Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 0-23695 | |
Entity Registrant Name | BROOKLINE BANCORP INC | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3402944 | |
Entity Address, Address Line One | 131 Clarendon Street | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02116 | |
City Area Code | 617 | |
Local Phone Number | 425-4600 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | BRKL | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 77,639,610 | |
Entity Central Index Key | 0001049782 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Unaudited Consolidated Balance
Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 28,865 | $ 36,069 |
Short-term investments | 210,279 | 398,848 |
Total cash and cash equivalents | 239,144 | 434,917 |
Investment securities available-for-sale | 732,020 | 745,822 |
Equity securities held-for-trading | 0 | 526 |
Total investment securities | 732,020 | 746,348 |
Total loans and leases | 6,931,694 | 7,269,553 |
Allowance for loan and lease losses | (102,515) | (114,379) |
Net loans and leases | 6,829,179 | 7,155,174 |
Restricted equity securities | 28,098 | 49,786 |
Premises and equipment, net of accumulated depreciation of $85,679 and $82,233, respectively | 70,811 | 71,568 |
Right-of-use asset operating leases | 21,879 | 24,143 |
Deferred tax asset | 39,643 | 40,129 |
Goodwill | 160,427 | 160,427 |
Identified intangible assets, net of accumulated amortization of $39,420 and $38,752, respectively | 2,484 | 3,152 |
Other real estate owned ("OREO") and repossessed assets, net | 601 | 6,515 |
Other assets | 188,363 | 250,265 |
Total assets | 8,312,649 | 8,942,424 |
Deposits: | ||
Demand checking accounts | 1,816,116 | 1,592,205 |
Interest-bearing deposits | 5,056,894 | 5,318,491 |
Total deposits | 6,873,010 | 6,910,696 |
Borrowed funds: | ||
Advances from the Federal Home Loan Bank of Boston ("FHLBB") | 113,977 | 648,849 |
Subordinated debentures and notes | 83,859 | 83,746 |
Other borrowed funds | 69,703 | 87,652 |
Total borrowed funds | 267,539 | 820,247 |
Operating lease liabilities | 21,879 | 24,143 |
Mortgagors' escrow accounts | 6,455 | 5,901 |
Reserve for unfunded credits | 12,736 | 13,071 |
Accrued expenses and other liabilities | 152,578 | 226,588 |
Total liabilities | 7,334,197 | 8,000,646 |
Commitments and contingencies (Note 12) | ||
Stockholders' Equity: | ||
Common stock, $0.01 par value; 200,000,000 shares authorized; 85,177,172 shares issued and 85,177,172 shares issued, respectively | 852 | 852 |
Additional paid-in capital | 735,990 | 737,178 |
Retained earnings, partially restricted | 323,862 | 264,892 |
Accumulated other comprehensive income | 2,615 | 16,490 |
Treasury stock, at cost; 7,034,754 shares and 6,525,783 shares, respectively | (84,684) | (77,343) |
Unallocated common stock held by Employee Stock Ownership Plan ("ESOP"); 31,278 shares and 51,114 shares, respectively | (183) | (291) |
Total stockholders' equity | 978,452 | 941,778 |
Total liabilities and stockholders' equity | 8,312,649 | 8,942,424 |
Commercial real estate loans | ||
ASSETS | ||
Total loans and leases | 3,909,011 | 3,823,826 |
Commercial loans and leases | ||
ASSETS | ||
Total loans and leases | 1,869,686 | 2,274,899 |
Consumer loans | ||
ASSETS | ||
Total loans and leases | $ 1,152,997 | $ 1,170,828 |
Unaudited Consolidated Balanc_2
Unaudited Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Premises and equipment, accumulated depreciation and amortization | $ 85,679 | $ 82,233 |
Identified intangible assets, accumulated amortization | $ 39,420 | $ 38,752 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 85,177,172 | 85,177,172 |
Treasury stock, shares (in shares) | 7,034,754 | 6,525,783 |
Unallocated common stock held by ESOP, (in shares) | 31,278 | 51,114 |
Unaudited Consolidated Statemen
Unaudited Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest and dividend income: | ||||
Loans and leases | $ 74,332 | $ 76,240 | $ 224,367 | $ 233,215 |
Debt securities | 2,967 | 3,746 | 9,206 | 10,423 |
Marketable and restricted equity securities | 313 | 672 | 847 | 2,358 |
Short-term investments | 83 | 46 | 164 | 354 |
Total interest and dividend income | 77,695 | 80,704 | 234,584 | 246,350 |
Interest expense: | ||||
Deposits | 4,571 | 10,583 | 16,658 | 39,601 |
Borrowed funds | 2,427 | 4,183 | 7,014 | 14,811 |
Total interest expense | 6,998 | 14,766 | 23,672 | 54,412 |
Net interest income | 70,697 | 65,938 | 210,912 | 191,938 |
(Credit) provision for credit losses | (3,110) | 4,528 | (8,588) | 63,989 |
Net interest income after provision for credit losses | 73,807 | 61,410 | 219,500 | 127,949 |
Non-interest income: | ||||
Loan level derivative income, net | 218 | 527 | 699 | 4,123 |
Gain (loss) on investment securities, net | 0 | 54 | (6) | 1,970 |
Gain on sales of loans and leases held-for-sale | 557 | 632 | 1,804 | 1,051 |
Other | 1,695 | 947 | 4,221 | 5,129 |
Total non-interest income | 5,586 | 4,862 | 16,290 | 20,425 |
Non-interest expense: | ||||
Compensation and employee benefits | 27,206 | 26,092 | 78,188 | 75,931 |
Occupancy | 3,567 | 3,802 | 11,403 | 11,580 |
Equipment and data processing | 4,556 | 4,293 | 13,746 | 13,152 |
Professional services | 1,072 | 1,112 | 3,543 | 3,819 |
FDIC insurance | 662 | 1,363 | 2,363 | 2,599 |
Advertising and marketing | 1,077 | 1,024 | 3,287 | 3,116 |
Amortization of identified intangible assets | 208 | 312 | 668 | 959 |
Other | 2,574 | 2,949 | 6,501 | 9,650 |
Total non-interest expense | 40,922 | 40,947 | 119,699 | 120,806 |
Income before provision for income taxes | 38,471 | 25,325 | 116,091 | 27,568 |
Provision (benefit) for income taxes | 9,632 | 6,646 | 29,196 | 6,596 |
Net income | $ 28,839 | $ 18,679 | $ 86,895 | $ 20,972 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.37 | $ 0.24 | $ 1.11 | $ 0.27 |
Diluted (in dollars per share) | $ 0.37 | $ 0.24 | $ 1.11 | $ 0.27 |
Weighted average common shares outstanding during the year: | ||||
Basic (in shares) | 78,000,261 | 78,948,139 | 78,097,600 | 79,092,424 |
Diluted (in shares) | 78,240,633 | 79,055,901 | 78,371,190 | 79,245,113 |
Dividends paid per common share (in dollars per share) | $ 0.120 | $ 0.115 | $ 0.355 | $ 0.345 |
Deposit fees | ||||
Non-interest income: | ||||
Non-interest income, fees | $ 2,629 | $ 2,305 | $ 7,925 | $ 6,692 |
Loan fees | ||||
Non-interest income: | ||||
Non-interest income, fees | $ 487 | $ 397 | $ 1,647 | $ 1,460 |
Unaudited Consolidated Statem_2
Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 28,839 | $ 18,679 | $ 86,895 | $ 20,972 |
Investment securities available-for-sale: | ||||
Unrealized securities holding gains (losses) | (4,450) | (735) | (17,797) | 24,380 |
Income tax (expense) benefit | 981 | 167 | 3,923 | (5,366) |
Net unrealized securities holding gains (losses) before reclassification adjustments, net of taxes | (3,469) | (568) | (13,874) | 19,014 |
Less reclassification adjustments for securities gains (losses) included in net income: | ||||
Gain (loss) on sales of securities, net | 0 | 250 | 0 | 3,237 |
Income tax expense (benefit) | 0 | (55) | 0 | (715) |
Net reclassification adjustments for securities gains (losses) included in net income | 0 | 195 | 0 | 2,522 |
Net unrealized securities holding gains (losses) | (3,469) | (763) | (13,874) | 16,492 |
Cash flow hedges: | ||||
Change in fair value of cash flow hedges | (3) | 7 | 6 | 7 |
Reclassification adjustment for (income) expense recognized in earnings | (2) | 0 | (7) | 0 |
Net change in fair value of cash flow hedges | (5) | 7 | (1) | 7 |
Other comprehensive income (loss), net of taxes | (3,474) | (756) | (13,875) | 16,499 |
Comprehensive income (loss) | $ 25,365 | $ 17,923 | $ 73,020 | $ 37,471 |
Unaudited Consolidated Statem_3
Unaudited Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Additional Paid-in Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Unallocated Common Stock Held by ESOP |
Balance beginning at Dec. 31, 2019 | $ 945,606 | $ (11,523) | $ 852 | $ 736,601 | $ 265,376 | $ (11,523) | $ 2,283 | $ (59,073) | $ (433) |
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 20,972 | 20,972 | |||||||
Other comprehensive income (loss) | 16,499 | 16,499 | |||||||
Common stock dividends | (27,342) | (27,342) | |||||||
Compensation under recognition and retention plans | 1,904 | 2,051 | (147) | ||||||
Restricted stock awards issued, net of awards surrendered | (375) | (2,482) | 2,107 | ||||||
Treasury stock, repurchase shares | (10,410) | (10,410) | |||||||
Common stock held by ESOP committed to be released | 227 | 124 | 103 | ||||||
Balance ending at Sep. 30, 2020 | $ 935,558 | 852 | 736,294 | 247,336 | 18,782 | (67,376) | (330) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Common stock held by ESOP committed to be released, shares (in shares) | 21,231 | ||||||||
Balance beginning at Jun. 30, 2020 | $ 926,413 | 852 | 738,155 | 237,808 | 19,538 | (69,572) | (368) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 18,679 | 18,679 | |||||||
Other comprehensive income (loss) | (756) | (756) | |||||||
Common stock dividends | (9,093) | (9,093) | |||||||
Compensation under recognition and retention plans | 625 | 681 | (56) | ||||||
Restricted stock awards issued, net of awards surrendered | (375) | (2,571) | 2,196 | ||||||
Common stock held by ESOP committed to be released | 67 | 29 | 38 | ||||||
Balance ending at Sep. 30, 2020 | $ 935,558 | 852 | 736,294 | 247,336 | 18,782 | (67,376) | (330) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Common stock held by ESOP committed to be released, shares (in shares) | 7,107 | ||||||||
Adoption of ASU 2016-13 (CECL) | $ (2) | $ (2) | |||||||
Balance beginning at Dec. 31, 2020 | $ 941,778 | 852 | 737,178 | 264,892 | 16,490 | (77,343) | (291) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 86,895 | 86,895 | |||||||
Other comprehensive income (loss) | (13,875) | (13,875) | |||||||
Common stock dividends | (27,758) | (27,758) | |||||||
Compensation under recognition and retention plans | 1,704 | 1,871 | (167) | ||||||
Restricted stock awards issued, net of awards surrendered | (588) | (3,226) | 2,638 | ||||||
Treasury stock, repurchase shares | (9,979) | (9,979) | |||||||
Common stock held by ESOP committed to be released | 275 | 167 | 108 | ||||||
Balance ending at Sep. 30, 2021 | $ 978,452 | 852 | 735,990 | 323,862 | 2,615 | (84,684) | (183) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Common stock held by ESOP committed to be released, shares (in shares) | 19,836 | ||||||||
Balance beginning at Jun. 30, 2021 | $ 972,252 | 852 | 738,557 | 304,466 | 6,089 | (77,493) | (219) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Net income | 28,839 | 28,839 | |||||||
Other comprehensive income (loss) | (3,474) | (3,474) | |||||||
Common stock dividends | (9,383) | (9,383) | |||||||
Compensation under recognition and retention plans | 690 | 750 | (60) | ||||||
Restricted stock awards issued, net of awards surrendered | (588) | (3,376) | 2,788 | ||||||
Treasury stock, repurchase shares | (9,979) | (9,979) | |||||||
Common stock held by ESOP committed to be released | 95 | 59 | 36 | ||||||
Balance ending at Sep. 30, 2021 | $ 978,452 | $ 852 | $ 735,990 | $ 323,862 | $ 2,615 | $ (84,684) | $ (183) | ||
Increase (Decrease) in Stockholders' Equity | |||||||||
Common stock held by ESOP committed to be released, shares (in shares) | 6,612 |
Unaudited Consolidated Statem_4
Unaudited Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid per common share (in dollars per share) | $ 0.120 | $ 0.115 | $ 0.355 | $ 0.345 |
Common stock held by ESOP committed to be released, shares (in shares) | 6,612 | 7,107 | 19,836 | 21,231 |
Unaudited Consolidated Statem_5
Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 86,895 | $ 20,972 |
Adjustments to reconcile net income to net cash provided from operating activities: | ||
(Credit) provision for credit losses | (8,588) | 63,989 |
Deferred income tax expense (benefit) | 4,409 | (21,889) |
Depreciation of premises and equipment | 4,292 | 4,278 |
Amortization of investment securities premiums and discounts, net | 2,337 | 1,980 |
Amortization of deferred loan and lease origination costs, net | 4,499 | 5,667 |
Amortization of identified intangible assets | 668 | 959 |
Amortization of debt issuance costs | 75 | 75 |
Accretion of acquisition fair value adjustments, net | (64) | (403) |
Loss (gain) on investment securities, net | 6 | (1,970) |
Gain on sales of loans and leases held-for-sale | (1,804) | (1,051) |
Gain on sales of OREO and other repossessed assets, net | (2,108) | 0 |
Write-down of OREO and other repossessed assets | 174 | 864 |
Compensation under recognition and retention plans | 1,704 | 1,910 |
ESOP shares committed to be released | 275 | 227 |
Net change in: | ||
Cash surrender value of bank-owned life insurance | (436) | (767) |
Equity securities held-for-trading | 520 | 1,782 |
Other assets | 62,403 | (84,626) |
Accrued expenses and other liabilities | (73,963) | 78,774 |
Net cash provided from operating activities | 81,294 | 70,771 |
Cash flows from investing activities: | ||
Proceeds from sales of investment securities available-for-sale | 0 | 131,750 |
Proceeds from maturities, calls, and principal repayments of investment securities available-for-sale | 146,821 | 175,069 |
Purchases of investment securities available-for-sale | (153,153) | (488,806) |
Proceeds from maturities, calls, and principal repayments of investment securities held to maturity | 0 | 6,302 |
Proceeds from redemption/sales of restricted equity securities | 24,586 | 21,393 |
Purchase of restricted equity securities | (2,898) | (29,290) |
Proceeds from sales of loans and leases held-for-investment, net | 172,807 | 6,803 |
Net decrease (increase) in loans and leases | 157,596 | (681,752) |
Purchase of premises and equipment, net | (3,720) | (2,524) |
Proceeds from sales of OREO and other repossessed assets | 9,176 | 3,823 |
Net cash provided from (used for) investing activities | 351,215 | (857,232) |
Cash flows from financing activities: | ||
Increase in demand checking, NOW, savings and money market accounts | 404,059 | 796,627 |
(Decrease) increase in certificates of deposit | (441,701) | 166,162 |
Proceeds from FHLBB advances | 188,340 | 2,917,521 |
Repayment of FHLBB advances | (723,212) | (2,834,821) |
(Decrease) increase in other borrowed funds, net | (17,949) | 19,480 |
Increase (decrease) in mortgagors' escrow accounts, net | 554 | (803) |
Repurchases of common stock | (9,979) | (10,410) |
Payment of dividends on common stock | (27,758) | (27,342) |
Payment of income taxes for shares withheld in share based activity | (636) | (410) |
Net cash (used for) provided from financing activities | (628,282) | 1,026,004 |
Net (decrease) increase in cash and cash equivalents | (195,773) | 239,543 |
Cash and cash equivalents at beginning of period | 434,917 | 77,790 |
Cash and cash equivalents at end of period | 239,144 | 317,333 |
Cash paid during the period for: | ||
Interest on deposits, borrowed funds and subordinated debt | 25,926 | 57,020 |
Income taxes | 22,170 | 26,255 |
Non-cash investing activities: | ||
Transfer from loans to other real estate owned | $ 1,328 | $ 3,469 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Overview Brookline Bancorp, Inc. (the "Company") is a bank holding company (within the meaning of the Bank Holding Company Act of 1956, as amended) and the parent of Brookline Bank, a Massachusetts-chartered trust company and Bank Rhode Island ("BankRI"), a Rhode Island-chartered financial institution (collectively referred to as the "Banks"). The Banks are both members of the Federal Reserve System. The Company is also the parent of Brookline Securities Corp. ("BSC") and Clarendon Private, LLC ("Clarendon Private"). The Company's primary business is to provide commercial, business and retail banking services to its corporate, municipal and retail customers through the Banks and its non-bank subsidiaries. Brookline Bank, which includes its wholly-owned subsidiaries, Longwood Securities Corp. ("LSC"), Eastern Funding LLC ("Eastern Funding") and First Ipswich Insurance Agency, operates 30 full-service banking offices in the greater Boston metropolitan area with two additional lending offices. BankRI, which includes its wholly-owned subsidiaries, Acorn Insurance Agency, BRI Realty Corp., Macrolease Corporation ("Macrolease"), BRI Investment Corp. and its wholly-owned subsidiary, BRI MSC Corp., operates 20 full-service banking offices in the greater Providence, Rhode Island area. The Banks' activities include acceptance of commercial, municipal and retail deposits, origination of mortgage loans on commercial and residential real estate located principally in New England, origination of commercial loans and leases to small- and mid-sized businesses, investment in debt and equity securities, and the offering of cash management and investment advisory services. The Company also provides specialty equipment financing through its subsidiaries Eastern Funding, which is based in New York City, New York, and Macrolease, which is based in Plainview, New York, respectively. The Company and the Banks are supervised, examined and regulated by the Board of Governors of the Federal Reserve System (the "FRB"). As a Massachusetts-chartered trust company, Brookline Bank is also subject to regulation under the laws of the Commonwealth of Massachusetts and the jurisdiction of the Massachusetts Division of Banks (the "DOB"). As a Rhode Island-chartered financial institution, BankRI is subject to regulation under the laws of the State of Rhode Island and the jurisdiction of the Banking Division of the Rhode Island Department of Business Regulation. The Federal Deposit Insurance Corporation ("FDIC") offers insurance coverage on all deposits up to $250,000 per depositor at each of the Banks. As FDIC-insured depository institutions, the Banks are also subject to supervision, examination and regulation by the FDIC. As previously disclosed, on July 31, 2019, Brookline Bank converted its charter from a Massachusetts savings bank to a Massachusetts-chartered trust company and ended its membership in the Depositors Insurance Fund (the “DIF”), a private industry-sponsored fund which insures Massachusetts-chartered bank deposit balances in excess of federal deposit insurance coverage. Brookline Bank’s growth in deposit size necessitated its withdrawal from the DIF and the concurrent charter conversion. Brookline Bank’s deposit accounts are and will continue to be insured by the deposit insurance fund of the FDIC up to applicable limits. Term deposits in excess of the FDIC insurance coverage will continue to be insured by the DIF until they reach maturity. Basis of Financial Statement Presentation The unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant changes in the near-term include the determination of the allowance for credit losses, the determination of fair market values of assets and liabilities, including acquired loans, the review of goodwill and intangible assets for impairment and the review of deferred tax assets for valuation allowances. The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. Reclassification Certain previously reported amounts have been reclassified to conform to the current year's presentation. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Standards Adopted in 2021 and 2020 In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaced the previous GAAP method of calculating credit losses. Previously, GAAP required the use of the incurred loss methodology, which used a higher threshold at which probable losses were calculated and recorded. ASU 2016-13 requires the use of an expected loss methodology, referred to as the current expected credit loss (“CECL”) methodology, which requires institutions to account for lifetime expected losses that previously would not have been part of the calculation. The CECL methodology incorporates future forecasting in addition to historical and current measures. The Company adopted all of the above mentioned ASU as of January 1, 2020. The standard had an impact on the Company's consolidated balance sheet. On adoption, the Company recognized an increase in the allowance for loan and lease losses of $6.6 million, and an increase in the reserve for unfunded commitments of $8.9 million. The net, after-tax impact of the increase in the allowance for loan and lease losses and reserve for unfunded commitments was a decrease to retained earnings of $11.5 million shown in the Consolidated Statements of Changes in Stockholders’ Equity. Additional details can be found in Notes 3, 4 and 5. In August 2018, FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)" ("ASU 2018-13"), to modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts set forth in the Concepts Statement, including the consideration of costs and benefits. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Certain provisions under ASU 2018-13 required prospective application, while other provisions required retrospective application to all periods presented in the consolidated financial statements upon adoption. The Company adopted the provisions of ASU 2018-13 effective January 1, 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements. In August 2018, FASB issued ASU 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20)"("ASU 2018-14"), to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years beginning after December 15, 2020, for public business entities and for fiscal years beginning after December 15, 2021, for all other entities. Early adoption is permitted. Management has evaluated ASU 2018-14 and as of December 31, 2020, the Company has adopted ASU 2018-14 and determined the impact to be immaterial. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Adoption of Topic 326 Effective January 1, 2020, the Company adopted the provisions of ASU 2016-13 using the modified retrospective method. There was no allowance for credit loss ("ACL") on available-for-sale debt securities recognized as of September 30, 2021. The following tables set forth investment securities available-for-sale, and equity securities held-for-trading at the dates indicated: At September 30, 2021 Amortized Gross Gross Estimated (In Thousands) Investment securities available-for-sale: GSE debentures $ 234,078 $ 2,948 $ 3,740 $ 233,286 GSE CMOs 31,210 625 7 31,828 GSE MBSs 217,279 5,289 751 221,817 Corporate debt obligations 22,209 760 — 22,969 U.S. Treasury bonds 223,273 1,749 3,400 221,622 Foreign government obligations 500 — 2 498 Total investment securities available-for-sale $ 728,549 $ 11,371 $ 7,900 $ 732,020 December 31, 2020 Amortized Gross Gross Estimated (In Thousands) Investment securities available-for-sale: GSE debentures $ 273,820 $ 5,455 $ 630 $ 278,645 GSE CMOs 44,937 1,103 12 46,028 GSE MBSs 312,658 10,956 5 323,609 Corporate debt obligations 22,299 1,168 — 23,467 U.S. Treasury bonds 70,339 3,318 80 73,577 Foreign government obligations 500 — 4 496 Total investment securities available-for-sale $ 724,553 $ 22,000 $ 731 $ 745,822 Equity securities held-for-trading $ 526 As of September 30, 2021, the fair value of all investment securities available-for-sale was $732.0 million, with net unrealized gains of $3.5 million, compared to a fair value of $745.8 million and net unrealized gains of $21.3 million as of December 31, 2020. As of September 30, 2021, $319.6 million, or 43.7% of the portfolio, had gross unrealized losses of $7.9 million, compared to $86.9 million, or 11.7% of the portfolio, with gross unrealized losses of $0.7 million as of December 31, 2020. As of September 30, 2021, the Company did not hold any equity securities held-for-trading, compared to a fair value of $0.5 million as of December 31, 2020. Investment Securities as Collateral As of September 30, 2021 and December 31, 2020, respectively, $426.1 million and $448.7 million of investment securities were pledged as collateral for repurchase agreements; municipal deposits; treasury, tax and loan deposits; swap agreements; FRB borrowings; and Federal Home Loan Bank of Boston ("FHLBB") borrowings. The Banks had no outstanding FRB borrowings as of September 30, 2021 and December 31, 2020. Allowance for Credit Losses-Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, management first assesses whether (i) the Company intends to sell the security, or (ii) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. If either criterion is met, any previously recognized allowances are charged-off and the security's amortized cost is written down to fair value through income. If neither criterion is met, the security is evaluated to determine whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency and any adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security is compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, an allowance for credit loss is recorded, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an ACL is recognized in other comprehensive income. Adjustments to the allowance are reported as a component of credit loss expense. