☒ | 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 |
Delaware | 85-2757101 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.01 per share | AMAL | The Nasdaq Global Market |
Large accelerated filer | ☐ | Accelerated filer | ☒ | ||||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☒ |
Page | ||||||||
PART I – FINANCIAL INFORMATION | ||||||||
ITEM 1. | Financial Statements | |||||||
Consolidated Statements of Financial Condition as of | ||||||||
Consolidated Statements of Income for the Three and | ||||||||
Consolidated Statements of Comprehensive Income for the Three and | ||||||||
Consolidated Statements of Changes in Stockholders’ Equity for the Three and | ||||||||
Consolidated Statements of Cash Flows for the | ||||||||
Notes to Consolidated Statements | ||||||||
PART II - OTHER INFORMATION | ||||||||
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||
Part I Item 1. – Financial Statements Consolidated Statements of Financial Condition (Dollars in thousands except for per share amounts) | Part I Item 1. – Financial Statements Consolidated Statements of Financial Condition (Dollars in thousands except for per share amounts) | Part I Item 1. – Financial Statements Consolidated Statements of Financial Condition (Dollars in thousands except for per share amounts) | ||||||||||||||||||||
June 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | |||||||||||||||||||
Assets | Assets | (unaudited) | Assets | (unaudited) | ||||||||||||||||||
Cash and due from banks | Cash and due from banks | $ | 6,075 | $ | 8,622 | Cash and due from banks | $ | 3,404 | $ | 8,622 | ||||||||||||
Interest-bearing deposits in banks | Interest-bearing deposits in banks | 326,463 | 321,863 | Interest-bearing deposits in banks | 62,819 | 321,863 | ||||||||||||||||
Total cash and cash equivalents | Total cash and cash equivalents | 332,538 | 330,485 | Total cash and cash equivalents | 66,223 | 330,485 | ||||||||||||||||
Securities: | Securities: | Securities: | ||||||||||||||||||||
Available for sale, at fair value (amortized cost of $2,193,657 and 2,103,049, respectively) | 2,105,547 | 2,113,410 | ||||||||||||||||||||
Held-to-maturity (fair value of $1,317,058 and $849,704, respectively) | 1,375,666 | 843,569 | ||||||||||||||||||||
Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | Available for sale, at fair value (amortized cost of $2,087,187 and 2,103,049, respectively) | 1,957,486 | 2,113,410 | |||||||||||||||||||
Held-to-maturity (fair value of $1,369,383 and $849,704, respectively) | Held-to-maturity (fair value of $1,369,383 and $849,704, respectively) | 1,492,423 | 843,569 | |||||||||||||||||||
Loans held for sale | Loans held for sale | 5,657 | 3,279 | Loans held for sale | 17,916 | 3,279 | ||||||||||||||||
Loans receivable, net of deferred loan origination costs (fees) | Loans receivable, net of deferred loan origination costs (fees) | 3,648,404 | 3,312,224 | Loans receivable, net of deferred loan origination costs (fees) | 3,871,290 | 3,312,224 | ||||||||||||||||
Allowance for loan losses | Allowance for loan losses | (39,477) | (35,866) | Allowance for loan losses | (42,122) | (35,866) | ||||||||||||||||
Loans receivable, net | Loans receivable, net | 3,608,927 | 3,276,358 | Loans receivable, net | 3,829,168 | 3,276,358 | ||||||||||||||||
Resell agreements | Resell agreements | 225,926 | 229,018 | Resell agreements | 192,834 | 229,018 | ||||||||||||||||
Accrued interest and dividends receivable | Accrued interest and dividends receivable | 31,001 | 28,820 | Accrued interest and dividends receivable | 34,767 | 28,820 | ||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 10,870 | 11,735 | Premises and equipment, net | 10,539 | 11,735 | ||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 106,163 | 107,266 | Bank-owned life insurance | 105,915 | 107,266 | ||||||||||||||||
Right-of-use lease asset | Right-of-use lease asset | 31,728 | 33,115 | Right-of-use lease asset | 29,991 | 33,115 | ||||||||||||||||
Deferred tax asset | Deferred tax asset | 56,194 | 26,719 | Deferred tax asset | 64,046 | 26,719 | ||||||||||||||||
Goodwill | Goodwill | 12,936 | 12,936 | Goodwill | 12,936 | 12,936 | ||||||||||||||||
Other intangible assets | Other intangible assets | 3,628 | 4,151 | Other intangible assets | 3,366 | 4,151 | ||||||||||||||||
Equity investments | Equity investments | 6,271 | 6,856 | Equity investments | 7,683 | 6,856 | ||||||||||||||||
Other assets | Other assets | 30,205 | 50,159 | Other assets | 42,924 | 50,159 | ||||||||||||||||
Total assets | Total assets | $ | 7,943,257 | $ | 7,077,876 | Total assets | $ | 7,868,217 | $ | 7,077,876 | ||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||
Deposits | Deposits | $ | 7,291,167 | $ | 6,356,255 | Deposits | $ | 7,160,307 | $ | 6,356,255 | ||||||||||||
Subordinated debt | Subordinated debt | 83,899 | 83,831 | Subordinated debt | 77,679 | 83,831 | ||||||||||||||||
Borrowed funds | Borrowed funds | 75,000 | — | |||||||||||||||||||
Operating leases | Operating leases | 45,605 | 48,160 | Operating leases | 43,229 | 48,160 | ||||||||||||||||
Other liabilities | Other liabilities | 24,545 | 25,755 | Other liabilities | 24,264 | 25,755 | ||||||||||||||||
Total liabilities | Total liabilities | 7,445,216 | 6,514,001 | Total liabilities | $ | 7,380,479 | $ | 6,514,001 | ||||||||||||||
Stockholders’ equity | Stockholders’ equity | Stockholders’ equity | ||||||||||||||||||||
Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,684,246 and 31,130,143 shares issued and outstanding, respectively) | 307 | 311 | ||||||||||||||||||||
Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,672,303 and 31,130,143 shares issued and outstanding, respectively) | Common stock, par value $0.01 per share (70,000,000 shares authorized; 30,672,303 and 31,130,143 shares issued and outstanding, respectively) | 307 | 311 | |||||||||||||||||||
Additional paid-in capital | Additional paid-in capital | 286,901 | 297,975 | Additional paid-in capital | 286,431 | 297,975 | ||||||||||||||||
Retained earnings | Retained earnings | 288,868 | 260,047 | Retained earnings | 308,743 | 260,047 | ||||||||||||||||
Accumulated other comprehensive income (loss), net of income taxes | Accumulated other comprehensive income (loss), net of income taxes | (78,168) | 5,409 | Accumulated other comprehensive income (loss), net of income taxes | (107,876) | 5,409 | ||||||||||||||||
Total Amalgamated Financial Corp. stockholders' equity | Total Amalgamated Financial Corp. stockholders' equity | 497,908 | 563,742 | Total Amalgamated Financial Corp. stockholders' equity | 487,605 | 563,742 | ||||||||||||||||
Noncontrolling interests | Noncontrolling interests | 133 | 133 | Noncontrolling interests | 133 | 133 | ||||||||||||||||
Total stockholders' equity | Total stockholders' equity | 498,041 | 563,875 | Total stockholders' equity | 487,738 | 563,875 | ||||||||||||||||
Total liabilities and stockholders’ equity | Total liabilities and stockholders’ equity | $ | 7,943,257 | $ | 7,077,876 | Total liabilities and stockholders’ equity | $ | 7,868,217 | $ | 7,077,876 |
Consolidated Statements of Income (unaudited) (Dollars in thousands, except for per share amounts) | Consolidated Statements of Income (unaudited) (Dollars in thousands, except for per share amounts) | Consolidated Statements of Income (unaudited) (Dollars in thousands, except for per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
INTEREST AND DIVIDEND INCOME | INTEREST AND DIVIDEND INCOME | INTEREST AND DIVIDEND INCOME | ||||||||||||||||||||||||||||||||||||||||||||
Loans | Loans | $ | 33,766 | $ | 30,156 | $ | 64,893 | $ | 61,265 | Loans | $ | 38,264 | $ | 29,915 | $ | 103,157 | $ | 91,180 | ||||||||||||||||||||||||||||
Securities | Securities | 24,307 | 13,094 | 43,422 | 25,264 | Securities | 31,580 | 14,655 | 75,087 | 40,008 | ||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank of New York stock | 45 | 41 | 85 | 89 | ||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | Interest-bearing deposits in banks | 551 | 131 | 730 | 221 | Interest-bearing deposits in banks | 971 | 230 | 1,701 | 451 | ||||||||||||||||||||||||||||||||||||
Total interest and dividend income | Total interest and dividend income | 58,669 | 43,422 | 109,130 | 86,839 | Total interest and dividend income | 70,815 | 44,800 | 179,945 | 131,639 | ||||||||||||||||||||||||||||||||||||
INTEREST EXPENSE | INTEREST EXPENSE | INTEREST EXPENSE | ||||||||||||||||||||||||||||||||||||||||||||
Deposits | Deposits | 1,481 | 1,431 | 2,883 | 3,003 | Deposits | 2,491 | 1,413 | 5,374 | 4,416 | ||||||||||||||||||||||||||||||||||||
Borrowed funds | Borrowed funds | 690 | — | 1,381 | — | Borrowed funds | 696 | — | 2,077 | — | ||||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 2,171 | 1,431 | 4,264 | 3,003 | Total interest expense | 3,187 | 1,413 | 7,451 | 4,416 | ||||||||||||||||||||||||||||||||||||
NET INTEREST INCOME | NET INTEREST INCOME | 56,498 | 41,991 | 104,866 | 83,836 | NET INTEREST INCOME | 67,628 | 43,387 | 172,494 | 127,223 | ||||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | Provision for (recovery of) loan losses | 2,912 | 1,682 | 5,205 | (1,579) | Provision for (recovery of) loan losses | 5,363 | (2,276) | 10,568 | (3,855) | ||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | Net interest income after provision for loan losses | 53,586 | 40,309 | 99,661 | 85,415 | Net interest income after provision for loan losses | 62,265 | 45,663 | 161,926 | 131,078 | ||||||||||||||||||||||||||||||||||||
NON-INTEREST INCOME | NON-INTEREST INCOME | NON-INTEREST INCOME | ||||||||||||||||||||||||||||||||||||||||||||
Trust Department fees | Trust Department fees | 3,479 | 3,292 | 6,970 | 7,118 | Trust Department fees | 3,872 | 3,353 | 10,842 | 10,471 | ||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 2,826 | 2,296 | 5,273 | 4,475 | Service charges on deposit accounts | 2,735 | 2,466 | 8,008 | 6,941 | ||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 1,283 | 531 | 2,097 | 1,319 | Bank-owned life insurance | 785 | 539 | 2,882 | 1,858 | ||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of securities | Gain (loss) on sale of securities | (582) | 321 | (420) | 342 | Gain (loss) on sale of securities | (1,844) | 413 | (2,264) | 755 | ||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of loans, net | Gain (loss) on sale of loans, net | 492 | 720 | 335 | 1,426 | Gain (loss) on sale of loans, net | (367) | 280 | (32) | 1,706 | ||||||||||||||||||||||||||||||||||||
Gain (loss) on other real estate owned, net | Gain (loss) on other real estate owned, net | — | (407) | — | (407) | Gain (loss) on other real estate owned, net | — | — | — | (407) | ||||||||||||||||||||||||||||||||||||
Equity method investments | Equity method investments | (638) | (1,555) | (206) | (5,237) | Equity method investments | (1,151) | (483) | (1,357) | (5,720) | ||||||||||||||||||||||||||||||||||||
Other | Other | 386 | 129 | 619 | 290 | Other | 973 | 134 | 1,592 | 424 | ||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | 7,246 | 5,327 | 14,668 | 9,326 | Total non-interest income | 5,003 | 6,702 | 19,671 | 16,028 | ||||||||||||||||||||||||||||||||||||
NON-INTEREST EXPENSE | NON-INTEREST EXPENSE | NON-INTEREST EXPENSE | ||||||||||||||||||||||||||||||||||||||||||||
Compensation and employee benefits | Compensation and employee benefits | 18,046 | 16,964 | 35,715 | 35,003 | Compensation and employee benefits | 19,527 | 17,482 | 55,242 | 52,485 | ||||||||||||||||||||||||||||||||||||
Occupancy and depreciation | Occupancy and depreciation | 3,457 | 3,352 | 6,897 | 6,853 | Occupancy and depreciation | 3,481 | 3,440 | 10,378 | 10,293 | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 2,745 | 3,211 | 5,560 | 6,871 | Professional fees | 3,173 | 2,348 | 8,733 | 9,219 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 4,327 | 3,322 | 9,511 | 6,327 | Data processing | 4,149 | 4,521 | 13,660 | 10,848 | ||||||||||||||||||||||||||||||||||||
Office maintenance and depreciation | Office maintenance and depreciation | 784 | 820 | 1,509 | 1,475 | Office maintenance and depreciation | 807 | 887 | 2,316 | 2,362 | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 261 | 302 | 523 | 604 | Amortization of intangible assets | 262 | 301 | 785 | 905 | ||||||||||||||||||||||||||||||||||||
Advertising and promotion | Advertising and promotion | 761 | 628 | 1,615 | 1,225 | Advertising and promotion | 795 | 1,023 | 2,410 | 2,248 | ||||||||||||||||||||||||||||||||||||
Other | Other | 3,965 | 2,796 | 7,413 | 5,831 | Other | 4,064 | 3,032 | 11,477 | 8,863 | ||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | 34,346 | 31,395 | 68,743 | 64,189 | Total non-interest expense | 36,258 | 33,034 | 105,001 | 97,223 | ||||||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 26,486 | 14,241 | 45,586 | 30,552 | Income before income taxes | 31,010 | 19,331 | 76,596 | 49,883 | ||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 6,873 | 3,833 | 11,808 | 7,955 | Income tax expense (benefit) | 8,066 | 4,915 | 19,874 | 12,870 | ||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 19,613 | $ | 10,408 | $ | 33,778 | $ | 22,597 | Net income | $ | 22,944 | $ | 14,416 | $ | 56,722 | $ | 37,013 | ||||||||||||||||||||||||||||
Earnings per common share - basic | Earnings per common share - basic | $ | 0.64 | $ | 0.33 | $ | 1.09 | $ | 0.73 | Earnings per common share - basic | $ | 0.75 | $ | 0.46 | $ | 1.84 | $ | 1.19 | ||||||||||||||||||||||||||||
Earnings per common share - diluted | Earnings per common share - diluted | $ | 0.63 | $ | 0.33 | $ | 1.08 | $ | 0.72 | Earnings per common share - diluted | $ | 0.74 | $ | 0.46 | $ | 1.82 | $ | 1.17 |
Consolidated Statements of Comprehensive Income (unaudited) (Dollars in thousands) | Consolidated Statements of Comprehensive Income (unaudited) (Dollars in thousands) | Consolidated Statements of Comprehensive Income (unaudited) (Dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 19,613 | $ | 10,408 | $ | 33,778 | $ | 22,597 | Net income | $ | 22,944 | $ | 14,416 | $ | 56,722 | $ | 37,013 | ||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes: | Other comprehensive income (loss), net of taxes: | Other comprehensive income (loss), net of taxes: | ||||||||||||||||||||||||||||||||||||||||||||
Change in total obligation for postretirement benefits, prior service credit, and other benefits | Change in total obligation for postretirement benefits, prior service credit, and other benefits | 59 | 92 | 118 | (265) | Change in total obligation for postretirement benefits, prior service credit, and other benefits | 60 | 94 | 178 | (171) | ||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities: | Net unrealized gains (losses) on securities: | Net unrealized gains (losses) on securities: | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on securities available for sale | Unrealized holding gains (losses) on securities available for sale | (52,334) | 4,055 | (116,038) | (1,381) | Unrealized holding gains (losses) on securities available for sale | (43,422) | (5,640) | (159,460) | (7,021) | ||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses (gains) realized in income | Reclassification adjustment for losses (gains) realized in income | 582 | (321) | 417 | (339) | Reclassification adjustment for losses (gains) realized in income | 1,831 | (421) | 2,248 | (760) | ||||||||||||||||||||||||||||||||||||
Accretion of net unrealized loss on securities transferred to held to maturity | Accretion of net unrealized loss on securities transferred to held to maturity | 209 | — | 209 | — | Accretion of net unrealized loss on securities transferred to held to maturity | 548 | — | 757 | — | ||||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on securities | Net unrealized gains (losses) on securities | (51,543) | 3,734 | (115,412) | (1,720) | Net unrealized gains (losses) on securities | (41,043) | (6,061) | (156,455) | (7,781) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), before tax | Other comprehensive income (loss), before tax | (51,484) | 3,826 | (115,294) | (1,985) | Other comprehensive income (loss), before tax | (40,983) | (5,967) | (156,277) | (7,952) | ||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | Income tax benefit (expense) | 14,162 | (922) | 31,717 | 524 | Income tax benefit (expense) | 11,275 | 1,629 | 42,992 | 2,153 | ||||||||||||||||||||||||||||||||||||
Total other comprehensive income (loss), net of taxes | Total other comprehensive income (loss), net of taxes | (37,322) | 2,904 | (83,577) | (1,461) | Total other comprehensive income (loss), net of taxes | (29,708) | (4,338) | (113,285) | (5,799) | ||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss), net of taxes | Total comprehensive income (loss), net of taxes | $ | (17,709) | $ | 13,312 | $ | (49,799) | $ | 21,136 | Total comprehensive income (loss), net of taxes | $ | (6,764) | $ | 10,078 | $ | (56,563) | $ | 31,214 |
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) (Dollars in thousands) |
Three Months Ended June 30, 2022 | Three Months Ended September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 310 | $ | 295,443 | $ | 271,722 | $ | (40,846) | $ | 526,629 | $ | 133 | $ | 526,762 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | Balance at June 30, 2022 | $ | 307 | $ | 286,901 | $ | 288,868 | $ | (78,168) | $ | 497,908 | $ | 133 | $ | 498,041 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 19,613 | — | 19,613 | — | 19,613 | Net income | — | — | 22,944 | — | 22,944 | — | 22,944 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | — | 296 | — | — | 296 | — | 296 | Common stock issued | — | 168 | — | — | 168 | — | 168 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends, $0.08 per share | — | — | (2,467) | — | (2,467) | — | (2,467) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends, $0.10 per share | Dividends, $0.10 per share | — | — | (3,069) | — | (3,069) | — | (3,069) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | (5) | (8,787) | — | — | (8,792) | — | (8,792) | Repurchase of common stock | (1) | (744) | — | — | (745) | — | (745) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of repurchases | Exercise of stock options, net of repurchases | 2 | (734) | — | — | (732) | — | (732) | Exercise of stock options, net of repurchases | 1 | (502) | — | — | (501) | — | (501) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock unit vesting, net of repurchases | — | (2) | — | — | (2) | — | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vesting, net of repurchases | Restricted stock units vesting, net of repurchases | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 685 | — | — | 685 | — | 685 | Stock-based compensation expense | — | 608 | — | — | 608 | — | 608 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | Other comprehensive income (loss), net of taxes | — | — | — | (37,322) | (37,322) | — | (37,322) | Other comprehensive income (loss), net of taxes | — | — | — | (29,708) | (29,708) | — | (29,708) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 307 | $ | 286,901 | $ | 288,868 | $ | (78,168) | $ | 497,908 | $ | 133 | $ | 498,041 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | Balance at September 30, 2022 | $ | 307 | $ | 286,431 | $ | 308,743 | $ | (107,876) | $ | 487,605 | $ | 133 | $ | 487,738 |
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 311 | $ | 297,975 | $ | 260,047 | $ | 5,409 | $ | 563,742 | $ | 133 | $ | 563,875 | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 33,778 | — | 33,778 | — | 33,778 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | — | 348 | — | — | 348 | — | 348 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends, $0.16 per share | — | — | (4,957) | — | (4,957) | — | (4,957) | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (6) | (11,727) | — | — | (11,733) | — | (11,733) | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of repurchases | 2 | (1,039) | — | — | (1,037) | — | (1,037) | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock unit vesting, net of repurchases | — | (2) | — | — | (2) | — | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 1,346 | — | — | 1,346 | — | 1,346 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | — | — | — | (83,577) | (83,577) | — | (83,577) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 307 | $ | 286,901 | $ | 288,868 | $ | (78,168) | $ | 497,908 | $ | 133 | $ | 498,041 |
Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 311 | $ | 297,975 | $ | 260,047 | $ | 5,409 | $ | 563,742 | $ | 133 | $ | 563,875 | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 56,722 | — | 56,722 | — | 56,722 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | — | 516 | — | — | 516 | — | 516 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dividends, $0.26 per share | — | — | (8,026) | — | (8,026) | — | (8,026) | |||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (7) | (12,471) | — | — | (12,478) | — | (12,478) | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of repurchases | 3 | (1,541) | — | — | (1,538) | — | (1,538) | |||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vesting, net of repurchases | — | (2) | — | — | (2) | — | (2) | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | 1,954 | — | — | 1,954 | — | 1,954 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | — | — | — | (113,285) | (113,285) | — | (113,285) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | 307 | $ | 286,431 | $ | 308,743 | $ | (107,876) | $ | 487,605 | $ | 133 | $ | 487,738 |
Consolidated Statements of Changes in Stockholders’ Equity (unaudited) (Dollars in thousands) |
Three Months Ended June 30, 2021 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 312 | $ | 300,079 | $ | 226,887 | $ | 12,811 | $ | 540,089 | $ | 133 | $ | 540,222 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 311 | $ | 297,283 | $ | 234,769 | $ | 15,715 | $ | 548,078 | $ | 133 | $ | 548,211 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 10,408 | — | 10,408 | — | 10,408 | Net income | — | — | 14,416 | — | 14,416 | — | 14,416 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends, $0.08 per share | Dividends, $0.08 per share | — | — | (2,526) | — | (2,526) | — | (2,526) | Dividends, $0.08 per share | — | — | (2,520) | — | (2,520) | — | (2,520) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares | (1) | (2,499) | — | — | (2,500) | — | (2,500) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of repurchases | Exercise of stock options, net of repurchases | — | (463) | — | — | (463) | — | (463) | Exercise of stock options, net of repurchases | — | (2) | — | — | (2) | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 166 | — | — | 166 | — | 166 | Stock-based compensation expense | — | 623 | — | — | 623 | — | 623 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | Other comprehensive income (loss), net of taxes | — | — | — | 2,904 | 2,904 | — | 2,904 | Other comprehensive income (loss), net of taxes | — | — | — | (4,338) | (4,338) | — | (4,338) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 311 | $ | 297,283 | $ | 234,769 | $ | 15,715 | $ | 548,078 | $ | 133 | $ | 548,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | $ | 311 | $ | 297,904 | $ | 246,665 | $ | 11,377 | $ | 556,257 | $ | 133 | $ | 556,390 |
Six Months Ended June 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Stockholders' Equity | Noncontrolling Interest | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | $ | 310 | $ | 300,989 | $ | 217,213 | $ | 17,176 | $ | 535,688 | $ | 133 | $ | 535,821 | Balance at December 31, 2020 | $ | 310 | $ | 300,989 | $ | 217,213 | $ | 17,176 | $ | 535,688 | $ | 133 | $ | 535,821 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | — | — | 22,597 | — | 22,597 | — | 22,597 | Net income | — | — | 37,013 | — | 37,013 | — | 37,013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends, $0.16 per share | — | — | (5,041) | — | (5,041) | — | (5,041) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends, $0.24 per share | Dividends, $0.24 per share | — | — | (7,561) | — | (7,561) | — | (7,561) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares | Repurchase of shares | (1) | (2,919) | — | — | (2,920) | — | (2,920) | Repurchase of shares | (1) | (2,919) | — | — | (2,920) | — | (2,920) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of repurchases | Exercise of stock options, net of repurchases | 2 | (1,451) | — | — | (1,449) | — | (1,449) | Exercise of stock options, net of repurchases | 2 | (1,453) | — | — | (1,451) | — | (1,451) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock unit vesting, net of repurchases | — | (90) | — | — | (90) | — | (90) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vesting, net of repurchases | Restricted stock units vesting, net of repurchases | — | (90) | — | — | (90) | — | (90) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | — | 754 | — | — | 754 | — | 754 | Stock-based compensation expense | — | 1,377 | — | — | 1,377 | — | 1,377 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of taxes | Other comprehensive income (loss), net of taxes | — | — | — | (1,461) | (1,461) | — | (1,461) | Other comprehensive income (loss), net of taxes | — | — | — | (5,799) | (5,799) | — | (5,799) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 311 | $ | 297,283 | $ | 234,769 | $ | 15,715 | $ | 548,078 | $ | 133 | $ | 548,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | Balance at September 30, 2021 | $ | 311 | $ | 297,904 | $ | 246,665 | $ | 11,377 | $ | 556,257 | $ | 133 | $ | 556,390 |
Consolidated Statements of Cash Flows (unaudited) (Dollars in thousands) | Consolidated Statements of Cash Flows (unaudited) (Dollars in thousands) | Consolidated Statements of Cash Flows (unaudited) (Dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | CASH FLOWS FROM OPERATING ACTIVITIES | CASH FLOWS FROM OPERATING ACTIVITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | Net income | $ | 33,778 | $ | 22,597 | Net income | $ | 56,722 | $ | 37,013 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | Depreciation and amortization | 1,790 | 1,825 | Depreciation and amortization | 2,683 | 2,746 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 523 | 604 | Amortization of intangible assets | 785 | 905 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred income tax expense (benefit) | Deferred income tax expense (benefit) | 2,242 | 4,089 | Deferred income tax expense (benefit) | 5,665 | 5,373 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | Provision for (recovery of) loan losses | 5,205 | (1,579) | Provision for (recovery of) loan losses | 10,568 | (3,855) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | Stock-based compensation expense | 1,346 | 754 | Stock-based compensation expense | 1,954 | 1,377 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net amortization (accretion) on loan fees, costs, premiums, and discounts | Net amortization (accretion) on loan fees, costs, premiums, and discounts | 1,025 | 1,198 | Net amortization (accretion) on loan fees, costs, premiums, and discounts | 1,324 | 2,407 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net amortization on securities | Net amortization on securities | 2,537 | 1,779 | Net amortization on securities | 3,625 | 2,984 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTTI loss (gain) recognized in earnings | OTTI loss (gain) recognized in earnings | (3) | 3 | OTTI loss (gain) recognized in earnings | (16) | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss (income) from equity method investments | Net loss (income) from equity method investments | 206 | 5,237 | Net loss (income) from equity method investments | 1,357 | 5,720 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss (gain) on sale of securities available for sale | Net loss (gain) on sale of securities available for sale | 420 | (342) | Net loss (gain) on sale of securities available for sale | 2,264 | (755) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss (gain) on sale of loans | Net loss (gain) on sale of loans | (335) | (1,426) | Net loss (gain) on sale of loans | 32 | (1,706) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss (gain) on sale of other real estate owned | Net loss (gain) on sale of other real estate owned | — | 407 | Net loss (gain) on sale of other real estate owned | — | 407 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (gain) on redemption of bank-owned life insurance | Net (gain) on redemption of bank-owned life insurance | (1,094) | (266) | Net (gain) on redemption of bank-owned life insurance | (1,369) | (266) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of loans held for sale | Proceeds from sales of loans held for sale | 10,919 | 81,870 | Proceeds from sales of loans held for sale | 17,635 | 103,186 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Originations of loans held for sale | Originations of loans held for sale | (4,831) | (77,526) | Originations of loans held for sale | (8,276) | (96,478) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease (increase) in cash surrender value of bank-owned life insurance | Decrease (increase) in cash surrender value of bank-owned life insurance | (1,003) | (1,053) | Decrease (increase) in cash surrender value of bank-owned life insurance | (1,513) | (1,592) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease (increase) in accrued interest and dividends receivable | Decrease (increase) in accrued interest and dividends receivable | (2,181) | 1,322 | Decrease (increase) in accrued interest and dividends receivable | (5,947) | 633 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease (increase) in other assets (1) | Decrease (increase) in other assets (1) | 21,128 | (720) | Decrease (increase) in other assets (1) | 13,521 | 6,499 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in accrued expenses and other liabilities (2) | Increase (decrease) in accrued expenses and other liabilities (2) | (3,579) | (14,057) | Increase (decrease) in accrued expenses and other liabilities (2) | (6,146) | (11,193) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by operating activities | Net cash provided by operating activities | 68,093 | 24,716 | Net cash provided by operating activities | 94,868 | 53,400 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES | CASH FLOWS FROM INVESTING ACTIVITIES | CASH FLOWS FROM INVESTING ACTIVITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net decrease (increase) in loans | Net decrease (increase) in loans | (346,930) | 310,268 | Net decrease (increase) in loans | (588,730) | 361,309 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of securities available for sale | Purchase of securities available for sale | (623,371) | (563,204) | Purchase of securities available for sale | (672,142) | (874,116) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of securities held to maturity | Purchase of securities held to maturity | (358,776) | (176,669) | Purchase of securities held to maturity | (508,097) | (315,969) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sales of securities available for sale | Proceeds from sales of securities available for sale | 35,951 | 62,883 | Proceeds from sales of securities available for sale | 132,105 | 94,899 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities, principal payments and redemptions of securities available for sale | Maturities, principal payments and redemptions of securities available for sale | 224,026 | 228,905 | Maturities, principal payments and redemptions of securities available for sale | 281,244 | 349,328 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maturities, principal payments and redemptions of securities held to maturity | Maturities, principal payments and redemptions of securities held to maturity | 79,570 | 44,604 | Maturities, principal payments and redemptions of securities held to maturity | 111,632 | 82,505 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease (increase) in resell agreements | Decrease (increase) in resell agreements | 3,092 | 13,128 | Decrease (increase) in resell agreements | 36,184 | 24,345 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease (increase) in equity method investments | Decrease (increase) in equity method investments | 379 | 427 | Decrease (increase) in equity method investments | (2,184) | 626 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Decrease (increase) of FHLBNY stock, net | Decrease (increase) of FHLBNY stock, net | 213 | 214 | Decrease (increase) of FHLBNY stock, net | (3,162) | 214 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (925) | (1,724) | Purchases of premises and equipment | (1,487) | (2,216) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from redemption of bank-owned life insurance | Proceeds from redemption of bank-owned life insurance | 3,200 | 1,010 | Proceeds from redemption of bank-owned life insurance | 4,233 | 1,010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of other real estate owned | Proceeds from sale of other real estate owned | — | 2,275 | Proceeds from sale of other real estate owned | — | 2,275 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | Net cash (used in) provided by investing activities | (983,571) | (77,883) | Net cash (used in) provided by investing activities | (1,210,404) | (275,790) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES | CASH FLOWS FROM FINANCING ACTIVITIES | CASH FLOWS FROM FINANCING ACTIVITIES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in deposits | Net increase (decrease) in deposits | 934,912 | 571,281 | Net increase (decrease) in deposits | 804,052 | 885,795 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in FHLB advances | Net increase (decrease) in FHLB advances | 75,000 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in subordinated debt | Net increase (decrease) in subordinated debt | (6,250) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | Issuance of common stock | 348 | — | Issuance of common stock | 516 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of shares | (11,733) | (2,920) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid | (4,957) | (4,979) |
Repurchase of shares | Repurchase of shares | (12,478) | (2,920) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid | Dividends paid | (8,026) | (7,467) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options, net of repurchases | Exercise of stock options, net of repurchases | (1,037) | (1,449) | Exercise of stock options, net of repurchases | (1,538) | (1,451) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock unit vesting, net of repurchases | (2) | (90) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted stock units vesting, net of repurchases | Restricted stock units vesting, net of repurchases | (2) | (90) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by financing activities | Net cash provided by financing activities | 917,531 | 561,843 | Net cash provided by financing activities | 851,274 | 873,867 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (decrease) in cash, cash equivalents, and restricted cash | Increase (decrease) in cash, cash equivalents, and restricted cash | 2,053 | 508,676 | Increase (decrease) in cash, cash equivalents, and restricted cash | (264,262) | 651,477 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash at beginning of year | Cash, cash equivalents, and restricted cash at beginning of year | 330,485 | 38,769 | Cash, cash equivalents, and restricted cash at beginning of year | 330,485 | 38,769 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, and restricted cash at end period | Cash, cash equivalents, and restricted cash at end period | $ | 332,538 | $ | 547,445 | Cash, cash equivalents, and restricted cash at end period | $ | 66,223 | $ | 690,246 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | Supplemental disclosures of cash flow information: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest paid during the period | Interest paid during the period | $ | 4,278 | $ | 3,113 | Interest paid during the period | $ | 6,909 | $ | 4,626 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes paid during the period | Income taxes paid during the period | 602 | 2,285 | Income taxes paid during the period | 2,431 | 5,335 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental non-cash investing activities: | Supplemental non-cash investing activities: | Supplemental non-cash investing activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans transferred to held-for-sale | Loans transferred to held-for-sale | 8,140 | — | Loans transferred to held-for-sale | 24,043 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans transferred to other real estate owned | Loans transferred to other real estate owned | — | 2,682 | Loans transferred to other real estate owned | — | 2,682 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase (sale) of securities available for sale, net not settled | Purchase (sale) of securities available for sale, net not settled | — | 27,000 | Purchase (sale) of securities available for sale, net not settled | — | 4,999 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities available-for-sale transferred to held-to-maturity | Securities available-for-sale transferred to held-to-maturity | 260,112 | — | Securities available-for-sale transferred to held-to-maturity | 260,112 | — |
Notes to Consolidated Financial Statements (unaudited) | ||
Notes to Consolidated Financial Statements (unaudited) | ||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Change in obligation for postretirement benefits and for prior service credit | Change in obligation for postretirement benefits and for prior service credit | $ | 51 | $ | 52 | $ | 102 | $ | 106 | Change in obligation for postretirement benefits and for prior service credit | $ | 51 | $ | 53 | $ | 153 | $ | 159 | ||||||||||||||||||||||||||||||||||
Change in obligation for other benefits | Change in obligation for other benefits | 8 | 40 | 16 | (371) | Change in obligation for other benefits | 9 | 41 | 25 | (330) | ||||||||||||||||||||||||||||||||||||||||||
Change in total obligation for postretirement benefits and for prior service credit and for other benefits | Change in total obligation for postretirement benefits and for prior service credit and for other benefits | 59 | 92 | 118 | (265) | Change in total obligation for postretirement benefits and for prior service credit and for other benefits | 60 | 94 | 178 | (171) | ||||||||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | (16) | 98 | (32) | 55 | Income tax effect | (17) | (26) | (49) | 29 | ||||||||||||||||||||||||||||||||||||||||||
Net change in total obligation for postretirement benefits and prior service credit and for other benefits | Net change in total obligation for postretirement benefits and prior service credit and for other benefits | 43 | 190 | 86 | (210) | Net change in total obligation for postretirement benefits and prior service credit and for other benefits | 43 | 68 | 129 | (142) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized holding gains (losses) on available for sale securities | Unrealized holding gains (losses) on available for sale securities | (52,334) | $ | 4,055 | (116,038) | $ | (1,381) | Unrealized holding gains (losses) on available for sale securities | (43,422) | $ | (5,640) | (159,460) | $ | (7,021) | ||||||||||||||||||||||||||||||||||||||
Reclassification adjustment for losses (gains) realized in income | Reclassification adjustment for losses (gains) realized in income | 582 | (321) | 417 | (339) | Reclassification adjustment for losses (gains) realized in income | 1,831 | (421) | 2,248 | (760) | ||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gains (losses) on available for sale securities | Change in unrealized gains (losses) on available for sale securities | (51,752) | 3,734 | (115,621) | (1,720) | Change in unrealized gains (losses) on available for sale securities | (41,591) | (6,061) | (157,212) | (7,781) | ||||||||||||||||||||||||||||||||||||||||||
Accretion of net unrealized loss on securities transferred to held to maturity | Accretion of net unrealized loss on securities transferred to held to maturity | 209 | — | 209 | — | Accretion of net unrealized loss on securities transferred to held to maturity | 548 | — | 757 | — | ||||||||||||||||||||||||||||||||||||||||||
Income tax effect | Income tax effect | 14,178 | (1,020) | 31,749 | 469 | Income tax effect | 11,292 | 1,655 | 43,041 | 2,124 | ||||||||||||||||||||||||||||||||||||||||||
