%Q=RL(
M$=B[[ ?KBJG!"N6P9ED(CJN+5_@?4JDR]-Z\S-)R/7I(I'+KD78)1N)/\B^[
M?LC4+E(UO3VTZ9-6E[0Z-NE9&Q-CX71(I0+14+TSA#*S=Y''7M'OS)Q&6$J9
M6-QIM6U\:60XA?-Q"N?CP(9E$++(2^N8HX :4W9$H'20PG%UP0K#X\#V)*_/
MCOQ8+T>>F?+5(W71^-8X(E96@(;#ZC(69L>!K
9H5OL3>TZOL,'6)VS2UB+0\L:[,,^B1WGD] 5
MF1NJPX0-SC6=;\,'3IB!<1(G.<30E%,.W$F 72+POTR@6&7G"
MWIOR7N@:(51KA[T4HYKQ
IY#M^ZAF5
MD&\H$P=5BAS/W8@]E"4W,RHE6;RI4N+V^@*"-G.-I)GC>1&[WA<1#@71T4 #
M]CP2I*PF"2#R &9I?6WB3(G<@LI$0]5\)BBQ)RL,("2$$ )HF9J4Q5;L6RD\1B-; +(W1KR)":Y$;=JO-"BJ;HFP6^JX3HTF@5X2)
M9Q;R*16*;@5:9.K3)PCUP=0Q[Z-L XRF@,$).E*P![ZNX>HO_=+_F':FM]G&
M!Y =@M@Q#1T7*SVH^97RVY9_J,4W[=QX^\LX7TZPY82.M]/F-K-U7\T:LEM+
MXV_(!MKPIIP _-855&N>(! 1J#;;.?M$"66 OA6A07%4V$@^E/P1'TE#BKJ3
M:9JFN2?/]'IN8TL+-J/T2K"BS8TJGQLQ3$'$Y\6LHJ
6#,49.PAB!853+X1_!@&]XY.:9\D,A'F>
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M?RB4=D0V,V3M4K!SPN%&J_')T^TG8V>@MWA^E
!)E^T5UU_!O9+8^9M,0JC=/]'?\10$V;1_*OT_"6$FOX[FV:_,A6,I
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M\Y-A2,_<" A&,A[=&[A=Y3@:-O7VSH6T3AD,>-W&2%UQ&_5B]T"B'+6+]
MBT!@&]ANVN1.0$<=W*6SKXZ(L--=!M>3;CJ'R%=J_S_DZYE[:D#H^E3)OTW=
MY?CXH!O,/5&U/>?=!F-35^V"[,A=>N2=9"3=96@[(W]^]XFO^EY-[LDQ_0O:
M);GKLNM2HS/D,:?A(M1V]XQ_K/26-G&O8E]KF[UL%(>ZPDBWK&HNCNB#==R%
MG)?Q]:QWM?&-U0/HZ++*)>"P
P