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible or when either of the aforementioned criteria regarding intent or requirement to sell is met. The Company has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Accrued interest receivables associated with debt securities available-for-sale totaled $2.8 million as of September 30, 2021, compared to $2.6 million as of December 31, 2020. A debt security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a debt security placed on nonaccrual is reversed against interest income. There were no debt securities on nonaccrual status and therefore there was no accrued interest related to debt securities reversed against interest income for the nine months ended September 30, 2021 and 2020. Assessment for Available for Sale Securities for Impairment Investment securities as of September 30, 2021 and December 31, 2020 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At September 30, 2021 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 71,645 $ 2,358 $ 44,929 $ 1,382 $ 116,574 $ 3,740 GSE CMOs — — 737 7 737 7 GSE MBSs 39,177 547 7,806 204 46,983 751 U.S. Treasury bonds 154,779 3,400 — — 154,779 3,400 Foreign government obligations — — 498 2 498 2 Temporarily impaired investment securities available-for-sale 265,601 6,305 53,970 1,595 319,571 7,900 Total temporarily impaired investment securities $ 265,601 $ 6,305 $ 53,970 $ 1,595 $ 319,571 $ 7,900 At December 31, 2020 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 72,745 $ 630 $ — $ — $ 72,745 $ 630 GSE CMOs 832 7 872 5 1,704 12 GSE MBSs 2,102 5 97 — 2,199 5 U.S. Treasury bonds 9,750 80 — — 9,750 80 Foreign government obligations — — 496 4 496 4 Temporarily impaired investment securities available-for-sale 85,429 722 1,465 9 86,894 731 Total temporarily impaired investment securities $ 85,429 $ 722 $ 1,465 $ 9 $ 86,894 $ 731 The Company performs regular analyses of the investment securities available-for-sale portfolio to determine whether a decline in fair value indicates that an investment security is impaired. In making these impairment determinations, management considers, among other factors, projected future cash flows; credit subordination and the creditworthiness; capital adequacy and near-term prospects of the issuers. Management also considers the Company's capital adequacy, interest-rate risk, liquidity and business plans in assessing whether it is more likely than not that the Company will sell or be required to sell the investment securities before recovery. If the Company determines that a security investment is impaired and that it is more likely than not that the Company will not sell or be required to sell the investment security before recovery of its amortized cost, the credit portion of the impairment loss is recognized in the Company's consolidated statement of income and the noncredit portion is recognized in accumulated other comprehensive income. The credit portion of the impairment represents the difference between the amortized cost and the present value of the expected future cash flows of the investment security. If the Company determines that a security is impaired and it is more likely than not that it will sell or be required to sell the investment security before recovery of its amortized cost, the entire difference between the amortized cost and the fair value of the security will be recognized in the Company's consolidated statement of income. Investment Securities Available-For-Sale Impairment Analysis The following discussion summarizes, by investment security type, the basis for evaluating if the applicable investment securities within the Company’s available-for-sale portfolio were impaired as of September 30, 2021.The Company has determined it is more likely than not that the Company will not sell or be required to sell the investment securities before recovery of its amortized cost. The Company's ability and intent to hold these investment securities until recovery is supported by the Company's strong capital and liquidity positions as well as its historically low portfolio turnover. As such, management has determined that the investment securities are not impaired as of September 30, 2021. If market conditions for investment securities worsen or the creditworthiness of the underlying issuers deteriorates, it is possible that the Company may recognize additional impairment in future periods. U.S. Government-Sponsored Enterprises The Company invests in securities issued by U.S. Government-sponsored enterprises ("GSEs"), including GSE debentures, mortgage-backed securities ("MBSs"), and collateralized mortgage obligations ("CMOs"). GSE securities include obligations issued by the Federal National Mortgage Association ("FNMA"), the Federal Home Loan Mortgage Corporation ("FHLMC"), the Government National Mortgage Association ("GNMA"), the FHLBB and the Federal Farm Credit Bank. As of September 30, 2021, the Company held GNMA MBSs and CMOs, and Small Business Administration ("SBA") commercial loan asset-backed securities in its available-for-sale portfolio with an estimated fair value of $4.6 million, all of which were backed explicitly by the full faith and credit of the U.S. Government, compared to $7.3 million as of December 31, 2020. As of September 30, 2021, the Company owned 49 GSE debentures with a total fair value of $233.3 million, and a net unrealized loss of $0.8 million. As of December 31, 2020, the Company held 54 GSE debentures with a total fair value of $278.6 million, with a net unrealized gain of $4.8 million. As of September 30, 2021, 12 of the 49 securities in this portfolio were in an unrealized loss position. As of December 31, 2020, 7 of the 54 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA/SBA) guarantee of the U.S Government. During the nine months ended September 30, 2021, the Company did not purchase GSE debentures. This compares to the same period in 2020 when the Company purchased $208.9 million GSE debentures. During the nine months ended September 30, 2020, the Company transferred 9 held-to-maturity GSE debentures with a total fair value of $25.5 million to the available-for-sale portfolio. As of September 30, 2021, the Company owned 33 GSE CMOs with a total fair value of $31.8 million and a net unrealized gain of $0.6 million. As of December 31, 2020, the Company held 33 GSE CMOs with a total fair value of $46.0 million with a net unrealized gain of $1.1 million. As of September 30, 2021 and December 30, 2020, 2 of the 33 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the nine months ended September 30, 2021 and 2020, the Company did not purchase any GSE CMOs. As of September 30, 2021, the Company owned 139 GSE MBSs with a total fair value of $221.8 million and a net unrealized gain of $4.5 million. As of December 31, 2020, the Company held 140 GSE MBSs with a total fair value of $323.6 million with a net unrealized gain of $11.0 million. As of September 30, 2021, 20 of the 139 securities in this portfolio were in an unrealized loss position. As of December 31, 2020, 17 of the 140 securities in this portfolio were in an unrealized loss position. All securities are performing and backed by the implicit (FHLB/FNMA/FHLMC) or explicit (GNMA) guarantee of the U.S Government. During the nine months ended September 30, 2021, the Company did not purchase any GSE MBSs. This compares to the same period in 2020 when the Company purchased $258.7 million GSE MBSs. During the nine months ended September 30, 2020, the Company transferred 8 held-to-maturity GSE MBSs with a total fair value of $9.0 million to the available-for-sale portfolio. Corporate Obligations The Company may invest in high-quality corporate obligations to provide portfolio diversification and improve the overall yield on the portfolio. As of September 30, 2021, the Company held 6 corporate obligation securities with a total fair value of $23.0 million and a net unrealized gain of $0.8 million. As of December 31, 2020, the Company held 6 corporate obligation securities with a total fair value of $23.5 million and a net unrealized gain of $1.2 million. As of September 30, 2021 and December 31, 2020, none of the securities in this portfolio were in an unrealized loss position. Full collection of the obligations is expected because the financial condition of the issuers is sound, they have not defaulted on scheduled payments, the obligations are rated investment grade, and the Company has the ability and intent to hold the obligations for a period of time to recover the amortized cost. During the nine months ended September 30, 2021 and 2020, the Company did not purchase any corporate obligations. During the nine months ended September 30, 2020, the Company transferred 1 held-to-maturity corporate obligation security with a total fair value of $0.5 million to the available-for-sale portfolio. U.S. Treasury Bonds The Company invests in securities issued by the U.S. government. As of September 30, 2021, the Company owned 27 U.S. Treasury bonds with a total fair value of $221.6 million and an unrealized loss of $1.7 million. This compares to 12 U.S. Treasury bonds with a total fair value of $73.6 million and an unrealized gain of $3.2 million as of December 31, 2020. As of September 30, 2021, 16 of the 27 securities in this portfolio were in an unrealized loss position. As of December 31, 2020, 1 of the 12 securities in this portfolio was an unrealized loss position. During the nine months ended September 30, 2021 the Company purchased $153.2 million U.S. Treasury bonds, compared to the same period in 2020 when the Company purchased $21.2 million U.S. Treasury bonds. Municipal Obligations As of September 30, 2021 and December 31, 2020, the Company did not own any municipal obligation securities. During the nine months ended September 30, 2021 and 2020, the Company did not purchase any municipal obligations. During the nine months ended September 30, 2020, the Company transferred 93 held-to-maturity municipal obligations securities with a total fair value of $47.7 million to the available-for-sale portfolio. Foreign Government Obligations As of September 30, 2021 and December 31, 2020, the Company owned 1 foreign government obligation security with a fair value of $0.5 million, which approximated cost. As of September 30, 2021 and December 31, 2020 respectively, the security was in an unrealized loss position. During the nine months ended September 30, 2021 and 2020, the Company did not purchase any foreign government obligations. Equity Securities Held-for-Trading From time to time, the Company will invest in equity securities held-for-trading. As of September 30, 2021, the Company did not own any equity securities held-for-trading. As of December 31, 2020, the Company owned equity securities held-for-trading with a fair value of $0.5 million. Portfolio Maturities The final stated maturities of the debt securities are as follows for the periods indicated: At September 30, 2021 At December 31, 2020 Amortized Estimated Weighted Amortized Estimated Weighted (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 55,747 $ 56,194 2.05 % $ 31,633 $ 32,013 2.02 % After 1 year through 5 years 108,071 112,301 2.26 % 146,274 153,262 2.22 % After 5 years through 10 years 336,673 331,392 1.30 % 222,271 225,568 1.43 % Over 10 years 228,058 232,133 1.92 % 324,375 334,979 1.86 % $ 728,549 $ 732,020 1.70 % $ 724,553 $ 745,822 1.81 % Actual maturities of debt securities will differ from those presented above since certain obligations amortize and may also provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. MBSs and CMOs are included above based on their final stated maturities; the actual maturities, however, may occur earlier due to anticipated prepayments and stated amortization of cash flows. As of September 30, 2021, issuers of debt securities with an estimated fair value of $67.5 million had the right to call or prepay the obligations. Of the $67.5 million, approximately $3.0 million matures in less then a year, $9.6 million matures in 1 - 5 years, $45.1 million matures in 6 - 10 years, and $9.8 million matures after ten years. As of December 31, 2020, issuers of debt securities with an estimated fair value of approximately $90.8 million had the right to call or prepay the obligations. Of the $90.8 million, $12.9 million matures in 1-5 years, and $68.1 million matures in 6 - 10 years, and $9.8 million matures after ten years. Security Sales The Company sold $0.5 million of investment securities available-for-sale or equity securities held-for-trading during the nine months ended September 30, 2021. This compares to $143.3 million securities sold during the nine months ended September 30, 2020. Sales of investment and restricted equity securities are summarized as follows: Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (In Thousands) Proceeds from sales of investment securities available-for-sale and equity securities held-for-trading $ 520 $ 143,315 Gross gains from securities sales 1 3,412 Gross losses from securities sales — (175) Gain on sales of securities, net $ 1 $ 3,237 |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases The following table presents the amortized cost of loans and leases and weighted average coupon rates for the loan and lease portfolios at the dates indicated: At September 30, 2021 At December 31, 2020 Balance Weighted Balance Weighted (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 2,707,100 3.45 % $ 2,578,773 3.58 % Multi-family mortgage 1,007,168 3.37 % 1,013,432 3.53 % Construction 194,743 3.51 % 231,621 3.49 % Total commercial real estate loans 3,909,011 3.43 % 3,823,826 3.56 % Commercial loans and leases: Commercial (1) 739,023 3.07 % 1,131,668 2.55 % Equipment financing 1,085,028 6.95 % 1,092,461 7.26 % Condominium association 45,635 4.36 % 50,770 4.55 % Total commercial loans and leases 1,869,686 5.35 % 2,274,899 4.86 % Consumer loans: Residential mortgage 789,990 3.55 % 791,317 3.74 % Home equity 327,906 3.27 % 346,652 3.26 % Other consumer 35,101 2.91 % 32,859 3.04 % Total consumer loans 1,152,997 3.45 % 1,170,828 3.58 % Total loans and leases $ 6,931,694 3.94 % $ 7,269,553 3.97 % ______________________________________________________________________ (1) Including $160,586 and $489,216 of PPP loans as of September 30, 2021 and December 31, 2020, respectively. These loans are fully guaranteed by the SBA and therefore, have not been reserved for in the allowance for credit losses as of September 30, 2021 and December 31, 2020. Accrued interest on loans and leases, which were excluded from the amortized cost of loans and leases totaled $17.6 million and $20.5 million at September 30, 2021 and December 31, 2020, respectively, and were included in other assets in the accompanying consolidated balance sheets. The net unamortized deferred loan origination costs included in total loans and leases were $7.4 million and $4.1 million as of September 30, 2021 and December 31, 2020, respectively. The Banks and their subsidiaries lend primarily in all New England states, with the exception of equipment financing, 27.8% of which is in the greater New York and New Jersey metropolitan area and 72.2% of which is in other areas in the United States of America as of September 30, 2021. Loans and Leases Pledged as Collateral |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses The following tables present the changes in the allowance for loan and lease losses in loans and leases by portfolio segment for the periods indicated: Three Months Ended September 30, 2021 Commercial Commercial Consumer Total (In Thousands) Balance at June 30, 2021 $ 74,009 $ 28,364 $ 4,101 $ 106,474 Charge-offs — (1,583) (17) (1,600) Recoveries 1 308 36 345 (Credit) provision for loan and lease losses excluding unfunded commitments (1,630) 101 (1,175) (2,704) Balance at September 30, 2021 $ 72,380 $ 27,190 $ 2,945 $ 102,515 Three Months Ended September 30, 2020 Commercial Commercial Consumer Total (In Thousands) Balance at June 30, 2020 $ 90,011 $ 24,938 $ 4,604 $ 119,553 Charge-offs (70) (5,429) (12) (5,511) Recoveries — 512 36 548 (Credit) provision for loan and lease losses excluding unfunded commitments (2,721) 8,557 (455) 5,381 Balance at September 30, 2020 $ 87,220 $ 28,578 $ 4,173 $ 119,971 Nine Months Ended September 30, 2021 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2020 $ 80,132 $ 29,498 $ 4,749 $ 114,379 Charge-offs (28) (4,907) (29) (4,964) Recoveries 12 1,127 215 1,354 (Credit) provision for loan and lease losses excluding unfunded commitments (7,736) 1,472 (1,990) (8,254) Balance at September 30, 2021 $ 72,380 $ 27,190 $ 2,945 $ 102,515 Nine Months Ended September 30, 2020 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2019 $ 30,285 $ 24,826 $ 5,971 $ 61,082 Adoption of ASU 2016-13 (CECL) 11,694 (2,672) (2,390) $ 6,632 Charge-offs (70) (9,750) (33) (9,853) Recoveries 94 1,055 124 1,273 Provision for loan and lease losses 45,217 15,119 501 60,837 Balance at September 30, 2020 $ 87,220 $ 28,578 $ 4,173 $ 119,971 The allowance for credit losses for unfunded credit commitments, which is included in other liabilities, was $12.7 million and $13.1 million at September 30, 2021 and December 31, 2020, respectively. Provision for Credit Losses The provisions for credit losses are set forth below for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In Thousands) Provision for loan and lease losses: Commercial real estate $ (1,630) $ (2,721) $ (7,736) $ 45,217 Commercial 101 8,557 1,472 15,119 Consumer (1,175) (455) (1,990) 501 Total (credit) provision for loan and lease losses (2,704) 5,381 (8,254) 60,837 Unfunded commitments (406) (853) (334) 3,152 Total (credit) provision for credit losses $ (3,110) $ 4,528 $ (8,588) $ 63,989 Allowance for Loan and Lease Losses Methodology Management has established a methodology to determine the adequacy of the allowance for credit losses that assesses the risks and losses expected on the loan and lease portfolio and unfunded commitments. Additions to the allowance for credit losses are made by charges to the provision for credit losses. Losses on loans and leases are charged off against the allowance when all or a portion of a loan or lease is considered uncollectible. Subsequent recoveries on loans previously charged off, if any, are credited to the allowance when realized. To calculate the allowance for loans collectively evaluated, management uses models developed by a third party. The models include: Commercial real estate ("CRE"), Commercial and industrial ("C&I"), and Retail lifetime loss rate models calculate the expected losses over the life of the loan based on exposure at default loan attributes and reasonable, supportable economic forecasts. The exposure at default considers the current unpaid balance, prepayment assumptions and utilization of expected utilization assumptions. The expected loss estimates for two small commercial portfolios are based on historical loss rates. Key assumptions used in the models include portfolio segmentation, prepayments, and the expected utilization of unfunded commitments, among others. The portfolios are segmented by loan level attributes such as loan type, loan size, date of origination, and delinquency status to create homogenous loan pools. Pool level metrics are calculated and loss rates are subsequently applied to the pools as the loans have like characteristics. Prepayment assumptions are embedded within the models and are based on the same data used for model development and incorporate adjustments for reasonable and supportable forecasts. Model development data and developmental time periods vary by model, but all use at least ten years of historical data and capture at least one recessionary period. Expected utilization is based on current utilization and a loan equivalency ("LEQ") factor. LEQ varies by current utilization and provides a reasonable estimate of expected draws and borrower behavior. Assumptions and model inputs are reviewed in accordance with model monitoring practices and as information becomes available . The ACL estimate incorporates reasonable and supportable forecasts of various macro-economic variables over the remaining life of loans and leases. The development of the reasonable and supportable forecast assume each macro-economic variable will revert to long-term expectations, with reversion characteristics unique to specific economic indicators and forecasts. Reversion towards long-term expectations generally begins two to three years from the forecast start date and largely completes within the first five years. Because the reasonable and supportable economic forecasts used in the models are mean reverting, the models are therefore considered to be implicitly mean reverting. Management elected to use multiple economic forecasts in determining the reserve to account for economic uncertainty. The forecasts include various projections of Gross Domestic Product ("GDP"), interest rates, property price indices, and employment measures. Scenario weighting and model parameters are reviewed for each calculation and updated to reflect facts and circumstances as of the financial statement date. The forecasts utilized at September 30, 2021 reflect the immediate and longer-term effects of the COVID-19 pandemic as well as the associated policies and fiscal support provided by local and national authorities. The CRE lifetime loss rate, C&I lifetime loss rate, and Retail lifetime loss rate models were developed using the historical loss experience of all banks in the model’s developmental dataset. Banks in the model’s developmental dataset may have different loss experiences due to geography and portfolio as well as variances in operational and underwriting procedures from the Company, and therefore, the Company calibrates expected losses using a scalar for each model. Each scalar was calculated by examining the loss rates of peer banks that have similar operations and asset bases to the Company and comparing these peer group loss rates to the model results. Peer group loss rates were used in the scalar calculation because management believes the peer group’s historical losses provide a better reflection of the Company’s current portfolio and operating procedures than the Company’s historical losses. Qualitative adjustments are also applied to the results of the three loss rate models. For September 30, 2021, management applied qualitative adjustments to the CRE lifetime loss rate, C&I lifetime loss rate, and Retail lifetime loss rate models. These adjustments addressed model limitations, were based on historical loss patterns, and targeted specific risks within the certain portfolios. A general qualitative adjustment was applied to all models to account for general economic uncertainty by placing a greater probability on negative economic forecasts. Additional qualitative adjustments were applied to the Commercial, Multifamily, and commercial real estate (includes owner occupied, non-owner occupied, and construction) portfolios based on the Company’s historical loss experience and the loss experience of the Company’s peer group. High risk segments of the Eastern Funding and Macrolease portfolios also received additional qualitative adjustments based on recent loss history and expected liquidation values. These qualitative adjustments resulted in additions to reserves for all portfolios, as compared to the model output. Specific reserves are established for loans individually evaluated for impairment when amortized cost basis is greater than the discounted present value of expected future cash flows or, in the case of collateral-dependent loans, when there is an excess of a loan's amortized cost basis over the fair value of its underlying collateral. When loans and leases do not share risk characteristics with other financial assets they are evaluated individually. Individually evaluated loans are reviewed quarterly with adjustments made to the calculated reserve as necessary. Beginning January 1, 2020, the Company implemented the CECL methodology to calculate the allowance for credit losses. Prior to January 1, 2020, the Company calculated the allowance for loan and lease losses using the incurred losses methodology. The general allowance for loan and lease losses was $99.9 million as of September 30, 2021, compared to $112.1 million as of December 31, 2020. The reduction in the ACL is attributable to continued low level of net charge-offs, an improving macro-economic forecast, and a reduction in qualitative adjustments that consider longer-term risks. The specific allowance for loan and lease losses was $2.6 million as of September 30, 2021, compared to $2.3 million as of December 31, 2020. The specific allowance increased by $0.3 million during the nine months ended September 30, 2021 primarily due to a single specific reserve for specialty finance loan. As of September 30, 2021, management believes that the methodology for calculating the allowance is sound and that the allowance provides a reasonable basis for determining and reporting on expected losses over the lifetime of the Company’s loan portfolios. Credit Quality Assessment At the time of loan origination, a rating is assigned based on the capacity to pay and general financial strength of the borrower, the value of assets pledged as collateral, and the evaluation of third party support such as a guarantor. The Company continually monitors the credit quality of the loan portfolio using all available information. The officer responsible for handling each loan is required to initiate changes to risk ratings when changes in facts and circumstances occur that warrant an upgrade or downgrade in a loan rating. Based on this information, loans demonstrating certain payment issues or other weaknesses may be categorized as delinquent, adversely risk-rated, nonperforming and/or put on nonaccrual status. Additionally, in the course of resolving such loans, the Company may choose to restructure the contractual terms of certain loans to match the borrower's ability to repay the loan based on their current financial condition. If a restructured loan meets certain criteria, it may be categorized as a troubled debt restructuring ("TDR") loan. The Company reviews numerous credit quality indicators when assessing the risk in its loan portfolio. For all loans, the Company utilizes an eight-grade loan rating system, which assigns a risk rating to each borrower based on a number of quantitative and qualitative factors associated with a loan transaction. Factors considered include industry and market conditions; position within the industry; earnings trends; operating cash flow; asset/liability values; debt capacity; guarantor strength; management and controls; financial reporting; collateral; and other considerations. In addition, the Company's independent loan review group evaluates the credit quality and related risk ratings in all loan portfolios. The results of these reviews are reported to the Risk Committee of the Board of Directors on a periodic basis and annually to the Board of Directors. For the consumer loans, the Company heavily relies on payment status for calibrating credit risk. The ratings categories used for assessing credit risk in the commercial real estate, multi-family mortgage, construction, commercial, equipment financing, condominium association and other consumer loan and lease classes are defined as follows: 1 -4 Rating—Pass Loan rating grades "1" through "4" are classified as "Pass," which indicates borrowers are performing in accordance with the terms of the loan and are less likely to result in loss due to the capacity of the borrower to pay and the adequacy of the value of assets pledged as collateral. 5 Rating—Other Assets Especially Mentioned ("OAEM") Borrowers exhibit potential credit weaknesses or downward trends deserving management's attention. If not checked or corrected, these trends will weaken the Company's asset and position. While potentially weak, currently these borrowers are marginally acceptable; no loss of principal or interest is envisioned. 6 Rating—Substandard Borrowers exhibit well defined weaknesses that jeopardize the orderly liquidation of debt. Substandard loans may be inadequately protected by the current net worth and paying capacity of the obligors or by the collateral pledged, if any. Normal repayment from the borrower is in jeopardy. Although no loss of principal is envisioned, there is a distinct possibility that a partial loss of interest and/or principal will occur if the deficiencies are not corrected. Collateral coverage may be inadequate to cover the principal obligation. 7 Rating—Doubtful Borrowers exhibit well-defined weaknesses that jeopardize the orderly liquidation of debt with the added provision that the weaknesses make collection of the debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Serious problems exist to the point where partial loss of principal is likely. 