Net change in unrealized gains (losses) on securities | Net change in unrealized gains (losses) on securities | (37,365) | 2,714 | (83,663) | (1,251) | Net change in unrealized gains (losses) on securities | (29,751) | (4,406) | (113,414) | (5,657) | ||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | (37,322) | $ | 2,904 | $ | (83,577) | $ | (1,461) | Total | $ | (29,708) | $ | (4,338) | $ | (113,285) | $ | (5,799) |
Notes to Consolidated Financial Statements (unaudited) | ||
Three Months Ended June 30, | Six Months Ended June 30, | Affected Line Item in the Consolidated Statements of Income | Three Months Ended September 30, | Nine Months Ended September 30, | Affected Line Item in the Consolidated Statements of Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized gains (losses) on sale of available for sale securities | Realized gains (losses) on sale of available for sale securities | $ | (582) | $ | 321 | $ | (420) | $ | 342 | Gain (loss) on sale of securities | Realized gains (losses) on sale of available for sale securities | $ | (1,844) | $ | 413 | $ | (2,264) | $ | 755 | Gain (loss) on sale of securities | ||||||||||||||||||||||||||||||||||||||||||||
Recognized gains (losses) on OTTI securities | Recognized gains (losses) on OTTI securities | — | — | 3 | (3) | Non-Interest Income - other | Recognized gains (losses) on OTTI securities | 13 | 8 | 16 | 5 | Non-Interest Income - other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Accretion of net unrealized loss on securities transferred to held to maturity | Accretion of net unrealized loss on securities transferred to held to maturity | 209 | — | 209 | — | Interest and dividend income - securities | Accretion of net unrealized loss on securities transferred to held to maturity | 548 | — | 757 | — | Interest and dividend income - securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (100) | 88 | (54) | 93 | Income tax expense (benefit) | Income tax expense (benefit) | (333) | 114 | (387) | 207 | Income tax expense (benefit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total reclassifications, net of income tax | Total reclassifications, net of income tax | $ | (273) | $ | 233 | $ | (154) | $ | 246 | Total reclassifications, net of income tax | $ | (950) | $ | 307 | $ | (1,104) | $ | 553 | ||||||||||||||||||||||||||||||||||||||||||||||
Prior service credit on pension plans and other postretirement benefits | Prior service credit on pension plans and other postretirement benefits | $ | 7 | $ | 7 | $ | 14 | $ | 14 | Compensation and employee benefits | Prior service credit on pension plans and other postretirement benefits | $ | 7 | $ | 7 | $ | 21 | $ | 21 | Compensation and employee benefits | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (2) | (2) | (4) | (4) | Income tax expense (benefit) | Income tax expense (benefit) | (1) | (2) | (5) | (6) | Income tax expense (benefit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total reclassifications, net of income tax | Total reclassifications, net of income tax | $ | 5 | $ | 5 | $ | 10 | $ | 10 | Total reclassifications, net of income tax | $ | 6 | $ | 5 | $ | 16 | $ | 15 | ||||||||||||||||||||||||||||||||||||||||||||||
Total reclassifications, net of income tax | Total reclassifications, net of income tax | $ | (268) | $ | 238 | $ | (144) | $ | 256 | Total reclassifications, net of income tax | $ | (944) | $ | 312 | $ | (1,088) | $ | 568 |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for sale: | Available for sale: | Available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | Mortgage-related: | Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE residential certificates | GSE residential certificates | $ | 3,260 | $ | — | $ | (123) | $ | 3,137 | GSE residential certificates | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE residential CMOs | GSE residential CMOs | 498,508 | 477 | (22,748) | 476,237 | GSE residential CMOs | 456,130 | 83 | (36,351) | 419,862 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE commercial certificates & CMO | GSE commercial certificates & CMO | 314,249 | 145 | (4,360) | 310,034 | GSE commercial certificates & CMO | 277,603 | 39 | (9,330) | 268,312 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GSE residential certificates | Non-GSE residential certificates | 130,690 | — | (10,548) | 120,142 | Non-GSE residential certificates | 126,799 | — | (15,651) | 111,148 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GSE commercial certificates | Non-GSE commercial certificates | 115,068 | — | (7,228) | 107,840 | Non-GSE commercial certificates | 109,144 | — | (11,002) | 98,142 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,061,775 | 622 | (45,007) | 1,017,390 | 969,676 | 122 | (72,334) | 897,464 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt: | Other debt: | Other debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | 199 | — | (5) | 194 | U.S. Treasury | 8,201 | — | (186) | 8,015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ABS | ABS | 958,114 | 23 | (31,184) | 926,953 | ABS | 942,175 | — | (39,417) | 902,758 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred | Trust preferred | 14,634 | — | (1,133) | 13,501 | Trust preferred | 10,988 | — | (829) | 10,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 158,935 | — | (11,426) | 147,509 | Corporate | 156,147 | — | (17,057) | 139,090 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,131,882 | 23 | (43,748) | 1,088,157 | 1,117,511 | — | (57,489) | 1,060,022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale | Total available for sale | $ | 2,193,657 | $ | 645 | $ | (88,755) | $ | 2,105,547 | Total available for sale | $ | 2,087,187 | $ | 122 | $ | (129,823) | $ | 1,957,486 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Held to maturity: | Held to maturity: | Held to maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | Mortgage-related: | Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE CMOs | GSE CMOs | $ | 73,842 | $ | 29 | $ | (89) | $ | 73,782 | GSE CMOs | $ | 71,252 | $ | — | $ | (3,965) | $ | 67,287 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE commercial certificates | GSE commercial certificates | 80,742 | 141 | (5,445) | 75,438 | GSE commercial certificates | 90,546 | — | (11,450) | 79,096 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE residential certificates | GSE residential certificates | 435 | — | (7) | 428 | GSE residential certificates | 431 | — | (29) | 402 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non GSE commercial certificates | Non GSE commercial certificates | 32,601 | — | (1,784) | 30,817 | Non GSE commercial certificates | 32,613 | — | (3,421) | 29,192 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non GSE residential certificates | Non GSE residential certificates | 52,892 | — | (2,824) | 50,068 | Non GSE residential certificates | 51,506 | — | (5,478) | 46,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
240,512 | 170 | (10,149) | 230,533 | 246,348 | — | (24,343) | 222,005 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt: | Other debt: | Other debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ABS | ABS | 294,596 | 73 | (6,786) | 287,883 | ABS | 291,488 | — | (14,223) | 277,265 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial PACE | Commercial PACE | 212,180 | — | (8,528) | 203,652 | Commercial PACE | 220,827 | — | (21,274) | 199,553 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential PACE | Residential PACE | 529,966 | — | (21,414) | 508,552 | Residential PACE | 635,874 | — | (44,953) | 590,921 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | 96,412 | 233 | (12,201) | 84,444 | Municipal | 95,886 | — | (18,241) | 77,645 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 2,000 | — | (6) | 1,994 | Other | 2,000 | — | (6) | 1,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,135,154 | 306 | (48,935) | 1,086,525 | 1,246,075 | — | (98,697) | 1,147,378 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity | Total held to maturity | $ | 1,375,666 | $ | 476 | $ | (59,084) | $ | 1,317,058 | Total held to maturity | $ | 1,492,423 | $ | — | $ | (123,040) | $ | 1,369,383 |
Notes to Consolidated Financial Statements (unaudited) | ||
December 31, 2021 | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Available for sale: | |||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||
GSE residential certificates | $ | 3,838 | $ | 129 | $ | — | $ | 3,967 | |||||||||||||||
GSE residential CMOs | 460,571 | 5,697 | (2,385) | 463,883 | |||||||||||||||||||
GSE commercial certificates & CMO | 364,274 | 6,855 | (765) | 370,364 | |||||||||||||||||||
Non-GSE residential certificates | 66,756 | 29 | (646) | 66,139 | |||||||||||||||||||
Non-GSE commercial certificates | 81,705 | 12 | (616) | 81,101 | |||||||||||||||||||
977,144 | 12,722 | (4,412) | 985,454 | ||||||||||||||||||||
Other debt: | |||||||||||||||||||||||
U.S. Treasury | 200 | — | — | 200 | |||||||||||||||||||
ABS | 988,061 | 3,351 | (2,224) | 989,188 | |||||||||||||||||||
Trust preferred | 14,631 | — | (484) | 14,147 | |||||||||||||||||||
Corporate | 123,013 | 1,681 | (273) | 124,421 | |||||||||||||||||||
1,125,905 | 5,032 | (2,981) | 1,127,956 | ||||||||||||||||||||
Total available for sale | $ | 2,103,049 | $ | 17,754 | $ | (7,393) | $ | 2,113,410 | |||||||||||||||
Held to maturity: | |||||||||||||||||||||||
Mortgage-related: | |||||||||||||||||||||||
GSE commercial certificates | $ | 30,742 | $ | — | $ | (489) | $ | 30,253 | |||||||||||||||
GSE residential certificates | 442 | 19 | — | 461 | |||||||||||||||||||
Non GSE commercial certificates | 10,333 | 13 | (288) | 10,058 | |||||||||||||||||||
Non GSE residential certificates | 10,796 | 5 | — | 10,801 | |||||||||||||||||||
52,313 | 37 | (777) | 51,573 | ||||||||||||||||||||
Other debt: | |||||||||||||||||||||||
ABS | 75,800 | 1 | (50) | 75,751 | |||||||||||||||||||
PACE | 627,394 | 5,933 | — | 633,327 | |||||||||||||||||||
Municipal | 84,962 | 2,045 | (1,056) | 85,951 | |||||||||||||||||||
Other | 3,100 | 2 | — | 3,102 | |||||||||||||||||||
791,256 | 7,981 | (1,106) | 798,131 | ||||||||||||||||||||
Total held to maturity | $ | 843,569 | $ | 8,018 | $ | (1,883) | $ | 849,704 |
Notes to Consolidated Financial Statements (unaudited) | ||
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Due within one year | $ | — | $ | — | $ | 2,000 | $ | 1,994 | |||||||||||||||||||||
Due after one year through five years | 104,445 | 97,688 | 9,410 | 9,283 | |||||||||||||||||||||||||
Due after five years through ten years | 456,022 | 443,596 | 6,997 | 6,952 | |||||||||||||||||||||||||
Due after ten years | 571,415 | 546,873 | 1,116,747 | 1,068,296 | |||||||||||||||||||||||||
$ | 1,131,882 | $ | 1,088,157 | $ | 1,135,154 | $ | 1,086,525 |
Available for Sale | Held to Maturity | ||||||||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Due within one year | $ | — | $ | — | $ | 2,000 | $ | 1,994 | |||||||||||||||||||||
Due after one year through five years | 74,307 | 66,719 | 9,414 | 8,931 | |||||||||||||||||||||||||
Due after five years through ten years | 449,189 | 431,372 | 6,996 | 6,789 | |||||||||||||||||||||||||
Due after ten years | 594,015 | 561,931 | 1,227,665 | 1,129,664 | |||||||||||||||||||||||||
$ | 1,117,511 | $ | 1,060,022 | $ | 1,246,075 | $ | 1,147,378 |
Three Months Ended, | Six Months Ended, | |||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Proceeds | $ | 35,789 | $ | 48,345 | $ | 35,951 | $ | 62,883 | ||||||||||||||||||
Realized gains | $ | — | $ | 490 | $ | 162 | $ | 562 | ||||||||||||||||||
Realized losses | (582) | (169) | (582) | (220) | ||||||||||||||||||||||
Net realized gains (losses) | $ | (582) | $ | 321 | $ | (420) | $ | 342 |
Three Months Ended, | Nine Months Ended, | |||||||||||||||||||||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||
Proceeds | $ | 96,154 | $ | 31,603 | $ | 132,105 | $ | 94,899 | ||||||||||||||||||
Realized gains | $ | 2 | $ | 477 | $ | 164 | $ | 1,040 | ||||||||||||||||||
Realized losses | (1,846) | (64) | (2,428) | (285) | ||||||||||||||||||||||
Net realized gains (losses) | $ | (1,844) | $ | 413 | $ | (2,264) | $ | 755 |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for sale: | Available for sale: | Available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | Mortgage-related: | Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE residential certificates | $ | 3,137 | $ | (123) | $ | — | $ | — | $ | 3,137 | $ | (123) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE residential CMOs | GSE residential CMOs | 288,774 | (12,940) | 113,695 | (9,808) | 402,469 | (22,748) | GSE residential CMOs | 237,609 | (12,210) | 161,126 | (24,141) | 398,735 | (36,351) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE commercial certificates & CMO | GSE commercial certificates & CMO | 96,499 | (2,981) | 86,999 | (1,379) | 183,498 | (4,360) | GSE commercial certificates & CMO | 154,560 | (6,989) | 73,708 | (2,341) | 228,268 | (9,330) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GSE residential certificates | Non-GSE residential certificates | 94,796 | (7,471) | 25,346 | (3,077) | 120,142 | (10,548) | Non-GSE residential certificates | 75,543 | (8,424) | 35,605 | (7,227) | 111,148 | (15,651) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GSE commercial certificates | Non-GSE commercial certificates | 92,746 | (6,259) | 15,017 | (969) | 107,763 | (7,228) | Non-GSE commercial certificates | 62,999 | (4,932) | 35,143 | (6,070) | 98,142 | (11,002) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt: | Other debt: | Other debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Treasury | US Treasury | 194 | (5) | — | — | 194 | (5) | US Treasury | 8,015 | (186) | — | — | 8,015 | (186) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ABS | ABS | 771,008 | (23,367) | 148,131 | (7,817) | 919,139 | (31,184) | ABS | 585,953 | (18,188) | 316,805 | (21,229) | 902,758 | (39,417) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred | Trust preferred | — | — | 13,501 | (1,133) | 13,501 | (1,133) | Trust preferred | — | — | 10,159 | (829) | 10,159 | (829) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 137,539 | (10,396) | 9,970 | (1,030) | 147,509 | (11,426) | Corporate | 97,413 | (9,722) | 41,677 | (7,335) | 139,090 | (17,057) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale | Total available for sale | $ | 1,484,693 | $ | (63,542) | $ | 412,659 | $ | (25,213) | $ | 1,897,352 | $ | (88,755) | Total available for sale | $ | 1,222,092 | $ | (60,651) | $ | 674,223 | $ | (69,172) | $ | 1,896,315 | $ | (129,823) | ||||||||||||||||||||||||||||||||||||||||||||
Held to maturity: | Held to maturity: | Held to maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | Mortgage-related: | Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE CMOs | GSE CMOs | $ | 52,217 | $ | (89) | $ | — | $ | — | $ | 52,217 | $ | (89) | GSE CMOs | $ | 56,116 | $ | (2,921) | $ | 11,171 | $ | (1,044) | $ | 67,287 | $ | (3,965) | ||||||||||||||||||||||||||||||||||||||||||||
GSE commercial certificates | GSE commercial certificates | 30,340 | (3,124) | 17,688 | — | (2,321) | 48,028 | (5,445) | GSE commercial certificates | 49,257 | (3,226) | 29,839 | (8,224) | 79,096 | (11,450) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE residential certificates | GSE residential certificates | 428 | (7) | — | — | 428 | (7) | GSE residential certificates | 402 | (29) | — | — | 402 | (29) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non GSE commercial certificates | Non GSE commercial certificates | 11,489 | (181) | 19,166 | — | (1,603) | 30,655 | (1,784) | Non GSE commercial certificates | 10,957 | (731) | 18,081 | (2,690) | 29,038 | (3,421) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non GSE residential certificates | Non GSE residential certificates | 50,068 | (2,824) | — | — | 50,068 | (2,824) | Non GSE residential certificates | 40,046 | (5,045) | 5,982 | (433) | 46,028 | (5,478) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt: | Other debt: | Other debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ABS | ABS | 257,471 | (6,398) | 15,523 | (388) | 272,994 | (6,786) | ABS | 226,723 | (10,814) | 50,542 | (3,409) | 277,265 | (14,223) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial PACE | Commercial PACE | 203,652 | (8,528) | — | — | 203,652 | (8,528) | Commercial PACE | 199,553 | (21,274) | — | — | 199,553 | (21,274) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential PACE | Residential PACE | 508,552 | (21,414) | — | — | 508,552 | (21,414) | Residential PACE | 590,921 | (44,953) | — | — | 590,921 | (44,953) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | 57,602 | (8,397) | 11,024 | (3,804) | 68,626 | (12,201) | Municipal | 47,708 | (7,786) | 29,937 | (10,455) | 77,645 | (18,241) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 1,994 | (6) | — | — | 1,994 | (6) | Other | 1,994 | (6) | — | — | 1,994 | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity | Total held to maturity | $ | 1,173,813 | $ | (50,968) | $ | 63,401 | $ | (8,116) | $ | 1,237,214 | $ | (59,084) | Total held to maturity | $ | 1,223,677 | $ | (96,785) | $ | 145,552 | $ | (26,255) | $ | 1,369,229 | $ | (123,040) |
Notes to Consolidated Financial Statements (unaudited) | ||
December 31, 2021 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than Twelve Months | Twelve Months or Longer | Total | Less Than Twelve Months | Twelve Months or Longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available for sale: | Available for sale: | Available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | Mortgage-related: | Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE residential CMOs | GSE residential CMOs | $ | 222,825 | $ | (2,385) | $ | — | $ | — | $ | 222,825 | $ | (2,385) | GSE residential CMOs | $ | 222,825 | $ | (2,385) | $ | — | $ | — | $ | 222,825 | $ | (2,385) | ||||||||||||||||||||||||||||||||||||||||||||
GSE commercial certificates & CMO | GSE commercial certificates & CMO | 28,695 | (271) | 159,681 | (494) | 188,376 | (765) | GSE commercial certificates & CMO | 28,695 | (271) | 159,681 | (494) | 188,376 | (765) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GSE residential certificates | Non-GSE residential certificates | 55,284 | (646) | — | — | 55,284 | (646) | Non-GSE residential certificates | 55,284 | (646) | — | — | 55,284 | (646) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-GSE commercial certificates | Non-GSE commercial certificates | 42,530 | (247) | 23,124 | (369) | 65,654 | (616) | Non-GSE commercial certificates | 42,530 | (247) | 23,124 | (369) | 65,654 | (616) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt: | Other debt: | Other debt: | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ABS | ABS | 374,241 | (1,903) | 71,746 | (321) | 445,987 | (2,224) | ABS | 374,241 | (1,903) | 71,746 | (321) | 445,987 | (2,224) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust preferred | Trust preferred | — | — | 14,147 | (484) | 14,147 | (484) | Trust preferred | — | — | 14,147 | (484) | 14,147 | (484) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate | Corporate | 48,743 | (273) | — | — | 48,743 | (273) | Corporate | 48,743 | (273) | — | — | 48,743 | (273) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total available for sale | Total available for sale | $ | 772,318 | $ | (5,725) | $ | 268,698 | $ | (1,668) | $ | 1,041,016 | $ | (7,393) | Total available for sale | $ | 772,318 | $ | (5,725) | $ | 268,698 | $ | (1,668) | $ | 1,041,016 | $ | (7,393) | ||||||||||||||||||||||||||||||||||||||||||||
Held to maturity: | Held to maturity: | Held to maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | Mortgage-related: | Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GSE commercial certificates | GSE commercial certificates | $ | 30,253 | $ | (489) | $ | — | $ | — | $ | 30,253 | $ | (489) | GSE commercial certificates | $ | 30,253 | $ | (489) | $ | — | $ | — | $ | 30,253 | $ | (489) | ||||||||||||||||||||||||||||||||||||||||||||