8 Rating—Definite Loss Borrowers deemed incapable of repayment. Loans to such borrowers are considered uncollectible and of such little value that continuation as active assets of the Company is not warranted. Assets rated as "OAEM," "substandard" or "doubtful" based on criteria established under banking regulations are collectively referred to as "criticized" assets. Credit Quality Information The following table presents the amortized cost basis of loans in each class by credit quality indicator and year of origination as of September 30, 2021. September 30, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 386,301 $ 338,130 $ 373,300 $ 229,218 $ 215,040 $ 1,037,632 $ 64,352 $ 12,839 $ 2,656,812 OAEM 681 — 17,003 — 4,902 15,029 — — 37,615 Substandard — 188 — — 572 8,024 — 3,889 12,673 Total 386,982 338,318 390,303 229,218 220,514 1,060,685 64,352 16,728 2,707,100 Multi-Family Mortgage Pass 112,438 126,230 142,913 135,995 90,960 364,682 3,746 27,476 1,004,440 OAEM — — — — — 2,728 — — 2,728 Total 112,438 126,230 142,913 135,995 90,960 367,410 3,746 27,476 1,007,168 Construction Pass 19,779 56,241 40,654 68,092 — — 6,169 — 190,935 Substandard — — 3,808 — — — — — 3,808 Total 19,779 56,241 44,462 68,092 — — 6,169 — 194,743 Commercial Pass 226,200 82,416 45,541 36,200 15,693 119,477 186,604 1,178 713,309 OAEM — 1,549 3,519 — 12,722 — 999 — 18,789 Substandard 19 13 — 100 254 1,974 2,538 2,025 6,923 Doubtful — — — — — 1 — 1 2 Total 226,219 83,978 49,060 36,300 28,669 121,452 190,141 3,204 739,023 Equipment Financing Pass 249,109 286,749 238,840 149,004 75,543 61,910 2,142 437 1,063,734 OAEM — 982 1,831 301 90 26 — — 3,230 Substandard — 1,269 4,968 5,811 2,878 2,477 — — 17,403 Doubtful — 1 120 1 6 533 — — 661 Total 249,109 289,001 245,759 155,117 78,517 64,946 2,142 437 1,085,028 Condominium Association Pass 2,870 8,610 8,071 4,309 4,181 14,509 2,919 75 45,544 Substandard — — — — — 91 — — 91 Total 2,870 8,610 8,071 4,309 4,181 14,600 2,919 75 45,635 September 30, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Other Consumer Pass 431 171 61 1,512 29 765 32,125 6 35,100 Substandard — — — — — 1 — — 1 Total 431 171 61 1,512 29 766 32,125 6 35,101 Total Pass 997,128 898,547 849,380 624,330 401,446 1,598,975 298,057 42,011 5,709,874 OAEM 681 2,531 22,353 301 17,714 17,783 999 — 62,362 Substandard 19 1,470 8,776 5,911 3,704 12,567 2,538 5,914 40,899 Doubtful — 1 120 1 7 534 — 1 664 Total $ 997,828 $ 902,549 $ 880,629 $ 630,543 $ 422,871 $ 1,629,859 $ 301,594 $ 47,926 $ 5,813,799 As of September 30, 2021, there were no loans categorized as definite loss. For residential mortgage and home equity loans, the borrowers' credit scores contribute as a reserve metric in the retail loss rate model. At September 30, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 $ 137,291 $ 119,509 $ 81,223 $ 54,555 $ 44,078 $ 134,036 $ 3,937 $ 357 $ 574,986 661 - 700 16,285 20,439 15,225 10,124 12,926 26,010 — — 101,009 600 and below 3,819 6,426 4,843 3,318 3,521 14,819 — — 36,746 Data not available* 9,586 — 1,119 — 6,891 59,653 — — 77,249 Total $ 166,981 $ 146,374 $ 102,410 $ 67,997 $ 67,416 $ 234,518 $ 3,937 $ 357 $ 789,990 Home Equity Credit Scores Over 700 $ 1,186 $ 1,540 $ 1,913 $ 1,573 $ 1,696 $ 9,092 $ 244,174 $ 1,892 $ 263,066 661 - 700 100 109 309 404 216 1,710 43,297 532 46,677 600 and below — 55 103 — 13 456 9,045 717 10,389 Data not available* — — — — — 1,237 6,114 423 7,774 Total $ 1,286 $ 1,704 $ 2,325 $ 1,977 $ 1,925 $ 12,495 $ 302,630 $ 3,564 $ 327,906 _______________________________________________________________________________ * Represents loans and leases for which data are not available. The following tables present the recorded investment in loans in each class as of December 31, 2020, by credit quality indicator. December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 352,832 $ 412,071 $ 282,629 $ 255,786 $ 243,477 $ 944,676 $ 55,392 $ 12,585 $ 2,559,448 OAEM — 477 — — 3,312 8,991 — — 12,780 Substandard — — — 1,261 2 5,220 — 62 6,545 Total 352,832 412,548 282,629 257,047 246,791 958,887 55,392 12,647 2,578,773 Multi-Family Mortgage Pass 125,434 136,620 162,180 103,997 127,873 304,224 15,845 34,871 1,011,044 OAEM — — — — — 2,388 — — 2,388 Total 125,434 136,620 162,180 103,997 127,873 306,612 15,845 34,871 1,013,432 Construction Pass 46,249 56,074 112,856 1,799 2,788 404 3,834 — 224,004 Substandard — 4,853 — — 2,764 — — — 7,617 Total 46,249 60,927 112,856 1,799 5,552 404 3,834 — 231,621 Commercial Pass 574,542 66,278 41,325 62,112 22,085 113,715 226,495 1,687 1,108,239 OAEM 310 4,850 — — 35 17 5,382 — 10,594 Substandard 80 — 129 389 29 7,612 3,930 664 12,833 Doubtful — — — — — — — 2 2 Total 574,932 71,128 41,454 62,501 22,149 121,344 235,807 2,353 1,131,668 Equipment Financing Pass 332,375 306,231 209,219 121,845 56,241 45,451 636 576 1,072,574 OAEM 196 1,066 290 93 609 85 — — 2,339 Substandard 402 4,385 5,280 3,545 1,891 631 — — 16,134 Doubtful 1 64 24 27 1,292 6 — — 1,414 Total 332,974 311,746 214,813 125,510 60,033 46,173 636 576 1,092,461 Condominium Association Pass 6,455 9,918 5,399 7,928 5,213 12,682 2,684 379 50,658 Substandard — — — — 112 — — — 112 Total 6,455 9,918 5,399 7,928 5,325 12,682 2,684 379 50,770 Other Consumer Pass 694 549 1,938 32 570 301 28,755 18 32,857 Substandard — — — — — — — 2 2 Total 694 549 1,938 32 570 301 28,755 20 32,859 Total December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Pass 1,438,581 987,741 815,546 553,499 458,247 1,421,453 333,641 50,116 6,058,824 OAEM 506 6,393 290 93 3,956 11,481 5,382 — 28,101 Substandard 482 9,238 5,409 5,195 4,798 13,463 3,930 728 43,243 Doubtful 1 64 24 27 1,292 6 — 2 1,416 Total $ 1,439,570 $ 1,003,436 $ 821,269 $ 558,814 $ 468,293 $ 1,446,403 $ 342,953 $ 50,846 $ 6,131,584 As of December 31, 2020, there were no loans categorized as definite loss. At December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Converted Total (In Thousands) Residential Credit Scores Over 700 $ 119,566 $ 94,300 $ 62,452 $ 53,662 $ 47,327 $ 124,999 $ 4,442 $ — $ 506,748 661 - 700 21,820 19,426 10,943 15,616 8,132 23,282 — — 99,219 600 and below 6,901 5,659 4,763 4,318 4,553 13,997 — — 40,191 Data not available* 19,209 17,082 16,199 14,153 5,729 71,456 — 1,331 145,159 Total $ 167,496 $ 136,467 $ 94,357 $ 87,749 $ 65,741 $ 233,734 $ 4,442 $ 1,331 $ 791,317 Home Equity Credit Scores Over 700 $ 1,546 $ 2,832 $ 2,440 $ 2,770 $ 910 $ 12,804 $ 247,538 $ 2,397 $ 273,237 661 - 700 122 459 499 566 305 2,793 45,356 1,334 51,434 600 and below 59 108 266 13 39 541 10,139 878 12,043 Data not available* 61 — — — — 1,387 7,330 1,160 9,938 Total $ 1,788 $ 3,399 $ 3,205 $ 3,349 $ 1,254 $ 17,525 $ 310,363 $ 5,769 $ 346,652 Age Analysis of Past Due Loans and Leases The following table presents an age analysis of the amortized cost basis in loans and leases as of September 30, 2021. At September 30, 2021 Past Due Past 31-60 61-90 Greater Total Current Total Loans Non-accrual Non-accrual (In Thousands) Commercial real estate loans: Commercial real estate $ 2,296 $ 296 $ 10,545 $ 13,137 $ 2,693,963 $ 2,707,100 $ — $ 10,963 $ 10,571 Multi-family mortgage 3,307 — — 3,307 1,003,861 1,007,168 — — — Construction 396 — — 396 194,347 194,743 — — — Total commercial real estate loans 5,999 296 10,545 16,840 3,892,171 3,909,011 — 10,963 10,571 Commercial loans and leases: Commercial 305 801 1,430 2,536 736,487 739,023 573 2,539 1,549 Equipment financing 5,256 1,616 8,793 15,665 1,069,363 1,085,028 61 17,655 4,320 Condominium association 12 44 — 56 45,579 45,635 — 91 — Total commercial loans and leases 5,573 2,461 10,223 18,257 1,851,429 1,869,686 634 20,285 5,869 Consumer loans: Residential mortgage 1,917 — 2,965 4,882 785,108 789,990 203 4,150 2,729 Home equity 521 56 114 691 327,215 327,906 1 461 172 Other consumer 3 2 1 6 35,095 35,101 — 1 — Total consumer loans 2,441 58 3,080 5,579 1,147,418 1,152,997 204 4,612 2,901 Total loans and leases $ 14,013 $ 2,815 $ 23,848 $ 40,676 $ 6,891,018 $ 6,931,694 $ 838 $ 35,860 $ 19,341 There is no interest income recognized on non-accrual loans for the three months ended September 30, 2021. The following tables present an age analysis of the recorded investment in originated and acquired loans and leases as of December 31, 2020. At December 31, 2020 Past Due Loans and Non-accrual 31-60 61-90 Greater Total Current Total Loans Non-accrual (In Thousands) Commercial real estate loans: Commercial real estate $ 18,294 $ 12,402 $ 7,272 $ 37,968 $ 2,540,805 $ 2,578,773 $ 4,722 $ 3,300 $ 2,580 Multi-family mortgage 813 — — 813 1,012,619 1,013,432 — — — Construction — — 7,617 7,617 224,004 231,621 3,764 3,853 3,853 Total commercial real estate loans 19,107 12,402 14,889 46,398 3,777,428 3,823,826 8,486 7,153 6,433 Commercial loans and leases: Commercial 451 304 9,171 9,926 1,121,742 1,131,668 3,486 7,702 6,263 Equipment financing 5,970 2,263 9,391 17,624 1,074,837 1,092,461 — 16,757 4,062 Condominium association 282 297 — 579 50,191 50,770 — 112 112 Total commercial loans and leases 6,703 2,864 18,562 28,129 2,246,770 2,274,899 3,486 24,571 10,437 Consumer loans: Residential mortgage 2,161 648 3,841 6,650 784,667 791,317 — 5,587 5,117 Home equity 580 215 588 1,383 345,269 346,652 3 1,136 824 Other consumer 13 — 1 14 32,845 32,859 — 1 — Total consumer loans 2,754 863 4,430 8,047 1,162,781 1,170,828 3 6,724 5,941 Total loans and leases $ 28,564 $ 16,129 $ 37,881 $ 82,574 $ 7,186,979 $ 7,269,553 $ 11,975 $ 38,448 $ 22,811 Impaired Loans and Leases A loan is considered to be impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due (both interest and principal) according to the contractual terms of the loan agreement. The loans and leases risk-rated "substandard" or worse are considered impaired. The Company has also defined the population of impaired loans to include nonaccrual loans and TDR loans. Impaired loans and leases which do not share similar risk characteristics with other loans are individually evaluated for credit losses. Specific reserves are established for loans and leases with deterioration in the present value of expected future cash flows or, in the case of collateral-dependent loans and leases, any increase in the loan or lease amortized cost basis over the fair value of the underlying collateral discounted for estimated selling costs. In contrast, the loans and leases which share similar risk characteristics and are not included in the individually evaluated population are collectively evaluated for credit losses. The following tables present information regarding individually evaluated and collectively evaluated allowance for loan and lease losses for credit losses on loans and leases at the dates indicated. Periods prior to January 1, 2020 are presented in accordance with accounting rules effective at that time. At September 30, 2021 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 87 $ 2,441 $ 90 $ 2,618 Collectively evaluated 72,293 24,749 2,855 99,897 Total $ 72,380 $ 27,190 $ 2,945 $ 102,515 Loans and Leases: Individually evaluated $ 16,954 $ 17,438 $ 7,720 $ 42,112 Collectively evaluated 3,892,057 1,852,248 1,145,277 6,889,582 Total $ 3,909,011 $ 1,869,686 $ 1,152,997 $ 6,931,694 At December 31, 2020 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 183 $ 2,020 $ 108 $ 2,311 Collectively evaluated 79,949 27,478 4,641 112,068 Total loans and leases $ 80,132 $ 29,498 $ 4,749 $ 114,379 Loans and Leases: Individually evaluated $ 14,159 $ 24,727 $ 8,760 $ 47,646 Collectively evaluated 3,809,667 2,250,172 1,162,068 7,221,907 Total loans and leases $ 3,823,826 $ 2,274,899 $ 1,170,828 $ 7,269,553 Troubled Debt Restructuring Loans and Leases The following table sets forth information regarding TDR loans and leases at the dates indicated: At September 30, 2021 At December 31, 2020 (In Thousands) Troubled debt restructurings: On accrual $ 13,526 $ 11,483 On nonaccrual 6,655 7,476 Total troubled debt restructurings $ 20,181 $ 18,959 Total TDR loans and leases increased by $1.2 million to $20.2 million at September 30, 2021 from $19.0 million at December 31, 2020, primarily driven by a net increase in residential loans by $0.6 million and a net increase in the equipment financing loans by $1.3 million, partially offset by a net decrease in commercial loans by $0.6 million, and net decrease in commercial real estate by $0.1 million during the nine months ended September 30, 2021. The amortized cost basis in TDR loans and the associated specific credit losses for the loan and lease portfolios, that were modified during the periods indicated, are as follows. At and for the Three Months Ended September 30, 2021 Amortized Cost Specific Defaulted (1) Number of At At End of Nonaccrual Number of Amortized Cost (Dollars in Thousands) Commercial 1 19 19 — — — — Equipment financing 6 827 $ 816 — 147 5 211 Total loans and leases 7 $ 846 $ 835 $ — $ 147 5 $ 211 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. At and for the Three Months Ended September 30, 2020 Recorded Investment Specific Defaulted (1) Number of At At End of Nonaccrual Number of Recorded (Dollars in Thousands) Commercial real estate — $ — $ — $ — $ — 1 $ 221 Commercial 1 1,098 1,098 — — — — Equipment financing 4 212 212 11 212 — — Home equity 1 276 276 — 276 — — Total loans and leases 6 $ 1,586 $ 1,586 $ 11 $ 488 1 $ 221 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. At and for the Nine Months Ended September 30, 2021 Amortized Cost Specific Defaulted (1) Number of At At End of Nonaccrual Number of Amortized Cost (Dollars in Thousands) Commercial real estate 1 $ 497 $ 494 $ — $ — $ — $ — Commercial 1 19 19 — — — — Equipment financing 43 3,627 3,382 91 2,165 6 257 Residential mortgage 1 864 859 — — — — Home equity 1 312 312 — — — — Total loans and leases 47 $ 5,319 $ 5,066 $ 91 $ 2,165 6 $ 257 At and for the Nine Months Ended September 30, 2020 Recorded Investment Specific Defaulted (1) Number of At At End of Nonaccrual Number of Recorded (Dollars in Thousands) Commercial real estate — $ — $ — $ — $ — 1 $ 221 Commercial 3 1,401 1,401 — — — — Equipment financing 15 1,406 1,340 11 1,297 — — Home equity 2 476 476 — 276 — — Total loans and leases 20 $ 3,283 $ 3,217 $ 11 $ 1,573 1 $ 221 The following table sets forth the Company's end-of-period amortized cost basis for TDRs that were modified during the periods indicated, by type of modification. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In Thousands) Extended maturity $ — $ 1,114 $ 2,333 $ 1,743 Adjusted principal — — — 44 Combination maturity, principal, interest rate 835 472 2,732 1,430 Total loans with modifications $ 835 $ 1,586 $ 5,065 $ 3,217 The TDR loans and leases that were modified for the three months ended September 30, 2021 and 2020 were $0.8 million and $1.6 million, respectively. The decrease in TDR loans and leases that were modified for the three months ended September 30, 2021 were primarily due to the payoff of one home equity relationship of $0.3 million, as well as the payments on a TDR loan during the three months ended September 30, 2021. The net charge-offs for performing and nonperforming TDR loans and leases for the nine months ended September 30, 2021 and 2020 were $0.7 million and $0.8 million respectively. The commitments to lend funds to debtors owing receivables whose terms had been modified in TDRs as of September 30, 2021 was $0.6 million. As of September 30, 2020, there were $1.7 million commitments to lend funds to debtors owing receivables whose terms had been modified in TDRs. The Coronavirus Aid, Relief and Economic Security ("CARES") Act and regulatory guidance issued by the Federal banking agencies provides that certain short-term loan modifications to borrowers experiencing financial distress as a result of |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At September 30, 2021 At December 31, 2020 (In Thousands) Goodwill $ 160,427 $ 160,427 Other intangible assets: Core deposits 1,395 2,063 Trade name 1,089 1,089 Total other intangible assets 2,484 3,152 Total goodwill and other intangible assets $ 162,911 $ 163,579 At December 31, 2013, the Company concluded that the BankRI name would continue to be utilized in its marketing strategies; therefore, the trade name with carrying value of $1.1 million, has an indefinite life and ceased to amortize. The weighted-average amortization period for the core deposit intangible is 5.72 years. The estimated aggregate future amortization expense (in thousands) for other intangible assets for each of the next five years and thereafter is as follows: Remainder of 2021 $ 208 Year ending: 2022 494 2023 263 2024 151 2025 103 2026 74 Thereafter 102 Total $ 1,395 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) For the nine months ended September 30, 2021 and 2020, the Company’s accumulated other comprehensive income (loss) includes the following three components: (i) unrealized holding gains (losses) on investment securities available-for-sale; (ii) change in the fair value of cash flow hedges; and (iii) adjustment of accumulated obligation for postretirement benefits. Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated: Three Months Ended September 30, 2021 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at June 30, 2021 $ 6,177 $ 11 $ (99) $ 6,089 Other comprehensive income (loss) (3,469) (3) — (3,472) Reclassification adjustment for (income) expense recognized in earnings — (2) — (2) Balance at September 30, 2021 $ 2,708 $ 6 $ (99) $ 2,615 Three Months Ended September 30, 2020 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at June 30, 2020 $ 19,454 $ — $ 84 $ 19,538 Other comprehensive income (loss) (568) 7 — (561) Reclassification adjustment for (income) expense recognized in earnings 195 — — 195 Balance at September 30, 2020 $ 18,691 $ 7 $ 84 $ 18,782 Nine Months Ended September 30, 2021 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at December 31, 2020 $ 16,582 $ 7 $ (99) $ 16,490 Other comprehensive income (loss) (13,874) 6 — (13,868) Reclassification adjustment for (income) expense recognized in earnings — (7) — (7) Balance at September 30, 2021 $ 2,708 $ 6 $ (99) $ 2,615 Nine Months Ended September 30, 2020 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at December 31, 2019 $ 2,199 $ — $ 84 $ 2,283 Other comprehensive income (loss) 19,014 7 — 19,021 Reclassification adjustment for (income) expense recognized in earnings 2,522 — — 2,522 Balance at September 30, 2020 $ 18,691 $ 7 $ 84 $ 18,782 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities The Company executes loan level derivative products such as interest rate swap agreements with commercial banking customers to aid them in managing their interest rate risk. The interest rate swap contracts allow the commercial banking customers to convert floating rate loan payments to fixed rate loan payments. The Company concurrently enters into offsetting swaps with a third party financial institution, effectively minimizing its net risk exposure resulting from such transactions. The third party financial institution exchanges the customer's fixed rate loan payments for floating rate loan payments. As the interest rate swap agreements associated with this program do not meet hedge accounting requirements, changes in the fair value are recognized directly in earnings. Based on the Company's intended use for the loan level derivatives at inception, the Company designates the derivative as either an economic hedge of an asset or liability, or a hedging instrument subject to the hedge accounting provisions of FASB ASC Topic 815, "Derivatives and Hedging". The Company believes using interest rate derivatives adds stability to interest income and expense and allows the Company to manage its exposure to interest rate movements. The Company enters into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. The Company enters into interest rate swaps as hedging instruments against the interest rate risk associated with the Company's FHLB borrowings. For derivative instruments that are designated and qualify as cash flow hedging instruments, the effective portion of the gains or losses is reported as a component of other comprehensive income ("OCI"), and is reclassified into earnings in the period that the hedged forecasted transaction affects earnings. As of September 30, 2021, the Company paid its counterparties a fixed weighted average interest rate of 0.10% over a maximum period of 2 years for derivative instruments that are designated as and qualify as cash flow hedging instruments. The Company utilizes risk participation agreements with other banks participating in commercial loan arrangements. Participating banks guarantee the performance on borrower-related interest rate swap contracts. Risk participation agreements are derivative financial instruments and are recorded at fair value. These derivatives are not designated as hedges and therefore, changes in fair value are recorded directly through earnings at each reporting period. Under a risk participation-out agreement, a derivative asset, the Company participates out a portion of the credit risk associated with the interest rate swap position executed with the commercial borrower, for a fee paid to the participating bank. The Company offers foreign exchange contracts to commercial borrowers to accommodate their business needs. These foreign exchange contracts do not qualify as hedges for accounting purposes. To mitigate the market and liquidity risk associated with these foreign exchange contracts, the Company enters into similar offsetting positions. Asset derivatives and liability derivatives are included in other assets and accrued expenses and other liabilities on the unaudited consolidated balance sheets. The following tables present the Company's customer related derivative positions for the periods indicated below for those derivatives not designated as hedging. Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value September 30, 2021 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 127 $ 8,320 $ 2,366 $ 24,502 $172,285 $ 980,680 $ 1,188,153 $ 74,299 Pay fixed, receive variable 127 8,320 2,366 24,502 172,285 980,680 1,188,153 74,299 Risk participation-out agreements — — — 6,904 37,780 217,840 262,524 1,125 Risk participation-in agreements 8 — — 18,788 — 40,841 59,629 201 Foreign exchange contracts Buys foreign currency, sells U.S. currency 9 $ 1,680 $ — $ — $ — $ — $ 1,680 $ 19,191 Sells foreign currency, buys U.S. currency 13 1,681 — — — — 1,681 19,719 Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2020 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 136 $ — $ 8,541 $ 16,447 $ 99,014 $ 1,090,144 $ 1,214,146 $ 129,284 Pay fixed, receive variable 136 — 8,541 16,447 99,014 1,090,144 1,214,146 129,284 Risk participation-out agreements 37 — — 7,009 22,733 222,913 252,655 1,843 Risk participation-in agreements 8 — — 19,000 — 41,619 60,619 361 Foreign exchange contracts Buys foreign currency, sells U.S. currency 18 $ 1,266 $ — $ — $ — $ — $ 1,266 $ 156 Sells foreign currency, buys U.S. currency 20 1,273 — — — — 1,273 148 Certain derivative agreements contain provisions that require the Company to post collateral if the derivative exposure exceeds a threshold amount. The Company posted collateral to dealer counterparties of $135.2 million and $166.5 million in the normal course of business as of September 30, 2021 and December 31, 2020, respectively. The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated. At September 30, 2021 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 3 $ — $ 3 $ — $ — $ 3 Derivatives not designated as hedging instruments: Loan level derivatives $ 82,025 $ — $ 82,025 $ — $ — $ 82,025 Risk participation-out agreements 1,125 — 1,125 — — 1,125 Foreign exchange contracts 20 — 20 — — 20 Total $ 83,173 $ — $ 83,173 $ — $ — $ 83,173 Liability derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 2 $ — $ 2 $ — $ — $ 2 Derivatives not designated as hedging instruments: Loan level derivatives $ 82,025 $ — $ 82,025 $ 128,492 $ 6,690 $ (53,157) Risk participation-in agreements 201 — 201 — — 201 Foreign exchange contracts 19 — 19 — — 19 Total $ 82,247 $ — $ 82,247 $ 128,492 $ 6,690 $ (52,935) At December 31, 2020 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Interest rate derivatives $ 8 $ — $ 8 $ — $ — $ 8 Loan level derivatives 131,328 — 131,328 — — 131,328 Risk participation-out agreements 1,843 — 1,843 — — 1,843 Foreign exchange contracts 156 — 156 — — 156 Total $ 133,335 $ — $ 133,335 $ — $ — $ 133,335 Liability derivatives Loan level derivatives $ 131,328 $ — $ 131,328 $ 155,220 $ 11,280 $ (35,172) Risk participation-in agreements 361 — 361 — — 361 Foreign exchange contracts 148 — 148 — — 148 Total $ 131,837 $ — $ 131,837 $ 155,220 $ 11,280 $ (34,663) The Company has agreements with certain of its derivative counterparties that contain credit-risk-related contingent provisions. These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness or if the Company fails to maintain its status as a well-capitalized institution. Fair Value Nine Months Ended Nine Months Ended (Dollars in Thousands) Derivatives designated as hedges $ 1 $ 10 Gain in OCI on derivatives (effective portion), net of tax $ 6 $ 7 Gain (loss) reclassified from OCI into interest income or interest expense (effective portion) $ 7 $ 1 The guidance in ASU 2017-12 requires that amounts in accumulated other comprehensive income that are included in the assessment of effectiveness should be reclassified into earnings in the same period in which the hedged forecasted transactions impact earnings. A portion of the balance reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made or received on the Company’s interest rate swaps. The Company monitors the risk of counterparty default on an ongoing basis. |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Retirement Benefits [Abstract] | |
Stock Based Compensation | Stock Based Compensation As of September 30, 2021, the Company had one active equity plan: the 2021 Brookline Bancorp, Inc. Stock Option and Incentive Plan ("2021 Plan") with 1,750,000 authorized shares. As a result of the Plan having been approved by the Company's stockholders at the 2021 annual meeting of stockholders, the Company discontinued granting awards under the 2014 Equity Incentive Plan (the "2014 Plan"), and no further shares will be granted as awards under the 2014 Plan. The Company's 2011 Restricted Stock Plan (the "2011 Plan") expired in July 2021, and the Company has not issued shares from the 2011 Plan since the adoption of the 2014 Plan. The 2021 Plan and the 2014 Plan together referred to as the "Plans." Of the awarded shares under the Plans, generally 50% vest ratably over three years with one-third of such shares vesting at each of the first, second and third anniversary dates of the awards. These are referred to as "time-based shares". The remaining 50% of each award has a cliff vesting schedule and will vest three years after the award date based on the level of the Company's achievement of identified performance targets in comparison to the level of achievement of such identified performance targets by a defined peer group comprised of 14 financial institutions. These are referred to as "performance-based shares". If a participant leaves the Company prior to the third anniversary date of an award, any unvested shares are usually forfeited. Dividends declared with respect to shares awarded will be held by the Company and paid to the participant only when the shares vest. Under the Plan, shares of the Company's common stock are reserved for issuance as restricted stock awards to officers, employees, and non-employee directors of the Company. Shares issued upon vesting may be either authorized but unissued shares or reacquired shares held by the Company as treasury shares. Any shares not issued because vesting requirements are not met will be retired back to treasury and be made available again for issuance under the Plans. During the three and nine months ended September 30, 2021 and September 30, 2020, 228,756 and 268,936 shares were issued, respectively, upon satisfaction of required conditions of the Plans. |
Earnings per Share ("EPS")
Earnings per Share ("EPS") | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share ("EPS") | Earnings per Share ("EPS") The following table is a reconciliation of basic EPS and diluted EPS: Three Months Ended September 30, 2021 September 30, 2020 Basic Fully Basic Fully (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 28,839 $ 28,839 $ 18,679 $ 18,679 Denominator: Weighted average shares outstanding 78,000,261 78,000,261 78,948,139 78,948,139 Effect of dilutive securities — 240,372 — 107,762 Adjusted weighted average shares outstanding 78,000,261 78,240,633 78,948,139 79,055,901 EPS $ 0.37 $ 0.37 $ 0.24 $ 0.24 Nine Months Ended September 30, 2021 September 30, 2020 Basic Fully Basic Fully (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 86,895 $ 86,895 $ 20,972 $ 20,972 Denominator: Weighted average shares outstanding 78,097,600 78,097,600 79,092,424 79,092,424 Effect of dilutive securities — 273,590 — 152,689 Adjusted weighted average shares outstanding 78,097,600 78,371,190 79,092,424 79,245,113 EPS $ 1.11 $ 1.11 $ 0.27 $ 0.27 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments A description of the valuation methodologies used for assets and liabilities measured at fair value on a recurring and non-recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. There were no changes in the valuation techniques used during the three and nine months ended September 30, 2021 and September 30, 2020. Assets and Liabilities Recorded at Fair Value on a Recurring Basis The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value as of September 30, 2021 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 233,286 $ — $ 233,286 GSE CMOs — 31,828 — 31,828 GSE MBSs — 221,817 — 221,817 Corporate debt obligations — 22,969 — 22,969 U.S. Treasury bonds — 221,622 — 221,622 Foreign government obligations — 498 — 498 Total investment securities available-for-sale $ — $ 732,020 $ — $ 732,020 Interest rate derivatives — 3 — 3 Derivatives not designated as hedging instruments: Loan level derivatives — 82,025 — 82,025 Risk participation-out agreements — 1,125 — 1,125 Foreign exchange contracts — 20 — 20 Liabilities: Interest rate derivatives $ — $ 2 $ — $ 2 Derivatives not designated as hedging instruments: Loan level derivatives — 82,025 — 82,025 Risk participation-in agreements — 201 — 201 Foreign exchange contracts — 19 — 19 Carrying Value as of December 31, 2020 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 278,645 $ — $ 278,645 GSE CMOs — 46,028 — 46,028 GSE MBSs — 323,609 — 323,609 Corporate debt obligations — 23,467 — 23,467 U.S. Treasury bonds — 73,577 — 73,577 Foreign government obligations — 496 — 496 Total investment securities available-for-sale $ — $ 745,822 $ — $ 745,822 Equity securities held-for-trading $ — $ 526 $ — $ 526 Interest rate derivatives — 8 — 8 Loan level derivatives — 131,328 — 131,328 Risk participation-out agreements — 1,843 — 1,843 Foreign exchange contracts — 156 — 156 Liabilities: Loan level derivatives — 131,328 — 131,328 Risk participation-in agreements — 361 — 361 Foreign exchange contracts — 148 — 148 Investment Securities Available-for-Sale The fair value of investment securities is based principally on market prices and dealer quotes received from third-party and nationally-recognized pricing services for identical investment securities such as U.S. Treasury and agency securities. These prices are validated by comparing the primary pricing source with an alternative pricing source when available. When quoted market prices for identical securities are unavailable, the Company uses market prices provided by independent pricing services based on recent trading activity and other observable information, including but not limited to market interest-rate curves, referenced credit spreads and estimated prepayment speeds, where applicable. These investments include GSE debentures, GSE mortgage-related securities, SBA commercial loan asset backed securities, corporate debt securities, and trust preferred securities, all of which are included in Level 2. As of September 30, 2021 and December 31, 2020, none of the investment securities was valued using pricing models included in Level 3. Additionally, management reviews changes in fair value from period to period and performs testing to ensure that prices received from the third parties are consistent with management's expectation of the market. Changes in the prices obtained from the pricing service are analyzed from month to month, taking into consideration changes in market conditions including changes in mortgage spreads, changes in U.S. Treasury security yields and changes in generic pricing of 15-year and 30-year securities. Additional analysis may include a review of prices provided by other independent parties, a yield analysis, a review of average life changes using Bloomberg analytics and a review of historical pricing for a particular security. Equity Securities Held-for-Trading The fair value of equity securities held-for-trading is based principally on market prices and dealer quotes received from third-party and nationally-recognized pricing services. The Company's equity securities are priced this way and are included in Level 1 and Level 2. These prices are validated by comparing the primary pricing source with an alternative pricing source when available. Derivatives and Hedging Instruments The fair value of interest rate derivatives designated as hedging instruments, loan level derivatives, risk participation agreements (RPA in/out), and foreign exchange contracts represent a Level 2 valuation and are based on settlement values adjusted for credit risks associated with the counterparties and the Company and observable market interest rate curves and foreign exchange rates where applicable. Credit risk adjustments consider factors such as the likelihood of default by the Company and its counterparties, its net exposures and remaining contractual life. To date, the Company has not realized any losses due to a counterparty's inability to pay any net uncollateralized position. Refer also to Note 8, "Derivatives and Hedging Activities." There were no transfers between levels for assets and liabilities recorded at fair value on a recurring basis during the three and nine months ended September 30, 2021 and December 31, 2020, respectively. Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis Assets and liabilities measured at fair value on a non-recurring basis are summarized below at the dated indicated: Carrying Value as of September 30, 2021 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 798 $ 798 Repossessed assets — 601 — 601 Total assets measured at fair value on a non-recurring basis $ — $ 601 $ 798 $ 1,399 Carrying Value as of December 31, 2020 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 3,445 $ 3,445 OREO — — 5,415 5,415 Repossessed assets — 1,100 — 1,100 Total assets measured at fair value on a non-recurring basis $ — $ 1,100 $ 8,860 $ 9,960 Collateral-Dependent Impaired Loans and Leases For nonperforming loans and leases where the credit quality of the borrower has deteriorated significantly, fair values of the underlying collateral were estimated using purchase and sales agreements (Level 2), or comparable sales or recent appraisals (Level 3), adjusted for selling costs and other expenses. Other Real Estate Owned The Company records OREO at the lower of cost or fair value. In estimating fair value, the Company utilizes purchase and sales agreements (Level 2) or comparable sales, recent appraisals or cash flows discounted at an interest rate commensurate with the risk associated with these cash flows (Level 3), adjusted for selling costs and other expenses. Repossessed Assets Repossessed assets are carried at estimated fair value less costs to sell based on auction pricing (Level 2). The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a non-recurring basis at the dates indicated. Fair Value Valuation Technique At September 30, At December 31, 2020 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 798 $ 3,445 Appraisal of collateral (1) Other real estate owned — 5,415 Appraisal of collateral (1) ________________________________________________________________________ (1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments. Summary of Estimated Fair Values of Financial Instruments The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company's financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, restricted equity securities, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings, and accrued interest payable. Fair Value Measurements at September 30, 2021 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Loans and leases, net $ 6,829,179 $ 6,776,949 $ — $ — $ 6,776,949 Restricted equity securities 28,098 28,098 — — 28,098 Financial liabilities: Certificates of deposits 1,327,405 1,332,028 — 1,332,028 — Borrowed funds 267,539 261,520 — 261,520 — Fair Value Measurements at December 31, 2020 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Loans and leases, net 7,155,174 7,116,854 — — 7,116,854 Restricted equity securities 49,786 49,786 — — 49,786 Financial liabilities: Certificates of deposit 2,083,907 2,092,867 — 2,092,867 — Borrowed funds 820,247 818,681 — 818,681 — Loans and Leases The fair values of performing loans and leases was estimated by segregating the portfolio into its primary loan and lease categories—commercial real estate mortgage, multi-family mortgage, construction, commercial, equipment financing, condominium association, residential mortgage, home equity and other consumer. These categories were further disaggregated based upon significant financial characteristics such as type of interest rate (fixed / variable) and payment status (current / past-due). Using the exit price valuation method, the Company discounts the contractual cash flows for each loan category using interest rates currently being offered for loans with similar terms to borrowers of similar quality and incorporates estimates of future loan prepayments. Restricted Equity Securities The fair values of certain restricted equity securities are estimated using observable inputs adjusted for other unobservable information, including but not limited to probability assumptions and similar discounts where applicable. These restricted equity securities are considered to be Level 3. Deposits The fair values of deposit liabilities with no stated maturity (demand, NOW, savings and money market savings accounts) are equal to the carrying amounts payable on demand. The fair value of certificates of deposit represents contractual cash flows discounted using interest rates currently offered on deposits with similar characteristics and remaining maturities. The fair value estimates for deposits do not include the benefit that results from the low-cost funding provided by the Company's core deposit relationships (deposit-based intangibles). Borrowed Funds The fair value of federal funds purchased is equal to the amount borrowed. The fair value of FHLBB advances and repurchase agreements represents contractual repayments discounted using interest rates currently available for borrowings with similar characteristics and remaining maturities. The fair values reported for retail repurchase agreements are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on borrowings with similar characteristics and maturities. The fair values reported for subordinated deferrable interest debentures are based on the discounted value of contractual cash flows. The discount rates used are representative of approximate rates currently offered on instruments with similar terms and maturities. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Off-Balance Sheet Financial Instruments The Company is party to off-balance sheet financial instruments in the normal course of business to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby and commercial letters of credit, and loan level derivatives. According to GAAP, these financial instruments are not recorded in the financial statements until they are funded or related fees are incurred or received. The contract amounts reflect the extent of the involvement the Company has in particular classes of these instruments. Such commitments involve, to varying degrees, elements of credit risk and interest-rate risk in excess of the amount recognized in the consolidated balance sheets. The Company's exposure to credit loss in the event of non-performance by the counterparty is represented by the fair value of the instruments. The Company uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Financial instruments with off-balance-sheet risk at the dates indicated follow: At September 30, 2021 At December 31, 2020 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 198,806 $ 174,240 Commercial 201,443 80,291 Residential mortgage 58,450 30,418 Unadvanced portion of loans and leases 897,542 759,053 Unused lines of credit: Home equity 602,200 584,881 Other consumer 58,546 38,954 Other commercial 431 408 Unused letters of credit: Financial standby letters of credit 14,690 14,746 Performance standby letters of credit 14,237 5,903 Commercial and similar letters of credit 5,219 5,105 Loan level derivatives (Notional principal amounts): Receive fixed, pay variable 1,188,153 1,214,146 Pay fixed, receive variable 1,188,153 1,214,146 Risk participation-out agreements 262,524 252,655 Risk participation-in agreements 59,629 60,619 Foreign exchange contracts (Notional amounts): Buys foreign currency, sells U.S. currency 1,680 1,266 Sells foreign currency, buys U.S. currency 1,681 1,273 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee by the customer. Since some of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if any, is based on management's credit evaluation of the borrower. Standby and commercial letters of credit are conditional commitments issued by the Company to guarantee performance of a customer to a third party. These standby and commercial letters of credit are primarily issued to support the financing needs of the Company's commercial customers. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loans to customers. From time to time, the Company enters into loan level derivatives, risk participation agreements or foreign exchange contracts with commercial customers and third-party financial institutions. These derivatives allow the Company to offer long-term fixed-rate commercial loans while mitigating the interest-rate or foreign exchange risk of holding those loans. In a loan level derivative transaction, the Company lends to a commercial customer on a floating-rate basis and then enters into a loan level derivative with that customer. Concurrently, the Company enters into offsetting swaps with a third-party financial institution, effectively minimizing its net interest-rate risk exposure resulting from such transactions. The fair value of these derivatives are presented in Footnote 8. Lease Commitments The Company leases certain office space under various noncancellable operating leases as well as certain other assets. These leases have original terms ranging from 3 years to over 25 years. Certain leases contain renewal options and escalation clauses which can increase rental expenses based principally on the consumer price index and fair market rental value provisions. All of the Company's current outstanding leases are classified as operating leases. The Company considered the following criteria when determining whether a contract contains a lease, the existence of an identifiable asset and the right to obtain substantially all of the economic benefits from use of the asset through the period. The Company used the FHLB classic advance rates available as of September 30, 2021 as the discount rate to determine the net present value of the remaining lease payments. Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (In Thousands) The components of lease expense were as follow: Operating lease cost $ 4,628 $ 4,828 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4,733 $ 4,909 At September 30, 2021 At December 31, 2020 (In Thousands) Supplemental balance sheet information related to leases was as follows: Operating Leases Operating lease right-of-use assets $ 21,879 $ 24,143 Operating lease liabilities 21,879 24,143 Weighted Average Remaining Lease Term Operating leases 6.43 6.95 Weighted Average Discount Rate Operating leases 3.1 % 3.2 % A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments September 30, 2021 (In Thousands) Remainder of 2021 $ 1,535 Year ending: 2022 6,137 2023 5,231 2024 3,638 2025 2,367 2026 1,594 Thereafter 3,537 Total $ 24,039 Less imputed interest (2,160) Present value of lease liability $ 21,879 Certain leases contain escalation clauses for real estate taxes and other expenditures, which are not included above. The total real estate taxes were $1.4 million for both the nine months ended September 30, 2021 and 2020. Total other expenditures were $0.2 million and $0.3 million for the nine months ended September 30, 2021 and 2020, respectively. Total rental expense was $1.4 million and $1.5 million for the three months ended September 30, 2021 and 2020, respectively. Total rental expense was $4.4 million and $4.6 million for the nine months ended September 30, 2021 and 2020, respectively. Legal Proceedings In the normal course of business, there are various outstanding legal proceedings. In the opinion of management, after consulting with legal counsel, the consolidated financial position and results of operations of the Company are not expected to be affected materially by the outcome of such proceedings. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Overview Revenue from contracts with customers in the scope of ASC 606 ("Topic 606") is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are generally satisfied as services are rendered and can either be satisfied at a point in time or over time. Unsatisfied performance obligations at the report date are not material to our consolidated financial statements. In certain cases, other parties are involved with providing services to our customers. If the Company is a principal in the transaction (providing services itself or through a third party on its behalf), revenues are reported based on the gross consideration received from the customer and any related expenses are reported in gross noninterest expense. If the Company is an agent in the transaction (referring to another party to provide services), the Company reports its net fee or commission retained as revenue. A substantial portion of the Company’s revenue is specifically excluded from the scope of Topic 606. This exclusion is associated with financial instruments, including interest income on loans and investment securities, in addition to loan derivative income and gains on loan and investment sales. For the revenue that is in-scope of Topic 606, the following is a description of principal activities from which the Company generates its revenue from contracts with customers, separated by the timing of revenue recognition. Revenue Recognized at a Point in Time The Company recognizes revenue that is transactional in nature and such revenue is earned at a point in time. Revenue that is recognized at a point in time includes card interchange fees (fee income related to debit card transactions), ATM fees, wire transfer fees, overdraft charge fees, and stop-payment and returned check fees. Additionally, revenue is collected from loan fees, such as letters of credit, line renewal fees and application fees. Such revenue is derived from transactional information and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer’s transaction. Revenue Recognized Over Time The Company recognizes revenue over a period of time, generally monthly, as services are performed and performance obligations are satisfied. Such revenue includes commissions on investments, insurance sales and service charges on deposit accounts. Fee revenue from service charges on deposit accounts represents the service charges assessed to customers who hold deposit accounts at the Banks. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies | |
Basis of Financial Statement Presentation | Basis of Financial Statement PresentationThe unaudited consolidated financial statements of the Company presented herein have been prepared pursuant to the rules of the SEC for quarterly reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles (“GAAP”). In the opinion of management, all adjustments (consisting of normal recurring adjustments) and disclosures considered necessary for the fair presentation of the accompanying consolidated financial statements have been included. Interim results are not necessarily reflective of the results of the entire year. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2020. |
Consolidation | The unaudited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions and balances are eliminated in consolidation. |
Use of Estimates | In preparing these consolidated financial statements, management is required to make significant estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosure of contingent assets and liabilities. Actual results could differ from those estimates based upon changing conditions, including economic conditions and future events. Material estimates that are particularly susceptible to significant changes in the near-term include the determination of the allowance for credit losses, the determination of fair market values of assets and liabilities, including acquired loans, the review of goodwill and intangible assets for impairment and the review of deferred tax assets for valuation allowances. The judgments used by management in applying these critical accounting policies may be affected by a further and prolonged deterioration in the economic environment, which may result in changes to future financial results. For example, subsequent evaluations of the loan and lease portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for loan and lease losses in future periods, and the inability to collect outstanding principal may result in increased loan and lease losses. |
Reclassification | Reclassification Certain previously reported amounts have been reclassified to conform to the current year's presentation. |
Recent Accounting Pronouncements | Accounting Standards Adopted in 2021 and 2020 In June 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 replaced the previous GAAP method of calculating credit losses. Previously, GAAP required the use of the incurred loss methodology, which used a higher threshold at which probable losses were calculated and recorded. ASU 2016-13 requires the use of an expected loss methodology, referred to as the current expected credit loss (“CECL”) methodology, which requires institutions to account for lifetime expected losses that previously would not have been part of the calculation. The CECL methodology incorporates future forecasting in addition to historical and current measures. The Company adopted all of the above mentioned ASU as of January 1, 2020. The standard had an impact on the Company's consolidated balance sheet. On adoption, the Company recognized an increase in the allowance for loan and lease losses of $6.6 million, and an increase in the reserve for unfunded commitments of $8.9 million. The net, after-tax impact of the increase in the allowance for loan and lease losses and reserve for unfunded commitments was a decrease to retained earnings of $11.5 million shown in the Consolidated Statements of Changes in Stockholders’ Equity. Additional details can be found in Notes 3, 4 and 5. In August 2018, FASB issued ASU 2018-13, "Fair Value Measurement (Topic 820)" ("ASU 2018-13"), to modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts set forth in the Concepts Statement, including the consideration of costs and benefits. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Certain provisions under ASU 2018-13 required prospective application, while other provisions required retrospective application to all periods presented in the consolidated financial statements upon adoption. The Company adopted the provisions of ASU 2018-13 effective January 1, 2020 and the adoption did not have a material impact on the Company’s consolidated financial statements. In August 2018, FASB issued ASU 2018-14, "Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20)"("ASU 2018-14"), to modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. ASU 2018-14 is effective for fiscal years beginning after December 15, 2020, for public business entities and for fiscal years beginning after December 15, 2021, for all other entities. Early adoption is permitted. Management has evaluated ASU 2018-14 and as of December 31, 2020, the Company has adopted ASU 2018-14 and determined the impact to be immaterial. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of securities available-for-sale securities | The following tables set forth investment securities available-for-sale, and equity securities held-for-trading at the dates indicated: At September 30, 2021 Amortized Gross Gross Estimated (In Thousands) Investment securities available-for-sale: GSE debentures $ 234,078 $ 2,948 $ 3,740 $ 233,286 GSE CMOs 31,210 625 7 31,828 GSE MBSs 217,279 5,289 751 221,817 Corporate debt obligations 22,209 760 — 22,969 U.S. Treasury bonds 223,273 1,749 3,400 221,622 Foreign government obligations 500 — 2 498 Total investment securities available-for-sale $ 728,549 $ 11,371 $ 7,900 $ 732,020 December 31, 2020 Amortized Gross Gross Estimated (In Thousands) Investment securities available-for-sale: GSE debentures $ 273,820 $ 5,455 $ 630 $ 278,645 GSE CMOs 44,937 1,103 12 46,028 GSE MBSs 312,658 10,956 5 323,609 Corporate debt obligations 22,299 1,168 — 23,467 U.S. Treasury bonds 70,339 3,318 80 73,577 Foreign government obligations 500 — 4 496 Total investment securities available-for-sale $ 724,553 $ 22,000 $ 731 $ 745,822 Equity securities held-for-trading $ 526 |
Schedule of investment securities in a continuous unrealized loss position | Investment securities as of September 30, 2021 and December 31, 2020 that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer are as follows: At September 30, 2021 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 71,645 $ 2,358 $ 44,929 $ 1,382 $ 116,574 $ 3,740 GSE CMOs — — 737 7 737 7 GSE MBSs 39,177 547 7,806 204 46,983 751 U.S. Treasury bonds 154,779 3,400 — — 154,779 3,400 Foreign government obligations — — 498 2 498 2 Temporarily impaired investment securities available-for-sale 265,601 6,305 53,970 1,595 319,571 7,900 Total temporarily impaired investment securities $ 265,601 $ 6,305 $ 53,970 $ 1,595 $ 319,571 $ 7,900 At December 31, 2020 Less than Twelve Months Total Estimated Unrealized Estimated Unrealized Estimated Unrealized (In Thousands) Investment securities available-for-sale: GSE debentures $ 72,745 $ 630 $ — $ — $ 72,745 $ 630 GSE CMOs 832 7 872 5 1,704 12 GSE MBSs 2,102 5 97 — 2,199 5 U.S. Treasury bonds 9,750 80 — — 9,750 80 Foreign government obligations — — 496 4 496 4 Temporarily impaired investment securities available-for-sale 85,429 722 1,465 9 86,894 731 Total temporarily impaired investment securities $ 85,429 $ 722 $ 1,465 $ 9 $ 86,894 $ 731 |
Schedule of maturities of the investments in debt securities | The final stated maturities of the debt securities are as follows for the periods indicated: At September 30, 2021 At December 31, 2020 Amortized Estimated Weighted Amortized Estimated Weighted (Dollars in Thousands) Investment securities available-for-sale: Within 1 year $ 55,747 $ 56,194 2.05 % $ 31,633 $ 32,013 2.02 % After 1 year through 5 years 108,071 112,301 2.26 % 146,274 153,262 2.22 % After 5 years through 10 years 336,673 331,392 1.30 % 222,271 225,568 1.43 % Over 10 years 228,058 232,133 1.92 % 324,375 334,979 1.86 % $ 728,549 $ 732,020 1.70 % $ 724,553 $ 745,822 1.81 % |
Summary of gains and losses from sale of securities | Sales of investment and restricted equity securities are summarized as follows: Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (In Thousands) Proceeds from sales of investment securities available-for-sale and equity securities held-for-trading $ 520 $ 143,315 Gross gains from securities sales 1 3,412 Gross losses from securities sales — (175) Gain on sales of securities, net $ 1 $ 3,237 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Summary of loan and lease balances for the originated and acquired portfolios | The following table presents the amortized cost of loans and leases and weighted average coupon rates for the loan and lease portfolios at the dates indicated: At September 30, 2021 At December 31, 2020 Balance Weighted Balance Weighted (Dollars In Thousands) Commercial real estate loans: Commercial real estate $ 2,707,100 3.45 % $ 2,578,773 3.58 % Multi-family mortgage 1,007,168 3.37 % 1,013,432 3.53 % Construction 194,743 3.51 % 231,621 3.49 % Total commercial real estate loans 3,909,011 3.43 % 3,823,826 3.56 % Commercial loans and leases: Commercial (1) 739,023 3.07 % 1,131,668 2.55 % Equipment financing 1,085,028 6.95 % 1,092,461 7.26 % Condominium association 45,635 4.36 % 50,770 4.55 % Total commercial loans and leases 1,869,686 5.35 % 2,274,899 4.86 % Consumer loans: Residential mortgage 789,990 3.55 % 791,317 3.74 % Home equity 327,906 3.27 % 346,652 3.26 % Other consumer 35,101 2.91 % 32,859 3.04 % Total consumer loans 1,152,997 3.45 % 1,170,828 3.58 % Total loans and leases $ 6,931,694 3.94 % $ 7,269,553 3.97 % ______________________________________________________________________ (1) Including $160,586 and $489,216 of PPP loans as of September 30, 2021 and December 31, 2020, respectively. These loans are fully guaranteed by the SBA and therefore, have not been reserved for in the allowance for credit losses as of September 30, 2021 and December 31, 2020. |