Non GSE commercial certificates | Non GSE commercial certificates | 9,857 | (288) | — | — | 9,857 | (288) | Non GSE commercial certificates | 9,857 | (288) | — | — | 9,857 | (288) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other debt: | Other debt: | Other debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ABS | ABS | 26,951 | (50) | — | — | 26,951 | (50) | ABS | 26,951 | (50) | — | — | 26,951 | (50) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal | Municipal | 38,468 | (852) | 3,876 | (204) | 42,344 | (1,056) | Municipal | 38,468 | (852) | 3,876 | (204) | 42,344 | (1,056) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total held to maturity | Total held to maturity | $ | 105,529 | $ | (1,679) | $ | 3,876 | $ | (204) | $ | 109,405 | $ | (1,883) | Total held to maturity | $ | 105,529 | $ | (1,679) | $ | 3,876 | $ | (204) | $ | 109,405 | $ | (1,883) |
Notes to Consolidated Financial Statements (unaudited) | ||
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2022 | December 31, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Commercial and industrial | $ | 743,403 | $ | 729,385 | ||||||||||
Multifamily | 853,514 | 821,801 | ||||||||||||
Commercial real estate | 340,987 | 369,429 | ||||||||||||
Construction and land development | 43,212 | 31,539 | ||||||||||||
Total commercial portfolio | 1,981,116 | 1,952,154 | ||||||||||||
Residential real estate lending | 1,236,088 | 1,063,682 | ||||||||||||
Consumer and other | 426,394 | 291,818 | ||||||||||||
Total retail portfolio | 1,662,482 | 1,355,500 | ||||||||||||
Total loans receivable | 3,643,598 | 3,307,654 | ||||||||||||
Net deferred loan origination costs (fees) | 4,806 | 4,570 | ||||||||||||
Total loans receivable, net of deferred loan origination costs (fees) | 3,648,404 | 3,312,224 | ||||||||||||
Allowance for loan losses | (39,477) | (35,866) | ||||||||||||
Total loans receivable, net | $ | 3,608,927 | $ | 3,276,358 |
September 30, 2022 | December 31, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Commercial and industrial | $ | 805,087 | $ | 729,385 | ||||||||||
Multifamily | 884,790 | 821,801 | ||||||||||||
Commercial real estate | 338,002 | 369,429 | ||||||||||||
Construction and land development | 38,946 | 31,539 | ||||||||||||
Total commercial portfolio | 2,066,825 | 1,952,154 | ||||||||||||
Residential real estate lending | 1,332,010 | 1,063,682 | ||||||||||||
Consumer and other | 467,793 | 291,818 | ||||||||||||
Total retail portfolio | 1,799,803 | 1,355,500 | ||||||||||||
Total loans receivable | 3,866,628 | 3,307,654 | ||||||||||||
Net deferred loan origination costs (fees) | 4,662 | 4,570 | ||||||||||||
Total loans receivable, net of deferred loan origination costs (fees) | 3,871,290 | 3,312,224 | ||||||||||||
Allowance for loan losses | (42,122) | (35,866) | ||||||||||||
Total loans receivable, net | $ | 3,829,168 | $ | 3,276,358 |
30-89 Days Past Due | Non- Accrual | 90 Days or More Delinquent and Still Accruing Interest | Total Past Due | Current and Not Accruing Interest | Current | Total Loans Receivable | ||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | $ | — | $ | 9,550 | $ | 733,853 | $ | 743,403 | ||||||||||||||||||||||||||||||
Multifamily | — | 3,494 | — | 3,494 | — | 850,020 | 853,514 | |||||||||||||||||||||||||||||||||||||
Commercial real estate | 3,987 | 3,033 | — | 7,020 | 898 | 333,069 | 340,987 | |||||||||||||||||||||||||||||||||||||
Construction and land development | — | 5,053 | — | 5,053 | — | 38,159 | 43,212 | |||||||||||||||||||||||||||||||||||||
Total commercial portfolio | 3,987 | 11,580 | — | 15,567 | 10,448 | 1,955,101 | 1,981,116 | |||||||||||||||||||||||||||||||||||||
Residential real estate lending | 1,664 | 898 | — | 2,562 | — | 1,233,526 | 1,236,088 | |||||||||||||||||||||||||||||||||||||
Consumer and other | 2,656 | 1,471 | — | 4,127 | — | 422,267 | 426,394 | |||||||||||||||||||||||||||||||||||||
Total retail portfolio | 4,320 | 2,369 | — | 6,689 | — | 1,655,793 | 1,662,482 | |||||||||||||||||||||||||||||||||||||
$ | 8,307 | $ | 13,949 | $ | — | $ | 22,256 | $ | 10,448 | $ | 3,610,894 | $ | 3,643,598 |
30-89 Days Past Due | Non- Accrual | 90 Days or More Delinquent and Still Accruing Interest | Total Past Due | Current and Not Accruing Interest | Current | Total Loans Receivable | ||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 2,865 | $ | 1,746 | $ | — | $ | 4,611 | $ | 7,610 | $ | 792,866 | $ | 805,087 | ||||||||||||||||||||||||||||||
Multifamily | — | 3,494 | — | 3,494 | — | 881,296 | 884,790 | |||||||||||||||||||||||||||||||||||||
Commercial real estate | 4,356 | 3,869 | — | 8,225 | 1,045 | 328,732 | 338,002 | |||||||||||||||||||||||||||||||||||||
Construction and land development | — | — | — | — | — | 38,946 | 38,946 | |||||||||||||||||||||||||||||||||||||
Total commercial portfolio | 7,221 | 9,109 | — | 16,330 | 8,655 | 2,041,840 | 2,066,825 | |||||||||||||||||||||||||||||||||||||
Residential real estate lending | 1,902 | 675 | — | 2,577 | — | 1,329,433 | 1,332,010 | |||||||||||||||||||||||||||||||||||||
Consumer and other | 4,072 | 1,382 | — | 5,454 | — | 462,339 | 467,793 | |||||||||||||||||||||||||||||||||||||
Total retail portfolio | 5,974 | 2,057 | — | 8,031 | — | 1,791,772 | 1,799,803 | |||||||||||||||||||||||||||||||||||||
$ | 13,195 | $ | 11,166 | $ | — | $ | 24,361 | $ | 8,655 | $ | 3,833,612 | $ | 3,866,628 |
Notes to Consolidated Financial Statements (unaudited) | ||
30-89 Days Past Due | Non- Accrual | 90 Days or More Delinquent and Still Accruing Interest | Total Past Due | Current and Not Accruing Interest | Current | Total Loans Receivable | 30-89 Days Past Due | Non- Accrual | 90 Days or More Delinquent and Still Accruing Interest | Total Past Due | Current and Not Accruing Interest | Current | Total Loans Receivable | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | — | $ | 8,313 | $ | — | $ | 8,313 | $ | — | $ | 721,072 | $ | 729,385 | Commercial and industrial | $ | — | $ | 8,313 | $ | — | $ | 8,313 | $ | — | $ | 721,072 | $ | 729,385 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | 13,537 | 2,907 | — | 16,444 | — | 805,357 | 821,801 | Multifamily | 13,537 | 2,907 | — | 16,444 | — | 805,357 | 821,801 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 21,599 | 4,054 | — | 25,653 | — | 343,776 | 369,429 | Commercial real estate | 21,599 | 4,054 | — | 25,653 | — | 343,776 | 369,429 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 26,482 | — | — | 26,482 | — | 5,057 | 31,539 | Construction and land development | 26,482 | — | — | 26,482 | — | 5,057 | 31,539 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial portfolio | Total commercial portfolio | 61,618 | 15,274 | — | 76,892 | — | 1,875,262 | 1,952,154 | Total commercial portfolio | 61,618 | 15,274 | — | 76,892 | — | 1,875,262 | 1,952,154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate lending | Residential real estate lending | 4,811 | 12,525 | — | 17,336 | — | 1,046,346 | 1,063,682 | Residential real estate lending | 4,811 | 12,525 | — | 17,336 | — | 1,046,346 | 1,063,682 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | 1,590 | 420 | — | 2,010 | — | 289,808 | 291,818 | Consumer and other | 1,590 | 420 | — | 2,010 | — | 289,808 | 291,818 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total retail portfolio | Total retail portfolio | 6,401 | 12,945 | — | 19,346 | — | 1,336,154 | 1,355,500 | Total retail portfolio | 6,401 | 12,945 | — | 19,346 | — | 1,336,154 | 1,355,500 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 68,019 | $ | 28,219 | $ | — | $ | 96,238 | $ | — | $ | 3,211,416 | $ | 3,307,654 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 68,019 | $ | 28,219 | $ | — | $ | 96,238 | $ | — | $ | 3,211,416 | $ | 3,307,654 |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(In thousands) | Accruing | Non- Accrual | Total | Accruing | Non- Accrual | Total | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 10,113 | $ | 7,804 | $ | 17,917 | $ | 4,052 | $ | 8,313 | $ | 12,365 | |||||||||||||||||||||||
Multifamily | 10,483 | — | 10,483 | — | — | — | |||||||||||||||||||||||||||||
Commercial real estate | — | 3,033 | 3,033 | — | 3,166 | 3,166 | |||||||||||||||||||||||||||||
Construction and land development | 2,424 | 5,053 | 7,477 | 7,476 | — | 7,476 | |||||||||||||||||||||||||||||
Residential real estate lending | 12,663 | 398 | 13,061 | 13,469 | 2,018 | 15,487 | |||||||||||||||||||||||||||||
$ | 35,683 | $ | 16,288 | $ | 51,971 | $ | 24,997 | $ | 13,497 | $ | 38,494 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
(In thousands) | Accruing | Non- Accrual | Total | Accruing | Non- Accrual | Total | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 4,337 | $ | 9,356 | $ | 13,693 | $ | 4,052 | $ | 8,313 | $ | 12,365 | |||||||||||||||||||||||
Multifamily | 10,483 | — | 10,483 | — | — | — | |||||||||||||||||||||||||||||
Commercial real estate | — | 2,966 | 2,966 | — | 3,166 | 3,166 | |||||||||||||||||||||||||||||
Construction and land development | 2,424 | — | 2,424 | 7,476 | — | 7,476 | |||||||||||||||||||||||||||||
Residential real estate lending | 1,152 | — | 1,152 | 13,469 | 2,018 | 15,487 | |||||||||||||||||||||||||||||
$ | 18,396 | $ | 12,322 | $ | 30,718 | $ | 24,997 | $ | 13,497 | $ | 38,494 |
Notes to Consolidated Financial Statements (unaudited) | ||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Number of Loans | Pre-Modification Balance | Post-Modification Balance | Number of Loans | Pre-Modification Balance | Post-Modification Balance | (In thousands) | Number of Loans | Pre-Modification Balance | Post-Modification Balance | Number of Loans | Pre-Modification Balance | Post-Modification Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 2 | $ | 6,435 | $ | 6,435 | — | $ | — | $ | — | Commercial and industrial | 1 | $ | 1,746 | $ | 1,746 | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | — | — | — | 1 | 2,779 | 2,779 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | 2 | $ | 6,435 | $ | 6,435 | 1 | $ | 2,779 | $ | 2,779 | Total loans | 1 | $ | 1,746 | $ | 1,746 | — | $ | — | $ | — |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
(In thousands) | Number of Loans | Pre-Modification Balance | Post-Modification Balance | Number of Loans | Pre-Modification Balance | Post-Modification Balance | |||||||||||||||||||||||||||||
Commercial and industrial | 2 | $ | 6,435 | $ | 6,435 | — | $ | — | $ | — | |||||||||||||||||||||||||
Commercial real estate | 2 | 10,000 | 10,483 | — | — | — | |||||||||||||||||||||||||||||
Construction and land development | — | — | — | 1 | 2,779 | 2,779 | |||||||||||||||||||||||||||||
Total loans | 4 | $ | 16,435 | $ | 16,918 | 1 | $ | 2,779 | $ | 2,779 |
Nine Months Ended September 30, 2022 | Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||
(In thousands) | Number of Loans | Pre-Modification Balance | Post-Modification Balance | Number of Loans | Pre-Modification Balance | Post-Modification Balance | |||||||||||||||||||||||||||||
Commercial and industrial | 3 | $ | 8,181 | $ | 8,181 | — | $ | — | $ | — | |||||||||||||||||||||||||
Commercial real estate | 2 | 10,000 | 10,483 | — | — | — | |||||||||||||||||||||||||||||
Construction and land development | — | — | — | 1 | 2,779 | 2,779 | |||||||||||||||||||||||||||||
Total loans | 5 | $ | 18,181 | $ | 18,664 | 1 | $ | 2,779 | $ | 2,779 |
(In thousands) | (In thousands) | Pass | Special Mention | Substandard | Doubtful | Total | (In thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 710,534 | $ | 7,923 | $ | 24,946 | $ | — | $ | 743,403 | Commercial and industrial | $ | 778,331 | $ | 7,797 | $ | 17,213 | $ | 1,746 | $ | 805,087 | ||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | 800,167 | 25,433 | 27,914 | — | 853,514 | Multifamily | 842,685 | 23,866 | 18,239 | — | 884,790 | ||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 301,243 | 20,966 | 18,778 | — | 340,987 | Commercial real estate | 298,374 | 20,948 | 18,680 | — | 338,002 | ||||||||||||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 35,736 | — | 7,476 | — | 43,212 | Construction and land development | 36,522 | — | 2,424 | — | 38,946 | ||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate lending | Residential real estate lending | 1,235,190 | — | 898 | — | 1,236,088 | Residential real estate lending | 1,331,335 | — | 675 | — | 1,332,010 | ||||||||||||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | 424,923 | — | 1,471 | — | 426,394 | Consumer and other | 466,411 | — | 1,382 | — | 467,793 | ||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 3,507,793 | $ | 54,322 | $ | 81,483 | $ | — | $ | 3,643,598 | Total loans | $ | 3,753,658 | $ | 52,611 | $ | 58,613 | $ | 1,746 | $ | 3,866,628 |
(In thousands) | Pass | Special Mention | Substandard | Doubtful | Total | ||||||||||||||||||||||||
Commercial and industrial | $ | 693,312 | $ | 10,165 | $ | 25,908 | $ | — | $ | 729,385 | |||||||||||||||||||
Multifamily | 721,869 | 48,804 | 51,128 | — | 821,801 | ||||||||||||||||||||||||
Commercial real estate | 295,261 | 13,947 | 60,221 | — | 369,429 | ||||||||||||||||||||||||
Construction and land development | 24,063 | — | 7,476 | — | 31,539 | ||||||||||||||||||||||||
Residential real estate lending | 1,050,865 | 292 | 12,525 | — | 1,063,682 | ||||||||||||||||||||||||
Consumer and other | 291,398 | — | 420 | — | 291,818 | ||||||||||||||||||||||||
Total loans | $ | 3,076,768 | $ | 73,208 | $ | 157,678 | $ | — | $ | 3,307,654 |
Notes to Consolidated Financial Statements (unaudited) | ||
(In thousands) | (In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | (In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Individually evaluated for impairment | $ | 21,134 | $ | 13,977 | $ | 3,931 | $ | 7,477 | $ | 13,561 | $ | — | $ | 60,080 | Individually evaluated for impairment | $ | 15,075 | $ | 13,977 | $ | 4,914 | $ | 2,424 | $ | 1,827 | $ | — | $ | 38,217 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | Collectively evaluated for impairment | 722,269 | 839,537 | 337,056 | 35,735 | 1,222,527 | 426,394 | 3,583,518 | Collectively evaluated for impairment | 790,012 | 870,813 | 333,088 | 36,522 | 1,330,183 | 467,793 | 3,828,411 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | Total loans | $ | 743,403 | $ | 853,514 | $ | 340,987 | $ | 43,212 | $ | 1,236,088 | $ | 426,394 | $ | 3,643,598 | Total loans | $ | 805,087 | $ | 884,790 | $ | 338,002 | $ | 38,946 | $ | 1,332,010 | $ | 467,793 | $ | 3,866,628 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | Individually evaluated for impairment | $ | 5,309 | $ | 179 | $ | — | $ | — | $ | 590 | $ | — | $ | 6,078 | Individually evaluated for impairment | $ | 4,995 | $ | 179 | $ | — | $ | — | $ | 45 | $ | — | $ | 5,219 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Collectively evaluated for impairment | Collectively evaluated for impairment | 9,308 | 4,218 | 5,726 | 709 | 9,714 | 3,724 | 33,399 | Collectively evaluated for impairment | 7,711 | 6,583 | 3,908 | 836 | 11,065 | 6,800 | 36,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total allowance for loan losses | Total allowance for loan losses | $ | 14,617 | $ | 4,397 | $ | 5,726 | $ | 709 | $ | 10,304 | $ | 3,724 | $ | 39,477 | Total allowance for loan losses | $ | 12,706 | $ | 6,762 | $ | 3,908 | $ | 836 | $ | 11,110 | $ | 6,800 | $ | 42,122 |
Notes to Consolidated Financial Statements (unaudited) | ||
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 12,785 | $ | 2,907 | $ | 4,054 | $ | 7,476 | $ | 25,994 | $ | — | $ | 53,216 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 716,600 | 818,894 | 365,375 | 24,063 | 1,037,688 | 291,818 | 3,254,438 | ||||||||||||||||||||||||||||||||||
Total loans | $ | 729,385 | $ | 821,801 | $ | 369,429 | $ | 31,539 | $ | 1,063,682 | $ | 291,818 | $ | 3,307,654 | |||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 4,350 | $ | — | $ | — | $ | — | $ | 755 | $ | — | $ | 5,105 | |||||||||||||||||||||||||||
Collectively evaluated for impairment | 6,302 | 4,760 | 7,273 | 405 | 8,253 | 3,768 | 30,761 | ||||||||||||||||||||||||||||||||||
Total allowance for loan losses | $ | 10,652 | $ | 4,760 | $ | 7,273 | $ | 405 | $ | 9,008 | $ | 3,768 | $ | 35,866 |
(In thousands) | (In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | (In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | Allowance for loan losses: | Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | Beginning balance | $ | 12,169 | $ | 4,232 | $ | 6,840 | $ | 654 | $ | 9,336 | $ | 4,311 | $ | 37,542 | Beginning balance | $ | 14,617 | $ | 4,397 | $ | 5,726 | $ | 709 | $ | 10,304 | $ | 3,724 | $ | 39,477 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | Provision for (recovery of) loan losses | 2,442 | 165 | (1,114) | 54 | 1,076 | 289 | 2,912 | Provision for (recovery of) loan losses | (1,916) | 2,365 | (1,818) | 516 | 2,025 | 4,191 | 5,363 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | Charge-offs | — | — | — | — | (782) | (995) | (1,777) | Charge-offs | — | — | — | (389) | (1,519) | (1,343) | (3,251) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | Recoveries | 6 | — | — | 1 | 674 | 119 | 800 | Recoveries | 5 | — | — | — | 300 | 228 | 533 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | Ending Balance | $ | 14,617 | $ | 4,397 | $ | 5,726 | $ | 709 | $ | 10,304 | $ | 3,724 | $ | 39,477 | Ending Balance | $ | 12,706 | $ | 6,762 | $ | 3,908 | $ | 836 | $ | 11,110 | $ | 6,800 | $ | 42,122 |
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 12,092 | $ | 5,672 | $ | 8,388 | $ | 1,449 | $ | 9,785 | $ | 626 | $ | 38,012 | |||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | 1,385 | (544) | (470) | (963) | (1,677) | (7) | (2,276) | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | — | (314) | — | (29) | (420) | (763) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 2 | — | — | 1 | 858 | 29 | 890 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 13,479 | $ | 5,128 | $ | 7,604 | $ | 487 | $ | 8,937 | $ | 228 | $ | 35,863 |
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 8,692 | $ | 6,125 | $ | 8,464 | $ | 1,391 | $ | 10,747 | $ | 1,243 | $ | 36,662 | |||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | 3,397 | (453) | (76) | 58 | (1,446) | 202 | 1,682 | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | — | — | — | (60) | (836) | (896) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 3 | — | — | — | 544 | 17 | 564 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 12,092 | $ | 5,672 | $ | 8,388 | $ | 1,449 | $ | 9,785 | $ | 626 | $ | 38,012 |
Notes to Consolidated Financial Statements (unaudited) | ||
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 10,652 | $ | 4,760 | $ | 7,273 | $ | 405 | $ | 9,008 | $ | 3,768 | $ | 35,866 | |||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | 3,953 | 53 | (1,547) | 302 | 792 | 1,652 | 5,205 | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (416) | — | — | (821) | (1,863) | (3,100) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 12 | — | — | 2 | 1,325 | 167 | 1,506 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 14,617 | $ | 4,397 | $ | 5,726 | $ | 709 | $ | 10,304 | $ | 3,724 | $ | 39,477 |
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 10,652 | $ | 4,760 | $ | 7,273 | $ | 405 | $ | 9,008 | $ | 3,768 | $ | 35,866 | |||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | 2,037 | 2,418 | (3,365) | 818 | 2,817 | 5,843 | 10,568 | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (416) | — | (389) | (2,340) | (3,206) | (6,351) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 17 | — | — | 2 | 1,625 | 395 | 2,039 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 12,706 | $ | 6,762 | $ | 3,908 | $ | 836 | $ | 11,110 | $ | 6,800 | $ | 42,122 |
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 9,065 | $ | 10,324 | $ | 6,213 | $ | 2,077 | $ | 12,330 | $ | 1,580 | $ | 41,589 | |||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | 4,205 | (3,288) | 1,705 | (1,592) | (5,060) | 175 | (3,855) | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (1,908) | (314) | — | (230) | (1,596) | (4,048) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 209 | — | — | 2 | 1,897 | 69 | 2,177 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 13,479 | $ | 5,128 | $ | 7,604 | $ | 487 | $ | 8,937 | $ | 228 | $ | 35,863 |
(In thousands) | Commercial and Industrial | Multifamily | Commercial Real Estate | Construction and Land Development | Residential Real Estate Lending | Consumer and Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 9,065 | $ | 10,324 | $ | 6,213 | $ | 2,077 | $ | 12,330 | $ | 1,580 | $ | 41,589 | |||||||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | 2,820 | (2,744) | 2,175 | (629) | (3,383) | 182 | (1,579) | ||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | (1,908) | — | — | (201) | (1,176) | (3,285) | ||||||||||||||||||||||||||||||||||||||||||||||