Allowance for Loan and Lease _2
Allowance for Loan and Lease Losses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of changes in the allowance for loan and lease losses | The following tables present the changes in the allowance for loan and lease losses in loans and leases by portfolio segment for the periods indicated: Three Months Ended September 30, 2021 Commercial Commercial Consumer Total (In Thousands) Balance at June 30, 2021 $ 74,009 $ 28,364 $ 4,101 $ 106,474 Charge-offs — (1,583) (17) (1,600) Recoveries 1 308 36 345 (Credit) provision for loan and lease losses excluding unfunded commitments (1,630) 101 (1,175) (2,704) Balance at September 30, 2021 $ 72,380 $ 27,190 $ 2,945 $ 102,515 Three Months Ended September 30, 2020 Commercial Commercial Consumer Total (In Thousands) Balance at June 30, 2020 $ 90,011 $ 24,938 $ 4,604 $ 119,553 Charge-offs (70) (5,429) (12) (5,511) Recoveries — 512 36 548 (Credit) provision for loan and lease losses excluding unfunded commitments (2,721) 8,557 (455) 5,381 Balance at September 30, 2020 $ 87,220 $ 28,578 $ 4,173 $ 119,971 Nine Months Ended September 30, 2021 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2020 $ 80,132 $ 29,498 $ 4,749 $ 114,379 Charge-offs (28) (4,907) (29) (4,964) Recoveries 12 1,127 215 1,354 (Credit) provision for loan and lease losses excluding unfunded commitments (7,736) 1,472 (1,990) (8,254) Balance at September 30, 2021 $ 72,380 $ 27,190 $ 2,945 $ 102,515 Nine Months Ended September 30, 2020 Commercial Commercial Consumer Total (In Thousands) Balance at December 31, 2019 $ 30,285 $ 24,826 $ 5,971 $ 61,082 Adoption of ASU 2016-13 (CECL) 11,694 (2,672) (2,390) $ 6,632 Charge-offs (70) (9,750) (33) (9,853) Recoveries 94 1,055 124 1,273 Provision for loan and lease losses 45,217 15,119 501 60,837 Balance at September 30, 2020 $ 87,220 $ 28,578 $ 4,173 $ 119,971 |
Schedule of provisions for credit losses | The provisions for credit losses are set forth below for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In Thousands) Provision for loan and lease losses: Commercial real estate $ (1,630) $ (2,721) $ (7,736) $ 45,217 Commercial 101 8,557 1,472 15,119 Consumer (1,175) (455) (1,990) 501 Total (credit) provision for loan and lease losses (2,704) 5,381 (8,254) 60,837 Unfunded commitments (406) (853) (334) 3,152 Total (credit) provision for credit losses $ (3,110) $ 4,528 $ (8,588) $ 63,989 |
Summary of the recorded investments by credit quality indicator, by loan class | The following table presents the amortized cost basis of loans in each class by credit quality indicator and year of origination as of September 30, 2021. September 30, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 386,301 $ 338,130 $ 373,300 $ 229,218 $ 215,040 $ 1,037,632 $ 64,352 $ 12,839 $ 2,656,812 OAEM 681 — 17,003 — 4,902 15,029 — — 37,615 Substandard — 188 — — 572 8,024 — 3,889 12,673 Total 386,982 338,318 390,303 229,218 220,514 1,060,685 64,352 16,728 2,707,100 Multi-Family Mortgage Pass 112,438 126,230 142,913 135,995 90,960 364,682 3,746 27,476 1,004,440 OAEM — — — — — 2,728 — — 2,728 Total 112,438 126,230 142,913 135,995 90,960 367,410 3,746 27,476 1,007,168 Construction Pass 19,779 56,241 40,654 68,092 — — 6,169 — 190,935 Substandard — — 3,808 — — — — — 3,808 Total 19,779 56,241 44,462 68,092 — — 6,169 — 194,743 Commercial Pass 226,200 82,416 45,541 36,200 15,693 119,477 186,604 1,178 713,309 OAEM — 1,549 3,519 — 12,722 — 999 — 18,789 Substandard 19 13 — 100 254 1,974 2,538 2,025 6,923 Doubtful — — — — — 1 — 1 2 Total 226,219 83,978 49,060 36,300 28,669 121,452 190,141 3,204 739,023 Equipment Financing Pass 249,109 286,749 238,840 149,004 75,543 61,910 2,142 437 1,063,734 OAEM — 982 1,831 301 90 26 — — 3,230 Substandard — 1,269 4,968 5,811 2,878 2,477 — — 17,403 Doubtful — 1 120 1 6 533 — — 661 Total 249,109 289,001 245,759 155,117 78,517 64,946 2,142 437 1,085,028 Condominium Association Pass 2,870 8,610 8,071 4,309 4,181 14,509 2,919 75 45,544 Substandard — — — — — 91 — — 91 Total 2,870 8,610 8,071 4,309 4,181 14,600 2,919 75 45,635 September 30, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Other Consumer Pass 431 171 61 1,512 29 765 32,125 6 35,100 Substandard — — — — — 1 — — 1 Total 431 171 61 1,512 29 766 32,125 6 35,101 Total Pass 997,128 898,547 849,380 624,330 401,446 1,598,975 298,057 42,011 5,709,874 OAEM 681 2,531 22,353 301 17,714 17,783 999 — 62,362 Substandard 19 1,470 8,776 5,911 3,704 12,567 2,538 5,914 40,899 Doubtful — 1 120 1 7 534 — 1 664 Total $ 997,828 $ 902,549 $ 880,629 $ 630,543 $ 422,871 $ 1,629,859 $ 301,594 $ 47,926 $ 5,813,799 As of September 30, 2021, there were no loans categorized as definite loss. For residential mortgage and home equity loans, the borrowers' credit scores contribute as a reserve metric in the retail loss rate model. At September 30, 2021 2021 2020 2019 2018 2017 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Residential Credit Scores Over 700 $ 137,291 $ 119,509 $ 81,223 $ 54,555 $ 44,078 $ 134,036 $ 3,937 $ 357 $ 574,986 661 - 700 16,285 20,439 15,225 10,124 12,926 26,010 — — 101,009 600 and below 3,819 6,426 4,843 3,318 3,521 14,819 — — 36,746 Data not available* 9,586 — 1,119 — 6,891 59,653 — — 77,249 Total $ 166,981 $ 146,374 $ 102,410 $ 67,997 $ 67,416 $ 234,518 $ 3,937 $ 357 $ 789,990 Home Equity Credit Scores Over 700 $ 1,186 $ 1,540 $ 1,913 $ 1,573 $ 1,696 $ 9,092 $ 244,174 $ 1,892 $ 263,066 661 - 700 100 109 309 404 216 1,710 43,297 532 46,677 600 and below — 55 103 — 13 456 9,045 717 10,389 Data not available* — — — — — 1,237 6,114 423 7,774 Total $ 1,286 $ 1,704 $ 2,325 $ 1,977 $ 1,925 $ 12,495 $ 302,630 $ 3,564 $ 327,906 _______________________________________________________________________________ * Represents loans and leases for which data are not available. The following tables present the recorded investment in loans in each class as of December 31, 2020, by credit quality indicator. December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Commercial Real Estate Pass $ 352,832 $ 412,071 $ 282,629 $ 255,786 $ 243,477 $ 944,676 $ 55,392 $ 12,585 $ 2,559,448 OAEM — 477 — — 3,312 8,991 — — 12,780 Substandard — — — 1,261 2 5,220 — 62 6,545 Total 352,832 412,548 282,629 257,047 246,791 958,887 55,392 12,647 2,578,773 Multi-Family Mortgage Pass 125,434 136,620 162,180 103,997 127,873 304,224 15,845 34,871 1,011,044 OAEM — — — — — 2,388 — — 2,388 Total 125,434 136,620 162,180 103,997 127,873 306,612 15,845 34,871 1,013,432 Construction Pass 46,249 56,074 112,856 1,799 2,788 404 3,834 — 224,004 Substandard — 4,853 — — 2,764 — — — 7,617 Total 46,249 60,927 112,856 1,799 5,552 404 3,834 — 231,621 Commercial Pass 574,542 66,278 41,325 62,112 22,085 113,715 226,495 1,687 1,108,239 OAEM 310 4,850 — — 35 17 5,382 — 10,594 Substandard 80 — 129 389 29 7,612 3,930 664 12,833 Doubtful — — — — — — — 2 2 Total 574,932 71,128 41,454 62,501 22,149 121,344 235,807 2,353 1,131,668 Equipment Financing Pass 332,375 306,231 209,219 121,845 56,241 45,451 636 576 1,072,574 OAEM 196 1,066 290 93 609 85 — — 2,339 Substandard 402 4,385 5,280 3,545 1,891 631 — — 16,134 Doubtful 1 64 24 27 1,292 6 — — 1,414 Total 332,974 311,746 214,813 125,510 60,033 46,173 636 576 1,092,461 Condominium Association Pass 6,455 9,918 5,399 7,928 5,213 12,682 2,684 379 50,658 Substandard — — — — 112 — — — 112 Total 6,455 9,918 5,399 7,928 5,325 12,682 2,684 379 50,770 Other Consumer Pass 694 549 1,938 32 570 301 28,755 18 32,857 Substandard — — — — — — — 2 2 Total 694 549 1,938 32 570 301 28,755 20 32,859 Total December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Loans Revolving Loans Converted to Term Loans Total (In Thousands) Pass 1,438,581 987,741 815,546 553,499 458,247 1,421,453 333,641 50,116 6,058,824 OAEM 506 6,393 290 93 3,956 11,481 5,382 — 28,101 Substandard 482 9,238 5,409 5,195 4,798 13,463 3,930 728 43,243 Doubtful 1 64 24 27 1,292 6 — 2 1,416 Total $ 1,439,570 $ 1,003,436 $ 821,269 $ 558,814 $ 468,293 $ 1,446,403 $ 342,953 $ 50,846 $ 6,131,584 As of December 31, 2020, there were no loans categorized as definite loss. At December 31, 2020 2020 2019 2018 2017 2016 Prior Revolving Converted Total (In Thousands) Residential Credit Scores Over 700 $ 119,566 $ 94,300 $ 62,452 $ 53,662 $ 47,327 $ 124,999 $ 4,442 $ — $ 506,748 661 - 700 21,820 19,426 10,943 15,616 8,132 23,282 — — 99,219 600 and below 6,901 5,659 4,763 4,318 4,553 13,997 — — 40,191 Data not available* 19,209 17,082 16,199 14,153 5,729 71,456 — 1,331 145,159 Total $ 167,496 $ 136,467 $ 94,357 $ 87,749 $ 65,741 $ 233,734 $ 4,442 $ 1,331 $ 791,317 Home Equity Credit Scores Over 700 $ 1,546 $ 2,832 $ 2,440 $ 2,770 $ 910 $ 12,804 $ 247,538 $ 2,397 $ 273,237 661 - 700 122 459 499 566 305 2,793 45,356 1,334 51,434 600 and below 59 108 266 13 39 541 10,139 878 12,043 Data not available* 61 — — — — 1,387 7,330 1,160 9,938 Total $ 1,788 $ 3,399 $ 3,205 $ 3,349 $ 1,254 $ 17,525 $ 310,363 $ 5,769 $ 346,652 |
Schedule of information regarding the aging of past due loans, by loan class | The following table presents an age analysis of the amortized cost basis in loans and leases as of September 30, 2021. At September 30, 2021 Past Due Past 31-60 61-90 Greater Total Current Total Loans Non-accrual Non-accrual (In Thousands) Commercial real estate loans: Commercial real estate $ 2,296 $ 296 $ 10,545 $ 13,137 $ 2,693,963 $ 2,707,100 $ — $ 10,963 $ 10,571 Multi-family mortgage 3,307 — — 3,307 1,003,861 1,007,168 — — — Construction 396 — — 396 194,347 194,743 — — — Total commercial real estate loans 5,999 296 10,545 16,840 3,892,171 3,909,011 — 10,963 10,571 Commercial loans and leases: Commercial 305 801 1,430 2,536 736,487 739,023 573 2,539 1,549 Equipment financing 5,256 1,616 8,793 15,665 1,069,363 1,085,028 61 17,655 4,320 Condominium association 12 44 — 56 45,579 45,635 — 91 — Total commercial loans and leases 5,573 2,461 10,223 18,257 1,851,429 1,869,686 634 20,285 5,869 Consumer loans: Residential mortgage 1,917 — 2,965 4,882 785,108 789,990 203 4,150 2,729 Home equity 521 56 114 691 327,215 327,906 1 461 172 Other consumer 3 2 1 6 35,095 35,101 — 1 — Total consumer loans 2,441 58 3,080 5,579 1,147,418 1,152,997 204 4,612 2,901 Total loans and leases $ 14,013 $ 2,815 $ 23,848 $ 40,676 $ 6,891,018 $ 6,931,694 $ 838 $ 35,860 $ 19,341 There is no interest income recognized on non-accrual loans for the three months ended September 30, 2021. The following tables present an age analysis of the recorded investment in originated and acquired loans and leases as of December 31, 2020. At December 31, 2020 Past Due Loans and Non-accrual 31-60 61-90 Greater Total Current Total Loans Non-accrual (In Thousands) Commercial real estate loans: Commercial real estate $ 18,294 $ 12,402 $ 7,272 $ 37,968 $ 2,540,805 $ 2,578,773 $ 4,722 $ 3,300 $ 2,580 Multi-family mortgage 813 — — 813 1,012,619 1,013,432 — — — Construction — — 7,617 7,617 224,004 231,621 3,764 3,853 3,853 Total commercial real estate loans 19,107 12,402 14,889 46,398 3,777,428 3,823,826 8,486 7,153 6,433 Commercial loans and leases: Commercial 451 304 9,171 9,926 1,121,742 1,131,668 3,486 7,702 6,263 Equipment financing 5,970 2,263 9,391 17,624 1,074,837 1,092,461 — 16,757 4,062 Condominium association 282 297 — 579 50,191 50,770 — 112 112 Total commercial loans and leases 6,703 2,864 18,562 28,129 2,246,770 2,274,899 3,486 24,571 10,437 Consumer loans: Residential mortgage 2,161 648 3,841 6,650 784,667 791,317 — 5,587 5,117 Home equity 580 215 588 1,383 345,269 346,652 3 1,136 824 Other consumer 13 — 1 14 32,845 32,859 — 1 — Total consumer loans 2,754 863 4,430 8,047 1,162,781 1,170,828 3 6,724 5,941 Total loans and leases $ 28,564 $ 16,129 $ 37,881 $ 82,574 $ 7,186,979 $ 7,269,553 $ 11,975 $ 38,448 $ 22,811 |
Schedule of the impaired and non-impaired loans and leases, by loan and leases class | The following tables present information regarding individually evaluated and collectively evaluated allowance for loan and lease losses for credit losses on loans and leases at the dates indicated. Periods prior to January 1, 2020 are presented in accordance with accounting rules effective at that time. At September 30, 2021 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 87 $ 2,441 $ 90 $ 2,618 Collectively evaluated 72,293 24,749 2,855 99,897 Total $ 72,380 $ 27,190 $ 2,945 $ 102,515 Loans and Leases: Individually evaluated $ 16,954 $ 17,438 $ 7,720 $ 42,112 Collectively evaluated 3,892,057 1,852,248 1,145,277 6,889,582 Total $ 3,909,011 $ 1,869,686 $ 1,152,997 $ 6,931,694 At December 31, 2020 Commercial Real Estate Commercial Consumer Total (In Thousands) Allowance for Loan and Lease Losses: Individually evaluated $ 183 $ 2,020 $ 108 $ 2,311 Collectively evaluated 79,949 27,478 4,641 112,068 Total loans and leases $ 80,132 $ 29,498 $ 4,749 $ 114,379 Loans and Leases: Individually evaluated $ 14,159 $ 24,727 $ 8,760 $ 47,646 Collectively evaluated 3,809,667 2,250,172 1,162,068 7,221,907 Total loans and leases $ 3,823,826 $ 2,274,899 $ 1,170,828 $ 7,269,553 |
Schedule of information regarding troubled debt restructuring loans | The following table sets forth information regarding TDR loans and leases at the dates indicated: At September 30, 2021 At December 31, 2020 (In Thousands) Troubled debt restructurings: On accrual $ 13,526 $ 11,483 On nonaccrual 6,655 7,476 Total troubled debt restructurings $ 20,181 $ 18,959 |
Summary of loans restructured or defaulted | The amortized cost basis in TDR loans and the associated specific credit losses for the loan and lease portfolios, that were modified during the periods indicated, are as follows. At and for the Three Months Ended September 30, 2021 Amortized Cost Specific Defaulted (1) Number of At At End of Nonaccrual Number of Amortized Cost (Dollars in Thousands) Commercial 1 19 19 — — — — Equipment financing 6 827 $ 816 — 147 5 211 Total loans and leases 7 $ 846 $ 835 $ — $ 147 5 $ 211 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. At and for the Three Months Ended September 30, 2020 Recorded Investment Specific Defaulted (1) Number of At At End of Nonaccrual Number of Recorded (Dollars in Thousands) Commercial real estate — $ — $ — $ — $ — 1 $ 221 Commercial 1 1,098 1,098 — — — — Equipment financing 4 212 212 11 212 — — Home equity 1 276 276 — 276 — — Total loans and leases 6 $ 1,586 $ 1,586 $ 11 $ 488 1 $ 221 ______________________________________________________________________ (1) Includes loans and leases that have been modified within the past twelve months and subsequently had payment defaults during the period indicated. At and for the Nine Months Ended September 30, 2021 Amortized Cost Specific Defaulted (1) Number of At At End of Nonaccrual Number of Amortized Cost (Dollars in Thousands) Commercial real estate 1 $ 497 $ 494 $ — $ — $ — $ — Commercial 1 19 19 — — — — Equipment financing 43 3,627 3,382 91 2,165 6 257 Residential mortgage 1 864 859 — — — — Home equity 1 312 312 — — — — Total loans and leases 47 $ 5,319 $ 5,066 $ 91 $ 2,165 6 $ 257 At and for the Nine Months Ended September 30, 2020 Recorded Investment Specific Defaulted (1) Number of At At End of Nonaccrual Number of Recorded (Dollars in Thousands) Commercial real estate — $ — $ — $ — $ — 1 $ 221 Commercial 3 1,401 1,401 — — — — Equipment financing 15 1,406 1,340 11 1,297 — — Home equity 2 476 476 — 276 — — Total loans and leases 20 $ 3,283 $ 3,217 $ 11 $ 1,573 1 $ 221 |
Schedule of troubled debt restructurings by type of modification | The following table sets forth the Company's end-of-period amortized cost basis for TDRs that were modified during the periods indicated, by type of modification. Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (In Thousands) Extended maturity $ — $ 1,114 $ 2,333 $ 1,743 Adjusted principal — — — 44 Combination maturity, principal, interest rate 835 472 2,732 1,430 Total loans with modifications $ 835 $ 1,586 $ 5,065 $ 3,217 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and other intangible assets | The following table sets forth the carrying value of goodwill and other intangible assets at the dates indicated: At September 30, 2021 At December 31, 2020 (In Thousands) Goodwill $ 160,427 $ 160,427 Other intangible assets: Core deposits 1,395 2,063 Trade name 1,089 1,089 Total other intangible assets 2,484 3,152 Total goodwill and other intangible assets $ 162,911 $ 163,579 |
Schedule of estimated aggregate future amortization expense for intangible assets | The estimated aggregate future amortization expense (in thousands) for other intangible assets for each of the next five years and thereafter is as follows: Remainder of 2021 $ 208 Year ending: 2022 494 2023 263 2024 151 2025 103 2026 74 Thereafter 102 Total $ 1,395 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of changes in accumulated other comprehensive (loss) income by component, net of tax | Changes in accumulated other comprehensive income (loss) by component, net of tax, were as follows for the periods indicated: Three Months Ended September 30, 2021 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at June 30, 2021 $ 6,177 $ 11 $ (99) $ 6,089 Other comprehensive income (loss) (3,469) (3) — (3,472) Reclassification adjustment for (income) expense recognized in earnings — (2) — (2) Balance at September 30, 2021 $ 2,708 $ 6 $ (99) $ 2,615 Three Months Ended September 30, 2020 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at June 30, 2020 $ 19,454 $ — $ 84 $ 19,538 Other comprehensive income (loss) (568) 7 — (561) Reclassification adjustment for (income) expense recognized in earnings 195 — — 195 Balance at September 30, 2020 $ 18,691 $ 7 $ 84 $ 18,782 Nine Months Ended September 30, 2021 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at December 31, 2020 $ 16,582 $ 7 $ (99) $ 16,490 Other comprehensive income (loss) (13,874) 6 — (13,868) Reclassification adjustment for (income) expense recognized in earnings — (7) — (7) Balance at September 30, 2021 $ 2,708 $ 6 $ (99) $ 2,615 Nine Months Ended September 30, 2020 Investment Securities Available-for-Sale Net Change in Fair Value of Cash Flow Hedges Postretirement Accumulated Other (In Thousands) Balance at December 31, 2019 $ 2,199 $ — $ 84 $ 2,283 Other comprehensive income (loss) 19,014 7 — 19,021 Reclassification adjustment for (income) expense recognized in earnings 2,522 — — 2,522 Balance at September 30, 2020 $ 18,691 $ 7 $ 84 $ 18,782 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value and classification of derivative financial instruments on the consolidated balance sheets and the effect of the derivative financial instruments on the consolidated income statements | The following tables present the Company's customer related derivative positions for the periods indicated below for those derivatives not designated as hedging. Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value September 30, 2021 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 127 $ 8,320 $ 2,366 $ 24,502 $172,285 $ 980,680 $ 1,188,153 $ 74,299 Pay fixed, receive variable 127 8,320 2,366 24,502 172,285 980,680 1,188,153 74,299 Risk participation-out agreements — — — 6,904 37,780 217,840 262,524 1,125 Risk participation-in agreements 8 — — 18,788 — 40,841 59,629 201 Foreign exchange contracts Buys foreign currency, sells U.S. currency 9 $ 1,680 $ — $ — $ — $ — $ 1,680 $ 19,191 Sells foreign currency, buys U.S. currency 13 1,681 — — — — 1,681 19,719 Notional Amount Maturing Number of Positions Less than 1 year Less than 2 years Less than 3 years Less than 4 years Thereafter Total Fair Value December 31, 2020 (Dollars In Thousands) Loan level derivatives Receive fixed, pay variable 136 $ — $ 8,541 $ 16,447 $ 99,014 $ 1,090,144 $ 1,214,146 $ 129,284 Pay fixed, receive variable 136 — 8,541 16,447 99,014 1,090,144 1,214,146 129,284 Risk participation-out agreements 37 — — 7,009 22,733 222,913 252,655 1,843 Risk participation-in agreements 8 — — 19,000 — 41,619 60,619 361 Foreign exchange contracts Buys foreign currency, sells U.S. currency 18 $ 1,266 $ — $ — $ — $ — $ 1,266 $ 156 Sells foreign currency, buys U.S. currency 20 1,273 — — — — 1,273 148 |
Schedule of offsetting derivatives and amounts subject to master netting agreements not offset in the audited consolidated balance sheet | The tables below present the offsetting of derivatives and amounts subject to master netting agreements not offset in the unaudited consolidated balance sheet at the dates indicated. At September 30, 2021 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 3 $ — $ 3 $ — $ — $ 3 Derivatives not designated as hedging instruments: Loan level derivatives $ 82,025 $ — $ 82,025 $ — $ — $ 82,025 Risk participation-out agreements 1,125 — 1,125 — — 1,125 Foreign exchange contracts 20 — 20 — — 20 Total $ 83,173 $ — $ 83,173 $ — $ — $ 83,173 Liability derivatives Derivatives designated as hedging instruments: Interest rate derivatives $ 2 $ — $ 2 $ — $ — $ 2 Derivatives not designated as hedging instruments: Loan level derivatives $ 82,025 $ — $ 82,025 $ 128,492 $ 6,690 $ (53,157) Risk participation-in agreements 201 — 201 — — 201 Foreign exchange contracts 19 — 19 — — 19 Total $ 82,247 $ — $ 82,247 $ 128,492 $ 6,690 $ (52,935) At December 31, 2020 Gross Gross Amounts Net Amounts Presented in the Statement of Financial Position Gross Amounts Not Offset in the Net Amount Financial Instruments Pledged Cash Collateral Pledged (In Thousands) Asset derivatives Interest rate derivatives $ 8 $ — $ 8 $ — $ — $ 8 Loan level derivatives 131,328 — 131,328 — — 131,328 Risk participation-out agreements 1,843 — 1,843 — — 1,843 Foreign exchange contracts 156 — 156 — — 156 Total $ 133,335 $ — $ 133,335 $ — $ — $ 133,335 Liability derivatives Loan level derivatives $ 131,328 $ — $ 131,328 $ 155,220 $ 11,280 $ (35,172) Risk participation-in agreements 361 — 361 — — 361 Foreign exchange contracts 148 — 148 — — 148 Total $ 131,837 $ — $ 131,837 $ 155,220 $ 11,280 $ (34,663) |
Schedule of derivatives designated as hedges and impact on OCI | These provisions provide the counterparty with the right to terminate its derivative positions and require the Company to settle its obligations under the agreements if the Company defaults on certain of its indebtedness or if the Company fails to maintain its status as a well-capitalized institution. Fair Value Nine Months Ended Nine Months Ended (Dollars in Thousands) Derivatives designated as hedges $ 1 $ 10 Gain in OCI on derivatives (effective portion), net of tax $ 6 $ 7 Gain (loss) reclassified from OCI into interest income or interest expense (effective portion) $ 7 $ 1 |
Earnings per Share ("EPS") (Tab
Earnings per Share ("EPS") (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of reconciliation of basic EPS and diluted EPS | The following table is a reconciliation of basic EPS and diluted EPS: Three Months Ended September 30, 2021 September 30, 2020 Basic Fully Basic Fully (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 28,839 $ 28,839 $ 18,679 $ 18,679 Denominator: Weighted average shares outstanding 78,000,261 78,000,261 78,948,139 78,948,139 Effect of dilutive securities — 240,372 — 107,762 Adjusted weighted average shares outstanding 78,000,261 78,240,633 78,948,139 79,055,901 EPS $ 0.37 $ 0.37 $ 0.24 $ 0.24 Nine Months Ended September 30, 2021 September 30, 2020 Basic Fully Basic Fully (Dollars in Thousands, Except Per Share Amounts) Numerator: Net income $ 86,895 $ 86,895 $ 20,972 $ 20,972 Denominator: Weighted average shares outstanding 78,097,600 78,097,600 79,092,424 79,092,424 Effect of dilutive securities — 273,590 — 152,689 Adjusted weighted average shares outstanding 78,097,600 78,371,190 79,092,424 79,245,113 EPS $ 1.11 $ 1.11 $ 0.27 $ 0.27 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring and non-recurring basis | The following tables set forth the carrying value of assets and liabilities measured at fair value on a recurring basis at the dates indicated: Carrying Value as of September 30, 2021 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 233,286 $ — $ 233,286 GSE CMOs — 31,828 — 31,828 GSE MBSs — 221,817 — 221,817 Corporate debt obligations — 22,969 — 22,969 U.S. Treasury bonds — 221,622 — 221,622 Foreign government obligations — 498 — 498 Total investment securities available-for-sale $ — $ 732,020 $ — $ 732,020 Interest rate derivatives — 3 — 3 Derivatives not designated as hedging instruments: Loan level derivatives — 82,025 — 82,025 Risk participation-out agreements — 1,125 — 1,125 Foreign exchange contracts — 20 — 20 Liabilities: Interest rate derivatives $ — $ 2 $ — $ 2 Derivatives not designated as hedging instruments: Loan level derivatives — 82,025 — 82,025 Risk participation-in agreements — 201 — 201 Foreign exchange contracts — 19 — 19 Carrying Value as of December 31, 2020 Level 1 Level 2 Level 3 Total (In Thousands) Assets: Investment securities available-for-sale: GSE debentures $ — $ 278,645 $ — $ 278,645 GSE CMOs — 46,028 — 46,028 GSE MBSs — 323,609 — 323,609 Corporate debt obligations — 23,467 — 23,467 U.S. Treasury bonds — 73,577 — 73,577 Foreign government obligations — 496 — 496 Total investment securities available-for-sale $ — $ 745,822 $ — $ 745,822 Equity securities held-for-trading $ — $ 526 $ — $ 526 Interest rate derivatives — 8 — 8 Loan level derivatives — 131,328 — 131,328 Risk participation-out agreements — 1,843 — 1,843 Foreign exchange contracts — 156 — 156 Liabilities: Loan level derivatives — 131,328 — 131,328 Risk participation-in agreements — 361 — 361 Foreign exchange contracts — 148 — 148 Assets and liabilities measured at fair value on a non-recurring basis are summarized below at the dated indicated: Carrying Value as of September 30, 2021 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 798 $ 798 Repossessed assets — 601 — 601 Total assets measured at fair value on a non-recurring basis $ — $ 601 $ 798 $ 1,399 Carrying Value as of December 31, 2020 Level 1 Level 2 Level 3 Total (In Thousands) Assets measured at fair value on a non-recurring basis: Collateral-dependent impaired loans and leases $ — $ — $ 3,445 $ 3,445 OREO — — 5,415 5,415 Repossessed assets — 1,100 — 1,100 Total assets measured at fair value on a non-recurring basis $ — $ 1,100 $ 8,860 $ 9,960 |
Schedule of quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a recurring basis | The table below presents quantitative information about significant unobservable inputs (Level 3) for assets measured at fair value on a non-recurring basis at the dates indicated. Fair Value Valuation Technique At September 30, At December 31, 2020 (Dollars in Thousands) Collateral-dependent impaired loans and leases $ 798 $ 3,445 Appraisal of collateral (1) Other real estate owned — 5,415 Appraisal of collateral (1) ________________________________________________________________________ (1) Fair value is generally determined through independent appraisals of the underlying collateral. The Company may also use another available source of collateral assessment to determine a reasonable estimate of the fair value of the collateral. Appraisals may be adjusted by management for qualitative factors such as economic factors and estimated liquidation expenses. The range of the unobservable inputs used may vary but is generally 0% - 10% on the discount for costs to sell and 0% - 15% on appraisal adjustments. |
Summary of the carrying values and estimated fair values | The following table presents the carrying amount, estimated fair value, and placement in the fair value hierarchy of the Company's financial instruments at the dates indicated. This table excludes financial instruments for which the carrying amount approximates fair value. Financial assets for which the fair value approximates carrying value include cash and cash equivalents, restricted equity securities, and accrued interest receivable. Financial liabilities for which the fair value approximates carrying value include non-maturity deposits, short-term borrowings, and accrued interest payable. Fair Value Measurements at September 30, 2021 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Loans and leases, net $ 6,829,179 $ 6,776,949 $ — $ — $ 6,776,949 Restricted equity securities 28,098 28,098 — — 28,098 Financial liabilities: Certificates of deposits 1,327,405 1,332,028 — 1,332,028 — Borrowed funds 267,539 261,520 — 261,520 — Fair Value Measurements at December 31, 2020 Carrying Estimated Level 1 Level 2 Level 3 (In Thousands) Financial assets: Loans and leases, net 7,155,174 7,116,854 — — 7,116,854 Restricted equity securities 49,786 49,786 — — 49,786 Financial liabilities: Certificates of deposit 2,083,907 2,092,867 — 2,092,867 — Borrowed funds 820,247 818,681 — 818,681 — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of financial instruments with off-balance sheet risk | Financial instruments with off-balance-sheet risk at the dates indicated follow: At September 30, 2021 At December 31, 2020 (In Thousands) Financial instruments whose contract amounts represent credit risk: Commitments to originate loans and leases: Commercial real estate $ 198,806 $ 174,240 Commercial 201,443 80,291 Residential mortgage 58,450 30,418 Unadvanced portion of loans and leases 897,542 759,053 Unused lines of credit: Home equity 602,200 584,881 Other consumer 58,546 38,954 Other commercial 431 408 Unused letters of credit: Financial standby letters of credit 14,690 14,746 Performance standby letters of credit 14,237 5,903 Commercial and similar letters of credit 5,219 5,105 Loan level derivatives (Notional principal amounts): Receive fixed, pay variable 1,188,153 1,214,146 Pay fixed, receive variable 1,188,153 1,214,146 Risk participation-out agreements 262,524 252,655 Risk participation-in agreements 59,629 60,619 Foreign exchange contracts (Notional amounts): Buys foreign currency, sells U.S. currency 1,680 1,266 Sells foreign currency, buys U.S. currency 1,681 1,273 |
Schedule of lease cost, supplemental cash flow and supplemental balance sheet information | Nine Months Ended September 30, 2021 Nine Months Ended September 30, 2020 (In Thousands) The components of lease expense were as follow: Operating lease cost $ 4,628 $ 4,828 Supplemental cash flow information related to leases was as follows: Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 4,733 $ 4,909 At September 30, 2021 At December 31, 2020 (In Thousands) Supplemental balance sheet information related to leases was as follows: Operating Leases Operating lease right-of-use assets $ 21,879 $ 24,143 Operating lease liabilities 21,879 24,143 Weighted Average Remaining Lease Term Operating leases 6.43 6.95 Weighted Average Discount Rate Operating leases 3.1 % 3.2 % |
Schedule of maturities of operating leases | A summary of future minimum rental payments under such leases at the dates indicated follows: Minimum Rental Payments September 30, 2021 (In Thousands) Remainder of 2021 $ 1,535 Year ending: 2022 6,137 2023 5,231 2024 3,638 2025 2,367 2026 1,594 Thereafter 3,537 Total $ 24,039 Less imputed interest (2,160) Present value of lease liability $ 21,879 |
Basis of Presentation (Details)
Basis of Presentation (Details) | 9 Months Ended |
Sep. 30, 2021bankoffice | |
Basis of Presentation | |
Number of full-service banking offices | 30 |
Number of lending offices | office | 2 |
BankRI | |
Basis of Presentation | |
Number of full-service banking offices | 20 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | Jan. 01, 2020 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reserve for unfunded commitments | $ 12,736 | $ 13,071 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Allowance for loan and lease losses | $ 6,600 | ||
Reserve for unfunded commitments | 8,900 | ||
Retained earnings | $ 11,500 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021USD ($)security | Sep. 30, 2020USD ($)security | Dec. 31, 2020USD ($)security | |
Investment Securities | |||
Investment securities available-for-sale, allowance | $ 0 | ||
Investment securities available-for-sale | 732,020,000 | $ 745,822,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | 3,500,000 | 21,300,000 | |
Debt securities, available-for-sale, unrealized loss position | $ 319,571,000 | $ 86,894,000 | |
Percentage of securities in unrealized loss positions, available-for-sale securities | 43.70% | 11.70% | |
Debt securities, available-for-sale, unrealized loss position, accumulated loss | $ 7,900,000 | $ 731,000 | |
Equity securities held-for-trading | 0 | 526,000 | |
Accrued interest receivable | $ 2,800,000 | 2,600,000 | |
Number of days past due to be placed in nonaccrual status | 90 days | ||
Purchases of securities available-for-sale | $ 153,153,000 | $ 488,806,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations | 67,500,000 | 90,800,000 | |
Estimated fair value of debt securities that have right to call or prepay the obligations, scheduled maturities of less than one year | 3,000,000 | ||
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of after one year through five years | 9,600,000 | 12,900,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities after six years through ten years | 45,100,000 | 68,100,000 | |
Estimated fair value of debt securities have right to call or prepay the obligations, scheduled maturities of which is after 10 years | 9,800,000 | 9,800,000 | |
Proceeds from sales of investment securities available-for-sale and equity securities held-for-trading | 520,000 | 143,315,000 | |
US Government Sponsored Enterprises Debt Securities Excluding Specified Securities | |||
Investment Securities | |||
Investment securities available-for-sale | 4,600,000 | 7,300,000 | |
GSE debentures | |||
Investment Securities | |||
Investment securities available-for-sale | 233,286,000 | 278,645,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ (800,000) | $ 4,800,000 | |
AFS number of positions | security | 49 | 54 | |
Number of securities in unrealized loss positions | security | 12 | 7 | |
Purchases of securities available-for-sale | $ 208,900,000 | ||
Number of securities transferred | security | 9 | ||
Amount of transfer | $ 25,500,000 | ||
GSE CMOs | |||
Investment Securities | |||
Investment securities available-for-sale | $ 31,800,000 | $ 46,000,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ 600,000 | $ 1,100,000 | |
AFS number of positions | security | 33 | 33 | |
Number of securities in unrealized loss positions | security | 2 | 2 | |
Purchases of securities available-for-sale | $ 0 | 0 | |
GSE MBSs | |||
Investment Securities | |||
Investment securities available-for-sale | 221,800,000 | $ 323,600,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ 4,500,000 | $ 11,000,000 | |
AFS number of positions | security | 139 | 140 | |
Number of securities in unrealized loss positions | security | 20 | 17 | |
Purchases of securities available-for-sale | $ 258,700,000 | ||
Number of securities transferred | security | 8 | ||
Amount of transfer | $ 9,000,000 | ||
Corporate debt obligations | |||
Investment Securities | |||
Investment securities available-for-sale | $ 22,969,000 | $ 23,467,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ 800,000 | $ 1,200,000 | |
AFS number of positions | security | 6 | 6 | |
Number of securities in unrealized loss positions | security | 0 | 0 | |
Purchases of securities available-for-sale | $ 0 | $ 0 | |
Number of securities transferred | security | 1 | ||
Amount of transfer | $ 500,000 | ||
U.S. Treasury bonds | |||
Investment Securities | |||
Investment securities available-for-sale | 221,600,000 | $ 73,600,000 | |
Debt securities, available-for-sale, accumulated gross unrealized gain (loss) | $ (1,700,000) | $ 3,200,000 | |
AFS number of positions | security | 27 | 12 | |
Number of securities in unrealized loss positions | security | 16 | 1 | |
Purchases of securities available-for-sale | $ 153,200,000 | 21,200,000 | |
Municipal obligations | |||
Investment Securities | |||
Purchases of securities available-for-sale | $ 0 | $ 0 | |
Number of securities transferred | security | 0 | 93 | 0 |
Amount of transfer | $ 47,700,000 | ||
Foreign government obligations | |||
Investment Securities | |||
Investment securities available-for-sale | $ 498,000 | $ 496,000 | |
AFS number of positions | security | 1 | 1 | |
Purchases of securities available-for-sale | $ 0 | $ 0 | |
Collateral Pledged | |||
Investment Securities | |||
Investment securities pledged as collateral | 426,100,000 | $ 448,700,000 | |
Outstanding borrowings | $ 0 | $ 0 |
Investment Securities - Summary
Investment Securities - Summary of Available-for-sale and Held-to-maturity Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 728,549 | $ 724,553 |
Gross Unrealized Gains | 11,371 | 22,000 |
Gross Unrealized Losses | 7,900 | 731 |
Estimated Fair Value | 732,020 | 745,822 |
Equity securities held-for-trading | ||
Equity securities held-for-trading | 0 | 526 |
GSE debentures | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 234,078 | 273,820 |
Gross Unrealized Gains | 2,948 | 5,455 |
Gross Unrealized Losses | 3,740 | 630 |
Estimated Fair Value | 233,286 | 278,645 |
GSE CMOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 31,210 | 44,937 |
Gross Unrealized Gains | 625 | 1,103 |
Gross Unrealized Losses | 7 | 12 |
Estimated Fair Value | 31,828 | 46,028 |
GSE MBSs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 217,279 | 312,658 |
Gross Unrealized Gains | 5,289 | 10,956 |
Gross Unrealized Losses | 751 | 5 |
Estimated Fair Value | 221,817 | 323,609 |
Corporate debt obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 22,209 | 22,299 |
Gross Unrealized Gains | 760 | 1,168 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 22,969 | 23,467 |
U.S. Treasury bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 223,273 | 70,339 |
Gross Unrealized Gains | 1,749 | 3,318 |
Gross Unrealized Losses | 3,400 | 80 |
Estimated Fair Value | 221,622 | 73,577 |
Foreign government obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 500 | 500 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 2 | 4 |
Estimated Fair Value | $ 498 | $ 496 |
Investment Securities - Other-T
Investment Securities - Other-Than-Temporary Impairment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | $ 265,601 | $ 85,429 |
Less than twelve months, unrealized losses | 6,305 | 722 |
Twelve months or longer, estimated fair value | 53,970 | 1,465 |
Twelve months or longer, unrealized losses | 1,595 | 9 |
Debt securities, available-for-sale, unrealized loss position | 319,571 | 86,894 |
Total, unrealized losses | 7,900 | 731 |
Total temporarily impaired investment securities | ||
Less than twelve months, estimated fair value | 265,601 | 85,429 |
Less than twelve months, unrealized losses | 6,305 | 722 |
Twelve months or longer, estimated fair value | 53,970 | 1,465 |
Twelve months or longer, unrealized losses | 1,595 | 9 |
Total, estimated fair value | 319,571 | 86,894 |
Total, unrealized losses | 7,900 | 731 |
GSE debentures | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 71,645 | 72,745 |
Less than twelve months, unrealized losses | 2,358 | 630 |
Twelve months or longer, estimated fair value | 44,929 | 0 |
Twelve months or longer, unrealized losses | 1,382 | 0 |
Debt securities, available-for-sale, unrealized loss position | 116,574 | 72,745 |
Total, unrealized losses | 3,740 | 630 |
GSE CMOs | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 0 | 832 |
Less than twelve months, unrealized losses | 0 | 7 |
Twelve months or longer, estimated fair value | 737 | 872 |
Twelve months or longer, unrealized losses | 7 | 5 |
Debt securities, available-for-sale, unrealized loss position | 737 | 1,704 |
Total, unrealized losses | 7 | 12 |
GSE MBSs | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 39,177 | 2,102 |
Less than twelve months, unrealized losses | 547 | 5 |
Twelve months or longer, estimated fair value | 7,806 | 97 |
Twelve months or longer, unrealized losses | 204 | 0 |
Debt securities, available-for-sale, unrealized loss position | 46,983 | 2,199 |
Total, unrealized losses | 751 | 5 |
U.S. Treasury bonds | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 154,779 | 9,750 |
Less than twelve months, unrealized losses | 3,400 | 80 |
Twelve months or longer, estimated fair value | 0 | 0 |
Twelve months or longer, unrealized losses | 0 | 0 |
Debt securities, available-for-sale, unrealized loss position | 154,779 | 9,750 |
Total, unrealized losses | 3,400 | 80 |
Foreign government obligations | ||
Investment securities available-for-sale: | ||
Less than twelve months, estimated fair value | 0 | 0 |
Less than twelve months, unrealized losses | 0 | 0 |
Twelve months or longer, estimated fair value | 498 | 496 |
Twelve months or longer, unrealized losses | 2 | 4 |
Debt securities, available-for-sale, unrealized loss position | 498 | 496 |
Total, unrealized losses | $ 2 | $ 4 |
Investment Securities - Portfol
Investment Securities - Portfolio Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 55,747 | $ 31,633 |
After 1 year through 5 years | 108,071 | 146,274 |
After 5 years through 10 years | 336,673 | 222,271 |
Over 10 years | 228,058 | 324,375 |
Amortized Cost | 728,549 | 724,553 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 56,194 | 32,013 |
After 1 year through 5 years | 112,301 | 153,262 |
After 5 years through 10 years | 331,392 | 225,568 |
Over 10 years | 232,133 | 334,979 |
Total | $ 732,020 | $ 745,822 |
Available for Sale, Weighted Average Rate | ||
Within 1 year | 2.05% | 2.02% |
After 1 year through 5 years | 2.26% | 2.22% |
After 5 years through 10 years | 1.30% | 1.43% |
Over 10 years | 1.92% | 1.86% |
Total | 1.70% | 1.81% |
Investment Securities - Securit
Investment Securities - Security Sales (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales of investment securities available-for-sale and equity securities held-for-trading | $ 520 | $ 143,315 |
Gross gains from securities sales | 1 | 3,412 |
Gross losses from securities sales | 0 | (175) |
Gain on sales of securities, net | $ 1 | $ 3,237 |
Loans and Leases - Summary of L
Loans and Leases - Summary of Loan and Lease Balances and Weighted Average Coupon Rates (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 6,931,694 | $ 7,269,553 |
Total weighted average coupon | 3.94% | 3.97% |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 2,707,100 | $ 2,578,773 |
Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 1,007,168 | 1,013,432 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 194,743 | 231,621 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 739,023 | 1,131,668 |
Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 1,085,028 | 1,092,461 |
Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 45,635 | 50,770 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 789,990 | 791,317 |
Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 327,906 | 346,652 |
Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 35,101 | 32,859 |
Commercial real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 3,909,011 | $ 3,823,826 |
Total weighted average coupon | 3.43% | 3.56% |
Commercial real estate loans | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 2,707,100 | $ 2,578,773 |
Total weighted average coupon | 3.45% | 3.58% |
Commercial real estate loans | Multi-family mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 1,007,168 | $ 1,013,432 |
Total weighted average coupon | 3.37% | 3.53% |
Commercial real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 194,743 | $ 231,621 |
Total weighted average coupon | 3.51% | 3.49% |
Commercial loans and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 1,869,686 | $ 2,274,899 |
Total weighted average coupon | 5.35% | 4.86% |
Commercial loans and leases | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 739,023 | $ 1,131,668 |
Total weighted average coupon | 3.07% | 2.55% |
Commercial loans and leases | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 1,085,028 | $ 1,092,461 |
Total weighted average coupon | 6.95% | 7.26% |
Commercial loans and leases | Condominium association | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 45,635 | $ 50,770 |
Total weighted average coupon | 4.36% | 4.55% |
Commercial loans and leases | SBA PPP Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 160,586 | $ 489,216 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 1,152,997 | $ 1,170,828 |
Total weighted average coupon | 3.45% | 3.58% |
Consumer loans | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 789,990 | $ 791,317 |
Total weighted average coupon | 3.55% | 3.74% |
Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 327,906 | $ 346,652 |
Total weighted average coupon | 3.27% | 3.26% |
Consumer loans | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 35,101 | $ 32,859 |
Total weighted average coupon | 2.91% | 3.04% |
Loans and Leases - Narrative (D
Loans and Leases - Narrative (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unamortized deferred loan origination costs | $ 7,400,000 | $ 4,100,000 | |
Percentage of loans to aggregate outstanding amount in the greater New York/New Jersey Metropolitan area and northeastern states | 27.80% | ||
Percentage of loans to aggregate outstanding amount in other areas of the United States | 72.20% | ||
Loans and leases pledged as collateral | $ 2,900,000,000 | $ 3,500,000,000 | |
Total loans and leases | 6,931,694,000 | 7,269,553,000 | |
FRB Borrowings | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total loans and leases | 0 | 0 | |
Loans and Leases Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accrued interest on loans and leases | $ 17,600,000 | $ 20,500,000 |
Allowance for Loan and Lease _3
Allowance for Loan and Lease Losses - Summary of Changes in the Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | $ 106,474 | $ 119,553 | $ 114,379 | $ 61,082 |
Charge-offs | (1,600) | (5,511) | (4,964) | (9,853) |
Recoveries | 345 | 548 | 1,354 | 1,273 |
(Credit) provision for loan and lease losses excluding unfunded commitments | (2,704) | 5,381 | (8,254) | 60,837 |
Balance at the end of the period | 102,515 | 119,971 | 102,515 | 119,971 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 6,632 | |||
Commercial Real Estate | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 74,009 | 90,011 | 80,132 | 30,285 |
Charge-offs | 0 | (70) | (28) | (70) |
Recoveries | 1 | 0 | 12 | 94 |
(Credit) provision for loan and lease losses excluding unfunded commitments | (1,630) | (2,721) | (7,736) | 45,217 |
Balance at the end of the period | 72,380 | 87,220 | 72,380 | 87,220 |
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 11,694 | |||
Commercial | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 28,364 | 24,938 | 29,498 | 24,826 |
Charge-offs | (1,583) | (5,429) | (4,907) | (9,750) |
Recoveries | 308 | 512 | 1,127 | 1,055 |
(Credit) provision for loan and lease losses excluding unfunded commitments | 101 | 8,557 | 1,472 | 15,119 |
Balance at the end of the period | 27,190 | 28,578 | 27,190 | 28,578 |
Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | (2,672) | |||
Consumer | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | 4,101 | 4,604 | 4,749 | 5,971 |
Charge-offs | (17) | (12) | (29) | (33) |
Recoveries | 36 | 36 | 215 | 124 |
(Credit) provision for loan and lease losses excluding unfunded commitments | (1,175) | (455) | (1,990) | 501 |
Balance at the end of the period | $ 2,945 | $ 4,173 | $ 2,945 | 4,173 |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||
Changes in allowance for loan losses | ||||
Balance at the beginning of the period | $ (2,390) |
Allowance for Loan and Lease _4
Allowance for Loan and Lease Losses - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unfunded credit commitments liability included in other liabilities | $ 12,700 | $ 12,700 | $ 13,100 | ||
General allowance for loan and lease losses | 99,900 | 99,900 | 112,100 | ||
Specific allowance for loan and lease losses | 2,600 | 2,600 | 2,300 | ||
Increase (decrease) in specific portion of the allowance for loan and lease losses | 300 | ||||
Total loans and leases | 6,931,694 | 6,931,694 | 7,269,553 | ||
Interest income on nonaccrual loans | 0 | ||||
Increase (decrease) in total debt restructured loans and leases | 1,200 | ||||
Total troubled debt restructurings | 20,181 | 20,181 | 18,959 | ||
Recorded investment, at end of period | 800 | $ 1,586 | $ 5,066 | $ 3,217 | |
Number of loans | loan | 6 | 47 | 20 | ||
Financial impact of modification of performing and nonperforming loans | $ 700 | $ 800 | |||
Commitments to lend funds to debtors owing receivables whose terms had been modified in troubled debt restructurings | 600 | $ 1,700 | |||
Commercial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 1,869,686 | 1,869,686 | 2,274,899 | ||
Increase (decrease) in total debt restructured loans and leases | (600) | ||||
Commercial real estate loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 3,909,011 | 3,909,011 | 3,823,826 | ||
Increase (decrease) in total debt restructured loans and leases | (100) | ||||
Definite Loss | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 0 | ||||
Total | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 5,813,799 | 5,813,799 | 6,131,584 | ||
Total | Definite Loss | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 0 | 0 | |||
Equipment financing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 1,085,028 | 1,085,028 | 1,092,461 | ||
Increase (decrease) in total debt restructured loans and leases | 1,300 | ||||
Equipment financing | Commercial loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 1,085,028 | 1,085,028 | 1,092,461 | ||
Residential | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | 789,990 | 789,990 | 791,317 | ||
Increase (decrease) in total debt restructured loans and leases | 600 | ||||
Loans Granted Short-Term Deferment Status | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | $ 941,100 | $ 941,100 | |||
Number of loans | loan | 4,095 | 4,095 | |||
Short-Term Deferment Loans Returned To Payment Status | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | $ 885,400 | $ 885,400 | |||
Number of loans | loan | 4,018 | 4,018 | |||
Loans With Short-Term Deferments | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | $ 55,700 | $ 55,700 | |||
Number of loans | loan | 77 | 77 | |||
Percent of total loan balance | 0.80% | 0.80% | |||
Home equity | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total loans and leases | $ 327,906 | $ 327,906 | $ 346,652 | ||
Number of loans | loan | 1 | ||||
Increase in TDR loans and leases that were modified | $ 300 |
Allowance for Loan and Lease _5
Allowance for Loan and Lease Losses - Schedule of Provisions for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Provision for loan and lease losses: | ||||
Total (credit) provision for loan and lease losses | $ (2,704) | $ 5,381 | $ (8,254) | $ 60,837 |
Unfunded commitments | (406) | (853) | (334) | 3,152 |
Total (credit) provision for credit losses | (3,110) | 4,528 | (8,588) | 63,989 |
Commercial real estate loans | ||||
Provision for loan and lease losses: | ||||
Total (credit) provision for loan and lease losses | (1,630) | (2,721) | (7,736) | 45,217 |
Commercial loans | ||||
Provision for loan and lease losses: | ||||
Total (credit) provision for loan and lease losses | 101 | 8,557 | 1,472 | 15,119 |
Consumer loans | ||||
Provision for loan and lease losses: | ||||
Total (credit) provision for loan and lease losses | $ (1,175) | $ (455) | $ (1,990) | $ 501 |
Allowance for Loan and Lease _6
Allowance for Loan and Lease Losses - Summary of the Recorded Investments By Credit Quality Indicator, By Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Credit Quality Information | ||
Total | $ 6,931,694 | $ 7,269,553 |
Definite Loss | ||
Credit Quality Information | ||
Total | 0 | |
Commercial real estate | ||
Credit Quality Information | ||
Current fiscal year | 386,982 | 352,832 |
Fiscal year before current fiscal year | 338,318 | 412,548 |
Two years before current fiscal year | 390,303 | 282,629 |
Three years before current fiscal year | 229,218 | 257,047 |
Four years before current fiscal year | 220,514 | 246,791 |
Prior | 1,060,685 | 958,887 |
Revolving Loans | 64,352 | 55,392 |
Revolving Loans Converted to Term Loans | 16,728 | 12,647 |
Total | 2,707,100 | 2,578,773 |
Commercial real estate | Pass | ||
Credit Quality Information | ||
Current fiscal year | 386,301 | 352,832 |
Fiscal year before current fiscal year | 338,130 | 412,071 |
Two years before current fiscal year | 373,300 | 282,629 |
Three years before current fiscal year | 229,218 | 255,786 |
Four years before current fiscal year | 215,040 | 243,477 |
Prior | 1,037,632 | 944,676 |
Revolving Loans | 64,352 | 55,392 |
Revolving Loans Converted to Term Loans | 12,839 | 12,585 |
Total | 2,656,812 | 2,559,448 |
Commercial real estate | OAEM | ||
Credit Quality Information | ||
Current fiscal year | 681 | 0 |
Fiscal year before current fiscal year | 0 | 477 |
Two years before current fiscal year | 17,003 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 4,902 | 3,312 |
Prior | 15,029 | 8,991 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 37,615 | 12,780 |
Commercial real estate | Substandard | ||
Credit Quality Information | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 188 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 1,261 |
Four years before current fiscal year | 572 | 2 |
Prior | 8,024 | 5,220 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 3,889 | 62 |
Total | 12,673 | 6,545 |
Multi-family mortgage | ||
Credit Quality Information | ||
Current fiscal year | 112,438 | 125,434 |
Fiscal year before current fiscal year | 126,230 | 136,620 |
Two years before current fiscal year | 142,913 | 162,180 |
Three years before current fiscal year | 135,995 | 103,997 |
Four years before current fiscal year | 90,960 | 127,873 |
Prior | 367,410 | 306,612 |
Revolving Loans | 3,746 | 15,845 |
Revolving Loans Converted to Term Loans | 27,476 | 34,871 |
Total | 1,007,168 | 1,013,432 |
Multi-family mortgage | Pass | ||
Credit Quality Information | ||
Current fiscal year | 112,438 | 125,434 |
Fiscal year before current fiscal year | 126,230 | 136,620 |
Two years before current fiscal year | 142,913 | 162,180 |
Three years before current fiscal year | 135,995 | 103,997 |
Four years before current fiscal year | 90,960 | 127,873 |
Prior | 364,682 | 304,224 |
Revolving Loans | 3,746 | 15,845 |
Revolving Loans Converted to Term Loans | 27,476 | 34,871 |
Total | 1,004,440 | 1,011,044 |
Multi-family mortgage | OAEM | ||
Credit Quality Information | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 2,728 | 2,388 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 2,728 | 2,388 |
Construction | ||
Credit Quality Information | ||
Current fiscal year | 19,779 | 46,249 |
Fiscal year before current fiscal year | 56,241 | 60,927 |
Two years before current fiscal year | 44,462 | 112,856 |
Three years before current fiscal year | 68,092 | 1,799 |
Four years before current fiscal year | 0 | 5,552 |
Prior | 0 | 404 |
Revolving Loans | 6,169 | 3,834 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 194,743 | 231,621 |
Construction | Pass | ||
Credit Quality Information | ||
Current fiscal year | 19,779 | 46,249 |
Fiscal year before current fiscal year | 56,241 | 56,074 |
Two years before current fiscal year | 40,654 | 112,856 |
Three years before current fiscal year | 68,092 | 1,799 |
Four years before current fiscal year | 0 | 2,788 |
Prior | 0 | 404 |
Revolving Loans | 6,169 | 3,834 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 190,935 | 224,004 |
Construction | Substandard | ||
Credit Quality Information | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 4,853 |
Two years before current fiscal year | 3,808 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 2,764 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 3,808 | 7,617 |