Recoveries | 207 | — | — | 1 | 1,039 | 40 | 1,287 | ||||||||||||||||||||||||||||||||||||||||||||||
Ending Balance | $ | 12,092 | $ | 5,672 | $ | 8,388 | $ | 1,449 | $ | 9,785 | $ | 626 | $ | 38,012 |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2022 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Average Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||||
Loans without a related allowance: | ||||||||||||||||||||||||||
Residential real estate lending | $ | 485 | $ | 3,018 | $ | 2,689 | $ | — | ||||||||||||||||||
Construction and land development | 7,477 | 7,477 | 7,476 | — | ||||||||||||||||||||||
Commercial real estate | 3,931 | 3,960 | 4,997 | — | ||||||||||||||||||||||
11,893 | 14,455 | 25,809 | — | |||||||||||||||||||||||
Loans with a related allowance: | ||||||||||||||||||||||||||
Residential real estate lending | 13,076 | 13,783 | 15,747 | 590 | ||||||||||||||||||||||
Multifamily | 13,977 | 13,999 | 14,141 | 179 | ||||||||||||||||||||||
Commercial and industrial | 21,134 | 16,905 | 21,834 | 5,309 | ||||||||||||||||||||||
48,187 | 44,687 | 51,722 | 6,078 | |||||||||||||||||||||||
Total individually impaired loans: | ||||||||||||||||||||||||||
Residential real estate lending | 13,561 | 16,801 | 18,436 | 590 | ||||||||||||||||||||||
Multifamily | 13,977 | 13,999 | 24,788 | 179 | ||||||||||||||||||||||
Construction and land development | 7,477 | 7,477 | 7,476 | — | ||||||||||||||||||||||
Commercial real estate | 3,931 | 3,960 | 4,997 | — | ||||||||||||||||||||||
Commercial and industrial | 21,134 | 16,905 | 21,834 | 5,309 | ||||||||||||||||||||||
$ | 60,080 | $ | 59,142 | $ | 77,531 | $ | 6,078 |
September 30, 2022 | ||||||||||||||||||||||||||
(In thousands) | Recorded Investment | Average Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||||||
Loans without a related allowance: | ||||||||||||||||||||||||||
Residential real estate lending | $ | 617 | $ | 5,562 | $ | 907 | $ | — | ||||||||||||||||||
Construction and land development | 2,424 | 4,950 | 7,476 | — | ||||||||||||||||||||||
Commercial real estate | 4,914 | 4,484 | 5,014 | — | ||||||||||||||||||||||
7,955 | 14,996 | 13,397 | — | |||||||||||||||||||||||
Loans with a related allowance: | ||||||||||||||||||||||||||
Residential real estate lending | 1,210 | 8,348 | 1,270 | 45 | ||||||||||||||||||||||
Multifamily | 13,977 | 8,442 | 14,141 | 179 | ||||||||||||||||||||||
Commercial and industrial | 15,075 | 13,930 | 15,884 | 4,995 | ||||||||||||||||||||||
30,262 | 30,720 | 31,295 | 5,219 | |||||||||||||||||||||||
Total individually impaired loans: | ||||||||||||||||||||||||||
Residential real estate lending | 1,827 | 13,910 | 2,177 | 45 | ||||||||||||||||||||||
Multifamily | 13,977 | 8,442 | 14,141 | 179 | ||||||||||||||||||||||
Construction and land development | 2,424 | 4,950 | 7,476 | — | ||||||||||||||||||||||
Commercial real estate | 4,914 | 4,484 | 5,014 | — | ||||||||||||||||||||||
Commercial and industrial | 15,075 | 13,930 | 15,884 | 4,995 | ||||||||||||||||||||||
$ | 38,217 | $ | 45,716 | $ | 44,692 | $ | 5,219 |
December 31, 2021 | |||||||||||||||||||||||
(In thousands) | Recorded Investment | Average Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||||
Loans without a related allowance: | |||||||||||||||||||||||
Residential real estate lending | $ | 10,507 | $ | 15,666 | $ | 11,896 | $ | — | |||||||||||||||
Construction and land development | 7,476 | 9,330 | 7,476 | — | |||||||||||||||||||
Commercial real estate | 4,054 | 3,744 | 4,953 | — | |||||||||||||||||||
22,037 | 28,740 | 24,325 | — | ||||||||||||||||||||
Loans with a related allowance: | |||||||||||||||||||||||
Residential real estate lending | 15,487 | 18,120 | 19,306 | 755 | |||||||||||||||||||
Multifamily | 2,907 | 6,241 | 8,024 | — | |||||||||||||||||||
Commercial and industrial | 12,785 | 13,746 | 13,207 | 4,350 | |||||||||||||||||||
31,179 | 38,107 | 40,537 | 5,105 | ||||||||||||||||||||
Total individually impaired loans: | |||||||||||||||||||||||
Residential real estate lending | 25,994 | 33,786 | 31,202 | 755 | |||||||||||||||||||
Multifamily | 2,907 | 6,241 | 8,024 | — | |||||||||||||||||||
Construction and land development | 7,476 | 9,330 | 7,476 | — | |||||||||||||||||||
Commercial real estate | 4,054 | 3,744 | 4,953 | — | |||||||||||||||||||
Commercial and industrial | 12,785 | 13,746 | 13,207 | 4,350 | |||||||||||||||||||
$ | 53,216 | $ | 66,847 | $ | 64,862 | $ | 5,105 |
Notes to Consolidated Financial Statements (unaudited) | ||
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Amount | Weighted Average Rate | Amount | Weighted Average Rate | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Non-interest bearing demand deposit accounts | $ | 3,965,907 | 0.00 | % | $ | 3,335,005 | 0.00 | % | |||||||||||||||||||||
NOW accounts | 208,795 | 0.13 | % | 210,844 | 0.08 | % | |||||||||||||||||||||||
Money market deposit accounts | 2,540,657 | 0.20 | % | 2,227,953 | 0.12 | % | |||||||||||||||||||||||
Savings accounts | 388,185 | 0.15 | % | 375,301 | 0.11 | % | |||||||||||||||||||||||
Time deposits | 187,623 | 0.30 | % | 207,152 | 0.32 | % | |||||||||||||||||||||||
$ | 7,291,167 | 0.09 | % | $ | 6,356,255 | 0.06 | % |
September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
Amount | Weighted Average Rate | Amount | Weighted Average Rate | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Non-interest bearing demand deposit accounts | $ | 3,839,155 | 0.00 | % | $ | 3,335,005 | 0.00 | % | |||||||||||||||||||||
NOW accounts | 204,473 | 0.33 | % | 210,844 | 0.08 | % | |||||||||||||||||||||||
Money market deposit accounts | 2,549,024 | 0.37 | % | 2,227,953 | 0.12 | % | |||||||||||||||||||||||
Savings accounts | 384,644 | 0.32 | % | 375,301 | 0.11 | % | |||||||||||||||||||||||
Time deposits | 183,011 | 0.44 | % | 207,152 | 0.32 | % | |||||||||||||||||||||||
$ | 7,160,307 | 0.17 | % | $ | 6,356,255 | 0.06 | % |
(In thousands) | |||||||||||||||||||||||
2022 | $ | 123,728 | |||||||||||||||||||||
2023 | 50,051 | ||||||||||||||||||||||
2024 | 7,191 | ||||||||||||||||||||||
2025 | 4,646 | ||||||||||||||||||||||
2026 | 1,764 | ||||||||||||||||||||||
Thereafter | 243 | ||||||||||||||||||||||
$ | 187,623 |
(In thousands) | |||||||||||||||||||||||
2022 | $ | 62,249 | |||||||||||||||||||||
2023 | 87,543 | ||||||||||||||||||||||
2024 | 26,096 | ||||||||||||||||||||||
2025 | 5,006 | ||||||||||||||||||||||
2026 | 1,765 | ||||||||||||||||||||||
Thereafter | 352 | ||||||||||||||||||||||
$ | 183,011 |
Notes to Consolidated Financial Statements (unaudited) | ||
Notes to Consolidated Financial Statements (unaudited) | ||
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share amounts) | (In thousands, except per share amounts) | (In thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Amalgamated Financial Corp. | Net income attributable to Amalgamated Financial Corp. | $ | 19,613 | $ | 10,408 | $ | 33,778 | $ | 22,597 | Net income attributable to Amalgamated Financial Corp. | $ | 22,944 | $ | 14,416 | $ | 56,722 | $ | 37,013 | ||||||||||||||||||||||||||||||||||
Dividends paid on preferred stock | Dividends paid on preferred stock | — | — | — | — | Dividends paid on preferred stock | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
Income attributable to common stock | Income attributable to common stock | $ | 19,613 | $ | 10,408 | $ | 33,778 | $ | 22,597 | Income attributable to common stock | $ | 22,944 | $ | 14,416 | $ | 56,722 | $ | 37,013 | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | Weighted average common shares outstanding, basic | 30,818 | 31,136 | 30,962 | 31,109 | Weighted average common shares outstanding, basic | 30,673 | 31,094 | 30,864 | 31,216 | ||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.64 | $ | 0.33 | $ | 1.09 | $ | 0.73 | Basic earnings per common share | $ | 0.75 | $ | 0.46 | $ | 1.84 | $ | 1.19 | ||||||||||||||||||||||||||||||||||
Income attributable to common stock | Income attributable to common stock | $ | 19,613 | $ | 10,408 | $ | 33,778 | $ | 22,597 | Income attributable to common stock | $ | 22,944 | $ | 14,416 | $ | 56,722 | $ | 37,013 | ||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | Weighted average common shares outstanding, basic | 30,818 | 31,136 | 30,962 | 31,109 | Weighted average common shares outstanding, basic | 30,673 | 31,094 | 30,864 | 31,216 | ||||||||||||||||||||||||||||||||||||||||||
Incremental shares from assumed conversion of options and RSUs | Incremental shares from assumed conversion of options and RSUs | 371 | 436 | 371 | 436 | Incremental shares from assumed conversion of options and RSUs | 359 | 368 | 359 | 368 | ||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | Weighted average common shares outstanding, diluted | 31,189 | 31,572 | 31,332 | 31,545 | Weighted average common shares outstanding, diluted | 31,032 | 31,462 | 31,223 | 31,584 | ||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share | Diluted earnings per common share | $ | 0.63 | $ | 0.33 | $ | 1.08 | $ | 0.72 | Diluted earnings per common share | $ | 0.74 | $ | 0.46 | $ | 1.82 | $ | 1.17 |
Notes to Consolidated Financial Statements (unaudited) | ||
Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Intrinsic Value (in thousands) | Number of Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Intrinsic Value (in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding, December 31, 2021 | Outstanding, December 31, 2021 | 847,560 | $ | 13.19 | 4.3 | years | Outstanding, December 31, 2021 | 847,560 | $ | 13.19 | 4.3 | years | ||||||||||||||||||||||||||||||||||||||||
Granted | Granted | — | — | — | Granted | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Forfeited/ Expired | Forfeited/ Expired | — | — | — | Forfeited/ Expired | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Exercised | Exercised | (302,260) | 13.24 | — | Exercised | (361,800) | 13.32 | — | ||||||||||||||||||||||||||||||||||||||||||||
Outstanding, June 30, 2022 | 545,300 | 13.16 | 3.7 | years | $ | 3,609 | ||||||||||||||||||||||||||||||||||||||||||||||
Vested and Exercisable, June 30, 2022 | 545,300 | $ | 13.16 | 3.7 | years | $ | 3,609 | |||||||||||||||||||||||||||||||||||||||||||||
Outstanding, September 30, 2022 | Outstanding, September 30, 2022 | 485,760 | 13.09 | 3.6 | years | $ | 4,594 | |||||||||||||||||||||||||||||||||||||||||||||
Vested and Exercisable, September 30, 2022 | Vested and Exercisable, September 30, 2022 | 485,760 | $ | 13.09 | 3.6 | years | $ | 4,594 |
Notes to Consolidated Financial Statements (unaudited) | ||
Shares | Grant Date Fair Value | Shares | Grant Date Fair Value | |||||||||||||||||||
Unvested, December 31, 2021 | Unvested, December 31, 2021 | 401,585 | $ | 16.50 | Unvested, December 31, 2021 | 401,585 | $ | 16.50 | ||||||||||||||
Awarded | Awarded | 153,738 | 17.47 | Awarded | 222,109 | 17.93 | ||||||||||||||||
Forfeited/Expired | Forfeited/Expired | (56,190) | 15.83 | Forfeited/Expired | (85,194) | 16.28 | ||||||||||||||||
Vested | Vested | (152,146) | 16.42 | Vested | (125,972) | 16.83 | ||||||||||||||||
Unvested, June 30, 2022 | 346,987 | $ | 17.07 | |||||||||||||||||||
Unvested, September 30, 2022 | Unvested, September 30, 2022 | 412,528 | $ | 16.13 |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Level 1 | Level 2 | Level 3 | Total | (In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||
Available for sale securities: | Available for sale securities: | Available for sale securities: | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | Mortgage-related: | Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||
GSE residential certificates | GSE residential certificates | $ | — | $ | 3,137 | $ | — | $ | 3,137 | GSE residential certificates | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||
GSE residential CMOs | GSE residential CMOs | — | 476,237 | — | 476,237 | GSE residential CMOs | — | 419,862 | — | 419,862 | ||||||||||||||||||||||||||||||||||||
GSE commercial certificates & CMO | GSE commercial certificates & CMO | — | 310,034 | — | 310,034 | GSE commercial certificates & CMO | — | 268,312 | — | 268,312 | ||||||||||||||||||||||||||||||||||||
Non-GSE residential certificates | Non-GSE residential certificates | — | 120,142 | — | 120,142 | Non-GSE residential certificates | — | 111,148 | — | 111,148 | ||||||||||||||||||||||||||||||||||||
Non-GSE commercial certificates | Non-GSE commercial certificates | — | 107,840 | — | 107,840 | Non-GSE commercial certificates | — | 98,142 | — | 98,142 | ||||||||||||||||||||||||||||||||||||
Other debt: | Other debt: | Other debt: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | U.S. Treasury | 194 | — | — | 194 | U.S. Treasury | 8,015 | — | — | 8,015 | ||||||||||||||||||||||||||||||||||||
ABS | ABS | — | 926,953 | — | 926,953 | ABS | — | 902,758 | — | 902,758 | ||||||||||||||||||||||||||||||||||||
Trust preferred | Trust preferred | — | 13,501 | — | 13,501 | Trust preferred | — | 10,159 | — | 10,159 | ||||||||||||||||||||||||||||||||||||
Corporate | Corporate | — | 147,509 | — | 147,509 | Corporate | — | 139,090 | — | 139,090 | ||||||||||||||||||||||||||||||||||||
Total assets carried at fair value | Total assets carried at fair value | $ | 194 | $ | 2,105,353 | $ | — | $ | 2,105,547 | Total assets carried at fair value | $ | 8,015 | $ | 1,949,471 | $ | — | $ | 1,957,486 |
Notes to Consolidated Financial Statements (unaudited) | ||
December 31, 2021 | ||||||||||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Available for sale securities: | ||||||||||||||||||||||||||
Mortgage-related: | ||||||||||||||||||||||||||
GSE residential certificates | $ | — | $ | 3,967 | $ | — | $ | 3,967 | ||||||||||||||||||
GSE residential CMOs | — | 463,883 | — | 463,883 | ||||||||||||||||||||||
GSE commercial certificates & CMO | — | 370,364 | — | 370,364 | ||||||||||||||||||||||
Non-GSE residential certificates | — | 66,139 | — | 66,139 | ||||||||||||||||||||||
Non-GSE commercial certificates | — | 81,101 | — | 81,101 | ||||||||||||||||||||||
Other Debt: | ||||||||||||||||||||||||||
U.S. Treasury | 200 | — | — | 200 | ||||||||||||||||||||||
ABS | — | 989,188 | — | 989,188 | ||||||||||||||||||||||
Trust preferred | — | 14,147 | — | 14,147 | ||||||||||||||||||||||
Corporate | — | 124,421 | — | 124,421 | ||||||||||||||||||||||
Total assets carried at fair value | $ | 200 | $ | 2,113,210 | $ | — | $ | 2,113,410 |
June 30, 2022 | September 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Estimated Fair Value | (In thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements: | Fair Value Measurements: | Fair Value Measurements: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans | Impaired loans | $ | 54,002 | $ | — | $ | — | $ | 54,002 | $ | 54,002 | Impaired loans | $ | 32,998 | $ | — | $ | — | $ | 32,998 | $ | 32,998 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | 54,002 | $ | — | $ | — | $ | 54,002 | $ | 54,002 | $ | 32,998 | $ | — | $ | — | $ | 32,998 | $ | 32,998 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Estimated Fair Value | ||||||||||||||||||||||||||||||
Fair Value Measurements: | |||||||||||||||||||||||||||||||||||
Impaired loans | $ | 48,111 | $ | — | $ | — | $ | 48,111 | $ | 48,111 | |||||||||||||||||||||||||
$ | 48,111 | $ | — | $ | — | $ | 48,111 | $ | 48,111 | ||||||||||||||||||||||||||
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Estimated Fair Value | ||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 332,538 | $ | 332,538 | $ | — | $ | — | $ | 332,538 | |||||||||||||||||||||||||
Available for sale securities | 2,105,547 | 194 | 2,105,353 | — | 2,105,547 | ||||||||||||||||||||||||||||||
Held to maturity securities | 1,375,666 | — | 604,854 | 712,204 | 1,317,058 | ||||||||||||||||||||||||||||||
Loans held for sale | 5,657 | — | — | 5,657 | 5,657 | ||||||||||||||||||||||||||||||
Loans receivable, net | 3,608,927 | — | — | 3,368,110 | 3,368,110 | ||||||||||||||||||||||||||||||
Resell agreements | 225,926 | — | — | 225,926 | 225,926 | ||||||||||||||||||||||||||||||
Accrued interest and dividends receivable | 31,001 | — | 31,001 | — | 31,001 | ||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||
Deposits payable on demand | 7,103,544 | — | 7,103,544 | — | 7,103,544 | ||||||||||||||||||||||||||||||
Time deposits | 187,623 | — | 187,762 | — | 187,762 | ||||||||||||||||||||||||||||||
Subordinated Debt | 83,899 | — | 76,684 | — | 76,684 | ||||||||||||||||||||||||||||||
Accrued interest payable | 555 | — | 555 | — | 555 |
September 30, 2022 | |||||||||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Estimated Fair Value | ||||||||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 66,223 | $ | 66,223 | $ | — | $ | — | $ | 66,223 | |||||||||||||||||||||||||
Available for sale securities | 1,957,486 | 8,015 | 1,949,471 | — | 1,957,486 | ||||||||||||||||||||||||||||||
Held to maturity securities | 1,492,423 | — | 578,876 | 790,507 | 1,369,383 | ||||||||||||||||||||||||||||||
Loans held for sale | 17,916 | — | — | 17,916 | 17,916 | ||||||||||||||||||||||||||||||
Loans receivable, net | 3,829,168 | — | — | 3,438,967 | 3,438,967 | ||||||||||||||||||||||||||||||
Resell agreements | 192,834 | — | — | 192,834 | 192,834 | ||||||||||||||||||||||||||||||
Accrued interest and dividends receivable | 34,767 | — | 34,767 | — | 34,767 | ||||||||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||||||||
Deposits payable on demand | 6,977,296 | — | 6,977,296 | — | 6,977,296 | ||||||||||||||||||||||||||||||
Time deposits | 183,011 | — | 182,747 | — | 182,747 | ||||||||||||||||||||||||||||||
Borrowed Funds | 152,679 | — | 143,940 | — | 143,940 | ||||||||||||||||||||||||||||||
Accrued interest payable | 1,111 | — | 1,111 | — | 1,111 |
December 31, 2021 | |||||||||||||||||||||||||||||
(In thousands) | Carrying Value | Level 1 | Level 2 | Level 3 | Estimated Fair Value | ||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 330,485 | $ | 330,485 | $ | — | $ | — | $ | 330,485 | |||||||||||||||||||
Available for sale securities | 2,113,410 | 200 | 2,113,210 | — | 2,113,410 | ||||||||||||||||||||||||
Held to maturity securities | 843,569 | — | 216,377 | 633,327 | 849,704 | ||||||||||||||||||||||||
Loans held for sale | 3,279 | — | — | 3,279 | 3,279 | ||||||||||||||||||||||||
Loans receivable, net | 3,276,358 | — | — | 3,291,377 | 3,291,377 | ||||||||||||||||||||||||
Resell agreements | 229,018 | — | — | 229,018 | 229,018 | ||||||||||||||||||||||||
Accrued interest and dividends receivable | 28,820 | — | 28,820 | — | 28,820 | ||||||||||||||||||||||||
Financial liabilities: | |||||||||||||||||||||||||||||
Deposits payable on demand | 6,149,103 | — | 6,149,103 | — | 6,149,103 | ||||||||||||||||||||||||
Time deposits | 207,152 | — | 207,369 | — | 207,369 | ||||||||||||||||||||||||
Subordinated Debt | 83,831 | — | 85,000 | — | 85,000 | ||||||||||||||||||||||||
Accrued interest payable | 569 | — | 569 | — | 569 |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2022 | December 31, 2021 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Commitments to extend credit | $ | 1,032,961 | $ | 927,428 | |||||||||||||
Standby letters of credit | 22,039 | 18,752 | |||||||||||||||
Total | $ | 1,055,000 | $ | 946,180 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Commitments to extend credit | $ | 835,241 | $ | 927,428 | |||||||||||||
Standby letters of credit | 21,536 | 18,752 | |||||||||||||||
Total | $ | 856,777 | $ | 946,180 |
Notes to Consolidated Financial Statements (unaudited) | ||
Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Operating lease cost | $ | 2,257 | $ | 4,508 | ||||||||||
Cash paid for amounts included in the measurement of Operating leases liability | $ | 2,632 | $ | 5,262 | ||||||||||
Weighted average remaining lease term on operating leases (in years) | 4.4 | 4.4 | ||||||||||||
Weighted average discount rate used for operating leases liability | 3.25 | % | 3.25 | % | ||||||||||
Note: Sublease income and variable income or expense considered immaterial |
Three Months Ended September 30, 2022 | Nine Months Ended September 30, 2022 | |||||||||||||
(In thousands) | ||||||||||||||
Operating lease cost | $ | 2,257 | $ | 6,765 | ||||||||||
Cash paid for amounts included in the measurement of Operating leases liability | $ | 2,714 | $ | 7,976 | ||||||||||
Weighted average remaining lease term on operating leases (in years) | 4.2 | 4.2 | ||||||||||||
Weighted average discount rate used for operating leases liability | 3.25 | % | 3.25 | % | ||||||||||
Note: Sublease income and variable income or expense considered immaterial |
Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Operating lease cost | $ | 2,184 | $ | 2,766 | ||||||||||
Cash paid for amounts included in the measurement of Operating leases liability | $ | 2,493 | $ | 4,423 | ||||||||||
Weighted average remaining lease term on operating leases (in years) | 5.2 | 6.2 | ||||||||||||
Weighted average discount rate used for operating leases liability | 3.25 | % | 3.26 | % | ||||||||||
Note: Sublease income and variable income or expense considered immaterial |
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||||||
(In thousands) | ||||||||||||||
Operating lease cost | $ | 2,258 | $ | 6,679 | ||||||||||
Cash paid for amounts included in the measurement of Operating leases liability | $ | 2,566 | $ | 7,573 | ||||||||||
Weighted average remaining lease term on operating leases (in years) | 5.0 | 5.0 | ||||||||||||
Weighted average discount rate used for operating leases liability | 3.25 | % | 3.26 | % | ||||||||||
Note: Sublease income and variable income or expense considered immaterial |
Notes to Consolidated Financial Statements (unaudited) | ||
(In thousands) | (In thousands) | (In thousands) | ||||||||
As of June 30, 2022 | ||||||||||
As of September 30, 2022 | As of September 30, 2022 | |||||||||
2022 remaining | 2022 remaining | $ | 5,481 | 2022 remaining | $ | 2,768 | ||||
2023 | 2023 | 11,285 | 2023 | 11,285 | ||||||
2024 | 2024 | 11,310 | 2024 | 11,310 | ||||||
2025 | 2025 | 10,574 | 2025 | 10,574 | ||||||
2026 | 2026 | 9,176 | 2026 | 9,176 | ||||||
Thereafter | Thereafter | 955 | Thereafter | 955 | ||||||
Total undiscounted operating lease payments | Total undiscounted operating lease payments | 48,781 | Total undiscounted operating lease payments | 46,068 | ||||||
Less: present value adjustment | Less: present value adjustment | 3,176 | Less: present value adjustment | 2,839 | ||||||
Total Operating leases liability | Total Operating leases liability | $ | 45,605 | Total Operating leases liability | $ | 43,229 |
Notes to Consolidated Financial Statements (unaudited) | ||
(In thousands) | (In thousands) | (In thousands) | ||||||||
2022 remaining | 2022 remaining | $ | 523 | 2022 remaining | $ | 261 | ||||
2023 | 2023 | 888 | 2023 | 888 | ||||||
2024 | 2024 | 730 | 2024 | 730 | ||||||
2025 | 2025 | 574 | 2025 | 574 | ||||||
2026 | 2026 | 419 | 2026 | 419 | ||||||
Thereafter | Thereafter | 494 | Thereafter | 494 | ||||||
Total | Total | $ | 3,628 | Total | $ | 3,366 |
Notes to Consolidated Financial Statements (unaudited) | ||
June 30, 2022 | December 31, 2021 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Unconsolidated Variable Interest Entities | |||||||||||||||||
Tax credit investments included in equity investments | $ | 1,116 | $ | 1,681 | |||||||||||||
Loans and letters of credit commitments | 52,350 | 52,813 | |||||||||||||||
Funded portion of loans and letters of credit commitments | 15,049 | 15,512 |
September 30, 2022 | December 31, 2021 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Unconsolidated Variable Interest Entities | |||||||||||||||||
Tax credit investments included in equity investments | $ | 2,674 | $ | 1,681 | |||||||||||||
Loans and letters of credit commitments | 32,430 | 52,813 | |||||||||||||||
Funded portion of loans and letters of credit commitments | 17,506 | 15,512 |
Three Months Ended | Six Months Ended | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, | June 30, | September 30, | September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Tax credits and other tax benefits recognized | Tax credits and other tax benefits recognized | $ | 668 | $ | 568 | $ | 1,336 | $ | 911 | Tax credits and other tax benefits recognized | $ | 668 | $ | 568 | $ | 2,004 | $ | 1,479 |
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Average Balance | Income / Expense | Yield / Rate | Average Balance | Income / Expense | Yield / Rate | |||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | $ | 305,134 | $ | 551 | 0.72 | % | $ | 510,473 | $ | 131 | 0.10 | % | |||||||||||||||||||||||||||||||||||
Securities and FHLB stock | 3,443,987 | 23,308 | 2.71 | % | 2,298,264 | 12,651 | 2.21 | % | |||||||||||||||||||||||||||||||||||||||
Resell Agreements | 231,468 | 1,044 | 1.81 | % | 148,977 | 484 | 1.30 | % | |||||||||||||||||||||||||||||||||||||||
Total loans, net (1)(2) | 3,504,223 | 33,766 | 3.86 | % | 3,162,896 | 30,156 | 3.82 | % | |||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 7,484,812 | 58,669 | 3.14 | % | 6,120,610 | 43,422 | 2.85 | % | |||||||||||||||||||||||||||||||||||||||
Non-interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 9,296 | 7,545 | |||||||||||||||||||||||||||||||||||||||||||||
Other assets | 266,186 | 266,613 | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,760,294 | $ | 6,394,768 | |||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and money market deposits | 3,030,788 | $ | 1,332 | 0.18 | % | 2,567,396 | $ | 1,174 | 0.18 | % | |||||||||||||||||||||||||||||||||||||
Time deposits | 192,181 | 149 | 0.31 | % | 258,257 | 257 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||
Total deposits | 3,222,969 | 1,481 | 0.18 | % | 2,825,653 | 1,431 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||
Other Borrowings | 83,886 | 690 | 3.30 | % | — | — | 0.00 | % | |||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 3,306,855 | 2,171 | 0.26 | % | 2,825,653 | 1,431 | 0.20 | % | |||||||||||||||||||||||||||||||||||||||
Non-interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Demand and transaction deposits | 3,855,735 | 2,909,555 | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 80,274 | 111,794 | |||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 7,242,864 | 5,847,002 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 517,430 | 547,766 | |||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 7,760,294 | $ | 6,394,768 | |||||||||||||||||||||||||||||||||||||||||||
Net interest income / interest rate spread | $ | 56,498 | 2.88 | % | $ | 41,991 | 2.65 | % | |||||||||||||||||||||||||||||||||||||||
Net interest earning assets / net interest margin | $ | 4,177,957 | 3.03 | % | $ | 3,294,957 | 2.75 | % | |||||||||||||||||||||||||||||||||||||||
Total Cost of Deposits | 0.08 | % | 0.10 | % | |||||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2022 | Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Average Balance | Income / Expense | Yield / Rate | Average Balance | Income / Expense | Yield / Rate | |||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | $ | 222,071 | $ | 971 | 1.73 | % | $ | 632,526 | $ | 230 | 0.14 | % | |||||||||||||||||||||||||||||||||||
Securities | 3,522,863 | 29,735 | 3.35 | % | 2,545,703 | 14,192 | 2.21 | % | |||||||||||||||||||||||||||||||||||||||
Resell Agreements | 232,956 | 1,845 | 3.14 | % | 114,100 | 463 | 1.61 | % | |||||||||||||||||||||||||||||||||||||||
Total loans, net (1)(2) | 3,693,688 | 38,264 | 4.11 | % | 3,087,744 | 29,915 | 3.84 | % | |||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 7,671,578 | 70,815 | 3.66 | % | 6,380,073 | 44,800 | 2.79 | % | |||||||||||||||||||||||||||||||||||||||
Non-interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 4,783 | 8,464 | |||||||||||||||||||||||||||||||||||||||||||||
Other assets | 265,736 | 243,969 | |||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7,942,097 | $ | 6,632,506 | |||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and money market deposits | 3,031,402 | $ | 2,329 | 0.30 | % | 2,641,719 | $ | 1,173 | 0.18 | % | |||||||||||||||||||||||||||||||||||||
Time deposits | 184,476 | 162 | 0.35 | % | 241,009 | 240 | 0.40 | % | |||||||||||||||||||||||||||||||||||||||
Total deposits | 3,215,878 | 2,491 | 0.31 | % | 2,882,728 | 1,413 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||
Other Borrowings | 85,323 | 696 | 3.24 | % | — | — | 0.00 | % | |||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 3,301,201 | 3,187 | 0.38 | % | 2,882,728 | 1,413 | 0.19 | % | |||||||||||||||||||||||||||||||||||||||
Non-interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Demand and transaction deposits | 4,053,953 | 3,077,231 | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 75,143 | 116,790 | |||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 7,430,297 | 6,076,749 | |||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 511,800 | 555,757 | |||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 7,942,097 | $ | 6,632,506 | |||||||||||||||||||||||||||||||||||||||||||
Net interest income / interest rate spread | $ | 67,628 | 3.28 | % | $ | 43,387 | 2.60 | % | |||||||||||||||||||||||||||||||||||||||
Net interest earning assets / net interest margin | $ | 4,370,377 | 3.50 | % | $ | 3,497,345 | 2.70 | % | |||||||||||||||||||||||||||||||||||||||
Total Cost of Deposits | 0.14 | % | 0.09 | % | |||||||||||||||||||||||||||||||||||||||||||
Six Months Ended | Six Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2021 | September 30, 2022 | September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Average Balance | Income / Expense | Yield / Rate | Average Balance | Income / Expense | Yield / Rate | (In thousands) | Average Balance | Income / Expense | Yield / Rate | Average Balance | Income / Expense | Yield / Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | Interest earning assets: | Interest earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | Interest-bearing deposits in banks | $ | 364,178 | $ | 730 | 0.40 | % | $ | 445,340 | $ | 221 | 0.10 | % | Interest-bearing deposits in banks | $ | 316,288 | $ | 1,701 | 0.72 | % | $ | 508,421 | $ | 451 | 0.12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Securities and FHLB stock | 3,319,009 | 41,743 | 2.54 | % | 2,208,263 | 24,451 | 2.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resell Agreements | 225,378 | 1,764 | 1.58 | % | 151,607 | 902 | 1.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | 3,387,707 | 71,477 | 2.82 | % | 2,321,979 | 38,643 | 2.23 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resell agreements | Resell agreements | 227,932 | 3,610 | 2.12 | % | 138,967 | 1,365 | 1.31 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans, net (1)(2) | Total loans, net (1)(2) | 3,392,788 | 64,893 | 3.86 | % | 3,228,235 | 61,265 | 3.83 | % | Total loans, net (1)(2) | 3,493,405 | 103,157 | 3.95 | % | 3,180,890 | 91,180 | 3.83 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | Total interest earning assets | 7,301,353 | 109,130 | 3.01 | % | 6,033,445 | 86,839 | 2.90 | % | Total interest earning assets | 7,425,332 | 179,945 | 3.24 | % | 6,150,257 | 131,639 | 2.86 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest earning assets: | Non-interest earning assets: | Non-interest earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 9,261 | 7,432 | Cash and due from banks | 7,752 | 7,780 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 266,932 | 272,930 | Other assets | 267,315 | 263,170 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 7,577,546 | $ | 6,313,807 | Total assets | $ | 7,700,399 | $ | 6,421,207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | Interest bearing liabilities: | Interest bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and money market deposits | Savings, NOW and money market deposits | 2,963,809 | $ | 2,579 | 0.18 | % | 2,540,277 | $ | 2,395 | 0.19 | % | Savings, NOW and money market deposits | 2,986,588 | $ | 4,908 | 0.22 | % | 2,574,463 | $ | 3,568 | 0.19 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Time deposits | Time deposits | 195,741 | 304 | 0.31 | % | 269,063 | 608 | 0.46 | % | Time deposits | 191,944 | 466 | 0.32 | % | 259,609 | 848 | 0.44 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits | Total deposits | 3,159,550 | 2,883 | 0.18 | % | 2,809,340 | 3,003 | 0.22 | % | Total deposits | 3,178,532 | 5,374 | 0.23 | % | 2,834,072 | 4,416 | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Borrowings | Other Borrowings | 84,239 | 1,381 | 3.31 | % | 249 | — | 0.00 | % | Other Borrowings | 84,604 | 2,077 | 3.28 | % | 165 | — | 0.00 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | Total interest bearing liabilities | 3,243,789 | 4,264 | 0.27 | % | 2,809,589 | 3,003 | 0.22 | % | Total interest bearing liabilities | 3,263,136 | 7,451 | 0.31 | % | 2,834,237 | 4,416 | 0.21 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing liabilities: | Non-interest bearing liabilities: | Non-interest bearing liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand and transaction deposits | Demand and transaction deposits | 3,703,455 | 2,848,401 | Demand and transaction deposits | 3,821,571 | 2,925,516 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 91,510 | 110,654 | Other liabilities | 85,996 | 112,721 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | Total liabilities | 7,038,754 | 5,768,644 | Total liabilities | 7,170,703 | 5,872,474 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | Stockholders' equity | 538,792 | 545,163 | Stockholders' equity | 529,696 | 548,733 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | Total liabilities and stockholders' equity | $ | 7,577,546 | $ | 6,313,807 | Total liabilities and stockholders' equity | $ | 7,700,399 | $ | 6,421,207 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income / interest rate spread | Net interest income / interest rate spread | $ | 104,866 | 2.74 | % | $ | 83,836 | 2.68 | % | Net interest income / interest rate spread | $ | 172,494 | 2.93 | % | $ | 127,223 | 2.65 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest earning assets / net interest margin | Net interest earning assets / net interest margin | $ | 4,057,564 | 2.90 | % | $ | 3,223,856 | 2.80 | % | Net interest earning assets / net interest margin | $ | 4,162,196 | 3.11 | % | $ | 3,316,020 | 2.77 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Cost of Deposits | Total Cost of Deposits | 0.08 | % | 0.11 | % | Total Cost of Deposits | 0.10 | % | 0.10 | % |
Three Months Ended June 30, 2022 over June 30, 2021 | Six Months Ended June 30, 2022 over June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Volume | Changes Due To Rate | Net Change | Volume | Changes Due To Rate | Net Change | |||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | $ | (225) | $ | 645 | $ | 420 | $ | (132) | $ | 641 | $ | 509 | |||||||||||||||||||||||||||||||||||
Securities and FHLB stock | 6,855 | 3,802 | 10,657 | 12,671 | 4,621 | 17,292 | |||||||||||||||||||||||||||||||||||||||||
Resell Agreements | 313 | 247 | 560 | 497 | 365 | 862 | |||||||||||||||||||||||||||||||||||||||||
Total loans, net | 3,263 | 347 | 3,610 | 3,127 | 501 | 3,628 | |||||||||||||||||||||||||||||||||||||||||
Total interest income | 10,206 | 5,041 | 15,247 | 16,163 | 6,128 | 22,291 | |||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and money market deposits | 158 | — | 158 | 344 | (160) | 184 | |||||||||||||||||||||||||||||||||||||||||
Time deposits | (59) | (49) | (108) | (133) | (171) | (304) | |||||||||||||||||||||||||||||||||||||||||
Total deposits | 99 | (49) | 50 | 211 | (331) | (120) | |||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | (27) | 27 | — | — | |||||||||||||||||||||||||||||||||||||||||||
Other Borrowings | 690 | — | 690 | 689 | 692 | 1,381 | |||||||||||||||||||||||||||||||||||||||||
Total borrowings | 663 | 27 | 690 | 689 | 692 | 1,381 | |||||||||||||||||||||||||||||||||||||||||
Total interest expense | 762 | (22) | 740 | 900 | 361 | 1,261 | |||||||||||||||||||||||||||||||||||||||||
Change in net interest income | $ | 9,444 | $ | 5,063 | $ | 14,507 | $ | 15,263 | $ | 5,767 | $ | 21,030 |
Three Months Ended September 30, 2022 over September 30, 2021 | Nine Months Ended September 30, 2022 over September 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Volume | Changes Due To Rate | Net Change | Volume | Changes Due To Rate | Net Change | |||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in banks | $ | (681) | $ | 1,422 | $ | 741 | $ | (670) | $ | 1,920 | $ | 1,250 | |||||||||||||||||||||||||||||||||||
Securities and FHLB stock | 6,980 | 8,563 | 15,543 | 19,719 | 13,115 | 32,834 | |||||||||||||||||||||||||||||||||||||||||
Resell Agreements | 707 | 675 | 1,382 | 1,135 | 1,110 | 2,245 | |||||||||||||||||||||||||||||||||||||||||
Total loans, net | 5,962 | 2,387 | 8,349 | 8,941 | 3,036 | 11,977 | |||||||||||||||||||||||||||||||||||||||||
Total interest income | 12,968 | 13,047 | 26,015 | 29,125 | 19,181 | 48,306 | |||||||||||||||||||||||||||||||||||||||||
Interest bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Savings, NOW and money market deposits | 281 | 875 | 1,156 | 674 | 666 | 1,340 | |||||||||||||||||||||||||||||||||||||||||
Time deposits | (53) | (25) | (78) | (185) | (197) | (382) | |||||||||||||||||||||||||||||||||||||||||
Total deposits | 228 | 850 | 1,078 | 489 | 469 | 958 | |||||||||||||||||||||||||||||||||||||||||
Other borrowings | 657 | 39 | 696 | 1,011 | 1,066 | 2,077 | |||||||||||||||||||||||||||||||||||||||||
Total interest expense | 885 | 889 | 1,774 | 1,500 | 1,535 | 3,035 | |||||||||||||||||||||||||||||||||||||||||
Change in net interest income | $ | 12,083 | $ | 12,158 | $ | 24,241 | $ | 27,625 | $ | 17,646 | $ | 45,271 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2022 | 2021 | 2022 | 2021 | (In thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Trust Department fees | Trust Department fees | $ | 3,479 | $ | 3,292 | $ | 6,970 | $ | 7,118 | Trust Department fees | $ | 3,872 | $ | 3,353 | $ | 10,842 | $ | 10,471 | ||||||||||||||||||||||||||||
Service charges on deposit accounts | Service charges on deposit accounts | 2,826 | 2,296 | 5,273 | 4,475 | Service charges on deposit accounts | 2,735 | 2,466 | 8,008 | 6,941 | ||||||||||||||||||||||||||||||||||||
Bank-owned life insurance | Bank-owned life insurance | 1,283 | 531 | 2,097 | 1,319 | Bank-owned life insurance | 785 | 539 | 2,882 | 1,858 | ||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of investment securities | (582) | 321 | (420) | 342 | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of securities | Gain (loss) on sale of securities | (1,844) | 413 | (2,264) | 755 | |||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of loans, net | Gain (loss) on sale of loans, net | 492 | 720 | 335 | 1,426 | Gain (loss) on sale of loans, net | (367) | 280 | (32) | 1,706 | ||||||||||||||||||||||||||||||||||||
Gain (loss) on other real estate owned, net | Gain (loss) on other real estate owned, net | — | (407) | — | (407) | Gain (loss) on other real estate owned, net | — | — | — | (407) | ||||||||||||||||||||||||||||||||||||
Equity method investments | Equity method investments | (638) | (1,555) | (206) | (5,237) | Equity method investments | (1,151) | (483) | (1,357) | (5,720) | ||||||||||||||||||||||||||||||||||||
Other | Other | 386 | 129 | 619 | 290 | Other | 973 | 134 | 1,592 | 424 | ||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | $ | 7,246 | $ | 5,327 | $ | 14,668 | $ | 9,326 | Total non-interest income | $ | 5,003 | $ | 6,702 | $ | 19,671 | $ | 16,028 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2022 | 2021 | 2022 | 2021 | (In thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Compensation and employee benefits, net | Compensation and employee benefits, net | $ | 18,046 | $ | 16,964 | $ | 35,715 | $ | 35,003 | Compensation and employee benefits, net | $ | 19,527 | $ | 17,482 | $ | 55,242 | $ | 52,485 | ||||||||||||||||||||||||||||
Occupancy and depreciation | Occupancy and depreciation | 3,457 | 3,352 | 6,897 | 6,853 | Occupancy and depreciation | 3,481 | 3,440 | 10,378 | 10,293 | ||||||||||||||||||||||||||||||||||||
Professional fees | Professional fees | 2,745 | 3,211 | 5,560 | 6,871 | Professional fees | 3,173 | 2,348 | 8,733 | 9,219 | ||||||||||||||||||||||||||||||||||||
Data processing | Data processing | 4,327 | 3,322 | 9,511 | 6,327 | Data processing | 4,149 | 4,521 | 13,660 | 10,848 | ||||||||||||||||||||||||||||||||||||
Office maintenance and depreciation | Office maintenance and depreciation | 784 | 820 | 1,509 | 1,475 | Office maintenance and depreciation | 807 | 887 | 2,316 | 2,362 | ||||||||||||||||||||||||||||||||||||
Amortization of intangible assets | Amortization of intangible assets | 261 | 302 | 523 | 604 | Amortization of intangible assets | 262 | 301 | 785 | 905 | ||||||||||||||||||||||||||||||||||||
Advertising and promotion | Advertising and promotion | 761 | 628 | 1,615 | 1,225 | Advertising and promotion | 795 | 1,023 | 2,410 | 2,248 | ||||||||||||||||||||||||||||||||||||
Other | Other | 3,965 | 2,796 | 7,413 | 5,831 | Other | 4,064 | 3,032 | 11,477 | 8,863 | ||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | $ | 34,346 | $ | 31,395 | 68,743 | 64,189 | Total non-interest expense | $ | 36,258 | $ | 33,034 | 105,001 | 97,223 |
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(In thousands) | Amount | % of Portfolio | Amount | % of Portfolio | ||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||
Mortgage-related: | ||||||||||||||||||||||||||
GSE residential certificates | $ | 3,137 | 0.1 | % | $ | 3,967 | 0.1 | % | ||||||||||||||||||
GSE residential CMOs | 476,237 | 13.7 | % | 463,883 | 15.7 | % | ||||||||||||||||||||
GSE commercial certificates & CMO | 310,034 | 8.9 | % | 370,364 | 12.5 | % | ||||||||||||||||||||
Non-GSE residential certificates | 120,142 | 3.5 | % | 66,139 | 2.3 | % | ||||||||||||||||||||
Non-GSE commercial certificates | 107,840 | 3.1 | % | 81,101 | 2.7 | % | ||||||||||||||||||||
Other debt: | ||||||||||||||||||||||||||
U.S. Treasury | 194 | 0.0 | % | 200 | 0.0 | % | ||||||||||||||||||||
ABS | 926,953 | 26.6 | % | 989,188 | 33.5 | % | ||||||||||||||||||||
Trust preferred | 13,501 | 0.4 | % | 14,147 | 0.5 | % | ||||||||||||||||||||
Corporate | 147,509 | 4.2 | % | 124,421 | 4.2 | % | ||||||||||||||||||||
Total available for sale | 2,105,547 | 60.5 | % | 2,113,410 | 71.5 | % | ||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||
Mortgage-related: | ||||||||||||||||||||||||||
GSE residential CMOs | $ | 73,842 | 2.1 | % | $ | — | 0.0 | % | ||||||||||||||||||
GSE commercial certificates | 80,742 | 2.3 | % | 30,742 | 1.0 | % | ||||||||||||||||||||
GSE residential certificates | 435 | 0.0 | % | 442 | 0.0 | % | ||||||||||||||||||||
Non GSE commercial certificates | 32,601 | 0.9 | % | 10,333 | 0.3 | % | ||||||||||||||||||||
Non GSE residential certificates | 52,892 | 1.5 | % | 10,796 | 0.4 | % | ||||||||||||||||||||
Other debt: | ||||||||||||||||||||||||||
ABS | 294,596 | 8.5 | % | 75,800 | 2.6 | % | ||||||||||||||||||||
Commercial PACE | 212,180 | 6.1 | % | 175,712 | 21.2 | % | ||||||||||||||||||||
Residential PACE | 529,966 | 15.2 | % | 451,682 | 0.0 | % | ||||||||||||||||||||
Municipal | 96,412 | 2.8 | % | 84,962 | 2.9 | % | ||||||||||||||||||||
Other | 2,000 | 0.1 | % | 3,100 | 0.1 | % | ||||||||||||||||||||
Total held to maturity | 1,375,666 | 39.5 | % | 843,569 | 28.5 | % | ||||||||||||||||||||
Total securities | $ | 3,481,213 | 100.0 | % | $ | 2,956,979 | 100.0 | % |
September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||
(In thousands) | Amount | % of Portfolio | Amount | % of Portfolio | ||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||
Mortgage-related: | ||||||||||||||||||||||||||
GSE residential certificates | $ | — | 0.0 | % | $ | 3,967 | 0.1 | % | ||||||||||||||||||
GSE residential CMOs | 419,862 | 12.2 | % | 463,883 | 15.7 | % | ||||||||||||||||||||
GSE commercial certificates & CMO | 268,312 | 7.8 | % | 370,364 | 12.5 | % | ||||||||||||||||||||
Non-GSE residential certificates | 111,148 | 3.2 | % | 66,139 | 2.3 | % | ||||||||||||||||||||
Non-GSE commercial certificates | 98,142 | 2.8 | % | 81,101 | 2.7 | % | ||||||||||||||||||||
Other debt: | ||||||||||||||||||||||||||
U.S. Treasury | 8,015 | 0.2 | % | 200 | 0.0 | % | ||||||||||||||||||||
ABS | 902,758 | 26.2 | % | 989,188 | 33.5 | % | ||||||||||||||||||||
Trust preferred | 10,159 | 0.3 | % | 14,147 | 0.5 | % | ||||||||||||||||||||
Corporate | 139,090 | 4.0 | % | 124,421 | 4.2 | % | ||||||||||||||||||||
Total available for sale | 1,957,486 | 56.7 | % | 2,113,410 | 71.5 | % | ||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||
Mortgage-related: | ||||||||||||||||||||||||||
GSE residential CMOs | $ | 71,252 | 2.1 | % | $ | — | 0.0 | % | ||||||||||||||||||
GSE commercial certificates | 90,546 | 2.6 | % | 30,742 | 1.0 | % | ||||||||||||||||||||
GSE residential certificates | 431 | 0.0 | % | 442 | 0.0 | % | ||||||||||||||||||||
Non GSE commercial certificates | 32,613 | 0.9 | % | 10,333 | 0.3 | % | ||||||||||||||||||||
Non GSE residential certificates | 51,506 | 1.5 | % | 10,796 | 0.4 | % | ||||||||||||||||||||
Other debt: | ||||||||||||||||||||||||||
ABS | 291,488 | 8.5 | % | 75,800 | 2.6 | % | ||||||||||||||||||||
Commercial PACE | 220,827 | 6.4 | % | 175,712 | 5.9 | % | ||||||||||||||||||||
Residential PACE | 635,874 | 18.4 | % | 451,682 | 15.3 | % | ||||||||||||||||||||
Municipal | 95,886 | 2.8 | % | 84,962 | 2.9 | % | ||||||||||||||||||||
Other | 2,000 | 0.1 | % | 3,100 | 0.1 | % | ||||||||||||||||||||
Total held to maturity | 1,492,423 | 43.3 | % | 843,569 | 28.5 | % | ||||||||||||||||||||
Total securities | $ | 3,449,909 | 100.0 | % | $ | 2,956,979 | 100.0 | % |
Contractual Maturity as of June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
One Year or Less | One to Five Years | Five to Ten Years | Due after Ten Years | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Weighted Average Yield (1) | Amortized Cost | Weighted Average Yield (1) | Amortized Cost | Weighted Average Yield (1) | Amortized Cost | Weighted Average Yield (1) | ||||||||||||||||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GSE residential certificates | $ | — | 0.0 | % | $ | — | 0.0 | % | $ | — | 0.0 | % | $ | 3,260 | 2.6 | % | ||||||||||||||||||||||||||||||||||
GSE residential CMOs | — | 0.0 | % | — | 0.0 | % | 68,193 | 3.0 | % | 430,315 | 2.3 | % | ||||||||||||||||||||||||||||||||||||||
GSE commercial certificates & CMO | 378 | 1.6 | % | 16,731 | 2.6 | % | 235,594 | 2.5 | % | 61,546 | 1.9 | % | ||||||||||||||||||||||||||||||||||||||
Non-GSE residential certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 130,690 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||
Non-GSE commercial certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 115,068 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||
Other debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | — | 0.0 | % | 199 | 1.3 | % | — | 0.0 | % | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
ABS | — | 0.0 | % | 33,629 | 3.2 | % | 353,070 | 3.5 | % | 571,415 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||
Trust preferred | — | 0.0 | % | 7,990 | 2.8 | % | 6,644 | 2.8 | % | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
Corporate | — | 0.0 | % | 62,627 | 4.1 | % | 96,308 | 3.7 | % | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GSE CMOs | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 73,842 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||
GSE commercial certificates | — | 0.0 | % | — | 0.0 | % | 15,347 | 3.2 | % | 65,395 | 2.4 | % | ||||||||||||||||||||||||||||||||||||||
GSE residential certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 435 | 3.8 | % | ||||||||||||||||||||||||||||||||||||||
Non GSE commercial certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 32,601 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||
Non GSE residential certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 52,892 | 3.2 | % | ||||||||||||||||||||||||||||||||||||||
Other debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
ABS | — | 0.0 | % | — | 0.0 | % | 6,996 | 5.1 | % | 287,600 | 3.6 | % | ||||||||||||||||||||||||||||||||||||||
Commercial PACE | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 212,180 | 4.5 | % | ||||||||||||||||||||||||||||||||||||||
Residential PACE | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 529.966 | 4.0 | % | ||||||||||||||||||||||||||||||||||||||
Municipal | — | 0.0 | % | 9,410 | 3.7 | % | — | 0.0 | % | 87,002 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||
Other | 2,000 | 3.3 | % | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
Total securities | $ | 2,378 | 3.0 | % | $ | 130,586 | 3.6 | % | $ | 782,152 | 3.2 | % | $ | 2,654,207 | 3.2 | % |
Contractual Maturity as of September 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
One Year or Less | One to Five Years | Five to Ten Years | Due after Ten Years | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Weighted Average Yield (1) | Amortized Cost | Weighted Average Yield (1) | Amortized Cost | Weighted Average Yield (1) | Amortized Cost | Weighted Average Yield (1) | ||||||||||||||||||||||||||||||||||||||||||
Available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GSE residential certificates | $ | — | 0.0 | % | $ | — | 0.0 | % | $ | — | 0.0 | % | $ | — | 0.0 | % | ||||||||||||||||||||||||||||||||||
GSE residential CMOs | — | 0.0 | % | — | 0.0 | % | 51,469 | 2.8 | % | 404,661 | 2.8 | % | ||||||||||||||||||||||||||||||||||||||
GSE commercial certificates & CMO | — | 0.0 | % | 23,720 | 2.7 | % | 208,686 | 3.8 | % | 45,197 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||
Non-GSE residential certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 126,799 | 2.6 | % | ||||||||||||||||||||||||||||||||||||||
Non-GSE commercial certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 109,144 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||
Other debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury | — | 0.0 | % | 8,201 | 2.9 | % | — | 0.0 | % | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
ABS | — | 0.0 | % | 4,010 | 2.1 | % | 344,150 | 4.9 | % | 594,015 | 4.4 | % | ||||||||||||||||||||||||||||||||||||||
Trust preferred | — | 0.0 | % | 6,993 | 4.2 | % | 3,995 | 4.3 | % | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
Corporate | — | 0.0 | % | 55,103 | 4.1 | % | 101,044 | 3.8 | % | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
Held to maturity: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-related: | ||||||||||||||||||||||||||||||||||||||||||||||||||
GSE CMOs | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 71,252 | 3.0 | % | ||||||||||||||||||||||||||||||||||||||
GSE commercial certificates | — | 0.0 | % | 4,904 | 2.9 | % | 10,392 | 3.3 | % | 75,250 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||
GSE residential certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 431 | 3.9 | % | ||||||||||||||||||||||||||||||||||||||
Non GSE commercial certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 32,613 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||
Non GSE residential certificates | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 51,506 | 3.1 | % | ||||||||||||||||||||||||||||||||||||||
Other debt: | ||||||||||||||||||||||||||||||||||||||||||||||||||
ABS | — | 0.0 | % | — | 0.0 | % | 6,996 | 5.1 | % | 284,492 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||
Commercial PACE | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 220,827 | 4.6 | % | ||||||||||||||||||||||||||||||||||||||
Residential PACE | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | 635,874 | 4.3 | % | ||||||||||||||||||||||||||||||||||||||
Municipal | — | 0.0 | % | 9,414 | 3.7 | % | — | 0.0 | % | 86,472 | 2.7 | % | ||||||||||||||||||||||||||||||||||||||
Other | 2,000 | 3.3 | % | — | 0.0 | % | — | 0.0 | % | — | 0.0 | % | ||||||||||||||||||||||||||||||||||||||
Total securities | $ | 2,000 | 3.3 | % | $ | 112,345 | 3.6 | % | $ | 726,732 | 4.3 | % | $ | 2,738,533 | 3.8 | % |
Expected Avg. Life in Years | Credit Ratings Highest Rating if split rated | |||||||||||||||||||||||||||||||||||||
(In thousands) | Amount | % | % Floating | % AAA | % AA | % A | % BBB | %Not Rated | Total | |||||||||||||||||||||||||||||
CLO Commercial & Industrial | $ | 675,157 | 55 | % | 3.3 | 100 | % | 100 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | |||||||||||||||||||
Consumer | 224,287 | 18 | % | 4.5 | 0 | % | 18 | % | 28 | % | 52 | % | 3 | % | 0 | % | 100 | % | ||||||||||||||||||||
Mortgage | 206,685 | 17 | % | 2.8 | 86 | % | 100 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | ||||||||||||||||||||
Student | 115,420 | 10 | % | 4.0 | 54 | % | 100 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | ||||||||||||||||||||
Total Securities: | $ | 1,221,549 | 100 | % | 3.5 | 75 | % | 85 | % | 5 | % | 10 | % | 0 | % | 0 | % | 100 | % |
Expected Avg. Life in Years | Credit Ratings Highest Rating if split rated | |||||||||||||||||||||||||||||||||||||
(In thousands) | Amount | % | % Floating | % AAA | % AA | % A | % BBB | %Not Rated | Total | |||||||||||||||||||||||||||||
CLO Commercial & Industrial | $ | 677,398 | 57 | % | 3.2 | 100 | % | 99 | % | 1 | % | 0 | % | 0 | % | 0 | % | 100 | % | |||||||||||||||||||
Consumer | 207,952 | 17 | % | 5.1 | 0 | % | 13 | % | 28 | % | 57 | % | 2 | % | 0 | % | 100 | % | ||||||||||||||||||||
Mortgage | 200,511 | 17 | % | 2.5 | 86 | % | 100 | % | 0 | % | 0 | % | 0 | % | 0 | % | 100 | % | ||||||||||||||||||||
Student | 108,385 | 9 | % | 4.0 | 56 | % | 94 | % | 6 | % | 0 | % | 0 | % | 0 | % | 100 | % | ||||||||||||||||||||
Total Securities: | $ | 1,194,246 | 100 | % | 3.5 | 76 | % | 84 | % | 6 | % | 10 | % | 0 | % | 0 | % | 100 | % |
(In thousands) | June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
Amount | % of total loans | Amount | % of total loans | ||||||||||||||||||||||||||
Commercial portfolio: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 743,403 | 20.4 | % | $ | 729,385 | 22.0 | % | |||||||||||||||||||||
Multifamily mortgages | 853,514 | 23.4 | % | 821,801 | 24.8 | % | |||||||||||||||||||||||
Commercial real estate mortgages | 340,987 | 9.4 | % | 369,429 | 11.2 | % | |||||||||||||||||||||||
Construction and land development mortgages | 43,212 | 1.2 | % | 31,539 | 1.0 | % | |||||||||||||||||||||||
Total commercial portfolio | 1,981,116 | 54.4 | % | 1,952,154 | 59.0 | % | |||||||||||||||||||||||
Retail portfolio: | |||||||||||||||||||||||||||||
Residential real estate lending | 1,236,088 | 33.9 | % | 1,063,682 | 32.2 | % | |||||||||||||||||||||||
Consumer and other | 426,394 | 11.7 | % | 291,818 | 8.8 | % | |||||||||||||||||||||||
Total retail portfolio | 1,662,482 | 45.6 | % | 1,355,500 | 41.0 | % | |||||||||||||||||||||||
Total loans | 3,643,598 | 100.0 | % | 3,307,654 | 100.0 | % | |||||||||||||||||||||||
Net deferred loan origination costs (fees) | 4,806 | 4,570 | |||||||||||||||||||||||||||
Allowance for loan losses | (39,477) | (35,866) | |||||||||||||||||||||||||||
Total loans, net | $ | 3,608,927 | $ | 3,276,358 |
(In thousands) | September 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||
Amount | % of total loans | Amount | % of total loans | ||||||||||||||||||||||||||
Commercial portfolio: | |||||||||||||||||||||||||||||
Commercial and industrial | $ | 805,087 | 20.8 | % | $ | 729,385 | 22.0 | % | |||||||||||||||||||||
Multifamily mortgages | 884,790 | 22.9 | % | 821,801 | 24.8 | % | |||||||||||||||||||||||
Commercial real estate mortgages | 338,002 | 8.7 | % | 369,429 | 11.2 | % | |||||||||||||||||||||||
Construction and land development mortgages | 38,946 | 1.0 | % | 31,539 | 1.0 | % | |||||||||||||||||||||||
Total commercial portfolio | 2,066,825 | 53.4 | % | 1,952,154 | 59.0 | % | |||||||||||||||||||||||
Retail portfolio: | |||||||||||||||||||||||||||||
Residential real estate lending | 1,332,010 | 34.5 | % | 1,063,682 | 32.2 | % | |||||||||||||||||||||||
Consumer and other | 467,793 | 12.1 | % | 291,818 | 8.8 | % | |||||||||||||||||||||||
Total retail portfolio | 1,799,803 | 46.6 | % | 1,355,500 | 41.0 | % | |||||||||||||||||||||||
Total loans | 3,866,628 | 100.0 | % | 3,307,654 | 100.0 | % | |||||||||||||||||||||||
Net deferred loan origination costs (fees) | 4,662 | 4,570 | |||||||||||||||||||||||||||
Allowance for loan losses | (42,122) | (35,866) | |||||||||||||||||||||||||||
Total loans, net | $ | 3,829,168 | $ | 3,276,358 |
(In thousands) | One year or less | After one but within five years | After five years but within 15 years | After 15 years | Total | |||||||||||||||||||||||||||||||||
June 30, 2022: | ||||||||||||||||||||||||||||||||||||||
Commercial Portfolio: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 100,426 | $ | 218,863 | $ | 188,544 | $ | 235,570 | $ | 743,403 | ||||||||||||||||||||||||||||
Multifamily | 68,312 | 503,306 | 270,468 | 11,428 | 853,514 | |||||||||||||||||||||||||||||||||
Commercial real estate | 67,486 | 211,454 | 55,348 | 6,699 | 340,987 | |||||||||||||||||||||||||||||||||
Construction and land development | 29,788 | 13,424 | — | — | 43,212 | |||||||||||||||||||||||||||||||||
Retail Portfolio: | ||||||||||||||||||||||||||||||||||||||
Residential real estate lending | 17 | 1,957 | 172,095 | 1,062,019 | 1,236,088 | |||||||||||||||||||||||||||||||||
Consumer and other | 1,030 | 3,910 | 61,454 | 360,000 | 426,394 | |||||||||||||||||||||||||||||||||
Total Loans | $ | 267,059 | $ | 952,914 | $ | 747,909 | $ | 1,675,716 | $ | 3,643,598 |
(In thousands) | One year or less | After one but within five years | After five years but within 15 years | After 15 years | Total | |||||||||||||||||||||||||||||||||
September 30, 2022: | ||||||||||||||||||||||||||||||||||||||
Commercial Portfolio: | ||||||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 69,024 | $ | 257,823 | $ | 246,427 | $ | 231,813 | $ | 805,087 | ||||||||||||||||||||||||||||
Multifamily | 64,975 | 528,491 | 281,928 | 9,396 | 884,790 | |||||||||||||||||||||||||||||||||
Commercial real estate | 83,424 | 181,176 | 66,710 | 6,692 | 338,002 | |||||||||||||||||||||||||||||||||
Construction and land development | 24,648 | 14,298 | — | — | 38,946 | |||||||||||||||||||||||||||||||||
Retail Portfolio: | ||||||||||||||||||||||||||||||||||||||
Residential real estate lending | 37 | 1,332 | 167,977 | 1,162,664 | 1,332,010 | |||||||||||||||||||||||||||||||||
Consumer and other | 632 | 4,599 | 64,926 | 397,636 | 467,793 | |||||||||||||||||||||||||||||||||
Total Loans | $ | 242,740 | $ | 987,719 | $ | 827,968 | $ | 1,808,201 | $ | 3,866,628 |
(In thousands) | After one but within five years | After 5 years but within 15 years | More than 15 years | Total | |||||||||||||||||||||||||||||||||||||
Gross loan maturing after one year with: | |||||||||||||||||||||||||||||||||||||||||
Fixed interest rates | $ | 752,596 | $ | 678,232 | $ | 1,141,182 | $ | 2,572,010 | |||||||||||||||||||||||||||||||||
Floating or adjustable interest rates | 200,318 | 69,677 | 534,534 | 804,529 | |||||||||||||||||||||||||||||||||||||
Total Loans | $ | 952,914 | $ | 747,909 | $ | 1,675,716 | $ | 3,376,539 |
(In thousands) | After one but within five years | After 5 years but within 15 years | More than 15 years | Total | |||||||||||||||||||||||||||||||||||||
Gross loan maturing after one year with: | |||||||||||||||||||||||||||||||||||||||||
Fixed interest rates | $ | 753,562 | $ | 750,788 | $ | 1,241,478 | $ | 2,745,828 | |||||||||||||||||||||||||||||||||
Floating or adjustable interest rates | 234,157 | 77,180 | 566,723 | 878,060 | |||||||||||||||||||||||||||||||||||||
Total Loans | $ | 987,719 | $ | 827,968 | $ | 1,808,201 | $ | 3,623,888 |
(In thousands) | One year or less | After one but within five years | After five years but within 15 years | After 15 years | Total | ||||||||||||||||||||||||||||||
December 31, 2021: | |||||||||||||||||||||||||||||||||||
Commercial Portfolio: | |||||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 89,499 | $ | 241,432 | $ | 178,917 | $ | 219,537 | $ | 729,385 | |||||||||||||||||||||||||
Multifamily | 147,340 | 429,126 | 228,851 | 16,484 | 821,801 | ||||||||||||||||||||||||||||||
Commercial real estate | 88,506 | 222,843 | 58,080 | — | 369,429 | ||||||||||||||||||||||||||||||
Construction and land development | 29,264 | 2,275 | — | — | 31,539 | ||||||||||||||||||||||||||||||
Retail Portfolio: | |||||||||||||||||||||||||||||||||||
Residential real estate lending | 399 | 1,836 | 175,193 | 886,254 | 1,063,682 | ||||||||||||||||||||||||||||||
Consumer and other | 1,327 | 1,151 | 45,517 | 243,823 | 291,818 | ||||||||||||||||||||||||||||||
Total Loans | $ | 356,335 | $ | 898,663 | $ | 686,558 | $ | 1,366,098 | $ | 3,307,654 |
(In thousands) | After one but within five years | After 5 years but within 15 years | More than 15 years | Total | ||||||||||||||||||||||||||||||||||
Gross loan maturing after one year with: | ||||||||||||||||||||||||||||||||||||||
Fixed interest rates | $ | 709,569 | $ | 618,748 | $ | 835,675 | $ | 2,163,992 | ||||||||||||||||||||||||||||||
Floating or adjustable interest rates | 189,094 | 67,810 | 530,423 | 787,327 | ||||||||||||||||||||||||||||||||||
Total Loans | $ | 898,663 | $ | 686,558 | $ | 1,366,098 | $ | 2,951,319 |
Three Months Ended June 30, | Six Months Ended June 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2022 | 2021 | 2022 | 2021 | (In thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 37,542 | $ | 36,662 | $ | 35,866 | $ | 41,589 | Balance at beginning of period | $ | 39,477 | $ | 38,012 | $ | 35,866 | $ | 41,589 | ||||||||||||||||||||||||||||
Loan charge-offs: | Loan charge-offs: | Loan charge-offs: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial portfolio: | Commercial portfolio: | Commercial portfolio: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | — | — | — | — | Commercial and industrial | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | — | — | 416 | 1,908 | Multifamily | — | — | 416 | 1,908 | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | — | — | — | Commercial real estate | — | 314 | — | 314 | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | — | — | — | — | Construction and land development | 389 | — | 389 | — | ||||||||||||||||||||||||||||||||||||
Retail portfolio: | Retail portfolio: | Retail portfolio: | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate lending | Residential real estate lending | 782 | 60 | 821 | 201 | Residential real estate lending | 1,519 | 29 | 2,340 | 230 | ||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | 995 | 836 | 1,863 | 1,176 | Consumer and other | 1,343 | 420 | 3,206 | 1,596 | ||||||||||||||||||||||||||||||||||||
Total loan charge-offs | Total loan charge-offs | 1,777 | 896 | 3,100 | 3,285 | Total loan charge-offs | 3,251 | 763 | 6,351 | 4,048 | ||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged-off: | Recoveries of loans previously charged-off: | Recoveries of loans previously charged-off: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial portfolio: | Commercial portfolio: | Commercial portfolio: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | 6 | 3 | 12 | 207 | Commercial and industrial | 5 | 2 | 17 | 209 | ||||||||||||||||||||||||||||||||||||
Multifamily | Multifamily | — | — | — | — | Multifamily | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | — | — | — | — | Commercial real estate | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 1 | — | 2 | 1 | Construction and land development | — | 1 | 2 | 2 | ||||||||||||||||||||||||||||||||||||
Retail portfolio: | Retail portfolio: | Retail portfolio: | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate lending | Residential real estate lending | 674 | 544 | 1,325 | 1,039 | Residential real estate lending | 300 | 858 | 1,625 | 1,897 | ||||||||||||||||||||||||||||||||||||
Consumer and other | Consumer and other | 119 | 17 | 167 | 40 | Consumer and other | 228 | 29 | 395 | 69 | ||||||||||||||||||||||||||||||||||||
Total loan recoveries | Total loan recoveries | 800 | 564 | 1,506 | 1,287 | Total loan recoveries | 533 | 890 | 2,039 | 2,177 | ||||||||||||||||||||||||||||||||||||
Net (recoveries) charge-offs | Net (recoveries) charge-offs | 977 | 332 | 1,594 | 1,998 | Net (recoveries) charge-offs | 2,718 | (127) | 4,312 | 1,871 | ||||||||||||||||||||||||||||||||||||
Provision for (recovery of) loan losses | Provision for (recovery of) loan losses | 2,912 | 1,682 | 5,205 | (1,579) | Provision for (recovery of) loan losses | 5,363 | (2,276) | 10,568 | (3,855) | ||||||||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 39,477 | $ | 38,012 | $ | 39,477 | $ | 38,012 | Balance at end of period | $ | 42,122 | $ | 35,863 | $ | 42,122 | $ | 35,863 |
At June 30, 2022 | At December 31, 2021 | At September 30, 2022 | At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Amount | % of total loans | Amount | % of total loans | (In thousands) | Amount | % of total loans | Amount | % of total loans | ||||||||||||||||||||||||||||||||||||
Commercial Portfolio: | Commercial Portfolio: | Commercial Portfolio: | ||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 14,617 | 20.4 | % | $ | 10,652 | 22.0 | % | Commercial and industrial | $ | 12,706 | 20.8 | % | $ | 10,652 | 22.0 | % | ||||||||||||||||||||||||||||
Multifamily | Multifamily | 4,397 | 23.4 | % | 4,760 | 24.8 | % | Multifamily | 6,762 | 22.9 | % | 4,760 | 24.8 | % | ||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | 5,726 | 9.4 | % | 7,273 | 11.2 | % | Commercial real estate | 3,908 | 8.7 | % | 7,273 | 11.2 | % | ||||||||||||||||||||||||||||||||
Construction and land development | Construction and land development | 709 | 1.2 | % | 405 | 1.0 | % | Construction and land development | 836 | 1.0 | % | 405 | 1.0 | % | ||||||||||||||||||||||||||||||||
Total commercial portfolio | Total commercial portfolio | $ | 25,449 | 54.4 | % | $ | 23,090 | 59.0 | % | Total commercial portfolio | $ | 24,212 | 53.4 | % | $ | 23,090 | 59.0 | % | ||||||||||||||||||||||||||||
Retail Portfolio: | Retail Portfolio: | Retail Portfolio: | ||||||||||||||||||||||||||||||||||||||||||||
Residential real estate lending | Residential real estate lending | $ | 10,304 | 33.9 | % | $ | 9,008 | 32.2 | % | Residential real estate lending | $ | 11,110 | 34.5 | % | $ | 9,008 | 32.2 | % | ||||||||||||||||||||||||||||
Consumer and other | Consumer and other | 3,724 | 11.7 | % | 3,768 | 8.8 | % | Consumer and other | 6,800 | 12.1 | % | 3,768 | 8.8 | % | ||||||||||||||||||||||||||||||||
Total retail portfolio | Total retail portfolio | $ | 14,028 | 45.6 | % | $ | 12,776 | 41.0 | % | Total retail portfolio | $ | 17,910 | 46.6 | % | $ | 12,776 | 41.0 | % | ||||||||||||||||||||||||||||
Total allowance for loan losses | Total allowance for loan losses | $ | 39,477 | $ | 35,866 | Total allowance for loan losses | $ | 42,122 | $ | 35,866 |
(In thousands) | (In thousands) | June 30, 2022 | December 31, 2021 | (In thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||
Loans 90 days past due and accruing | Loans 90 days past due and accruing | $ | — | $ | — | Loans 90 days past due and accruing | $ | — | $ | — | ||||||||||||
Nonaccrual loans held for sale | Nonaccrual loans held for sale | 4,841 | 1,000 | Nonaccrual loans held for sale | 5,858 | 1,000 | ||||||||||||||||
Troubled debt restructured loans - accruing loans held for sale | Troubled debt restructured loans - accruing loans held for sale | 10,179 | — | |||||||||||||||||||
Nonaccrual loans excluding held for sale loans and restructured loans | Nonaccrual loans excluding held for sale loans and restructured loans | 8,109 | 14,722 | Nonaccrual loans excluding held for sale loans and restructured loans | 7,499 | 14,722 | ||||||||||||||||
Troubled debt restructured loans - nonaccrual | Troubled debt restructured loans - nonaccrual | 16,288 | 13,497 | Troubled debt restructured loans - nonaccrual | 12,322 | 13,497 | ||||||||||||||||
Troubled debt restructured loans - accruing | Troubled debt restructured loans - accruing | 35,683 | 24,997 | Troubled debt restructured loans - accruing | 18,396 | 24,997 | ||||||||||||||||
Other real estate owned | Other real estate owned | 307 | 307 | Other real estate owned | — | 307 | ||||||||||||||||
Impaired securities | Impaired securities | 56 | 63 | Impaired securities | 37 | 63 | ||||||||||||||||
Total nonperforming assets | Total nonperforming assets | $ | 65,284 | $ | 54,586 | Total nonperforming assets | $ | 54,291 | $ | 54,586 | ||||||||||||
Nonaccrual loans: | Nonaccrual loans: | Nonaccrual loans: | ||||||||||||||||||||
Commercial and industrial | Commercial and industrial | $ | 9,550 | $ | 8,313 | Commercial and industrial | $ | 9,356 | $ | 8,313 | ||||||||||||
Multifamily | Multifamily | 3,494 | 2,907 | Multifamily | 3,494 | 2,907 | ||||||||||||||||
Commercial real estate | Commercial real estate | 3,931 | 4,054 | Commercial real estate | 4,914 | 4,054 | ||||||||||||||||
Construction and land development | Construction and land development | 5,053 | — | Construction and land development | — | — | ||||||||||||||||
Total commercial portfolio | Total commercial portfolio | 22,028 | 15,274 | Total commercial portfolio | 17,764 | 15,274 | ||||||||||||||||
Residential real estate lending | Residential real estate lending | 898 | 12,525 | Residential real estate lending | 675 | 12,525 | ||||||||||||||||
Consumer and other | Consumer and other | 1,471 | 420 | Consumer and other | 1,382 | 420 | ||||||||||||||||
Total retail portfolio | Total retail portfolio | 2,369 | 12,945 | Total retail portfolio | 2,057 | 12,945 | ||||||||||||||||
Total nonaccrual loans | Total nonaccrual loans | $ | 24,397 | $ | 28,219 | Total nonaccrual loans | $ | 19,821 | $ | 28,219 | ||||||||||||
Nonperforming assets to total assets | Nonperforming assets to total assets | 0.82 | % | 0.77 | % | Nonperforming assets to total assets | 0.69 | % | 0.77 | % | ||||||||||||
Nonaccrual assets to total assets | Nonaccrual assets to total assets | 0.37 | % | 0.42 | % | Nonaccrual assets to total assets | 0.33 | % | 0.42 | % | ||||||||||||
Nonaccrual loans to total loans | Nonaccrual loans to total loans | 0.67 | % | 0.85 | % | Nonaccrual loans to total loans | 0.51 | % | 0.85 | % | ||||||||||||
Allowance for loan losses to nonaccrual loans | Allowance for loan losses to nonaccrual loans | 161.81 | % | 127.10 | % | Allowance for loan losses to nonaccrual loans | 212.51 | % | 127.10 | % | ||||||||||||
Allowance for loan losses to total loans | Allowance for loan losses to total loans | 1.08 | % | 1.08 | % | Allowance for loan losses to total loans | 1.09 | % | 1.08 | % | ||||||||||||
Annualized net charge-offs (recoveries) to average loans | Annualized net charge-offs (recoveries) to average loans | 0.11 | % | 0.44 | % | Annualized net charge-offs (recoveries) to average loans | 0.29 | % | 0.17 | % |
Maturities as of | |||||
(In thousands) | |||||
Within three months | $ | ||||
After three but within six months | |||||
After six months but within twelve months | |||||
After twelve months | |||||
$ |
Change in Market Interest Rates as of June 30, 2022 | Estimated Increase (Decrease) in: | ||||||||||||||||||||||||||||
Immediate Shift | Economic Value of Equity | Economic Value of Equity ($) | Year 1 Net Interest Income | Year 1 Net Interest Income ($) | |||||||||||||||||||||||||
+400 basis points | -16.3% | (260,476) | 3.7% | 10,328 | |||||||||||||||||||||||||
+300 basis points | -9.4% | (149,955) | 6.5% | 18,066 | |||||||||||||||||||||||||
+200 basis points | -4.1% | (65,163) | 6.9% | 19,142 | |||||||||||||||||||||||||
+100 basis points | -0.3% | (4,092) | 4.6% | 12,854 | |||||||||||||||||||||||||
-100 basis points | -5.9% | (94,520) | -6.6% | (18,405) |
Change in Market Interest Rates as of September 30, 2022 | Estimated Increase (Decrease) in: | ||||||||||||||||||||||||||||
Immediate Shift | Economic Value of Equity | Economic Value of Equity ($) | Year 1 Net Interest Income | Year 1 Net Interest Income ($) | |||||||||||||||||||||||||
+400 basis points | -24.1% | (349,850) | -7.0% | (20,062) | |||||||||||||||||||||||||
+300 basis points | -15.0% | (218,710) | -1.5% | (4,427) | |||||||||||||||||||||||||
+200 basis points | -7.9% | (114,645) | 1.5% | 4,271 | |||||||||||||||||||||||||
+100 basis points | -2.0% | (29,518) | 1.9% | 5,494 | |||||||||||||||||||||||||
-100 basis points | -3.2% | (46,575) | -3.7% | (10,531) |
Actual | For Capital Adequacy Purposes(1) | To Be Considered Well Capitalized | ||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 679,026 | 14.41 | % | $ | 377,036 | 8.00 | % | $ | 471,295 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 capital to risk weighted assets | 553,834 | 11.75 | % | 282,777 | 6.00 | % | 377,036 | 8.00 | % | |||||||||||||||||||||||||||||
Tier 1 capital to average assets | 553,834 | 7.08 | % | 312,908 | 4.00 | % | 391,135 | 5.00 | % | |||||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 553,834 | 11.75 | % | 212,083 | 4.50 | % | 306,342 | 6.50 | % | |||||||||||||||||||||||||||||
Bank: | ||||||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 654,652 | 13.89 | % | $ | 377,029 | 8.00 | % | $ | 471,286 | 10.00 | % | ||||||||||||||||||||||||||
Tier I capital to risk weighted assets | 613,359 | 13.01 | % | 282,772 | 6.00 | % | 377,029 | 8.00 | % | |||||||||||||||||||||||||||||
Tier I capital to average assets | 613,359 | 7.84 | % | 312,905 | 4.00 | % | 391,131 | 5.00 | % | |||||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 613,359 | 13.01 | % | 212,079 | 4.50 | % | 306,336 | 6.50 | % | |||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Bank: | ||||||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 656,719 | 15.95 | % | $ | 329,471 | 8.00 | % | $ | 411,839 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 capital to risk weighted assets | 534,381 | 12.98 | % | 247,103 | 6.00 | % | 329,471 | 8.00 | % | |||||||||||||||||||||||||||||
Tier 1 capital to average assets | 534,381 | 7.62 | % | 280,454 | 4.00 | % | 350,567 | 5.00 | % | |||||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 534,381 | 12.98 | % | 185,327 | 4.50 | % | 267,695 | 6.50 | % | |||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes(1) | To Be Considered Well Capitalized | ||||||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||
September 30, 2022 | ||||||||||||||||||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 696,321 | 14.43 | % | $ | 386,132 | 8.00 | % | $ | 482,665 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 capital to risk weighted assets | 574,898 | 11.91 | % | 289,599 | 6.00 | % | 386,132 | 8.00 | % | |||||||||||||||||||||||||||||
Tier 1 capital to average assets | 574,898 | 7.16 | % | 320,975 | 4.00 | % | 401,218 | 5.00 | % | |||||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 574,898 | 11.91 | % | 217,199 | 4.50 | % | 313,732 | 6.50 | % | |||||||||||||||||||||||||||||
Bank: | ||||||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 682,021 | 14.13 | % | $ | 386,125 | 8.00 | % | $ | 482,657 | 10.00 | % | ||||||||||||||||||||||||||
Tier I capital to risk weighted assets | 638,277 | 13.22 | % | 289,594 | 6.00 | % | 386,125 | 8.00 | % | |||||||||||||||||||||||||||||
Tier I capital to average assets | 638,277 | 7.95 | % | 320,973 | 4.00 | % | 401,217 | 5.00 | % | |||||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 638,277 | 13.22 | % | 217,195 | 4.50 | % | 313,727 | 6.50 | % | |||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||
Consolidated: | ||||||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 656,719 | 15.95 | % | $ | 329,471 | 8.00 | % | $ | 411,839 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 capital to risk weighted assets | 534,381 | 12.98 | % | 247,103 | 6.00 | % | 329,471 | 8.00 | % | |||||||||||||||||||||||||||||
Tier 1 capital to average assets | 534,381 | 7.62 | % | 280,454 | 4.00 | % | 350,567 | 5.00 | % | |||||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 534,381 | 12.98 | % | 185,327 | 4.50 | % | 267,695 | 6.50 | % | |||||||||||||||||||||||||||||
Bank: | ||||||||||||||||||||||||||||||||||||||
Total capital to risk weighted assets | $ | 613,030 | 14.89 | % | $ | 329,376 | 8.00 | % | $ | 411,720 | 10.00 | % | ||||||||||||||||||||||||||
Tier 1 capital to risk weighted assets | 575,692 | 13.98 | % | 247,032 | 6.00 | % | 329,376 | 8.00 | % | |||||||||||||||||||||||||||||
Tier 1 capital to average assets | 575,692 | 8.21 | % | 280,433 | 4.00 | % | 205,860 | 5.00 | % | |||||||||||||||||||||||||||||
Common equity tier 1 to risk weighted assets | 575,692 | 13.98 | % | 185,274 | 4.50 | % | 267,618 | 6.50 | % |
June 30, 2022 | |||||||||||||||||||||||||||||||||||
(In thousands) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||||||||
Subordinated Debt | $ | 83,899 | $ | — | $ | — | $ | — | $ | 83,899 | |||||||||||||||||||||||||
Operating Leases | 48,781 | 5,481 | 33,169 | 10,131 | — | ||||||||||||||||||||||||||||||
Purchase Obligations | 29,016 | 4,612 | 9,224 | 7,380 | 7,800 | ||||||||||||||||||||||||||||||
Certificates of Deposit | 187,623 | 123,728 | 61,888 | 1,764 | 243 | ||||||||||||||||||||||||||||||
$ | 349,319 | $ | 133,821 | $ | 104,281 | $ | 19,275 | $ | 91,942 |
December 31, 2021 | |||||||||||||||||||||||||||||
(In thousands) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||
Subordinated Debt | $ | 83,831 | $ | — | $ | — | $ | — | $ | 83,831 | |||||||||||||||||||
Operating Leases | 51,824 | 10,955 | 21,420 | 18,923 | 526 | ||||||||||||||||||||||||
Purchase Obligations | 31,322 | 4,612 | 9,224 | 8,386 | 9,100 | ||||||||||||||||||||||||
Certificates of Deposit | 207,152 | 182,654 | 18,784 | 5,714 | — | ||||||||||||||||||||||||
$ | 374,129 | $ | 198,221 | $ | 49,428 | $ | 33,023 | $ | 93,457 | ||||||||||||||||||||
September 30, 2022 | |||||||||||||||||||||||||||||||||||
(In thousands) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||||||||
Subordinated Debt | $ | 77,679 | $ | — | $ | — | $ | — | $ | 77,679 | |||||||||||||||||||||||||
Operating Leases | 46,068 | 2,768 | 33,169 | 10,131 | — | ||||||||||||||||||||||||||||||
Purchase Obligations | 27,646 | 4,612 | 9,224 | 6,660 | 7,150 | ||||||||||||||||||||||||||||||
Certificates of Deposit | 183,011 | 62,249 | 118,645 | 1,765 | 352 | ||||||||||||||||||||||||||||||
$ | 334,404 | $ | 69,629 | $ | 161,038 | $ | 18,556 | $ | 85,181 |
December 31, 2021 | |||||||||||||||||||||||||||||
(In thousands) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||||||||||||
Subordinated Debt | $ | 83,831 | $ | — | $ | — | $ | — | $ | 83,831 | |||||||||||||||||||
Operating Leases | 51,824 | 10,955 | 21,420 | 18,923 | 526 | ||||||||||||||||||||||||
Purchase Obligations | 31,322 | 4,612 | 9,224 | 8,386 | 9,100 | ||||||||||||||||||||||||
Certificates of Deposit | 207,152 | 182,654 | 18,784 | 5,714 | — | ||||||||||||||||||||||||
$ | 374,129 | $ | 198,221 | $ | 49,428 | $ | 33,023 | $ | 93,457 | ||||||||||||||||||||
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||||||||||||||
Period (Settlement Date) | Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value that may yet be purchased under plans or programs (2) | ||||||||||||||||||||||||||||||||||
April 1 through April 30, 2022 | 137,770 | $ | 17.81 | 137,770 | $ | 35,174,868 | ||||||||||||||||||||||||||||||||
May 1 through May 31, 2022 | 279,666 | 19.29 | 254,528 | $ | 30,258,598 | |||||||||||||||||||||||||||||||||
June 1 through June 30, 2022 | 74,081 | 19.78 | 71,650 | $ | 28,842,581 | |||||||||||||||||||||||||||||||||
Total | 491,517 | $ | 18.95 | 463,948 |
Issuer Purchases of Equity Securities | ||||||||||||||||||||||||||||||||||||||
Period (Settlement Date) | Total number of shares purchased (1) | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Approximate dollar value that may yet be purchased under plans or programs (2) | ||||||||||||||||||||||||||||||||||
July 1 through July 31, 2022 | 19,756 | $ | 20.48 | 14,656 | $ | 28,553,565 | ||||||||||||||||||||||||||||||||
August 1 through August 31, 2022 | 23,832 | 22.85 | 20,000 | $ | 28,098,365 | |||||||||||||||||||||||||||||||||
September 1 through September 30, 2022 | — | — | — | $ | 28,098,365 | |||||||||||||||||||||||||||||||||
Total | 43,588 | $ | 21.78 | 34,656 |
Exhibit No. | Description of Exhibit | |||||||
3.1 | ||||||||
3.2 | ||||||||
4.1 | Pursuant to Item 601(b)(4)(iii)(A), other instruments that define the rights of holders of the long-term indebtedness of Amalgamated Financial Corp. and its subsidiaries that does not exceed 10% of its consolidated assets have not been filed; however, Amalgamated Financial Corp. agrees to furnish a copy of any such agreement to the SEC upon request. | |||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
101 | Interactive data files for the Quarterly Report on Form 10-Q of Amalgamated Financial Corp. for the quarter ended | |||||||
104 | The cover page of Amalgamated Financial Corp.’s Form 10-Q Report for the quarter ended |
By: | /s/ Priscilla Sims Brown | ||||||||||
Priscilla Sims Brown | |||||||||||
President and Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
By: | /s/ Jason Darby | ||||||||||
Jason Darby | |||||||||||
Chief Financial Officer | |||||||||||
(Principal Financial Officer and Principal Accounting Officer) | |||||||||||