Commercial | ||
Credit Quality Information | ||
Current fiscal year | 226,219 | 574,932 |
Fiscal year before current fiscal year | 83,978 | 71,128 |
Two years before current fiscal year | 49,060 | 41,454 |
Three years before current fiscal year | 36,300 | 62,501 |
Four years before current fiscal year | 28,669 | 22,149 |
Prior | 121,452 | 121,344 |
Revolving Loans | 190,141 | 235,807 |
Revolving Loans Converted to Term Loans | 3,204 | 2,353 |
Total | 739,023 | 1,131,668 |
Commercial | Pass | ||
Credit Quality Information | ||
Current fiscal year | 226,200 | 574,542 |
Fiscal year before current fiscal year | 82,416 | 66,278 |
Two years before current fiscal year | 45,541 | 41,325 |
Three years before current fiscal year | 36,200 | 62,112 |
Four years before current fiscal year | 15,693 | 22,085 |
Prior | 119,477 | 113,715 |
Revolving Loans | 186,604 | 226,495 |
Revolving Loans Converted to Term Loans | 1,178 | 1,687 |
Total | 713,309 | 1,108,239 |
Commercial | OAEM | ||
Credit Quality Information | ||
Current fiscal year | 0 | 310 |
Fiscal year before current fiscal year | 1,549 | 4,850 |
Two years before current fiscal year | 3,519 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 12,722 | 35 |
Prior | 0 | 17 |
Revolving Loans | 999 | 5,382 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 18,789 | 10,594 |
Commercial | Substandard | ||
Credit Quality Information | ||
Current fiscal year | 19 | 80 |
Fiscal year before current fiscal year | 13 | 0 |
Two years before current fiscal year | 0 | 129 |
Three years before current fiscal year | 100 | 389 |
Four years before current fiscal year | 254 | 29 |
Prior | 1,974 | 7,612 |
Revolving Loans | 2,538 | 3,930 |
Revolving Loans Converted to Term Loans | 2,025 | 664 |
Total | 6,923 | 12,833 |
Commercial | Doubtful | ||
Credit Quality Information | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 1 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 1 | 2 |
Total | 2 | 2 |
Equipment financing | ||
Credit Quality Information | ||
Current fiscal year | 249,109 | 332,974 |
Fiscal year before current fiscal year | 289,001 | 311,746 |
Two years before current fiscal year | 245,759 | 214,813 |
Three years before current fiscal year | 155,117 | 125,510 |
Four years before current fiscal year | 78,517 | 60,033 |
Prior | 64,946 | 46,173 |
Revolving Loans | 2,142 | 636 |
Revolving Loans Converted to Term Loans | 437 | 576 |
Total | 1,085,028 | 1,092,461 |
Equipment financing | Pass | ||
Credit Quality Information | ||
Current fiscal year | 249,109 | 332,375 |
Fiscal year before current fiscal year | 286,749 | 306,231 |
Two years before current fiscal year | 238,840 | 209,219 |
Three years before current fiscal year | 149,004 | 121,845 |
Four years before current fiscal year | 75,543 | 56,241 |
Prior | 61,910 | 45,451 |
Revolving Loans | 2,142 | 636 |
Revolving Loans Converted to Term Loans | 437 | 576 |
Total | 1,063,734 | 1,072,574 |
Equipment financing | OAEM | ||
Credit Quality Information | ||
Current fiscal year | 0 | 196 |
Fiscal year before current fiscal year | 982 | 1,066 |
Two years before current fiscal year | 1,831 | 290 |
Three years before current fiscal year | 301 | 93 |
Four years before current fiscal year | 90 | 609 |
Prior | 26 | 85 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 3,230 | 2,339 |
Equipment financing | Substandard | ||
Credit Quality Information | ||
Current fiscal year | 0 | 402 |
Fiscal year before current fiscal year | 1,269 | 4,385 |
Two years before current fiscal year | 4,968 | 5,280 |
Three years before current fiscal year | 5,811 | 3,545 |
Four years before current fiscal year | 2,878 | 1,891 |
Prior | 2,477 | 631 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 17,403 | 16,134 |
Equipment financing | Doubtful | ||
Credit Quality Information | ||
Current fiscal year | 0 | 1 |
Fiscal year before current fiscal year | 1 | 64 |
Two years before current fiscal year | 120 | 24 |
Three years before current fiscal year | 1 | 27 |
Four years before current fiscal year | 6 | 1,292 |
Prior | 533 | 6 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 661 | 1,414 |
Condominium association | ||
Credit Quality Information | ||
Current fiscal year | 2,870 | 6,455 |
Fiscal year before current fiscal year | 8,610 | 9,918 |
Two years before current fiscal year | 8,071 | 5,399 |
Three years before current fiscal year | 4,309 | 7,928 |
Four years before current fiscal year | 4,181 | 5,325 |
Prior | 14,600 | 12,682 |
Revolving Loans | 2,919 | 2,684 |
Revolving Loans Converted to Term Loans | 75 | 379 |
Total | 45,635 | 50,770 |
Condominium association | Pass | ||
Credit Quality Information | ||
Current fiscal year | 2,870 | 6,455 |
Fiscal year before current fiscal year | 8,610 | 9,918 |
Two years before current fiscal year | 8,071 | 5,399 |
Three years before current fiscal year | 4,309 | 7,928 |
Four years before current fiscal year | 4,181 | 5,213 |
Prior | 14,509 | 12,682 |
Revolving Loans | 2,919 | 2,684 |
Revolving Loans Converted to Term Loans | 75 | 379 |
Total | 45,544 | 50,658 |
Condominium association | Substandard | ||
Credit Quality Information | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 112 |
Prior | 91 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 91 | 112 |
Other consumer | ||
Credit Quality Information | ||
Current fiscal year | 431 | 694 |
Fiscal year before current fiscal year | 171 | 549 |
Two years before current fiscal year | 61 | 1,938 |
Three years before current fiscal year | 1,512 | 32 |
Four years before current fiscal year | 29 | 570 |
Prior | 766 | 301 |
Revolving Loans | 32,125 | 28,755 |
Revolving Loans Converted to Term Loans | 6 | 20 |
Total | 35,101 | 32,859 |
Other consumer | Pass | ||
Credit Quality Information | ||
Current fiscal year | 431 | 694 |
Fiscal year before current fiscal year | 171 | 549 |
Two years before current fiscal year | 61 | 1,938 |
Three years before current fiscal year | 1,512 | 32 |
Four years before current fiscal year | 29 | 570 |
Prior | 765 | 301 |
Revolving Loans | 32,125 | 28,755 |
Revolving Loans Converted to Term Loans | 6 | 18 |
Total | 35,100 | 32,857 |
Other consumer | Substandard | ||
Credit Quality Information | ||
Current fiscal year | 0 | 0 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 1 | 0 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 2 |
Total | 1 | 2 |
Total | ||
Credit Quality Information | ||
Current fiscal year | 997,828 | 1,439,570 |
Fiscal year before current fiscal year | 902,549 | 1,003,436 |
Two years before current fiscal year | 880,629 | 821,269 |
Three years before current fiscal year | 630,543 | 558,814 |
Four years before current fiscal year | 422,871 | 468,293 |
Prior | 1,629,859 | 1,446,403 |
Revolving Loans | 301,594 | 342,953 |
Revolving Loans Converted to Term Loans | 47,926 | 50,846 |
Total | 5,813,799 | 6,131,584 |
Total | Pass | ||
Credit Quality Information | ||
Current fiscal year | 997,128 | 1,438,581 |
Fiscal year before current fiscal year | 898,547 | 987,741 |
Two years before current fiscal year | 849,380 | 815,546 |
Three years before current fiscal year | 624,330 | 553,499 |
Four years before current fiscal year | 401,446 | 458,247 |
Prior | 1,598,975 | 1,421,453 |
Revolving Loans | 298,057 | 333,641 |
Revolving Loans Converted to Term Loans | 42,011 | 50,116 |
Total | 5,709,874 | 6,058,824 |
Total | OAEM | ||
Credit Quality Information | ||
Current fiscal year | 681 | 506 |
Fiscal year before current fiscal year | 2,531 | 6,393 |
Two years before current fiscal year | 22,353 | 290 |
Three years before current fiscal year | 301 | 93 |
Four years before current fiscal year | 17,714 | 3,956 |
Prior | 17,783 | 11,481 |
Revolving Loans | 999 | 5,382 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 62,362 | 28,101 |
Total | Substandard | ||
Credit Quality Information | ||
Current fiscal year | 19 | 482 |
Fiscal year before current fiscal year | 1,470 | 9,238 |
Two years before current fiscal year | 8,776 | 5,409 |
Three years before current fiscal year | 5,911 | 5,195 |
Four years before current fiscal year | 3,704 | 4,798 |
Prior | 12,567 | 13,463 |
Revolving Loans | 2,538 | 3,930 |
Revolving Loans Converted to Term Loans | 5,914 | 728 |
Total | 40,899 | 43,243 |
Total | Doubtful | ||
Credit Quality Information | ||
Current fiscal year | 0 | 1 |
Fiscal year before current fiscal year | 1 | 64 |
Two years before current fiscal year | 120 | 24 |
Three years before current fiscal year | 1 | 27 |
Four years before current fiscal year | 7 | 1,292 |
Prior | 534 | 6 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 1 | 2 |
Total | 664 | 1,416 |
Total | Definite Loss | ||
Credit Quality Information | ||
Total | 0 | |
Residential | ||
Credit Quality Information | ||
Current fiscal year | 166,981 | 167,496 |
Fiscal year before current fiscal year | 146,374 | 136,467 |
Two years before current fiscal year | 102,410 | 94,357 |
Three years before current fiscal year | 67,997 | 87,749 |
Four years before current fiscal year | 67,416 | 65,741 |
Prior | 234,518 | 233,734 |
Revolving Loans | 3,937 | 4,442 |
Revolving Loans Converted to Term Loans | 357 | 1,331 |
Total | 789,990 | 791,317 |
Residential | Over 700 | ||
Credit Quality Information | ||
Current fiscal year | 137,291 | 119,566 |
Fiscal year before current fiscal year | 119,509 | 94,300 |
Two years before current fiscal year | 81,223 | 62,452 |
Three years before current fiscal year | 54,555 | 53,662 |
Four years before current fiscal year | 44,078 | 47,327 |
Prior | 134,036 | 124,999 |
Revolving Loans | 3,937 | 4,442 |
Revolving Loans Converted to Term Loans | 357 | 0 |
Total | 574,986 | 506,748 |
Residential | 661 - 700 | ||
Credit Quality Information | ||
Current fiscal year | 16,285 | 21,820 |
Fiscal year before current fiscal year | 20,439 | 19,426 |
Two years before current fiscal year | 15,225 | 10,943 |
Three years before current fiscal year | 10,124 | 15,616 |
Four years before current fiscal year | 12,926 | 8,132 |
Prior | 26,010 | 23,282 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 101,009 | 99,219 |
Residential | 600 and below | ||
Credit Quality Information | ||
Current fiscal year | 3,819 | 6,901 |
Fiscal year before current fiscal year | 6,426 | 5,659 |
Two years before current fiscal year | 4,843 | 4,763 |
Three years before current fiscal year | 3,318 | 4,318 |
Four years before current fiscal year | 3,521 | 4,553 |
Prior | 14,819 | 13,997 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 36,746 | 40,191 |
Residential | Data not available | ||
Credit Quality Information | ||
Current fiscal year | 9,586 | 19,209 |
Fiscal year before current fiscal year | 0 | 17,082 |
Two years before current fiscal year | 1,119 | 16,199 |
Three years before current fiscal year | 0 | 14,153 |
Four years before current fiscal year | 6,891 | 5,729 |
Prior | 59,653 | 71,456 |
Revolving Loans | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 1,331 |
Total | 77,249 | 145,159 |
Home equity | ||
Credit Quality Information | ||
Current fiscal year | 1,286 | 1,788 |
Fiscal year before current fiscal year | 1,704 | 3,399 |
Two years before current fiscal year | 2,325 | 3,205 |
Three years before current fiscal year | 1,977 | 3,349 |
Four years before current fiscal year | 1,925 | 1,254 |
Prior | 12,495 | 17,525 |
Revolving Loans | 302,630 | 310,363 |
Revolving Loans Converted to Term Loans | 3,564 | 5,769 |
Total | 327,906 | 346,652 |
Home equity | Over 700 | ||
Credit Quality Information | ||
Current fiscal year | 1,186 | 1,546 |
Fiscal year before current fiscal year | 1,540 | 2,832 |
Two years before current fiscal year | 1,913 | 2,440 |
Three years before current fiscal year | 1,573 | 2,770 |
Four years before current fiscal year | 1,696 | 910 |
Prior | 9,092 | 12,804 |
Revolving Loans | 244,174 | 247,538 |
Revolving Loans Converted to Term Loans | 1,892 | 2,397 |
Total | 263,066 | 273,237 |
Home equity | 661 - 700 | ||
Credit Quality Information | ||
Current fiscal year | 100 | 122 |
Fiscal year before current fiscal year | 109 | 459 |
Two years before current fiscal year | 309 | 499 |
Three years before current fiscal year | 404 | 566 |
Four years before current fiscal year | 216 | 305 |
Prior | 1,710 | 2,793 |
Revolving Loans | 43,297 | 45,356 |
Revolving Loans Converted to Term Loans | 532 | 1,334 |
Total | 46,677 | 51,434 |
Home equity | 600 and below | ||
Credit Quality Information | ||
Current fiscal year | 0 | 59 |
Fiscal year before current fiscal year | 55 | 108 |
Two years before current fiscal year | 103 | 266 |
Three years before current fiscal year | 0 | 13 |
Four years before current fiscal year | 13 | 39 |
Prior | 456 | 541 |
Revolving Loans | 9,045 | 10,139 |
Revolving Loans Converted to Term Loans | 717 | 878 |
Total | 10,389 | 12,043 |
Home equity | Data not available | ||
Credit Quality Information | ||
Current fiscal year | 0 | 61 |
Fiscal year before current fiscal year | 0 | 0 |
Two years before current fiscal year | 0 | 0 |
Three years before current fiscal year | 0 | 0 |
Four years before current fiscal year | 0 | 0 |
Prior | 1,237 | 1,387 |
Revolving Loans | 6,114 | 7,330 |
Revolving Loans Converted to Term Loans | 423 | 1,160 |
Total | $ 7,774 | $ 9,938 |
Allowance for Loan and Lease _7
Allowance for Loan and Lease Losses - Schedule of Information Regarding the Aging of Past Due Loans, By Loan Class (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Age analysis of past due loans | ||
Total loans and leases | $ 6,931,694 | $ 7,269,553 |
Past Due Greater Than 90 Days and Accruing | 838 | 11,975 |
Non-accrual | 35,860 | 38,448 |
Non-accrual with No Related Allowance | 19,341 | 22,811 |
Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 2,707,100 | 2,578,773 |
Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,007,168 | 1,013,432 |
Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 194,743 | 231,621 |
Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 739,023 | 1,131,668 |
Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 1,085,028 | 1,092,461 |
Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 45,635 | 50,770 |
Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 789,990 | 791,317 |
Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 327,906 | 346,652 |
Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 35,101 | 32,859 |
Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 3,909,011 | 3,823,826 |
Past Due Greater Than 90 Days and Accruing | 0 | 8,486 |
Non-accrual | 10,963 | 7,153 |
Non-accrual with No Related Allowance | 10,571 | 6,433 |
Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 2,707,100 | 2,578,773 |
Past Due Greater Than 90 Days and Accruing | 0 | 4,722 |
Non-accrual | 10,963 | 3,300 |
Non-accrual with No Related Allowance | 10,571 | 2,580 |
Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,007,168 | 1,013,432 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
Non-accrual with No Related Allowance | 0 | 0 |
Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 194,743 | 231,621 |
Past Due Greater Than 90 Days and Accruing | 0 | 3,764 |
Non-accrual | 0 | 3,853 |
Non-accrual with No Related Allowance | 0 | 3,853 |
Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 1,869,686 | 2,274,899 |
Past Due Greater Than 90 Days and Accruing | 634 | 3,486 |
Non-accrual | 20,285 | 24,571 |
Non-accrual with No Related Allowance | 5,869 | 10,437 |
Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 739,023 | 1,131,668 |
Past Due Greater Than 90 Days and Accruing | 573 | 3,486 |
Non-accrual | 2,539 | 7,702 |
Non-accrual with No Related Allowance | 1,549 | 6,263 |
Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 1,085,028 | 1,092,461 |
Past Due Greater Than 90 Days and Accruing | 61 | 0 |
Non-accrual | 17,655 | 16,757 |
Non-accrual with No Related Allowance | 4,320 | 4,062 |
Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 45,635 | 50,770 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 91 | 112 |
Non-accrual with No Related Allowance | 0 | 112 |
Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 1,152,997 | 1,170,828 |
Past Due Greater Than 90 Days and Accruing | 204 | 3 |
Non-accrual | 4,612 | 6,724 |
Non-accrual with No Related Allowance | 2,901 | 5,941 |
Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 789,990 | 791,317 |
Past Due Greater Than 90 Days and Accruing | 203 | 0 |
Non-accrual | 4,150 | 5,587 |
Non-accrual with No Related Allowance | 2,729 | 5,117 |
Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 327,906 | 346,652 |
Past Due Greater Than 90 Days and Accruing | 1 | 3 |
Non-accrual | 461 | 1,136 |
Non-accrual with No Related Allowance | 172 | 824 |
Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 35,101 | 32,859 |
Past Due Greater Than 90 Days and Accruing | 0 | 0 |
Non-accrual | 1 | 1 |
Non-accrual with No Related Allowance | 0 | 0 |
Past Due | ||
Age analysis of past due loans | ||
Total loans and leases | 40,676 | 82,574 |
Past Due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 16,840 | 46,398 |
Past Due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 13,137 | 37,968 |
Past Due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 3,307 | 813 |
Past Due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 396 | 7,617 |
Past Due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 18,257 | 28,129 |
Past Due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 2,536 | 9,926 |
Past Due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 15,665 | 17,624 |
Past Due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 56 | 579 |
Past Due | Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 5,579 | 8,047 |
Past Due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 4,882 | 6,650 |
Past Due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 691 | 1,383 |
Past Due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 6 | 14 |
31-60 days past due | ||
Age analysis of past due loans | ||
Total loans and leases | 14,013 | 28,564 |
31-60 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 5,999 | 19,107 |
31-60 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 2,296 | 18,294 |
31-60 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 3,307 | 813 |
31-60 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 396 | 0 |
31-60 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 5,573 | 6,703 |
31-60 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 305 | 451 |
31-60 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 5,256 | 5,970 |
31-60 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 12 | 282 |
31-60 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 2,441 | 2,754 |
31-60 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,917 | 2,161 |
31-60 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 521 | 580 |
31-60 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 3 | 13 |
61-90 days past due | ||
Age analysis of past due loans | ||
Total loans and leases | 2,815 | 16,129 |
61-90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 296 | 12,402 |
61-90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 296 | 12,402 |
61-90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 0 |
61-90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 0 |
61-90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 2,461 | 2,864 |
61-90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 801 | 304 |
61-90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 1,616 | 2,263 |
61-90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 44 | 297 |
61-90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 58 | 863 |
61-90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 648 |
61-90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 56 | 215 |
61-90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 2 | 0 |
Greater than 90 days past due | ||
Age analysis of past due loans | ||
Total loans and leases | 23,848 | 37,881 |
Greater than 90 days past due | Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 10,545 | 14,889 |
Greater than 90 days past due | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 10,545 | 7,272 |
Greater than 90 days past due | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 0 |
Greater than 90 days past due | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 7,617 |
Greater than 90 days past due | Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 10,223 | 18,562 |
Greater than 90 days past due | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 1,430 | 9,171 |
Greater than 90 days past due | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 8,793 | 9,391 |
Greater than 90 days past due | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 0 | 0 |
Greater than 90 days past due | Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 3,080 | 4,430 |
Greater than 90 days past due | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 2,965 | 3,841 |
Greater than 90 days past due | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 114 | 588 |
Greater than 90 days past due | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | 1 | 1 |
Current | ||
Age analysis of past due loans | ||
Total loans and leases | 6,891,018 | 7,186,979 |
Current | Commercial real estate loans | ||
Age analysis of past due loans | ||
Total loans and leases | 3,892,171 | 3,777,428 |
Current | Commercial real estate loans | Commercial real estate | ||
Age analysis of past due loans | ||
Total loans and leases | 2,693,963 | 2,540,805 |
Current | Commercial real estate loans | Multi-family mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 1,003,861 | 1,012,619 |
Current | Commercial real estate loans | Construction | ||
Age analysis of past due loans | ||
Total loans and leases | 194,347 | 224,004 |
Current | Commercial loans and leases | ||
Age analysis of past due loans | ||
Total loans and leases | 1,851,429 | 2,246,770 |
Current | Commercial loans and leases | Commercial | ||
Age analysis of past due loans | ||
Total loans and leases | 736,487 | 1,121,742 |
Current | Commercial loans and leases | Equipment financing | ||
Age analysis of past due loans | ||
Total loans and leases | 1,069,363 | 1,074,837 |
Current | Commercial loans and leases | Condominium association | ||
Age analysis of past due loans | ||
Total loans and leases | 45,579 | 50,191 |
Current | Consumer loans | ||
Age analysis of past due loans | ||
Total loans and leases | 1,147,418 | 1,162,781 |
Current | Consumer loans | Residential mortgage | ||
Age analysis of past due loans | ||
Total loans and leases | 785,108 | 784,667 |
Current | Consumer loans | Home equity | ||
Age analysis of past due loans | ||
Total loans and leases | 327,215 | 345,269 |
Current | Consumer loans | Other consumer | ||
Age analysis of past due loans | ||
Total loans and leases | $ 35,095 | $ 32,845 |
Allowance for Loan and Lease _8
Allowance for Loan and Lease Losses - Schedule of the Impaired and Non-Impaired Loans and Leases, By Loan and Leases Class (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Recorded investment in loans and leases by portfolio segment | ||||||
Individually evaluated for impairment, allowance | $ 2,618 | $ 2,311 | ||||
Collectively evaluated for impairment, allowance | 99,897 | 112,068 | ||||
Total allowance for loan and lease losses | 102,515 | $ 106,474 | 114,379 | $ 119,971 | $ 119,553 | $ 61,082 |
Individually evaluated, loans and leases | 42,112 | 47,646 | ||||
Collectively evaluated, loans and leases | 6,889,582 | 7,221,907 | ||||
Total | 6,931,694 | 7,269,553 | ||||
Commercial real estate loans | ||||||
Recorded investment in loans and leases by portfolio segment | ||||||
Individually evaluated for impairment, allowance | 87 | 183 | ||||
Collectively evaluated for impairment, allowance | 72,293 | 79,949 | ||||
Total allowance for loan and lease losses | 72,380 | 74,009 | 80,132 | 87,220 | 90,011 | 30,285 |
Individually evaluated, loans and leases | 16,954 | 14,159 | ||||
Collectively evaluated, loans and leases | 3,892,057 | 3,809,667 | ||||
Total | 3,909,011 | 3,823,826 | ||||
Commercial | ||||||
Recorded investment in loans and leases by portfolio segment | ||||||
Individually evaluated for impairment, allowance | 2,441 | 2,020 | ||||
Collectively evaluated for impairment, allowance | 24,749 | 27,478 | ||||
Total allowance for loan and lease losses | 27,190 | 28,364 | 29,498 | 28,578 | 24,938 | 24,826 |
Individually evaluated, loans and leases | 17,438 | 24,727 | ||||
Collectively evaluated, loans and leases | 1,852,248 | 2,250,172 | ||||
Total | 1,869,686 | 2,274,899 | ||||
Consumer | ||||||
Recorded investment in loans and leases by portfolio segment | ||||||
Individually evaluated for impairment, allowance | 90 | 108 | ||||
Collectively evaluated for impairment, allowance | 2,855 | 4,641 | ||||
Total allowance for loan and lease losses | 2,945 | $ 4,101 | 4,749 | $ 4,173 | $ 4,604 | $ 5,971 |
Individually evaluated, loans and leases | 7,720 | 8,760 | ||||
Collectively evaluated, loans and leases | 1,145,277 | 1,162,068 | ||||
Total | $ 1,152,997 | $ 1,170,828 |
Allowance for Loan and Lease _9
Allowance for Loan and Lease Losses - Schedule of Information Regarding Troubled Debt Restructuring Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Troubled debt restructurings: | ||
On accrual | $ 13,526 | $ 11,483 |
On nonaccrual | 6,655 | 7,476 |
Total troubled debt restructurings | $ 20,181 | $ 18,959 |
Allowance for Loan and Lease_10
Allowance for Loan and Lease Losses - Summary of Loans Restructured or Defaulted (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans/ Leases | loan | 6 | 47 | 20 | |
Recorded investment, at modification | $ 1,586 | $ 5,319 | $ 3,283 | |
Recorded investment, at end of period | $ 800 | 1,586 | 5,066 | 3,217 |
Specific Allowance for Credit Losses | 11 | 91 | 11 | |
Nonaccrual Loans and Leases | $ 488 | $ 2,165 | $ 1,573 | |
Defaulted, number of loans/leases | loan | 1 | 6 | 1 | |
Defaulted, recorded investment | $ 221 | $ 257 | $ 221 | |
Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans/ Leases | loan | 1 | |||
Originated | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans/ Leases | loan | 7 | |||
Recorded investment, at modification | $ 846 | |||
Recorded investment, at end of period | 835 | |||
Specific Allowance for Credit Losses | 0 | |||
Nonaccrual Loans and Leases | $ 147 | |||
Defaulted, number of loans/leases | loan | 5 | |||
Defaulted, recorded investment | $ 211 | |||
Originated | Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans/ Leases | loan | 0 | 1 | 0 | |
Recorded investment, at modification | $ 0 | $ 497 | $ 0 | |
Recorded investment, at end of period | 0 | 494 | 0 | |
Specific Allowance for Credit Losses | 0 | 0 | 0 | |
Nonaccrual Loans and Leases | $ 0 | $ 0 | $ 0 | |
Defaulted, number of loans/leases | loan | 1 | 0 | 1 | |
Defaulted, recorded investment | $ 221 | $ 0 | $ 221 | |
Originated | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans/ Leases | loan | 1 | 1 | 1 | 3 |
Recorded investment, at modification | $ 19 | $ 1,098 | $ 19 | $ 1,401 |
Recorded investment, at end of period | 19 | 1,098 | 19 | 1,401 |
Specific Allowance for Credit Losses | 0 | 0 | 0 | 0 |
Nonaccrual Loans and Leases | $ 0 | $ 0 | $ 0 | $ 0 |
Defaulted, number of loans/leases | loan | 0 | 0 | 0 | 0 |
Defaulted, recorded investment | $ 0 | $ 0 | $ 0 | $ 0 |
Originated | Equipment financing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans/ Leases | loan | 6 | 4 | 43 | 15 |
Recorded investment, at modification | $ 827 | $ 212 | $ 3,627 | $ 1,406 |
Recorded investment, at end of period | 816 | 212 | 3,382 | 1,340 |
Specific Allowance for Credit Losses | 0 | 11 | 91 | 11 |
Nonaccrual Loans and Leases | $ 147 | $ 212 | $ 2,165 | $ 1,297 |
Defaulted, number of loans/leases | loan | 5 | 0 | 6 | 0 |
Defaulted, recorded investment | $ 211 | $ 0 | $ 257 | $ 0 |
Originated | Residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans/ Leases | loan | 1 | |||
Recorded investment, at modification | $ 864 | |||
Recorded investment, at end of period | 859 | |||
Specific Allowance for Credit Losses | 0 | |||
Nonaccrual Loans and Leases | $ 0 | |||
Defaulted, number of loans/leases | loan | 0 | |||
Defaulted, recorded investment | $ 0 | |||
Originated | Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans/ Leases | loan | 1 | 1 | 2 | |
Recorded investment, at modification | $ 276 | $ 312 | $ 476 | |
Recorded investment, at end of period | 276 | 312 | 476 | |
Specific Allowance for Credit Losses | 0 | 0 | 0 | |
Nonaccrual Loans and Leases | $ 276 | $ 0 | $ 276 | |
Defaulted, number of loans/leases | loan | 0 | 0 | 0 | |
Defaulted, recorded investment | $ 0 | $ 0 | $ 0 |
Allowance for Loan and Lease_11
Allowance for Loan and Lease Losses - Schedule of Troubled Debt Restructurings by Type of Modification (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Types of modification | $ 835 | $ 1,586 | $ 5,065 | $ 3,217 |
Extended maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Types of modification | 0 | 1,114 | 2,333 | 1,743 |
Adjusted principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Types of modification | 0 | 0 | 0 | 44 |
Combination maturity, principal, interest rate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Types of modification | $ 835 | $ 472 | $ 2,732 | $ 1,430 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying Value of Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill | $ 160,427 | $ 160,427 |
Total other intangible assets | 2,484 | 3,152 |
Total goodwill and other intangible assets | 162,911 | 163,579 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets | 1,395 | 2,063 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total other intangible assets | $ 1,089 | $ 1,089 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2013 | |
Core deposits | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Weighted-average amortization period | 5 years 8 months 19 days | |
Trade name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 1.1 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2021 | $ 208 |
Year ending: | |
2022 | 494 |
2023 | 263 |
2024 | 151 |
2025 | 103 |
2026 | 74 |
Thereafter | 102 |
Total | $ 1,395 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance beginning | $ 972,252 | $ 926,413 | $ 941,778 | $ 945,606 |
Other comprehensive income (loss) | (3,472) | (561) | (13,868) | 19,021 |
Reclassification adjustment for (income) expense recognized in earnings | (2) | 195 | (7) | 2,522 |
Balance ending | 978,452 | 935,558 | 978,452 | 935,558 |
Investment Securities Available-for-Sale | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance beginning | 6,177 | 19,454 | 16,582 | 2,199 |
Other comprehensive income (loss) | (3,469) | (568) | (13,874) | 19,014 |
Reclassification adjustment for (income) expense recognized in earnings | 0 | 195 | 0 | 2,522 |
Balance ending | 2,708 | 18,691 | 2,708 | 18,691 |
Net Change in Fair Value of Cash Flow Hedges | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance beginning | 11 | 0 | 7 | 0 |
Other comprehensive income (loss) | (3) | 7 | 6 | 7 |
Reclassification adjustment for (income) expense recognized in earnings | (2) | 0 | (7) | 0 |
Balance ending | 6 | 7 | 6 | 7 |
Postretirement Benefits | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance beginning | (99) | 84 | (99) | 84 |
Other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Reclassification adjustment for (income) expense recognized in earnings | 0 | 0 | 0 | 0 |
Balance ending | (99) | 84 | (99) | 84 |
Accumulated Other Comprehensive Income (Loss) | ||||
Changes in accumulated other comprehensive (loss) income by component, net of tax | ||||
Balance beginning | 6,089 | 19,538 | 16,490 | 2,283 |
Balance ending | $ 2,615 | $ 18,782 | $ 2,615 | $ 18,782 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Weighted average interest rate | 0.10% | |
Derivative term of contract | 2 years | |
Collateral posted | $ 135.2 | $ 166.5 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Customer Related Derivative Positions (Details) $ in Thousands | Sep. 30, 2021USD ($)derivative | Dec. 31, 2020USD ($)derivative |
Receive fixed, pay variable | ||
Derivatives and Hedging Activities | ||
Total | $ 1,188,153 | $ 1,214,146 |
Receive fixed, pay variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 127 | 136 |
Notional Amount Maturing, Less than 1 year | $ 8,320 | $ 0 |
Notional Amount Maturing, Less than 2 years | 2,366 | 8,541 |
Notional Amount Maturing, Less than 3 years | 24,502 | 16,447 |
Notional Amount Maturing, Less than 4 years | 172,285 | 99,014 |
Notional Amount Maturing, Thereafter | 980,680 | 1,090,144 |
Total | 1,188,153 | 1,214,146 |
Fair Value | 74,299 | 129,284 |
Pay fixed, receive variable | ||
Derivatives and Hedging Activities | ||
Total | $ 1,188,153 | $ 1,214,146 |
Pay fixed, receive variable | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 127 | 136 |
Notional Amount Maturing, Less than 1 year | $ 8,320 | $ 0 |
Notional Amount Maturing, Less than 2 years | 2,366 | 8,541 |
Notional Amount Maturing, Less than 3 years | 24,502 | 16,447 |
Notional Amount Maturing, Less than 4 years | 172,285 | 99,014 |
Notional Amount Maturing, Thereafter | 980,680 | 1,090,144 |
Total | 1,188,153 | 1,214,146 |
Fair Value | 74,299 | 129,284 |
Risk participation-out agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 262,524 | $ 252,655 |
Risk participation-out agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 0 | 37 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 0 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 6,904 | 7,009 |
Notional Amount Maturing, Less than 4 years | 37,780 | 22,733 |
Notional Amount Maturing, Thereafter | 217,840 | 222,913 |
Total | 262,524 | 252,655 |
Fair Value | 1,125 | 1,843 |
Risk participation-in agreements | ||
Derivatives and Hedging Activities | ||
Total | $ 59,629 | $ 60,619 |
Risk participation-in agreements | Derivatives not designed as hedging instruments | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 8 | 8 |
Notional Amount Maturing, Less than 1 year | $ 0 | $ 0 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 18,788 | 19,000 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 40,841 | 41,619 |
Total | 59,629 | 60,619 |
Fair Value | 201 | 361 |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | ||
Derivatives and Hedging Activities | ||
Total | 1,680 | 1,266 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | ||
Derivatives and Hedging Activities | ||
Total | $ 1,681 | $ 1,273 |
Foreign exchange contracts | Derivatives not designed as hedging instruments | Buys foreign currency, sells U.S. currency | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 9 | 18 |
Notional Amount Maturing, Less than 1 year | $ 1,680 | $ 1,266 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 0 | 0 |
Total | 1,680 | 1,266 |
Fair Value | $ 19,191 | $ 156 |
Foreign exchange contracts | Derivatives not designed as hedging instruments | Sells foreign currency, buys U.S. currency | ||
Derivatives and Hedging Activities | ||
Number of Positions | derivative | 13 | 20 |
Notional Amount Maturing, Less than 1 year | $ 1,681 | $ 1,273 |
Notional Amount Maturing, Less than 2 years | 0 | 0 |
Notional Amount Maturing, Less than 3 years | 0 | 0 |
Notional Amount Maturing, Less than 4 years | 0 | 0 |
Notional Amount Maturing, Thereafter | 0 | 0 |
Total | 1,681 | 1,273 |
Fair Value | $ 19,719 | $ 148 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Offsetting of Derivatives and Amounts Subject to Master Netting Agreements (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Asset derivatives | ||
Assets, Gross Amounts Recognized | $ 83,173 | $ 133,335 |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Assets, Net Amounts Presented in the Statement of Financial Position | 83,173 | 133,335 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | 0 |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | 0 |
Assets, Net Amount | 83,173 | 133,335 |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 82,247 | 131,837 |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 82,247 | 131,837 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 128,492 | 155,220 |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 6,690 | 11,280 |
Liabilities, Net Amount | (52,935) | (34,663) |
Interest rate derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 8 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 8 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 8 | |
Loan level derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 131,328 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 131,328 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 131,328 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 131,328 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 131,328 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 155,220 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 11,280 | |
Liabilities, Net Amount | (35,172) | |
Risk participation-out agreements | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 1,843 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 1,843 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 1,843 | |
Risk participation-in agreements | ||
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 361 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 361 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | 361 | |
Foreign exchange contracts | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 156 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 156 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 156 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 148 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 148 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | $ 148 | |
Designated as hedging instrument | Interest rate derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 3 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 3 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 3 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 2 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 2 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | 2 | |
Derivatives not designed as hedging instruments | Loan level derivatives | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 82,025 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 82,025 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 82,025 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 82,025 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 82,025 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 128,492 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 6,690 | |
Liabilities, Net Amount | (53,157) | |
Derivatives not designed as hedging instruments | Risk participation-out agreements | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 1,125 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 1,125 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 1,125 | |
Derivatives not designed as hedging instruments | Risk participation-in agreements | ||
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 201 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 201 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | 201 | |
Derivatives not designed as hedging instruments | Foreign exchange contracts | ||
Asset derivatives | ||
Assets, Gross Amounts Recognized | 20 | |
Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Assets, Net Amounts Presented in the Statement of Financial Position | 20 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Assets, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Assets, Net Amount | 20 | |
Liability derivatives | ||
Liabilities, Gross Amounts Recognized | 19 | |
Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | |
Liabilities, Net Amounts Presented in the Statement of Financial Position | 19 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments Pledged | 0 | |
Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Cash Collateral Pledged | 0 | |
Liabilities, Net Amount | $ 19 |
Derivative and Hedging Activiti
Derivative and Hedging Activities - Schedule of Gain (Loss) of Derivatives (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivatives designated as hedges | $ 1 | $ 10 |
Gain in OCI on derivatives (effective portion), net of tax | 6 | 7 |
Gain (loss) reclassified from OCI into interest income or interest expense (effective portion) | $ 7 | $ 1 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)financial_institutionplanshares | Sep. 30, 2020USD ($)shares | Sep. 30, 2021USD ($)financial_institutionplanshares | Sep. 30, 2020USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share-based compensation plans | plan | 1 | 1 | ||
Shares issued upon satisfaction of required conditions of the Plans (in shares) | 228,756 | 268,936 | 228,756 | 268,936 |
Share-based compensation expense | $ | $ 0.7 | $ 0.7 | $ 1.9 | $ 2.1 |
Performance-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of financial institutions comprising peer group | financial_institution | 14 | 14 | ||
Vesting equally over three years | Time-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of shares in tranche | 50.00% | |||
Award vesting period | 3 years | |||
Vesting, first anniversary | Time-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Vesting, second anniversary | Time-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Vesting, third anniversary | Time-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting percentage | 33.33% | |||
Vesting after achievement of performance targets | Performance-based shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of shares in tranche | 50.00% | |||
Award vesting period | 3 years | |||
Stock Option And Incentive Plan 2021 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of authorized shares (in shares) | 1,750,000 | 1,750,000 |
Earnings per Share ("EPS") (Det
Earnings per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||
Net income | $ 28,839 | $ 18,679 | $ 86,895 | $ 20,972 |
Denominator: | ||||
Weighted average shares outstanding (in shares) | 78,000,261 | 78,948,139 | 78,097,600 | 79,092,424 |
Effect of dilutive securities (in shares) | 240,372 | 107,762 | 273,590 | 152,689 |
Adjusted weighted average shares outstanding (in shares) | 78,240,633 | 79,055,901 | 78,371,190 | 79,245,113 |
Basic EPS (in dollars per share) | $ 0.37 | $ 0.24 | $ 1.11 | $ 0.27 |
Diluted EPS (in dollars per share) | $ 0.37 | $ 0.24 | $ 1.11 | $ 0.27 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying and Fair Value of Assets and Liabilities on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Investment securities available-for-sale | $ 732,020 | $ 745,822 |
Equity securities held-for-trading | 0 | 526 |
Derivatives | 83,173 | 133,335 |
Liabilities: | ||
Derivatives | 82,247 | 131,837 |
Recurring basis | ||
Assets: | ||
Equity securities held-for-trading | 526 | |
Recurring basis | Level 1 | ||
Assets: | ||
Equity securities held-for-trading | 0 | |
Recurring basis | Level 2 | ||
Assets: | ||
Equity securities held-for-trading | 526 | |
Recurring basis | Level 3 | ||
Assets: | ||
Equity securities held-for-trading | 0 | |
Investment securities available for sale | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 732,020 | 745,822 |
Investment securities available for sale | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Investment securities available for sale | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 732,020 | 745,822 |
Investment securities available for sale | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE debentures | ||
Assets: | ||
Investment securities available-for-sale | 233,286 | 278,645 |
GSE debentures | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 233,286 | 278,645 |
GSE debentures | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE debentures | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 233,286 | 278,645 |
GSE debentures | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE CMOs | ||
Assets: | ||
Investment securities available-for-sale | 31,828 | 46,028 |
GSE CMOs | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 31,828 | 46,028 |
GSE CMOs | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE CMOs | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 31,828 | 46,028 |
GSE CMOs | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE MBSs | ||
Assets: | ||
Investment securities available-for-sale | 221,817 | 323,609 |
GSE MBSs | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 221,817 | 323,609 |
GSE MBSs | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
GSE MBSs | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 221,817 | 323,609 |
GSE MBSs | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Corporate debt obligations | ||
Assets: | ||
Investment securities available-for-sale | 22,969 | 23,467 |
Corporate debt obligations | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 22,969 | 23,467 |
Corporate debt obligations | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Corporate debt obligations | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 22,969 | 23,467 |
Corporate debt obligations | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
U.S. Treasury bonds | ||
Assets: | ||
Investment securities available-for-sale | 221,600 | 73,600 |
U.S. Treasury bonds | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 221,622 | 73,577 |
U.S. Treasury bonds | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
U.S. Treasury bonds | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 221,622 | 73,577 |
U.S. Treasury bonds | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Foreign government obligations | ||
Assets: | ||
Investment securities available-for-sale | 498 | 496 |
Foreign government obligations | Recurring basis | ||
Assets: | ||
Investment securities available-for-sale | 498 | 496 |
Foreign government obligations | Recurring basis | Level 1 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Foreign government obligations | Recurring basis | Level 2 | ||
Assets: | ||
Investment securities available-for-sale | 498 | 496 |
Foreign government obligations | Recurring basis | Level 3 | ||
Assets: | ||
Investment securities available-for-sale | 0 | 0 |
Interest rate derivatives | Recurring basis | ||
Assets: | ||
Derivatives | 3 | 8 |
Liabilities: | ||
Derivatives | 2 | |
Interest rate derivatives | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | |
Interest rate derivatives | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 3 | 8 |
Liabilities: | ||
Derivatives | 2 | |
Interest rate derivatives | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | |
Loan level derivatives | Recurring basis | ||
Assets: | ||
Derivatives | 82,025 | 131,328 |
Liabilities: | ||
Derivatives | 82,025 | 131,328 |
Loan level derivatives | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Loan level derivatives | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 82,025 | 131,328 |
Liabilities: | ||
Derivatives | 82,025 | 131,328 |
Loan level derivatives | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Risk participation-out agreements | Recurring basis | ||
Assets: | ||
Derivatives | 1,125 | 1,843 |
Risk participation-out agreements | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-out agreements | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 1,125 | 1,843 |
Risk participation-out agreements | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Risk participation-in agreements | Recurring basis | ||
Liabilities: | ||
Derivatives | 201 | 361 |
Risk participation-in agreements | Recurring basis | Level 1 | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Risk participation-in agreements | Recurring basis | Level 2 | ||
Liabilities: | ||
Derivatives | 201 | 361 |
Risk participation-in agreements | Recurring basis | Level 3 | ||
Liabilities: | ||
Derivatives | 0 | 0 |
Foreign exchange contracts | Recurring basis | ||
Assets: | ||
Derivatives | 20 | 156 |
Liabilities: | ||
Derivatives | 19 | 148 |
Foreign exchange contracts | Recurring basis | Level 1 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | 0 | 0 |
Foreign exchange contracts | Recurring basis | Level 2 | ||
Assets: | ||
Derivatives | 20 | 156 |
Liabilities: | ||
Derivatives | 19 | 148 |
Foreign exchange contracts | Recurring basis | Level 3 | ||
Assets: | ||
Derivatives | 0 | 0 |
Liabilities: | ||
Derivatives | $ 0 | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Changes in generic pricing of securities period one, considered for analyzing changes in prices obtained from pricing service | 15 years |
Changes in generic pricing of securities period two, considered for analyzing changes in prices obtained from pricing service | 30 years |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Assets and Liabilities Recorded at Fair Value on a Non-Recurring Basis (Details) - Nonrecurring basis - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 1,399 | $ 9,960 |
Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 601 | 1,100 |
Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 798 | 8,860 |
Collateral-dependent impaired loans and leases | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 798 | 3,445 |
Collateral-dependent impaired loans and leases | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Collateral-dependent impaired loans and leases | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 798 | 3,445 |
OREO | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 5,415 | |
OREO | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | |
OREO | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | |
OREO | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 5,415 | |
Repossessed assets | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 601 | 1,100 |
Repossessed assets | Level 1 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Repossessed assets | Level 2 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | 601 | 1,100 |
Repossessed assets | Level 3 | ||
Fair value of assets and liabilities | ||
Total assets measured at fair value on a non-recurring basis | $ 0 | $ 0 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Quantitative Information for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Nonrecurring basis | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 1,399 | $ 9,960 |
Level 3 | Discount for costs to sell | Minimum | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread | 0.00% | |
Level 3 | Discount for costs to sell | Maximum | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread | 10.00% | |
Level 3 | Appraisal Adjustments | Minimum | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread | 0.00% | |
Level 3 | Appraisal Adjustments | Maximum | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value inputs, basis spread | 15.00% | |
Level 3 | Nonrecurring basis | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 798 | 8,860 |
Collateral-dependent impaired loans and leases | Level 3 | Nonrecurring basis | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | 798 | 3,445 |
Other real estate owned | Nonrecurring basis | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | 5,415 | |
Other real estate owned | Level 3 | Nonrecurring basis | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | 5,415 | |
Other real estate owned | Level 3 | Recurring basis | Appraisal of collateral | ||
Quantitative information for Level 3 Fair Value Measurements Assets | ||
Fair value of assets | $ 0 | $ 5,415 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Financial assets: | ||
Restricted equity securities | $ 28,098 | $ 49,786 |
Financial liabilities: | ||
Borrowed funds | 69,703 | 87,652 |
Level 1 | ||
Financial assets: | ||
Loans and leases, net | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Level 2 | ||
Financial assets: | ||
Loans and leases, net | 0 | 0 |
Restricted equity securities | 0 | 0 |
Financial liabilities: | ||
Certificates of deposits | 1,332,028 | 2,092,867 |
Borrowed funds | 261,520 | 818,681 |
Level 3 | ||
Financial assets: | ||
Loans and leases, net | 6,776,949 | 7,116,854 |
Restricted equity securities | 28,098 | 49,786 |
Financial liabilities: | ||
Certificates of deposits | 0 | 0 |
Borrowed funds | 0 | 0 |
Carrying Value | ||
Financial assets: | ||
Loans and leases, net | 6,829,179 | 7,155,174 |
Restricted equity securities | 28,098 | 49,786 |
Financial liabilities: | ||
Certificates of deposits | 1,327,405 | 2,083,907 |
Borrowed funds | 267,539 | 820,247 |
Estimated Fair Value | ||
Financial assets: | ||
Loans and leases, net | 6,776,949 | 7,116,854 |
Restricted equity securities | 28,098 | 49,786 |
Financial liabilities: | ||
Certificates of deposits | 1,332,028 | 2,092,867 |
Borrowed funds | $ 261,520 | $ 818,681 |
Commitments and Contingencies -
Commitments and Contingencies - Financial Instrument with Off-balance-sheet Risk (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Loan commitments | ||
Unadvanced portion of loans and leases | $ 897,542 | $ 759,053 |
Unused lines of credit: | ||
Home equity | 602,200 | 584,881 |
Other consumer | 58,546 | 38,954 |
Other commercial | 431 | 408 |
Unused letters of credit: | ||
Financial standby letters of credit | 14,690 | 14,746 |
Performance standby letters of credit | 14,237 | 5,903 |
Commercial and similar letters of credit | 5,219 | 5,105 |
Receive fixed, pay variable | ||
Unused letters of credit: | ||
Derivatives | 1,188,153 | 1,214,146 |
Pay fixed, receive variable | ||
Unused letters of credit: | ||
Derivatives | 1,188,153 | 1,214,146 |
Risk participation-out agreements | ||
Unused letters of credit: | ||
Derivatives | 262,524 | 252,655 |
Risk participation-in agreements | ||
Unused letters of credit: | ||
Derivatives | 59,629 | 60,619 |
Foreign exchange contracts | Buys foreign currency, sells U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 1,680 | 1,266 |
Foreign exchange contracts | Sells foreign currency, buys U.S. currency | ||
Unused letters of credit: | ||
Derivatives | 1,681 | 1,273 |
Commercial real estate | ||
Loan commitments | ||
Commitments to originate loans and leases | 198,806 | 174,240 |
Commercial | ||
Loan commitments | ||
Commitments to originate loans and leases | 201,443 | 80,291 |
Residential mortgage | ||
Loan commitments | ||
Commitments to originate loans and leases | $ 58,450 | $ 30,418 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee, Lease, Description [Line Items] | ||||
Real estate taxes | $ 1.4 | $ 1.4 | ||
Other expenditures | 0.2 | 0.3 | ||
Total operating rental expense | $ 1.4 | $ 1.5 | $ 4.4 | $ 4.6 |
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 3 years | 3 years | ||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease term | 25 years | 25 years |
Commitments and Contingencies_3
Commitments and Contingencies - Lease Costs, Cash Flows and Balance Sheet Supplemental Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating lease cost | $ 4,628 | $ 4,828 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows for operating leases | 4,733 | $ 4,909 | |
Supplemental balance sheet information related to leases was as follows: | |||
Operating lease right-of-use assets | 21,879 | $ 24,143 | |
Operating lease liabilities | $ 21,879 | $ 24,143 | |
Weighted Average Remaining Lease Term | |||
Operating leases | 6 years 5 months 4 days | 6 years 11 months 12 days | |
Weighted Average Discount Rate | |||
Operating leases | 3.10% | 3.20% |
Commitments and Contingencies_4
Commitments and Contingencies - Maturities of Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Operating Leases, After Adoption of 842 | ||
Remainder of 2021 | $ 1,535 | |
2022 | 6,137 | |
2023 | 5,231 | |
2024 | 3,638 | |
2025 | 2,367 | |
2026 | 1,594 | |
Thereafter | 3,537 | |
Total | 24,039 | |
Less imputed interest | (2,160) | |
Present value of lease liability | $ 21,879 | $ 24,143 |
Uncategorized Items - brkl-2021
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |